Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
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-K | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 10,026,635 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 59,505,233 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 56.1 | $ 20.5 | $ 79.4 | $ 36.1 |
Accounts receivable, net | 64.9 | 102.5 | ||
Inventories, net | 135.4 | 196.7 | ||
Other current assets | 36.9 | 27.4 | ||
Total current assets | 293.3 | 347.1 | ||
Property, plant and equipment, net | 686.7 | 695 | ||
Goodwill | 0 | 137.6 | ||
Other intangible assets, net | 43.1 | 49.3 | ||
Other assets | 64.5 | 89.1 | ||
Total assets | 1,087.6 | 1,318.1 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 85 | 122.6 | ||
Accrued liabilities | 77.8 | 59.1 | ||
Deferred tax liabilities | 0 | 11.7 | ||
Current portion of long-term debt | 742.3 | 11.6 | ||
Total current liabilities | 905.1 | 205 | ||
Long-term debt, net | 0 | 656.4 | ||
Pension and other post-retirement (“OPEB”) liabilities | 188 | 195.4 | ||
Other long-term liabilities | 44.2 | 45.9 | ||
Long-term deferred tax liabilities, net | 122.2 | 143.3 | ||
Shareholders' equity: | ||||
Preferred stock (25.0 shares authorized, $0.01 par value; no shares issued and outstanding at December 31, 2015 and December 31, 2014) | 0 | 0 | ||
Common stock (30.0 shares authorized; $0.01 par value; 10.0 shares issued and outstanding at December 31, 2015; 9.8 shares issued and outstanding at December 31, 2014) | 0.1 | 0.1 | ||
Capital in excess of par value | 247.4 | 244.2 | ||
Retained earnings (accumulated deficit) | (329.4) | (68.2) | ||
Accumulated other comprehensive loss | (96) | (110) | ||
Total shareholders' equity | (177.9) | 66.1 | ||
Non-controlling interest | 6 | 6 | ||
Total equity | (171.9) | 72.1 | $ 147.3 | $ 152.3 |
Total liabilities and equity | $ 1,087.6 | $ 1,318.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 10,000,000 | 9,800,000 |
Common Stock, Shares, Outstanding | 10,000,000 | 9,800,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales | $ 1,228.1 | $ 1,355.1 | $ 1,343.5 |
Operating Costs and Expenses [Abstract] | |||
Cost of sales | 1,244.1 | 1,261.8 | 1,271.9 |
Selling, general and administrative | 109.4 | 76.2 | 97.1 |
Goodwill, Impairment Loss | 137.9 | 0 | 0 |
Insurance Recoveries | (25.2) | 0 | 0 |
Total operating costs and expenses | 1,466.2 | 1,338 | 1,369 |
Operating Income (Loss) | (238.1) | 17.1 | (25.5) |
Other (income) expense: [Abstract] | |||
Interest expense, net | 52.6 | 50.4 | 47.5 |
(Gain) loss on derivatives | 16.4 | (4.6) | 2.3 |
Debt refinancing expense | 0 | 0 | 2.5 |
Total other income, net | (69) | (45.8) | (52.3) |
Loss before income taxes | (307.1) | (28.7) | (77.8) |
Income Tax Expense (Benefit) | (47.5) | (2.1) | (30.2) |
Net income (loss) | $ (259.6) | $ (26.6) | $ (47.6) |
Net income per common share: | |||
Basic | $ (26.09) | $ (2.71) | $ (4.90) |
Diluted | $ (26.09) | $ (2.71) | $ (4.90) |
Weighted-average common shares outstanding: | |||
Basic (shares, in millions) | 9,950 | 9,810 | 9,710 |
Diluted (shares, in millions) | 9,950 | 9,810 | 9,710 |
Cash dividends declared per common share | $ 0.07 | $ 0.28 | $ 0.91 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ (259.6) | $ (26.6) | $ (47.6) |
Other comprehensive income (loss): | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 8.7 | 67.2 | |
Reclassification of pension and OPEB amounts realized in net income (loss) | 13.2 | 14 | |
Unrealized loss on derivatives | 0 | 0 | 0 |
Reclassification of derivative amounts realized in net income (loss) | 0 | 0 | (6.4) |
Total other comprehensive income (loss), before tax | 21.9 | (77.9) | 74.8 |
Other Comprehensive Income (Loss), Tax | 7.9 | (28.3) | 29.5 |
Total other comprehensive income (loss), net of tax | 14 | (49.6) | 45.3 |
Total comprehensive income (loss) | (245.6) | (76.2) | (2.3) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Other comprehensive income (loss): | |||
Reclassification of pension and OPEB amounts realized in net income (loss) | 13.2 | 5.2 | 14 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | $ 13.2 | $ 5.2 | $ 14 |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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, 2012 | $ 152.3 | $ 0 | $ 0.1 | $ 234 | $ 17.9 | $ (105.7) | $ 6 |
Net income (loss) | (47.6) | 0 | 0 | (47.6) | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 45.3 | 0 | 0 | 0 | 0 | 45.3 | 0 |
Issuance of common shares for shared-based payment arrangement, net of shares tendered for taxes | (0.2) | 0 | 0 | (0.2) | 0 | 0 | 0 |
Stock Compensation Expense Related to Equity-Based Awards | 4.8 | 0 | 0 | 4.8 | 0 | 0 | 0 |
Excess taxes related to shared-based payment arrangements | (0.4) | 0 | 0 | (0.4) | 0 | 0 | 0 |
Vesting of awards, share-based payment arrangements | (0.1) | 0 | 0 | 0.1 | (0.2) | 0 | 0 |
Reclassified common shares | 2 | 0 | 2 | 0 | 0 | 0 | |
Dividends to shareholders | (8.8) | 0 | 0 | (8.8) | 0 | 0 | |
Balance, end of period at Dec. 31, 2013 | 147.3 | 0 | 0.1 | 240.3 | (38.7) | (60.4) | 6 |
Net income (loss) | (26.6) | 0 | 0 | 0 | (26.6) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (49.6) | 0 | 0 | 0 | 0 | (49.6) | 0 |
Issuance of common shares for shared-based payment arrangement, net of shares tendered for taxes | (1.2) | 0 | 0 | (1.2) | 0 | 0 | 0 |
Stock Compensation Expense Related to Equity-Based Awards | 3.4 | 0 | 0 | 3.4 | 0 | 0 | 0 |
Vesting of awards, share-based payment arrangements | (0.1) | 0 | 0 | 0.1 | (0.2) | 0 | 0 |
Reclassified common shares | 1.6 | 0 | 1.6 | 0 | 0 | 0 | |
Dividends to shareholders | (2.7) | 0 | 0 | 0 | (2.7) | 0 | 0 |
Balance, end of period at Dec. 31, 2014 | 72.1 | 0 | 0.1 | 244.2 | (68.2) | (110) | 6 |
Net income (loss) | (259.6) | 0 | 0 | 0 | (259.6) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 14 | 0 | 0 | 0 | 0 | 14 | 0 |
Issuance of common shares for shared-based payment arrangement, net of shares tendered for taxes | (0.2) | 0 | 0 | (0.2) | 0 | 0 | 0 |
Stock Compensation Expense Related to Equity-Based Awards | 3 | 0 | 0 | 3 | 0 | 0 | 0 |
Vesting of awards, share-based payment arrangements | 0.2 | 0 | 0 | 0.4 | (0.2) | 0 | 0 |
Dividends to shareholders | (1.4) | 0 | 0 | 0 | (1.4) | 0 | 0 |
Balance, end of period at Dec. 31, 2015 | $ (171.9) | $ 0 | $ 0.1 | $ 247.4 | $ (329.4) | $ (96) | $ 6 |
Statement of Equity (Parentheti
Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
common shareholders [Member] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.07 | $ 0.28 | $ 0.91 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income (loss) | $ (259.6) | $ (26.6) | $ (47.6) |
Adjustments to reconcile net income | |||
Depreciation and amortization | 95.1 | 89.5 | 96 |
Non-cash interest expense | 2.7 | 2.7 | 2.6 |
Last in, first out and lower of cost or market inventory adjustments | 1.2 | 4.9 | (2.6) |
Goodwill and Intangible Asset Impairment | 137.9 | 0 | 0 |
Other Asset Impairment Charges | 0 | 0 | 5.9 |
(Gain) loss on disposal of assets | (1.6) | 0.4 | (0.5) |
(Gain) loss on hedging activities, excluding cash settlements | 0.9 | (0.7) | (6.1) |
Debt refinancing expense | 0 | 0 | 2.5 |
Deferred Income Taxes Expense (Benefit) | (40.4) | (11.6) | (32.6) |
Share-based Compensation | 3 | 3.4 | 4.8 |
Changes in other assets | 2.5 | (10.4) | 1 |
Changes in pension, other post-retirement and other long-term liabilities | 14.3 | (2.4) | 7.2 |
Changes in current operating assets and liabilities | |||
Increase (Decrease) in Accounts Receivable | 37.6 | (15.8) | 19.9 |
Increase (Decrease) in Inventories | 57.8 | (25) | 19.5 |
Taxes receivable and taxes payable | (11.3) | (1.4) | (1) |
Other current assets | (7.3) | 0.7 | 12.3 |
Accounts payable | (35.4) | 28.2 | (19.3) |
Accrued liabilities | 20.5 | (5.3) | 2.2 |
Cash Provided by (Used in) Operating Activities | 17.9 | 30.6 | 64.2 |
Investing Activities | |||
Capital expenditures | (73.4) | (93.5) | (72.7) |
Proceeds from Sale of Insurance Investments | 2.7 | 0 | 0 |
Proceeds from Insurance Settlement, Investing Activities | 6.4 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 2.2 | 0.3 | 0.9 |
Cash provided by (used in) investing activities | (62.1) | (93.2) | (71.8) |
Financing Activities | |||
Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements | (0.2) | (1.2) | (0.2) |
Dividends, Common Stock, Cash | (1.4) | (2.7) | (8.8) |
Borrowings on revolving credit facility | 311.6 | 173 | 11 |
Repayments of Lines of Credit | (247.1) | (173) | (11) |
Payments of Financing Costs | 0 | 0 | (2.9) |
Borrowings on long-term debt, net | 20.9 | 12.5 | 342.8 |
Repayments of Long-term Debt | (11.9) | (4.9) | (280) |
Proceeds from Financing Revenue Received under Leases | 7.9 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 79.8 | 3.7 | 50.9 |
Change in cash and cash equivalents | 35.6 | (58.9) | 43.3 |
Cash and Cash Equivalents, Beginning of Period | 20.5 | 79.4 | 36.1 |
Cash and Cash Equivalents, End of Period | $ 56.1 | $ 20.5 | $ 79.4 |
Voluntary Reorganization under
Voluntary Reorganization under chapter 11 of title 11 of the United States Code Statement $ in Millions | Mar. 11, 2016USD ($) |
Line of Credit [Member] | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |
Debtor-in-Possession Financing, Borrowings Outstanding | $ 130 |
Term Loan Net [Member] | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |
Debtor-in-Possession Financing, Borrowings Outstanding | $ 35 |
Non-Controlling Interest (Footn
Non-Controlling Interest (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest Items [Abstract] | |
Non-controlling interest disclosure | NON-CONTROLLING INTEREST Through NBL, we hold a 49% partnership interest in Noranda Jamaica Bauxite Partners (“NJBP”), in which the GOJ holds a 51% interest. NJBP mines bauxite, approximately 58% of which was sold to Gramercy during 2014, with the remaining majority sold to Sherwin Alumina Company, LLC. 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 December 31, 2015 and December 31, 2014 , we recorded accrued liabilities of $18.0 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 December 31, 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 alleged, among other things, that in breach of the establishment agreement and/or other commitments by the GOJ, (i) the GOJ 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 failed to keep in effect, through December 31, 2017, the production levy structure that was in effect prior to January 1, 2015. NBL also 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 sought, 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 sought interest and costs. In the GOJ’s Statement of Defense, submitted to the arbitration panel on July 22, 2015, the GOJ 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 sought 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 alleged remains unpaid, subject to adjustment at 2015 year-end. On June 9, 2015, NBL entered into an interim agreement with the GOJ related to the dispute regarding the production levy. The interim agreement addressed payments of the production levy to the GOJ until the earlier of December 31, 2015 or the date on which an arbitration award was delivered in the arbitration proceeding related to the production levy. Under the terms of the interim agreement, NBL provided 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. On December 18, 2015, the arbitration panel issued a decision adverse to NBL. Specifically: • The arbitration panel decided that a December 13, 2013 letter from the GOJ’s Minister of Science, Technology, Energy and Mining, as it relates to the production levy, is neither an amendment to the establishment agreement between NBL and the GOJ nor binding on the GOJ. In so deciding, the arbitration panel, in effect, rejected NBL’s claim that, as a result of the Minister’s letter, NBL’s obligation to pay the production levy in the 2015-2017 period should be calculated in accordance with the production levy rate in effect during 2012-2014. • The arbitration panel decided that for any year in which NBL computed and settled its income tax on the basis of deducting the production levy as an expense (the “Production Levy Deduction”), NBL is not entitled to the benefit of Section 12 of the Bauxite and Alumina (Special Provisions) Act of 1977 (the “Special Provisions Act”), which permits a “bauxite producer” (a term that, as defined in the Special Provisions Act, ordinarily would include NBL) to claim income tax paid as a credit against the production levy. However, the arbitration panel also decided that NBL could invoke its rights under the Special Provisions Act for any year of assessment in which NBL had not computed and settled its income tax on the basis of treating the Production Levy Deduction as an expense. • The arbitration panel decided that NBL’s rights in respect of most favored treatment are governed by the establishment agreement and not by a December 30, 2009 letter to NBL signed by the Chairman of Jamaica Bauxite Mining Limited and countersigned by the President and Chief Executive Officer of the Company in his capacity as a member of the Board of Directors of NBL. In so deciding, the arbitration panel, in effect, rejected NBL’s claim that the letter amended the establishment agreement and, in violation of a provision in the letter, the GOJ failed to afford NBL treatment at least as favorable as that provided to other bauxite and alumina producers in Jamaica with respect to the production levy. As a consequence of the arbitration panel’s decision, the production levy in effect for 2015 was $6.35 per DMT, which represents $5.00 per DMT, proportionately adjusted for increases in the LME aluminum prices in accordance with the terms of the establishment agreement, as amended. The Company accrued an additional $5.9 million in December 2015 as a retroactive adjustment for full year 2015 production levy (equivalent to the excess over amounts accrued with respect to the interim agreement) related to the additional bauxite levy resulting from the arbitration panel’s decision. 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.). Therefore, we consolidate NJBP into our consolidated financial statements. Due to the consolidation of NJBP, the following amounts were included in our consolidated balance sheets (in millions): December 31, 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 1.9 — 1.9 0.8 — 0.8 Accounts receivable, net 11.4 (11.4 ) — 13.5 (13.5 ) — Inventories, net (consisting of maintenance supplies, inventory and fuel) 9.2 — 9.2 14.3 — 14.3 Other current assets 1.8 — 1.8 8.1 — 8.1 Property, plant and equipment, net 53.4 — 53.4 45.0 — 45.0 Other assets 8.0 — 8.0 7.4 — 7.4 Accounts payable (64.2 ) 55.4 (8.8 ) (71.8 ) 55.5 (16.3 ) Accrued liabilities (7.4 ) — (7.4 ) (3.9 ) — (3.9 ) Environmental, land and reclamation liabilities (2.4 ) — (2.4 ) (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 44.0 49.7 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 NBL. 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. As a result of the Bankruptcy Filing, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under Chapter 11, the Company may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions contained in the DIP Facilities), for amounts other than those reflected in the accompanying consolidated financial statements. Further, the Chapter 11 plan could materially change the amounts and classifications of assets and liabilities reported in the consolidated financial statements. In addition, the accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Bankruptcy Filing. |
Accounting Policies (Footnote)
Accounting Policies (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant accounting policies disclosure | ACCOUNTING POLICIES Organization, Consolidation and Basis of Presentation Noranda Aluminum Holding Corporation (“Noranda,” “Noranda HoldCo,” the “Company,” “we,” “our,” and “us”), and our wholly owned subsidiary, Noranda Aluminum Acquisition Corporation (“Noranda AcquisitionCo”), were formed by affiliates of Apollo Management, L.P. (“Apollo”) on March 27, 2007 for the purpose of acquiring a portion of the aluminum business of Xstrata (Schweiz) A.G. The acquisition, which occurred on May 18, 2007, is referred to as the “Apollo Acquisition.” In August 2009, we completed an acquisition of our alumina refinery in Gramercy, Louisiana (Noranda Alumina, LLC, or “Gramercy”) and our bauxite mining operation in St. Ann, Jamaica (Noranda Bauxite Limited, or “St. Ann”) as a result of which they became wholly owned subsidiaries of Noranda HoldCo. Previously, we held a 50% interest in Gramercy and in St. Ann. On August 24, 2015, our stockholders 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 HoldCo 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 HoldCo 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. On November 25, 2015, we were notified by NYSE Regulation, Inc. (“NYSE Regulation”) that trading in the Company’s common stock on the NYSE was suspended and that NYSE Regulation would commence proceedings to delist the Company’s common stock from the NYSE. NYSE Regulation advised the Company that it reached its decision to delist the common stock pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million. On December 15, 2015 , the NYSE filed a Form 25 (Notification of Removal From Listing and/or Registration Under Section 12(b) of the Securities and Exchange Act of 1934) with the SEC to delist the Company’s common stock and terminate the registration of the common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The delisting became effective on December 25, 2015. The registration of the Company’s common stock under Section 12(b) of the Exchange Act terminated on March 14, 2016. The Company's common stock is currently traded in the over-the-counter market. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In management’s opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results, including the elimination of all intercompany accounts and transactions amongst our wholly owned subsidiaries. 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 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. 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. The impact of this standard on the December 31, 2015 consolidated financial statements would have been a reduction of $3.8 million to other assets and debt, if early adopted. 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 consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2015. As permitted by ASU 2015-17, we adopted this guidance prospectively as of December 31, 2015 and reclassified our net deferred tax assets and liabilities to the net non-current deferred tax assets and liabilities in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact that this standard will have on our on our consolidated financial statements. Segment Reporting We are a vertically integrated producer of value-added primary aluminum and high quality rolled aluminum coils. Our principal operations include an aluminum smelter in New Madrid, Missouri (“New Madrid”) and four rolling mill facilities in the Southeastern United States. New Madrid is supported by Gramercy and St. Ann. As discussed further in Note 3, “ Segments ” , we report our activities in five segments: our Bauxite segment comprises the operations of St. Ann; our Alumina segment comprises the operations of Gramercy; our Primary Aluminum segment comprises the operations of New Madrid; and our Flat-Rolled Products segment comprises the operations of our four rolling mills, which are located in Huntingdon, Tennessee; Salisbury, North Carolina and Newport, Arkansas. Our corporate expenses represent our fifth segment. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Cash Equivalents Cash equivalents comprise short-term, highly liquid investments with initial maturities of three months or less. We place our temporary cash equivalent investments with high credit quality financial institutions, which include money market funds invested in U.S. Treasury securities, short-term treasury bills and commercial paper. We consider our investments in money market funds to be available for use in our operations. Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. We determine the allowance based on historical write-off experience, current market trends and our assessment of the customer’s ability to pay outstanding balances. Account balances are charged against the allowance after all collection efforts have been exhausted and the potential for recovery is considered remote. Inventories Inventories are stated at the lower of cost or market (“LCM”). We use the last-in-first-out (“LIFO”) method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Inventories at Gramercy and St. Ann and supplies at New Madrid are valued at weighted-average cost. The remaining inventories (principally supplies) are stated at cost using the first-in, first-out (“FIFO”) method. Our Flat-Rolled Products inventories, our bauxite inventory at St. Ann, and our alumina and bauxite inventories at Gramercy are valued using a standard costing system, which gives rise to cost variances. Variances are capitalized to inventory in proportion to the quantity of inventory remaining at period end to quantities produced during the period. Variances are recorded such that ending inventory reflects actual costs based on the normal capacity of the production facilities, and excluding abnormal amounts of idle facility expense, freight, handling and spoilage. Maintenance supplies expected to be used in the next twelve months are included in inventories. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and repairs that extend the life of the asset are capitalized; other maintenance and repairs are charged to expense as incurred. Major replacement spare parts are capitalized and depreciated over the lesser of the spare part’s useful life or remaining useful life of the associated piece of equipment. Assets, asset retirement obligations and accumulated depreciation accounts are relieved for dispositions or retirements with resulting gains or losses recorded as selling, general and administrative expenses in the consolidated statements of operations. Depreciation is based on the estimated service lives of the assets computed principally by the straight-line method for financial reporting purposes. Impairment of Long-Lived Assets We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value. Long-lived assets taken out of service to be disposed of other than by sale are written down to their estimated fair value through the acceleration of any remaining depreciation expense. We reclassify long-lived assets to assets held for sale when a plan to dispose of the assets has been committed to by management. Assets held for sale are recorded at the lesser of their estimated fair value net of estimated costs to sell or carrying amount. Depreciation expense is no longer recorded once an asset is classified as held for sale. Intangible assets with a definite life (primarily customer relationships) are amortized over their expected lives and are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. Self-Insurance We are primarily self-insured for workers’ compensation. The self-insurance liability is determined based on claims filed but not paid and an estimate of claims incurred but not yet reported. Based on actuarially determined estimates and discount rates of 0.9% in 2015 and 0.7% in 2014 , as of December 31, 2015 and 2014 , we had $5.9 million and $5.6 million , respectively, of accrued liabilities and $16.0 million and $15.3 million , respectively, of other long-term liabilities related to these claims. At each of December 31, 2015 and 2014 , we held $1.9 million and $1.9 million , respectively, in a restricted cash account to secure the payment of workers’ compensation obligations. This restricted cash is included in other assets in the accompanying consolidated balance sheets. In addition, we have $21.5 million of undrawn letters of credit as collateral for these obligations. Goodwill and Other Indefinite-Lived Intangible Assets Goodwill represents the excess of acquisition consideration paid over the fair value of identifiable net tangible and identifiable intangible assets acquired. Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment at least annually, in the fourth quarter, or earlier upon the occurrence of certain triggering events. During the third quarter of 2015, we determined that our Primary Aluminum segment’s goodwill was fully impaired, and we recognized a $137.6 million non-cash impairment charge, reducing the carrying amount to zero. Our Primary Aluminum segment also recognized a non-cash impairment charge of $0.3 million in the third quarter of 2015 related to tradenames included in other indefinite-lived intangible assets, following an analysis based on an income approach. See Note 9, “ Goodwill and Other Intangible Assets ” for further information. Deferred Financing Costs We capitalize costs to obtain debt and amortize them over the term of the related debt using the straight-line method, which approximates the effective interest method. We record deferred financing costs in the consolidated balance sheets as a component of other assets. When all or a portion of a loan is repaid, we charge the unamortized financing costs to interest expense. Environmental Liabilities and Remediation Costs Environmental liabilities We are subject to environmental regulations which may create legal obligations to remediate or monitor certain environmental conditions present at our facilities. Liabilities for these obligations are accrued when it is probable that a liability has been incurred and the amount of loss can reasonably be estimated. The measurement of environmental liabilities is based on an evaluation of currently available information with respect to each individual site and considers factors such as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. An environmental liability related to cleanup of a contaminated site might include, for example, an accrual for one or more of the following types of costs: site investigation and testing, cleanup, soil and water contamination, post-remediation monitoring, and outside legal fees. As assessments and remediation progress at individual sites, the amount of projected cost is reviewed periodically, and the liability is adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Note 10, “ Commitments and Contingencies ” contains additional information on our environmental liabilities. Environmental liabilities are undiscounted. The long and short-term portions of the environmental liabilities are recorded on the consolidated balance sheets in other long-term liabilities and accrued liabilities, respectively. Environmental remediation costs Costs incurred to improve our property as compared to the condition of the property when originally acquired, or to prevent environmental contamination from future operations, are capitalized as incurred. We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernable. Asset Retirement Obligations We are subject to environmental regulations which may create legal obligations related to the disposal of certain assets at the end of their lives. We recognize liabilities, at fair value, for existing legal asset retirement obligations which are based on estimated cash flows discounted at a credit-adjusted, risk-free rate. We adjust these liabilities for accretion costs and revisions in estimated cash flows. The related asset retirement costs are capitalized as increases to the carrying amount of the associated long-lived assets and depreciation expense on these capitalized costs are recognized. Reclamation Obligations St. Ann has obligations to rehabilitate land disturbed by St. Ann’s bauxite mining operations. The reclamation process is governed by the GOJ regulations and includes filling the open mining pits and planting vegetation. GOJ regulations require the reclamation process to be completed within a certain period from the date a mining pit is mined-out, generally three years . Liabilities for reclamation are accrued as lands are disturbed and are based on the approximate number of hectares to be rehabilitated and the average expected cost per hectare. Land Obligations In cases where land to be mined is privately owned, St. Ann agrees to purchase the residents’ property, including land, crops, homes and other improvements in exchange for consideration paid in the form of cash, a commitment to relocate the residents to another area, or a combination of these two options (the “St. Ann Land Obligations”). We account for the costs associated with fulfilling the St. Ann Land Obligations by recording an asset (included in other assets in our consolidated balance sheets) for the estimated cost of the consideration, with a corresponding liability (included in accrued liabilities and other long-term liabilities in our consolidated balance sheets). We amortize those costs over a three -year period, representing the approximate time the land is used for mining purposes, including reclamation (the “Mining Period”). In addition to the St. Ann Land Obligations, we have an agreement with the GOJ which requires us to fulfill obligations that pre-date St. Ann’s partnership with the GOJ (the “Predecessor Land Obligations”). The costs to fulfill the Predecessor Land Obligations will be reimbursed by the GOJ up to a $4.3 million limit. St. Ann bears any costs in excess of that limit, including foreign currency adjustments. At December 31, 2015 and December 31, 2014 , we had recorded a liability of $1.8 million and $1.8 million , respectively, for the amount by which we believe our costs to fulfill the Predecessor Land Obligations will exceed the $4.3 million limit. For both the St. Ann Land Obligations and the Predecessor Land Obligations, we record the costs to acquire and develop the assets to be used to satisfy the obligations, such as land, land improvements, and housing, as property, plant and equipment in our consolidated balance sheets. As cash is paid or title to land, land improvements and houses is transferred, we reduce the asset and the corresponding land obligations. Relocating residents occurs often over several years, requiring management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates; therefore, further adjustments to the St. Ann Land Obligations and the Predecessor Land Obligations may be necessary. We amortize adjustments to the liabilities prospectively over the remaining amortization period in cases where the Mining Period has not been completed. As revisions are made in cases where the Mining Period is complete, we record additional expense in the period of revision. Pensions and Other Post-Retirement Benefits We sponsor defined benefit pension and Other Post-Retirement Benefits (“OPEB”) plans for which we recognize expenses, assets and liabilities based on actuarial assumptions regarding the valuation of benefit obligations and the future performance of plan assets. We recognize the funded status of the plans as an asset or liability in the consolidated financial statements, and measure defined benefit pension and OPEB plan assets and obligations as of the end of our fiscal year, and recognize the change in the funded status of defined benefit pension and OPEB plans in accumulated other comprehensive income (“AOCI”). The primary assumptions used in calculating pension and OPEB expense and liabilities are related to the discount rates at which the future obligations are discounted to value the liability, expected rate of return on plan assets and projected salary increases. These rates are estimated annually as of December 31. Pension and OPEB benefit obligations are actuarially calculated using management’s best estimates and based on expected service periods, salary increases and retirement ages of employees. Pension and OPEB benefit expense includes the actuarially computed cost of benefits earned during the current service periods, the interest cost on accrued obligations, the expected return on plan assets based on fair market value and the straight-line amortization of net actuarial gains and losses and adjustments due to plan amendments. The primary assumptions used in calculating pension expense and liabilities are related to the discount rates at which the future obligations are discounted to value the liability, the expected long-term rate of return on plan assets and assumptions related to the employee workforce, including projected salary increases, retirement age and mortality. All net actuarial gains and losses are amortized over the expected average remaining service life of the employees. Post-Employment Benefits We provide certain benefits to former or inactive employees after employment but before retirement and accrue for the related cost over the service lives of the employees. These benefits include, among others, disability, severance and workers’ compensation. We are self-insured for these liabilities. At both December 31, 2015 and 2014 , we carried a liability totaling $0.9 million and $0.7 million respectively, for these benefits, based on actuarially determined estimates. These estimates were not discounted due to the short duration of the future payments. Derivative Instruments and Hedging Activities Derivatives are reported on the balance sheet at fair value. For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in fair value are initially recorded in AOCI as a separate component of equity and reclassified into earnings in the period during which the hedged transaction is recognized in earnings. The ineffective portion of changes in fair value is reported in (gain) loss on hedging activities in the period in which such changes occur. For derivative instruments not designated as cash flow hedges, changes in the fair values are recognized in the consolidated statement of operations in the period of in which such changes occur. U.S. GAAP permits entities that enter into master netting arrangements with the same counterparty as part of their derivative transactions to offset in their consolidated financial statements net derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under those arrangements. The net derivative positions are presented on a gross basis in Note 15, “ Derivative Financial Instruments ” . Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, derivative assets and liabilities, accounts payable and long-term debt due to third parties. Financial instruments expose us to market and credit risks which, at times, may be concentrated with certain groups of counterparties. We periodically evaluate the financial condition of our counterparties and take appropriate action to minimize our risk of loss. We generally do not require collateral for trade receivables. At December 31, 2015 , we did not have substantial doubt that any of our financial instrument counterparties had the ability to perform their obligations. Cash and cash equivalent investments are held with major financial institutions and trading companies, including registered broker dealers. The carrying values and fair values of our third-party debt and derivative instruments outstanding are presented in Note 11, “ Long-Term Debt and Lease Financing ” and Note 15, “ Derivative Financial Instruments ” . The remaining financial instruments are carried at amounts that approximate fair value. Revenue Recognition Revenue is recognized when title and risk of loss pass to customers in accordance with contract terms. Shipping and handling costs are classified as a component of cost of sales in the consolidated statements of operations. Shipping and handling revenue is classified as a component of sales in the consolidated statements of operations. Income Taxes We account for income taxes using the liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. We must deal with uncertainties in the application of complex tax regulations in the calculation of tax liabilities. We are subject to routine income tax audits. We provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. We make this assessment based on only the technical merits of the tax position. The technical merits of a tax position are derived from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the consolidated financial statements and a liability for unrecognized tax benefits is established. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with a taxing authority. To the extent that we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability established, our effective tax rate in a given financial statement period may be affected. Share-Based Payments We account for employee equity awards under the fair value method. Accordingly, we measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value of each stock option is estimated on the grant date using the Black-Scholes-Merton valuation model. The application of this valuation model involves assumptions that require judgment and are highly sensitive in the determination of compensation expense. The fair value of each restricted share and each restricted stock unit equals the closing stock price on the grant date. We recognize stock |
Segments (Footnote)
Segments (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments disclosure | SEGMENTS We manage and operate our business segments based on the markets we serve and the products we produce. Segment profit (in which certain items, primarily non-recurring costs or non-cash expenses, are not allocated to the segments and in which certain items, primarily the income statement effects of current period cash settlements of hedges, are allocated to the segments) is a measure used by management as a basis for evaluating segment performance and resource allocation. We have five reportable segments: • Bauxite – Mines and produces the bauxite used for alumina production at our Gramercy refinery. The remaining bauxite is sold to a third party. • Alumina – Chemically refines and converts bauxite into alumina, which is the principal raw material used in the production of primary aluminum. The Gramercy refinery is the source for the majority of our New Madrid smelter’s alumina requirements. The remaining alumina production at the Gramercy refinery, in the form of smelter grade alumina and alumina hydrate, or chemical-grade alumina, is sold to third parties. • Primary Aluminum – Produces value-added aluminum products in several forms, including billet, rod, high purity sow and foundry. The Primary Aluminum segment also produces commodity grade sow. • Flat-Rolled Products – Produces rolled aluminum products such as finstock and container stock. • Corporate – Reflects costs of corporate operations. The accounting policies of the segments are the same as those described in Note 2, “ Accounting Policies ” . Major Customer Information During 2015 , 2014 and 2013 , we had no major customers which represented more than 10% of our consolidated revenue. Geographic Region Information Substantially all of our sales are within the United States. Revenues from external customers attributed to foreign countries were $114.6 million during 2015 and were immaterial during 2014 and 2013 . All long-lived assets are located in the United States, except those assets of our bauxite mining operation in Jamaica, which totaled $76.6 million at December 31, 2015 and $68.5 million at December 31, 2014 . Summary of Business by Segment Operating and asset information for our reportable segments was (in millions): Year ended December 31, 2015 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 43.8 224.8 408.2 551.3 — — 1,228.1 Intersegment 72.4 97.1 95.7 — — (265.2 ) — Total sales 116.2 321.9 503.9 551.3 — (265.2 ) 1,228.1 Capital expenditures 5.4 15.1 48.2 4.2 0.5 — 73.4 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (10.4 ) 12.5 (27.9 ) 60.1 (30.4 ) 1.9 5.8 Depreciation and amortization (13.2 ) (22.9 ) (39.0 ) (17.6 ) (2.4 ) — (95.1 ) Last in, first out and lower of cost or market inventory adjustments — — (2.7 ) 1.3 — 0.2 (1.2 ) 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 (0.2 ) (1.0 ) (6.8 ) (5.7 ) (4.6 ) — (18.3 ) Restructuring, relocation and severance (3.4 ) (0.3 ) (0.4 ) (0.8 ) (0.2 ) — (5.1 ) Consulting fees (1.7 ) (0.1 ) (0.6 ) — (4.9 ) — (7.3 ) Cash settlements on hedging transactions — — 1.8 15.1 — — 16.9 Excess insurance recoveries — — 20.5 — — — 20.5 Other, net — (5.2 ) (10.8 ) — (0.3 ) (1.7 ) (18.0 ) Operating income (loss) (28.9 ) (16.6 ) (202.4 ) 52.2 (42.8 ) 0.4 (238.1 ) Interest expense, net 52.6 Loss on hedging activities, net 16.4 Total other expense, net 69.0 Loss before income taxes (307.1 ) Year ended December 31, 2014 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 47.4 206.3 524.6 576.8 — — 1,355.1 Intersegment 66.3 132.1 107.8 — — (306.2 ) — Total sales 113.7 338.4 632.4 576.8 — (306.2 ) 1,355.1 Capital expenditures 11.3 13.1 58.3 9.7 1.1 — 93.5 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (6.6 ) 8.5 95.6 55.9 (25.0 ) (1.1 ) 127.3 Depreciation and amortization (10.8 ) (21.2 ) (38.4 ) (18.2 ) (0.9 ) — (89.5 ) Last in, first out and lower of cost or market inventory adjustments — — (1.8 ) (2.9 ) — (0.2 ) (4.9 ) Gain (loss) on disposal of assets — — 0.1 (0.5 ) — — (0.4 ) Non-cash pension, accretion and stock compensation (0.1 ) (0.8 ) (3.0 ) (1.8 ) (3.9 ) — (9.6 ) Restructuring, relocation and severance — (0.1 ) (0.9 ) (0.3 ) — — (1.3 ) Consulting fees (0.3 ) — — — (0.4 ) — (0.7 ) Cash settlements on hedging transactions — — (0.6 ) (4.3 ) — — (4.9 ) Other, net — (0.6 ) — (0.1 ) 0.9 0.9 1.1 Operating income (loss) (17.8 ) (14.2 ) 51.0 27.8 (29.3 ) (0.4 ) 17.1 Interest expense, net 50.4 Gain on hedging activities, net (4.6 ) Total other expense, net 45.8 Income before income taxes (28.7 ) Year ended December 31, 2013 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 46.8 196.6 543.8 556.3 — — 1,343.5 Intersegment 82.2 144.2 79.1 — — (305.5 ) — Total sales 129.0 340.8 622.9 556.3 — (305.5 ) 1,343.5 Capital expenditures 10.8 16.0 31.2 12.2 2.5 — 72.7 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) 8.2 13.6 51.9 50.0 (31.1 ) 0.5 93.1 Depreciation and amortization (9.5 ) (22.7 ) (41.7 ) (21.3 ) (0.8 ) — (96.0 ) Last in, first out and lower of cost or market inventory adjustments — — 4.0 (1.4 ) — — 2.6 Gain (loss) on disposal of assets (0.1 ) 0.5 0.1 — — — 0.5 Asset impairment — — — (5.9 ) — — (5.9 ) Non-cash pension, accretion and stock compensation 0.1 (0.9 ) (7.1 ) (6.5 ) (6.1 ) — (20.5 ) Restructuring and severance (0.7 ) (0.9 ) (2.2 ) (1.6 ) (2.5 ) — (7.9 ) Consulting and sponsor fees — — — — (0.5 ) — (0.5 ) Cash settlements on hedging transactions — — 1.7 7.4 — — 9.1 Other, net — (0.6 ) — (0.1 ) 0.7 — — Operating income (loss) (2.0 ) (11.0 ) 6.7 20.6 (40.3 ) 0.5 (25.5 ) Interest expense, net 47.5 Loss on hedging activities, net 2.3 Debt refinancing expense 2.5 Total other income 52.3 Income before income taxes (77.8 ) Year ended December 31, 2015 2014 Segment assets: $ $ Bauxite 143.7 149.9 Alumina 199.8 229.8 Primary 380.8 561.5 Flat-Rolled 285.9 335.1 Corporate 99.3 65.5 Eliminations (21.9 ) (23.7 ) 1,087.6 1,318.1 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Statement Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Consolidated statements of cash flows: Depreciation and amortization in the accompanying consolidated statements of cash flows included (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Depreciation of property, plant and equipment 81.8 77.1 86.7 Amortization of intangible assets 5.9 5.9 5.9 Amortization of other long-term assets 7.4 6.5 3.4 Total depreciation and amortization 95.1 89.5 96.0 During the year ended December 31, 2013, we recorded $5.9 million in impairment charges related to construction in progress, equipment and other long term assets in our Flat-Rolled Products segment, including $3.2 million related to certain fixed and other long-term assets at the Salisbury, N.C. rolling mill facility which were taken out of service in connection with the workforce reduction announced in October 2013. We also accelerated $2.3 million of depreciation expense related to fixed assets taken out of service in connection with the workforce reduction at the Salisbury facility. During the fourth quarter of December 31, 2015, the Company recorded $9.5 million in impairment charges related to construction in progress in our Primary Aluminum segment. These impairment charges related to the Company’s decision to no longer pursue certain capital projects due to the Company’s cash flow circumstances. See Note 5, “ Fair Value Measurements ” for further discussion of the impairment charges and Note 14, “ Restructuring ” for further discussion of the workforce reduction. Cash paid for interest and income taxes was as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Interest paid 52.1 50.0 46.1 U.S. Federal and state income taxes paid 7.8 10.8 3.7 Purchases of property, plant and equipment accrued in accounts payable and not yet paid were $6.5 million , $3.0 million and $5.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and were not reflected as capital expenditures in the consolidated statements of cash flows. For the years ended December 31, 2015 , 2014 and 2013 , we capitalized interest of $1.5 million , $2.3 million and $1.6 million , respectively, related t o long-term capital projects. As of December 31, 2014 , cash and cash equivalents includes $1.8 million of cash intended to be used for ongoing capital and operational productivity improvements in Jamaica. As of December 31, 2015, cash and cash equivalents do not include any cash intended to be used for such improvements. Consolidated statements of equity: Changes in accumulated other comprehensive income (loss) (“AOCI”) were as follows (in millions): Unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB Accumulated tax (benefit) expense related to unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB Unrealized gain (loss) on derivatives Accumulated tax (benefit) expense related to unrealized gain or loss on derivatives Total, net of tax $ $ $ $ $ Balance, December 31, 2012 (176.2 ) (66.1 ) 6.4 2.0 (105.7 ) Amounts recorded to AOCI for the period 67.2 26.1 — — 41.1 Reclassification of amounts realized in net income (loss) 14.0 5.4 (6.4 ) (2.0 ) 4.2 Balance, December 31, 2013 (95.0 ) (34.6 ) — — (60.4 ) Amounts recorded to AOCI for the period (83.1 ) (30.2 ) — — (52.9 ) Reclassification of amounts realized in net income (loss) 5.2 1.9 — — 3.3 Balance, December 31, 2014 (172.9 ) (62.9 ) — — (110.0 ) Amounts recorded to AOCI for the period 8.7 3.1 — — 5.6 Reclassification of amounts realized in net income (loss) 13.2 4.8 — — 8.4 Balance, December 31, 2015 (151.0 ) (55.0 ) — — (96.0 ) Reclassifications out of AOCI were included in the consolidated statements of operations as follows (in millions): Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the consolidated statements of operations Year ended December 31, 2015 2014 2013 $ $ $ Selling, general and administrative expenses (“SGA”) Actuarial gain/loss 2.7 1.0 2.8 (1) Prior service costs 0.2 0.3 0.3 (1) Total pension amounts reclassified into SGA 2.9 1.3 3.1 Selling, general and administrative expenses Cost of sales (“COS”) Actuarial gain/loss 9.4 3.1 10.0 (1) Prior service costs 0.9 0.8 0.9 (1) Total pension amounts reclassified into COS 10.3 3.9 10.9 Cost of sales Reclassification of pension and OPEB amounts realized in net income 13.2 5.2 14.0 Income tax (benefit) expense related to reclassifications of pension and OPEB amounts 4.8 1.9 5.4 Income tax expense (benefit) Reclassification of pension and OPEB amounts realized in net income, net of tax 8.4 3.3 8.6 Net loss Reclassification of derivative amounts realized in net income — — (6.4 ) (Gain) loss on hedging activities, net Income tax (benefit) expense related to reclassifications of derivative amounts — — (2.0 ) Income tax expense (benefit) Reclassification of derivative amounts realized in net income, net of tax — — (4.4 ) Net loss (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 13, “ Pensions and Other Post-Retirement Benefits. ” |
Supplemental Balance Sheet Disclosures [Text Block] | Consolidated balance sheets: Accounts receivable, net, consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Trade 65.0 102.6 Allowance for doubtful accounts (0.1 ) (0.1 ) Total accounts receivable, net 64.9 102.5 Other current assets consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Current deferred tax asset — 0.4 Employee loans receivable, net 1.5 2.1 Current derivative assets (see Note 15, “Derivative Financial Instruments”) 3.7 6.3 Taxes receivable 15.3 4.0 Restricted cash (see Note 10, “Commitments and Contingencies”) 0.1 0.1 Prepaid assets 8.8 4.5 Other current assets 7.5 10.0 Total other current assets 36.9 27.4 Other assets consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Deferred financing costs, net of amortization 3.8 5.8 Cash surrender value of life insurance 15.1 29.3 Pension asset 8.9 6.5 Restricted cash 3.6 14.0 Supplies 5.4 5.0 Prepaid Jamaican income taxes (see Note 21, “Non-Controlling Interest”) 12.7 12.7 Derivative asset (see Note 15, “Derivative Financial Instruments”) — 0.2 Other 15.0 15.6 Total other assets 64.5 89.1 Accrued liabilities consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Compensation and benefits 24.7 18.3 Workers’ compensation 5.9 5.6 Other operating expenses 13.2 11.2 Accrued interest 2.6 2.3 Asset retirement obligations (see Note 12, “Asset Retirement and Other Obligations”) 2.3 2.3 Land obligation (see Note 12, “Asset Retirement and Other Obligations”) 3.6 3.7 Derivative liabilities (see Note 15, “Derivative Financial Instruments”) 3.4 5.0 Reclamation obligation (see Note 12, “Asset Retirement and Other Obligations”) 2.4 1.5 Environmental remediation obligations (see Note 12, “Asset Retirement and Other Obligations”) 0.2 1.7 Obligations to the Government of Jamaica (see Note 21, “Non-Controlling Interest”) 18.0 5.9 Pension and OPEB liabilities (see Note 13, “Pensions and Other Post-Retirement Benefits”) 0.5 0.8 Restructuring liability 1.0 0.8 Total accrued liabilities 77.8 59.1 Other long-term liabilities consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Reserve for uncertain tax positions 0.6 0.7 Workers’ compensation 16.0 15.3 Asset retirement obligations (see Note 12, “Asset Retirement and Other Obligations”) 11.7 13.7 Land obligation (see Note 12, “Asset Retirement and Other Obligations”) 6.8 6.8 Environmental remediation obligations (see Note 12, “Asset Retirement and Other Obligations”) 3.0 1.1 Long-term derivative liabilities (see Note 15, “Derivative Financial Instruments”) — 0.1 Deferred compensation and other 6.1 8.2 Total other long-term liabilities 44.2 45.9 |
Fair Value Measurements (Footno
Fair Value Measurements (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements disclosure | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We incorporate assumptions that market participants would use in pricing the asset or liability, and utilize market data to the maximum extent possible. Our fair value measurements incorporate nonperformance risk (i.e., the risk that an obligation will not be fulfilled). In measuring fair value, we reflect the impact of our own credit risk on our liabilities, as well as any collateral. We also consider the credit standing of our counterparties in measuring the fair value of our assets. We use any of three valuation techniques to measure fair value: the market approach, the income approach, and the cost approach. We determine the appropriate valuation technique based on the nature of the asset or liability being measured and the reliability of the inputs used in arriving at fair value. The inputs used in applying valuation techniques include assumptions that market participants would use in pricing the asset or liability (i.e., assumptions about risk). Inputs may be observable or unobservable. We classify the inputs used in our valuation techniques in accordance with the fair value hierarchy established by accounting guidance. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Level 1 inputs – Inputs valued based on unadjusted quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information regularly. Fair value measurements classified as Level 1 may include financial instruments valued using inputs which are directly-held or broker-held exchange-traded derivatives or listed equities. Level 2 inputs – Inputs other than those classified in Level 1, which are either directly or indirectly observable as of the reporting date. A Level 2 input must be observable for substantially the full term of the asset or liability. Fair value measurements that may fall into Level 2 could include financial instruments with observable inputs such as interest rates or yield curves. Level 3 inputs – Unobservable inputs that reflect our consideration of the assumptions market participants would use in pricing the asset or liability. Fair value measurements that may be classified as Level 3 could, for example, be determined from our internally developed model that results in our best estimate of fair value. Fair value measurements that may fall into Level 3 could include certain structured derivatives or financial products that are specifically tailored to a customer’s needs. Financial assets and liabilities are classified based on the lowest enumerated level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the fair value of assets and liabilities and their placement within the fair value hierarchy. We recognize transfers between Level 1, 2 or 3 at the end of the reporting period. Valuations on a recurring basis The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions): December 31, 2015 Level 1 Level 2 Level 3 Total $ $ $ $ Derivative assets — 3.7 — 3.7 Derivative liabilities — (3.4 ) — (3.4 ) Noranda pension plan assets: Equity securities: Diversified common stocks 52.6 130.0 5.8 188.4 Global equity securities — 11.4 — 11.4 Diversified fixed income mutual fund 109.1 — — 109.1 Cash, cash equivalents and other 2.7 0.1 — 2.8 Total Noranda pension plan assets 164.4 141.5 5.8 311.7 St. Ann pension plan assets: Global equity securities — 11.2 — 11.2 Fixed income securities: GOJ bonds — 12.7 — 12.7 Global corporate bonds — 0.5 — 0.5 Real estate — 4.8 — 4.8 Other — 5.1 — 5.1 Total St. Ann pension plan assets — 34.3 — 34.3 Total 164.4 176.1 5.8 346.3 December 31, 2014 Level 1 Level 2 Level 3 Total $ $ $ $ Derivative assets — 3.2 3.3 6.5 Derivative liabilities — (5.1 ) — (5.1 ) Noranda pension plan assets: Equity securities: Diversified common stock mutual fund 98.7 89.5 8.1 196.3 Global equity securities — 13.5 — 13.5 Diversified fixed income mutual fund 111.2 — — 111.2 Cash and cash equivalents 1.6 4.2 — 5.8 Total Noranda pension plan assets 211.5 107.2 8.1 326.8 St. Ann pension plan assets: Global equity securities — 6.5 — 6.5 Fixed income securities: GOJ bonds — 15.2 — 15.2 Global corporate bonds — 0.1 — 0.1 Real estate — 2.8 — 2.8 Other — 3.2 — 3.2 Total St. Ann pension plan assets — 27.8 — 27.8 Total 211.5 133.1 11.4 356.0 Changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2015 and 2014 were as follows: Year ended December 31, 2015 2014 $ $ Fair value, beginning of year 8.1 5.7 Return on assets (2.3 ) 2.4 Fair value, end of year 5.8 8.1 Changes in the fair value of the variable-price Midwest Premium contracts classified as Level 3 for the year ended December 31, 2015 and 2014 were as follows: Year ended December 31, 2015 2014 $ $ Fair value, beginning of year 3.3 1.8 New contracts entered (0.8 ) 3.2 Changes in fair value (6.9 ) 5.2 Settlements 4.4 (6.9 ) Fair value, end of year — 3.3 We discuss our derivative instruments in Note 15, “ 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. We value pension plan assets based upon the fair market value of the underlying investments. Plan assets directly invested in active exchange-traded debt and equity securities were classified within Level 1. We classified investments that do not have guaranteed liquidity and investments in limited partnerships, pooled investment funds, or unit trusts as Level 2 or Level 3, depending on management’s assessment of the liquidity or the transferability of the investment. We classified pension plan assets with underlying investments in limited partnerships for which significant unobservable inputs were used to determine fair value as Level 3. The Level 2 investments are valued based on the unit prices quoted by the funds, representing the fair value of underlying investments. The Level 3 investments are valued at estimated fair value, as determined by the general partner. In Note 11, “ Long-Term Debt and Lease Financing ” we disclose the fair values of our debt instruments. The fair value of Noranda Aluminum Acquisition Corporation (“ Noranda AcquisitionCo”) 11% Senior Notes due 2019 (AcquisitionCo Notes due 2019”) was based on recent market transactions. We classified the AcquisitionCo Notes due 2019 as Level 2. While the AcquisitionCo Notes due 2019 have quoted market prices used to determine fair value, we do not believe transactions of those instruments occur in sufficient frequency or volume for a Level 1 classification. The fair values of the Term B Loan and revolving credit facility borrowings are based on interest rates available at each balance sheet date. These fair value measurements are classified as Level 2. The fair value of project specific financing was based on the quoted market prices of the AcquisitionCo Notes due 2019 since they are similar in that they are both unsecured financings and as such we classified the fair value of the project specific financing as Level 3. Valuations on a non-recurring basis Goodwill, trade name, and asset retirement obligations 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 of the date the valuations are determined to be performed. These fair value measurements are classified as Level 3. See Note 9, “ Goodwill and Other Intangible Assets ” for further information regarding goodwill and tradename impairments in 2015. See Note 12, “ Asset Retirement and Other Obligations ” for further information regarding asset retirement obligations. Fair value of fixed assets and other assets Fair values of fixed assets and other assets held for sale are measured using management’s assumptions about a pending sale or plan of sale. Such assumptions include an estimated future sale price based on offers received, scrap value or replacement value based on market price of scrap components or similar assets. These non-recurring fair value adjustments and the inputs used in the measurement are classified as Level 2 fair value measurements under the market approach. During the year ended December 31, 2013, we recorded $5.9 million in impairment charges related to construction in progress, equipment and other long term assets in our Flat-Rolled Products segment. These impairment charges, described in Note 4 above, were reflected in the consolidated statements of operations as a component of selling, general and administrative expenses for the year ended December 31, 2013. During the fourth quarter of December 31, 2015, the Company recorded $9.5 million in impairment charges related to construction in progress in our Primary Aluminum segment. These impairment charges related to the Company’s decision to no longer pursue certain capital projects due to the Company’s cash flow circumstances. During the year ended December 31, 2013 we reclassified certain non-strategic equipment to assets held for sale and recorded an impairment loss of $1.5 million to adjust the carrying value of the equipment to fair value, based on a purchase offer received for the equipment. The equipment was sold during fourth quarter 2013. We recorded impairment charges totaling $1.2 million to reduce the carrying value of certain non-depreciable other long term assets to their estimated fair value during the year ended December 31, 2013, based on a preliminary purchase offer received. In connection with the workforce reduction at our Salisbury, North Carolina. rolling mill facility announced in October 2013, we began to reposition the Salisbury plant to produce predominately heavy gauge foil although some light gauge material continues to be processed at the plant. We have transferred a portion of the light gauge product production to the Newport plant. We recorded $3.2 million of impairment charges related to assets taken out of service in connection with the workforce reduction at the Salisbury facility, including a capital project with no residual value due to new advancements in technology and an impairment charge to reduce the carrying value of certain non-depreciable other long term assets which will be sold for scrap to their estimated fair value, which is based on market scrap value and the amount of scrap material. |
Inventories (Footnote)
Inventories (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Inventories disclosure | INVENTORIES We use the LIFO method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Supplies inventories at our rolling mills are valued at FIFO. Inventories at Gramercy and St. Ann and supplies at New Madrid are valued at weighted-average cost and are not subject to the LIFO adjustment. Gramercy and St. Ann inventories comprise approximately 33% and 25% of total inventories, at cost, at December 31, 2015 and 2014 , respectively. Inventories, net, consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Raw materials, at cost 47.3 73.7 Work-in-process, at cost 35.3 48.9 Finished goods, at cost 23.0 31.3 Total inventories, at cost 105.6 153.9 LIFO adjustment 29.0 14.0 LCM reserve (28.6 ) (7.6 ) Inventories, at lower of cost or market 106.0 160.3 Supplies 29.4 36.4 Total inventories, net 135.4 196.7 Work-in-process and finished goods inventories consist of the cost of materials, labor and production overhead costs. Supplies inventory consists primarily of maintenance supplies expected to be used within the next twelve months. Non-current maintenance supplies are included in other assets in the accompanying consolidated balance sheets. An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. We recorded LIFO decrement losses in the amount $3.1 million and $1.7 million in the Flat-Rolled Products segment and Primary Aluminum segment, respectively, during the year ended December 31, 2015 . We recorded LIFO liquidation income of $0.4 million in the Flat-Rolled Products segment during the year ended December 31, 2014 . |
Property, Plant and Equipment (
Property, Plant and Equipment (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, plant and equipment disclosure | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net, consisted of the following (in millions): Year ended December 31, Estimated useful lives 2015 2014 (in years) $ $ Land 51.9 51.9 Buildings and improvements 10 – 47 176.0 163.0 Machinery and equipment 3 – 50 969.9 927.1 Construction in progress 67.6 86.2 Property, plant and equipment, at cost 1,265.4 1,228.2 Accumulated depreciation (578.7 ) (533.2 ) Total property, plant and equipment, net 686.7 695.0 Depreciation expense on property, plant and equipment consisted of the following amounts (in millions): Year ended December 31, $ 2015 81.8 2014 77.1 2013 86.7 On January 8, 2016 the Primary Aluminum segment experienced an electrical supply circuit failure which resulted in the idling of production at two of the three pot lines. The third pot line was not directly affected and production in that line continued. Estimates regarding the financial impact and anticipated insurance recoveries are ongoing. |
Goodwill (Footnote)
Goodwill (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill disclosure | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of acquisition consideration paid over the fair value of identifiable net tangible and identifiable intangible assets acquired. Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment at least annually, in the fourth quarter, or upon the occurrence of certain triggering events. Accounting standards allow a company to annually perform an initial qualitative assessment to determine if it is more likely than not that a triggering event has occurred (in which case the company would then use the two-step quantitative process described below). Nevertheless, we elected to continue to evaluate goodwill and other indefinite-lived intangible assets annually for impairment by directly proceeding with the 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. The implied fair value of goodwill is determined in the same manner as the fair value of goodwill is determined in a business combination. 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. 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 Midwest Transaction Price below the Company’s Net Cash Cost per pound and the effects of the casthouse 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 31, 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 31, 2015, which was based on an income approach. Intangible Assets Intangible assets, net, consisted of the following (in millions): Weighted-average life Year ended December 31, 2015 2014 (in years) $ $ Non-amortizable: Trade names Indefinite 17.4 17.7 Amortizable: Customer relationships 13 71.1 71.0 Other 2.5 0.7 0.7 Total other intangible assets, gross 89.2 89.4 Accumulated amortization (46.1 ) (40.1 ) Total other intangible assets, net 43.1 49.3 The decrease in non-amortizable tradenames is due to the impairment of the Primary segment’s 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. Amortization expense related to intangible assets is included as a component of selling, general and administrative expenses in our consolidated statements of operations. Amortization expense related to intangibles was (in millions): Year ended December 31, $ 2015 5.9 2014 5.9 2013 5.9 Expected amortization of 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) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies disclosure | COMMITMENTS AND CONTINGENCIES Labor Commitments As of December 31, 2015 , we had 2,200 employees , approximately 1,600 (or approximately 70% ) of our employees were union members. We are a party to seven collective bargaining agreements with five different unions. In the United States: we have agreements with the United Steelworkers of America (“USWA”) and the International Association of Machinists and Aerospace Workers (“IAMAW”). • The agreements with the USWA at Gramercy, Salisbury and New Madrid with the USWA are scheduled to expire in September 2016, November 2016 and August 2017. respectively. • The agreement at Newport with the IAMAW is scheduled to expire in May 2018. At St. Ann, Jamaica: we have agreements with the University and Allied Workers Union (“UAWU”); the Union of Technical, Administrative and Supervisory Personnel (“UTASP”); and the Bustamante Industrial Trade Union (“BITU”) . • The agreement with the UTASP, which represents supervisory and technical salaried workers is scheduled to expire in December 2016. • The agreement in place with BITU expired on December 31, 2015. In September 2015, we received a claim for a new contract. Negotiations started in the fourth quarter of 2015, but was temporarily put on hold due to consultations with all the unions on the Company’s liquidity. If negotiations result in a new contract, the contract will be in effect for the period from January 1, 2016 through December 31, 2018. • The agreement with UAWU, covering operators is scheduled to expire on April 30, 2016. Additionally, as a result of our Chapter 11 filing we are currently undergoing negotiations with labor unions representing employees of our Bauxite, Alumina and Primary Aluminum segments to modify our collective bargaining agreements. If we cannot reach agreement on such modifications, we likely will be required to reject the collective bargaining agreements in accordance with applicable provisions of the Bankruptcy Code. 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 consolidated financial statements. Arbitration Proceeding Relating to Production Levy See Note 21, “ Non-Controlling Interest ” for information regarding an 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 whether or which 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 $7.5 million over the remaining life of the contract. This minimum purchase requirement represents significantly less power usage than is required in the operation of the New Madrid facilities, 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 “(MoPSC”) based on two components: a base rate and a fuel adjustment charge. Any changes to the base rate and fuel adjustment charge must be approved by the MoPSC. On April 29, 2015 the MoPSC 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 MoPSC’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 $35.0 million in capital expenditures as defined by U.S. GAAP at the New Madrid smelter; and (iii) refraining from paying special dividends. If the MoPSC determines that we have materially violated the conditions, and no exception is available under the MoPSCs Order, rates at the smelter would revert to the previous rate structure on a prospective basis. 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 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 MoPSC, under a Certificate of Convenience and Necessity issued by the MoPSC 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 MoPSC. As a result of workforce reductions at the New Madrid smelter, we no longer have the requisite number of full-time equivalent personnel mandated by the MoPSC’s April 29 2015 order. On February 3, 2016, the staff of the MoPSC filed a petition asking the MoPSC to determine whether we have materially failed to comply with the workforce level condition. We responded by noting that we were compelled to initiate the workforce reductions by forces beyond our control, thereby triggering the force majeure exception to the condition. On March 2, 2016, the MoPSC found that, through application of the force majeure exception, we have not materially failed to comply with the workforce condition and ordered that the petition of staff of the MoPSC be dismissed. However, even the reduced electricity rate structure for our New Madrid smelter presents a challenge to our ability to restart the smelter. Therefore, we believe that our ability to restart the New Madrid smelter will be dependent upon, among other things, our ability to obtain a more favorable electricity rate than is provided by rate structure currently in effect. We have negotiated an agreement with Ameren Missouri that would provide for a meaningful decrease in our electricity rate, but the agreement is subject to the enactment of proposed emergency legislation in Missouri that would, in effect, provide guidelines for rates under an executed contract between an aluminum smelting facility and an electrical corporation; our agreement with Ameren Missouri would be consistent with the proposed guidelines. While we and Ameren Missouri have both expressed support for the proposed legislation, we are unable to predict if the proposed legislation will ever be enacted and, if it is so enacted, when it would be effective. If such proposed legislation is not adopted, our ability to resume operations at New Madrid would be materially and adversely affected. Operating Leases We operate certain office, manufacturing and warehouse facilities under operating leases. In most cases, we expect leases to be renewed or replaced with other leases when they expire. Rental expense for all operating leases except those with terms of one month or less that were not renewed totaled $4.2 million , $3.8 million and $3.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2015 follows (in millions): Year ended December 31, $ 2016 2.2 2017 1.7 2018 0.3 2019 0.1 2020 — Thereafter — |
Long-Term Debt (Footnote)
Long-Term Debt (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt disclosure | LONG-TERM DEBT AND LEASE FINANCING The carrying values of our outstanding debt were as follows (in millions): December 31, 2015 December 31, 2014 Carrying value Interest rate Carrying value Interest rate $ % $ % AcquisitionCo Notes, net (1) 173.6 11.00 % 173.3 11.00 % Term B Loan, net 466.3 5.75 % 470.7 5.75 % Project specific financing 16.9 9.00 % 22.5 9.00 % Mid-Stream Loan 7.2 8.00 % 1.0 8.00 % Rod mill lease financing 13.4 8.50 % — — Capital lease financing 0.4 5.79 % 0.5 5.79 % Revolving credit facility (2) 64.5 4.25% - 5.75% — Total debt, net 742.3 668.0 Less: current portion (742.3 ) (11.6 ) Long-term debt and lease financing, net — 656.4 (1) Includes the 11% Senior Notes due 2019 issued by Noranda AcquisitionCo (“AcquisitionCo Notes due 2019”) outstanding at December 31, 2014 and the Senior Floating Rate Notes due 2015 issued by Noranda AcquisitionCo (“AcquisitionCo Notes due 2015”) outstanding at December 31, 2012. ” (2) At December 31, 2015 the revolving credit facility (referred to below as the “ABL”) carried an interest rate of 4.25% on the first $57.2 million and the remaining balance of $7.3 million carried an interest rate of 5.75%. On February 8, 2016, the Company and all of its direct and indirect wholly-owned subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri (the “Bankruptcy Filing”). Based on this subsequent event, we have classified all debt as current at December 31, 2015. See Note 1, “ Voluntary Reorganization Under Chapter 11 of Title 11 of the United States Code ” for additional details regarding our C hapter 11 filing. Our Chapter 11 filings constituted an event of default under each of our credit agreements and therefore our indebtedness under the credit agreements became immediately due and payable. As of December 31, 2015 and December 31, 2014 , the amount outstanding under our Term B Loan was recorded in our consolidated balance sheets net of $1.8 million and $2.4 million , respectively, of unamortized discount. We estimated that the Term B Loan had a fair value of approximately $229.9 million and $470.7 million, respectively, at December 31, 2015 and December 31, 2014. Including required repayments of the incremental Term B Loan borrowings, we were, prior to the Bankruptcy Filing, required to repay $1.2 million of the total Term B Loan quarterly. The carrying value of the AcquisitionCo Notes due 2019 was recorded net of unamortized underwriting discount of $1.4 million and $1.7 million at December 31, 2015 and December 31, 2014, respectively. We estimated that the AcquisitionCo Notes due 2019 had a fair value of approximately $23.6 million and $171.6 million , respectively at December 31, 2015 and December 31, 2014. In December 2012, we entered into a project specific financing arrangement which enabled us to borrow a maximum of $20.0 million to fund capital improvements related to port expansion and railing improvements designed to increase shipping capacity and improve the cost structure at our St. Ann bauxite mining operation. The outstanding balance as of December 31, 2013 was $11.0 million . During the first quarter of 2014, we borrowed $6.5 million under this project specific financing arrangement. On December 16, 2014, we amended our credit agreement to increase the borrowing capacity under the financing arrangement from $20.0 million to $22.5 million . During December 2014, we borrowed the remaining $5.0 million available under the financing arrangement, resulting in an outstanding balance as of December 31, 2015 of $16.9 million . Under the financing arrangement, we were, prior to the Bankruptcy Filing, required to repay $5.6 million annually beginning January 2015 through December 2018. We estimated that the project specific financing had a fair value of approximately $2.4 million and $22.3 million, respectively, at December 31, 2015 and December 31, 2014. In the third quarter of 2014, we entered into a third party financing arrangement (the “Mid-Stream Loan”) to construct infrastructure and acquire equipment to increase the size of the bauxite shipment unloading capacity of our Gramercy refinery. The Mid-Stream Loan provided for advance funding during the construction period totaling approximately $12.2 million . The construction was completed during the fourth quarter of 2015. The loan is secured by specified Gramercy facility assets, and therefore, the fair value of the Mid-Stream Loan approximates the carrying value. In connection with the Mid-Stream Loan, we also have the ability to provide letters of credit aggregating $6.6 million . 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 . The lease has an early buyout option at 48 months fixed at $4.6 million while the end of term lease buyout is not fixed. The lease is secured by the specified rod mill assets, and therefore, the fair value of the rod mill lease financing approximates the carrying value. Original maturities assuming no acceleration or springing maturity as of December 31, 2015 are as follows: $ 2016 84.5 2017 13.1 2018 13.4 2019 634.5 2020 — Total debt 745.5 2013 Refinancings On March 8, 2013, Noranda AcquisitionCo completed a private offering of $175.0 million aggregate principal amount of 11.00% Senior Notes due 2019 (referred to as the “AcquisitionCo Notes due 2019”). Additionally, Noranda AcquisitionCo entered into an incremental term loan facility in the amount of $110.0 million under our existing term loan credit agreement (the “ $110.0 million incremental Term B Loan”). We used the net proceeds from the offering of the AcquisitionCo Notes due 2019 and the $110.0 million incremental Term B Loan to redeem the remaining $275.3 million outstanding AcquisitionCo Notes due 2015. We refer to these transactions, collectively, as the “2013 Refinancing.” The $110.0 million incremental Term B Loan agreement permitted Noranda AcquisitionCo to incur further incremental borrowings under the existing Term B Loan in an aggregate principal amount not to exceed the greater of (1) $50.0 million and (2) an amount such that, after giving effect to such incremental borrowing, we would be in pro forma compliance with a maximum total net senior secured leverage ratio of 2.25 to 1.00 . On May 29, 2013, we borrowed an additional $50.0 million , which we refer to as the “ $50.0 million incremental Term B Loan.” Borrowings under the $50.0 million incremental Term B Loan were used for general corporate purposes. Prior to the Bankruptcy Filing, the $110.0 million incremental Term B Loan and the $50.0 million incremental Term B Loan were due and payable on February 28, 2019 and had the same terms as borrowings under the existing Term B Loan. The Bankruptcy Filing constituted an event of default under the incremental Term B Loans and, therefore, our indebtedness under the incremental Term B Loans became immediately due and payable. However, our payment obligations have automatically been stayed under pending an order of the Bankruptcy Court. On May 15, 2013, we entered into an incremental asset-based revolving credit facility, consisting of $15.0 million in additional commitments on a “first-in, last-out” basis, under our existing asset-based revolving credit facility. We refer to this incremental asset-based loan as the “incremental ABL.” Loans under the incremental ABL were to be used for general corporate purposes, bear interest at a rate equal to the rate applicable to loans under our existing asset-based revolving credit facility plus 1.5% per annum and were to mature in February 2017 and, except as set forth herein, will be subject to the same terms and conditions as loans under the existing asset-based loan credit agreement. We recorded debt refinancing expense of $2.5 million related to the 2013 Refinancing, representing the write-off of deferred financing fees and third party fees related to the AcquisitionCo Notes due 2015. Senior Secured Credit Facilities Set forth below is a description of the terms of our senior secured credit facilities, as in effect prior to the Bankruptcy Filing. The Bankruptcy Filing constituted an event of default under the senior secured credit facilities and, therefore, our indebtedness under the senior secured credit facilities became immediately due and payable. However, our payment obligations have automatically been stayed pending an order of the Bankruptcy Court. Term B Loan The Term B Loan consists of an initial borrowing of $325.0 million . The credit agreement governing the Term B Loan also permitted Noranda AcquisitionCo to incur incremental borrowings thereunder in an aggregate principal amount equal to the greater of (1) $100.0 million and (2) an amount such that, after giving effect to such incremental borrowing, Noranda AcquisitionCo will have a total net senior secured leverage ratio, as defined in the Term B Loan agreement of not greater than 2.25 to 1.00 . Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time Noranda AcquisitionCo seeks to incur such borrowings. As described under “2013 Refinancings”, Noranda AcquisitionCo entered into an incremental term loan facility in March 2013. Obligations of Noranda AcquisitionCo under the Term B Loan are senior obligations guaranteed by the Company and substantially all of Noranda AcquisitionCo’s wholly owned existing and future direct and indirect U.S. subsidiaries, with certain exceptions. Currently NHB Capital LLC (“NHB”), in which we have a 100% ownership interest, is our only domestic subsidiary that has not guaranteed these obligations. Noranda AcquisitionCo and the subsidiary guarantors have pledged substantially all of their assets as security for such obligations, and the Company has pledged its shares of capital stock of Noranda AcquisitionCo. These security interests are second priority (subordinate to the liens in favor of the ABL) with respect to accounts receivable, inventory and certain related assets and first priority with respect to all other pledged assets. Prior to the Bankruptcy Filing, all outstanding principal and interest under the Term B Loan was to be due and payable on February 28, 2019. The Term B Loan requires Noranda AcquisitionCo to repay borrowings outstanding thereunder in the amount of 1.00% per annum, payable in quarterly installments , with the balance due on the maturity date. Noranda AcquisitionCo was permitted to prepay amounts outstanding under the Term B Loan at any time. Subject to certain exceptions, the terms of credit agreement relating to the Term B Loan requires Noranda AcquisitionCo to prepay certain amounts outstanding thereunder with (a) the net cash proceeds of certain asset sales and certain issuances of debt and (b) a percentage of annual excess cash flow, which percentage is based upon Noranda AcquisitionCo’s total net senior secured leverage ratio, as defined in the Term B Loan agreement. During 2015, 2014 and 2013, no mandatory prepayments were due pursuant to the cash flow sweep provisions of the credit agreement, nor, given our 2015 financial results, will any mandatory prepayments be due pursuant to the cash flow sweep provisions of the credit agreement during 2016. Borrowings under the Term B Loan bore interest at a rate equal to an applicable margin plus, at Noranda AcquisitionCo’s option, either (a) a base rate calculated in a customary manner (provided such base rate could not be less than 2.25% ) or (b) an adjusted eurodollar rate calculated in a customary manner (provided that such adjusted eurodollar rate could not be less than 1.25% ). The applicable margin is 3.50% per annum with respect to base rate borrowings and 4.50% per annum with respect to eurodollar rate borrowings. The credit agreement relating to the Term B Loan agreement contains certain customary affirmative and negative covenants, restrictions and events of default. ABL Subject to certain exceptions, maximum availability under the ABL was equal to the lesser of (1) $250.0 million and (2) a borrowing base equal to (i) 85% of the net amount of eligible accounts receivable plus (ii) the lesser of (a) 80% of the lesser of the original cost or market value of eligible inventory and (b) 90% of the orderly liquidation value of eligible inventory minus (iii) any applicable reserves. The borrowers could request the issuance of letters of credit up to an aggregate face amount of $75.0 million , and the borrowing of swingline loans, up to an aggregate amount equal to 10% of the outstanding commitments under the ABL. The ABL also permitted Noranda AcquisitionCo to request incremental commitments thereunder in an aggregate principal amount of up to $100.0 million . Obligations of the borrowers under the ABL are senior obligations guaranteed by the Company, each borrower and substantially all of Noranda AcquisitionCo’s wholly owned existing and future direct and indirect U.S. subsidiaries, with certain exceptions. Currently, NHB is the only domestic subsidiary that has not guaranteed these obligations. Noranda AcquisitionCo and the subsidiary guarantors have pledged substantially all of their assets as security for such obligations, and the Company has pledged its shares of capital stock of Noranda AcquisitionCo. These security interests are first priority with respect to accounts receivable, inventory and certain related assets and second priority (subordinate to the liens in favor of the Term B Loan) with respect to all other pledged assets. Prior to the Bankruptcy Filing, all outstanding principal and interest under the ABL were to be due and payable on February 28, 2017. Noranda AcquisitionCo could prepay amounts, and/or terminate commitments, outstanding under the ABL at any time without penalty or premium. Borrowings under the ABL bore interest at a rate equal to an applicable margin plus, at Noranda AcquisitionCo’s option, either (a) a base rate calculated in a customary manner or (b) an adjusted eurodollar rate calculated in a customary manner. The applicable margin was determined based on Noranda AcquisitionCo’s average quarterly excess availability under the ABL. The applicable margin ranged from 0.50% to 1.00% per annum with respect to base rate borrowings and from 1.5% to 2.00% per annum with respect to eurodollar rate borrowings. Noranda AcquisitionCo was also required to pay a quarterly commitment fee equal to 0.375% per annum of the average amount of unused commitments during the applicable quarter, as well as quarterly letter of credit fees equal to the product of (a) the applicable margin with respect to eurodollar borrowings and (b) the average amount available to be drawn under outstanding letters of credit during such quarter. The credit agreement relating to the ABL agreement contains certain customary affirmative and negative covenants, restrictions and events of default. With the Company’s Chapter 11 filings on February 8, 2016 and subsequent Debtor-in-Possession Financing (see Note 1, “ Voluntary Reorganization Under Chapter 11 of Title 11 of the United States Code ” ), these covenants are no longer applicable since financing under the previous ABL facility became frozen. The ABL had an outstanding balance of $64.5 million at December 31, 2015 and had a zero balance at December 31, 2014 . Outstanding letters of credit on the ABL were $44.9 million and $39.8 million , respectively, at December 31, 2015 and December 31, 2014 . As of December 31, 2015 and December 31, 2014, available borrowing capacity was $4.9 million and $137.8 million , respectively. AcquisitionCo Notes due 2019 On March 8, 2013, we completed a private offering of $175.0 million of 11.00% AcquisitionCo Notes due June 1, 2019 (the “AcquisitionCo Notes due 2019”). The AcquisitionCo Notes due 2019 are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by Noranda HoldCo and the domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. The indenture governing the AcquisitionCo Notes due 2019 contains certain customary affirmative and negative covenants, restrictions and events of default. In January 2014 the Company registered AcquisitionCo Notes due 2019 under the Securities Act of 1933, as amended (the “Securities Act”), and exchanged the registered notes for then outstanding AcquisitionCo Notes due 2019. The registered notes are identical to the originally issued notes, except that the registered notes generally are not subject to transfer restrictions under the Securities Act. The Bankruptcy Filing constituted an event of default under the AcquisitionCo Notes due 2019 and, therefore, our indebtedness under the Notes became immediately due and payable. However, our payment obligations have automatically been stayed pending an order of the Bankruptcy Court. Certain covenants Certain covenants contained in our debt agreements governing our Senior Secured Credit Facilities and the indenture governing the AcquisitionCo Notes due 2019 restrict our ability to take certain actions if we are unable to meet certain ratios of Adjusted EBITDA to fixed charges and Net Debt, Senior Secured Net Debt and Senior First Lien Secured Net Debt to Adjusted EBITDA. These actions include incurring additional secured or unsecured debt, expanding borrowings under existing term loan facilities, paying dividends, engaging in mergers, acquisitions and certain other investments, and retaining proceeds from asset sales. In addition to the restrictive covenants described above, upon the occurrence of certain events, such as a change of control, our debt agreements could require that we repay or refinance our indebtedness. |
Asset Retirement and Other Obli
Asset Retirement and Other Obligations (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Reclamation, Land And Asset Retirement Obligations [Abstract] | |
Reclamation, land and asset retirement obligations disclosure | ASSET RETIREMENT AND OTHER OBLIGATIONS Reclamation Obligations St. Ann has an obligation to rehabilitate land disturbed by St. Ann’s bauxite mining operations. See Note 2, “ Accounting Policies ” for further information. The reclamation obligations were $2.4 million and $1.5 million at December 31, 2015 and 2014 , respectively. These amounts are included in accrued liabilities in the accompanying consolidated balance sheets. A summary of our reclamation obligations activity at St. Ann follows (in millions): Year ended December 31, 2015 2014 $ $ Balance, beginning of period 1.5 1.4 Additional liabilities incurred 2.8 2.8 Liabilities settled (1.9 ) (2.7 ) Balance, end of period 2.4 1.5 Land Obligations In cases where land to be mined is privately owned, St. Ann agrees to purchase the residents’ property, including land, crops, homes and other improvements in exchange for consideration paid in the form of cash, a commitment to relocate the residents to another area, or a combination of these two options (“St. Ann Land Obligations”). See Note 2, “ Accounting Policies ” for further information. The current portion of the St. Ann Land Obligations was $3.6 million as of December 31, 2015 and $3.7 million as of December 31, 2014 and is included in accrued liabilities in the accompanying consolidated balance sheets. The long-term portion of the St. Ann Land Obligations was $6.8 million at December 31, 2015 and December 31, 2014 and is included in other long-term liabilities in the accompanying consolidated balance sheets. Relocating residents occurs often over several years, requiring management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates; therefore, further adjustments to the St. Ann Land Obligations and the Predecessor Land Obligations may be necessary. These adjustments, including the effects of fluctuations in foreign currency exchange rates, are aggregated in the following table as revisions to the obligation. A summary of our St. Ann Land Obligations activity follows (in millions): Year ended December 31, 2015 2014 $ $ Balance, beginning of period 10.5 10.5 Additional liabilities incurred 0.8 0.6 Liabilities settled — (0.3 ) Revisions to the obligation (0.9 ) (0.3 ) Balance, end of period 10.4 10.5 Asset Retirement Obligations Our asset retirement obligations (“ARO”) consist of costs related to the disposal of certain spent pot liners associated with the New Madrid smelter, as well as costs associated with the future closure and post-closure care of red mud lakes at the Gramercy facility, where Gramercy disposes of wastes from its refining process. The current portion of the liability of $2.3 million at December 31, 2015 and December 31, 2014 related to the disposal of spent pot-liners at New Madrid and was recorded in accrued liabilities in the accompanying consolidated balance sheets. The remaining non-current portion of $11.7 million and $13.7 million at December 31, 2015 and 2014 , respectively, was included in other long-term liabilities in the accompanying consolidated balance sheets. A summary of our asset retirement obligations activity follows (in millions): Year ended December 31, 2015 2014 $ $ Balance, beginning of period 16.0 16.5 Additional liabilities incurred 2.0 1.1 Liabilities settled (3.1 ) (2.7 ) Revisions in estimated cash flows (2.2 ) — Accretion 1.3 1.1 Balance, end of period 14.0 16.0 Based on the requirement to adjust the liability for changes in estimated timing or amounts of cash flows, we utilized the input of an independent advisor to update the estimates of costs and cash flows associated with our Gramercy facility as of December 31, 2015. This evaluation considered changes in facts and circumstances, including changes in the market and underlying assumptions used in the valuation and changes to the estimated settlement dates. As a result of this analysis we reduced the ARO and the corresponding asset as of December 31, 2015. At December 31, 2014 we had $10.5 million of restricted cash in an escrow account as security for the payment of red mud lake closure obligations that will arise under state environmental laws if we were to cease operations at the Gramercy facility. This amount is included in other assets in the accompanying consolidated balance sheets. During the fourth quarter of 2015, the restricted cash balance was converted into a letter of credit. The letter of credit which held a balance of $10.9 million at December 31, 2015 is included in the $44.9 million outstanding letters of credit on the ABL at December 31, 2015. The ongoing operations at the Gramercy facility generate hazardous materials that are disposed of according to long-standing environmental permits. Our asset retirement obligations include 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. We have not recorded an asset retirement obligation for removing such material that may remain at the time of closure of the Gramercy facility as we do not currently believe there is a reasonable basis for estimating the liability. Our ability to form a reasonable estimate is impeded as we cannot predict the amount of hazardous materials that will be remaining at the time of such a closure, due to the fact that we are continuously removing and disposing of these materials as they are generated. Environmental Remediation Obligations In addition to our asset retirement obligations, we have identified certain environmental conditions requiring remedial action or ongoing monitoring at the Gramercy refinery. As of December 31, 2015 and 2014 , our consolidated balance sheets included undiscounted liabilities of $0.2 million and $1.7 million , respectively, and $3.0 million and $1.1 million in other long-term liabilities, respectively, for remediation of Gramercy’s known environmental conditions. Monitoring costs are expensed as incurred. No other responsible parties are involved in any ongoing environmental remediation activities. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSIONS AND OTHER POST-RETIREMENT BENEFITS We sponsor defined benefit pension plans for hourly and salaried employees. Benefits under our sponsored defined benefit plans are based on years of service and/or eligible compensation prior to retirement. We also sponsor OPEB plans for certain employees. These benefits include life and health insurance. In addition, we provide supplemental executive retirement benefits for certain executive officers. Disclosures for the defined benefit pension plans and other post-retirement benefit plans sponsored by NBL (the “St. Ann Plans,” collectively) are shown separately from the disclosures related to the plans at our other subsidiaries (the “Noranda Plans,” collectively) because the assumptions related to the St. Ann Plans are significantly different than those of the Noranda Plans. We used an annual measurement date of December 31 to determine the pension and OPEB liabilities for the Noranda Plans and St. Ann Plans. Noranda Plans In fourth quarter 2015, we completed a workforce reduction (see Note 14, “ Restructuring ” ). As a result, we offered special voluntary termination benefits to employees that (1) met certain criteria for early retirement and (2) accepted the benefit by the required deadline. For the year ended December 31, 2015, we recognized a termination benefit loss of $0.5 million within net periodic benefit cost. Historically our pension funding policy was to contribute annually an amount based on actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements of the Employee Retirement Income Security Act (“ERISA”). OPEB benefits are funded as retirees submit claims. On October 1, 2014, select Noranda Pension Plans were amended to permit lump-sum distributions pursuant to participant elections made through November 15, 2014. The amendment resulted in additional benefits paid in the fourth quarter of 2014. All payments associated with the amendment were completed in 2014. Net loss (gain) in excess of 10% of the greater of pension benefit obligation or the market-related value of assets is amortized on a straight-line basis over the average expected remaining service of active participants expected to benefit under the plan. Noranda Pension Plan assets Weighted-average asset allocations as of December 31, 2015 and 2014 and the target asset allocations for 2015 were as follows: 2015 2014 Target 2016 % % % Fixed income securities 35 34 35 Equity securities 65 66 65 We seek a balanced return on plan assets through a diversified investment strategy. Noranda pension plan assets consist principally of equities and fixed income accounts. In developing the long-term rate of return assumption for plan assets, we evaluated the plans’ historical cumulative actual returns over several periods, as well as long-term inflation assumptions. We anticipate that the plans will continue to generate long-term investment returns of approximately 7% per annum. The change in benefit obligation and change in plan assets for the Noranda pension plans were as follows (in millions): Year ended December 31, 2015 2014 $ $ Change in benefit obligation: Benefit obligation, beginning of period 503.3 422.8 Service cost 16.8 13.2 Interest cost 20.0 20.1 Actuarial (gain) loss (41.4 ) 75.7 Benefits paid (19.6 ) (28.4 ) Plan Amendments 0.1 (0.1 ) Special termination benefits 0.5 — Benefit obligation, end of period 479.7 503.3 Change in plan assets: Fair value of plan assets, beginning of period 326.8 323.4 Actual return on plan assets (12.0 ) 16.5 Employer contributions 16.5 15.3 Benefits paid (19.6 ) (28.4 ) Fair value of plan assets, end of period 311.7 326.8 Funded status (168.0 ) (176.5 ) Weighted-average assumptions: Discount rate 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % The change in benefit obligation and change in plan assets for the Noranda OPEB plans were as follows (in millions): Year ended December 31, 2015 2014 $ $ Change in benefit obligation: Benefit obligation, beginning of period 12.3 11.5 Service cost 0.4 0.4 Interest cost 0.5 0.5 Actuarial (gain) loss (0.8 ) 0.4 Benefits paid (0.4 ) (0.5 ) Benefit obligation, end of period 12.0 12.3 Change in plan assets: Fair value of plan assets, beginning of period 0.1 0.1 Employer contributions 0.4 0.5 Benefits paid (0.4 ) (0.5 ) Fair value of plan assets, end of period 0.1 0.1 Funded status (11.9 ) (12.2 ) Weighted-average assumptions: Discount rate 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % The net liability for the Noranda plans was recorded in the consolidated balance sheets as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Current liability (0.1 ) (0.3 ) (0.4 ) (0.5 ) Long-term liability (167.9 ) (176.2 ) (11.5 ) (11.7 ) Total (168.0 ) (176.5 ) (11.9 ) (12.2 ) In 2016, we expect to reclassify losses of approximately $11.4 million and $0.1 million from AOCI related to the Noranda pension and OPEB plans, respectively, into net income through net periodic cost. Amounts related to the Noranda plans in AOCI were as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Net actuarial loss 140.9 159.3 0.2 1.0 Prior service cost 6.8 7.8 0.2 0.3 Accumulated other comprehensive loss 147.7 167.1 0.4 1.3 The Noranda OPEB benefit obligation included estimated health insurance benefits of $1.1 million , $1.1 million and $1.0 million at December 31, 2015 , 2014 and 2013 , respectively. The healthcare cost trend rates used in developing the periodic cost and the projected benefit obligation are 7.5% grading to 5% over ten years. Net periodic benefit costs related to the Noranda Pension Plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 16.8 13.2 15.4 Interest cost 20.0 20.1 17.9 Expected return on plan assets (22.8 ) (22.8 ) (20.1 ) Recognized actuarial loss 11.9 3.9 12.8 Amortization of prior service cost 1.1 1.1 1.1 Curtailment loss 0.1 0.1 — Settlement and termination benefits loss 0.5 — 0.7 Net periodic cost 27.6 15.6 27.8 Weighted-average assumptions: Discount rate 4.0 % 4.8 % 3.9 % Expected rate of return on plan assets 7.0 % 7.0 % 7.0 % Rate of compensation increase 4.0 % 4.0 % 4.0 % Net periodic benefit costs related to the Noranda OPEB plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.4 0.4 0.4 Interest cost 0.5 0.5 0.5 Recognized actuarial (gain) loss — — 0.1 Amortization of prior service cost (benefit) 0.1 0.1 0.1 Net periodic cost 1.0 1.0 1.1 Weighted-average assumptions: Discount rate 4.3 % 4.9 % 3.9 % Rate of compensation increase 4.0 % 4.0 % 4.3 % The effects of a one percentage point change in the assumed health care cost trend rate on our Noranda OPEB plans’ post-retirement benefit obligation were as follows (in millions): 1% decrease in rates Assumed rates 1% increase in rates $ $ $ Aggregated service and interest cost 0.9 0.9 0.9 Accumulated post-retirement benefit obligation 12.0 12.0 12.0 The projected and accumulated benefit obligations in excess of plan assets for our Noranda pension plans were as follows (in millions): December 31 2015 2014 $ $ Projected benefit obligation (479.7 ) (503.3 ) Accumulated benefit obligation (461.7 ) (484.2 ) Fair value of plan assets 311.7 326.8 St. Ann Plans NBL operates a defined benefit pension plan and an OPEB plan. Our post-retirement benefits include life and health insurance and are funded as retirees submit claims. St. Ann Pension Plan assets The St. Ann Pension Plan is funded by employee and employer contributions. Employer contributions are made at a rate periodically determined by management, which is based, in part, on employee contributions. Historically our pension funding policy was to contribute annually an amount based on actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the funding requirements of the plan. Our St. Ann Pension Plan’s weighted-average asset allocations at December 31, 2015 and 2014 and the target allocations for 2015 by asset category were as follows: 2015 2014 Target 2016 % % % Global equity securities 33 23 35 Real estate 14 10 10 Fixed income securities 39 55 45 Other 14 12 10 We seek a balanced return on plan assets through a diversified investment strategy. In developing the long-term rate of return assumption for plan assets, we evaluate the plan’s historical cumulative actual returns over several periods, as well as long-term inflation assumptions. We anticipate that the plan’s investments will continue to generate long-term returns of at least 7.0% per annum. The change in benefit obligation and change in plan assets for the St. Ann Plans were as follows (in millions): St. Ann Pension St. Ann OPEB Year ended December 31, Year ended December 31, 2015 2014 2015 2014 $ $ $ $ Change in benefit obligation: Benefit obligation, beginning of period 21.3 20.8 7.5 5.9 Service cost 0.7 0.6 0.3 0.2 Interest cost 1.6 1.5 0.6 0.4 Contributions by plan participants 1.0 0.8 — — Actuarial loss 2.8 0.5 0.9 1.8 Foreign currency changes (1.2 ) (1.1 ) (0.4 ) (0.3 ) Benefits paid (0.8 ) (1.8 ) (0.3 ) (0.5 ) Benefit obligation, end of period 25.4 21.3 8.6 7.5 Change in plan assets: Fair value of plan assets, beginning of period 27.8 26.7 — — Employer contributions 0.6 0.4 0.3 0.3 Contributions by plan participants 1.0 0.8 — — Actual return on plan assets 7.1 3.1 — — Benefits paid (0.8 ) (1.1 ) (0.3 ) (0.3 ) Foreign currency changes (1.4 ) (2.1 ) — — Fair value of plan assets, end of period 34.3 27.8 — — Funded status 8.9 6.5 (8.6 ) (7.5 ) Weighted-average assumptions: Discount rate 7.5 % 8.0 % 7.5 % 8.0 % Rate of compensation increase 5.0 % 5.5 % 5.0 % 5.5 % The net asset (liability) for the St. Ann Plans was recorded in the consolidated balance sheets as follows (in millions): St. Ann Pension St. Ann OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Long-term asset 8.9 6.5 — — Long-term liability — — (8.6 ) (7.5 ) Total 8.9 6.5 (8.6 ) (7.5 ) Net accumulated actuarial (gains) losses related to the St. Ann Pension and OPEB plans in AOCI were as follows (in millions): St. Ann Pension St. Ann OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Accumulated other comprehensive (gain) loss 3.3 5.4 (0.3 ) (0.8 ) Net periodic benefit costs related to the St. Ann Pension Plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.7 0.6 0.5 Interest cost 1.6 1.5 1.7 Expected return on plan assets (2.1 ) (1.8 ) (2.3 ) Recognized actuarial loss 0.2 0.2 — Net periodic cost 0.4 0.5 (0.1 ) Weighted-average assumptions: Discount rate 8.0 % 7.5 % 9.0 % Expected rate of return on plan assets 7.5 % 7.0 % 8.0 % Rate of compensation increase 5.5 % 5.0 % 6.0 % Net periodic benefit costs related to the St. Ann OPEB Plan included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.3 0.3 0.2 Interest cost 0.6 0.6 0.5 Amortization of prior service cost (benefit) — — (0.1 ) Net periodic cost 0.9 0.9 0.6 Weighted-average assumptions: Discount rate 8.0 % 7.5 % 9.0 % Rate of compensation increase 5.5 % 5.0 % 6.0 % The effect of a one-percentage-point change in the assumed health care cost trend rate on our St. Ann OPEB plan’s benefit obligation was as follows (in millions): 1% decrease in rates Assumed rates 1% increase in rates $ $ $ Aggregated service and interest cost 0.8 0.9 1.1 Projected post-retirement benefit obligation (7.2 ) (7.6 ) (9.9 ) As of December 31, 2015 and 2014 , St. Ann Pension Plan assets exceeded the projected benefit obligation and the accumulated benefit obligation. Expected Employer Contributions On February 8, 2016, Noranda HoldCo and its wholly-owned subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri. Prior to the Bankruptcy Filing we expected contributions to the Noranda Pension Plans and the St. Ann Pension Plans to approximate $17.1 million and $0.5 million , respectively, in 2016. We also had the option to elect to make additional contributions to the plans. Based on this subsequent event, we are unsure what portion, if any, of these contributions will be approved by the Bankruptcy Court. See Note 1, “ Voluntary Reorganization Under Chapter 11 of Title 11 of the United States Code ” for additional details regarding our Chapter 11 filing. Expected Future Benefit Payments The following table provides our estimated future benefit payments for the pension and OPEB plans at December 31, 2015 (in millions): Our ability to make future benefit payments will be subject to the approval by the Bankruptcy Court. Noranda Plans St. Ann Plans Pension benefits OPEB benefits Pension benefits OPEB benefits Year ended December 31, $ $ $ $ 2015 21.2 0.1 0.8 0.3 2016 22.3 0.1 0.9 0.4 2017 23.4 0.1 1.1 0.4 2018 24.5 0.2 1.2 0.5 2019 25.5 0.2 1.3 0.5 Thereafter 140.6 1.4 10.6 3.4 Total 257.5 2.1 15.9 5.5 Defined Contribution Plans We also have defined contribution retirement plans that cover our eligible employees. The purpose of these defined contribution plans is generally to provide additional financial security during retirement by providing employees with an incentive to make regular savings. Our contributions to these plans are based on employee contributions and were as follows (in millions): Year ended December 31, $ 2015 4.1 2014 4.2 2013 4.1 |
Restructuring (Footnote)
Restructuring (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Costs [Abstract] | |
Restructuring disclosure | RESTRUCTURING During the third quarter of 2014, we instituted workforce reductions in our New Madrid location that resulted in 12 employees accepting early retirement incentive packages in the fourth quarter of 2014. Also in the fourth quarter of 2014, we announced a workforce reduction in our Newport location that resulted in the termination of 29 hourly and 2 salaried employees. These actions resulted in $0.8 million of pre-tax charges for one-time termination benefits, reflected in the consolidated statements of operations as a component of selling, general and administrative expenses for the year ended December 31, 2014. We completed substantially all activities associated with these workforce reductions as of December 31, 2014. During the fourth quarter of 2015, we began a workforce reduction in our Downstream Business at its Newport, Arkansas mill that resulted in the termination of 29 hourly and 3 salaried employees. These 2015 actions resulted in $1.0 million of pre-tax charges for one-time termination benefits reflected in the consolidated statements of operations as a component of selling, general and administrative expenses for the year ended December 31, 2015. We completed substantially all activities associated with these workforce reductions as of December 31, 2015. Unpaid restructuring costs are recorded in accrued liabilities on our consolidated balance sheets. The following table summarizes our restructuring activities by segment (in millions): Total restructuring liability Year ended December 31, 2015 2014 $ $ Balance, beginning of period 0.8 5.3 Expense: Primary — 0.5 Flat-Rolled 1.0 0.5 Adjustments: Alumina — (0.1 ) Primary (0.3 ) (0.3 ) Flat-Rolled (0.5 ) (0.6 ) Benefits Paid — (4.5 ) Balance, end of period 1.0 0.8 |
Shareholders' Equity (Footnote)
Shareholders' Equity (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY (DEFICIT) Our authorized capital stock was 55.0 million shares , of which 30.0 million shares ( $0.01 par value ) was designated as common stock and 25.0 million shares (at $0.01 par value ) was designated as preferred stock as of December 31, 2015 and 2014 . As of December 31, 2015 and 2014 , no preferred stock was outstanding. Cash Dividends The following table summarizes the cash dividends paid during 2013, 2014 and 2015 . Declaration date Per share dividend amount Date paid Total cash payment $/share $ in millions February 20, 2013 0.28 March 27, 2013 2.7 April 24, 2013 0.28 May 29, 2013 2.7 July 24, 2013 0.28 August 28, 2013 2.8 October 30, 2013 0.07 December 5, 2013 0.7 February 19, 2014 0.07 March 26, 2014 0.7 April 22, 2014 0.07 May 28, 2014 0.7 August 11, 2014 0.07 September 17, 2014 0.7 November 3, 2014 0.07 December 8, 2014 0.6 February 18, 2015 0.07 March 25, 2015 0.7 May 6, 2015 0.07 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 a 1-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. The information in this Note relating to our authorized capital stock has been adjusted to give effect to the reduction in the number of authorized shares of our common stock, and the information in this Note relating to our cash dividends per share have been adjusted to give effect to the reverse stock split. |
Derivative Financial Instrument
Derivative Financial Instruments (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices, natural gas prices and interest rates. All derivatives are held for purposes other than trading. 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 December 31, 2015 , our outstanding fixed price aluminum customer contracts were as follows: Average price per pound Pounds Year $ (in millions) 2016 0.89 23.2 As of December 31, 2015 , our outstanding variable price aluminum offset swaps were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.80 24.5 As of December 31, 2015 , our outstanding variable price MWP contracts were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.09 28.7 December 31 2015 2014 $ $ Fixed-price aluminum customer contracts 3.7 2.4 Variable-price aluminum offset swaps (3.4 ) (4.3 ) Variable-price MWP contracts — 3.3 Total 0.3 1.4 We have four counterparties for our variable-price aluminum offset swaps. Our variable-price MWP contracts are with various other counterparties. With each of the counterparties of our variable-price aluminum offset swaps, we have a master netting arrangement which is subject to the same guarantee and security provisions as the senior secured credit facilities. The master netting arrangements do not require us to post additional collateral, or cash margin. We present the fair values of derivatives which are subject to a master netting arrangement in a net position on the unaudited consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions): As of December 31, 2015 Counterparty Gross derivative assets offset Amount offset Net derivative assets offset Derivative assets not offset Derivative assets, net $ $ $ $ $ Various counterparties not subject to a master netting arrangement — — — 3.7 3.7 Total current derivative assets — — — 3.7 3.7 As of December 31, 2015 Counterparty Gross derivative liabilities offset Amount offset Net derivative liabilities offset Derivative liabilities not offset Derivative liabilities, net $ $ $ $ $ Master netting arrangement with counterparty one (3.1 ) — (3.1 ) — (3.1 ) Master netting arrangement with counterparty four (0.3 ) — (0.3 ) — (0.3 ) Total current derivative liabilities (3.4 ) — (3.4 ) — (3.4 ) 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 Master netting arrangement with counterparty one — — — 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 four — — — (0.1 ) (0.1 ) Total long-term derivative liabilities — — — (0.1 ) (0.1 ) On February 8, 2016, the Company and our subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri. Subsequent to the Bankruptcy Filing, one of our counterparties terminated our contract for variable-price aluminum offset swaps. At the time of our Chapter 11 filing, we owed the counterparty $2.4 million. See Note 1, “ Voluntary Reorganization Under Chapter 11 of Title 11 of the United States Code ” for additional details regarding ou r Chapter 11 filing. As of December 31, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. We discontinued hedge accounting for all fixed-price aluminum swaps on January 29, 2009. At that date, amounts were frozen in AOCI to be reclassified into earnings in the period the hedged sales occur, or until we determined that the original forecasted sales were no longer probable of occurring. Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through (gain) loss on hedging activities, net in the consolidated statements of operations. The following table presents how our hedging activities affected our consolidated statements of operations for each period (in millions): Derivatives qualified as hedges Derivatives not qualified as hedges Amount reclassified from AOCI Change in fair value Total (gain) loss on hedging activities $ $ $ Year ended December 31, 2015: Fixed price aluminum customer contracts — (1.4 ) (1.4 ) Variable price aluminum offset swaps — 10.0 10.0 Midwest premium contracts — 7.8 7.8 Total — 16.4 16.4 Year ended December 31, 2014: Fixed price aluminum customer contracts — 0.5 0.5 Variable price aluminum offset swaps — 3.4 3.4 Midwest premium contracts — (8.5 ) (8.5 ) Total — (4.6 ) (4.6 ) Year ended December 31, 2013: Fixed price aluminum swaps (6.4 ) — (6.4 ) Fixed price aluminum customer contracts — (3.7 ) (3.7 ) Variable price aluminum offset swaps — 13.0 13.0 Midwest premium contracts — (0.6 ) (0.6 ) Total (6.4 ) 8.7 2.3 |
Share-Based Payments Share-Base
Share-Based Payments Share-Based Payments Footnote (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | SHARE-BASED PAYMENTS Noranda Long-Term Incentive Plans We recorded stock compensation expense as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Stock options — — 0.1 Restricted stock and restricted stock unit equity awards 3.1 3.2 4.7 Restricted stock unit liability awards (0.1 ) 0.2 — Total stock compensation expense before income taxes 3.0 3.4 4.8 Income tax benefit (1.0 ) (1.2 ) (1.6 ) Total stock compensation expense, net of income taxes 2.0 2.2 3.2 In May 2014, our Board of Directors adopted the Noranda 2014 Incentive Award Plan (the “2014 Incentive Award Plan”). The 2014 Incentive Award Plan replaced the Third Amended and Restated Noranda Aluminum Holding Corporation 2007 Long-Term Incentive Plan and the Noranda Aluminum Holding Corporation 2010 Incentive Award Plan (the “Prior Plans”), under which we granted equity awards from 2007 to 2014. No additional equity awards will be granted under the Prior Plans. The 2014 Incentive Award Plan provides for a variety of share-based awards, including non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, dividend equivalents, performance share awards, performance-based cash awards and stock payment awards. Stock option terms are set by our Board of Directors, subject to the condition that no stock option term may be longer than ten years from the date of grant. Upon termination of an outstanding option holder’s services with us, the holder may exercise his or her stock options within the period of time specified in the stock option grant document, to the extent that the stock options were vested at the time of termination. All share, RSU, restricted stock and weighted average exercise price per share underlying stock option information set forth below in this Note 17 reflects the 1-for-7 reverse stock split of our common stock that became effective on August 25, 2015. We reserved 714,286 shares of common stock for issuance under our Noranda 2014 Incentive Award Plan . We had 578,395 shares available for issuance under the 2014 Incentive Award Plan as of December 31, 2015 . Employees and non-employee directors held 37,230 unvested restricted stock units (“RSUs”) and 148,529 unvested shares of restricted stock at December 31, 2015 under our Noranda 2014 Incentive Award Plan. As of December 2015, the issuance of new equity awards under the Noranda 2014 Incentive Award program was suspended. Employees and non-employee directors held 104,593 stock options at December 31, 2015 under our Noranda 2007 Long-Term Incentive Plan. Shares of common stock awarded or sold to employees and non-employee directors under the plan, including through the exercise of stock options, totaled 239,769 shares through December 31, 2015 . Our stock option activity and related information follows: Employee options and non-employee director stock options Prior investor director provider stock options Common shares Weighted-average exercise price per underlying share Intrinsic value (in millions) Common shares Weighted-average exercise price per underlying share $ $ $ Outstanding, December 31, 2012 186,856 13.23 5.7 20,000 63.00 Exercised (14,949 ) 11.20 0.2 — — Forfeited (2,843 ) 12.67 — — Outstanding, December 31, 2013 169,064 11.34 2.0 20,000 63.00 Exercised (16,794 ) 11.41 0.3 — — Forfeited (857 ) 10.92 — — — Expired (2,857 ) 63.00 — — — Outstanding, December 31, 2014 148,556 12.74 2.0 20,000 63.00 Exercised (38,298 ) 9.51 0.3 — — Forfeited — — — — — Expired (5,665 ) 8.01 — (20,000 ) 63.00 Outstanding, December 31, 2015 104,593 14.19 — — — Fully vested and exercisable, December 31, 2015 (weighted-average remaining contractual term of 2.5 years and 2.5 years, respectively) 104,593 14.19 — — — None of the 5,714 non-employee director stock options or the 98,879 employee stock options were in-the-money at December 31, 2015 . Since all stock options carried a negative intrinsic value at December 31, 2015 , the intrinsic value shown above is zero . All stock compensation expense related to options has been recognized as of December 31, 2015. We estimated the grant date fair value of stock options using the Black-Scholes-Merton option pricing model. We did not grant stock options in 2015 , 2014 or 2013 . Employees and non-employee directors held 58,965 unvested service-vesting RSU awards, 140,297 shares of service-vesting restricted stock, a target amount of 181,715 performance-vesting restricted shares and RSUs and a target amount of 25,011 shares of market based-vesting restricted stock at December 31, 2015 under our Noranda 2007, 2010 and 2014 Incentive Award Plans. The outstanding award amounts include dividend equivalent units issued to restricted stock and RSU holders in connection with the cash dividend paid to shareholders discussed in Note 16, “ Stockholders' Equity (Deficit) ” . The number and grant date fair value of the performance-based awards, representing a maximum of 198,862 shares issuable upon vesting, will be based on Company performance for the years 2016 through 2017. A total of 200,458 service-vesting RSUs, 128,204 service-vesting shares of restricted stock and 53,828 performance-vesting restricted shares and RSUs have vested as of December 31, 2015 . In 2015 we reacquired 32,132 shares upon vesting as a result of employee elections to use shares in payment of minimum statutory withholding taxes on the shares issued upon vesting. We have fully recognized stock compensation expense for performance-vesting RSUs awarded in 2011 and 2012. Our employee and non-employee director RSU and restricted stock activity was as follows: Service-vesting restricted stock and RSUs Performance-vesting RSUs with grant date Performance-vesting restricted stock (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 (1) # $ # $ # $ # Non-vested, December 31, 2012 (aggregate intrinsic value of $9.6 million) 106,848 91.27 — — — — 117,238 Granted 71,797 28.56 — — 26,857 14.91 73,284 Grant date determined during the period — — 42,048 36.54 — — (42,048 ) Dividend equivalent units granted 4,395 24.64 1,512 25.20 724 23.52 4,654 Vested (aggregate intrinsic value of $1.2 million) (44,479 ) 87.64 — — — — (3,659 ) Forfeited (10,545 ) 60.69 (640 ) 42.35 — — (6,165 ) Non-vested, December 31, 2013 (aggregate intrinsic value of $7.9 million) 128,016 58.58 42,920 36.54 27,581 14.90 143,304 Granted 172,866 28.98 — — — — 62,968 Grant date determined during the period — — 72,557 28.63 — — (72,557 ) Dividend equivalent units granted 1,536 28.49 659 28.63 241 28.49 1,049 Vested (aggregate intrinsic value of $4.5 million) (115,509 ) 48.51 (27,967 ) 95.90 — — (987 ) Forfeited (19,183 ) 41.09 (5,159 ) 82.11 (3,080 ) 15.12 (8,028 ) Cancelled — — (24,059 ) 90.23 — — (8,692 ) Non-vested, December 31, 2014 (aggregate intrinsic value of $9.1 million) 167,726 32.26 58,951 28.63 24,742 14.90 117,057 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) (139,329 ) 29.34 (18,621 ) 74.13 — — (2,594 ) Forfeited (10,404 ) 25.82 (3,090 ) 50.44 — — (4,113 ) Cancelled — — (41,259 ) 80.25 — — — Non-vested, December 31, 2015 (aggregate intrinsic value of $0.1 million) 199,360 19.97 53,980 20.86 25,009 14.90 127,850 (1) As a result of the restructuring which took place during the fourth quarter of 2013, performance-vesting restricted stock held by terminated employees were vested as of the termination date inclusive of a service factor. The aggregate intrinsic value associated with those vestings was $0.1 million as of December 31, 2013. 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 remaining holdings of Company common shares. See Note 20 “ Related Party Transactions ” . We previously granted to Apollo Management VI, L.P. and Apollo Alternative Assets, L.P., affiliates of the Apollo Funds, each referred to below as an “investor director provider”, cash-settled, service-vesting RSUs (“Apollo RSUs”), which are treated for accounting purposes as liability awards, in lieu of RSUs that would otherwise be granted directors affiliated with Apollo 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. Our investor director provider RSU activity was as follows: # RSUs Non-vested, December 31, 2012 3,621 Granted 2,857 Dividend equivalent units granted 104 Vested (2,951 ) Forfeited (724 ) Non-vested, December 31, 2013 2,907 Granted 8,571 Dividend equivalent units granted 48 Vested (2,923 ) Forfeited — 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, December 31, 2015 0 During the second quarter of 2013, we granted performance shares with market-based vesting conditions to certain senior level employees under our Noranda 2010 Incentive Award Plan. These performance shares can be earned upon the achievement of a specified fair market value of the Company’s common stock during the defined performance period. These performance shares are also subject to a three-year continued service vesting provision with earlier vesting permitted under certain conditions, such as upon a change of control of the Company. We determined the grant date fair value of service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For market-based restricted stock, the effect of the market conditions is reflected in the fair value of the awards on the date of grant using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on the expected term, risk-free interest rate, expected dividend yield and expected volatility measure for the Company. We estimated a forfeiture rate for share-based payment awards based on historical forfeiture rates of similar awards, which was 7% for restricted stock and RSUs granted to employees during 2015 . We expect all share-based payment awards granted to executives and directors to vest. Dividend equivalent units vest on the same schedule as the related share-based payment awards. Service-vesting restricted stock and RSUs will generally vest over three years , on each anniversary of the grant date, in the following increments: 25% on the first anniversary, 25% on the second anniversary and 50% on the third anniversary. We recognize stock compensation expense on a straight-line basis over the three year vesting period. A grant date had not been determined as of December 31, 2015 for performance-vesting awards granted in 2015 and 2014 because the performance conditions had not yet been determined. As of December 31, 2015 , unrecognized stock compensation expense related to service-vesting RSUs, restricted stock and market-based restricted stock was $3.3 million . We will recognize this amount over a weighted-average period of 1.5 years . 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. The remaining unrecognized stock compensation expense related to the 2013 performance-vesting restricted stock or RSUs will be recognized during the first half of 2016. 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 December 31, 2015 . Total fair value of options that vested for the years ended December 31, 2015 , 2014 and 2013 was $0.0 million , $0.1 million and $0.4 million , respectively. Total fair value of vested service-vesting RSUs and restricted stock was $1.9 million and $2.2 million respectively, for the year ended December 31, 2015 . Total fair value of the performance-vested RSUs and restricted stock associated with the 2013 performance award grants was $1.4 million for the year ended December 31, 2015 . Employee Stock Purchase Plan On May 10, 2012, our stockholders approved the 2012 Employee Stock Purchase Plan (the “ESPP”), which became effective on July 1, 2012. A total of 71,429 shares of common stock is available for issuance under the ESPP. The ESPP is designed to provide eligible employees an opportunity to purchase shares of our common stock at 95% of the fair market value on the purchase date. As of December 31, 2015 and December 31, 2014 , activity under the ESPP was not material. |
Net Income Per Common Share (Fo
Net Income Per Common Share (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net income per common share disclosure | NET INCOME PER COMMON SHARE Basic and diluted EPS were calculated as follows (in millions, except per share): December 31 2015 2014 2013 Net income (loss) $ (259.6 ) $ (26.6 ) $ (47.6 ) Weighted-average common shares outstanding:* Basic 9.95 9.81 9.71 Diluted 9.95 9.81 9.71 Net income (loss) per common share: Basic $ (26.09 ) $ (2.71 ) $ (4.90 ) Diluted $ (26.09 ) $ (2.71 ) $ (4.90 ) * 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 17, “ Share-Based Payments ” could potentially dilute basic EPS in the future, but were not included in the computation of diluted EPS because to do so would have been antidilutive. Those anti-dilutive share-based payment awards were as follows (in millions): December 31 2015 2014 2013 Options 0.14 1.22 1.07 Service-vesting restricted stock and RSUs and Dividend equivalent units 0.19 1.05 0.82 Performance-vesting restricted stock and RSUs and Dividend equivalent units 0.02 0.20 0.14 Antidilutive securities 0.35 2.47 2.03 |
Income Taxes (Footnote)
Income Taxes (Footnote) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes disclosure | INCOME TAXES The components of loss before income taxes were as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ United States (276.7 ) (9.9 ) (75.8 ) Foreign (30.4 ) (18.8 ) (2.0 ) Total (307.1 ) (28.7 ) (77.8 ) Income tax expense (benefit) was as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Current: Federal (9.2 ) 8.7 1.9 State 2.1 0.8 0.5 Current, total (7.1 ) 9.5 2.4 Deferred: Federal (36.8 ) (12.0 ) (27.4 ) Foreign (0.4 ) — — State (2.7 ) 0.4 (2.0 ) Effect of state law change (0.5 ) — (3.2 ) Deferred, total (40.4 ) (11.6 ) (32.6 ) Total (47.5 ) (2.1 ) (30.2 ) As of December 31, 2015 , we had a federal net operating loss carry forward of approximately $23.5 million expiring in 2035, foreign net operating loss carry forwards of approximately $72.0 million with no expiration date and state net operating loss carryforwards of approximately $290.0 million expiring in years 2020 through 2030 . In addition, as of December 31, 2015 , we had state tax credit carryforwards of $0.1 million expiring in years 2020 through 2026. We recognize a valuation allowance against deferred tax assets if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, we consider historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and practical tax planning strategies. On a quarterly basis, we evaluate our deferred tax asset balance for realizability. To the extent we believe it is more likely than not that some portion of our deferred tax assets will not be realized, we will increase the valuation allowance against the deferred tax assets. For the year ended December 31, 2015 , we increased our valuation allowance by $9.3 million , primarily related to foreign and state net operating loss carry forwards. Adjustments could be required in the future if we estimate that the amount of deferred tax assets to be realized is more or less than the net amount we have recorded. During November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. We adopted ASU 2015-17 effective December 31, 2015. Adoption of this ASU resulted in a reclassification of our net current deferred tax assets and liabilities to the net non-current deferred tax assets and liabilities in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31 2015 2014 $ $ Deferred tax liabilities: Property related 132.1 133.2 Debt related 43.5 57.6 Investments 24.4 27.4 Inventory 2.3 9.4 Intangibles 7.9 9.3 Derivatives 0.1 0.5 Other 3.2 1.3 Total deferred tax liabilities 213.5 238.7 Deferred tax assets: Compensation related 79.9 80.3 Capital and net operating loss carryforwards 36.5 19.2 Foreign and state tax credit carryforwards 0.1 0.3 Other 1.3 1.6 Total deferred tax assets 117.8 101.4 Valuation allowance for deferred tax assets (26.5 ) (17.2 ) Net deferred tax assets 91.3 84.2 Net deferred tax liability 122.2 154.5 Reconciliation of Income Taxes The reconciliation of the income taxes, calculated at the rates in effect, with the effective tax rate shown in the consolidated statements of operations, was as follows: December 31 2015 2014 2013 % % % Federal statutory income tax rate 35.0 35.0 35.0 Reconciling items between federal statutory income tax rate and effective tax rate: State and local income taxes, net of federal benefit 0.1 (2.8 ) 1.1 Internal Revenue Code Sec. 199 manufacturing deduction (0.3 ) 2.8 — Goodwill Impairment (15.7 ) — — Effect of state law change 0.1 — 4.2 Foreign rate difference (1.1 ) (7.2 ) (0.3 ) Foreign valuation allowance (2.6 ) (18.0 ) (1.6 ) Other permanent items — (2.5 ) 0.4 Effective tax rate 15.5 7.3 38.8 In connection with the Apollo Acquisition, Xstrata generally agreed to indemnify us for taxes imposed on us with respect to periods ending on or prior to the date of the Apollo Acquisition. At December 31, 2015 , we had no receivable from Xstrata. At December 31, 2014 , we had a receivable of $0.1 million from Xstrata equal to our provision for uncertain tax positions (net of federal benefits) for income taxes for periods ending on or prior to the date of the Apollo Acquisition. As of December 31, 2015 and 2014 we had unrecognized tax benefits (including interest) of approximately $1.8 million and $2.0 million , respectively. We elected to accrue interest and penalties related to unrecognized tax benefits in our provision for income tax. We had accrued interest and penalties related to unrecognized tax benefits of approximately $0.2 million at December 31, 2015 and December 31, 2014 . Changes in amounts of unrecognized tax benefits were as follows (in millions): December 31 2015 2014 2013 $ $ $ Beginning of period 1.8 1.8 2.0 Lapses on statute of limitations (0.1 ) — (0.2 ) End of period 1.7 1.8 1.8 As of December 31, 2015 and 2014 the total amounts of net unrecognized tax benefits that, if recognized, would impact the effective tax rate were $1.2 million and $1.3 million , respectively. Within the next twelve months, we estimate that the unrecognized benefits could change by an immaterial amount as a result of tax audit closings, settlements and the expiration of the statute of limitations with respect to returns in various jurisdictions. We file a consolidated federal and various state income tax returns. The earliest year open to examination in the Company’s major jurisdictions is 2012 for federal and state income tax returns. At the date of this report there were no audits or inquiries that had progressed sufficiently to predict their ultimate outcome. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS On August 8, 2014 Apollo sold its remaining shares in Berry Plastics Corporation, a former portfolio company of Apollo. Sales to this entity during the years ended December 31, 2014 (prior to Apollo’s sale) and 2013 were as follows (in millions): Year ended December 31, $ 2015 — 2014 4.3 2013 8.5 On April 12, 2013 Metals USA Holdings Corp. was acquired by Reliance Steel & Aluminum Co., a public company previously affiliated with Apollo. Sales to Metals USA Holdings Corp. and its subsidiaries during the year ended December 31, 2013 prior to the acquisition were as follows (in millions): Year ended December 31, $ 2015 — 2014 — 2013 (1) 4.2 (1) Sales to Metals USA Holding Corp. include the period in which Metals USA Holdings Corp was affiliated with Apollo through April 12, 2013. Accounts receivable from related parties, accrued while there were related parties, were as follows: Year ended December 31, 2015 2014 $ $ Berry Plastics Corporation — 0.2 On March 17, 2014, we completed a secondary offering of 10.0 million shares of common stock by investment funds affiliated with or managed by Apollo Global Management, LLC. We did not receive any of the proceeds from the offering. 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. |
Subsidiary Issuer of Guaranteed
Subsidiary Issuer of Guaranteed Notes Subsidiary Issuer of Guaranteed Notes (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY ISSUER OF GUARANTEED NOTES The AcquisitionCo Notes due 2019 are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the existing and future wholly owned domestic subsidiaries of Noranda AcquisitionCo that guarantee the senior secured credit facilities. NHB and NBL are not guarantors of the senior secured credit facilities and are not guarantors of the AcquisitionCo Notes due 2019. Noranda HoldCo fully and unconditionally guarantees the AcquisitionCo Notes due 2019 on a joint and several basis with the subsidiary guarantors. Noranda HoldCo has no independent operations or any assets other than its interest in Noranda AcquisitionCo. Noranda AcquisitionCo is a wholly owned finance subsidiary of Noranda HoldCo with no operations independent of its subsidiaries. The following consolidating financial statements present separately the financial condition and results of operations and cash flows (condensed) for Noranda HoldCo (as parent guarantor), Noranda AcquisitionCo (as the issuer), the subsidiary guarantors, the subsidiary non-guarantors and eliminations (“the guarantor financial statements”). The guarantor financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The accounting policies used in the preparation of the guarantor financial statements are consistent with those elsewhere in the accompanying consolidated financial statements. Intercompany transactions have been presented gross in the guarantor financial statements; however these transactions are eliminated in consolidation. NORANDA ALUMINUM HOLDING CORPORATION Consolidating Balance Sheet December 31, 2015 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ ASSETS Current assets: Cash and cash equivalents — 49.4 2.2 4.5 — 56.1 Accounts receivable, net Trade — — 63.0 1.9 — 64.9 Affiliates 19.9 11.9 19.2 — (51.0 ) — Inventories, net — — 113.9 21.5 — 135.4 Other current assets 15.1 — 17.4 4.4 — 36.9 Total current assets 35.0 61.3 215.7 32.3 (51.0 ) 293.3 Investments in affiliates (112.5 ) 1,115.2 — — (1,002.7 ) — Advances due from affiliates 137.0 216.3 854.7 63.5 (1,271.5 ) — Property, plant and equipment, net — — 610.1 76.6 — 686.7 Other intangible assets, net — — 43.1 — — 43.1 Other assets — 3.8 25.9 34.8 — 64.5 Total assets 59.5 1,396.6 1,749.5 207.2 (2,325.2 ) 1,087.6 LIABILITIES AND EQUITY Current liabilities: Accounts payable: Trade — — 75.5 9.5 — 85.0 Affiliates — 19.9 — 31.1 (51.0 ) — Accrued liabilities — 2.5 39.0 36.3 — 77.8 Current portion of long-term debt and lease financing — 704.6 21.1 16.6 — 742.3 Total current liabilities — 727.0 135.6 93.5 (51.0 ) 905.1 Pension and other post-retirement liabilities — — 179.4 8.6 — 188.0 Other long-term liabilities — — 35.5 8.7 — 44.2 Advances due to affiliates 199.7 773.5 292.8 5.5 (1,271.5 ) — Long-term deferred tax liabilities 37.8 8.5 75.9 — — 122.2 Shareholders’ equity: Common stock 0.1 — — — — 0.1 Capital in excess of par value 247.4 352.1 1,122.2 83.8 (1,558.1 ) 247.4 Accumulated earnings (equity) (329.4 ) (368.6 ) 0.8 4.3 363.5 (329.4 ) Accumulated other comprehensive income (loss) (96.0 ) (96.0 ) (92.7 ) (3.2 ) 191.9 (96.0 ) Total shareholders’ equity (deficit) (177.9 ) (112.5 ) 1,030.3 84.9 (1,002.7 ) (177.9 ) Non-controlling interest — — — 6.0 — 6.0 Total equity (deficit) (177.9 ) (112.5 ) 1,030.3 90.9 (1,002.7 ) (171.9 ) Total liabilities and equity 59.6 1,396.5 1,749.5 207.2 (2,325.2 ) 1,087.6 NORANDA ALUMINUM HOLDING CORPORATION Consolidating Balance Sheet December 31, 2014 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ ASSETS Current assets: Cash and cash equivalents 0.5 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 Shareholders’ 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 (equity) (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 shareholders’ equity (deficit) 66.1 266.1 1,425.0 112.3 (1,803.4 ) 66.1 Non-controlling interest — — — 6.0 — 6.0 Total equity (deficit) 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 Consolidating Statement of Operations Year ended December 31, 2015 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 1,184.3 116.2 (72.4 ) 1,228.1 Operating costs and expenses: Cost of sales — — 1,190.6 125.9 (72.4 ) 1,244.1 Selling, general and administrative expenses 4.2 0.7 85.4 19.1 — 109.4 Goodwill and other intangibles impairment — — 137.9 — — 137.9 Other recoveries — — (25.2 ) — — (25.2 ) Total operating costs and expenses 4.2 0.7 1,388.7 145.0 (72.4 ) 1,466.2 Operating loss (4.2 ) (0.7 ) (204.4 ) (28.8 ) — (238.1 ) Other (income) expense: Interest expense, net (0.4 ) 51.0 0.3 1.7 — 52.6 (Gain) loss on hedging activities, net — — 16.4 — — 16.4 Total other (income) expense, net (0.4 ) 51.0 16.7 1.7 — 69.0 Income (loss) before income taxes (3.8 ) (51.7 ) (221.1 ) (30.5 ) — (307.1 ) Income tax expense (benefit) 0.7 (18.2 ) (29.6 ) (0.4 ) — (47.5 ) Equity in net income of subsidiaries (255.1 ) (221.6 ) — — 476.7 — Net income (loss) (259.6 ) (255.1 ) (191.5 ) (30.1 ) 476.7 (259.6 ) Other comprehensive income (loss) 14.0 14.0 12.8 1.2 (28.0 ) 14.0 Total comprehensive income (loss) (245.6 ) (241.1 ) (178.7 ) (28.9 ) 448.7 (245.6 ) NORANDA ALUMINUM HOLDING CORPORATION Consolidating Statement of Operations Year ended December 31, 2014 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 1,307.7 113.7 (66.3 ) 1,355.1 Operating costs and expenses: Cost of sales — — 1,211.8 116.2 (66.2 ) 1,261.8 Selling, general and administrative expenses 4.7 0.6 55.8 15.2 (0.1 ) 76.2 Total operating costs and expenses 4.7 0.6 1,267.6 131.4 (66.3 ) 1,338.0 Operating income (loss) (4.7 ) (0.6 ) 40.1 (17.7 ) — 17.1 Other (income) expense: Interest expense, net (0.4 ) 49.6 0.1 1.1 — 50.4 Gain on hedging activities, net — — (4.6 ) — — (4.6 ) Total other (income) expense, net (0.4 ) 49.6 (4.5 ) 1.1 — 45.8 Loss before income taxes (4.3 ) (50.2 ) 44.6 (18.8 ) — (28.7 ) Income tax expense (benefit) (0.8 ) (17.7 ) 16.4 — — (2.1 ) Equity in net income (loss) of subsidiaries (23.1 ) 9.4 — — 13.7 — Net income (loss) (26.6 ) (23.1 ) 28.2 (18.8 ) 13.7 (26.6 ) Other comprehensive income (loss) (49.6 ) (49.6 ) (48.8 ) (0.7 ) 99.1 (49.6 ) Total comprehensive income (loss) (76.2 ) (72.7 ) (20.6 ) (19.5 ) 112.8 (76.2 ) NORANDA ALUMINUM HOLDING CORPORATION Consolidating Statement of Operations Year ended December 31, 2013 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ Sales — — 1,296.7 129.0 (82.2 ) 1,343.5 Operating costs and expenses: Cost of sales — — 1,236.9 117.1 (82.1 ) 1,271.9 Selling, general and administrative expenses 6.2 1.1 76.1 13.8 (0.1 ) 97.1 Total operating costs and expenses 6.2 1.1 1,313.0 130.9 (82.2 ) 1,369.0 Operating loss (6.2 ) (1.1 ) (16.3 ) (1.9 ) — (25.5 ) Other (income) expense: Interest expense, net (0.4 ) 47.6 0.2 0.1 — 47.5 Loss on hedging activities, net — — 2.3 — — 2.3 Debt refinancing expense — 2.5 — — — 2.5 Total other (income) expense, net (0.4 ) 50.1 2.5 0.1 — 52.3 Loss before income taxes (5.8 ) (51.2 ) (18.8 ) (2.0 ) — (77.8 ) Income tax benefit (1.7 ) (18.4 ) (10.1 ) — — (30.2 ) Equity in net income (loss) of subsidiaries (43.5 ) (10.7 ) — — 54.2 — Net income (loss) (47.6 ) (43.5 ) (8.7 ) (2.0 ) 54.2 (47.6 ) Other comprehensive income (loss) 45.3 45.3 49.7 (4.4 ) (90.6 ) 45.3 Total comprehensive income (loss) (2.3 ) 1.8 41.0 (6.4 ) (36.4 ) (2.3 ) NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Year ended December 31, 2015 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ OPERATING ACTIVITIES Cash provided by (used in) operating activities (0.6 ) (9.4 ) 27.6 0.3 — 17.9 INVESTING ACTIVITIES Capital expenditures — — (68.0 ) (5.4 ) — (73.4 ) Insurance proceeds from casthouse and other — — 2.7 — — 2.7 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 — — (56.7 ) (5.4 ) — (62.1 ) FINANCING ACTIVITIES Shares tendered for taxes, net of proceeds from issuance of common shares for share-based payment arrangements (0.2 ) — — — — (0.2 ) Dividends paid to shareholders (1.4 ) — — — — (1.4 ) Repayments of long-term debt — (11.1 ) (0.8 ) — — (11.9 ) Borrowings on long-term debt — — 20.9 — — 20.9 Repayments on revolving credit facility — (247.1 ) — — — (247.1 ) Borrowings on revolving credit facility — 311.6 — — — 311.6 Distribution (to parent) from subsidiary 1.7 (1.7 ) — — — — Borrowings against life insurance policies — — 7.9 — — 7.9 Cash provided by financing activities 0.1 51.7 28.0 — — 79.8 Change in cash and cash equivalents (0.5 ) 42.3 (1.1 ) (5.1 ) — 35.6 Cash and cash equivalents, beginning of period 0.5 7.1 3.3 9.6 — 20.5 Cash and cash equivalents, end of period — 49.4 2.2 4.5 — 56.1 NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Year ended December 31, 2014 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ OPERATING ACTIVITIES Cash provided by (used in) operating activities 0.2 (46.5 ) 84.2 (7.3 ) — 30.6 INVESTING ACTIVITIES Capital expenditures — — (82.3 ) (11.2 ) — (93.5 ) Proceeds from sale of property, plant and equipment — — 0.3 — — 0.3 Cash used in investing activities — — (82.0 ) (11.2 ) — (93.2 ) FINANCING ACTIVITIES Proceeds from issuance of common shares, share-based payment arrangements (1.2 ) — — — — (1.2 ) Dividends paid to shareholders (2.7 ) — — — — (2.7 ) Repayments of long-term debt — (4.9 ) — — — (4.9 ) Borrowings on long-term debt — (4.4 ) — 16.9 — 12.5 Distribution (to parent) from subsidiary 3.8 (3.8 ) — — — — Cash provided by (used in) financing activities (0.1 ) (13.1 ) — 16.9 — 3.7 Change in cash and cash equivalents 0.1 (59.6 ) 2.2 (1.6 ) — (58.9 ) Cash and cash equivalents, beginning of period 0.4 66.7 1.1 11.2 — 79.4 Cash and cash equivalents, end of period 0.5 7.1 3.3 9.6 — 20.5 NORANDA ALUMINUM HOLDING CORPORATION Condensed Consolidating Statement of Cash Flows Year ended December 31, 2013 (in millions) Parent guarantor (Noranda HoldCo) Issuer (Noranda AcquisitionCo) Subsidiary guarantors Subsidiary non-guarantors Eliminations Consolidated $ $ $ $ $ $ OPERATING ACTIVITIES Cash provided by (used in) operating activities (0.4 ) (0.8 ) 58.8 6.6 — 64.2 INVESTING ACTIVITIES Capital expenditures — — (61.9 ) (10.8 ) — (72.7 ) Proceeds from sale of property, plant and equipment — — 0.9 — — 0.9 Cash used in investing activities — — (61.0 ) (10.8 ) — (71.8 ) FINANCING ACTIVITIES Proceeds from issuance of common shares, equity offerings (0.2 ) — — — — (0.2 ) Dividends paid to shareholders (8.8 ) — — — — (8.8 ) Repayments of long-term debt — (280.0 ) — — — (280.0 ) Borrowings on long-term debt — 331.8 — 11.0 — 342.8 Payment of financing cost — (2.9 ) — — — (2.9 ) Distribution (to parent) from subsidiary 9.3 (9.3 ) — — — — Cash provided by financing activities 0.3 39.6 — 11.0 — 50.9 Change in cash and cash equivalents (0.1 ) 38.8 (2.2 ) 6.8 — 43.3 Cash and cash equivalents, beginning of period 0.5 27.9 3.3 4.4 — 36.1 Cash and cash equivalents, end of period 0.4 66.7 1.1 11.2 — 79.4 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy 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 earlier upon the occurrence of certain triggering events. During the third quarter of 2015, we determined that our Primary Aluminum segment’s goodwill was fully impaired, and we recognized a $137.6 million non-cash impairment charge, reducing the carrying amount to zero. Our Primary Aluminum segment also recognized a non-cash impairment charge of $0.3 million in the third quarter of 2015 related to tradenames included in other indefinite-lived intangible assets, following an analysis based on an income approach. See Note 9, “ Goodwill and Other Intangible Assets ” for further information. |
Organization, Consolidation and Basis of Presentation Policy | Organization, Consolidation and Basis of Presentation Noranda Aluminum Holding Corporation (“Noranda,” “Noranda HoldCo,” the “Company,” “we,” “our,” and “us”), and our wholly owned subsidiary, Noranda Aluminum Acquisition Corporation (“Noranda AcquisitionCo”), were formed by affiliates of Apollo Management, L.P. (“Apollo”) on March 27, 2007 for the purpose of acquiring a portion of the aluminum business of Xstrata (Schweiz) A.G. The acquisition, which occurred on May 18, 2007, is referred to as the “Apollo Acquisition.” In August 2009, we completed an acquisition of our alumina refinery in Gramercy, Louisiana (Noranda Alumina, LLC, or “Gramercy”) and our bauxite mining operation in St. Ann, Jamaica (Noranda Bauxite Limited, or “St. Ann”) as a result of which they became wholly owned subsidiaries of Noranda HoldCo. Previously, we held a 50% interest in Gramercy and in St. Ann. On August 24, 2015, our stockholders 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 HoldCo 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 HoldCo 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. On November 25, 2015, we were notified by NYSE Regulation, Inc. (“NYSE Regulation”) that trading in the Company’s common stock on the NYSE was suspended and that NYSE Regulation would commence proceedings to delist the Company’s common stock from the NYSE. NYSE Regulation advised the Company that it reached its decision to delist the common stock pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million. On December 15, 2015 , the NYSE filed a Form 25 (Notification of Removal From Listing and/or Registration Under Section 12(b) of the Securities and Exchange Act of 1934) with the SEC to delist the Company’s common stock and terminate the registration of the common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The delisting became effective on December 25, 2015. The registration of the Company’s common stock under Section 12(b) of the Exchange Act terminated on March 14, 2016. The Company's common stock is currently traded in the over-the-counter market. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In management’s opinion, the consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results, including the elimination of all intercompany accounts and transactions amongst our wholly owned subsidiaries. |
New Accounting Guidance Policy | 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 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. 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. The impact of this standard on the December 31, 2015 consolidated financial statements would have been a reduction of $3.8 million to other assets and debt, if early adopted. 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 consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2015. As permitted by ASU 2015-17, we adopted this guidance prospectively as of December 31, 2015 and reclassified our net deferred tax assets and liabilities to the net non-current deferred tax assets and liabilities in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact that this standard will have on our on our consolidated financial statements. 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 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. 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. The impact of this standard on the December 31, 2015 consolidated financial statements would have been a reduction of $3.8 million to other assets and debt, if early adopted. 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 consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2015. As permitted by ASU 2015-17, we adopted this guidance prospectively as of December 31, 2015 and reclassified our net deferred tax assets and liabilities to the net non-current deferred tax assets and liabilities in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact that this standard will have on our on our consolidated financial statements. |
Segment Reporting Policy | Segment Reporting We are a vertically integrated producer of value-added primary aluminum and high quality rolled aluminum coils. Our principal operations include an aluminum smelter in New Madrid, Missouri (“New Madrid”) and four rolling mill facilities in the Southeastern United States. New Madrid is supported by Gramercy and St. Ann. As discussed further in Note 3, “ Segments ” , we report our activities in five segments: our Bauxite segment comprises the operations of St. Ann; our Alumina segment comprises the operations of Gramercy; our Primary Aluminum segment comprises the operations of New Madrid; and our Flat-Rolled Products segment comprises the operations of our four rolling mills, which are located in Huntingdon, Tennessee; Salisbury, North Carolina and Newport, Arkansas. Our corporate expenses represent our fifth segment. |
Use of Estimates Policy | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Cash Equivalents Policy | Cash Equivalents Cash equivalents comprise short-term, highly liquid investments with initial maturities of three months or less. We place our temporary cash equivalent investments with high credit quality financial institutions, which include money market funds invested in U.S. Treasury securities, short-term treasury bills and commercial paper. We consider our investments in money market funds to be available for use in our operations. |
Allowances for Doubtful Accounts Policy | Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable; however, changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. We determine the allowance based on historical write-off experience, current market trends and our assessment of the customer’s ability to pay outstanding balances. Account balances are charged against the allowance after all collection efforts have been exhausted and the potential for recovery is considered remote. |
Inventories Policy | Inventories Inventories are stated at the lower of cost or market (“LCM”). We use the last-in-first-out (“LIFO”) method of valuing raw materials, work-in-process and finished goods inventories at our New Madrid smelter and our rolling mills. Inventories at Gramercy and St. Ann and supplies at New Madrid are valued at weighted-average cost. The remaining inventories (principally supplies) are stated at cost using the first-in, first-out (“FIFO”) method. Our Flat-Rolled Products inventories, our bauxite inventory at St. Ann, and our alumina and bauxite inventories at Gramercy are valued using a standard costing system, which gives rise to cost variances. Variances are capitalized to inventory in proportion to the quantity of inventory remaining at period end to quantities produced during the period. Variances are recorded such that ending inventory reflects actual costs based on the normal capacity of the production facilities, and excluding abnormal amounts of idle facility expense, freight, handling and spoilage. Maintenance supplies expected to be used in the next twelve months are included in inventories. |
Property, Plant and Equipment Policy | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and repairs that extend the life of the asset are capitalized; other maintenance and repairs are charged to expense as incurred. Major replacement spare parts are capitalized and depreciated over the lesser of the spare part’s useful life or remaining useful life of the associated piece of equipment. Assets, asset retirement obligations and accumulated depreciation accounts are relieved for dispositions or retirements with resulting gains or losses recorded as selling, general and administrative expenses in the consolidated statements of operations. Depreciation is based on the estimated service lives of the assets computed principally by the straight-line method for financial reporting purposes. |
Impairment of Long-Lived Assets Policy | Impairment of Long-Lived Assets We evaluate the recoverability of our long-lived assets for possible impairment when events or circumstances indicate that the carrying amounts may not be recoverable. Long-lived assets are grouped and evaluated for impairment at the lowest levels for which there are identifiable cash flows that are independent of the cash flows of other groups of assets. If it is determined that the carrying amounts of such long-lived assets are not recoverable, the assets are written down to their estimated fair value. Long-lived assets taken out of service to be disposed of other than by sale are written down to their estimated fair value through the acceleration of any remaining depreciation expense. We reclassify long-lived assets to assets held for sale when a plan to dispose of the assets has been committed to by management. Assets held for sale are recorded at the lesser of their estimated fair value net of estimated costs to sell or carrying amount. Depreciation expense is no longer recorded once an asset is classified as held for sale. Intangible assets with a definite life (primarily customer relationships) are amortized over their expected lives and are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. |
Self-insurance policy | Self-Insurance We are primarily self-insured for workers’ compensation. The self-insurance liability is determined based on claims filed but not paid and an estimate of claims incurred but not yet reported. Based on actuarially determined estimates and discount rates of 0.9% in 2015 and 0.7% in 2014 , as of December 31, 2015 and 2014 , we had $5.9 million and $5.6 million , respectively, of accrued liabilities and $16.0 million and $15.3 million , respectively, of other long-term liabilities related to these claims. At each of December 31, 2015 and 2014 , we held $1.9 million and $1.9 million , respectively, in a restricted cash account to secure the payment of workers’ compensation obligations. This restricted cash is included in other assets in the accompanying consolidated balance sheets. |
Deferred Financing Costs Policy | Deferred Financing Costs We capitalize costs to obtain debt and amortize them over the term of the related debt using the straight-line method, which approximates the effective interest method. We record deferred financing costs in the consolidated balance sheets as a component of other assets. When all or a portion of a loan is repaid, we charge the unamortized financing costs to interest expense. |
Environmental Liabilities and Remediation Costs Policy | Environmental Liabilities and Remediation Costs Environmental liabilities We are subject to environmental regulations which may create legal obligations to remediate or monitor certain environmental conditions present at our facilities. Liabilities for these obligations are accrued when it is probable that a liability has been incurred and the amount of loss can reasonably be estimated. The measurement of environmental liabilities is based on an evaluation of currently available information with respect to each individual site and considers factors such as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. An environmental liability related to cleanup of a contaminated site might include, for example, an accrual for one or more of the following types of costs: site investigation and testing, cleanup, soil and water contamination, post-remediation monitoring, and outside legal fees. As assessments and remediation progress at individual sites, the amount of projected cost is reviewed periodically, and the liability is adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Note 10, “ Commitments and Contingencies ” contains additional information on our environmental liabilities. Environmental liabilities are undiscounted. The long and short-term portions of the environmental liabilities are recorded on the consolidated balance sheets in other long-term liabilities and accrued liabilities, respectively. Environmental remediation costs Costs incurred to improve our property as compared to the condition of the property when originally acquired, or to prevent environmental contamination from future operations, are capitalized as incurred. We expense environmental costs related to existing conditions resulting from past or current operations and from which no current or future benefit is discernable. |
Asset Retirement Obligations Policy | Asset Retirement Obligations We are subject to environmental regulations which may create legal obligations related to the disposal of certain assets at the end of their lives. We recognize liabilities, at fair value, for existing legal asset retirement obligations which are based on estimated cash flows discounted at a credit-adjusted, risk-free rate. We adjust these liabilities for accretion costs and revisions in estimated cash flows. The related asset retirement costs are capitalized as increases to the carrying amount of the associated long-lived assets and depreciation expense on these capitalized costs are recognized. |
Reclamation Obligation Policy | Reclamation Obligations St. Ann has obligations to rehabilitate land disturbed by St. Ann’s bauxite mining operations. The reclamation process is governed by the GOJ regulations and includes filling the open mining pits and planting vegetation. GOJ regulations require the reclamation process to be completed within a certain period from the date a mining pit is mined-out, generally three years . Liabilities for reclamation are accrued as lands are disturbed and are based on the approximate number of hectares to be rehabilitated and the average expected cost per hectare. |
Land Obligation Policy | Land Obligations In cases where land to be mined is privately owned, St. Ann agrees to purchase the residents’ property, including land, crops, homes and other improvements in exchange for consideration paid in the form of cash, a commitment to relocate the residents to another area, or a combination of these two options (the “St. Ann Land Obligations”). We account for the costs associated with fulfilling the St. Ann Land Obligations by recording an asset (included in other assets in our consolidated balance sheets) for the estimated cost of the consideration, with a corresponding liability (included in accrued liabilities and other long-term liabilities in our consolidated balance sheets). We amortize those costs over a three -year period, representing the approximate time the land is used for mining purposes, including reclamation (the “Mining Period”). In addition to the St. Ann Land Obligations, we have an agreement with the GOJ which requires us to fulfill obligations that pre-date St. Ann’s partnership with the GOJ (the “Predecessor Land Obligations”). The costs to fulfill the Predecessor Land Obligations will be reimbursed by the GOJ up to a $4.3 million limit. St. Ann bears any costs in excess of that limit, including foreign currency adjustments. At December 31, 2015 and December 31, 2014 , we had recorded a liability of $1.8 million and $1.8 million , respectively, for the amount by which we believe our costs to fulfill the Predecessor Land Obligations will exceed the $4.3 million limit. For both the St. Ann Land Obligations and the Predecessor Land Obligations, we record the costs to acquire and develop the assets to be used to satisfy the obligations, such as land, land improvements, and housing, as property, plant and equipment in our consolidated balance sheets. As cash is paid or title to land, land improvements and houses is transferred, we reduce the asset and the corresponding land obligations. Relocating residents occurs often over several years, requiring management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates; therefore, further adjustments to the St. Ann Land Obligations and the Predecessor Land Obligations may be necessary. We amortize adjustments to the liabilities prospectively over the remaining amortization period in cases where the Mining Period has not been completed. As revisions are made in cases where the Mining Period is complete, we record additional expense in the period of revision. |
Pensions and Other Post-Retirement Benefits Policy | Pensions and Other Post-Retirement Benefits We sponsor defined benefit pension and Other Post-Retirement Benefits (“OPEB”) plans for which we recognize expenses, assets and liabilities based on actuarial assumptions regarding the valuation of benefit obligations and the future performance of plan assets. We recognize the funded status of the plans as an asset or liability in the consolidated financial statements, and measure defined benefit pension and OPEB plan assets and obligations as of the end of our fiscal year, and recognize the change in the funded status of defined benefit pension and OPEB plans in accumulated other comprehensive income (“AOCI”). The primary assumptions used in calculating pension and OPEB expense and liabilities are related to the discount rates at which the future obligations are discounted to value the liability, expected rate of return on plan assets and projected salary increases. These rates are estimated annually as of December 31. Pension and OPEB benefit obligations are actuarially calculated using management’s best estimates and based on expected service periods, salary increases and retirement ages of employees. Pension and OPEB benefit expense includes the actuarially computed cost of benefits earned during the current service periods, the interest cost on accrued obligations, the expected return on plan assets based on fair market value and the straight-line amortization of net actuarial gains and losses and adjustments due to plan amendments. The primary assumptions used in calculating pension expense and liabilities are related to the discount rates at which the future obligations are discounted to value the liability, the expected long-term rate of return on plan assets and assumptions related to the employee workforce, including projected salary increases, retirement age and mortality. All net actuarial gains and losses are amortized over the expected average remaining service life of the employees. |
Post-Employment Benefits Policy | Post-Employment Benefits We provide certain benefits to former or inactive employees after employment but before retirement and accrue for the related cost over the service lives of the employees. These benefits include, among others, disability, severance and workers’ compensation. We are self-insured for these liabilities. At both December 31, 2015 and 2014 , we carried a liability totaling $0.9 million and $0.7 million respectively, for these benefits, based on actuarially determined estimates. These estimates were not discounted due to the short duration of the future payments. |
Derivative Instruments and Hedging Activities Policy | Derivative Instruments and Hedging Activities Derivatives are reported on the balance sheet at fair value. For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in fair value are initially recorded in AOCI as a separate component of equity and reclassified into earnings in the period during which the hedged transaction is recognized in earnings. The ineffective portion of changes in fair value is reported in (gain) loss on hedging activities in the period in which such changes occur. For derivative instruments not designated as cash flow hedges, changes in the fair values are recognized in the consolidated statement of operations in the period of in which such changes occur. U.S. GAAP permits entities that enter into master netting arrangements with the same counterparty as part of their derivative transactions to offset in their consolidated financial statements net derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under those arrangements. The net derivative positions are presented on a gross basis in Note 15, “ Derivative Financial Instruments ” . |
Financial Instruments Policy | Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, derivative assets and liabilities, accounts payable and long-term debt due to third parties. Financial instruments expose us to market and credit risks which, at times, may be concentrated with certain groups of counterparties. We periodically evaluate the financial condition of our counterparties and take appropriate action to minimize our risk of loss. We generally do not require collateral for trade receivables. At December 31, 2015 , we did not have substantial doubt that any of our financial instrument counterparties had the ability to perform their obligations. Cash and cash equivalent investments are held with major financial institutions and trading companies, including registered broker dealers. The carrying values and fair values of our third-party debt and derivative instruments outstanding are presented in Note 11, “ Long-Term Debt and Lease Financing ” and Note 15, “ Derivative Financial Instruments ” . The remaining financial instruments are carried at amounts that approximate fair value. |
Revenue Recognition Policy | Revenue Recognition Revenue is recognized when title and risk of loss pass to customers in accordance with contract terms. Shipping and handling costs are classified as a component of cost of sales in the consolidated statements of operations. Shipping and handling revenue is classified as a component of sales in the consolidated statements of operations. |
Income Taxes Policy | Income Taxes We account for income taxes using the liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. We must deal with uncertainties in the application of complex tax regulations in the calculation of tax liabilities. We are subject to routine income tax audits. We provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. We make this assessment based on only the technical merits of the tax position. The technical merits of a tax position are derived from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the consolidated financial statements and a liability for unrecognized tax benefits is established. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with a taxing authority. To the extent that we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability established, our effective tax rate in a given financial statement period may be affected. |
Share-Based Payments Policy | Share-Based Payments We account for employee equity awards under the fair value method. Accordingly, we measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value of each stock option is estimated on the grant date using the Black-Scholes-Merton valuation model. The application of this valuation model involves assumptions that require judgment and are highly sensitive in the determination of compensation expense. The fair value of each restricted share and each restricted stock unit equals the closing stock price on the grant date. We recognize stock compensation expense on a straight-line basis over the vesting period for all equity instruments. We account for share-based payment awards to be settled in cash as liability awards. We remeasure the fair value of the liability at each reporting date based on the closing stock price on the reporting date. We adjust stock compensation expense at each reporting date so that the amount ultimately recorded as stock compensation expense will equal the cash paid on the vesting date. Upon the exercise of stock options or the vesting of restricted stock, we generally issue new shares of common stock. |
Dividends Policy | Dividends The declaration of dividends is at the discretion of our Board of Directors. The amount of cash dividends declared on our common stock is dependent upon our financial results, cash requirements, future prospects and other factors deemed relevant by the Board. We record a liability for dividends on the declaration date. We record cash dividend payments as a reduction to retained earnings. |
Net Income (Loss) Per Share Policy | Net Loss Per Share Basic net loss per share (“EPS”) is calculated as income available to common stockholders divided by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated using the weighted-average outstanding common shares determined using the treasury stock method for share based payment awards. |
Foreign Currency Transactions and Translation Policy | Foreign Currency Transactions and Translation The primary economic currency of our Jamaican bauxite mining operation is the U.S. dollar. Certain transactions, such as payroll and local vendor payments, are made in currencies other than the U.S. dollar. These transactions are recorded at the rates of exchange prevailing on the dates of the transactions. Exchange differences arising on the settlement of monetary items and on the re-measurement of monetary items are immaterial and are included in selling, general and administrative expenses in the consolidated statements of operations. |
Segments Segments (Tables)
Segments Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating and asset information for our reportable segments was (in millions): Year ended December 31, 2015 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 43.8 224.8 408.2 551.3 — — 1,228.1 Intersegment 72.4 97.1 95.7 — — (265.2 ) — Total sales 116.2 321.9 503.9 551.3 — (265.2 ) 1,228.1 Capital expenditures 5.4 15.1 48.2 4.2 0.5 — 73.4 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (10.4 ) 12.5 (27.9 ) 60.1 (30.4 ) 1.9 5.8 Depreciation and amortization (13.2 ) (22.9 ) (39.0 ) (17.6 ) (2.4 ) — (95.1 ) Last in, first out and lower of cost or market inventory adjustments — — (2.7 ) 1.3 — 0.2 (1.2 ) 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 (0.2 ) (1.0 ) (6.8 ) (5.7 ) (4.6 ) — (18.3 ) Restructuring, relocation and severance (3.4 ) (0.3 ) (0.4 ) (0.8 ) (0.2 ) — (5.1 ) Consulting fees (1.7 ) (0.1 ) (0.6 ) — (4.9 ) — (7.3 ) Cash settlements on hedging transactions — — 1.8 15.1 — — 16.9 Excess insurance recoveries — — 20.5 — — — 20.5 Other, net — (5.2 ) (10.8 ) — (0.3 ) (1.7 ) (18.0 ) Operating income (loss) (28.9 ) (16.6 ) (202.4 ) 52.2 (42.8 ) 0.4 (238.1 ) Interest expense, net 52.6 Loss on hedging activities, net 16.4 Total other expense, net 69.0 Loss before income taxes (307.1 ) Year ended December 31, 2014 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 47.4 206.3 524.6 576.8 — — 1,355.1 Intersegment 66.3 132.1 107.8 — — (306.2 ) — Total sales 113.7 338.4 632.4 576.8 — (306.2 ) 1,355.1 Capital expenditures 11.3 13.1 58.3 9.7 1.1 — 93.5 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) (6.6 ) 8.5 95.6 55.9 (25.0 ) (1.1 ) 127.3 Depreciation and amortization (10.8 ) (21.2 ) (38.4 ) (18.2 ) (0.9 ) — (89.5 ) Last in, first out and lower of cost or market inventory adjustments — — (1.8 ) (2.9 ) — (0.2 ) (4.9 ) Gain (loss) on disposal of assets — — 0.1 (0.5 ) — — (0.4 ) Non-cash pension, accretion and stock compensation (0.1 ) (0.8 ) (3.0 ) (1.8 ) (3.9 ) — (9.6 ) Restructuring, relocation and severance — (0.1 ) (0.9 ) (0.3 ) — — (1.3 ) Consulting fees (0.3 ) — — — (0.4 ) — (0.7 ) Cash settlements on hedging transactions — — (0.6 ) (4.3 ) — — (4.9 ) Other, net — (0.6 ) — (0.1 ) 0.9 0.9 1.1 Operating income (loss) (17.8 ) (14.2 ) 51.0 27.8 (29.3 ) (0.4 ) 17.1 Interest expense, net 50.4 Gain on hedging activities, net (4.6 ) Total other expense, net 45.8 Income before income taxes (28.7 ) Year ended December 31, 2013 Bauxite Alumina Primary Flat-Rolled Corporate Eliminations Consolidated $ $ $ $ $ $ $ Sales: External customers 46.8 196.6 543.8 556.3 — — 1,343.5 Intersegment 82.2 144.2 79.1 — — (305.5 ) — Total sales 129.0 340.8 622.9 556.3 — (305.5 ) 1,343.5 Capital expenditures 10.8 16.0 31.2 12.2 2.5 — 72.7 Reconciliation of segment profit (loss) to operating income (loss): Segment profit (loss) 8.2 13.6 51.9 50.0 (31.1 ) 0.5 93.1 Depreciation and amortization (9.5 ) (22.7 ) (41.7 ) (21.3 ) (0.8 ) — (96.0 ) Last in, first out and lower of cost or market inventory adjustments — — 4.0 (1.4 ) — — 2.6 Gain (loss) on disposal of assets (0.1 ) 0.5 0.1 — — — 0.5 Asset impairment — — — (5.9 ) — — (5.9 ) Non-cash pension, accretion and stock compensation 0.1 (0.9 ) (7.1 ) (6.5 ) (6.1 ) — (20.5 ) Restructuring and severance (0.7 ) (0.9 ) (2.2 ) (1.6 ) (2.5 ) — (7.9 ) Consulting and sponsor fees — — — — (0.5 ) — (0.5 ) Cash settlements on hedging transactions — — 1.7 7.4 — — 9.1 Other, net — (0.6 ) — (0.1 ) 0.7 — — Operating income (loss) (2.0 ) (11.0 ) 6.7 20.6 (40.3 ) 0.5 (25.5 ) Interest expense, net 47.5 Loss on hedging activities, net 2.3 Debt refinancing expense 2.5 Total other income 52.3 Income before income taxes (77.8 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Year ended December 31, 2015 2014 Segment assets: $ $ Bauxite 143.7 149.9 Alumina 199.8 229.8 Primary 380.8 561.5 Flat-Rolled 285.9 335.1 Corporate 99.3 65.5 Eliminations (21.9 ) (23.7 ) 1,087.6 1,318.1 |
Supplemental Financial Statem32
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Statement Information [Abstract] | |
Schedule of depreciation and amortization | Depreciation and amortization in the accompanying consolidated statements of cash flows included (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Depreciation of property, plant and equipment 81.8 77.1 86.7 Amortization of intangible assets 5.9 5.9 5.9 Amortization of other long-term assets 7.4 6.5 3.4 Total depreciation and amortization 95.1 89.5 96.0 During the year ended December 31, 2013, we recorded $5.9 million in impairment charges related to construction in progress, equipment and other long term assets in our Flat-Rolled Products segment, including $3.2 million related to certain fixed and other long-term assets at the Salisbury, N.C. rolling mill facility which were taken out of service in connection with the workforce reduction announced in October 2013. We also accelerated $2.3 million of depreciation expense related to fixed assets taken out of service in connection with the workforce reduction at the Salisbury facility. During the fourth quarter of December 31, 2015, the Company recorded $9.5 million in impairment charges related to construction in progress in our Primary Aluminum segment. These impairment charges related to the Company’s decision to no longer pursue certain capital projects due to the Company’s cash flow circumstances. See Note 5, “ Fair Value Measurements ” for further discussion of the impairment charges and Note 14, “ Restructuring ” for further discussion of the workforce reduction. |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash paid for interest and income taxes was as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Interest paid 52.1 50.0 46.1 U.S. Federal and state income taxes paid 7.8 10.8 3.7 Purchases of property, plant and equipment accrued in accounts payable and not yet paid were $6.5 million , $3.0 million and $5.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and were not reflected as capital expenditures in the consolidated statements of cash flows. For the years ended December 31, 2015 , 2014 and 2013 , we capitalized interest of $1.5 million , $2.3 million and $1.6 million , respectively, related t o long-term capital projects. As of December 31, 2014 , cash and cash equivalents includes $1.8 million of cash intended to be used for ongoing capital and operational productivity improvements in Jamaica. As of December 31, 2015, cash and cash equivalents do not include any cash intended to be used for such improvements. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income (loss) (“AOCI”) were as follows (in millions): Unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB Accumulated tax (benefit) expense related to unrealized net actuarial gain (loss), prior service cost and other related to pension and OPEB Unrealized gain (loss) on derivatives Accumulated tax (benefit) expense related to unrealized gain or loss on derivatives Total, net of tax $ $ $ $ $ Balance, December 31, 2012 (176.2 ) (66.1 ) 6.4 2.0 (105.7 ) Amounts recorded to AOCI for the period 67.2 26.1 — — 41.1 Reclassification of amounts realized in net income (loss) 14.0 5.4 (6.4 ) (2.0 ) 4.2 Balance, December 31, 2013 (95.0 ) (34.6 ) — — (60.4 ) Amounts recorded to AOCI for the period (83.1 ) (30.2 ) — — (52.9 ) Reclassification of amounts realized in net income (loss) 5.2 1.9 — — 3.3 Balance, December 31, 2014 (172.9 ) (62.9 ) — — (110.0 ) Amounts recorded to AOCI for the period 8.7 3.1 — — 5.6 Reclassification of amounts realized in net income (loss) 13.2 4.8 — — 8.4 Balance, December 31, 2015 (151.0 ) (55.0 ) — — (96.0 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Reclassifications out of AOCI were included in the consolidated statements of operations as follows (in millions): Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the consolidated statements of operations Year ended December 31, 2015 2014 2013 $ $ $ Selling, general and administrative expenses (“SGA”) Actuarial gain/loss 2.7 1.0 2.8 (1) Prior service costs 0.2 0.3 0.3 (1) Total pension amounts reclassified into SGA 2.9 1.3 3.1 Selling, general and administrative expenses Cost of sales (“COS”) Actuarial gain/loss 9.4 3.1 10.0 (1) Prior service costs 0.9 0.8 0.9 (1) Total pension amounts reclassified into COS 10.3 3.9 10.9 Cost of sales Reclassification of pension and OPEB amounts realized in net income 13.2 5.2 14.0 Income tax (benefit) expense related to reclassifications of pension and OPEB amounts 4.8 1.9 5.4 Income tax expense (benefit) Reclassification of pension and OPEB amounts realized in net income, net of tax 8.4 3.3 8.6 Net loss Reclassification of derivative amounts realized in net income — — (6.4 ) (Gain) loss on hedging activities, net Income tax (benefit) expense related to reclassifications of derivative amounts — — (2.0 ) Income tax expense (benefit) Reclassification of derivative amounts realized in net income, net of tax — — (4.4 ) Net loss (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 13, “ Pensions and Other Post-Retirement Benefits. ” In 2016, we expect to reclassify losses of approximately $11.4 million and $0.1 million from AOCI related to the Noranda pension and OPEB plans, respectively, into net income through net periodic cost. Amounts related to the Noranda plans in AOCI were as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Net actuarial loss 140.9 159.3 0.2 1.0 Prior service cost 6.8 7.8 0.2 0.3 Accumulated other comprehensive loss 147.7 167.1 0.4 1.3 The Noranda OPEB benefit obligation included estimated health insurance benefits of $1.1 million , $1.1 million and $1.0 million at December 31, 2015 , 2014 and 2013 , respectively. The healthcare cost trend rates used in developing the periodic cost and the projected benefit obligation are 7.5% grading to 5% over ten years. |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable, net, consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Trade 65.0 102.6 Allowance for doubtful accounts (0.1 ) (0.1 ) Total accounts receivable, net 64.9 102.5 |
Schedule of Other Assets [Table Text Block] | Other current assets consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Current deferred tax asset — 0.4 Employee loans receivable, net 1.5 2.1 Current derivative assets (see Note 15, “Derivative Financial Instruments”) 3.7 6.3 Taxes receivable 15.3 4.0 Restricted cash (see Note 10, “Commitments and Contingencies”) 0.1 0.1 Prepaid assets 8.8 4.5 Other current assets 7.5 10.0 Total other current assets 36.9 27.4 |
Other long-term liabilities [Table Text Block] | Other long-term liabilities consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Reserve for uncertain tax positions 0.6 0.7 Workers’ compensation 16.0 15.3 Asset retirement obligations (see Note 12, “Asset Retirement and Other Obligations”) 11.7 13.7 Land obligation (see Note 12, “Asset Retirement and Other Obligations”) 6.8 6.8 Environmental remediation obligations (see Note 12, “Asset Retirement and Other Obligations”) 3.0 1.1 Long-term derivative liabilities (see Note 15, “Derivative Financial Instruments”) — 0.1 Deferred compensation and other 6.1 8.2 Total other long-term liabilities 44.2 45.9 |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Compensation and benefits 24.7 18.3 Workers’ compensation 5.9 5.6 Other operating expenses 13.2 11.2 Accrued interest 2.6 2.3 Asset retirement obligations (see Note 12, “Asset Retirement and Other Obligations”) 2.3 2.3 Land obligation (see Note 12, “Asset Retirement and Other Obligations”) 3.6 3.7 Derivative liabilities (see Note 15, “Derivative Financial Instruments”) 3.4 5.0 Reclamation obligation (see Note 12, “Asset Retirement and Other Obligations”) 2.4 1.5 Environmental remediation obligations (see Note 12, “Asset Retirement and Other Obligations”) 0.2 1.7 Obligations to the Government of Jamaica (see Note 21, “Non-Controlling Interest”) 18.0 5.9 Pension and OPEB liabilities (see Note 13, “Pensions and Other Post-Retirement Benefits”) 0.5 0.8 Restructuring liability 1.0 0.8 Total accrued liabilities 77.8 59.1 |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Deferred financing costs, net of amortization 3.8 5.8 Cash surrender value of life insurance 15.1 29.3 Pension asset 8.9 6.5 Restricted cash 3.6 14.0 Supplies 5.4 5.0 Prepaid Jamaican income taxes (see Note 21, “Non-Controlling Interest”) 12.7 12.7 Derivative asset (see Note 15, “Derivative Financial Instruments”) — 0.2 Other 15.0 15.6 Total other assets 64.5 89.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of fair value assets and liabilities measured on a recurring basis | The tables below set forth by level the fair value hierarchy of our assets and liabilities that were measured at fair value on a recurring basis (in millions): December 31, 2015 Level 1 Level 2 Level 3 Total $ $ $ $ Derivative assets — 3.7 — 3.7 Derivative liabilities — (3.4 ) — (3.4 ) Noranda pension plan assets: Equity securities: Diversified common stocks 52.6 130.0 5.8 188.4 Global equity securities — 11.4 — 11.4 Diversified fixed income mutual fund 109.1 — — 109.1 Cash, cash equivalents and other 2.7 0.1 — 2.8 Total Noranda pension plan assets 164.4 141.5 5.8 311.7 St. Ann pension plan assets: Global equity securities — 11.2 — 11.2 Fixed income securities: GOJ bonds — 12.7 — 12.7 Global corporate bonds — 0.5 — 0.5 Real estate — 4.8 — 4.8 Other — 5.1 — 5.1 Total St. Ann pension plan assets — 34.3 — 34.3 Total 164.4 176.1 5.8 346.3 December 31, 2014 Level 1 Level 2 Level 3 Total $ $ $ $ Derivative assets — 3.2 3.3 6.5 Derivative liabilities — (5.1 ) — (5.1 ) Noranda pension plan assets: Equity securities: Diversified common stock mutual fund 98.7 89.5 8.1 196.3 Global equity securities — 13.5 — 13.5 Diversified fixed income mutual fund 111.2 — — 111.2 Cash and cash equivalents 1.6 4.2 — 5.8 Total Noranda pension plan assets 211.5 107.2 8.1 326.8 St. Ann pension plan assets: Global equity securities — 6.5 — 6.5 Fixed income securities: GOJ bonds — 15.2 — 15.2 Global corporate bonds — 0.1 — 0.1 Real estate — 2.8 — 2.8 Other — 3.2 — 3.2 Total St. Ann pension plan assets — 27.8 — 27.8 Total 211.5 133.1 11.4 356.0 |
Schedule of pension plan assets by fair value measurement [Table Text Block] | Changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2015 and 2014 were as follows: Year ended December 31, 2015 2014 $ $ Fair value, beginning of year 8.1 5.7 Return on assets (2.3 ) 2.4 Fair value, end of year 5.8 8.1 |
Schedule of derivative financial instruments classified as level 3 [Table Text Block] | Changes in the fair value of the variable-price Midwest Premium contracts classified as Level 3 for the year ended December 31, 2015 and 2014 were as follows: Year ended December 31, 2015 2014 $ $ Fair value, beginning of year 3.3 1.8 New contracts entered (0.8 ) 3.2 Changes in fair value (6.9 ) 5.2 Settlements 4.4 (6.9 ) Fair value, end of year — 3.3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Schedule of inventories | Inventories, net, consisted of the following (in millions): Year ended December 31, 2015 2014 $ $ Raw materials, at cost 47.3 73.7 Work-in-process, at cost 35.3 48.9 Finished goods, at cost 23.0 31.3 Total inventories, at cost 105.6 153.9 LIFO adjustment 29.0 14.0 LCM reserve (28.6 ) (7.6 ) Inventories, at lower of cost or market 106.0 160.3 Supplies 29.4 36.4 Total inventories, net 135.4 196.7 |
Property, Plant and Equipment35
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment, net, consisted of the following (in millions): Year ended December 31, Estimated useful lives 2015 2014 (in years) $ $ Land 51.9 51.9 Buildings and improvements 10 – 47 176.0 163.0 Machinery and equipment 3 – 50 969.9 927.1 Construction in progress 67.6 86.2 Property, plant and equipment, at cost 1,265.4 1,228.2 Accumulated depreciation (578.7 ) (533.2 ) Total property, plant and equipment, net 686.7 695.0 |
Cast House Cast House (Tables)
Cast House Cast House (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Extraordinary Item [Line Items] | |
Extraordinary Items Disclosure [Text Block] | en offset by $24.0 million in proceeds that we received from our insurance carriers. The excess receipt of $19.7 million primarily represents the differences between the timing of incurring costs and accruing for expected recoveries. Twelve months ended December 31, 2015 Total Spend Insurance Proceeds Net Impact $ $ $ Losses in cost of goods sold: Accumulated depreciation of damaged assets 1.7 Inventory written down to scrap value 0.4 Losses in selling, general and administrative expenses 2.2 Total 4.3 (24.0 ) (19.7 ) Insurance receipts through December 31, 2015 (21.2 ) Insurance receivable recorded at December 31, 2015 (2.8 ) |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases We operate certain office, manufacturing and warehouse facilities under operating leases. In most cases, we expect leases to be renewed or replaced with other leases when they expire. Rental expense for all operating leases except those with terms of one month or less that were not renewed totaled $4.2 million , $3.8 million and $3.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum rental payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of December 31, 2015 follows (in millions): Year ended December 31, $ 2016 2.2 2017 1.7 2018 0.3 2019 0.1 2020 — Thereafter — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | The carrying values of our outstanding debt were as follows (in millions): December 31, 2015 December 31, 2014 Carrying value Interest rate Carrying value Interest rate $ % $ % AcquisitionCo Notes, net (1) 173.6 11.00 % 173.3 11.00 % Term B Loan, net 466.3 5.75 % 470.7 5.75 % Project specific financing 16.9 9.00 % 22.5 9.00 % Mid-Stream Loan 7.2 8.00 % 1.0 8.00 % Rod mill lease financing 13.4 8.50 % — — Capital lease financing 0.4 5.79 % 0.5 5.79 % Revolving credit facility (2) 64.5 4.25% - 5.75% — Total debt, net 742.3 668.0 Less: current portion (742.3 ) (11.6 ) Long-term debt and lease financing, net — 656.4 |
Schedule of maturities of long-term debt | $ 2016 84.5 2017 13.1 2018 13.4 2019 634.5 2020 — Total debt 745.5 |
Asset Retirement and Other Ob39
Asset Retirement and Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reclamation, Land And Asset Retirement Obligations [Abstract] | |
Schedule of change in reclamation obligations | A summary of our reclamation obligations activity at St. Ann follows (in millions): Year ended December 31, 2015 2014 $ $ Balance, beginning of period 1.5 1.4 Additional liabilities incurred 2.8 2.8 Liabilities settled (1.9 ) (2.7 ) Balance, end of period 2.4 1.5 |
Schedule of change in land obligation | A summary of our St. Ann Land Obligations activity follows (in millions): Year ended December 31, 2015 2014 $ $ Balance, beginning of period 10.5 10.5 Additional liabilities incurred 0.8 0.6 Liabilities settled — (0.3 ) Revisions to the obligation (0.9 ) (0.3 ) Balance, end of period 10.4 10.5 |
Schedule of change in asset retirement obligations | A summary of our asset retirement obligations activity follows (in millions): Year ended December 31, 2015 2014 $ $ Balance, beginning of period 16.0 16.5 Additional liabilities incurred 2.0 1.1 Liabilities settled (3.1 ) (2.7 ) Revisions in estimated cash flows (2.2 ) — Accretion 1.3 1.1 Balance, end of period 14.0 16.0 |
Pension and Other Post-Retire40
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSIONS AND OTHER POST-RETIREMENT BENEFITS We sponsor defined benefit pension plans for hourly and salaried employees. Benefits under our sponsored defined benefit plans are based on years of service and/or eligible compensation prior to retirement. We also sponsor OPEB plans for certain employees. These benefits include life and health insurance. In addition, we provide supplemental executive retirement benefits for certain executive officers. Disclosures for the defined benefit pension plans and other post-retirement benefit plans sponsored by NBL (the “St. Ann Plans,” collectively) are shown separately from the disclosures related to the plans at our other subsidiaries (the “Noranda Plans,” collectively) because the assumptions related to the St. Ann Plans are significantly different than those of the Noranda Plans. We used an annual measurement date of December 31 to determine the pension and OPEB liabilities for the Noranda Plans and St. Ann Plans. Noranda Plans In fourth quarter 2015, we completed a workforce reduction (see Note 14, “ Restructuring ” ). As a result, we offered special voluntary termination benefits to employees that (1) met certain criteria for early retirement and (2) accepted the benefit by the required deadline. For the year ended December 31, 2015, we recognized a termination benefit loss of $0.5 million within net periodic benefit cost. Historically our pension funding policy was to contribute annually an amount based on actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements of the Employee Retirement Income Security Act (“ERISA”). OPEB benefits are funded as retirees submit claims. On October 1, 2014, select Noranda Pension Plans were amended to permit lump-sum distributions pursuant to participant elections made through November 15, 2014. The amendment resulted in additional benefits paid in the fourth quarter of 2014. All payments associated with the amendment were completed in 2014. Net loss (gain) in excess of 10% of the greater of pension benefit obligation or the market-related value of assets is amortized on a straight-line basis over the average expected remaining service of active participants expected to benefit under the plan. Noranda Pension Plan assets Weighted-average asset allocations as of December 31, 2015 and 2014 and the target asset allocations for 2015 were as follows: 2015 2014 Target 2016 % % % Fixed income securities 35 34 35 Equity securities 65 66 65 We seek a balanced return on plan assets through a diversified investment strategy. Noranda pension plan assets consist principally of equities and fixed income accounts. In developing the long-term rate of return assumption for plan assets, we evaluated the plans’ historical cumulative actual returns over several periods, as well as long-term inflation assumptions. We anticipate that the plans will continue to generate long-term investment returns of approximately 7% per annum. The change in benefit obligation and change in plan assets for the Noranda pension plans were as follows (in millions): Year ended December 31, 2015 2014 $ $ Change in benefit obligation: Benefit obligation, beginning of period 503.3 422.8 Service cost 16.8 13.2 Interest cost 20.0 20.1 Actuarial (gain) loss (41.4 ) 75.7 Benefits paid (19.6 ) (28.4 ) Plan Amendments 0.1 (0.1 ) Special termination benefits 0.5 — Benefit obligation, end of period 479.7 503.3 Change in plan assets: Fair value of plan assets, beginning of period 326.8 323.4 Actual return on plan assets (12.0 ) 16.5 Employer contributions 16.5 15.3 Benefits paid (19.6 ) (28.4 ) Fair value of plan assets, end of period 311.7 326.8 Funded status (168.0 ) (176.5 ) Weighted-average assumptions: Discount rate 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % The change in benefit obligation and change in plan assets for the Noranda OPEB plans were as follows (in millions): Year ended December 31, 2015 2014 $ $ Change in benefit obligation: Benefit obligation, beginning of period 12.3 11.5 Service cost 0.4 0.4 Interest cost 0.5 0.5 Actuarial (gain) loss (0.8 ) 0.4 Benefits paid (0.4 ) (0.5 ) Benefit obligation, end of period 12.0 12.3 Change in plan assets: Fair value of plan assets, beginning of period 0.1 0.1 Employer contributions 0.4 0.5 Benefits paid (0.4 ) (0.5 ) Fair value of plan assets, end of period 0.1 0.1 Funded status (11.9 ) (12.2 ) Weighted-average assumptions: Discount rate 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % The net liability for the Noranda plans was recorded in the consolidated balance sheets as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Current liability (0.1 ) (0.3 ) (0.4 ) (0.5 ) Long-term liability (167.9 ) (176.2 ) (11.5 ) (11.7 ) Total (168.0 ) (176.5 ) (11.9 ) (12.2 ) In 2016, we expect to reclassify losses of approximately $11.4 million and $0.1 million from AOCI related to the Noranda pension and OPEB plans, respectively, into net income through net periodic cost. Amounts related to the Noranda plans in AOCI were as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Net actuarial loss 140.9 159.3 0.2 1.0 Prior service cost 6.8 7.8 0.2 0.3 Accumulated other comprehensive loss 147.7 167.1 0.4 1.3 The Noranda OPEB benefit obligation included estimated health insurance benefits of $1.1 million , $1.1 million and $1.0 million at December 31, 2015 , 2014 and 2013 , respectively. The healthcare cost trend rates used in developing the periodic cost and the projected benefit obligation are 7.5% grading to 5% over ten years. Net periodic benefit costs related to the Noranda Pension Plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 16.8 13.2 15.4 Interest cost 20.0 20.1 17.9 Expected return on plan assets (22.8 ) (22.8 ) (20.1 ) Recognized actuarial loss 11.9 3.9 12.8 Amortization of prior service cost 1.1 1.1 1.1 Curtailment loss 0.1 0.1 — Settlement and termination benefits loss 0.5 — 0.7 Net periodic cost 27.6 15.6 27.8 Weighted-average assumptions: Discount rate 4.0 % 4.8 % 3.9 % Expected rate of return on plan assets 7.0 % 7.0 % 7.0 % Rate of compensation increase 4.0 % 4.0 % 4.0 % Net periodic benefit costs related to the Noranda OPEB plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.4 0.4 0.4 Interest cost 0.5 0.5 0.5 Recognized actuarial (gain) loss — — 0.1 Amortization of prior service cost (benefit) 0.1 0.1 0.1 Net periodic cost 1.0 1.0 1.1 Weighted-average assumptions: Discount rate 4.3 % 4.9 % 3.9 % Rate of compensation increase 4.0 % 4.0 % 4.3 % The effects of a one percentage point change in the assumed health care cost trend rate on our Noranda OPEB plans’ post-retirement benefit obligation were as follows (in millions): 1% decrease in rates Assumed rates 1% increase in rates $ $ $ Aggregated service and interest cost 0.9 0.9 0.9 Accumulated post-retirement benefit obligation 12.0 12.0 12.0 The projected and accumulated benefit obligations in excess of plan assets for our Noranda pension plans were as follows (in millions): December 31 2015 2014 $ $ Projected benefit obligation (479.7 ) (503.3 ) Accumulated benefit obligation (461.7 ) (484.2 ) Fair value of plan assets 311.7 326.8 St. Ann Plans NBL operates a defined benefit pension plan and an OPEB plan. Our post-retirement benefits include life and health insurance and are funded as retirees submit claims. St. Ann Pension Plan assets The St. Ann Pension Plan is funded by employee and employer contributions. Employer contributions are made at a rate periodically determined by management, which is based, in part, on employee contributions. Historically our pension funding policy was to contribute annually an amount based on actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the funding requirements of the plan. Our St. Ann Pension Plan’s weighted-average asset allocations at December 31, 2015 and 2014 and the target allocations for 2015 by asset category were as follows: 2015 2014 Target 2016 % % % Global equity securities 33 23 35 Real estate 14 10 10 Fixed income securities 39 55 45 Other 14 12 10 We seek a balanced return on plan assets through a diversified investment strategy. In developing the long-term rate of return assumption for plan assets, we evaluate the plan’s historical cumulative actual returns over several periods, as well as long-term inflation assumptions. We anticipate that the plan’s investments will continue to generate long-term returns of at least 7.0% per annum. The change in benefit obligation and change in plan assets for the St. Ann Plans were as follows (in millions): St. Ann Pension St. Ann OPEB Year ended December 31, Year ended December 31, 2015 2014 2015 2014 $ $ $ $ Change in benefit obligation: Benefit obligation, beginning of period 21.3 20.8 7.5 5.9 Service cost 0.7 0.6 0.3 0.2 Interest cost 1.6 1.5 0.6 0.4 Contributions by plan participants 1.0 0.8 — — Actuarial loss 2.8 0.5 0.9 1.8 Foreign currency changes (1.2 ) (1.1 ) (0.4 ) (0.3 ) Benefits paid (0.8 ) (1.8 ) (0.3 ) (0.5 ) Benefit obligation, end of period 25.4 21.3 8.6 7.5 Change in plan assets: Fair value of plan assets, beginning of period 27.8 26.7 — — Employer contributions 0.6 0.4 0.3 0.3 Contributions by plan participants 1.0 0.8 — — Actual return on plan assets 7.1 3.1 — — Benefits paid (0.8 ) (1.1 ) (0.3 ) (0.3 ) Foreign currency changes (1.4 ) (2.1 ) — — Fair value of plan assets, end of period 34.3 27.8 — — Funded status 8.9 6.5 (8.6 ) (7.5 ) Weighted-average assumptions: Discount rate 7.5 % 8.0 % 7.5 % 8.0 % Rate of compensation increase 5.0 % 5.5 % 5.0 % 5.5 % The net asset (liability) for the St. Ann Plans was recorded in the consolidated balance sheets as follows (in millions): St. Ann Pension St. Ann OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Long-term asset 8.9 6.5 — — Long-term liability — — (8.6 ) (7.5 ) Total 8.9 6.5 (8.6 ) (7.5 ) Net accumulated actuarial (gains) losses related to the St. Ann Pension and OPEB plans in AOCI were as follows (in millions): St. Ann Pension St. Ann OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Accumulated other comprehensive (gain) loss 3.3 5.4 (0.3 ) (0.8 ) Net periodic benefit costs related to the St. Ann Pension Plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.7 0.6 0.5 Interest cost 1.6 1.5 1.7 Expected return on plan assets (2.1 ) (1.8 ) (2.3 ) Recognized actuarial loss 0.2 0.2 — Net periodic cost 0.4 0.5 (0.1 ) Weighted-average assumptions: Discount rate 8.0 % 7.5 % 9.0 % Expected rate of return on plan assets 7.5 % 7.0 % 8.0 % Rate of compensation increase 5.5 % 5.0 % 6.0 % Net periodic benefit costs related to the St. Ann OPEB Plan included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.3 0.3 0.2 Interest cost 0.6 0.6 0.5 Amortization of prior service cost (benefit) — — (0.1 ) Net periodic cost 0.9 0.9 0.6 Weighted-average assumptions: Discount rate 8.0 % 7.5 % 9.0 % Rate of compensation increase 5.5 % 5.0 % 6.0 % The effect of a one-percentage-point change in the assumed health care cost trend rate on our St. Ann OPEB plan’s benefit obligation was as follows (in millions): 1% decrease in rates Assumed rates 1% increase in rates $ $ $ Aggregated service and interest cost 0.8 0.9 1.1 Projected post-retirement benefit obligation (7.2 ) (7.6 ) (9.9 ) As of December 31, 2015 and 2014 , St. Ann Pension Plan assets exceeded the projected benefit obligation and the accumulated benefit obligation. Expected Employer Contributions On February 8, 2016, Noranda HoldCo and its wholly-owned subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri. Prior to the Bankruptcy Filing we expected contributions to the Noranda Pension Plans and the St. Ann Pension Plans to approximate $17.1 million and $0.5 million , respectively, in 2016. We also had the option to elect to make additional contributions to the plans. Based on this subsequent event, we are unsure what portion, if any, of these contributions will be approved by the Bankruptcy Court. See Note 1, “ Voluntary Reorganization Under Chapter 11 of Title 11 of the United States Code ” for additional details regarding our Chapter 11 filing. Expected Future Benefit Payments The following table provides our estimated future benefit payments for the pension and OPEB plans at December 31, 2015 (in millions): Our ability to make future benefit payments will be subject to the approval by the Bankruptcy Court. Noranda Plans St. Ann Plans Pension benefits OPEB benefits Pension benefits OPEB benefits Year ended December 31, $ $ $ $ 2015 21.2 0.1 0.8 0.3 2016 22.3 0.1 0.9 0.4 2017 23.4 0.1 1.1 0.4 2018 24.5 0.2 1.2 0.5 2019 25.5 0.2 1.3 0.5 Thereafter 140.6 1.4 10.6 3.4 Total 257.5 2.1 15.9 5.5 Defined Contribution Plans We also have defined contribution retirement plans that cover our eligible employees. The purpose of these defined contribution plans is generally to provide additional financial security during retirement by providing employees with an incentive to make regular savings. Our contributions to these plans are based on employee contributions and were as follows (in millions): Year ended December 31, $ 2015 4.1 2014 4.2 2013 4.1 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The net liability for the Noranda plans was recorded in the consolidated balance sheets as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Current liability (0.1 ) (0.3 ) (0.4 ) (0.5 ) Long-term liability (167.9 ) (176.2 ) (11.5 ) (11.7 ) Total (168.0 ) (176.5 ) (11.9 ) (12.2 ) |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit costs related to the Noranda Pension Plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 16.8 13.2 15.4 Interest cost 20.0 20.1 17.9 Expected return on plan assets (22.8 ) (22.8 ) (20.1 ) Recognized actuarial loss 11.9 3.9 12.8 Amortization of prior service cost 1.1 1.1 1.1 Curtailment loss 0.1 0.1 — Settlement and termination benefits loss 0.5 — 0.7 Net periodic cost 27.6 15.6 27.8 Weighted-average assumptions: Discount rate 4.0 % 4.8 % 3.9 % Expected rate of return on plan assets 7.0 % 7.0 % 7.0 % Rate of compensation increase 4.0 % 4.0 % 4.0 % |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Reclassifications out of AOCI were included in the consolidated statements of operations as follows (in millions): Details about accumulated other comprehensive income (loss) components Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the consolidated statements of operations Year ended December 31, 2015 2014 2013 $ $ $ Selling, general and administrative expenses (“SGA”) Actuarial gain/loss 2.7 1.0 2.8 (1) Prior service costs 0.2 0.3 0.3 (1) Total pension amounts reclassified into SGA 2.9 1.3 3.1 Selling, general and administrative expenses Cost of sales (“COS”) Actuarial gain/loss 9.4 3.1 10.0 (1) Prior service costs 0.9 0.8 0.9 (1) Total pension amounts reclassified into COS 10.3 3.9 10.9 Cost of sales Reclassification of pension and OPEB amounts realized in net income 13.2 5.2 14.0 Income tax (benefit) expense related to reclassifications of pension and OPEB amounts 4.8 1.9 5.4 Income tax expense (benefit) Reclassification of pension and OPEB amounts realized in net income, net of tax 8.4 3.3 8.6 Net loss Reclassification of derivative amounts realized in net income — — (6.4 ) (Gain) loss on hedging activities, net Income tax (benefit) expense related to reclassifications of derivative amounts — — (2.0 ) Income tax expense (benefit) Reclassification of derivative amounts realized in net income, net of tax — — (4.4 ) Net loss (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost shown in Note 13, “ Pensions and Other Post-Retirement Benefits. ” In 2016, we expect to reclassify losses of approximately $11.4 million and $0.1 million from AOCI related to the Noranda pension and OPEB plans, respectively, into net income through net periodic cost. Amounts related to the Noranda plans in AOCI were as follows (in millions): Noranda Pension Noranda OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Net actuarial loss 140.9 159.3 0.2 1.0 Prior service cost 6.8 7.8 0.2 0.3 Accumulated other comprehensive loss 147.7 167.1 0.4 1.3 The Noranda OPEB benefit obligation included estimated health insurance benefits of $1.1 million , $1.1 million and $1.0 million at December 31, 2015 , 2014 and 2013 , respectively. The healthcare cost trend rates used in developing the periodic cost and the projected benefit obligation are 7.5% grading to 5% over ten years. |
Schedule of Expected Benefit Payments [Table Text Block] | The following table provides our estimated future benefit payments for the pension and OPEB plans at December 31, 2015 (in millions): Our ability to make future benefit payments will be subject to the approval by the Bankruptcy Court. Noranda Plans St. Ann Plans Pension benefits OPEB benefits Pension benefits OPEB benefits Year ended December 31, $ $ $ $ 2015 21.2 0.1 0.8 0.3 2016 22.3 0.1 0.9 0.4 2017 23.4 0.1 1.1 0.4 2018 24.5 0.2 1.2 0.5 2019 25.5 0.2 1.3 0.5 Thereafter 140.6 1.4 10.6 3.4 Total 257.5 2.1 15.9 5.5 |
Schedule of Employer Contributions to Defined Contribution Plans [Table Textblock] | Our contributions to these plans are based on employee contributions and were as follows (in millions): Year ended December 31, $ 2015 4.1 2014 4.2 2013 4.1 |
Domestic Pension Plan of Foreign Entity [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Changes in Benefit Obligations, Changes in Fair Value of Plan Assets and Assumptions Used [Table Text Block] | The change in benefit obligation and change in plan assets for the St. Ann Plans were as follows (in millions): St. Ann Pension St. Ann OPEB Year ended December 31, Year ended December 31, 2015 2014 2015 2014 $ $ $ $ Change in benefit obligation: Benefit obligation, beginning of period 21.3 20.8 7.5 5.9 Service cost 0.7 0.6 0.3 0.2 Interest cost 1.6 1.5 0.6 0.4 Contributions by plan participants 1.0 0.8 — — Actuarial loss 2.8 0.5 0.9 1.8 Foreign currency changes (1.2 ) (1.1 ) (0.4 ) (0.3 ) Benefits paid (0.8 ) (1.8 ) (0.3 ) (0.5 ) Benefit obligation, end of period 25.4 21.3 8.6 7.5 Change in plan assets: Fair value of plan assets, beginning of period 27.8 26.7 — — Employer contributions 0.6 0.4 0.3 0.3 Contributions by plan participants 1.0 0.8 — — Actual return on plan assets 7.1 3.1 — — Benefits paid (0.8 ) (1.1 ) (0.3 ) (0.3 ) Foreign currency changes (1.4 ) (2.1 ) — — Fair value of plan assets, end of period 34.3 27.8 — — Funded status 8.9 6.5 (8.6 ) (7.5 ) Weighted-average assumptions: Discount rate 7.5 % 8.0 % 7.5 % 8.0 % Rate of compensation increase 5.0 % 5.5 % 5.0 % 5.5 % |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | Weighted-average asset allocations as of December 31, 2015 and 2014 and the target asset allocations for 2015 were as follows: 2015 2014 Target 2016 % % % Fixed income securities 35 34 35 Equity securities 65 66 65 |
Schedule of Changes in Benefit Obligations, Changes in Fair Value of Plan Assets and Assumptions Used [Table Text Block] | The change in benefit obligation and change in plan assets for the Noranda OPEB plans were as follows (in millions): Year ended December 31, 2015 2014 $ $ Change in benefit obligation: Benefit obligation, beginning of period 12.3 11.5 Service cost 0.4 0.4 Interest cost 0.5 0.5 Actuarial (gain) loss (0.8 ) 0.4 Benefits paid (0.4 ) (0.5 ) Benefit obligation, end of period 12.0 12.3 Change in plan assets: Fair value of plan assets, beginning of period 0.1 0.1 Employer contributions 0.4 0.5 Benefits paid (0.4 ) (0.5 ) Fair value of plan assets, end of period 0.1 0.1 Funded status (11.9 ) (12.2 ) Weighted-average assumptions: Discount rate 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % The change in benefit obligation and change in plan assets for the Noranda pension plans were as follows (in millions): Year ended December 31, 2015 2014 $ $ Change in benefit obligation: Benefit obligation, beginning of period 503.3 422.8 Service cost 16.8 13.2 Interest cost 20.0 20.1 Actuarial (gain) loss (41.4 ) 75.7 Benefits paid (19.6 ) (28.4 ) Plan Amendments 0.1 (0.1 ) Special termination benefits 0.5 — Benefit obligation, end of period 479.7 503.3 Change in plan assets: Fair value of plan assets, beginning of period 326.8 323.4 Actual return on plan assets (12.0 ) 16.5 Employer contributions 16.5 15.3 Benefits paid (19.6 ) (28.4 ) Fair value of plan assets, end of period 311.7 326.8 Funded status (168.0 ) (176.5 ) Weighted-average assumptions: Discount rate 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The effects of a one percentage point change in the assumed health care cost trend rate on our Noranda OPEB plans’ post-retirement benefit obligation were as follows (in millions): 1% decrease in rates Assumed rates 1% increase in rates $ $ $ Aggregated service and interest cost 0.9 0.9 0.9 Accumulated post-retirement benefit obligation 12.0 12.0 12.0 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The projected and accumulated benefit obligations in excess of plan assets for our Noranda pension plans were as follows (in millions): December 31 2015 2014 $ $ Projected benefit obligation (479.7 ) (503.3 ) Accumulated benefit obligation (461.7 ) (484.2 ) Fair value of plan assets 311.7 326.8 |
Foreign Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets [Table Text Block] | Our St. Ann Pension Plan’s weighted-average asset allocations at December 31, 2015 and 2014 and the target allocations for 2015 by asset category were as follows: 2015 2014 Target 2016 % % % Global equity securities 33 23 35 Real estate 14 10 10 Fixed income securities 39 55 45 Other 14 12 10 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The net asset (liability) for the St. Ann Plans was recorded in the consolidated balance sheets as follows (in millions): St. Ann Pension St. Ann OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Long-term asset 8.9 6.5 — — Long-term liability — — (8.6 ) (7.5 ) Total 8.9 6.5 (8.6 ) (7.5 ) |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit costs related to the Noranda OPEB plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.4 0.4 0.4 Interest cost 0.5 0.5 0.5 Recognized actuarial (gain) loss — — 0.1 Amortization of prior service cost (benefit) 0.1 0.1 0.1 Net periodic cost 1.0 1.0 1.1 Weighted-average assumptions: Discount rate 4.3 % 4.9 % 3.9 % Rate of compensation increase 4.0 % 4.0 % 4.3 % Net periodic benefit costs related to the St. Ann OPEB Plan included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.3 0.3 0.2 Interest cost 0.6 0.6 0.5 Amortization of prior service cost (benefit) — — (0.1 ) Net periodic cost 0.9 0.9 0.6 Weighted-average assumptions: Discount rate 8.0 % 7.5 % 9.0 % Rate of compensation increase 5.5 % 5.0 % 6.0 % |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The effect of a one-percentage-point change in the assumed health care cost trend rate on our St. Ann OPEB plan’s benefit obligation was as follows (in millions): 1% decrease in rates Assumed rates 1% increase in rates $ $ $ Aggregated service and interest cost 0.8 0.9 1.1 Projected post-retirement benefit obligation (7.2 ) (7.6 ) (9.9 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Net accumulated actuarial (gains) losses related to the St. Ann Pension and OPEB plans in AOCI were as follows (in millions): St. Ann Pension St. Ann OPEB December 31 December 31 2015 2014 2015 2014 $ $ $ $ Accumulated other comprehensive (gain) loss 3.3 5.4 (0.3 ) (0.8 ) |
Foreign Pension Plan [Member] | Foreign 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 St. Ann Pension Plans included the following (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Service cost 0.7 0.6 0.5 Interest cost 1.6 1.5 1.7 Expected return on plan assets (2.1 ) (1.8 ) (2.3 ) Recognized actuarial loss 0.2 0.2 — Net periodic cost 0.4 0.5 (0.1 ) Weighted-average assumptions: Discount rate 8.0 % 7.5 % 9.0 % Expected rate of return on plan assets 7.5 % 7.0 % 8.0 % Rate of compensation increase 5.5 % 5.0 % 6.0 % |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Costs [Abstract] | |
Schedule of restructuring costs | The following table summarizes our restructuring activities by segment (in millions): Total restructuring liability Year ended December 31, 2015 2014 $ $ Balance, beginning of period 0.8 5.3 Expense: Primary — 0.5 Flat-Rolled 1.0 0.5 Adjustments: Alumina — (0.1 ) Primary (0.3 ) (0.3 ) Flat-Rolled (0.5 ) (0.6 ) Benefits Paid — (4.5 ) Balance, end of period 1.0 0.8 |
Derivative Financial Instrume42
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents how our hedging activities affected our consolidated statements of operations for each period (in millions): Derivatives qualified as hedges Derivatives not qualified as hedges Amount reclassified from AOCI Change in fair value Total (gain) loss on hedging activities $ $ $ Year ended December 31, 2015: Fixed price aluminum customer contracts — (1.4 ) (1.4 ) Variable price aluminum offset swaps — 10.0 10.0 Midwest premium contracts — 7.8 7.8 Total — 16.4 16.4 Year ended December 31, 2014: Fixed price aluminum customer contracts — 0.5 0.5 Variable price aluminum offset swaps — 3.4 3.4 Midwest premium contracts — (8.5 ) (8.5 ) Total — (4.6 ) (4.6 ) Year ended December 31, 2013: Fixed price aluminum swaps (6.4 ) — (6.4 ) Fixed price aluminum customer contracts — (3.7 ) (3.7 ) Variable price aluminum offset swaps — 13.0 13.0 Midwest premium contracts — (0.6 ) (0.6 ) Total (6.4 ) 8.7 2.3 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of December 31, 2015 Counterparty Gross derivative assets offset Amount offset Net derivative assets offset Derivative assets not offset Derivative assets, net $ $ $ $ $ Various counterparties not subject to a master netting arrangement — — — 3.7 3.7 Total current derivative assets — — — 3.7 3.7 As of December 31, 2015 Counterparty Gross derivative liabilities offset Amount offset Net derivative liabilities offset Derivative liabilities not offset Derivative liabilities, net $ $ $ $ $ Master netting arrangement with counterparty one (3.1 ) — (3.1 ) — (3.1 ) Master netting arrangement with counterparty four (0.3 ) — (0.3 ) — (0.3 ) Total current derivative liabilities (3.4 ) — (3.4 ) — (3.4 ) 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 Master netting arrangement with counterparty one — — — 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 four — — — (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] | December 31 2015 2014 $ $ Fixed-price aluminum customer contracts 3.7 2.4 Variable-price aluminum offset swaps (3.4 ) (4.3 ) Variable-price MWP contracts — 3.3 Total 0.3 1.4 |
Fixed Price Aluminum Customer Contracts [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2015 , our outstanding fixed price aluminum customer contracts were as follows: Average price per pound Pounds Year $ (in millions) 2016 0.89 23.2 |
Variable Price Aluminum Swaps [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2015 , our outstanding variable price aluminum offset swaps were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.80 24.5 |
Variable MWP Contract [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2015 , our outstanding variable price MWP contracts were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.09 28.7 |
Derivative Financial Instrume43
Derivative Financial Instruments Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Schedule of derivatives at fair value, by type of derivative [table textblock] | December 31 2015 2014 $ $ Fixed-price aluminum customer contracts 3.7 2.4 Variable-price aluminum offset swaps (3.4 ) (4.3 ) Variable-price MWP contracts — 3.3 Total 0.3 1.4 |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS We use derivative instruments to mitigate the risks associated with fluctuations in aluminum prices, natural gas prices and interest rates. All derivatives are held for purposes other than trading. 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 December 31, 2015 , our outstanding fixed price aluminum customer contracts were as follows: Average price per pound Pounds Year $ (in millions) 2016 0.89 23.2 As of December 31, 2015 , our outstanding variable price aluminum offset swaps were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.80 24.5 As of December 31, 2015 , our outstanding variable price MWP contracts were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.09 28.7 December 31 2015 2014 $ $ Fixed-price aluminum customer contracts 3.7 2.4 Variable-price aluminum offset swaps (3.4 ) (4.3 ) Variable-price MWP contracts — 3.3 Total 0.3 1.4 We have four counterparties for our variable-price aluminum offset swaps. Our variable-price MWP contracts are with various other counterparties. With each of the counterparties of our variable-price aluminum offset swaps, we have a master netting arrangement which is subject to the same guarantee and security provisions as the senior secured credit facilities. The master netting arrangements do not require us to post additional collateral, or cash margin. We present the fair values of derivatives which are subject to a master netting arrangement in a net position on the unaudited consolidated balance sheets. The following is a presentation of the gross components of our net derivative balances (in millions): As of December 31, 2015 Counterparty Gross derivative assets offset Amount offset Net derivative assets offset Derivative assets not offset Derivative assets, net $ $ $ $ $ Various counterparties not subject to a master netting arrangement — — — 3.7 3.7 Total current derivative assets — — — 3.7 3.7 As of December 31, 2015 Counterparty Gross derivative liabilities offset Amount offset Net derivative liabilities offset Derivative liabilities not offset Derivative liabilities, net $ $ $ $ $ Master netting arrangement with counterparty one (3.1 ) — (3.1 ) — (3.1 ) Master netting arrangement with counterparty four (0.3 ) — (0.3 ) — (0.3 ) Total current derivative liabilities (3.4 ) — (3.4 ) — (3.4 ) 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 Master netting arrangement with counterparty one — — — 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 four — — — (0.1 ) (0.1 ) Total long-term derivative liabilities — — — (0.1 ) (0.1 ) On February 8, 2016, the Company and our subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri. Subsequent to the Bankruptcy Filing, one of our counterparties terminated our contract for variable-price aluminum offset swaps. At the time of our Chapter 11 filing, we owed the counterparty $2.4 million. See Note 1, “ Voluntary Reorganization Under Chapter 11 of Title 11 of the United States Code ” for additional details regarding ou r Chapter 11 filing. As of December 31, 2015 and December 31, 2014, none of our derivative instruments were designated and qualified as fair value or cash flow hedges. We discontinued hedge accounting for all fixed-price aluminum swaps on January 29, 2009. At that date, amounts were frozen in AOCI to be reclassified into earnings in the period the hedged sales occur, or until we determined that the original forecasted sales were no longer probable of occurring. Derivatives that do not qualify for hedge accounting or have not been designated for hedge accounting treatment are adjusted to fair value through (gain) loss on hedging activities, net in the consolidated statements of operations. The following table presents how our hedging activities affected our consolidated statements of operations for each period (in millions): Derivatives qualified as hedges Derivatives not qualified as hedges Amount reclassified from AOCI Change in fair value Total (gain) loss on hedging activities $ $ $ Year ended December 31, 2015: Fixed price aluminum customer contracts — (1.4 ) (1.4 ) Variable price aluminum offset swaps — 10.0 10.0 Midwest premium contracts — 7.8 7.8 Total — 16.4 16.4 Year ended December 31, 2014: Fixed price aluminum customer contracts — 0.5 0.5 Variable price aluminum offset swaps — 3.4 3.4 Midwest premium contracts — (8.5 ) (8.5 ) Total — (4.6 ) (4.6 ) Year ended December 31, 2013: Fixed price aluminum swaps (6.4 ) — (6.4 ) Fixed price aluminum customer contracts — (3.7 ) (3.7 ) Variable price aluminum offset swaps — 13.0 13.0 Midwest premium contracts — (0.6 ) (0.6 ) Total (6.4 ) 8.7 2.3 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of December 31, 2015 Counterparty Gross derivative assets offset Amount offset Net derivative assets offset Derivative assets not offset Derivative assets, net $ $ $ $ $ Various counterparties not subject to a master netting arrangement — — — 3.7 3.7 Total current derivative assets — — — 3.7 3.7 As of December 31, 2015 Counterparty Gross derivative liabilities offset Amount offset Net derivative liabilities offset Derivative liabilities not offset Derivative liabilities, net $ $ $ $ $ Master netting arrangement with counterparty one (3.1 ) — (3.1 ) — (3.1 ) Master netting arrangement with counterparty four (0.3 ) — (0.3 ) — (0.3 ) Total current derivative liabilities (3.4 ) — (3.4 ) — (3.4 ) 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 Master netting arrangement with counterparty one — — — 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 four — — — (0.1 ) (0.1 ) Total long-term derivative liabilities — — — (0.1 ) (0.1 ) |
Fixed Price Aluminum Customer Contracts [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2015 , our outstanding fixed price aluminum customer contracts were as follows: Average price per pound Pounds Year $ (in millions) 2016 0.89 23.2 |
Variable Price Aluminum Swaps [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | As of December 31, 2015 , our outstanding variable price aluminum offset swaps were as follows: Average price per pound Pounds hedged Year $ (in millions) 2016 0.80 24.5 |
Share-Based Payments Share-Ba44
Share-Based Payments Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | We recorded stock compensation expense as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Stock options — — 0.1 Restricted stock and restricted stock unit equity awards 3.1 3.2 4.7 Restricted stock unit liability awards (0.1 ) 0.2 — Total stock compensation expense before income taxes 3.0 3.4 4.8 Income tax benefit (1.0 ) (1.2 ) (1.6 ) Total stock compensation expense, net of income taxes 2.0 2.2 3.2 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 181,715 |
Schedule of stock option activity | We determined the grant date fair value of service-vesting and performance-vesting restricted stock and RSUs based on the closing price of our common stock on the grant date. For market-based restricted stock, the effect of the market conditions is reflected in the fair value of the awards on the date of grant using a Monte-Carlo simulation model. A Monte-Carlo simulation model estimates the fair value of the market-based award based on the expected term, risk-free interest rate, expected dividend yield and expected volatility measure for the Company. We estimated a forfeiture rate for share-based payment awards based on historical forfeiture rates of similar awards, which was 7% for restricted stock and RSUs granted to employees during 2015 . We expect all share-based payment awards granted to executives and directors to vest. Dividend equivalent units vest on the same schedule as the related share-based payment awards. Service-vesting restricted stock and RSUs will generally vest over three years , on each anniversary of the grant date, in the following increments: 25% on the first anniversary, 25% on the second anniversary and 50% on the third anniversary. We recognize stock compensation expense on a straight-line basis over the three year vesting period. A grant date had not been determined as of December 31, 2015 for performance-vesting awards granted in 2015 and 2014 because the performance conditions had not yet been determined. As of December 31, 2015 , unrecognized stock compensation expense related to service-vesting RSUs, restricted stock and market-based restricted stock was $3.3 million . We will recognize this amount over a weighted-average period of 1.5 years . 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. The remaining unrecognized stock compensation expense related to the 2013 performance-vesting restricted stock or RSUs will be recognized during the first half of 2016. 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 December 31, 2015 . Total fair value of options that vested for the years ended December 31, 2015 , 2014 and 2013 was $0.0 million , $0.1 million and $0.4 million , respectively. Total fair value of vested service-vesting RSUs and restricted stock was $1.9 million and $2.2 million respectively, for the year ended December 31, 2015 . Total fair value of the performance-vested RSUs and restricted stock associated with the 2013 performance award grants was $1.4 million for the year ended December 31, 2015 . Employee Stock Purchase Plan On May 10, 2012, our stockholders approved the 2012 Employee Stock Purchase Plan (the “ESPP”), which became effective on July 1, 2012. A total of 71,429 shares of common stock is available for issuance under the ESPP. The ESPP is designed to provide eligible employees an opportunity to purchase shares of our common stock at 95% of the fair market value on the purchase date. As of December 31, 2015 and December 31, 2014 , activity under the ESPP was not material. As of December 31, 2015 , the ESPP was terminated. Our stock option activity and related information follows: Employee options and non-employee director stock options Prior investor director provider stock options Common shares Weighted-average exercise price per underlying share Intrinsic value (in millions) Common shares Weighted-average exercise price per underlying share $ $ $ Outstanding, December 31, 2012 186,856 13.23 5.7 20,000 63.00 Exercised (14,949 ) 11.20 0.2 — — Forfeited (2,843 ) 12.67 — — Outstanding, December 31, 2013 169,064 11.34 2.0 20,000 63.00 Exercised (16,794 ) 11.41 0.3 — — Forfeited (857 ) 10.92 — — — Expired (2,857 ) 63.00 — — — Outstanding, December 31, 2014 148,556 12.74 2.0 20,000 63.00 Exercised (38,298 ) 9.51 0.3 — — Forfeited — — — — — Expired (5,665 ) 8.01 — (20,000 ) 63.00 Outstanding, December 31, 2015 104,593 14.19 — — — Fully vested and exercisable, December 31, 2015 (weighted-average remaining contractual term of 2.5 years and 2.5 years, respectively) 104,593 14.19 — — — |
Employee And Non Employee Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Our investor director provider RSU activity was as follows: # RSUs Non-vested, December 31, 2012 3,621 Granted 2,857 Dividend equivalent units granted 104 Vested (2,951 ) Forfeited (724 ) Non-vested, December 31, 2013 2,907 Granted 8,571 Dividend equivalent units granted 48 Vested (2,923 ) Forfeited — 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, December 31, 2015 0 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 (1) # $ # $ # $ # Non-vested, December 31, 2012 (aggregate intrinsic value of $9.6 million) 106,848 91.27 — — — — 117,238 Granted 71,797 28.56 — — 26,857 14.91 73,284 Grant date determined during the period — — 42,048 36.54 — — (42,048 ) Dividend equivalent units granted 4,395 24.64 1,512 25.20 724 23.52 4,654 Vested (aggregate intrinsic value of $1.2 million) (44,479 ) 87.64 — — — — (3,659 ) Forfeited (10,545 ) 60.69 (640 ) 42.35 — — (6,165 ) Non-vested, December 31, 2013 (aggregate intrinsic value of $7.9 million) 128,016 58.58 42,920 36.54 27,581 14.90 143,304 Granted 172,866 28.98 — — — — 62,968 Grant date determined during the period — — 72,557 28.63 — — (72,557 ) Dividend equivalent units granted 1,536 28.49 659 28.63 241 28.49 1,049 Vested (aggregate intrinsic value of $4.5 million) (115,509 ) 48.51 (27,967 ) 95.90 — — (987 ) Forfeited (19,183 ) 41.09 (5,159 ) 82.11 (3,080 ) 15.12 (8,028 ) Cancelled — — (24,059 ) 90.23 — — (8,692 ) Non-vested, December 31, 2014 (aggregate intrinsic value of $9.1 million) 167,726 32.26 58,951 28.63 24,742 14.90 117,057 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) (139,329 ) 29.34 (18,621 ) 74.13 — — (2,594 ) Forfeited (10,404 ) 25.82 (3,090 ) 50.44 — — (4,113 ) Cancelled — — (41,259 ) 80.25 — — — Non-vested, December 31, 2015 (aggregate intrinsic value of $0.1 million) 199,360 19.97 53,980 20.86 25,009 14.90 127,850 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of calculation of net income per common share | Basic and diluted EPS were calculated as follows (in millions, except per share): December 31 2015 2014 2013 Net income (loss) $ (259.6 ) $ (26.6 ) $ (47.6 ) Weighted-average common shares outstanding:* Basic 9.95 9.81 9.71 Diluted 9.95 9.81 9.71 Net income (loss) per common share: Basic $ (26.09 ) $ (2.71 ) $ (4.90 ) Diluted $ (26.09 ) $ (2.71 ) $ (4.90 ) |
Schedule of antidilutive stock options | Those anti-dilutive share-based payment awards were as follows (in millions): December 31 2015 2014 2013 Options 0.14 1.22 1.07 Service-vesting restricted stock and RSUs and Dividend equivalent units 0.19 1.05 0.82 Performance-vesting restricted stock and RSUs and Dividend equivalent units 0.02 0.20 0.14 Antidilutive securities 0.35 2.47 2.03 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Schedule of income before income tax, domestic and foreign | The components of loss before income taxes were as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ United States (276.7 ) (9.9 ) (75.8 ) Foreign (30.4 ) (18.8 ) (2.0 ) Total (307.1 ) (28.7 ) (77.8 ) |
Schedule of components of income tax expense (benefit) | Income tax expense (benefit) was as follows (in millions): Year ended December 31, 2015 2014 2013 $ $ $ Current: Federal (9.2 ) 8.7 1.9 State 2.1 0.8 0.5 Current, total (7.1 ) 9.5 2.4 Deferred: Federal (36.8 ) (12.0 ) (27.4 ) Foreign (0.4 ) — — State (2.7 ) 0.4 (2.0 ) Effect of state law change (0.5 ) — (3.2 ) Deferred, total (40.4 ) (11.6 ) (32.6 ) Total (47.5 ) (2.1 ) (30.2 ) |
Schedule of deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31 2015 2014 $ $ Deferred tax liabilities: Property related 132.1 133.2 Debt related 43.5 57.6 Investments 24.4 27.4 Inventory 2.3 9.4 Intangibles 7.9 9.3 Derivatives 0.1 0.5 Other 3.2 1.3 Total deferred tax liabilities 213.5 238.7 Deferred tax assets: Compensation related 79.9 80.3 Capital and net operating loss carryforwards 36.5 19.2 Foreign and state tax credit carryforwards 0.1 0.3 Other 1.3 1.6 Total deferred tax assets 117.8 101.4 Valuation allowance for deferred tax assets (26.5 ) (17.2 ) Net deferred tax assets 91.3 84.2 Net deferred tax liability 122.2 154.5 |
Schedule of effective income tax rate reconciliation | The reconciliation of the income taxes, calculated at the rates in effect, with the effective tax rate shown in the consolidated statements of operations, was as follows: December 31 2015 2014 2013 % % % Federal statutory income tax rate 35.0 35.0 35.0 Reconciling items between federal statutory income tax rate and effective tax rate: State and local income taxes, net of federal benefit 0.1 (2.8 ) 1.1 Internal Revenue Code Sec. 199 manufacturing deduction (0.3 ) 2.8 — Goodwill Impairment (15.7 ) — — Effect of state law change 0.1 — 4.2 Foreign rate difference (1.1 ) (7.2 ) (0.3 ) Foreign valuation allowance (2.6 ) (18.0 ) (1.6 ) Other permanent items — (2.5 ) 0.4 Effective tax rate 15.5 7.3 38.8 |
Summary of income tax contingencies | Changes in amounts of unrecognized tax benefits were as follows (in millions): December 31 2015 2014 2013 $ $ $ Beginning of period 1.8 1.8 2.0 Lapses on statute of limitations (0.1 ) — (0.2 ) End of period 1.7 1.8 1.8 |
Related Party Transaction Relat
Related Party Transaction Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Schedule of related party receivables [Table Text Block] | Year ended December 31, 2015 2014 $ $ Berry Plastics Corporation — 0.2 |
berry plastics, An affiliate member of Apollo [Member] | |
Related Party Transaction [Line Items] | |
Schedule of related party sales transactions [Table textblock] | Year ended December 31, $ 2015 — 2014 4.3 2013 8.5 |
Related party, Metals USA Holdings Corp, an affiliate of Apollo [Member] | |
Related Party Transaction [Line Items] | |
Schedule of related party sales transactions [Table textblock] | Year ended December 31, $ 2015 — 2014 — 2013 (1) 4.2 |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest Items [Abstract] | |
Schedule of balance sheet components of consolidated noncontrolling interest | Due to the consolidation of NJBP, the following amounts were included in our consolidated balance sheets (in millions): December 31, 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 1.9 — 1.9 0.8 — 0.8 Accounts receivable, net 11.4 (11.4 ) — 13.5 (13.5 ) — Inventories, net (consisting of maintenance supplies, inventory and fuel) 9.2 — 9.2 14.3 — 14.3 Other current assets 1.8 — 1.8 8.1 — 8.1 Property, plant and equipment, net 53.4 — 53.4 45.0 — 45.0 Other assets 8.0 — 8.0 7.4 — 7.4 Accounts payable (64.2 ) 55.4 (8.8 ) (71.8 ) 55.5 (16.3 ) Accrued liabilities (7.4 ) — (7.4 ) (3.9 ) — (3.9 ) Environmental, land and reclamation liabilities (2.4 ) — (2.4 ) (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 44.0 49.7 5.9 42.0 47.9 |
Accounting Policies Accounting
Accounting Policies Accounting Policies (Organization, Consolidation and Basis of Presentation) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | May. 19, 2010 | Aug. 31, 2009 | |
Business Acquisition [Line Items] | ||||||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | $ (0.2) | $ (1.2) | $ (0.2) | |||
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 | 200,000,000 | 30,000,000 | ||
Gramercy And St Ann [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage ownership in joint ventures prior to acquisition | 50.00% |
Accounting Policies Accountin50
Accounting Policies Accounting Policies (New Accounting Guidance) (Policies) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies (New Accounting Guidance) [Abstract] | ||
Deferred Finance Costs, Noncurrent, Net | $ 3.8 | $ 5.8 |
Accounting Policies Accountin51
Accounting Policies Accounting Policies (Segments Policy) (Details) | 12 Months Ended |
Dec. 31, 2015rolling_millssegments | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segments | 5 |
Flat-Rolled Products [Member] | |
Segment Reporting Information [Line Items] | |
Number Of Manufacturing Sites | rolling_mills | 4 |
Accounting Policies Accountin52
Accounting Policies Accounting Policies (Cash and Cash Equivalents) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Maximum Length of Time Hedged in Cash Flow Hedge | 3 months |
Accounting Policies Accountin53
Accounting Policies Accounting Policies (Inventories Policy) (Details) | Dec. 31, 2015mo |
Inventories disclosure [Line Items] | |
Utility period for maintenance supplies | 12 |
Accounting Policies Accountin54
Accounting Policies Accounting Policies (Self Insurance Policy) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Workers' Compensation Disclosure [Line Items] | ||
Workers' compensation discount percentage | 0.90% | 0.70% |
Workers' compensation liability, current | $ 5.9 | $ 5.6 |
Workers' compensation liability, noncurrent | 16 | 15.3 |
Restricted Cash and Cash Equivalents, Noncurrent | 3.6 | 14 |
Letters of Credit Outstanding, Amount | 21.5 | |
Workers' compensation cost [Member] | ||
Workers' Compensation Disclosure [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $ 1.9 | $ 1.9 |
Accounting Policies Accountin55
Accounting Policies Accounting Policies (Goodwill and Other Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and other indefinite lived intangible assets [Line Items] | |||
Goodwill, Impairment Loss | $ 137.9 | $ 0 | $ 0 |
Goodwill | 0 | 137.6 | |
Primary Aluminum [Member] | |||
Goodwill and other indefinite lived intangible assets [Line Items] | |||
Goodwill, Impairment Loss | $ 137.6 | ||
Trade Names [Member] | |||
Goodwill and other indefinite lived intangible assets [Line Items] | |||
Goodwill | $ 0.3 |
Accounting Policies Accountin56
Accounting Policies Accounting Policies (Reclamation Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Land obligation disclosure [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Alumina [Member] | ||
Land obligation disclosure [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Bauxite [Member] | ||
Land obligation disclosure [Line Items] | ||
Maximum reimbursement from government partner on land obligation | $ 4.3 | |
Amount in excess of reimburseable land obligation liability | $ 1.8 | $ 1.8 |
Accounting Policies Accountin57
Accounting Policies Accounting Policies (Land Obligation Policy) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Land obligation disclosure [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | P3Y | |
Restricted Cash and Cash Equivalents, Noncurrent | $ 3.6 | $ 14 |
Bauxite [Member] | ||
Land obligation disclosure [Line Items] | ||
Maximum reimbursement from government partner on land obligation | 4.3 | |
Amount in excess of reimburseable land obligation liability | $ 1.8 | $ 1.8 |
Accounting Policies Accountin58
Accounting Policies Accounting Policies (Post-Employment Benefits) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Postemployment Benefits Liability | $ 0.9 | $ 0.7 |
Accounting Policies Accountin59
Accounting Policies Accounting Policies (Income Taxes Policy) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Unrecognized tax benefits, minimum threshhold for assessing liklihood of realization | 50.00% |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)segmentsCustomers | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segments | 5 | ||
Number of customers comprising major customers | Customers | 0 | ||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Bauxite [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets in foreign countries | $ | $ 76.6 | $ 68.5 | |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers by Geographic Areas [Table Text Block] | 114.6 |
Segments (Schedule of Segment P
Segments (Schedule of Segment Profit Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | $ 1,228.1 | $ 1,355.1 | $ 1,343.5 |
Total Sales | 1,228.1 | 1,355.1 | 1,343.5 |
Capital expenditures | 73.4 | 93.5 | 72.7 |
Segment profit (loss) | 5.8 | 127.3 | 93.1 |
Depreciation and amortization | (95.1) | (89.5) | (96) |
Last in, first out and lower of cost or market inventory adjustments | (1.2) | (4.9) | 2.6 |
(Gain) loss on disposal of assets | 1.6 | (0.4) | 0.5 |
Other Asset Impairment Charges | 0 | 0 | (5.9) |
Goodwill, Impairment Loss | 137.9 | 0 | 0 |
Asset Impairment Charges | (137.9) | ||
Non-cash pension, accretion and stock compensation | (18.3) | (9.6) | (20.5) |
Restructuring, relocation and severance | (5.1) | (1.3) | (7.9) |
Consulting fees | (7.3) | (0.7) | (0.5) |
Cash settlements on hedging transactions | 16.9 | (4.9) | 9.1 |
Gain on Business Interruption Insurance Recovery | 20.5 | ||
Other, net | (18) | 1.1 | 0 |
Operating Income (Loss) | (238.1) | 17.1 | (25.5) |
Interest expense, net | 52.6 | 50.4 | 47.5 |
(Gain) loss on derivatives | 16.4 | (4.6) | 2.3 |
Debt refinancing expense | 0 | 0 | 2.5 |
Total other income, net | 69 | 45.8 | 52.3 |
Income (loss) before income taxes | (307.1) | (28.7) | (77.8) |
Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Bauxite [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Sales | 116.2 | 113.7 | 129 |
Capital expenditures | 5.4 | 11.3 | 10.8 |
Bauxite [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment profit (loss) | (10.4) | (6.6) | 8.2 |
Depreciation and amortization | (13.2) | (10.8) | (9.5) |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 | 0 |
(Gain) loss on disposal of assets | 0 | 0 | (0.1) |
Other Asset Impairment Charges | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Non-cash pension, accretion and stock compensation | (0.2) | (0.1) | 0.1 |
Restructuring, relocation and severance | (3.4) | 0 | (0.7) |
Consulting fees | (1.7) | (0.3) | 0 |
Cash settlements on hedging transactions | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | ||
Other, net | 0 | 0 | 0 |
Operating Income (Loss) | (28.9) | (17.8) | (2) |
Alumina [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Sales | 321.9 | 338.4 | 340.8 |
Capital expenditures | 15.1 | 13.1 | 16 |
Alumina [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment profit (loss) | 12.5 | 8.5 | 13.6 |
Depreciation and amortization | (22.9) | (21.2) | (22.7) |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 | 0 |
(Gain) loss on disposal of assets | 0.7 | 0 | 0.5 |
Other Asset Impairment Charges | 0 | ||
Goodwill, Impairment Loss | (0.3) | ||
Non-cash pension, accretion and stock compensation | (1) | (0.8) | (0.9) |
Restructuring, relocation and severance | (0.3) | (0.1) | (0.9) |
Consulting fees | (0.1) | 0 | 0 |
Cash settlements on hedging transactions | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | ||
Other, net | (5.2) | (0.6) | (0.6) |
Operating Income (Loss) | (16.6) | (14.2) | (11) |
Primary Aluminum [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Sales | 503.9 | 632.4 | 622.9 |
Capital expenditures | 48.2 | 58.3 | 31.2 |
Goodwill, Impairment Loss | 137.6 | ||
Primary Aluminum [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment profit (loss) | (27.9) | 95.6 | 51.9 |
Depreciation and amortization | (39) | (38.4) | (41.7) |
Last in, first out and lower of cost or market inventory adjustments | (2.7) | (1.8) | 4 |
(Gain) loss on disposal of assets | 1.1 | 0.1 | 0.1 |
Other Asset Impairment Charges | 0 | ||
Goodwill, Impairment Loss | (137.6) | ||
Non-cash pension, accretion and stock compensation | (6.8) | (3) | (7.1) |
Restructuring, relocation and severance | (0.4) | (0.9) | (2.2) |
Consulting fees | (0.6) | 0 | 0 |
Cash settlements on hedging transactions | 1.8 | (0.6) | 1.7 |
Gain on Business Interruption Insurance Recovery | 20.5 | ||
Other, net | (10.8) | 0 | 0 |
Operating Income (Loss) | (202.4) | 51 | 6.7 |
Flat-Rolled Products [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Sales | 551.3 | 576.8 | 556.3 |
Capital expenditures | 4.2 | 9.7 | 12.2 |
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) | 60.1 | 55.9 | 50 |
Depreciation and amortization | (17.6) | (18.2) | (21.3) |
Last in, first out and lower of cost or market inventory adjustments | 1.3 | (2.9) | (1.4) |
(Gain) loss on disposal of assets | (0.2) | (0.5) | 0 |
Other Asset Impairment Charges | (5.9) | ||
Goodwill, Impairment Loss | 0 | ||
Non-cash pension, accretion and stock compensation | (5.7) | (1.8) | (6.5) |
Restructuring, relocation and severance | (0.8) | (0.3) | (1.6) |
Consulting fees | 0 | 0 | 0 |
Cash settlements on hedging transactions | 15.1 | (4.3) | 7.4 |
Gain on Business Interruption Insurance Recovery | 0 | ||
Other, net | 0 | (0.1) | (0.1) |
Operating Income (Loss) | 52.2 | 27.8 | 20.6 |
Corporate [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Sales | 0 | 0 | 0 |
Capital expenditures | 0.5 | 1.1 | 2.5 |
Corporate [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment profit (loss) | (30.4) | (25) | (31.1) |
Depreciation and amortization | (2.4) | (0.9) | (0.8) |
Last in, first out and lower of cost or market inventory adjustments | 0 | 0 | 0 |
(Gain) loss on disposal of assets | 0 | 0 | 0 |
Other Asset Impairment Charges | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Non-cash pension, accretion and stock compensation | (4.6) | (3.9) | (6.1) |
Restructuring, relocation and severance | (0.2) | 0 | (2.5) |
Consulting fees | (4.9) | (0.4) | (0.5) |
Cash settlements on hedging transactions | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | ||
Other, net | (0.3) | 0.9 | 0.7 |
Operating Income (Loss) | (42.8) | (29.3) | (40.3) |
Intersegment Eliminations [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total Sales | (265.2) | (306.2) | (305.5) |
Capital expenditures | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment profit (loss) | 1.9 | (1.1) | 0.5 |
Depreciation and amortization | 0 | 0 | 0 |
Last in, first out and lower of cost or market inventory adjustments | 0.2 | (0.2) | 0 |
(Gain) loss on disposal of assets | 0 | 0 | 0 |
Other Asset Impairment Charges | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Non-cash pension, accretion and stock compensation | 0 | 0 | 0 |
Restructuring, relocation and severance | 0 | 0 | 0 |
Consulting fees | 0 | 0 | 0 |
Cash settlements on hedging transactions | 0 | 0 | 0 |
Gain on Business Interruption Insurance Recovery | 0 | ||
Other, net | (1.7) | 0.9 | 0 |
Operating Income (Loss) | 0.4 | (0.4) | 0.5 |
External customers [Member] | Bauxite [Member] | External customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 43.8 | 47.4 | 46.8 |
External customers [Member] | Alumina [Member] | External customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 224.8 | 206.3 | 196.6 |
External customers [Member] | Primary Aluminum [Member] | External customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 408.2 | 524.6 | 543.8 |
External customers [Member] | Flat-Rolled Products [Member] | External customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 551.3 | 576.8 | 556.3 |
External customers [Member] | Corporate [Member] | External customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
External customers [Member] | Intersegment Eliminations [Member] | External customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Internal customers [Member] | Bauxite [Member] | Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 72.4 | 66.3 | 82.2 |
Internal customers [Member] | Alumina [Member] | Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 97.1 | 132.1 | 144.2 |
Internal customers [Member] | Primary Aluminum [Member] | Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 95.7 | 107.8 | 79.1 |
Internal customers [Member] | Flat-Rolled Products [Member] | Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Internal customers [Member] | Corporate [Member] | Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Internal customers [Member] | Intersegment Eliminations [Member] | Internal customers [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | $ (265.2) | $ (306.2) | $ (305.5) |
Segments (Schedule of Segment A
Segments (Schedule of Segment Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | $ 1,087.6 | $ 1,318.1 |
Bauxite [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 143.7 | 149.9 |
Alumina [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 199.8 | 229.8 |
Primary Aluminum [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 380.8 | 561.5 |
Flat-Rolled Products [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 285.9 | 335.1 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | 99.3 | 65.5 |
Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Segment Assets | $ (21.9) | $ (23.7) |
Supplemental Financial Statem63
Supplemental Financial Statement Information (Schedule of Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
schedule of depreciation and amortization [Line Items] | |||
Depreciation of property, plant and equipment | $ 81.8 | $ 77.1 | $ 86.7 |
Amortization of Intangible Assets | 5.9 | 5.9 | 5.9 |
Other Amortization of Deferred Charges | 7.4 | 6.5 | 3.4 |
Total depreciation and amortization | 95.1 | 89.5 | 96 |
Repayments of Lines of Credit | 247.1 | 173 | 11 |
Asset Retirement Obligation | 14 | 16 | 16.5 |
Restructuring and Related Cost, Accelerated Depreciation | 2.3 | ||
Impairment of Ongoing Project | 9.5 | ||
Flat-Rolled Products [Member] | |||
schedule of depreciation and amortization [Line Items] | |||
Repayments of Lines of Credit | $ 5.9 | ||
Asset Retirement Obligation | $ 3.2 | $ 3.2 |
Supplemental Financial Statem64
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Cash Flow Data and Cash Flow Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of supplemental cash flow disclosures [Line Items] | |||
Interest paid | $ 52.1 | $ 50 | $ 46.1 |
U.S. Federal and state income taxes paid | 7.8 | 10.8 | 3.7 |
Capital Expenditures Incurred but Not yet Paid | 6.5 | 3 | 5 |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 1.5 | 2.3 | $ 1.6 |
Restricted Cash and Cash Equivalents | $ 1.8 |
Supplemental Financial Statem65
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accumulated Other Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (96) | $ (110) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | $ 0 | |
Reclassification of derivative amounts realized in net income (loss) | 0 | 0 | (6.4) | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), | (151) | (172.9) | (95) | $ (176.2) |
Accumulated Other Comprehensive Income (Loss) Tax | (55) | (62.9) | (34.6) | (66.1) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | 8.7 | (83.1) | 67.2 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 3.1 | (30.2) | 26.1 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 13.2 | 5.2 | 14 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 4.8 | 1.9 | 5.4 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), | 0 | 0 | 0 | 6.4 |
Accumulated Other Comprehensive Income (Loss) Tax | 0 | 0 | 0 | 2 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | 0 | 0 | |
Reclassification of derivative amounts realized in net income (loss) | 0 | 0 | (6.4) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0 | (2) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of accumulated other comprehensive income (loss) [Line Items] | ||||
Accumulated other comprehensive loss | (96) | (110) | (60.4) | $ (105.7) |
Other Comprehensive Income Loss Before Reclassification Net Of Tax | 5.6 | (52.9) | 41.1 | |
Other Comprehensive Income Loss Reclassification Adjustments Included In Net Income Net Of Tax | $ 8.4 | $ 3.3 | $ 4.2 |
Supplemental Financial Statem66
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Amounts Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 13.2 | $ 14 | |
Reclassification of derivative amounts realized in net income (loss) | 0 | $ 0 | (6.4) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
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 | 13.2 | 5.2 | 14 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 4.8 | 1.9 | 5.4 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 8.4 | 3.3 | 8.6 |
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest [Member] | |||
schedule of amounts recognized in other comprehensive income [Line Items] | |||
Reclassification of derivative amounts realized in net income (loss) | 0 | (6.4) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0 | (2) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | (4.4) |
Selling, General and Administrative Expenses [Member] | |||
schedule of amounts recognized in other comprehensive income [Line Items] | |||
Defined Benefit Plan, Amortization of Gains (Losses) | 2.7 | 1 | 2.8 |
Prior service cost | 0.2 | 0.3 | 0.3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 2.9 | 1.3 | 3.1 |
Cost of Sales [Member] | |||
schedule of amounts recognized in other comprehensive income [Line Items] | |||
Defined Benefit Plan, Amortization of Gains (Losses) | 9.4 | 3.1 | 10 |
Prior service cost | 0.9 | 0.8 | 0.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | $ 10.3 | $ 3.9 | $ 10.9 |
Supplemental Financial Statem67
Supplemental Financial Statement Information (Schedule of Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Trade | $ 65 | $ 102.6 |
Allowance for doubtful accounts | (0.1) | (0.1) |
Total accounts receivable, net | $ 64.9 | $ 102.5 |
Supplemental Financial Statem68
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Current foreign deferred tax assets | $ 0 | $ 0.4 |
Due from Employees, Current | 1.5 | 2.1 |
Derivative Asset, Current | 3.7 | 6.3 |
Income Taxes Receivable | 15.3 | 4 |
Restricted Cash and Cash Equivalents, Current | 0.1 | 0.1 |
Prepaid Expense and Other Assets, Noncurrent | 8.8 | 4.5 |
Other Assets, Miscellaneous, Current | 7.5 | 10 |
Other current assets | $ 36.9 | $ 27.4 |
Supplemental Financial Statem69
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Deferred financing costs, net of amortization | $ 3.8 | $ 5.8 |
Cash surrender value of life insurance | 15.1 | 29.3 |
Pension asset | 8.9 | 6.5 |
Restricted cash | 3.6 | 14 |
Supplies, noncurrent | 5.4 | 5 |
Prepaid income taxes | 12.7 | 12.7 |
Derivative Assets, Noncurrent | 0 | 0.2 |
Other assets, miscellaneous | 15 | 15.6 |
Other assets | $ 64.5 | $ 89.1 |
Supplemental Financial Statem70
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Supplemental Financial Statement Information [Abstract] | |||
Compensation and benefits | $ 24.7 | $ 18.3 | |
Workers' compensation, current | 5.9 | 5.6 | |
Other accrued liabilities, current | 13.2 | 11.2 | |
Accrued interest | 2.6 | 2.3 | |
Asset retirement obligations, current | 2.3 | 2.3 | |
Land obligation, current | 3.6 | 3.7 | |
Reclamation obligation, current | 2.4 | 1.5 | |
Environmental remediation obligation, current | 0.2 | 1.7 | |
Obligations to the Government | 18 | 5.9 | |
Pension and other post-retirement liabilities, current | 0.5 | 0.8 | |
Derivative Liability, Current | 3.4 | 5 | |
Restructuring Reserve | 1 | 0.8 | $ 5.3 |
Total accrued liabilities | $ 77.8 | $ 59.1 |
Supplemental Financial Statem71
Supplemental Financial Statement Information Supplemental Financial Statement Information (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Statement Information [Abstract] | ||
Reserve for uncertain tax positions | $ 0.6 | $ 0.7 |
Workers compensation, noncurrent | 16 | 15.3 |
Asset retirement obligations, noncurrent | 11.7 | 13.7 |
Land obligation, noncurrent | 6.8 | 6.8 |
Accrued Environmental Loss Contingencies, Noncurrent | 3 | 1.1 |
Long-term derivative liabilities, gross | 0 | 0.1 |
Deferred compensation and other | 6.1 | 8.2 |
Total other long-term liabilities | $ 44.2 | $ 45.9 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and liabilities that were measured at fair value on a recurring basis) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | $ 3.7 | $ 6.5 | |
Derivative liabilities, fair value | (3.4) | (5.1) | |
Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | 346.3 | 356 | |
Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 311.7 | 326.8 | $ 323.4 |
Pension Plan [Member] | Diversified common stock mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 188.4 | 196.3 | |
Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.4 | 13.5 | |
Pension Plan [Member] | Diversified fixed income mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 109.1 | 111.2 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 5.8 | |
Foreign Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 34.3 | 27.8 | 26.7 |
Foreign Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 6.5 | |
Foreign Pension Plan [Member] | Government Of Jamaica Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12.7 | 15.2 | |
Foreign Pension Plan [Member] | Global Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.5 | 0.1 | |
Foreign Pension Plan [Member] | Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4.8 | 2.8 | |
Foreign Pension Plan [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.1 | 3.2 | |
Other Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.1 | 0.1 | $ 0.1 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 0 | |
Derivative liabilities, fair value | 0 | 0 | |
Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | 164.4 | 211.5 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 164.4 | 211.5 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Diversified common stock mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 52.6 | 98.7 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Diversified fixed income mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 109.1 | 111.2 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2.7 | 1.6 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Government Of Jamaica Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Global Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 3.7 | 3.2 | |
Derivative liabilities, fair value | (3.4) | (5.1) | |
Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | 176.1 | 133.1 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 141.5 | 107.2 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Diversified common stock mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 130 | 89.5 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.4 | 13.5 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Diversified fixed income mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.1 | 4.2 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 34.3 | 27.8 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 6.5 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Government Of Jamaica Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12.7 | 15.2 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Global Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.5 | 0.1 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4.8 | 2.8 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.1 | 3.2 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, fair value | 0 | 3.3 | |
Derivative liabilities, fair value | 0 | 0 | |
Fair Value of Net Assets and Liabilities Measured on a Recurring Basis | 5.8 | 11.4 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 8.1 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Diversified common stock mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 8.1 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Diversified fixed income mutual fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Global Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Government Of Jamaica Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Global Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Unobservable Inputs Reconciliation) (Details) - Fair Value, Inputs, Level 3 [Member] - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - Beginning of Period | $ 8.1 | $ 5.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Return on Assets | (2.3) | 2.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value - End of Period | $ 5.8 | $ 8.1 |
Fair Value Measurements Fair 74
Fair Value Measurements Fair Value Measurements (Schedule of derivative financial instruments classified as level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net - beginning of period | $ 1.4 | |
Derivative, Fair Value, Net - end of period | 0.3 | $ 1.4 |
Midwest premium contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net - beginning of period | 3.3 | 1.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (0.8) | 3.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Return on Assets | (6.9) | 5.2 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 4.4 | (6.9) |
Derivative, Fair Value, Net - end of period | $ 0 | $ 3.3 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Asset Impairment Charges | $ 0 | $ 0 | $ 5.9 |
Impairment of Ongoing Project | 9.5 | ||
Asset Impairment Charges | (137.9) | ||
Asset Retirement Obligation | $ 14 | 16 | 16.5 |
Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 1.2 | ||
Machinery and Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 1.5 | ||
Flat-Rolled Products [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Retirement Obligation | $ 3.2 | $ 3.2 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventories disclosure [Line Items] | |||
Increase (Decrease) in Inventories | $ (57.8) | $ 25 | $ (19.5) |
Bauxite and Alumina [Member] | |||
Inventories disclosure [Line Items] | |||
Percentage of weighted-average cost inventory | 33.00% | 25.00% | |
Flat-Rolled Products [Member] | |||
Inventories disclosure [Line Items] | |||
Increase (Decrease) in Inventories | $ 3.1 | $ 0.4 | |
Primary Aluminum [Member] | |||
Inventories disclosure [Line Items] | |||
Increase (Decrease) in Inventories | $ 1.7 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Raw materials, at cost | $ 47.3 | $ 73.7 |
Work-in-process, at cost | 35.3 | 48.9 |
Finished goods, at cost | 23 | 31.3 |
Total product inventories, at cost | 105.6 | 153.9 |
LIFO adjustment | 29 | 14 |
Lower of cost or market (LCM) reserve | (28.6) | (7.6) |
Product inventories, at lower of cost or market | 106 | 160.3 |
Supplies, current | 29.4 | 36.4 |
Total inventories, net | $ 135.4 | $ 196.7 |
Property Plant and Equipment (S
Property Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 51.9 | $ 51.9 | $ 51.9 |
Buildings and Improvements, Gross | 176 | 176 | 163 |
Machinery and Equipment, Gross | 969.9 | $ 969.9 | 927.1 |
Property, Plant and Equipment, Estimated Useful Lives | P3Y | ||
Construction in Progress, Gross | 67.6 | $ 67.6 | 86.2 |
Property, plant and equipment, at cost | 1,265.4 | 1,265.4 | 1,228.2 |
Accumulated depreciation | (578.7) | (578.7) | (533.2) |
Property, plant and equipment, net | $ 686.7 | $ 686.7 | $ 695 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 10 | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 47 | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3 | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 50 |
Property, Plant and Equipment P
Property, Plant and Equipment Property, Plant and Equipment (Schedule of Depreciation Expense in Cost of Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Cost of Goods Sold, Depreciation | $ 81.8 | $ 77.1 | $ 86.7 |
Cast House Cast House(Details)
Cast House Cast House(Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unusual or Infrequent Item [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 578.7 | $ 533.2 | |
Selling, general and administrative | 109.4 | $ 76.2 | $ 97.1 |
Inventory Adjustments | (24) | ||
Unusual or Infrequent Item, Insurance Proceeds | (21.2) | ||
Insurance Settlements Receivable | (2.8) | ||
Property, Plant and Equipment [Member] | |||
Unusual or Infrequent Item [Line Items] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1.7 | ||
Inventory Write-down | 0.4 | ||
Selling, general and administrative | 2.2 | ||
Inventory Adjustments | 4.3 | ||
Unusual or Infrequent Item [Domain] | |||
Unusual or Infrequent Item [Line Items] | |||
Inventory Adjustments | $ (19.7) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Goodwill (Schedule of Goodwill Table) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Production Related Impairments or Charges | $ 0 | $ 137.6 | |
Finite-Lived Intangible Assets, Gross | 89.2 | 89.4 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (46.1) | (40.1) | |
Finite-Lived Intangible Assets, Net | 43.1 | 49.3 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 5.9 | 5.9 | $ 5.9 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 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 | ||
Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||
Customer-Related Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 71.1 | 71 | |
Other Intangible Assets [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 0.7 | 0.7 | |
Finite-Lived Intangible Asset, Useful Life | 2 years 6 months | ||
Trade Names [Member] | |||
Goodwill [Line Items] | |||
Impaired Intangible Asset, Description | Indefinite | ||
Production Related Impairments or Charges | 0.3 | ||
Finite-Lived Intangible Assets, Gross | $ 17.4 | 17.7 | |
Guarantor Subsidiaries [Member] | |||
Goodwill [Line Items] | |||
Production Related Impairments or Charges | $ 137.6 |
Commitments and Contingencies82
Commitments and Contingencies (Narrative) (Details) $ / MMBTU in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)employeeslabor_union_contracts$ / MMBTUMW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Commitments and contingencies disclosures [Line Items] | |||
Entity Number of Employees | employees | 2,200 | ||
Number of employees in labor union agreements | 1,600 | ||
Percent of employees in labor unions | 70.00% | ||
Labor commitments abstract [Abstract] | |||
Number of labor union agreements | labor_union_contracts | 7 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Maturity term of operating leases for which rental expense is not disclosed | 1 | ||
Operating Leases, Rent Expense | $ 4.2 | $ 3.8 | $ 3.2 |
Operating Leases, Future Minimum Payments Due | 2.2 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 1.7 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 0.3 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 0.1 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 0 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 0 | ||
Power contract [Member] | |||
Power contract [Abstract] | |||
Minimum purchase commitment, quantity | MW | 5 | ||
Minimum purchase commitment, amount | $ 7.5 | ||
Capital Addition Purchase Commitments [Member] | |||
Power contract [Abstract] | |||
Minimum purchase commitment, quantity | $ / MMBTU | 35 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ||||||||
Long-term debt, net | $ 0 | $ 0 | $ 656.4 | |||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | 1.4 | 1.4 | 1.7 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 11 | |||||||
Long-term Debt | 742.3 | 742.3 | 668 | |||||
Letters of Credit Outstanding, Amount | 21.5 | $ 21.5 | ||||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Gross | $ 14.8 | |||||||
Description of Lessor Leasing Arrangements, Capital Leases | 60 month | |||||||
Debt Instrument, Payment Terms | 0.3 | |||||||
Early Repayment of Senior Debt | $ 4.6 | |||||||
Proceeds from Issuance of Private Placement | 175 | |||||||
Senior Secured Credit Facility 2012 Term B Loan [Member] | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Instrument, Debt Agreement, Incremental Borrowing Amount Option One | $ 110 | |||||||
Long-term debt, net | 275.3 | |||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Periodic Payment, Principal | 1.2 | |||||||
Interest Expense, Debt | 2.5 | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Debt Agreement, Incremental Borrowing Leverage Ratio, Option Two | 225.00% | |||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Debt Agreement, Incremental Borrowing Leverage Ratio, Option Two | 100.00% | |||||||
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Fair Value | 0 | 0 | ||||||
Long-term Debt | 0.4 | 0.4 | $ 0 | |||||
Letters of Credit Outstanding, Amount | $ 44.9 | $ 39.8 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 50000000.00% | |||||||
Debt Instrument, Face Amount | $ 15 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||||||
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Fair Value | 23.6 | 23.6 | $ 171.6 | |||||
Long-term Debt | $ 173.6 | $ 173.6 | $ 173.3 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | 11.00% | 11.00% | |||||
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | $ 1.8 | $ 1.8 | $ 2.4 | |||||
Long-term Debt | $ 466.3 | $ 466.3 | $ 470.7 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | 5.75% | 5.75% | |||||
dredging project loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20 | |||||||
Long-term Line of Credit | $ 5 | $ 6.5 | ||||||
Debt Instrument, Annual Principal Payment | $ 5.6 | $ 5.6 | 20 | |||||
Long-term Debt | $ 16.9 | $ 16.9 | $ 22.5 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 9.00% | 9.00% | 9.00% | |||||
Gramercy infrastructure loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 7.2 | $ 7.2 | $ 1 | |||||
Allowance for Funds Used During Construction, Capitalized Interest | 12.2 | |||||||
Letters of Credit Outstanding, Amount | $ 6.6 | $ 6.6 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | 8.00% | 8.00% |
Long-Term Debt (Schedule of Out
Long-Term Debt (Schedule of Outstanding Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 742.3 | $ 668 |
Long-term Debt, Current Maturities | (742.3) | (11.6) |
Long-term Debt, Excluding Current Maturities | 0 | 656.4 |
Senior Secured Credit Facility 2012 Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 275.3 | |
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 173.6 | 173.3 |
Long-term Debt, Fair Value | $ 23.6 | $ 171.6 |
Debt Instrument, Interest Rate, Effective Percentage | 11.00% | 11.00% |
Term Loan Net [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 466.3 | $ 470.7 |
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | 5.75% |
dredging project loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 16.9 | $ 22.5 |
Debt Instrument, Interest Rate, Effective Percentage | 9.00% | 9.00% |
Gramercy infrastructure loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 7.2 | $ 1 |
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | 8.00% |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 13.4 | $ 0 |
Long-term Debt, Fair Value | 0 | |
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | |
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0.4 | $ 0 |
Line of Credit Facility Maximum Borrowing Capacity Subject to Borrowing Base Calculation | 64.5 | |
Long-term Debt, Fair Value | $ 0 | |
Debt Instrument, Interest Rate, Effective Percentage | 50000000.00% |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Schedule of Debt Maturities) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 84.5 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 13.1 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 13.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 634.5 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt, Gross | $ 745.5 |
Long-Term Debt (Debt Repurchase
Long-Term Debt (Debt Repurchase Narrative and Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2013 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Gross | $ 14.8 | |||||
Description of Lessor Leasing Arrangements, Capital Leases | 60 month | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |||||
Letters of Credit Outstanding, Amount | $ 21.5 | $ 21.5 | ||||
Proceeds from Issuance of Private Placement | $ 175 | |||||
Senior Secured Credit Facility 2012 Term B Loan [Member] | ||||||
Debt Instrument, Periodic Payment, Principal | $ 1.2 | |||||
Debt Instrument, Debt Agreement, Incremental Borrowing Amount Option One | $ 110 | |||||
Accounts Receivable [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility Maximum Borrowing Capacity Borrowing Base Benchmark Percent Basis | 85.00% | |||||
Minimum [Member] | ||||||
Debt Instrument, Debt Agreement, Incremental Borrowing Leverage Ratio, Option Two | 100.00% | |||||
Debt Instrument Fixed Interest Rate Margin | 2.00% | |||||
Maximum [Member] | ||||||
Debt Instrument, Debt Agreement, Incremental Borrowing Leverage Ratio, Option Two | 225.00% | |||||
Debt Instrument Fixed Interest Rate Margin | 1.50% | |||||
Incremental Commitments [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||||
Line of Credit [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility Maximum Borrowing Capacity Subject to Borrowing Base Calculation | 250 | |||||
Line of Credit [Member] | Asset-Backed Revolving Credit Facility [Member] | ||||||
Debt Instrument, Face Amount | 15 | |||||
Line of Credit Facility Maximum Borrowing Capacity Subject to Borrowing Base Calculation | $ 4.9 | 137.8 | ||||
Letters of Credit Outstanding, Amount | $ 44.9 | $ 39.8 | ||||
Long-term debt, period end interest rate | 50000000.00% | |||||
Line of Credit [Member] | Eurodollar Interest Rate [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | |||||
Line of Credit [Member] | Cost or Market Value of Eligible Inventory [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility Maximum Borrowing Capacity Benchmark Percent Added to Basis | 80.00% | |||||
Line of Credit [Member] | Orderly Liquidation Value of Eligible Inventory [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility Maximum Borrowing Capacity Benchmark Percent Added to Basis | 90.00% | |||||
Notes Payable to Banks [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument Fixed Interest Rate Margin | 1.00% | |||||
Notes Payable to Banks [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 325 | |||||
Debt Instrument, Debt Agreement, Incremental Borrowing Amount Option One | $ 100 | |||||
Notes Payable to Banks [Member] | Interest Rate Option, Option One [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument Fixed Interest Rate Margin | 0.50% | |||||
Notes Payable to Banks [Member] | Interest Rate Option, Option One [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||||||
Debt Instrument, Base Interest Rate, Fixed, Minimum | 2.25% | |||||
Debt Instrument Fixed Interest Rate Margin | 3.50% | |||||
Notes Payable to Banks [Member] | Eurodollar Interest Rate [Member] | Senior Secured Credit Facility 2012 Term B Loan [Member] | ||||||
Debt Instrument, Base Interest Rate, Fixed, Minimum | 1.25% | |||||
Debt Instrument Fixed Interest Rate Margin | 4.50% | |||||
Senior Notes [Member] | Senior Floating Rate Notes Due 2015 AcquisitionCo Notes [Member] | ||||||
Long-term debt, period end interest rate | 11.00% | 11.00% | 11.00% | |||
Letter of Credit [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | |||||
Swingline Loan [Member] | Asset Backed Revolver Facility Due 2012 [Member] | ||||||
Line of Credit Facility Maximum Borrowing Capacity, Percent | 10.00% |
Asset Retirement and Other Ob87
Asset Retirement and Other Obligations (Reclamation Obligation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclamation, Land And Asset Retirement Obligations [Abstract] | ||
Reclamation obligation, current | $ 2.4 | $ 1.5 |
Reclamation obligation, beginning balance | 1.4 | |
Additional liabilities incurred | 2.8 | 2.8 |
Liabilities settled | (1.9) | (2.7) |
Reclamation obligation, ending balance | $ 2.4 | $ 1.5 |
Asset Retirement and Other Ob88
Asset Retirement and Other Obligations (Land Obligation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reclamation, Land And Asset Retirement Obligations [Abstract] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Letter of Credit Facilities | $ 10.9 | |
Letters of Credit Outstanding, Amount | 21.5 | |
Land obligation, current | 3.6 | $ 3.7 |
Land obligation, noncurrent | 6.8 | 6.8 |
Land obligation, Start of Period | 10.5 | |
Additional liabilities incurred, land obligation | 0.8 | 0.6 |
Liabilities settled, land obligation | 0 | (0.3) |
Revisions to obligation, land obligation | (0.9) | (0.3) |
Land obligation, end of period | $ 10.4 | $ 10.5 |
Asset Retirement and Other Ob89
Asset Retirement and Other Obligations (Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset retirement obligations [Line Items] | ||
Asset retirement obligations, current | $ 2.3 | $ 2.3 |
Asset retirement obligations, noncurrent | 11.7 | 13.7 |
Balance, beginning of period | 16 | 16.5 |
Additional liabilities incurred | 2 | 1.1 |
Liabilities settled | $ (3.1) | $ (2.7) |
Asset Retirement Obligations, Significant Changes | (2.2) | 0 |
Accretion | $ 1.3 | $ 1.1 |
Balance, end of period | 14 | 16 |
Restricted Cash and Cash Equivalents, Noncurrent | $ 3.6 | 14 |
Environmental Restoration Costs [Member] | Alumina [Member] | ||
Asset retirement obligations [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $ 10.5 |
Asset Retirement and Other Ob90
Asset Retirement and Other Obligations Asset Retirement and Other Obligations (Environmental Remediation Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Reclamation, Land And Asset Retirement Obligations [Abstract] | ||
Environmental remediation obligation, current | $ 0.2 | $ 1.7 |
Accrued Environmental Loss Contingencies, Noncurrent | 3 | 1.1 |
Asset retirement obligations, current | $ 2.3 | $ 2.3 |
Pension and Other Post-Retire91
Pension and Other Post-Retirement Benefit Plans (Noranda Narrative and Schedule of Asset Allocations) (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term investment return per annum | (7.00%) | (7.00%) | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fixed Income Funds | 35.00% | 35.00% | 34.00% |
Defined Benefit Plan, Equity Securities | 65.00% | 65.00% | 66.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Expected long-term investment return per annum | 7.00% | 7.00% | |
Hedge Funds, Global Opportunity [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 33.00% | 33.00% | 23.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ||
Real Estate [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 14.00% | 14.00% | 10.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | ||
Fixed Income Securities [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 39.00% | 39.00% | 55.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | ||
Other Assets [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Equity Securities | 14.00% | 14.00% | 12.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve | $ 1 | $ 0.8 | $ 5.3 |
Special termination benefits | $ 0.5 | ||
Supplemental Unemployment Benefits | $ 0.1 |
Pension and Other Post-Retire93
Pension and Other Post-Retirement Benefit Plans (Schedule of the Change in Benefit Obligation, Change in Fair Value of Plan Assets and Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation: | |||
Special termination benefits | $ (0.5) | ||
Pension Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 503.3 | $ 422.8 | |
Service cost | 16.8 | 13.2 | $ 15.4 |
Interest cost | 20 | 20.1 | 17.9 |
Actuarial (gain) loss | (41.4) | 75.7 | |
Benefits paid | (19.6) | (28.4) | |
Special termination benefits | 0.5 | 0 | |
Benefit obligation at end of period | 479.7 | 503.3 | 422.8 |
Change in plan assets: | |||
Fair value of plan assets, beginning of period | 326.8 | 323.4 | |
Defined Benefit Plan, Actual Return on Plan Assets | (12) | 16.5 | |
Defined Benefit Plan, Contributions by Employer | 16.5 | 15.3 | |
Benefits paid | (19.6) | (28.4) | |
Fair value of plan assets, end of period | 311.7 | 326.8 | 323.4 |
Defined Benefit Plan, Funded Status of Plan | $ (168) | $ (176.5) | |
Weighted-average assumptions: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.30% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | |
Other Pension Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | $ 12.3 | $ 11.5 | |
Service cost | 0.4 | 0.4 | |
Interest cost | 0.5 | 0.5 | |
Actuarial (gain) loss | (0.8) | 0.4 | |
Benefits paid | (0.4) | (0.5) | |
Benefit obligation at end of period | 12 | 12.3 | 11.5 |
Change in plan assets: | |||
Fair value of plan assets, beginning of period | 0.1 | 0.1 | |
Defined Benefit Plan, Contributions by Employer | 0.4 | 0.5 | |
Benefits paid | (0.4) | (0.5) | |
Fair value of plan assets, end of period | 0.1 | 0.1 | 0.1 |
Defined Benefit Plan, Funded Status of Plan | $ (11.9) | $ (12.2) | |
Weighted-average assumptions: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.30% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | $ 1.4 | $ 2.1 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 21.3 | 20.8 | |
Service cost | 0.7 | 0.6 | 0.5 |
Interest cost | 1.6 | 1.5 | 1.7 |
Defined Benefit Plan, Contributions by Plan Participants | 1 | 0.8 | |
Actuarial (gain) loss | 2.8 | 0.5 | |
Benefits paid | (0.8) | (1.8) | |
Benefit obligation at end of period | 25.4 | 21.3 | 20.8 |
Change in plan assets: | |||
Fair value of plan assets, beginning of period | 27.8 | 26.7 | |
Defined Benefit Plan, Actual Return on Plan Assets | 7.1 | 3.1 | |
Defined Benefit Plan, Contributions by Employer | 0.6 | 0.4 | |
Benefits paid | (0.8) | (1.8) | |
Fair value of plan assets, end of period | 34.3 | 27.8 | 26.7 |
Defined Benefit Plan, Funded Status of Plan | $ 8.9 | $ 6.5 | |
Weighted-average assumptions: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 7.50% | 8.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.50% | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | $ 1.2 | $ 1.1 | |
Domestic Pension Plan of Foreign Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 7.5 | 5.9 | |
Service cost | 0.3 | 0.2 | |
Interest cost | 0.6 | 0.4 | |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | |
Actuarial (gain) loss | 0.9 | 1.8 | |
Benefits paid | (0.3) | (0.5) | |
Benefit obligation at end of period | 8.6 | 7.5 | 5.9 |
Change in plan assets: | |||
Fair value of plan assets, beginning of period | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | |
Defined Benefit Plan, Contributions by Employer | 0.3 | 0.3 | |
Benefits paid | (0.3) | (0.5) | |
Fair value of plan assets, end of period | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded Status of Plan | $ (8.6) | $ (7.5) | |
Weighted-average assumptions: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 7.50% | 8.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.50% | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | $ 0.4 | $ 0.3 | |
Dividend Paid [Member] | Foreign Pension Plan [Member] | |||
Change in benefit obligation: | |||
Benefits paid | (0.8) | (1.1) | |
Change in plan assets: | |||
Benefits paid | (0.8) | (1.1) | |
Dividend Paid [Member] | Domestic Pension Plan of Foreign Entity [Member] | |||
Change in benefit obligation: | |||
Benefits paid | (0.3) | (0.3) | |
Change in plan assets: | |||
Benefits paid | $ (0.3) | $ (0.3) |
Restructuring Restructuring (Sc
Restructuring Restructuring (Schedule of Restructuring Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accrued restructuring costs, beginning of period | $ 0.8 | $ 5.3 |
Payments for Restructuring | 0 | (4.5) |
Accrued restructuring costs, end of period | 1 | 0.8 |
Primary Aluminum [Member] | ||
Restructuring and Related Cost, Incurred Cost | 0 | 0.5 |
Flat-Rolled Products [Member] | ||
Restructuring and Related Cost, Incurred Cost | 1 | 0.5 |
Scenario, Adjustment [Member] | Alumina [Member] | ||
Restructuring expense | (0.3) | (0.3) |
Scenario, Adjustment [Member] | Primary Aluminum [Member] | ||
Restructuring expense | 0 | (0.1) |
Scenario, Adjustment [Member] | Flat-Rolled Products [Member] | ||
Restructuring expense | $ (0.5) | $ (0.6) |
Pension and Other Post-Retire95
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Amounts in Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | $ 8.9 | $ 6.5 |
Pension net liability, current | (0.5) | (0.8) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 188 | 195.4 |
Foreign Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (8.6) | (7.5) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (8.6) | (7.5) |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 8.9 | 6.5 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0 | 0 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | 8.9 | 6.5 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Amendments | 0.1 | (0.1) |
Pension net liability, current | (0.1) | (0.3) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (167.9) | (176.2) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (168) | (176.5) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension net liability, current | (0.4) | (0.5) |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (11.5) | (11.7) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | $ (11.9) | $ (12.2) |
Pension and Other Post-Retire96
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (St. Ann Schedule of Amounts in AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 3.3 | $ 5.4 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 11.4 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (140.9) | (159.3) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | (6.8) | (7.8) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (147.7) | (167.1) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 0.1 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (0.2) | (1) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | (0.2) | (0.3) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (0.4) | (1.3) |
Foreign Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ (0.3) | $ (0.8) |
Pension and Other Post-Retire97
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.3 | $ 0.3 | $ 0.2 | |
Interest cost | 0.6 | 0.6 | 0.5 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0.1 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 0.9 | $ 0.9 | $ 0.6 | |
Weighted-average assumptions: | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 8.00% | 7.50% | 9.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.50% | 5.00% | 6.00% | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 16.8 | $ 13.2 | $ 15.4 | |
Interest cost | 20 | 20.1 | 17.9 | |
Expected return on plan assets | (22.8) | (22.8) | (20.1) | |
Defined Benefit Plan, Amortization of Gains (Losses) | 11.9 | 3.9 | 12.8 | |
Prior service cost | 1.1 | 1.1 | 1.1 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0.1 | 0.1 | 0 | |
Defined Benefit Plan, Other Costs | 0.5 | 0 | 0.7 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 27.6 | $ 15.6 | $ 27.8 | |
Weighted-average assumptions: | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.80% | 3.90% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.00% | 7.00% | 7.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% | |
Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.7 | $ 0.6 | $ 0.5 | |
Interest cost | 1.6 | 1.5 | 1.7 | |
Expected return on plan assets | (2.1) | (1.8) | (2.3) | |
Defined Benefit Plan, Amortization of Gains (Losses) | 0.2 | 0.2 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 0.4 | $ 0.5 | $ (0.1) | |
Weighted-average assumptions: | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 8.00% | 7.50% | 9.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.00% | 8.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.50% | 5.00% | 6.00% | |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated health insurance benefits included in benefit obligation | $ (1.1) | $ (1.1) | $ (1.1) | $ (1) |
Service cost | 0.4 | 0.4 | 0.4 | |
Interest cost | 0.5 | 0.5 | 0.5 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0.1 | |
Prior service cost | 0.1 | 0.1 | 0.1 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 1 | $ 1 | $ 1.1 | |
Weighted-average assumptions: | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.30% | 4.90% | 3.90% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | 4.30% | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | (5.00%) | (7.50%) |
Pension and Other Post-Retire98
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Effect of One-Percentage Change in Assumed Health Care Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ 0.8 | |
Service cost and interest cost, at assumed rates | 0.9 | |
Defined Benefit Plan, Actual Return on Plan Assets | 7.1 | $ 3.1 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 1.1 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 7.2 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 7.6 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 9.9 | |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 0.9 | |
Defined Benefit Plan, Actual Return on Plan Assets | 0.9 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.9 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 12 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 12 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $ 12 |
Pension and Other Post-Retire99
Pension and Other Post-Retirement Benefit Plans (Schedule of Projected and Accumulated Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 479.7 | $ 503.3 | $ 422.8 |
Defined Benefit Plan, Accumulated Benefit Obligation | 461.7 | 484.2 | |
Defined Benefit Plan, Fair Value of Plan Assets | 311.7 | 326.8 | 323.4 |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 12 | 12.3 | 11.5 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.1 | $ 0.1 | $ 0.1 |
Pension and Other Post-Retir100
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefit Plans (Schedule of Expected Benefit Payments) (Details) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Foreign Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 0.3 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.4 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 0.4 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 0.5 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 0.5 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 3.4 | |
Defined Benefit Plan Expected Future Benefit Payments Total | (5.5) | |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 21.2 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 22.3 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 23.4 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 24.5 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 25.5 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 140.6 | |
Defined Benefit Plan Expected Future Benefit Payments Total | (257.5) | |
Other Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 0.1 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 0.2 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 0.2 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1.4 | |
Defined Benefit Plan Expected Future Benefit Payments Total | $ (2.1) | |
Foreign Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.8 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.9 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1.1 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1.2 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1.3 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 10.6 | |
Defined Benefit Plan Expected Future Benefit Payments Total | $ (15.9) |
Pension and Other Post-Retir101
Pension and Other Post-Retirement Benefit Plans (Schedule of Employer Contributions to Defined Contribution Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Cost Recognized | $ 4.1 | $ 4.2 | $ 4.1 | |
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Fixed Income Funds | 35.00% | 35.00% | 34.00% | |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 17.1 | |||
Target allocation, fixed income funds | 35.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 65.00% | 65.00% | 66.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | |||
Foreign Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 0.5 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity (Capital Stock Transactions) (Details) - $ / shares | 3 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | May. 19, 2010 | |
Capital stock transactions [Line Items] | |||||||||||
Common Stock, shares authorized | 30,000,000 | 200,000,000 | 30,000,000 | 30,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||||
IPO [Member] | |||||||||||
Capital stock transactions [Line Items] | |||||||||||
Capital stock shares authorized after initial public offering | 55,000,000 | ||||||||||
Regular Quarterly Dividend [Member] | |||||||||||
Capital stock transactions [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.28 | $ 0.28 |
Shareholders' Equity Shareho103
Shareholders' Equity Shareholders' Equity (Cash Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | |||||||||||||
Cash dividends declared per common share | $ 0.07 | $ 0.28 | $ 0.91 | ||||||||||
Regular Quarterly Dividend [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.28 | $ 0.28 | |||||
Payments of Dividends | $ 0.6 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 2.8 | $ 2.7 | $ 2.7 | |||
Employee And Non Employee Director [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.07 | (38,298) | (16,794) | (14,949) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (0.07) | 0 | (857) | (2,843) |
Shareholders' Equity Shareho104
Shareholders' Equity Shareholders Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 19, 2010 | |
Dividends Disclosures [Line Items] | ||||||||||||||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | 25,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares Authorized | 30,000,000 | 200,000,000 | 30,000,000 | 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 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.28 | $ 0.28 | ||||||
Payments of Dividends | $ 0.6 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 0.7 | $ 2.8 | $ 2.7 | $ 2.7 | ||||
Employee And Non Employee Director [Member] | ||||||||||||||
Dividends Disclosures [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0.07 | 0 | 857 | 2,843 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (0.07) | 38,298 | 16,794 | 14,949 |
Derivative Financial Instrum105
Derivative Financial Instruments (Narrative and Schedule of Outstanding Derivative Instruments) (Details) lb in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)lb$ / lb | Dec. 31, 2015USD ($)lb$ / lb | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ 0.3 | $ 0.3 | $ 1.4 | |
Variable MWP Contract [Member] | year, two thousand and sixteen [Member] [Member] | ||||
Derivative [Line Items] | ||||
Underlying, Derivative | $ / lb | 0.09 | |||
Derivative, Nonmonetary Notional Amount | lb | 0 | 0 | ||
Variable Price Aluminum Offset Swaps [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ (3.4) | $ (3.4) | (4.3) | |
Variable Price Aluminum Offset Swaps [Member] | year, two thousand and sixteen [Member] [Member] | ||||
Derivative [Line Items] | ||||
Underlying, Derivative | $ / lb | 0.80 | |||
Derivative, Nonmonetary Notional Amount | lb | 0 | 0 | ||
Fixed Price Aluminum Customer Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ 3.7 | $ 3.7 | 2.4 | |
Fixed Price Aluminum Customer Contracts [Member] | year, two thousand and sixteen [Member] [Member] | ||||
Derivative [Line Items] | ||||
Underlying, Derivative | $ / lb | 0.89 | |||
Derivative, Nonmonetary Notional Amount | lb | 0 | 0 | ||
Midwest premium contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ 0 | $ 0 | $ 3.3 | $ 1.8 |
Derivative Financial Instrum106
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Carrying Values at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ 0.3 | $ 1.4 | |
Derivative Liability, Current | 3.4 | 5 | |
Derivative Asset, Current | 3.7 | 6.3 | |
Long-term derivative liabilities, gross | 0 | 0.1 | |
Derivative Assets, Noncurrent | 0 | 0.2 | |
Fixed Price Aluminum Customer Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | 3.7 | 2.4 | |
Variable Price Aluminum Offset Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | (3.4) | (4.3) | |
Midwest premium contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | 0 | 3.3 | $ 1.8 |
Other Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Current | 3.7 | 6.3 | |
Derivative Assets, Noncurrent | 0.2 | ||
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 Assets, Noncurrent | 0 | ||
derivatives, net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | 3.4 | 5 | |
Derivative Liability, Noncurrent | (0.1) | ||
derivatives, net [Member] | Other Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | 0 | 0.7 | |
Derivative Liability, Noncurrent | (0.1) | ||
derivatives, net [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 | 3.4 | 4.3 | |
Derivative Liability, Current | $ 3.4 | 4.3 | |
Long-term derivative assets, gross | 0 | ||
Derivative Liability, Noncurrent | 0 | ||
Long-term derivative liabilities, gross | $ 0 |
Derivative Financial Instrum107
Derivative Financial Instruments (Derivative Balances Segregated by Type of Contract and Between Derivatives That Are Designated and Qualify for Hedge Accounting) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | |||
Derivative, Fair Value End of period | $ 0.3 | $ 1.4 | |
Midwest premium contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Fair Value End of period | $ 0 | $ 3.3 | $ 1.8 |
Derivative Financial Instrum108
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains and Losses on Hedging Activities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain or loss on hedging activities | $ 16.4 | $ (4.6) | $ 2.3 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | (6.4) |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 16.4 | (4.6) | 8.7 |
Fixed price aluminum swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain or loss on hedging activities | (6.4) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6.4 | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | ||
Fixed Price Aluminum Customer Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain or loss on hedging activities | 1.4 | (0.5) | (3.7) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (1.4) | 0.5 | (3.7) |
Variable Price Aluminum Offset Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain or loss on hedging activities | (10) | (3.4) | 13 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 10 | 3.4 | 13 |
Variable MWP Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain or loss on hedging activities | (7.8) | 8.5 | (0.6) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | $ 7.8 | $ (8.5) | $ (0.6) |
Derivative Financial Instrum109
Derivative Financial Instruments Schedule of Derivatives by Counter Party (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 3.7 | $ 6.3 |
Derivative Assets, Noncurrent | 0 | 0.2 |
Derivative Liability, Current | (3.4) | (5) |
Long-term derivative liabilities, gross | 0 | (0.1) |
derivatives, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (3.4) | (5) |
Derivative Liability, Noncurrent | 0.1 | |
Counterparty_three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (0.1) | |
Counterparty_two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (0.1) | |
Derivative Liability, Noncurrent | (0.1) | |
other counterparty [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 3.7 | 6.3 |
Derivative Liability, Current | (0.7) | |
counterparty_one [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Noncurrent | 0.2 | |
Derivative Liability, Current | (3.1) | (2.2) |
Counterparty_four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ (0.3) | $ (1.9) |
Derivative Financial Instrum110
Derivative Financial Instruments Schedule of Gross Presentation of Derivatives by Type of Contact (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Long-term derivative liabilities, gross | $ 0 | $ 0.1 |
Derivative Financial Instrum111
Derivative Financial Instruments Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 3.7 | $ 6.3 |
Long-term derivative liabilities, gross | 0 | 0.1 |
Derivative Assets, Noncurrent | 0 | 0.2 |
Derivative Liability, Current | (3.4) | (5) |
derivatives, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Noncurrent | (0.1) | |
Derivative Liability, Current | (3.4) | (5) |
Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 3.7 | 6.3 |
Derivative Assets, Noncurrent | 0.2 | |
Other Contract [Member] | derivatives, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Noncurrent | (0.1) | |
Derivative Liability, Current | 0 | (0.7) |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Current derivative assets, gross | 0 | 0 |
Current derivative liabilities, gross | 0 | 0 |
Long-term derivative assets, gross | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Assets, Noncurrent | 0 | |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | derivatives, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets, gross | 0 | 0 |
Current derivative liabilities, gross | (3.4) | (4.3) |
Long-term derivative assets, gross | 0 | |
Derivative Liability, Noncurrent | 0 | |
Long-term derivative liabilities, gross | 0 | |
Derivative Liability, Current | $ (3.4) | $ (4.3) |
Share-Based Payments Share-B112
Share-Based Payments Share-Based Payments (Schedule of Stock Compensation Cost for Share-based Payment Arrangements) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 714,286 | |||
Allocated Share-based Compensation Expense | $ 3 | $ 3.4 | $ 4.8 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | (1) | (1.2) | (1.6) | |
Allocated Share-based Compensation Expense, Net of Tax | $ 2 | $ 2.2 | $ 3.2 | |
Share-based Compensation Arrangement by Share-based Payment AwardShare-based Compensation Arrangement by Share-based Payment Award, Shares Available for Issuance | 578,395 | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 71,429 | |||
Employee And Non Employee Director [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 148,529 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 104,593 | 148,556 | 169,064 | 186,856 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 239,769 |
Share-Based Payments Share-B113
Share-Based Payments Share-Based Payments (schedule of Share Based Compensation Restricted and RSUs activity) (Details) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,714 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 198,862 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 128,204 | |||||
Shares Paid for Tax Withholding for Share Based Compensation | 32,132 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0 | $ 63 | $ 63 | $ 63 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 0 | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 0 | |||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | 181,715 | |||||
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 | 0 | 20,000 | 20,000 | 20,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | (20,000) | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 63 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |||||
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 | 104,593 | 148,556 | 169,064 | 186,856 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 14.19 | $ 12.74 | $ 11.34 | $ 13.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 2 | $ 2 | $ 5.7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0.07 | (38,298) | (16,794) | (14,949) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.51 | $ 11.41 | $ 11.20 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.3 | $ 0.3 | $ 0.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (0.07) | 0 | (857) | (2,843) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | $ 10.92 | $ 12.67 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | (5,665) | (2,857) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 8.01 | $ 63 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 104,593 | |||||
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 | |||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Our investor director provider RSU activity was as follows: # RSUs Non-vested, December 31, 2012 3,621 Granted 2,857 Dividend equivalent units granted 104 Vested (2,951 ) Forfeited (724 ) Non-vested, December 31, 2013 2,907 Granted 8,571 Dividend equivalent units granted 48 Vested (2,923 ) Forfeited — 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, December 31, 2015 0 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 (1) # $ # $ # $ # Non-vested, December 31, 2012 (aggregate intrinsic value of $9.6 million) 106,848 91.27 — — — — 117,238 Granted 71,797 28.56 — — 26,857 14.91 73,284 Grant date determined during the period — — 42,048 36.54 — — (42,048 ) Dividend equivalent units granted 4,395 24.64 1,512 25.20 724 23.52 4,654 Vested (aggregate intrinsic value of $1.2 million) (44,479 ) 87.64 — — — — (3,659 ) Forfeited (10,545 ) 60.69 (640 ) 42.35 — — (6,165 ) Non-vested, December 31, 2013 (aggregate intrinsic value of $7.9 million) 128,016 58.58 42,920 36.54 27,581 14.90 143,304 Granted 172,866 28.98 — — — — 62,968 Grant date determined during the period — — 72,557 28.63 — — (72,557 ) Dividend equivalent units granted 1,536 28.49 659 28.63 241 28.49 1,049 Vested (aggregate intrinsic value of $4.5 million) (115,509 ) 48.51 (27,967 ) 95.90 — — (987 ) Forfeited (19,183 ) 41.09 (5,159 ) 82.11 (3,080 ) 15.12 (8,028 ) Cancelled — — (24,059 ) 90.23 — — (8,692 ) Non-vested, December 31, 2014 (aggregate intrinsic value of $9.1 million) 167,726 32.26 58,951 28.63 24,742 14.90 117,057 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) (139,329 ) 29.34 (18,621 ) 74.13 — — (2,594 ) Forfeited (10,404 ) 25.82 (3,090 ) 50.44 — — (4,113 ) Cancelled — — (41,259 ) 80.25 — — — Non-vested, December 31, 2015 (aggregate intrinsic value of $0.1 million) 199,360 19.97 53,980 20.86 25,009 14.90 127,850 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 98,879 | |||||
Employee Stock Option [Member] | Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 25,011 | |||||
Employee And Non Employee Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 58,965 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 200,458 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 53,828 | |||||
Employee And Non Employee Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Retained Earnings, Restrictions | 140,297 |
Share-Based Payments (Schedule
Share-Based Payments (Schedule of RSU Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 198,862 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (128,204) | |||
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, Exercises in Period, Intrinsic Value | $ 0.3 | $ 0.3 | $ 0.2 | |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 95.00% |
Share-Based Payments (Schedu115
Share-Based Payments (Schedule of Share Based Compensation Stocok Options Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated forfeiture rate | 7.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 198,862 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (128,204) | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Total Fair Value | $ 0 | $ 0.1 | $ 0.4 | |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 71,429 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 95.00% |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule of Calculation of Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ (259.6) | $ (26.6) | $ (47.6) |
Weighted-average common shares outstanding: | |||
Basic (shares, in millions) | 9,950 | 9,810 | 9,710 |
Diluted weighted average shares outstanding | 9,950 | 9,810 | 9,710 |
Net income per common share: | |||
Basic | $ (26.09) | $ (2.71) | $ (4.90) |
Diluted | $ (26.09) | $ (2.71) | $ (4.90) |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Schedule of Antidilutive Options) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options | 350 | 2,470 | 2,030 |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options | 140 | 1,220 | 1,070 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options | 190 | 1,050 | 820 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options | 20 | 200 | 140 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes, domestic | $ (276.7) | $ (9.9) | $ (75.8) |
Income before income taxes, foreign | (30.4) | (18.8) | (2) |
Income (loss) before income taxes | $ (307.1) | $ (28.7) | $ (77.8) |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: [Abstract] | |||
Current income tax expense, federal | $ (9.2) | $ 8.7 | $ 1.9 |
Current income tax expense, state | 2.1 | 0.8 | 0.5 |
Current income tax expense, total | (7.1) | 9.5 | 2.4 |
Deferred income tax expense, federal | (36.8) | (12) | (27.4) |
Deferred income tax expense, foreign | (0.4) | 0 | 0 |
Deferred income tax expense, state | (2.7) | 0.4 | (2) |
Deferred Other Tax Expense (Benefit) | (0.5) | 0 | (3.2) |
Deferred income tax expense, total | (40.4) | (11.6) | (32.6) |
Income Tax Expense (Benefit) | $ (47.5) | $ (2.1) | $ (30.2) |
Income Taxes (Tax Carryforwards
Income Taxes (Tax Carryforwards Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax carryforward [Line Items] | ||||
Net operating loss carryforwards | $ 23.5 | $ 23.5 | ||
Deferred tax assets, Tax credit carryforwards foreign and state | 0.1 | 0.1 | $ 0.3 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 9.3 | |||
Income Taxes Receivable | 15.3 | 15.3 | 4 | |
Unrecognized Tax Benefits, Including Interest | 1.8 | 1.8 | 2 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.2 | 0.2 | 0.2 | |
Deferred Income Taxes Expense (Benefit) | (40.4) | (11.6) | $ (32.6) | |
Foreign Tax Authority [Member] | ||||
Tax carryforward [Line Items] | ||||
Net operating loss carryforwards | 72 | 72 | ||
State [Member] | ||||
Tax carryforward [Line Items] | ||||
Net operating loss carryforwards | $ 290 | 290 | ||
Operating Loss Carryforwards, Expiration Date | 2020 through 2030 | |||
Noranda Aluminum [Member] | ||||
Tax carryforward [Line Items] | ||||
Income Taxes Receivable | $ 0 | $ 0 | $ 0.1 |
Income Taxes (Schedule of the C
Income Taxes (Schedule of the Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities [Abstract] | ||
Deferred tax liabilities, property related | $ 132.1 | $ 133.2 |
Deferred tax liabilities, debt related | 43.5 | 57.6 |
Deferred tax liabilities, investments | 24.4 | 27.4 |
Deferred tax liabilities, inventories | 2.3 | 9.4 |
Deferred tax liabilities, intangibles | 7.9 | 9.3 |
Deferred tax liabilities, derivatives | 0.1 | 0.5 |
Deferred tax liabilities, other | 3.2 | 1.3 |
Total deferred tax liabilities | 213.5 | 238.7 |
Deferred tax assets [Abstract] | ||
Deferred tax assets, compensation related | 79.9 | 80.3 |
Deferred tax assets, capital and operating loss carryforwards | 36.5 | 19.2 |
Deferred tax assets, foreign and state tax credit carryforwards | 0.1 | 0.3 |
Deferred tax assets, other | 1.3 | 1.6 |
Deferred tax assets, total | 117.8 | 101.4 |
Deferred tax assets, valuation allowance | (26.5) | (17.2) |
Deferred tax assets, net of valuation allowance | 91.3 | 84.2 |
Deferred tax liability, net | $ 122.2 | $ 154.5 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income taxes | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate resulting from: [Abstract] | |||
State & local income taxes, net of federal benefit | 0.10% | (2.80%) | 1.10% |
Internal Revenue Code Sec. 199 manufacturing deduction | (0.30%) | 2.80% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (15.70%) | 0.00% | 0.00% |
Goodwill, Impairment Loss | $ 137.9 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 0.10% | 0.00% | 4.20% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (1.10%) | (7.20%) | (0.30%) |
Federal valuation allowance | (2.60%) | (18.00%) | (1.60%) |
Other permanent items | 0.00% | (2.50%) | 0.40% |
Effective tax rate | 15.50% | 7.30% | 38.80% |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||||
Unrecognized Tax Benefits, beginning of period | $ 1.7 | $ 1.8 | $ 1.8 | $ 1.7 | $ 1.8 | $ 2 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (0.1) | 0 | (0.2) | |||
Unrecognized Tax Benefits, end of period | $ 1.7 | $ 1.8 | $ 1.8 | |||
Unrecognized income tax benefits that would impact effective tax rate | $ 1.2 | $ 1.3 |
Related Party Transaction Re124
Related Party Transaction Related Party Transactions (Schedules of Related Parties Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 10,000,000 | |||
Common Stock, Other Shares, Outstanding | 3,262,857 | |||
berry plastics, An affiliate member of Apollo [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts Receivable, Related Parties | $ 0 | $ 0.2 | ||
Revenue from Related Parties | 0 | 4.3 | $ 8.5 | |
Related party, Metals USA Holdings Corp, an affiliate of Apollo [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 0 | $ 0 | $ 4.2 |
Non-Controlling Interest Non-Co
Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) t in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)t | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Noncontrolling Interest [Line Items] | ||||
Annual Shipping Under Contract, Mass | t | 5.1 | |||
Obligations to the Government | $ 18 | $ 18 | $ 5.9 | |
Required prepayment of foreign income taxes over next four years | $ 14 | |||
Payment of foreign income taxes associated with mining operations contract with local government | 10 | |||
Increase (Decrease) in Prepaid Expense and Other Assets | 1.3 | |||
Prepaid Taxes | $ 12.7 | 12.7 | $ 12.7 | |
Fees under mining operations contract with local government, amount | $ 17.8 | |||
Bauxite [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Intersegment revenue, percentage | 58.00% | |||
Annual shipping volume under contract | t | 4.5 | |||
Maximum [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Annual Shipping Under Contract, Mass | t | 5.4 | |||
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% | ||
Scenario, Adjustment [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Fees under mining operations contract with local government, amount | $ 5.9 |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | $ 56.1 | $ 20.5 | $ 79.4 | $ 36.1 |
Accounts receivable, net | 64.9 | 102.5 | ||
Inventories, net | 135.4 | 196.7 | ||
Other current assets | 36.9 | 27.4 | ||
Property, plant and equipment, net | 686.7 | 695 | ||
Other assets | 64.5 | 89.1 | ||
Accounts payable | (85) | (122.6) | ||
Accrued liabilities | (77.8) | (59.1) | ||
Non-controlling interest | (6) | (6) | ||
Subsidiary Balances [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 1.9 | 0.8 | ||
Accounts receivable, net | 11.4 | 13.5 | ||
Inventories, net | 9.2 | 14.3 | ||
Other current assets | 1.8 | 8.1 | ||
Property, plant and equipment, net | 53.4 | 45 | ||
Other assets | 8 | 7.4 | ||
Accounts payable | (64.2) | (71.8) | ||
Accrued liabilities | (7.4) | (3.9) | ||
Environmental, land and reclamation liabilities | (2.4) | (1.5) | ||
Non-controlling interest | (6) | (6) | ||
Net investment and advances to subsidiary | 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 | 55.4 | 55.5 | ||
Accrued liabilities | 0 | 0 | ||
Environmental, land and reclamation liabilities | 0 | 0 | ||
Non-controlling interest | 0 | 0 | ||
Net investment and advances to subsidiary | 44 | 42 | ||
Impact On Consolidated Balances [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Cash and cash equivalents | 1.9 | 0.8 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 9.2 | 14.3 | ||
Other current assets | 1.8 | 8.1 | ||
Property, plant and equipment, net | 53.4 | 45 | ||
Other assets | 8 | 7.4 | ||
Accounts payable | (8.8) | (16.3) | ||
Accrued liabilities | (7.4) | (3.9) | ||
Environmental, land and reclamation liabilities | (2.4) | (1.5) | ||
Non-controlling interest | (6) | (6) | ||
Net investment and advances to subsidiary | $ 49.7 | $ 47.9 |
Subsidiary Issuer of Guarant127
Subsidiary Issuer of Guaranteed Notes (Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 56.1 | $ 20.5 | $ 79.4 | $ 36.1 |
Accounts receivable, net [Abstract] | ||||
Accounts receivable, net | 64.9 | 102.5 | ||
Accounts receivable, affiliates | 0 | 0 | ||
Inventories, net | 135.4 | 196.7 | ||
Income Taxes Receivable | $ 15.3 | 4 | ||
Income Taxes Policy | Income Taxes We account for income taxes using the liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. We must deal with uncertainties in the application of complex tax regulations in the calculation of tax liabilities. We are subject to routine income tax audits. We provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. We make this assessment based on only the technical merits of the tax position. The technical merits of a tax position are derived from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the consolidated financial statements and a liability for unrecognized tax benefits is established. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The tax benefit recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with a taxing authority. To the extent that we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability established, our effective tax rate in a given financial statement period may be affected. | |||
Other current assets | $ 36.9 | 27.4 | ||
Total current assets | 293.3 | 347.1 | ||
Investments in affiliates | 0 | 0 | ||
Advances due from affiliates | 0 | 0 | ||
Property, plant and equipment, net | 686.7 | 695 | ||
Goodwill | 0 | 137.6 | ||
Other intangible assets, net | 43.1 | 49.3 | ||
Other assets | 64.5 | 89.1 | ||
Total assets | 1,087.6 | 1,318.1 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 85 | 122.6 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 77.8 | 59.1 | ||
Deferred tax liabilities | 0 | 11.7 | ||
Current portion of long-term debt | 742.3 | 11.6 | ||
Total current liabilities | 905.1 | 205 | ||
Long-term debt, net | 0 | 656.4 | ||
Pension and other post-retirement (“OPEB”) liabilities | 188 | 195.4 | ||
Other long-term liabilities | 44.2 | 45.9 | ||
Advances due to affiliates, noncurrent | 0 | 0 | ||
Long-term deferred tax liabilities, net | 122.2 | 143.3 | ||
Shareholders' equity: | ||||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common stock | 0.1 | 0.1 | ||
Capital in excess of par value | 247.4 | 244.2 | ||
Retained earnings (accumulated deficit) | (329.4) | (68.2) | ||
Accumulated other comprehensive loss | (96) | (110) | ||
Total shareholders' equity | (177.9) | 66.1 | ||
Noncontrolling interest | 6 | 6 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (171.9) | 72.1 | $ 147.3 | 152.3 |
Total liabilities and equity | 1,087.6 | 1,318.1 | ||
Parent Guarantor [Member] | ||||
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0.5 | 0.4 | 0.5 |
Accounts receivable, net [Abstract] | ||||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable, affiliates | 19.9 | 19.5 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 15.1 | 4.2 | ||
Total current assets | 35 | 24.2 | ||
Investments in affiliates | (112.5) | 266.1 | ||
Advances due from affiliates | 137 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | |||
Other intangible assets, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 59.5 | 290.3 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 0 | 0 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Deferred tax liabilities | 0.1 | |||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 0 | 0.1 | ||
Long-term debt, net | 0 | |||
Pension and other post-retirement (“OPEB”) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | 199.7 | 197.3 | ||
Long-term deferred tax liabilities, net | 37.8 | 26.8 | ||
Shareholders' equity: | ||||
Common stock | 0.1 | 0.1 | ||
Capital in excess of par value | 247.4 | 244.2 | ||
Retained earnings (accumulated deficit) | (329.4) | (68.2) | ||
Accumulated other comprehensive loss | (96) | (110) | ||
Total shareholders' equity | (177.9) | 66.1 | ||
Noncontrolling interest | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (177.9) | 66.1 | ||
Total liabilities and equity | 59.6 | 290.3 | ||
Issuer [Member] | ||||
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 49.4 | 7.1 | 66.7 | 27.9 |
Accounts receivable, net [Abstract] | ||||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable, affiliates | 11.9 | 12 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 61.3 | 19.1 | ||
Investments in affiliates | 1,115.2 | 1,537.3 | ||
Advances due from affiliates | 216.3 | 134 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | |||
Other intangible assets, net | 0 | 0 | ||
Other assets | 3.8 | 5.8 | ||
Total assets | 1,396.6 | 1,696.2 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 0 | 0 | ||
Accounts payable, affiliates | 19.9 | 19.5 | ||
Accrued liabilities | 2.5 | 2.3 | ||
Deferred tax liabilities | 0 | |||
Current portion of long-term debt | 704.6 | 4.9 | ||
Total current liabilities | 727 | 26.7 | ||
Long-term debt, net | 639.5 | |||
Pension and other post-retirement (“OPEB”) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | 773.5 | 737.2 | ||
Long-term deferred tax liabilities, net | 8.5 | 26.7 | ||
Shareholders' equity: | ||||
Common stock | 0 | 0 | ||
Capital in excess of par value | 352.1 | 352.1 | ||
Retained earnings (accumulated deficit) | (368.6) | 24 | ||
Accumulated other comprehensive loss | (96) | (110) | ||
Total shareholders' equity | (112.5) | 266.1 | ||
Noncontrolling interest | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (112.5) | 266.1 | ||
Total liabilities and equity | 1,396.5 | 1,696.2 | ||
Guarantor Subsidiaries [Member] | ||||
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 2.2 | 3.3 | 1.1 | 3.3 |
Accounts receivable, net [Abstract] | ||||
Accounts receivable, net | 63 | 102.4 | ||
Accounts receivable, affiliates | 19.2 | 10 | ||
Inventories, net | 113.9 | 168.2 | ||
Other current assets | 17.4 | 11.4 | ||
Total current assets | 215.7 | 295.3 | ||
Investments in affiliates | 0 | 0 | ||
Advances due from affiliates | 854.7 | 736.9 | ||
Property, plant and equipment, net | 610.1 | 627.4 | ||
Goodwill | 137.6 | |||
Other intangible assets, net | 43.1 | 49.3 | ||
Other assets | 25.9 | 51.6 | ||
Total assets | 1,749.5 | 1,898.1 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 75.5 | 112.1 | ||
Accounts payable, affiliates | 0 | 0 | ||
Accrued liabilities | 39 | 35.2 | ||
Deferred tax liabilities | 11.6 | |||
Current portion of long-term debt | 21.1 | 1.1 | ||
Total current liabilities | 135.6 | 160 | ||
Long-term debt, net | 0 | |||
Pension and other post-retirement (“OPEB”) liabilities | 179.4 | 187.9 | ||
Other long-term liabilities | 35.5 | 35.9 | ||
Advances due to affiliates, noncurrent | 292.8 | 0 | ||
Long-term deferred tax liabilities, net | 75.9 | 89.3 | ||
Shareholders' equity: | ||||
Common stock | 0 | 0 | ||
Capital in excess of par value | 1,122.2 | 1,199.7 | ||
Retained earnings (accumulated deficit) | 0.8 | 330.8 | ||
Accumulated other comprehensive loss | (92.7) | (105.5) | ||
Total shareholders' equity | 1,030.3 | 1,425 | ||
Noncontrolling interest | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,030.3 | 1,425 | ||
Total liabilities and equity | 1,749.5 | 1,898.1 | ||
Subsidiary non-guarantor [Member] | ||||
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 4.5 | 9.6 | 11.2 | 4.4 |
Accounts receivable, net [Abstract] | ||||
Accounts receivable, net | 1.9 | 0.1 | ||
Accounts receivable, affiliates | 0 | 0 | ||
Inventories, net | 21.5 | 28.5 | ||
Other current assets | 4.4 | 11.8 | ||
Total current assets | 32.3 | 50 | ||
Investments in affiliates | 0 | 0 | ||
Advances due from affiliates | 63.5 | 63.5 | ||
Property, plant and equipment, net | 76.6 | 67.6 | ||
Goodwill | 0 | |||
Other intangible assets, net | 0 | 0 | ||
Other assets | 34.8 | 31.7 | ||
Total assets | 207.2 | 212.8 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 9.5 | 10.5 | ||
Accounts payable, affiliates | 31.1 | 22 | ||
Accrued liabilities | 36.3 | 21.6 | ||
Deferred tax liabilities | 0 | |||
Current portion of long-term debt | 16.6 | 5.6 | ||
Total current liabilities | 93.5 | 59.7 | ||
Long-term debt, net | 16.9 | |||
Pension and other post-retirement (“OPEB”) liabilities | 8.6 | 7.5 | ||
Other long-term liabilities | 8.7 | 10 | ||
Advances due to affiliates, noncurrent | 5.5 | 0 | ||
Long-term deferred tax liabilities, net | 0 | 0.4 | ||
Shareholders' equity: | ||||
Common stock | 0 | 0 | ||
Capital in excess of par value | 83.8 | 83.8 | ||
Retained earnings (accumulated deficit) | 4.3 | 32.9 | ||
Accumulated other comprehensive loss | (3.2) | (4.4) | ||
Total shareholders' equity | 84.9 | 112.3 | ||
Noncontrolling interest | 6 | 6 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 90.9 | 118.3 | ||
Total liabilities and equity | 207.2 | 212.8 | ||
Consolidation, Eliminations [Member] | ||||
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net [Abstract] | ||||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable, affiliates | (51) | (41.5) | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (51) | (41.5) | ||
Investments in affiliates | (1,002.7) | (1,803.4) | ||
Advances due from affiliates | (1,271.5) | (934.4) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | |||
Other intangible assets, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (2,325.2) | (2,779.3) | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 0 | 0 | ||
Accounts payable, affiliates | (51) | (41.5) | ||
Accrued liabilities | 0 | 0 | ||
Deferred tax liabilities | 0 | |||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | (51) | (41.5) | ||
Long-term debt, net | 0 | |||
Pension and other post-retirement (“OPEB”) liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Advances due to affiliates, noncurrent | (1,271.5) | (934.5) | ||
Long-term deferred tax liabilities, net | 0 | 0.1 | ||
Shareholders' equity: | ||||
Common stock | 0 | 0 | ||
Capital in excess of par value | (1,558.1) | (1,635.6) | ||
Retained earnings (accumulated deficit) | 363.5 | (387.7) | ||
Accumulated other comprehensive loss | 191.9 | 219.9 | ||
Total shareholders' equity | (1,002.7) | (1,803.4) | ||
Noncontrolling interest | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,002.7) | (1,803.4) | ||
Total liabilities and equity | $ (2,325.2) | $ (2,779.3) |
Subsidiary Issuer of Guarant128
Subsidiary Issuer of Guaranteed Notes (Consolidating Income Statements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | |||
Sales | $ 1,228.1 | $ 1,355.1 | $ 1,343.5 |
Operating costs and expenses: | |||
Cost of sales | 1,244.1 | 1,261.8 | 1,271.9 |
Selling, general and administrative | 109.4 | 76.2 | 97.1 |
Goodwill, Impairment Loss | 137.9 | 0 | 0 |
Insurance Recoveries | (25.2) | 0 | 0 |
Total operating costs and expenses, net | 1,466.2 | 1,338 | 1,369 |
Operating Income (Loss) | (238.1) | 17.1 | (25.5) |
Other (income) expense: [Abstract] | |||
Interest expense, net | 52.6 | 50.4 | 47.5 |
(Gain) loss on derivatives | 16.4 | (4.6) | 2.3 |
Interest and Debt Expense | 0 | 0 | 2.5 |
Total other income, net | 69 | 45.8 | 52.3 |
Income (loss) before income taxes | (307.1) | (28.7) | (77.8) |
Income Tax Expense (Benefit) | (47.5) | (2.1) | (30.2) |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | (259.6) | (26.6) | (47.6) |
Other Comprehensive Income (Loss), Net of Tax | 14 | (49.6) | 45.3 |
Total comprehensive income (loss) | (245.6) | (76.2) | (2.3) |
Parent Guarantor [Member] | |||
Guarantor Obligations [Line Items] | |||
Sales | 0 | 0 | 0 |
Operating costs and expenses: | |||
Cost of sales | 0 | 0 | 0 |
Selling, general and administrative | 4.2 | 4.7 | 6.2 |
Goodwill, Impairment Loss | 0 | ||
Insurance Recoveries | 0 | ||
Total operating costs and expenses, net | 4.2 | 4.7 | 6.2 |
Operating Income (Loss) | (4.2) | (4.7) | (6.2) |
Other (income) expense: [Abstract] | |||
Interest expense, net | 0.4 | 0.4 | 0.4 |
(Gain) loss on derivatives | 0 | 0 | 0 |
Interest and Debt Expense | 0 | ||
Total other income, net | 0.4 | 0.4 | 0.4 |
Income (loss) before income taxes | (3.8) | (4.3) | (5.8) |
Income Tax Expense (Benefit) | 0.7 | (0.8) | (1.7) |
Equity in net income (loss) of subsidiaries | (255.1) | (23.1) | (43.5) |
Net income (loss) | (259.6) | (26.6) | (47.6) |
Other Comprehensive Income (Loss), Net of Tax | 14 | (49.6) | 45.3 |
Total comprehensive income (loss) | (245.6) | (76.2) | (2.3) |
Issuer [Member] | |||
Guarantor Obligations [Line Items] | |||
Sales | 0 | 0 | 0 |
Operating costs and expenses: | |||
Cost of sales | 0 | 0 | 0 |
Selling, general and administrative | 0.7 | 0.6 | 1.1 |
Goodwill, Impairment Loss | 0 | ||
Insurance Recoveries | 0 | ||
Total operating costs and expenses, net | 0.7 | 0.6 | 1.1 |
Operating Income (Loss) | (0.7) | (0.6) | (1.1) |
Other (income) expense: [Abstract] | |||
Interest expense, net | 51 | 49.6 | 47.6 |
(Gain) loss on derivatives | 0 | 0 | 0 |
Interest and Debt Expense | 2.5 | ||
Total other income, net | 51 | 49.6 | 50.1 |
Income (loss) before income taxes | (51.7) | (50.2) | (51.2) |
Income Tax Expense (Benefit) | (18.2) | (17.7) | (18.4) |
Equity in net income (loss) of subsidiaries | (221.6) | 9.4 | (10.7) |
Net income (loss) | (255.1) | (23.1) | (43.5) |
Other Comprehensive Income (Loss), Net of Tax | 14 | (49.6) | 45.3 |
Total comprehensive income (loss) | (241.1) | (72.7) | 1.8 |
Guarantor Subsidiaries [Member] | |||
Guarantor Obligations [Line Items] | |||
Sales | 1,184.3 | 1,307.7 | 1,296.7 |
Operating costs and expenses: | |||
Cost of sales | 1,190.6 | 1,211.8 | 1,236.9 |
Selling, general and administrative | 85.4 | 55.8 | 76.1 |
Goodwill, Impairment Loss | 137.9 | ||
Insurance Recoveries | (25.2) | ||
Total operating costs and expenses, net | 1,388.7 | 1,267.6 | 1,313 |
Operating Income (Loss) | (204.4) | 40.1 | (16.3) |
Other (income) expense: [Abstract] | |||
Interest expense, net | 0.3 | 0.1 | 0.2 |
(Gain) loss on derivatives | 16.4 | (4.6) | 2.3 |
Interest and Debt Expense | 0 | ||
Total other income, net | 16.7 | (4.5) | 2.5 |
Income (loss) before income taxes | (221.1) | 44.6 | (18.8) |
Income Tax Expense (Benefit) | (29.6) | 16.4 | (10.1) |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | (191.5) | 28.2 | (8.7) |
Other Comprehensive Income (Loss), Net of Tax | 12.8 | (48.8) | 49.7 |
Total comprehensive income (loss) | (178.7) | (20.6) | 41 |
Subsidiary non-guarantor [Member] | |||
Guarantor Obligations [Line Items] | |||
Sales | 116.2 | 113.7 | 129 |
Operating costs and expenses: | |||
Cost of sales | 125.9 | 116.2 | 117.1 |
Selling, general and administrative | 19.1 | 15.2 | 13.8 |
Goodwill, Impairment Loss | 0 | ||
Insurance Recoveries | 0 | ||
Total operating costs and expenses, net | 145 | 131.4 | 130.9 |
Operating Income (Loss) | (28.8) | (17.7) | (1.9) |
Other (income) expense: [Abstract] | |||
Interest expense, net | 1.7 | 1.1 | 0.1 |
(Gain) loss on derivatives | 0 | 0 | 0 |
Interest and Debt Expense | 0 | ||
Total other income, net | 1.7 | 1.1 | 0.1 |
Income (loss) before income taxes | (30.5) | (18.8) | (2) |
Income Tax Expense (Benefit) | (0.4) | 0 | 0 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | (30.1) | (18.8) | (2) |
Other Comprehensive Income (Loss), Net of Tax | 1.2 | (0.7) | (4.4) |
Total comprehensive income (loss) | (28.9) | (19.5) | (6.4) |
Consolidation, Eliminations [Member] | |||
Guarantor Obligations [Line Items] | |||
Sales | (72.4) | (66.3) | (82.2) |
Operating costs and expenses: | |||
Cost of sales | (72.4) | (66.2) | (82.1) |
Selling, general and administrative | 0 | (0.1) | (0.1) |
Goodwill, Impairment Loss | 0 | ||
Insurance Recoveries | 0 | ||
Total operating costs and expenses, net | (72.4) | (66.3) | (82.2) |
Operating Income (Loss) | 0 | 0 | 0 |
Other (income) expense: [Abstract] | |||
Interest expense, net | 0 | 0 | 0 |
(Gain) loss on derivatives | 0 | 0 | 0 |
Interest and Debt Expense | 0 | ||
Total other income, net | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 |
Equity in net income (loss) of subsidiaries | 476.7 | 13.7 | 54.2 |
Net income (loss) | 476.7 | 13.7 | 54.2 |
Other Comprehensive Income (Loss), Net of Tax | (28) | 99.1 | (90.6) |
Total comprehensive income (loss) | $ 448.7 | $ 112.8 | $ (36.4) |
Subsidiary Issuer of Guarant129
Subsidiary Issuer of Guaranteed Notes (Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Cash provided by (used in) operating activities | $ 17.9 | $ 30.6 | $ 64.2 |
Investing Activities | |||
Capital expenditures | (73.4) | (93.5) | (72.7) |
Proceeds from Sale of Insurance Investments | 2.7 | 0 | 0 |
Proceeds from Insurance Settlement, Investing Activities | 6.4 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 2.2 | 0.3 | 0.9 |
Cash provided by (used in) investing activities | (62.1) | (93.2) | (71.8) |
Financing Activities | |||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | (0.2) | (1.2) | (0.2) |
Dividends paid to shareholders | (1.4) | (2.7) | (8.8) |
Repayments of Long-term Debt | (11.9) | (4.9) | (280) |
Borrowings on long-term debt, net | 20.9 | 12.5 | 342.8 |
Repayments of Lines of Credit | (247.1) | (173) | (11) |
Proceeds from Lines of Credit | 311.6 | 173 | 11 |
Payments of financing costs | 0 | 0 | (2.9) |
Capital contribution (to subsidiary) from parent | 0 | 0 | 0 |
Proceeds from Financing Revenue Received under Leases | 7.9 | 0 | 0 |
Cash provided by (used in) financing activities | 79.8 | 3.7 | 50.9 |
Change in cash and cash equivalents | 35.6 | (58.9) | 43.3 |
Cash and Cash Equivalents, Beginning of Period | 20.5 | 79.4 | 36.1 |
Cash and Cash Equivalents, End of Period | 56.1 | 20.5 | 79.4 |
Parent Guarantor [Member] | |||
Operating Activities | |||
Cash provided by (used in) operating activities | (0.6) | 0.2 | (0.4) |
Investing Activities | |||
Capital expenditures | 0 | 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 | 0 |
Cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | |||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | (0.2) | (1.2) | (0.2) |
Dividends paid to shareholders | (1.4) | (2.7) | (8.8) |
Repayments of Long-term Debt | 0 | 0 | 0 |
Borrowings on long-term debt, net | 0 | 0 | 0 |
Repayments of Lines of Credit | 0 | ||
Proceeds from Lines of Credit | 0 | ||
Payments of financing costs | 0 | ||
Capital contribution (to subsidiary) from parent | 1.7 | 3.8 | 9.3 |
Proceeds from Financing Revenue Received under Leases | 0 | ||
Cash provided by (used in) financing activities | 0.1 | (0.1) | 0.3 |
Change in cash and cash equivalents | (0.5) | 0.1 | (0.1) |
Cash and Cash Equivalents, Beginning of Period | 0.5 | 0.4 | 0.5 |
Cash and Cash Equivalents, End of Period | 0 | 0.5 | 0.4 |
Issuer [Member] | |||
Operating Activities | |||
Cash provided by (used in) operating activities | (9.4) | (46.5) | (0.8) |
Investing Activities | |||
Capital expenditures | 0 | 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 | 0 |
Cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | |||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | 0 | 0 | 0 |
Dividends paid to shareholders | 0 | 0 | 0 |
Repayments of Long-term Debt | (11.1) | (4.9) | (280) |
Borrowings on long-term debt, net | 0 | (4.4) | 331.8 |
Repayments of Lines of Credit | (247.1) | ||
Proceeds from Lines of Credit | 311.6 | ||
Payments of financing costs | (2.9) | ||
Capital contribution (to subsidiary) from parent | (1.7) | (3.8) | (9.3) |
Proceeds from Financing Revenue Received under Leases | 0 | ||
Cash provided by (used in) financing activities | 51.7 | (13.1) | 39.6 |
Change in cash and cash equivalents | 42.3 | (59.6) | 38.8 |
Cash and Cash Equivalents, Beginning of Period | 7.1 | 66.7 | 27.9 |
Cash and Cash Equivalents, End of Period | 49.4 | 7.1 | 66.7 |
Guarantor Subsidiaries [Member] | |||
Operating Activities | |||
Cash provided by (used in) operating activities | 27.6 | 84.2 | 58.8 |
Investing Activities | |||
Capital expenditures | (68) | (82.3) | (61.9) |
Proceeds from Sale of Insurance Investments | 2.7 | ||
Proceeds from Insurance Settlement, Investing Activities | 6.4 | ||
Proceeds from sale of property, plant and equipment | 2.2 | 0.3 | 0.9 |
Cash provided by (used in) investing activities | (56.7) | (82) | (61) |
Financing Activities | |||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | 0 | 0 | 0 |
Dividends paid to shareholders | 0 | 0 | 0 |
Repayments of Long-term Debt | (0.8) | 0 | 0 |
Borrowings on long-term debt, net | 20.9 | 0 | 0 |
Repayments of Lines of Credit | 0 | ||
Proceeds from Lines of Credit | 0 | ||
Payments of financing costs | 0 | ||
Capital contribution (to subsidiary) from parent | 0 | 0 | 0 |
Proceeds from Financing Revenue Received under Leases | 7.9 | ||
Cash provided by (used in) financing activities | 28 | 0 | 0 |
Change in cash and cash equivalents | (1.1) | 2.2 | (2.2) |
Cash and Cash Equivalents, Beginning of Period | 3.3 | 1.1 | 3.3 |
Cash and Cash Equivalents, End of Period | 2.2 | 3.3 | 1.1 |
Subsidiary non-guarantor [Member] | |||
Operating Activities | |||
Cash provided by (used in) operating activities | 0.3 | (7.3) | 6.6 |
Investing Activities | |||
Capital expenditures | (5.4) | (11.2) | (10.8) |
Proceeds from Sale of Insurance Investments | 0 | ||
Proceeds from Insurance Settlement, Investing Activities | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Cash provided by (used in) investing activities | (5.4) | (11.2) | (10.8) |
Financing Activities | |||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | 0 | 0 | 0 |
Dividends paid to shareholders | 0 | 0 | 0 |
Repayments of Long-term Debt | 0 | 0 | 0 |
Borrowings on long-term debt, net | 0 | 16.9 | 11 |
Repayments of Lines of Credit | 0 | ||
Proceeds from Lines of Credit | 0 | ||
Payments of financing costs | 0 | ||
Capital contribution (to subsidiary) from parent | 0 | 0 | 0 |
Proceeds from Financing Revenue Received under Leases | 0 | ||
Cash provided by (used in) financing activities | 0 | 16.9 | 11 |
Change in cash and cash equivalents | (5.1) | (1.6) | 6.8 |
Cash and Cash Equivalents, Beginning of Period | 9.6 | 11.2 | 4.4 |
Cash and Cash Equivalents, End of Period | 4.5 | 9.6 | 11.2 |
Consolidation, Eliminations [Member] | |||
Operating Activities | |||
Cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing Activities | |||
Capital expenditures | 0 | 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 | 0 |
Cash provided by (used in) investing activities | 0 | 0 | 0 |
Financing Activities | |||
Proceeds from issuance of common shares, share-based payment arrangements, net of shares tendered for taxes | 0 | 0 | 0 |
Dividends paid to shareholders | 0 | 0 | 0 |
Repayments of Long-term Debt | 0 | 0 | 0 |
Borrowings on long-term debt, net | 0 | 0 | 0 |
Repayments of Lines of Credit | 0 | ||
Proceeds from Lines of Credit | 0 | ||
Payments of financing costs | 0 | ||
Capital contribution (to subsidiary) from parent | 0 | 0 | 0 |
Proceeds from Financing Revenue Received under Leases | 0 | ||
Cash provided by (used in) financing activities | 0 | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents, Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents, End of Period | $ 0 | $ 0 | $ 0 |
Uncategorized Items - nor-20151
Label | Element | Value |
Counterparty_four [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | $ 1,900,000 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 300,000 |
Counterparty_four [Member] | Other Contract [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
counterparty_one [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Long-term derivative liabilities, gross | nor_LongTermDerivativeLiabilitiesGross | 0 |
Derivative Asset, Noncurrent | us-gaap_DerivativeAssetsNoncurrent | 0 |
Long-term derivative assets, gross | nor_LongTermDerivativeAssetsGross | 0 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 2,200,000 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 3,100,000 |
counterparty_one [Member] | Other Contract [Member] | ||
Derivative Asset, Noncurrent | us-gaap_DerivativeAssetsNoncurrent | 200,000 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
Counterparty_three [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 100,000 |
Counterparty_three [Member] | Other Contract [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
Counterparty_two [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 100,000 |
Counterparty_two [Member] | Other Contract [Member] | ||
Derivative Liability, Noncurrent | us-gaap_DerivativeLiabilitiesNoncurrent | 100,000 |
Long-term derivative liabilities, gross | nor_LongTermDerivativeLiabilitiesGross | 0 |
Long-term derivative assets, gross | nor_LongTermDerivativeAssetsGross | 0 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
other counterparty [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Current derivative assets, gross | nor_CurrentDerivativeAssetsGross | 0 |
Current derivative assets, gross | nor_CurrentDerivativeAssetsGross | 0 |
Derivative Asset, Current | us-gaap_DerivativeAssetsCurrent | 0 |
Derivative Asset, Current | us-gaap_DerivativeAssetsCurrent | 0 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
other counterparty [Member] | Other Contract [Member] | ||
Derivative Asset, Current | us-gaap_DerivativeAssetsCurrent | 6,300,000 |
Derivative Asset, Current | us-gaap_DerivativeAssetsCurrent | 3,700,000 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 700,000 |
derivatives, net [Member] | Counterparty_four [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 1,900,000 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 300,000 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
derivatives, net [Member] | counterparty_one [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 2,200,000 |
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 3,100,000 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
derivatives, net [Member] | Counterparty_three [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 100,000 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
derivatives, net [Member] | Counterparty_two [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 100,000 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
derivatives, net [Member] | Counterparty_two [Member] | Other Contract [Member] | ||
Derivative Liability, Noncurrent | us-gaap_DerivativeLiabilitiesNoncurrent | 0 |
derivatives, net [Member] | other counterparty [Member] | Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivative Liability, Current | us-gaap_DerivativeLiabilitiesCurrent | 0 |
Current derivative liabilities, gross | nor_CurrentDerivativeLiabilitiesGross | 0 |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 100,000 |
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 0 |
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 0 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue | $ 1,400,000 |
Performance Shares [Member] | Performance Vesting Awards Target [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 73,284 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 62,968 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 73,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 3,659 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 987 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 2,594 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 117,238 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 143,304 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 117,057 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 127,850 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | (8,692) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 6,165 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 8,028 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 4,113 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 4,654 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 1,049 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 1,149 |
Performance Shares [Member] | Performance Vesting Awards Target with Market Condition [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | (42,048) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | (72,557) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | (57,349) |
Restricted Stock [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue | $ 2,200,000 |
Restricted Stock Units (RSUs) [Member] | Service Vesting Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 | 3 years |
Percentage to vest on third anniversary of grant date | nor_PercentageToVestOnThirdAnniversaryOfGrantDate | 50.00% |
Percentage to vest on second anniversary of grant date | nor_PercentageToVestOnSecondAnniversaryOfGrantDate | 25.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue | $ 1,900,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized | $ (3,300,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights | P3Y |
Percentage to vest on first anniversary of grant date | nor_PercentageToVestOnFirstAnniversaryOfGrantDate | 25.00% |
Restricted Stock Units (RSUs) [Member] | Performance Vesting Awards Target [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 27,967 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 18,621 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 42,920 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 58,951 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 53,980 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 640 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 5,159 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 3,090 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 36.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 28.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 20.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 25.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 28.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 13.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 95.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 74.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | 42.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | 82.11 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 50.44 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 1,512 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 659 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 650 |
Restricted Stock Units (RSUs) [Member] | Performance Vesting Awards Target [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | 24,059 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | (41,259) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledWeightedAverageGrantDateFairValue | $ 90.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledWeightedAverageGrantDateFairValue | 80.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 0 |
Restricted Stock Units (RSUs) [Member] | Performance Vesting Awards Target with Market Condition [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 27,581 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 24,742 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 25,009 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 3,080 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 14.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 14.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 14.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 23.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 28.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 13.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | 15.12 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 724 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 241 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 267 |
Restricted Stock Units (RSUs) [Member] | Performance Vesting Awards Target with Market Condition [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 26,857 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 14.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 0 |
Restricted Stock Units (RSUs) [Member] | Service Vesting Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 44,479 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 115,509 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 139,329 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 106,848 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 128,016 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 167,726 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 199,360 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 10,545 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 19,183 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 10,404 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 91.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 58.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 32.26 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 19.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 24.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 28.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted, Weighted Average Grant Date Fair Value | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGrantedWeightedAverageGrantDateFairValue | 12.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 87.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 48.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 29.34 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | 60.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | 41.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 25.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 4,395 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 1,536 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 2,213 |
Restricted Stock Units (RSUs) [Member] | Service Vesting Awards [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 71,797 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 172,866 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 179,154 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled in Period | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledinPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cancelled, Weighted Average Grant Date Fair Value | nor_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsCancelledWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 28.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 28.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 16.61 |
Restricted Stock Units (RSUs) [Member] | Performance award with a grant date [Member] | Performance Vesting Awards Target [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 42,048 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 72,557 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 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 | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 36.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 28.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 20.86 |
Restricted Stock Units (RSUs) [Member] | Performance award with a grant date [Member] | Performance Vesting Awards Target with Market Condition [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 0 |
Restricted Stock Units (RSUs) [Member] | Performance award with a grant date [Member] | Service Vesting Awards [Member] | Employee And Non Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 0 |
Restricted Stock Units (RSUs) [Member] | Performance award without a grant date [Member] | Performance Vesting Awards Target [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue | $ 100,000 |
Stock Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares | 37,230 |
Restricted Stock and Restricted Stock Units Equity Awards [Member] | ||
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | $ 4,700,000 |
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 3,200,000 |
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 3,100,000 |
Restricted Stock Units Liability Awards [Member] | ||
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 0 |
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | 200,000 |
Allocated Share-based Compensation Expense | us-gaap_AllocatedShareBasedCompensationExpense | $ 100,000 |
Restricted Stock Units Liability Awards [Member] | Service Vesting Awards [Member] | Investor Director Provider [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 2,857 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 8,571 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 2,951 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 2,923 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 3,621 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 2,907 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 8,603 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 724 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod | 8,571 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 104 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 48 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Dividend Equivalent Units Granted | nor_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDividendEquivalentUnitsGranted | 34 |