Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Oct. 31, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Noranda Aluminum Holding CORP | ||
Entity Central Index Key | 1,422,105 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 10,011,803 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 22,641,688 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 8.9 | $ 20.5 |
Accounts receivable, net | 92.2 | 102.5 |
Inventories, net | 162.6 | 196.7 |
Other current assets | 38.9 | 27.4 |
Total current assets | 302.6 | 347.1 |
Property, plant and equipment, net | 692.4 | 695 |
Goodwill | 0 | 137.6 |
Other intangible assets, net | 44.5 | 49.3 |
Other assets | 82 | 89.1 |
Total assets | 1,121.5 | 1,318.1 |
LIABILITIES AND EQUITY | ||
Accounts payable | 117.8 | 122.6 |
Accrued liabilities | 87.4 | 59.1 |
Deferred tax liabilities | 0 | 11.7 |
Current portion of long-term debt | 16.6 | 11.6 |
Total current liabilities | 221.8 | 205 |
Long-term debt, net | 660.7 | 656.4 |
Pension and other post-retirement benefit (OPEB) liabilities | 192.5 | 195.4 |
Other long-term liabilities | 44.5 | 45.9 |
Long-term deferred tax liabilities | 125.7 | 143.3 |
Shareholders' equity: | ||
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at September 30, 2015 and December 31, 2014) | 0 | 0 |
Common stock (30.0 shares authorized; $0.01 par value; 10.0 shares issued and outstanding at September 30, 2015; 9.8 shares issued and outstanding at December 31, 2014) | 0.1 | 0.1 |
Capital in excess of par value | 246.7 | 244.2 |
Accumulated deficit | (273) | (68.2) |
Accumulated other comprehensive income (loss) | (103.5) | (110) |
Total shareholders' equity | (129.7) | 66.1 |
Non-controlling interest | 6 | 6 |
Total equity | (123.7) | 72.1 |
Total liabilities and equity | $ 1,121.5 | $ 1,318.1 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Shareholders' equity: | ||
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 | 30 | 30 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 10 | 9.8 |
Common stock, shares outstanding | 10 | 9.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales | $ 309.5 | $ 361.4 | $ 987.8 | $ 1,018.9 |
Operating costs and expenses: | ||||
Cost of sales | 336 | 335.5 | 971.5 | 962.9 |
Selling, General and Administrative Expense | 25.9 | 19.6 | 74.7 | 58.1 |
Goodwill and Other Intangibles Impairment | 137.9 | 0 | 137.9 | 0 |
Other Recoveries | (8.7) | 0 | (8.7) | 0 |
Total operating costs and expenses | 491.1 | 355.1 | 1,175.4 | 1,021 |
Operating income (loss) | (181.6) | 6.3 | (187.6) | (2.1) |
Other (income) expense: [Abstract] | ||||
Interest expense, net | 13 | 12.6 | 39.4 | 37.7 |
Loss (Gain) on Derivatives | 7.3 | (2.6) | 10.5 | (2.2) |
Total other income, net | 20.3 | 10 | 49.9 | 35.5 |
Income (loss) before income taxes | (201.9) | (3.7) | (237.5) | (37.6) |
Income tax expense (benefit) | (26.8) | 0.2 | (34.3) | (9.3) |
Net income (loss) | $ (175.1) | $ (3.9) | $ (203.2) | $ (28.3) |
Net income per common share [Abstract] | ||||
Basic | $ (17.49) | $ (0.40) | $ (20.46) | $ (2.89) |
Diluted | $ (17.49) | $ (0.40) | $ (20.46) | $ (2.89) |
Weighted-average common shares outstanding: | ||||
Basic (shares, in millions) | 10,010 | 9,840 | 9,930 | 9,800 |
Diluted (shares, in millions) | 10,010 | 9,840 | 9,930 | 9,800 |
Cash Dividends Declared per Common Share | $ 0 | $ 0.07 | $ 0.07 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income (loss) | $ (175.1) | $ (3.9) | $ (203.2) | $ (28.3) |
Other comprehensive income: | ||||
Reclassification of pension and OPEB amounts realized in net loss | 3.4 | 1.2 | 10 | 3.7 |
Total Comprehensive Income (Loss), before Tax | 3.4 | 1.2 | 10 | 3.7 |
Income tax expense related to components of other comprehensive income | 1.2 | 0.5 | 3.5 | 1.4 |
Total other comprehensive income, net of tax | 2.2 | 0.7 | 6.5 | 2.3 |
Total comprehensive income (loss) | $ (172.9) | $ (3.2) | $ (196.7) | $ (26) |
Consolidated Statements of Equi
Consolidated Statements of Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Millions | 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] |
Balance, beginning of period at Dec. 31, 2014 | $ 72.1 | $ 0 | $ 0.1 | $ 244.2 | $ (68.2) | $ (110) | $ 6 |
Net income (loss) | (203.2) | 0 | 0 | 0 | (203.2) | 0 | 0 |
Total other comprehensive income, net of tax | 6.5 | 0 | 0 | 0 | 0 | 6.5 | 0 |
Shares tendered for taxes, net of issuance of common shares for share-based payment arrangements | (0.2) | 0 | 0 | (0.2) | 0 | 0 | 0 |
Stock compensation expense related to equity-based awards | 2.3 | 0 | 0 | 2.3 | 0 | 0 | 0 |
Vesting of awards, share-based plans | 0.2 | 0 | 0 | 0.4 | (0.2) | 0 | 0 |
Dividends to shareholders @ $0.07 per share | (1.4) | 0 | 0 | 0 | (1.4) | 0 | 0 |
Balance, end of period at Sep. 30, 2015 | $ (123.7) | $ 0 | $ 0.1 | $ 246.7 | $ (273) | $ (103.5) | $ 6 |
Consolidated Statements of Equ7
Consolidated Statements of Equity Consolidated Statements of Equity (Parentheticals) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
common shareholders [Member] | |
Dividends to shareholders @ $0.07 per share | $ 0.07 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income (loss) | $ (203.2) | $ (28.3) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 70.4 | 65.7 |
Non-cash interest expense | 2.1 | 2 |
Last in, first out and lower of cost or market | 0.3 | 3.2 |
Goodwill and other intangibles impairment | 137.9 | 0 |
Gain (Loss) on disposal of assets | (1.6) | 0.2 |
Gain on hedging activities, excluding cash settlements | 0.6 | (0.8) |
Deferred income taxes | (36) | (29.7) |
Share-based compensation expense | 2.3 | 2.5 |
Changes in other assets | (3.6) | (5.7) |
Changes in pension, other post-retirement and other long-term liabilities | 5.7 | (4.4) |
Changes in current operating assets and liabilities: | ||
Accounts receivable, net | 10.3 | (40.1) |
Inventories, net | 31.5 | (23.7) |
Taxes receivable and taxes payable | (1.9) | 13.5 |
Other current assets | (2.6) | (3.2) |
Accounts payable | (9) | 47.2 |
Accrued liabilities | 21.8 | 5.8 |
Cash provided by (used in) operating activities | 25 | 4.2 |
Net Cash Provided By Used In Investing Activities Abstract | ||
Capital expenditures | (57.6) | (59.9) |
Insurance Proceeds from Casthouse and Other | 1.7 | 0 |
Proceeds from corporate owned life insurance policies | 6.4 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 2.2 | 0.2 |
Cash Provided by (Used in) Investing Activities | (47.3) | (59.7) |
Financing Activities | ||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.2) | (1.1) |
Dividends paid to shareholders | (1.4) | (2.1) |
Borrowings on revolving credit facility | 226 | 86 |
Repayments on revolving credit facility | (226) | (86) |
Borrowings on long-term debt and lease financing | 17.4 | 7.2 |
Repayments on long-term debt and lease financing | (8.7) | (3.6) |
Proceeds from Financing Revenue Received under Leases | 3.6 | 0 |
Cash provided by (used in) financing activities | 10.7 | 0.4 |
Change in cash and cash equivalents | (11.6) | (55.1) |
Cash and cash equivalents, beginning of period | 20.5 | 79.4 |
Cash and cash equivalents, end of period | $ 8.9 | $ 24.3 |
Accounting Policies (Footnote)
Accounting Policies (Footnote) | 9 Months Ended |
Sep. 30, 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. On August 24, 2015, our shareholders approved a Certificate of Amendment to our Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) that provided for a 1-for-7 reverse stock split of our common stock (“the Reverse Stock Split”). The Reverse Stock Split became effective upon our filing of the Certificate of Amendment with the Secretary of State of Delaware on August 25, 2015. Upon the effectiveness of the Reverse Stock Split, every seven shares of outstanding Noranda common stock were automatically combined into one share of common stock. No fractional shares were issued. In lieu of fractional shares, stockholders received a cash payment. In addition, the Certificate of Amendment reduced the number of the authorized shares of Noranda common stock from 200 million shares to 30 million shares. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and intrinsic value set forth in these notes and the accompanying consolidated financial statements have been adjusted to reflect the Reverse Stock Split. 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 is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and will affect any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. 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, separately articulated revenue recognition principles applicable to specific industries that historically existed in U.S. GAAP. The underlying principle of the new guidance 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 the business or organization expects in exchange for the goods or services. The standard also requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized, and provides additional guidance for specified transactions that were not addressed comprehensively under the prior accounting guidance. ASU 2014-09 provided alternative methods of initial adoption and was to be effective for public business entities for annual periods beginning after December 15, 2016 and interim periods within those annual periods. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers - Deferral of the Effective Date” which defers the effective date of ASU No. 2014-09 for public business entities by one year, to annual reporting periods beginning after December 15, 2017 and interim periods within that annual period. Early adoption is now permitted, but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the impact that this standard will have on our condensed consolidated financial statements. In August 2014, the FASB issued 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. Under this guidance, in connection with the Company’s preparation of annual and interim period financial statements, the Company’s management will be required to perform assessments of the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company must provide specified 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 ASU No. 2015-03, “Interest - Imputation of Interest”. The ASU was issued as an initiative to reduce complexity in accounting standards (the Simplification Initiative) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The Company will be required to apply the new guidance on a retrospective basis, so that the balance sheet of each individual period presented will 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. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” The ASU replaces the current lower of cost or market test with the lower of cost or net realizable value test. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for annual reporting periods beginning after December 15, 2016 and interim periods within those annual periods, and will be applied prospectively. 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) | 9 Months Ended |
Sep. 30, 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 is a measure used by management as a basis for resource allocation. Certain items included in Operating Income (Loss), primarily non-recurring costs or non-cash expenses, are not allocated to the segments, while certain items not included in Operating Income (Loss), primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments. Our five reportable segments are Bauxite, Alumina, Primary, Flat-Rolled and Corporate. • Bauxite – Mines and produces, in St. Ann, Jamaica (“St. Ann”), the bauxite that is used for alumina production at our Gramercy, Louisiana refinery. The remaining bauxite is sold to third parties. • 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 the alumina requirements at our smelter in New Madrid, Missouri (“New Madrid”). 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 at New Madrid. The products are manufactured 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” to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014 . The following tables present operating and asset information for our reportable segments (in millions) for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, 2015 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 14.7 64.3 89.3 141.2 — — 309.5 Intersegment 18.8 13.7 26.5 — — (59.0 ) — Total sales 33.5 78.0 115.8 141.2 — (59.0 ) 309.5 Capital expenditures 0.9 3.0 10.2 (0.3 ) — — 13.8 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) 0.5 2.2 (38.8 ) 18.1 (8.9 ) 0.5 (26.4 ) Depreciation and amortization (3.2 ) (6.0 ) (9.6 ) (4.5 ) (0.6 ) — (23.9 ) Last in, first out and lower of cost or market inventory adjustments — — 0.1 0.7 — — 0.8 Gain (loss) on disposal of assets — (0.1 ) 1.2 — — — 1.1 Goodwill and other intangibles impairment — (0.3 ) (137.6 ) — — — (137.9 ) Non-cash pension, accretion and stock compensation — (0.3 ) (1.7 ) (1.2 ) (1.0 ) — (4.2 ) Restructuring, relocation and severance (0.2 ) — (0.2 ) (0.1 ) — — (0.5 ) Consulting fees (0.4 ) — (0.1 ) — (0.9 ) — (1.4 ) Cash settlements paid on hedging transactions — — 0.7 6.1 — — 6.8 Excess insurance recoveries — — 5.1 — — — 5.1 Other, net — (0.5 ) (0.6 ) — — — (1.1 ) Operating income (loss) (3.3 ) (5.0 ) (181.5 ) 19.1 (11.4 ) 0.5 (181.6 ) Interest expense, net 13.0 Loss on hedging activities, net 7.3 Total other expense, net 20.3 Loss before income taxes (201.9 ) Three months ended September 30, 2014 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 11.9 57.3 135.0 157.2 — — 361.4 Intersegment 18.9 35.4 31.2 — — (85.5 ) — Total sales 30.8 92.7 166.2 157.2 — (85.5 ) 361.4 Capital expenditures 5.1 3.9 16.7 2.5 0.6 — 28.8 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (1.5 ) 6.5 20.4 17.6 (6.0 ) (0.4 ) 36.6 Depreciation and amortization (2.5 ) (5.0 ) (9.2 ) (4.8 ) (0.2 ) — (21.7 ) Last in, first out and lower of cost or market inventory adjustments — — (0.7 ) (1.3 ) — (0.2 ) (2.2 ) Loss on disposal of assets — — — (0.1 ) — — (0.1 ) Non-cash pension, accretion and stock compensation — (0.2 ) (0.8 ) (0.4 ) (1.0 ) — (2.4 ) Restructuring, relocation and severance — — (0.6 ) (0.1 ) — — (0.7 ) Cash settlements received on hedging transactions — — (0.2 ) (2.5 ) — — (2.7 ) Other, net — (0.2 ) — (0.1 ) (0.3 ) 0.1 (0.5 ) Operating income (loss) (4.0 ) 1.1 8.9 8.3 (7.5 ) (0.5 ) 6.3 Interest expense, net 12.6 Gain on hedging activities, net (2.6 ) Total other expense, net 10.0 Loss before income taxes (3.7 ) Nine months ended September 30, 2015 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 37.0 171.6 337.0 442.2 — — 987.8 Intersegment 58.6 73.6 67.1 — — (199.3 ) — Total sales 95.6 245.2 404.1 442.2 — (199.3 ) 987.8 Capital expenditures 4.6 6.2 42.8 3.5 0.5 — 57.6 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (0.5 ) 14.3 (11.9 ) 47.2 (23.7 ) 1.5 26.9 Depreciation and amortization (9.4 ) (16.4 ) (29.5 ) (13.3 ) (1.8 ) — (70.4 ) Last in, first out and lower of cost or market inventory adjustments — — (2.7 ) 2.2 — 0.2 (0.3 ) Gain (loss) on disposal of assets — 0.7 1.1 (0.2 ) — — 1.6 Goodwill and other intangibles impairment — (0.3 ) (137.6 ) — — — (137.9 ) Non-cash pension, accretion and stock compensation (0.1 ) (0.8 ) (5.1 ) (3.8 ) (3.5 ) — (13.3 ) Restructuring, relocation and severance (3.4 ) (0.3 ) (0.5 ) 0.2 (1.1 ) — (5.1 ) Consulting fees (0.7 ) (0.1 ) (0.6 ) — (1.6 ) — (3.0 ) Cash settlements paid on hedging transactions — — 1.3 11.1 — — 12.4 Excess insurance recoveries — — 5.1 — — — 5.1 Other, net — (0.8 ) (1.3 ) — (0.2 ) (1.3 ) (3.6 ) Operating income (loss) (14.1 ) (3.7 ) (181.7 ) 43.4 (31.9 ) 0.4 (187.6 ) Interest expense, net 39.4 Loss on hedging activities, net 10.5 Total other expense, net 49.9 Loss before income taxes (237.5 ) Nine months ended September 30, 2014 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 36.5 150.4 391.4 440.6 — — 1,018.9 Intersegment 54.4 97.3 80.2 — — (231.9 ) — Total sales 90.9 247.7 471.6 440.6 — (231.9 ) 1,018.9 Capital expenditures 7.4 9.0 33.0 9.5 1.0 — 59.9 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (0.3 ) (8.6 ) 63.9 43.6 (20.0 ) (0.9 ) 77.7 Depreciation and amortization (7.4 ) (15.2 ) (28.8 ) (13.8 ) (0.5 ) — (65.7 ) Last in, first out and lower of cost or market inventory adjustments — — (3.1 ) 0.1 — (0.2 ) (3.2 ) Gain (loss) on disposal of assets — — 0.1 (0.3 ) — — (0.2 ) Non-cash pension, accretion and stock compensation (0.1 ) (0.6 ) (2.3 ) (1.3 ) (2.8 ) — (7.1 ) Restructuring, relocation and severance — — (0.7 ) 0.3 0.1 — (0.3 ) Consulting fees — — — — (0.3 ) — (0.3 ) Cash settlements received on hedging transactions — — (0.4 ) (2.6 ) — — (3.0 ) Other, net — (0.4 ) — (0.1 ) (0.1 ) 0.6 — Operating income (loss) (7.8 ) (24.8 ) 28.7 25.9 (23.6 ) (0.5 ) (2.1 ) Interest expense, net 37.7 Gain on hedging activities, net (2.2 ) Total other expense, net 35.5 Loss before income taxes (37.6 ) September 30, 2015 December 31, 2014 Segment assets: $ $ Bauxite 145.8 149.9 Alumina 221.7 229.8 Primary 402.9 561.5 Flat-Rolled 311.0 335.1 Corporate 60.6 65.5 Eliminations (20.5 ) (23.7 ) Total assets 1,121.5 1,318.1 |
Supplemental Financial Statemen
Supplemental Financial Statement Information (Footnote) | 9 Months Ended |
Sep. 30, 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 for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Depreciation of property, plant and equipment 20.7 18.9 60.8 57.0 Amortization of intangible assets 1.4 1.4 4.4 4.4 Amortization of other long-term assets 1.8 1.4 5.2 4.3 Total depreciation and amortization 23.9 21.7 70.4 65.7 Cash paid for interest and income taxes for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Nine months ended September 30, 2015 2014 $ $ Interest paid 33.9 32.5 U.S. Federal and state income taxes paid, net of refunds received 3.9 6.9 Non-cash accruals for additions and other non-cash adjustments to property, plant and equipment were $11.9 million and $1.7 million for the nine months ended September 30, 2015 and 2014 , respectively, and were not reflected as capital expenditures in the unaudited condensed consolidated statements of cash flows. During the nine months ended September 30, 2015 and 2014 , we capitalized interest of $1.6 million and $1.5 million , respectively, related t o long-term capital projects. Condensed consolidated statements of equity: Changes in accumulated other comprehensive income (loss) (“AOCI”) during the nine months ended September 30, 2015 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 10.0 3.5 6.5 Balance, September 30, 2015 (162.9 ) (59.4 ) (103.5 ) The following table provides information relating to reclassifications from AOCI into the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions): Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss Affected line item in the unaudited condensed consolidated statements of operations Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Selling, general and administrative expenses (“SGA”) Actuarial gain/loss 0.7 0.3 2.0 0.7 (1) Prior service costs 0.1 0.1 0.3 0.2 (1) Total pension amounts reclassified into SGA 0.8 0.4 2.3 0.9 Selling, general and administrative expenses Cost of sales (“COS”) Actuarial gain/loss 2.3 0.7 7.0 2.2 (1) Prior service costs 0.3 0.1 0.7 0.6 (1) Total pension amounts reclassified into COS 2.6 0.8 7.7 2.8 Cost of sales Reclassification of pension and OPEB amounts realized in net loss 3.4 1.2 10.0 3.7 Income tax expense related to reclassifications of pension and OPEB amounts 1.2 0.5 3.5 1.4 Income tax expense Reclassification of pension and OPEB amounts realized in net loss, net of tax 2.2 0.7 6.5 2.3 Net loss (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, “ Pension and Other Post-Retirement Benefits ” |
Additional Financial Information Disclosure [Text Block] | Accounts receivable, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Trade 92.3 102.6 Allowance for doubtful accounts (0.1 ) (0.1 ) Total accounts receivable, net 92.2 102.5 Other current assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Current deferred tax asset 3.7 0.4 Employee loans receivable, net 1.8 2.1 Current derivative assets (see Note 13, “Derivative Financial Instruments”) 8.7 6.3 Taxes receivable 5.9 4.0 Prepaid assets 5.8 4.5 Restricted cash (see Note 9, “Commitments and Contingencies”) 0.1 0.1 Other current assets 12.9 10.0 Total other current assets 38.9 27.4 Other assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Deferred financing costs, net of amortization 4.3 5.8 Cash surrender value of life insurance 22.1 29.3 Pension asset 6.8 6.5 Restricted cash 14.2 14.0 Supplies 5.9 5.0 Prepaid Jamaican income taxes (see Note 19, “Non-Controlling Interest”) 12.7 12.7 Derivative asset (see Note 13, “Derivative Financial Instruments”) — 0.2 Other 16.0 15.6 Total other assets 82.0 89.1 Accrued liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Compensation and benefits 25.5 18.3 Workers’ compensation 5.9 5.6 Other operating expenses 19.0 11.2 Accrued interest 7.3 2.3 Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”) 2.1 2.3 Land obligation (see Note 11, “Asset Retirement and Other Obligations”) 3.5 3.7 Derivative liabilities (see Note 13, “Derivative Financial Instruments”) 8.1 5.0 Reclamation obligation (see Note 11, “Asset Retirement and Other Obligations”) 1.8 1.5 Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”) 1.7 1.7 Obligations to the Government of Jamaica (see Note 19, “Non-Controlling Interest”) 11.7 5.9 Pension and OPEB liabilities (see Note 12, “Pensions and Other Post-Retirement Benefits”) 0.8 0.8 Restructuring liability — 0.8 Total accrued liabilities 87.4 59.1 Other long-term liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Reserve for uncertain tax positions 0.6 0.7 Workers’ compensation 16.1 15.3 Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”) 13.8 13.7 Land obligation (see Note 11, “Asset Retirement and Other Obligations”) 6.5 6.8 Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”) 1.1 1.1 Long-term derivative liabilities (see Note 13, “Derivative Financial Instruments”) — 0.1 Deferred compensation and other 6.4 8.2 Total other long-term liabilities 44.5 45.9 |
Fair Value Measurements (Footno
Fair Value Measurements (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements disclosure | FAIR VALUE MEASUREMENTS For a description of the fair value hierarchy, see Note 4, “Fair Value Measurements” to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. Valuations on a recurring basis The tables below set forth by hierarchy level as of September 30, 2015 and December 31, 2014 the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions): September 30, 2015 Level 1 Level 2 Level 3 Total $ $ $ $ Derivative assets — 8.7 — 8.7 Derivative liabilities — (5.6 ) (2.5 ) (8.1 ) Total — 3.1 (2.5 ) 0.6 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 nine months ended September 30, 2015 . We discuss our derivative instruments in Note 13, “ 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 during the nine months ended September 30, 2015 were included in loss on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments during the nine months ended September 30, 2015 were as follows (in millions): Nine months ended September 30, 2015 $ Fair value, beginning of year 3.3 New contracts entered into during the period (1.4 ) Changes in fair value (6.9 ) Settlements 2.5 Fair value, end of period (2.5 ) In Note 10, "Long-Term Debt and Lease Financing,” 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 values of our AcquisitionCo Notes and our Term B Loan were based on recent market transactions. While the AcquisitionCo Notes and Term B Loan have quoted market prices used to determine fair value, we do not believe transactions involving those instruments occur in sufficient frequency or volume to be classified as Level 1 within the fair value hierarchy. The fair value of our project specific financing borrowings were based on interest rates available at each balance sheet date. Valuations on a non-recurring basis Fair value of goodwill and trade names is measured using management’s assumptions about future profitability and cash flows, using a market participant approach. Such assumptions include a combination of discounted cash flow and market-based valuations. Discounted cash flow valuations require assumptions about future profitability and cash flows, which we believe reflect the best estimates at the date the valuations are determined to be performed. These fair value measurements are classified as Level 3. |
Inventories (Footnote)
Inventories (Footnote) | 9 Months Ended |
Sep. 30, 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 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 33% and 25% of total inventories, at cost, at September 30, 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, at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Raw materials, at cost 58.9 73.7 Work-in-process, at cost 44.9 48.9 Finished goods, at cost 25.7 31.3 Total inventories, at cost 129.5 153.9 LIFO adjustment 31.8 14.0 LCM reserve (31.1 ) (7.6 ) Inventories, at lower of cost or market 130.2 160.3 Supplies 32.4 36.4 Total inventories, net 162.6 196.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, plant and equipment disclosure | Property, plant and equipment, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions): Estimated useful lives in years September 30, 2015 December 31, 2014 $ $ Land 51.8 51.9 Buildings and improvements 10 — 47 170.8 163.0 Machinery and equipment 3 — 50 947.4 927.1 Construction in progress 84.8 86.2 Property, plant and equipment, at cost 1,254.8 1,228.2 Accumulated depreciation (562.4 ) (533.2 ) Total property, plant and equipment, net 692.4 695.0 |
Casthouse Casthouse (Footnote)
Casthouse Casthouse (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Unusual or Infrequent Item [Line Items] | |
Unusual or Infrequent Items Disclosure [Text Block] | On August 4, 2015, an explosion occurred at the casthouse on the site of our New Madrid smelter. Although the incident affected our production of extrusion billet, it did not affect our molten aluminum production, and we are redirecting the molten aluminum output to other saleable products such as redraw rod and aluminum ingot. We continue to estimate the financial impact and insurance recoveries from this incident, as we are continuing to assess the extent of the damage and the measures required to repair the facility and restore operations. The total amount of losses recognized and expenses incurred at September 30, 2015 of $3.3 million has been recorded in the accompanying statements of operations and has been offset by $ 7.5 million recognized as proceeds from our insurance carriers. The excess receipt of $ 4.2 million primarily represents the differences between the timing of incurring costs and accruing for expected recoveries. For the three months ended September 30, 2015 Total Spend Insurance Proceeds Net Impact $ $ $ Losses in cost of goods sold: Accumulated depreciation of damaged assets 1.4 Inventory written down to scrap value 0.4 Losses in selling, general and administrative expenses 1.5 Total 3.3 (7.5 ) (4.2 ) Insurance receipts through September 30, 2015 (6.4 ) Insurance receivable recorded at September 30, 2015 (1.1 ) |
Intangible Assets Disclosure Go
Intangible Assets Disclosure Goodwill and Other Intangible Assets (FootNote) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Goodwill represents the excess of acquisition consideration paid over the fair value of identifiable net tangible and identifiable intangible assets acquired. Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment at least annually, in the fourth quarter, or upon the occurrence of certain triggering events. Accounting standards allow companies to annually perform an initial qualitative assessment to determine if a triggering event has occurred. Nevertheless, we elected to continue to evaluate goodwill and other indefinite-lived intangible assets annually for impairment using a quantitative assessment that entails a two-step process. The first step is to compare the fair value of each of our reporting units to their respective book values, including goodwill. If the fair value of a reporting unit exceeds its book value, reporting unit goodwill is not considered impaired and the second step of the impairment test is not required. If the book value of a reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any. The second step of the impairment test compares the implied fair value of the reporting unit’s goodwill with the book value of that goodwill. If the book value of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. We have monitored our Primary segment’s expected future cash flows on a quarterly basis for risk of impairment. In connection with our third quarter 2015 assessment of the Primary segment’s expected future cash flows, we considered, among other factors, a further decline in expected aluminum prices without corresponding decreases in expected prices for production inputs and a sustained decline in our stock price. Negative factors specific to the third quarter included a decrease in the MWTP below the Company’s Net Cash Cost per pound and the effects of the cast house explosion on the Company’s production of value-added products such as billet over the near term. Based on our evaluation of the above factors during our quarterly qualitative analysis, which entails an assessment of both negative and positive evidence, we determined that it was necessary to perform interim goodwill impairment testing as of August 31, 2015. We also determined that it was necessary to perform interim impairment testing of other indefinite-lived intangible assets. As a result of our quantitative analysis, which was performed using an income approach and a market-based approach, we determined that the Primary segment’s goodwill was fully impaired, and we recognized a non-cash impairment charge of $137.6 million (the carrying amount of the Primary segment’s goodwill prior to the recognition of the impairment charge) as of September 30, 2015. We also recognized a non-cash impairment charge of $0.3 million related to tradenames within other indefinite-lived intangible assets as of September 30, 2015, which was based on an income approach. Intangible Assets 9/30/2015 December 31, 2014 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value $ $ $ $ $ $ Non-amortizable tradenames 17.4 — 17.4 17.7 — 17.7 Amortizable tradenames 71.0 (43.8 ) 27.2 71.0 (39.4 ) 31.6 Other amortizable intangibles 0.7 (0.7 ) — 0.7 (0.7 ) — Total 89.1 (44.5 ) 44.6 89.4 (40.1 ) 49.3 The decrease in non-amortizable tradenames is due to the impairment of the Primary segments’ tradename owned by Alumina. Amortizable intangibles primarily include customer relationships and are amortized on a straight-line basis over their estimated useful lives of 8 to 15 years. Intangible amortization expense for each of the nine month periods ended September 31, 2015 and 2014 was approximately $4.4 million . Expected amortization intangible assets for each of the next five years is as follows (in millions); Year ended December 31 $ 2016 5.5 2017 4.5 2018 4.1 2019 3.4 2020 3.4 |
Commitments and Contingencies (
Commitments and Contingencies (Footnote) | 9 Months Ended |
Sep. 30, 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 entered into or extended subsequent to December 31, 2014: In the US: the United Steelworkers of America (“USWA”) and the International Association of Machinists and Aerospace Workers (“IAMAW”). • The agreement in place with the IAMAW at our Newport rolling mill was extended through May 2015. A new three year agreement was signed in April 2015 and became effective on June 1, 2015. • The agreement at Gramercy with the USWA originally extended through September 2015. During June 2015 the agreement was extended through September 2016. At St. Ann, Jamaica: the Union of Technical, Administrative and Supervisory Personnel (“UTASP”); and the Bustamante Industrial Trade Union (“BITU”). • A new agreement at St. Ann with the UTASP, which represents supervisory and technical salaried workers, was concluded in May 2015; the agreement expires in December 2016. • The agreement in place with BITU expires on December 31, 2015. In September 2015, we received a claim for a new contract, and negotiations are scheduled to begin in the fourth quarter of 2015. If negotiations result in a new contract, the contract will be in effect for the period from January 1, 2016 through December 31, 2018. 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 our 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. Arbitration Proceeding Relating to Production Levy See Note 19, “ Non-Controlling Interest ” for information regarding a pending arbitration proceeding relating to a dispute between Noranda Bauxite Limited (“NBL”) and the Government of Jamaica as to the amount of the production levy payable by NBL to the Government of Jamaica. 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 related to our long-term competitive position in the primary aluminum business. We have a long-term contract with Union Electric Company d/b/a Ameren Missouri (“Ameren Missouri”) for our electricity supply at New Madrid that is effective through 2020, 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 megawatts, calculated at peak and non-peak demand charges, or approximately $7.9 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 Missouri Public Service Commission (“PSC”) based on two components: a base rate and a fuel adjustment charge. The PSC determines whether to make changes to the base rate and fuel adjustment charge. On April 29, 2015 the PSC established a new and reduced electricity rate structure for our aluminum smelter in New Madrid, Missouri. The lower rate structure became effective on June 1, 2015 and carries a term of at least three years. Under the terms of the PSC’s order approving the new rate structure, we are required to meet certain ongoing conditions, including (i) maintaining employment levels at the New Madrid smelter at a daily average of 850 full-time equivalent personnel; (ii) investing an annual inflation-adjusted $35 million in capital expenditures as defined by U.S. GAAP at the New Madrid smelter; and (iii) refraining from paying special dividends. If the PSC determines that we have materially violated the conditions, and no exception is available under the Report and Order, rates at the smelter would revert to the previous rate structure on a prospective basis. In June 2015, Ameren Missouri filed a notice of appeal to the PSC’s ruling with the Missouri Court of Appeals, Western District, reserving the right to appeal various aspects of the ruling, including the reduction to Noranda’s electric rates. On May 27, 2015, we received a notice of termination from Ameren Missouri, advising that, effective June 1, 2020, Ameren Missouri is terminating the power supply contract. We have not yet determined the course of action we will pursue in response to Ameren Missouri’s notice of termination. However, we believe that, even if the contract terminates in 2020, Ameren Missouri maintains a legal obligation to supply electricity to the New Madrid smelter, at rates approved by the PSC, under a Certificate of Convenience and Necessity issued by the PSC in 2005 (the “Certificate”). The Certificate expanded Ameren Missouri’s service area to encompass the New Madrid smelter. Ameren Missouri may not remove the New Madrid smelter from its service area without the express approval of the PSC. Moreover, during the five years that the power supply contract will remain in effect prior to its termination, we may seek to negotiate a new agreement with Ameren Missouri. Alternatively, and as permitted by Section 91.026 of the Missouri Revised Statutes, we may seek to enter into an agreement with another provider of electric power, wherever located, to purchase electricity for our New Madrid operations. |
Long-Term Debt (Footnote)
Long-Term Debt (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Long-term debt disclosure | The following table provides information regarding the carrying values and fair values at September 30, 2015 and December 31, 2014 of our long-term debt and lease financing (in millions): September 30, 2015 December 31, 2014 Carrying value Interest rate Carrying value Interest rate $ % $ % AcquisitionCo Notes, net 173.5 11.00 173.3 11.00 Term B Loan, net 467.3 5.75 470.7 5.75 Project specific financing 18.3 9.00 22.5 9.00 Mid-Stream lease financing 3.8 8.00 1.0 8.00 Rod mill lease financing 14.0 8.50 — — Capital lease financing 0.4 5.79 0.5 5.79 Total debt and lease financing, net 677.3 668.0 Less: Current portion 16.6 11.6 Long-term debt and lease financing, net 660.7 656.4 The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.5 million and $1.7 million , respectively, at September 30, 2015 and December 31, 2014 . We estimated the Notes to have a fair value of approximately $47.5 million and $171.6 million , respectively, at September 30, 2015 and December 31, 2014 . As of September 30, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.0 million and $2.4 million , respectively. We estimated the Term B Loan to have a fair value of approximately $320.1 million and $470.7 million , respectively, at September 30, 2015 and December 31, 2014 . We estimate that the carrying values of the project specific, mid-stream lease, rod mill lease and capital lease financings approximate the fair market values. During the second quarter of 2015, we entered into a lease agreement for $14.8 million with a third party to finance certain equipment at the new rod mill in New Madrid. The lease is for a 60 month period with monthly payments of $0.3 million. Our asset-based loan (“ABL”) had no outstanding balance at September 30, 2015 or December 31, 2014 . Outstanding letters of credit totaled $44.2 million at September 30, 2015 and $39.8 million at December 31, 2014 . Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity as of September 30, 2015 was $103.8 million . |
Asset Retirement and Other Obli
Asset Retirement and Other Obligations (Footnote) | 9 Months Ended |
Sep. 30, 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 for the nine months ended September 30, 2015 was as follows (in millions): Nine months ended September 30, 2015 $ Balance, beginning of period 1.5 Additional liabilities incurred 2.1 Liabilities settled (1.8 ) Balance, end of period 1.8 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 for the nine months ended September 30, 2015 was as follows (in millions): Nine months ended September 30, 2015 $ Balance, beginning of period 10.5 Additional liabilities incurred 0.2 Liabilities settled (0.2 ) Revisions to the obligation (0.5 ) Balance, end of period 10.0 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 for the nine months ended September 30, 2015 was as follows (in millions): Nine months ended September 30, 2015 $ Balance, beginning of period 16.0 Additional liabilities incurred 1.8 Liabilities settled (2.9 ) Accretion 1.0 Balance, end of period 15.9 As of September 30, 2015 and December 31, 2014 , we had deposited $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. 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 September 30, 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 at the Gramercy refinery. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits (Footnote) | 9 Months Ended |
Sep. 30, 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 defined benefit pension plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions): Noranda Pension Plans St. Ann Pension Plans Three months ended September 30, Three months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 4.2 3.5 0.1 0.2 Interest cost 5.0 4.7 0.4 0.3 Expected return on plan assets (5.7 ) (5.6 ) (0.5 ) (0.5 ) Recognized actuarial loss 3.0 1.0 — — Amortization of prior service cost 0.3 0.3 0.1 0.1 Net periodic cost 6.8 3.9 0.1 0.1 Noranda Pension Plans St. Ann Pension Plans Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 12.6 10.3 0.4 0.5 Interest cost 15.0 14.6 1.2 1.1 Expected return on plan assets (17.1 ) (17.0 ) (1.5 ) (1.4 ) Recognized actuarial loss 9.0 2.9 — — Amortization of prior service cost 0.8 0.8 0.2 0.2 Net periodic cost 20.3 11.6 0.3 0.4 Net periodic benefit costs related to the OPEB plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions): Noranda OPEB Plans St. Ann OPEB Plans Three months ended September 30, Three months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 0.1 0.1 0.1 — Interest cost 0.2 0.1 0.1 0.1 Net periodic cost 0.3 0.2 0.2 0.1 Noranda OPEB Plans St. Ann OPEB Plans Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 0.3 0.3 0.3 0.1 Interest cost 0.5 0.4 0.3 0.3 Net periodic cost 0.8 0.7 0.6 0.4 Expected Employer Contributions We contributed $13.8 million and $0.5 million to the Noranda Pension Plans and the St. Ann Pension Plans, respectively, during the nine months ended September 30, 2015 . We anticipate making approximately $2.4 million and $0.1 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 Instrument
Derivative Financial Instruments (Footnote) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 , our outstanding fixed-price aluminum customer contracts were as follows: Average price per pound Pounds Year $ (in millions) 2015 1.07 11.6 2016 0.92 26.8 As of September 30, 2015 , our outstanding variable-price aluminum offset swaps were as follows: Average hedged price per pound Pounds hedged Year $ (in millions) 2015 0.86 13.5 2016 0.81 28.6 As of September 30, 2015 , our outstanding variable-price MWP contracts were as follows: Average hedged price per pound Pounds hedged Year $ (in millions) 2015 0.16 13.1 2016 0.09 28.7 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, as of September 30, 2015 and December 31, 2014 , the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions): September 30, 2015 December 31, 2014 $ $ Fixed-price aluminum customer contracts 8.7 2.4 Variable-price aluminum offset swaps (5.6 ) (4.3 ) Variable-price MWP contracts (2.5 ) 3.3 Total 0.6 1.4 We had two counterparties as of September 30, 2015 and four counterparties as of December 31, 2014 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 our 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 tables provide information as to the gross components of our net derivative balances as of September 30, 2015 and December 31, 2014 (in millions): As of September 30, 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 — — — 8.7 8.7 Total current derivative assets — — — 8.7 8.7 As of September 30, 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 (3.6 ) — (3.6 ) — (3.6 ) Master netting arrangement with counterparty four (2.0 ) — (2.0 ) — (2.0 ) Various counterparties not subject to a master netting arrangement — — — (2.5 ) (2.5 ) Total current derivative liabilities (5.6 ) — (5.6 ) (2.5 ) (8.1 ) 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 September 30, 2015 and December 31, 2014 , none of our derivative instruments were designated and qualified as fair value or cash flow hedges. 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 the effect of our hedging activities on our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions): Three months ended September 30, 2015 2014 $ $ Fixed-price aluminum customer contracts 3.3 (0.3 ) Variable-price aluminum offset swaps 3.3 (0.5 ) Variable-price MWP contracts 0.7 (1.8 ) Loss on hedging activities, net 7.3 (2.6 ) Nine months ended September 30 2015 2014 $ $ Fixed-price aluminum customer contracts (6.3 ) 5.1 Variable-price aluminum offset swaps 8.5 (0.1 ) Variable-price MWP contracts 8.3 (7.2 ) Loss on hedging activities, net 10.5 (2.2 ) |
Shareholders' Equity (Footnote)
Shareholders' Equity (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity Disclosure [Text Block] | The following table provides information regarding dividends declared and paid during the nine months ended September 30, 2015 : Per share dividend amount Date paid Total cash payment Declaration date $/share $ in millions February 18, 2015 0.01 March 25, 2015 0.7 May 6, 2015 0.01 June 10, 2015 0.7 On June 18, 2015, the Board suspended dividend payments. On August 24, 2015, our stockholders approved a certificate of amendment to our amended and restated certificate of incorporation providing for a1-for-7 reverse stock split of our common stock and a reduction in the number of authorized shares of our common stock from 200 million to 30 million . The reverse stock split became effective upon filing of the certificate of amendment with the Secretary of State of Delaware on August 25, 2015. |
Share-Based Payments Share-Base
Share-Based Payments Share-Based Payments (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Share-based payments disclosure | We recorded stock compensation expense as follows (in millions): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Restricted stock and restricted stock unit equity awards 0.7 0.9 2.3 2.5 Total stock compensation expense 0.7 0.9 2.3 2.5 Share-based payment awards held by employee and non-employee directors include stock options, restricted stock, and restricted stock units (“RSUs”). Restricted stock and RSUs have either service-vesting and/or performance-vesting requirements, including, with respect to some performance-vesting awards, market price-based conditions. As of September 30, 2015 , total unrecognized stock compensation expense related to share-based payment awards was $4.1 million . We will recognize this amount over a weighted-average period of one year, six months . During first quarter 2015, we began recognizing stock compensation expense for performance-vesting RSUs awarded in 2013 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 or 2015 because the performance conditions had not been determined as of September 30, 2015 . Outstanding share-based payment awards include dividend equivalent RSUs and restricted stock in connection with any dividend payments to stockholders. Our stock option activity during the nine months ended September 30, 2015 was as follows: Employee options and non-employee director options Prior investor director provider options Common shares Weighted-average exercise price Intrinsic value (in millions) (1) Common shares Weighted-average exercise price Intrinsic value (in millions) (1) $ $ $ $ Outstanding, December 31, 2014 148,556 12.74 2.0 20,000 63.00 — Exercised (38,299 ) 9.51 0.3 — — — Expired (5,659 ) 7.98 — — — — Outstanding, September 30, 2015 104,598 14.19 — 20,000 63.00 — Fully vested and exercisable, September 30, 2015 (weighted-average remaining contractual term of 2.7 years and 2.1 years, respectively) 104,598 14.19 — 20,000 63.00 — (1) Options that were not in-the-money at September 30, 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 during the nine months ended September 30, 2015 was as follows: Service-vesting restricted stock and RSUs Performance-vesting RSUs with grant date Performance-vesting restricted stock (with market condition) with grant date Performance-vesting restricted stock and RSUs without 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 167,726 — 58,951 — 24,742 — 117,057 Granted 179,154 16.61 — — — — 73,700 Grant date determined during the period — — 57,349 20.86 — — (57,349 ) Dividend equivalent units granted 2,213 12.39 650 13.69 267 13.08 1,149 Vested (aggregate intrinsic value of $2.2 million) (136,173 ) 28.47 (18,594 ) 74.20 — — (2,594 ) Forfeited (8,705 ) 26.24 (3,014 ) 51.02 — — (3,794 ) Cancelled — — (41,259 ) 80.25 — — — Non-vested, September 30, 2015 (aggregate intrinsic value of $0.7 million) 204,215 54,083 25,009 128,169 During the second quarter of 2013, we granted performance-based restricted stock with market price vesting conditions to certain senior level employees under our 2010 Incentive Award Plan. This performance-based restricted stock vests upon the achievement of a specified market price per share of the Company’s common stock during 20 consecutive trading days ending within the three year performance period. This restricted stock also is subject to a three-year continued service vesting provision, with earlier vesting permitted under certain circumstances, such as upon a change of control of the Company. We determined the grant date fair value of our service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For performance-based, market price vesting restricted stock, the fair value of the awards on the date of grant was calculated using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on assumptions regarding 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 each of the first three anniversaries 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 September 30, 2015 for performance-vesting awards granted in 2014 or 2015 because the performance conditions had not yet been determined. During the second quarter of 2015 our previous principal stockholders, Apollo Management VI, L.P. (“AIFVI”) and Noranda Holdings, L.P. (collectively with AIFVI, the “Apollo Funds”), sold all of their Company common shares. See Note 18, “ Related Party Transactions ” . We previously granted to Apollo Management VI, L.P. and Apollo Alternative Assets, L.P., affiliates of the Apollo Funds, cash-settled, service-vesting RSUs, which are treated for accounting purposes as liability awards, in lieu of RSUs that would otherwise be granted under the director compensation program. The holders of the cash settled RSUs forfeited these awards upon the closing of the sale of our common shares by the Apollo Funds on May 15, 2015. RSU liability award activity was as follows: RSUs # Non-vested, December 31, 2014 8,603 Granted — Dividend equivalent units granted 34 Vested — Shares forfeited (8,571 ) Dividend equivalent units forfeited (66 ) Non-vested, September 30, 2015 — |
Net Income Per Common Share (Fo
Net Income Per Common Share (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Basic and diluted net loss per common share (“EPS”) for the three and nine months ended September 30, 2015 and 2014 were calculated as follows (in millions, except per share amounts): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net loss $ (175.1 ) $ (3.9 ) $ (203.2 ) $ (28.3 ) Weighted-average common shares outstanding*: Basic 10.01 9.84 9.93 9.80 Diluted 10.01 9.84 9.93 9.80 Net loss per common share: Basic $ (17.49 ) $ (0.40 ) $ (20.46 ) $ (2.89 ) Diluted $ (17.49 ) $ (0.40 ) $ (20.46 ) $ (2.89 ) * The Net loss per common share and Weighted-average shares outstanding amount for all periods presented reflect the 1-for-7 reverse stock split of our common stock that became effective on August 25, 2015. Certain share-based payment awards whose terms and conditions are described in Note 15, “Share-Based Payments,” could potentially be dilutive in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. The following table provides information regarding the type and weighted average number of antidilutive securities outstanding during the three and nine months ended September 30, 2015 and 2014 (in millions): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Options 0.13 1.19 0.15 1.23 Service-vesting restricted stock and RSUs and Dividend equivalent units 0.21 1.23 0.18 1.00 Performance-vesting restricted stock and RSUs and Dividend equivalent units 0.03 0.24 0.02 0.20 Antidilutive securities 0.37 2.66 0.35 2.43 |
Income Taxes (Footnote)
Income Taxes (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Our effective income tax rate was approximately 13.3% for the three months ended September 30, 2015 and (5.4)% for the three months ended September 30, 2014 . The effective income tax rate for the three months ended September 30, 2015 was primarily impacted by state income taxes, goodwill impairment, and a foreign deferred tax asset valuation allowance.The effective tax rate for the three months ended September 30, 2014 was primarily impacted by state income taxes, the Internal Revenue Code Section 199 manufacturing deduction, and a foreign deferred tax asset valuation allowance. Our effective income tax rate was approximately 14.4% for the nine months ended September 30, 2015 and 24.7% for the nine months ended September 30, 2014 . The effective income tax rate for the nine months ended September 30, 2015 was primarily impacted by state income taxes, goodwill impairment, a foreign deferred tax asset valuation allowance, release of previously unrecognized tax benefits, and a stock-based compensation shortfall. As to the stock-based compensation shortfall, for the nine months ended September 30, 2015 , we recognized $1.0 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 nine months ended September 30, 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) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related party transactions disclosure | On May 15, 2015, the Apollo Funds sold 3,262,857 shares of our common stock in a public offering. Subsequent to the offering, the Apollo Funds no longer owned any shares of the Company’s common stock, and is no longer deemed to be a related party. |
Non-Controlling Interest (Footn
Non-Controlling Interest (Footnote) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest Items [Abstract] | |
Non-controlling interest disclosure | We conduct the St. Ann bauxite mining operations through Noranda Bauxite Limited (“NBL”), a Jamaican limited liability company that is a wholly-owned subsidiary of Noranda HoldCo. NBL holds 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; the majority of the remaining mined bauxite was sold to Sherwin Alumina Company. NBL is a party to several agreements (collectively, the “Mining Agreements”) with the GOJ. NBL and the GOJ have equal voting rights in NJBP’s executive committee. NBL manages the mining operations under a management agreement. NBL 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 regime between the GOJ and NBL. NBL also has a mining lease provided by the GOJ for the supply of bauxite. The lease ensures access to sufficient reserves in a specified concession area to enable NBL to ship annually 4.5 million dry metric tonnes (“DMT”) of bauxite from mining operations through September 30, 2030. In 2013, the GOJ provided to NBL 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, NBL is required to pay fees specified in the establishment agreement, as amended, consisting of a dedication fee, depletion fee, asset usage fee, production levy and royalty. As of September 30, 2015 and December 31, 2014 , we recorded accrued liabilities of $11.7 million and $5.9 million , respectively, for these fees. Under the agreements with the GOJ, NBL committed 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 NBL 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. NBL applied $1.3 million of these prepaid income taxes to its income tax liability in 2011, leaving a balance of $12.7 million at both September 30, 2015 and December 31, 2014 . These prepaid taxes can be used in perpetuity, subject to an annual limitation. NBL has attempted to negotiate a new fiscal regime with the GOJ. The previous fiscal regime, which became effective as of January 1, 2009, expired on December 31, 2014, and the GOJ and NBL have been engaged in negotiations regarding the terms of NBL’s payment obligations to the GOJ through 2019. However, a dispute arose concerning production levy payments payable to the GOJ, and, on March 16, 2015, in accordance with the terms of the establishment agreement, NBL submitted a notice requesting arbitration to resolve the dispute. In NBL’s Statement of Case, submitted to the arbitration panel on July 2, 2015, NBL has alleged, among other things, that in breach of the establishment agreement and/or other commitments by the GOJ, (i) the GOJ has failed to afford NBL treatment at least as favorable as that afforded to other bauxite and alumina producers in Jamaica with respect to, among other things, the production levy (the “equal treatment claim”) and (ii) the GOJ has failed to keep in effect, through December 31, 2017, the production levy structure that was in effect prior to January 1, 2015. NBL also has alleged that, under the Jamaica Bauxite and Alumina (Special Provisions) Act of 1977 (the “Special Provisions Act”), NBL is entitled to offset certain income taxes paid against the production levy. NBL seeks, among other things, relief from the production levy and a refund of levy payments previously made, or damages, with respect to the equal treatment claim; a declaratory order that would, in essence, provide that NBL’s obligation to pay the production levy in the 2015-2017 period be calculated in accordance with the production levy rate in effect during 2012-2014; and declaratory relief confirming NBL’s entitlement, under the Special Provisions Act, to income tax offsets against the production levy previously paid, as claimed by NBL. In addition, NBL seeks interest and costs. In the GOJ’s Statement of Defense, submitted to the arbitration panel on July 22, 2015, the GOJ has essentially denied NBL’s claims, based on, among other things, its assertion that several documents relied on by NBL did not constitute binding agreements; that the effect of a 2010 amendment to the establishment agreement was that NBL would not rely on the Special Provisions Act to claim a credit of paid income taxes against the production levy and that, in any event, the Special Provisions Act claim was not arbitrable or justiciable. In addition, the GOJ asserted a counterclaim against NBL, alleging that effective January 1, 2015, NBL is required to pay the production levy in accordance with the provisions of the 2010 amendment to the establishment agreement. The GOJ seeks declaratory relief confirming the production levy rate claimed by the GOJ, and payment by NBL to the GOJ of (or, alternatively, damages to be assessed of) an amount equal to the portion of the approximately $17.8 million alleged production levy from January 1 to June 30, 2015 that the GOJ alleges remains unpaid, subject to adjustment at 2015 year-end. The arbitration hearing has been scheduled for December 12-14, 2015. The terms of any new fiscal regime are, to a significant extent, subject to the determination by the arbitration panel of NBL’s rights and obligations related to the production levy. Nevertheless, our operations in Jamaica currently are continuing in the normal course. On June 9, 2015, NBL entered into an interim agreement with the GOJ related to the dispute regarding the production levy. The interim agreement addresses payments of the production levy to the GOJ until the earlier of December 31, 2015 or the date on which an arbitration award is delivered in the pending arbitration proceeding related to the production levy. Under the terms of the interim agreement, NBL provides US $5.00 per DMT (US $3.75 per DMT in cash and US $1.25 of irrevocable letters of credit) as an interim levy on all bauxite it exports from Jamaica. NBL paid $8.9 million in cash and provided $3.9 million in letters of credit during the nine months ended September 30, 2015 pursuant to the interim agreement, in payment of its interim production levy obligations for the first, second and third quarters of 2015. The production levy payment rate under the interim agreement exceeds the rate in effect during 2014, and we estimate that payments under the interim agreement during the fourth quarter of 2015 through the earlier of December 31, 2015 or the date on which an arbitration award is delivered will continue to increase cost of sales, as compared to corresponding quarters in the prior year, at the rate of approximately $3.0 million per quarter. However, the final production levy will be determined through the arbitration process, and production levy payments under the interim agreement are subject to refund if NBL is successful in the arbitration. We have determined that NJBP is a variable interest entity under U.S. GAAP, and NBL is NJBP’s primary beneficiary. The determination that NBL is the primary beneficiary was based on the fact that NBL absorbs the profits and losses associated with the partnership, while the GOJ receives certain fees from NBL (royalties, production and asset usage fees, etc.). We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions): September 30, 2015 December 31, 2014 NJBP balances Impact of Eliminations Impact on consolidated statements NJBP balances Impact of Eliminations Impact on consolidated statements $ $ $ $ $ $ Cash and cash equivalents 0.7 — 0.7 0.8 — 0.8 Accounts receivable, net 11.4 (11.4 ) — 13.5 (13.5 ) — Inventories, net (consisting of maintenance supplies, inventory and fuel) 10.5 — 10.5 14.3 — 14.3 Other current assets 9.7 — 9.7 8.1 — 8.1 Property, plant and equipment, net 46.9 — 46.9 45.0 — 45.0 Other assets 8.8 — 8.8 7.4 — 7.4 Accounts payable (69.9 ) 56.8 (13.1 ) (71.8 ) 55.5 (16.3 ) Accrued liabilities (4.6 ) — (4.6 ) (3.9 ) — (3.9 ) Environmental, land and reclamation liabilities (1.8 ) — (1.8 ) (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 45.4 51.1 5.9 42.0 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. NBL receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all obligations to the GOJ are provided through the payments from NBL 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 a lower of cost or market or asset impairment scenario. |
Subsidiary Issuer of Guaranteed
Subsidiary Issuer of Guaranteed Notes (Footnote) | 9 Months Ended |
Sep. 30, 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 Capital LLC, a domestic subsidiary in which we have a 100% ownership interest, and NBL are not guarantors of the senior secured credit facilities or 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 described in Note 1, “Accounting Policies” to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014 . Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to eliminate (i) intercompany transactions between or among the Issuer, the Parent Guarantor, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (ii) investments in the Issuer and subsidiaries. NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Balance Sheet as of September 30, 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 0.1 6.5 0.8 1.5 — 8.9 Accounts receivable, net: Trade — — 88.1 4.1 — 92.2 Affiliates 19.8 11.9 11.6 — (43.3 ) — Inventories, net — — 139.8 22.8 — 162.6 Other current assets 6.9 2.3 16.7 13.0 — 38.9 Total current assets 26.8 20.7 257.0 41.4 (43.3 ) 302.6 Investments in affiliates (64.4 ) 1,162.3 — — (1,097.9 ) — Advances due from affiliates 137.0 215.5 857.2 63.5 (1,273.2 ) — Property, plant and equipment, net — — 622.2 70.2 — 692.4 Goodwill — — — — — — Other intangible assets, net — — 44.5 — — 44.5 Other assets — 4.3 43.9 33.8 — 82.0 Total assets 99.4 1,402.8 1,824.8 208.9 (2,414.4 ) 1,121.5 LIABILITIES AND EQUITY Current liabilities: Accounts payable: Trade — — 104.1 13.7 — 117.8 Affiliates — 19.8 — 23.5 (43.3 ) — Accrued liabilities — 7.2 53.5 26.7 — 87.4 Deferred tax liabilities — — — — — — Current portion of long-term debt and lease financing — 4.9 6.1 5.6 — 16.6 Total current liabilities — 31.9 163.7 69.5 (43.3 ) 221.8 Long-term debt and lease financing, net — 636.0 12.0 12.7 — 660.7 Pension and other post-retirement liabilities — — 184.6 7.9 — 192.5 Other long-term liabilities — — 35.8 8.7 — 44.5 Advances due to affiliates 199.6 776.4 292.1 5.1 (1,273.2 ) — Long-term deferred tax liabilities 29.5 22.9 72.9 0.4 — 125.7 Stockholders’ equity: Common stock 0.1 — — — — 0.1 Capital in excess of par value 246.7 352.1 1,122.3 83.8 (1,558.2 ) 246.7 Accumulated earnings (deficit) (273.0 ) (313.0 ) 40.7 19.1 253.2 (273.0 ) Accumulated other comprehensive income (loss) (103.5 ) (103.5 ) (99.3 ) (4.3 ) 207.1 (103.5 ) Total stockholders’ equity (deficit) (129.7 ) (64.4 ) 1,063.7 98.6 (1,097.9 ) (129.7 ) Non-controlling interest — — — 6.0 — 6.0 Total equity (deficit) (129.7 ) (64.4 ) 1,063.7 104.6 (1,097.9 ) (123.7 ) Total liabilities and equity 99.4 1,402.8 1,824.8 208.9 (2,414.4 ) 1,121.5 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 12.0 10.0 — (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 50.0 (41.5 ) 347.1 Investments in affiliates 266.1 1,537.3 — — (1,803.4 ) — Advances due from affiliates — 134.0 736.9 63.5 (934.4 ) — Property, plant and equipment, net — — 627.4 67.6 — 695.0 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 1,696.2 1,898.1 212.8 (2,779.3 ) 1,318.1 LIABILITIES AND EQUITY Current liabilities: Accounts payable: Trade — — 112.1 10.5 — 122.6 Affiliates — 19.5 — 22.0 (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 and lease financing — 4.9 1.1 5.6 — 11.6 Total current liabilities 0.1 26.7 160.0 59.7 (41.5 ) 205.0 Long-term debt and lease financing, net — 639.5 — 16.9 — 656.4 Pension and other post-retirement liabilities — — 187.9 7.5 — 195.4 Other long-term liabilities — — 35.9 10.0 — 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 Stockholders’ equity: Common stock 0.1 — — — — 0.1 Capital in excess of par value 244.2 352.1 1,199.7 83.8 (1,635.6 ) 244.2 Accumulated earnings (deficit) (68.2 ) 24.0 330.8 32.9 (387.7 ) (68.2 ) Accumulated other comprehensive income (loss) (110.0 ) (110.0 ) (105.5 ) (4.4 ) 219.9 (110.0 ) Total stockholders’ equity 66.1 266.1 1,425.0 112.3 (1,803.4 ) 66.1 Non-controlling interest — — — 6.0 — 6.0 Total equity 66.1 266.1 1,425.0 118.3 (1,803.4 ) 72.1 Total liabilities and equity 290.3 1,696.2 1,898.1 212.8 (2,779.3 ) 1,318.1 NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Operations Three months ended September 30, 2015 (in millions) (unaudited) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 294.7 33.6 (18.8 ) 309.5 Operating costs and expenses: Cost of sales — — 322.2 32.6 (18.8 ) 336.0 Selling, general and administrative 0.9 0.3 20.5 4.2 — 25.9 Goodwill and other intangibles impairment — — 137.9 — — 137.9 Other recoveries — — (8.7 ) — — (8.7 ) Total operating costs and expenses 0.9 0.3 471.9 36.8 (18.8 ) 491.1 Operating loss (0.9 ) (0.3 ) (177.2 ) (3.2 ) — (181.6 ) Other (income) expense: Interest expense (income), net (0.1 ) 12.6 0.1 0.4 — 13.0 Loss on hedging activities, net — — 7.3 — — 7.3 Total other (income) expense, net (0.1 ) 12.6 7.4 0.4 — 20.3 Loss before income taxes (0.8 ) (12.9 ) (184.6 ) (3.6 ) — (201.9 ) Income tax (benefit) expense 0.3 3.1 (30.2 ) — — (26.8 ) Equity in net income (loss) of subsidiaries (174.0 ) (158.0 ) — — 332.0 — Net income (loss) (175.1 ) (174.0 ) (154.4 ) (3.6 ) 332.0 (175.1 ) Other comprehensive income (loss) 2.2 2.2 2.0 — (4.2 ) 2.2 Total comprehensive income (loss) (172.9 ) (171.8 ) (152.4 ) (3.6 ) 327.8 (172.9 ) NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Operations Three months ended September 30, 2014 (in millions) (unaudited) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 349.5 30.8 (18.9 ) 361.4 Operating costs and expenses: Cost of sales — — 323.3 31.1 (18.9 ) 335.5 Selling, general and administrative 1.3 0.1 14.6 3.6 — 19.6 Total operating costs and expenses 1.3 0.1 337.9 34.7 (18.9 ) 355.1 Operating income (loss) (1.3 ) (0.1 ) 11.6 (3.9 ) — 6.3 Other (income) expense: Interest expense (income), net (0.1 ) 12.4 — 0.3 — 12.6 Gain on hedging activities, net — — (2.6 ) — — (2.6 ) Total other (income) expense, net (0.1 ) 12.4 (2.6 ) 0.3 — 10.0 Income (loss) before income taxes (1.2 ) (12.5 ) 14.2 (4.2 ) — (3.7 ) Income tax (benefit) expense (0.5 ) (4.2 ) 4.9 — — 0.2 Equity in net income (loss) of subsidiaries (3.2 ) 5.1 — — (1.9 ) — Net income (loss) (3.9 ) (3.2 ) 9.3 (4.2 ) (1.9 ) (3.9 ) Other comprehensive income (loss) 0.7 0.7 0.7 — (1.4 ) 0.7 Total comprehensive income (loss) (3.2 ) (2.5 ) 10.0 (4.2 ) (3.3 ) (3.2 ) NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Operations Nine months ended September 30, 2015 (in millions) (unaudited) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 950.8 95.6 (58.6 ) 987.8 Operating costs and expenses: Cost of sales — — 935.4 94.7 (58.6 ) 971.5 Selling, general and administrative 3.1 0.6 56.0 15.0 — 74.7 Goodwill and other intangibles impairment — — 137.9 — — 137.9 Other recoveries — — (8.7 ) — — (8.7 ) Total operating costs and expenses 3.1 0.6 1,120.6 109.7 (58.6 ) 1,175.4 Operating loss (3.1 ) (0.6 ) (169.8 ) (14.1 ) — (187.6 ) Other (income) expense: Interest expense (income), net (0.3 ) 38.3 0.2 1.2 — 39.4 Loss on hedging activities, net — — 10.5 — — 10.5 Total other (income) expense, net (0.3 ) 38.3 10.7 1.2 — 49.9 Loss before income taxes (2.8 ) (38.9 ) (180.5 ) (15.3 ) — (237.5 ) Income tax (benefit) expense 0.8 (6.1 ) (29.0 ) — — (34.3 ) Equity in net income (loss) of subsidiaries (199.6 ) (166.8 ) — — 366.4 — Net income (loss) (203.2 ) (199.6 ) (151.5 ) (15.3 ) 366.4 (203.2 ) Other comprehensive income (loss) 6.5 6.5 6.2 0.1 (12.8 ) 6.5 Total comprehensive income (loss) (196.7 ) (193.1 ) (145.3 ) (15.2 ) 353.6 (196.7 ) NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Operations Nine months ended September 30, 2014 (in millions) (unaudited) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 982.4 90.9 (54.4 ) 1,018.9 Operating costs and expenses: Cost of sales — — 930.0 87.3 (54.4 ) 962.9 Selling, general and administrative 3.5 0.6 42.7 11.3 — 58.1 Total operating costs and expenses 3.5 0.6 972.7 98.6 (54.4 ) 1,021.0 Operating income (loss) (3.5 ) (0.6 ) 9.7 (7.7 ) — (2.1 ) Other (income) expense: Interest expense (income), net (0.3 ) 37.1 0.1 0.8 — 37.7 Gain on hedging activities, net — — (2.2 ) — — (2.2 ) Total other (income) expense, net (0.3 ) 37.1 (2.1 ) 0.8 — 35.5 Income (loss) before income taxes (3.2 ) (37.7 ) 11.8 (8.5 ) — (37.6 ) Income tax expense (benefit) (0.7 ) (12.7 ) 4.1 — — (9.3 ) Equity in net income (loss) of subsidiaries (25.8 ) (0.8 ) — — 26.6 — Net income (loss) (28.3 ) (25.8 ) 7.7 (8.5 ) 26.6 (28.3 ) Other comprehensive income (loss) 2.3 2.3 2.4 — (4.7 ) 2.3 Total comprehensive income (loss) (26.0 ) (23.5 ) 10.1 (8.5 ) 21.9 (26.0 ) NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 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 (0.3 ) 8.8 20.0 (3.5 ) — 25.0 INVESTING ACTIVITIES Capital expenditures — — (53.0 ) (4.6 ) — (57.6 ) Insurance proceeds from casthouse and other — — 1.7 — — 1.7 Proceeds from corporate owned life insurance policy — — 6.4 — — 6.4 Proceeds from sale of property, plant and equipment — — 2.2 — — 2.2 Cash used in investing activities — — (42.7 ) (4.6 ) — (47.3 ) 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 stockholders (1.4 ) — — — — (1.4 ) Repayments on revolving credit facility — (226.0 ) — — — (226.0 ) Borrowings on revolving credit facility — 226.0 — — — 226.0 Repayments of long-term debt and lease financing — (7.9 ) (0.8 ) — — (8.7 ) Borrowings on long-term debt and lease financing — — 17.4 — — 17.4 Distribution (to parent) from subsidiary 1.5 (1.5 ) — — — — Short-term product financing — — 3.6 — — 3.6 Cash provided by (used in) financing activities (0.1 ) (9.4 ) 20.2 — — 10.7 Change in cash and cash equivalents (0.4 ) (0.6 ) (2.5 ) (8.1 ) — (11.6 ) Cash and cash equivalents, beginning of period 0.5 7.1 3.3 9.6 — 20.5 Cash and cash equivalents, end of period 0.1 6.5 0.8 1.5 — 8.9 NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 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 0.4 (45.5 ) 53.7 (4.4 ) — 4.2 INVESTING ACTIVITIES Capital expenditures — — (52.5 ) (7.4 ) — (59.9 ) Proceeds from sale of property, plant and equipment — — 0.2 — — 0.2 Cash used in investing activities — — (52.3 ) (7.4 ) — (59.7 ) FINANCING ACTIVITIES Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements (1.1 ) — — — — (1.1 ) Dividends paid to stockholders (2.1 ) — — — — (2.1 ) Repayments of long-term debt and lease financing — (3.6 ) — — — (3.6 ) Borrowings on long-term debt and lease financing — (7.0 ) — 14.2 — 7.2 Repayments on revolving credit facility — (86.0 ) — — — (86.0 ) Borrowings on revolving credit facility — 86.0 — — — 86.0 Distribution (to parent) from subsidiary 2.8 (2.8 ) — — — — Cash provided by (used in) financing activities (0.4 ) (13.4 ) — 14.2 — 0.4 Change in cash and cash equivalents — (58.9 ) 1.4 2.4 — (55.1 ) Cash and cash equivalents, beginning of period 0.4 66.7 1.1 11.2 — 79.4 Cash and cash equivalents, end of period 0.4 7.8 2.5 13.6 — 24.3 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |
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) for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, 2015 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 14.7 64.3 89.3 141.2 — — 309.5 Intersegment 18.8 13.7 26.5 — — (59.0 ) — Total sales 33.5 78.0 115.8 141.2 — (59.0 ) 309.5 Capital expenditures 0.9 3.0 10.2 (0.3 ) — — 13.8 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) 0.5 2.2 (38.8 ) 18.1 (8.9 ) 0.5 (26.4 ) Depreciation and amortization (3.2 ) (6.0 ) (9.6 ) (4.5 ) (0.6 ) — (23.9 ) Last in, first out and lower of cost or market inventory adjustments — — 0.1 0.7 — — 0.8 Gain (loss) on disposal of assets — (0.1 ) 1.2 — — — 1.1 Goodwill and other intangibles impairment — (0.3 ) (137.6 ) — — — (137.9 ) Non-cash pension, accretion and stock compensation — (0.3 ) (1.7 ) (1.2 ) (1.0 ) — (4.2 ) Restructuring, relocation and severance (0.2 ) — (0.2 ) (0.1 ) — — (0.5 ) Consulting fees (0.4 ) — (0.1 ) — (0.9 ) — (1.4 ) Cash settlements paid on hedging transactions — — 0.7 6.1 — — 6.8 Excess insurance recoveries — — 5.1 — — — 5.1 Other, net — (0.5 ) (0.6 ) — — — (1.1 ) Operating income (loss) (3.3 ) (5.0 ) (181.5 ) 19.1 (11.4 ) 0.5 (181.6 ) Interest expense, net 13.0 Loss on hedging activities, net 7.3 Total other expense, net 20.3 Loss before income taxes (201.9 ) Three months ended September 30, 2014 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 11.9 57.3 135.0 157.2 — — 361.4 Intersegment 18.9 35.4 31.2 — — (85.5 ) — Total sales 30.8 92.7 166.2 157.2 — (85.5 ) 361.4 Capital expenditures 5.1 3.9 16.7 2.5 0.6 — 28.8 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (1.5 ) 6.5 20.4 17.6 (6.0 ) (0.4 ) 36.6 Depreciation and amortization (2.5 ) (5.0 ) (9.2 ) (4.8 ) (0.2 ) — (21.7 ) Last in, first out and lower of cost or market inventory adjustments — — (0.7 ) (1.3 ) — (0.2 ) (2.2 ) Loss on disposal of assets — — — (0.1 ) — — (0.1 ) Non-cash pension, accretion and stock compensation — (0.2 ) (0.8 ) (0.4 ) (1.0 ) — (2.4 ) Restructuring, relocation and severance — — (0.6 ) (0.1 ) — — (0.7 ) Cash settlements received on hedging transactions — — (0.2 ) (2.5 ) — — (2.7 ) Other, net — (0.2 ) — (0.1 ) (0.3 ) 0.1 (0.5 ) Operating income (loss) (4.0 ) 1.1 8.9 8.3 (7.5 ) (0.5 ) 6.3 Interest expense, net 12.6 Gain on hedging activities, net (2.6 ) Total other expense, net 10.0 Loss before income taxes (3.7 ) Nine months ended September 30, 2015 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 37.0 171.6 337.0 442.2 — — 987.8 Intersegment 58.6 73.6 67.1 — — (199.3 ) — Total sales 95.6 245.2 404.1 442.2 — (199.3 ) 987.8 Capital expenditures 4.6 6.2 42.8 3.5 0.5 — 57.6 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (0.5 ) 14.3 (11.9 ) 47.2 (23.7 ) 1.5 26.9 Depreciation and amortization (9.4 ) (16.4 ) (29.5 ) (13.3 ) (1.8 ) — (70.4 ) Last in, first out and lower of cost or market inventory adjustments — — (2.7 ) 2.2 — 0.2 (0.3 ) Gain (loss) on disposal of assets — 0.7 1.1 (0.2 ) — — 1.6 Goodwill and other intangibles impairment — (0.3 ) (137.6 ) — — — (137.9 ) Non-cash pension, accretion and stock compensation (0.1 ) (0.8 ) (5.1 ) (3.8 ) (3.5 ) — (13.3 ) Restructuring, relocation and severance (3.4 ) (0.3 ) (0.5 ) 0.2 (1.1 ) — (5.1 ) Consulting fees (0.7 ) (0.1 ) (0.6 ) — (1.6 ) — (3.0 ) Cash settlements paid on hedging transactions — — 1.3 11.1 — — 12.4 Excess insurance recoveries — — 5.1 — — — 5.1 Other, net — (0.8 ) (1.3 ) — (0.2 ) (1.3 ) (3.6 ) Operating income (loss) (14.1 ) (3.7 ) (181.7 ) 43.4 (31.9 ) 0.4 (187.6 ) Interest expense, net 39.4 Loss on hedging activities, net 10.5 Total other expense, net 49.9 Loss before income taxes (237.5 ) Nine months ended September 30, 2014 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 36.5 150.4 391.4 440.6 — — 1,018.9 Intersegment 54.4 97.3 80.2 — — (231.9 ) — Total sales 90.9 247.7 471.6 440.6 — (231.9 ) 1,018.9 Capital expenditures 7.4 9.0 33.0 9.5 1.0 — 59.9 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (0.3 ) (8.6 ) 63.9 43.6 (20.0 ) (0.9 ) 77.7 Depreciation and amortization (7.4 ) (15.2 ) (28.8 ) (13.8 ) (0.5 ) — (65.7 ) Last in, first out and lower of cost or market inventory adjustments — — (3.1 ) 0.1 — (0.2 ) (3.2 ) Gain (loss) on disposal of assets — — 0.1 (0.3 ) — — (0.2 ) Non-cash pension, accretion and stock compensation (0.1 ) (0.6 ) (2.3 ) (1.3 ) (2.8 ) — (7.1 ) Restructuring, relocation and severance — — (0.7 ) 0.3 0.1 — (0.3 ) Consulting fees — — — — (0.3 ) — (0.3 ) Cash settlements received on hedging transactions — — (0.4 ) (2.6 ) — — (3.0 ) Other, net — (0.4 ) — (0.1 ) (0.1 ) 0.6 — Operating income (loss) (7.8 ) (24.8 ) 28.7 25.9 (23.6 ) (0.5 ) (2.1 ) Interest expense, net 37.7 Gain on hedging activities, net (2.2 ) Total other expense, net 35.5 Loss before income taxes (37.6 ) |
Schedule reconciling segment assets to consolidated assets | September 30, 2015 December 31, 2014 Segment assets: $ $ Bauxite 145.8 149.9 Alumina 221.7 229.8 Primary 402.9 561.5 Flat-Rolled 311.0 335.1 Corporate 60.6 65.5 Eliminations (20.5 ) (23.7 ) Total assets 1,121.5 1,318.1 |
Supplemental Financial Statem30
Supplemental Financial Statement Information Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Financial Statement Information [Abstract] | |
Schedule of depreciation and amortization | Depreciation and amortization in the accompanying unaudited condensed consolidated statements of cash flows for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Depreciation of property, plant and equipment 20.7 18.9 60.8 57.0 Amortization of intangible assets 1.4 1.4 4.4 4.4 Amortization of other long-term assets 1.8 1.4 5.2 4.3 Total depreciation and amortization 23.9 21.7 70.4 65.7 |
Schedule of supplemental cash flow disclosures | Cash paid for interest and income taxes for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Nine months ended September 30, 2015 2014 $ $ Interest paid 33.9 32.5 U.S. Federal and state income taxes paid, net of refunds received 3.9 6.9 |
Schedule of changes in accumulated other comprehensive income (loss) | Changes in accumulated other comprehensive income (loss) (“AOCI”) during the nine months ended September 30, 2015 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 10.0 3.5 6.5 Balance, September 30, 2015 (162.9 ) (59.4 ) (103.5 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | eclassifications from AOCI into the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions): Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss Affected line item in the unaudited condensed consolidated statements of operations Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Selling, general and administrative expenses (“SGA”) Actuarial gain/loss 0.7 0.3 2.0 0.7 (1) Prior service costs 0.1 0.1 0.3 0.2 (1) Total pension amounts reclassified into SGA 0.8 0.4 2.3 0.9 Selling, general and administrative expenses Cost of sales (“COS”) Actuarial gain/loss 2.3 0.7 7.0 2.2 (1) Prior service costs 0.3 0.1 0.7 0.6 (1) Total pension amounts reclassified into COS 2.6 0.8 7.7 2.8 Cost of sales Reclassification of pension and OPEB amounts realized in net loss 3.4 1.2 10.0 3.7 Income tax expense related to reclassifications of pension and OPEB amounts 1.2 0.5 3.5 1.4 Income tax expense Reclassification of pension and OPEB amounts realized in net loss, net of tax 2.2 0.7 6.5 2.3 Net loss (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 12, “ Pension and Other Post-Retirement Benefits ” |
Schedule of accounts receivable | Accounts receivable, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Trade 92.3 102.6 Allowance for doubtful accounts (0.1 ) (0.1 ) Total accounts receivable, net 92.2 102.5 |
Schedule of other current assets | Other current assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Current deferred tax asset 3.7 0.4 Employee loans receivable, net 1.8 2.1 Current derivative assets (see Note 13, “Derivative Financial Instruments”) 8.7 6.3 Taxes receivable 5.9 4.0 Prepaid assets 5.8 4.5 Restricted cash (see Note 9, “Commitments and Contingencies”) 0.1 0.1 Other current assets 12.9 10.0 Total other current assets 38.9 27.4 |
Schedule of other noncurrent assets | Other assets at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Deferred financing costs, net of amortization 4.3 5.8 Cash surrender value of life insurance 22.1 29.3 Pension asset 6.8 6.5 Restricted cash 14.2 14.0 Supplies 5.9 5.0 Prepaid Jamaican income taxes (see Note 19, “Non-Controlling Interest”) 12.7 12.7 Derivative asset (see Note 13, “Derivative Financial Instruments”) — 0.2 Other 16.0 15.6 Total other assets 82.0 89.1 |
Schedule of accrued liabilities | Accrued liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Compensation and benefits 25.5 18.3 Workers’ compensation 5.9 5.6 Other operating expenses 19.0 11.2 Accrued interest 7.3 2.3 Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”) 2.1 2.3 Land obligation (see Note 11, “Asset Retirement and Other Obligations”) 3.5 3.7 Derivative liabilities (see Note 13, “Derivative Financial Instruments”) 8.1 5.0 Reclamation obligation (see Note 11, “Asset Retirement and Other Obligations”) 1.8 1.5 Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”) 1.7 1.7 Obligations to the Government of Jamaica (see Note 19, “Non-Controlling Interest”) 11.7 5.9 Pension and OPEB liabilities (see Note 12, “Pensions and Other Post-Retirement Benefits”) 0.8 0.8 Restructuring liability — 0.8 Total accrued liabilities 87.4 59.1 |
Schedule of other long-term liabilities | Other long-term liabilities at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Reserve for uncertain tax positions 0.6 0.7 Workers’ compensation 16.1 15.3 Asset retirement obligations (see Note 11, “Asset Retirement and Other Obligations”) 13.8 13.7 Land obligation (see Note 11, “Asset Retirement and Other Obligations”) 6.5 6.8 Environmental remediation obligations (see Note 11, “Asset Retirement and Other Obligations”) 1.1 1.1 Long-term derivative liabilities (see Note 13, “Derivative Financial Instruments”) — 0.1 Deferred compensation and other 6.4 8.2 Total other long-term liabilities 44.5 45.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below set forth by hierarchy level as of September 30, 2015 and December 31, 2014 the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions): September 30, 2015 Level 1 Level 2 Level 3 Total $ $ $ $ Derivative assets — 8.7 — 8.7 Derivative liabilities — (5.6 ) (2.5 ) (8.1 ) Total — 3.1 (2.5 ) 0.6 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 during the nine months ended September 30, 2015 were included in loss on hedging activities, net in the unaudited condensed consolidated statements of operations. The changes in fair value of these Level 3 derivative instruments during the nine months ended September 30, 2015 were as follows (in millions): Nine months ended September 30, 2015 $ Fair value, beginning of year 3.3 New contracts entered into during the period (1.4 ) Changes in fair value (6.9 ) Settlements 2.5 Fair value, end of period (2.5 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory, Net [Abstract] | |
Schedule of inventories | Inventories, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions): September 30, 2015 December 31, 2014 $ $ Raw materials, at cost 58.9 73.7 Work-in-process, at cost 44.9 48.9 Finished goods, at cost 25.7 31.3 Total inventories, at cost 129.5 153.9 LIFO adjustment 31.8 14.0 LCM reserve (31.1 ) (7.6 ) Inventories, at lower of cost or market 130.2 160.3 Supplies 32.4 36.4 Total inventories, net 162.6 196.7 |
Property, Plant and Equipment33
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment, net, at September 30, 2015 and December 31, 2014 consisted of the following (in millions): Estimated useful lives in years September 30, 2015 December 31, 2014 $ $ Land 51.8 51.9 Buildings and improvements 10 — 47 170.8 163.0 Machinery and equipment 3 — 50 947.4 927.1 Construction in progress 84.8 86.2 Property, plant and equipment, at cost 1,254.8 1,228.2 Accumulated depreciation (562.4 ) (533.2 ) Total property, plant and equipment, net 692.4 695.0 |
Casthouse (Casthouse (Tables)
Casthouse (Casthouse (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Unusual or Infrequent Item [Line Items] | |
Schedule of Unusual or Infrequent Items [Table Text Block] | For the three months ended September 30, 2015 Total Spend Insurance Proceeds Net Impact $ $ $ Losses in cost of goods sold: Accumulated depreciation of damaged assets 1.4 Inventory written down to scrap value 0.4 Losses in selling, general and administrative expenses 1.5 Total 3.3 (7.5 ) (4.2 ) Insurance receipts through September 30, 2015 (6.4 ) Insurance receivable recorded at September 30, 2015 (1.1 ) |
Intangible Assets Disclosure 35
Intangible Assets Disclosure Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 9/30/2015 December 31, 2014 Gross Amount Accumulated Amortization Net Book Value Gross Amount Accumulated Amortization Net Book Value $ $ $ $ $ $ Non-amortizable tradenames 17.4 — 17.4 17.7 — 17.7 Amortizable tradenames 71.0 (43.8 ) 27.2 71.0 (39.4 ) 31.6 Other amortizable intangibles 0.7 (0.7 ) — 0.7 (0.7 ) — Total 89.1 (44.5 ) 44.6 89.4 (40.1 ) 49.3 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Expected amortization intangible assets for each of the next five years is as follows (in millions); Year ended December 31 $ 2016 5.5 2017 4.5 2018 4.1 2019 3.4 2020 3.4 |
Long-Term Debt Long Term Debt T
Long-Term Debt Long Term Debt Table (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table provides information regarding the carrying values and fair values at September 30, 2015 and December 31, 2014 of our long-term debt and lease financing (in millions): September 30, 2015 December 31, 2014 Carrying value Interest rate Carrying value Interest rate $ % $ % AcquisitionCo Notes, net 173.5 11.00 173.3 11.00 Term B Loan, net 467.3 5.75 470.7 5.75 Project specific financing 18.3 9.00 22.5 9.00 Mid-Stream lease financing 3.8 8.00 1.0 8.00 Rod mill lease financing 14.0 8.50 — — Capital lease financing 0.4 5.79 0.5 5.79 Total debt and lease financing, net 677.3 668.0 Less: Current portion 16.6 11.6 Long-term debt and lease financing, net 660.7 656.4 The carrying value of the AcquisitionCo Notes was recorded net of unamortized underwriting discount of $1.5 million and $1.7 million , respectively, at September 30, 2015 and December 31, 2014 . We estimated the Notes to have a fair value of approximately $47.5 million and $171.6 million , respectively, at September 30, 2015 and December 31, 2014 . As of September 30, 2015 and December 31, 2014 the carrying value of our Term B Loan was recorded net of unamortized discount of $2.0 million and $2.4 million , respectively. We estimated the Term B Loan to have a fair value of approximately $320.1 million and $470.7 million , respectively, at September 30, 2015 and December 31, 2014 . We estimate that the carrying values of the project specific, mid-stream lease, rod mill lease and capital lease financings approximate the fair market values. During the second quarter of 2015, we entered into a lease agreement for $14.8 million with a third party to finance certain equipment at the new rod mill in New Madrid. The lease is for a 60 month period with monthly payments of $0.3 million. Our asset-based loan (“ABL”) had no outstanding balance at September 30, 2015 or December 31, 2014 . Outstanding letters of credit totaled $44.2 million at September 30, 2015 and $39.8 million at December 31, 2014 . Availability under the ABL is subject to a calculated borrowing base. Our available borrowing capacity as of September 30, 2015 was $103.8 million . |
Asset Retirement and Other Ob37
Asset Retirement and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement and Other Obligations [Abstract] | |
Schedule of change in reclamation obligations | Our reclamation obligation activity at St. Ann for the nine months ended September 30, 2015 was as follows (in millions): Nine months ended September 30, 2015 $ Balance, beginning of period 1.5 Additional liabilities incurred 2.1 Liabilities settled (1.8 ) Balance, end of period 1.8 |
Schedule of change in land obligation | Our St. Ann Land Obligation activity for the nine months ended September 30, 2015 was as follows (in millions): Nine months ended September 30, 2015 $ Balance, beginning of period 10.5 Additional liabilities incurred 0.2 Liabilities settled (0.2 ) Revisions to the obligation (0.5 ) Balance, end of period 10.0 |
Schedule of change in asset retirement obligations | Our asset retirement obligations activity for the nine months ended September 30, 2015 was as follows (in millions): Nine months ended September 30, 2015 $ Balance, beginning of period 16.0 Additional liabilities incurred 1.8 Liabilities settled (2.9 ) Accretion 1.0 Balance, end of period 15.9 |
Pension and Other Post-Retire38
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 defined benefit pension plans during the three and nine months ended September 30, 2015 and 2014 included the following (in millions): Noranda Pension Plans St. Ann Pension Plans Three months ended September 30, Three months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 4.2 3.5 0.1 0.2 Interest cost 5.0 4.7 0.4 0.3 Expected return on plan assets (5.7 ) (5.6 ) (0.5 ) (0.5 ) Recognized actuarial loss 3.0 1.0 — — Amortization of prior service cost 0.3 0.3 0.1 0.1 Net periodic cost 6.8 3.9 0.1 0.1 Noranda Pension Plans St. Ann Pension Plans Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 12.6 10.3 0.4 0.5 Interest cost 15.0 14.6 1.2 1.1 Expected return on plan assets (17.1 ) (17.0 ) (1.5 ) (1.4 ) Recognized actuarial loss 9.0 2.9 — — Amortization of prior service cost 0.8 0.8 0.2 0.2 Net periodic cost 20.3 11.6 0.3 0.4 |
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 during the three and nine months ended September 30, 2015 and 2014 included the following (in millions): Noranda OPEB Plans St. Ann OPEB Plans Three months ended September 30, Three months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 0.1 0.1 0.1 — Interest cost 0.2 0.1 0.1 0.1 Net periodic cost 0.3 0.2 0.2 0.1 Noranda OPEB Plans St. Ann OPEB Plans Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Service cost 0.3 0.3 0.3 0.1 Interest cost 0.5 0.4 0.3 0.3 Net periodic cost 0.8 0.7 0.6 0.4 |
Derivative Financial Instrume39
Derivative Financial Instruments Schedule of Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables provide information as to the gross components of our net derivative balances as of September 30, 2015 and December 31, 2014 (in millions): As of September 30, 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 — — — 8.7 8.7 Total current derivative assets — — — 8.7 8.7 As of September 30, 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 (3.6 ) — (3.6 ) — (3.6 ) Master netting arrangement with counterparty four (2.0 ) — (2.0 ) — (2.0 ) Various counterparties not subject to a master netting arrangement — — — (2.5 ) (2.5 ) Total current derivative liabilities (5.6 ) — (5.6 ) (2.5 ) (8.1 ) 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, as of September 30, 2015 and December 31, 2014 , the carrying values, which were recorded at fair value, of our derivative instruments outstanding (in millions): September 30, 2015 December 31, 2014 $ $ Fixed-price aluminum customer contracts 8.7 2.4 Variable-price aluminum offset swaps (5.6 ) (4.3 ) Variable-price MWP contracts (2.5 ) 3.3 Total 0.6 1.4 The following table presents the effect of our hedging activities on our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 (in millions): Three months ended September 30, 2015 2014 $ $ Fixed-price aluminum customer contracts 3.3 (0.3 ) Variable-price aluminum offset swaps 3.3 (0.5 ) Variable-price MWP contracts 0.7 (1.8 ) Loss on hedging activities, net 7.3 (2.6 ) Nine months ended September 30 2015 2014 $ $ Fixed-price aluminum customer contracts (6.3 ) 5.1 Variable-price aluminum offset swaps 8.5 (0.1 ) Variable-price MWP contracts 8.3 (7.2 ) Loss on hedging activities, net 10.5 (2.2 ) |
Fixed Price Aluminum Customer Contracts [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2015 , our outstanding fixed-price aluminum customer contracts were as follows: Average price per pound Pounds Year $ (in millions) 2015 1.07 11.6 2016 0.92 26.8 |
Variable Price Aluminum Offset Swaps [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2015 , our outstanding variable-price aluminum offset swaps were as follows: Average hedged price per pound Pounds hedged Year $ (in millions) 2015 0.86 13.5 2016 0.81 28.6 |
Variable MWP Contract [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2015 , our outstanding variable-price MWP contracts were as follows: Average hedged price per pound Pounds hedged Year $ (in millions) 2015 0.16 13.1 2016 0.09 28.7 |
Share-Based Payments Share-Ba40
Share-Based Payments Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 $ $ $ $ Restricted stock and restricted stock unit equity awards 0.7 0.9 2.3 2.5 Total stock compensation expense 0.7 0.9 2.3 2.5 |
Schedule of stock option activity | Our stock option activity during the nine months ended September 30, 2015 was as follows: Employee options and non-employee director options Prior investor director provider options Common shares Weighted-average exercise price Intrinsic value (in millions) (1) Common shares Weighted-average exercise price Intrinsic value (in millions) (1) $ $ $ $ Outstanding, December 31, 2014 148,556 12.74 2.0 20,000 63.00 — Exercised (38,299 ) 9.51 0.3 — — — Expired (5,659 ) 7.98 — — — — Outstanding, September 30, 2015 104,598 14.19 — 20,000 63.00 — Fully vested and exercisable, September 30, 2015 (weighted-average remaining contractual term of 2.7 years and 2.1 years, respectively) 104,598 14.19 — 20,000 63.00 — (1) Options that were not in-the-money at September 30, 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 during the nine months ended September 30, 2015 was as follows: Service-vesting restricted stock and RSUs Performance-vesting RSUs with grant date Performance-vesting restricted stock (with market condition) with grant date Performance-vesting restricted stock and RSUs without 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 167,726 — 58,951 — 24,742 — 117,057 Granted 179,154 16.61 — — — — 73,700 Grant date determined during the period — — 57,349 20.86 — — (57,349 ) Dividend equivalent units granted 2,213 12.39 650 13.69 267 13.08 1,149 Vested (aggregate intrinsic value of $2.2 million) (136,173 ) 28.47 (18,594 ) 74.20 — — (2,594 ) Forfeited (8,705 ) 26.24 (3,014 ) 51.02 — — (3,794 ) Cancelled — — (41,259 ) 80.25 — — — Non-vested, September 30, 2015 (aggregate intrinsic value of $0.7 million) 204,215 54,083 25,009 128,169 |
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 8,603 Granted — Dividend equivalent units granted 34 Vested — Shares forfeited (8,571 ) Dividend equivalent units forfeited (66 ) Non-vested, September 30, 2015 — |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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”) for the three and nine months ended September 30, 2015 and 2014 were calculated as follows (in millions, except per share amounts): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net loss $ (175.1 ) $ (3.9 ) $ (203.2 ) $ (28.3 ) Weighted-average common shares outstanding*: Basic 10.01 9.84 9.93 9.80 Diluted 10.01 9.84 9.93 9.80 Net loss per common share: Basic $ (17.49 ) $ (0.40 ) $ (20.46 ) $ (2.89 ) Diluted $ (17.49 ) $ (0.40 ) $ (20.46 ) $ (2.89 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table provides information regarding the type and weighted average number of antidilutive securities outstanding during the three and nine months ended September 30, 2015 and 2014 (in millions): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Options 0.13 1.19 0.15 1.23 Service-vesting restricted stock and RSUs and Dividend equivalent units 0.21 1.23 0.18 1.00 Performance-vesting restricted stock and RSUs and Dividend equivalent units 0.03 0.24 0.02 0.20 Antidilutive securities 0.37 2.66 0.35 2.43 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of related party sales transactions [Table textblock] | May 15, 2015, the Apollo Funds sold 3,262,857 shares of our common stock in a public offering. Subsequent to the offering, the Apollo Funds no longer owned any shares of the Company’s common stock, and is no longer deemed to be a related party. |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Line Items] | |
Schedule of Balance Sheet Components Related to NonControlling Interest | We consolidate NJBP into our unaudited condensed consolidated balance sheets as follows (in millions): September 30, 2015 December 31, 2014 NJBP balances Impact of Eliminations Impact on consolidated statements NJBP balances Impact of Eliminations Impact on consolidated statements $ $ $ $ $ $ Cash and cash equivalents 0.7 — 0.7 0.8 — 0.8 Accounts receivable, net 11.4 (11.4 ) — 13.5 (13.5 ) — Inventories, net (consisting of maintenance supplies, inventory and fuel) 10.5 — 10.5 14.3 — 14.3 Other current assets 9.7 — 9.7 8.1 — 8.1 Property, plant and equipment, net 46.9 — 46.9 45.0 — 45.0 Other assets 8.8 — 8.8 7.4 — 7.4 Accounts payable (69.9 ) 56.8 (13.1 ) (71.8 ) 55.5 (16.3 ) Accrued liabilities (4.6 ) — (4.6 ) (3.9 ) — (3.9 ) Environmental, land and reclamation liabilities (1.8 ) — (1.8 ) (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 45.4 51.1 5.9 42.0 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. NBL receives bauxite from NJBP at cost, excluding the mining lease fees described above; therefore, NJBP operates at breakeven. Further, all obligations to the GOJ are provided through the payments from NBL 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 a lower of cost or market or asset impairment scenario. |
Subsidiary Issuer of Guarante44
Subsidiary Issuer of Guaranteed Notes Subsidiary Issuer of Guaranteed Notes (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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 0.1 6.5 0.8 1.5 — 8.9 Accounts receivable, net: Trade — — 88.1 4.1 — 92.2 Affiliates 19.8 11.9 11.6 — (43.3 ) — Inventories, net — — 139.8 22.8 — 162.6 Other current assets 6.9 2.3 16.7 13.0 — 38.9 Total current assets 26.8 20.7 257.0 41.4 (43.3 ) 302.6 Investments in affiliates (64.4 ) 1,162.3 — — (1,097.9 ) — Advances due from affiliates 137.0 215.5 857.2 63.5 (1,273.2 ) — Property, plant and equipment, net — — 622.2 70.2 — 692.4 Goodwill — — — — — — Other intangible assets, net — — 44.5 — — 44.5 Other assets — 4.3 43.9 33.8 — 82.0 Total assets 99.4 1,402.8 1,824.8 208.9 (2,414.4 ) 1,121.5 LIABILITIES AND EQUITY Current liabilities: Accounts payable: Trade — — 104.1 13.7 — 117.8 Affiliates — 19.8 — 23.5 (43.3 ) — Accrued liabilities — 7.2 53.5 26.7 — 87.4 Deferred tax liabilities — — — — — — Current portion of long-term debt and lease financing — 4.9 6.1 5.6 — 16.6 Total current liabilities — 31.9 163.7 69.5 (43.3 ) 221.8 Long-term debt and lease financing, net — 636.0 12.0 12.7 — 660.7 Pension and other post-retirement liabilities — — 184.6 7.9 — 192.5 Other long-term liabilities — — 35.8 8.7 — 44.5 Advances due to affiliates 199.6 776.4 292.1 5.1 (1,273.2 ) — Long-term deferred tax liabilities 29.5 22.9 72.9 0.4 — 125.7 Stockholders’ equity: Common stock 0.1 — — — — 0.1 Capital in excess of par value 246.7 352.1 1,122.3 83.8 (1,558.2 ) 246.7 Accumulated earnings (deficit) (273.0 ) (313.0 ) 40.7 19.1 253.2 (273.0 ) Accumulated other comprehensive income (loss) (103.5 ) (103.5 ) (99.3 ) (4.3 ) 207.1 (103.5 ) Total stockholders’ equity (deficit) (129.7 ) (64.4 ) 1,063.7 98.6 (1,097.9 ) (129.7 ) Non-controlling interest — — — 6.0 — 6.0 Total equity (deficit) (129.7 ) (64.4 ) 1,063.7 104.6 (1,097.9 ) (123.7 ) Total liabilities and equity 99.4 1,402.8 1,824.8 208.9 (2,414.4 ) 1,121.5 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 12.0 10.0 — (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 50.0 (41.5 ) 347.1 Investments in affiliates 266.1 1,537.3 — — (1,803.4 ) — Advances due from affiliates — 134.0 736.9 63.5 (934.4 ) — Property, plant and equipment, net — — 627.4 67.6 — 695.0 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 1,696.2 1,898.1 212.8 (2,779.3 ) 1,318.1 LIABILITIES AND EQUITY Current liabilities: Accounts payable: Trade — — 112.1 10.5 — 122.6 Affiliates — 19.5 — 22.0 (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 and lease financing — 4.9 1.1 5.6 — 11.6 Total current liabilities 0.1 26.7 160.0 59.7 (41.5 ) 205.0 Long-term debt and lease financing, net — 639.5 — 16.9 — 656.4 Pension and other post-retirement liabilities — — 187.9 7.5 — 195.4 Other long-term liabilities — — 35.9 10.0 — 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 Stockholders’ equity: Common stock 0.1 — — — — 0.1 Capital in excess of par value 244.2 352.1 1,199.7 83.8 (1,635.6 ) 244.2 Accumulated earnings (deficit) (68.2 ) 24.0 330.8 32.9 (387.7 ) (68.2 ) Accumulated other comprehensive income (loss) (110.0 ) (110.0 ) (105.5 ) (4.4 ) 219.9 (110.0 ) Total stockholders’ equity 66.1 266.1 1,425.0 112.3 (1,803.4 ) 66.1 Non-controlling interest — — — 6.0 — 6.0 Total equity 66.1 266.1 1,425.0 118.3 (1,803.4 ) 72.1 Total liabilities and equity 290.3 1,696.2 1,898.1 212.8 (2,779.3 ) 1,318.1 |
Condensed Income Statement [Table Text Block] | NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Operations Three months ended September 30, 2015 (in millions) (unaudited) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 294.7 33.6 (18.8 ) 309.5 Operating costs and expenses: Cost of sales — — 322.2 32.6 (18.8 ) 336.0 Selling, general and administrative 0.9 0.3 20.5 4.2 — 25.9 Goodwill and other intangibles impairment — — 137.9 — — 137.9 Other recoveries — — (8.7 ) — — (8.7 ) Total operating costs and expenses 0.9 0.3 471.9 36.8 (18.8 ) 491.1 Operating loss (0.9 ) (0.3 ) (177.2 ) (3.2 ) — (181.6 ) Other (income) expense: Interest expense (income), net (0.1 ) 12.6 0.1 0.4 — 13.0 Loss on hedging activities, net — — 7.3 — — 7.3 Total other (income) expense, net (0.1 ) 12.6 7.4 0.4 — 20.3 Loss before income taxes (0.8 ) (12.9 ) (184.6 ) (3.6 ) — (201.9 ) Income tax (benefit) expense 0.3 3.1 (30.2 ) — — (26.8 ) Equity in net income (loss) of subsidiaries (174.0 ) (158.0 ) — — 332.0 — Net income (loss) (175.1 ) (174.0 ) (154.4 ) (3.6 ) 332.0 (175.1 ) Other comprehensive income (loss) 2.2 2.2 2.0 — (4.2 ) 2.2 Total comprehensive income (loss) (172.9 ) (171.8 ) (152.4 ) (3.6 ) 327.8 (172.9 ) NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Operations Three months ended September 30, 2014 (in millions) (unaudited) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 349.5 30.8 (18.9 ) 361.4 Operating costs and expenses: Cost of sales — — 323.3 31.1 (18.9 ) 335.5 Selling, general and administrative 1.3 0.1 14.6 3.6 — 19.6 Total operating costs and expenses 1.3 0.1 337.9 34.7 (18.9 ) 355.1 Operating income (loss) (1.3 ) (0.1 ) 11.6 (3.9 ) — 6.3 Other (income) expense: Interest expense (income), net (0.1 ) 12.4 — 0.3 — 12.6 Gain on hedging activities, net — — (2.6 ) — — (2.6 ) Total other (income) expense, net (0.1 ) 12.4 (2.6 ) 0.3 — 10.0 Income (loss) before income taxes (1.2 ) (12.5 ) 14.2 (4.2 ) — (3.7 ) Income tax (benefit) expense (0.5 ) (4.2 ) 4.9 — — 0.2 Equity in net income (loss) of subsidiaries (3.2 ) 5.1 — — (1.9 ) — Net income (loss) (3.9 ) (3.2 ) 9.3 (4.2 ) (1.9 ) (3.9 ) Other comprehensive income (loss) 0.7 0.7 0.7 — (1.4 ) 0.7 Total comprehensive income (loss) (3.2 ) (2.5 ) 10.0 (4.2 ) (3.3 ) (3.2 ) |
Condensed Cash Flow Statement [Table Text Block] | NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 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 (0.3 ) 8.8 20.0 (3.5 ) — 25.0 INVESTING ACTIVITIES Capital expenditures — — (53.0 ) (4.6 ) — (57.6 ) Insurance proceeds from casthouse and other — — 1.7 — — 1.7 Proceeds from corporate owned life insurance policy — — 6.4 — — 6.4 Proceeds from sale of property, plant and equipment — — 2.2 — — 2.2 Cash used in investing activities — — (42.7 ) (4.6 ) — (47.3 ) 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 stockholders (1.4 ) — — — — (1.4 ) Repayments on revolving credit facility — (226.0 ) — — — (226.0 ) Borrowings on revolving credit facility — 226.0 — — — 226.0 Repayments of long-term debt and lease financing — (7.9 ) (0.8 ) — — (8.7 ) Borrowings on long-term debt and lease financing — — 17.4 — — 17.4 Distribution (to parent) from subsidiary 1.5 (1.5 ) — — — — Short-term product financing — — 3.6 — — 3.6 Cash provided by (used in) financing activities (0.1 ) (9.4 ) 20.2 — — 10.7 Change in cash and cash equivalents (0.4 ) (0.6 ) (2.5 ) (8.1 ) — (11.6 ) Cash and cash equivalents, beginning of period 0.5 7.1 3.3 9.6 — 20.5 Cash and cash equivalents, end of period 0.1 6.5 0.8 1.5 — 8.9 NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 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 0.4 (45.5 ) 53.7 (4.4 ) — 4.2 INVESTING ACTIVITIES Capital expenditures — — (52.5 ) (7.4 ) — (59.9 ) Proceeds from sale of property, plant and equipment — — 0.2 — — 0.2 Cash used in investing activities — — (52.3 ) (7.4 ) — (59.7 ) FINANCING ACTIVITIES Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements (1.1 ) — — — — (1.1 ) Dividends paid to stockholders (2.1 ) — — — — (2.1 ) Repayments of long-term debt and lease financing — (3.6 ) — — — (3.6 ) Borrowings on long-term debt and lease financing — (7.0 ) — 14.2 — 7.2 Repayments on revolving credit facility — (86.0 ) — — — (86.0 ) Borrowings on revolving credit facility — 86.0 — — — 86.0 Distribution (to parent) from subsidiary 2.8 (2.8 ) — — — — Cash provided by (used in) financing activities (0.4 ) (13.4 ) — 14.2 — 0.4 Change in cash and cash equivalents — (58.9 ) 1.4 2.4 — (55.1 ) Cash and cash equivalents, beginning of period 0.4 66.7 1.1 11.2 — 79.4 Cash and cash equivalents, end of period 0.4 7.8 2.5 13.6 — 24.3 |
Accounting Policies Organizatio
Accounting Policies Organization, Consolidation and Basis of Presentation (Details) - shares shares in Millions | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common stock, shares outstanding | 10 | 9.8 | |
Common Stock, Shares Authorized | 30 | 200 | 30 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015segments | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Number of Operating Segments | 5 |
Segments (Schedule of Segment P
Segments (Schedule of Segment Profit Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | $ 309.5 | $ 361.4 | $ 987.8 | $ 1,018.9 |
Capital expenditures | 13.8 | 28.8 | 57.6 | 59.9 |
Segment profit (loss) | (26.4) | 36.6 | 26.9 | 77.7 |
Depreciation and amortization | (23.9) | (21.7) | (70.4) | (65.7) |
Last in, first out and lower of cost or market inventory adjustments | 0.8 | (2.2) | (0.3) | (3.2) |
Gain (Loss) on disposal of assets | 1.1 | (0.1) | 1.6 | (0.2) |
Goodwill and Other Intangibles Impairment | (137.9) | 0 | (137.9) | 0 |
Non-cash pension, accretion and stock compensation | (4.2) | (2.4) | (13.3) | (7.1) |
Restructuring, relocation and severance | (0.5) | (0.7) | (5.1) | (0.3) |
Consulting fees | (1.4) | (3) | (0.3) | |
Cash settlements on hedging transactions | 6.8 | (2.7) | 12.4 | (3) |
Gain on Business Interruption Insurance Recovery | 5.1 | 5.1 | ||
Other, net | (1.1) | (0.5) | (3.6) | 0 |
Operating income (loss) | (181.6) | 6.3 | (187.6) | (2.1) |
Interest expense, net | 13 | 12.6 | 39.4 | 37.7 |
Loss (Gain) on Derivatives | 7.3 | (2.6) | 10.5 | (2.2) |
Total other income, net | 20.3 | 10 | 49.9 | 35.5 |
Income (loss) before income taxes | (201.9) | (3.7) | (237.5) | (37.6) |
Bauxite [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 33.5 | 30.8 | 95.6 | 90.9 |
Capital expenditures | 0.9 | 5.1 | 4.6 | 7.4 |
Bauxite [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit (loss) | 0.5 | (1.5) | (0.5) | (0.3) |
Depreciation and amortization | (3.2) | (2.5) | (9.4) | (7.4) |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 | 0 | 0 |
Gain (Loss) on disposal of assets | 0 | 0 | 0 | 0 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Non-cash pension, accretion and stock compensation | 0 | 0 | (0.1) | (0.1) |
Restructuring, relocation and severance | (0.2) | 0 | (3.4) | 0 |
Consulting fees | (0.4) | (0.7) | 0 | |
Cash settlements on hedging transactions | 0 | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | 0 | ||
Other, net | 0 | 0 | 0 | 0 |
Operating income (loss) | (3.3) | (4) | (14.1) | (7.8) |
Alumina [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 78 | 92.7 | 245.2 | 247.7 |
Capital expenditures | 3 | 3.9 | 6.2 | 9 |
Alumina [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit (loss) | 2.2 | 6.5 | 14.3 | (8.6) |
Depreciation and amortization | (6) | (5) | (16.4) | (15.2) |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 | 0 | 0 |
Gain (Loss) on disposal of assets | (0.1) | 0 | 0.7 | 0 |
Goodwill and Other Intangibles Impairment | (0.3) | (0.3) | ||
Non-cash pension, accretion and stock compensation | (0.3) | (0.2) | (0.8) | (0.6) |
Restructuring, relocation and severance | 0 | 0 | (0.3) | 0 |
Consulting fees | 0 | (0.1) | 0 | |
Cash settlements on hedging transactions | 0 | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | 0 | ||
Other, net | (0.5) | (0.2) | (0.8) | (0.4) |
Operating income (loss) | (5) | 1.1 | (3.7) | (24.8) |
Primary Aluminum [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 115.8 | 166.2 | 404.1 | 471.6 |
Capital expenditures | 10.2 | 16.7 | 42.8 | 33 |
Primary Aluminum [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit (loss) | (38.8) | 20.4 | (11.9) | 63.9 |
Depreciation and amortization | (9.6) | (9.2) | (29.5) | (28.8) |
Last in, first out and lower of cost or market inventory adjustments | 0.1 | (0.7) | (2.7) | (3.1) |
Gain (Loss) on disposal of assets | 1.2 | 0 | 1.1 | 0.1 |
Goodwill and Other Intangibles Impairment | (137.6) | (137.6) | ||
Non-cash pension, accretion and stock compensation | (1.7) | (0.8) | (5.1) | (2.3) |
Restructuring, relocation and severance | (0.2) | (0.6) | (0.5) | (0.7) |
Consulting fees | (0.1) | (0.6) | 0 | |
Cash settlements on hedging transactions | 0.7 | (0.2) | 1.3 | (0.4) |
Gain on Business Interruption Insurance Recovery | 5.1 | 5.1 | ||
Other, net | (0.6) | 0 | (1.3) | 0 |
Operating income (loss) | (181.5) | 8.9 | (181.7) | 28.7 |
Flat Rolled Products [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 141.2 | 157.2 | 442.2 | 440.6 |
Capital expenditures | (0.3) | 2.5 | 3.5 | 9.5 |
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) | 18.1 | 17.6 | 47.2 | 43.6 |
Depreciation and amortization | (4.5) | (4.8) | (13.3) | (13.8) |
Last in, first out and lower of cost or market inventory adjustments | 0.7 | (1.3) | 2.2 | 0.1 |
Gain (Loss) on disposal of assets | 0 | (0.1) | (0.2) | (0.3) |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Non-cash pension, accretion and stock compensation | (1.2) | (0.4) | (3.8) | (1.3) |
Restructuring, relocation and severance | (0.1) | (0.1) | 0.2 | 0.3 |
Consulting fees | 0 | 0 | 0 | |
Cash settlements on hedging transactions | 6.1 | (2.5) | 11.1 | (2.6) |
Gain on Business Interruption Insurance Recovery | 0 | 0 | ||
Other, net | 0 | (0.1) | 0 | (0.1) |
Operating income (loss) | 19.1 | 8.3 | 43.4 | 25.9 |
Corporate [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 0 | 0 | 0 | 0 |
Capital expenditures | 0 | 0.6 | 0.5 | 1 |
Corporate [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment profit (loss) | (8.9) | (6) | (23.7) | (20) |
Depreciation and amortization | (0.6) | (0.2) | (1.8) | (0.5) |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 | 0 | 0 |
Gain (Loss) on disposal of assets | 0 | 0 | 0 | 0 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Non-cash pension, accretion and stock compensation | (1) | (1) | (3.5) | (2.8) |
Restructuring, relocation and severance | 0 | 0 | (1.1) | 0.1 |
Consulting fees | (0.9) | (1.6) | (0.3) | |
Cash settlements on hedging transactions | 0 | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | 0 | ||
Other, net | 0 | (0.3) | (0.2) | (0.1) |
Operating income (loss) | (11.4) | (7.5) | (31.9) | (23.6) |
Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | (59) | (85.5) | (199.3) | (231.9) |
Capital expenditures | 0 | 0 | 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) | 0.5 | (0.4) | 1.5 | (0.9) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Last in, first out and lower of cost or market inventory adjustments | 0 | (0.2) | 0.2 | (0.2) |
Gain (Loss) on disposal of assets | 0 | 0 | 0 | 0 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Non-cash pension, accretion and stock compensation | 0 | 0 | 0 | 0 |
Restructuring, relocation and severance | 0 | 0 | 0 | 0 |
Consulting fees | 0 | 0 | 0 | |
Cash settlements on hedging transactions | 0 | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | 0 | ||
Other, net | 0 | 0.1 | (1.3) | 0.6 |
Operating income (loss) | 0.5 | (0.5) | 0.4 | (0.5) |
External customers [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 309.5 | 361.4 | 987.8 | 1,018.9 |
External customers [Member] | Bauxite [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 14.7 | 11.9 | 37 | 36.5 |
External customers [Member] | Alumina [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 64.3 | 57.3 | 171.6 | 150.4 |
External customers [Member] | Primary Aluminum [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 89.3 | 135 | 337 | 391.4 |
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 | 141.2 | 157.2 | 442.2 | 440.6 |
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 | 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 | 0 | 0 |
Internal customers [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 0 | 0 | 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 | 18.8 | 18.9 | 58.6 | 54.4 |
Internal customers [Member] | Alumina [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 13.7 | 35.4 | 73.6 | 97.3 |
Internal customers [Member] | Primary Aluminum [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Sales, external customers, intersegment | 26.5 | 31.2 | 67.1 | 80.2 |
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 | 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 | 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 | $ (59) | $ (85.5) | $ (199.3) | $ (231.9) |
Segments (Schedule of Segment A
Segments (Schedule of Segment Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,121.5 | $ 1,318.1 |
Bauxite [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 145.8 | 149.9 |
Alumina [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 221.7 | 229.8 |
Primary Aluminum [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 402.9 | 561.5 |
Flat Rolled Products [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 311 | 335.1 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 60.6 | 65.5 |
Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ (20.5) | $ (23.7) |
Supplemental Financial Statem49
Supplemental Financial Statement Information (Schedule of Depreciation and Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Financial Statement Information [Abstract] | ||||
Depreciation of property, plant and equipment | $ 20.7 | $ 18.9 | $ 60.8 | $ 57 |
Amortization of Intangible Assets | 1.4 | 1.4 | 4.4 | 4.4 |
Amortization of Other Deferred Charges | 1.8 | 1.4 | 5.2 | 4.3 |
Total depreciation and amortization | $ 23.9 | $ 21.7 | $ 70.4 | $ 65.7 |
Supplemental Financial Statem50
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash Flow Data and Cash Flow Data Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Financial Statement Information [Abstract] | ||
Interest Paid | $ 33.9 | $ 32.5 |
U.S. Federal and state income taxes paid, net of refunds received | 3.9 | 6.9 |
Capital Expenditures Incurred but Not yet Paid | 11.9 | 1.7 |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 1.6 | $ 1.5 |
Supplemental Financial Statem51
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of AOCI) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 | (103.5) |
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), before Tax1, End of Period | (162.9) |
Accumulated Other Comprehensive Income (Loss) Tax, Beginning of Period | (62.9) |
Accumulated Other Comprehensive Income (Loss) Tax, End of Period | (59.4) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 10 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), Tax | 3.5 |
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) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | (103.5) |
Other Comprehensive Income Loss Reclassification Adjustments Included In Net Income Net Of Tax | $ 6.5 |
Supplemental Financial Statem52
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Amounts Recognized in other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $ 3.4 | $ 1.2 | $ 10 | $ 3.7 |
Income tax expense related to components of other comprehensive income | 1.2 | 0.5 | 3.5 | 1.4 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 2.2 | 0.7 | 6.5 | 2.3 |
Selling, General and Administrative Expenses [Member] | ||||
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||||
Actuarial gain/loss | 0.7 | 0.3 | 2 | 0.7 |
Prior service costs | 0.1 | 0.1 | 0.3 | 0.2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 0.8 | 0.4 | 2.3 | 0.9 |
Cost of Sales [Member] | ||||
Schedule of Amounts Recognized in Other Comprehensive Income [Line Items] | ||||
Actuarial gain/loss | 2.3 | 0.7 | 7 | 2.2 |
Prior service costs | 0.3 | 0.1 | 0.7 | 0.6 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $ 2.6 | $ 0.8 | $ 7.7 | $ 2.8 |
Supplemental Financial Statem53
Supplemental Financial Statement Information (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Trade | $ 92.3 | $ 102.6 |
Allowance for doubtful accounts | (0.1) | (0.1) |
Total accounts receivable, net | $ 92.2 | $ 102.5 |
Supplemental Financial Statem54
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Current foreign deferred tax assets | $ 3.7 | $ 0.4 |
Employee loans receivable, net | 1.8 | 2.1 |
Current derivative assets | 8.7 | 6.3 |
Income Taxes Receivable | 5.9 | 4 |
Prepaid Expense and Other Assets, Noncurrent | 5.8 | 4.5 |
Restricted Cash and Cash Equivalents, Noncurrent | 0.1 | 0.1 |
Other current assets | 12.9 | 10 |
Other current assets | $ 38.9 | $ 27.4 |
Supplemental Financial Statem55
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Deferred financing costs, net of amortization | $ 4.3 | $ 5.8 |
Cash surrender value of life insurance | 22.1 | 29.3 |
Pension asset | 6.8 | 6.5 |
Restricted cash | 14.2 | 14 |
Supplies | 5.9 | 5 |
Prepaid Jamaican income taxes | 12.7 | 12.7 |
Derivative assets | 0 | 0.2 |
Other | 16 | 15.6 |
Total other assets | $ 82 | $ 89.1 |
Supplemental Financial Statem56
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Compensation and benefits | $ 25.5 | $ 18.3 |
Workers' compensation | 5.9 | 5.6 |
Other operating expenses | 19 | 11.2 |
Accrued interest | 7.3 | 2.3 |
Asset retirement obligations | 2.1 | 2.3 |
Land obligation | 3.5 | 3.7 |
Derivative Liability | 8.1 | 5 |
Reclamation obligation | 1.8 | 1.5 |
Environmental remediation obligation | 1.7 | 1.7 |
Obligations to the Government of Jamaica | 11.7 | 5.9 |
Pension and OPEB liabilities | 0.8 | 0.8 |
Restructuring liability | 0 | 0.8 |
Total accrued liabilities | $ 87.4 | $ 59.1 |
Supplemental Financial Statem57
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Reserve for uncertain tax positions | $ 0.6 | $ 0.7 |
Workers' compensation | 16.1 | 15.3 |
Asset retirement obligations | 13.8 | 13.7 |
Land obligation | 6.5 | 6.8 |
Environmental remediation obligations | 1.1 | 1.1 |
Long-term derivative liabilities, gross | 0 | 0.1 |
Deferred compensation and other | 6.4 | 8.2 |
Total other long-term liabilities | $ 44.5 | $ 45.9 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | $ 8.7 | $ 6.5 |
Derivative Liability | (8.1) | (5.1) |
Total Fair Value Derivative Assets and Derivative Liabilities | 0.6 | 1.4 |
Fair Value, Net beginning of period | 1.4 | |
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 Liability | 0 | 0 |
Total Fair Value Derivative Assets and Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 8.7 | 3.2 |
Derivative Liability | (5.6) | (5.1) |
Total Fair Value Derivative Assets and Derivative Liabilities | 3.1 | (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 Liability | (2.5) | 0 |
Total Fair Value Derivative Assets and Derivative Liabilities | (2.5) | $ 3.3 |
Midwest premium contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Net beginning of period | 3.3 | |
New contracts entered into during period | (1.4) | |
Changes in Fair Value, Measurement | (6.9) | |
Settlements | 2.5 | |
Fair Value, Net end of period | $ (2.5) |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) | Sep. 30, 2015 | Dec. 31, 2014 |
Bauxite and Alumina [Member] | ||
Inventories disclosure [Line Items] | ||
Percentage of weighted-average cost inventory | 33.00% | 25.00% |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Raw materials, at cost | $ 58.9 | $ 73.7 |
Work-in-process, at cost | 44.9 | 48.9 |
Finished goods, at cost | 25.7 | 31.3 |
Total product inventories, at cost | 129.5 | 153.9 |
LIFO adjustment | 31.8 | 14 |
Lower of cost or market (LCM) reserve | (31.1) | (7.6) |
Inventories, at lower of cost or market | 130.2 | 160.3 |
Supplies, current | 32.4 | 36.4 |
Total inventories, net | $ 162.6 | $ 196.7 |
Property Plant and Equipment (S
Property Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Statement [Line Items] | ||
Land | $ 51.8 | $ 51.9 |
Buildings and Improvements | 170.8 | 163 |
Machinery and Equipment | 947.4 | 927.1 |
Construction in Progress | 84.8 | 86.2 |
Property, plant and equipment, at cost | 1,254.8 | 1,228.2 |
Accumulated depreciation | (562.4) | (533.2) |
Property, plant and equipment, net | $ 692.4 | $ 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 |
Casthouse Casthouse (Details)
Casthouse Casthouse (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accumulated Depreciation of damaged assets | $ 562.4 | $ 562.4 | $ 533.2 | ||
Losses in selling, general and adminstrative expesnestrative Expense | 25.9 | $ 19.6 | 74.7 | $ 58.1 | |
Total - Inventory Adjustments | (7.5) | (7.5) | |||
Insurance receipts through September 30, 2015 | (6.4) | ||||
Insurance receivable recorded at September 30, 2015 | $ (1.1) | $ (1.1) | |||
Unusual or Infrequent Item [Domain] | |||||
Accumulated Depreciation of damaged assets | |||||
Inventory written down to scrap value | |||||
Losses in selling, general and adminstrative expesnestrative Expense | |||||
Total - Inventory Adjustments | $ (4.2) | $ (4.2) | |||
Property, Plant and Equipment [Member] | |||||
Accumulated Depreciation of damaged assets | 1.4 | 1.4 | |||
Inventory written down to scrap value | 0.4 | ||||
Losses in selling, general and adminstrative expesnestrative Expense | 1.5 | ||||
Total - Inventory Adjustments | $ 3.3 | $ 3.3 | |||
Receivable [Domain] | |||||
Accumulated Depreciation of damaged assets | |||||
Inventory written down to scrap value | |||||
Losses in selling, general and adminstrative expesnestrative Expense |
Intangible Assets Disclosure Sc
Intangible Assets Disclosure Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions | Sep. 30, 2015USD ($) |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense [Abstract] | |
Finite-Lived Intangible Assets, Remaining Amortization Period | $ 5.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3.4 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3.4 |
Intangible Assets Disclosure 64
Intangible Assets Disclosure schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 89.1 | $ 89.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | (44.5) | (40.1) |
Finite-Lived Intangible Assets, Net | 44.6 | 49.3 |
Customer-Related Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 71 | 71 |
Finite-Lived Intangible Assets, Accumulated Amortization | (43.8) | (39.4) |
Finite-Lived Intangible Assets, Net | 27.2 | 31.6 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0.7 | 0.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | (0.7) | (0.7) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 17.4 | 17.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Finite-Lived Intangible Assets, Net | $ 17.4 | $ 17.7 |
Intangible Assets Disclosure 65
Intangible Assets Disclosure Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 1.4 | $ 1.4 | $ 4.4 | $ 4.4 |
Goodwill and Other Intangibles Impairment | (137.9) | $ 0 | (137.9) | $ 0 |
Segment Reconciling Items [Member] | Primary Aluminum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and Other Intangibles Impairment | $ (137.6) | $ (137.6) |
Commitments and Contingencies66
Commitments and Contingencies (Narrative) (Details) $ / MMBTU in Millions, $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)labor_union_contracts$ / MMBTUMW | |
Labor commitments abstract [Abstract] | |
Number of labor union agreements | labor_union_contracts | 7 |
Power contract [Member] | |
Power contract [Abstract] | |
Long-term Purchase Commitment, Minimum Quantity Required | 5 |
Long-term Purchase Commitment, Amount | $ | $ 7.9 |
Capital Addition Purchase Commitments [Member] | |
Power contract [Abstract] | |
Long-term Purchase Commitment, Minimum Quantity Required | $ / MMBTU | 35 |
Long-Term Debt (Schedule of Out
Long-Term Debt (Schedule of Outstanding Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 677.3 | $ 668 |
Long-term Debt, Current Maturities | 16.6 | 11.6 |
Long-term debt, net | 660.7 | 656.4 |
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 173.5 | $ 173.3 |
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 | $ 467.3 | $ 470.7 |
Debt Instrument, Interest Rate at Period End | 5.75% | 5.75% |
dredging project loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 18.3 | $ 22.5 |
Debt Instrument, Interest Rate at Period End | 9.00% | 9.00% |
Gramercy infrastructure loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3.8 | $ 1 |
Debt Instrument, Interest Rate at Period End | 8.00% | 8.00% |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 14 | $ 0 |
Debt Instrument, Interest Rate at Period End | 8.50% | 0.00% |
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 0.4 | $ 0.5 |
Debt Instrument, Interest Rate at Period End | 5.79% | 5.79% |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Document Period End Date | Sep. 30, 2015 | |
Debt Instrument, Unamortized Discount | $ 1.5 | $ 1.7 |
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | $ 14.8 | |
Description of Lessor Leasing Arrangements, Capital Leases | P60M | |
Debt Instrument, Payment Terms | $0.3 million. | |
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 47.5 | 171.6 |
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 2 | 2.4 |
Long-term Debt, Fair Value | 320.1 | 470.7 |
Asset-Backed Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 44.2 | $ 39.8 |
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 103.8 |
Asset Retirement and Other Ob69
Asset Retirement and Other Obligations (Reclamation Obligation) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Asset Retirement and Other Obligations [Abstract] | |
Reclamation obligation, balance, beginning of period | $ 1.5 |
Reclamation Obligation, Additional liabilities incurred | 2.1 |
Reclamation Obligation, Liabilities settled | (1.8) |
Reclamation obligation, balance, end of period | $ 1.8 |
Asset Retirement and Other Ob70
Asset Retirement and Other Obligations (Land Obligation) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Land obligation, beginning of period | $ 10.5 |
Land Obligation, Additional liabilities incurred | 0.2 |
Land Obligation, Liabilities settled | (0.2) |
Land Obligation, Revisions to obligation | (0.5) |
Land obligation, end of period | $ 10 |
Asset Retirement and Other Ob71
Asset Retirement and Other Obligations (Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Asset retirement obligations [Line Items] | ||
Asset Retirement Obligation, Balance, beginning of period | $ 16 | |
Asset Retirement Obligation, Additional liabilities incurred | 1.8 | |
Asset Retirement Obligation, Liabilities Settled | (2.9) | |
Asset Retirement Obligation, Accretion | 1 | |
Asset Retirement Obligation, Balance, end of period | 15.9 | |
Land Obligations, Restricted Cash and Cash Equivalents, Noncurrent | 14.2 | $ 14 |
Alumina [Member] | ||
Asset retirement obligations [Line Items] | ||
Land Obligations, Restricted Cash and Cash Equivalents, Noncurrent | $ 10.5 | $ 10.5 |
Asset Retirement and Other Ob72
Asset Retirement and Other Obligations Asset Retirement and Other Obligations (Environmental Remediation Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Environmental Remediation Obligations [Abstract] | ||
Environmental remediation obligation | $ 1.7 | $ 1.7 |
Environmental remediation obligations | $ 1.1 | $ 1.1 |
Pension and Other Post-Retire73
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension benefit plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4.2 | $ 3.5 | $ 12.6 | $ 10.3 |
Interest cost | 5 | 4.7 | 15 | 14.6 |
Expected return on plan assets | (5.7) | (5.6) | (17.1) | (17) |
Recognized actuarial loss | 3 | 1 | 9 | 2.9 |
Prior service costs | 0.3 | 0.3 | 0.8 | 0.8 |
Net periodic cost (benefit) | 6.8 | 3.9 | 20.3 | 11.6 |
Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0.2 | 0.4 | 0.5 |
Interest cost | 0.4 | 0.3 | 1.2 | 1.1 |
Expected return on plan assets | (0.5) | (0.5) | (1.5) | (1.4) |
Recognized actuarial loss | 0 | 0 | 0 | 0 |
Prior service costs | 0.1 | 0.1 | 0.2 | 0.2 |
Net periodic cost (benefit) | 0.1 | 0.1 | 0.3 | 0.4 |
Other post-retirement benefit plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0.1 | 0.3 | 0.3 |
Interest cost | 0.2 | 0.1 | 0.5 | 0.4 |
Net periodic cost (benefit) | 0.3 | 0.2 | 0.8 | 0.7 |
Domestic Pension Plan of Foreign Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0 | 0.3 | 0.1 |
Interest cost | 0.1 | 0.1 | 0.3 | 0.3 |
Net periodic cost (benefit) | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.4 |
Pension and Other Post-Retire74
Pension and Other Post-Retirement Benefit Plans (Employer Contributions) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Pension benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Contributions by Employer | $ 13.8 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 2.4 |
Foreign Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Contributions by Employer | 0.5 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 0.1 |
Derivative Financial Instrume75
Derivative Financial Instruments Derivative Financial Instruments (Schedule and Narrative of Outstanding Derivative Instruments) (Details) | 3 Months Ended |
Sep. 30, 2015lb$ / lb | |
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand fourteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 1.07 |
Derivative, Nonmonetary Notional Amount | lb | 11.6 |
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand and fifteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.92 |
Derivative, Nonmonetary Notional Amount | lb | 26.8 |
Variable Price Aluminum Offset Swaps [Member] | year, two thousand fourteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.86 |
Derivative, Nonmonetary Notional Amount | lb | 13.5 |
Variable Price Aluminum Offset Swaps [Member] | year, two thousand and fifteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.81 |
Derivative, Nonmonetary Notional Amount | lb | 28.6 |
Variable MWP Contract [Member] | year, two thousand fourteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.16 |
Derivative, Nonmonetary Notional Amount | lb | 13.1 |
Variable MWP Contract [Member] | year, two thousand and fifteen [Member] | |
Derivative [Line Items] | |
Underlying, Derivative | 0.09 |
Derivative, Nonmonetary Notional Amount | lb | 28.7 |
Derivative Financial Instrume76
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Carrying Values at FV) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ 0.6 | $ 1.4 | |
Fixed Price Aluminum Customer Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | 8.7 | 2.4 | |
Variable Price Aluminum Offset Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | (5.6) | (4.3) | |
Midwest premium contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ (2.5) | $ (2.5) | $ 3.3 |
Derivative Financial Instrume77
Derivative Financial Instruments Derivative Financial Instruments ((Schedule of Carry Values at Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 8.7 | $ 6.3 |
Long-term derivative liabilities, gross | 0 | (0.1) |
Derivative Asset, Noncurrent | 0 | 0.2 |
Derivative Liability, Current | (8.1) | (5) |
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 |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Asset, Noncurrent | 0 | |
Derivative Liability, Current | (5.6) | (4.3) |
Derivative Liability, Noncurrent | 0 | |
Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 8.7 | 6.3 |
Derivative Asset, Noncurrent | 0.2 | |
Derivative Liability, Current | (2.5) | (0.7) |
Derivative Liability, Noncurrent | (0.1) | |
counterparty_one [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (3.6) | (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 | (3.6) | (2.2) |
Derivative Liability, Current | (3.6) | (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) | |
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 | |
Current derivative liabilities, gross | (0.1) | |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Liability, Current | (0.1) | |
Derivative Liability, Noncurrent | 0 | |
Counterparty_two [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 0 | |
Derivative Liability, Noncurrent | (0.1) | |
Counterparty_three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (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 | |
Current derivative liabilities, gross | (0.1) | |
Derivative Liability, Current | (0.1) | |
Counterparty_three [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 0 | |
Counterparty_four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (2) | (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) | (1.9) |
Derivative Liability, Current | (2) | (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 | 8.7 | 6.3 |
Derivative Asset, Noncurrent | 0.2 | |
Derivative Liability, Current | (2.5) | (0.7) |
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 |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Asset, Noncurrent | 0 | |
Derivative Liability, Current | 0 | 0 |
other counterparty [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 8.7 | 6.3 |
Derivative Asset, Noncurrent | 0.2 | |
Derivative Liability, Current | (2.5) | (0.7) |
derivatives, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative liabilities, gross | $ (5.6) | $ (4.3) |
Derivative Financial Instrume78
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains and Losses on Hedging Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 7.3 | $ (2.6) | $ 10.5 | $ (2.2) |
Fixed Price Aluminum Customer Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 3.3 | (0.3) | (6.3) | 5.1 |
Variable Price Aluminum Offset Swaps [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 3.3 | (0.5) | 8.5 | (0.1) |
Variable MWP Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 0.7 | $ (1.8) | $ 8.3 | $ (7.2) |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Dividends Disclosures [Line Items] | ||||
Common Stock, Shares Authorized | 200,000,000 | 30,000,000 | 30,000,000 | |
Stock Issued During Period, Shares, Reverse Stock Splits | 30,000,000 | |||
Regular Quarterly Dividend [Member] | ||||
Dividends Disclosures [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.01 | $ 0.01 | ||
Payments of Dividends | $ 0.7 | $ 0.7 |
Share-Based Payments (Schedule
Share-Based Payments (Schedule of Stock Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0.7 | $ 0.9 | $ 2.3 | $ 2.5 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 4.1 | $ 4.1 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Restricted Stock and Restricted Stock Units Equity Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0.7 | $ 0.9 | $ 2.3 | $ 2.5 |
Share-Based Payments (Schedul81
Share-Based Payments (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
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 | 2 years 7 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 | 104,598 | 148,556 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 14.19 | $ 12.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (38,299) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.51 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (5,659) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 7.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 104,598 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 14.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |
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 | 20,000 | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 63 | $ 63 |
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, Forfeitures in Period | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 20,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 63 | |
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 1 month |
Share-Based Payments (Schedules
Share-Based Payments (Schedules of Restricted Stock and RSU Equity and Liability Award Activity) (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated forfeiture rate | 7.00% |
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 | 167,726 |
RSUs, weighted average grant date fair value, beginning of period | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 179,154 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 16.61 |
Dividend equivalent units granted | 2,213 |
Dividend equivalent units granted during period, weighted average grant date fair value | $ / shares | $ 12.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (136,173) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 28.47 |
RSUs forfeited during period | (8,705) |
RSUs forfeited during period, weighted average forfeiture fair value | $ / shares | $ 26.24 |
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 | $ / shares | $ 0 |
RSUs, nonvested, end of period | 204,215 |
RSUs, weighted average grant date fair value, end of period | $ / shares | |
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 | $ / shares | $ 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 | 58,951 |
RSUs, weighted average grant date fair value, beginning of period | $ / shares | $ 0 |
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 | $ / shares | $ 0 |
Dividend equivalent units granted | 650 |
Dividend equivalent units granted during period, weighted average grant date fair value | $ / shares | $ 13.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (18,594) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 74.20 |
RSUs forfeited during period | (3,014) |
RSUs forfeited during period, weighted average forfeiture fair value | $ / shares | $ 51.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | (41,259) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | $ / shares | $ 80.25 |
RSUs, nonvested, end of period | 54,083 |
RSUs, weighted average grant date fair value, end of period | $ / shares | |
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 | 57,349 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 20.86 |
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 | 24,742 |
RSUs, weighted average grant date fair value, beginning of period | $ / shares | $ 0 |
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 | $ / shares | $ 0 |
Dividend equivalent units granted | 267 |
Dividend equivalent units granted during period, weighted average grant date fair value | $ / shares | $ 13.08 |
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 | $ / shares | $ 0 |
RSUs forfeited during period | 0 |
RSUs forfeited during period, weighted average forfeiture fair value | $ / shares | $ 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 | $ / shares | $ 0 |
RSUs, nonvested, end of period | 25,009 |
RSUs, weighted average grant date fair value, end of period | $ / shares | |
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 | $ / shares | $ 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 | 117,057 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,700 |
Dividend equivalent units granted | 1,149 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (2,594) |
RSUs forfeited during period | (3,794) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | 0 |
RSUs, nonvested, end of period | 128,169 |
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 | (57,349) |
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 | 8,603 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 |
Dividend equivalent units granted | 34 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 |
RSUs forfeited during period | (8,571) |
RSUs, nonvested, end of period | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | (66) |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule of Calculation of Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income (loss) | $ (175.1) | $ (3.9) | $ (203.2) | $ (28.3) |
Weighted-average common shares outstanding: | ||||
Basic weighted-average common shares outstanding | 10,010 | 9,840 | 9,930 | 9,800 |
Diluted weighted-average common shares outstanding | 10,010 | 9,840 | 9,930 | 9,800 |
Net income per common share: | ||||
Basic net income per common share | $ (17.49) | $ (0.40) | $ (20.46) | $ (2.89) |
Diluted net income per common share | $ (17.49) | $ (0.40) | $ (20.46) | $ (2.89) |
Antidilutive securities | 370 | 2,660 | 350 | 2,430 |
Equity Option [Member] | ||||
Net income per common share: | ||||
Antidilutive securities | 130 | 1,190 | 150 | 1,230 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | ||||
Net income per common share: | ||||
Antidilutive securities | 210 | 1,230 | 180 | 1,000 |
Performance Shares [Member] | ||||
Net income per common share: | ||||
Antidilutive securities | 30 | 240 | 20 | 200 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 13.30% | (5.40%) | 14.40% | 24.70% |
Stock or Unit Option Plan Expense | $ 1 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions Disclosure (Details) | Jun. 30, 2015shares |
Related Party Transaction [Line Items] | |
Common Stock, Other Shares, Outstanding | 3,262,857 |
Non-Controlling Interest Non-Co
Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) t in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($)t | Dec. 31, 2014USD ($) | Dec. 31, 2013t | |
Noncontrolling Interest [Line Items] | ||||
Other Commitments, Description | $ 17.8 | $ 12.7 | ||
Fees under mining operations contract with local government, unit | 5 | |||
Annual Shipping Under Contract, Mass | t | 5.1 | |||
Obligations to the Government | $ 11.7 | $ 11.7 | 5.9 | |
Required prepayment of foreign income taxes over next four years | 14 | 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 | $ 12.7 | $ 12.7 | $ 12.7 | |
Maximum [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Annual Shipping Under Contract, Mass | t | 5.4 | |||
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 | t | 4.5 | |||
Subsidiary [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | 49.00% | ||
Parent Of Subsidiary [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | 51.00% | ||
Foreign Government Debt Securities [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Other Commitments, Description | $ 3 | |||
Line of Credit [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Other Commitments, Description | $ 2.5 | |||
Fees under mining operations contract with local government, unit | 1.25 | |||
Cash [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Other Commitments, Description | $ 6.8 | |||
Fees under mining operations contract with local government, unit | 3.75 |
Non-Controlling Interest (Sched
Non-Controlling Interest (Schedule of Balance Sheet Components Related to Non-Controlling Interest) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | $ 8.9 | $ 20.5 | $ 24.3 | $ 79.4 |
Accounts receivable, net | 92.2 | 102.5 | ||
Inventories, net | 162.6 | 196.7 | ||
Other current assets | 38.9 | 27.4 | ||
Property, plant and equipment, net | 692.4 | 695 | ||
Other assets | 82 | 89.1 | ||
Accounts payable | (117.8) | (122.6) | ||
Accrued liabilities | (87.4) | (59.1) | ||
Non-controlling interest | (6) | (6) | ||
Subsidiary balances [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 0.7 | 0.8 | ||
Accounts receivable, net | 11.4 | 13.5 | ||
Inventories, net | 10.5 | 14.3 | ||
Other current assets | 9.7 | 8.1 | ||
Property, plant and equipment, net | 46.9 | 45 | ||
Other assets | 8.8 | 7.4 | ||
Accounts payable | (69.9) | (71.8) | ||
Accrued liabilities | (4.6) | (3.9) | ||
Environmental, land and reclamation liabilities | (1.8) | (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 | (11.4) | (13.5) | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Accounts payable | 56.8 | 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 | 45.4 | 42 | ||
Impact on consolidated balances [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 0.7 | 0.8 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 10.5 | 14.3 | ||
Other current assets | 9.7 | 8.1 | ||
Property, plant and equipment, net | 46.9 | 45 | ||
Other assets | 8.8 | 7.4 | ||
Accounts payable | (13.1) | (16.3) | ||
Accrued liabilities | (4.6) | (3.9) | ||
Environmental, land and reclamation liabilities | (1.8) | (1.5) | ||
Non-controlling interest | (6) | (6) | ||
St. Ann's net investment and advances to NJBP | $ 51.1 | $ 47.9 |
Subsidiary Issuer of Guarante88
Subsidiary Issuer of Guaranteed Notes (Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 8.9 | $ 20.5 | $ 24.3 | $ 79.4 |
Accounts receivable, net [Abstract] | ||||
Trade | 92.2 | 102.5 | ||
Affiliates | 0 | 0 | ||
Inventories, net | 162.6 | 196.7 | ||
Other current assets | 38.9 | 27.4 | ||
Total current assets | 302.6 | 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 | 692.4 | 695 | ||
Goodwill | 0 | 137.6 | ||
Intangible Assets, Net (Excluding Goodwill) | 44.5 | 49.3 | ||
Other assets | 82 | 89.1 | ||
Total assets | 1,121.5 | 1,318.1 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 117.8 | 122.6 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 87.4 | 59.1 | ||
Deferred tax liabilities | 0 | 11.7 | ||
Current portion of long-term debt | 16.6 | 11.6 | ||
Total current liabilities | 221.8 | 205 | ||
Long-term debt, net | 660.7 | 656.4 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 192.5 | 195.4 | ||
Other long-term liabilities | 44.5 | 45.9 | ||
Advances due to affiliates, noncurrent | 0 | 0 | ||
Long-term deferred tax liabilities | 125.7 | 143.3 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0.1 | 0.1 | ||
Capital in excess of par value | 246.7 | 244.2 | ||
Retained Earnings (Accumulated Deficit) | (273) | (68.2) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (103.5) | (110) | ||
Total shareholders' equity | (129.7) | 66.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 6 | 6 | ||
Total equity | (123.7) | 72.1 | ||
Total liabilities and equity | 1,121.5 | 1,318.1 | ||
Parent guarantor [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0.1 | 0.5 | 0.4 | 0.4 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0 | ||
Affiliates | 19.8 | 19.5 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 6.9 | 4.2 | ||
Total current assets | 26.8 | 24.2 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (64.4) | 266.1 | ||
Due from Affiliate, Noncurrent | 137 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 99.4 | 290.3 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 0 | 0 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Deferred tax liabilities | 0 | 0.1 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 0 | 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 | 199.6 | 197.3 | ||
Long-term deferred tax liabilities | 29.5 | 26.8 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0.1 | 0.1 | ||
Capital in excess of par value | 246.7 | 244.2 | ||
Retained Earnings (Accumulated Deficit) | (273) | (68.2) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (103.5) | (110) | ||
Total shareholders' equity | (129.7) | 66.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | (129.7) | 66.1 | ||
Total liabilities and equity | 99.4 | 290.3 | ||
Issuer [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 6.5 | 7.1 | 7.8 | 66.7 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0 | ||
Affiliates | 11.9 | 12 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 2.3 | 0 | ||
Total current assets | 20.7 | 19.1 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,162.3 | 1,537.3 | ||
Due from Affiliate, Noncurrent | 215.5 | 134 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 4.3 | 5.8 | ||
Total assets | 1,402.8 | 1,696.2 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 0 | 0 | ||
Accounts payable, affiliates | 19.8 | 19.5 | ||
Accrued liabilities | 7.2 | 2.3 | ||
Deferred tax liabilities | 0 | 0 | ||
Current portion of long-term debt | 4.9 | 4.9 | ||
Total current liabilities | 31.9 | 26.7 | ||
Long-term debt, net | 636 | 639.5 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | 776.4 | 737.2 | ||
Long-term deferred tax liabilities | 22.9 | 26.7 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | 352.1 | 352.1 | ||
Retained Earnings (Accumulated Deficit) | (313) | 24 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (103.5) | (110) | ||
Total shareholders' equity | (64.4) | 266.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | (64.4) | 266.1 | ||
Total liabilities and equity | 1,402.8 | 1,696.2 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0.8 | 3.3 | 2.5 | 1.1 |
Accounts receivable, net [Abstract] | ||||
Trade | 88.1 | 102.4 | ||
Affiliates | 11.6 | 10 | ||
Inventories, net | 139.8 | 168.2 | ||
Other current assets | 16.7 | 11.4 | ||
Total current assets | 257 | 295.3 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Due from Affiliate, Noncurrent | 857.2 | 736.9 | ||
Property, plant and equipment, net | 622.2 | 627.4 | ||
Goodwill | 0 | 137.6 | ||
Intangible Assets, Net (Excluding Goodwill) | 44.5 | 49.3 | ||
Other assets | 43.9 | 51.6 | ||
Total assets | 1,824.8 | 1,898.1 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 104.1 | 112.1 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 53.5 | 35.2 | ||
Deferred tax liabilities | 0 | 11.6 | ||
Current portion of long-term debt | 6.1 | 1.1 | ||
Total current liabilities | 163.7 | 160 | ||
Long-term debt, net | 12 | 0 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 184.6 | 187.9 | ||
Other long-term liabilities | 35.8 | 35.9 | ||
Advances due to affiliates, noncurrent | 292.1 | 0 | ||
Long-term deferred tax liabilities | 72.9 | 89.3 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | 1,122.3 | 1,199.7 | ||
Retained Earnings (Accumulated Deficit) | 40.7 | 330.8 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (99.3) | (105.5) | ||
Total shareholders' equity | 1,063.7 | 1,425 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | 1,063.7 | 1,425 | ||
Total liabilities and equity | 1,824.8 | 1,898.1 | ||
Subsidiary non-guarantor [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1.5 | 9.6 | 13.6 | 11.2 |
Accounts receivable, net [Abstract] | ||||
Trade | 4.1 | 0.1 | ||
Affiliates | 0 | 0 | ||
Inventories, net | 22.8 | 28.5 | ||
Other current assets | 13 | 11.8 | ||
Total current assets | 41.4 | 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 | 70.2 | 67.6 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Other assets | 33.8 | 31.7 | ||
Total assets | 208.9 | 212.8 | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 13.7 | 10.5 | ||
Accounts payable, affiliates | 23.5 | 22 | ||
Accrued liabilities | 26.7 | 21.6 | ||
Deferred tax liabilities | 0 | 0 | ||
Current portion of long-term debt | 5.6 | 5.6 | ||
Total current liabilities | 69.5 | 59.7 | ||
Long-term debt, net | 12.7 | 16.9 | ||
Pension and other post-retirement benefit (OPEB) liabilities | 7.9 | 7.5 | ||
Other long-term liabilities | 8.7 | 10 | ||
Advances due to affiliates, noncurrent | 5.1 | 0 | ||
Long-term deferred tax liabilities | 0.4 | 0.4 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | 83.8 | 83.8 | ||
Retained Earnings (Accumulated Deficit) | 19.1 | 32.9 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4.3) | (4.4) | ||
Total shareholders' equity | 98.6 | 112.3 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 6 | 6 | ||
Total equity | 104.6 | 118.3 | ||
Total liabilities and equity | 208.9 | 212.8 | ||
Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net [Abstract] | ||||
Trade | 0 | 0 | ||
Affiliates | (43.3) | (41.5) | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (43.3) | (41.5) | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (1,097.9) | (1,803.4) | ||
Due from Affiliate, Noncurrent | (1,273.2) | (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 | (2,414.4) | (2,779.3) | ||
Accounts Payable [Abstract] | ||||
Accounts payable; Trade | 0 | 0 | ||
Accounts payable, affiliates | (43.3) | (41.5) | ||
Accrued liabilities | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | (43.3) | (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 | (1,273.2) | (934.5) | ||
Long-term deferred tax liabilities | 0 | 0.1 | ||
Shareholders' equity: | ||||
Common Stock, Value, Issued | 0 | 0 | ||
Capital in excess of par value | (1,558.2) | (1,635.6) | ||
Retained Earnings (Accumulated Deficit) | 253.2 | (387.7) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 207.1 | 219.9 | ||
Total shareholders' equity | (1,097.9) | (1,803.4) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Total equity | (1,097.9) | (1,803.4) | ||
Total liabilities and equity | $ (2,414.4) | $ (2,779.3) |
Subsidiary Issuer of Guarante89
Subsidiary Issuer of Guaranteed Notes (Consolidating Income Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Guarantor Obligations [Line Items] | ||||
Sales | $ 309.5 | $ 361.4 | $ 987.8 | $ 1,018.9 |
Operating costs and expenses: | ||||
Cost of sales | 336 | 335.5 | 971.5 | 962.9 |
Selling, General and Administrative Expense | 25.9 | 19.6 | 74.7 | 58.1 |
Goodwill and Other Intangibles Impairment | 137.9 | 0 | 137.9 | 0 |
Other Recoveries | (8.7) | 0 | (8.7) | 0 |
Total operating costs and expenses, net | 491.1 | 355.1 | 1,175.4 | 1,021 |
Operating income (loss) | (181.6) | 6.3 | (187.6) | (2.1) |
Other (income) expense: [Abstract] | ||||
Interest expense, net | 13 | 12.6 | 39.4 | 37.7 |
Loss (Gain) on Derivatives | 7.3 | (2.6) | 10.5 | (2.2) |
Total other income, net | 20.3 | 10 | 49.9 | 35.5 |
Income (loss) before income taxes | (201.9) | (3.7) | (237.5) | (37.6) |
Income tax expense (benefit) | (26.8) | 0.2 | (34.3) | (9.3) |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | (175.1) | (3.9) | (203.2) | (28.3) |
Total other comprehensive income, net of tax | 2.2 | 0.7 | 6.5 | 2.3 |
Total comprehensive income (loss) | (172.9) | (3.2) | (196.7) | (26) |
Parent guarantor [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Operating costs and expenses: | ||||
Cost of sales | 0 | 0 | 0 | 0 |
Selling, General and Administrative Expense | 0.9 | 1.3 | 3.1 | 3.5 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Other Recoveries | 0 | 0 | ||
Total operating costs and expenses, net | 0.9 | 1.3 | 3.1 | 3.5 |
Operating income (loss) | (0.9) | (1.3) | (3.1) | (3.5) |
Other (income) expense: [Abstract] | ||||
Interest expense, net | (0.1) | (0.1) | (0.3) | (0.3) |
Loss (Gain) on Derivatives | 0 | 0 | 0 | 0 |
Total other income, net | (0.1) | (0.1) | (0.3) | (0.3) |
Income (loss) before income taxes | (0.8) | (1.2) | (2.8) | (3.2) |
Income tax expense (benefit) | 0.3 | (0.5) | 0.8 | (0.7) |
Equity in net income (loss) of subsidiaries | (174) | (3.2) | (199.6) | (25.8) |
Net income (loss) | (175.1) | (3.9) | (203.2) | (28.3) |
Total other comprehensive income, net of tax | 2.2 | 0.7 | 6.5 | 2.3 |
Total comprehensive income (loss) | (172.9) | (3.2) | (196.7) | (26) |
Issuer [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Operating costs and expenses: | ||||
Cost of sales | 0 | 0 | 0 | 0 |
Selling, General and Administrative Expense | 0.3 | 0.1 | 0.6 | 0.6 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Other Recoveries | 0 | 0 | ||
Total operating costs and expenses, net | 0.3 | 0.1 | 0.6 | 0.6 |
Operating income (loss) | (0.3) | (0.1) | (0.6) | (0.6) |
Other (income) expense: [Abstract] | ||||
Interest expense, net | 12.6 | 12.4 | 38.3 | 37.1 |
Loss (Gain) on Derivatives | 0 | 0 | 0 | 0 |
Total other income, net | 12.6 | 12.4 | 38.3 | 37.1 |
Income (loss) before income taxes | (12.9) | (12.5) | (38.9) | (37.7) |
Income tax expense (benefit) | 3.1 | (4.2) | (6.1) | (12.7) |
Equity in net income (loss) of subsidiaries | (158) | 5.1 | (166.8) | (0.8) |
Net income (loss) | (174) | (3.2) | (199.6) | (25.8) |
Total other comprehensive income, net of tax | 2.2 | 0.7 | 6.5 | 2.3 |
Total comprehensive income (loss) | (171.8) | (2.5) | (193.1) | (23.5) |
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Sales | 294.7 | 349.5 | 950.8 | 982.4 |
Operating costs and expenses: | ||||
Cost of sales | 322.2 | 323.3 | 935.4 | 930 |
Selling, General and Administrative Expense | 20.5 | 14.6 | 56 | 42.7 |
Goodwill and Other Intangibles Impairment | 137.9 | 137.9 | ||
Other Recoveries | (8.7) | (8.7) | ||
Total operating costs and expenses, net | 471.9 | 337.9 | 1,120.6 | 972.7 |
Operating income (loss) | (177.2) | 11.6 | (169.8) | 9.7 |
Other (income) expense: [Abstract] | ||||
Interest expense, net | 0.1 | 0 | 0.2 | 0.1 |
Loss (Gain) on Derivatives | 7.3 | (2.6) | 10.5 | (2.2) |
Total other income, net | 7.4 | (2.6) | 10.7 | (2.1) |
Income (loss) before income taxes | (184.6) | 14.2 | (180.5) | 11.8 |
Income tax expense (benefit) | (30.2) | 4.9 | (29) | 4.1 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | (154.4) | 9.3 | (151.5) | 7.7 |
Total other comprehensive income, net of tax | 2 | 0.7 | 6.2 | 2.4 |
Total comprehensive income (loss) | (152.4) | 10 | (145.3) | 10.1 |
Subsidiary non-guarantor [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Sales | 33.6 | 30.8 | 95.6 | 90.9 |
Operating costs and expenses: | ||||
Cost of sales | 32.6 | 31.1 | 94.7 | 87.3 |
Selling, General and Administrative Expense | 4.2 | 3.6 | 15 | 11.3 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Other Recoveries | 0 | 0 | ||
Total operating costs and expenses, net | 36.8 | 34.7 | 109.7 | 98.6 |
Operating income (loss) | (3.2) | (3.9) | (14.1) | (7.7) |
Other (income) expense: [Abstract] | ||||
Interest expense, net | 0.4 | 0.3 | 1.2 | 0.8 |
Loss (Gain) on Derivatives | 0 | 0 | 0 | 0 |
Total other income, net | 0.4 | 0.3 | 1.2 | 0.8 |
Income (loss) before income taxes | (3.6) | (4.2) | (15.3) | (8.5) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | (3.6) | (4.2) | (15.3) | (8.5) |
Total other comprehensive income, net of tax | 0 | 0 | 0.1 | 0 |
Total comprehensive income (loss) | (3.6) | (4.2) | (15.2) | (8.5) |
Consolidation, Eliminations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Sales | (18.8) | (18.9) | (58.6) | (54.4) |
Operating costs and expenses: | ||||
Cost of sales | (18.8) | (18.9) | (58.6) | (54.4) |
Selling, General and Administrative Expense | 0 | 0 | 0 | 0 |
Goodwill and Other Intangibles Impairment | 0 | 0 | ||
Other Recoveries | 0 | 0 | ||
Total operating costs and expenses, net | (18.8) | (18.9) | (58.6) | (54.4) |
Operating income (loss) | 0 | 0 | 0 | 0 |
Other (income) expense: [Abstract] | ||||
Interest expense, net | 0 | 0 | 0 | 0 |
Loss (Gain) on Derivatives | 0 | 0 | 0 | 0 |
Total other income, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in net income (loss) of subsidiaries | 332 | (1.9) | 366.4 | 26.6 |
Net income (loss) | 332 | (1.9) | 366.4 | 26.6 |
Total other comprehensive income, net of tax | (4.2) | (1.4) | (12.8) | (4.7) |
Total comprehensive income (loss) | $ 327.8 | $ (3.3) | $ 353.6 | $ 21.9 |
Subsidiary Issuer of Guarante90
Subsidiary Issuer of Guaranteed Notes (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||||
Cash provided by (used in) operating activities | $ 25 | $ 4.2 | ||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Payments to Acquire Property, Plant, and Equipment | $ (13.8) | $ (28.8) | (57.6) | (59.9) |
Proceeds from Sale of Insurance Investments | 1.7 | 0 | ||
Proceeds from Insurance Settlement, Investing Activities | 6.4 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 2.2 | 0.2 | ||
Net Cash Provided by (Used in) Investing Activities | (47.3) | (59.7) | ||
Financing Activities | ||||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.2) | (1.1) | ||
Payments of Dividends | (1.4) | (2.1) | ||
Repayments of Lines of Credit | (226) | (86) | ||
Proceeds from Lines of Credit | 226 | 86 | ||
Repayments on long-term debt and lease financing | (8.7) | (3.6) | ||
Borrowings on long-term debt and lease financing | 17.4 | 7.2 | ||
Distribution (to parent) from subsidiary | 0 | 0 | ||
Proceeds from Financing Revenue Received under Leases | 3.6 | 0 | ||
Cash provided by (used in) financing activities | 10.7 | 0.4 | ||
Change in cash and cash equivalents | (11.6) | (55.1) | ||
Cash and cash equivalents, beginning of period | 20.5 | 79.4 | ||
Cash and cash equivalents, end of period | 8.9 | 24.3 | 8.9 | 24.3 |
Parent guarantor [Member] | ||||
Operating Activities | ||||
Cash provided by (used in) operating activities | (0.3) | 0.4 | ||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Insurance Investments | 0 | |||
Proceeds from Insurance Settlement, Investing Activities | 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) | (1.1) | ||
Payments of Dividends | (1.4) | (2.1) | ||
Repayments of Lines of Credit | 0 | 0 | ||
Proceeds from Lines of Credit | 0 | 0 | ||
Repayments on long-term debt and lease financing | 0 | 0 | ||
Borrowings on long-term debt and lease financing | 0 | 0 | ||
Distribution (to parent) from subsidiary | 1.5 | 2.8 | ||
Proceeds from Financing Revenue Received under Leases | 0 | |||
Cash provided by (used in) financing activities | (0.1) | (0.4) | ||
Change in cash and cash equivalents | (0.4) | 0 | ||
Cash and cash equivalents, beginning of period | 0.5 | 0.4 | ||
Cash and cash equivalents, end of period | 0.1 | 0.4 | 0.1 | 0.4 |
Issuer [Member] | ||||
Operating Activities | ||||
Cash provided by (used in) operating activities | 8.8 | (45.5) | ||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Insurance Investments | 0 | |||
Proceeds from Insurance Settlement, Investing Activities | 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 Lines of Credit | (226) | (86) | ||
Proceeds from Lines of Credit | 226 | 86 | ||
Repayments on long-term debt and lease financing | (7.9) | (3.6) | ||
Borrowings on long-term debt and lease financing | 0 | (7) | ||
Distribution (to parent) from subsidiary | (1.5) | (2.8) | ||
Proceeds from Financing Revenue Received under Leases | 0 | |||
Cash provided by (used in) financing activities | (9.4) | (13.4) | ||
Change in cash and cash equivalents | (0.6) | (58.9) | ||
Cash and cash equivalents, beginning of period | 7.1 | 66.7 | ||
Cash and cash equivalents, end of period | 6.5 | 7.8 | 6.5 | 7.8 |
Guarantor Subsidiaries [Member] | ||||
Operating Activities | ||||
Cash provided by (used in) operating activities | 20 | 53.7 | ||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Payments to Acquire Property, Plant, and Equipment | (53) | (52.5) | ||
Proceeds from Sale of Insurance Investments | 1.7 | |||
Proceeds from Insurance Settlement, Investing Activities | 6.4 | |||
Proceeds from Sale of Property, Plant, and Equipment | 2.2 | 0.2 | ||
Net Cash Provided by (Used in) Investing Activities | (42.7) | (52.3) | ||
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 Lines of Credit | 0 | 0 | ||
Proceeds from Lines of Credit | 0 | 0 | ||
Repayments on long-term debt and lease financing | (0.8) | 0 | ||
Borrowings on long-term debt and lease financing | 17.4 | 0 | ||
Distribution (to parent) from subsidiary | 0 | 0 | ||
Proceeds from Financing Revenue Received under Leases | 3.6 | |||
Cash provided by (used in) financing activities | 20.2 | 0 | ||
Change in cash and cash equivalents | (2.5) | 1.4 | ||
Cash and cash equivalents, beginning of period | 3.3 | 1.1 | ||
Cash and cash equivalents, end of period | 0.8 | 2.5 | 0.8 | 2.5 |
Subsidiary non-guarantor [Member] | ||||
Operating Activities | ||||
Cash provided by (used in) operating activities | (3.5) | (4.4) | ||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Payments to Acquire Property, Plant, and Equipment | (4.6) | (7.4) | ||
Proceeds from Sale of Insurance Investments | 0 | |||
Proceeds from Insurance Settlement, Investing Activities | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | (4.6) | (7.4) | ||
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 Lines of Credit | 0 | 0 | ||
Proceeds from Lines of Credit | 0 | 0 | ||
Repayments on long-term debt and lease financing | 0 | 0 | ||
Borrowings on long-term debt and lease financing | 0 | 14.2 | ||
Distribution (to parent) from subsidiary | 0 | 0 | ||
Proceeds from Financing Revenue Received under Leases | 0 | |||
Cash provided by (used in) financing activities | 0 | 14.2 | ||
Change in cash and cash equivalents | (8.1) | 2.4 | ||
Cash and cash equivalents, beginning of period | 9.6 | 11.2 | ||
Cash and cash equivalents, end of period | 1.5 | 13.6 | 1.5 | 13.6 |
Consolidation, Eliminations [Member] | ||||
Operating Activities | ||||
Cash provided by (used in) operating activities | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Proceeds from Sale of Insurance Investments | 0 | |||
Proceeds from Insurance Settlement, Investing Activities | 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 Lines of Credit | 0 | 0 | ||
Proceeds from Lines of Credit | 0 | 0 | ||
Repayments on long-term debt and lease financing | 0 | 0 | ||
Borrowings on long-term debt and lease financing | 0 | 0 | ||
Distribution (to parent) from subsidiary | 0 | 0 | ||
Proceeds from Financing Revenue Received under Leases | 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 | $ 0 | $ 0 |