Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Noranda Aluminum Holding CORP | ' | ' |
Entity Central Index Key | '0001422105 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 68,129,071 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $111,296,801 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | |||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | $79.40 | ' | $36.10 | $42.70 | $33.80 |
Accounts receivable, net | 86.7 | ' | 106.6 | ' | ' |
Inventories, net | 178.7 | ' | 195.8 | ' | ' |
Taxes receivable | 2.6 | ' | 2 | ' | ' |
Prepaid expenses | 4.6 | ' | 8.9 | ' | ' |
Other current assets | 12.3 | ' | 18.9 | ' | ' |
Total current assets | 364.3 | ' | 368.3 | ' | ' |
Property, plant and equipment, net | 677.2 | ' | 694.5 | ' | ' |
Goodwill | 137.6 | ' | 137.6 | ' | ' |
Other intangible assets, net | 55.2 | ' | 61.2 | ' | ' |
Other assets | 87.8 | ' | 96.1 | ' | ' |
Total assets | 1,322.10 | ' | 1,357.70 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Accounts payable | 89.2 | ' | 107.2 | ' | ' |
Accrued liabilities | 61 | ' | 58.8 | ' | ' |
Derivative liabilities, net | 4 | ' | 1.8 | ' | ' |
Deferred tax liabilities | 2.1 | ' | 16.8 | ' | ' |
Current portion of long-term debt | 4.9 | ' | 3.3 | ' | ' |
Total current liabilities | 161.2 | ' | 187.9 | ' | ' |
Long-term debt, net | 654.2 | ' | 592.4 | ' | ' |
Long-term derivative liabilities, net | 0.2 | ' | 0.1 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 115.8 | ' | 187.2 | ' | ' |
Other long-term liabilities | 49.8 | ' | 52.3 | ' | ' |
Long-term deferred tax liabilities, net | 193.6 | ' | 183.5 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | 2 | 2 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at December 31, 2013 and December 31, 2012) | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0.7 | ' | 0.7 | ' | ' |
Capital in excess of par value | 239.7 | ' | 233.4 | ' | ' |
Retained earnings (accumulated deficit) | -38.7 | ' | 17.9 | ' | ' |
Accumulated other comprehensive loss | -60.4 | ' | -105.7 | ' | ' |
Total shareholders' equity | 141.3 | ' | 146.3 | ' | ' |
Non-controlling interest | 6 | ' | 6 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 147.3 | ' | 152.3 | 259.6 | 295.7 |
Total liabilities and equity | $1,322.10 | ' | $1,357.70 | ' | ' |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Number of Shares | ' | 0.2 |
Preferred Stock, Shares Authorized | 25 | 25 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 200 | 200 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares, Issued | 68.1 | 67.7 |
Common Stock, Shares, Outstanding | 68.1 | 67.7 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Sales | $1,343.50 | $1,394.90 | $1,559.80 |
Operating Costs and Expenses [Abstract] | ' | ' | ' |
Cost of sales | 1,271.90 | 1,277.70 | 1,344.50 |
Selling, general and administrative expenses | 97.1 | 82.6 | 93.9 |
Total operating costs and expenses | 1,369 | 1,360.30 | 1,438.40 |
Operating Income (Loss) | -25.5 | 34.6 | 121.4 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | 47.5 | 33.1 | 21.5 |
(Gain) loss on hedging activities, net | 2.3 | -81.2 | -86.4 |
Debt refinancing expense | 2.5 | 8.1 | 0 |
Total other income, net | 52.3 | -40 | -64.9 |
Income (loss) before income taxes | -77.8 | 74.6 | 186.3 |
Income Tax Expense (Benefit) | -30.2 | 25.1 | 45.4 |
Net income (loss) | ($47.60) | $49.50 | $140.90 |
Net income per common share: | ' | ' | ' |
Basic | ($0.70) | $0.73 | $2.10 |
Diluted | ($0.70) | $0.72 | $2.06 |
Weighted-average common shares outstanding: | ' | ' | ' |
Basic | 67.94 | 67.55 | 67.06 |
Diluted | 67.94 | 69.12 | 68.35 |
Cash dividends declared per common share | $0.13 | $1.41 | $1.03 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income (loss) | ($47.60) | $49.50 | $140.90 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized pension and OPEB gain (loss) | 67.2 | -24.3 | -70.4 |
Reclassification of pension and OPEB amounts realized in net income (loss) | 14 | 11.9 | 6 |
Unrealized loss on derivatives | 0 | -3.5 | -14.3 |
Reclassification of derivative amounts realized in net income (loss) | -6.4 | -84.2 | -98.7 |
Total other comprehensive income (loss), before tax | 74.8 | -100.1 | -177.4 |
Income expense (benefit) related to components of other comprehensive income (loss) | 29.5 | -36.8 | -65.5 |
Total other comprehensive income (loss), net of tax | 45.3 | -63.3 | -111.9 |
Total comprehensive income (loss) | ($2.30) | ($13.80) | $29 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-Controlling Interest [Member] |
In Millions | |||||||
Balance, beginning of period at Dec. 31, 2010 | $295.70 | $0 | $0.70 | $227.70 | ($8.20) | $69.50 | $6 |
Net income (loss) | 140.9 | 0 | 0 | 0 | 140.9 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -111.9 | 0 | 0 | 0 | 0 | -111.9 | 0 |
Issuance of common shares for equity offerings | 0.7 | 0 | 0 | 0.7 | 0 | 0 | 0 |
Stock Compensation Expense Related to Equity-Based Awards | 4.6 | 0 | 0 | 4.6 | 0 | 0 | 0 |
Excess tax benefit related to share-based payment arrangements | 0.7 | 0 | 0 | 0.7 | 0 | 0 | 0 |
Dividends to shareholders | -69.3 | 0 | 0 | 0 | -69.3 | 0 | 0 |
Distribution to optionholders | -1.8 | 0 | 0 | -1.8 | 0 | 0 | 0 |
Balance, end of period at Dec. 31, 2011 | 259.6 | 0 | 0.7 | 231.9 | 63.4 | -42.4 | 6 |
Net income (loss) | 49.5 | 0 | 0 | 0 | 49.5 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | -63.3 | 0 | 0 | 0 | 0 | -63.3 | 0 |
Issuance of common shares for equity offerings | 0.2 | 0 | 0 | 0.2 | 0 | 0 | 0 |
Stock Compensation Expense Related to Equity-Based Awards | 4.6 | 0 | 0 | 4.6 | 0 | 0 | 0 |
Excess tax benefit related to share-based payment arrangements | -0.1 | 0 | 0 | -0.1 | 0 | 0 | 0 |
Stock compensation expense | 0 | 0 | 0 | -0.1 | 0.1 | 0 | 0 |
Dividends to shareholders | -95.1 | 0 | 0 | 0 | -95.1 | 0 | 0 |
Distribution to optionholders | -3.1 | 0 | 0 | -3.1 | 0 | 0 | 0 |
Balance, end of period at Dec. 31, 2012 | 152.3 | 0 | 0.7 | 233.4 | 17.9 | -105.7 | 6 |
Net income (loss) | -47.6 | 0 | 0 | 0 | -47.6 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 45.3 | 0 | 0 | 0 | 0 | 45.3 | 0 |
Issuance of common shares for equity offerings | -0.2 | 0 | 0 | -0.2 | 0 | 0 | 0 |
Stock Compensation Expense Related to Equity-Based Awards | 4.8 | 0 | 0 | 4.8 | 0 | 0 | 0 |
Excess tax benefit related to share-based payment arrangements | -0.4 | 0 | 0 | -0.4 | 0 | 0 | 0 |
Stock compensation expense | -0.1 | 0 | 0 | 0.1 | -0.2 | 0 | 0 |
Reclassified common shares | 2 | ' | 0 | 2 | 0 | 0 | 0 |
Dividends to shareholders | -8.8 | 0 | 0 | 0 | -8.8 | 0 | 0 |
Balance, end of period at Dec. 31, 2013 | $147.30 | $0 | $0.70 | $239.70 | ($38.70) | ($60.40) | $6 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' | ' |
Net income (loss) | ($47,600,000) | $49,500,000 | $140,900,000 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 96,000,000 | 98,500,000 | 97,700,000 |
Non-cash interest expense | 2,600,000 | 2,800,000 | 11,700,000 |
Last in, first out and lower of cost or market inventory adjustments | -2,600,000 | -9,700,000 | 12,600,000 |
Asset Impairment Charges | -5,900,000 | 0 | 0 |
Gain (loss) on disposal of assets | -500,000 | -5,000,000 | 3,300,000 |
Gain on hedging activities, excluding cash settlements | -6,100,000 | -127,500,000 | -115,600,000 |
Debt refinancing expense | 2,500,000 | 8,100,000 | 0 |
Deferred income taxes | -32,600,000 | -2,300,000 | -24,400,000 |
Share-based compensation expense | 4,800,000 | 4,800,000 | 5,300,000 |
Excess tax benefit related to share-based payment arrangements | 0 | -100,000 | -700,000 |
Changes in other assets | 1,000,000 | -10,300,000 | -6,700,000 |
Changes in pension, other post-retirement and other long-term liabilities | 7,200,000 | 4,700,000 | -14,300,000 |
Changes in current operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | 19,900,000 | 1,000,000 | 24,000,000 |
Inventories, net | 19,500,000 | -700,000 | 0 |
Taxes receivable and taxes payable | -1,000,000 | -4,800,000 | -1,900,000 |
Other current assets | 12,300,000 | 22,400,000 | -17,900,000 |
Accounts payable | -19,300,000 | 16,200,000 | 7,200,000 |
Accrued liabilities | 2,200,000 | -28,700,000 | 19,400,000 |
Cash provided by operating activities | 64,200,000 | 18,900,000 | 140,600,000 |
Investing Activities | ' | ' | ' |
Capital expenditures | -72,700,000 | -87,900,000 | -64,600,000 |
Proceeds from sale of property, plant and equipment | 900,000 | 5,300,000 | 2,600,000 |
Cash provided by (used in) investing activities | -71,800,000 | -82,600,000 | -62,000,000 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | -200,000 | 200,000 | 700,000 |
Dividends paid to shareholders | -8,800,000 | -95,100,000 | -69,300,000 |
Distributions paid to share-based award holders | 0 | -3,100,000 | -1,800,000 |
Repayments of long-term debt | -280,000,000 | -155,000,000 | 0 |
Borrowings on long-term debt, net | 342,800,000 | 322,600,000 | 0 |
Payments of financing costs | -2,900,000 | -12,600,000 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 100,000 | 700,000 |
Cash provided by (used in) financing activities | 50,900,000 | 57,100,000 | -69,700,000 |
Change in cash and cash equivalents | 43,300,000 | -6,600,000 | 8,900,000 |
Cash and cash equivalents, beginning of period | 36,100,000 | 42,700,000 | 33,800,000 |
Cash and cash equivalents, end of period | $79,400,000 | $36,100,000 | $42,700,000 |
Statement_of_Equity_Parentheti
Statement of Equity (Parenthetical) (Parentheticals) (common shareholders [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock, Dividends, Per Share, Cash Paid | $0.13 | $1.41 | $1.03 |
Accounting_Policies_Footnote
Accounting Policies (Footnote) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant accounting policies disclosure | ' |
ACCOUNTING POLICIES | |
Organization, Consolidation and Basis of Presentation | |
Noranda Aluminum Holding Corporation ("Noranda," "Noranda HoldCo," the "Company," "we," "our," and "us"), and our wholly owned subsidiary, Noranda Aluminum Acquisition Corporation ("Noranda AcquisitionCo"), were formed by affiliates of Apollo Management, L.P. ("Apollo") on March 27, 2007 for the purpose of acquiring Noranda Intermediate Holding Corporation ("Noranda Intermediate"), which owns all of the outstanding shares of Noranda Aluminum, Inc. | |
On May 18, 2007, Noranda AcquisitionCo purchased all of the outstanding shares of Noranda Intermediate from Xstrata PLC (together with its subsidiaries, "Xstrata"), and Xstrata (Schweiz) A.G., a direct wholly owned subsidiary of Xstrata. This transaction is referred to as the "Apollo Acquisition." The purchase price for Noranda Intermediate was $1,150.0 million, excluding acquisition costs. Subsequent to the Apollo Acquisition, certain members of our management contributed $1.9 million in cash through the purchase of common shares. | |
In August 2009, we completed an acquisition of our alumina refinery in Gramercy, Louisiana (Noranda Alumina, LLC, or "Gramercy") and our bauxite mining operation in St. Ann, Jamaica (Noranda Bauxite Limited, or "St. Ann") whereby they became wholly owned subsidiaries. Previously, we held a 50% interest in Gramercy and in St. Ann. | |
On May 19, 2010, we completed an initial public offering ("IPO") of 11.5 million shares of common stock at an $8.00 per share public offering price on the New York Stock Exchange (NYSE: NOR). The net proceeds after the underwriting discounts, commissions, fees and expenses amounted to approximately $82.9 million. See Note 15, "Shareholders' Equity" for further discussion on the Company's common stock offerings. | |
In December 2010, we completed a follow-on offering of 11.5 million shares of common stock at an price offering of $11.35 per share. | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In management's opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results, including the elimination of all intercompany accounts and transactions amongst our wholly owned subsidiaries. Certain reclassifications have been made to previously issued consolidated financial statements to conform to the current period presentation. These reclassifications had no impact on net income or net cash flows. | |
Segment Reporting | |
We are a vertically integrated producer of value-added primary aluminum and high quality rolled aluminum coils. Our principal operations include an aluminum smelter in New Madrid, Missouri ("New Madrid") and four rolling mill facilities in the Southeastern United States. New Madrid is supported by Gramercy and St. Ann. As discussed further in Note 2, "Segments", we report our activities in five segments: our Bauxite segment comprises the operations of St. Ann; our Alumina segment comprises the operations of Gramercy; our Primary Aluminum segment comprises the operations of New Madrid; and our Flat-Rolled Products segment comprises the operations of our four rolling mills, which are located in Huntingdon, Tennessee; Salisbury, North Carolina and Newport, Arkansas. Our corporate expenses represent our fifth segment. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. | |
Cash Equivalents | |
Cash equivalents comprise cash and short-term, highly liquid investments with initial maturities of three months or less. We place our temporary cash investments with high credit quality financial institutions, which include money market funds invested in U.S. Treasury securities, short-term treasury bills and commercial paper. We consider our investments in money market funds to be available for use in our operations. | |
Allowance for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. We determine the allowance based on historical write-off experience, current market trends and our assessment of the customer’s ability to pay outstanding balances. Account balances are charged against the allowance after all collection efforts have been exhausted and the potential for recovery is considered remote. | |
Inventories | |
Inventories are stated at the lower of cost or market ("LCM"). We use the last-in-first-out ("LIFO") method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Inventories at Gramercy and St. Ann and supplies at New Madrid are valued at weighted-average cost. The remaining inventories (principally supplies) are stated at cost using the first-in, first-out ("FIFO") method. Our Flat-Rolled Products inventories, our bauxite inventory at St. Ann, and our alumina and bauxite inventories at Gramercy are valued using a standard costing system, which gives rise to cost variances. Variances are capitalized to inventory in proportion to the quantity of inventory remaining at period end to quantities produced during the period. Variances are recorded such that ending inventory reflects actual costs based on the normal capacity of the production facilities, and excluding abnormal amounts of idle facility expense, freight, handling and spoilage. Maintenance supplies expected to be used in the next twelve months are included in inventories. | |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Betterments, renewals and repairs that extend the life of the asset are capitalized; other maintenance and repairs are charged to expense as incurred. Major replacement spare parts are capitalized and depreciated over the lesser of the spare part’s useful life or remaining useful life of the associated piece of equipment. Assets, asset retirement obligations and accumulated depreciation accounts are relieved for dispositions or retirements with resulting gains or losses recorded as selling, general and administrative expenses in the consolidated statements of operations. Depreciation is based on the estimated service lives of the assets computed principally by the straight-line method for financial reporting purposes. | |
Impairment of Long-Lived Assets | |
We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value. | |
Long-lived assets taken out of service to be disposed of other than by sale are written down to their estimated fair value through the acceleration of any remaining depreciation expense. | |
We reclassify long-lived assets to assets held for sale when a plan to dispose of the assets has been committed to by management. Assets held for sale are recorded at the lesser of their estimated fair value net of estimated costs to sell or carrying amount. Depreciation expense is no longer recorded once an asset is classified as held for sale. | |
Intangible assets with a definite life (primarily customer relationships) are amortized over their expected lives and are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. | |
Self-Insurance | |
We are primarily self-insured for workers’ compensation. The self-insurance liability is determined based on claims filed but not paid and an estimate of claims incurred but not yet reported. Based on actuarially determined estimates and discount rates of 0.5% in 2013 and 0.3% in 2012, as of December 31, 2013 and 2012, we had $5.1 million and $5.7 million, respectively, of accrued liabilities and $15.7 million and $15.0 million, respectively, of other long-term liabilities related to these claims. | |
At each of December 31, 2013 and 2012, we held $2.1 million in a restricted cash account to secure the payment of workers’ compensation obligations. This restricted cash is included in other assets in the accompanying consolidated balance sheets. | |
Goodwill and Other Indefinite-Lived Intangible Assets | |
Goodwill represents the excess of acquisition consideration paid over the fair value of identifiable net tangible and identifiable intangible assets acquired. Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment at least annually, in the fourth quarter, or earlier upon the occurrence of certain triggering events. | |
Goodwill is evaluated for impairment at the reporting unit level which, in our circumstances, are the same as our reportable segments. Effective January 1, 2012, we adopted new accounting standards that simplify goodwill and other indefinite-lived intangible asset impairment tests by allowing a qualitative assessment to determine whether further impairment testing is necessary. We elected to evaluate goodwill and other indefinite-lived intangibles for impairment using the two-step process, which is based on a quantitative assessment. The first step is to compare the fair value of the reporting unit to its respective book value, including goodwill. If the fair value of a reporting unit exceeds its book value, reporting unit goodwill is not considered impaired and the second step of the impairment test is not required. If the book value of a reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any. The second step of the impairment test compares the implied fair value of the reporting unit’s goodwill with the book value of that goodwill. If the book value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. See Note 7, "Goodwill" and Note 8, "Other Intangible Assets" for further information. | |
Deferred Financing Costs | |
We capitalize costs to obtain debt and amortize them over the term of the related debt using the straight-line method, which approximates the effective interest method. We record deferred financing costs in the consolidated balance sheets as a component of other assets. When all or a portion of a loan is repaid, we charge the unamortized financing costs to interest expense. | |
Environmental Liabilities and Remediation Costs | |
Environmental liabilities | |
We are subject to environmental regulations which may create legal obligations to remediate or monitor certain environmental conditions present at our facilities. Liabilities for these obligations are accrued when it is probable that a liability has been incurred and the amount of loss can reasonably be estimated. | |
The measurement of environmental liabilities is based on an evaluation of currently available information with respect to each individual site and considers factors such as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. An environmental liability related to cleanup of a contaminated site might include, for example, an accrual for one or more of the following types of costs: site investigation and testing, cleanup, soil and water contamination, post-remediation monitoring, and outside legal fees. | |
As assessments and remediation progress at individual sites, the amount of projected cost is reviewed periodically, and the liability is adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Note 9, "Commitments and Contingencies" contains additional information on our environmental liabilities. | |
Environmental liabilities are undiscounted. The long and short-term portions of the environmental liabilities are recorded on the consolidated balance sheets in other long-term liabilities and accrued liabilities, respectively. | |
Environmental remediation costs | |
Costs incurred to improve our property as compared to the condition of the property when originally acquired, or to prevent environmental contamination from future operations, are capitalized as incurred. We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernable. | |
Asset Retirement Obligations | |
We are subject to environmental regulations which may create legal obligations related to the disposal of certain assets at the end of their lives. We recognize liabilities, at fair value, for existing legal asset retirement obligations which are based on estimated cash flows discounted at a credit-adjusted, risk-free rate. We adjust these liabilities for accretion costs and revisions in estimated cash flows. The related asset retirement costs are capitalized as increases to the carrying amount of the associated long-lived assets and depreciation expense on these capitalized costs are recognized. | |
Reclamation Obligation | |
St. Ann has an obligation to rehabilitate land disturbed by St. Ann's Bauxite mining operations. The reclamation process is governed by the Government of Jamaica ("GOJ") regulations and includes filling the open mining pits and planting vegetation. GOJ regulations require the reclamation process to be completed within a certain period from the date a mining pit is mined-out, generally three years. Liabilities for reclamation are accrued as lands are disturbed and are based on the approximate number of hectares to be rehabilitated and the average expected cost per hectare. | |
Land Obligation | |
In cases where land to be mined is privately owned, St. Ann agrees to purchase the residents’ property, including land, crops, homes and other improvements in exchange for consideration paid in the form of cash, a commitment to relocate the residents to another area, or a combination of these two options (the "St. Ann Land Obligation"). We account for the costs associated with fulfilling the St. Ann Land Obligation by recording an asset (included in other assets in our consolidated balance sheets) for the estimated cost of the consideration, with a corresponding liability (included in accrued liabilities and other long-term liabilities in our consolidated balance sheets). We amortize those costs over a three-year period, representing the approximate time the land is used for mining purposes, including reclamation (the "Mining Period"). | |
In addition to the St. Ann Land Obligation, we have an agreement with the GOJ which requires us to fulfill obligations that pre-date St. Ann’s partnership with the GOJ. The costs to fulfill those obligations will be reimbursed by the GOJ up to a $4.3 million limit. St. Ann bears any costs in excess of that limit, including foreign currency adjustments (the "Predecessor Land Obligation"). At December 31, 2013 and 2012, we had recorded a liability of $2.1 million and $2.6 million, respectively, for the amount by which we believe our costs to fulfill the Predecessor Land Obligation will exceed the $4.3 million limit. | |
For both the St. Ann Land Obligation and the Predecessor Land Obligation, we record the costs to acquire and develop the assets to be used to satisfy the obligations, such as land, land improvements, and housing, as property, plant and equipment in our consolidated balance sheets. As cash is paid or title to land, land improvements and houses is transferred, we reduce the asset and the corresponding land obligation. | |
Relocating residents occurs often over several years, requiring management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates; therefore, further adjustments to the St. Ann Land Obligation and the Predecessor Land Obligations may be necessary. | |
We amortize adjustments to the liabilities prospectively over the remaining amortization period in cases where the Mining Period has not been completed. As revisions are made in cases where the Mining Period is complete, we record additional expense in the period of revision. | |
Pensions and Other Post-Retirement Benefits | |
We sponsor defined benefit pension and OPEB plans for which we recognize expenses, assets and liabilities based on actuarial assumptions regarding the valuation of benefit obligations and the future performance of plan assets. We recognize the funded status of the plans as an asset or liability in the consolidated financial statements, measure defined benefit pension and OPEB plan assets and obligations as of the end of our fiscal year, and recognize the change in the funded status of defined benefit pension and OPEB plans in accumulated other comprehensive income ("AOCI"). The primary assumptions used in calculating pension and OPEB expense and liabilities are related to the discount rates at which the future obligations are discounted to value the liability, expected rate of return on plan assets and projected salary increases. These rates are estimated annually as of December 31. | |
Pension and OPEB benefit obligations are actuarially calculated using management’s best estimates and based on expected service periods, salary increases and retirement ages of employees. Pension and OPEB benefit expense includes the actuarially computed cost of benefits earned during the current service periods, the interest cost on accrued obligations, the expected return on plan assets based on fair market value and the straight-line amortization of net actuarial gains and losses and adjustments due to plan amendments. All net actuarial gains and losses are amortized over the expected average remaining service life of the employees. | |
Post-Employment Benefits | |
We provide certain benefits to former or inactive employees after employment but before retirement and accrue for the related cost over the service lives of the employees. These benefits include, among others, disability, severance and workers’ compensation. We are self-insured for these liabilities. At both December 31, 2013 and 2012, we carried a liability totaling $0.8 million, for these benefits, based on actuarially determined estimates. These estimates were not discounted due to the short duration of the future payments. | |
Derivative Instruments and Hedging Activities | |
Derivatives are reported on the balance sheet at fair value. For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in fair value are initially recorded in AOCI as a separate component of equity and reclassified into earnings in the period during which the hedged transaction is recognized in earnings. The ineffective portion of changes in fair value is reported in (gain) loss on hedging activities immediately. For derivative instruments not designated as cash flow hedges, changes in the fair values are recognized in the consolidated statement of operations in the period of change. | |
U.S. GAAP permits entities that enter into master netting arrangements with the same counterparty as part of their derivative transactions to offset in their consolidated financial statements net derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under those arrangements. The net derivative positions are presented gross in Note 14, "Derivative Financial Instruments". | |
Financial Instruments | |
Our financial instruments consist of cash and cash equivalents, accounts receivable, derivative assets and liabilities, accounts payable and long-term debt due to third parties. Financial instruments expose us to market and credit risks which, at times, may be concentrated with certain groups of counterparties. We periodically evaluate the financial condition of our counterparties and take appropriate action to minimize our risk of loss. We generally do not require collateral for trade receivables. At December 31, 2013, we did not have substantial doubt that any of our financial instrument counterparties had the ability to perform their obligations. Cash investments are held with major financial institutions and trading companies including registered broker dealers. The carrying values and fair values of our third-party debt and derivative instruments outstanding are presented in Note 10, "Long-Term Debt" and Note 14, "Derivative Financial Instruments". The remaining financial instruments are carried at amounts that approximate fair value. | |
Revenue Recognition | |
Revenue is recognized when title and risk of loss pass to customers in accordance with contract terms. Shipping and handling costs are classified as a component of cost of sales in the consolidated statements of operations. Shipping and handling revenue is classified as a component of sales in the consolidated statements of operations. | |
Income Taxes | |
We account for income taxes using the liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. | |
We must deal with uncertainties in the application of complex tax regulations in the calculation of tax liabilities. We are subject to routine income tax audits. We provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. We make this assessment based on only the technical merits of the tax position. The technical merits of a tax position are derived from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the consolidated financial statements and a liability for unrecognized tax benefits is established. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with a taxing authority. To the extent that we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability established, our effective tax rate in a given financial statement period may be affected. | |
Share-Based Payments | |
We account for employee equity awards under the fair value method. Accordingly, we measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value of each stock option is estimated on the grant date using the Black-Scholes-Merton valuation model. The application of this valuation model involves assumptions that require judgment and are highly sensitive in the determination of compensation expense. The fair value of each restricted share and each restricted stock unit equals the closing stock price on the grant date. We recognize stock compensation expense on a straight-line basis over the vesting period for all equity instruments. | |
We account for share-based payment awards to be settled in cash as liability awards. We remeasure the fair value of the liability at each reporting date based on the closing stock price on the reporting date. We adjust stock compensation expense at each reporting date so that the amount ultimately recorded as stock compensation expense will equal the cash paid on the vesting date. | |
Upon the exercise of stock options or the vesting of restricted stock, we generally issue new shares of common stock. | |
Dividends | |
The declaration of dividends is at the discretion of our Board of Directors. The amount of cash dividends declared on our common stock is dependent upon our financial results, cash requirements, future prospects and other factors deemed relevant by the Board. We record a liability for dividends on the declaration date. We record cash dividend payments as a reduction to retained earnings. | |
Net Income (Loss) Per Share | |
Basic net income (loss) per share ("EPS") is calculated as income available to common stockholders divided by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated using the weighted-average outstanding common shares determined using the treasury stock method share based payment awards. | |
Foreign Currency Transactions and Translation | |
The primary economic currency of our Jamaican bauxite mining operation is the U.S. dollar. Certain transactions, such as payroll and local vendor payments, are made in currencies other than the U.S. dollar. These transactions are recorded at the rates of exchange prevailing on the dates of the transactions. | |
Exchange differences arising on the settlement of monetary items and on the re-measurement of monetary items are immaterial and are included in selling, general and administrative expenses in the consolidated statements of operations. |
Segments_Footnote
Segments (Footnote) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
Segments disclosure | ' | ||||||||||||||
SEGMENTS | |||||||||||||||
We manage and operate our business segments based on the markets we serve and the products we produce. | |||||||||||||||
Segment profit (in which certain items, primarily non-recurring costs or non-cash expenses, are not allocated to the segments and in which certain items, primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments) is a measure used by management as a basis for evaluating segment performance and resource allocation. | |||||||||||||||
We have five reportable segments: | |||||||||||||||
• | Bauxite – Mines and produces the bauxite used for alumina production at our Gramercy refinery. The remaining bauxite is sold to a third party. | ||||||||||||||
• | Alumina – Chemically refines and converts bauxite into alumina, which is the principal raw material used in the production of primary aluminum. The Gramercy refinery is the source for the majority of our New Madrid smelter’s alumina requirements. The remaining alumina production at the Gramercy refinery in the form of smelter grade alumina and alumina hydrate, or chemical-grade alumina, is sold to third parties. | ||||||||||||||
• | Primary Aluminum – Produces value-added aluminum products in several forms, including billet, rod, high purity sow and foundry. The Primary Aluminum segment also produces commodity grade sow. | ||||||||||||||
• | Flat-Rolled Products – Produces rolled aluminum products such as finstock and container stock. | ||||||||||||||
• | Corporate – Reflects costs of corporate operations. | ||||||||||||||
The accounting policies of the segments are the same as those described in Note 1, "Accounting Policies". | |||||||||||||||
Major Customer Information | |||||||||||||||
During 2013 and 2012, we had no major customers which represented more than 10% of our consolidated revenue. In 2011, sales to one customer within our Alumina segment totaled $148.6 million (nearly 10% of our 2011 consolidated revenue). | |||||||||||||||
Geographic Region Information | |||||||||||||||
Substantially all of our sales are within the United States. Revenues from external customers attributed to foreign countries were immaterial during 2013, 2012 and 2011. All long-lived assets are located in the United States, except those assets of our bauxite mining operation in Jamaica, which totaled $65.2 million at December 31, 2013 and $61.3 million at December 31, 2012. | |||||||||||||||
Summary of Business by Segment | |||||||||||||||
Operating and asset information for our reportable segments was (in millions): | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 46.8 | 196.6 | 543.8 | 556.3 | — | — | 1,343.50 | ||||||||
Intersegment | 82.2 | 144.2 | 79.1 | — | — | (305.5 | ) | — | |||||||
Total sales | 129 | 340.8 | 622.9 | 556.3 | — | (305.5 | ) | 1,343.50 | |||||||
Capital expenditures | 10.8 | 16 | 31.2 | 12.2 | 2.5 | — | 72.7 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 8.2 | 13.6 | 51.9 | 50 | (31.1 | ) | 0.5 | 93.1 | |||||||
Depreciation and amortization | (9.5 | ) | (22.7 | ) | (41.7 | ) | (21.3 | ) | (0.8 | ) | — | (96.0 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 4 | (1.4 | ) | — | — | 2.6 | |||||||
Gain (loss) on disposal of assets | (0.1 | ) | 0.5 | 0.1 | — | — | — | 0.5 | |||||||
Asset impairment | — | — | — | (5.9 | ) | — | — | (5.9 | ) | ||||||
Non-cash pension, accretion and stock compensation | 0.1 | (0.9 | ) | (7.1 | ) | (6.5 | ) | (6.1 | ) | — | (20.5 | ) | |||
Restructuring, relocation and severance | (0.7 | ) | (0.9 | ) | (2.2 | ) | (1.6 | ) | (2.5 | ) | — | (7.9 | ) | ||
Consulting fees | — | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||
Cash settlements on hedging transactions | — | — | 1.7 | 7.4 | — | — | 9.1 | ||||||||
Other, net | — | (0.6 | ) | — | (0.1 | ) | 0.7 | — | — | ||||||
Operating income (loss) | (2.0 | ) | (11.0 | ) | 6.7 | 20.6 | (40.3 | ) | 0.5 | (25.5 | ) | ||||
Interest expense, net | 47.5 | ||||||||||||||
Loss on hedging activities, net | 2.3 | ||||||||||||||
Debt refinancing expense | 2.5 | ||||||||||||||
Total other expense, net | 52.3 | ||||||||||||||
Loss before income taxes | (77.8 | ) | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 50.9 | 208 | 555.1 | 580.9 | — | — | 1,394.90 | ||||||||
Intersegment | 79.3 | 141.1 | 75.5 | — | — | (295.9 | ) | — | |||||||
Total sales | 130.2 | 349.1 | 630.6 | 580.9 | — | (295.9 | ) | 1,394.90 | |||||||
Capital expenditures | 7.7 | 19.7 | 43.1 | 14.3 | 3.1 | — | 87.9 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | (0.2 | ) | 35 | 76.7 | 51.4 | (29.5 | ) | 1.3 | 134.7 | ||||||
Depreciation and amortization | (8.7 | ) | (21.6 | ) | (48.3 | ) | (18.6 | ) | (1.3 | ) | — | (98.5 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 5.6 | 4.1 | — | — | 9.7 | ||||||||
Gain on disposal of assets | 0.3 | 0.1 | 0.1 | 4.5 | — | — | 5 | ||||||||
Non-cash pension, accretion and stock compensation | — | (0.8 | ) | (5.9 | ) | (4.9 | ) | (5.9 | ) | — | (17.5 | ) | |||
Relocation and severance | — | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | — | (0.9 | ) | |||
Consulting fees | — | — | — | — | (0.7 | ) | — | (0.7 | ) | ||||||
Cash settlements on hedging transactions | — | — | 0.9 | 6.8 | — | — | 7.7 | ||||||||
Other, net | (0.2 | ) | (0.5 | ) | (4.1 | ) | (0.5 | ) | 0.9 | (0.5 | ) | (4.9 | ) | ||
Operating income (loss) | (8.8 | ) | 12.1 | 24.8 | 42.5 | (36.8 | ) | 0.8 | 34.6 | ||||||
Interest expense, net | 33.1 | ||||||||||||||
Gain on hedging activities, net | (81.2 | ) | |||||||||||||
Debt refinancing expense | 8.1 | ||||||||||||||
Total other income, net | (40.0 | ) | |||||||||||||
Income before income taxes | 74.6 | ||||||||||||||
During 2012, we incurred $4.1 million of contingency costs related to assembling a back-up labor force during the renegotiation of our collective bargaining agreement at our New Madrid smelter. This is reflected in the table above in "Other, net." | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 68 | 234.9 | 645.7 | 611.2 | — | — | 1,559.80 | ||||||||
Intersegment | 83 | 168.2 | 78.4 | — | — | (329.6 | ) | — | |||||||
Total sales | 151 | 403.1 | 724.1 | 611.2 | — | (329.6 | ) | 1,559.80 | |||||||
Capital expenditures | 8.2 | 14 | 30.3 | 11.1 | 1 | — | 64.6 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 18.5 | 78.4 | 140.3 | 48.3 | (27.9 | ) | 4.3 | 261.9 | |||||||
Depreciation and amortization | (10.8 | ) | (21.0 | ) | (46.0 | ) | (18.6 | ) | (1.3 | ) | — | (97.7 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | (5.5 | ) | (8.7 | ) | — | 1.6 | (12.6 | ) | |||||
Gain (loss) on disposal of assets | 0.7 | — | (2.8 | ) | (1.2 | ) | — | — | (3.3 | ) | |||||
Non-cash pension, accretion and stock compensation | (0.4 | ) | (0.6 | ) | (2.9 | ) | (2.5 | ) | (6.0 | ) | — | (12.4 | ) | ||
Restructuring, relocation and severance | — | (0.2 | ) | (1.2 | ) | (0.9 | ) | (0.6 | ) | — | (2.9 | ) | |||
Consulting and sponsor fees | — | — | — | (0.1 | ) | (2.2 | ) | — | (2.3 | ) | |||||
Cash settlements on hedging transactions | — | — | 0.3 | (0.4 | ) | — | — | (0.1 | ) | ||||||
Other, net | — | (0.7 | ) | — | — | (3.4 | ) | (5.1 | ) | (9.2 | ) | ||||
Operating income (loss) | 8 | 55.9 | 82.2 | 15.9 | (41.4 | ) | 0.8 | 121.4 | |||||||
Interest expense, net | 21.5 | ||||||||||||||
Gain on hedging activities, net | (86.4 | ) | |||||||||||||
Total other income | (64.9 | ) | |||||||||||||
Income before income taxes | 186.3 | ||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Segment assets: | $ | $ | |||||||||||||
Bauxite | 152.9 | 154.3 | |||||||||||||
Alumina | 229.2 | 238 | |||||||||||||
Primary Aluminum | 514.6 | 534.2 | |||||||||||||
Flat-Rolled Products | 334.2 | 374.2 | |||||||||||||
Corporate | 121.2 | 84 | |||||||||||||
Eliminations | (30.0 | ) | (27.0 | ) | |||||||||||
1,322.10 | 1,357.70 | ||||||||||||||
Supplemental_Financial_Stateme
Supplemental Financial Statement Information (Footnote) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Financial Statement Information [Abstract] | ' | |||||||
Supplemental Financial Statement Information [Text Block] | ' | |||||||
Reclassifications out of AOCI were included in the consolidated statements of operations as follows (in millions): | ||||||||
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the unaudited consolidated statements of operations | ||||||
Year ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
$ | $ | $ | ||||||
Selling, general and administrative expenses ("SGA") | ||||||||
Actuarial gain/loss | 2.8 | 2.5 | 1.4 | (1) | ||||
Prior service costs | 0.3 | 0.2 | 0.2 | (1) | ||||
Total pension amounts reclassified into SGA | 3.1 | 2.7 | 1.6 | Selling, general and administrative expenses | ||||
Cost of sales ("COS") | ||||||||
Actuarial gain/loss | 10 | 8.7 | 4.1 | (1) | ||||
Prior service costs | 0.9 | 0.5 | 0.3 | (1) | ||||
Total pension amounts reclassified into COS | 10.9 | 9.2 | 4.4 | Cost of sales | ||||
Reclassification of pension and OPEB amounts realized in net income | 14 | 11.9 | 6 | |||||
Income tax (benefit) expense related to reclassifications of pension and OPEB amounts | 5.4 | 4.7 | 2.2 | Income tax expense (benefit) | ||||
Reclassification of pension and OPEB amounts realized in net income, net of tax | 8.6 | 7.2 | 3.8 | Net income (loss) | ||||
Reclassification of derivative amounts realized in net income | (6.4 | ) | (84.2 | ) | (98.7 | ) | (Gain) loss on hedging activities, net | |
Income tax (benefit) expense related to reclassifications of derivative amounts | (2.0 | ) | (30.6 | ) | (35.8 | ) | Income tax expense (benefit) | |
Reclassification of derivative amounts realized in net income, net of tax | (4.4 | ) | (53.6 | ) | (62.9 | ) | Net income (loss) | |
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, "Pensions and Other Post-Retirement Benefits." | |||||||
Consolidated balance sheets: | ||||||||
Cash and cash equivalents consisted of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Cash | 59.2 | 26.1 | ||||||
Money market funds | 20.2 | 10 | ||||||
Total cash and cash equivalents | 79.4 | 36.1 | ||||||
Accounts receivable, net, consisted of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Trade | 86.9 | 106.8 | ||||||
Allowance for doubtful accounts | (0.2 | ) | (0.2 | ) | ||||
Total accounts receivable, net | 86.7 | 106.6 | ||||||
Other current assets consisted of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Current foreign deferred tax asset | 1.1 | 2.6 | ||||||
Employee loans receivable, net | 1.8 | 2 | ||||||
Current derivative assets (see Note 14, "Derivative Financial Instruments") | 4.5 | 2.6 | ||||||
Other current assets | 4.9 | 11.7 | ||||||
Total other current assets | 12.3 | 18.9 | ||||||
Other assets consisted of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Deferred financing costs, net of amortization | 7.7 | 9.3 | ||||||
Cash surrender value of life insurance | 27.8 | 26.3 | ||||||
Pension asset (see Note 12, "Pensions and Other Post-Retirement Benefits") | 5.9 | 9.7 | ||||||
Restricted cash (see Note 1, "Accounting Policies" and Note 11, "Asset Retirement and Other Obligations") | 12.9 | 12.8 | ||||||
Supplies | 7.6 | 13 | ||||||
Prepaid Jamaican income taxes | 12.7 | 12.7 | ||||||
Derivative asset | 0.2 | 0.1 | ||||||
Other | 13 | 12.2 | ||||||
Total other assets | 87.8 | 96.1 | ||||||
Accrued liabilities consisted of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Compensation and benefits | 23.7 | 17.4 | ||||||
Workers’ compensation | 5.1 | 5.7 | ||||||
Other operating expenses | 9.3 | 15.6 | ||||||
Accrued interest | 2 | 2 | ||||||
Asset retirement obligations (see Note 11, "Asset Retirement and Other Obligations") | 2.2 | 2.4 | ||||||
Land obligation (see Note 11 "Asset Retirement and Other Obligations") | 3.7 | 4.9 | ||||||
Reclamation obligation (see Note 11, "Asset Retirement and Other Obligations") | 1.4 | 2.5 | ||||||
Environmental remediation obligations (see Note 9, "Commitments and Contingencies") | 1.7 | 2 | ||||||
Obligations to the Government of Jamaica (see Note 20, "Non-Controlling Interest") | 5.7 | 5.3 | ||||||
Pension and other post-retirement liabilities (see Note 12, "Pensions and Other Post-Retirement Benefits") | 0.9 | 0.9 | ||||||
Restricted stock unit liability awards (see Note 16, "Share-Based Payments") | — | 0.1 | ||||||
Restructuring expense (see Note 13, "Restructuring") | 5.3 | — | ||||||
Total accrued liabilities | 61 | 58.8 | ||||||
Other long-term liabilities consisted of the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
$ | $ | |||||||
Reserve for uncertain tax positions (see Note 18, "Income Taxes") | 0.7 | 0.8 | ||||||
Workers’ compensation | 15.7 | 15 | ||||||
Asset retirement obligations (see Note 11, "Asset Retirement and Other Obligations") | 14.3 | 13.4 | ||||||
Land obligation (see Note 11, "Asset Retirement and Other Obligations") | 6.8 | 9.2 | ||||||
Environmental remediation obligations (see Note 9, "Commitments and Contingencies") | 1.2 | 1.2 | ||||||
Deferred compensation and other | 11.1 | 12.7 | ||||||
Total other long-term liabilities | 49.8 | 52.3 | ||||||
Fair_Value_Measurements_Footno
Fair Value Measurements (Footnote) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair value measurements disclosure | ' | ||||||||
FAIR VALUE MEASUREMENTS | |||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We incorporate assumptions that market participants would use in pricing the asset or liability, and utilize market data to the maximum extent possible. Our fair value measurements incorporate nonperformance risk (i.e., the risk that an obligation will not be fulfilled). In measuring fair value, we reflect the impact of our own credit risk on our liabilities, as well as any collateral. We also consider the credit standing of our counterparties in measuring the fair value of our assets. | |||||||||
We use any of three valuation techniques to measure fair value: the market approach, the income approach, and the cost approach. We determine the appropriate valuation technique based on the nature of the asset or liability being measured and the reliability of the inputs used in arriving at fair value. | |||||||||
The inputs used in applying valuation techniques include assumptions that market participants would use in pricing the asset or liability (i.e., assumptions about risk). Inputs may be observable or unobservable. We classify the inputs used in our valuation techniques in accordance with the fair value hierarchy established by accounting guidance. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). | |||||||||
Level 1 inputs – Inputs valued based on unadjusted quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information regularly. Fair value measurements classified as Level 1 may include financial instruments valued using inputs which are directly-held or broker-held exchange-traded derivatives or listed equities. | |||||||||
Level 2 inputs – Inputs other than those classified in Level 1, which are either directly or indirectly observable as of the reporting date. A Level 2 input must be observable for substantially the full term of the asset or liability. Fair value measurements that may fall into Level 2 could include financial instruments with observable inputs such as interest rates or yield curves. | |||||||||
Level 3 inputs – Unobservable inputs that reflect our consideration of the assumptions market participants would use in pricing the asset or liability. Fair value measurements that may be classified as Level 3 could, for example, be determined from our internally developed model that results in our best estimate of fair value. Fair value measurements that may fall into Level 3 could include certain structured derivatives or financial products that are specifically tailored to a customer’s needs. | |||||||||
Financial assets and liabilities are classified based on the lowest enumerated level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the fair value of assets and liabilities and their placement within the fair value hierarchy. We recognize transfers between Level 1, 2 or 3 at the end of the reporting period. | |||||||||
Valuations on a recurring basis | |||||||||
The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions): | |||||||||
December 31, 2013 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Cash equivalents | 20.2 | — | — | 20.2 | |||||
Derivative assets | — | 2.9 | 1.8 | 4.7 | |||||
Derivative liabilities | — | (4.2 | ) | — | (4.2 | ) | |||
Noranda pension plan assets: | |||||||||
Equity securities: | |||||||||
Diversified common stocks | 96.1 | 102.3 | 5.7 | 204.1 | |||||
Global equity securities | — | 13.7 | — | 13.7 | |||||
Diversified fixed income mutual fund | 102.5 | — | — | 102.5 | |||||
Cash, cash equivalents and other | 1.1 | 2 | — | 3.1 | |||||
Total Noranda pension plan assets | 199.7 | 118 | 5.7 | 323.4 | |||||
St. Ann pension plan assets: | |||||||||
Global equity securities | — | 6.2 | — | 6.2 | |||||
Fixed income securities: | |||||||||
GOJ bonds | — | 15.8 | — | 15.8 | |||||
Global corporate bonds | — | 0.2 | — | 0.2 | |||||
Real estate | — | 2.3 | — | 2.3 | |||||
Other | — | 2.2 | — | 2.2 | |||||
Total St. Ann pension plan assets | — | 26.7 | — | 26.7 | |||||
Total | 219.9 | 143.4 | 7.5 | 370.8 | |||||
December 31, 2012 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Cash equivalents | 10 | — | — | 10 | |||||
Derivative assets | — | 3.1 | 1.1 | 4.2 | |||||
Derivative liabilities | — | (3.4 | ) | — | (3.4 | ) | |||
RSU liability awards | (0.1 | ) | — | — | (0.1 | ) | |||
Noranda pension plan assets: | |||||||||
Equity securities: | |||||||||
Diversified common stock mutual fund | 85.1 | 81.9 | 5 | 172 | |||||
Global equity securities | — | 11.2 | — | 11.2 | |||||
Diversified fixed income mutual fund | 102.6 | — | — | 102.6 | |||||
Cash and cash equivalents | 1.3 | 0.2 | — | 1.5 | |||||
Total Noranda pension plan assets | 189 | 93.3 | 5 | 287.3 | |||||
St. Ann pension plan assets: | |||||||||
Global equity securities | — | 7.8 | — | 7.8 | |||||
Fixed income securities: | |||||||||
GOJ bonds | — | 15.3 | — | 15.3 | |||||
Global corporate bonds | — | 0.7 | — | 0.7 | |||||
Real estate | — | 1.5 | — | 1.5 | |||||
Other | — | 3.3 | — | 3.3 | |||||
Total St. Ann pension plan assets | — | 28.6 | — | 28.6 | |||||
Total | 198.9 | 121.6 | 6.1 | 326.6 | |||||
Changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2013 and 2012 were as follows: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Fair value, beginning of year | 5 | 4.6 | |||||||
Return on assets | 0.7 | 0.4 | |||||||
Fair value, end of year | 5.7 | 5 | |||||||
Changes in the fair value of the variable-price Midwest Premium contracts classified as Level 3 for the year ended December 31, 2013 and 2012 were as follows: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Fair value, beginning of year | 1.1 | — | |||||||
New contracts entered | 0.8 | 2.1 | |||||||
Changes in fair value | 0.5 | 0.7 | |||||||
Settlements | (0.6 | ) | (1.7 | ) | |||||
Fair value, end of year | 1.8 | 1.1 | |||||||
We classify temporary cash investments with high credit quality financial institutions as cash equivalents. Cash equivalents as of December 31, 2013 and 2012 related to temporary cash investments with high credit quality financial institutions, which included money market funds invested in U.S. treasury securities, short-term treasury bills and commercial paper. These instruments were valued based upon unadjusted, quoted prices in active markets and were classified within Level 1. | |||||||||
We discuss our derivative instruments in Note 14, "Derivative Financial Instruments." Fair values of all derivative instruments classified as Level 2 were primarily measured using industry standard models that incorporated inputs including quoted forward prices for commodities, interest rate curves and current market prices for those assets and liabilities. Substantially all of the inputs were observable throughout the full term of the instrument. Our variable-price Midwest premium contracts were classified as Level 3 and were primarily measured using management's estimate of future U.S. Midwest premium prices, based on current market prices and quoted forward prices. | |||||||||
In Note 16, "Share-Based Payments" we discuss RSU liability awards. The fair value of this Level 1 liability was determined based on the closing market price of our common stock at each balance sheet date. | |||||||||
We value pension plan assets based upon the fair market value of the underlying investments. Plan assets directly invested in active exchange-traded debt and equity securities were classified within Level 1. We classified investments that do not have guaranteed liquidity and investments in limited partnerships, pooled investment funds, or unit trusts as Level 2 or Level 3, depending on management's assessment of the liquidity or the transferability of the investment. We classified pension plan assets with underlying investments in limited partnerships for which significant unobservable inputs were used to determine fair value as Level 3. The Level 2 investments are valued based on the unit prices quoted by the funds, representing the fair value of underlying investments. The Level 3 investments are valued at estimated fair value, as determined by the general partner. | |||||||||
In Note 10, "Long-Term Debt" we disclose the fair values of our debt instruments. The fair value of our AcquisitionCo Notes was based on recent market transactions. We classified the AcquisitionCo Notes as Level 2. While the AcquisitionCo Notes have quoted market prices used to determine fair value, we do not believe transactions of those instruments occur in sufficient frequency or volume for a Level 1 classification. The fair values of the term B loan, revolving credit facility and our project specific financing borrowings are based on interest rates available at each balance sheet date. These fair value measurements are classified as Level 2. | |||||||||
Valuations on a non-recurring basis | |||||||||
Goodwill, trade name, and asset retirement obligations | |||||||||
Fair values of goodwill, trade name, and asset retirement obligations are measured using management’s assumptions about future profitability and cash flows, using a market participant approach. Such assumptions include a combination of discounted cash flow and market-based valuations. Discounted cash flow valuations require assumptions about future profitability and cash flows, which we believe reflect the best estimates at the date the valuations are determined to be performed. | |||||||||
Fair value of fixed assets and other assets | |||||||||
Fair values of fixed assets and other assets held for sale are measured using management’s assumptions about a pending sale or plan of sale. Such assumptions include an estimated future sale price based on offers received, scrap value or replacement value based on market price of scrap components or similar assets. These non-recurring fair value adjustments and the inputs used in the measurement are classified as Level 2 fair value measurements under the market approach. | |||||||||
During the year ended December 31, 2013, we recorded $5.9 million in impairment charges related to construction in progress, equipment and other long term assets in our Flat-Rolled Products segment. These impairment charges, described further below, were reflected in the consolidated statements of operations as a component of selling, general and administrative expenses for the year ended December 31, 2013. | |||||||||
We reclassified certain non-strategic equipment to assets held for sale and recorded an impairment loss of $1.5 million to adjust the carrying value of the equipment to fair value, based on a purchase offer received for the equipment. The equipment was sold during fourth quarter 2013. We recorded impairment charges totaling $1.2 million to reduce the carrying value of certain non-depreciable other long term assets to their estimated fair value during the year, based on a preliminary purchase offer received. | |||||||||
In connection with the workforce reduction at our Salisbury, N.C. rolling mill facility announced in October 2013, we began to reposition the Salisbury plant to produce predominately heavy gauge foil although some light gauge material will continue to be processed at Salisbury. We have begun to transfer a portion of the light gauge product production to the Newport plant. We recorded $3.2 million of impairment charges related to assets taken out of service in connection with the workforce reduction at the Salisbury facility, including a capital project with no residual value due to new advancements in technology and an impairment charge to reduce the carrying value of certain non-depreciable other long term assets which will be sold for scrap to their estimated fair value, based on market scrap value and the amount of scrap material. |
Inventories_Footnote
Inventories (Footnote) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventory, Net [Abstract] | ' | ||||
Inventories disclosure | ' | ||||
INVENTORIES | |||||
We use the LIFO method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Supplies inventories at our rolling mills are valued at FIFO. Inventories at Gramercy and St. Ann and supplies at New Madrid are valued at weighted-average cost and are not subject to the LIFO adjustment. Gramercy and St. Ann inventories comprise approximately 30% and 25% of total inventories, at cost, at December 31, 2013 and 2012, respectively. | |||||
Inventories, net, consisted of the following (in millions): | |||||
December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Raw materials, at cost | 57.8 | 63.5 | |||
Work-in-process, at cost | 49.3 | 58.9 | |||
Finished goods, at cost | 25.2 | 29.5 | |||
Total inventories, at cost | 132.3 | 151.9 | |||
LIFO adjustment | 24.9 | 15.7 | |||
LCM reserve | (16.2 | ) | (7.1 | ) | |
Inventories, at lower of cost or market | 141 | 160.5 | |||
Supplies | 37.7 | 35.3 | |||
Total inventories, net | 178.7 | 195.8 | |||
Work-in-process and finished goods inventories consist of the cost of materials, labor and production overhead costs. Supplies inventory consists primarily of maintenance supplies expected to be used within the next twelve months. Non-current maintenance supplies are included in other assets in the accompanying consolidated balance sheets. | |||||
An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. During the year ended December 31, 2013, we recorded LIFO losses of $4.1 million in the Flat-Rolled Products segment and $0.1 million in the Primary Aluminum segment, due to decrements in inventory quantities. There were no decrements in inventory quantities during the year ended December 31, 2012. |
Property_Plant_and_Equipment_F
Property, Plant and Equipment (Footnote) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, plant and equipment disclosure | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment, net, consisted of the following (in millions): | ||||||||
December 31, | ||||||||
Estimated useful lives | 2013 | 2012 | ||||||
(in years) | $ | $ | ||||||
Land | 51.2 | 50.4 | ||||||
Buildings and improvements | 10 | – | 47 | 161.9 | 151 | |||
Machinery and equipment | 3 | – | 50 | 898.8 | 876.9 | |||
Construction in progress | 50.1 | 48.2 | ||||||
Property, plant and equipment, at cost | 1,162.00 | 1,126.50 | ||||||
Accumulated depreciation | (484.8 | ) | (432.0 | ) | ||||
Total property, plant and equipment, net | 677.2 | 694.5 | ||||||
Depreciation expense on property, plant and equipment consisted of the following amounts (in millions): | ||||||||
Year ended December 31, | $ | |||||||
2013 | 86.7 | |||||||
2012 | 87.3 | |||||||
2011 | 84.6 | |||||||
Goodwill_Footnote
Goodwill (Footnote) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill [Abstract] | ' |
Goodwill disclosure | ' |
GOODWILL | |
The carrying value of goodwill related to our Primary Aluminum Segment was $137.6 million as of both December 31, 2013 and 2012. Our annual impairment tests performed as of October 1, 2013, 2012 and 2011 resulted in no impairment to goodwill. Our impairment analysis included assumptions about key factors affecting Primary Aluminum Segments' future profitability and cash flows including the long term price for primary aluminum. We believe these assumptions reflected our best estimates at the date the valuations were performed. The estimates were based on information that was known or knowable at the date of the valuations. It is at least reasonably possible that the assumptions we employed will be materially different from the actual amounts or results, and that impairment charges may be necessary in the future. |
Other_Intangible_Assets_Footno
Other Intangible Assets (Footnote) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||
Intangible Assets Disclosure [Text Block] | ' | |||||
OTHER INTANGIBLE ASSETS | ||||||
Intangible assets, net, consisted of the following (in millions): | ||||||
December 31, | ||||||
Weighted-average life | 2013 | 2012 | ||||
(in years) | $ | $ | ||||
Non-amortizable: | ||||||
Trade names | Indefinite | 17.7 | 17.7 | |||
Amortizable: | ||||||
Customer relationships | 13 | 71 | 71 | |||
Other | 2.5 | 0.7 | 0.7 | |||
Total other intangible assets, gross | 89.4 | 89.4 | ||||
Accumulated amortization | (34.2 | ) | (28.2 | ) | ||
Total other intangible assets, net | 55.2 | 61.2 | ||||
Amortization expense related to intangible assets is included as a component of selling, general and administrative expenses in our consolidated statements of operations. Amortization expense related to intangibles was (in millions): | ||||||
Year ended December 31, | $ | |||||
2013 | 5.9 | |||||
2012 | 5.9 | |||||
2011 | 5.9 | |||||
Expected amortization of intangible assets for each of the next five years is as follows (in millions): | ||||||
Year ended December 31, | $ | |||||
2014 | 5.9 | |||||
2015 | 5.9 | |||||
2016 | 5.5 | |||||
2017 | 4.5 | |||||
2018 | 4.1 | |||||
Impairments | ||||||
Our annual impairment tests performed in the fourth quarters of 2013, 2012 and 2011 resulted in no impairment to our indefinite-lived intangible assets. Future impairment charges could be required if we do not achieve cash flow, revenue and profitability projections. |
Commitments_and_Contingencies_
Commitments and Contingencies (Footnote) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and contingencies disclosure | ' | ||
COMMITMENTS AND CONTINGENCIES | |||
Labor Commitments | |||
As of December 31, 2013, approximately 1,600 (or approximately 69%) of our employees were union members. | |||
We are a party to seven collective bargaining agreements with five different unions. Our collective bargaining agreements are with the following unions: | |||
In the US: the United Steelworkers of America ("USWA"); and the International Association of Machinists and Aerospace Workers ("IAMAW"). | |||
At St. Ann, Jamaica: the University and Allied Workers Union ("UAWU"); the Union of Technical, Administrative and Supervisory Personnel ("UTASP"); and the Bustamante Industrial Trade Union ("BITU"). | |||
• | An agreement at St. Ann with the UTASP representing supervisory and technical salaried workers expired in December 2013. We are expecting to receive a claim for a new contract in second quarter 2014. | ||
• | The agreement at St. Ann with the BITU expired in December 2012. This contract covered a small portion of our St. Ann workforce. We received a claim for a new contract in January 2014 and plan to commence negotiations in the first quarter of 2014. | ||
• | An agreement at St. Ann with the UAWU, covering operators, expired in April 2013. We received a claim for a new contract in June 2013 and commenced negotiations in August 2013. | ||
• | The agreement at Gramercy with the USWA will expire in September 2015. | ||
• | An agreement at New Madrid with the USWA will expire in August 2017. | ||
• | An agreement at our Salisbury rolling mill with the USWA will expire in November 2016. | ||
• | The agreement in place with the IAMAW at our Newport rolling mill extends through May 2014. | ||
Legal Contingencies | |||
We are a party to legal proceedings incidental to our business. We assess the likelihood of an unfavorable outcome of each legal proceeding based upon the available facts and our historical experience with similar matters. We do not accrue a liability when we assess the likelihood of an unfavorable outcome to be remote. Where the risk of loss is probable and the costs can be reasonably estimated, we accrue a liability based on the factors mentioned above. Where the risk of loss is considered reasonably possible, we estimate the range of reasonably possible losses and disclose any reasonably possible losses, if material. We update our loss assessment as matters progress over time. Based on current knowledge, we do not believe any reasonably possible losses in excess of our accruals would be material to our consolidated financial statements. | |||
Environmental Matters | |||
We cannot predict what environmental laws or regulations will be enacted or amended in the future, how existing or future laws or regulations will be interpreted or enforced or the amount of future expenditures that may be required to comply with such laws or regulations. Such future requirements may result in liabilities which may have a material adverse effect on our financial condition, results of operations or cash flows. | |||
The Environmental Protection Agency ("EPA") has developed National Ambient Air Quality Standards ("NAAQS") for six compounds currently identified as criteria pollutants. The NAAQS establishes acceptable ambient air levels of each pollutant based on a review of their effects to human health and the environment. Sulfur dioxide ("SO2"), an emission from our New Madrid smelter facility, is one such criteria pollutant. To determine our smelter's compliance with NAAQS, we measure emissions using currently acceptable methods. | |||
In 2010, the EPA issued regulations that increased the stringency of the SO2 NAAQS. Federal and state regulators are in the process of developing measurement methods and time-lines that will govern the implementation of those regulations. Once finalized, these implementation requirements may present material implications for our smelter's compliance with NAAQS. Failure to meet NAAQS may require us to incur material capital and operational costs to bring our smelter into compliance and could have negative implications for permits necessary to support increases in production volumes at our smelter. | |||
Power Contract | |||
Electricity is our largest cash cost component in the production of primary aluminum and is a key factor to our long-term competitive position in the primary aluminum business. We have a long-term contract with Ameren for our electricity supply at New Madrid, pursuant to which we have agreed to purchase substantially all of New Madrid’s electricity. Included in the contract is a minimum purchase requirement equal to five mega watts, calculated at peak and non-peak demand charges, or approximately $3.3 million over the remaining life of the contract. This minimum purchase requirement represents significantly less power usage than we require, given the power-intensive nature of our smelter facility. The power supply contract provides that the rate for power will be established by the MoPSC based on two components: a base rate and a fuel adjustment charge. The MoPSC determines whether to make changes to the base rate and fuel adjustment charge. | |||
Operating Leases | |||
We operate certain office, manufacturing and warehouse facilities under operating leases. In most cases, we expect leases to be renewed or replaced with other leases when they expire. | |||
Rental expense for all operating leases except those with terms of one month or less that were not renewed totaled $3.2 million, $2.5 million and $3.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
Future minimum rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2013 follows (in millions): | |||
Year ended December 31, | $ | ||
2014 | 2.8 | ||
2015 | 1.9 | ||
2016 | 1.6 | ||
2017 | 1.6 | ||
2018 | 1 | ||
Thereafter | 3.8 | ||
Purchase Commitment | |||
In July 2012, we announced a project to invest $45.0 million to build a new rod mill at our facility in New Madrid, Missouri, the scope of which includes infrastructure development and construction of a new, state-of-the-art mill to produce redraw rod. In April 2013, we entered into a financing arrangement with a third party to finance the off-site construction of the rod production line, which comprises certain machinery, equipment and other components. Pursuant to the terms of the third party arrangement, upon delivery of the production line to our facility, we will repay the third party for amounts paid to the construction company throughout the construction phase, plus interest and fees, and assume any remaining payments. We anticipate delivery of the rod production line in September 2014. Total payments related to the construction of the rod production line are expected to be approximately €11.5 million in the aggregate, however the amount and timing of the payments are subject to variability due to the progression of the construction. |
LongTerm_Debt_Footnote
Long-Term Debt (Footnote) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-term debt disclosure | ' | ||||||||||||
LONG-TERM DEBT | |||||||||||||
The carrying values and fair values of our outstanding debt were as follows (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Carrying | Fair | Interest | Carrying | Fair | Interest | ||||||||
value | value | rate | value | value | rate | ||||||||
$ | $ | % | $ | $ | % | ||||||||
AcquisitionCo Notes, net (1) | 173.1 | 146.8 | 11 | % | 275.3 | 258.8 | 4.52 | % | |||||
Term B Loan, net | 475 | 475 | 5.75 | % | 320.4 | 320.4 | 5.75 | % | |||||
Project specific financing | 11 | 11 | 9 | % | — | — | — | ||||||
Total debt, net | 659.1 | 595.7 | |||||||||||
Less: current portion | (4.9 | ) | (3.3 | ) | |||||||||
Long-term debt, net | 654.2 | 592.4 | |||||||||||
(1) | We refer to the Senior Unsecured Notes due 2019 issued by Noranda AcquisitionCo ("AcquisitionCo Notes due 2019") outstanding at December 31, 2013 and Senior Floating Rate Notes due 2015 issued by Noranda AcquisitionCo ("AcquisitionCo Notes due 2015") outstanding at December 31, 2012 collectively as the "AcquisitionCo Notes." | ||||||||||||
2013 Refinancing | |||||||||||||
On March 8, 2013, we completed a private offering of $175.0 million aggregate principal amount of 11.00% senior unsecured notes due 2019. Additionally, we entered into an incremental term loan facility in the amount of $110.0 million under our existing term loan credit agreement (the "$110.0 million incremental Term B Loan"). We used the net proceeds from the offering of the AcquisitionCo Notes due 2019 and the $110.0 million incremental Term B Loan to redeem the remaining $275.3 million outstanding AcquisitionCo Notes due 2015. We refer to these transactions, collectively, as the "2013 Refinancing." | |||||||||||||
The $110.0 million incremental Term B Loan agreement permitted us to incur further incremental borrowings under the existing Term B Loan in an aggregate principal amount not to exceed the greater of (1) $50.0 million and (2) an amount such that, after giving effect to such incremental borrowing, we would be in pro forma compliance with a maximum total net senior secured leverage ratio of 2.25 to 1.00. On May 29, 2013, we borrowed an additional $50.0 million, which we refer to as the "$50.0 million incremental Term B Loan." Borrowings under the $50.0 million incremental Term B Loan were used for general corporate purposes. The $110.0 million incremental Term B Loan and the $50.0 million incremental Term B Loan are due and payable on February 28, 2019 and have the same terms as borrowings under the existing Term B Loan. | |||||||||||||
On May 15, 2013, we entered into an incremental asset-based revolving credit facility, consisting of $15.0 million in additional commitments on a "first-in, last-out" basis, under our existing asset-based revolving credit facility. We refer to this incremental asset-based loan as the "incremental ABL." Loans under the incremental ABL will be used for general corporate purposes, will bear interest at a rate equal to the rate applicable to loans under our existing asset-based revolving credit facility plus 1.5% per annum, will mature in February 2017 and, except as set forth herein, will be subject to the same terms and conditions as loans under the existing asset-based loan credit agreement. | |||||||||||||
We recorded debt refinancing expense of $2.5 million related to the 2013 Refinancing, representing the write-off of deferred financing fees and third party fees related to the AcquisitionCo Notes due 2015. | |||||||||||||
In first quarter 2012, we refinanced our Senior Secured Credit Facilities (the "2012 Refinancing"). | |||||||||||||
We recorded debt refinancing expense of $8.1 million related to the 2012 Refinancing, comprising $5.7 million of creditor fees related to the new senior secured credit facilities and $2.4 million of deferred financing fees related to the existing senior secured credit facilities. | |||||||||||||
As of December 31, 2013 and December 31, 2012 the amount outstanding under our Term B Loan was recorded in our consolidated balance sheets net of $2.8 million and $2.2 million, respectively, of unamortized discount. The carrying value of the AcquisitionCo Notes due 2019 was recorded net of unamortized underwriting discount of $1.9 million at December 31, 2013. | |||||||||||||
In December 2012, we entered into a financing agreement with a third party (the "project specific financing") which allows us to borrow a maximum of $20.0 million to fund capital improvements for port expansion at our bauxite mining operation to increase our shipping capacity. As of December 31, 2013, the outstanding balance was $11.0 million at an interest rate of 9.00%. We will repay $2.8 million annually beginning January 2015 through December 2018. | |||||||||||||
Including required repayments of the incremental Term B Loan borrowings, we are required to repay $1.2 million of the total Term B Loan quarterly. | |||||||||||||
Debt maturities over each of the next five years and thereafter are as follows (in millions): | |||||||||||||
$ | |||||||||||||
2014 | 4.9 | ||||||||||||
2015 | 7.6 | ||||||||||||
2016 | 7.6 | ||||||||||||
2017 | 7.6 | ||||||||||||
2018 | 7.6 | ||||||||||||
Thereafter | 628.5 | ||||||||||||
Total debt | 663.8 | ||||||||||||
The debt maturity schedule above does not reflect the effect of any optional repayments we may elect to make on our outstanding debt. | |||||||||||||
Senior Secured Credit Facilities | |||||||||||||
Term B Loan | |||||||||||||
The Term B Loan consists of an initial borrowing of $325.0 million. The credit agreement governing the Term B Loan also permits Noranda AcquisitionCo to incur incremental borrowings thereunder in an aggregate principal amount equal to the greater of (1) $100.0 million and (2) an amount such that, after giving effect to such incremental borrowing, Noranda AcquisitionCo will have a total net senior secured leverage ratio of not greater than 2.25 to 1.00. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time Noranda AcquisitionCo seeks to incur such borrowings. | |||||||||||||
On March 8, 2013, we entered into an incremental term loan facility in the amount of $110.0 million under our existing term loan credit agreement (the "$110.0 million incremental Term B Loan"). The $110.0 million incremental Term B Loan agreement permitted us to incur further incremental borrowings under the existing Term B Loan in an aggregate principal amount not to exceed the greater of (1) $50.0 million and (2) an amount such that, after giving effect to such incremental borrowing, we would be in pro forma compliance with a maximum total net senior secured leverage ratio of 2.25 to 1.00. On May 29, 2013, we borrowed an additional $50.0 million, which we refer to as the "$50.0 million incremental Term B Loan." Borrowings under the $50.0 million incremental Term B Loan were used for general corporate purposes. The $110.0 million incremental Term B Loan and the $50.0 million incremental Term B Loan are due and payable on February 28, 2019 and have the same terms as borrowings under the existing Term B Loan. | |||||||||||||
Obligations of Noranda AcquisitionCo under the Term B Loan are senior obligations guaranteed by the Company and substantially all of Noranda AcquisitionCo's wholly owned existing and future direct and indirect U.S. subsidiaries, with certain exceptions. Currently NHB Capital LLC ("NHB"), in which we have a 100% ownership interest, is our only domestic subsidiary that has not guaranteed these obligations. Noranda AcquisitionCo and the subsidiary guarantors have pledged substantially all of their assets as security for such obligations, while the Company has pledged its shares of capital stock of Noranda AcquisitionCo. These security interests are second priority (subordinate to the liens in favor of the Revolver) with respect to accounts receivable, inventory and certain related assets and first priority with respect to all other pledged assets. | |||||||||||||
All outstanding principal and interest under the Term B Loan will be due and payable on February 28, 2019. The Term B Loan requires Noranda AcquisitionCo to repay borrowings outstanding thereunder in the amount of 1.00% per annum, payable in quarterly installments, with the balance due on the maturity date. | |||||||||||||
Noranda AcquisitionCo may prepay amounts outstanding under the Term B Loan at any time. If such prepayment were made on or prior to the first anniversary of the date of the Term B Loan initial borrowing as a result of certain refinancing or repricing transactions, Noranda AcquisitionCo would have been required to pay a fee equal to 1.00% of the principal amount of the obligations so refinanced or repriced. No such fees were incurred in 2013 or 2012. Subject to certain exceptions, the Term B Loan requires Noranda AcquisitionCo to prepay certain amounts outstanding thereunder with (a) the net cash proceeds of certain asset sales and certain issuances of debt and (b) a percentage of annual excess cash flow, which percentage is based upon Noranda AcquisitionCo's total net senior secured leverage ratio. During both 2013 and 2012, no mandatory prepayments were due pursuant to the cash flow sweep provisions of the credit agreement, nor, given our 2013 financial results, will any mandatory prepayments be due pursuant to the cash flow sweep provisions of the credit agreement during 2014. | |||||||||||||
Borrowings under the Term B Loan bear interest at a rate equal to an applicable margin plus, at Noranda AcquisitionCo's option, either (a) a base rate calculated in a customary manner (provided such base rate shall not be less than 2.25%) or (b) an adjusted eurodollar rate calculated in a customary manner (provided that such adjusted eurodollar rate shall not be less than 1.25%). The applicable margin is 3.50% per annum with respect to base rate borrowings and 4.50% per annum with respect to eurodollar rate borrowings. | |||||||||||||
The Term B Loan contains certain customary affirmative and negative covenants, restrictions and events of default. | |||||||||||||
Revolver | |||||||||||||
Subject to certain exceptions, maximum availability under the Revolver is equal to the lesser of (1) $250.0 million and (2) a borrowing base equal to (i) 85% of the net amount of eligible accounts receivable plus (ii) the lesser of (a) 80% of the lesser of the original cost or market value of eligible inventory and (b) 90% of the orderly liquidation value of eligible inventory minus (iii) any applicable reserves. The borrowers may request the issuance of letters of credit up to an aggregate face amount of $75.0 million, and the borrowing of swingline loans, up to an aggregate amount equal to 10% of the outstanding commitments under the Revolver. The Revolver also permits Noranda AcquisitionCo to incur incremental commitments thereunder in an aggregate principal amount of up to $100.0 million. Incremental commitments are uncommitted and the availability thereof will depend on market conditions at the time Noranda AcquisitionCo seeks to incur such commitments. | |||||||||||||
Obligations of the borrowers under the Revolver are senior obligations guaranteed by the Company, each borrower and substantially all of Noranda AcquisitionCo's wholly owned existing and future direct and indirect U.S. subsidiaries, with certain exceptions. Currently, NHB is the only domestic subsidiary that has not guaranteed these obligations. Noranda AcquisitionCo and the subsidiary guarantors have pledged substantially all of their assets as security for such obligations, while the Company has pledged its shares of capital stock of Noranda AcquisitionCo. These security interests are first priority with respect to accounts receivable, inventory and certain related assets and second priority (subordinate to the liens in favor of the Term B Loan) with respect to all other pledged assets. | |||||||||||||
All outstanding principal and interest under the Revolver will be due and payable on February 28, 2017. Noranda AcquisitionCo may prepay amounts, and/or terminate commitments, outstanding under the Revolver at any time without penalty or premium. | |||||||||||||
Borrowings under the Revolver bear interest at a rate equal to an applicable margin plus, at Noranda AcquisitionCo's option, either (a) a base rate calculated in a customary manner or (b) an adjusted eurodollar rate calculated in a customary manner. The applicable margin is determined based on Noranda AcquisitionCo's average quarterly excess availability under the Revolver. The applicable margin ranges from 0.50% to 1.00% per annum with respect to base rate borrowings and from 1.5% to 2.00% per annum with respect to eurodollar rate borrowings. Noranda AcquisitionCo is also required to pay a quarterly commitment fee equal to 0.375% per annum of the average amount of unused commitments during the applicable quarter, as well as quarterly letter of credit fees equal to the product of (a) the applicable margin with respect to eurodollar borrowings and (b) the average amount available to be drawn under outstanding letters of credit during such quarter. | |||||||||||||
The Revolver contains certain customary affirmative and negative covenants, restrictions and events of default. If our Revolver Fixed-Charge Coverage Ratio is less than 1.0 to 1.0 , we must maintain at least $20.0 million of available borrowing capacity under our Revolver. As of December 31, 2013, our Revolver Fixed-Charge Coverage Ratio was greater than 1.0 to 1.0. | |||||||||||||
The Revolver had no outstanding balance at December 31, 2013 or December 31, 2012. Outstanding letters of credit on the Revolver were $34.6 million and $31.1 million, respectively, at December 31, 2013 and December 31, 2012. Our effective borrowing capacity calculated as of December 31, 2013 was $117.0 million. | |||||||||||||
AcquisitionCo Notes due 2019 | |||||||||||||
On March 8, 2013, we completed a private offering of $175.0 million of 11.00% AcquisitionCo Notes due June 1, 2019. The AcquisitionCo Notes due 2019 are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by Noranda HoldCo and the domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. The indenture governing the AcquisitionCo Notes due 2019 contains certain customary affirmative and negative covenants, restrictions and events of default. | |||||||||||||
AcquisitionCo Notes due 2015 | |||||||||||||
On May 18, 2007, Noranda AcquisitionCo issued $510.0 million senior floating rate notes due 2015. The AcquisitionCo Notes mature on May 15, 2015. Through May 15, 2011, Noranda AcquisitionCo was permitted to elect to pay interest: (i) entirely in cash, (ii) by increasing the principal amount of the AcquisitionCo Notes by paying interest entirely in kind ("PIK interest") or (iii) 50% in cash and 50% in PIK interest. For all subsequent periods after May 15, 2011, Noranda AcquisitionCo was required to pay all interest in cash. The AcquisitionCo Notes cash interest accrued at six-month LIBOR plus 4.0% per annum, reset semi-annually. During the year ended December 31, 2011, AcquisitionCo issued $8.9 million of AcquisitionCo Notes due 2015 as payment-in-kind interest due May 15, 2011. The AcquisitionCo Notes due 2015 were all redeemed in March 2013 in connection with the 2013 Refinancing. | |||||||||||||
Certain covenants | |||||||||||||
Certain covenants contained in our debt agreements governing our Senior Secured Credit Facilities and the indenture governing our AcquisitionCo Notes restrict our ability to take certain actions if we are unable to meet certain ratios of Adjusted EBITDA to fixed charges and Net Debt, Senior Secured Net Debt and Senior First Lien Secured Net Debt to Adjusted EBITDA. These actions include incurring additional secured or unsecured debt, expanding borrowings under existing term loan facilities, paying dividends, engaging in mergers, acquisitions and certain other investments, and retaining proceeds from asset sales. In addition to the restrictive covenants described above, upon the occurrence of certain events, such as a change of control, our debt agreements could require that we repay or refinance our indebtedness. |
Asset_Retirement_and_Other_Obl
Asset Retirement and Other Obligations (Footnote) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Reclamation, Land And Asset Retirement Obligations [Abstract] | ' | ||||
Reclamation, land and asset retirement obligations disclosure | ' | ||||
ASSET RETIREMENT AND OTHER OBLIGATIONS | |||||
Reclamation Obligation | |||||
St. Ann has an obligation to rehabilitate land disturbed by St. Ann's Bauxite mining operations. See Note 1, "Accounting Policies" for further information. The reclamation obligations were $1.4 million and $2.5 million at December 31, 2013 and 2012, respectively. These amounts are included in accrued liabilities in the accompanying consolidated balance sheets. | |||||
A summary of our reclamation obligations activity at St. Ann follows (in millions): | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Balance, beginning of period | 2.5 | 4.6 | |||
Additional liabilities incurred | 3.3 | 3.1 | |||
Liabilities settled | (4.4 | ) | (5.2 | ) | |
Balance, end of period | 1.4 | 2.5 | |||
Land Obligation | |||||
In cases where land to be mined is privately owned, St. Ann agrees to purchase the residents’ property, including land, crops, homes and other improvements in exchange for consideration paid in the form of cash, a commitment to relocate the residents to another area, or a combination of these two options ("St. Ann Land Obligation"). See Note 1, "Accounting Policies" for further information. Our current and long-term portions of the St. Ann Land Obligation were $3.7 million and $6.8 million, respectively, at December 31, 2013 and $4.9 million and $9.2 million, respectively, at December 31, 2012 and are included in accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheets. | |||||
Relocating residents occurs often over several years, requiring management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates; therefore, further adjustments to the St. Ann Land Obligation and the Predecessor Land Obligations may be necessary. These adjustments, including the effects of fluctuations in foreign currency exchange rates, are aggregated in the following table as revisions to the obligation. | |||||
A summary of our St. Ann Land Obligation activity follows (in millions): | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Balance, beginning of period | 14.1 | 13.2 | |||
Additional liabilities incurred | 0.7 | 1.7 | |||
Liabilities settled | (0.7 | ) | (0.8 | ) | |
Revisions to the obligation | (3.6 | ) | — | ||
Balance, end of period | 10.5 | 14.1 | |||
Asset Retirement Obligations | |||||
Our asset retirement obligations consist of costs related to the disposal of certain spent pot liners associated with the New Madrid smelter, as well as costs associated with the future closure and post-closure care of red mud lakes at the Gramercy facility, where Gramercy disposes of wastes from its refining process. | |||||
The current portion of the liability of $2.2 million and $2.4 million at December 31, 2013 and 2012, respectively, related to the disposal of spent pot-liners at New Madrid and was recorded in accrued liabilities in the accompanying consolidated balance sheets. The remaining non-current portion of $14.3 million and $13.4 million at December 31, 2013 and 2012, respectively, was included in other long-term liabilities in the accompanying consolidated balance sheets. | |||||
A summary of our asset retirement obligations activity follows (in millions): | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Balance, beginning of period | 15.8 | 15.7 | |||
Additional liabilities incurred | 0.9 | 1.1 | |||
Liabilities settled | (1.2 | ) | (1.9 | ) | |
Accretion | 1 | 0.9 | |||
Balance, end of period | 16.5 | 15.8 | |||
At each of December 31, 2013 and 2012, we had $9.2 million of restricted cash in an escrow account as security for the payment of red mud lake closure obligations that will arise under state environmental laws if we were to cease operations at the Gramercy facility. This amount is included in other assets in the accompanying consolidated balance sheets. | |||||
The ongoing operations at the Gramercy facility generate hazardous materials that are disposed of according to long-standing environmental permits. We have not recorded an ARO for removing such material that may remain throughout the production process up until closure of the Gramercy facility as we do not currently believe there is a reasonable basis for estimating the liability. Our ability to form a reasonable estimate is impeded as we cannot predict the amount of hazardous materials that will be remaining at the time of such a closure, due to the fact that we are continuously removing and disposing of these materials as they are generated. | |||||
Environmental Remediation Obligations | |||||
In addition to our asset retirement obligations, we have identified certain environmental conditions requiring remedial action or ongoing monitoring at the Gramercy refinery. As of December 31, 2013 and 2012, our consolidated balance sheets included undiscounted liabilities of $1.7 million and $2.0 million, respectively, in accrued liabilities and $1.2 million in other long-term liabilities, for remediation of Gramercy’s known environmental conditions. Monitoring costs are expensed as incurred. No other responsible parties are involved in any ongoing environmental remediation activities. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefits (Footnote) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
PENSIONS AND OTHER POST-RETIREMENT BENEFITS | |||||||||
We sponsor defined benefit pension plans for hourly and salaried employees. Benefits under our sponsored defined benefit plans are based on years of service and/or eligible compensation prior to retirement. We also sponsor OPEB plans for certain employees. These benefits include life and health insurance. In addition, we provide supplemental executive retirement benefits for certain executive officers. Disclosures for the defined benefit pension plans and other post retirement benefit plans at St. Ann (the "St. Ann Plans," collectively) are shown separately from the disclosures related to the plans at our other subsidiaries (the "Noranda Plans," collectively) because the assumptions related to the St. Ann Plans are significantly different than those of the Noranda Plans. | |||||||||
We used an annual measurement date of December 31 to determine the pension and OPEB liabilities for the Noranda Plans and St. Ann Plans. | |||||||||
Noranda Plans | |||||||||
Our pension funding policy is to contribute annually an amount based on actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements of the Employee Retirement Income Security Act ("ERISA"). OPEB benefits are funded as retirees submit claims. | |||||||||
During 2011, we offered early retirement benefits to a limited number of employees at our rolling mill facilities. For the year ended December 31, 2011, we recorded a special termination benefit loss of $0.2 million and $0.5 million within net periodic benefit cost and selling, general and administrative expenses, respectively, for the cost of providing early retirement benefits. | |||||||||
On September 7, 2012, we ratified a new labor contract with the USWA at our New Madrid smelter, which included changes to pension benefits for members of the USWA within our New Madrid workforce. The increase in benefits increased our pension liability and our unrecognized pension loss in accumulated other comprehensive income by $16.7 million (pre-tax), which we recorded during third quarter 2012. Net periodic cost for the year ended December 31, 2012 increased $0.5 million as a result of the increase in pension benefits. | |||||||||
In fourth quarter 2013, we completed a workforce reduction (see "Note 13, "Restructuring"). As a result, we offered special voluntary termination benefits to employees that (1) met certain criteria for early retirement and (2) accepted the benefit by the required deadline. For the year ended December 31, 2013, we recognized a termination benefit loss of $0.7 million within net periodic benefit cost. | |||||||||
Noranda Pension Plan assets | |||||||||
Weighted-average asset allocations as of December 31, 2013 and 2012 and the target asset allocations for 2014 were as follows: | |||||||||
2013 | 2012 | Target 2014 | |||||||
% | % | % | |||||||
Fixed income securities | 32 | 36 | 35 | ||||||
Equity securities | 68 | 64 | 65 | ||||||
We seek a balanced return on plan assets through a diversified investment strategy. Noranda pension plan assets consist principally of equities and fixed income accounts. In developing the long-term rate of return assumption for plan assets, we evaluated the plans’ historical cumulative actual returns over several periods, as well as long-term inflation assumptions. We anticipate that the plans will continue to generate long-term investment returns of approximately 7% per annum. | |||||||||
The change in benefit obligation and change in plan assets for the Noranda pension plans were as follows (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Change in benefit obligation: | |||||||||
Benefit obligation, beginning of period | 456.7 | 404.6 | |||||||
Service cost | 15.4 | 13.5 | |||||||
Interest cost | 17.9 | 17.8 | |||||||
Plan changes | — | 7.9 | |||||||
Actuarial (gain) loss | (50.5 | ) | 29.3 | ||||||
Benefits paid | (17.4 | ) | (16.4 | ) | |||||
Special termination benefits | 0.7 | — | |||||||
Benefit obligation, end of period | 422.8 | 456.7 | |||||||
Change in plan assets: | |||||||||
Fair value of plan assets, beginning of period | 287.3 | 246.9 | |||||||
Actual return on plan assets | 38.9 | 28.9 | |||||||
Employer contributions | 14.6 | 27.9 | |||||||
Benefits paid | (17.4 | ) | (16.4 | ) | |||||
Fair value of plan assets, end of period | 323.4 | 287.3 | |||||||
Funded status | (99.4 | ) | (169.4 | ) | |||||
Weighted-average assumptions: | |||||||||
Discount rate | 4.8 | % | 3.9 | % | |||||
Rate of compensation increase | 4 | % | 4 | % | |||||
The change in benefit obligation and change in plan assets for the Noranda OPEB plans were as follows (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Change in benefit obligation: | |||||||||
Benefit obligation, beginning of period | 13.2 | 11.6 | |||||||
Service cost | 0.4 | 0.4 | |||||||
Interest cost | 0.5 | 0.5 | |||||||
Actuarial (gain) loss | (1.7 | ) | 1.2 | ||||||
Curtailments | (0.4 | ) | — | ||||||
Benefits paid | (0.5 | ) | (0.5 | ) | |||||
Benefit obligation, end of period | 11.5 | 13.2 | |||||||
Change in plan assets: | |||||||||
Fair value of plan assets, beginning of period | 0.1 | 0.1 | |||||||
Employer contributions | 0.5 | 0.5 | |||||||
Benefits paid | (0.5 | ) | (0.5 | ) | |||||
Fair value of plan assets, end of period | 0.1 | 0.1 | |||||||
Funded status | (11.4 | ) | (13.1 | ) | |||||
Weighted-average assumptions: | |||||||||
Discount rate | 4.9 | % | 3.9 | % | |||||
Rate of compensation increase | 4 | % | 4.3 | % | |||||
The net liability for the Noranda plans was recorded in the consolidated balance sheets as follows (in millions): | |||||||||
Noranda Pension | Noranda OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Current liability | (0.5 | ) | (0.5 | ) | (0.4 | ) | (0.4 | ) | |
Long-term liability | (98.9 | ) | (168.9 | ) | (11.0 | ) | (12.7 | ) | |
Total | (99.4 | ) | (169.4 | ) | (11.4 | ) | (13.1 | ) | |
In 2014, we expect to reclassify approximately $5.5 million and $0.1 million from AOCI related to the Noranda pension and OPEB plans, respectively, into net income through net periodic cost. Amounts related to the Noranda plans in AOCI were as follows (in millions): | |||||||||
Noranda Pension | Noranda OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Net actuarial loss | 81.2 | 163.4 | 0.7 | 2.8 | |||||
Prior service cost | 9 | 10 | 0.3 | 0.5 | |||||
Accumulated other comprehensive loss | 90.2 | 173.4 | 1 | 3.3 | |||||
The Noranda OPEB benefit obligation included estimated health insurance benefits of $1.0 million, $1.1 million and $0.8 million at December 31, 2013, 2012 and 2011, respectively. The healthcare cost trend rates used in developing the periodic cost and the projected benefit obligation are 7.5% grading to 5% over six years. | |||||||||
Net periodic benefit costs related to the Noranda Pension Plans included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 15.4 | 13.5 | 10.5 | ||||||
Interest cost | 17.9 | 17.8 | 18.3 | ||||||
Expected return on plan assets | (20.1 | ) | (19.1 | ) | (19.5 | ) | |||
Recognized actuarial loss | 12.8 | 11.2 | 5.2 | ||||||
Amortization of prior service cost | 1.1 | 0.6 | 0.4 | ||||||
Settlement and termination benefits loss | 0.7 | — | 0.1 | ||||||
Net periodic cost | 27.8 | 24 | 15 | ||||||
Weighted-average assumptions: | |||||||||
Discount rate | 3.9 | % | 4.4 | % | 5.3 | % | |||
Expected rate of return on plan assets | 7 | % | 7.5 | % | 7.8 | % | |||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | |||
Net periodic benefit costs related to the Noranda OPEB plans included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 0.4 | 0.4 | 0.3 | ||||||
Interest cost | 0.5 | 0.5 | 0.5 | ||||||
Recognized actuarial (gain) loss | 0.1 | — | 0.1 | ||||||
Amortization of prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | |||||
Net periodic cost | 1.1 | 1 | 0.8 | ||||||
Weighted-average assumptions: | |||||||||
Discount rate | 3.9 | % | 4.4 | % | 5.3 | % | |||
Rate of compensation increase | 4.3 | % | 4.3 | % | 4.3 | % | |||
The effects of a one percentage point change in the assumed health care cost trend rate on our Noranda OPEB plans’ post-retirement benefit obligation were as follows (in millions): | |||||||||
1% decrease in rates | Assumed rates | 1% increase in rates | |||||||
$ | $ | $ | |||||||
Aggregated service and interest cost | 0.9 | 0.9 | 0.9 | ||||||
Accumulated post-retirement benefit obligation | 11.5 | 11.5 | 11.5 | ||||||
The projected and accumulated benefit obligations in excess of plan assets for our Noranda pension plans were as follows (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Projected benefit obligation | (422.8 | ) | (456.7 | ) | |||||
Accumulated benefit obligation | (406.9 | ) | (440.1 | ) | |||||
Fair value of plan assets | 323.4 | 287.3 | |||||||
St. Ann Plans | |||||||||
St. Ann operates a defined benefit pension plan and an OPEB plan. Our post-retirement benefits include life and health insurance and are funded as retirees submit claims. | |||||||||
St. Ann Pension Plan assets | |||||||||
The St. Ann Pension Plan is funded by employee and employer contributions. Employer contributions are made at a rate periodically determined by management, which is based, in part, on employee contributions. Our pension funding policy is to contribute annually an amount based on actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the funding requirements of the plan. | |||||||||
Our St. Ann Pension Plan’s weighted-average asset allocations at December 31, 2013 and 2012 and the target allocations for 2014 by asset category were as follows: | |||||||||
2013 | 2012 | Target 2014 | |||||||
% | % | % | |||||||
Global equity securities | 23 | 27 | 35 | ||||||
Real estate | 9 | 5 | 10 | ||||||
Fixed income securities | 60 | 56 | 45 | ||||||
Other | 8 | 12 | 10 | ||||||
We seek a balanced return on plan assets through a diversified investment strategy. In developing the long-term rate of return assumption for plan assets, we evaluate the plan’s historical cumulative actual returns over several periods, as well as long-term inflation assumptions. We anticipate that the plan’s investments will continue to generate long-term returns of at least 7% per annum. | |||||||||
The change in benefit obligation and change in plan assets for the St. Ann Plans were as follows (in millions): | |||||||||
St. Ann Pension | St. Ann OPEB | ||||||||
Year ended December 31, | Year ended December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Change in benefit obligation: | |||||||||
Benefit obligation, beginning of period | 18.9 | 21.4 | 5.7 | 7.4 | |||||
Service cost | 0.5 | 0.7 | 0.2 | 0.3 | |||||
Interest cost | 1.7 | 1.5 | 0.4 | 0.5 | |||||
Contributions by plan participants | 0.9 | 0.9 | — | — | |||||
Actuarial (gain) loss | 2.6 | (3.4 | ) | 0.8 | (1.6 | ) | |||
Foreign currency changes | (3.1 | ) | (1.7 | ) | (0.9 | ) | (0.6 | ) | |
Benefits paid | (0.7 | ) | (0.5 | ) | (0.3 | ) | (0.3 | ) | |
Benefit obligation, end of period | 20.8 | 18.9 | 5.9 | 5.7 | |||||
Change in plan assets: | |||||||||
Fair value of plan assets, beginning of period | 28.6 | 28.4 | — | — | |||||
Employer contributions | 0.5 | 0.7 | 0.3 | 0.3 | |||||
Contributions by plan participants | 0.9 | 0.9 | — | — | |||||
Actual return on plan assets | 1.6 | 1.2 | — | — | |||||
Benefits paid | (0.7 | ) | (0.5 | ) | (0.3 | ) | (0.3 | ) | |
Foreign currency changes | (4.2 | ) | (2.1 | ) | — | — | |||
Fair value of plan assets, end of period | 26.7 | 28.6 | — | — | |||||
Funded status | 5.9 | 9.7 | (5.9 | ) | (5.7 | ) | |||
Weighted-average assumptions: | |||||||||
Discount rate | 7.5 | % | 9 | % | 7.5 | % | 9 | % | |
Rate of compensation increase | 5 | % | 6 | % | 5 | % | 6 | % | |
The net asset (liability) for the St. Ann Plans was recorded in the consolidated balance sheets as follows (in millions): | |||||||||
St. Ann Pension | St. Ann OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Long-term asset | 5.9 | 9.7 | — | — | |||||
Long-term liability | — | — | (5.9 | ) | (5.7 | ) | |||
Total | 5.9 | 9.7 | (5.9 | ) | (5.7 | ) | |||
Net actuarial (gains) losses related to the St. Ann Pension and OPEB plans in AOCI were as follows (in millions): | |||||||||
St. Ann Pension | St. Ann OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Accumulated other comprehensive (gain) loss | 6.1 | 1.7 | (2.2 | ) | (2.2 | ) | |||
Net periodic benefit costs related to the St. Ann Pension Plans included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 0.5 | 0.7 | 0.6 | ||||||
Interest cost | 1.7 | 1.5 | 1.4 | ||||||
Expected return on plan assets | (2.3 | ) | (2.1 | ) | (1.8 | ) | |||
Recognized actuarial loss | — | — | 0.2 | ||||||
Net periodic cost | (0.1 | ) | 0.1 | 0.4 | |||||
Weighted-average assumptions: | |||||||||
Discount rate | 9 | % | 7 | % | 8 | % | |||
Expected rate of return on plan assets | 8 | % | 7 | % | 9 | % | |||
Rate of compensation increase | 6 | % | 5 | % | 7 | % | |||
Net periodic benefit costs related to the St. Ann OPEB Plan included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 0.2 | 0.3 | 0.4 | ||||||
Interest cost | 0.5 | 0.5 | 0.9 | ||||||
Amortization of prior service cost (benefit) | (0.1 | ) | — | — | |||||
Recognized actuarial loss | — | — | 0.2 | ||||||
Net periodic cost | 0.6 | 0.8 | 1.5 | ||||||
Weighted-average assumptions: | |||||||||
Discount rate | 9 | % | 7 | % | 8 | % | |||
Rate of compensation increase | 6 | % | 5 | % | 7 | % | |||
The effect of a one-percentage-point change in the assumed health care cost trend rate on our St. Ann OPEB plan’s benefit obligation was as follows (in millions): | |||||||||
1% decrease in rates | Assumed rates | 1% increase in rates | |||||||
$ | $ | $ | |||||||
Aggregated service and interest cost | 0.6 | 0.7 | 0.8 | ||||||
Projected post-retirement benefit obligation | (5.2 | ) | (6.0 | ) | (6.8 | ) | |||
As of December 31, 2013 and 2012, St. Ann Pension Plan assets exceeded the projected benefit obligation and the accumulated benefit obligation. | |||||||||
Expected Employer Contributions | |||||||||
Expected contributions approximate $18.8 million and $0.2 million for the Noranda Pension Plans and the St. Ann Pension Plans, respectively, in 2014. We may elect to make additional contributions to the plans. | |||||||||
Expected Future Benefit Payments | |||||||||
The following table provides our estimated future benefit payments for the pension and OPEB plans at December 31, 2013 (in millions): | |||||||||
Noranda Plans | St. Ann Plans | ||||||||
Pension benefits | OPEB benefits | Pension benefits | OPEB benefits | ||||||
Year ended December 31, | $ | $ | $ | $ | |||||
2014 | 19.2 | 0.5 | 0.8 | 0.3 | |||||
2015 | 20.3 | 0.5 | 0.9 | 0.3 | |||||
2016 | 21.3 | 0.5 | 0.9 | 0.4 | |||||
2017 | 22.5 | 0.5 | 1.1 | 0.4 | |||||
2018 | 23.8 | 0.5 | 1.3 | 0.4 | |||||
Thereafter | 135.5 | 3.5 | 9.4 | 2.9 | |||||
Total | 242.6 | 6 | 14.4 | 4.7 | |||||
Defined Contribution Plans | |||||||||
We also have defined contribution retirement plans that cover our eligible employees. The purpose of these defined contribution plans is generally to provide additional financial security during retirement by providing employees with an incentive to make regular savings. Our contributions to these plans are based on employee contributions and were as follows (in millions): | |||||||||
Year ended December 31, | $ | ||||||||
2013 | 4.1 | ||||||||
2012 | 4.1 | ||||||||
2011 | 3.3 | ||||||||
Restructuring_Footnote
Restructuring (Footnote) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Restructuring Costs [Abstract] | ' | ||
Restructuring disclosure | ' | ||
RESTRUCTURING | |||
We announced workforce reductions on October 30, 2013 and December 17, 2013, which affected approximately 160 employees through a combination of voluntary retirement packages and involuntary terminations. | |||
We completed substantially all activities associated with these workforce reductions as of December 31, 2013. These 2013 actions resulted in $5.6 million of pre-tax charges for one-time termination benefits reflected in the consolidated statements of operations as a component of selling, general and administrative expenses for the year ended December 31, 2013. During fourth quarter 2013, $0.7 million of special termination benefits related to the restructuring were recorded to the pension liability and adjusted through net periodic pension cost. | |||
Unpaid restructuring costs are recorded in accrued liabilities on our consolidated balance sheets. We will pay the majority of these restructuring expenses within the first quarter of 2014. | |||
The following table summarizes our restructuring activities by segment (in millions): | |||
Total restructuring | |||
liability | |||
$ | |||
2013 restructuring expense: | |||
Bauxite | 0.7 | ||
Alumina | 0.5 | ||
Primary Aluminum | 1.8 | ||
Flat-Rolled Products | 1.5 | ||
Corporate | 1.1 | ||
Total | 5.6 | ||
Benefits paid in 2013 | (0.3 | ) | |
Balance, December 31, 2013 | 5.3 | ||
Derivative_Financial_Instrumen
Derivative Financial Instruments (Footnote) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||
We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices, natural gas prices and interest rates. All derivatives are held for purposes other than trading. | |||||||||||
Fixed price aluminum swaps. Through 2010, we utilized a hedging strategy designed to reduce commodity price risk and protect operating cash flows in the Primary Aluminum segment through the use of fixed price aluminum sale swaps. In May 2010, we settled all of our remaining fixed price aluminum swaps and used the proceeds to repay indebtedness. As of December 31, 2013, we had no outstanding fixed price aluminum swaps. | |||||||||||
Fixed price customer arrangements. We enter into forward contracts with our customers to sell aluminum in the future at fixed prices in the normal course of business. Beginning in fourth quarter 2011, we began not to elect normal sale accounting on certain customer contracts and began to record those contracts as derivatives ("fixed price aluminum customer contracts"). Because these fixed price customer contracts expose us to aluminum and Midwest premium ("MWP") market price fluctuations, we economically hedge these risks by entering into variable price aluminum swap contracts ("variable-price aluminum offset swaps") and variable price MWP contracts with various brokers, typically for terms of one year or less. | |||||||||||
As of December 31, 2013, our outstanding fixed price aluminum customer contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.99 | 71 | |||||||||
2015 | 1.01 | 3.3 | |||||||||
As of December 31, 2013, our outstanding variable price aluminum offset swaps were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.87 | 77 | |||||||||
2015 | 0.9 | 3.3 | |||||||||
As of December 31, 2013, our outstanding variable price MWP contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.11 | 72.4 | |||||||||
2015 | 0.1 | 3.3 | |||||||||
Natural gas swaps. We purchase natural gas to meet our production requirements. These purchases expose us to the risk of fluctuating natural gas prices. To offset changes in the Henry Hub Index price of natural gas, we have, from time to time, entered into financial swaps by purchasing the fixed forward price for the Henry Hub Index and simultaneously entering into an agreement to sell the actual Henry Hub Index Price. As of December 31, 2013, we have no outstanding natural gas swaps. | |||||||||||
Fixed-price natural gas contract. In 2012, we exercised a provision in the natural gas supply contract for our alumina refinery to set fixed prices for a portion of the refinery's anticipated natural gas usage in the period from April through December 2012. We recorded these contracts as derivatives, based on the fair value using the Henry Hub Index price of natural gas. As of December 31, 2013, we had no fixed price purchases of natural gas remaining. | |||||||||||
Interest rate swaps. We had interest rate swap agreements to limit our exposure to floating interest rates through November 15, 2011. As of December 31, 2013, we had no outstanding interest rate swaps. | |||||||||||
We recognize all derivative instruments as either assets or liabilities at their estimated fair value in our accompanying consolidated balance sheets. The following table presents the carrying values of our derivative instruments outstanding (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Fixed price aluminum customer contracts | 2.9 | (0.8 | ) | ||||||||
Variable price aluminum offset swaps | (4.2 | ) | 0.5 | ||||||||
Variable price MWP contracts | 1.8 | 1.1 | |||||||||
Total | 0.5 | 0.8 | |||||||||
We have three counterparties for our variable price aluminum offset swaps. Our variable-price MWP contracts are with various other counterparties. With each of the counterparties of our variable price aluminum offset swaps, we have a master netting arrangement which is subject to the same guarantee and security provisions as the senior secured credit facilities. The master netting arrangements do not require us to post additional collateral, or cash margin. We present the fair values of derivatives which are subject to a master netting arrangement in a net position on the unaudited consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions): | |||||||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 4.5 | 4.5 | ||||||
Total current derivative assets | — | — | — | 4.5 | 4.5 | ||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 0.2 | 0.2 | ||||||
Total long-term derivative assets | — | — | — | 0.2 | 0.2 | ||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.3 | ) | — | (2.3 | ) | — | (2.3 | ) | |||
Master netting arrangement with counterparty two | (1.7 | ) | — | (1.7 | ) | — | (1.7 | ) | |||
Total current derivative liabilities | (4.0 | ) | — | (4.0 | ) | — | (4.0 | ) | |||
Master netting arrangement with counterparty two | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
Total long-term derivative liabilities | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | 2 | (1.5 | ) | 0.5 | — | 0.5 | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | 2.1 | 2.1 | ||||||
Total current derivative assets | 2 | (1.5 | ) | 0.5 | 2.1 | 2.6 | |||||
Master netting arrangement with counterparty one | — | — | — | 0.1 | 0.1 | ||||||
Total long-term derivative assets | — | — | — | 0.1 | 0.1 | ||||||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (1.5 | ) | 1.5 | — | — | — | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | (1.8 | ) | (1.8 | ) | ||||
Total current derivative liabilities | (1.5 | ) | 1.5 | — | (1.8 | ) | (1.8 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Total long-term derivative liabilities | — | — | — | (0.1 | ) | (0.1 | ) | ||||
For derivative instruments that were designated and qualified as cash flow hedges, the effective portion of any gain or loss on the derivative was reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affected earnings. As of December 31, 2013 and December 31, 2012, respectively, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. | |||||||||||
The following is a gross presentation of the derivative balances segregated by type of contract (in millions): | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Hedges that did not qualify for hedge accounting | Hedges that did not qualify for hedge accounting | ||||||||||
Asset | Liability | Asset | Liability | ||||||||
Fixed price aluminum customer contracts | 2.9 | — | 1.1 | (1.9 | ) | ||||||
Variable price aluminum offset swaps | — | (4.2 | ) | 2 | (1.5 | ) | |||||
Variable price MWP contracts | 1.8 | — | 1.1 | — | |||||||
Natural gas swaps | — | — | — | — | |||||||
Total | 4.7 | (4.2 | ) | 4.2 | (3.4 | ) | |||||
Fixed price aluminum swaps. We discontinued hedge accounting for all our aluminum fixed price sale swaps on January 29, 2009. At that date, amounts were frozen in AOCI until such time as they were reclassified into earnings in the period the hedged sales occurred, or until it was determined that the original forecasted sales are probable of not occurring. During third quarter 2012, we determined that certain of the forecasted sales transactions were no longer probable of occurring and as a result, we reclassified $2.6 million of gains into earnings, which was reflected in gain on hedging activities, net in the consolidated statement of operations for the year ended December 31, 2012. During the year ended December 31, 2013, we reclassified the remaining $6.4 million of gains into earnings, which was reflected in (gain) loss on hedging activities, net in the consolidated statement of operations. As of December 31, 2013, there were no remaining derivative gains or losses on hedging activities in AOCI. | |||||||||||
• | Natural gas swaps. As a result of entering into the fixed-price natural gas contracts, we discontinued hedge accounting for all natural gas contracts designated as cash flow hedges. All remaining amounts were frozen in AOCI and were reclassified into earnings during 2012. | ||||||||||
Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through earnings in (gain) loss on hedging activities, net in the consolidated statements of operations. | |||||||||||
The following table presents how our hedging activities affected our consolidated statements of operations for each period (in millions): | |||||||||||
Derivatives qualified as hedges | Derivatives not qualified as hedges | ||||||||||
Amount reclassified from AOCI | Change in fair value | Total (gain) loss on hedging activities | |||||||||
$ | $ | $ | |||||||||
Year ended December 31, 2013: | |||||||||||
Fixed price aluminum swaps | (6.4 | ) | — | (6.4 | ) | ||||||
Fixed price aluminum customer contracts | — | (3.7 | ) | (3.7 | ) | ||||||
Variable price aluminum offset swaps | — | 13 | 13 | ||||||||
Midwest premium contracts | — | (0.6 | ) | (0.6 | ) | ||||||
Total | (6.4 | ) | 8.7 | 2.3 | |||||||
Year ended December 31, 2012: | |||||||||||
Fixed price aluminum swaps | (109.7 | ) | — | (109.7 | ) | ||||||
Fixed price aluminum customer contracts | — | 2.8 | 2.8 | ||||||||
Variable price aluminum offset swaps | — | 0.2 | 0.2 | ||||||||
Midwest premium contracts | — | (0.7 | ) | (0.7 | ) | ||||||
Natural gas swaps | 25.5 | 0.7 | 26.2 | ||||||||
Total | (84.2 | ) | 3 | (81.2 | ) | ||||||
Year ended December 31, 2011: | |||||||||||
Fixed price aluminum swaps | (114.0 | ) | — | (114.0 | ) | ||||||
Fixed price aluminum customer contracts | — | (2.0 | ) | (2.0 | ) | ||||||
Variable price aluminum offset swaps | — | 9.2 | 9.2 | ||||||||
Natural gas swaps | 15.3 | 4.9 | 20.2 | ||||||||
Interest rate swaps | — | 0.2 | 0.2 | ||||||||
Total | (98.7 | ) | 12.3 | (86.4 | ) | ||||||
Shareholders_Equity_Footnote
Shareholders' Equity (Footnote) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||
SHAREHOLDERS' EQUITY | |||||
Our authorized capital stock was 225.0 million shares, of which 200.0 million shares ($0.01 par value) was designated as common stock and 25.0 million shares (at $0.01 par value) was designated as preferred stock as of December 31, 2013 and 2012. As of December 31, 2013 and 2012, no preferred stock was outstanding. | |||||
Cash Dividend | |||||
The following table summarizes the cash dividends paid during 2011, 2012, and 2013. The dividends paid on November 22, 2011 of $1.00 per share and paid on March 19, 2012 of $1.25 per share represent supplemental cash dividends declared by the Board. | |||||
Declaration date | Per share dividend amount | Date paid | Total cash payment | ||
$/share | $ in millions | ||||
1-Nov-11 | 0.03 | November 22, 2011 | 2 | ||
1-Nov-11 | 1 | November 22, 2011 | 67.3 | ||
15-Feb-12 | 0.04 | March 21, 2012 | 2.6 | ||
29-Feb-12 | 1.25 | March 19, 2012 | 84.3 | ||
24-Apr-12 | 0.04 | May 30, 2012 | 2.6 | ||
24-Jul-12 | 0.04 | August 29, 2012 | 2.7 | ||
24-Oct-12 | 0.04 | November 28, 2012 | 2.9 | ||
February 20, 2013 | 0.04 | March 27, 2013 | 2.7 | ||
April 24, 2013 | 0.04 | May 29, 2013 | 2.7 | ||
July 24, 2013 | 0.04 | August 28, 2013 | 2.8 | ||
October 30, 2013 | 0.01 | December 5, 2013 | 0.7 | ||
On February 19, 2014, the Board declared a regular quarterly dividend of $0.01 per share to be paid on March 26, 2014 to shareholders of record as of March 3, 2014. Cash payments related to the dividend will total approximately $0.7 million. | |||||
As part of his employment agreement, our Chief Executive Officer ("CEO") agreed to purchase 200,000 shares of common stock at $10.00 per share, for a total investment of $2.0 million. His employment agreement provided that shares purchased carry a redemption feature which guaranteed total realization on these shares of at least $7.5 million (since reduced to $7.0 million as of December 31, 2012 to reflect dividends to date) in the event a change in control occurred prior to March 3, 2013, and the CEO remained employed with us through the twelve month anniversary of such change in control or experienced certain qualifying terminations of employment. | |||||
Because of the existence of the conditional redemption feature, the carrying value of these 200,000 shares of common stock was reported outside of permanent equity. In accordance with FASB ASC Topic 718, Compensation — Stock Compensation ("ASC Topic 718"), the carrying amount of the common stock subject to redemption was reported as the $2.0 million in proceeds. Because a change in control did not occur prior to March 3, 2013, the carrying value of that common stock was not adjusted to the $7.0 million redemption amount. During the year ended December 31, 2013, the carrying amount of $2.0 million was reclassified into permanent equity. |
ShareBased_Payments_ShareBased
Share-Based Payments Share-Based Payments Footnote (Notes) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||
SHARE-BASED PAYMENTS | |||||||||||||||
Noranda Long-Term Incentive Plans | |||||||||||||||
We recorded stock compensation expense as follows (in millions): | |||||||||||||||
Year ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
$ | $ | $ | |||||||||||||
Stock options | 0.1 | 0.5 | 2.5 | ||||||||||||
Restricted stock and restricted stock unit equity awards | 4.7 | 4.2 | 2.1 | ||||||||||||
Restricted stock unit liability awards | — | 0.2 | 0.7 | ||||||||||||
Total stock compensation expense before income taxes | 4.8 | 4.9 | 5.3 | ||||||||||||
Income tax benefit | (1.6 | ) | (1.6 | ) | (1.9 | ) | |||||||||
Total stock compensation expense, net of income taxes | 3.2 | 3.3 | 3.4 | ||||||||||||
We reserved 3,800,000 shares of common stock for issuance under our Noranda 2007 Long-Term Incentive Plan. Employees and non-employee directors held 1,183,449 options at December 31, 2013. The investor director provider group held 140,000 options at December 31, 2013. The investor director provider group consists of the full-time employees of our principal shareholders affiliated with Apollo Management VI ("Apollo") who serve on our Board. Common stock shares awarded or sold to employees and non-employee directors under the plan, including exercised stock options, totaled 1,828,905 shares through December 31, 2013. We had 647,645 shares available for issuance under the 2007 Long-Term Incentive Plan as of December 31, 2013. | |||||||||||||||
We reserved 5,200,000 shares of common stock for issuance under our Noranda 2010 Incentive Award Plan. As of December 31, 2013, employees and non-employee directors held 481,432 unvested service-vesting restricted stock units ("RSUs") awards, 414,678 shares of restricted stock, a target amount of 1,303,570 performance-vesting restricted shares and RSUs and a target amount of 193,066 market-based restricted stock. The outstanding award amounts include dividend equivalent units issued to restricted stock and RSU holders in connection with the cash dividend paid to shareholders discussed in Note 15, "Shareholders' Equity". The number and grant date fair value of the performance awards to be issued, a maximum of 1,714,836 awards, will be based on Company performance for the years 2013 through 2014. A total of 425,928 service-vesting RSUs, 92,942 service-vesting restricted stock and 25,612 performance-vesting restricted shares and RSUs have vested as of December 31, 2013. We reacquired 122,692 shares upon vesting based on employee elections to use shares to pay for minimum statutory withholding taxes on the shares vested. We had 2,385,466 shares available for issuance under the 2010 Incentive Award Plan as of December 31, 2013. | |||||||||||||||
Our stock option activity and related information follows: | |||||||||||||||
Employee options and non-employee director options | Investor director provider options | ||||||||||||||
Common | Weighted-average exercise price | Intrinsic value (in millions) | Common | Weighted-average | |||||||||||
shares | shares | exercise price | |||||||||||||
$ | $ | $ | |||||||||||||
Outstanding, December 31, 2010 | 2,087,056 | 1.76 | 140,000 | 9 | |||||||||||
Exercised | (426,263 | ) | 1.57 | 5.3 | — | — | |||||||||
Forfeited | (23,362 | ) | 1.67 | — | — | ||||||||||
Outstanding, December 31, 2011 | 1,637,431 | 1.81 | 140,000 | 9 | |||||||||||
Exercised | (329,442 | ) | 1.9 | 1.9 | — | — | |||||||||
Outstanding, December 31, 2012 | 1,307,989 | 1.89 | 5.7 | 140,000 | 9 | ||||||||||
Exercised | (104,640 | ) | 1.6 | 0.2 | — | — | |||||||||
Forfeited | (19,900 | ) | 1.81 | — | — | ||||||||||
Outstanding, December 31, 2013 | 1,183,449 | 1.92 | 2 | 140,000 | 9 | ||||||||||
Fully vested and exercisable, December 31, 2013 (weighted-average remaining contractual term of 4.2 years and 3.8 years, respectively) | 1,091,614 | 1.98 | 1.8 | 140,000 | 9 | ||||||||||
Sixty thousand non-employee director options which were not in-the-money at December 31, 2013, and therefore have a negative intrinsic value, have been excluded from the aggregate intrinsic value shown above. None of the 140,000 investor director provider options were in-the-money at December 31, 2013. | |||||||||||||||
We estimated the grant date fair value of stock options using the Black-Scholes-Merton option pricing model. We did not grant stock options in 2013, 2012 or 2011. | |||||||||||||||
In 2013 and 2012, we granted 20,000 and 25,000, respectively, of cash-settled service-vesting RSUs ("the investor director provider RSUs,") in lieu of RSUs that would otherwise be granted under the director compensation program and 728 and 638, respectively, of dividend equivalent units to the investor director provider group. We make a cash payment to Apollo equal to the fair market value of the outstanding investor director provider RSUs on the vesting dates. We account for the investor director provider RSUs as liability awards. We remeasure the fair value of the liability at each reporting date and adjust stock compensation expense so that the amount ultimately recorded as stock compensation expense will equal the cash paid on the vesting date (see Note 4, "Fair Value Measurements"). We paid Apollo $0.1 million and $0.3 million for vested RSUs during the year ended December 31, 2013 and 2012, respectively. As of December 31, 2012 we had $0.1 million recorded in accrued liabilities in the consolidated balance sheets for these awards. | |||||||||||||||
Our employee and non-employee director RSU and restricted stock activity was as follows: | |||||||||||||||
Service-vesting restricted stock and RSUs | Performance-vesting RSUs with grant date | Performance-vesting restricted stock | Performance-vesting restricted stock and RSUs without grant date | ||||||||||||
(with market condition) | |||||||||||||||
with grant date | |||||||||||||||
Awards | Weighted-average grant date fair value | Awards | Weighted-average grant date fair value | Awards | Weighted-average grant date fair value | Awards (1) | |||||||||
# | $ | # | $ | # | $ | # | |||||||||
Non-Vested, December 31, 2010 | 103,524 | 11.63 | — | — | — | — | — | ||||||||
Granted | 432,165 | 14.8 | — | — | — | — | 248,038 | ||||||||
Dividend equivalent units granted | 66,471 | 7.45 | — | — | — | — | 31,856 | ||||||||
Vested (aggregate intrinsic value of $0.5 million) | (65,014 | ) | 11.54 | — | — | — | — | — | |||||||
Forfeited | (57,681 | ) | 13.79 | — | — | — | — | (19,028 | ) | ||||||
Non-vested, December 31, 2011 | 479,465 | 13.66 | — | — | — | — | 260,866 | ||||||||
Granted | 407,760 | 11.75 | — | — | — | — | 462,053 | ||||||||
Dividend equivalent units granted | 16,855 | 7.18 | — | — | — | — | 103,173 | ||||||||
Vested (aggregate intrinsic value of $1.5 million | (142,506 | ) | 13.62 | — | — | — | — | — | |||||||
Forfeited | (13,637 | ) | 13.62 | — | — | — | — | (5,429 | ) | ||||||
Non-vested, December 31, 2012 (aggregate intrinsic value of $9.6 million) | 747,937 | 12.48 | — | — | — | — | 820,663 | ||||||||
Granted | 502,576 | 4.08 | — | — | 188,000 | 2.13 | 512,988 | ||||||||
Grant date determined during the period | — | — | 294,336 | 5.22 | — | — | (294,336 | ) | |||||||
Dividend equivalent units granted | 30,763 | 3.52 | 10,583 | 3.6 | 5,066 | 3.36 | 32,581 | ||||||||
Vested (aggregate intrinsic value of $1.2 million) | (311,350 | ) | 12.52 | — | — | — | — | (25,612 | ) | ||||||
Forfeited | (73,816 | ) | 8.67 | (4,479 | ) | 6.05 | — | — | (43,154 | ) | |||||
Non-vested, December 31, 2013 (aggregate intrinsic value of $7.9 million) | 896,110 | 7.76 | 300,440 | 5.15 | 193,066 | 2.16 | 1,003,130 | ||||||||
(1) | As a result of the restructuring which took place during the fourth quarter of 2013, employees with performance-vesting restricted stock vested their awards as of their termination date inclusive of a service factor. The aggregate intrinsic value associated with those vestings was $0.1 million as of December 31, 2013. | ||||||||||||||
Our investor director provider RSU activity was as follows: | |||||||||||||||
# RSUs | |||||||||||||||
Non-vested, December 31, 2010 | — | ||||||||||||||
Granted | 90,000 | ||||||||||||||
Dividend equivalent units granted | 12,443 | ||||||||||||||
Vested | (68,295 | ) | |||||||||||||
Non-vested, December 31, 2011 | 34,148 | ||||||||||||||
Granted | 25,000 | ||||||||||||||
Dividend equivalent units granted | 638 | ||||||||||||||
Vested | (34,442 | ) | |||||||||||||
Non-vested, December 31, 2012 | 25,344 | ||||||||||||||
Granted | 20,000 | ||||||||||||||
Dividend equivalent units granted | 728 | ||||||||||||||
Vested | (20,656 | ) | |||||||||||||
Forfeited | (5,069 | ) | |||||||||||||
Non-vested, December 31, 2013 | 20,347 | ||||||||||||||
During the second quarter of 2013, we granted performance shares with market-based vesting conditions to certain senior level employees under our Noranda 2010 Incentive Award Plan. These performance shares can be earned upon the achievement of a specified fair market value of the Company's common stock during the defined performance period. These performance shares are also subject to a three-year continued service vesting provision with earlier vesting permitted under certain conditions, such as upon a change of control of the Company. | |||||||||||||||
We determined grant date fair value of service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For market-based restricted stock, the effect of the market conditions is reflected in the fair value of the awards on the date of grant using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on the expected term, risk-free interest rate, expected dividend yield and expected volatility measure for the Company. | |||||||||||||||
We estimated a forfeiture rate for share-based payment awards based on historical forfeiture rates of similar awards, which was 7% for restricted stock and RSUs granted to employees during 2013. We expect all share-based payment awards granted to executives and directors to vest. Dividend equivalent units vest on the same schedule as the related share-based payment awards. Service-vesting restricted stock and RSUs will generally vest over three years, on the anniversary of the grant date, in the following increments: 25% on the first anniversary, 25% on the second anniversary and 50% on the third anniversary. We recognize stock compensation expense on a straight-line basis over the three year vesting period. A grant date had not been determined as of December 31, 2013 for performance-vesting awards granted in 2012 and 2013 because the performance conditions had not yet been determined. | |||||||||||||||
As of December 31, 2013, unrecognized stock compensation expense related to non-vested options, service-vesting RSUs, restricted stock, investor director provider RSUs and market-based restricted stock was $3.2 million. We will recognize this amount over a weighted-average period of 1.4 years. During first quarter 2013, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2011 because the performance conditions have now been determined. We have not yet recognized stock compensation expense for performance-vesting restricted stock or RSUs awarded in 2012 or 2013 because the performance conditions had not been determined as of December 31, 2013. | |||||||||||||||
Total fair value of options that vested for the years ended December 31, 2013, 2012 and 2011 was $0.4 million, $1.1 million and $1.2 million, respectively. Total fair value of vested service-vesting RSUs and restricted stock was $3.1 million and $0.8 million respectively, for the year ended December 31, 2013. Only performance-vesting RSUs and restricted stock associated with the 2013 restructuring vested during the year ended December 31, 2013, total fair value of those vested RSUs and restricted stock was $0.1 million. | |||||||||||||||
During first quarter 2012, in respect of the supplemental dividend of $1.25 discussed in Note 15, "Shareholders' Equity", holders of stock options and of service-vesting restricted stock and RSUs received $1.25 for each share underlying such awards. We accelerated $0.8 million of stock compensation expense in connection with this payment. Holders of performance-vesting restricted stock and RSUs were granted additional performance-vesting restricted stock or RSUs, as applicable. The number of additional shares or units was computed by dividing the amount of the dividend the award holder would have received for a number of shares of our common stock equal to the number subject to the applicable award divided by the fair market value of a share of our common stock on the last trading day before the dividend payment date. These additional shares or units are subject to the same vesting conditions as the underlying awards. Generally, holders of service-vesting and performance-vesting restricted stock and RSUs were granted additional shares or units, with respect to the $0.04 per share and $0.01 per share quarterly dividends during 2013. The number of additional shares or units was computed by dividing the amount of dividend the award holder would have received had the holder owned a number of shares equal to the number subject to the applicable award by the fair market value of a share of our common stock on the last trading day before the date of the dividend payment. These additional shares or units are subject to the same vesting conditions as the underlying award. | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||
On May 10, 2012, our shareholders approved the 2012 Employee Stock Purchase Plan (the "ESPP"), which became effective on July 1, 2012. A total of 500,000 shares of common stock is available for issuance under the ESPP. The ESPP is designed to provide eligible employees an opportunity to purchase shares of our common stock at 95% of the fair market value on the purchase date. As of December 31, 2013 and December 31, 2012, activity under the ESPP was not material. |
Net_Income_Per_Common_Share_Fo
Net Income Per Common Share (Footnote) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Net income per common share disclosure | ' | |||||||||
NET INCOME (LOSS) PER COMMON SHARE | ||||||||||
Basic and diluted EPS were calculated as follows (in millions, except per share): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net income (loss) | $ | (47.6 | ) | $ | 49.5 | $ | 140.9 | |||
Weighted-average common shares outstanding: | ||||||||||
Basic | 67.94 | 67.55 | 67.06 | |||||||
Effect of dilutive options | — | 1.57 | 1.29 | |||||||
Diluted | 67.94 | 69.12 | 68.35 | |||||||
Net income (loss) per common share: | ||||||||||
Basic | $ | (0.70 | ) | $ | 0.73 | $ | 2.1 | |||
Diluted | $ | (0.70 | ) | $ | 0.72 | $ | 2.06 | |||
Certain share-based payment awards whose terms and conditions are described in Note 16, "Share-Based Payments" could potentially dilute basic EPS in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. Those anti-dilutive share-based payment awards were as follows (in millions): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Antidilutive options | 2.03 | 0.54 | 0.05 | |||||||
Income_Taxes_Footnote
Income Taxes (Footnote) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Income Tax Disclosure [Abstract] | ' | ||||||
Income taxes disclosure | ' | ||||||
INCOME TAXES | |||||||
The components of income (loss) before income taxes were as follows (in millions): | |||||||
Year ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
United States | (75.8 | ) | 83.4 | 178.3 | |||
Foreign | (2.0 | ) | (8.8 | ) | 8 | ||
Total | (77.8 | ) | 74.6 | 186.3 | |||
Income tax expense (benefit) was as follows (in millions): | |||||||
Year ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
Current: | |||||||
Federal | 1.9 | 26.2 | 63.7 | ||||
Foreign | — | — | 2.7 | ||||
State | 0.5 | 1.2 | 3.4 | ||||
Current, total | 2.4 | 27.4 | 69.8 | ||||
Deferred: | |||||||
Federal | (27.4 | ) | 0.6 | (22.1 | ) | ||
Foreign | — | (2.8 | ) | (0.8 | ) | ||
State | (2.0 | ) | (0.1 | ) | (1.5 | ) | |
Effect of state law change | (3.2 | ) | — | — | |||
Deferred, total | (32.6 | ) | (2.3 | ) | (24.4 | ) | |
Total | (30.2 | ) | 25.1 | 45.4 | |||
As of December 31, 2013, we had foreign net operating loss carry forwards of approximately $20.2 million with no expiration date and state net operating loss carryforwards of approximately $176.6 million expiring in years 2020 through 2028. In addition, as of December 31, 2013, we had state tax credit carryforwards of $0.8 million expiring in years 2014 through 2026. | |||||||
We recognize a valuation allowance against deferred tax assets if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, we consider historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and practical tax planning strategies. On a quarterly basis, we evaluate our deferred tax asset balance for realizability. To the extent we believe it is more likely than not that some portion of our deferred tax assets will not be realized, we will increase the valuation allowance against the deferred tax assets. For the year ended December 31, 2013, we increased our valuation allowance by $3.8 million, primarily related to foreign and state net operating loss carry forwards. Adjustments could be required in the future if we estimate that the amount of deferred tax assets to be realized is more or less than the net amount we have recorded. | |||||||
As of December 31, 2013, we have not provided for withholding or United States federal income taxes on approximately $28.7 million of accumulated undistributed earnings of our foreign subsidiaries as they are considered by management to be permanently reinvested. If these undistributed earnings were not considered to be permanently reinvested, an approximately $0.6 million deferred income tax liability would have been provided. | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||
Significant components of our deferred tax assets and liabilities were as follows (in millions): | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
$ | $ | ||||||
Deferred tax liabilities: | |||||||
Property related | 129.9 | 139.4 | |||||
Debt related | 72.3 | 72.3 | |||||
Investments | 34.1 | 38.7 | |||||
Inventory | 7.6 | 12.1 | |||||
Intangibles | 10.5 | 12 | |||||
Derivatives | 0.2 | 2.6 | |||||
Other | 1.6 | 2.2 | |||||
Total deferred tax liabilities | 256.2 | 279.3 | |||||
Deferred tax assets: | |||||||
Compensation related | 56.4 | 76.1 | |||||
Capital and net operating loss carryforwards | 13.5 | 8.8 | |||||
Foreign and state tax credit carryforwards | 0.5 | 1 | |||||
Other | 2 | 2.7 | |||||
Total deferred tax assets | 72.4 | 88.6 | |||||
Valuation allowance for deferred tax assets | (10.8 | ) | (7.0 | ) | |||
Net deferred tax assets | 61.6 | 81.6 | |||||
Net deferred tax liability | 194.6 | 197.7 | |||||
Reconciliation of Income Taxes | |||||||
The reconciliation of the income taxes, calculated at the rates in effect, with the effective tax rate shown in the consolidated statements of operations, was as follows: | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
% | % | % | |||||
Federal statutory income tax rate | 35 | 35 | 35 | ||||
Reconciling items between federal statutory income tax rate and effective tax rate: | |||||||
State and local income taxes, net of federal benefit | 1.1 | 1.1 | 0.7 | ||||
Internal Revenue Code Sec. 199 manufacturing deduction | — | (3.6 | ) | (3.9 | ) | ||
Federal valuation allowance | — | — | (5.4 | ) | |||
Reserve for uncertain tax positions | — | — | (2.6 | ) | |||
Effect of state law change | 4.2 | — | — | ||||
Other permanent items | (1.5 | ) | 1.1 | 0.6 | |||
Effective tax rate | 38.8 | 33.6 | 24.4 | ||||
In connection with the Apollo Acquisition, Xstrata generally agreed to indemnify us for taxes imposed on Noranda Intermediate and its subsidiaries with respect to periods ending on or prior to the date of the Apollo Acquisition. At each of December 31, 2013 and 2012, we had a receivable of $0.1 million from Xstrata equal to our provision for uncertain tax positions (net of federal benefits) for income taxes of Noranda Intermediate and its subsidiaries for periods ending on or prior to the date of the Apollo Acquisition. | |||||||
As of December 31, 2013 and 2012 we had unrecognized tax benefits (including interest) of approximately $1.9 million and $2.1 million, respectively. We elected to accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. We had accrued interest and penalties related to unrecognized tax benefits of approximately $0.1 million at each of December 31, 2013 and 2012. | |||||||
Changes in amounts of unrecognized tax benefits were as follows (in millions): | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
Beginning of period | 2 | 2 | 10.2 | ||||
Tax positions related to the prior period: | |||||||
Lapses on statute of limitations | (0.2 | ) | — | (8.2 | ) | ||
End of period | 1.8 | 2 | 2 | ||||
As of December 31, 2013 and 2012 the total amounts of net unrecognized tax benefits that, if recognized, would impact the effective tax rate were $1.3 million and $1.4 million, respectively. Within the next twelve months, we estimate that the unrecognized benefits could change by approximately $0.1 million as a result of tax audit closings, settlements and the expiration of the statute of limitations with respect to returns in various jurisdictions. | |||||||
We file a consolidated federal and various state income tax returns. The earliest year open to examination in the Company's major jurisdictions is 2010 for federal and state income tax returns. |
Related_Party_Transaction
Related Party Transaction | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Related Party Transactions Disclosure [Text Block] | ' | ||||
RELATED PARTY TRANSACTIONS | |||||
We sell flat-rolled products to Berry Plastics Corporation, a portfolio company of Apollo, under an annual sales contract. Sales to this entity were as follows (in millions): | |||||
Year ended December 31, | $ | ||||
2013 | 8.5 | ||||
2012 | 9.5 | ||||
2011 | 9 | ||||
We have historically sold flat-rolled products to Richardson Trident Co., which was acquired in first quarter of 2011 by Metals USA Holdings Corp, a portfolio company of Apollo. On April 12, 2013 Metals USA Holdings Corp. was acquired by Reliance Steel & Aluminum Co., a public company not affiliated with Apollo. Sales to Metals USA Holdings Corp. and its subsidiaries were as follows (in millions): | |||||
Year ended December 31, | $ | ||||
2013 (1) | 4.2 | ||||
2012 | 11.4 | ||||
2011 | 19.4 | ||||
(1) | Sales to Metals USA Holding Corp. include the period in which Metals USA Holdings Corp was affiliated with Apollo through April 12, 2013. | ||||
Accounts receivable from related parties were as follows: | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Berry Plastics Corporation | 0.3 | 0.4 | |||
Metals USA Holdings Corp. (1) | — | 1 | |||
(1) | As of April 12, 2013 Metals USA Holding Corp. was no longer affiliated with Apollo, therefore accounts receivable for Metals USA Holding Corp. as of December 31, 2013 are not disclosed as related party accounts receivable. | ||||
In connection with the 2012 Refinancing, we paid $0.7 million in fees to Apollo Global Securities, LLC, an affiliate of Apollo that participated in the arrangement and structuring of the 2012 Refinancing. Fees paid to Apollo Global Securities, LLC in connection with the 2013 Refinancing were immaterial. |
NonControlling_Interest_Footno
Non-Controlling Interest (Footnote) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Noncontrolling Interest Items [Abstract] | ' | ||||||||||||
Non-controlling interest disclosure | ' | ||||||||||||
NON-CONTROLLING INTEREST | |||||||||||||
Through St. Ann, we hold a 49% partnership interest in Noranda Jamaica Bauxite Partners ("NJBP"), in which the GOJ holds a 51% interest. NJBP mines bauxite, approximately 64% of which was sold to Gramercy during 2013, with the remaining majority sold to Sherwin Alumina Company. | |||||||||||||
St. Ann is a party to several agreements (collectively, the "Mining Agreements") with the GOJ. St. Ann and the GOJ have equal voting rights in NJBP’s executive committee. St. Ann manages the mining operations under a management agreement. St. Ann receives bauxite from NJBP at NJBP’s cost and pays the GOJ a return on its investment in NJBP through fees paid by NBL pursuant to an establishment agreement that defines the negotiated fiscal structure. St. Ann has a special mining lease with the GOJ for the supply of bauxite. The lease ensures access to sufficient reserves to allow St. Ann to ship annually 4.5 million dry metric tonnes ("DMT") of bauxite from mining operations in a specified concession area through September 30, 2030. In 2013, the GOJ gave us the option to mine up to 5.1 million DMT of bauxite during 2013 and up to 5.4 million DMT per annum for the period 2014 through 2017. | |||||||||||||
In return for these rights, St. Ann is required to pay fees called for in the establishment agreement consisting of: | |||||||||||||
• | Dedication fee — Base dedication fee of $0.6 million per year is tied to a total land base of 13,820 acres. The sum actually paid will vary with the current total of bauxite lands owned by the GOJ which is being used by NJBP expressed as a proportion of the total land base. | ||||||||||||
• | Depletion fee — A base depletion fee of $0.2 million is paid on a base shipment of 4.0 million DMT per annum. Variations in amounts paid will be proportional to changes in shipments. | ||||||||||||
• | Asset usage fee — St. Ann also pays the GOJ 10% annually in respect of the GOJ’s 51% share of the mining assets. | ||||||||||||
• | Production levy — A production levy determined using the average realized price of primary aluminum as determined by regulation of the GOJ, is applied to all bauxite shipped from Jamaica other than sales to the GOJ and its agencies. | ||||||||||||
• | Royalty — Royalties are payable to any person for the mining of bauxite at a rate of U.S. $1.50 per DMT of monohydrate bauxite shipped and U.S. $2.00 per DMT of trihydrate bauxite shipped, provided that during any period when the production levy is payable the royalty shall be at a rate of U.S. $0.50 per DMT. | ||||||||||||
As of December 31, 2013 and 2012, we recorded accrued liabilities of $5.7 million and $5.3 million, respectively, for these fees. We had no prepaid GOJ royalties as of December 31, 2013 and 2012. | |||||||||||||
The establishment agreement with GOJ will terminate on December 31, 2014, and provides for a commitment by NBL to make certain expenditures for haulroad development, maintenance, dredging, land purchases, contract mining, training and other general capital expenditures through 2014. As of December 31, 2013, we believe we have met our commitments under this agreement and will not incur any penalty that could be material to our consolidated financial statements. The terms of the establishment agreement required us to make a $14.0 million prepayment of Jamaican income taxes for fiscal years 2011 through 2014, of which $10.0 million was paid in June 2010 and the remainder was paid in April 2011. We expect to begin negotiations for a new agreement with the GOJ during second quarter 2014. | |||||||||||||
We have determined that NJBP is a variable interest entity under U.S. GAAP, and St. Ann is NJBP’s primary beneficiary. The determination that St. Ann is the primary beneficiary was based on the fact that St. Ann absorbs the profits and losses associated with the partnership, while the GOJ receives certain fees from St. Ann (royalties, production and asset usage fees, etc.). Therefore, we consolidate NJBP into our consolidated financial statements. | |||||||||||||
Due to the consolidation of NJBP, the following amounts were included in our consolidated balance sheets (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
NJBP | Impact of Eliminations | Impact on | NJBP | Impact of Eliminations | Impact on | ||||||||
balances | consolidated | balances | consolidated | ||||||||||
statements | statements | ||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Cash and cash equivalents | 0.6 | — | 0.6 | 1.7 | — | 1.7 | |||||||
Accounts receivable, net | 13.3 | (13.3 | ) | — | 15.4 | (15.4 | ) | — | |||||
Inventories, net (consisting of maintenance supplies, inventory and fuel) | 15.6 | — | 15.6 | 12.6 | — | 12.6 | |||||||
Other current assets | 2 | — | 2 | 1.6 | — | 1.6 | |||||||
Property, plant and equipment, net | 42.6 | — | 42.6 | 40.1 | — | 40.1 | |||||||
Other assets | 5.1 | — | 5.1 | 5 | — | 5 | |||||||
Accounts payable | (62.1 | ) | 55.5 | (6.6 | ) | (58.3 | ) | 49.2 | (9.1 | ) | |||
Accrued liabilities | (3.8 | ) | — | (3.8 | ) | (3.8 | ) | — | (3.8 | ) | |||
Environmental, land and reclamation liabilities | (1.4 | ) | — | (1.4 | ) | (2.4 | ) | — | (2.4 | ) | |||
Non-controlling interest | (6.0 | ) | — | (6.0 | ) | (6.0 | ) | — | (6.0 | ) | |||
NBP’s net investment and advances to NJBP | 5.9 | 42.2 | 48.1 | 5.9 | 33.8 | 39.7 | |||||||
The liabilities recognized as a result of consolidating NJBP do not represent additional claims on our general assets. NJBP’s creditors have claims only on the specific assets of NJBP and St. Ann. Similarly, the assets of NJBP do not represent additional assets available to satisfy claims against our general assets. | |||||||||||||
St. Ann receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all returns to the GOJ are provided through the payments from St. Ann under the various fees, levies and royalties described above. In these circumstances, no portion of NJBP’s net income (loss) or consolidated comprehensive income (loss) is allocated to the non-controlling interest. We do not expect the balance of the non-controlling interest to change from period to period unless there is an adjustment to the fair value of inventory or property, plant and equipment, as may occur in an LCM or asset impairment scenario. |
Subsidiary_Issuer_of_Guarantee
Subsidiary Issuer of Guaranteed Notes Subsidiary Issuer of Guaranteed Notes (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||
SUBSIDIARY ISSUER OF GUARANTEED NOTES | |||||||||||||
The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future wholly owned domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and St. Ann are not guarantors of the senior secured credit facilities and are not guarantors of the AcquisitionCo Notes. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries. | |||||||||||||
The following consolidating financial statements present separately the financial condition and results of operations and cash flows (condensed) for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations ("the guarantor financial statements"). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered." | |||||||||||||
The accounting policies used in the preparation of the guarantor financial statements are consistent with those elsewhere in the accompanying consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation. | |||||||||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
Accounts receivable, net | |||||||||||||
Trade | — | — | 81.6 | 5.1 | — | 86.7 | |||||||
Affiliates | 19.1 | 11.9 | 5.3 | 7.4 | (43.7 | ) | — | ||||||
Inventories, net | — | — | 148.8 | 29.9 | — | 178.7 | |||||||
Taxes receivable | 1.6 | — | 1.3 | (0.3 | ) | — | 2.6 | ||||||
Prepaid expenses | 0.2 | — | 3.7 | 0.7 | — | 4.6 | |||||||
Other current assets | — | — | 6.8 | 5.5 | — | 12.3 | |||||||
Total current assets | 21.3 | 78.6 | 248.6 | 59.5 | (43.7 | ) | 364.3 | ||||||
Investments in affiliates | 341.9 | 1,565.50 | — | — | (1,907.4 | ) | — | ||||||
Advances due from affiliates | — | 122.2 | 730.3 | 63.5 | (916.0 | ) | — | ||||||
Property, plant and equipment, net | — | — | 612 | 65.2 | — | 677.2 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 55.2 | — | — | 55.2 | |||||||
Other assets | — | 7.7 | 51.8 | 28.3 | — | 87.8 | |||||||
Total assets | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | 0.2 | 79.3 | 9.7 | — | 89.2 | |||||||
Affiliates | — | 19.1 | 7.4 | 17.2 | (43.7 | ) | — | ||||||
Accrued liabilities | — | 2 | 38.4 | 20.6 | — | 61 | |||||||
Derivative liabilities, net | — | — | 4 | — | — | 4 | |||||||
Deferred tax liabilities | 0.1 | — | 2 | — | — | 2.1 | |||||||
Current portion of long-term debt | — | 4.9 | — | — | — | 4.9 | |||||||
Total current liabilities | 0.1 | 26.2 | 131.1 | 47.5 | (43.7 | ) | 161.2 | ||||||
Long-term debt | — | 643.2 | — | 11 | — | 654.2 | |||||||
Long-term derivative liabilities, net | — | — | 0.2 | — | — | 0.2 | |||||||
Pension and other post-retirement liabilities | — | — | 109.9 | 5.9 | — | 115.8 | |||||||
Other long-term liabilities | — | — | 38.2 | 11.6 | — | 49.8 | |||||||
Advances due to affiliates | 186.3 | 729.7 | — | — | (916.0 | ) | — | ||||||
Long-term deferred tax liabilities | 35.5 | 33 | 124 | 1.1 | — | 193.6 | |||||||
Common stock subject to redemption | — | — | — | — | — | — | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 239.7 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 239.7 | ||||||
Retained earnings (accumulated deficit) | (38.7 | ) | 50.2 | 289.1 | 53.4 | (392.7 | ) | (38.7 | ) | ||||
Accumulated other comprehensive income (loss) | (60.4 | ) | (60.4 | ) | (56.7 | ) | (3.7 | ) | 120.8 | (60.4 | ) | ||
Total shareholders' equity | 141.3 | 341.9 | 1,432.10 | 133.4 | (1,907.4 | ) | 141.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 141.3 | 341.9 | 1,432.10 | 139.4 | (1,907.4 | ) | 147.3 | ||||||
Total liabilities and equity | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 101.6 | 5 | — | 106.6 | |||||||
Affiliates | 19.4 | 11.9 | 0.3 | 9.9 | (41.5 | ) | — | ||||||
Inventories, net, | — | — | 169.1 | 27.2 | (0.5 | ) | 195.8 | ||||||
Taxes receivable | 1.7 | — | 0.6 | (0.3 | ) | — | 2 | ||||||
Prepaid expenses | 0.2 | — | 7.1 | 1.6 | — | 8.9 | |||||||
Other current assets | — | — | 4.9 | 14 | — | 18.9 | |||||||
Total current assets | 21.8 | 39.8 | 286.9 | 61.8 | (42.0 | ) | 368.3 | ||||||
Investments in affiliates | 347 | 1,509.00 | — | — | (1,856.0 | ) | — | ||||||
Advances due from affiliates | — | 119.8 | 682.1 | 63.5 | (865.4 | ) | — | ||||||
Property, plant and equipment, net | — | — | 633.2 | 61.3 | — | 694.5 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 61.2 | — | — | 61.2 | |||||||
Other assets | — | 9.3 | 55.6 | 31.2 | — | 96.1 | |||||||
Total assets | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 97.5 | 9.7 | — | 107.2 | |||||||
Affiliates | — | 19.4 | 9.9 | 12.2 | (41.5 | ) | — | ||||||
Accrued liabilities | — | 2 | 30.4 | 26.4 | — | 58.8 | |||||||
Derivative liabilities net | — | — | 1.8 | — | — | 1.8 | |||||||
Deferred tax liabilities | 0.1 | — | 16.7 | — | — | 16.8 | |||||||
Current portion of long-term debt | — | 3.3 | — | — | — | 3.3 | |||||||
Total current liabilities | 0.1 | 24.7 | 156.3 | 48.3 | (41.5 | ) | 187.9 | ||||||
Long-term debt | — | 592.4 | — | — | — | 592.4 | |||||||
Long-term derivative liabilities, net | — | — | 0.1 | — | — | 0.1 | |||||||
Pension and other post-retirement liabilities | — | — | 181.5 | 5.7 | — | 187.2 | |||||||
Other long-term liabilities | — | — | 36.7 | 15.6 | — | 52.3 | |||||||
Advances due to affiliates | 183.7 | 681.7 | — | — | (865.4 | ) | — | ||||||
Long-term deferred tax liabilities | 36.7 | 32.1 | 112.6 | 2.6 | (0.5 | ) | 183.5 | ||||||
Common stock subject to redemption | 2 | — | — | — | — | 2 | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 233.4 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 233.4 | ||||||
Retained earnings (accumulated deficit) | 17.9 | 100.6 | 276.1 | 55.2 | (431.9 | ) | 17.9 | ||||||
Accumulated other comprehensive income (loss) | (105.7 | ) | (105.7 | ) | (106.4 | ) | 0.7 | 211.4 | (105.7 | ) | |||
Total shareholders’ equity | 146.3 | 347 | 1,369.40 | 139.6 | (1,856.0 | ) | 146.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 146.3 | 347 | 1,369.40 | 145.6 | (1,856.0 | ) | 152.3 | ||||||
Total liabilities and equity | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,296.70 | 129 | (82.2 | ) | 1,343.50 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,236.90 | 117.1 | (82.1 | ) | 1,271.90 | ||||||
Selling, general and administrative expenses | 6.2 | 1.1 | 76.1 | 13.8 | (0.1 | ) | 97.1 | ||||||
Total operating costs and expenses | 6.2 | 1.1 | 1,313.00 | 130.9 | (82.2 | ) | 1,369.00 | ||||||
Operating income (loss) | (6.2 | ) | (1.1 | ) | (16.3 | ) | (1.9 | ) | — | (25.5 | ) | ||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 47.6 | 0.2 | 0.1 | — | 47.5 | ||||||
(Gain) loss on hedging activities, net | — | — | 2.3 | — | — | 2.3 | |||||||
Debt refinancing expense | — | 2.5 | — | — | — | 2.5 | |||||||
Total other (income) expense, net | (0.4 | ) | 50.1 | 2.5 | 0.1 | — | 52.3 | ||||||
Income (loss) before income taxes | (5.8 | ) | (51.2 | ) | (18.8 | ) | (2.0 | ) | — | (77.8 | ) | ||
Income tax expense (benefit) | (1.7 | ) | (18.4 | ) | (10.1 | ) | — | — | (30.2 | ) | |||
Equity in net income of subsidiaries | (43.5 | ) | (10.7 | ) | — | — | 54.2 | — | |||||
Net income (loss) | (47.6 | ) | (43.5 | ) | (8.7 | ) | (2.0 | ) | 54.2 | (47.6 | ) | ||
Other comprehensive income (loss) | 45.3 | 45.3 | 49.7 | (4.4 | ) | (90.6 | ) | 45.3 | |||||
Total comprehensive income (loss) | (2.3 | ) | 1.8 | 41 | (6.4 | ) | (36.4 | ) | (2.3 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,344.00 | 130.2 | (79.3 | ) | 1,394.90 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,232.70 | 124.3 | (79.3 | ) | 1,277.70 | ||||||
Selling, general and administrative expenses | 6.3 | 0.8 | 60.8 | 14.7 | — | 82.6 | |||||||
Total operating costs and expenses | 6.3 | 0.8 | 1,293.50 | 139 | (79.3 | ) | 1,360.30 | ||||||
Operating income (loss) | (6.3 | ) | (0.8 | ) | 50.5 | (8.8 | ) | — | 34.6 | ||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 33.3 | 0.2 | — | — | 33.1 | ||||||
(Gain) loss on hedging activities, net | — | — | (81.2 | ) | — | — | (81.2 | ) | |||||
Debt refinancing expense | — | 8.1 | — | — | — | 8.1 | |||||||
Total other (income) expense, net | (0.4 | ) | 41.4 | (81.0 | ) | — | — | (40.0 | ) | ||||
Income (loss) before income taxes | (5.9 | ) | (42.2 | ) | 131.5 | (8.8 | ) | — | 74.6 | ||||
Income tax expense (benefit) | (2.1 | ) | (14.9 | ) | 44.9 | (2.8 | ) | — | 25.1 | ||||
Equity in net income (loss) of subsidiaries | 53.3 | 80.6 | — | — | (133.9 | ) | — | ||||||
Net income (loss) | 49.5 | 53.3 | 86.6 | (6.0 | ) | (133.9 | ) | 49.5 | |||||
Other comprehensive income (loss) | (63.3 | ) | (63.3 | ) | (66.6 | ) | 3.3 | 126.6 | (63.3 | ) | |||
Total comprehensive income (loss) | (13.8 | ) | (10.0 | ) | 20 | (2.7 | ) | (7.3 | ) | (13.8 | ) | ||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,491.90 | 150.9 | (83.0 | ) | 1,559.80 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,298.90 | 128.6 | (83.0 | ) | 1,344.50 | ||||||
Selling, general and administrative expenses | 6.8 | 0.3 | 72.5 | 14.3 | — | 93.9 | |||||||
Total operating costs and expenses | 6.8 | 0.3 | 1,371.40 | 142.9 | (83.0 | ) | 1,438.40 | ||||||
Operating income (loss) | (6.8 | ) | (0.3 | ) | 120.5 | 8 | — | 121.4 | |||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 21.8 | 0.1 | — | — | 21.5 | ||||||
(Gain) loss on hedging activities, net | — | — | (86.4 | ) | — | — | (86.4 | ) | |||||
Total other (income) expense, net | (0.4 | ) | 21.8 | (86.3 | ) | — | — | (64.9 | ) | ||||
Income (loss) before income taxes | (6.4 | ) | (22.1 | ) | 206.8 | 8 | — | 186.3 | |||||
Income tax expense (benefit) | (2.3 | ) | (7.8 | ) | 53.6 | 1.9 | — | 45.4 | |||||
Equity in net income (loss) of subsidiaries | 145 | 159.3 | — | — | (304.3 | ) | — | ||||||
Net income (loss) | 140.9 | 145 | 153.2 | 6.1 | (304.3 | ) | 140.9 | ||||||
Other comprehensive income (loss) | (111.9 | ) | (111.9 | ) | (115.5 | ) | 3.7 | 223.7 | (111.9 | ) | |||
Total comprehensive income (loss) | 29 | 33.1 | 37.7 | 9.8 | (80.6 | ) | 29 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (0.4 | ) | (0.8 | ) | 58.8 | 6.6 | — | 64.2 | |||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | (61.9 | ) | (10.8 | ) | (72.7 | ) | |||||||
Proceeds from sale of property, plant and equipment | 0.9 | — | 0.9 | ||||||||||
Cash used in investing activities | — | — | (61.0 | ) | (10.8 | ) | — | (71.8 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | (0.2 | ) | (0.2 | ) | |||||||||
Dividends paid to shareholders | (8.8 | ) | (8.8 | ) | |||||||||
Distributions paid to share-based award holders | — | ||||||||||||
Repayments of long-term debt | (280.0 | ) | (280.0 | ) | |||||||||
Borrowings on long-term debt | 331.8 | 11 | 342.8 | ||||||||||
Payments of financing cost | (2.9 | ) | (2.9 | ) | |||||||||
Excess tax benefit related to share-based payment arrangements | — | ||||||||||||
Distribution (to parent) from subsidiary | 9.3 | (9.3 | ) | — | |||||||||
Cash provided by financing activities | 0.3 | 39.6 | — | 11 | — | 50.9 | |||||||
Change in cash and cash equivalents | (0.1 | ) | 38.8 | (2.2 | ) | 6.8 | — | 43.3 | |||||
Cash and cash equivalents, beginning of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Cash and cash equivalents, end of period | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | 187.8 | (251.1 | ) | 75.3 | 6.9 | — | 18.9 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (80.2 | ) | (7.7 | ) | — | (87.9 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 4.9 | 0.4 | — | 5.3 | |||||||
Cash used in investing activities | — | — | (75.3 | ) | (7.3 | ) | — | (82.6 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements | 0.2 | — | — | — | — | 0.2 | |||||||
Dividends paid to shareholders | (95.1 | ) | — | — | — | — | (95.1 | ) | |||||
Distributions paid to share-based award holders | (3.1 | ) | — | — | — | — | (3.1 | ) | |||||
Repayments of long-term debt | — | (155.0 | ) | — | — | — | (155.0 | ) | |||||
Borrowings on long-term debt | — | 322.6 | — | — | — | 322.6 | |||||||
Payment of financing cost | — | (12.6 | ) | — | — | — | (12.6 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.1 | — | — | — | — | 0.1 | |||||||
Distribution (to parent) from subsidiary | (92.7 | ) | 92.7 | — | — | — | — | ||||||
Cash provided by (used in) financing activities | (190.6 | ) | 247.7 | — | — | — | 57.1 | ||||||
Change in cash and cash equivalents | (2.8 | ) | (3.4 | ) | — | (0.4 | ) | — | (6.6 | ) | |||
Cash and cash equivalents, beginning of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
Cash and cash equivalents, end of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (4.7 | ) | 81.3 | 57 | 7 | — | 140.6 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (56.4 | ) | (8.2 | ) | — | (64.6 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | 2.4 | — | 2.6 | |||||||
Cash used in investing activities | — | — | (56.2 | ) | (5.8 | ) | — | (62.0 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, equity offerings | 0.7 | — | — | — | — | 0.7 | |||||||
Dividends paid to shareholders | (69.3 | ) | — | — | — | — | (69.3 | ) | |||||
Distributions paid to share-based award holders | (1.8 | ) | — | — | — | — | (1.8 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.7 | — | — | — | — | 0.7 | |||||||
Distribution (to parent) from subsidiary | 70.4 | (70.4 | ) | — | — | — | — | ||||||
Cash provided by (used in) financing activities | 0.7 | (70.4 | ) | — | — | — | (69.7 | ) | |||||
Change in cash and cash equivalents | (4.0 | ) | 10.9 | 0.8 | 1.2 | — | 8.9 | ||||||
Cash and cash equivalents, beginning of period | 7.3 | 20.4 | 2.5 | 3.6 | — | 33.8 | |||||||
Cash and cash equivalents, end of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
SUBSIDIARY ISSUER OF GUARANTEED NOTES | |||||||||||||
The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future wholly owned domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and St. Ann are not guarantors of the senior secured credit facilities and are not guarantors of the AcquisitionCo Notes. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries. | |||||||||||||
The following consolidating financial statements present separately the financial condition and results of operations and cash flows (condensed) for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations ("the guarantor financial statements"). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered." | |||||||||||||
The accounting policies used in the preparation of the guarantor financial statements are consistent with those elsewhere in the accompanying consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation. | |||||||||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
Accounts receivable, net | |||||||||||||
Trade | — | — | 81.6 | 5.1 | — | 86.7 | |||||||
Affiliates | 19.1 | 11.9 | 5.3 | 7.4 | (43.7 | ) | — | ||||||
Inventories, net | — | — | 148.8 | 29.9 | — | 178.7 | |||||||
Taxes receivable | 1.6 | — | 1.3 | (0.3 | ) | — | 2.6 | ||||||
Prepaid expenses | 0.2 | — | 3.7 | 0.7 | — | 4.6 | |||||||
Other current assets | — | — | 6.8 | 5.5 | — | 12.3 | |||||||
Total current assets | 21.3 | 78.6 | 248.6 | 59.5 | (43.7 | ) | 364.3 | ||||||
Investments in affiliates | 341.9 | 1,565.50 | — | — | (1,907.4 | ) | — | ||||||
Advances due from affiliates | — | 122.2 | 730.3 | 63.5 | (916.0 | ) | — | ||||||
Property, plant and equipment, net | — | — | 612 | 65.2 | — | 677.2 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 55.2 | — | — | 55.2 | |||||||
Other assets | — | 7.7 | 51.8 | 28.3 | — | 87.8 | |||||||
Total assets | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | 0.2 | 79.3 | 9.7 | — | 89.2 | |||||||
Affiliates | — | 19.1 | 7.4 | 17.2 | (43.7 | ) | — | ||||||
Accrued liabilities | — | 2 | 38.4 | 20.6 | — | 61 | |||||||
Derivative liabilities, net | — | — | 4 | — | — | 4 | |||||||
Deferred tax liabilities | 0.1 | — | 2 | — | — | 2.1 | |||||||
Current portion of long-term debt | — | 4.9 | — | — | — | 4.9 | |||||||
Total current liabilities | 0.1 | 26.2 | 131.1 | 47.5 | (43.7 | ) | 161.2 | ||||||
Long-term debt | — | 643.2 | — | 11 | — | 654.2 | |||||||
Long-term derivative liabilities, net | — | — | 0.2 | — | — | 0.2 | |||||||
Pension and other post-retirement liabilities | — | — | 109.9 | 5.9 | — | 115.8 | |||||||
Other long-term liabilities | — | — | 38.2 | 11.6 | — | 49.8 | |||||||
Advances due to affiliates | 186.3 | 729.7 | — | — | (916.0 | ) | — | ||||||
Long-term deferred tax liabilities | 35.5 | 33 | 124 | 1.1 | — | 193.6 | |||||||
Common stock subject to redemption | — | — | — | — | — | — | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 239.7 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 239.7 | ||||||
Retained earnings (accumulated deficit) | (38.7 | ) | 50.2 | 289.1 | 53.4 | (392.7 | ) | (38.7 | ) | ||||
Accumulated other comprehensive income (loss) | (60.4 | ) | (60.4 | ) | (56.7 | ) | (3.7 | ) | 120.8 | (60.4 | ) | ||
Total shareholders' equity | 141.3 | 341.9 | 1,432.10 | 133.4 | (1,907.4 | ) | 141.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 141.3 | 341.9 | 1,432.10 | 139.4 | (1,907.4 | ) | 147.3 | ||||||
Total liabilities and equity | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 101.6 | 5 | — | 106.6 | |||||||
Affiliates | 19.4 | 11.9 | 0.3 | 9.9 | (41.5 | ) | — | ||||||
Inventories, net, | — | — | 169.1 | 27.2 | (0.5 | ) | 195.8 | ||||||
Taxes receivable | 1.7 | — | 0.6 | (0.3 | ) | — | 2 | ||||||
Prepaid expenses | 0.2 | — | 7.1 | 1.6 | — | 8.9 | |||||||
Other current assets | — | — | 4.9 | 14 | — | 18.9 | |||||||
Total current assets | 21.8 | 39.8 | 286.9 | 61.8 | (42.0 | ) | 368.3 | ||||||
Investments in affiliates | 347 | 1,509.00 | — | — | (1,856.0 | ) | — | ||||||
Advances due from affiliates | — | 119.8 | 682.1 | 63.5 | (865.4 | ) | — | ||||||
Property, plant and equipment, net | — | — | 633.2 | 61.3 | — | 694.5 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 61.2 | — | — | 61.2 | |||||||
Other assets | — | 9.3 | 55.6 | 31.2 | — | 96.1 | |||||||
Total assets | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 97.5 | 9.7 | — | 107.2 | |||||||
Affiliates | — | 19.4 | 9.9 | 12.2 | (41.5 | ) | — | ||||||
Accrued liabilities | — | 2 | 30.4 | 26.4 | — | 58.8 | |||||||
Derivative liabilities net | — | — | 1.8 | — | — | 1.8 | |||||||
Deferred tax liabilities | 0.1 | — | 16.7 | — | — | 16.8 | |||||||
Current portion of long-term debt | — | 3.3 | — | — | — | 3.3 | |||||||
Total current liabilities | 0.1 | 24.7 | 156.3 | 48.3 | (41.5 | ) | 187.9 | ||||||
Long-term debt | — | 592.4 | — | — | — | 592.4 | |||||||
Long-term derivative liabilities, net | — | — | 0.1 | — | — | 0.1 | |||||||
Pension and other post-retirement liabilities | — | — | 181.5 | 5.7 | — | 187.2 | |||||||
Other long-term liabilities | — | — | 36.7 | 15.6 | — | 52.3 | |||||||
Advances due to affiliates | 183.7 | 681.7 | — | — | (865.4 | ) | — | ||||||
Long-term deferred tax liabilities | 36.7 | 32.1 | 112.6 | 2.6 | (0.5 | ) | 183.5 | ||||||
Common stock subject to redemption | 2 | — | — | — | — | 2 | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 233.4 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 233.4 | ||||||
Retained earnings (accumulated deficit) | 17.9 | 100.6 | 276.1 | 55.2 | (431.9 | ) | 17.9 | ||||||
Accumulated other comprehensive income (loss) | (105.7 | ) | (105.7 | ) | (106.4 | ) | 0.7 | 211.4 | (105.7 | ) | |||
Total shareholders’ equity | 146.3 | 347 | 1,369.40 | 139.6 | (1,856.0 | ) | 146.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 146.3 | 347 | 1,369.40 | 145.6 | (1,856.0 | ) | 152.3 | ||||||
Total liabilities and equity | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,296.70 | 129 | (82.2 | ) | 1,343.50 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,236.90 | 117.1 | (82.1 | ) | 1,271.90 | ||||||
Selling, general and administrative expenses | 6.2 | 1.1 | 76.1 | 13.8 | (0.1 | ) | 97.1 | ||||||
Total operating costs and expenses | 6.2 | 1.1 | 1,313.00 | 130.9 | (82.2 | ) | 1,369.00 | ||||||
Operating income (loss) | (6.2 | ) | (1.1 | ) | (16.3 | ) | (1.9 | ) | — | (25.5 | ) | ||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 47.6 | 0.2 | 0.1 | — | 47.5 | ||||||
(Gain) loss on hedging activities, net | — | — | 2.3 | — | — | 2.3 | |||||||
Debt refinancing expense | — | 2.5 | — | — | — | 2.5 | |||||||
Total other (income) expense, net | (0.4 | ) | 50.1 | 2.5 | 0.1 | — | 52.3 | ||||||
Income (loss) before income taxes | (5.8 | ) | (51.2 | ) | (18.8 | ) | (2.0 | ) | — | (77.8 | ) | ||
Income tax expense (benefit) | (1.7 | ) | (18.4 | ) | (10.1 | ) | — | — | (30.2 | ) | |||
Equity in net income of subsidiaries | (43.5 | ) | (10.7 | ) | — | — | 54.2 | — | |||||
Net income (loss) | (47.6 | ) | (43.5 | ) | (8.7 | ) | (2.0 | ) | 54.2 | (47.6 | ) | ||
Other comprehensive income (loss) | 45.3 | 45.3 | 49.7 | (4.4 | ) | (90.6 | ) | 45.3 | |||||
Total comprehensive income (loss) | (2.3 | ) | 1.8 | 41 | (6.4 | ) | (36.4 | ) | (2.3 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,344.00 | 130.2 | (79.3 | ) | 1,394.90 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,232.70 | 124.3 | (79.3 | ) | 1,277.70 | ||||||
Selling, general and administrative expenses | 6.3 | 0.8 | 60.8 | 14.7 | — | 82.6 | |||||||
Total operating costs and expenses | 6.3 | 0.8 | 1,293.50 | 139 | (79.3 | ) | 1,360.30 | ||||||
Operating income (loss) | (6.3 | ) | (0.8 | ) | 50.5 | (8.8 | ) | — | 34.6 | ||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 33.3 | 0.2 | — | — | 33.1 | ||||||
(Gain) loss on hedging activities, net | — | — | (81.2 | ) | — | — | (81.2 | ) | |||||
Debt refinancing expense | — | 8.1 | — | — | — | 8.1 | |||||||
Total other (income) expense, net | (0.4 | ) | 41.4 | (81.0 | ) | — | — | (40.0 | ) | ||||
Income (loss) before income taxes | (5.9 | ) | (42.2 | ) | 131.5 | (8.8 | ) | — | 74.6 | ||||
Income tax expense (benefit) | (2.1 | ) | (14.9 | ) | 44.9 | (2.8 | ) | — | 25.1 | ||||
Equity in net income (loss) of subsidiaries | 53.3 | 80.6 | — | — | (133.9 | ) | — | ||||||
Net income (loss) | 49.5 | 53.3 | 86.6 | (6.0 | ) | (133.9 | ) | 49.5 | |||||
Other comprehensive income (loss) | (63.3 | ) | (63.3 | ) | (66.6 | ) | 3.3 | 126.6 | (63.3 | ) | |||
Total comprehensive income (loss) | (13.8 | ) | (10.0 | ) | 20 | (2.7 | ) | (7.3 | ) | (13.8 | ) | ||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,491.90 | 150.9 | (83.0 | ) | 1,559.80 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,298.90 | 128.6 | (83.0 | ) | 1,344.50 | ||||||
Selling, general and administrative expenses | 6.8 | 0.3 | 72.5 | 14.3 | — | 93.9 | |||||||
Total operating costs and expenses | 6.8 | 0.3 | 1,371.40 | 142.9 | (83.0 | ) | 1,438.40 | ||||||
Operating income (loss) | (6.8 | ) | (0.3 | ) | 120.5 | 8 | — | 121.4 | |||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 21.8 | 0.1 | — | — | 21.5 | ||||||
(Gain) loss on hedging activities, net | — | — | (86.4 | ) | — | — | (86.4 | ) | |||||
Total other (income) expense, net | (0.4 | ) | 21.8 | (86.3 | ) | — | — | (64.9 | ) | ||||
Income (loss) before income taxes | (6.4 | ) | (22.1 | ) | 206.8 | 8 | — | 186.3 | |||||
Income tax expense (benefit) | (2.3 | ) | (7.8 | ) | 53.6 | 1.9 | — | 45.4 | |||||
Equity in net income (loss) of subsidiaries | 145 | 159.3 | — | — | (304.3 | ) | — | ||||||
Net income (loss) | 140.9 | 145 | 153.2 | 6.1 | (304.3 | ) | 140.9 | ||||||
Other comprehensive income (loss) | (111.9 | ) | (111.9 | ) | (115.5 | ) | 3.7 | 223.7 | (111.9 | ) | |||
Total comprehensive income (loss) | 29 | 33.1 | 37.7 | 9.8 | (80.6 | ) | 29 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (0.4 | ) | (0.8 | ) | 58.8 | 6.6 | — | 64.2 | |||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | (61.9 | ) | (10.8 | ) | (72.7 | ) | |||||||
Proceeds from sale of property, plant and equipment | 0.9 | — | 0.9 | ||||||||||
Cash used in investing activities | — | — | (61.0 | ) | (10.8 | ) | — | (71.8 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | (0.2 | ) | (0.2 | ) | |||||||||
Dividends paid to shareholders | (8.8 | ) | (8.8 | ) | |||||||||
Distributions paid to share-based award holders | — | ||||||||||||
Repayments of long-term debt | (280.0 | ) | (280.0 | ) | |||||||||
Borrowings on long-term debt | 331.8 | 11 | 342.8 | ||||||||||
Payments of financing cost | (2.9 | ) | (2.9 | ) | |||||||||
Excess tax benefit related to share-based payment arrangements | — | ||||||||||||
Distribution (to parent) from subsidiary | 9.3 | (9.3 | ) | — | |||||||||
Cash provided by financing activities | 0.3 | 39.6 | — | 11 | — | 50.9 | |||||||
Change in cash and cash equivalents | (0.1 | ) | 38.8 | (2.2 | ) | 6.8 | — | 43.3 | |||||
Cash and cash equivalents, beginning of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Cash and cash equivalents, end of period | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | 187.8 | (251.1 | ) | 75.3 | 6.9 | — | 18.9 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (80.2 | ) | (7.7 | ) | — | (87.9 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 4.9 | 0.4 | — | 5.3 | |||||||
Cash used in investing activities | — | — | (75.3 | ) | (7.3 | ) | — | (82.6 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements | 0.2 | — | — | — | — | 0.2 | |||||||
Dividends paid to shareholders | (95.1 | ) | — | — | — | — | (95.1 | ) | |||||
Distributions paid to share-based award holders | (3.1 | ) | — | — | — | — | (3.1 | ) | |||||
Repayments of long-term debt | — | (155.0 | ) | — | — | — | (155.0 | ) | |||||
Borrowings on long-term debt | — | 322.6 | — | — | — | 322.6 | |||||||
Payment of financing cost | — | (12.6 | ) | — | — | — | (12.6 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.1 | — | — | — | — | 0.1 | |||||||
Distribution (to parent) from subsidiary | (92.7 | ) | 92.7 | — | — | — | — | ||||||
Cash provided by (used in) financing activities | (190.6 | ) | 247.7 | — | — | — | 57.1 | ||||||
Change in cash and cash equivalents | (2.8 | ) | (3.4 | ) | — | (0.4 | ) | — | (6.6 | ) | |||
Cash and cash equivalents, beginning of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
Cash and cash equivalents, end of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (4.7 | ) | 81.3 | 57 | 7 | — | 140.6 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (56.4 | ) | (8.2 | ) | — | (64.6 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | 2.4 | — | 2.6 | |||||||
Cash used in investing activities | — | — | (56.2 | ) | (5.8 | ) | — | (62.0 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, equity offerings | 0.7 | — | — | — | — | 0.7 | |||||||
Dividends paid to shareholders | (69.3 | ) | — | — | — | — | (69.3 | ) | |||||
Distributions paid to share-based award holders | (1.8 | ) | — | — | — | — | (1.8 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.7 | — | — | — | — | 0.7 | |||||||
Distribution (to parent) from subsidiary | 70.4 | (70.4 | ) | — | — | — | — | ||||||
Cash provided by (used in) financing activities | 0.7 | (70.4 | ) | — | — | — | (69.7 | ) | |||||
Change in cash and cash equivalents | (4.0 | ) | 10.9 | 0.8 | 1.2 | — | 8.9 | ||||||
Cash and cash equivalents, beginning of period | 7.3 | 20.4 | 2.5 | 3.6 | — | 33.8 | |||||||
Cash and cash equivalents, end of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization, consolidation and basis of presentation policy | ' |
Organization, Consolidation and Basis of Presentation | |
Noranda Aluminum Holding Corporation ("Noranda," "Noranda HoldCo," the "Company," "we," "our," and "us"), and our wholly owned subsidiary, Noranda Aluminum Acquisition Corporation ("Noranda AcquisitionCo"), were formed by affiliates of Apollo Management, L.P. ("Apollo") on March 27, 2007 for the purpose of acquiring Noranda Intermediate Holding Corporation ("Noranda Intermediate"), which owns all of the outstanding shares of Noranda Aluminum, Inc. | |
On May 18, 2007, Noranda AcquisitionCo purchased all of the outstanding shares of Noranda Intermediate from Xstrata PLC (together with its subsidiaries, "Xstrata"), and Xstrata (Schweiz) A.G., a direct wholly owned subsidiary of Xstrata. This transaction is referred to as the "Apollo Acquisition." The purchase price for Noranda Intermediate was $1,150.0 million, excluding acquisition costs. Subsequent to the Apollo Acquisition, certain members of our management contributed $1.9 million in cash through the purchase of common shares. | |
In August 2009, we completed an acquisition of our alumina refinery in Gramercy, Louisiana (Noranda Alumina, LLC, or "Gramercy") and our bauxite mining operation in St. Ann, Jamaica (Noranda Bauxite Limited, or "St. Ann") whereby they became wholly owned subsidiaries. Previously, we held a 50% interest in Gramercy and in St. Ann. | |
On May 19, 2010, we completed an initial public offering ("IPO") of 11.5 million shares of common stock at an $8.00 per share public offering price on the New York Stock Exchange (NYSE: NOR). The net proceeds after the underwriting discounts, commissions, fees and expenses amounted to approximately $82.9 million. See Note 15, "Shareholders' Equity" for further discussion on the Company's common stock offerings. | |
In December 2010, we completed a follow-on offering of 11.5 million shares of common stock at an price offering of $11.35 per share. | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In management's opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results, including the elimination of all intercompany accounts and transactions amongst our wholly owned subsidiaries. Certain reclassifications have been made to previously issued consolidated financial statements to conform to the current period presentation. These reclassifications had no impact on net income or net cash flows. | |
Segment reporting policy | ' |
Segment Reporting | |
We are a vertically integrated producer of value-added primary aluminum and high quality rolled aluminum coils. Our principal operations include an aluminum smelter in New Madrid, Missouri ("New Madrid") and four rolling mill facilities in the Southeastern United States. New Madrid is supported by Gramercy and St. Ann. As discussed further in Note 2, "Segments", we report our activities in five segments: our Bauxite segment comprises the operations of St. Ann; our Alumina segment comprises the operations of Gramercy; our Primary Aluminum segment comprises the operations of New Madrid; and our Flat-Rolled Products segment comprises the operations of our four rolling mills, which are located in Huntingdon, Tennessee; Salisbury, North Carolina and Newport, Arkansas. Our corporate expenses represent our fifth segment. | |
Use of estimates policy | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. | |
Cash equivalents policy | ' |
Cash Equivalents | |
Cash equivalents comprise cash and short-term, highly liquid investments with initial maturities of three months or less. We place our temporary cash investments with high credit quality financial institutions, which include money market funds invested in U.S. Treasury securities, short-term treasury bills and commercial paper. We consider our investments in money market funds to be available for use in our operations. | |
Allowances for doubtful accounts policy | ' |
Allowance for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. We determine the allowance based on historical write-off experience, current market trends and our assessment of the customer’s ability to pay outstanding balances. Account balances are charged against the allowance after all collection efforts have been exhausted and the potential for recovery is considered remote. | |
Inventories policy | ' |
Inventories | |
Inventories are stated at the lower of cost or market ("LCM"). We use the last-in-first-out ("LIFO") method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Inventories at Gramercy and St. Ann and supplies at New Madrid are valued at weighted-average cost. The remaining inventories (principally supplies) are stated at cost using the first-in, first-out ("FIFO") method. Our Flat-Rolled Products inventories, our bauxite inventory at St. Ann, and our alumina and bauxite inventories at Gramercy are valued using a standard costing system, which gives rise to cost variances. Variances are capitalized to inventory in proportion to the quantity of inventory remaining at period end to quantities produced during the period. Variances are recorded such that ending inventory reflects actual costs based on the normal capacity of the production facilities, and excluding abnormal amounts of idle facility expense, freight, handling and spoilage. Maintenance supplies expected to be used in the next twelve months are included in inventories. | |
Property, plant and equipment policy | ' |
Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost. Betterments, renewals and repairs that extend the life of the asset are capitalized; other maintenance and repairs are charged to expense as incurred. Major replacement spare parts are capitalized and depreciated over the lesser of the spare part’s useful life or remaining useful life of the associated piece of equipment. Assets, asset retirement obligations and accumulated depreciation accounts are relieved for dispositions or retirements with resulting gains or losses recorded as selling, general and administrative expenses in the consolidated statements of operations. Depreciation is based on the estimated service lives of the assets computed principally by the straight-line method for financial reporting purposes. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Impairment of Long-Lived Assets | |
We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value. | |
Long-lived assets taken out of service to be disposed of other than by sale are written down to their estimated fair value through the acceleration of any remaining depreciation expense. | |
We reclassify long-lived assets to assets held for sale when a plan to dispose of the assets has been committed to by management. Assets held for sale are recorded at the lesser of their estimated fair value net of estimated costs to sell or carrying amount. Depreciation expense is no longer recorded once an asset is classified as held for sale. | |
Intangible assets with a definite life (primarily customer relationships) are amortized over their expected lives and are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. | |
Self-insurance policy | ' |
Self-Insurance | |
We are primarily self-insured for workers’ compensation. The self-insurance liability is determined based on claims filed but not paid and an estimate of claims incurred but not yet reported. Based on actuarially determined estimates and discount rates of 0.5% in 2013 and 0.3% in 2012, as of December 31, 2013 and 2012, we had $5.1 million and $5.7 million, respectively, of accrued liabilities and $15.7 million and $15.0 million, respectively, of other long-term liabilities related to these claims. | |
At each of December 31, 2013 and 2012, we held $2.1 million in a restricted cash account to secure the payment of workers’ compensation obligations. This restricted cash is included in other assets in the accompanying consolidated balance sheets. | |
Goodwill and other intangible assets policy | ' |
Goodwill and Other Indefinite-Lived Intangible Assets | |
Goodwill represents the excess of acquisition consideration paid over the fair value of identifiable net tangible and identifiable intangible assets acquired. Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment at least annually, in the fourth quarter, or earlier upon the occurrence of certain triggering events. | |
Goodwill is evaluated for impairment at the reporting unit level which, in our circumstances, are the same as our reportable segments. Effective January 1, 2012, we adopted new accounting standards that simplify goodwill and other indefinite-lived intangible asset impairment tests by allowing a qualitative assessment to determine whether further impairment testing is necessary. We elected to evaluate goodwill and other indefinite-lived intangibles for impairment using the two-step process, which is based on a quantitative assessment. The first step is to compare the fair value of the reporting unit to its respective book value, including goodwill. If the fair value of a reporting unit exceeds its book value, reporting unit goodwill is not considered impaired and the second step of the impairment test is not required. If the book value of a reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any. The second step of the impairment test compares the implied fair value of the reporting unit’s goodwill with the book value of that goodwill. If the book value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. See Note 7, "Goodwill" and Note 8, "Other Intangible Assets" for further information. | |
Deferred financing costs policy | ' |
Deferred Financing Costs | |
We capitalize costs to obtain debt and amortize them over the term of the related debt using the straight-line method, which approximates the effective interest method. We record deferred financing costs in the consolidated balance sheets as a component of other assets. When all or a portion of a loan is repaid, we charge the unamortized financing costs to interest expense. | |
Environmental liabilities and remediation costs policy | ' |
Environmental Liabilities and Remediation Costs | |
Environmental liabilities | |
We are subject to environmental regulations which may create legal obligations to remediate or monitor certain environmental conditions present at our facilities. Liabilities for these obligations are accrued when it is probable that a liability has been incurred and the amount of loss can reasonably be estimated. | |
The measurement of environmental liabilities is based on an evaluation of currently available information with respect to each individual site and considers factors such as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. An environmental liability related to cleanup of a contaminated site might include, for example, an accrual for one or more of the following types of costs: site investigation and testing, cleanup, soil and water contamination, post-remediation monitoring, and outside legal fees. | |
As assessments and remediation progress at individual sites, the amount of projected cost is reviewed periodically, and the liability is adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Note 9, "Commitments and Contingencies" contains additional information on our environmental liabilities. | |
Environmental liabilities are undiscounted. The long and short-term portions of the environmental liabilities are recorded on the consolidated balance sheets in other long-term liabilities and accrued liabilities, respectively. | |
Environmental remediation costs | |
Costs incurred to improve our property as compared to the condition of the property when originally acquired, or to prevent environmental contamination from future operations, are capitalized as incurred. We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernable. | |
Asset retirement obligations policy | ' |
Asset Retirement Obligations | |
We are subject to environmental regulations which may create legal obligations related to the disposal of certain assets at the end of their lives. We recognize liabilities, at fair value, for existing legal asset retirement obligations which are based on estimated cash flows discounted at a credit-adjusted, risk-free rate. We adjust these liabilities for accretion costs and revisions in estimated cash flows. The related asset retirement costs are capitalized as increases to the carrying amount of the associated long-lived assets and depreciation expense on these capitalized costs are recognized. | |
Reclamation obligation policy | ' |
Reclamation Obligation | |
St. Ann has an obligation to rehabilitate land disturbed by St. Ann's Bauxite mining operations. The reclamation process is governed by the Government of Jamaica ("GOJ") regulations and includes filling the open mining pits and planting vegetation. GOJ regulations require the reclamation process to be completed within a certain period from the date a mining pit is mined-out, generally three years. Liabilities for reclamation are accrued as lands are disturbed and are based on the approximate number of hectares to be rehabilitated and the average expected cost per hectare. | |
Land obligation policy | ' |
Land Obligation | |
In cases where land to be mined is privately owned, St. Ann agrees to purchase the residents’ property, including land, crops, homes and other improvements in exchange for consideration paid in the form of cash, a commitment to relocate the residents to another area, or a combination of these two options (the "St. Ann Land Obligation"). We account for the costs associated with fulfilling the St. Ann Land Obligation by recording an asset (included in other assets in our consolidated balance sheets) for the estimated cost of the consideration, with a corresponding liability (included in accrued liabilities and other long-term liabilities in our consolidated balance sheets). We amortize those costs over a three-year period, representing the approximate time the land is used for mining purposes, including reclamation (the "Mining Period"). | |
In addition to the St. Ann Land Obligation, we have an agreement with the GOJ which requires us to fulfill obligations that pre-date St. Ann’s partnership with the GOJ. The costs to fulfill those obligations will be reimbursed by the GOJ up to a $4.3 million limit. St. Ann bears any costs in excess of that limit, including foreign currency adjustments (the "Predecessor Land Obligation"). At December 31, 2013 and 2012, we had recorded a liability of $2.1 million and $2.6 million, respectively, for the amount by which we believe our costs to fulfill the Predecessor Land Obligation will exceed the $4.3 million limit. | |
For both the St. Ann Land Obligation and the Predecessor Land Obligation, we record the costs to acquire and develop the assets to be used to satisfy the obligations, such as land, land improvements, and housing, as property, plant and equipment in our consolidated balance sheets. As cash is paid or title to land, land improvements and houses is transferred, we reduce the asset and the corresponding land obligation. | |
Relocating residents occurs often over several years, requiring management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates; therefore, further adjustments to the St. Ann Land Obligation and the Predecessor Land Obligations may be necessary. | |
We amortize adjustments to the liabilities prospectively over the remaining amortization period in cases where the Mining Period has not been completed. As revisions are made in cases where the Mining Period is complete, we record additional expense in the period of revision. | |
Pensions and other post-retirement benefits policy | ' |
Pensions and Other Post-Retirement Benefits | |
We sponsor defined benefit pension and OPEB plans for which we recognize expenses, assets and liabilities based on actuarial assumptions regarding the valuation of benefit obligations and the future performance of plan assets. We recognize the funded status of the plans as an asset or liability in the consolidated financial statements, measure defined benefit pension and OPEB plan assets and obligations as of the end of our fiscal year, and recognize the change in the funded status of defined benefit pension and OPEB plans in accumulated other comprehensive income ("AOCI"). The primary assumptions used in calculating pension and OPEB expense and liabilities are related to the discount rates at which the future obligations are discounted to value the liability, expected rate of return on plan assets and projected salary increases. These rates are estimated annually as of December 31. | |
Pension and OPEB benefit obligations are actuarially calculated using management’s best estimates and based on expected service periods, salary increases and retirement ages of employees. Pension and OPEB benefit expense includes the actuarially computed cost of benefits earned during the current service periods, the interest cost on accrued obligations, the expected return on plan assets based on fair market value and the straight-line amortization of net actuarial gains and losses and adjustments due to plan amendments. All net actuarial gains and losses are amortized over the expected average remaining service life of the employees. | |
Post-employment benefits policy | ' |
Post-Employment Benefits | |
We provide certain benefits to former or inactive employees after employment but before retirement and accrue for the related cost over the service lives of the employees. These benefits include, among others, disability, severance and workers’ compensation. We are self-insured for these liabilities. At both December 31, 2013 and 2012, we carried a liability totaling $0.8 million, for these benefits, based on actuarially determined estimates. These estimates were not discounted due to the short duration of the future payments. | |
Derivative instruments and hedging activities policy | ' |
Derivative Instruments and Hedging Activities | |
Derivatives are reported on the balance sheet at fair value. For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in fair value are initially recorded in AOCI as a separate component of equity and reclassified into earnings in the period during which the hedged transaction is recognized in earnings. The ineffective portion of changes in fair value is reported in (gain) loss on hedging activities immediately. For derivative instruments not designated as cash flow hedges, changes in the fair values are recognized in the consolidated statement of operations in the period of change. | |
U.S. GAAP permits entities that enter into master netting arrangements with the same counterparty as part of their derivative transactions to offset in their consolidated financial statements net derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under those arrangements. The net derivative positions are presented gross in Note 14, "Derivative Financial Instruments". | |
Financial instruments policy | ' |
Financial Instruments | |
Our financial instruments consist of cash and cash equivalents, accounts receivable, derivative assets and liabilities, accounts payable and long-term debt due to third parties. Financial instruments expose us to market and credit risks which, at times, may be concentrated with certain groups of counterparties. We periodically evaluate the financial condition of our counterparties and take appropriate action to minimize our risk of loss. We generally do not require collateral for trade receivables. At December 31, 2013, we did not have substantial doubt that any of our financial instrument counterparties had the ability to perform their obligations. Cash investments are held with major financial institutions and trading companies including registered broker dealers. The carrying values and fair values of our third-party debt and derivative instruments outstanding are presented in Note 10, "Long-Term Debt" and Note 14, "Derivative Financial Instruments". The remaining financial instruments are carried at amounts that approximate fair value. | |
Revenue recognition policy | ' |
Revenue Recognition | |
Revenue is recognized when title and risk of loss pass to customers in accordance with contract terms. Shipping and handling costs are classified as a component of cost of sales in the consolidated statements of operations. Shipping and handling revenue is classified as a component of sales in the consolidated statements of operations. | |
Income taxes policy | ' |
Income Taxes | |
We account for income taxes using the liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. | |
We must deal with uncertainties in the application of complex tax regulations in the calculation of tax liabilities. We are subject to routine income tax audits. We provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. We make this assessment based on only the technical merits of the tax position. The technical merits of a tax position are derived from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the consolidated financial statements and a liability for unrecognized tax benefits is established. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with a taxing authority. To the extent that we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability established, our effective tax rate in a given financial statement period may be affected. | |
Share-based payments policy | ' |
Share-Based Payments | |
We account for employee equity awards under the fair value method. Accordingly, we measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value of each stock option is estimated on the grant date using the Black-Scholes-Merton valuation model. The application of this valuation model involves assumptions that require judgment and are highly sensitive in the determination of compensation expense. The fair value of each restricted share and each restricted stock unit equals the closing stock price on the grant date. We recognize stock compensation expense on a straight-line basis over the vesting period for all equity instruments. | |
We account for share-based payment awards to be settled in cash as liability awards. We remeasure the fair value of the liability at each reporting date based on the closing stock price on the reporting date. We adjust stock compensation expense at each reporting date so that the amount ultimately recorded as stock compensation expense will equal the cash paid on the vesting date. | |
Upon the exercise of stock options or the vesting of restricted stock, we generally issue new shares of common stock. | |
Dividends policy | ' |
Dividends | |
The declaration of dividends is at the discretion of our Board of Directors. The amount of cash dividends declared on our common stock is dependent upon our financial results, cash requirements, future prospects and other factors deemed relevant by the Board. We record a liability for dividends on the declaration date. We record cash dividend payments as a reduction to retained earnings. | |
Earnings per share policy | ' |
Net Income (Loss) Per Share | |
Basic net income (loss) per share ("EPS") is calculated as income available to common stockholders divided by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated using the weighted-average outstanding common shares determined using the treasury stock method share based payment awards. | |
Foreign currency transactions and translation policy | ' |
Foreign Currency Transactions and Translation | |
The primary economic currency of our Jamaican bauxite mining operation is the U.S. dollar. Certain transactions, such as payroll and local vendor payments, are made in currencies other than the U.S. dollar. These transactions are recorded at the rates of exchange prevailing on the dates of the transactions. | |
Exchange differences arising on the settlement of monetary items and on the re-measurement of monetary items are immaterial and are included in selling, general and administrative expenses in the consolidated statements of operations. |
Segments_Segments_Tables
Segments Segments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||
Operating and asset information for our reportable segments was (in millions): | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 46.8 | 196.6 | 543.8 | 556.3 | — | — | 1,343.50 | ||||||||
Intersegment | 82.2 | 144.2 | 79.1 | — | — | (305.5 | ) | — | |||||||
Total sales | 129 | 340.8 | 622.9 | 556.3 | — | (305.5 | ) | 1,343.50 | |||||||
Capital expenditures | 10.8 | 16 | 31.2 | 12.2 | 2.5 | — | 72.7 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 8.2 | 13.6 | 51.9 | 50 | (31.1 | ) | 0.5 | 93.1 | |||||||
Depreciation and amortization | (9.5 | ) | (22.7 | ) | (41.7 | ) | (21.3 | ) | (0.8 | ) | — | (96.0 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 4 | (1.4 | ) | — | — | 2.6 | |||||||
Gain (loss) on disposal of assets | (0.1 | ) | 0.5 | 0.1 | — | — | — | 0.5 | |||||||
Asset impairment | — | — | — | (5.9 | ) | — | — | (5.9 | ) | ||||||
Non-cash pension, accretion and stock compensation | 0.1 | (0.9 | ) | (7.1 | ) | (6.5 | ) | (6.1 | ) | — | (20.5 | ) | |||
Restructuring, relocation and severance | (0.7 | ) | (0.9 | ) | (2.2 | ) | (1.6 | ) | (2.5 | ) | — | (7.9 | ) | ||
Consulting fees | — | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||
Cash settlements on hedging transactions | — | — | 1.7 | 7.4 | — | — | 9.1 | ||||||||
Other, net | — | (0.6 | ) | — | (0.1 | ) | 0.7 | — | — | ||||||
Operating income (loss) | (2.0 | ) | (11.0 | ) | 6.7 | 20.6 | (40.3 | ) | 0.5 | (25.5 | ) | ||||
Interest expense, net | 47.5 | ||||||||||||||
Loss on hedging activities, net | 2.3 | ||||||||||||||
Debt refinancing expense | 2.5 | ||||||||||||||
Total other expense, net | 52.3 | ||||||||||||||
Loss before income taxes | (77.8 | ) | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 50.9 | 208 | 555.1 | 580.9 | — | — | 1,394.90 | ||||||||
Intersegment | 79.3 | 141.1 | 75.5 | — | — | (295.9 | ) | — | |||||||
Total sales | 130.2 | 349.1 | 630.6 | 580.9 | — | (295.9 | ) | 1,394.90 | |||||||
Capital expenditures | 7.7 | 19.7 | 43.1 | 14.3 | 3.1 | — | 87.9 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | (0.2 | ) | 35 | 76.7 | 51.4 | (29.5 | ) | 1.3 | 134.7 | ||||||
Depreciation and amortization | (8.7 | ) | (21.6 | ) | (48.3 | ) | (18.6 | ) | (1.3 | ) | — | (98.5 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 5.6 | 4.1 | — | — | 9.7 | ||||||||
Gain on disposal of assets | 0.3 | 0.1 | 0.1 | 4.5 | — | — | 5 | ||||||||
Non-cash pension, accretion and stock compensation | — | (0.8 | ) | (5.9 | ) | (4.9 | ) | (5.9 | ) | — | (17.5 | ) | |||
Relocation and severance | — | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | — | (0.9 | ) | |||
Consulting fees | — | — | — | — | (0.7 | ) | — | (0.7 | ) | ||||||
Cash settlements on hedging transactions | — | — | 0.9 | 6.8 | — | — | 7.7 | ||||||||
Other, net | (0.2 | ) | (0.5 | ) | (4.1 | ) | (0.5 | ) | 0.9 | (0.5 | ) | (4.9 | ) | ||
Operating income (loss) | (8.8 | ) | 12.1 | 24.8 | 42.5 | (36.8 | ) | 0.8 | 34.6 | ||||||
Interest expense, net | 33.1 | ||||||||||||||
Gain on hedging activities, net | (81.2 | ) | |||||||||||||
Debt refinancing expense | 8.1 | ||||||||||||||
Total other income, net | (40.0 | ) | |||||||||||||
Income before income taxes | 74.6 | ||||||||||||||
During 2012, we incurred $4.1 million of contingency costs related to assembling a back-up labor force during the renegotiation of our collective bargaining agreement at our New Madrid smelter. This is reflected in the table above in "Other, net." | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 68 | 234.9 | 645.7 | 611.2 | — | — | 1,559.80 | ||||||||
Intersegment | 83 | 168.2 | 78.4 | — | — | (329.6 | ) | — | |||||||
Total sales | 151 | 403.1 | 724.1 | 611.2 | — | (329.6 | ) | 1,559.80 | |||||||
Capital expenditures | 8.2 | 14 | 30.3 | 11.1 | 1 | — | 64.6 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 18.5 | 78.4 | 140.3 | 48.3 | (27.9 | ) | 4.3 | 261.9 | |||||||
Depreciation and amortization | (10.8 | ) | (21.0 | ) | (46.0 | ) | (18.6 | ) | (1.3 | ) | — | (97.7 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | (5.5 | ) | (8.7 | ) | — | 1.6 | (12.6 | ) | |||||
Gain (loss) on disposal of assets | 0.7 | — | (2.8 | ) | (1.2 | ) | — | — | (3.3 | ) | |||||
Non-cash pension, accretion and stock compensation | (0.4 | ) | (0.6 | ) | (2.9 | ) | (2.5 | ) | (6.0 | ) | — | (12.4 | ) | ||
Restructuring, relocation and severance | — | (0.2 | ) | (1.2 | ) | (0.9 | ) | (0.6 | ) | — | (2.9 | ) | |||
Consulting and sponsor fees | — | — | — | (0.1 | ) | (2.2 | ) | — | (2.3 | ) | |||||
Cash settlements on hedging transactions | — | — | 0.3 | (0.4 | ) | — | — | (0.1 | ) | ||||||
Other, net | — | (0.7 | ) | — | — | (3.4 | ) | (5.1 | ) | (9.2 | ) | ||||
Operating income (loss) | 8 | 55.9 | 82.2 | 15.9 | (41.4 | ) | 0.8 | 121.4 | |||||||
Interest expense, net | 21.5 | ||||||||||||||
Gain on hedging activities, net | (86.4 | ) | |||||||||||||
Total other income | (64.9 | ) | |||||||||||||
Income before income taxes | 186.3 | ||||||||||||||
We manage and operate our business segments based on the markets we serve and the products we produce. | |||||||||||||||
Segment profit (in which certain items, primarily non-recurring costs or non-cash expenses, are not allocated to the segments and in which certain items, primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments) is a measure used by management as a basis for evaluating segment performance and resource allocation. | |||||||||||||||
We have five reportable segments: | |||||||||||||||
• | Bauxite – Mines and produces the bauxite used for alumina production at our Gramercy refinery. The remaining bauxite is sold to a third party. | ||||||||||||||
• | Alumina – Chemically refines and converts bauxite into alumina, which is the principal raw material used in the production of primary aluminum. The Gramercy refinery is the source for the majority of our New Madrid smelter’s alumina requirements. The remaining alumina production at the Gramercy refinery in the form of smelter grade alumina and alumina hydrate, or chemical-grade alumina, is sold to third parties. | ||||||||||||||
• | Primary Aluminum – Produces value-added aluminum products in several forms, including billet, rod, high purity sow and foundry. The Primary Aluminum segment also produces commodity grade sow. | ||||||||||||||
• | Flat-Rolled Products – Produces rolled aluminum products such as finstock and container stock. | ||||||||||||||
• | Corporate – Reflects costs of corporate operations. | ||||||||||||||
The accounting policies of the segments are the same as those described in Note 1, "Accounting Policies". | |||||||||||||||
Major Customer Information | |||||||||||||||
During 2013 and 2012, we had no major customers which represented more than 10% of our consolidated revenue. In 2011, sales to one customer within our Alumina segment totaled $148.6 million (nearly 10% of our 2011 consolidated revenue). | |||||||||||||||
Geographic Region Information | |||||||||||||||
Substantially all of our sales are within the United States. Revenues from external customers attributed to foreign countries were immaterial during 2013, 2012 and 2011. All long-lived assets are located in the United States, except those assets of our bauxite mining operation in Jamaica, which totaled $65.2 million at December 31, 2013 and $61.3 million at December 31, 2012. | |||||||||||||||
Schedule reconciling segment profit loss to consolidated income before income taxes [Table Text Block] | ' | ||||||||||||||
Operating and asset information for our reportable segments was (in millions): | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 46.8 | 196.6 | 543.8 | 556.3 | — | — | 1,343.50 | ||||||||
Intersegment | 82.2 | 144.2 | 79.1 | — | — | (305.5 | ) | — | |||||||
Total sales | 129 | 340.8 | 622.9 | 556.3 | — | (305.5 | ) | 1,343.50 | |||||||
Capital expenditures | 10.8 | 16 | 31.2 | 12.2 | 2.5 | — | 72.7 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 8.2 | 13.6 | 51.9 | 50 | (31.1 | ) | 0.5 | 93.1 | |||||||
Depreciation and amortization | (9.5 | ) | (22.7 | ) | (41.7 | ) | (21.3 | ) | (0.8 | ) | — | (96.0 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 4 | (1.4 | ) | — | — | 2.6 | |||||||
Gain (loss) on disposal of assets | (0.1 | ) | 0.5 | 0.1 | — | — | — | 0.5 | |||||||
Asset impairment | — | — | — | (5.9 | ) | — | — | (5.9 | ) | ||||||
Non-cash pension, accretion and stock compensation | 0.1 | (0.9 | ) | (7.1 | ) | (6.5 | ) | (6.1 | ) | — | (20.5 | ) | |||
Restructuring, relocation and severance | (0.7 | ) | (0.9 | ) | (2.2 | ) | (1.6 | ) | (2.5 | ) | — | (7.9 | ) | ||
Consulting fees | — | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||
Cash settlements on hedging transactions | — | — | 1.7 | 7.4 | — | — | 9.1 | ||||||||
Other, net | — | (0.6 | ) | — | (0.1 | ) | 0.7 | — | — | ||||||
Operating income (loss) | (2.0 | ) | (11.0 | ) | 6.7 | 20.6 | (40.3 | ) | 0.5 | (25.5 | ) | ||||
Interest expense, net | 47.5 | ||||||||||||||
Loss on hedging activities, net | 2.3 | ||||||||||||||
Debt refinancing expense | 2.5 | ||||||||||||||
Total other expense, net | 52.3 | ||||||||||||||
Loss before income taxes | (77.8 | ) | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 50.9 | 208 | 555.1 | 580.9 | — | — | 1,394.90 | ||||||||
Intersegment | 79.3 | 141.1 | 75.5 | — | — | (295.9 | ) | — | |||||||
Total sales | 130.2 | 349.1 | 630.6 | 580.9 | — | (295.9 | ) | 1,394.90 | |||||||
Capital expenditures | 7.7 | 19.7 | 43.1 | 14.3 | 3.1 | — | 87.9 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | (0.2 | ) | 35 | 76.7 | 51.4 | (29.5 | ) | 1.3 | 134.7 | ||||||
Depreciation and amortization | (8.7 | ) | (21.6 | ) | (48.3 | ) | (18.6 | ) | (1.3 | ) | — | (98.5 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 5.6 | 4.1 | — | — | 9.7 | ||||||||
Gain on disposal of assets | 0.3 | 0.1 | 0.1 | 4.5 | — | — | 5 | ||||||||
Non-cash pension, accretion and stock compensation | — | (0.8 | ) | (5.9 | ) | (4.9 | ) | (5.9 | ) | — | (17.5 | ) | |||
Relocation and severance | — | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | — | (0.9 | ) | |||
Consulting fees | — | — | — | — | (0.7 | ) | — | (0.7 | ) | ||||||
Cash settlements on hedging transactions | — | — | 0.9 | 6.8 | — | — | 7.7 | ||||||||
Other, net | (0.2 | ) | (0.5 | ) | (4.1 | ) | (0.5 | ) | 0.9 | (0.5 | ) | (4.9 | ) | ||
Operating income (loss) | (8.8 | ) | 12.1 | 24.8 | 42.5 | (36.8 | ) | 0.8 | 34.6 | ||||||
Interest expense, net | 33.1 | ||||||||||||||
Gain on hedging activities, net | (81.2 | ) | |||||||||||||
Debt refinancing expense | 8.1 | ||||||||||||||
Total other income, net | (40.0 | ) | |||||||||||||
Income before income taxes | 74.6 | ||||||||||||||
During 2012, we incurred $4.1 million of contingency costs related to assembling a back-up labor force during the renegotiation of our collective bargaining agreement at our New Madrid smelter. This is reflected in the table above in "Other, net." | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 68 | 234.9 | 645.7 | 611.2 | — | — | 1,559.80 | ||||||||
Intersegment | 83 | 168.2 | 78.4 | — | — | (329.6 | ) | — | |||||||
Total sales | 151 | 403.1 | 724.1 | 611.2 | — | (329.6 | ) | 1,559.80 | |||||||
Capital expenditures | 8.2 | 14 | 30.3 | 11.1 | 1 | — | 64.6 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 18.5 | 78.4 | 140.3 | 48.3 | (27.9 | ) | 4.3 | 261.9 | |||||||
Depreciation and amortization | (10.8 | ) | (21.0 | ) | (46.0 | ) | (18.6 | ) | (1.3 | ) | — | (97.7 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | (5.5 | ) | (8.7 | ) | — | 1.6 | (12.6 | ) | |||||
Gain (loss) on disposal of assets | 0.7 | — | (2.8 | ) | (1.2 | ) | — | — | (3.3 | ) | |||||
Non-cash pension, accretion and stock compensation | (0.4 | ) | (0.6 | ) | (2.9 | ) | (2.5 | ) | (6.0 | ) | — | (12.4 | ) | ||
Restructuring, relocation and severance | — | (0.2 | ) | (1.2 | ) | (0.9 | ) | (0.6 | ) | — | (2.9 | ) | |||
Consulting and sponsor fees | — | — | — | (0.1 | ) | (2.2 | ) | — | (2.3 | ) | |||||
Cash settlements on hedging transactions | — | — | 0.3 | (0.4 | ) | — | — | (0.1 | ) | ||||||
Other, net | — | (0.7 | ) | — | — | (3.4 | ) | (5.1 | ) | (9.2 | ) | ||||
Operating income (loss) | 8 | 55.9 | 82.2 | 15.9 | (41.4 | ) | 0.8 | 121.4 | |||||||
Interest expense, net | 21.5 | ||||||||||||||
Gain on hedging activities, net | (86.4 | ) | |||||||||||||
Total other income | (64.9 | ) | |||||||||||||
Income before income taxes | 186.3 | ||||||||||||||
perating and asset information for our reportable segments was (in millions): | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 46.8 | 196.6 | 543.8 | 556.3 | — | — | 1,343.50 | ||||||||
Intersegment | 82.2 | 144.2 | 79.1 | — | — | (305.5 | ) | — | |||||||
Total sales | 129 | 340.8 | 622.9 | 556.3 | — | (305.5 | ) | 1,343.50 | |||||||
Capital expenditures | 10.8 | 16 | 31.2 | 12.2 | 2.5 | — | 72.7 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 8.2 | 13.6 | 51.9 | 50 | (31.1 | ) | 0.5 | 93.1 | |||||||
Depreciation and amortization | (9.5 | ) | (22.7 | ) | (41.7 | ) | (21.3 | ) | (0.8 | ) | — | (96.0 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 4 | (1.4 | ) | — | — | 2.6 | |||||||
Gain (loss) on disposal of assets | (0.1 | ) | 0.5 | 0.1 | — | — | — | 0.5 | |||||||
Asset impairment | — | — | — | (5.9 | ) | — | — | (5.9 | ) | ||||||
Non-cash pension, accretion and stock compensation | 0.1 | (0.9 | ) | (7.1 | ) | (6.5 | ) | (6.1 | ) | — | (20.5 | ) | |||
Restructuring, relocation and severance | (0.7 | ) | (0.9 | ) | (2.2 | ) | (1.6 | ) | (2.5 | ) | — | (7.9 | ) | ||
Consulting fees | — | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||
Cash settlements on hedging transactions | — | — | 1.7 | 7.4 | — | — | 9.1 | ||||||||
Other, net | — | (0.6 | ) | — | (0.1 | ) | 0.7 | — | — | ||||||
Operating income (loss) | (2.0 | ) | (11.0 | ) | 6.7 | 20.6 | (40.3 | ) | 0.5 | (25.5 | ) | ||||
Interest expense, net | 47.5 | ||||||||||||||
Loss on hedging activities, net | 2.3 | ||||||||||||||
Debt refinancing expense | 2.5 | ||||||||||||||
Total other expense, net | 52.3 | ||||||||||||||
Loss before income taxes | (77.8 | ) | |||||||||||||
Year ended December 31, 2012 | |||||||||||||||
Bauxite | Alumina | Primary Aluminum | Flat-Rolled Products | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 50.9 | 208 | 555.1 | 580.9 | — | — | 1,394.90 | ||||||||
Intersegment | 79.3 | 141.1 | 75.5 | — | — | (295.9 | ) | — | |||||||
Total sales | 130.2 | 349.1 | 630.6 | 580.9 | — | (295.9 | ) | 1,394.90 | |||||||
Capital expenditures | 7.7 | 19.7 | 43.1 | 14.3 | 3.1 | — | 87.9 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | (0.2 | ) | 35 | 76.7 | 51.4 | (29.5 | ) | 1.3 | 134.7 | ||||||
Depreciation and amortization | (8.7 | ) | (21.6 | ) | (48.3 | ) | (18.6 | ) | (1.3 | ) | — | (98.5 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 5.6 | 4.1 | — | — | 9.7 | ||||||||
Gain on disposal of assets | 0.3 | 0.1 | 0.1 | 4.5 | — | — | 5 | ||||||||
Non-cash pension, accretion and stock compensation | — | (0.8 | ) | (5.9 | ) | (4.9 | ) | (5.9 | ) | — | (17.5 | ) | |||
Relocation and severance | — | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | — | (0.9 | ) | |||
Consulting fees | — | — | — | — | (0.7 | ) | — | (0.7 | ) | ||||||
Cash settlements on hedging transactions | — | — | 0.9 | 6.8 | — | — | 7.7 | ||||||||
Other, net | (0.2 | ) | (0.5 | ) | (4.1 | ) | (0.5 | ) | 0.9 | (0.5 | ) | (4.9 | ) | ||
Operating income (loss) | (8.8 | ) | 12.1 | 24.8 | 42.5 | (36.8 | ) | 0.8 | 34.6 | ||||||
Interest expense, net | 33.1 | ||||||||||||||
Gain on hedging activities, net | (81.2 | ) | |||||||||||||
Debt refinancing expense | 8.1 | ||||||||||||||
Total other income, net | (40.0 | ) | |||||||||||||
Income before income taxes | 74.6 | ||||||||||||||
During 2012, we incurred $4.1 million of contingency costs related to assembling a back-up labor force during the renegotiation of our collective bargaining agreement at our New Madrid smelter. This is reflected in the table above in "Other, net." | |||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Segment assets: | $ | $ | |||||||||||||
Bauxite | 152.9 | 154.3 | |||||||||||||
Alumina | 229.2 | 238 | |||||||||||||
Primary Aluminum | 514.6 | 534.2 | |||||||||||||
Flat-Rolled Products | 334.2 | 374.2 | |||||||||||||
Corporate | 121.2 | 84 | |||||||||||||
Eliminations | (30.0 | ) | (27.0 | ) | |||||||||||
1,322.10 | 1,357.70 | ||||||||||||||
Supplemental_Financial_Stateme1
Supplemental Financial Statement Information Supplemental Financial Statement Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Supplemental Financial Statement Information [Abstract] | ' | ||||||||||
Schedule of depreciation and amortization | ' | ||||||||||
Depreciation and amortization in the accompanying consolidated statements of cash flows included (in millions): | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
$ | $ | $ | |||||||||
Depreciation of property, plant and equipment | 86.7 | 87.3 | 84.6 | ||||||||
Amortization of intangible assets | 5.9 | 5.9 | 5.9 | ||||||||
Amortization of other long-term assets | 3.4 | 5.3 | 7.2 | ||||||||
Total depreciation and amortization | 96 | 98.5 | 97.7 | ||||||||
Prior to fourth quarter 2012, we recorded a loss on disposal of abandoned fixed assets equal to the carrying value of the fixed assets upon abandonment, rather than accelerating depreciation. During fourth quarter 2012, we reclassified $3.3 million of losses related to fixed assets abandoned in the first nine months of 2012 from loss on disposal of fixed assets to depreciation expense. Losses on disposal of fixed assets and depreciation expense are included in selling, general and administrative expenses and cost of goods sold, respectively, in our consolidated statements of operations. The impact of this reclassification was not material to our 2012 or 2011 consolidated financial statements. As a result, we have not adjusted any previously issued consolidated financial statements. | |||||||||||
Schedule of supplemental cash flow disclosures | ' | ||||||||||
Cash paid for interest and income taxes was as follows (in millions): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
$ | $ | $ | |||||||||
Interest paid | 46.1 | 31.6 | 10.6 | ||||||||
U.S. Federal and state income taxes paid | 3.7 | 32.3 | 78.8 | ||||||||
Jamaican income taxes paid | — | — | 4 | ||||||||
Purchases of property, plant and equipment accrued in accounts payable and not yet paid were $5.0 million, $3.7 million and $8.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, and were not reflected as capital expenditures in the consolidated statements of cash flows. For the years ended December 31, 2013, 2012 and 2011, we capitalized interest of $1.6 million, $1.1 million and $0.9 million, respectively, related to long-term capital projects. | |||||||||||
During 2012, we received net proceeds of $4.5 million upon the sale of idle mill equipment from our Flat-Rolled Products segment. This gain is included in (gain) loss on disposal of assets in the consolidated statement of cash flows for the year ended December 31, 2012. | |||||||||||
During the year ended December 31, 2011, AcquisitionCo issued $8.9 million of AcquisitionCo Notes as payment-in-kind interest due May 15, 2011. For subsequent periods, Noranda AcquisitionCo was required to pay all interest in cash. | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||
Reclassifications out of AOCI were included in the consolidated statements of operations as follows (in millions): | |||||||||||
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the unaudited consolidated statements of operations | |||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
$ | $ | $ | |||||||||
Selling, general and administrative expenses ("SGA") | |||||||||||
Actuarial gain/loss | 2.8 | 2.5 | 1.4 | (1) | |||||||
Prior service costs | 0.3 | 0.2 | 0.2 | (1) | |||||||
Total pension amounts reclassified into SGA | 3.1 | 2.7 | 1.6 | Selling, general and administrative expenses | |||||||
Cost of sales ("COS") | |||||||||||
Actuarial gain/loss | 10 | 8.7 | 4.1 | (1) | |||||||
Prior service costs | 0.9 | 0.5 | 0.3 | (1) | |||||||
Total pension amounts reclassified into COS | 10.9 | 9.2 | 4.4 | Cost of sales | |||||||
Reclassification of pension and OPEB amounts realized in net income | 14 | 11.9 | 6 | ||||||||
Income tax (benefit) expense related to reclassifications of pension and OPEB amounts | 5.4 | 4.7 | 2.2 | Income tax expense (benefit) | |||||||
Reclassification of pension and OPEB amounts realized in net income, net of tax | 8.6 | 7.2 | 3.8 | Net income (loss) | |||||||
Reclassification of derivative amounts realized in net income | (6.4 | ) | (84.2 | ) | (98.7 | ) | (Gain) loss on hedging activities, net | ||||
Income tax (benefit) expense related to reclassifications of derivative amounts | (2.0 | ) | (30.6 | ) | (35.8 | ) | Income tax expense (benefit) | ||||
Reclassification of derivative amounts realized in net income, net of tax | (4.4 | ) | (53.6 | ) | (62.9 | ) | Net income (loss) | ||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, "Pensions and Other Post-Retirement Benefits." | ||||||||||
Consolidated balance sheets: | |||||||||||
Cash and cash equivalents consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Cash | 59.2 | 26.1 | |||||||||
Money market funds | 20.2 | 10 | |||||||||
Total cash and cash equivalents | 79.4 | 36.1 | |||||||||
Accounts receivable, net, consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Trade | 86.9 | 106.8 | |||||||||
Allowance for doubtful accounts | (0.2 | ) | (0.2 | ) | |||||||
Total accounts receivable, net | 86.7 | 106.6 | |||||||||
Other current assets consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Current foreign deferred tax asset | 1.1 | 2.6 | |||||||||
Employee loans receivable, net | 1.8 | 2 | |||||||||
Current derivative assets (see Note 14, "Derivative Financial Instruments") | 4.5 | 2.6 | |||||||||
Other current assets | 4.9 | 11.7 | |||||||||
Total other current assets | 12.3 | 18.9 | |||||||||
Other assets consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Deferred financing costs, net of amortization | 7.7 | 9.3 | |||||||||
Cash surrender value of life insurance | 27.8 | 26.3 | |||||||||
Pension asset (see Note 12, "Pensions and Other Post-Retirement Benefits") | 5.9 | 9.7 | |||||||||
Restricted cash (see Note 1, "Accounting Policies" and Note 11, "Asset Retirement and Other Obligations") | 12.9 | 12.8 | |||||||||
Supplies | 7.6 | 13 | |||||||||
Prepaid Jamaican income taxes | 12.7 | 12.7 | |||||||||
Derivative asset | 0.2 | 0.1 | |||||||||
Other | 13 | 12.2 | |||||||||
Total other assets | 87.8 | 96.1 | |||||||||
Accrued liabilities consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Compensation and benefits | 23.7 | 17.4 | |||||||||
Workers’ compensation | 5.1 | 5.7 | |||||||||
Other operating expenses | 9.3 | 15.6 | |||||||||
Accrued interest | 2 | 2 | |||||||||
Asset retirement obligations (see Note 11, "Asset Retirement and Other Obligations") | 2.2 | 2.4 | |||||||||
Land obligation (see Note 11 "Asset Retirement and Other Obligations") | 3.7 | 4.9 | |||||||||
Reclamation obligation (see Note 11, "Asset Retirement and Other Obligations") | 1.4 | 2.5 | |||||||||
Environmental remediation obligations (see Note 9, "Commitments and Contingencies") | 1.7 | 2 | |||||||||
Obligations to the Government of Jamaica (see Note 20, "Non-Controlling Interest") | 5.7 | 5.3 | |||||||||
Pension and other post-retirement liabilities (see Note 12, "Pensions and Other Post-Retirement Benefits") | 0.9 | 0.9 | |||||||||
Restricted stock unit liability awards (see Note 16, "Share-Based Payments") | — | 0.1 | |||||||||
Restructuring expense (see Note 13, "Restructuring") | 5.3 | — | |||||||||
Total accrued liabilities | 61 | 58.8 | |||||||||
Other long-term liabilities consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Reserve for uncertain tax positions (see Note 18, "Income Taxes") | 0.7 | 0.8 | |||||||||
Workers’ compensation | 15.7 | 15 | |||||||||
Asset retirement obligations (see Note 11, "Asset Retirement and Other Obligations") | 14.3 | 13.4 | |||||||||
Land obligation (see Note 11, "Asset Retirement and Other Obligations") | 6.8 | 9.2 | |||||||||
Environmental remediation obligations (see Note 9, "Commitments and Contingencies") | 1.2 | 1.2 | |||||||||
Deferred compensation and other | 11.1 | 12.7 | |||||||||
Total other long-term liabilities | 49.8 | 52.3 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||
Changes in accumulated other comprehensive income (loss) ("AOCI") were as follows (in millions): | |||||||||||
Unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB | Accumulated tax (benefit) expense related to unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB | Unrealized gain (loss) on derivatives | Accumulated tax (benefit) expense related to unrealized gain or loss on derivatives | Total, net of tax | |||||||
$ | $ | $ | $ | $ | |||||||
Balance, December 31, 2010 | (99.4 | ) | (36.8 | ) | 207.1 | 75 | 69.5 | ||||
Amounts recorded to AOCI for the period | (70.4 | ) | (26.6 | ) | (14.3 | ) | (5.3 | ) | (52.8 | ) | |
Reclassification of amounts realized in net income | 6 | 2.2 | (98.7 | ) | (35.8 | ) | (59.1 | ) | |||
Balance, December 31, 2011 | (163.8 | ) | (61.2 | ) | 94.1 | 33.9 | (42.4 | ) | |||
Amounts recorded to AOCI for the period | (24.3 | ) | (9.6 | ) | (3.5 | ) | (1.3 | ) | (16.9 | ) | |
Reclassification of amounts realized in net income | 11.9 | 4.7 | (84.2 | ) | (30.6 | ) | (46.4 | ) | |||
Balance, December 31, 2012 | (176.2 | ) | (66.1 | ) | 6.4 | 2 | (105.7 | ) | |||
Amounts recorded to AOCI for the period | 67.2 | 26.1 | — | — | 41.1 | ||||||
Reclassification of amounts realized in net income (loss) | 14 | 5.4 | (6.4 | ) | (2.0 | ) | 4.2 | ||||
Balance, December 31, 2013 | (95.0 | ) | (34.6 | ) | — | — | (60.4 | ) | |||
Schedule of cash and cash equivalents | ' | ||||||||||
Cash and cash equivalents consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Cash | 59.2 | 26.1 | |||||||||
Money market funds | 20.2 | 10 | |||||||||
Total cash and cash equivalents | 79.4 | 36.1 | |||||||||
Schedule of accounts receivable | ' | ||||||||||
Accounts receivable, net, consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Trade | 86.9 | 106.8 | |||||||||
Allowance for doubtful accounts | (0.2 | ) | (0.2 | ) | |||||||
Total accounts receivable, net | 86.7 | 106.6 | |||||||||
Schedule of other current assets | ' | ||||||||||
Other current assets consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Current foreign deferred tax asset | 1.1 | 2.6 | |||||||||
Employee loans receivable, net | 1.8 | 2 | |||||||||
Current derivative assets (see Note 14, "Derivative Financial Instruments") | 4.5 | 2.6 | |||||||||
Other current assets | 4.9 | 11.7 | |||||||||
Total other current assets | 12.3 | 18.9 | |||||||||
Schedule of other noncurrent assets | ' | ||||||||||
Other assets consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Deferred financing costs, net of amortization | 7.7 | 9.3 | |||||||||
Cash surrender value of life insurance | 27.8 | 26.3 | |||||||||
Pension asset (see Note 12, "Pensions and Other Post-Retirement Benefits") | 5.9 | 9.7 | |||||||||
Restricted cash (see Note 1, "Accounting Policies" and Note 11, "Asset Retirement and Other Obligations") | 12.9 | 12.8 | |||||||||
Supplies | 7.6 | 13 | |||||||||
Prepaid Jamaican income taxes | 12.7 | 12.7 | |||||||||
Derivative asset | 0.2 | 0.1 | |||||||||
Other | 13 | 12.2 | |||||||||
Total other assets | 87.8 | 96.1 | |||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||
Impairment of Long-Lived Assets | |||||||||||
We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value. | |||||||||||
Long-lived assets taken out of service to be disposed of other than by sale are written down to their estimated fair value through the acceleration of any remaining depreciation expense. | |||||||||||
We reclassify long-lived assets to assets held for sale when a plan to dispose of the assets has been committed to by management. Assets held for sale are recorded at the lesser of their estimated fair value net of estimated costs to sell or carrying amount. Depreciation expense is no longer recorded once an asset is classified as held for sale. | |||||||||||
Intangible assets with a definite life (primarily customer relationships) are amortized over their expected lives and are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. | |||||||||||
Schedule of accrued liabilities | ' | ||||||||||
Accrued liabilities consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Compensation and benefits | 23.7 | 17.4 | |||||||||
Workers’ compensation | 5.1 | 5.7 | |||||||||
Other operating expenses | 9.3 | 15.6 | |||||||||
Accrued interest | 2 | 2 | |||||||||
Asset retirement obligations (see Note 11, "Asset Retirement and Other Obligations") | 2.2 | 2.4 | |||||||||
Land obligation (see Note 11 "Asset Retirement and Other Obligations") | 3.7 | 4.9 | |||||||||
Reclamation obligation (see Note 11, "Asset Retirement and Other Obligations") | 1.4 | 2.5 | |||||||||
Environmental remediation obligations (see Note 9, "Commitments and Contingencies") | 1.7 | 2 | |||||||||
Obligations to the Government of Jamaica (see Note 20, "Non-Controlling Interest") | 5.7 | 5.3 | |||||||||
Pension and other post-retirement liabilities (see Note 12, "Pensions and Other Post-Retirement Benefits") | 0.9 | 0.9 | |||||||||
Restricted stock unit liability awards (see Note 16, "Share-Based Payments") | — | 0.1 | |||||||||
Restructuring expense (see Note 13, "Restructuring") | 5.3 | — | |||||||||
Total accrued liabilities | 61 | 58.8 | |||||||||
Schedule of other long-term liabilities | ' | ||||||||||
Other long-term liabilities consisted of the following (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Reserve for uncertain tax positions (see Note 18, "Income Taxes") | 0.7 | 0.8 | |||||||||
Workers’ compensation | 15.7 | 15 | |||||||||
Asset retirement obligations (see Note 11, "Asset Retirement and Other Obligations") | 14.3 | 13.4 | |||||||||
Land obligation (see Note 11, "Asset Retirement and Other Obligations") | 6.8 | 9.2 | |||||||||
Environmental remediation obligations (see Note 9, "Commitments and Contingencies") | 1.2 | 1.2 | |||||||||
Deferred compensation and other | 11.1 | 12.7 | |||||||||
Total other long-term liabilities | 49.8 | 52.3 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Schedule of fair value assets and liabilities measured on a recurring basis | ' | ||||||||
The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions): | |||||||||
December 31, 2013 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Cash equivalents | 20.2 | — | — | 20.2 | |||||
Derivative assets | — | 2.9 | 1.8 | 4.7 | |||||
Derivative liabilities | — | (4.2 | ) | — | (4.2 | ) | |||
Noranda pension plan assets: | |||||||||
Equity securities: | |||||||||
Diversified common stocks | 96.1 | 102.3 | 5.7 | 204.1 | |||||
Global equity securities | — | 13.7 | — | 13.7 | |||||
Diversified fixed income mutual fund | 102.5 | — | — | 102.5 | |||||
Cash, cash equivalents and other | 1.1 | 2 | — | 3.1 | |||||
Total Noranda pension plan assets | 199.7 | 118 | 5.7 | 323.4 | |||||
St. Ann pension plan assets: | |||||||||
Global equity securities | — | 6.2 | — | 6.2 | |||||
Fixed income securities: | |||||||||
GOJ bonds | — | 15.8 | — | 15.8 | |||||
Global corporate bonds | — | 0.2 | — | 0.2 | |||||
Real estate | — | 2.3 | — | 2.3 | |||||
Other | — | 2.2 | — | 2.2 | |||||
Total St. Ann pension plan assets | — | 26.7 | — | 26.7 | |||||
Total | 219.9 | 143.4 | 7.5 | 370.8 | |||||
December 31, 2012 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Cash equivalents | 10 | — | — | 10 | |||||
Derivative assets | — | 3.1 | 1.1 | 4.2 | |||||
Derivative liabilities | — | (3.4 | ) | — | (3.4 | ) | |||
RSU liability awards | (0.1 | ) | — | — | (0.1 | ) | |||
Noranda pension plan assets: | |||||||||
Equity securities: | |||||||||
Diversified common stock mutual fund | 85.1 | 81.9 | 5 | 172 | |||||
Global equity securities | — | 11.2 | — | 11.2 | |||||
Diversified fixed income mutual fund | 102.6 | — | — | 102.6 | |||||
Cash and cash equivalents | 1.3 | 0.2 | — | 1.5 | |||||
Total Noranda pension plan assets | 189 | 93.3 | 5 | 287.3 | |||||
St. Ann pension plan assets: | |||||||||
Global equity securities | — | 7.8 | — | 7.8 | |||||
Fixed income securities: | |||||||||
GOJ bonds | — | 15.3 | — | 15.3 | |||||
Global corporate bonds | — | 0.7 | — | 0.7 | |||||
Real estate | — | 1.5 | — | 1.5 | |||||
Other | — | 3.3 | — | 3.3 | |||||
Total St. Ann pension plan assets | — | 28.6 | — | 28.6 | |||||
Total | 198.9 | 121.6 | 6.1 | 326.6 | |||||
Schedule of pension plan assets by fair value measurement [Table Text Block] | ' | ||||||||
Changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2013 and 2012 were as follows: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Fair value, beginning of year | 5 | 4.6 | |||||||
Return on assets | 0.7 | 0.4 | |||||||
Fair value, end of year | 5.7 | 5 | |||||||
Schedule of derivative financial instruments classified as level 3 [Table Text Block] | ' | ||||||||
Changes in the fair value of the variable-price Midwest Premium contracts classified as Level 3 for the year ended December 31, 2013 and 2012 were as follows: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Fair value, beginning of year | 1.1 | — | |||||||
New contracts entered | 0.8 | 2.1 | |||||||
Changes in fair value | 0.5 | 0.7 | |||||||
Settlements | (0.6 | ) | (1.7 | ) | |||||
Fair value, end of year | 1.8 | 1.1 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventory, Net [Abstract] | ' | ||||
Schedule of inventories | ' | ||||
Inventories, net, consisted of the following (in millions): | |||||
December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Raw materials, at cost | 57.8 | 63.5 | |||
Work-in-process, at cost | 49.3 | 58.9 | |||
Finished goods, at cost | 25.2 | 29.5 | |||
Total inventories, at cost | 132.3 | 151.9 | |||
LIFO adjustment | 24.9 | 15.7 | |||
LCM reserve | (16.2 | ) | (7.1 | ) | |
Inventories, at lower of cost or market | 141 | 160.5 | |||
Supplies | 37.7 | 35.3 | |||
Total inventories, net | 178.7 | 195.8 | |||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
Property, plant and equipment, net, consisted of the following (in millions): | ||||||||
December 31, | ||||||||
Estimated useful lives | 2013 | 2012 | ||||||
(in years) | $ | $ | ||||||
Land | 51.2 | 50.4 | ||||||
Buildings and improvements | 10 | – | 47 | 161.9 | 151 | |||
Machinery and equipment | 3 | – | 50 | 898.8 | 876.9 | |||
Construction in progress | 50.1 | 48.2 | ||||||
Property, plant and equipment, at cost | 1,162.00 | 1,126.50 | ||||||
Accumulated depreciation | (484.8 | ) | (432.0 | ) | ||||
Total property, plant and equipment, net | 677.2 | 694.5 | ||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||
Schedule of intangible assets [Table Text Block] | ' | |||||
Intangible assets, net, consisted of the following (in millions): | ||||||
December 31, | ||||||
Weighted-average life | 2013 | 2012 | ||||
(in years) | $ | $ | ||||
Non-amortizable: | ||||||
Trade names | Indefinite | 17.7 | 17.7 | |||
Amortizable: | ||||||
Customer relationships | 13 | 71 | 71 | |||
Other | 2.5 | 0.7 | 0.7 | |||
Total other intangible assets, gross | 89.4 | 89.4 | ||||
Accumulated amortization | (34.2 | ) | (28.2 | ) | ||
Total other intangible assets, net | 55.2 | 61.2 | ||||
Schedule of amortization expense in selling, general and administrative expenses | ' | |||||
Amortization expense related to intangible assets is included as a component of selling, general and administrative expenses in our consolidated statements of operations. Amortization expense related to intangibles was (in millions): | ||||||
Year ended December 31, | $ | |||||
2013 | 5.9 | |||||
2012 | 5.9 | |||||
2011 | 5.9 | |||||
Schedule of expected future amortization expense for intangible assets | ' | |||||
Expected amortization of intangible assets for each of the next five years is as follows (in millions): | ||||||
Year ended December 31, | $ | |||||
2014 | 5.9 | |||||
2015 | 5.9 | |||||
2016 | 5.5 | |||||
2017 | 4.5 | |||||
2018 | 4.1 | |||||
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies [Abstract] | ' | ||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||
Future minimum rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2013 follows (in millions): | |||
Year ended December 31, | $ | ||
2014 | 2.8 | ||
2015 | 1.9 | ||
2016 | 1.6 | ||
2017 | 1.6 | ||
2018 | 1 | ||
Thereafter | 3.8 | ||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of outstanding debt | ' | ||||||||||||
The carrying values and fair values of our outstanding debt were as follows (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Carrying | Fair | Interest | Carrying | Fair | Interest | ||||||||
value | value | rate | value | value | rate | ||||||||
$ | $ | % | $ | $ | % | ||||||||
AcquisitionCo Notes, net (1) | 173.1 | 146.8 | 11 | % | 275.3 | 258.8 | 4.52 | % | |||||
Term B Loan, net | 475 | 475 | 5.75 | % | 320.4 | 320.4 | 5.75 | % | |||||
Project specific financing | 11 | 11 | 9 | % | — | — | — | ||||||
Total debt, net | 659.1 | 595.7 | |||||||||||
Less: current portion | (4.9 | ) | (3.3 | ) | |||||||||
Long-term debt, net | 654.2 | 592.4 | |||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||
Debt maturities over each of the next five years and thereafter are as follows (in millions): | |||||||||||||
$ | |||||||||||||
2014 | 4.9 | ||||||||||||
2015 | 7.6 | ||||||||||||
2016 | 7.6 | ||||||||||||
2017 | 7.6 | ||||||||||||
2018 | 7.6 | ||||||||||||
Thereafter | 628.5 | ||||||||||||
Total debt | 663.8 | ||||||||||||
Asset_Retirement_and_Other_Obl1
Asset Retirement and Other Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Reclamation, Land And Asset Retirement Obligations [Abstract] | ' | ||||
Schedule of change in reclamation obligations | ' | ||||
A summary of our reclamation obligations activity at St. Ann follows (in millions): | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Balance, beginning of period | 2.5 | 4.6 | |||
Additional liabilities incurred | 3.3 | 3.1 | |||
Liabilities settled | (4.4 | ) | (5.2 | ) | |
Balance, end of period | 1.4 | 2.5 | |||
Schedule of change in land obligation | ' | ||||
A summary of our St. Ann Land Obligation activity follows (in millions): | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Balance, beginning of period | 14.1 | 13.2 | |||
Additional liabilities incurred | 0.7 | 1.7 | |||
Liabilities settled | (0.7 | ) | (0.8 | ) | |
Revisions to the obligation | (3.6 | ) | — | ||
Balance, end of period | 10.5 | 14.1 | |||
Schedule of change in asset retirement obligations | ' | ||||
A summary of our asset retirement obligations activity follows (in millions): | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Balance, beginning of period | 15.8 | 15.7 | |||
Additional liabilities incurred | 0.9 | 1.1 | |||
Liabilities settled | (1.2 | ) | (1.9 | ) | |
Accretion | 1 | 0.9 | |||
Balance, end of period | 16.5 | 15.8 | |||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||
The following table provides our estimated future benefit payments for the pension and OPEB plans at December 31, 2013 (in millions): | |||||||||
Noranda Plans | St. Ann Plans | ||||||||
Pension benefits | OPEB benefits | Pension benefits | OPEB benefits | ||||||
Year ended December 31, | $ | $ | $ | $ | |||||
2014 | 19.2 | 0.5 | 0.8 | 0.3 | |||||
2015 | 20.3 | 0.5 | 0.9 | 0.3 | |||||
2016 | 21.3 | 0.5 | 0.9 | 0.4 | |||||
2017 | 22.5 | 0.5 | 1.1 | 0.4 | |||||
2018 | 23.8 | 0.5 | 1.3 | 0.4 | |||||
Thereafter | 135.5 | 3.5 | 9.4 | 2.9 | |||||
Total | 242.6 | 6 | 14.4 | 4.7 | |||||
Schedule of Employer Contributions to Defined Contribution Plans [Table Textblock] | ' | ||||||||
Our contributions to these plans are based on employee contributions and were as follows (in millions): | |||||||||
Year ended December 31, | $ | ||||||||
2013 | 4.1 | ||||||||
2012 | 4.1 | ||||||||
2011 | 3.3 | ||||||||
St. Ann pension [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||
Our St. Ann Pension Plan’s weighted-average asset allocations at December 31, 2013 and 2012 and the target allocations for 2014 by asset category were as follows: | |||||||||
2013 | 2012 | Target 2014 | |||||||
% | % | % | |||||||
Global equity securities | 23 | 27 | 35 | ||||||
Real estate | 9 | 5 | 10 | ||||||
Fixed income securities | 60 | 56 | 45 | ||||||
Other | 8 | 12 | 10 | ||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Net periodic benefit costs related to the St. Ann Pension Plans included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 0.5 | 0.7 | 0.6 | ||||||
Interest cost | 1.7 | 1.5 | 1.4 | ||||||
Expected return on plan assets | (2.3 | ) | (2.1 | ) | (1.8 | ) | |||
Recognized actuarial loss | — | — | 0.2 | ||||||
Net periodic cost | (0.1 | ) | 0.1 | 0.4 | |||||
Weighted-average assumptions: | |||||||||
Discount rate | 9 | % | 7 | % | 8 | % | |||
Expected rate of return on plan assets | 8 | % | 7 | % | 9 | % | |||
Rate of compensation increase | 6 | % | 5 | % | 7 | % | |||
Noranda pension [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||
Weighted-average asset allocations as of December 31, 2013 and 2012 and the target asset allocations for 2014 were as follows: | |||||||||
2013 | 2012 | Target 2014 | |||||||
% | % | % | |||||||
Fixed income securities | 32 | 36 | 35 | ||||||
Equity securities | 68 | 64 | 65 | ||||||
Schedule of Changes in Benefit Obligations, Changes in Fair Value of Plan Assets and Assumptions Used [Table Text Block] | ' | ||||||||
The change in benefit obligation and change in plan assets for the Noranda pension plans were as follows (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Change in benefit obligation: | |||||||||
Benefit obligation, beginning of period | 456.7 | 404.6 | |||||||
Service cost | 15.4 | 13.5 | |||||||
Interest cost | 17.9 | 17.8 | |||||||
Plan changes | — | 7.9 | |||||||
Actuarial (gain) loss | (50.5 | ) | 29.3 | ||||||
Benefits paid | (17.4 | ) | (16.4 | ) | |||||
Special termination benefits | 0.7 | — | |||||||
Benefit obligation, end of period | 422.8 | 456.7 | |||||||
Change in plan assets: | |||||||||
Fair value of plan assets, beginning of period | 287.3 | 246.9 | |||||||
Actual return on plan assets | 38.9 | 28.9 | |||||||
Employer contributions | 14.6 | 27.9 | |||||||
Benefits paid | (17.4 | ) | (16.4 | ) | |||||
Fair value of plan assets, end of period | 323.4 | 287.3 | |||||||
Funded status | (99.4 | ) | (169.4 | ) | |||||
Weighted-average assumptions: | |||||||||
Discount rate | 4.8 | % | 3.9 | % | |||||
Rate of compensation increase | 4 | % | 4 | % | |||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Net periodic benefit costs related to the Noranda Pension Plans included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 15.4 | 13.5 | 10.5 | ||||||
Interest cost | 17.9 | 17.8 | 18.3 | ||||||
Expected return on plan assets | (20.1 | ) | (19.1 | ) | (19.5 | ) | |||
Recognized actuarial loss | 12.8 | 11.2 | 5.2 | ||||||
Amortization of prior service cost | 1.1 | 0.6 | 0.4 | ||||||
Settlement and termination benefits loss | 0.7 | — | 0.1 | ||||||
Net periodic cost | 27.8 | 24 | 15 | ||||||
Weighted-average assumptions: | |||||||||
Discount rate | 3.9 | % | 4.4 | % | 5.3 | % | |||
Expected rate of return on plan assets | 7 | % | 7.5 | % | 7.8 | % | |||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | |||
Noranda other post-retirement [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Changes in Benefit Obligations, Changes in Fair Value of Plan Assets and Assumptions Used [Table Text Block] | ' | ||||||||
The change in benefit obligation and change in plan assets for the Noranda OPEB plans were as follows (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Change in benefit obligation: | |||||||||
Benefit obligation, beginning of period | 13.2 | 11.6 | |||||||
Service cost | 0.4 | 0.4 | |||||||
Interest cost | 0.5 | 0.5 | |||||||
Actuarial (gain) loss | (1.7 | ) | 1.2 | ||||||
Curtailments | (0.4 | ) | — | ||||||
Benefits paid | (0.5 | ) | (0.5 | ) | |||||
Benefit obligation, end of period | 11.5 | 13.2 | |||||||
Change in plan assets: | |||||||||
Fair value of plan assets, beginning of period | 0.1 | 0.1 | |||||||
Employer contributions | 0.5 | 0.5 | |||||||
Benefits paid | (0.5 | ) | (0.5 | ) | |||||
Fair value of plan assets, end of period | 0.1 | 0.1 | |||||||
Funded status | (11.4 | ) | (13.1 | ) | |||||
Weighted-average assumptions: | |||||||||
Discount rate | 4.9 | % | 3.9 | % | |||||
Rate of compensation increase | 4 | % | 4.3 | % | |||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Net periodic benefit costs related to the Noranda OPEB plans included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 0.4 | 0.4 | 0.3 | ||||||
Interest cost | 0.5 | 0.5 | 0.5 | ||||||
Recognized actuarial (gain) loss | 0.1 | — | 0.1 | ||||||
Amortization of prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | |||||
Net periodic cost | 1.1 | 1 | 0.8 | ||||||
Weighted-average assumptions: | |||||||||
Discount rate | 3.9 | % | 4.4 | % | 5.3 | % | |||
Rate of compensation increase | 4.3 | % | 4.3 | % | 4.3 | % | |||
St. Ann other post-retirement [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Net periodic benefit costs related to the St. Ann OPEB Plan included the following (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
$ | $ | $ | |||||||
Service cost | 0.2 | 0.3 | 0.4 | ||||||
Interest cost | 0.5 | 0.5 | 0.9 | ||||||
Amortization of prior service cost (benefit) | (0.1 | ) | — | — | |||||
Recognized actuarial loss | — | — | 0.2 | ||||||
Net periodic cost | 0.6 | 0.8 | 1.5 | ||||||
Weighted-average assumptions: | |||||||||
Discount rate | 9 | % | 7 | % | 8 | % | |||
Rate of compensation increase | 6 | % | 5 | % | 7 | % | |||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | ||||||||
The effect of a one-percentage-point change in the assumed health care cost trend rate on our St. Ann OPEB plan’s benefit obligation was as follows (in millions): | |||||||||
1% decrease in rates | Assumed rates | 1% increase in rates | |||||||
$ | $ | $ | |||||||
Aggregated service and interest cost | 0.6 | 0.7 | 0.8 | ||||||
Projected post-retirement benefit obligation | (5.2 | ) | (6.0 | ) | (6.8 | ) | |||
Pension and Other Post-Retirement Benefit Plans Owners [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||
The net liability for the Noranda plans was recorded in the consolidated balance sheets as follows (in millions): | |||||||||
Noranda Pension | Noranda OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Current liability | (0.5 | ) | (0.5 | ) | (0.4 | ) | (0.4 | ) | |
Long-term liability | (98.9 | ) | (168.9 | ) | (11.0 | ) | (12.7 | ) | |
Total | (99.4 | ) | (169.4 | ) | (11.4 | ) | (13.1 | ) | |
Noranda Plans [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
In 2014, we expect to reclassify approximately $5.5 million and $0.1 million from AOCI related to the Noranda pension and OPEB plans, respectively, into net income through net periodic cost. Amounts related to the Noranda plans in AOCI were as follows (in millions): | |||||||||
Noranda Pension | Noranda OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Net actuarial loss | 81.2 | 163.4 | 0.7 | 2.8 | |||||
Prior service cost | 9 | 10 | 0.3 | 0.5 | |||||
Accumulated other comprehensive loss | 90.2 | 173.4 | 1 | 3.3 | |||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | ||||||||
The effects of a one percentage point change in the assumed health care cost trend rate on our Noranda OPEB plans’ post-retirement benefit obligation were as follows (in millions): | |||||||||
1% decrease in rates | Assumed rates | 1% increase in rates | |||||||
$ | $ | $ | |||||||
Aggregated service and interest cost | 0.9 | 0.9 | 0.9 | ||||||
Accumulated post-retirement benefit obligation | 11.5 | 11.5 | 11.5 | ||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ' | ||||||||
The projected and accumulated benefit obligations in excess of plan assets for our Noranda pension plans were as follows (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Projected benefit obligation | (422.8 | ) | (456.7 | ) | |||||
Accumulated benefit obligation | (406.9 | ) | (440.1 | ) | |||||
Fair value of plan assets | 323.4 | 287.3 | |||||||
St. Ann Plans [Member] | ' | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||
Schedule of Changes in Benefit Obligations, Changes in Fair Value of Plan Assets and Assumptions Used [Table Text Block] | ' | ||||||||
The change in benefit obligation and change in plan assets for the St. Ann Plans were as follows (in millions): | |||||||||
St. Ann Pension | St. Ann OPEB | ||||||||
Year ended December 31, | Year ended December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Change in benefit obligation: | |||||||||
Benefit obligation, beginning of period | 18.9 | 21.4 | 5.7 | 7.4 | |||||
Service cost | 0.5 | 0.7 | 0.2 | 0.3 | |||||
Interest cost | 1.7 | 1.5 | 0.4 | 0.5 | |||||
Contributions by plan participants | 0.9 | 0.9 | — | — | |||||
Actuarial (gain) loss | 2.6 | (3.4 | ) | 0.8 | (1.6 | ) | |||
Foreign currency changes | (3.1 | ) | (1.7 | ) | (0.9 | ) | (0.6 | ) | |
Benefits paid | (0.7 | ) | (0.5 | ) | (0.3 | ) | (0.3 | ) | |
Benefit obligation, end of period | 20.8 | 18.9 | 5.9 | 5.7 | |||||
Change in plan assets: | |||||||||
Fair value of plan assets, beginning of period | 28.6 | 28.4 | — | — | |||||
Employer contributions | 0.5 | 0.7 | 0.3 | 0.3 | |||||
Contributions by plan participants | 0.9 | 0.9 | — | — | |||||
Actual return on plan assets | 1.6 | 1.2 | — | — | |||||
Benefits paid | (0.7 | ) | (0.5 | ) | (0.3 | ) | (0.3 | ) | |
Foreign currency changes | (4.2 | ) | (2.1 | ) | — | — | |||
Fair value of plan assets, end of period | 26.7 | 28.6 | — | — | |||||
Funded status | 5.9 | 9.7 | (5.9 | ) | (5.7 | ) | |||
Weighted-average assumptions: | |||||||||
Discount rate | 7.5 | % | 9 | % | 7.5 | % | 9 | % | |
Rate of compensation increase | 5 | % | 6 | % | 5 | % | 6 | % | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||
The net asset (liability) for the St. Ann Plans was recorded in the consolidated balance sheets as follows (in millions): | |||||||||
St. Ann Pension | St. Ann OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Long-term asset | 5.9 | 9.7 | — | — | |||||
Long-term liability | — | — | (5.9 | ) | (5.7 | ) | |||
Total | 5.9 | 9.7 | (5.9 | ) | (5.7 | ) | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||
Net actuarial (gains) losses related to the St. Ann Pension and OPEB plans in AOCI were as follows (in millions): | |||||||||
St. Ann Pension | St. Ann OPEB | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
$ | $ | $ | $ | ||||||
Accumulated other comprehensive (gain) loss | 6.1 | 1.7 | (2.2 | ) | (2.2 | ) | |||
Restructuring_Tables
Restructuring (Tables) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | ||
Restructuring Costs [Abstract] | ' | ||
Restructuring expense | $5.60 | ||
Restructuring paid during period | $0.30 | ||
Schedule of restructuring costs | ' | ||
The following table summarizes our restructuring activities by segment (in millions): | |||
Total restructuring | |||
liability | |||
$ | |||
2013 restructuring expense: | |||
Bauxite | 0.7 | ||
Alumina | 0.5 | ||
Primary Aluminum | 1.8 | ||
Flat-Rolled Products | 1.5 | ||
Corporate | 1.1 | ||
Total | 5.6 | ||
Benefits paid in 2013 | (0.3 | ) | |
Balance, December 31, 2013 | 5.3 | ||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative [Line Items] | ' | ||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ||||||||||
The following table presents how our hedging activities affected our consolidated statements of operations for each period (in millions): | |||||||||||
Derivatives qualified as hedges | Derivatives not qualified as hedges | ||||||||||
Amount reclassified from AOCI | Change in fair value | Total (gain) loss on hedging activities | |||||||||
$ | $ | $ | |||||||||
Year ended December 31, 2013: | |||||||||||
Fixed price aluminum swaps | (6.4 | ) | — | (6.4 | ) | ||||||
Fixed price aluminum customer contracts | — | (3.7 | ) | (3.7 | ) | ||||||
Variable price aluminum offset swaps | — | 13 | 13 | ||||||||
Midwest premium contracts | — | (0.6 | ) | (0.6 | ) | ||||||
Total | (6.4 | ) | 8.7 | 2.3 | |||||||
Year ended December 31, 2012: | |||||||||||
Fixed price aluminum swaps | (109.7 | ) | — | (109.7 | ) | ||||||
Fixed price aluminum customer contracts | — | 2.8 | 2.8 | ||||||||
Variable price aluminum offset swaps | — | 0.2 | 0.2 | ||||||||
Midwest premium contracts | — | (0.7 | ) | (0.7 | ) | ||||||
Natural gas swaps | 25.5 | 0.7 | 26.2 | ||||||||
Total | (84.2 | ) | 3 | (81.2 | ) | ||||||
Year ended December 31, 2011: | |||||||||||
Fixed price aluminum swaps | (114.0 | ) | — | (114.0 | ) | ||||||
Fixed price aluminum customer contracts | — | (2.0 | ) | (2.0 | ) | ||||||
Variable price aluminum offset swaps | — | 9.2 | 9.2 | ||||||||
Natural gas swaps | 15.3 | 4.9 | 20.2 | ||||||||
Interest rate swaps | — | 0.2 | 0.2 | ||||||||
Total | (98.7 | ) | 12.3 | (86.4 | ) | ||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 4.5 | 4.5 | ||||||
Total current derivative assets | — | — | — | 4.5 | 4.5 | ||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 0.2 | 0.2 | ||||||
Total long-term derivative assets | — | — | — | 0.2 | 0.2 | ||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.3 | ) | — | (2.3 | ) | — | (2.3 | ) | |||
Master netting arrangement with counterparty two | (1.7 | ) | — | (1.7 | ) | — | (1.7 | ) | |||
Total current derivative liabilities | (4.0 | ) | — | (4.0 | ) | — | (4.0 | ) | |||
Master netting arrangement with counterparty two | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
Total long-term derivative liabilities | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | 2 | (1.5 | ) | 0.5 | — | 0.5 | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | 2.1 | 2.1 | ||||||
Total current derivative assets | 2 | (1.5 | ) | 0.5 | 2.1 | 2.6 | |||||
Master netting arrangement with counterparty one | — | — | — | 0.1 | 0.1 | ||||||
Total long-term derivative assets | — | — | — | 0.1 | 0.1 | ||||||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (1.5 | ) | 1.5 | — | — | — | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | (1.8 | ) | (1.8 | ) | ||||
Total current derivative liabilities | (1.5 | ) | 1.5 | — | (1.8 | ) | (1.8 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Total long-term derivative liabilities | — | — | — | (0.1 | ) | (0.1 | ) | ||||
ScheduleOfGrossPresentationOfDerivativesByTypeOfContractAndHedgeDesignationTableTextblock | ' | ||||||||||
The following is a gross presentation of the derivative balances segregated by type of contract (in millions): | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Hedges that did not qualify for hedge accounting | Hedges that did not qualify for hedge accounting | ||||||||||
Asset | Liability | Asset | Liability | ||||||||
Fixed price aluminum customer contracts | 2.9 | — | 1.1 | (1.9 | ) | ||||||
Variable price aluminum offset swaps | — | (4.2 | ) | 2 | (1.5 | ) | |||||
Variable price MWP contracts | 1.8 | — | 1.1 | — | |||||||
Natural gas swaps | — | — | — | — | |||||||
Total | 4.7 | (4.2 | ) | 4.2 | (3.4 | ) | |||||
Variable MWP Contract [Member] | ' | ||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||
As of December 31, 2013, our outstanding variable price MWP contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.11 | 72.4 | |||||||||
2015 | 0.1 | 3.3 | |||||||||
Natural gas swaps [Member] | ' | ||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||
, we have no outstanding natural gas swaps. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of derivatives at fair value, by type of derivative [table textblock] | ' | ||||||||||
We recognize all derivative instruments as either assets or liabilities at their estimated fair value in our accompanying consolidated balance sheets. The following table presents the carrying values of our derivative instruments outstanding (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Fixed price aluminum customer contracts | 2.9 | (0.8 | ) | ||||||||
Variable price aluminum offset swaps | (4.2 | ) | 0.5 | ||||||||
Variable price MWP contracts | 1.8 | 1.1 | |||||||||
Total | 0.5 | 0.8 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||
We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices, natural gas prices and interest rates. All derivatives are held for purposes other than trading. | |||||||||||
Fixed price aluminum swaps. Through 2010, we utilized a hedging strategy designed to reduce commodity price risk and protect operating cash flows in the Primary Aluminum segment through the use of fixed price aluminum sale swaps. In May 2010, we settled all of our remaining fixed price aluminum swaps and used the proceeds to repay indebtedness. As of December 31, 2013, we had no outstanding fixed price aluminum swaps. | |||||||||||
Fixed price customer arrangements. We enter into forward contracts with our customers to sell aluminum in the future at fixed prices in the normal course of business. Beginning in fourth quarter 2011, we began not to elect normal sale accounting on certain customer contracts and began to record those contracts as derivatives ("fixed price aluminum customer contracts"). Because these fixed price customer contracts expose us to aluminum and Midwest premium ("MWP") market price fluctuations, we economically hedge these risks by entering into variable price aluminum swap contracts ("variable-price aluminum offset swaps") and variable price MWP contracts with various brokers, typically for terms of one year or less. | |||||||||||
As of December 31, 2013, our outstanding fixed price aluminum customer contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.99 | 71 | |||||||||
2015 | 1.01 | 3.3 | |||||||||
As of December 31, 2013, our outstanding variable price aluminum offset swaps were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.87 | 77 | |||||||||
2015 | 0.9 | 3.3 | |||||||||
As of December 31, 2013, our outstanding variable price MWP contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.11 | 72.4 | |||||||||
2015 | 0.1 | 3.3 | |||||||||
Natural gas swaps. We purchase natural gas to meet our production requirements. These purchases expose us to the risk of fluctuating natural gas prices. To offset changes in the Henry Hub Index price of natural gas, we have, from time to time, entered into financial swaps by purchasing the fixed forward price for the Henry Hub Index and simultaneously entering into an agreement to sell the actual Henry Hub Index Price. As of December 31, 2013, we have no outstanding natural gas swaps. | |||||||||||
Fixed-price natural gas contract. In 2012, we exercised a provision in the natural gas supply contract for our alumina refinery to set fixed prices for a portion of the refinery's anticipated natural gas usage in the period from April through December 2012. We recorded these contracts as derivatives, based on the fair value using the Henry Hub Index price of natural gas. As of December 31, 2013, we had no fixed price purchases of natural gas remaining. | |||||||||||
Interest rate swaps. We had interest rate swap agreements to limit our exposure to floating interest rates through November 15, 2011. As of December 31, 2013, we had no outstanding interest rate swaps. | |||||||||||
We recognize all derivative instruments as either assets or liabilities at their estimated fair value in our accompanying consolidated balance sheets. The following table presents the carrying values of our derivative instruments outstanding (in millions): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
$ | $ | ||||||||||
Fixed price aluminum customer contracts | 2.9 | (0.8 | ) | ||||||||
Variable price aluminum offset swaps | (4.2 | ) | 0.5 | ||||||||
Variable price MWP contracts | 1.8 | 1.1 | |||||||||
Total | 0.5 | 0.8 | |||||||||
We have three counterparties for our variable price aluminum offset swaps. Our variable-price MWP contracts are with various other counterparties. With each of the counterparties of our variable price aluminum offset swaps, we have a master netting arrangement which is subject to the same guarantee and security provisions as the senior secured credit facilities. The master netting arrangements do not require us to post additional collateral, or cash margin. We present the fair values of derivatives which are subject to a master netting arrangement in a net position on the unaudited consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions): | |||||||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 4.5 | 4.5 | ||||||
Total current derivative assets | — | — | — | 4.5 | 4.5 | ||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 0.2 | 0.2 | ||||||
Total long-term derivative assets | — | — | — | 0.2 | 0.2 | ||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.3 | ) | — | (2.3 | ) | — | (2.3 | ) | |||
Master netting arrangement with counterparty two | (1.7 | ) | — | (1.7 | ) | — | (1.7 | ) | |||
Total current derivative liabilities | (4.0 | ) | — | (4.0 | ) | — | (4.0 | ) | |||
Master netting arrangement with counterparty two | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
Total long-term derivative liabilities | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | 2 | (1.5 | ) | 0.5 | — | 0.5 | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | 2.1 | 2.1 | ||||||
Total current derivative assets | 2 | (1.5 | ) | 0.5 | 2.1 | 2.6 | |||||
Master netting arrangement with counterparty one | — | — | — | 0.1 | 0.1 | ||||||
Total long-term derivative assets | — | — | — | 0.1 | 0.1 | ||||||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (1.5 | ) | 1.5 | — | — | — | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | (1.8 | ) | (1.8 | ) | ||||
Total current derivative liabilities | (1.5 | ) | 1.5 | — | (1.8 | ) | (1.8 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Total long-term derivative liabilities | — | — | — | (0.1 | ) | (0.1 | ) | ||||
For derivative instruments that were designated and qualified as cash flow hedges, the effective portion of any gain or loss on the derivative was reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affected earnings. As of December 31, 2013 and December 31, 2012, respectively, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. | |||||||||||
The following is a gross presentation of the derivative balances segregated by type of contract (in millions): | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Hedges that did not qualify for hedge accounting | Hedges that did not qualify for hedge accounting | ||||||||||
Asset | Liability | Asset | Liability | ||||||||
Fixed price aluminum customer contracts | 2.9 | — | 1.1 | (1.9 | ) | ||||||
Variable price aluminum offset swaps | — | (4.2 | ) | 2 | (1.5 | ) | |||||
Variable price MWP contracts | 1.8 | — | 1.1 | — | |||||||
Natural gas swaps | — | — | — | — | |||||||
Total | 4.7 | (4.2 | ) | 4.2 | (3.4 | ) | |||||
Fixed price aluminum swaps. We discontinued hedge accounting for all our aluminum fixed price sale swaps on January 29, 2009. At that date, amounts were frozen in AOCI until such time as they were reclassified into earnings in the period the hedged sales occurred, or until it was determined that the original forecasted sales are probable of not occurring. During third quarter 2012, we determined that certain of the forecasted sales transactions were no longer probable of occurring and as a result, we reclassified $2.6 million of gains into earnings, which was reflected in gain on hedging activities, net in the consolidated statement of operations for the year ended December 31, 2012. During the year ended December 31, 2013, we reclassified the remaining $6.4 million of gains into earnings, which was reflected in (gain) loss on hedging activities, net in the consolidated statement of operations. As of December 31, 2013, there were no remaining derivative gains or losses on hedging activities in AOCI. | |||||||||||
• | Natural gas swaps. As a result of entering into the fixed-price natural gas contracts, we discontinued hedge accounting for all natural gas contracts designated as cash flow hedges. All remaining amounts were frozen in AOCI and were reclassified into earnings during 2012. | ||||||||||
Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through earnings in (gain) loss on hedging activities, net in the consolidated statements of operations. | |||||||||||
The following table presents how our hedging activities affected our consolidated statements of operations for each period (in millions): | |||||||||||
Derivatives qualified as hedges | Derivatives not qualified as hedges | ||||||||||
Amount reclassified from AOCI | Change in fair value | Total (gain) loss on hedging activities | |||||||||
$ | $ | $ | |||||||||
Year ended December 31, 2013: | |||||||||||
Fixed price aluminum swaps | (6.4 | ) | — | (6.4 | ) | ||||||
Fixed price aluminum customer contracts | — | (3.7 | ) | (3.7 | ) | ||||||
Variable price aluminum offset swaps | — | 13 | 13 | ||||||||
Midwest premium contracts | — | (0.6 | ) | (0.6 | ) | ||||||
Total | (6.4 | ) | 8.7 | 2.3 | |||||||
Year ended December 31, 2012: | |||||||||||
Fixed price aluminum swaps | (109.7 | ) | — | (109.7 | ) | ||||||
Fixed price aluminum customer contracts | — | 2.8 | 2.8 | ||||||||
Variable price aluminum offset swaps | — | 0.2 | 0.2 | ||||||||
Midwest premium contracts | — | (0.7 | ) | (0.7 | ) | ||||||
Natural gas swaps | 25.5 | 0.7 | 26.2 | ||||||||
Total | (84.2 | ) | 3 | (81.2 | ) | ||||||
Year ended December 31, 2011: | |||||||||||
Fixed price aluminum swaps | (114.0 | ) | — | (114.0 | ) | ||||||
Fixed price aluminum customer contracts | — | (2.0 | ) | (2.0 | ) | ||||||
Variable price aluminum offset swaps | — | 9.2 | 9.2 | ||||||||
Natural gas swaps | 15.3 | 4.9 | 20.2 | ||||||||
Interest rate swaps | — | 0.2 | 0.2 | ||||||||
Total | (98.7 | ) | 12.3 | (86.4 | ) | ||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 4.5 | 4.5 | ||||||
Total current derivative assets | — | — | — | 4.5 | 4.5 | ||||||
Various counterparties not subject to a master netting arrangement | — | — | — | 0.2 | 0.2 | ||||||
Total long-term derivative assets | — | — | — | 0.2 | 0.2 | ||||||
As of December 31, 2013 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.3 | ) | — | (2.3 | ) | — | (2.3 | ) | |||
Master netting arrangement with counterparty two | (1.7 | ) | — | (1.7 | ) | — | (1.7 | ) | |||
Total current derivative liabilities | (4.0 | ) | — | (4.0 | ) | — | (4.0 | ) | |||
Master netting arrangement with counterparty two | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
Total long-term derivative liabilities | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative assets offset | Amount offset | Net derivative assets offset | Derivative assets not offset | Derivative assets, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | 2 | (1.5 | ) | 0.5 | — | 0.5 | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | 2.1 | 2.1 | ||||||
Total current derivative assets | 2 | (1.5 | ) | 0.5 | 2.1 | 2.6 | |||||
Master netting arrangement with counterparty one | — | — | — | 0.1 | 0.1 | ||||||
Total long-term derivative assets | — | — | — | 0.1 | 0.1 | ||||||
As of December 31, 2012 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (1.5 | ) | 1.5 | — | — | — | |||||
Various counterparties not subject to a master netting arrangement | — | — | — | (1.8 | ) | (1.8 | ) | ||||
Total current derivative liabilities | (1.5 | ) | 1.5 | — | (1.8 | ) | (1.8 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Total long-term derivative liabilities | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Fixed Price Aluminum Customer Contracts [Member] | ' | ||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||
As of December 31, 2013, our outstanding fixed price aluminum customer contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.99 | 71 | |||||||||
2015 | 1.01 | 3.3 | |||||||||
Variable Price Aluminum Swaps [Member] | ' | ||||||||||
Derivative [Line Items] | ' | ||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||
As of December 31, 2013, our outstanding variable price aluminum offset swaps were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2014 | 0.87 | 77 | |||||||||
2015 | 0.9 | 3.3 | |||||||||
ShareBased_Payments_Schedule_o
Share-Based Payments Schedule of Stock Compensation Expense (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||
We recorded stock compensation expense as follows (in millions): | |||||||
Year ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
Stock options | 0.1 | 0.5 | 2.5 | ||||
Restricted stock and restricted stock unit equity awards | 4.7 | 4.2 | 2.1 | ||||
Restricted stock unit liability awards | — | 0.2 | 0.7 | ||||
Total stock compensation expense before income taxes | 4.8 | 4.9 | 5.3 | ||||
Income tax benefit | (1.6 | ) | (1.6 | ) | (1.9 | ) | |
Total stock compensation expense, net of income taxes | 3.2 | 3.3 | 3.4 | ||||
ShareBased_Payments_ShareBased1
Share-Based Payments Share-Based Payments (Tables) | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |||||||||||||||||||||||||||
Employee And Non Employee Director [Member] | Investor Director Provider [Member] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ' | ' | ||||||||||||||||||||||||||
Our investor director provider RSU activity was as follows: | |||||||||||||||||||||||||||||
# RSUs | |||||||||||||||||||||||||||||
Non-vested, December 31, 2010 | — | ||||||||||||||||||||||||||||
Granted | 90,000 | ||||||||||||||||||||||||||||
Dividend equivalent units granted | 12,443 | ||||||||||||||||||||||||||||
Vested | (68,295 | ) | |||||||||||||||||||||||||||
Non-vested, December 31, 2011 | 34,148 | ||||||||||||||||||||||||||||
Granted | 25,000 | ||||||||||||||||||||||||||||
Dividend equivalent units granted | 638 | ||||||||||||||||||||||||||||
Vested | (34,442 | ) | |||||||||||||||||||||||||||
Non-vested, December 31, 2012 | 25,344 | ||||||||||||||||||||||||||||
Granted | 20,000 | ||||||||||||||||||||||||||||
Dividend equivalent units granted | 728 | ||||||||||||||||||||||||||||
Vested | (20,656 | ) | |||||||||||||||||||||||||||
Forfeited | (5,069 | ) | |||||||||||||||||||||||||||
Non-vested, December 31, 2013 | 20,347 | ||||||||||||||||||||||||||||
Schedule of stock option activity | ' | ' | ' | ||||||||||||||||||||||||||
During the second quarter of 2013, we granted performance shares with market-based vesting conditions to certain senior level employees under our Noranda 2010 Incentive Award Plan. These performance shares can be earned upon the achievement of a specified fair market value of the Company's common stock during the defined performance period. These performance shares are also subject to a three-year continued service vesting provision with earlier vesting permitted under certain conditions, such as upon a change of control of the Company. | |||||||||||||||||||||||||||||
We determined grant date fair value of service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For market-based restricted stock, the effect of the market conditions is reflected in the fair value of the awards on the date of grant using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on the expected term, risk-free interest rate, expected dividend yield and expected volatility measure for the Company. | |||||||||||||||||||||||||||||
We estimated a forfeiture rate for share-based payment awards based on historical forfeiture rates of similar awards, which was 7% for restricted stock and RSUs granted to employees during 2013. We expect all share-based payment awards granted to executives and directors to vest. Dividend equivalent units vest on the same schedule as the related share-based payment awards. Service-vesting restricted stock and RSUs will generally vest over three years, on the anniversary of the grant date, in the following increments: 25% on the first anniversary, 25% on the second anniversary and 50% on the third anniversary. We recognize stock compensation expense on a straight-line basis over the three year vesting period. A grant date had not been determined as of December 31, 2013 for performance-vesting awards granted in 2012 and 2013 because the performance conditions had not yet been determined. | |||||||||||||||||||||||||||||
As of December 31, 2013, unrecognized stock compensation expense related to non-vested options, service-vesting RSUs, restricted stock, investor director provider RSUs and market-based restricted stock was $3.2 million. We will recognize this amount over a weighted-average period of 1.4 years. During first quarter 2013, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2011 because the performance conditions have now been determined. We have not yet recognized stock compensation expense for performance-vesting restricted stock or RSUs awarded in 2012 or 2013 because the performance conditions had not been determined as of December 31, 2013. | |||||||||||||||||||||||||||||
Total fair value of options that vested for the years ended December 31, 2013, 2012 and 2011 was $0.4 million, $1.1 million and $1.2 million, respectively. Total fair value of vested service-vesting RSUs and restricted stock was $3.1 million and $0.8 million respectively, for the year ended December 31, 2013. Only performance-vesting RSUs and restricted stock associated with the 2013 restructuring vested during the year ended December 31, 2013, total fair value of those vested RSUs and restricted stock was $0.1 million. | |||||||||||||||||||||||||||||
During first quarter 2012, in respect of the supplemental dividend of $1.25 discussed in Note 15, "Shareholders' Equity", holders of stock options and of service-vesting restricted stock and RSUs received $1.25 for each share underlying such awards. We accelerated $0.8 million of stock compensation expense in connection with this payment. Holders of performance-vesting restricted stock and RSUs were granted additional performance-vesting restricted stock or RSUs, as applicable. The number of additional shares or units was computed by dividing the amount of the dividend the award holder would have received for a number of shares of our common stock equal to the number subject to the applicable award divided by the fair market value of a share of our common stock on the last trading day before the dividend payment date. These additional shares or units are subject to the same vesting conditions as the underlying awards. Generally, holders of service-vesting and performance-vesting restricted stock and RSUs were granted additional shares or units, with respect to the $0.04 per share and $0.01 per share quarterly dividends during 2013. The number of additional shares or units was computed by dividing the amount of dividend the award holder would have received had the holder owned a number of shares equal to the number subject to the applicable award by the fair market value of a share of our common stock on the last trading day before the date of the dividend payment. These additional shares or units are subject to the same vesting conditions as the underlying award. | |||||||||||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||||||||||
On May 10, 2012, our shareholders approved the 2012 Employee Stock Purchase Plan (the "ESPP"), which became effective on July 1, 2012. A total of 500,000 shares of common stock is available for issuance under the ESPP. The ESPP is designed to provide eligible employees an opportunity to purchase shares of our common stock at 95% of the fair market value on the purchase date. As of December 31, 2013 and December 31, 2012, activity under the ESPP was not material. | |||||||||||||||||||||||||||||
Our stock option activity and related information follows: | |||||||||||||||||||||||||||||
Employee options and non-employee director options | Investor director provider options | ||||||||||||||||||||||||||||
Common | Weighted-average exercise price | Intrinsic value (in millions) | Common | Weighted-average | |||||||||||||||||||||||||
shares | shares | exercise price | |||||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||||
Outstanding, December 31, 2010 | 2,087,056 | 1.76 | 140,000 | 9 | |||||||||||||||||||||||||
Exercised | (426,263 | ) | 1.57 | 5.3 | — | — | |||||||||||||||||||||||
Forfeited | (23,362 | ) | 1.67 | — | — | ||||||||||||||||||||||||
Outstanding, December 31, 2011 | 1,637,431 | 1.81 | 140,000 | 9 | |||||||||||||||||||||||||
Exercised | (329,442 | ) | 1.9 | 1.9 | — | — | |||||||||||||||||||||||
Outstanding, December 31, 2012 | 1,307,989 | 1.89 | 5.7 | 140,000 | 9 | ||||||||||||||||||||||||
Exercised | (104,640 | ) | 1.6 | 0.2 | — | — | |||||||||||||||||||||||
Forfeited | (19,900 | ) | 1.81 | — | — | ||||||||||||||||||||||||
Outstanding, December 31, 2013 | 1,183,449 | 1.92 | 2 | 140,000 | 9 | ||||||||||||||||||||||||
Fully vested and exercisable, December 31, 2013 (weighted-average remaining contractual term of 4.2 years and 3.8 years, respectively) | 1,091,614 | 1.98 | 1.8 | 140,000 | 9 | ||||||||||||||||||||||||
Schedule of RSU activity | ' | ' | ' | ||||||||||||||||||||||||||
Our employee and non-employee director RSU and restricted stock activity was as follows: | |||||||||||||||||||||||||||||
Service-vesting restricted stock and RSUs | Performance-vesting RSUs with grant date | Performance-vesting restricted stock | Performance-vesting restricted stock and RSUs without grant date | ||||||||||||||||||||||||||
(with market condition) | |||||||||||||||||||||||||||||
with grant date | |||||||||||||||||||||||||||||
Awards | Weighted-average grant date fair value | Awards | Weighted-average grant date fair value | Awards | Weighted-average grant date fair value | Awards (1) | |||||||||||||||||||||||
# | $ | # | $ | # | $ | # | |||||||||||||||||||||||
Non-Vested, December 31, 2010 | 103,524 | 11.63 | — | — | — | — | — | ||||||||||||||||||||||
Granted | 432,165 | 14.8 | — | — | — | — | 248,038 | ||||||||||||||||||||||
Dividend equivalent units granted | 66,471 | 7.45 | — | — | — | — | 31,856 | ||||||||||||||||||||||
Vested (aggregate intrinsic value of $0.5 million) | (65,014 | ) | 11.54 | — | — | — | — | — | |||||||||||||||||||||
Forfeited | (57,681 | ) | 13.79 | — | — | — | — | (19,028 | ) | ||||||||||||||||||||
Non-vested, December 31, 2011 | 479,465 | 13.66 | — | — | — | — | 260,866 | ||||||||||||||||||||||
Granted | 407,760 | 11.75 | — | — | — | — | 462,053 | ||||||||||||||||||||||
Dividend equivalent units granted | 16,855 | 7.18 | — | — | — | — | 103,173 | ||||||||||||||||||||||
Vested (aggregate intrinsic value of $1.5 million | (142,506 | ) | 13.62 | — | — | — | — | — | |||||||||||||||||||||
Forfeited | (13,637 | ) | 13.62 | — | — | — | — | (5,429 | ) | ||||||||||||||||||||
Non-vested, December 31, 2012 (aggregate intrinsic value of $9.6 million) | 747,937 | 12.48 | — | — | — | — | 820,663 | ||||||||||||||||||||||
Granted | 502,576 | 4.08 | — | — | 188,000 | 2.13 | 512,988 | ||||||||||||||||||||||
Grant date determined during the period | — | — | 294,336 | 5.22 | — | — | (294,336 | ) | |||||||||||||||||||||
Dividend equivalent units granted | 30,763 | 3.52 | 10,583 | 3.6 | 5,066 | 3.36 | 32,581 | ||||||||||||||||||||||
Vested (aggregate intrinsic value of $1.2 million) | (311,350 | ) | 12.52 | — | — | — | — | (25,612 | ) | ||||||||||||||||||||
Forfeited | (73,816 | ) | 8.67 | (4,479 | ) | 6.05 | — | — | (43,154 | ) | |||||||||||||||||||
Non-vested, December 31, 2013 (aggregate intrinsic value of $7.9 million) | 896,110 | 7.76 | 300,440 | 5.15 | 193,066 | 2.16 | 1,003,130 | ||||||||||||||||||||||
(1) | As a result of the restructuring which took place during the fourth quarter of 2013, employees with performance-vesting restricted stock vested their awards as of their termination date inclusive of a service factor. The aggregate intrinsic value associated with those vestings was $0.1 million as of December 31, 2013 |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule of calculation of net income per common share | ' | |||||||||
Basic and diluted EPS were calculated as follows (in millions, except per share): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net income (loss) | $ | (47.6 | ) | $ | 49.5 | $ | 140.9 | |||
Weighted-average common shares outstanding: | ||||||||||
Basic | 67.94 | 67.55 | 67.06 | |||||||
Effect of dilutive options | — | 1.57 | 1.29 | |||||||
Diluted | 67.94 | 69.12 | 68.35 | |||||||
Net income (loss) per common share: | ||||||||||
Basic | $ | (0.70 | ) | $ | 0.73 | $ | 2.1 | |||
Diluted | $ | (0.70 | ) | $ | 0.72 | $ | 2.06 | |||
Schedule of antidilutive stock options | ' | |||||||||
Those anti-dilutive share-based payment awards were as follows (in millions): | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Antidilutive options | 2.03 | 0.54 | 0.05 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ||||||
Schedule of income before income tax, domestic and foreign | ' | ||||||
The components of income (loss) before income taxes were as follows (in millions): | |||||||
Year ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
United States | (75.8 | ) | 83.4 | 178.3 | |||
Foreign | (2.0 | ) | (8.8 | ) | 8 | ||
Total | (77.8 | ) | 74.6 | 186.3 | |||
Schedule of components of income tax expense (benefit) | ' | ||||||
Income tax expense (benefit) was as follows (in millions): | |||||||
Year ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
Current: | |||||||
Federal | 1.9 | 26.2 | 63.7 | ||||
Foreign | — | — | 2.7 | ||||
State | 0.5 | 1.2 | 3.4 | ||||
Current, total | 2.4 | 27.4 | 69.8 | ||||
Deferred: | |||||||
Federal | (27.4 | ) | 0.6 | (22.1 | ) | ||
Foreign | — | (2.8 | ) | (0.8 | ) | ||
State | (2.0 | ) | (0.1 | ) | (1.5 | ) | |
Effect of state law change | (3.2 | ) | — | — | |||
Deferred, total | (32.6 | ) | (2.3 | ) | (24.4 | ) | |
Total | (30.2 | ) | 25.1 | 45.4 | |||
Schedule of deferred tax assets and liabilities | ' | ||||||
Significant components of our deferred tax assets and liabilities were as follows (in millions): | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
$ | $ | ||||||
Deferred tax liabilities: | |||||||
Property related | 129.9 | 139.4 | |||||
Debt related | 72.3 | 72.3 | |||||
Investments | 34.1 | 38.7 | |||||
Inventory | 7.6 | 12.1 | |||||
Intangibles | 10.5 | 12 | |||||
Derivatives | 0.2 | 2.6 | |||||
Other | 1.6 | 2.2 | |||||
Total deferred tax liabilities | 256.2 | 279.3 | |||||
Deferred tax assets: | |||||||
Compensation related | 56.4 | 76.1 | |||||
Capital and net operating loss carryforwards | 13.5 | 8.8 | |||||
Foreign and state tax credit carryforwards | 0.5 | 1 | |||||
Other | 2 | 2.7 | |||||
Total deferred tax assets | 72.4 | 88.6 | |||||
Valuation allowance for deferred tax assets | (10.8 | ) | (7.0 | ) | |||
Net deferred tax assets | 61.6 | 81.6 | |||||
Net deferred tax liability | 194.6 | 197.7 | |||||
Schedule of effective income tax rate reconciliation | ' | ||||||
The reconciliation of the income taxes, calculated at the rates in effect, with the effective tax rate shown in the consolidated statements of operations, was as follows: | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
% | % | % | |||||
Federal statutory income tax rate | 35 | 35 | 35 | ||||
Reconciling items between federal statutory income tax rate and effective tax rate: | |||||||
State and local income taxes, net of federal benefit | 1.1 | 1.1 | 0.7 | ||||
Internal Revenue Code Sec. 199 manufacturing deduction | — | (3.6 | ) | (3.9 | ) | ||
Federal valuation allowance | — | — | (5.4 | ) | |||
Reserve for uncertain tax positions | — | — | (2.6 | ) | |||
Effect of state law change | 4.2 | — | — | ||||
Other permanent items | (1.5 | ) | 1.1 | 0.6 | |||
Effective tax rate | 38.8 | 33.6 | 24.4 | ||||
Summary of income tax contingencies | ' | ||||||
Changes in amounts of unrecognized tax benefits were as follows (in millions): | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
$ | $ | $ | |||||
Beginning of period | 2 | 2 | 10.2 | ||||
Tax positions related to the prior period: | |||||||
Lapses on statute of limitations | (0.2 | ) | — | (8.2 | ) | ||
End of period | 1.8 | 2 | 2 | ||||
Related_Party_Transaction_Rela
Related Party Transaction Related Party Transactions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transaction [Line Items] | ' | ||||
Schedule of related party sales transactions [Table textblock] | ' | ||||
Sales to Metals USA Holdings Corp. and its subsidiaries were as follows (in millions): | |||||
Year ended December 31, | $ | ||||
2013 (1) | 4.2 | ||||
2012 | 11.4 | ||||
2011 | 19.4 | ||||
Schedule of related party receivables [Table Text Block] | ' | ||||
Accounts receivable from related parties were as follows: | |||||
Year ended December 31, | |||||
2013 | 2012 | ||||
$ | $ | ||||
Berry Plastics Corporation | 0.3 | 0.4 | |||
Metals USA Holdings Corp. (1) | — | 1 | |||
Related party, Berry Plastics Corporation, an affiliate of Apollo [Member] | ' | ||||
Related Party Transaction [Line Items] | ' | ||||
Schedule of related party sales transactions [Table textblock] | ' | ||||
We sell flat-rolled products to Berry Plastics Corporation, a portfolio company of Apollo, under an annual sales contract. Sales to this entity were as follows (in millions): | |||||
Year ended December 31, | $ | ||||
2013 | 8.5 | ||||
2012 | 9.5 | ||||
2011 | 9 | ||||
NonControlling_Interest_Tables
Non-Controlling Interest (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Noncontrolling Interest Items [Abstract] | ' | ||||||||||||
Schedule of balance sheet components of consolidated noncontrolling interest | ' | ||||||||||||
Due to the consolidation of NJBP, the following amounts were included in our consolidated balance sheets (in millions): | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
NJBP | Impact of Eliminations | Impact on | NJBP | Impact of Eliminations | Impact on | ||||||||
balances | consolidated | balances | consolidated | ||||||||||
statements | statements | ||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Cash and cash equivalents | 0.6 | — | 0.6 | 1.7 | — | 1.7 | |||||||
Accounts receivable, net | 13.3 | (13.3 | ) | — | 15.4 | (15.4 | ) | — | |||||
Inventories, net (consisting of maintenance supplies, inventory and fuel) | 15.6 | — | 15.6 | 12.6 | — | 12.6 | |||||||
Other current assets | 2 | — | 2 | 1.6 | — | 1.6 | |||||||
Property, plant and equipment, net | 42.6 | — | 42.6 | 40.1 | — | 40.1 | |||||||
Other assets | 5.1 | — | 5.1 | 5 | — | 5 | |||||||
Accounts payable | (62.1 | ) | 55.5 | (6.6 | ) | (58.3 | ) | 49.2 | (9.1 | ) | |||
Accrued liabilities | (3.8 | ) | — | (3.8 | ) | (3.8 | ) | — | (3.8 | ) | |||
Environmental, land and reclamation liabilities | (1.4 | ) | — | (1.4 | ) | (2.4 | ) | — | (2.4 | ) | |||
Non-controlling interest | (6.0 | ) | — | (6.0 | ) | (6.0 | ) | — | (6.0 | ) | |||
NBP’s net investment and advances to NJBP | 5.9 | 42.2 | 48.1 | 5.9 | 33.8 | 39.7 | |||||||
Subsidiary_Issuer_of_Guarantee1
Subsidiary Issuer of Guaranteed Notes Subsidiary Issuer of Guaranteed Notes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsidiary Issuer Of Guaranteed Notes [Abstract] | ' | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||
SUBSIDIARY ISSUER OF GUARANTEED NOTES | |||||||||||||
The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future wholly owned domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and St. Ann are not guarantors of the senior secured credit facilities and are not guarantors of the AcquisitionCo Notes. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries. | |||||||||||||
The following consolidating financial statements present separately the financial condition and results of operations and cash flows (condensed) for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations ("the guarantor financial statements"). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered." | |||||||||||||
The accounting policies used in the preparation of the guarantor financial statements are consistent with those elsewhere in the accompanying consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation. | |||||||||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
Accounts receivable, net | |||||||||||||
Trade | — | — | 81.6 | 5.1 | — | 86.7 | |||||||
Affiliates | 19.1 | 11.9 | 5.3 | 7.4 | (43.7 | ) | — | ||||||
Inventories, net | — | — | 148.8 | 29.9 | — | 178.7 | |||||||
Taxes receivable | 1.6 | — | 1.3 | (0.3 | ) | — | 2.6 | ||||||
Prepaid expenses | 0.2 | — | 3.7 | 0.7 | — | 4.6 | |||||||
Other current assets | — | — | 6.8 | 5.5 | — | 12.3 | |||||||
Total current assets | 21.3 | 78.6 | 248.6 | 59.5 | (43.7 | ) | 364.3 | ||||||
Investments in affiliates | 341.9 | 1,565.50 | — | — | (1,907.4 | ) | — | ||||||
Advances due from affiliates | — | 122.2 | 730.3 | 63.5 | (916.0 | ) | — | ||||||
Property, plant and equipment, net | — | — | 612 | 65.2 | — | 677.2 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 55.2 | — | — | 55.2 | |||||||
Other assets | — | 7.7 | 51.8 | 28.3 | — | 87.8 | |||||||
Total assets | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | 0.2 | 79.3 | 9.7 | — | 89.2 | |||||||
Affiliates | — | 19.1 | 7.4 | 17.2 | (43.7 | ) | — | ||||||
Accrued liabilities | — | 2 | 38.4 | 20.6 | — | 61 | |||||||
Derivative liabilities, net | — | — | 4 | — | — | 4 | |||||||
Deferred tax liabilities | 0.1 | — | 2 | — | — | 2.1 | |||||||
Current portion of long-term debt | — | 4.9 | — | — | — | 4.9 | |||||||
Total current liabilities | 0.1 | 26.2 | 131.1 | 47.5 | (43.7 | ) | 161.2 | ||||||
Long-term debt | — | 643.2 | — | 11 | — | 654.2 | |||||||
Long-term derivative liabilities, net | — | — | 0.2 | — | — | 0.2 | |||||||
Pension and other post-retirement liabilities | — | — | 109.9 | 5.9 | — | 115.8 | |||||||
Other long-term liabilities | — | — | 38.2 | 11.6 | — | 49.8 | |||||||
Advances due to affiliates | 186.3 | 729.7 | — | — | (916.0 | ) | — | ||||||
Long-term deferred tax liabilities | 35.5 | 33 | 124 | 1.1 | — | 193.6 | |||||||
Common stock subject to redemption | — | — | — | — | — | — | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 239.7 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 239.7 | ||||||
Retained earnings (accumulated deficit) | (38.7 | ) | 50.2 | 289.1 | 53.4 | (392.7 | ) | (38.7 | ) | ||||
Accumulated other comprehensive income (loss) | (60.4 | ) | (60.4 | ) | (56.7 | ) | (3.7 | ) | 120.8 | (60.4 | ) | ||
Total shareholders' equity | 141.3 | 341.9 | 1,432.10 | 133.4 | (1,907.4 | ) | 141.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 141.3 | 341.9 | 1,432.10 | 139.4 | (1,907.4 | ) | 147.3 | ||||||
Total liabilities and equity | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 101.6 | 5 | — | 106.6 | |||||||
Affiliates | 19.4 | 11.9 | 0.3 | 9.9 | (41.5 | ) | — | ||||||
Inventories, net, | — | — | 169.1 | 27.2 | (0.5 | ) | 195.8 | ||||||
Taxes receivable | 1.7 | — | 0.6 | (0.3 | ) | — | 2 | ||||||
Prepaid expenses | 0.2 | — | 7.1 | 1.6 | — | 8.9 | |||||||
Other current assets | — | — | 4.9 | 14 | — | 18.9 | |||||||
Total current assets | 21.8 | 39.8 | 286.9 | 61.8 | (42.0 | ) | 368.3 | ||||||
Investments in affiliates | 347 | 1,509.00 | — | — | (1,856.0 | ) | — | ||||||
Advances due from affiliates | — | 119.8 | 682.1 | 63.5 | (865.4 | ) | — | ||||||
Property, plant and equipment, net | — | — | 633.2 | 61.3 | — | 694.5 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 61.2 | — | — | 61.2 | |||||||
Other assets | — | 9.3 | 55.6 | 31.2 | — | 96.1 | |||||||
Total assets | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 97.5 | 9.7 | — | 107.2 | |||||||
Affiliates | — | 19.4 | 9.9 | 12.2 | (41.5 | ) | — | ||||||
Accrued liabilities | — | 2 | 30.4 | 26.4 | — | 58.8 | |||||||
Derivative liabilities net | — | — | 1.8 | — | — | 1.8 | |||||||
Deferred tax liabilities | 0.1 | — | 16.7 | — | — | 16.8 | |||||||
Current portion of long-term debt | — | 3.3 | — | — | — | 3.3 | |||||||
Total current liabilities | 0.1 | 24.7 | 156.3 | 48.3 | (41.5 | ) | 187.9 | ||||||
Long-term debt | — | 592.4 | — | — | — | 592.4 | |||||||
Long-term derivative liabilities, net | — | — | 0.1 | — | — | 0.1 | |||||||
Pension and other post-retirement liabilities | — | — | 181.5 | 5.7 | — | 187.2 | |||||||
Other long-term liabilities | — | — | 36.7 | 15.6 | — | 52.3 | |||||||
Advances due to affiliates | 183.7 | 681.7 | — | — | (865.4 | ) | — | ||||||
Long-term deferred tax liabilities | 36.7 | 32.1 | 112.6 | 2.6 | (0.5 | ) | 183.5 | ||||||
Common stock subject to redemption | 2 | — | — | — | — | 2 | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 233.4 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 233.4 | ||||||
Retained earnings (accumulated deficit) | 17.9 | 100.6 | 276.1 | 55.2 | (431.9 | ) | 17.9 | ||||||
Accumulated other comprehensive income (loss) | (105.7 | ) | (105.7 | ) | (106.4 | ) | 0.7 | 211.4 | (105.7 | ) | |||
Total shareholders’ equity | 146.3 | 347 | 1,369.40 | 139.6 | (1,856.0 | ) | 146.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 146.3 | 347 | 1,369.40 | 145.6 | (1,856.0 | ) | 152.3 | ||||||
Total liabilities and equity | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,296.70 | 129 | (82.2 | ) | 1,343.50 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,236.90 | 117.1 | (82.1 | ) | 1,271.90 | ||||||
Selling, general and administrative expenses | 6.2 | 1.1 | 76.1 | 13.8 | (0.1 | ) | 97.1 | ||||||
Total operating costs and expenses | 6.2 | 1.1 | 1,313.00 | 130.9 | (82.2 | ) | 1,369.00 | ||||||
Operating income (loss) | (6.2 | ) | (1.1 | ) | (16.3 | ) | (1.9 | ) | — | (25.5 | ) | ||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 47.6 | 0.2 | 0.1 | — | 47.5 | ||||||
(Gain) loss on hedging activities, net | — | — | 2.3 | — | — | 2.3 | |||||||
Debt refinancing expense | — | 2.5 | — | — | — | 2.5 | |||||||
Total other (income) expense, net | (0.4 | ) | 50.1 | 2.5 | 0.1 | — | 52.3 | ||||||
Income (loss) before income taxes | (5.8 | ) | (51.2 | ) | (18.8 | ) | (2.0 | ) | — | (77.8 | ) | ||
Income tax expense (benefit) | (1.7 | ) | (18.4 | ) | (10.1 | ) | — | — | (30.2 | ) | |||
Equity in net income of subsidiaries | (43.5 | ) | (10.7 | ) | — | — | 54.2 | — | |||||
Net income (loss) | (47.6 | ) | (43.5 | ) | (8.7 | ) | (2.0 | ) | 54.2 | (47.6 | ) | ||
Other comprehensive income (loss) | 45.3 | 45.3 | 49.7 | (4.4 | ) | (90.6 | ) | 45.3 | |||||
Total comprehensive income (loss) | (2.3 | ) | 1.8 | 41 | (6.4 | ) | (36.4 | ) | (2.3 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,344.00 | 130.2 | (79.3 | ) | 1,394.90 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,232.70 | 124.3 | (79.3 | ) | 1,277.70 | ||||||
Selling, general and administrative expenses | 6.3 | 0.8 | 60.8 | 14.7 | — | 82.6 | |||||||
Total operating costs and expenses | 6.3 | 0.8 | 1,293.50 | 139 | (79.3 | ) | 1,360.30 | ||||||
Operating income (loss) | (6.3 | ) | (0.8 | ) | 50.5 | (8.8 | ) | — | 34.6 | ||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 33.3 | 0.2 | — | — | 33.1 | ||||||
(Gain) loss on hedging activities, net | — | — | (81.2 | ) | — | — | (81.2 | ) | |||||
Debt refinancing expense | — | 8.1 | — | — | — | 8.1 | |||||||
Total other (income) expense, net | (0.4 | ) | 41.4 | (81.0 | ) | — | — | (40.0 | ) | ||||
Income (loss) before income taxes | (5.9 | ) | (42.2 | ) | 131.5 | (8.8 | ) | — | 74.6 | ||||
Income tax expense (benefit) | (2.1 | ) | (14.9 | ) | 44.9 | (2.8 | ) | — | 25.1 | ||||
Equity in net income (loss) of subsidiaries | 53.3 | 80.6 | — | — | (133.9 | ) | — | ||||||
Net income (loss) | 49.5 | 53.3 | 86.6 | (6.0 | ) | (133.9 | ) | 49.5 | |||||
Other comprehensive income (loss) | (63.3 | ) | (63.3 | ) | (66.6 | ) | 3.3 | 126.6 | (63.3 | ) | |||
Total comprehensive income (loss) | (13.8 | ) | (10.0 | ) | 20 | (2.7 | ) | (7.3 | ) | (13.8 | ) | ||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,491.90 | 150.9 | (83.0 | ) | 1,559.80 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,298.90 | 128.6 | (83.0 | ) | 1,344.50 | ||||||
Selling, general and administrative expenses | 6.8 | 0.3 | 72.5 | 14.3 | — | 93.9 | |||||||
Total operating costs and expenses | 6.8 | 0.3 | 1,371.40 | 142.9 | (83.0 | ) | 1,438.40 | ||||||
Operating income (loss) | (6.8 | ) | (0.3 | ) | 120.5 | 8 | — | 121.4 | |||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 21.8 | 0.1 | — | — | 21.5 | ||||||
(Gain) loss on hedging activities, net | — | — | (86.4 | ) | — | — | (86.4 | ) | |||||
Total other (income) expense, net | (0.4 | ) | 21.8 | (86.3 | ) | — | — | (64.9 | ) | ||||
Income (loss) before income taxes | (6.4 | ) | (22.1 | ) | 206.8 | 8 | — | 186.3 | |||||
Income tax expense (benefit) | (2.3 | ) | (7.8 | ) | 53.6 | 1.9 | — | 45.4 | |||||
Equity in net income (loss) of subsidiaries | 145 | 159.3 | — | — | (304.3 | ) | — | ||||||
Net income (loss) | 140.9 | 145 | 153.2 | 6.1 | (304.3 | ) | 140.9 | ||||||
Other comprehensive income (loss) | (111.9 | ) | (111.9 | ) | (115.5 | ) | 3.7 | 223.7 | (111.9 | ) | |||
Total comprehensive income (loss) | 29 | 33.1 | 37.7 | 9.8 | (80.6 | ) | 29 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (0.4 | ) | (0.8 | ) | 58.8 | 6.6 | — | 64.2 | |||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | (61.9 | ) | (10.8 | ) | (72.7 | ) | |||||||
Proceeds from sale of property, plant and equipment | 0.9 | — | 0.9 | ||||||||||
Cash used in investing activities | — | — | (61.0 | ) | (10.8 | ) | — | (71.8 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | (0.2 | ) | (0.2 | ) | |||||||||
Dividends paid to shareholders | (8.8 | ) | (8.8 | ) | |||||||||
Distributions paid to share-based award holders | — | ||||||||||||
Repayments of long-term debt | (280.0 | ) | (280.0 | ) | |||||||||
Borrowings on long-term debt | 331.8 | 11 | 342.8 | ||||||||||
Payments of financing cost | (2.9 | ) | (2.9 | ) | |||||||||
Excess tax benefit related to share-based payment arrangements | — | ||||||||||||
Distribution (to parent) from subsidiary | 9.3 | (9.3 | ) | — | |||||||||
Cash provided by financing activities | 0.3 | 39.6 | — | 11 | — | 50.9 | |||||||
Change in cash and cash equivalents | (0.1 | ) | 38.8 | (2.2 | ) | 6.8 | — | 43.3 | |||||
Cash and cash equivalents, beginning of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Cash and cash equivalents, end of period | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | 187.8 | (251.1 | ) | 75.3 | 6.9 | — | 18.9 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (80.2 | ) | (7.7 | ) | — | (87.9 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 4.9 | 0.4 | — | 5.3 | |||||||
Cash used in investing activities | — | — | (75.3 | ) | (7.3 | ) | — | (82.6 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements | 0.2 | — | — | — | — | 0.2 | |||||||
Dividends paid to shareholders | (95.1 | ) | — | — | — | — | (95.1 | ) | |||||
Distributions paid to share-based award holders | (3.1 | ) | — | — | — | — | (3.1 | ) | |||||
Repayments of long-term debt | — | (155.0 | ) | — | — | — | (155.0 | ) | |||||
Borrowings on long-term debt | — | 322.6 | — | — | — | 322.6 | |||||||
Payment of financing cost | — | (12.6 | ) | — | — | — | (12.6 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.1 | — | — | — | — | 0.1 | |||||||
Distribution (to parent) from subsidiary | (92.7 | ) | 92.7 | — | — | — | — | ||||||
Cash provided by (used in) financing activities | (190.6 | ) | 247.7 | — | — | — | 57.1 | ||||||
Change in cash and cash equivalents | (2.8 | ) | (3.4 | ) | — | (0.4 | ) | — | (6.6 | ) | |||
Cash and cash equivalents, beginning of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
Cash and cash equivalents, end of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (4.7 | ) | 81.3 | 57 | 7 | — | 140.6 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (56.4 | ) | (8.2 | ) | — | (64.6 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | 2.4 | — | 2.6 | |||||||
Cash used in investing activities | — | — | (56.2 | ) | (5.8 | ) | — | (62.0 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, equity offerings | 0.7 | — | — | — | — | 0.7 | |||||||
Dividends paid to shareholders | (69.3 | ) | — | — | — | — | (69.3 | ) | |||||
Distributions paid to share-based award holders | (1.8 | ) | — | — | — | — | (1.8 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.7 | — | — | — | — | 0.7 | |||||||
Distribution (to parent) from subsidiary | 70.4 | (70.4 | ) | — | — | — | — | ||||||
Cash provided by (used in) financing activities | 0.7 | (70.4 | ) | — | — | — | (69.7 | ) | |||||
Change in cash and cash equivalents | (4.0 | ) | 10.9 | 0.8 | 1.2 | — | 8.9 | ||||||
Cash and cash equivalents, beginning of period | 7.3 | 20.4 | 2.5 | 3.6 | — | 33.8 | |||||||
Cash and cash equivalents, end of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
SUBSIDIARY ISSUER OF GUARANTEED NOTES | |||||||||||||
The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future wholly owned domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and St. Ann are not guarantors of the senior secured credit facilities and are not guarantors of the AcquisitionCo Notes. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries. | |||||||||||||
The following consolidating financial statements present separately the financial condition and results of operations and cash flows (condensed) for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations ("the guarantor financial statements"). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered." | |||||||||||||
The accounting policies used in the preparation of the guarantor financial statements are consistent with those elsewhere in the accompanying consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation. | |||||||||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
Accounts receivable, net | |||||||||||||
Trade | — | — | 81.6 | 5.1 | — | 86.7 | |||||||
Affiliates | 19.1 | 11.9 | 5.3 | 7.4 | (43.7 | ) | — | ||||||
Inventories, net | — | — | 148.8 | 29.9 | — | 178.7 | |||||||
Taxes receivable | 1.6 | — | 1.3 | (0.3 | ) | — | 2.6 | ||||||
Prepaid expenses | 0.2 | — | 3.7 | 0.7 | — | 4.6 | |||||||
Other current assets | — | — | 6.8 | 5.5 | — | 12.3 | |||||||
Total current assets | 21.3 | 78.6 | 248.6 | 59.5 | (43.7 | ) | 364.3 | ||||||
Investments in affiliates | 341.9 | 1,565.50 | — | — | (1,907.4 | ) | — | ||||||
Advances due from affiliates | — | 122.2 | 730.3 | 63.5 | (916.0 | ) | — | ||||||
Property, plant and equipment, net | — | — | 612 | 65.2 | — | 677.2 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 55.2 | — | — | 55.2 | |||||||
Other assets | — | 7.7 | 51.8 | 28.3 | — | 87.8 | |||||||
Total assets | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | 0.2 | 79.3 | 9.7 | — | 89.2 | |||||||
Affiliates | — | 19.1 | 7.4 | 17.2 | (43.7 | ) | — | ||||||
Accrued liabilities | — | 2 | 38.4 | 20.6 | — | 61 | |||||||
Derivative liabilities, net | — | — | 4 | — | — | 4 | |||||||
Deferred tax liabilities | 0.1 | — | 2 | — | — | 2.1 | |||||||
Current portion of long-term debt | — | 4.9 | — | — | — | 4.9 | |||||||
Total current liabilities | 0.1 | 26.2 | 131.1 | 47.5 | (43.7 | ) | 161.2 | ||||||
Long-term debt | — | 643.2 | — | 11 | — | 654.2 | |||||||
Long-term derivative liabilities, net | — | — | 0.2 | — | — | 0.2 | |||||||
Pension and other post-retirement liabilities | — | — | 109.9 | 5.9 | — | 115.8 | |||||||
Other long-term liabilities | — | — | 38.2 | 11.6 | — | 49.8 | |||||||
Advances due to affiliates | 186.3 | 729.7 | — | — | (916.0 | ) | — | ||||||
Long-term deferred tax liabilities | 35.5 | 33 | 124 | 1.1 | — | 193.6 | |||||||
Common stock subject to redemption | — | — | — | — | — | — | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 239.7 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 239.7 | ||||||
Retained earnings (accumulated deficit) | (38.7 | ) | 50.2 | 289.1 | 53.4 | (392.7 | ) | (38.7 | ) | ||||
Accumulated other comprehensive income (loss) | (60.4 | ) | (60.4 | ) | (56.7 | ) | (3.7 | ) | 120.8 | (60.4 | ) | ||
Total shareholders' equity | 141.3 | 341.9 | 1,432.10 | 133.4 | (1,907.4 | ) | 141.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 141.3 | 341.9 | 1,432.10 | 139.4 | (1,907.4 | ) | 147.3 | ||||||
Total liabilities and equity | 363.2 | 1,774.00 | 1,835.50 | 216.5 | (2,867.1 | ) | 1,322.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Balance Sheet | |||||||||||||
December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 101.6 | 5 | — | 106.6 | |||||||
Affiliates | 19.4 | 11.9 | 0.3 | 9.9 | (41.5 | ) | — | ||||||
Inventories, net, | — | — | 169.1 | 27.2 | (0.5 | ) | 195.8 | ||||||
Taxes receivable | 1.7 | — | 0.6 | (0.3 | ) | — | 2 | ||||||
Prepaid expenses | 0.2 | — | 7.1 | 1.6 | — | 8.9 | |||||||
Other current assets | — | — | 4.9 | 14 | — | 18.9 | |||||||
Total current assets | 21.8 | 39.8 | 286.9 | 61.8 | (42.0 | ) | 368.3 | ||||||
Investments in affiliates | 347 | 1,509.00 | — | — | (1,856.0 | ) | — | ||||||
Advances due from affiliates | — | 119.8 | 682.1 | 63.5 | (865.4 | ) | — | ||||||
Property, plant and equipment, net | — | — | 633.2 | 61.3 | — | 694.5 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 61.2 | — | — | 61.2 | |||||||
Other assets | — | 9.3 | 55.6 | 31.2 | — | 96.1 | |||||||
Total assets | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 97.5 | 9.7 | — | 107.2 | |||||||
Affiliates | — | 19.4 | 9.9 | 12.2 | (41.5 | ) | — | ||||||
Accrued liabilities | — | 2 | 30.4 | 26.4 | — | 58.8 | |||||||
Derivative liabilities net | — | — | 1.8 | — | — | 1.8 | |||||||
Deferred tax liabilities | 0.1 | — | 16.7 | — | — | 16.8 | |||||||
Current portion of long-term debt | — | 3.3 | — | — | — | 3.3 | |||||||
Total current liabilities | 0.1 | 24.7 | 156.3 | 48.3 | (41.5 | ) | 187.9 | ||||||
Long-term debt | — | 592.4 | — | — | — | 592.4 | |||||||
Long-term derivative liabilities, net | — | — | 0.1 | — | — | 0.1 | |||||||
Pension and other post-retirement liabilities | — | — | 181.5 | 5.7 | — | 187.2 | |||||||
Other long-term liabilities | — | — | 36.7 | 15.6 | — | 52.3 | |||||||
Advances due to affiliates | 183.7 | 681.7 | — | — | (865.4 | ) | — | ||||||
Long-term deferred tax liabilities | 36.7 | 32.1 | 112.6 | 2.6 | (0.5 | ) | 183.5 | ||||||
Common stock subject to redemption | 2 | — | — | — | — | 2 | |||||||
Shareholders’ equity: | |||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 233.4 | 352.1 | 1,199.70 | 83.7 | (1,635.5 | ) | 233.4 | ||||||
Retained earnings (accumulated deficit) | 17.9 | 100.6 | 276.1 | 55.2 | (431.9 | ) | 17.9 | ||||||
Accumulated other comprehensive income (loss) | (105.7 | ) | (105.7 | ) | (106.4 | ) | 0.7 | 211.4 | (105.7 | ) | |||
Total shareholders’ equity | 146.3 | 347 | 1,369.40 | 139.6 | (1,856.0 | ) | 146.3 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 146.3 | 347 | 1,369.40 | 145.6 | (1,856.0 | ) | 152.3 | ||||||
Total liabilities and equity | 368.8 | 1,677.90 | 1,856.60 | 217.8 | (2,763.4 | ) | 1,357.70 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,296.70 | 129 | (82.2 | ) | 1,343.50 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,236.90 | 117.1 | (82.1 | ) | 1,271.90 | ||||||
Selling, general and administrative expenses | 6.2 | 1.1 | 76.1 | 13.8 | (0.1 | ) | 97.1 | ||||||
Total operating costs and expenses | 6.2 | 1.1 | 1,313.00 | 130.9 | (82.2 | ) | 1,369.00 | ||||||
Operating income (loss) | (6.2 | ) | (1.1 | ) | (16.3 | ) | (1.9 | ) | — | (25.5 | ) | ||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 47.6 | 0.2 | 0.1 | — | 47.5 | ||||||
(Gain) loss on hedging activities, net | — | — | 2.3 | — | — | 2.3 | |||||||
Debt refinancing expense | — | 2.5 | — | — | — | 2.5 | |||||||
Total other (income) expense, net | (0.4 | ) | 50.1 | 2.5 | 0.1 | — | 52.3 | ||||||
Income (loss) before income taxes | (5.8 | ) | (51.2 | ) | (18.8 | ) | (2.0 | ) | — | (77.8 | ) | ||
Income tax expense (benefit) | (1.7 | ) | (18.4 | ) | (10.1 | ) | — | — | (30.2 | ) | |||
Equity in net income of subsidiaries | (43.5 | ) | (10.7 | ) | — | — | 54.2 | — | |||||
Net income (loss) | (47.6 | ) | (43.5 | ) | (8.7 | ) | (2.0 | ) | 54.2 | (47.6 | ) | ||
Other comprehensive income (loss) | 45.3 | 45.3 | 49.7 | (4.4 | ) | (90.6 | ) | 45.3 | |||||
Total comprehensive income (loss) | (2.3 | ) | 1.8 | 41 | (6.4 | ) | (36.4 | ) | (2.3 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,344.00 | 130.2 | (79.3 | ) | 1,394.90 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,232.70 | 124.3 | (79.3 | ) | 1,277.70 | ||||||
Selling, general and administrative expenses | 6.3 | 0.8 | 60.8 | 14.7 | — | 82.6 | |||||||
Total operating costs and expenses | 6.3 | 0.8 | 1,293.50 | 139 | (79.3 | ) | 1,360.30 | ||||||
Operating income (loss) | (6.3 | ) | (0.8 | ) | 50.5 | (8.8 | ) | — | 34.6 | ||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 33.3 | 0.2 | — | — | 33.1 | ||||||
(Gain) loss on hedging activities, net | — | — | (81.2 | ) | — | — | (81.2 | ) | |||||
Debt refinancing expense | — | 8.1 | — | — | — | 8.1 | |||||||
Total other (income) expense, net | (0.4 | ) | 41.4 | (81.0 | ) | — | — | (40.0 | ) | ||||
Income (loss) before income taxes | (5.9 | ) | (42.2 | ) | 131.5 | (8.8 | ) | — | 74.6 | ||||
Income tax expense (benefit) | (2.1 | ) | (14.9 | ) | 44.9 | (2.8 | ) | — | 25.1 | ||||
Equity in net income (loss) of subsidiaries | 53.3 | 80.6 | — | — | (133.9 | ) | — | ||||||
Net income (loss) | 49.5 | 53.3 | 86.6 | (6.0 | ) | (133.9 | ) | 49.5 | |||||
Other comprehensive income (loss) | (63.3 | ) | (63.3 | ) | (66.6 | ) | 3.3 | 126.6 | (63.3 | ) | |||
Total comprehensive income (loss) | (13.8 | ) | (10.0 | ) | 20 | (2.7 | ) | (7.3 | ) | (13.8 | ) | ||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Consolidating Statement of Operations | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 1,491.90 | 150.9 | (83.0 | ) | 1,559.80 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 1,298.90 | 128.6 | (83.0 | ) | 1,344.50 | ||||||
Selling, general and administrative expenses | 6.8 | 0.3 | 72.5 | 14.3 | — | 93.9 | |||||||
Total operating costs and expenses | 6.8 | 0.3 | 1,371.40 | 142.9 | (83.0 | ) | 1,438.40 | ||||||
Operating income (loss) | (6.8 | ) | (0.3 | ) | 120.5 | 8 | — | 121.4 | |||||
Other (income) expense: | |||||||||||||
Interest expense, net | (0.4 | ) | 21.8 | 0.1 | — | — | 21.5 | ||||||
(Gain) loss on hedging activities, net | — | — | (86.4 | ) | — | — | (86.4 | ) | |||||
Total other (income) expense, net | (0.4 | ) | 21.8 | (86.3 | ) | — | — | (64.9 | ) | ||||
Income (loss) before income taxes | (6.4 | ) | (22.1 | ) | 206.8 | 8 | — | 186.3 | |||||
Income tax expense (benefit) | (2.3 | ) | (7.8 | ) | 53.6 | 1.9 | — | 45.4 | |||||
Equity in net income (loss) of subsidiaries | 145 | 159.3 | — | — | (304.3 | ) | — | ||||||
Net income (loss) | 140.9 | 145 | 153.2 | 6.1 | (304.3 | ) | 140.9 | ||||||
Other comprehensive income (loss) | (111.9 | ) | (111.9 | ) | (115.5 | ) | 3.7 | 223.7 | (111.9 | ) | |||
Total comprehensive income (loss) | 29 | 33.1 | 37.7 | 9.8 | (80.6 | ) | 29 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (0.4 | ) | (0.8 | ) | 58.8 | 6.6 | — | 64.2 | |||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | (61.9 | ) | (10.8 | ) | (72.7 | ) | |||||||
Proceeds from sale of property, plant and equipment | 0.9 | — | 0.9 | ||||||||||
Cash used in investing activities | — | — | (61.0 | ) | (10.8 | ) | — | (71.8 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | (0.2 | ) | (0.2 | ) | |||||||||
Dividends paid to shareholders | (8.8 | ) | (8.8 | ) | |||||||||
Distributions paid to share-based award holders | — | ||||||||||||
Repayments of long-term debt | (280.0 | ) | (280.0 | ) | |||||||||
Borrowings on long-term debt | 331.8 | 11 | 342.8 | ||||||||||
Payments of financing cost | (2.9 | ) | (2.9 | ) | |||||||||
Excess tax benefit related to share-based payment arrangements | — | ||||||||||||
Distribution (to parent) from subsidiary | 9.3 | (9.3 | ) | — | |||||||||
Cash provided by financing activities | 0.3 | 39.6 | — | 11 | — | 50.9 | |||||||
Change in cash and cash equivalents | (0.1 | ) | 38.8 | (2.2 | ) | 6.8 | — | 43.3 | |||||
Cash and cash equivalents, beginning of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
Cash and cash equivalents, end of period | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2012 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | 187.8 | (251.1 | ) | 75.3 | 6.9 | — | 18.9 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (80.2 | ) | (7.7 | ) | — | (87.9 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 4.9 | 0.4 | — | 5.3 | |||||||
Cash used in investing activities | — | — | (75.3 | ) | (7.3 | ) | — | (82.6 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, share-based payment arrangements | 0.2 | — | — | — | — | 0.2 | |||||||
Dividends paid to shareholders | (95.1 | ) | — | — | — | — | (95.1 | ) | |||||
Distributions paid to share-based award holders | (3.1 | ) | — | — | — | — | (3.1 | ) | |||||
Repayments of long-term debt | — | (155.0 | ) | — | — | — | (155.0 | ) | |||||
Borrowings on long-term debt | — | 322.6 | — | — | — | 322.6 | |||||||
Payment of financing cost | — | (12.6 | ) | — | — | — | (12.6 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.1 | — | — | — | — | 0.1 | |||||||
Distribution (to parent) from subsidiary | (92.7 | ) | 92.7 | — | — | — | — | ||||||
Cash provided by (used in) financing activities | (190.6 | ) | 247.7 | — | — | — | 57.1 | ||||||
Change in cash and cash equivalents | (2.8 | ) | (3.4 | ) | — | (0.4 | ) | — | (6.6 | ) | |||
Cash and cash equivalents, beginning of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
Cash and cash equivalents, end of period | 0.5 | 27.9 | 3.3 | 4.4 | — | 36.1 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year ended December 31, 2011 | |||||||||||||
(in millions) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (4.7 | ) | 81.3 | 57 | 7 | — | 140.6 | ||||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (56.4 | ) | (8.2 | ) | — | (64.6 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | 2.4 | — | 2.6 | |||||||
Cash used in investing activities | — | — | (56.2 | ) | (5.8 | ) | — | (62.0 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Proceeds from issuance of common shares, equity offerings | 0.7 | — | — | — | — | 0.7 | |||||||
Dividends paid to shareholders | (69.3 | ) | — | — | — | — | (69.3 | ) | |||||
Distributions paid to share-based award holders | (1.8 | ) | — | — | — | — | (1.8 | ) | |||||
Excess tax benefit related to share-based payment arrangements | 0.7 | — | — | — | — | 0.7 | |||||||
Distribution (to parent) from subsidiary | 70.4 | (70.4 | ) | — | — | — | — | ||||||
Cash provided by (used in) financing activities | 0.7 | (70.4 | ) | — | — | — | (69.7 | ) | |||||
Change in cash and cash equivalents | (4.0 | ) | 10.9 | 0.8 | 1.2 | — | 8.9 | ||||||
Cash and cash equivalents, beginning of period | 7.3 | 20.4 | 2.5 | 3.6 | — | 33.8 | |||||||
Cash and cash equivalents, end of period | 3.3 | 31.3 | 3.3 | 4.8 | — | 42.7 | |||||||
Accounting_Policies_Accounting
Accounting Policies Accounting Policies (Organization, Consolidation and Basis of Presentation) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 19-May-10 | 18-May-07 | 18-May-07 | Aug. 31, 2009 |
IPO [Member] | Apollo [Member] | Management [Member] | Gramercy And St Ann [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price net of acquisition costs | ' | ' | ' | ' | ' | $1,150 | ' | ' |
Proceeds from contributed capital | ' | ' | ' | ' | ' | ' | 1.9 | ' |
Percentage ownership in joint ventures prior to acquisition | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 11.5 | 11.5 | ' | ' | ' |
Sale of stock, price per share | ' | ' | ' | $11.35 | $8 | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | -0.2 | 0.2 | 0.7 | ' | 82.9 | ' | ' | ' |
Repayments of Long-term Debt | $280 | $155 | $0 | ' | ' | ' | ' | ' |
Accounting_Policies_Accounting1
Accounting Policies Accounting Policies (Segments Policy) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segments | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 5 |
Flat-Rolled Products [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number Of Manufacturing Sites | 4 |
Accounting_Policies_Accounting2
Accounting Policies Accounting Policies (Inventories Policy) (Details) | Dec. 31, 2013 |
M | |
Accounting Policies [Abstract] | ' |
Utility period for maintenance supplies | 12 |
Accounting_Policies_Accounting3
Accounting Policies Accounting Policies (Self Insurance Policy) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Workers' Compensation Disclosure [Line Items] | ' | ' |
Workers' compensation discount percentage | 0.50% | 0.30% |
Workers' compensation liability, current | $5.10 | $5.70 |
Workers' compensation liability, noncurrent | 15.7 | 15 |
Restricted Cash and Cash Equivalents, Noncurrent | 12.9 | 12.8 |
Workers' compensation cost [Member] | ' | ' |
Workers' Compensation Disclosure [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents, Noncurrent | $2.10 | $2.10 |
Accounting_Policies_Accounting4
Accounting Policies Accounting Policies (Land Obligation Policy) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Bauxite [Member] | Bauxite [Member] | ||
Land obligation disclosure [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 | ' | ' |
Maximum reimbursement from government partner on land obligation | ' | $4.30 | ' |
Amount in excess of reimburseable land obligation liability | ' | $2.10 | $2.60 |
Accounting_Policies_Accounting5
Accounting Policies Accounting Policies (Post-Employment Benefits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Postemployment benefits liability | $0.80 | $0.80 |
Accounting_Policies_Accounting6
Accounting Policies Accounting Policies (Income Taxes Policy) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Unrecognized tax benefits, minimum threshhold for assessing liklihood of realization | 50.00% |
Segments_Narrative_Details
Segments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Customers | Customers | Customers | |
segments | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 5 | ' | ' |
Number of customers comprising major customers | 0 | 0 | 1 |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Revenues | $1,343.50 | $1,394.90 | $1,559.80 |
Bauxite [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-lived assets in foreign countries | 65.2 | 61.3 | ' |
Customer Lists [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | $148.60 |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information (Schedule of Depreciation and Amortization) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
schedule of depreciation and amortization [Line Items] | ' | ' | ' | ' | ' |
Asset Impairment Charges | ($1.50) | ($1.20) | ($5.90) | $0 | $0 |
Cost of Goods Sold, Depreciation | ' | ' | 86.7 | 87.3 | 84.6 |
Amortization of Intangible Assets | ' | ' | 5.9 | 5.9 | 5.9 |
Other Amortization of Deferred Charges | ' | ' | 3.4 | 5.3 | 7.2 |
Depreciation, Depletion and Amortization | ' | ' | 96 | 98.5 | 97.7 |
Flat-Rolled Products [Member] | ' | ' | ' | ' | ' |
schedule of depreciation and amortization [Line Items] | ' | ' | ' | ' | ' |
Long-Lived Assets to be Abandoned, Circumstances Leading to Planned Abandonment | ' | ' | ' | '3.3 | ' |
Restructuring Charges [Member] | ' | ' | ' | ' | ' |
schedule of depreciation and amortization [Line Items] | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | -3.2 | ' | ' |
Depreciation | ' | ' | $2.30 | ' | ' |
Segments_Schedule_of_Segment_P
Segments (Schedule of Segment Profit Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Bauxite [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Alumina [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Primary Aluminum [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Flat-Rolled Products [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | External customers [Member] | External customers [Member] | External customers [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | External customers [Member] | External customers [Member] | External customers [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | External customers [Member] | External customers [Member] | External customers [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | External customers [Member] | External customers [Member] | External customers [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | External customers [Member] | External customers [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Internal customers [Member] | Internal customers [Member] | Internal customers [Member] | External customers [Member] | External customers [Member] | ||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | $1,343.50 | $1,394.90 | $1,559.80 | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | $82.20 | $79.30 | $83 | $46.80 | $50.90 | $68 | ' | ' | ' | ' | ' | ' | $144.20 | $141.10 | $168.20 | $196.60 | $208 | $234.90 | ' | ' | ' | ' | ' | ' | $79.10 | $75.50 | $78.40 | $543.80 | $555.10 | $645.70 | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $556.30 | $580.90 | $611.20 | $0 | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ($305.50) | ($295.90) | ($329.60) | $0 | $0 |
Sales Revenue, Goods Net | ' | ' | 1,343.50 | 1,394.90 | 1,559.80 | ' | ' | ' | ' | 129 | 130.2 | 151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 340.8 | 349.1 | 403.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 622.9 | 630.6 | 724.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 556.3 | 580.9 | 611.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -305.5 | -295.9 | -329.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | 72.7 | 87.9 | 64.6 | ' | ' | ' | ' | 10.8 | 7.7 | 8.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 19.7 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.2 | 43.1 | 30.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.2 | 14.3 | 11.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 3.1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Segment profit (loss) | ' | ' | 93.1 | 134.7 | 261.9 | ' | ' | ' | ' | ' | ' | ' | 8.2 | -0.2 | 18.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.6 | 35 | 78.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.9 | 76.7 | 140.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 51.4 | 48.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31.1 | -29.5 | -27.9 | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 1.3 | 4.3 | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | -96 | -98.5 | -97.7 | ' | ' | ' | ' | ' | ' | ' | -9.5 | -8.7 | -10.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22.7 | -21.6 | -21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41.7 | -48.3 | -46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21.3 | -18.6 | -18.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | -1.3 | -1.3 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Last in, first out and lower of cost or market inventory adjustments | ' | ' | 2.6 | 9.7 | -12.6 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 5.6 | -5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | 4.1 | -8.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1.6 | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | 0.5 | 5 | -3.3 | ' | ' | ' | ' | ' | ' | ' | -0.1 | 0.3 | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | -2.8 | ' | ' | ' | ' | ' | ' | ' | 4.5 | ' | 0 | 4.5 | -1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Asset Impairment Charges | -1.5 | -1.2 | -5.9 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Non-cash pension, accretion and stock compensation | ' | ' | -20.5 | -17.5 | -12.4 | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | -0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | -0.8 | -0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7.1 | -5.9 | -2.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.5 | -4.9 | -2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.1 | -5.9 | -6 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Relocation and severance | ' | ' | -7.9 | -0.9 | -2.9 | ' | ' | ' | ' | ' | ' | ' | -0.7 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | -0.1 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.2 | -0.2 | -1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.6 | -0.3 | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.5 | -0.3 | -0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Consulting fees | ' | ' | -0.5 | -0.7 | -2.3 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | -0.7 | -2.2 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Cash settlements on hedging transactions | ' | ' | 9.1 | 7.7 | -0.1 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | 0.9 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.4 | 6.8 | -0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Other, net | ' | ' | 0 | -4.9 | -9.2 | -4.1 | ' | ' | ' | ' | ' | ' | 0 | -0.2 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | -0.5 | -0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.5 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 0.9 | -3.4 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.5 | -5.1 | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | -25.5 | 34.6 | 121.4 | ' | ' | ' | ' | ' | ' | ' | -2 | -8.8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | 12.1 | 55.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.7 | 24.8 | 82.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.6 | 42.5 | 15.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40.3 | -36.8 | -41.4 | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.8 | 0.8 | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | 47.5 | 33.1 | 21.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on hedging activities, net | ' | ' | 2.3 | -81.2 | -86.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt refinancing expense | ' | ' | 2.5 | 8.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonoperating Income (Expense) | ' | ' | 52.3 | -40 | -64.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ($77.80) | $74.60 | $186.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash Flow Data and Cash Flow Data Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of supplemental cash flow disclosures [Line Items] | ' | ' | ' |
Asset Impairment Charges | $5.90 | $0 | $0 |
Interest paid | 46.1 | 31.6 | 10.6 |
Capital expenditures incurred but not paid | 5 | 3.7 | 8.7 |
Capitalized interest on capital projects | 1.6 | 1.1 | 0.9 |
Gain (Loss) on Sale of Property Plant Equipment | 0.5 | 5 | -3.3 |
Paid-in-Kind Interest | ' | ' | 8.9 |
Restructuring Charges [Member] | ' | ' | ' |
Schedule of supplemental cash flow disclosures [Line Items] | ' | ' | ' |
Asset Impairment Charges | 3.2 | ' | ' |
Depreciation | 2.3 | ' | ' |
Flat-Rolled Products [Member] | ' | ' | ' |
Schedule of supplemental cash flow disclosures [Line Items] | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ' | 4.5 | ' |
Domestic [Member] | ' | ' | ' |
Schedule of supplemental cash flow disclosures [Line Items] | ' | ' | ' |
Income taxes paid (received), net | 3.7 | 32.3 | 78.8 |
Foreign [Member] | ' | ' | ' |
Schedule of supplemental cash flow disclosures [Line Items] | ' | ' | ' |
Income taxes paid (received), net | $0 | $0 | $4 |
Segments_Schedule_of_Segment_A
Segments (Schedule of Segment Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $1,322.10 | $1,357.70 |
Bauxite [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 152.9 | 154.3 |
Alumina [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 229.2 | 238 |
Primary Aluminum [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 514.6 | 534.2 |
Flat-Rolled Products [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 334.2 | 374.2 |
Corporate [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 121.2 | 84 |
Eliminations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | ($30) | ($27) |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accumulated Other Income) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $0 | $3.50 | $14.30 | ' |
Accumulated other comprehensive income (loss) | -60.4 | -105.7 | ' | ' |
Reclassification of derivative amounts realized in net income (loss) | -6.4 | -84.2 | -98.7 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | 67.2 | -24.3 | -70.4 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 26.1 | -9.6 | -26.6 | ' |
Accumulated Other Comprehensive Income (Loss), before Tax1, End of Period | -95 | -176.2 | -163.8 | -99.4 |
Accumulated Other Comprehensive Income (Loss) Tax | -34.6 | -66.1 | -61.2 | -36.8 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 14 | 11.9 | 6 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition (Asset) Obligation, Tax | 5.4 | 4.7 | 2.2 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | -2 | -30.6 | -35.8 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax1, End of Period | 0 | 6.4 | 94.1 | 207.1 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | -3.5 | -14.3 | ' |
Accumulated Other Comprehensive Income (Loss) Tax | 0 | 2 | 33.9 | 75 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | -1.3 | -5.3 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | -60.4 | -105.7 | -42.4 | 69.5 |
Other Comprehensive Income Loss Before Reclassification Net Of Tax | 41.1 | -16.9 | -52.8 | ' |
Other Comprehensive Income Loss Reclassification Adjustments Included In Net Income Net Of Tax | $4.20 | ($46.40) | ($59.10) | ' |
Supplemental_Financial_Stateme5
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Amounts Recognized In Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification of pension and OPEB amounts realized in net income (loss) | $14 | $11.90 | $6 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 8.6 | 7.2 | 3.8 |
Reclassification of derivative amounts realized in net income (loss) | -6.4 | -84.2 | -98.7 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -4.4 | -53.6 | -62.9 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 2.8 | 2.5 | 1.4 |
Prior service cost | 0.3 | 0.2 | 0.2 |
Reclassification of pension and OPEB amounts realized in net income (loss) | 3.1 | 2.7 | 1.6 |
Cost of Sales [Member] | ' | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 10 | 8.7 | 4.1 |
Prior service cost | 0.9 | 0.5 | 0.3 |
Reclassification of pension and OPEB amounts realized in net income (loss) | 10.9 | 9.2 | 4.4 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition (Asset) Obligation, Tax | 5.4 | 4.7 | 2.2 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | ($2) | ($30.60) | ($35.80) |
Supplemental_Financial_Stateme6
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Supplemental Financial Statement Information [Abstract] | ' | ' | ' | ' |
Cash | $59.20 | $26.10 | ' | ' |
Money Market Funds, at Carrying Value | 20.2 | 10 | ' | ' |
Total cash and cash equivalents | $79.40 | $36.10 | $42.70 | $33.80 |
Supplemental_Financial_Stateme7
Supplemental Financial Statement Information (Schedule of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ' | ' |
Trade | $86.90 | $106.80 |
Allowance for doubtful accounts | -0.2 | -0.2 |
Total accounts receivable, net | $86.70 | $106.60 |
Supplemental_Financial_Stateme8
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Current Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ' | ' |
Current foreign deferred tax assets | $1.10 | $2.60 |
Due from Employees, Current | 1.8 | 2 |
Derivative Asset, Current | 4.5 | 2.6 |
Other Assets, Miscellaneous, Current | 4.9 | 11.7 |
Other Assets, Current | $12.30 | $18.90 |
Supplemental_Financial_Stateme9
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ' | ' |
Deferred financing costs, net of amortization | $7.70 | $9.30 |
Cash surrender value of life insurance | 27.8 | 26.3 |
Pension asset | 5.9 | 9.7 |
Restricted cash | 12.9 | 12.8 |
Supplies, noncurrent | 7.6 | 13 |
Prepaid income taxes | 12.7 | 12.7 |
Derivative Assets, Noncurrent | 0.2 | 0.1 |
Other assets, miscellaneous | $13 | $12.20 |
Recovered_Sheet1
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ' | ' |
Compensation and benefits | $23.70 | $17.40 |
Workers' compensation, current | 5.1 | 5.7 |
Other accrued liabilities, current | 9.3 | 15.6 |
Accrued interest | 2 | 2 |
Asset retirement obligations, current | 2.2 | 2.4 |
Land obligation, current | 3.7 | 4.9 |
Reclamation obligation, current | 1.4 | 2.5 |
Environmental remediation obligation, current | 1.7 | 2 |
Obligations to the Government | 5.7 | 5.3 |
Pension and other post-retirement liabilities, current | 0.9 | 0.9 |
Restricted stock unit liability awards, current | 0 | 0.1 |
Restructuring Reserve | 5.3 | 0 |
Total accrued liabilities | $61 | $58.80 |
Recovered_Sheet2
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Long-Term Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ' | ' |
Reserve for uncertain tax positions | $0.70 | $0.80 |
Workers compensation, noncurrent | 15.7 | 15 |
Asset retirement obligations, noncurrent | 14.3 | 13.4 |
Land obligation, noncurrent | 6.8 | 9.2 |
Accrued Environmental Loss Contingencies, Noncurrent | 1.2 | 1.2 |
Deferred compensation and other | 11.1 | 12.7 |
Total other long-term liabilities | $49.80 | $52.30 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and liabilities that were measured at fair value on a recurring basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money Market Funds, at Carrying Value | $20.20 | $10 |
Noranda Plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 323.4 | 287.3 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents, fair value | 20.2 | 10 |
Derivative assets, fair value | 4.7 | 4.2 |
Derivative liabilities, fair value | -4.2 | -3.4 |
Fair value of net assets and liabilities measured on a recurring basis, total | 370.8 | 326.6 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents, fair value | ' | 10 |
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | 0 | 0 |
Fair value of net assets and liabilities measured on a recurring basis, total | 219.9 | 198.9 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents, fair value | 0 | 0 |
Derivative assets, fair value | 2.9 | 3.1 |
Derivative liabilities, fair value | -4.2 | -3.4 |
Fair value of net assets and liabilities measured on a recurring basis, total | 143.4 | 121.6 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents, fair value | 0 | 0 |
Derivative assets, fair value | 1.8 | 1.1 |
Derivative liabilities, fair value | 0 | 0 |
Fair value of net assets and liabilities measured on a recurring basis, total | 7.5 | 6.1 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Diversified common stock mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
RSU Liabilities, fair value | ' | -0.1 |
Fair value, beginning of year | 204.1 | 172 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 13.7 | 11.2 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Diversified fixed income mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 102.5 | 102.6 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 3.1 | 1.5 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 1 [Member] | Diversified common stock mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
RSU Liabilities, fair value | ' | -0.1 |
Fair value, beginning of year | 96.1 | 85.1 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 1 [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 1 [Member] | Diversified fixed income mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 102.5 | 102.6 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 1.1 | 1.3 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 2 [Member] | Diversified common stock mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
RSU Liabilities, fair value | ' | 0 |
Fair value, beginning of year | 102.3 | 81.9 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 2 [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 13.7 | 11.2 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 2 [Member] | Diversified fixed income mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 2 | 0.2 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 3 [Member] | Diversified common stock mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
RSU Liabilities, fair value | ' | 0 |
Fair value, beginning of year | 5.7 | 5 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 3 [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 3 [Member] | Diversified fixed income mutual fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Pension benefit plans [Member] | Level 3 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Noranda Plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 323.4 | 287.3 |
Fair Value, Measurements, Recurring [Member] | Noranda Plans [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 199.7 | 189 |
Fair Value, Measurements, Recurring [Member] | Noranda Plans [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 118 | 93.3 |
Fair Value, Measurements, Recurring [Member] | Noranda Plans [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 5.7 | 5 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 26.7 | 28.6 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 6.2 | 7.8 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Government of Jamaica bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 15.8 | 15.3 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Global corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0.2 | 0.7 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Other Pension Plan Asset [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 2.2 | 3.3 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 2.3 | 1.5 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 1 [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 1 [Member] | Government of Jamaica bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 1 [Member] | Global corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 1 [Member] | Other Pension Plan Asset [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 1 [Member] | Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 26.7 | 28.6 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 2 [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 6.2 | 7.8 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 2 [Member] | Government of Jamaica bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 15.8 | 15.3 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 2 [Member] | Global corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0.2 | 0.7 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 2 [Member] | Other Pension Plan Asset [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 2.2 | 3.3 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 2 [Member] | Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 2.3 | 1.5 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 3 [Member] | Global Equity [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 3 [Member] | Government of Jamaica bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 3 [Member] | Global corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 3 [Member] | Other Pension Plan Asset [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | St. Ann Plans [Member] | Level 3 [Member] | Real Estate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value, beginning of year | $0 | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Unobservable Inputs Reconciliation) (Details) (Level 3 [Member], Pension benefit plans [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 [Member] | Pension benefit plans [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $5 | $4.60 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Return on Assets | 0.7 | 0.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $5.70 | $5 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements (Unobservable Inputs Reconciliation - Derivative Contracts) (Details) (Midwest premium contracts [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Midwest premium contracts [Member] | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $1.80 | $1.10 | $0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.8 | 2.1 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Return on Assets | 0.5 | 0.7 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | ($0.60) | ($1.70) | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets | |||||
We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value. | |||||
Long-lived assets taken out of service to be disposed of other than by sale are written down to their estimated fair value through the acceleration of any remaining depreciation expense. | |||||
We reclassify long-lived assets to assets held for sale when a plan to dispose of the assets has been committed to by management. Assets held for sale are recorded at the lesser of their estimated fair value net of estimated costs to sell or carrying amount. Depreciation expense is no longer recorded once an asset is classified as held for sale. | |||||
Intangible assets with a definite life (primarily customer relationships) are amortized over their expected lives and are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. | |||||
Asset Impairment Charges | $1.50 | $1.20 | $5.90 | $0 | $0 |
Restructuring Charges [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | $3.20 | ' | ' |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventories disclosure [Line Items] | ' | ' | ' |
Increase (Decrease) in Inventories | ($19.50) | $0.70 | $0 |
Bauxite and Alumina [Member] | ' | ' | ' |
Inventories disclosure [Line Items] | ' | ' | ' |
Percentage of weighted-average cost inventory | 30.00% | 25.00% | ' |
Flat-Rolled Products [Member] | ' | ' | ' |
Inventories disclosure [Line Items] | ' | ' | ' |
Increase (Decrease) in Inventories | 4.1 | ' | ' |
Primary Aluminum [Member] | ' | ' | ' |
Inventories disclosure [Line Items] | ' | ' | ' |
Increase (Decrease) in Inventories | $0.10 | ' | ' |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials, at cost | $57.80 | $63.50 |
Work-in-process, at cost | 49.3 | 58.9 |
Finished goods, at cost | 25.2 | 29.5 |
Total product inventories, at cost | 132.3 | 151.9 |
LIFO adjustment | 24.9 | 15.7 |
Lower of cost or market (LCM) reserve | -16.2 | -7.1 |
Product inventories, at lower of cost or market | 141 | 160.5 |
Supplies, current | 37.7 | 35.3 |
Total inventories, net | $178.70 | $195.80 |
Property_Plant_and_Equipment_S
Property Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | $1,162 | $1,126.50 |
Property, Plant and Equipment, Estimated Useful Lives | '3 | ' |
Accumulated depreciation | -484.8 | -432 |
Property, plant and equipment, net | 677.2 | 694.5 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | 51.2 | 50.4 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | 161.9 | 151 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | 898.8 | 876.9 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, at cost | $50.10 | $48.20 |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '47 | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '50 | ' |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment (Schedule of Depreciation Expense in Cost of Sales) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Cost of Goods Sold, Depreciation | $86.70 | $87.30 | $84.60 |
Goodwill_Narrative_Details
Goodwill (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Abstract] | ' | ' | ' |
Impairment of goodwill | $0 | $0 | $0 |
Goodwill_Goodwill_Schedule_of_
Goodwill Goodwill (Schedule of Goodwill Table) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Period Increase (Decrease) | $137.60 | $137.60 | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Goodwill | 137.6 | 137.6 | ' |
Impairment of goodwill | $0 | $0 | $0 |
Other_Intangible_Assets_Schedu
Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Intangible Assets Disclosure [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '13 | ' |
Total gross intangible assets | $89.40 | $89.40 |
Accumulated amortization | -34.2 | -28.2 |
Other intangible assets, net | 55.2 | 61.2 |
Non-amortizable: [Abstract] | ' | ' |
Impaired Intangible Asset, Description | '2.5 | ' |
Trade Names [Member] | ' | ' |
Other Intangible Assets Disclosure [Line Items] | ' | ' |
Indefinite-lived intangible assets, gross | 17.7 | 17.7 |
Customer Relationships [Member] | ' | ' |
Other Intangible Assets Disclosure [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 71 | 71 |
Non-amortizable: [Abstract] | ' | ' |
Impaired Intangible Asset, Description | 'Indefinite | ' |
Other amortizable intangible assets | ' | ' |
Other Intangible Assets Disclosure [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $0.70 | $0.70 |
Other_Intangible_Assets_Schedu1
Other Intangible Assets (Schedule of Amortization in Selling, General and Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $5.90 | $5.90 | $5.90 |
Other_Intangible_Assets_Schedu2
Other Intangible Assets (Schedule of Expected Future Amortization) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' |
Future Amortization Expense, Year One | $5.90 |
Future Amortization Expense, Year Two | 5.9 |
Future Amortization Expense, Year Three | 5.5 |
Future Amortization Expense, Year Four | 4.5 |
Future Amortization Expense, Year Five | $4.10 |
Other_Intangible_Assets_Impari
Other Intangible Assets Imparirments (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Other Intangible Asset Impairments [Abstract] | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | EUR (€) | Power contract [Member] |
labor_union_contracts | USD ($) | ||
MW | |||
Commitments and contingencies disclosures [Line Items] | ' | ' | ' |
Number of employees in labor union agreements | 1,600 | 1,600 | ' |
Percent of employees in labor unions | 69.00% | 69.00% | ' |
Labor commitments abstract [Abstract] | ' | ' | ' |
Number of labor union agreements | 7 | 7 | ' |
Number of compounds identified as criteria pollutants | 6 | 6 | ' |
Power contract [Abstract] | ' | ' | ' |
Minimum purchase commitment, quantity | ' | ' | 5 |
Minimum purchase commitment, amount | ' | ' | $3.30 |
Other Commitment | 45 | ' | ' |
Purchase Obligation | ' | € 11.50 | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Operating Lease) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Forward Contract Indexed to Issuer's Equity [Line Items] | ' | ' | ' |
Maturity term of operating leases for which rental expense is not disclosed | 1 | ' | ' |
Rental expense | $3.20 | $2.50 | $3.40 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 2.8 | ' | ' |
Operating Leases, Future Minimum Payments Due | 1.9 | ' | ' |
Future operating lease payments, 2014 | 1.6 | ' | ' |
Future operating lease payments, 2015 | 1.6 | ' | ' |
Future operating lease payments, 2016 | 1 | ' | ' |
Future operating lease payments, thereafter | $3.80 | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement | $175 | ' | ' | ' |
Debt refinancing expense | ' | 2.5 | 8.1 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 50 | ' | ' |
Long-term debt, carrying value | ' | 659.1 | 595.7 | ' |
Debt Instrument, Unamortized Discount | ' | 1.9 | ' | ' |
dredging project loan [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | 20 | ' | ' |
Debt Instrument, Annual Principal Payment | ' | 2.8 | ' | ' |
Senior Secured Credit Facilities, 2012 Refinancing [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Professional Fees | ' | ' | 5.7 | ' |
Senior Secured Credit Facility 2012 Term B Loan [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Debt Instrument, Debt Agreement, Incremental Borrowing Amount Option One | ' | 110 | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | 1.2 | ' | ' |
Senior Secured Credit Facilities, 2007 Refinancing, and AcquisitionCo Notes [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Debt refinancing expense | ' | 2.4 | ' | ' |
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 15 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 1.50% | ' | ' |
Term Loan [Member] | dredging project loan [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Long-term debt, carrying value | ' | 11 | ' | ' |
Long-term debt, period end interest rate | ' | 9.00% | ' | ' |
Term Loan [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Long-term debt, period end interest rate | ' | 5.75% | 5.75% | ' |
Debt Instrument, Unamortized Discount | ' | $2.80 | $2.20 | ' |
Eurodollar Interest Rate [Member] | Line of Credit [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ' | ' | ' | ' |
Debt disclosure [Line Items] | ' | ' | ' | ' |
Line of Credit Facility Minimum Fixed Charge Coverage Ratio | ' | 100.00% | ' | ' |
LongTerm_Debt_Schedule_of_Outs
Long-Term Debt (Schedule of Outstanding Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Noranda AcquisitionCo [Abstract] | ' | ' |
Long-term debt, carrying value | $659.10 | $595.70 |
Current portion of long-term debt | -4.9 | -3.3 |
Long-term debt, net | 654.2 | 592.4 |
Asset-Backed Revolving Credit Facility [Member] | Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ' |
Senior Secured Credit Facility 2012 Term B Loan [Member] | Term Loan [Member] | ' | ' |
Noranda AcquisitionCo [Abstract] | ' | ' |
Long-term debt, fair value | 475 | 320.4 |
Long-term debt, period end interest rate | 5.75% | 5.75% |
Term B loan due 2014 [Member] | Term Loan [Member] | ' | ' |
Noranda AcquisitionCo [Abstract] | ' | ' |
Long-term debt, carrying value | 475 | 320.4 |
Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | Senior Notes [Member] | ' | ' |
Noranda AcquisitionCo [Abstract] | ' | ' |
Long-term debt, carrying value | 173.1 | 275.3 |
Long-term debt, fair value | 146.8 | 258.8 |
Long-term debt, period end interest rate | 11.00% | 4.52% |
dredging project loan [Member] | Term Loan [Member] | ' | ' |
Noranda AcquisitionCo [Abstract] | ' | ' |
Long-term debt, carrying value | 11 | ' |
Long-term debt, fair value | $11 | ' |
Long-term debt, period end interest rate | 9.00% | ' |
LongTerm_Debt_LongTerm_Debt_Sc
Long-Term Debt Long-Term Debt (Schedule of Debt Maturities) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $4.90 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 7.6 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 7.6 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 7.6 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 7.6 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 628.5 |
Long-term Debt, Gross | $663.80 |
Recovered_Sheet3
Long-Term Debt Long-term Debt (Schedule of Debt Issued as Paid-in-Kind Interest) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | 15-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Rate | Senior Secured Credit Facility 2012 Term B Loan [Member] | Notes Payable to Banks [Member] | Senior Notes [Member] | Maximum [Member] | Minimum [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | Swingline Loan [Member] | Incremental Commitments [Member] | Interest Rate Option, Option One [Member] | Eurodollar Interest Rate [Member] | Eurodollar Interest Rate [Member] | Cost or Market Value of Eligible Inventory [Member] | Orderly Liquidation Value of Eligible Inventory [Member] | Accounts Receivable [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | |||||
Senior Secured Credit Facility 2012 Term B Loan [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Asset-Backed Revolving Credit Facility [Member] | Asset-Backed Revolving Credit Facility [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Interest Rate Option, Option One [Member] | Interest Rate Option, Option One [Member] | Interest Rate Option, Option One [Member] | Interest Rate Option, Option One [Member] | |||||||
Senior Secured Credit Facility 2012 Term B Loan [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Asset Backed Revolver Facility Due 2012 [Member] | Notes Payable to Banks [Member] | Eurodollar Interest Rate [Member] | Notes Payable to Banks [Member] | Eurodollar Interest Rate [Member] | |||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Schedule of Debt Issued as Paid-in-Kind Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | $325 | $510 | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Paid-in-Kind Interest | ' | 8.9 | ' | ' | 8.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt refinancing expense | ' | ' | -2.5 | -8.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Debt Agreement, Incremental Borrowing Amount Option One | ' | ' | ' | ' | ' | 110 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Debt Agreement, Incremental Borrowing Leverage Ratio, Option Two | ' | ' | ' | ' | ' | ' | ' | ' | 225.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Debt Agreement, Prepayment Fee Percent | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Base Interest Rate, Fixed, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Fixed Interest Rate Margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 4.50% | ' | ' | ' | ' | 1.00% | 2.00% | 0.50% | 1.50% |
Line of Credit Facility Maximum Borrowing Capacity Subject to Borrowing Base Calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Maximum Borrowing Capacity Borrowing Base Benchmark Percent Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' |
Line of Credit Facility Maximum Borrowing Capacity Benchmark Percent Added to Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 90.00% | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 50 | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Maximum Borrowing Capacity, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Minimum Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 20 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34.60 | $31.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Debt_Repurchase_
Long-Term Debt (Debt Repurchase Narrative and Tables) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | 15-May-11 | Dec. 31, 2011 | 15-May-11 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||||
Rate | Rate | ||||||
Proceeds from Issuance of Private Placement | $175 | ' | ' | ' | ' | ' | ' |
Long-term debt, period end interest rate | ' | ' | ' | ' | 11.00% | ' | 4.52% |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 510 | ' |
Interest payable in cash | ' | ' | ' | 50.00% | ' | ' | ' |
Interest payable-in-kind | ' | ' | ' | 50.00% | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 4.00% | ' | ' |
Paid-in-Kind Interest | ' | $8.90 | $8.90 | ' | ' | ' | ' |
Asset_Retirement_and_Other_Obl2
Asset Retirement and Other Obligations (Reclamation Obligation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reclamation, Land And Asset Retirement Obligations [Abstract] | ' | ' |
Reclamation obligation, current | $1.40 | $2.50 |
Reclamation obligation, beginning balance | 2.5 | 4.6 |
Additional liabilities incurred | 3.3 | 3.1 |
Liabilities settled | -4.4 | -5.2 |
Reclamation obligation, ending balance | $1.40 | $2.50 |
Asset_Retirement_and_Other_Obl3
Asset Retirement and Other Obligations (Land Obligation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Land obligation disclosure [Line Items] | ' | ' |
Land obligation, beginning of period | $14.10 | $13.20 |
Environmental remediation obligation, current | 1.7 | 2 |
Reclamation obligation, current | 1.4 | 2.5 |
Accrued Environmental Loss Contingencies, Noncurrent | 1.2 | 1.2 |
Additional liabilities incurred, land obligation | 0.7 | 1.7 |
Liabilities settled, land obligation | -0.7 | -0.8 |
Revisions to obligation, land obligation | -3.6 | 0 |
Land obligation, end of period | 10.5 | 14.1 |
Land obligation, current | 3.7 | 4.9 |
Land obligation, noncurrent | $6.80 | $9.20 |
Asset_Retirement_and_Other_Obl4
Asset Retirement and Other Obligations (Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset retirement obligations [Line Items] | ' | ' |
Revisions to obligation, land obligation | ($3.60) | $0 |
Asset retirement obligations, current | 2.2 | 2.4 |
Asset retirement obligations, noncurrent | 14.3 | 13.4 |
Balance, beginning of period | 15.8 | 15.7 |
Additional liabilities incurred | 0.9 | 1.1 |
Liabilities settled | -1.2 | -1.9 |
Accretion | 1 | 0.9 |
Balance, end of period | 16.5 | 15.8 |
Restricted Cash and Cash Equivalents, Noncurrent | 12.9 | 12.8 |
Environmental Restoration Costs [Member] | Alumina [Member] | ' | ' |
Asset retirement obligations [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents, Noncurrent | $9.20 | $9.20 |
Asset_Retirement_and_Other_Obl5
Asset Retirement and Other Obligations Asset Retirement and Other Obligations (Environmental Remediation Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Reclamation, Land And Asset Retirement Obligations [Abstract] | ' | ' |
Accrued Environmental Loss Contingencies, Noncurrent | $1.20 | $1.20 |
Environmental remediation obligation, current | 1.7 | 2 |
Restricted Cash and Cash Equivalents, Noncurrent | $12.90 | $12.80 |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefit Plans (Noranda Narrative and Schedule of Asset Allocations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ($67.20) | $24.30 | $70.40 |
Special termination benefits | -0.7 | ' | -0.2 |
Special termination benefits recorded in selling, general and administrative expenses | ' | ' | 0.5 |
Deferred tax liabilities | 2.1 | 16.8 | ' |
Noranda pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic cost (benefit) | 27.8 | 24 | 15 |
Defined Benefit Plan, Fixed Income Funds | 32.00% | 36.00% | ' |
Special termination benefits | 0.7 | 0 | ' |
Defined Benefit Plan, Equity Securities | 68.00% | 64.00% | ' |
Target allocation, fixed income funds | 35.00% | ' | ' |
Target allocation, equity securities | 65.00% | ' | ' |
Expected long-term investment return per annum | 7.00% | ' | ' |
Noranda other post-retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic cost (benefit) | 1.1 | 1 | 0.8 |
Estimated health insurance benefits included in benefit obligation | 1 | 1.1 | 0.8 |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 5.00% | 7.50% | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred tax liabilities | 2 | 16.7 | ' |
Primary Aluminum [Member] | Noranda pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic cost (benefit) | ' | $0.50 | ' |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefit Plans (Schedule of the Change in Benefit Obligation, Change in Fair Value of Plan Assets and Net Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Benefits paid | ($0.50) | ' | ' |
Special termination benefits | -0.7 | ' | -0.2 |
Change in plan assets: | ' | ' | ' |
Benefits paid | -0.5 | ' | ' |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | -0.4 | 0 | ' |
Noranda pension [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of period | 456.7 | 404.6 | ' |
Service cost | 15.4 | 13.5 | 10.5 |
Interest cost | 17.9 | 17.8 | 18.3 |
Plan changes | 0 | 7.9 | ' |
Actuarial (gain) loss | -50.5 | 29.3 | ' |
Benefits paid | -17.4 | -16.4 | ' |
Special termination benefits | 0.7 | 0 | ' |
Benefit obligation at end of period | 422.8 | 456.7 | 404.6 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 287.3 | 246.9 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 38.9 | 28.9 | ' |
Defined Benefit Plan, Contributions by Employer | 14.6 | 27.9 | ' |
Benefits paid | -17.4 | -16.4 | ' |
Fair value of plan assets, end of period | 323.4 | 287.3 | 246.9 |
Defined Benefit Plan, Funded Status of Plan | -99.4 | -169.4 | ' |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.80% | 3.90% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | ' |
St. Ann pension [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of period | 18.9 | 21.4 | ' |
Service cost | 0.5 | 0.7 | 0.6 |
Interest cost | 1.7 | 1.5 | 1.4 |
Contributions by plan participants | 0.9 | 0.9 | ' |
Actuarial (gain) loss | 2.6 | -3.4 | ' |
Foreign currency changes | -3.1 | -1.7 | ' |
Benefits paid | -0.7 | -0.5 | ' |
Benefit obligation at end of period | 20.8 | 18.9 | 21.4 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 28.6 | 28.4 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 1.6 | 1.2 | ' |
Defined Benefit Plan, Contributions by Employer | 0.5 | 0.7 | ' |
Contributions by plan participants | 0.9 | 0.9 | ' |
Benefits paid | -0.7 | -0.5 | ' |
Foreign currency changes | -4.2 | -2.1 | ' |
Fair value of plan assets, end of period | 26.7 | 28.6 | 28.4 |
Defined Benefit Plan, Funded Status of Plan | 5.9 | 9.7 | ' |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 7.50% | 9.00% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 6.00% | ' |
Noranda Other Post Retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated health insurance benefits included in benefit obligation | 1 | 1.1 | 0.8 |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of period | 13.2 | 11.6 | ' |
Service cost | 0.4 | 0.4 | 0.3 |
Interest cost | 0.5 | 0.5 | 0.5 |
Actuarial (gain) loss | -1.7 | 1.2 | ' |
Benefits paid | -0.5 | -0.5 | ' |
Benefit obligation at end of period | 11.5 | 13.2 | 11.6 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 0.1 | 0.1 | ' |
Defined Benefit Plan, Contributions by Employer | 0.5 | 0.5 | ' |
Benefits paid | -0.5 | -0.5 | ' |
Fair value of plan assets, end of period | 0.1 | 0.1 | 0.1 |
Defined Benefit Plan, Funded Status of Plan | -11.4 | -13.1 | ' |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.90% | 3.90% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.30% | ' |
St. Ann other post-retirement [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of period | 5.7 | 7.4 | ' |
Service cost | 0.2 | 0.3 | 0.4 |
Interest cost | 0.5 | 0.5 | 0.9 |
Contributions by plan participants | 0 | 0 | ' |
Actuarial (gain) loss | 0.8 | -1.6 | ' |
Foreign currency changes | -0.9 | -0.6 | ' |
Benefits paid | -0.3 | -0.3 | ' |
Benefit obligation at end of period | 5.9 | 5.7 | 7.4 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 0 | 0 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Contributions by Employer | 0.3 | 0.3 | ' |
Contributions by plan participants | 0 | 0 | ' |
Benefits paid | -0.3 | -0.3 | ' |
Foreign currency changes | 0 | 0 | ' |
Fair value of plan assets, end of period | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan | -5.9 | -5.7 | ' |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 7.50% | 9.00% | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 6.00% | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0.1 | 0 | 0 |
Non-Controlling Interest [Member] | St. Ann pension [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Interest cost | 1.7 | 1.5 | ' |
Non-Controlling Interest [Member] | St. Ann other post-retirement [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Interest cost | 0.4 | 0.5 | ' |
St Ann [Member] | St. Ann pension [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Contributions by plan participants | 0.9 | ' | ' |
Change in plan assets: | ' | ' | ' |
Contributions by plan participants | $0.90 | ' | ' |
Pension_and_Other_PostRetireme4
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Amounts in Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term pension asset | $5.90 | $9.70 |
Pension net liability, current | -0.9 | -0.9 |
Pension net liability, noncurrent | -115.8 | -187.2 |
Noranda pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension net liability, current | -0.5 | -0.5 |
Pension net liability, noncurrent | -98.9 | -168.9 |
Total asset (liability), net | -99.4 | -169.4 |
St. Ann pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term pension asset | 5.9 | 9.7 |
Pension net liability, noncurrent | 0 | 0 |
Total asset (liability), net | 5.9 | 9.7 |
Noranda other post-retirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension net liability, current | -0.4 | -0.4 |
Pension net liability, noncurrent | -11 | -12.7 |
Total asset (liability), net | -11.4 | -13.1 |
St. Ann other post-retirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term pension asset | 0 | 0 |
Pension net liability, noncurrent | -5.9 | -5.7 |
Total asset (liability), net | ($5.90) | ($5.70) |
Pension_and_Other_PostRetireme5
Pension and Other Post-Retirement Benefits Pension and Post-Retirement Benefit Plans (Schedule of Amounts in AOCI) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Noranda pension [Member] | Noranda pension [Member] | St. Ann pension [Member] | St. Ann pension [Member] | Noranda other post-retirement [Member] | Noranda other post-retirement [Member] | Noranda other post-retirement [Member] | St. Ann other post-retirement [Member] | St. Ann other post-retirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $5.50 | ' | ' | ' | $0.10 | ' | ' | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income, Net Gains (Losses), before Tax | 81.2 | 163.4 | 6.1 | 1.7 | 2.8 | 0.7 | ' | -2.2 | -2.2 |
Defined Benefit Plan, Accumulated Other Comprehensive Income, Net Prior Service Cost (Credit), before Tax | 9 | 10 | ' | ' | 0.5 | 0.3 | ' | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income, before Tax | 90.2 | 173.4 | ' | ' | 3.3 | 1 | ' | ' | ' |
Estimated health insurance benefits included in benefit obligation | ' | ' | ' | ' | $1.10 | $1 | $0.80 | ' | ' |
Pension_and_Other_PostRetireme6
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Net Periodic Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Recognized loss | $0.40 | $0 | ' |
Noranda pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 15.4 | 13.5 | 10.5 |
Interest cost | 17.9 | 17.8 | 18.3 |
Expected return on plan assets | -20.1 | -19.1 | -19.5 |
Amortization of (gain) and loss | 12.8 | 11.2 | 5.2 |
Prior service cost | 1.1 | 0.6 | 0.4 |
Special termination benefits | 0.7 | 0 | 0.1 |
Net periodic cost (benefit) | 27.8 | 24 | 15 |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 4.40% | 5.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.00% | 7.50% | 7.80% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% |
St. Ann pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 0.5 | 0.7 | 0.6 |
Interest cost | 1.7 | 1.5 | 1.4 |
Expected return on plan assets | -2.3 | -2.1 | -1.8 |
Amortization of (gain) and loss | 0 | 0 | 0.2 |
Net periodic cost (benefit) | -0.1 | 0.1 | 0.4 |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 9.00% | 7.00% | 8.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | 7.00% | 9.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 6.00% | 5.00% | 7.00% |
Noranda other post-retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 0.4 | 0.4 | 0.3 |
Interest cost | 0.5 | 0.5 | 0.5 |
Amortization of (gain) and loss | 0.1 | 0 | 0.1 |
Prior service cost | 0.1 | 0.1 | -0.1 |
Net periodic cost (benefit) | 1.1 | 1 | 0.8 |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 4.40% | 5.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.30% | 4.30% | 4.30% |
St. Ann other post-retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 0.2 | 0.3 | 0.4 |
Interest cost | 0.5 | 0.5 | 0.9 |
Recognized loss | -0.1 | 0 | 0 |
Amortization of (gain) and loss | 0 | 0 | 0.2 |
Net periodic cost (benefit) | $0.60 | $0.80 | $1.50 |
Weighted-average assumptions: | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 9.00% | 7.00% | 8.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 6.00% | 5.00% | 7.00% |
Pension_and_Other_PostRetireme7
Pension and Other Post-Retirement Benefits (Schedule of a One Percentage Change in Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Noranda other post-retirement [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $0.90 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 11.5 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0.9 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 11.5 |
Service cost and interest cost, at assumed rates | 0.9 |
Defined Benefit Plan, Benefit Obligation | 11.5 |
St. Ann other post-retirement [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.8 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 5.2 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0.6 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 6.8 |
Service cost and interest cost, at assumed rates | 0.7 |
Defined Benefit Plan, Benefit Obligation | $6 |
Pension_and_Other_PostRetireme8
Pension and Other Post-Retirement Benefit Plans (Schedule of Projected and Accumulated Benefit Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Noranda pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | ($422.80) | ($456.70) | ($404.60) |
Fair value of plan assets | 323.4 | 287.3 | 246.9 |
St. Ann pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | -20.8 | -18.9 | -21.4 |
Fair value of plan assets | 26.7 | 28.6 | 28.4 |
Noranda other post-retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated health insurance benefits included in benefit obligation | 1 | 1.1 | 0.8 |
Projected benefit obligation | -11.5 | -13.2 | -11.6 |
Fair value of plan assets | 0.1 | 0.1 | 0.1 |
St. Ann other post-retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | -5.9 | -5.7 | -7.4 |
Fair value of plan assets | 0 | 0 | 0 |
Noranda Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | -422.8 | -456.7 | ' |
Accumulated benefit obligation | -406.9 | -440.1 | ' |
Fair value of plan assets | $323.40 | $287.30 | ' |
Pension_and_Other_PostRetireme9
Pension and Other Post-Retirement Benefit Plans (St. Ann Narrative and Schedule of Asset Allocations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ($0.40) | $0 | ' |
St. Ann other post-retirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $0.10 | $0 | $0 |
St. Ann Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected long-term investment return per annum | 7.00% | ' | ' |
Hedge Funds, Global Opportunity [Member] | St. Ann pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Equity Securities | 23.00% | 27.00% | ' |
Target allocation, equity securities | 35.00% | ' | ' |
Real Estate [Member] | St. Ann pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Equity Securities | 9.00% | 5.00% | ' |
Target allocation, equity securities | 10.00% | ' | ' |
Fixed Income Securities [Member] | St. Ann pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Equity Securities | 60.00% | 56.00% | ' |
Target allocation, equity securities | 45.00% | ' | ' |
Other Assets [Member] | St. Ann pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Equity Securities | 8.00% | 12.00% | ' |
Target allocation, equity securities | 10.00% | ' | ' |
Recovered_Sheet4
Pension and Other Post-Retirement Benefit Plans (Expected Employer Contributions and Schedule of Benefit Payments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Noranda pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Estimated future employer contributions in next fiscal year | $18.80 | $0.20 |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 19.2 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 20.3 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 21.3 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 22.5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 23.8 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 135.5 | ' |
Defined Benefit Plan Expected Future Benefit Payments Total | 242.6 | ' |
St. Ann pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 0.8 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 0.9 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 0.9 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 1.1 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 1.3 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 9.4 | ' |
Defined Benefit Plan Expected Future Benefit Payments Total | 14.4 | ' |
Noranda other post-retirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 0.5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 0.5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 0.5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 0.5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 0.5 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 3.5 | ' |
Defined Benefit Plan Expected Future Benefit Payments Total | 6 | ' |
St. Ann other post-retirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 0.3 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 0.3 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 0.4 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 0.4 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 0.4 | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 2.9 | ' |
Defined Benefit Plan Expected Future Benefit Payments Total | $4.70 | ' |
Recovered_Sheet5
Pension and Other Post-Retirement Benefit Plans (Schedule of Employer Contributions to Defined Contribution Plans) (Details) (Defined contribution pension plans [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined contribution pension plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $4.10 | $4.10 | $3.30 |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Restructuring Costs [Abstract] | ' | ' |
Restructuring expense | $5.60 | ' |
Special termination benefits | $0.70 | $0.20 |
Restructuring_Restructuring_Sc
Restructuring Restructuring (Schedule of Restructuring Costs) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Restructuring expense | $5.60 |
Restructuring paid during period | -0.3 |
Accrued restructuring costs, end of period | 5.3 |
Accrued restructuring costs, beginning of period | 0 |
Bauxite [Member] | ' |
Restructuring expense | 0.7 |
Alumina [Member] | ' |
Restructuring expense | 0.5 |
Primary Aluminum [Member] | ' |
Restructuring expense | 1.8 |
Flat-Rolled Products [Member] | ' |
Restructuring expense | 1.5 |
Corporate [Member] | ' |
Restructuring expense | $1.10 |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Capital Stock Transactions) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 19-May-10 | 19-May-10 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 |
IPO [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | ||||||
Capital stock transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | $0.01 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 |
Capital stock shares authorized after initial public offering | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, shares authorized | 200 | 200 | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares authorized | 25 | 25 | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 11.5 | ' | 11.5 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | ($0.20) | $0.20 | $0.70 | ' | ' | $82.90 | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | $280 | $155 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholders' Equity (Cash Dividends) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 22, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Mar. 26, 2014 | Sep. 30, 2013 | Mar. 31, 2012 | Nov. 22, 2011 | Mar. 31, 2012 | Nov. 22, 2011 |
Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Supplemental Dividend [Member] | Supplemental Dividend [Member] | Common Shareholder [Member] | Common Shareholder [Member] | Common Shares, Optionholders [Member] | ||||
Supplemental Dividend [Member] | Supplemental Dividend [Member] | |||||||||||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | $0.01 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | ' | ' | $1.25 | $1.25 | $1 | $0.04 | $0.03 |
Cash dividends declared per common share | $0.13 | $1.41 | $1.03 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Dividends | ' | ' | ' | $2 | $0.70 | $2.80 | $2.70 | $2.70 | $2.90 | $2.70 | $2.60 | $2.60 | ' | ' | $84.30 | $67.30 | ' | ' |
Dividends payable, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Narrative and Schedule of Outstanding Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Fixed price aluminum swaps [Member] | Variable MWP Contract [Member] | Variable MWP Contract [Member] | Variable MWP Contract [Member] | Variable Price Aluminum Offset Swaps [Member] | Variable Price Aluminum Offset Swaps [Member] | Variable Price Aluminum Offset Swaps [Member] | Variable Price Aluminum Offset Swaps [Member] | Fixed Price Aluminum Customer Contracts [Member] | Fixed Price Aluminum Customer Contracts [Member] | Fixed Price Aluminum Customer Contracts [Member] | Fixed Price Aluminum Customer Contracts [Member] | Fixed Price Aluminum Customer Contracts [Member] | Midwest premium contracts [Member] | Midwest premium contracts [Member] | |||
year, two thousand fourteen [Member] | year, two thousand and fifteen [Member] | year, two thousand and fifteen [Domain] | year, two thousand fourteen [Member] | year, two thousand and fifteen [Member] | year, two thousand fourteen [Member] | year, two thousand and fifteen [Member] | year, two thousand and fifteen [Domain] | ||||||||||
lb | lb | lb | lb | ||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | $500,000 | $800,000 | $0 | ' | ' | ' | ($4,200,000) | $500,000 | ' | ' | $2,900,000 | ($800,000) | ' | ' | ' | $1,800,000 | $1,100,000 |
Underlying, Derivative | ' | ' | ' | 0.11 | 0.1 | ' | ' | ' | 0.87 | 0.9 | ' | ' | 0.99 | 1.01 | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | ' | ' | ' | 72,400,000 | ' | 3,300,000 | ' | ' | 77,000,000 | 3,300,000 | ' | ' | 71,000,000 | ' | 3,300,000 | ' | ' |
Shareholders_Equity_Shareholde2
Shareholders' Equity Shareholders Equity (Narrative) (Details) (USD $) | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2012 | Mar. 03, 2008 | Sep. 30, 2013 | Mar. 31, 2012 | Nov. 22, 2011 | Mar. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | Supplemental Dividend [Member] | Supplemental Dividend [Member] | Common Shareholder [Member] | Common Shareholder [Member] | ||||
Supplemental Dividend [Member] | Supplemental Dividend [Member] | |||||||
Dividends Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Number of Shares | ' | ' | 0.2 | ' | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Per Share Value, Amount | ' | ' | ' | $10 | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent | $0 | $2 | $2 | ' | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount | ' | ' | ' | 7.5 | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Net of Dividends | ' | ' | ' | $7 | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | $1.25 | $1.25 | $1 | $0.04 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Carrying Values at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Fixed Price Aluminum Customer Contracts [Member] | Fixed Price Aluminum Customer Contracts [Member] | Variable Price Aluminum Offset Swaps [Member] | Variable Price Aluminum Offset Swaps [Member] | Midwest premium contracts [Member] | Midwest premium contracts [Member] | gain(loss)reclassified from AOCI into earnings because forecasted transaction not probable to occur [Member] | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | $2,600,000 |
Derivative, Fair Value, Net | $500,000 | $800,000 | $2,900,000 | ($800,000) | ($4,200,000) | $500,000 | $1,800,000 | $1,100,000 | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Derivative Balances Segregated by Type of Contract and Between Derivatives That Are Designated and Qualify for Hedge Accounting) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | $500,000 | $800,000 |
Midwest premium contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Fair Value, Net | $1,800,000 | $1,100,000 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains and Losses on Hedging Activities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | $2.30 | ($81.20) | ($86.40) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -6.4 | 84.2 | 98.7 |
Reclassification of derivative amounts realized in net income (loss) | -6.4 | -84.2 | -98.7 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 8.7 | 3 | 12.3 |
Fixed price aluminum swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | -6.4 | -109.7 | -114 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -6.4 | -109.7 | 114 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | 0 |
Fixed Price Aluminum Customer Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | -3.7 | 2.8 | -2 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -3.7 | 2.8 | -2 |
Variable Price Aluminum Offset Swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | 13 | 0.2 | 9.2 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 13 | 0.2 | 9.2 |
Variable MWP Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | -0.6 | -0.7 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ' |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -0.6 | -0.7 | ' |
Natural gas swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | ' | 26.2 | 20.2 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | -25.5 | -15.3 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | ' | 0.7 | 4.9 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Total gain or loss on hedging activities | ' | ' | 0.2 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | ' | ' | $0.20 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Schedule of Derivatives by Counter Party (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Current | $4.50 | $2.60 |
Derivative Assets, Noncurrent | 0.2 | 0.1 |
Derivative liabilities, net | 4 | 1.8 |
Derivative Liability, Noncurrent | -0.2 | -0.1 |
Other Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Current | 4.5 | 2.1 |
Derivative Assets, Noncurrent | 0.2 | 0.1 |
Derivative liabilities, net | 0 | 1.8 |
Derivative Liability, Noncurrent | ' | -0.1 |
Other Contract [Member] | derivatives, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Noncurrent | -0.2 | ' |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets, gross | 0 | 2 |
Current derivative liabilities, gross | -4 | -1.5 |
Derivative Asset, Current | 0 | 0.5 |
Derivative Assets, Noncurrent | 0 | 0 |
Derivative liabilities, net | 4 | 0 |
Derivative Liability, Noncurrent | ' | 0 |
Long-term derivative assets, gross | 0 | 0 |
Long-term derivative liabilities, gross | 0 | 0 |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | derivatives, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative liabilities, gross | 0 | -1.5 |
Counterparty_two [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities, net | 1.7 | ' |
Counterparty_two [Member] | Other Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liabilities, net | 0 | ' |
Derivative Liability, Noncurrent | 0 | ' |
Counterparty_two [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative liabilities, gross | -1.7 | ' |
Derivative Liability, Noncurrent | -0.2 | ' |
Long-term derivative assets, gross | 0 | ' |
Long-term derivative liabilities, gross | -0.2 | ' |
Counterparty_two [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | derivatives, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative liabilities, gross | 0 | ' |
Derivative liabilities, net | 1.7 | ' |
other counterparty [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Current | 4.5 | 2.1 |
Derivative Assets, Noncurrent | 0.2 | ' |
Derivative liabilities, net | ' | 1.8 |
Derivative Liability, Noncurrent | ' | -0.1 |
other counterparty [Member] | Other Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Current | 4.5 | 2.1 |
Derivative Assets, Noncurrent | 0.2 | ' |
Derivative liabilities, net | ' | 1.8 |
Derivative Liability, Noncurrent | ' | -0.1 |
other counterparty [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets, gross | 0 | 0 |
Current derivative liabilities, gross | ' | 0 |
Derivative Asset, Current | 0 | 0 |
Derivative Assets, Noncurrent | 0 | ' |
Derivative Liability, Noncurrent | ' | 0 |
Long-term derivative assets, gross | 0 | 0 |
Long-term derivative liabilities, gross | 0 | 0 |
other counterparty [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | derivatives, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative liabilities, gross | 0 | ' |
Derivative liabilities, net | ' | 0 |
counterparty_one [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Current | ' | 0.5 |
Derivative Assets, Noncurrent | ' | 0.1 |
Derivative liabilities, net | 2.3 | 0 |
counterparty_one [Member] | Other Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Current | ' | 0 |
Derivative Assets, Noncurrent | ' | 0.1 |
Derivative liabilities, net | 0 | 0 |
counterparty_one [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets, gross | ' | 2 |
Current derivative liabilities, gross | -2.3 | -1.5 |
Derivative Asset, Current | ' | 0.5 |
Derivative Assets, Noncurrent | ' | 0 |
Long-term derivative assets, gross | ' | 0 |
Long-term derivative liabilities, gross | ' | 0 |
counterparty_one [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | derivatives, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative liabilities, gross | 0 | ' |
Derivative liabilities, net | $2.30 | $0 |
Derivative_Financial_Instrumen8
Derivative Financial Instruments Schedule of Gross Presentation of Derivatives by Type of Contact (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $4.70 | $4.20 |
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 4.2 | 3.4 |
Fixed Price Aluminum Customer Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 2.9 | 1.1 |
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 0 | 1.9 |
Variable Price Aluminum Offset Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 2 |
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 4.2 | 1.5 |
Variable MWP Contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1.8 | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | ' | 1.1 |
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 0 | 0 |
Natural gas swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | $0 | $0 |
Derivative_Financial_Instrumen9
Derivative Financial Instruments Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Other Contract [Member] | Other Contract [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Counterparty_two [Member] | Counterparty_two [Member] | other counterparty [Member] | other counterparty [Member] | other counterparty [Member] | other counterparty [Member] | other counterparty [Member] | other counterparty [Member] | counterparty_one [Member] | counterparty_one [Member] | counterparty_one [Member] | counterparty_one [Member] | derivatives, net [Member] | derivatives, net [Member] | derivatives, net [Member] | derivatives, net [Member] | derivatives, net [Member] | derivatives, net [Member] | Variable Price Aluminum Offset Swaps [Member] | Variable Price Aluminum Offset Swaps [Member] | ||
Other Contract [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Other Contract [Member] | Other Contract [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Other Contract [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Other Contract [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Counterparty_two [Member] | other counterparty [Member] | counterparty_one [Member] | year, two thousand fourteen [Member] | year, two thousand and fifteen [Member] | ||||||||||
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | lb | lb | ||||||||||||||||||||||
Underlying, Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.87 | 0.9 |
Derivative, Nonmonetary Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,000,000 | 3,300,000 |
Current derivative assets, gross | ' | ' | ' | ' | $0 | $2 | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' |
Current derivative liabilities, gross | ' | ' | ' | ' | -4 | -1.5 | ' | -1.7 | ' | ' | ' | ' | ' | 0 | ' | ' | -2.3 | -1.5 | ' | 0 | -1.5 | 0 | 0 | 0 | ' | ' |
Derivative Asset, Current | 4.5 | 2.6 | 4.5 | 2.1 | 0 | 0.5 | ' | ' | 4.5 | 2.1 | 4.5 | 2.1 | 0 | 0 | 0.5 | 0 | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term derivative assets, gross | ' | ' | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Noncurrent | -0.2 | -0.1 | ' | -0.1 | ' | 0 | 0 | -0.2 | ' | -0.1 | ' | -0.1 | ' | 0 | ' | ' | ' | ' | -0.2 | ' | ' | ' | ' | ' | ' | ' |
Long-term derivative liabilities, gross | ' | ' | ' | ' | 0 | 0 | ' | -0.2 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Assets, Noncurrent | $0.20 | $0.10 | $0.20 | $0.10 | $0 | $0 | ' | ' | $0.20 | ' | $0.20 | ' | $0 | ' | $0.10 | $0.10 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Payments_ShareBased2
Share-Based Payments Share-Based Payments (Schedule of Stock Compensation Expense) (Details) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $4.80 | $4.90 | $5.30 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1.6 | 1.6 | 1.9 |
Allocated Share-based Compensation Expense, Net of Tax | 3.2 | 3.3 | 3.4 |
Employee Stock Option [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 0.1 | 0.5 | 2.5 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 4.7 | 4.2 | 2.1 |
Restricted Stock Units Liability Awards [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $0 | $0.20 | $0.70 |
ShareBased_Payments_Schedule_o1
Share-Based Payments (Schedule of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $9 | $9 | $9 | $9 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $0 | $0 | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $0 | ' | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $9 | ' | ' | ' |
Investor Director Provider [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 140,000 | 140,000 | 140,000 | 140,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | ' | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 140,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $60,000 | ' | ' | ' |
Employee And Non Employee Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,183,449 | 1,307,989 | 1,637,431 | 2,087,056 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $1.92 | $1.89 | $1.81 | $1.76 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0 | 5,700,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -104,640 | -329,442 | -426,263 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $1.60 | $1.90 | $1.57 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 200,000 | 1,900,000 | 5,300,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -19,900 | ' | -23,362 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $1.81 | ' | $1.67 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,091,614 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $1.98 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $0 | ' | ' | ' |
Employee And Non Employee Director [Member] | Long Term Incentive Plan2007 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,183,449 | ' | ' | ' |
ShareBased_Payments_Schedule_o2
Share-Based Payments (Schedule of RSU Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 25,000 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 20,347 | 25,344 | 34,148 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 25,000 | 90,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 728 | 638 | 12,443 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -20,656 | -34,442 | -68,295 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -5,069 | ' | ' | ' |
Performance Vesting Awards Target [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 300,440 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 5.15 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 10,583 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | 3.6 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -4,479 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 6.05 | 0 | 0 | ' |
Performance Vesting Awards Target [Member] | Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,003,130 | 820,663 | 260,866 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 512,988 | 462,053 | 248,038 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 32,581 | 103,173 | 31,856 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -25,612 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -43,154 | -5,429 | -19,028 | ' |
Performance Vesting Awards Target with Market Condition [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 193,066 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188,000 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 2.13 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 5,066 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | 3.36 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | ' |
Service Vesting Awards [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 896,110 | 747,937 | 479,465 | 103,524 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 7.76 | 12.48 | 13.66 | 11.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 502,576 | 407,760 | 432,165 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 4.08 | 11.75 | 14.8 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 30,763 | 16,855 | 66,471 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | 3.52 | 7.18 | 7.45 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -311,350 | -142,506 | -65,014 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 12.52 | 13.62 | 11.54 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -73,816 | -13,637 | -57,681 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 8.67 | 13.62 | 13.79 | ' |
Performance award with a grant date [Member] | Performance Vesting Awards Target [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 294,336 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 5.22 | ' | ' | ' |
Performance award with a grant date [Member] | Performance Vesting Awards Target with Market Condition [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | ' | ' | ' |
Performance award with a grant date [Member] | Service Vesting Awards [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | ' | ' | ' |
Performance award without a grant date [Member] | Performance Vesting Awards Target [Member] | Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | -294,336 | ' | ' | ' |
ShareBased_Payments_Narrative_
Share-Based Payments (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Service Vesting Awards [Member] | Investor Director Provider [Member] | Investor Director Provider [Member] | Investor Director Provider [Member] | Investor Director Provider [Member] | Employee And Non Employee Director [Member] | Employee And Non Employee Director [Member] | Employee And Non Employee Director [Member] | Employee And Non Employee Director [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Incentive Award Plan2010 [Member] | Long Term Incentive Plan2007 [Member] | Long Term Incentive Plan2007 [Member] | Performance Vesting Awards Target with Market Condition [Member] | |||
Service Vesting Awards [Member] | Service Vesting Awards [Member] | Service Vesting Awards [Member] | Service Vesting Awards [Member] | Employee And Non Employee Director [Member] | Incentive Award Plan2010 [Member] | |||||||||||||||||
Share-based compensation disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $100,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage to vest on third anniversary of grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 3,800,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 25,612 | 140,000 | 140,000 | 140,000 | 140,000 | 1,183,449 | 1,307,989 | 1,637,431 | 2,087,056 | ' | ' | ' | ' | ' | ' | ' | 1,303,570 | ' | 1,183,449 | 193,066 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,692 | ' | ' | ' |
Common shares awarded or sold to employees and non-employee directors under the Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,828,905 | ' |
Share-based Compensation Arrangement by Share-based Payment AwardShare-based Compensation Arrangement by Share-based Payment Award, Shares Available for Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,385,466 | 647,645 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | $481,432 | ' | ' | ' |
Treasury Stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 414,678 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,714,836 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | 92,942 | ' | ' | ' | ' | ' | ' | ' | ' | 20,656 | 34,442 | 68,295 | 311,350 | 142,506 | 65,014 | 425,928 | ' | ' | ' | ' |
ShareBased_Payments_ShareBased3
Share-Based Payments Share-Based Payments Schedule of Restricted Stock Liabilities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 25,000 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 20,347 | 25,344 | 34,148 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 25,000 | 90,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 728 | 638 | 12,443 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 20,656 | 34,442 | 68,295 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 5,069 | ' | ' | ' |
Performance Vesting Awards Target [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 300,440 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | 10,583 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 4,479 | 0 | 0 | ' |
ShareBased_Payments_ShareBased4
Share-Based Payments Share-Based Payments (Common Stock Subject to Redemption Narrative) (Details) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Estimated forfeiture rate | 7.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 25,000 | ' |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | 100,000 | 300,000 | ' |
Restricted stock unit liability awards, current | 0 | 100,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 25,000 | 90,000 |
Investor Director Provider [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 60,000 | ' | ' |
Performance Vesting Awards Target [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 |
Dividend Equivalent Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 728 | 638 | ' |
Performance award without a grant date [Member] | Performance Vesting Awards Target [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 100,000 | ' | ' |
ShareBased_Payments_ShareBased5
Share-Based Payments Share-Based Payments (Schedule of Restricted Stock Liability Awards Activity Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Performance Shares [Member] | Restricted Stock [Member] | Service Vesting Awards [Member] | Share-Based Award Holders [Member] | Share-Based Award Holders [Member] | Share-Based Award Holders [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Regular Quarterly Dividend [Member] | Supplemental Dividend [Member] | Supplemental Dividend [Member] | Supplemental Dividend [Member] | Employee Stock Purchase Plan [Member] | ||||
Restricted Stock Units (RSUs) [Member] | Share-Based Award Holders [Member] | Rate | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeiture rate | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage to vest on second anniversary of grant date | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage to vest on third anniversary of grant date | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | 'P3Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage to vest on first anniversary of grant date | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 5 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Total Fair Value | 400,000 | 1,100,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | 100,000 | 800,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | $0.01 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | ' | $1.25 | $1.25 | $1.25 | ' |
Share-based Compensation | 4,800,000 | 4,800,000 | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -800,000 | ' |
Payments of Ordinary Dividends, Common Stock | $8,800,000 | $95,100,000 | $69,300,000 | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | $0.04 | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% |
Net_Income_Per_Common_Share_Sc
Net Income Per Common Share (Schedule of Calculation of Net Income Per Common Share) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Net income (loss) | ($47.60) | $49.50 | $140.90 |
Weighted-average common shares outstanding: | ' | ' | ' |
Basic | 67.94 | 67.55 | 67.06 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 1.57 | 1.29 |
Diluted weighted average shares outstanding | 67.94 | 69.12 | 68.35 |
Net income per common share: | ' | ' | ' |
Basic | ($0.70) | $0.73 | $2.10 |
Diluted | ($0.70) | $0.72 | $2.06 |
Net_Income_Per_Common_Share_Ne
Net Income Per Common Share Net Income Per Common Share (Schedule of Antidilutive Options) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive options | 2.03 | 0.54 | 0.05 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income before income taxes, domestic | ($75.80) | $83.40 | $178.30 |
Income before income taxes, foreign | -2 | -8.8 | 8 |
Income (loss) before income taxes | ($77.80) | $74.60 | $186.30 |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: [Abstract] | ' | ' | ' |
Current income tax expense, federal | $1.90 | $26.20 | $63.70 |
Current income tax expense, foreign | 0 | 0 | 2.7 |
Current income tax expense, state | 0.5 | 1.2 | 3.4 |
Current income tax expense, total | 2.4 | 27.4 | 69.8 |
Deferred income tax expense, federal | -27.4 | 0.6 | -22.1 |
Deferred income tax expense, foreign | 0 | -2.8 | -0.8 |
Deferred income tax expense, state | -2 | -0.1 | -1.5 |
Deferred Other Tax Expense (Benefit) | -3.2 | 0 | 0 |
Deferred income tax expense, total | -32.6 | -2.3 | -24.4 |
Income Tax Expense (Benefit) | ($30.20) | $25.10 | $45.40 |
Income_Taxes_Tax_Carryforwards
Income Taxes (Tax Carryforwards Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax carryforward [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Including Interest | $1.90 | $2.10 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 3.8 | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 28.7 | ' | ' |
Deferred Income Tax Expense (Benefit) | -32.6 | -2.3 | -24.4 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.1 | 0.1 | ' |
Foreign [Member] | ' | ' | ' |
Tax carryforward [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 20.2 | ' | ' |
Deferred Income Tax Expense (Benefit) | 0.6 | ' | ' |
State [Member] | ' | ' | ' |
Tax carryforward [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 176.6 | ' | ' |
Operating Loss Carryforwards, Expiration Date | '2020 through 2028 | ' | ' |
Tax credit carryforwards | 0.8 | ' | ' |
Tax Credit Carryforward, Limitations on Use | '2014 through 2026 | ' | ' |
Noranda Aluminum [Member] | ' | ' | ' |
Tax carryforward [Line Items] | ' | ' | ' |
Income Taxes Receivable | $0.10 | $0.10 | ' |
Income_Taxes_Schedule_of_the_C
Income Taxes (Schedule of the Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities [Abstract] | ' | ' |
Deferred tax liabilities, property related | $129.90 | $139.40 |
Deferred tax liabilities, debt related | 72.3 | 72.3 |
Deferred tax liabilities, investments | 34.1 | 38.7 |
Deferred tax liabilities, inventories | 7.6 | 12.1 |
Deferred tax liabilities, intangibles | 10.5 | 12 |
Deferred tax liabilities, derivatives | 0.2 | 2.6 |
Deferred tax liabilities, other | 1.6 | 2.2 |
Total deferred tax liabilities | 256.2 | 279.3 |
Deferred tax assets [Abstract] | ' | ' |
Deferred tax assets, compensation related | 56.4 | 76.1 |
Deferred tax assets, capital and operating loss carryforwards | 13.5 | 8.8 |
Deferred tax assets, foreign and state tax credit carryforwards | 0.5 | 1 |
Deferred tax assets, other | 2 | 2.7 |
Deferred tax assets, total | 72.4 | 88.6 |
Deferred tax assets, valuation allowance | -10.8 | -7 |
Deferred tax assets, net of valuation allowance | 61.6 | 81.6 |
Deferred tax liability, net | $194.60 | $197.70 |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Rate | Rate | Rate | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory income taxes | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate resulting from: [Abstract] | ' | ' | ' |
State & local income taxes, net of federal benefit | 1.10% | 1.10% | 0.70% |
Internal Revenue Code Sec. 199 manufacturing deduction | 0.00% | -3.60% | -3.90% |
Federal valuation allowance | 0.00% | 0.00% | -5.40% |
Reserve for uncertain tax positions | 0.00% | 0.00% | -2.60% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 4.20% | 0.00% | 0.00% |
Other permanent items | -1.50% | 1.10% | 0.60% |
Effective tax rate | 38.80% | 33.60% | 24.40% |
Income_Taxes_Schedule_of_Chang
Income Taxes (Schedule of Change in Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning of period, unrecognized tax benefits | $2 | $2 | $10.20 |
Lapses on statute of limitations | -0.2 | 0 | -8.2 |
End of period, Unrecognized tax benefits | $1.80 | $2 | $2 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0.10 | $0.10 |
Unrecognized income tax benefits that would impact effective tax rate | 1.3 | 1.4 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0.1 | ' |
Noranda Aluminum [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Income Taxes Receivable | $0.10 | $0.10 |
Related_Party_Transaction_Rela1
Related Party Transaction Related Party Transactions (Schedules of Related Parties Activities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related party, Berry Plastics Corporation, an affiliate of Apollo [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from Related Parties | $8.50 | $9.50 | $9 |
Berry Plastics Corporation | 0.3 | 0.4 | ' |
Related Party Transactions with Metals USA Holdings Corp [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from Related Parties | 4.2 | 11.4 | 19.4 |
Related party, Apollo Global Securities, LLC, an affiliate of Apollo [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0.7 | ' | ' |
Related party, Metals USA Holdings Corp, an affiliate of Apollo [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Berry Plastics Corporation | $0 | $1 | ' |
NonControlling_Interest_NonCon
Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 |
t | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Annual shipping volume under contract | ' | 5,100,000 | ' | ' |
Obligations to the Government | ' | $5.70 | $5.30 | ' |
Prepaid Royalties | ' | 0 | ' | ' |
Required prepayment of foreign income taxes over next four years | ' | ' | ' | 14 |
Payment of foreign income taxes associated with mining operations contract with local government | 10 | ' | ' | ' |
Monohydrate bauxite [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Direct Operating Cost, Royalty Expense, Per Unit | ' | 1.5 | ' | ' |
Trihydrate bauxite [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Direct Operating Cost, Royalty Expense, Per Unit | ' | 2 | ' | ' |
Dedication fee [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Fees under mining operations contract with local government, amount | ' | 0.6 | ' | ' |
Land base for calculating dedication fee | ' | 13,820 | ' | ' |
Depletion Fee [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Fees under mining operations contract with local government, amount | ' | $0.20 | ' | ' |
Base Shipment Volume Associated With Depletion Fee | ' | 4,000,000 | ' | ' |
Asset usage fee [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Percentage paid to local government in asset usage fees | ' | 10.00% | ' | ' |
Adjusted royalty fee prior to completion of production levy [Member] | Trihydrate bauxite [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Direct Operating Cost, Royalty Expense, Per Unit | ' | 0.5 | ' | ' |
Bauxite [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Intersegment revenue, percentage | ' | 64.00% | ' | ' |
Annual shipping volume under contract | ' | 4,500,000 | ' | ' |
Subsidiary [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 49.00% | ' | ' |
Parent Of Subsidiary [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 51.00% | ' | ' |
Future [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Annual shipping volume under contract | ' | 5,400,000 | ' | ' |
NonControlling_Interest_Detail
Non-Controlling Interest (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | $79.40 | $36.10 | $42.70 | $33.80 |
Accounts receivable, net | 86.7 | 106.6 | ' | ' |
Inventories, net | 178.7 | 195.8 | ' | ' |
Other current assets | 12.3 | 18.9 | ' | ' |
Property, plant and equipment, net | 677.2 | 694.5 | ' | ' |
Other assets | 87.8 | 96.1 | ' | ' |
Accounts payable | -89.2 | -107.2 | ' | ' |
Accrued liabilities | -61 | -58.8 | ' | ' |
Non-controlling interest | -6 | -6 | ' | ' |
Subsidiary Balances [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0.6 | 1.7 | ' | ' |
Accounts receivable, net | 13.3 | 15.4 | ' | ' |
Inventories, net | 15.6 | 12.6 | ' | ' |
Other current assets | 2 | 1.6 | ' | ' |
Property, plant and equipment, net | 42.6 | 40.1 | ' | ' |
Other assets | 5.1 | 5 | ' | ' |
Accounts payable | -62.1 | -58.3 | ' | ' |
Accrued liabilities | -3.8 | -3.8 | ' | ' |
Environmental, land and reclamation liabilities | -1.4 | -2.4 | ' | ' |
Non-controlling interest | -6 | -6 | ' | ' |
Net investment and advances to subsidiary | 5.9 | 5.9 | ' | ' |
Impact Of Eliminations [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0 | 0 | ' | ' |
Accounts receivable, net | -13.3 | -15.4 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Accounts payable | 55.5 | 49.2 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Environmental, land and reclamation liabilities | 0 | 0 | ' | ' |
Non-controlling interest | 0 | 0 | ' | ' |
Net investment and advances to subsidiary | 42.2 | 33.8 | ' | ' |
Impact On Consolidated Balances [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0.6 | 1.7 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories, net | 15.6 | 12.6 | ' | ' |
Other current assets | 2 | 1.6 | ' | ' |
Property, plant and equipment, net | 42.6 | 40.1 | ' | ' |
Other assets | 5.1 | 5 | ' | ' |
Accounts payable | -6.6 | -9.1 | ' | ' |
Accrued liabilities | -3.8 | -3.8 | ' | ' |
Environmental, land and reclamation liabilities | -1.4 | -2.4 | ' | ' |
Non-controlling interest | -6 | -6 | ' | ' |
Net investment and advances to subsidiary | $48.10 | $39.70 | ' | ' |
Subsidiary_Issuer_of_Guarantee2
Subsidiary Issuer of Guaranteed Notes (Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | |||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | $79.40 | ' | $36.10 | $42.70 | $33.80 |
Accounts receivable, net [Abstract] | ' | ' | ' | ' | ' |
Trade accounts receivable, net | 86.7 | ' | 106.6 | ' | ' |
Accounts receivable, affiliates | 0 | ' | 0 | ' | ' |
Inventories, net | 178.7 | ' | 195.8 | ' | ' |
Taxes receivable | 2.6 | ' | 2 | ' | ' |
Prepaid expenses | 4.6 | ' | 8.9 | ' | ' |
Other current assets | 12.3 | ' | 18.9 | ' | ' |
Total current assets | 364.3 | ' | 368.3 | ' | ' |
Investments in affiliates | 0 | ' | 0 | ' | ' |
Advances due from affiliates, noncurrent | 0 | ' | 0 | ' | ' |
Property, plant and equipment, net | 677.2 | ' | 694.5 | ' | ' |
Goodwill | 137.6 | ' | 137.6 | ' | ' |
Other intangible assets, net | 55.2 | ' | 61.2 | ' | ' |
Other assets | 87.8 | ' | 96.1 | ' | ' |
Total assets | 1,322.10 | ' | 1,357.70 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Trade accounts payable | 89.2 | ' | 107.2 | ' | ' |
Accounts payable, affiliates | 0 | ' | 0 | ' | ' |
Accrued liabilities | 61 | ' | 58.8 | ' | ' |
Derivative liabilities, net | 4 | ' | 1.8 | ' | ' |
Deferred tax liabilities | 2.1 | ' | 16.8 | ' | ' |
Current portion of long-term debt | 4.9 | ' | 3.3 | ' | ' |
Total current liabilities | 161.2 | ' | 187.9 | ' | ' |
Long-term debt, net | 654.2 | ' | 592.4 | ' | ' |
Long-term derivative liabilities, net | 0.2 | ' | 0.1 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 115.8 | ' | 187.2 | ' | ' |
Other long-term liabilities | 49.8 | ' | 52.3 | ' | ' |
Advances due to affiliates, noncurrent | 0 | ' | 0 | ' | ' |
Long-term deferred tax liabilities, net | 193.6 | ' | 183.5 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | 2 | 2 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0.7 | ' | 0.7 | ' | ' |
Capital in excess of par value | 239.7 | ' | 233.4 | ' | ' |
Retained earnings (accumulated deficit) | -38.7 | ' | 17.9 | ' | ' |
Accumulated other comprehensive income (loss) | -60.4 | ' | -105.7 | ' | ' |
Total shareholders' equity | 141.3 | ' | 146.3 | ' | ' |
Noncontrolling interest | 6 | ' | 6 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 147.3 | ' | 152.3 | 259.6 | 295.7 |
Total liabilities and equity | 1,322.10 | ' | 1,357.70 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0.4 | ' | 0.5 | 3.3 | 7.3 |
Accounts receivable, net [Abstract] | ' | ' | ' | ' | ' |
Trade accounts receivable, net | 0 | ' | 0 | ' | ' |
Accounts receivable, affiliates | 19.1 | ' | 19.4 | ' | ' |
Inventories, net | 0 | ' | 0 | ' | ' |
Taxes receivable | 1.6 | ' | 1.7 | ' | ' |
Prepaid expenses | 0.2 | ' | 0.2 | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' |
Total current assets | 21.3 | ' | 21.8 | ' | ' |
Investments in affiliates | 341.9 | ' | 347 | ' | ' |
Advances due from affiliates, noncurrent | 0 | ' | 0 | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' |
Other assets | 0 | ' | 0 | ' | ' |
Total assets | 363.2 | ' | 368.8 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Trade accounts payable | 0 | ' | 0 | ' | ' |
Accounts payable, affiliates | 0 | ' | 0 | ' | ' |
Accrued liabilities | 0 | ' | 0 | ' | ' |
Derivative liabilities, net | 0 | ' | 0 | ' | ' |
Deferred tax liabilities | 0.1 | ' | 0.1 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Total current liabilities | 0.1 | ' | 0.1 | ' | ' |
Long-term debt, net | 0 | ' | 0 | ' | ' |
Long-term derivative liabilities, net | 0 | ' | 0 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' |
Advances due to affiliates, noncurrent | 186.3 | ' | 183.7 | ' | ' |
Long-term deferred tax liabilities, net | 35.5 | ' | 36.7 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | ' | 2 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0.7 | ' | 0.7 | ' | ' |
Capital in excess of par value | 239.7 | ' | 233.4 | ' | ' |
Retained earnings (accumulated deficit) | -38.7 | ' | 17.9 | ' | ' |
Accumulated other comprehensive income (loss) | -60.4 | ' | -105.7 | ' | ' |
Total shareholders' equity | 141.3 | ' | 146.3 | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 141.3 | ' | 146.3 | ' | ' |
Total liabilities and equity | 363.2 | ' | 368.8 | ' | ' |
Issuer [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 66.7 | ' | 27.9 | 31.3 | 20.4 |
Accounts receivable, net [Abstract] | ' | ' | ' | ' | ' |
Trade accounts receivable, net | 0 | ' | 0 | ' | ' |
Accounts receivable, affiliates | 11.9 | ' | 11.9 | ' | ' |
Inventories, net | 0 | ' | 0 | ' | ' |
Taxes receivable | 0 | ' | 0 | ' | ' |
Prepaid expenses | 0 | ' | 0 | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' |
Total current assets | 78.6 | ' | 39.8 | ' | ' |
Investments in affiliates | 1,565.50 | ' | 1,509 | ' | ' |
Advances due from affiliates, noncurrent | 122.2 | ' | 119.8 | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' |
Other assets | 7.7 | ' | 9.3 | ' | ' |
Total assets | 1,774 | ' | 1,677.90 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Trade accounts payable | 0.2 | ' | 0 | ' | ' |
Accounts payable, affiliates | 19.1 | ' | 19.4 | ' | ' |
Accrued liabilities | 2 | ' | 2 | ' | ' |
Derivative liabilities, net | 0 | ' | 0 | ' | ' |
Deferred tax liabilities | 0 | ' | 0 | ' | ' |
Current portion of long-term debt | 4.9 | ' | 3.3 | ' | ' |
Total current liabilities | 26.2 | ' | 24.7 | ' | ' |
Long-term debt, net | 643.2 | ' | 592.4 | ' | ' |
Long-term derivative liabilities, net | 0 | ' | 0 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' |
Advances due to affiliates, noncurrent | 729.7 | ' | 681.7 | ' | ' |
Long-term deferred tax liabilities, net | 33 | ' | 32.1 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | ' | 0 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0 | ' | 0 | ' | ' |
Capital in excess of par value | 352.1 | ' | 352.1 | ' | ' |
Retained earnings (accumulated deficit) | 50.2 | ' | 100.6 | ' | ' |
Accumulated other comprehensive income (loss) | -60.4 | ' | -105.7 | ' | ' |
Total shareholders' equity | 341.9 | ' | 347 | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 341.9 | ' | 347 | ' | ' |
Total liabilities and equity | 1,774 | ' | 1,677.90 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 1.1 | ' | 3.3 | 3.3 | 2.5 |
Accounts receivable, net [Abstract] | ' | ' | ' | ' | ' |
Trade accounts receivable, net | 81.6 | ' | 101.6 | ' | ' |
Accounts receivable, affiliates | 5.3 | ' | 0.3 | ' | ' |
Inventories, net | 148.8 | ' | 169.1 | ' | ' |
Taxes receivable | 1.3 | ' | 0.6 | ' | ' |
Prepaid expenses | 3.7 | ' | 7.1 | ' | ' |
Other current assets | 6.8 | ' | 4.9 | ' | ' |
Total current assets | 248.6 | ' | 286.9 | ' | ' |
Investments in affiliates | 0 | ' | 0 | ' | ' |
Advances due from affiliates, noncurrent | 730.3 | ' | 682.1 | ' | ' |
Property, plant and equipment, net | 612 | ' | 633.2 | ' | ' |
Goodwill | 137.6 | ' | 137.6 | ' | ' |
Other intangible assets, net | 55.2 | ' | 61.2 | ' | ' |
Other assets | 51.8 | ' | 55.6 | ' | ' |
Total assets | 1,835.50 | ' | 1,856.60 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Trade accounts payable | 79.3 | ' | 97.5 | ' | ' |
Accounts payable, affiliates | 7.4 | ' | 9.9 | ' | ' |
Accrued liabilities | 38.4 | ' | 30.4 | ' | ' |
Derivative liabilities, net | 4 | ' | 1.8 | ' | ' |
Deferred tax liabilities | 2 | ' | 16.7 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Total current liabilities | 131.1 | ' | 156.3 | ' | ' |
Long-term debt, net | 0 | ' | 0 | ' | ' |
Long-term derivative liabilities, net | 0.2 | ' | 0.1 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 109.9 | ' | 181.5 | ' | ' |
Other long-term liabilities | 38.2 | ' | 36.7 | ' | ' |
Advances due to affiliates, noncurrent | 0 | ' | 0 | ' | ' |
Long-term deferred tax liabilities, net | 124 | ' | 112.6 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | ' | 0 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0 | ' | 0 | ' | ' |
Capital in excess of par value | 1,199.70 | ' | 1,199.70 | ' | ' |
Retained earnings (accumulated deficit) | 289.1 | ' | 276.1 | ' | ' |
Accumulated other comprehensive income (loss) | -56.7 | ' | -106.4 | ' | ' |
Total shareholders' equity | 1,432.10 | ' | 1,369.40 | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,432.10 | ' | 1,369.40 | ' | ' |
Total liabilities and equity | 1,835.50 | ' | 1,856.60 | ' | ' |
Subsidiary non-guarantor [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 11.2 | ' | 4.4 | 4.8 | 3.6 |
Accounts receivable, net [Abstract] | ' | ' | ' | ' | ' |
Trade accounts receivable, net | 5.1 | ' | 5 | ' | ' |
Accounts receivable, affiliates | 7.4 | ' | 9.9 | ' | ' |
Inventories, net | 29.9 | ' | 27.2 | ' | ' |
Taxes receivable | -0.3 | ' | -0.3 | ' | ' |
Prepaid expenses | 0.7 | ' | 1.6 | ' | ' |
Other current assets | 5.5 | ' | 14 | ' | ' |
Total current assets | 59.5 | ' | 61.8 | ' | ' |
Investments in affiliates | 0 | ' | 0 | ' | ' |
Advances due from affiliates, noncurrent | 63.5 | ' | 63.5 | ' | ' |
Property, plant and equipment, net | 65.2 | ' | 61.3 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' |
Other assets | 28.3 | ' | 31.2 | ' | ' |
Total assets | 216.5 | ' | 217.8 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Trade accounts payable | 9.7 | ' | 9.7 | ' | ' |
Accounts payable, affiliates | 17.2 | ' | 12.2 | ' | ' |
Accrued liabilities | 20.6 | ' | 26.4 | ' | ' |
Derivative liabilities, net | 0 | ' | 0 | ' | ' |
Deferred tax liabilities | 0 | ' | 0 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Total current liabilities | 47.5 | ' | 48.3 | ' | ' |
Long-term debt, net | 11 | ' | 0 | ' | ' |
Long-term derivative liabilities, net | 0 | ' | 0 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 5.9 | ' | 5.7 | ' | ' |
Other long-term liabilities | 11.6 | ' | 15.6 | ' | ' |
Advances due to affiliates, noncurrent | 0 | ' | 0 | ' | ' |
Long-term deferred tax liabilities, net | 1.1 | ' | 2.6 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | ' | 0 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0 | ' | 0 | ' | ' |
Capital in excess of par value | 83.7 | ' | 83.7 | ' | ' |
Retained earnings (accumulated deficit) | 53.4 | ' | 55.2 | ' | ' |
Accumulated other comprehensive income (loss) | -3.7 | ' | 0.7 | ' | ' |
Total shareholders' equity | 133.4 | ' | 139.6 | ' | ' |
Noncontrolling interest | 6 | ' | 6 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 139.4 | ' | 145.6 | ' | ' |
Total liabilities and equity | 216.5 | ' | 217.8 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0 | ' | 0 | 0 | 0 |
Accounts receivable, net [Abstract] | ' | ' | ' | ' | ' |
Trade accounts receivable, net | 0 | ' | 0 | ' | ' |
Accounts receivable, affiliates | -43.7 | ' | -41.5 | ' | ' |
Inventories, net | 0 | ' | -0.5 | ' | ' |
Taxes receivable | 0 | ' | 0 | ' | ' |
Prepaid expenses | 0 | ' | 0 | ' | ' |
Other current assets | 0 | ' | 0 | ' | ' |
Total current assets | -43.7 | ' | -42 | ' | ' |
Investments in affiliates | -1,907.40 | ' | -1,856 | ' | ' |
Advances due from affiliates, noncurrent | -916 | ' | -865.4 | ' | ' |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' |
Other intangible assets, net | 0 | ' | 0 | ' | ' |
Other assets | 0 | ' | 0 | ' | ' |
Total assets | -2,867.10 | ' | -2,763.40 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' | ' |
Trade accounts payable | 0 | ' | 0 | ' | ' |
Accounts payable, affiliates | -43.7 | ' | -41.5 | ' | ' |
Accrued liabilities | 0 | ' | 0 | ' | ' |
Derivative liabilities, net | 0 | ' | 0 | ' | ' |
Deferred tax liabilities | 0 | ' | 0 | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' |
Total current liabilities | -43.7 | ' | -41.5 | ' | ' |
Long-term debt, net | 0 | ' | 0 | ' | ' |
Long-term derivative liabilities, net | 0 | ' | 0 | ' | ' |
Pension and other post-retirement benefit (OPEB) liabilities | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 0 | ' | 0 | ' | ' |
Advances due to affiliates, noncurrent | -916 | ' | -865.4 | ' | ' |
Long-term deferred tax liabilities, net | 0 | ' | -0.5 | ' | ' |
Common stock subject to redemption (0.2 shares at December 31, 2012) | 0 | ' | 0 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | 0 | ' | ' |
Common stock (200.0 shares authorized; $0.01 par value; 68.1 shares issued and outstanding at December 31, 2013; 67.7 shares issued and outstanding at December 31, 2012, including 0.2 shares subject to redemption at December 31, 2012) | 0 | ' | 0 | ' | ' |
Capital in excess of par value | -1,635.50 | ' | -1,635.50 | ' | ' |
Retained earnings (accumulated deficit) | -392.7 | ' | -431.9 | ' | ' |
Accumulated other comprehensive income (loss) | 120.8 | ' | 211.4 | ' | ' |
Total shareholders' equity | -1,907.40 | ' | -1,856 | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -1,907.40 | ' | -1,856 | ' | ' |
Total liabilities and equity | ($2,867.10) | ' | ($2,763.40) | ' | ' |
Subsidiary_Issuer_of_Guarantee3
Subsidiary Issuer of Guaranteed Notes (Consolidating Income Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Guarantor Obligations [Line Items] | ' | ' | ' |
Sales | $1,343.50 | $1,394.90 | $1,559.80 |
Operating costs and expenses: | ' | ' | ' |
Cost of sales | 1,271.90 | 1,277.70 | 1,344.50 |
Selling, general and administrative expenses | 97.1 | 82.6 | 93.9 |
Total operating costs and expenses, net | 1,369 | 1,360.30 | 1,438.40 |
Operating Income (Loss) | -25.5 | 34.6 | 121.4 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | 47.5 | 33.1 | 21.5 |
(Gain) loss on hedging activities, net | 2.3 | -81.2 | -86.4 |
Debt refinancing expense | 2.5 | 8.1 | 0 |
Nonoperating Income (Expense) | 52.3 | -40 | -64.9 |
Income (loss) before income taxes | -77.8 | 74.6 | 186.3 |
Income Tax Expense (Benefit) | -30.2 | 25.1 | 45.4 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | -47.6 | 49.5 | 140.9 |
Other Comprehensive Income (Loss), Net of Tax | 45.3 | -63.3 | -111.9 |
Total comprehensive income | -2.3 | -13.8 | 29 |
Parent Guarantor [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Sales | 0 | 0 | 0 |
Operating costs and expenses: | ' | ' | ' |
Cost of sales | 0 | 0 | 0 |
Selling, general and administrative expenses | 6.2 | 6.3 | 6.8 |
Total operating costs and expenses, net | 6.2 | 6.3 | 6.8 |
Operating Income (Loss) | -6.2 | -6.3 | -6.8 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | -0.4 | -0.4 | -0.4 |
(Gain) loss on hedging activities, net | 0 | 0 | 0 |
Debt refinancing expense | 0 | 0 | ' |
Nonoperating Income (Expense) | -0.4 | -0.4 | -0.4 |
Income (loss) before income taxes | -5.8 | -5.9 | -6.4 |
Income Tax Expense (Benefit) | -1.7 | -2.1 | -2.3 |
Equity in net income (loss) of subsidiaries | -43.5 | 53.3 | 145 |
Net income (loss) | -47.6 | 49.5 | 140.9 |
Other Comprehensive Income (Loss), Net of Tax | 45.3 | -63.3 | -111.9 |
Total comprehensive income | -2.3 | -13.8 | 29 |
Issuer [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Sales | 0 | 0 | 0 |
Operating costs and expenses: | ' | ' | ' |
Cost of sales | 0 | 0 | 0 |
Selling, general and administrative expenses | 1.1 | 0.8 | 0.3 |
Total operating costs and expenses, net | 1.1 | 0.8 | 0.3 |
Operating Income (Loss) | -1.1 | -0.8 | -0.3 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | 47.6 | 33.3 | 21.8 |
(Gain) loss on hedging activities, net | 0 | 0 | 0 |
Debt refinancing expense | 2.5 | 8.1 | ' |
Nonoperating Income (Expense) | 50.1 | 41.4 | 21.8 |
Income (loss) before income taxes | -51.2 | -42.2 | -22.1 |
Income Tax Expense (Benefit) | -18.4 | -14.9 | -7.8 |
Equity in net income (loss) of subsidiaries | -10.7 | 80.6 | 159.3 |
Net income (loss) | -43.5 | 53.3 | 145 |
Other Comprehensive Income (Loss), Net of Tax | 45.3 | -63.3 | -111.9 |
Total comprehensive income | 1.8 | -10 | 33.1 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Sales | 1,296.70 | 1,344 | 1,491.90 |
Operating costs and expenses: | ' | ' | ' |
Cost of sales | 1,236.90 | 1,232.70 | 1,298.90 |
Selling, general and administrative expenses | 76.1 | 60.8 | 72.5 |
Total operating costs and expenses, net | 1,313 | 1,293.50 | 1,371.40 |
Operating Income (Loss) | -16.3 | 50.5 | 120.5 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | 0.2 | 0.2 | 0.1 |
(Gain) loss on hedging activities, net | 2.3 | -81.2 | -86.4 |
Debt refinancing expense | 0 | 0 | ' |
Nonoperating Income (Expense) | 2.5 | -81 | -86.3 |
Income (loss) before income taxes | -18.8 | 131.5 | 206.8 |
Income Tax Expense (Benefit) | -10.1 | 44.9 | 53.6 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | -8.7 | 86.6 | 153.2 |
Other Comprehensive Income (Loss), Net of Tax | 49.7 | -66.6 | -115.5 |
Total comprehensive income | 41 | 20 | 37.7 |
Subsidiary non-guarantor [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Sales | 129 | 130.2 | 150.9 |
Operating costs and expenses: | ' | ' | ' |
Cost of sales | 117.1 | 124.3 | 128.6 |
Selling, general and administrative expenses | 13.8 | 14.7 | 14.3 |
Total operating costs and expenses, net | 130.9 | 139 | 142.9 |
Operating Income (Loss) | -1.9 | -8.8 | 8 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | 0.1 | 0 | 0 |
(Gain) loss on hedging activities, net | 0 | 0 | 0 |
Debt refinancing expense | 0 | 0 | ' |
Nonoperating Income (Expense) | 0.1 | 0 | 0 |
Income (loss) before income taxes | -2 | -8.8 | 8 |
Income Tax Expense (Benefit) | 0 | -2.8 | 1.9 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | -2 | -6 | 6.1 |
Other Comprehensive Income (Loss), Net of Tax | -4.4 | 3.3 | 3.7 |
Total comprehensive income | -6.4 | -2.7 | 9.8 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' |
Sales | -82.2 | -79.3 | -83 |
Operating costs and expenses: | ' | ' | ' |
Cost of sales | -82.1 | -79.3 | -83 |
Selling, general and administrative expenses | -0.1 | 0 | 0 |
Total operating costs and expenses, net | -82.2 | -79.3 | -83 |
Operating Income (Loss) | 0 | 0 | 0 |
Other (income) expense: [Abstract] | ' | ' | ' |
Interest expense, net | 0 | 0 | 0 |
(Gain) loss on hedging activities, net | 0 | 0 | 0 |
Debt refinancing expense | 0 | 0 | ' |
Nonoperating Income (Expense) | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 |
Equity in net income (loss) of subsidiaries | 54.2 | -133.9 | -304.3 |
Net income (loss) | 54.2 | -133.9 | -304.3 |
Other Comprehensive Income (Loss), Net of Tax | -90.6 | 126.6 | 223.7 |
Total comprehensive income | ($36.40) | ($7.30) | ($80.60) |
Subsidiary_Issuer_of_Guarantee4
Subsidiary Issuer of Guaranteed Notes (Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities | ' | ' | ' |
Cash provided by operating activities | $64,200,000 | $18,900,000 | $140,600,000 |
Investing Activities | ' | ' | ' |
Capital expenditures | -72,700,000 | -87,900,000 | -64,600,000 |
Proceeds from sale of property, plant and equipment | 900,000 | 5,300,000 | 2,600,000 |
Cash provided by (used in) investing activities | -71,800,000 | -82,600,000 | -62,000,000 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements | -200,000 | 200,000 | 700,000 |
Dividends paid to shareholders | -8,800,000 | -95,100,000 | -69,300,000 |
Distributions paid to optionholders | 0 | -3,100,000 | -1,800,000 |
Repayments of Long-term Debt | -280,000,000 | -155,000,000 | 0 |
Borrowings on long-term debt, net | 342,800,000 | 322,600,000 | 0 |
Payments of financing costs | -2,900,000 | -12,600,000 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 100,000 | 700,000 |
Capital contribution (to subsidiary) from parent | 0 | 0 | 0 |
Cash provided by (used in) financing activities | 50,900,000 | 57,100,000 | -69,700,000 |
Change in cash and cash equivalents | 43,300,000 | -6,600,000 | 8,900,000 |
Cash and cash equivalents, beginning of period | 36,100,000 | 42,700,000 | 33,800,000 |
Cash and cash equivalents, end of period | 79,400,000 | 36,100,000 | 42,700,000 |
Parent Guarantor [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Cash provided by operating activities | -400,000 | 187,800,000 | -4,700,000 |
Investing Activities | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from sale of property, plant and equipment | ' | 0 | 0 |
Cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements | -200,000 | 200,000 | 700,000 |
Dividends paid to shareholders | -8,800,000 | -95,100,000 | -69,300,000 |
Distributions paid to optionholders | ' | -3,100,000 | -1,800,000 |
Repayments of Long-term Debt | ' | 0 | ' |
Borrowings on long-term debt, net | ' | 0 | ' |
Payments of financing costs | ' | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 100,000 | 700,000 |
Capital contribution (to subsidiary) from parent | 9,300,000 | -92,700,000 | 70,400,000 |
Cash provided by (used in) financing activities | 300,000 | -190,600,000 | 700,000 |
Change in cash and cash equivalents | -100,000 | -2,800,000 | -4,000,000 |
Cash and cash equivalents, beginning of period | 500,000 | 3,300,000 | 7,300,000 |
Cash and cash equivalents, end of period | 400,000 | 500,000 | 3,300,000 |
Issuer [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Cash provided by operating activities | -800,000 | -251,100,000 | 81,300,000 |
Investing Activities | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from sale of property, plant and equipment | ' | 0 | 0 |
Cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements | ' | 0 | 0 |
Dividends paid to shareholders | ' | 0 | 0 |
Distributions paid to optionholders | ' | 0 | 0 |
Repayments of Long-term Debt | -280,000,000 | -155,000,000 | ' |
Borrowings on long-term debt, net | 331,800,000 | 322,600,000 | ' |
Payments of financing costs | -2,900,000 | -12,600,000 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 | 0 |
Capital contribution (to subsidiary) from parent | -9,300,000 | 92,700,000 | -70,400,000 |
Cash provided by (used in) financing activities | 39,600,000 | 247,700,000 | -70,400,000 |
Change in cash and cash equivalents | 38,800,000 | -3,400,000 | 10,900,000 |
Cash and cash equivalents, beginning of period | 27,900,000 | 31,300,000 | 20,400,000 |
Cash and cash equivalents, end of period | 66,700,000 | 27,900,000 | 31,300,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Cash provided by operating activities | 58,800,000 | 75,300,000 | 57,000,000 |
Investing Activities | ' | ' | ' |
Capital expenditures | -61,900,000 | -80,200,000 | -56,400,000 |
Proceeds from sale of property, plant and equipment | 900,000 | 4,900,000 | 200,000 |
Cash provided by (used in) investing activities | -61,000,000 | -75,300,000 | -56,200,000 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements | ' | 0 | 0 |
Dividends paid to shareholders | ' | 0 | 0 |
Distributions paid to optionholders | ' | 0 | 0 |
Repayments of Long-term Debt | ' | 0 | ' |
Borrowings on long-term debt, net | ' | 0 | ' |
Payments of financing costs | ' | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 | 0 |
Capital contribution (to subsidiary) from parent | ' | 0 | 0 |
Cash provided by (used in) financing activities | 0 | 0 | 0 |
Change in cash and cash equivalents | -2,200,000 | 0 | 800,000 |
Cash and cash equivalents, beginning of period | 3,300,000 | 3,300,000 | 2,500,000 |
Cash and cash equivalents, end of period | 1,100,000 | 3,300,000 | 3,300,000 |
Subsidiary non-guarantor [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Cash provided by operating activities | 6,600,000 | 6,900,000 | 7,000,000 |
Investing Activities | ' | ' | ' |
Capital expenditures | -10,800,000 | -7,700,000 | -8,200,000 |
Proceeds from sale of property, plant and equipment | 0 | 400,000 | 2,400,000 |
Cash provided by (used in) investing activities | -10,800,000 | -7,300,000 | -5,800,000 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements | ' | 0 | 0 |
Dividends paid to shareholders | ' | 0 | 0 |
Distributions paid to optionholders | ' | 0 | 0 |
Repayments of Long-term Debt | ' | 0 | ' |
Borrowings on long-term debt, net | 11,000,000 | 0 | ' |
Payments of financing costs | ' | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 | 0 |
Capital contribution (to subsidiary) from parent | ' | 0 | 0 |
Cash provided by (used in) financing activities | 11,000,000 | 0 | 0 |
Change in cash and cash equivalents | 6,800,000 | -400,000 | 1,200,000 |
Cash and cash equivalents, beginning of period | 4,400,000 | 4,800,000 | 3,600,000 |
Cash and cash equivalents, end of period | 11,200,000 | 4,400,000 | 4,800,000 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Cash provided by operating activities | 0 | 0 | 0 |
Investing Activities | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Proceeds from sale of property, plant and equipment | ' | 0 | 0 |
Cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common shares, share-based payment arrangements | ' | 0 | 0 |
Dividends paid to shareholders | ' | 0 | 0 |
Distributions paid to optionholders | ' | 0 | 0 |
Repayments of Long-term Debt | ' | 0 | ' |
Borrowings on long-term debt, net | ' | 0 | ' |
Payments of financing costs | ' | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 | 0 |
Capital contribution (to subsidiary) from parent | ' | 0 | 0 |
Cash provided by (used in) financing activities | 0 | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 | $0 |