Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Apr. 15, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Noranda Aluminum Holding CORP | ||
Entity Central Index Key | 1422105 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 69,216,096 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $158,491,817 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $23.50 | $20.50 |
Accounts receivable, net | 112.6 | 102.5 |
Inventories, net | 187.8 | 196.7 |
Other current assets | 29.2 | 27.4 |
Total current assets | 353.1 | 347.1 |
Property, plant and equipment, net | 698.8 | 695 |
Goodwill | 137.6 | 137.6 |
Other intangible assets, net | 47.8 | 49.3 |
Other assets | 87.8 | 89.1 |
Total assets | 1,325.10 | 1,318.10 |
LIABILITIES AND EQUITY | ||
Accounts payable | 115.6 | 122.6 |
Accrued liabilities | 73 | 59.1 |
Deferred tax liabilities | 11.6 | 11.7 |
Current portion of long-term debt | 12.1 | 11.6 |
Total current liabilities | 212.3 | 205 |
Long-term debt, net | 653.9 | 656.4 |
Pension and other post-retirement benefit (OPEB) liabilities | 195.8 | 195.4 |
Other long-term liabilities | 44.8 | 45.9 |
Long-term deferred tax liabilities | 146.9 | 143.3 |
Shareholders' equity: | ||
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at March 31, 2014 and December 31, 2014) | 0 | 0 |
Common stock (200.0 shares authorized; $0.01 par value; 69.2 shares issued and outstanding at March 31, 2014; 68.9 shares issued and outstanding at December 31, 2014) | 0.7 | 0.7 |
Capital in excess of par value | 244.4 | 243.6 |
Accumulated deficit | -71.8 | -68.2 |
Accumulated other comprehensive income (loss) | -107.9 | -110 |
Total shareholders' equity | 65.4 | 66.1 |
Non-controlling interest | 6 | 6 |
Total equity | 71.4 | 72.1 |
Total liabilities and equity | $1,325.10 | $1,318.10 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Per Share data, unless otherwise specified | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 25 | 25 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, Shares Authorized | 200 | 200 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 69.2 | 68.9 |
Common stock, shares outstanding | 69.2 | 68.9 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Sales | $345.60 | $311.60 |
Operating costs and expenses: | ||
Cost of sales | 312 | 302 |
Selling, General and Administrative Expense | 22.3 | 20.7 |
Total operating costs and expenses | 334.3 | 322.7 |
Operating income (loss) | 11.3 | -11.1 |
Other (income) expense: [Abstract] | ||
Interest expense, net | 13.2 | 12.5 |
(Gain) loss on hedging activities, net | 0.3 | 0.3 |
Total other income, net | 13.5 | 12.8 |
Income (loss) before income taxes | -2.2 | -23.9 |
Income tax expense (benefit) | 0.5 | -7.1 |
Net income (loss) | ($2.70) | ($16.80) |
Net income per common share [Abstract] | ||
Basic | ($0.04) | ($0.25) |
Diluted | ($0.04) | ($0.25) |
Weighted-average common shares outstanding: | ||
Basic (shares, in millions) | 68.97 | 68.23 |
Diluted (shares, in millions) | 68.97 | 68.23 |
Common Stock, Dividends, Per Share, Declared | $0.01 | $0.01 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income (loss) | ($2.70) | ($16.80) |
Other comprehensive income: | ||
Reclassification of pension and OPEB amounts realized in net loss | 3.2 | 1.8 |
Total Comprehensive Income (Loss), before Tax | 3.2 | 1.8 |
Income tax expense related to components of other comprehensive income | 1.1 | 0.7 |
Total other comprehensive income, net of tax | 2.1 | 1.1 |
Total comprehensive income (loss) | ($0.60) | ($15.70) |
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, 2014 | $72.10 | $0 | $0.70 | $243.60 | ($68.20) | ($110) | $6 |
Net income (loss) | -2.7 | 0 | 0 | -2.7 | 0 | 0 | |
Total other comprehensive income, net of tax | 2.1 | 0 | 0 | 0 | 2.1 | 0 | |
Shares tendered for taxes, net of issuance of common shares for share-based payment arrangements | -0.2 | 0 | -0.2 | 0 | 0 | 0 | |
Stock compensation expense related to equity-based awards | 0.8 | 0 | 0.8 | 0 | 0 | 0 | |
Vesting of awards, share-based plans | 0 | 0 | 0 | 0.2 | -0.2 | 0 | 0 |
Dividends to shareholders @ $0.01 per share | -0.7 | 0 | 0 | -0.7 | 0 | 0 | |
Balance, end of period at Mar. 31, 2015 | $71.40 | $0 | $0.70 | $244.40 | ($71.80) | ($107.90) | $6 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity Consolidated Statements of Equity (Parentheticals) (common shareholders [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
common shareholders [Member] | |
Dividends to shareholders @ $0.01 per share | $0.01 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net income (loss) | ($2.70) | ($16.80) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 23 | 21.7 |
Non-cash interest expense | 0.7 | 0.7 |
Last in, first out and lower of cost or market inventory adjustments | -4.8 | -0.2 |
Gain (Loss) on disposal of assets | 0.1 | -0.1 |
Gain on hedging activities, excluding cash settlements | 0 | -0.5 |
Deferred income taxes | 2.4 | -14.3 |
Share-based Compensation | 0.8 | 0.7 |
Changes in other assets | -1 | -1.6 |
Changes in pension, other post-retirement and other long-term liabilities | 2.7 | 0.7 |
Changes in current operating assets and liabilities: | ||
Accounts receivable, net | -10.1 | -26 |
Inventories, net | 13.4 | -12.8 |
Taxes receivable and taxes payable | 1.3 | 7.7 |
Other current assets | -0.9 | -1.2 |
Accounts payable | -8.2 | 21.4 |
Accrued liabilities | 12.8 | 1.1 |
Cash provided by (used in) operating activities | 29.5 | -19.5 |
Investing Activities | ||
Capital expenditures | -23.5 | -13.1 |
Proceeds from sale of property, plant and equipment | 0.1 | 0.2 |
Cash Provided by (Used in) Investing Activities | -23.4 | -12.9 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | -0.2 | -0.4 |
Payments of Dividends | -0.7 | -0.7 |
Repayments of Long-term Debt | -2.6 | -1.2 |
Borrowings on revolving credit facility | 72 | 0 |
Repayments on revolving credit facility | -72 | 0 |
Borrowings on long-term debt, net | 0.4 | 6.5 |
Cash provided by (used in) financing activities | -3.1 | 4.2 |
Change in cash and cash equivalents | 3 | -28.2 |
Cash and cash equivalents, beginning of period | 20.5 | 79.4 |
Cash and cash equivalents, end of period | $23.50 | $51.20 |
Accounting_Policies_Footnote
Accounting Policies (Footnote) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Organization, Consolidation and Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements represent the consolidation of Noranda Aluminum Holding Corporation and all companies that we directly or indirectly control (“Noranda,” “the Company,” “we,” “us,” and “our”). “Noranda HoldCo” refers only to Noranda Aluminum Holding Corporation, excluding its subsidiaries. “Noranda AcquisitionCo” refers only to Noranda Aluminum Acquisition Corporation, the wholly-owned direct subsidiary of Noranda HoldCo, excluding its subsidiaries. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information. The condensed consolidated financial statements, including these condensed notes, are unaudited and exclude some of the disclosures required in annual consolidated financial statements. Condensed consolidated balance sheet data as of December 31, 2014 was derived from our audited condensed consolidated financial statements. In management’s opinion, these unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) that are considered necessary for the fair presentation of our financial position and operating results. All intercompany transactions and accounts have been eliminated in consolidation. | |
The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. For example, our interim operating results are affected by peak power usage rates from June through September each year which affect our operating costs at the New Madrid smelter. We are also subject to seasonality associated with the demand cycles of our end-use customers, which results in lower shipment levels from November to February relative to other periods during the year. | |
These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2015. | |
New Accounting Guidance | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in U.S. GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is not permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements. | |
In August 2014, the FASB issued an ASU No. 2014-15, “Presentation of Financial Statements - Going Concern”. The ASU provides guidance on determining when and how to disclose going-concern uncertainties in financial statements. The Company will be required to perform interim and annual assessments of its ability to continue as a going concern within one year of the date that the financial statements are issued. The Company must provide certain disclosures if conditions or events raise substantial doubt about its ability to continue as a going concern. The ASU provides alternative methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements. | |
In April 2015, the FASB issued an ASU No. 2015-03, “Interest - Imputation of Interest”. The ASU was issued as an initiative to reduce complexity in accounting standards (the Simplification Initiative). The Company will apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company will be required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items. The adoption of the ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements. |
Segments_Footnote
Segments (Footnote) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segments disclosure | 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 resource allocation. | |||||||||||||||
Our five reportable segments are Bauxite, Alumina, Primary, Flat-Rolled and Corporate. | |||||||||||||||
• | 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 – Produces value-added aluminum products in several forms, including billet, rod, high purity sow and foundry. The Primary segment also produces commodity grade sow. | ||||||||||||||
• | Flat-Rolled – 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". | |||||||||||||||
The following tables present operating and asset information for our reportable segments (in millions): | |||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||
Bauxite | Alumina | Primary | Flat-Rolled | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 11.7 | 55 | 130.9 | 148 | — | — | 345.6 | ||||||||
Intersegment | 19.6 | 27.4 | 22 | — | — | (69.0 | ) | — | |||||||
Total sales | 31.3 | 82.4 | 152.9 | 148 | — | (69.0 | ) | 345.6 | |||||||
Capital expenditures | 3.3 | 1.4 | 17 | 1.3 | 0.5 | — | 23.5 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 2.1 | 3.7 | 23.1 | 12.7 | (7.8 | ) | 0.1 | 33.9 | |||||||
Depreciation and amortization | (3.0 | ) | (5.2 | ) | (10.0 | ) | (4.3 | ) | (0.5 | ) | — | (23.0 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 0.8 | 4 | — | — | 4.8 | ||||||||
Gain (loss) on disposal of assets | — | — | (0.1 | ) | — | — | — | (0.1 | ) | ||||||
Non-cash pension, accretion and stock compensation | — | (0.3 | ) | (1.7 | ) | (1.3 | ) | (1.1 | ) | — | (4.4 | ) | |||
Restructuring, relocation and severance | — | (0.2 | ) | (0.2 | ) | 0.3 | (0.1 | ) | — | (0.2 | ) | ||||
Consulting fees | — | — | (0.1 | ) | — | (0.2 | ) | — | (0.3 | ) | |||||
Cash settlements paid (received) on hedging transactions | — | — | 0.2 | 1.2 | — | — | 1.4 | ||||||||
Other, net | — | (0.1 | ) | — | — | (0.1 | ) | (0.6 | ) | (0.8 | ) | ||||
Operating income (loss) | (0.9 | ) | (2.1 | ) | 12 | 12.6 | (9.8 | ) | (0.5 | ) | 11.3 | ||||
Interest expense, net | 13.2 | ||||||||||||||
Loss on hedging activities, net | 0.3 | ||||||||||||||
Total other expense, net | 13.5 | ||||||||||||||
Loss before income taxes | (2.2 | ) | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||||
Bauxite | Alumina | Primary | Flat-Rolled | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 11.7 | 45.8 | 120.8 | 133.3 | — | — | 311.6 | ||||||||
Intersegment | 18.4 | 31.4 | 28.7 | — | — | (78.5 | ) | — | |||||||
Total sales | 30.1 | 77.2 | 149.5 | 133.3 | — | (78.5 | ) | 311.6 | |||||||
Capital expenditures | 0.8 | 2 | 7 | 3.1 | 0.2 | — | 13.1 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 2.5 | (11.9 | ) | 18.4 | 10.9 | (7.8 | ) | (1.4 | ) | 10.7 | |||||
Depreciation and amortization | (2.5 | ) | (5.0 | ) | (9.7 | ) | (4.3 | ) | (0.2 | ) | — | (21.7 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | (0.1 | ) | 0.3 | — | — | 0.2 | |||||||
Gain (loss) on disposal of assets | — | — | 0.1 | — | — | — | 0.1 | ||||||||
Non-cash pension, accretion and stock compensation | — | (0.2 | ) | (1.0 | ) | (0.7 | ) | (0.9 | ) | — | (2.8 | ) | |||
Restructuring, relocation and severance | 0.1 | (0.1 | ) | (0.1 | ) | 0.4 | 0.1 | — | 0.4 | ||||||
Consulting fees | — | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||
Cash settlements paid (received) on hedging transactions | — | — | 0.2 | 0.7 | — | — | 0.9 | ||||||||
Other, net | — | (0.1 | ) | 0.1 | (0.1 | ) | — | 1.4 | 1.3 | ||||||
Operating income (loss) | 0.1 | (17.3 | ) | 7.9 | 7.2 | (9.0 | ) | — | (11.1 | ) | |||||
Interest expense, net | 12.5 | ||||||||||||||
Loss on hedging activities, net | 0.3 | ||||||||||||||
Total other expense, net | 12.8 | ||||||||||||||
Loss before income taxes | (23.9 | ) | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Segment assets: | $ | $ | |||||||||||||
Bauxite | 150 | 149.9 | |||||||||||||
Alumina | 220.6 | 229.8 | |||||||||||||
Primary | 557.9 | 561.5 | |||||||||||||
Flat-Rolled | 349.8 | 335.1 | |||||||||||||
Corporate | 73.1 | 65.5 | |||||||||||||
Eliminations | (26.3 | ) | (23.7 | ) | |||||||||||
Total assets | 1,325.10 | 1,318.10 | |||||||||||||
Supplemental_Financial_Stateme
Supplemental Financial Statement Information (Footnote) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Supplemental Financial Statement Information [Abstract] | |||||||
Supplemental Balance Sheet Disclosures [Text Block] | Condensed consolidated statements of cash flows: | ||||||
Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows included the following (in millions): | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Depreciation of property, plant and equipment | 19.8 | 18.8 | |||||
Amortization of intangible assets | 1.5 | 1.5 | |||||
Amortization of other long-term assets | 1.7 | 1.4 | |||||
Total depreciation and amortization | 23 | 21.7 | |||||
Cash paid for interest and income taxes was as follows (in millions): | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Interest paid | 8 | 7.5 | |||||
U.S. Federal and state income taxes paid, net of refunds received | (3.0 | ) | (0.5 | ) | |||
Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $8.2 million and $4.3 million for the three months ended March 31, 2015 and 2014, respectively, and were not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows. During the three months ended March 31, 2015 and 2014, we capitalized interest of $0.2 million and $0.4 million, respectively, related to long-term capital projects. As of December 31, 2014 cash and cash equivalents included $1.8 million of cash intended to be used for ongoing capital and operational productivity improvements in Jamaica. The cash and cash equivalents account did not include any cash intended to be used for ongoing capital and operational improvements in Jamaica as of March 31, 2015. | |||||||
Condensed consolidated statements of equity: | |||||||
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 or loss, prior service cost and other related to pension and OPEB | Total, net of tax | |||||
$ | $ | $ | |||||
Balance, December 31, 2014 | (172.9 | ) | (62.9 | ) | (110.0 | ) | |
Reclassification of amounts realized in net loss | 3.2 | 1.1 | 2.1 | ||||
Balance, March 31, 2015 | (169.7 | ) | (61.8 | ) | (107.9 | ) | |
Reclassifications out of AOCI were included in the unaudited condensed consolidated statements of operations as follows (in millions): | |||||||
Details about accumulated other comprehensive loss components | Amount reclassified from accumulated other | Affected line item in the unaudited condensed consolidated statements of operations | |||||
comprehensive loss | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Selling, general and administrative expenses (“SGA”) | |||||||
Actuarial gain/loss | 0.7 | 0.3 | (1) | ||||
Total pension amounts reclassified into SGA | 0.7 | 0.3 | Selling, general and administrative expenses | ||||
Cost of sales (“COS”) | |||||||
Actuarial gain/loss | 2.3 | 1.3 | (1) | ||||
Prior service costs | 0.2 | 0.2 | (1) | ||||
Total pension amounts reclassified into COS | 2.5 | 1.5 | Cost of sales | ||||
Reclassification of pension and OPEB amounts realized in net loss | 3.2 | 1.8 | |||||
Income tax expense related to reclassifications of pension and OPEB amounts | 1.1 | 0.7 | Income tax expense (benefit) | ||||
Reclassification of pension and OPEB amounts realized in net loss, net of tax | 2.1 | 1.1 | Net loss | ||||
(1) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 10, "Pension and Other Post-Retirement Benefits." | ||||||
Additional Financial Information Disclosure [Text Block] | Condensed consolidated balance sheets: | ||||||
Cash and cash equivalents consisted of the following (in millions): | |||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Cash | 23.5 | 20.5 | |||||
Total cash and cash equivalents | 23.5 | 20.5 | |||||
Accounts receivable, net, consisted of the following (in millions): | |||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Trade | 112.7 | 102.6 | |||||
Allowance for doubtful accounts | (0.1 | ) | (0.1 | ) | |||
Total accounts receivable, net | 112.6 | 102.5 | |||||
Other current assets consisted of the following (in millions): | |||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Current foreign deferred tax asset | 0.4 | 0.4 | |||||
Employee loans receivable, net | 1.9 | 2.1 | |||||
Current derivative assets (see Note 11, “Derivative Financial Instruments”) | 7.3 | 6.3 | |||||
Taxes receivable | 2.7 | 4 | |||||
Prepaid assets | 4.6 | 4.5 | |||||
Restricted cash (see Note 7, “Commitments and Contingencies”) | 0.1 | 0.1 | |||||
Other current assets | 12.2 | 10 | |||||
Total other current assets | 29.2 | 27.4 | |||||
Other assets consisted of the following (in millions): | |||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Deferred financing costs, net of amortization | 5.3 | 5.8 | |||||
Cash surrender value of life insurance | 28.9 | 29.3 | |||||
Pension asset | 6.6 | 6.5 | |||||
Restricted cash (see Note 7, “Commitments and Contingencies”) | 14.1 | 14 | |||||
Supplies | 4.6 | 5 | |||||
Prepaid Jamaican income taxes | 12.7 | 12.7 | |||||
Derivative asset | — | 0.2 | |||||
Other | 15.6 | 15.6 | |||||
Total other assets | 87.8 | 89.1 | |||||
Accrued liabilities consisted of the following (in millions): | |||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Compensation and benefits | 22.5 | 18.3 | |||||
Workers’ compensation | 5.7 | 5.6 | |||||
Other operating expenses | 13.5 | 11.2 | |||||
Accrued interest | 7.1 | 2.3 | |||||
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”) | 2.5 | 2.3 | |||||
Land obligation (see Note 9, “Asset Retirement and Other Obligations”) | 3.8 | 3.7 | |||||
Derivative liabilities (see Note 11, “Derivative Financial Instruments”) | 6.1 | 5 | |||||
Reclamation obligation (see Note 9, “Asset Retirement and Other Obligations”) | 1.6 | 1.5 | |||||
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”) | 1.7 | 1.7 | |||||
Obligations to the Government of Jamaica | 7.7 | 5.9 | |||||
Pension and OPEB liabilities (see Note 10, “Pensions and Other Post-Retirement Benefits”) | 0.8 | 0.8 | |||||
Restructuring liability | — | 0.8 | |||||
Total accrued liabilities | 73 | 59.1 | |||||
Other long-term liabilities consisted of the following (in millions): | |||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Reserve for uncertain tax positions | 0.6 | 0.7 | |||||
Workers’ compensation | 15.6 | 15.3 | |||||
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”) | 13.4 | 13.7 | |||||
Land obligation (see Note 9, “Asset Retirement and Other Obligations”) | 6.8 | 6.8 | |||||
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”) | 1.1 | 1.1 | |||||
Long-term derivative liabilities (see Note 11, “Derivative Financial Instruments”) | — | 0.1 | |||||
Deferred compensation and other | 7.3 | 8.2 | |||||
Total other long-term liabilities | 44.8 | 45.9 | |||||
Fair_Value_Measurements_Footno
Fair Value Measurements (Footnote) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair value measurements disclosure | FAIR VALUE MEASUREMENTS | ||||||||
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): | |||||||||
March 31, 2015 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Derivative assets | — | 7.3 | — | 7.3 | |||||
Derivative liabilities | — | (5.3 | ) | (0.8 | ) | (6.1 | ) | ||
RSU liability awards | (0.1 | ) | — | — | (0.1 | ) | |||
Total | (0.1 | ) | 2 | (0.8 | ) | 1.1 | |||
December 31, 2014 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Derivative assets | — | 3.2 | 3.3 | 6.5 | |||||
Derivative liabilities | — | (5.1 | ) | — | (5.1 | ) | |||
Total | — | (1.9 | ) | 3.3 | 1.4 | ||||
We made no transfers between fair value hierarchy levels during the three months ended March 31, 2015. | |||||||||
In Note 13 "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 discuss our derivative instruments in Note 11, "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. | |||||||||
Changes in the fair value of the variable-price Midwest Premium contracts were included in gain on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments were as follows: | |||||||||
Three months ended March 31, 2015 | |||||||||
$ | |||||||||
Fair value, beginning of year | 3.3 | ||||||||
New contracts entered into during the period | 0.1 | ||||||||
Changes in fair value | (3.2 | ) | |||||||
Settlements | (1.0 | ) | |||||||
Fair value, end of period | (0.8 | ) | |||||||
In Note 8, "Long-Term Debt," we disclose the fair values of our debt instruments. We classify all of these fair value measurements within Level 2 of the fair value hierarchy. The fair value of our AcquisitionCo Notes was based on recent market transactions. 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 our Term B Loan and our project specific financing borrowings were based on interest rates available at each balance sheet date. |
Inventories_Footnote
Inventories (Footnote) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Inventory, Net [Abstract] | |||||
Inventories disclosure | 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. Supplies inventories at our rolling mills are valued at first-in, first-out. Inventories at Gramercy and St. Ann, Jamaica (“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 28% and 25% of total inventories, at cost, at March 31, 2015 and December 31, 2014, respectively. | ||||
An actual valuation of inventory under the last-in, first-out (“LIFO”) method is made only at the end of each year based on the inventory costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory costs. | |||||
Inventories, net, consisted of the following (in millions): | |||||
March 31, 2015 | December 31, 2014 | ||||
$ | $ | ||||
Raw materials, at cost | 61.5 | 73.7 | |||
Work-in-process, at cost | 57.3 | 48.9 | |||
Finished goods, at cost | 25.6 | 31.3 | |||
Total inventories, at cost | 144.4 | 153.9 | |||
LIFO adjustment | 20.6 | 14 | |||
LCM reserve | (9.9 | ) | (7.6 | ) | |
Inventories, at lower of cost or market | 155.1 | 160.3 | |||
Supplies | 32.7 | 36.4 | |||
Total inventories, net | 187.8 | 196.7 | |||
Property_Plant_and_Equipment_F
Property, Plant and Equipment (Footnote) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Property, plant and equipment disclosure | Property, plant and equipment, net, consisted of the following (in millions): | |||||||
Estimated useful lives in years | March 31, 2015 | December 31, 2014 | ||||||
$ | $ | |||||||
Land | 52 | 51.9 | ||||||
Buildings and improvements | 10 | — | 47 | 171.3 | 163 | |||
Machinery and equipment | 3 | — | 50 | 935 | 927.1 | |||
Construction in progress | 82.7 | 86.2 | ||||||
Property, plant and equipment, at cost | 1,241.00 | 1,228.20 | ||||||
Accumulated depreciation | (542.2 | ) | (533.2 | ) | ||||
Total property, plant and equipment, net | 698.8 | 695 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Footnote) | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and contingencies disclosure | Labor Commitments | |
We are a party to seven collective bargaining agreements with five different unions. The following represents our collective bargaining agreements that have been updated since December 31, 2014 or are currently pending: | ||
In the US: the United Steelworkers of America (“USWA”); the International Association of Machinists and Aerospace Workers (“IAMAW”). | ||
• | The agreement in place with the IAMAW at our Newport rolling mill originally extended through May 2014. During April 2014, a one-year extension was ratified, extending the expiration of the agreement to May 2015. A new three year agreement was signed in April 2015 which will be effective June 1, 2015. | |
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 received a claim for a new contract in July 2014. We have been unable to reach a conclusion in our negotiations with UTASP; therefore, the union has reported a dispute to the Ministry of Labor for conciliation. We are currently negotiating with the Ministry of Labor in an effort to reach an agreement. | |
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 probable losses in excess of our accrual or reasonably possible losses would be material to our unaudited condensed consolidated financial statements. | ||
On March 16, 2015 we filed a notice per the Establishment Agreement, as amended, requesting arbitration to settle the outstanding issues with the GOJ that have not be resolved via negotiations. Throughout negotiations with the GOJ, we have continued to operate our business in Jamaica in the normal course. We firmly believe in our asserted rights under the agreements governing our fiscal regime and we continue to seek ways to work constructively with the GOJ to conclude the negotiations. See Note 17, "Non-Controlling Interest" to our condensed consolidated financial statements in Item 1 of this Form 10-Q. | ||
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. | ||
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 $2.7 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. |
LongTerm_Debt_Footnote
Long-Term Debt (Footnote) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Long-term debt disclosure | The carrying values and fair values of our outstanding debt were as follows (in millions): | ||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||
Carrying | Fair | Interest | Carrying | Fair | Interest | ||||||
value | value | rate | value | value | rate | ||||||
$ | $ | % | $ | $ | % | ||||||
AcquisitionCo Notes, net | 173.4 | 168 | 11 | 173.3 | 171.6 | 11 | |||||
Term B Loan, net | 469.5 | 469.5 | 5.75 | 470.7 | 470.7 | 5.75 | |||||
Project specific financing | 21.1 | 21.1 | 9 | 22.5 | 22.5 | 9 | |||||
Mid-Stream Loan | 1.5 | 1.5 | 8 | 1 | 1 | 8 | |||||
Capital lease | 0.5 | 0.5 | 5.79 | 0.5 | 0.5 | 5.79 | |||||
Total debt, net | 666 | 668 | |||||||||
Less: Current portion | (12.1 | ) | (11.6 | ) | |||||||
Long-term debt, net | 653.9 | 656.4 | |||||||||
The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.6 million and $1.7 million, respectively, at March 31, 2015 and December 31, 2014. | |||||||||||
As of March 31, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.2 million and $2.4 million, respectively. | |||||||||||
The asset-based loan (“ABL”) had no outstanding balance at March 31, 2015 or December 31, 2014. Outstanding letters of credit totaled $39.5 million at March 31, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity calculated as of March 31, 2015 was $141.9 million. |
Asset_Retirement_and_Other_Obl
Asset Retirement and Other Obligations (Footnote) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Asset Retirement and Other Obligations [Abstract] | |||
Reclamation, land and asset retirement obligations disclosure | Reclamation Obligation | ||
St. Ann has an obligation to rehabilitate land disturbed by St. Ann’s Bauxite mining operations. | |||
Our reclamation obligation activity at St. Ann follows (in millions): | |||
Three months ended March 31, 2015 | |||
$ | |||
Balance, beginning of period | 1.5 | ||
Additional liabilities incurred | 0.7 | ||
Liabilities settled | (0.6 | ) | |
Balance, end of period | 1.6 | ||
Land Obligation | |||
In cases where land to be mined is privately owned, St. Ann acquires the right to mine either through a purchase of the land or by compensating the owner for disturbing the owner’s surface rights. In the case of a purchase of the land, the consideration is typically cash and or a commitment to resettle the owner to another area (“St. Ann Land Obligation”). Additional consideration is paid for crops, homes, and other structures that may exist on the land but which may be destroyed or damaged by the mining activities. | |||
Our St. Ann Land Obligation activity follows (in millions): | |||
Three months ended March 31, 2015 | |||
$ | |||
Balance, beginning of period | 10.5 | ||
Additional liabilities incurred | 0.1 | ||
Liabilities settled | 0.1 | ||
Revisions to the obligation | (0.1 | ) | |
Balance, end of period | 10.6 | ||
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. | |||
Our asset retirement obligations activity follows (in millions): | |||
Three months ended March 31, 2015 | |||
$ | |||
Balance, beginning of period | 16 | ||
Additional liabilities incurred | 0.6 | ||
Liabilities settled | (1.0 | ) | |
Accretion | 0.3 | ||
Balance, end of period | 15.9 | ||
As of March 31, 2015 and December 31, 2014, we had $10.5 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 unaudited condensed consolidated balance sheets. | |||
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 March 31, 2015 and December 31, 2014, we had undiscounted liabilities of $1.7 million in accrued liabilities and had $1.1 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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||
Pension and Other Post-Retirement Benefits Disclosure [Text Block] | 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 other post-employment benefit (“OPEB”) plans for certain employees. These benefits include life and health insurance. In addition, we provide supplemental executive retirement benefits for certain executive officers. | ||||||||
Net periodic benefit costs related to the pension plans included the following (in millions): | |||||||||
Noranda Pension Plans | St. Ann Pension Plans | ||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||
2015 | 2014 | 2015 | 2014 | ||||||
$ | $ | $ | $ | ||||||
Service cost | 4.2 | 3.6 | 0.2 | 0.2 | |||||
Interest cost | 5 | 4.9 | 0.4 | 0.4 | |||||
Expected return on plan assets | (5.7 | ) | (5.3 | ) | (0.5 | ) | (0.6 | ) | |
Recognized actuarial loss | 3 | 1.6 | — | — | |||||
Amortization of prior service cost | 0.2 | 0.2 | — | 0.1 | |||||
Net periodic cost | 6.7 | 5 | 0.1 | 0.1 | |||||
Net periodic benefit costs related to the OPEB plans included the following (in millions): | |||||||||
Noranda OPEB Plans | St. Ann OPEB Plans | ||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||
2015 | 2014 | 2015 | 2014 | ||||||
$ | $ | $ | $ | ||||||
Service cost | 0.1 | 0.1 | 0.1 | — | |||||
Interest cost | 0.2 | 0.2 | 0.1 | 0.1 | |||||
Net periodic cost | 0.3 | 0.3 | 0.2 | 0.1 | |||||
Expected Employer Contributions | |||||||||
We contributed $3.3 million and $0.2 million to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, during the three months ended March 31, 2015. We anticipate making approximately $14.6 million and $0.4 million of pension funding payments to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, for the remainder of the year ending December 31, 2015. |
Derivative_Financial_Instrumen
Derivative Financial Instruments (Footnote) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Derivative instruments and hedging activities disclosure | We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices. All derivatives are held for purposes other than trading. | ||||||||||
We enter into forward contracts with our customers to sell aluminum in the future at fixed-prices in the normal course of business. We do not elect normal sale accounting on certain customer contracts and instead record those contracts as derivatives (“fixed-price aluminum customer contracts”). Because these fixed-price aluminum 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 March 31, 2015, our outstanding fixed-price aluminum customer contracts were as follows: | |||||||||||
Average price per pound | Pounds | ||||||||||
Year | $ | (in millions) | |||||||||
2015 | 1.13 | 47.1 | |||||||||
2016 | 1.14 | 2.6 | |||||||||
As of March 31, 2015, our outstanding variable-price aluminum offset swaps were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2015 | 0.9 | 51.9 | |||||||||
2016 | 0.89 | 2.8 | |||||||||
As of March 31, 2015, our outstanding variable-price MWP contracts were as follows: | |||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2015 | 0.2 | 51.9 | |||||||||
2016 | 0.21 | 3 | |||||||||
We recognize all derivative instruments as either assets or liabilities at their estimated fair value in our accompanying unaudited condensed consolidated balance sheets. The following table presents the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions): | |||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||
$ | $ | ||||||||||
Fixed-price aluminum customer contracts | 7.3 | 2.4 | |||||||||
Variable-price aluminum offset swaps | (5.3 | ) | (4.3 | ) | |||||||
Variable-price MWP contracts | (0.8 | ) | 3.3 | ||||||||
Total | 1.2 | 1.4 | |||||||||
We have four 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 condensed consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions): | |||||||||||
As of March 31, 2015 | |||||||||||
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 | — | — | — | 7.3 | 7.3 | ||||||
Total current derivative assets | — | — | — | 7.3 | 7.3 | ||||||
As of March 31, 2015 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.7 | ) | — | (2.7 | ) | — | (2.7 | ) | |||
Master netting arrangement with counterparty two | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty three | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty four | (2.4 | ) | — | (2.4 | ) | — | (2.4 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.8 | ) | (0.8 | ) | ||||
Total current derivative liabilities | (5.3 | ) | — | (5.3 | ) | (0.8 | ) | (6.1 | ) | ||
As of December 31, 2014 | |||||||||||
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 | — | — | — | 6.3 | 6.3 | ||||||
Total current derivative assets | — | — | — | 6.3 | 6.3 | ||||||
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, 2014 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.2 | ) | — | (2.2 | ) | — | (2.2 | ) | |||
Master netting arrangement with counterparty two | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty three | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty four | (1.9 | ) | — | (1.9 | ) | — | (1.9 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.7 | ) | (0.7 | ) | ||||
Total current derivative liabilities | (4.3 | ) | — | (4.3 | ) | (0.7 | ) | (5.0 | ) | ||
Master netting arrangement with counterparty two | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Total long-term derivative liabilities | — | — | — | (0.1 | ) | (0.1 | ) | ||||
As of March 31, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. We discontinued hedge accounting for all fixed-price aluminum swaps on January 29, 2009. At that date, amounts were frozen in AOCI to be reclassified into earnings in the period the hedged sales occur, or until we determined that the original forecasted sales were no longer probable of occurring. | |||||||||||
Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through (gain) loss on hedging activities, net in the unaudited condensed consolidated statements of operations. | |||||||||||
The following table presents how our hedging activities affected our unaudited condensed consolidated statements of operations for each period (in millions): | |||||||||||
Three months ended March 31, | |||||||||||
2015 | 2014 | ||||||||||
$ | $ | ||||||||||
Fixed-price aluminum customer contracts | (5.0 | ) | 3.3 | ||||||||
Variable-price aluminum offset swaps | 2.2 | 2.1 | |||||||||
Variable-price MWP contracts | 3.1 | (5.1 | ) | ||||||||
Loss on hedging activities, net | 0.3 | 0.3 | |||||||||
Shareholders_Equity_Footnote
Shareholders' Equity (Footnote) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Shareholders' Equity Disclosure [Text Block] | Dividends declared and paid during the three months ended March 31, 2015 were as follows: | ||||||
Per share dividend amount | Date paid | Total cash payment | |||||
Declaration date | $/share | $ in millions | |||||
February 18, 2015 | $ | 0.01 | March 25, 2015 | 0.7 | |||
On May 6, 2015, the Board declared a regular quarterly dividend of $0.01 per share to be paid on June 10, 2015 to shareholders of record as of May 18, 2015. Cash payments related to this dividend will total approximately $0.7 million. |
ShareBased_Payments_ShareBased
Share-Based Payments Share-Based Payments (Footnote) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||
Share-based payments disclosure | We recorded stock compensation expense as follows (in millions): | ||||||||||||||
Three months ended March 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||
$ | $ | ||||||||||||||
Stock options | — | — | |||||||||||||
Restricted stock and restricted stock unit equity awards | 0.8 | 0.7 | |||||||||||||
Total stock compensation expense | 0.8 | 0.7 | |||||||||||||
Share-based payment awards held by employee and non-employee directors include stock options, restricted stock, and restricted stock units (“RSUs”). Restricted stock and RSU awards have either service-vesting and/or performance-vesting requirements, and some also have market-based conditions. We account for RSUs granted to the investor director provider group, which consists of the full-time employees of our principal shareholders affiliated with Apollo Management VI, L.P. (“Apollo”) who serve on our board of directors, as liability awards. | |||||||||||||||
As of March 31, 2015, total unrecognized stock compensation expense related to share-based payment awards was $3.3 million. We will recognize this amount over a weighted-average period of one year, four months. During first quarter 2014 and first quarter 2015, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2012 and 2013, respectively, 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 2014 because the performance conditions had not been determined as of March 31, 2015. Outstanding share-based payment awards include dividend equivalent units issued to restricted stock and RSU holders in connection with dividend payments to shareholders. | |||||||||||||||
Our stock option activity was as follows: | |||||||||||||||
Employee options and non-employee | Investor director provider options | ||||||||||||||
director options | |||||||||||||||
Common | Weighted-average exercise price | Intrinsic value (in millions)(1) | Common | Weighted-average exercise price | Intrinsic value (in millions)(1) | ||||||||||
shares | shares | ||||||||||||||
$ | $ | $ | $ | ||||||||||||
Outstanding, December 31, 2014 | 1,039,895 | 1.82 | 2 | 140,000 | 9 | — | |||||||||
Exercised | (68,082 | ) | 2 | 0.1 | — | — | — | ||||||||
Outstanding, March 31, 2015 | 971,813 | 1.81 | 1.4 | 140,000 | 9 | — | |||||||||
Fully vested and exercisable, March 31, 2015 (weighted-average remaining contractual term of 3.2 years and 2.6 years, respectively) | 971,813 | 1.81 | 1.3 | 140,000 | 9 | — | |||||||||
(1) | Options that were not in-the-money at March 31, 2015 and December 31, 2014, and therefore have a negative intrinsic value, have been excluded from intrinsic value calculations. | ||||||||||||||
Restricted stock and RSU equity award 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 | |||||||||
# | $ | # | $ | # | $ | # | |||||||||
Non-vested, December 31, 2014 | 1,174,079 | 4.78 | 412,655 | (3.96 | ) | 173,188 | 2.18 | 819,397 | |||||||
Granted | 26,762 | 3.54 | — | — | — | — | — | ||||||||
Grant date determined during the period | — | — | 401,438 | 4.09 | — | — | (401,438 | ) | |||||||
Dividend equivalent units granted | 3,826 | 3.08 | 1,607 | 3.08 | 493 | 3.08 | 1,334 | ||||||||
Vested (aggregate intrinsic value of $0.8 million) | (153,954 | ) | 10.88 | (115,977 | ) | 11.42 | — | — | (554 | ) | |||||
Forfeited | (16,953 | ) | 4.6 | (18,161 | ) | 7.84 | — | — | (9,571 | ) | |||||
Cancelled | — | — | (288,659 | ) | 11.47 | — | — | — | |||||||
Non-vested, March 31, 2015 (aggregate intrinsic value of $6.0 million) | 1,033,760 | 3.84 | 392,903 | 12.13 | 173,681 | 2.18 | 409,168 | ||||||||
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 the 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 estimate 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 2015. We expect all share-based payment awards granted to executives and directors to vest. 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. A grant date had not been determined as of March 31, 2015 for performance-vesting awards granted in 2014 because the performance conditions had not yet been determined. | |||||||||||||||
As of March 31, 2015, accrued liabilities in the accompanying unaudited condensed consolidated balance sheets included less than $0.1 million related to RSU liability awards. | |||||||||||||||
RSU liability award activity was as follows: | |||||||||||||||
RSUs | |||||||||||||||
# | |||||||||||||||
Non-vested, December 31, 2014 | 60,224 | ||||||||||||||
Dividend equivalent units granted | 196 | ||||||||||||||
Non-vested, March 31, 2015 | 60,420 | ||||||||||||||
Net_Income_Per_Common_Share_Fo
Net Income Per Common Share (Footnote) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share [Text Block] | Basic and diluted net loss per common share (“EPS”) were calculated as follows (in millions, except per share): | ||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Net loss | $ | (2.7 | ) | $ | (16.8 | ) | |
Weighted-average common shares outstanding: | |||||||
Basic | 68.97 | 68.23 | |||||
Diluted | 68.97 | 68.23 | |||||
Net loss per common share: | |||||||
Basic | $ | (0.04 | ) | $ | (0.25 | ) | |
Diluted | $ | (0.04 | ) | $ | (0.25 | ) | |
Certain share-based payment awards whose terms and conditions are described in Note 13 “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 antidilutive securities were as follows (in millions): | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Options | 1.17 | 1.28 | |||||
Service-vesting restricted stock and RSUs and Dividend equivalent units | 1.14 | 0.8 | |||||
Performance-vesting restricted stock and RSUs and Dividend equivalent units | 0.06 | 0.1 | |||||
Antidilutive securities | 2.37 | 2.18 | |||||
Income_Taxes_Footnote
Income Taxes (Footnote) | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Our effective income tax rate was approximately (22.7)% for the three months ended March 31, 2015 and 29.7% for the three months ended March 31, 2014. The effective income tax rates for the three months ended March 31, 2015 was primarily impacted by a near break-even pre-tax loss, state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, a foreign deferred tax asset valuation allowance, release of unrecognized tax benefits, and a stock-based compensation shortfall. As to the stock-based compensation shortfall, for the three months ended March 31, 2015, we recognized $0.8 million of income tax expense because we are required to record a shortfall in the period in which it occurred. The effective tax rate for the three months ended March 31, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance. |
Related_Party_Transactions_Foo
Related Party Transactions (Footnote) | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related party transactions disclosure | On August 8, 2014 Apollo sold its remaining shares in Berry Plastics Corporation, a former portfolio company of Apollo. We sold flat-rolled products to Berry Plastics, and sales for the three months ended March 31, 2014 was $1.9 million. |
NonControlling_Interest_Footno
Non-Controlling Interest (Footnote) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Noncontrolling Interest Items [Abstract] | |||||||||||||
Non-controlling interest disclosure | Through St. Ann, we hold a 49% partnership interest in Noranda Jamaica Bauxite Partners (“NJBP”), in which the Government of Jamaica (“GOJ”) holds a 51% interest. NJBP mines bauxite, approximately 58% of which was sold to Gramercy during 2014, 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, as amended, 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, as amended, consisting of: dedication fee, depletion fee, asset usage fee, production levy, and royalty. | |||||||||||||
As of March 31, 2015 and December 31, 2014, we recorded accrued liabilities of $7.7 million and $5.9 million, respectively, for these fees. We had no prepaid GOJ royalties as of March 31, 2015 and December 31, 2014. | |||||||||||||
The previous structure provided 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 2017. The terms of the establishment agreement, as amended, 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 utilized $1.3 million of these prepaid income taxes in 2011 leaving a balance of $12.7 million at March 31, 2015 and December 31, 2014. These prepaid taxes can be used into perpetuity subject to an annual limitation. | |||||||||||||
We are attempting to negotiate a new fiscal structure with the GOJ. The terms of any new fiscal structure, as well as our ability to utilize all or part of the prepaid taxes, are subject to the outcome of the negotiations of any new fiscal structure or to the determination of our rights and obligations in connection with the existing arrangements. On March 16, 2015 we filed a notice per the Establishment Agreement, as amended, requesting arbitration to settle the outstanding issues with the GOJ that have not be resolved via negotiations. Throughout negotiations with the GOJ, we have continued to operate our business in Jamaica in the normal course. We firmly believe in our asserted rights under the agreements governing our fiscal regime and we continue to seek ways to work constructively with the GOJ to conclude the negotiations. | |||||||||||||
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.). We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions): | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
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 | 0.8 | — | 0.8 | |||||||
Accounts receivable, net | 12.8 | (12.8 | ) | — | 13.5 | (13.5 | ) | — | |||||
Inventories, net (consisting of maintenance supplies, inventory and fuel) | 11.7 | — | 11.7 | 14.3 | — | 14.3 | |||||||
Other current assets | 9 | — | 9 | 8.1 | — | 8.1 | |||||||
Property, plant and equipment, net | 48 | — | 48 | 45 | — | 45 | |||||||
Other assets | 7.5 | — | 7.5 | 7.4 | — | 7.4 | |||||||
Accounts payable | (70.8 | ) | 61.8 | (9.0 | ) | (71.8 | ) | 55.5 | (16.3 | ) | |||
Accrued liabilities | (5.5 | ) | — | (5.5 | ) | (3.9 | ) | — | (3.9 | ) | |||
Environmental, land and reclamation liabilities | (1.6 | ) | — | (1.6 | ) | (1.5 | ) | — | (1.5 | ) | |||
Non-controlling interest | (6.0 | ) | — | (6.0 | ) | (6.0 | ) | — | (6.0 | ) | |||
St. Ann’s net investment and advances to NJBP | 5.7 | 49 | 54.7 | 5.9 | 42 | 47.9 | |||||||
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 (Footnote) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Guarantees [Abstract] | |||||||||||||
Subsidiary Issuer of Guaranteed Notes disclosure | The AcquisitionCo Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future 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 unaudited condensed consolidating financial statements present separately the financial condition and results of operations and cash flows 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 found elsewhere in the accompanying unaudited condensed consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions eliminate in consolidation. | |||||||||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Balance Sheet as of March 31, 2015 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.2 | 15.4 | 3.1 | 4.8 | — | 23.5 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 112.6 | — | — | 112.6 | |||||||
Affiliates | 19.6 | 12 | 9.5 | 1.9 | (43.0 | ) | — | ||||||
Inventories, net | — | — | 162.3 | 25.5 | — | 187.8 | |||||||
Other current assets | 4.7 | — | 11.5 | 13 | — | 29.2 | |||||||
Total current assets | 24.5 | 27.4 | 299 | 45.2 | (43.0 | ) | 353.1 | ||||||
Investments in affiliates | 130.7 | 1,335.90 | — | — | (1,466.6 | ) | — | ||||||
Advances due from affiliates | 138.6 | 244.3 | 850.6 | 63.5 | (1,297.0 | ) | — | ||||||
Property, plant and equipment, net | — | — | 627.5 | 71.3 | — | 698.8 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 47.8 | — | — | 47.8 | |||||||
Other assets | — | 5.3 | 50.6 | 31.9 | — | 87.8 | |||||||
Total assets | 293.8 | 1,612.90 | 2,013.10 | 211.9 | (2,806.6 | ) | 1,325.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 105.7 | 9.9 | — | 115.6 | |||||||
Affiliates | — | 19.6 | 1.9 | 21.5 | (43.0 | ) | — | ||||||
Accrued liabilities | 0.1 | 7.2 | 42.4 | 23.3 | — | 73 | |||||||
Deferred tax liabilities | — | (0.1 | ) | 11.7 | — | — | 11.6 | ||||||
Current portion of long-term debt | — | 4.9 | 1.6 | 5.6 | — | 12.1 | |||||||
Total current liabilities | 0.1 | 31.6 | 163.3 | 60.3 | (43.0 | ) | 212.3 | ||||||
Long-term debt, net | — | 638 | 0.4 | 15.5 | — | 653.9 | |||||||
Pension and other post-retirement liabilities | — | — | 188.2 | 7.6 | — | 195.8 | |||||||
Other long-term liabilities | — | — | 35.1 | 9.7 | — | 44.8 | |||||||
Advances due to affiliates | 194.1 | 752.1 | 350.8 | — | (1,297.0 | ) | — | ||||||
Long-term deferred tax liabilities | 34.2 | 60.5 | 51.8 | 0.4 | — | 146.9 | |||||||
Shareholders’ equity: | |||||||||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 244.4 | 352.1 | 1,122.30 | 83.7 | (1,558.1 | ) | 244.4 | ||||||
Accumulated earnings (deficit) | (71.8 | ) | (113.5 | ) | 204.6 | 33.1 | (124.2 | ) | (71.8 | ) | |||
Accumulated other comprehensive income (loss) | (107.9 | ) | (107.9 | ) | (103.4 | ) | (4.4 | ) | 215.7 | (107.9 | ) | ||
Total shareholders’ equity | 65.4 | 130.7 | 1,223.50 | 112.4 | (1,466.6 | ) | 65.4 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 65.4 | 130.7 | 1,223.50 | 118.4 | (1,466.6 | ) | 71.4 | ||||||
Total liabilities and equity | 293.8 | 1,612.90 | 2,013.10 | 211.9 | (2,806.6 | ) | 1,325.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Balance Sheet as of December 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.5 | 7.1 | 3.3 | 9.6 | — | 20.5 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 102.4 | 0.1 | — | 102.5 | |||||||
Affiliates | 19.5 | 12 | 10 | — | (41.5 | ) | — | ||||||
Inventories, net | — | — | 168.2 | 28.5 | — | 196.7 | |||||||
Other current assets | 4.2 | — | 11.4 | 11.8 | — | 27.4 | |||||||
Total current assets | 24.2 | 19.1 | 295.3 | 50 | (41.5 | ) | 347.1 | ||||||
Investments in affiliates | 266.1 | 1,537.30 | — | — | (1,803.4 | ) | — | ||||||
Advances due from affiliates | — | 134 | 736.9 | 63.5 | (934.4 | ) | — | ||||||
Property, plant and equipment, net | — | — | 627.4 | 67.6 | — | 695 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 49.3 | — | — | 49.3 | |||||||
Other assets | — | 5.8 | 51.6 | 31.7 | — | 89.1 | |||||||
Total assets | 290.3 | 1,696.20 | 1,898.10 | 212.8 | (2,779.3 | ) | 1,318.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 112.1 | 10.5 | — | 122.6 | |||||||
Affiliates | — | 19.5 | — | 22 | (41.5 | ) | — | ||||||
Accrued liabilities | — | 2.3 | 35.2 | 21.6 | — | 59.1 | |||||||
Deferred tax liabilities | 0.1 | — | 11.6 | — | — | 11.7 | |||||||
Current portion of long-term debt | — | 4.9 | 1.1 | 5.6 | — | 11.6 | |||||||
Total current liabilities | 0.1 | 26.7 | 160 | 59.7 | (41.5 | ) | 205 | ||||||
Long-term debt | — | 639.5 | — | 16.9 | — | 656.4 | |||||||
Pension and other post-retirement liabilities | — | — | 187.9 | 7.5 | — | 195.4 | |||||||
Other long-term liabilities | — | — | 35.9 | 10 | — | 45.9 | |||||||
Advances due to affiliates | 197.3 | 737.2 | — | — | (934.5 | ) | — | ||||||
Long-term deferred tax liabilities | 26.8 | 26.7 | 89.3 | 0.4 | 0.1 | 143.3 | |||||||
Shareholders’ equity: | |||||||||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 243.6 | 352.1 | 1,199.70 | 83.8 | (1,635.6 | ) | 243.6 | ||||||
Accumulated earnings (deficit) | (68.2 | ) | 24 | 330.8 | 32.9 | (387.7 | ) | (68.2 | ) | ||||
Accumulated other comprehensive income (loss) | (110.0 | ) | (110.0 | ) | (105.5 | ) | (4.4 | ) | 219.9 | (110.0 | ) | ||
Total shareholders’ equity | 66.1 | 266.1 | 1,425.00 | 112.3 | (1,803.4 | ) | 66.1 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 66.1 | 266.1 | 1,425.00 | 118.3 | (1,803.4 | ) | 72.1 | ||||||
Total liabilities and equity | 290.3 | 1,696.20 | 1,898.10 | 212.8 | (2,779.3 | ) | 1,318.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 333.9 | 31.3 | (19.6 | ) | 345.6 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 303.2 | 28.4 | (19.6 | ) | 312 | ||||||
Selling, general and administrative expenses | 1.2 | 0.1 | 17.1 | 3.9 | — | 22.3 | |||||||
Total operating costs and expenses | 1.2 | 0.1 | 320.3 | 32.3 | (19.6 | ) | 334.3 | ||||||
Operating income (loss) | (1.2 | ) | (0.1 | ) | 13.6 | (1.0 | ) | — | 11.3 | ||||
Other (income) expense: | |||||||||||||
Interest expense (income), net | (0.1 | ) | 12.9 | 0.1 | 0.3 | — | 13.2 | ||||||
Loss on hedging activities, net | — | — | 0.3 | — | — | 0.3 | |||||||
Total other (income) expense, net | (0.1 | ) | 12.9 | 0.4 | 0.3 | — | 13.5 | ||||||
Income (loss) before income taxes | (1.1 | ) | (13.0 | ) | 13.2 | (1.3 | ) | — | (2.2 | ) | |||
Income tax (benefit) expense | 0.6 | (0.8 | ) | 0.8 | (0.1 | ) | — | 0.5 | |||||
Equity in net income (loss) of subsidiaries | (1.0 | ) | 11.2 | — | — | (10.2 | ) | — | |||||
Net income (loss) | (2.7 | ) | (1.0 | ) | 12.4 | (1.2 | ) | (10.2 | ) | (2.7 | ) | ||
Other comprehensive income (loss) | 2.1 | 2.1 | 2.1 | — | (4.2 | ) | 2.1 | ||||||
Total comprehensive income (loss) | (0.6 | ) | 1.1 | 14.5 | (1.2 | ) | (14.4 | ) | (0.6 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 300 | 30.1 | (18.5 | ) | 311.6 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 294.5 | 25.9 | (18.4 | ) | 302 | ||||||
Selling, general and administrative expenses | 1.1 | 0.1 | 15.5 | 4.1 | (0.1 | ) | 20.7 | ||||||
Total operating costs and expenses | 1.1 | 0.1 | 310 | 30 | (18.5 | ) | 322.7 | ||||||
Operating loss | (1.1 | ) | (0.1 | ) | (10.0 | ) | 0.1 | — | (11.1 | ) | |||
Other (income) expense: | |||||||||||||
Interest expense (income), net | (0.1 | ) | 12.5 | — | 0.1 | — | 12.5 | ||||||
Gain on hedging activities, net | — | — | 0.3 | — | — | 0.3 | |||||||
Total other (income) expense, net | (0.1 | ) | 12.5 | 0.3 | 0.1 | — | 12.8 | ||||||
Loss before income taxes | (1.0 | ) | (12.6 | ) | (10.3 | ) | — | — | (23.9 | ) | |||
Income tax (benefit) expense | 0.2 | (4.0 | ) | (3.1 | ) | (0.2 | ) | — | (7.1 | ) | |||
Equity in net income (loss) of subsidiaries | (15.6 | ) | (7.0 | ) | — | — | 22.6 | — | |||||
Net income (loss) | (16.8 | ) | (15.6 | ) | (7.2 | ) | 0.2 | 22.6 | (16.8 | ) | |||
Other comprehensive income (loss) | 1.1 | 1.1 | 1.3 | — | (2.4 | ) | 1.1 | ||||||
Total comprehensive income (loss) | (15.7 | ) | (14.5 | ) | (5.9 | ) | 0.2 | 20.2 | (15.7 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (0.1 | ) | 26.7 | 19.9 | (17.0 | ) | — | 29.5 | |||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (20.2 | ) | (3.3 | ) | — | (23.5 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.1 | — | — | 0.1 | |||||||
Cash used in investing activities | — | — | (20.1 | ) | (3.3 | ) | — | (23.4 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.2 | ) | — | — | — | — | (0.2 | ) | |||||
Dividends paid to shareholders | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||
Repayments of long-term debt | — | (2.6 | ) | — | — | — | (2.6 | ) | |||||
Borrowings on long-term debt, net | — | (15.1 | ) | — | 15.5 | — | 0.4 | ||||||
Repayments on revolving credit facility | — | (72.0 | ) | — | — | — | (72.0 | ) | |||||
Borrowings on revolving credit facility | — | 72 | — | — | — | 72 | |||||||
Distribution (to parent) from subsidiary | 0.7 | (0.7 | ) | — | — | — | — | ||||||
Cash provided by (used in) financing activities | (0.2 | ) | (18.4 | ) | — | 15.5 | — | (3.1 | ) | ||||
Change in cash and cash equivalents | (0.3 | ) | 8.3 | (0.2 | ) | (4.8 | ) | — | 3 | ||||
Cash and cash equivalents, beginning of period | 0.5 | 7.1 | 3.3 | 9.6 | — | 20.5 | |||||||
Cash and cash equivalents, end of period | 0.2 | 15.4 | 3.1 | 4.8 | — | 23.5 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Twelve months ended March 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | 0.3 | (25.4 | ) | 16.3 | (10.7 | ) | — | (19.5 | ) | ||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (12.3 | ) | (0.8 | ) | — | (13.1 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | — | — | 0.2 | |||||||
Cash used in investing activities | — | — | (12.1 | ) | (0.8 | ) | — | (12.9 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||
Dividends paid to shareholders | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||
Repayments of long-term debt | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||
Borrowings on long-term debt | — | (9.9 | ) | — | 16.4 | — | 6.5 | ||||||
Distribution (to parent) from subsidiary | 0.9 | (0.9 | ) | — | — | — | — | ||||||
Cash provided by financing activities | (0.2 | ) | (12.0 | ) | — | 16.4 | — | 4.2 | |||||
Change in cash and cash equivalents | 0.1 | (37.4 | ) | 4.2 | 4.9 | — | (28.2 | ) | |||||
Cash and cash equivalents, beginning of period | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
Cash and cash equivalents, end of period | 0.5 | 29.3 | 5.3 | 16.1 | — | 51.2 | |||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
On April 29, 2015 the Missouri Public Service Commission established a new and reduced electricity rate structure for the Company’s aluminum smelter in New Madrid, Missouri. The lower rate becomes effective on or around June 1, 2015 and carries a term of at least three years. |
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||
Schedule reconciling segment profit loss to consolidated income before income taxes [Table Text Block] | The following tables present operating and asset information for our reportable segments (in millions): | ||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||
Bauxite | Alumina | Primary | Flat-Rolled | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 11.7 | 55 | 130.9 | 148 | — | — | 345.6 | ||||||||
Intersegment | 19.6 | 27.4 | 22 | — | — | (69.0 | ) | — | |||||||
Total sales | 31.3 | 82.4 | 152.9 | 148 | — | (69.0 | ) | 345.6 | |||||||
Capital expenditures | 3.3 | 1.4 | 17 | 1.3 | 0.5 | — | 23.5 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 2.1 | 3.7 | 23.1 | 12.7 | (7.8 | ) | 0.1 | 33.9 | |||||||
Depreciation and amortization | (3.0 | ) | (5.2 | ) | (10.0 | ) | (4.3 | ) | (0.5 | ) | — | (23.0 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | 0.8 | 4 | — | — | 4.8 | ||||||||
Gain (loss) on disposal of assets | — | — | (0.1 | ) | — | — | — | (0.1 | ) | ||||||
Non-cash pension, accretion and stock compensation | — | (0.3 | ) | (1.7 | ) | (1.3 | ) | (1.1 | ) | — | (4.4 | ) | |||
Restructuring, relocation and severance | — | (0.2 | ) | (0.2 | ) | 0.3 | (0.1 | ) | — | (0.2 | ) | ||||
Consulting fees | — | — | (0.1 | ) | — | (0.2 | ) | — | (0.3 | ) | |||||
Cash settlements paid (received) on hedging transactions | — | — | 0.2 | 1.2 | — | — | 1.4 | ||||||||
Other, net | — | (0.1 | ) | — | — | (0.1 | ) | (0.6 | ) | (0.8 | ) | ||||
Operating income (loss) | (0.9 | ) | (2.1 | ) | 12 | 12.6 | (9.8 | ) | (0.5 | ) | 11.3 | ||||
Interest expense, net | 13.2 | ||||||||||||||
Loss on hedging activities, net | 0.3 | ||||||||||||||
Total other expense, net | 13.5 | ||||||||||||||
Loss before income taxes | (2.2 | ) | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||||
Bauxite | Alumina | Primary | Flat-Rolled | Corporate | Eliminations | Consolidated | |||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||
Sales: | |||||||||||||||
External customers | 11.7 | 45.8 | 120.8 | 133.3 | — | — | 311.6 | ||||||||
Intersegment | 18.4 | 31.4 | 28.7 | — | — | (78.5 | ) | — | |||||||
Total sales | 30.1 | 77.2 | 149.5 | 133.3 | — | (78.5 | ) | 311.6 | |||||||
Capital expenditures | 0.8 | 2 | 7 | 3.1 | 0.2 | — | 13.1 | ||||||||
Reconciliation of segment profit (loss) to operating income (loss): | |||||||||||||||
Segment profit (loss) | 2.5 | (11.9 | ) | 18.4 | 10.9 | (7.8 | ) | (1.4 | ) | 10.7 | |||||
Depreciation and amortization | (2.5 | ) | (5.0 | ) | (9.7 | ) | (4.3 | ) | (0.2 | ) | — | (21.7 | ) | ||
Last in, first out and lower of cost or market inventory adjustments | — | — | (0.1 | ) | 0.3 | — | — | 0.2 | |||||||
Gain (loss) on disposal of assets | — | — | 0.1 | — | — | — | 0.1 | ||||||||
Non-cash pension, accretion and stock compensation | — | (0.2 | ) | (1.0 | ) | (0.7 | ) | (0.9 | ) | — | (2.8 | ) | |||
Restructuring, relocation and severance | 0.1 | (0.1 | ) | (0.1 | ) | 0.4 | 0.1 | — | 0.4 | ||||||
Consulting fees | — | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||
Cash settlements paid (received) on hedging transactions | — | — | 0.2 | 0.7 | — | — | 0.9 | ||||||||
Other, net | — | (0.1 | ) | 0.1 | (0.1 | ) | — | 1.4 | 1.3 | ||||||
Operating income (loss) | 0.1 | (17.3 | ) | 7.9 | 7.2 | (9.0 | ) | — | (11.1 | ) | |||||
Interest expense, net | 12.5 | ||||||||||||||
Loss on hedging activities, net | 0.3 | ||||||||||||||
Total other expense, net | 12.8 | ||||||||||||||
Loss before income taxes | (23.9 | ) | |||||||||||||
Schedule reconciling segment assets to consolidated assets | |||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||
Segment assets: | $ | $ | |||||||||||||
Bauxite | 150 | 149.9 | |||||||||||||
Alumina | 220.6 | 229.8 | |||||||||||||
Primary | 557.9 | 561.5 | |||||||||||||
Flat-Rolled | 349.8 | 335.1 | |||||||||||||
Corporate | 73.1 | 65.5 | |||||||||||||
Eliminations | (26.3 | ) | (23.7 | ) | |||||||||||
Total assets | 1,325.10 | 1,318.10 | |||||||||||||
Supplemental_Financial_Stateme1
Supplemental Financial Statement Information Supplemental Financial Statement Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Supplemental Financial Statement Information [Abstract] | |||||||
Schedule of depreciation and amortization | Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows included the following (in millions): | ||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Depreciation of property, plant and equipment | 19.8 | 18.8 | |||||
Amortization of intangible assets | 1.5 | 1.5 | |||||
Amortization of other long-term assets | 1.7 | 1.4 | |||||
Total depreciation and amortization | 23 | 21.7 | |||||
Schedule of supplemental cash flow disclosures | Cash paid for interest and income taxes was as follows (in millions): | ||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Interest paid | 8 | 7.5 | |||||
U.S. Federal and state income taxes paid, net of refunds received | (3.0 | ) | (0.5 | ) | |||
Schedule of changes in accumulated other comprehensive income (loss) | 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 or loss, prior service cost and other related to pension and OPEB | Total, net of tax | |||||
$ | $ | $ | |||||
Balance, December 31, 2014 | (172.9 | ) | (62.9 | ) | (110.0 | ) | |
Reclassification of amounts realized in net loss | 3.2 | 1.1 | 2.1 | ||||
Balance, March 31, 2015 | (169.7 | ) | (61.8 | ) | (107.9 | ) | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Reclassifications out of AOCI were included in the unaudited condensed consolidated statements of operations as follows (in millions): | ||||||
Details about accumulated other comprehensive loss components | Amount reclassified from accumulated other | Affected line item in the unaudited condensed consolidated statements of operations | |||||
comprehensive loss | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Selling, general and administrative expenses (“SGA”) | |||||||
Actuarial gain/loss | 0.7 | 0.3 | (1) | ||||
Total pension amounts reclassified into SGA | 0.7 | 0.3 | Selling, general and administrative expenses | ||||
Cost of sales (“COS”) | |||||||
Actuarial gain/loss | 2.3 | 1.3 | (1) | ||||
Prior service costs | 0.2 | 0.2 | (1) | ||||
Total pension amounts reclassified into COS | 2.5 | 1.5 | Cost of sales | ||||
Reclassification of pension and OPEB amounts realized in net loss | 3.2 | 1.8 | |||||
Income tax expense related to reclassifications of pension and OPEB amounts | 1.1 | 0.7 | Income tax expense (benefit) | ||||
Reclassification of pension and OPEB amounts realized in net loss, net of tax | 2.1 | 1.1 | Net loss | ||||
(1) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 10, "Pension and Other Post-Retirement Benefits." | ||||||
Schedule of cash and cash equivalents | Cash and cash equivalents consisted of the following (in millions): | ||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Cash | 23.5 | 20.5 | |||||
Total cash and cash equivalents | 23.5 | 20.5 | |||||
Schedule of accounts receivable | Accounts receivable, net, consisted of the following (in millions): | ||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Trade | 112.7 | 102.6 | |||||
Allowance for doubtful accounts | (0.1 | ) | (0.1 | ) | |||
Total accounts receivable, net | 112.6 | 102.5 | |||||
Schedule of other current assets | Other current assets consisted of the following (in millions): | ||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Current foreign deferred tax asset | 0.4 | 0.4 | |||||
Employee loans receivable, net | 1.9 | 2.1 | |||||
Current derivative assets (see Note 11, “Derivative Financial Instruments”) | 7.3 | 6.3 | |||||
Taxes receivable | 2.7 | 4 | |||||
Prepaid assets | 4.6 | 4.5 | |||||
Restricted cash (see Note 7, “Commitments and Contingencies”) | 0.1 | 0.1 | |||||
Other current assets | 12.2 | 10 | |||||
Total other current assets | 29.2 | 27.4 | |||||
Schedule of other noncurrent assets | Other assets consisted of the following (in millions): | ||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Deferred financing costs, net of amortization | 5.3 | 5.8 | |||||
Cash surrender value of life insurance | 28.9 | 29.3 | |||||
Pension asset | 6.6 | 6.5 | |||||
Restricted cash (see Note 7, “Commitments and Contingencies”) | 14.1 | 14 | |||||
Supplies | 4.6 | 5 | |||||
Prepaid Jamaican income taxes | 12.7 | 12.7 | |||||
Derivative asset | — | 0.2 | |||||
Other | 15.6 | 15.6 | |||||
Total other assets | 87.8 | 89.1 | |||||
Schedule of accrued liabilities | Accrued liabilities consisted of the following (in millions): | ||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Compensation and benefits | 22.5 | 18.3 | |||||
Workers’ compensation | 5.7 | 5.6 | |||||
Other operating expenses | 13.5 | 11.2 | |||||
Accrued interest | 7.1 | 2.3 | |||||
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”) | 2.5 | 2.3 | |||||
Land obligation (see Note 9, “Asset Retirement and Other Obligations”) | 3.8 | 3.7 | |||||
Derivative liabilities (see Note 11, “Derivative Financial Instruments”) | 6.1 | 5 | |||||
Reclamation obligation (see Note 9, “Asset Retirement and Other Obligations”) | 1.6 | 1.5 | |||||
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”) | 1.7 | 1.7 | |||||
Obligations to the Government of Jamaica | 7.7 | 5.9 | |||||
Pension and OPEB liabilities (see Note 10, “Pensions and Other Post-Retirement Benefits”) | 0.8 | 0.8 | |||||
Restructuring liability | — | 0.8 | |||||
Total accrued liabilities | 73 | 59.1 | |||||
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following (in millions): | ||||||
March 31, 2015 | December 31, 2014 | ||||||
$ | $ | ||||||
Reserve for uncertain tax positions | 0.6 | 0.7 | |||||
Workers’ compensation | 15.6 | 15.3 | |||||
Asset retirement obligations (see Note 9, “Asset Retirement and Other Obligations”) | 13.4 | 13.7 | |||||
Land obligation (see Note 9, “Asset Retirement and Other Obligations”) | 6.8 | 6.8 | |||||
Environmental remediation obligations (see Note 9, “Asset Retirement and Other Obligations”) | 1.1 | 1.1 | |||||
Long-term derivative liabilities (see Note 11, “Derivative Financial Instruments”) | — | 0.1 | |||||
Deferred compensation and other | 7.3 | 8.2 | |||||
Total other long-term liabilities | 44.8 | 45.9 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Fair Value Measurements [Abstract] | |||||||||
Schedule of Fair Value, Assets and Liabilities Measured on 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): | ||||||||
March 31, 2015 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Derivative assets | — | 7.3 | — | 7.3 | |||||
Derivative liabilities | — | (5.3 | ) | (0.8 | ) | (6.1 | ) | ||
RSU liability awards | (0.1 | ) | — | — | (0.1 | ) | |||
Total | (0.1 | ) | 2 | (0.8 | ) | 1.1 | |||
December 31, 2014 | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
$ | $ | $ | $ | ||||||
Derivative assets | — | 3.2 | 3.3 | 6.5 | |||||
Derivative liabilities | — | (5.1 | ) | — | (5.1 | ) | |||
Total | — | (1.9 | ) | 3.3 | 1.4 | ||||
Schedule of derivative financial instruments classified as level 3 [Table Text Block] | Changes in the fair value of the variable-price Midwest Premium contracts were included in gain on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments were as follows: | ||||||||
Three months ended March 31, 2015 | |||||||||
$ | |||||||||
Fair value, beginning of year | 3.3 | ||||||||
New contracts entered into during the period | 0.1 | ||||||||
Changes in fair value | (3.2 | ) | |||||||
Settlements | (1.0 | ) | |||||||
Fair value, end of period | (0.8 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Inventory, Net [Abstract] | |||||
Schedule of inventories | Inventories, net, consisted of the following (in millions): | ||||
March 31, 2015 | December 31, 2014 | ||||
$ | $ | ||||
Raw materials, at cost | 61.5 | 73.7 | |||
Work-in-process, at cost | 57.3 | 48.9 | |||
Finished goods, at cost | 25.6 | 31.3 | |||
Total inventories, at cost | 144.4 | 153.9 | |||
LIFO adjustment | 20.6 | 14 | |||
LCM reserve | (9.9 | ) | (7.6 | ) | |
Inventories, at lower of cost or market | 155.1 | 160.3 | |||
Supplies | 32.7 | 36.4 | |||
Total inventories, net | 187.8 | 196.7 | |||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Schedule of property, plant and equipment | Property, plant and equipment, net, consisted of the following (in millions): | |||||||
Estimated useful lives in years | March 31, 2015 | December 31, 2014 | ||||||
$ | $ | |||||||
Land | 52 | 51.9 | ||||||
Buildings and improvements | 10 | — | 47 | 171.3 | 163 | |||
Machinery and equipment | 3 | — | 50 | 935 | 927.1 | |||
Construction in progress | 82.7 | 86.2 | ||||||
Property, plant and equipment, at cost | 1,241.00 | 1,228.20 | ||||||
Accumulated depreciation | (542.2 | ) | (533.2 | ) | ||||
Total property, plant and equipment, net | 698.8 | 695 | ||||||
LongTerm_Debt_Long_Term_Debt_T
Long-Term Debt Long Term Debt Table (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The carrying values and fair values of our outstanding debt were as follows (in millions): | ||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||
Carrying | Fair | Interest | Carrying | Fair | Interest | ||||||
value | value | rate | value | value | rate | ||||||
$ | $ | % | $ | $ | % | ||||||
AcquisitionCo Notes, net | 173.4 | 168 | 11 | 173.3 | 171.6 | 11 | |||||
Term B Loan, net | 469.5 | 469.5 | 5.75 | 470.7 | 470.7 | 5.75 | |||||
Project specific financing | 21.1 | 21.1 | 9 | 22.5 | 22.5 | 9 | |||||
Mid-Stream Loan | 1.5 | 1.5 | 8 | 1 | 1 | 8 | |||||
Capital lease | 0.5 | 0.5 | 5.79 | 0.5 | 0.5 | 5.79 | |||||
Total debt, net | 666 | 668 | |||||||||
Less: Current portion | (12.1 | ) | (11.6 | ) | |||||||
Long-term debt, net | 653.9 | 656.4 | |||||||||
The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.6 million and $1.7 million, respectively, at March 31, 2015 and December 31, 2014. | |||||||||||
As of March 31, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.2 million and $2.4 million, respectively. | |||||||||||
The asset-based loan (“ABL”) had no outstanding balance at March 31, 2015 or December 31, 2014. Outstanding letters of credit totaled $39.5 million at March 31, 2015 and $39.8 million at December 31, 2014. Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity calculated as of March 31, 2015 was $141.9 million. |
Asset_Retirement_and_Other_Obl1
Asset Retirement and Other Obligations (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Asset Retirement and Other Obligations [Abstract] | |||
Schedule of change in reclamation obligations | Our reclamation obligation activity at St. Ann follows (in millions): | ||
Three months ended March 31, 2015 | |||
$ | |||
Balance, beginning of period | 1.5 | ||
Additional liabilities incurred | 0.7 | ||
Liabilities settled | (0.6 | ) | |
Balance, end of period | 1.6 | ||
Schedule of change in land obligation | Our St. Ann Land Obligation activity follows (in millions): | ||
Three months ended March 31, 2015 | |||
$ | |||
Balance, beginning of period | 10.5 | ||
Additional liabilities incurred | 0.1 | ||
Liabilities settled | 0.1 | ||
Revisions to the obligation | (0.1 | ) | |
Balance, end of period | 10.6 | ||
Schedule of change in asset retirement obligations | Our asset retirement obligations activity follows (in millions): | ||
Three months ended March 31, 2015 | |||
$ | |||
Balance, beginning of period | 16 | ||
Additional liabilities incurred | 0.6 | ||
Liabilities settled | (1.0 | ) | |
Accretion | 0.3 | ||
Balance, end of period | 15.9 | ||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Pension Plan [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 pension plans included the following (in millions): | ||||||||
Noranda Pension Plans | St. Ann Pension Plans | ||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||
2015 | 2014 | 2015 | 2014 | ||||||
$ | $ | $ | $ | ||||||
Service cost | 4.2 | 3.6 | 0.2 | 0.2 | |||||
Interest cost | 5 | 4.9 | 0.4 | 0.4 | |||||
Expected return on plan assets | (5.7 | ) | (5.3 | ) | (0.5 | ) | (0.6 | ) | |
Recognized actuarial loss | 3 | 1.6 | — | — | |||||
Amortization of prior service cost | 0.2 | 0.2 | — | 0.1 | |||||
Net periodic cost | 6.7 | 5 | 0.1 | 0.1 | |||||
Other post-retirement benefit plans [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 OPEB plans included the following (in millions): | ||||||||
Noranda OPEB Plans | St. Ann OPEB Plans | ||||||||
Three months ended March 31, | Three months ended March 31, | ||||||||
2015 | 2014 | 2015 | 2014 | ||||||
$ | $ | $ | $ | ||||||
Service cost | 0.1 | 0.1 | 0.1 | — | |||||
Interest cost | 0.2 | 0.2 | 0.1 | 0.1 | |||||
Net periodic cost | 0.3 | 0.3 | 0.2 | 0.1 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments Schedule of Derivative Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Derivative [Line Items] | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following is a presentation of the gross components of our net derivative balances (in millions): | ||||||||||
As of March 31, 2015 | |||||||||||
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 | — | — | — | 7.3 | 7.3 | ||||||
Total current derivative assets | — | — | — | 7.3 | 7.3 | ||||||
As of March 31, 2015 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.7 | ) | — | (2.7 | ) | — | (2.7 | ) | |||
Master netting arrangement with counterparty two | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty three | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty four | (2.4 | ) | — | (2.4 | ) | — | (2.4 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.8 | ) | (0.8 | ) | ||||
Total current derivative liabilities | (5.3 | ) | — | (5.3 | ) | (0.8 | ) | (6.1 | ) | ||
As of December 31, 2014 | |||||||||||
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 | — | — | — | 6.3 | 6.3 | ||||||
Total current derivative assets | — | — | — | 6.3 | 6.3 | ||||||
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, 2014 | |||||||||||
Counterparty | Gross derivative liabilities offset | Amount offset | Net derivative liabilities offset | Derivative liabilities not offset | Derivative liabilities, net | ||||||
$ | $ | $ | $ | $ | |||||||
Master netting arrangement with counterparty one | (2.2 | ) | — | (2.2 | ) | — | (2.2 | ) | |||
Master netting arrangement with counterparty two | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty three | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||
Master netting arrangement with counterparty four | (1.9 | ) | — | (1.9 | ) | — | (1.9 | ) | |||
Various counterparties not subject to a master netting arrangement | — | — | — | (0.7 | ) | (0.7 | ) | ||||
Total current derivative liabilities | (4.3 | ) | — | (4.3 | ) | (0.7 | ) | (5.0 | ) | ||
Master netting arrangement with counterparty two | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Total long-term derivative liabilities | — | — | — | (0.1 | ) | (0.1 | ) | ||||
Schedule of derivatives at fair value, by type of derivative [table textblock] | The following table presents how our hedging activities affected our unaudited condensed consolidated statements of operations for each period (in millions): | ||||||||||
Three months ended March 31, | |||||||||||
2015 | 2014 | ||||||||||
$ | $ | ||||||||||
Fixed-price aluminum customer contracts | (5.0 | ) | 3.3 | ||||||||
Variable-price aluminum offset swaps | 2.2 | 2.1 | |||||||||
Variable-price MWP contracts | 3.1 | (5.1 | ) | ||||||||
Loss on hedging activities, net | 0.3 | 0.3 | |||||||||
The following table presents the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions): | |||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||
$ | $ | ||||||||||
Fixed-price aluminum customer contracts | 7.3 | 2.4 | |||||||||
Variable-price aluminum offset swaps | (5.3 | ) | (4.3 | ) | |||||||
Variable-price MWP contracts | (0.8 | ) | 3.3 | ||||||||
Total | 1.2 | 1.4 | |||||||||
Variable MWP Contract [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Schedule of Derivative Instruments [Table Text Block] | As of March 31, 2015, our outstanding variable-price MWP contracts were as follows: | ||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2015 | 0.2 | 51.9 | |||||||||
2016 | 0.21 | 3 | |||||||||
Fixed Price Aluminum Customer Contracts [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Schedule of Derivative Instruments [Table Text Block] | As of March 31, 2015, our outstanding fixed-price aluminum customer contracts were as follows: | ||||||||||
Average price per pound | Pounds | ||||||||||
Year | $ | (in millions) | |||||||||
2015 | 1.13 | 47.1 | |||||||||
2016 | 1.14 | 2.6 | |||||||||
Variable Price Aluminum Offset Swaps [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Schedule of Derivative Instruments [Table Text Block] | As of March 31, 2015, our outstanding variable-price aluminum offset swaps were as follows: | ||||||||||
Average hedged price per pound | Pounds hedged | ||||||||||
Year | $ | (in millions) | |||||||||
2015 | 0.9 | 51.9 | |||||||||
2016 | 0.89 | 2.8 | |||||||||
ShareBased_Payments_ShareBased1
Share-Based Payments Share-Based Payments (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Schedule of stock compensation expense | We recorded stock compensation expense as follows (in millions): | ||||||||||||||
Three months ended March 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||
$ | $ | ||||||||||||||
Stock options | — | — | |||||||||||||
Restricted stock and restricted stock unit equity awards | 0.8 | 0.7 | |||||||||||||
Total stock compensation expense | 0.8 | 0.7 | |||||||||||||
Schedule of stock option activity | Our stock option activity was as follows: | ||||||||||||||
Employee options and non-employee | Investor director provider options | ||||||||||||||
director options | |||||||||||||||
Common | Weighted-average exercise price | Intrinsic value (in millions)(1) | Common | Weighted-average exercise price | Intrinsic value (in millions)(1) | ||||||||||
shares | shares | ||||||||||||||
$ | $ | $ | $ | ||||||||||||
Outstanding, December 31, 2014 | 1,039,895 | 1.82 | 2 | 140,000 | 9 | — | |||||||||
Exercised | (68,082 | ) | 2 | 0.1 | — | — | — | ||||||||
Outstanding, March 31, 2015 | 971,813 | 1.81 | 1.4 | 140,000 | 9 | — | |||||||||
Fully vested and exercisable, March 31, 2015 (weighted-average remaining contractual term of 3.2 years and 2.6 years, respectively) | 971,813 | 1.81 | 1.3 | 140,000 | 9 | — | |||||||||
(1) | Options that were not in-the-money at March 31, 2015 and December 31, 2014, and therefore have a negative intrinsic value, have been excluded from intrinsic value calculations. | ||||||||||||||
Employee And Non Employee Director [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Schedule of Restricted Stock and Restricted Stock Awards Activity | Restricted stock and RSU equity award 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 | |||||||||
# | $ | # | $ | # | $ | # | |||||||||
Non-vested, December 31, 2014 | 1,174,079 | 4.78 | 412,655 | (3.96 | ) | 173,188 | 2.18 | 819,397 | |||||||
Granted | 26,762 | 3.54 | — | — | — | — | — | ||||||||
Grant date determined during the period | — | — | 401,438 | 4.09 | — | — | (401,438 | ) | |||||||
Dividend equivalent units granted | 3,826 | 3.08 | 1,607 | 3.08 | 493 | 3.08 | 1,334 | ||||||||
Vested (aggregate intrinsic value of $0.8 million) | (153,954 | ) | 10.88 | (115,977 | ) | 11.42 | — | — | (554 | ) | |||||
Forfeited | (16,953 | ) | 4.6 | (18,161 | ) | 7.84 | — | — | (9,571 | ) | |||||
Cancelled | — | — | (288,659 | ) | 11.47 | — | — | — | |||||||
Non-vested, March 31, 2015 (aggregate intrinsic value of $6.0 million) | 1,033,760 | 3.84 | 392,903 | 12.13 | 173,681 | 2.18 | 409,168 | ||||||||
Investor Director Provider [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Schedule of Restricted Stock Liability Awards Activity [Table Text Block] | RSU liability award activity was as follows: | ||||||||||||||
RSUs | |||||||||||||||
# | |||||||||||||||
Non-vested, December 31, 2014 | 60,224 | ||||||||||||||
Dividend equivalent units granted | 196 | ||||||||||||||
Non-vested, March 31, 2015 | 60,420 | ||||||||||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted net loss per common share (“EPS”) were calculated as follows (in millions, except per share): | ||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Net loss | $ | (2.7 | ) | $ | (16.8 | ) | |
Weighted-average common shares outstanding: | |||||||
Basic | 68.97 | 68.23 | |||||
Diluted | 68.97 | 68.23 | |||||
Net loss per common share: | |||||||
Basic | $ | (0.04 | ) | $ | (0.25 | ) | |
Diluted | $ | (0.04 | ) | $ | (0.25 | ) | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Those antidilutive securities were as follows (in millions): | ||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Options | 1.17 | 1.28 | |||||
Service-vesting restricted stock and RSUs and Dividend equivalent units | 1.14 | 0.8 | |||||
Performance-vesting restricted stock and RSUs and Dividend equivalent units | 0.06 | 0.1 | |||||
Antidilutive securities | 2.37 | 2.18 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of related party sales transactions [Table textblock] | On August 8, 2014 Apollo sold its remaining shares in Berry Plastics Corporation, a former portfolio company of Apollo. We sold flat-rolled products to Berry Plastics, and sales for the three months ended March 31, 2014 was $1.9 million. |
NonControlling_Interest_Tables
Non-Controlling Interest (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Noncontrolling Interest Items [Abstract] | |||||||||||||
Schedule of Balance Sheet Components Related to NonControlling Interest | We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions): | ||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
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 | 0.8 | — | 0.8 | |||||||
Accounts receivable, net | 12.8 | (12.8 | ) | — | 13.5 | (13.5 | ) | — | |||||
Inventories, net (consisting of maintenance supplies, inventory and fuel) | 11.7 | — | 11.7 | 14.3 | — | 14.3 | |||||||
Other current assets | 9 | — | 9 | 8.1 | — | 8.1 | |||||||
Property, plant and equipment, net | 48 | — | 48 | 45 | — | 45 | |||||||
Other assets | 7.5 | — | 7.5 | 7.4 | — | 7.4 | |||||||
Accounts payable | (70.8 | ) | 61.8 | (9.0 | ) | (71.8 | ) | 55.5 | (16.3 | ) | |||
Accrued liabilities | (5.5 | ) | — | (5.5 | ) | (3.9 | ) | — | (3.9 | ) | |||
Environmental, land and reclamation liabilities | (1.6 | ) | — | (1.6 | ) | (1.5 | ) | — | (1.5 | ) | |||
Non-controlling interest | (6.0 | ) | — | (6.0 | ) | (6.0 | ) | — | (6.0 | ) | |||
St. Ann’s net investment and advances to NJBP | 5.7 | 49 | 54.7 | 5.9 | 42 | 47.9 | |||||||
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_Guarantee1
Subsidiary Issuer of Guaranteed Notes Subsidiary Issuer of Guaranteed Notes (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheet [Table Text Block] | NORANDA ALUMINUM HOLDING CORPORATION | ||||||||||||
Condensed Consolidating Balance Sheet as of March 31, 2015 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.2 | 15.4 | 3.1 | 4.8 | — | 23.5 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 112.6 | — | — | 112.6 | |||||||
Affiliates | 19.6 | 12 | 9.5 | 1.9 | (43.0 | ) | — | ||||||
Inventories, net | — | — | 162.3 | 25.5 | — | 187.8 | |||||||
Other current assets | 4.7 | — | 11.5 | 13 | — | 29.2 | |||||||
Total current assets | 24.5 | 27.4 | 299 | 45.2 | (43.0 | ) | 353.1 | ||||||
Investments in affiliates | 130.7 | 1,335.90 | — | — | (1,466.6 | ) | — | ||||||
Advances due from affiliates | 138.6 | 244.3 | 850.6 | 63.5 | (1,297.0 | ) | — | ||||||
Property, plant and equipment, net | — | — | 627.5 | 71.3 | — | 698.8 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 47.8 | — | — | 47.8 | |||||||
Other assets | — | 5.3 | 50.6 | 31.9 | — | 87.8 | |||||||
Total assets | 293.8 | 1,612.90 | 2,013.10 | 211.9 | (2,806.6 | ) | 1,325.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 105.7 | 9.9 | — | 115.6 | |||||||
Affiliates | — | 19.6 | 1.9 | 21.5 | (43.0 | ) | — | ||||||
Accrued liabilities | 0.1 | 7.2 | 42.4 | 23.3 | — | 73 | |||||||
Deferred tax liabilities | — | (0.1 | ) | 11.7 | — | — | 11.6 | ||||||
Current portion of long-term debt | — | 4.9 | 1.6 | 5.6 | — | 12.1 | |||||||
Total current liabilities | 0.1 | 31.6 | 163.3 | 60.3 | (43.0 | ) | 212.3 | ||||||
Long-term debt, net | — | 638 | 0.4 | 15.5 | — | 653.9 | |||||||
Pension and other post-retirement liabilities | — | — | 188.2 | 7.6 | — | 195.8 | |||||||
Other long-term liabilities | — | — | 35.1 | 9.7 | — | 44.8 | |||||||
Advances due to affiliates | 194.1 | 752.1 | 350.8 | — | (1,297.0 | ) | — | ||||||
Long-term deferred tax liabilities | 34.2 | 60.5 | 51.8 | 0.4 | — | 146.9 | |||||||
Shareholders’ equity: | |||||||||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 244.4 | 352.1 | 1,122.30 | 83.7 | (1,558.1 | ) | 244.4 | ||||||
Accumulated earnings (deficit) | (71.8 | ) | (113.5 | ) | 204.6 | 33.1 | (124.2 | ) | (71.8 | ) | |||
Accumulated other comprehensive income (loss) | (107.9 | ) | (107.9 | ) | (103.4 | ) | (4.4 | ) | 215.7 | (107.9 | ) | ||
Total shareholders’ equity | 65.4 | 130.7 | 1,223.50 | 112.4 | (1,466.6 | ) | 65.4 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 65.4 | 130.7 | 1,223.50 | 118.4 | (1,466.6 | ) | 71.4 | ||||||
Total liabilities and equity | 293.8 | 1,612.90 | 2,013.10 | 211.9 | (2,806.6 | ) | 1,325.10 | ||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Balance Sheet as of December 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 0.5 | 7.1 | 3.3 | 9.6 | — | 20.5 | |||||||
Accounts receivable, net: | |||||||||||||
Trade | — | — | 102.4 | 0.1 | — | 102.5 | |||||||
Affiliates | 19.5 | 12 | 10 | — | (41.5 | ) | — | ||||||
Inventories, net | — | — | 168.2 | 28.5 | — | 196.7 | |||||||
Other current assets | 4.2 | — | 11.4 | 11.8 | — | 27.4 | |||||||
Total current assets | 24.2 | 19.1 | 295.3 | 50 | (41.5 | ) | 347.1 | ||||||
Investments in affiliates | 266.1 | 1,537.30 | — | — | (1,803.4 | ) | — | ||||||
Advances due from affiliates | — | 134 | 736.9 | 63.5 | (934.4 | ) | — | ||||||
Property, plant and equipment, net | — | — | 627.4 | 67.6 | — | 695 | |||||||
Goodwill | — | — | 137.6 | — | — | 137.6 | |||||||
Other intangible assets, net | — | — | 49.3 | — | — | 49.3 | |||||||
Other assets | — | 5.8 | 51.6 | 31.7 | — | 89.1 | |||||||
Total assets | 290.3 | 1,696.20 | 1,898.10 | 212.8 | (2,779.3 | ) | 1,318.10 | ||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable: | |||||||||||||
Trade | — | — | 112.1 | 10.5 | — | 122.6 | |||||||
Affiliates | — | 19.5 | — | 22 | (41.5 | ) | — | ||||||
Accrued liabilities | — | 2.3 | 35.2 | 21.6 | — | 59.1 | |||||||
Deferred tax liabilities | 0.1 | — | 11.6 | — | — | 11.7 | |||||||
Current portion of long-term debt | — | 4.9 | 1.1 | 5.6 | — | 11.6 | |||||||
Total current liabilities | 0.1 | 26.7 | 160 | 59.7 | (41.5 | ) | 205 | ||||||
Long-term debt | — | 639.5 | — | 16.9 | — | 656.4 | |||||||
Pension and other post-retirement liabilities | — | — | 187.9 | 7.5 | — | 195.4 | |||||||
Other long-term liabilities | — | — | 35.9 | 10 | — | 45.9 | |||||||
Advances due to affiliates | 197.3 | 737.2 | — | — | (934.5 | ) | — | ||||||
Long-term deferred tax liabilities | 26.8 | 26.7 | 89.3 | 0.4 | 0.1 | 143.3 | |||||||
Shareholders’ equity: | |||||||||||||
Common stock | 0.7 | — | — | — | — | 0.7 | |||||||
Capital in excess of par value | 243.6 | 352.1 | 1,199.70 | 83.8 | (1,635.6 | ) | 243.6 | ||||||
Accumulated earnings (deficit) | (68.2 | ) | 24 | 330.8 | 32.9 | (387.7 | ) | (68.2 | ) | ||||
Accumulated other comprehensive income (loss) | (110.0 | ) | (110.0 | ) | (105.5 | ) | (4.4 | ) | 219.9 | (110.0 | ) | ||
Total shareholders’ equity | 66.1 | 266.1 | 1,425.00 | 112.3 | (1,803.4 | ) | 66.1 | ||||||
Non-controlling interest | — | — | — | 6 | — | 6 | |||||||
Total equity | 66.1 | 266.1 | 1,425.00 | 118.3 | (1,803.4 | ) | 72.1 | ||||||
Total liabilities and equity | 290.3 | 1,696.20 | 1,898.10 | 212.8 | (2,779.3 | ) | 1,318.10 | ||||||
Condensed Income Statement [Table Text Block] | NORANDA ALUMINUM HOLDING CORPORATION | ||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 333.9 | 31.3 | (19.6 | ) | 345.6 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 303.2 | 28.4 | (19.6 | ) | 312 | ||||||
Selling, general and administrative expenses | 1.2 | 0.1 | 17.1 | 3.9 | — | 22.3 | |||||||
Total operating costs and expenses | 1.2 | 0.1 | 320.3 | 32.3 | (19.6 | ) | 334.3 | ||||||
Operating income (loss) | (1.2 | ) | (0.1 | ) | 13.6 | (1.0 | ) | — | 11.3 | ||||
Other (income) expense: | |||||||||||||
Interest expense (income), net | (0.1 | ) | 12.9 | 0.1 | 0.3 | — | 13.2 | ||||||
Loss on hedging activities, net | — | — | 0.3 | — | — | 0.3 | |||||||
Total other (income) expense, net | (0.1 | ) | 12.9 | 0.4 | 0.3 | — | 13.5 | ||||||
Income (loss) before income taxes | (1.1 | ) | (13.0 | ) | 13.2 | (1.3 | ) | — | (2.2 | ) | |||
Income tax (benefit) expense | 0.6 | (0.8 | ) | 0.8 | (0.1 | ) | — | 0.5 | |||||
Equity in net income (loss) of subsidiaries | (1.0 | ) | 11.2 | — | — | (10.2 | ) | — | |||||
Net income (loss) | (2.7 | ) | (1.0 | ) | 12.4 | (1.2 | ) | (10.2 | ) | (2.7 | ) | ||
Other comprehensive income (loss) | 2.1 | 2.1 | 2.1 | — | (4.2 | ) | 2.1 | ||||||
Total comprehensive income (loss) | (0.6 | ) | 1.1 | 14.5 | (1.2 | ) | (14.4 | ) | (0.6 | ) | |||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
Sales | — | — | 300 | 30.1 | (18.5 | ) | 311.6 | ||||||
Operating costs and expenses: | |||||||||||||
Cost of sales | — | — | 294.5 | 25.9 | (18.4 | ) | 302 | ||||||
Selling, general and administrative expenses | 1.1 | 0.1 | 15.5 | 4.1 | (0.1 | ) | 20.7 | ||||||
Total operating costs and expenses | 1.1 | 0.1 | 310 | 30 | (18.5 | ) | 322.7 | ||||||
Operating loss | (1.1 | ) | (0.1 | ) | (10.0 | ) | 0.1 | — | (11.1 | ) | |||
Other (income) expense: | |||||||||||||
Interest expense (income), net | (0.1 | ) | 12.5 | — | 0.1 | — | 12.5 | ||||||
Gain on hedging activities, net | — | — | 0.3 | — | — | 0.3 | |||||||
Total other (income) expense, net | (0.1 | ) | 12.5 | 0.3 | 0.1 | — | 12.8 | ||||||
Loss before income taxes | (1.0 | ) | (12.6 | ) | (10.3 | ) | — | — | (23.9 | ) | |||
Income tax (benefit) expense | 0.2 | (4.0 | ) | (3.1 | ) | (0.2 | ) | — | (7.1 | ) | |||
Equity in net income (loss) of subsidiaries | (15.6 | ) | (7.0 | ) | — | — | 22.6 | — | |||||
Net income (loss) | (16.8 | ) | (15.6 | ) | (7.2 | ) | 0.2 | 22.6 | (16.8 | ) | |||
Other comprehensive income (loss) | 1.1 | 1.1 | 1.3 | — | (2.4 | ) | 1.1 | ||||||
Total comprehensive income (loss) | (15.7 | ) | (14.5 | ) | (5.9 | ) | 0.2 | 20.2 | (15.7 | ) | |||
Condensed Cash Flow Statement [Table Text Block] | NORANDA ALUMINUM HOLDING CORPORATION | ||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | (0.1 | ) | 26.7 | 19.9 | (17.0 | ) | — | 29.5 | |||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (20.2 | ) | (3.3 | ) | — | (23.5 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.1 | — | — | 0.1 | |||||||
Cash used in investing activities | — | — | (20.1 | ) | (3.3 | ) | — | (23.4 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.2 | ) | — | — | — | — | (0.2 | ) | |||||
Dividends paid to shareholders | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||
Repayments of long-term debt | — | (2.6 | ) | — | — | — | (2.6 | ) | |||||
Borrowings on long-term debt, net | — | (15.1 | ) | — | 15.5 | — | 0.4 | ||||||
Repayments on revolving credit facility | — | (72.0 | ) | — | — | — | (72.0 | ) | |||||
Borrowings on revolving credit facility | — | 72 | — | — | — | 72 | |||||||
Distribution (to parent) from subsidiary | 0.7 | (0.7 | ) | — | — | — | — | ||||||
Cash provided by (used in) financing activities | (0.2 | ) | (18.4 | ) | — | 15.5 | — | (3.1 | ) | ||||
Change in cash and cash equivalents | (0.3 | ) | 8.3 | (0.2 | ) | (4.8 | ) | — | 3 | ||||
Cash and cash equivalents, beginning of period | 0.5 | 7.1 | 3.3 | 9.6 | — | 20.5 | |||||||
Cash and cash equivalents, end of period | 0.2 | 15.4 | 3.1 | 4.8 | — | 23.5 | |||||||
NORANDA ALUMINUM HOLDING CORPORATION | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||
Twelve months ended March 31, 2014 | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Parent guarantor (Noranda HoldCo) | Issuer (Noranda AcquisitionCo) | Subsidiary guarantors | Subsidiary non-guarantors | Eliminations | Consolidated | ||||||||
$ | $ | $ | $ | $ | $ | ||||||||
OPERATING ACTIVITIES | |||||||||||||
Cash provided by (used in) operating activities | 0.3 | (25.4 | ) | 16.3 | (10.7 | ) | — | (19.5 | ) | ||||
INVESTING ACTIVITIES | |||||||||||||
Capital expenditures | — | — | (12.3 | ) | (0.8 | ) | — | (13.1 | ) | ||||
Proceeds from sale of property, plant and equipment | — | — | 0.2 | — | — | 0.2 | |||||||
Cash used in investing activities | — | — | (12.1 | ) | (0.8 | ) | — | (12.9 | ) | ||||
FINANCING ACTIVITIES | |||||||||||||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||
Dividends paid to shareholders | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||
Repayments of long-term debt | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||
Borrowings on long-term debt | — | (9.9 | ) | — | 16.4 | — | 6.5 | ||||||
Distribution (to parent) from subsidiary | 0.9 | (0.9 | ) | — | — | — | — | ||||||
Cash provided by financing activities | (0.2 | ) | (12.0 | ) | — | 16.4 | — | 4.2 | |||||
Change in cash and cash equivalents | 0.1 | (37.4 | ) | 4.2 | 4.9 | — | (28.2 | ) | |||||
Cash and cash equivalents, beginning of period | 0.4 | 66.7 | 1.1 | 11.2 | — | 79.4 | |||||||
Cash and cash equivalents, end of period | 0.5 | 29.3 | 5.3 | 16.1 | — | 51.2 | |||||||
Segments_Narrative_Details
Segments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
segments | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Number of Operating Segments | 5 |
Segments_Schedule_of_Segment_P
Segments (Schedule of Segment Profit Reconciliation) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | $345.60 | $311.60 |
Capital expenditures | 23.5 | 13.1 |
Segment profit (loss) | 33.9 | 10.7 |
Depreciation and amortization | -23 | -21.7 |
Last in, first out and lower of cost or market inventory adjustments | 4.8 | 0.2 |
Gain (Loss) on disposal of assets | -0.1 | 0.1 |
Non-cash pension, accretion and stock compensation | -4.4 | -2.8 |
Restructuring, relocation and severance | -0.2 | 0.4 |
Consulting fees | -0.3 | -0.2 |
Cash settlements on hedging transactions | 1.4 | 0.9 |
Other, net | -0.8 | 1.3 |
Operating income (loss) | 11.3 | -11.1 |
Interest expense, net | 13.2 | 12.5 |
(Gain) loss on hedging activities, net | 0.3 | 0.3 |
Total other income, net | 13.5 | 12.8 |
Income (loss) before income taxes | -2.2 | -23.9 |
Bauxite [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 31.3 | 30.1 |
Capital expenditures | 3.3 | 0.8 |
Bauxite [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment profit (loss) | 2.1 | 2.5 |
Depreciation and amortization | -3 | -2.5 |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 |
Gain (Loss) on disposal of assets | 0 | 0 |
Non-cash pension, accretion and stock compensation | 0 | 0 |
Restructuring, relocation and severance | 0 | 0.1 |
Consulting fees | 0 | 0 |
Cash settlements on hedging transactions | 0 | 0 |
Other, net | 0 | 0 |
Operating income (loss) | -0.9 | 0.1 |
Alumina [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 82.4 | 77.2 |
Capital expenditures | 1.4 | 2 |
Alumina [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment profit (loss) | 3.7 | -11.9 |
Depreciation and amortization | -5.2 | -5 |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 |
Gain (Loss) on disposal of assets | 0 | 0 |
Non-cash pension, accretion and stock compensation | -0.3 | -0.2 |
Restructuring, relocation and severance | -0.2 | -0.1 |
Consulting fees | 0 | 0 |
Cash settlements on hedging transactions | 0 | 0 |
Other, net | -0.1 | -0.1 |
Operating income (loss) | -2.1 | -17.3 |
Primary Aluminum [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 152.9 | 149.5 |
Capital expenditures | 17 | 7 |
Primary Aluminum [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment profit (loss) | 23.1 | 18.4 |
Depreciation and amortization | -10 | -9.7 |
Last in, first out and lower of cost or market inventory adjustments | 0.8 | -0.1 |
Gain (Loss) on disposal of assets | -0.1 | 0.1 |
Non-cash pension, accretion and stock compensation | -1.7 | -1 |
Restructuring, relocation and severance | -0.2 | -0.1 |
Consulting fees | -0.1 | 0 |
Cash settlements on hedging transactions | 0.2 | 0.2 |
Other, net | 0 | 0.1 |
Operating income (loss) | 12 | 7.9 |
Flat Rolled Products [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 148 | 133.3 |
Capital expenditures | 1.3 | 3.1 |
Flat Rolled Products [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment profit (loss) | 12.7 | 10.9 |
Depreciation and amortization | -4.3 | -4.3 |
Last in, first out and lower of cost or market inventory adjustments | 4 | 0.3 |
Gain (Loss) on disposal of assets | 0 | 0 |
Non-cash pension, accretion and stock compensation | -1.3 | -0.7 |
Restructuring, relocation and severance | 0.3 | 0.4 |
Consulting fees | 0 | 0 |
Cash settlements on hedging transactions | 1.2 | 0.7 |
Other, net | 0 | -0.1 |
Operating income (loss) | 12.6 | 7.2 |
Corporate [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 0 | 0 |
Capital expenditures | 0.5 | 0.2 |
Corporate [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment profit (loss) | -7.8 | -7.8 |
Depreciation and amortization | -0.5 | -0.2 |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 |
Gain (Loss) on disposal of assets | 0 | 0 |
Non-cash pension, accretion and stock compensation | -1.1 | -0.9 |
Restructuring, relocation and severance | -0.1 | 0.1 |
Consulting fees | -0.2 | -0.2 |
Cash settlements on hedging transactions | 0 | 0 |
Other, net | -0.1 | 0 |
Operating income (loss) | -9.8 | -9 |
Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | -69 | -78.5 |
Capital expenditures | 0 | 0 |
Eliminations [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment profit (loss) | 0.1 | -1.4 |
Depreciation and amortization | 0 | 0 |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 |
Gain (Loss) on disposal of assets | 0 | 0 |
Non-cash pension, accretion and stock compensation | 0 | 0 |
Restructuring, relocation and severance | 0 | 0 |
Consulting fees | 0 | 0 |
Cash settlements on hedging transactions | 0 | 0 |
Other, net | -0.6 | 1.4 |
Operating income (loss) | -0.5 | 0 |
External customers [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 345.6 | 311.6 |
Internal customers [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 0 | 0 |
External customers [Member] | Bauxite [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 11.7 | 11.7 |
External customers [Member] | Alumina [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 55 | 45.8 |
External customers [Member] | Primary Aluminum [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 130.9 | 120.8 |
External customers [Member] | Flat Rolled Products [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 148 | 133.3 |
External customers [Member] | Corporate [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 0 | 0 |
External customers [Member] | Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 0 | 0 |
Internal customers [Member] | Bauxite [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 19.6 | 18.4 |
Internal customers [Member] | Alumina [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 27.4 | 31.4 |
Internal customers [Member] | Primary Aluminum [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 22 | 28.7 |
Internal customers [Member] | Flat Rolled Products [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 0 | 0 |
Internal customers [Member] | Corporate [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | 0 | 0 |
Internal customers [Member] | Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Sales, external customers, intersegment | ($69) | ($78.50) |
Segments_Schedule_of_Segment_A
Segments (Schedule of Segment Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $1,325.10 | $1,318.10 |
Bauxite [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 150 | 149.9 |
Alumina [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 220.6 | 229.8 |
Primary Aluminum [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 557.9 | 561.5 |
Flat Rolled Products [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 349.8 | 335.1 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 73.1 | 65.5 |
Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | ($26.30) | ($23.70) |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information (Schedule of Depreciation and Amortization) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Depreciation of property, plant and equipment | $19.80 | $18.80 |
Amortization of intangible assets | 1.5 | 1.5 |
Amortization of other long-term assets | 1.7 | 1.4 |
Total depreciation and amortization | $23 | $21.70 |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash Flow Data and Cash Flow Data Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Schedule of supplemental cash flow disclosures [Line Items] | |||
Interest Paid | $8 | $7.50 | |
U.S. Federal and state income taxes paid, net of refunds received | -3 | -0.5 | |
Capital Expenditures Incurred but Not yet Paid | 8.2 | 4.3 | |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 0.2 | 0.4 | |
Project [Domain] | |||
Schedule of supplemental cash flow disclosures [Line Items] | |||
Restricted Cash and Cash Equivalents | $1.80 |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of AOCI) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | ($110) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -107.9 | -110 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -110 | |
Other Comprehensive Income Loss Reclassification Adjustments Included In Net Income Net Of Tax | 2.1 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -107.9 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), before Tax1, Beginning of Period | -172.9 | |
Accumulated Other Comprehensive Income (Loss) Tax, Beginning of Period | -62.9 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 3.2 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition (Asset) Obligation, Tax | 1.1 | |
Accumulated Other Comprehensive Income (Loss), before Tax1, End of Period | -169.7 | |
Accumulated Other Comprehensive Income (Loss) Tax, End of Period | ($61.80) |
Supplemental_Financial_Stateme5
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Amounts Recognized in other comprehensive income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | $3.20 | $1.80 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 2.1 | 1.1 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 3.2 | 1.8 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 1.1 | 0.7 |
Selling, General and Administrative Expenses [Member] | ||
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||
Actuarial gain/loss | 0.7 | 0.3 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 0.7 | 0.3 |
Cost of Sales [Member] | ||
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||
Actuarial gain/loss | 2.3 | 1.3 |
Prior service costs | 0.2 | 0.2 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | $2.50 | $1.50 |
Supplemental_Financial_Stateme6
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Supplemental Financial Statement Information [Abstract] | ||||
Cash | $23.50 | $20.50 | ||
Total cash and cash equivalents | $23.50 | $20.50 | $51.20 | $79.40 |
Supplemental_Financial_Stateme7
Supplemental Financial Statement Information (Schedule of Accounts Receivable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ||
Trade | $112.70 | $102.60 |
Allowance for doubtful accounts | -0.1 | -0.1 |
Total accounts receivable, net | $112.60 | $102.50 |
Supplemental_Financial_Stateme8
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Current Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ||
Current foreign deferred tax assets | $0.40 | $0.40 |
Employee loans receivable, net | 1.9 | 2.1 |
Current derivative assets | 7.3 | 6.3 |
Income Taxes Receivable | 2.7 | 4 |
Prepaid Expense and Other Assets, Noncurrent | 4.6 | 4.5 |
Restricted Cash and Cash Equivalents, Noncurrent | 0.1 | 0.1 |
Other current assets | 12.2 | 10 |
Other current assets | $29.20 | $27.40 |
Supplemental_Financial_Stateme9
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ||
Deferred financing costs, net of amortization | $5.30 | $5.80 |
Cash surrender value of life insurance | 28.9 | 29.3 |
Pension asset | 6.6 | 6.5 |
Restricted cash | 14.1 | 14 |
Supplies | 4.6 | 5 |
Prepaid Jamaican income taxes | 12.7 | 12.7 |
Derivative assets | 0 | 0.2 |
Other miscellaneous noncurrent assets | 15.6 | 15.6 |
Total other assets | $87.80 | $89.10 |
Recovered_Sheet1
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accrued Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ||
Compensation and benefits | $22.50 | $18.30 |
Workers' compensation | 5.7 | 5.6 |
Other operating expenses | 13.5 | 11.2 |
Accrued interest | 7.1 | 2.3 |
Asset retirement obligations | 2.5 | 2.3 |
Land obligation | 3.8 | 3.7 |
Derivative Liability, Current | 6.1 | 5 |
Reclamation obligation | 1.6 | 1.5 |
Environmental remediation obligation | 1.7 | 1.7 |
Obligations to the Government | 7.7 | 5.9 |
Pension and OPEB liabilities | 0.8 | 0.8 |
Restructuring liability | 0 | 0.8 |
Total accrued liabilities | $73 | $59.10 |
Recovered_Sheet2
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Long-Term Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Supplemental Financial Statement Information [Abstract] | ||
Reserve for uncertain tax positions | $0.60 | $0.70 |
Workers' compensation | 15.6 | 15.3 |
Asset retirement obligations | 13.4 | 13.7 |
Land obligation | 6.8 | 6.8 |
Environmental remediation obligations | 1.1 | 1.1 |
Long-term derivative liabilities, gross | 0 | 0.1 |
Deferred compensation and other | 7.3 | 8.2 |
Total other long-term liabilities | $44.80 | $45.90 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net beginning of period | $1.40 | |
Derivative, Fair Value, Net end of period | 1.2 | 1.4 |
Derivative Assets | 7.3 | 6.5 |
Derivative Liabilities | -6.1 | -5.1 |
RSU Liabilities, Fair Value Disclosure | -0.1 | |
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | 1.1 | 1.4 |
Midwest premium contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net beginning of period | 3.3 | |
Derivative, Fair Value, Net end of period | -0.8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Return on Assets | -3.2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
RSU Liabilities, Fair Value Disclosure | -0.1 | |
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | -0.1 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 7.3 | 3.2 |
Derivative Liabilities | -5.3 | -5.1 |
RSU Liabilities, Fair Value Disclosure | 0 | |
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | 2 | -1.9 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 3.3 |
Derivative Liabilities | -0.8 | 0 |
RSU Liabilities, Fair Value Disclosure | 0 | |
Total Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | ($0.80) | $3.30 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (Bauxite and Alumina [Member]) | Mar. 31, 2015 | Dec. 31, 2014 |
Bauxite and Alumina [Member] | ||
Inventories disclosure [Line Items] | ||
Percentage of weighted-average cost inventory | 28.00% | 25.00% |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Raw materials, at cost | $61.50 | $73.70 |
Work-in-process, at cost | 57.3 | 48.9 |
Finished goods, at cost | 25.6 | 31.3 |
Total product inventories, at cost | 144.4 | 153.9 |
LIFO adjustment | 20.6 | 14 |
Lower of cost or market (LCM) reserve | -9.9 | -7.6 |
Inventories, at lower of cost or market | 155.1 | 160.3 |
Supplies, current | 32.7 | 36.4 |
Total inventories, net | $187.80 | $196.70 |
Property_Plant_and_Equipment_S
Property Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Statement [Line Items] | ||
Land | 52 | $51.90 |
Buildings and Improvements | 171.3 | 163 |
Machinery and Equipment | 935 | 927.1 |
Construction in Progress | 82.7 | 86.2 |
Property, plant and equipment, at cost | 1,241 | 1,228.20 |
Accumulated depreciation | -542.2 | -533.2 |
Property, plant and equipment, net | 698.8 | $695 |
Minimum [Member] | Building and Building Improvements [Member] | ||
Statement [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P10Y | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Statement [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Statement [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P47Y | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Statement [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P50Y |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
MW | |
Labor commitments abstract [Abstract] | |
Number of labor union agreements | 7 |
Power contract [Member] | |
Power contract [Abstract] | |
Long-term Purchase Commitment, Minimum Quantity Required | 5 |
Long-term Purchase Commitment, Amount | $2.70 |
LongTerm_Debt_Schedule_of_Outs
Long-Term Debt (Schedule of Outstanding Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $666 | $668 |
Long-term Debt, Current Maturities | -12.1 | -11.6 |
Long-term Debt, Excluding Current Maturities | 653.9 | 656.4 |
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 173.4 | 173.3 |
Long-term Debt, Fair Value | 168 | 171.6 |
Debt Instrument, Interest Rate at Period End | 11.00% | 11.00% |
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 469.5 | 470.7 |
Long-term Debt, Fair Value | 469.5 | 470.7 |
Debt Instrument, Interest Rate at Period End | 5.75% | 5.75% |
dredging project loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 21.1 | 22.5 |
Long-term Debt, Fair Value | 21.1 | 22.5 |
Debt Instrument, Interest Rate at Period End | 9.00% | 9.00% |
Gramercy infrastructure loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 1.5 | 1 |
Long-term Debt, Fair Value | 1.5 | 1 |
Debt Instrument, Interest Rate at Period End | 8.00% | 8.00% |
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0.5 | 0.5 |
Long-term Debt, Fair Value | $0.50 | $0.50 |
Debt Instrument, Interest Rate at Period End | 5.79% | 5.79% |
LongTerm_Debt_LongTerm_Debt_Na
Long-Term Debt Long-Term Debt (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $1.60 | $1.70 |
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 2.2 | 2.4 |
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit Outstanding, Amount | 39.5 | 39.8 |
Line of Credit Facility Maximum Borrowing Capacity Subject to Borrowing Base Calculation | $141.90 |
Asset_Retirement_and_Other_Obl2
Asset Retirement and Other Obligations (Reclamation Obligation) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Asset Retirement and Other Obligations [Abstract] | |
Reclamation obligation, balance, beginning of period | $1.50 |
Reclamation Obligation, Additional liabilities incurred | 0.7 |
Reclamation Obligation, Liabilities settled | -0.6 |
Reclamation obligation, balance, end of period | $1.60 |
Asset_Retirement_and_Other_Obl3
Asset Retirement and Other Obligations (Land Obligation) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Land obligation, beginning of period | $10.50 |
Additional liabilities incurred, land obligation | 0.1 |
Liabilities settled, land obligation | 0.1 |
Revisions to obligation, land obligation | -0.1 |
Land obligation, end of period | $10.60 |
Asset_Retirement_and_Other_Obl4
Asset Retirement and Other Obligations (Asset Retirement Obligations) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Asset retirement obligations [Line Items] | ||
Balance, beginning of period | $16 | |
Asset Retirement Obligation, Additional liabilities incurred | 0.6 | |
Asset Retirement Obligation, Liabilities Settled | -1 | |
Asset Retirement Obligation, Accretion | 0.3 | |
Balance, end of period | 15.9 | |
Restricted Cash and Cash Equivalents, Noncurrent | 14.1 | 14 |
Alumina [Member] | ||
Asset retirement obligations [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $10.50 | $10.50 |
Asset_Retirement_and_Other_Obl5
Asset Retirement and Other Obligations Asset Retirement and Other Obligations (Environmental Remediation Obligations) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Environmental Remediation Obligations [Abstract] | ||
Environmental remediation obligation | $1.70 | $1.70 |
Environmental remediation obligations | $1.10 | $1.10 |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Net Periodic Benefit Costs) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension benefit plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $4.20 | $3.60 |
Interest cost | 5 | 4.9 |
Expected return on plan assets | -5.7 | -5.3 |
Recognized actuarial loss | 3 | 1.6 |
Prior service costs | 0.2 | 0.2 |
Net periodic cost (benefit) | 6.7 | 5 |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.2 | 0.2 |
Interest cost | 0.4 | 0.4 |
Expected return on plan assets | -0.5 | -0.6 |
Recognized actuarial loss | 0 | 0 |
Prior service costs | 0 | 0.1 |
Net periodic cost (benefit) | 0.1 | 0.1 |
Other post-retirement benefit plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.1 | 0.1 |
Interest cost | 0.2 | 0.2 |
Net periodic cost (benefit) | 0.3 | 0.3 |
Domestic Pension Plan of Foreign Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.1 | 0 |
Interest cost | 0.1 | 0.1 |
Net periodic cost (benefit) | $0.20 | $0.10 |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefit Plans (Employer Contributions) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Pension benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Contributions by Employer | $3.30 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 14.6 |
Foreign Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Contributions by Employer | 0.2 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $0.40 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Derivative Financial Instruments (Schedule and Narrative of Outstanding Derivative Instruments) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
lb | |
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand fourteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 1.13 |
Derivative, Nonmonetary Notional Amount | 47.1 |
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand and fifteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 1.14 |
Derivative, Nonmonetary Notional Amount | 2.6 |
Variable Price Aluminum Offset Swaps [Member] | year, two thousand fourteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.9 |
Derivative, Nonmonetary Notional Amount | 51.9 |
Variable Price Aluminum Offset Swaps [Member] | year, two thousand and fifteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.89 |
Derivative, Nonmonetary Notional Amount | 2.8 |
Variable MWP Contract [Member] | year, two thousand fourteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.2 |
Derivative, Nonmonetary Notional Amount | 51.9 |
Variable MWP Contract [Member] | year, two thousand and fifteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.21 |
Derivative, Nonmonetary Notional Amount | 3 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Carrying Values at FV) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $1.20 | $1.40 |
Fixed Price Aluminum Customer Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | 7.3 | 2.4 |
Variable Price Aluminum Offset Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | -5.3 | -4.3 |
Midwest premium contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | ($0.80) | $3.30 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Counterparty | 4 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Derivative Financial Instruments ((Schedule of Carry Values at Fair Value) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $7.30 | $6.30 |
Derivative Liability, Current | -6.1 | -5 |
Long-term derivative liabilities, gross | 0 | -0.1 |
Derivative Asset, Noncurrent | 0 | 0.2 |
Derivative Liability, Noncurrent | -0.1 | |
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 | 0 |
Derivative Asset, Current | 0 | 0 |
Derivative Liability, Current | -5.3 | |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Asset, Noncurrent | 0 | |
Derivative Liability, Noncurrent | 0 | |
Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 7.3 | 6.3 |
Derivative Liability, Current | -0.8 | |
Derivative Asset, Noncurrent | 0.2 | |
Derivative Liability, Noncurrent | -0.1 | |
counterparty_one [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | -2.7 | -2.2 |
counterparty_one [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 | -2.7 | -2.2 |
Derivative Liability, Current | -2.7 | -2.2 |
counterparty_one [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 0 | 0 |
Counterparty_two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | -0.1 | -0.1 |
Derivative Liability, Noncurrent | -0.1 | |
Counterparty_two [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 | -0.1 | -0.1 |
Derivative Liability, Current | -0.1 | -0.1 |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Liability, Noncurrent | 0 | |
Counterparty_two [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 0 | 0 |
Derivative Liability, Noncurrent | -0.1 | |
Counterparty_three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | -0.1 | -0.1 |
Counterparty_three [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 | -0.1 | -0.1 |
Derivative Liability, Current | -0.1 | -0.1 |
Counterparty_three [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 0 | 0 |
Counterparty_four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | -2.4 | -1.9 |
Counterparty_four [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 | -2.4 | -1.9 |
Derivative Liability, Current | -2.4 | -1.9 |
Counterparty_four [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 0 | 0 |
other counterparty [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 7.3 | 6.3 |
Derivative Liability, Current | -0.8 | -0.7 |
Derivative Asset, Noncurrent | 0.2 | |
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 | 0 |
Derivative Asset, Current | 0 | 0 |
Derivative Liability, Current | 0 | 0 |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Asset, Noncurrent | 0 | |
other counterparty [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 7.3 | 6.3 |
Derivative Liability, Current | -0.8 | -0.7 |
Derivative Asset, Noncurrent | 0.2 | |
derivatives, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | -5 | |
derivatives, net [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets, gross | 0 | |
Current derivative liabilities, gross | -5.3 | -4.3 |
Derivative Liability, Current | -4.3 | |
derivatives, net [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | ($0.70) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains and Losses on Hedging Activities) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $0.30 | $0.30 |
Fixed Price Aluminum Customer Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -5 | 3.3 |
Variable Price Aluminum Offset Swaps [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 2.2 | 2.1 |
Variable MWP Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $3.10 | ($5.10) |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Dividends) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Dividends Disclosures [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $0.01 | $0.01 |
Payments of Dividends | $0.70 | $0.70 |
Regular Quarterly Dividend [Member] | ||
Dividends Disclosures [Line Items] | ||
Common Stock, Dividends, Per Share, Cash Paid | $0 | |
Common Stock, Dividends, Per Share, Declared | $0.01 | |
Payments of Dividends | 0.7 | |
Dividends Payable | $0.70 |
ShareBased_Payments_Schedule_o
Share-Based Payments (Schedule of Stock Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | $0.80 | $0.70 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3.3 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 0 | 0 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | $0.80 | $0.70 |
ShareBased_Payments_Schedule_o1
Share-Based Payments (Schedule of Stock Option Activity) (Details) (USD $) | 12 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 2 months | |
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 | 1,039,895 | 971,813 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 1.82 | $1.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 2 | $1.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -68,082 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 971,813 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $1.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1.3 | |
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 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 9 | $9 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 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, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $9 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $0 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 6 months |
ShareBased_Payments_Schedules_
Share-Based Payments (Schedules of Restricted Stock and RSU Equity and Liability Award Activity) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated forfeiture rate | 7.00% |
Restricted stock unit liability awards, current | $0.10 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | Service Vesting Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | P3Y |
Percentage to vest on first anniversary of grant date | 25.00% |
Percentage to vest on second anniversary of grant date | 25.00% |
Percentage to vest on third anniversary of grant date | 50.00% |
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Service Vesting Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, nonvested, beginning of period | 1,174,079 |
RSUs, weighted average grant date fair value, beginning of period | $4.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,762 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $3.54 |
Dividend equivalent units granted | 3,826 |
Dividend equivalent units granted during period, weighted average grant date fair value | $3.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -153,954 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $10.88 |
RSUs forfeited during period | -16,953 |
RSUs forfeited during period, weighted average forfeiture fair value | $4.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | $0 |
RSUs, nonvested, end of period | 1,033,760 |
RSUs, weighted average grant date fair value, end of period | $3.84 |
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Service Vesting Awards [Member] | Performance award with a grant date [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 |
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, nonvested, beginning of period | 412,655 |
RSUs, weighted average grant date fair value, beginning of period | ($3.96) |
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 |
Dividend equivalent units granted | 1,607 |
Dividend equivalent units granted during period, weighted average grant date fair value | $3.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -115,977 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $11.42 |
RSUs forfeited during period | -18,161 |
RSUs forfeited during period, weighted average forfeiture fair value | $7.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | -288,659 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | $11.47 |
RSUs, nonvested, end of period | 392,903 |
RSUs, weighted average grant date fair value, end of period | $12.13 |
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target [Member] | Performance award with a grant date [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 | 401,438 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $4.09 |
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target with Market Condition [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, nonvested, beginning of period | 173,188 |
RSUs, weighted average grant date fair value, beginning of period | $2.18 |
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 |
Dividend equivalent units granted | 493 |
Dividend equivalent units granted during period, weighted average grant date fair value | $3.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 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 |
RSUs forfeited during period | 0 |
RSUs forfeited during period, weighted average forfeiture fair value | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | $0 |
RSUs, nonvested, end of period | 173,681 |
RSUs, weighted average grant date fair value, end of period | $2.18 |
Employee And Non Employee Director [Member] | Restricted Stock and Restricted Stock Units Equity Awards [Member] | Performance Vesting Awards Target with Market Condition [Member] | Performance award with a grant date [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 |
Employee And Non Employee Director [Member] | Performance Shares, no grant date [Member] | Performance Vesting Awards Target [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, nonvested, beginning of period | 819,397 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 |
Dividend equivalent units granted | 1,334 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -554 |
RSUs forfeited during period | -9,571 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | 0 |
RSUs, nonvested, end of period | 409,168 |
Employee And Non Employee Director [Member] | Performance Shares, no grant date [Member] | Performance Vesting Awards Target [Member] | Performance award with a grant date [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 | -401,438 |
Investor Director Provider [Member] | Restricted Stock Units Liability Awards [Member] | Service Vesting Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, nonvested, beginning of period | 60,224 |
Dividend equivalent units granted | 196 |
RSUs, nonvested, end of period | 60,420 |
Net_Income_Per_Common_Share_Sc
Net Income Per Common Share (Schedule of Calculation of Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income (loss) | ($2.70) | ($16.80) |
Weighted-average common shares outstanding: | ||
Basic weighted-average common shares outstanding | 68.97 | 68.23 |
Diluted weighted-average common shares outstanding | 68.97 | 68.23 |
Net income per common share: | ||
Basic net income per common share | ($0.04) | ($0.25) |
Diluted net income per common share | ($0.04) | ($0.25) |
Antidilutive securities | 2.37 | 2.18 |
Share-based Compensation | $0.80 | $0.70 |
Performance Shares [Member] | ||
Net income per common share: | ||
Antidilutive securities | 0.06 | 0.1 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | ||
Net income per common share: | ||
Antidilutive securities | 1.14 | 0.8 |
Equity Option [Member] | ||
Net income per common share: | ||
Antidilutive securities | 1.17 | 1.28 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | -22.70% | 29.70% |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $0.80 |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions (Schedules of Related Parties Activities) (Details) (Related party, Berry Plastics Corporation, an affiliate of Apollo [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Related party, Berry Plastics Corporation, an affiliate of Apollo [Member] | |
Related Party Transaction [Line Items] | |
Due from Affiliates | $1.90 |
NonControlling_Interest_NonCon
Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Jun. 30, 2012 |
t | t | ||||
Noncontrolling Interest [Line Items] | |||||
Annual Shipping Under Contract, Mass | 5,100,000 | ||||
Obligations to the Government | $5.90 | 7.7 | |||
Required prepayment of foreign income taxes over next four years | 14 | ||||
Increase (Decrease) in Prepaid Expense and Other Assets | 1.3 | ||||
Payment of foreign income taxes associated with mining operations contract with local government | 10 | ||||
Prepaid Taxes | $12.70 | 12.7 | |||
Maximum [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Annual Shipping Under Contract, Mass | 5,400,000 | ||||
Bauxite [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Intersegment revenue percentage associated with product sold by a noncontrolling interest affilate | 58.00% | ||||
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% |
NonControlling_Interest_Schedu
Non-Controlling Interest (Schedule of Balance Sheet Components Related to Non-Controlling Interest) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | $23.50 | $20.50 | $51.20 | $79.40 |
Accounts receivable, net | 112.6 | 102.5 | ||
Inventories, net | 187.8 | 196.7 | ||
Other current assets | 29.2 | 27.4 | ||
Property, plant and equipment, net | 698.8 | 695 | ||
Other assets | 87.8 | 89.1 | ||
Accounts payable | -115.6 | -122.6 | ||
Accrued liabilities | -73 | -59.1 | ||
Non-controlling interest | -6 | -6 | ||
Subsidiary balances [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 0.6 | 0.8 | ||
Accounts receivable, net | 12.8 | 13.5 | ||
Inventories, net | 11.7 | 14.3 | ||
Other current assets | 9 | 8.1 | ||
Property, plant and equipment, net | 48 | 45 | ||
Other assets | 7.5 | 7.4 | ||
Accounts payable | -70.8 | -71.8 | ||
Accrued liabilities | -5.5 | -3.9 | ||
Environmental, land and reclamation liabilities | -1.6 | -1.5 | ||
Non-controlling interest | -6 | -6 | ||
St. Ann's net investment and advances to NJBP | 5.7 | 5.9 | ||
Impact of eliminations [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | -12.8 | -13.5 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Accounts payable | 61.8 | 55.5 | ||
Accrued liabilities | 0 | 0 | ||
Environmental, land and reclamation liabilities | 0 | 0 | ||
Non-controlling interest | 0 | 0 | ||
St. Ann's net investment and advances to NJBP | 49 | 42 | ||
Impact on consolidated balances [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 0.6 | 0.8 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 11.7 | 14.3 | ||
Other current assets | 9 | 8.1 | ||
Property, plant and equipment, net | 48 | 45 | ||
Other assets | 7.5 | 7.4 | ||
Accounts payable | -9 | -16.3 | ||
Accrued liabilities | -5.5 | -3.9 | ||
Environmental, land and reclamation liabilities | -1.6 | -1.5 | ||
Non-controlling interest | -6 | -6 | ||
St. Ann's net investment and advances to NJBP | $54.70 | $47.90 |
Subsidiary_Issuer_of_Guarantee2
Subsidiary Issuer of Guaranteed Notes (Consolidating Balance Sheets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $23.50 | $20.50 | $51.20 | $79.40 |
Accounts receivable, net [Abstract] | ||||
Trade | 112.6 | 102.5 | ||
Affiliates | 0 | 0 | ||
Inventories, net | 187.8 | 196.7 | ||
Other current assets | 29.2 | 27.4 | ||
Total current assets | 353.1 | 347.1 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Due from Affiliate, Noncurrent | 0 | 0 | ||
Property, plant and equipment, net | 698.8 | 695 | ||
Goodwill | 137.6 | 137.6 | ||
Intangible Assets, Net (Excluding Goodwill) | 47.8 | 49.3 | ||
Other assets | 87.8 | 89.1 | ||
Total assets | 1,325.10 | 1,318.10 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 115.6 | 122.6 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 73 | 59.1 | ||
Derivative Liability, Current | 6.1 | 5 | ||
Deferred tax liabilities | 11.6 | 11.7 | ||
Current portion of long-term debt | 12.1 | 11.6 | ||
Total current liabilities | 212.3 | 205 | ||
Long-term debt, net | 653.9 | 656.4 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 195.8 | 195.4 | ||
Other long-term liabilities | 44.8 | 45.9 | ||
Advances due to affiliates, noncurrent | 0 | 0 | ||
Long-term deferred tax liabilities | 146.9 | 143.3 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0.7 | 0.7 | ||
Capital in excess of par value | 244.4 | 243.6 | ||
Retained Earnings (Accumulated Deficit) | -71.8 | -68.2 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -107.9 | -110 | ||
Total shareholders' equity | 65.4 | 66.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 6 | 6 | ||
Total equity | 71.4 | 72.1 | ||
Total liabilities and equity | 1,325.10 | 1,318.10 | ||
Parent guarantor [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0.2 | 0.5 | 0.5 | 0.4 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0 | ||
Affiliates | 19.6 | 19.5 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 4.7 | 4.2 | ||
Total current assets | 24.5 | 24.2 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 130.7 | 266.1 | ||
Due from Affiliate, Noncurrent | 138.6 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 293.8 | 290.3 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 0 | 0 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 0.1 | 0 | ||
Deferred tax liabilities | 0 | 0.1 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 0.1 | 0.1 | ||
Long-term debt, net | 0 | 0 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | 194.1 | 197.3 | ||
Long-term deferred tax liabilities | 34.2 | 26.8 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0.7 | 0.7 | ||
Capital in excess of par value | 244.4 | 243.6 | ||
Retained Earnings (Accumulated Deficit) | -71.8 | -68.2 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -107.9 | -110 | ||
Total shareholders' equity | 65.4 | 66.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | 65.4 | 66.1 | ||
Total liabilities and equity | 293.8 | 290.3 | ||
Issuer [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 15.4 | 7.1 | 29.3 | 66.7 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0 | ||
Affiliates | 12 | 12 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 27.4 | 19.1 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,335.90 | 1,537.30 | ||
Due from Affiliate, Noncurrent | 244.3 | 134 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 5.3 | 5.8 | ||
Total assets | 1,612.90 | 1,696.20 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 0 | 0 | ||
Accounts payable, affiliates | 19.6 | 19.5 | ||
Accrued liabilities | 7.2 | 2.3 | ||
Deferred tax liabilities | -0.1 | 0 | ||
Current portion of long-term debt | 4.9 | 4.9 | ||
Total current liabilities | 31.6 | 26.7 | ||
Long-term debt, net | 638 | 639.5 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | 752.1 | 737.2 | ||
Long-term deferred tax liabilities | 60.5 | 26.7 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | 352.1 | 352.1 | ||
Retained Earnings (Accumulated Deficit) | -113.5 | 24 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -107.9 | -110 | ||
Total shareholders' equity | 130.7 | 266.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | 130.7 | 266.1 | ||
Total liabilities and equity | 1,612.90 | 1,696.20 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 3.1 | 3.3 | 5.3 | 1.1 |
Accounts receivable, net [Abstract] | ||||
Trade | 112.6 | 102.4 | ||
Affiliates | 9.5 | 10 | ||
Inventories, net | 162.3 | 168.2 | ||
Other current assets | 11.5 | 11.4 | ||
Total current assets | 299 | 295.3 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Due from Affiliate, Noncurrent | 850.6 | 736.9 | ||
Property, plant and equipment, net | 627.5 | 627.4 | ||
Goodwill | 137.6 | 137.6 | ||
Intangible Assets, Net (Excluding Goodwill) | 47.8 | 49.3 | ||
Other assets | 50.6 | 51.6 | ||
Total assets | 2,013.10 | 1,898.10 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 105.7 | 112.1 | ||
Accounts payable, affiliates | 1.9 | 0 | ||
Accrued liabilities | 42.4 | 35.2 | ||
Deferred tax liabilities | 11.7 | 11.6 | ||
Current portion of long-term debt | 1.6 | 1.1 | ||
Total current liabilities | 163.3 | 160 | ||
Long-term debt, net | 0.4 | 0 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 188.2 | 187.9 | ||
Other long-term liabilities | 35.1 | 35.9 | ||
Advances due to affiliates, noncurrent | 350.8 | 0 | ||
Long-term deferred tax liabilities | 51.8 | 89.3 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | 1,122.30 | 1,199.70 | ||
Retained Earnings (Accumulated Deficit) | 204.6 | 330.8 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -103.4 | -105.5 | ||
Total shareholders' equity | 1,223.50 | 1,425 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | 1,223.50 | 1,425 | ||
Total liabilities and equity | 2,013.10 | 1,898.10 | ||
Subsidiary non-guarantor [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 4.8 | 9.6 | 16.1 | 11.2 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0.1 | ||
Affiliates | 1.9 | 0 | ||
Inventories, net | 25.5 | 28.5 | ||
Other current assets | 13 | 11.8 | ||
Total current assets | 45.2 | 50 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Due from Affiliate, Noncurrent | 63.5 | 63.5 | ||
Property, plant and equipment, net | 71.3 | 67.6 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 31.9 | 31.7 | ||
Total assets | 211.9 | 212.8 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 9.9 | 10.5 | ||
Accounts payable, affiliates | 21.5 | 22 | ||
Accrued liabilities | 23.3 | 21.6 | ||
Deferred tax liabilities | 0 | 0 | ||
Current portion of long-term debt | 5.6 | 5.6 | ||
Total current liabilities | 60.3 | 59.7 | ||
Long-term debt, net | 15.5 | 16.9 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 7.6 | 7.5 | ||
Other long-term liabilities | 9.7 | 10 | ||
Advances due to affiliates, noncurrent | 0 | 0 | ||
Long-term deferred tax liabilities | 0.4 | 0.4 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | 83.7 | 83.8 | ||
Retained Earnings (Accumulated Deficit) | 33.1 | 32.9 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -4.4 | -4.4 | ||
Total shareholders' equity | 112.4 | 112.3 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 6 | 6 | ||
Total equity | 118.4 | 118.3 | ||
Total liabilities and equity | 211.9 | 212.8 | ||
Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0 | ||
Affiliates | -43 | -41.5 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | -43 | -41.5 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -1,466.60 | -1,803.40 | ||
Due from Affiliate, Noncurrent | -1,297 | -934.4 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | -2,806.60 | -2,779.30 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 0 | 0 | ||
Accounts payable, affiliates | -43 | -41.5 | ||
Accrued liabilities | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | -43 | -41.5 | ||
Long-term debt, net | 0 | 0 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | -1,297 | -934.5 | ||
Long-term deferred tax liabilities | 0 | 0.1 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | -1,558.10 | -1,635.60 | ||
Retained Earnings (Accumulated Deficit) | -124.2 | -387.7 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 215.7 | 219.9 | ||
Total shareholders' equity | -1,466.60 | -1,803.40 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | -1,466.60 | -1,803.40 | ||
Total liabilities and equity | ($2,806.60) | ($2,779.30) |
Subsidiary_Issuer_of_Guarantee3
Subsidiary Issuer of Guaranteed Notes (Consolidating Income Statements) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Guarantor Obligations [Line Items] | ||
Sales | $345.60 | $311.60 |
Operating costs and expenses: | ||
Cost of sales | 312 | 302 |
Selling, General and Administrative Expense | 22.3 | 20.7 |
Total operating costs and expenses, net | 334.3 | 322.7 |
Operating income (loss) | 11.3 | -11.1 |
Other (income) expense: [Abstract] | ||
Interest expense, net | 13.2 | 12.5 |
(Gain) loss on hedging activities, net | 0.3 | 0.3 |
Total other income, net | 13.5 | 12.8 |
Income (loss) before income taxes | -2.2 | -23.9 |
Income tax expense (benefit) | 0.5 | -7.1 |
Equity in net income (loss) of subsidiaries | 0 | 0 |
Net income (loss) | -2.7 | -16.8 |
Total other comprehensive income, net of tax | 2.1 | 1.1 |
Total comprehensive income (loss) | -0.6 | -15.7 |
Parent guarantor [Member] | ||
Guarantor Obligations [Line Items] | ||
Sales | 0 | 0 |
Operating costs and expenses: | ||
Cost of sales | 0 | 0 |
Selling, General and Administrative Expense | 1.2 | 1.1 |
Total operating costs and expenses, net | 1.2 | 1.1 |
Operating income (loss) | -1.2 | -1.1 |
Other (income) expense: [Abstract] | ||
Interest expense, net | -0.1 | -0.1 |
(Gain) loss on hedging activities, net | 0 | 0 |
Total other income, net | -0.1 | -0.1 |
Income (loss) before income taxes | -1.1 | -1 |
Income tax expense (benefit) | 0.6 | 0.2 |
Equity in net income (loss) of subsidiaries | -1 | -15.6 |
Net income (loss) | -2.7 | -16.8 |
Total other comprehensive income, net of tax | 2.1 | 1.1 |
Total comprehensive income (loss) | -0.6 | -15.7 |
Issuer [Member] | ||
Guarantor Obligations [Line Items] | ||
Sales | 0 | 0 |
Operating costs and expenses: | ||
Cost of sales | 0 | 0 |
Selling, General and Administrative Expense | 0.1 | 0.1 |
Total operating costs and expenses, net | 0.1 | 0.1 |
Operating income (loss) | -0.1 | -0.1 |
Other (income) expense: [Abstract] | ||
Interest expense, net | 12.9 | 12.5 |
(Gain) loss on hedging activities, net | 0 | 0 |
Total other income, net | 12.9 | 12.5 |
Income (loss) before income taxes | -13 | -12.6 |
Income tax expense (benefit) | -0.8 | -4 |
Equity in net income (loss) of subsidiaries | 11.2 | -7 |
Net income (loss) | -1 | -15.6 |
Total other comprehensive income, net of tax | 2.1 | 1.1 |
Total comprehensive income (loss) | 1.1 | -14.5 |
Guarantor Subsidiaries [Member] | ||
Guarantor Obligations [Line Items] | ||
Sales | 333.9 | 300 |
Operating costs and expenses: | ||
Cost of sales | 303.2 | 294.5 |
Selling, General and Administrative Expense | 17.1 | 15.5 |
Total operating costs and expenses, net | 320.3 | 310 |
Operating income (loss) | 13.6 | -10 |
Other (income) expense: [Abstract] | ||
Interest expense, net | 0.1 | 0 |
(Gain) loss on hedging activities, net | 0.3 | 0.3 |
Total other income, net | 0.4 | 0.3 |
Income (loss) before income taxes | 13.2 | -10.3 |
Income tax expense (benefit) | 0.8 | -3.1 |
Equity in net income (loss) of subsidiaries | 0 | 0 |
Net income (loss) | 12.4 | -7.2 |
Total other comprehensive income, net of tax | 2.1 | 1.3 |
Total comprehensive income (loss) | 14.5 | -5.9 |
Subsidiary non-guarantor [Member] | ||
Guarantor Obligations [Line Items] | ||
Sales | 31.3 | 30.1 |
Operating costs and expenses: | ||
Cost of sales | 28.4 | 25.9 |
Selling, General and Administrative Expense | 3.9 | 4.1 |
Total operating costs and expenses, net | 32.3 | 30 |
Operating income (loss) | -1 | 0.1 |
Other (income) expense: [Abstract] | ||
Interest expense, net | 0.3 | 0.1 |
(Gain) loss on hedging activities, net | 0 | 0 |
Total other income, net | 0.3 | 0.1 |
Income (loss) before income taxes | -1.3 | 0 |
Income tax expense (benefit) | -0.1 | -0.2 |
Equity in net income (loss) of subsidiaries | 0 | 0 |
Net income (loss) | -1.2 | 0.2 |
Total other comprehensive income, net of tax | 0 | 0 |
Total comprehensive income (loss) | -1.2 | 0.2 |
Consolidation, Eliminations [Member] | ||
Guarantor Obligations [Line Items] | ||
Sales | -19.6 | -18.5 |
Operating costs and expenses: | ||
Cost of sales | -19.6 | -18.4 |
Selling, General and Administrative Expense | 0 | -0.1 |
Total operating costs and expenses, net | -19.6 | -18.5 |
Operating income (loss) | 0 | 0 |
Other (income) expense: [Abstract] | ||
Interest expense, net | 0 | 0 |
(Gain) loss on hedging activities, net | 0 | 0 |
Total other income, net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Equity in net income (loss) of subsidiaries | -10.2 | 22.6 |
Net income (loss) | -10.2 | 22.6 |
Total other comprehensive income, net of tax | -4.2 | -2.4 |
Total comprehensive income (loss) | ($14.40) | $20.20 |
Subsidiary_Issuer_of_Guarantee4
Subsidiary Issuer of Guaranteed Notes (Consolidating Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Cash provided by (used in) operating activities | $29.50 | ($19.50) |
Investing Activities | ||
Capital expenditures | -23.5 | -13.1 |
Proceeds from Sale of Property, Plant, and Equipment | 0.1 | 0.2 |
Net Cash Provided by (Used in) Investing Activities | -23.4 | -12.9 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | -0.2 | -0.4 |
Payments of Dividends | -0.7 | -0.7 |
Repayments of Long-term Debt | -2.6 | -1.2 |
Borrowings on long-term debt, net | 0.4 | 6.5 |
Repayments of Lines of Credit | -72 | 0 |
Proceeds from Lines of Credit | 72 | 0 |
Distribution (to parent) from subsidiary | 0 | 0 |
Cash provided by (used in) financing activities | -3.1 | 4.2 |
Change in cash and cash equivalents | 3 | -28.2 |
Cash and cash equivalents, beginning of period | 20.5 | 79.4 |
Cash and cash equivalents, end of period | 23.5 | 51.2 |
Parent guarantor [Member] | ||
Operating Activities | ||
Cash provided by (used in) operating activities | -0.1 | 0.3 |
Investing Activities | ||
Capital expenditures | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | -0.2 | -0.4 |
Payments of Dividends | -0.7 | -0.7 |
Repayments of Long-term Debt | 0 | 0 |
Borrowings on long-term debt, net | 0 | 0 |
Repayments of Lines of Credit | 0 | |
Proceeds from Lines of Credit | 0 | |
Distribution (to parent) from subsidiary | 0.7 | 0.9 |
Cash provided by (used in) financing activities | -0.2 | -0.2 |
Change in cash and cash equivalents | -0.3 | 0.1 |
Cash and cash equivalents, beginning of period | 0.5 | 0.4 |
Cash and cash equivalents, end of period | 0.2 | 0.5 |
Issuer [Member] | ||
Operating Activities | ||
Cash provided by (used in) operating activities | 26.7 | -25.4 |
Investing Activities | ||
Capital expenditures | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | 0 | 0 |
Payments of Dividends | 0 | 0 |
Repayments of Long-term Debt | -2.6 | -1.2 |
Borrowings on long-term debt, net | -15.1 | -9.9 |
Repayments of Lines of Credit | -72 | |
Proceeds from Lines of Credit | 72 | |
Distribution (to parent) from subsidiary | -0.7 | -0.9 |
Cash provided by (used in) financing activities | -18.4 | -12 |
Change in cash and cash equivalents | 8.3 | -37.4 |
Cash and cash equivalents, beginning of period | 7.1 | 66.7 |
Cash and cash equivalents, end of period | 15.4 | 29.3 |
Guarantor Subsidiaries [Member] | ||
Operating Activities | ||
Cash provided by (used in) operating activities | 19.9 | 16.3 |
Investing Activities | ||
Capital expenditures | -20.2 | -12.3 |
Proceeds from Sale of Property, Plant, and Equipment | 0.1 | 0.2 |
Net Cash Provided by (Used in) Investing Activities | -20.1 | -12.1 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | 0 | 0 |
Payments of Dividends | 0 | 0 |
Repayments of Long-term Debt | 0 | 0 |
Borrowings on long-term debt, net | 0 | 0 |
Repayments of Lines of Credit | 0 | |
Proceeds from Lines of Credit | 0 | |
Distribution (to parent) from subsidiary | 0 | 0 |
Cash provided by (used in) financing activities | 0 | 0 |
Change in cash and cash equivalents | -0.2 | 4.2 |
Cash and cash equivalents, beginning of period | 3.3 | 1.1 |
Cash and cash equivalents, end of period | 3.1 | 5.3 |
Subsidiary non-guarantor [Member] | ||
Operating Activities | ||
Cash provided by (used in) operating activities | -17 | -10.7 |
Investing Activities | ||
Capital expenditures | -3.3 | -0.8 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -3.3 | -0.8 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | 0 | 0 |
Payments of Dividends | 0 | 0 |
Repayments of Long-term Debt | 0 | 0 |
Borrowings on long-term debt, net | 15.5 | 16.4 |
Repayments of Lines of Credit | 0 | |
Proceeds from Lines of Credit | 0 | |
Distribution (to parent) from subsidiary | 0 | 0 |
Cash provided by (used in) financing activities | 15.5 | 16.4 |
Change in cash and cash equivalents | -4.8 | 4.9 |
Cash and cash equivalents, beginning of period | 9.6 | 11.2 |
Cash and cash equivalents, end of period | 4.8 | 16.1 |
Consolidation, Eliminations [Member] | ||
Operating Activities | ||
Cash provided by (used in) operating activities | 0 | 0 |
Investing Activities | ||
Capital expenditures | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | 0 | 0 |
Payments of Dividends | 0 | 0 |
Repayments of Long-term Debt | 0 | 0 |
Borrowings on long-term debt, net | 0 | 0 |
Repayments of Lines of Credit | 0 | |
Proceeds from Lines of Credit | 0 | |
Distribution (to parent) from subsidiary | 0 | 0 |
Cash provided by (used in) financing activities | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |