Subsidiary Guarantor Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Schedule of Condensed Balance Sheet | ' |
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| 30-Jun-14 |
| (In thousands) |
Condensed Consolidating Balance Sheets | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 36,680 | | | $ | 6,072 | | | $ | 113,620 | | | $ | — | | | $ | 156,372 | |
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Trade accounts receivable, net | — | | | 3,841 | | | 43,190 | | | — | | | 47,031 | |
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Inventory | — | | | 35,407 | | | 146,615 | | | — | | | 182,022 | |
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Prepaid expenses and other current assets | — | | | 17,861 | | | 16,006 | | | — | | | 33,867 | |
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Total current assets | 36,680 | | | 63,181 | | | 319,431 | | | — | | | 419,292 | |
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Non-current assets: | | | | | | | | | |
Deposits | 1,755 | | | 23,943 | | | — | | | — | | | 25,698 | |
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Property, plant and equipment, net | — | | | 1,606,889 | | | 136,605 | | | — | | | 1,743,494 | |
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Inventory | — | | | 25,934 | | | — | | | — | | | 25,934 | |
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Intangible assets, net | — | | | 409 | | | 318,545 | | | — | | | 318,954 | |
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Investments | — | | | 30,836 | | | 15,467 | | | — | | | 46,303 | |
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Goodwill | — | | | — | | | 228,750 | | | — | | | 228,750 | |
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Investments in consolidated subsidiaries | 409,155 | | | 120,163 | | | — | | | (529,318 | ) | | — | |
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Intercompany accounts receivable | 2,099,444 | | | — | | | 24,085 | | | (2,123,529 | ) | | — | |
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Other non-current assets | 16,380 | | | 651 | | | 5,790 | | | — | | | 22,821 | |
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Total non-current assets | 2,526,734 | | | 1,808,825 | | | 729,242 | | | (2,652,847 | ) | | 2,411,954 | |
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Total assets | $ | 2,563,414 | | | $ | 1,872,006 | | | $ | 1,048,673 | | | $ | (2,652,847 | ) | | $ | 2,831,246 | |
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Current liabilities: | | | | | | | | | |
Trade accounts payable | $ | — | | | $ | 32,202 | | | $ | 30,880 | | | $ | — | | | $ | 63,082 | |
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Accrued expenses | 18,158 | | | 11,766 | | | 17,081 | | | — | | | 47,005 | |
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Debt and capital lease obligations | — | | | 2,852 | | | 11,378 | | | — | | | 14,230 | |
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Other current liabilities | — | | | 441 | | | 3,945 | | | — | | | 4,386 | |
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Total current liabilities | 18,158 | | | 47,261 | | | 63,284 | | | — | | | 128,703 | |
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Non-current liabilities: | | | | | | | | | |
Asset retirement obligation | — | | | 16,523 | | | — | | | — | | | 16,523 | |
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Deferred tax liabilities | — | | | — | | | 78,424 | | | — | | | 78,424 | |
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Debt and capital lease obligations | 1,354,920 | | | 19,597 | | | 4,152 | | | — | | | 1,378,669 | |
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Intercompany accounts payable | — | | | 2,123,529 | | | — | | | (2,123,529 | ) | | — | |
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Other non-current liabilities | — | | | 1,401 | | | 8,855 | | | — | | | 10,256 | |
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Total non-current liabilities | 1,354,920 | | | 2,161,050 | | | 91,431 | | | (2,123,529 | ) | | 1,483,872 | |
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Total liabilities | $ | 1,373,078 | | | $ | 2,208,311 | | | $ | 154,715 | | | $ | (2,123,529 | ) | | $ | 1,612,575 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 245 | | | — | | | — | | | — | | | 245 | |
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Additional paid-in capital | 2,207,938 | | | 149,857 | | | 1,315,426 | | | (1,465,283 | ) | | 2,207,938 | |
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Accumulated other comprehensive loss | (7,412 | ) | | — | | | (7,412 | ) | | 7,412 | | | (7,412 | ) |
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Accumulated deficit | (1,010,435 | ) | | (486,162 | ) | | (442,391 | ) | | 928,553 | | | (1,010,435 | ) |
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Total Molycorp stockholders’ equity | 1,190,336 | | | (336,305 | ) | | 865,623 | | | (529,318 | ) | | 1,190,336 | |
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Noncontrolling interests | — | | | — | | | 28,335 | | | — | | | 28,335 | |
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Total stockholders’ equity | 1,190,336 | | | (336,305 | ) | | 893,958 | | | (529,318 | ) | | 1,218,671 | |
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Total liabilities and stockholders’ equity | $ | 2,563,414 | | | $ | 1,872,006 | | | $ | 1,048,673 | | | $ | (2,652,847 | ) | | $ | 2,831,246 | |
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| 31-Dec-13 |
| (In thousands) |
Condensed Consolidating Balance Sheets | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 169,145 | | | $ | 6,467 | | | $ | 138,705 | | | $ | — | | | $ | 314,317 | |
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Trade accounts receivable, net | — | | | 4,990 | | | 56,767 | | | — | | | 61,757 | |
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Inventory | — | | | 32,307 | | | 139,476 | | | — | | | 171,783 | |
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Prepaid expenses and other current assets | — | | | 15,833 | | | 13,377 | | | — | | | 29,210 | |
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Total current assets | 169,145 | | | 59,597 | | | 348,325 | | | — | | | 577,067 | |
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Non-current assets: | | | | | | | | | |
Deposits | 1,754 | | | 24,243 | | | — | | | — | | | 25,997 | |
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Property, plant and equipment, net | — | | | 1,620,851 | | | 142,023 | | | — | | | 1,762,874 | |
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Inventory | — | | | 25,329 | | | — | | | — | | | 25,329 | |
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Intangible assets, net | — | | | 442 | | | 330,425 | | | — | | | 330,867 | |
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Investments | — | | | 34,134 | | | 14,741 | | | — | | | 48,875 | |
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Goodwill | — | | | — | | | 228,750 | | | — | | | 228,750 | |
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Investments in consolidated subsidiaries | 532,767 | | | 121,849 | | | — | | | (654,616 | ) | | — | |
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Intercompany accounts receivable | 2,001,583 | | | — | | | — | | | (2,001,583 | ) | | — | |
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Other non-current assets | — | | | 771 | | | 6,272 | | | — | | | 7,043 | |
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Total non-current assets | 2,536,104 | | | 1,827,619 | | | 722,211 | | | (2,656,199 | ) | | 2,429,735 | |
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Total assets | $ | 2,705,249 | | | $ | 1,887,216 | | | $ | 1,070,536 | | | $ | (2,656,199 | ) | | $ | 3,006,802 | |
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Current liabilities: | | | | | | | | | |
Trade accounts payable | $ | — | | | $ | 49,702 | | | $ | 34,747 | | | $ | — | | | $ | 84,449 | |
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Accrued expenses | 18,158 | | | 13,782 | | | 16,561 | | | — | | | 48,501 | |
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Debt and capital lease obligations | — | | | 2,234 | | | 14,128 | | | — | | | 16,362 | |
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Other current liabilities | — | | | 617 | | | 3,446 | | | — | | | 4,063 | |
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Total current liabilities | 18,158 | | | 66,335 | | | 68,882 | | | — | | | 153,375 | |
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Non-current liabilities: | | | | | | | | | |
Asset retirement obligation | — | | | 16,966 | | | — | | | — | | | 16,966 | |
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Deferred tax liabilities | — | | | — | | | 85,481 | | | — | | | 85,481 | |
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Debt and capital lease obligations | 1,339,368 | | | 19,355 | | | 5,193 | | | — | | | 1,363,916 | |
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Intercompany accounts payable | — | | | 1,999,562 | | | 2,021 | | | (2,001,583 | ) | | — | |
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Other non-current liabilities | — | | | 1,393 | | | 8,609 | | | — | | | 10,002 | |
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Total non-current liabilities | 1,339,368 | | | 2,037,276 | | | 101,304 | | | (2,001,583 | ) | | 1,476,365 | |
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Total liabilities | $ | 1,357,526 | | | $ | 2,103,611 | | | $ | 170,186 | | | $ | (2,001,583 | ) | | $ | 1,629,740 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 241 | | | — | | | — | | | — | | | 241 | |
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Preferred stock | 2 | | | — | | | — | | | — | | | 2 | |
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Additional paid-in capital | 2,194,405 | | | 149,857 | | | 1,315,426 | | | (1,465,283 | ) | | 2,194,405 | |
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Accumulated other comprehensive loss | (6,451 | ) | | — | | | (6,451 | ) | | 6,451 | | | (6,451 | ) |
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Accumulated deficit | (840,474 | ) | | (366,252 | ) | | (437,964 | ) | | 804,216 | | | (840,474 | ) |
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Total Molycorp stockholders’ equity | 1,347,723 | | | (216,395 | ) | | 871,011 | | | (654,616 | ) | | 1,347,723 | |
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Noncontrolling interests | — | | | — | | | 29,339 | | | — | | | 29,339 | |
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Total stockholders’ equity | 1,347,723 | | | (216,395 | ) | | 900,350 | | | (654,616 | ) | | 1,377,062 | |
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Total liabilities and stockholders’ equity | $ | 2,705,249 | | | $ | 1,887,216 | | | $ | 1,070,536 | | | $ | (2,656,199 | ) | | $ | 3,006,802 | |
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| Three Months Ended June 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 12,009 | | | $ | 113,319 | | | $ | (8,421 | ) | | $ | 116,907 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (38,490 | ) | | (83,330 | ) | | 8,421 | | | (113,399 | ) |
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Depreciation and amortization | — | | | (16,031 | ) | | (4,048 | ) | | — | | | (20,079 | ) |
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Gross (loss) profit | — | | | (42,512 | ) | | 25,941 | | | — | | | (16,571 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (153 | ) | | (10,437 | ) | | (9,834 | ) | | — | | | (20,424 | ) |
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Depreciation, amortization and accretion | — | | | (1,057 | ) | | (6,200 | ) | | — | | | (7,257 | ) |
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Research and development | — | | | (100 | ) | | (4,383 | ) | | — | | | (4,483 | ) |
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Operating (loss) income | (153 | ) | | (54,106 | ) | | 5,524 | | | — | | | (48,735 | ) |
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Other (expense) income: | | | | | | | | | |
Other income (expense) | 15,149 | | | 196 | | | (15,049 | ) | | — | | | 296 | |
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Interest expense, net of capitalized interest | (39,658 | ) | | (1,190 | ) | | (437 | ) | | — | | | (41,285 | ) |
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Interest income (expense) from intercompany notes | 10,434 | | | (510 | ) | | (9,924 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (79,301 | ) | | (2,009 | ) | | — | | | 81,310 | | | — | |
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Loss before income taxes and equity earnings | (93,529 | ) | | (57,619 | ) | | (19,886 | ) | | 81,310 | | | (89,724 | ) |
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Income tax benefit (expense) | 9,630 | | | — | | | (2,203 | ) | | — | | | 7,427 | |
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Equity in (loss) income of affiliates | — | | | (1,592 | ) | | 39 | | | — | | | (1,553 | ) |
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Net loss | (83,899 | ) | | (59,211 | ) | | (22,050 | ) | | 81,310 | | | (83,850 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (49 | ) | | — | | | (49 | ) |
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Net loss attributable to Molycorp stockholders | $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,099 | ) | | $ | 81,310 | | | $ | (83,899 | ) |
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Net loss | $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,050 | ) | | $ | 81,310 | | | $ | (83,850 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (109 | ) | | — | | | (109 | ) |
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Comprehensive loss | $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,159 | ) | | $ | 81,310 | | | $ | (83,959 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (83,899 | ) | | (59,211 | ) | | (22,110 | ) | | 81,310 | | | (83,910 | ) |
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Noncontrolling interest | — | | | — | | | (49 | ) | | — | | | (49 | ) |
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| $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,159 | ) | | $ | 81,310 | | | $ | (83,959 | ) |
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Schedule of Condensed Income Statement and Comprehensive Income | ' |
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| Three Months Ended June 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 12,009 | | | $ | 113,319 | | | $ | (8,421 | ) | | $ | 116,907 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (38,490 | ) | | (83,330 | ) | | 8,421 | | | (113,399 | ) |
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Depreciation and amortization | — | | | (16,031 | ) | | (4,048 | ) | | — | | | (20,079 | ) |
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Gross (loss) profit | — | | | (42,512 | ) | | 25,941 | | | — | | | (16,571 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (153 | ) | | (10,437 | ) | | (9,834 | ) | | — | | | (20,424 | ) |
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Depreciation, amortization and accretion | — | | | (1,057 | ) | | (6,200 | ) | | — | | | (7,257 | ) |
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Research and development | — | | | (100 | ) | | (4,383 | ) | | — | | | (4,483 | ) |
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Operating (loss) income | (153 | ) | | (54,106 | ) | | 5,524 | | | — | | | (48,735 | ) |
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Other (expense) income: | | | | | | | | | |
Other income (expense) | 15,149 | | | 196 | | | (15,049 | ) | | — | | | 296 | |
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Interest expense, net of capitalized interest | (39,658 | ) | | (1,190 | ) | | (437 | ) | | — | | | (41,285 | ) |
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Interest income (expense) from intercompany notes | 10,434 | | | (510 | ) | | (9,924 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (79,301 | ) | | (2,009 | ) | | — | | | 81,310 | | | — | |
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Loss before income taxes and equity earnings | (93,529 | ) | | (57,619 | ) | | (19,886 | ) | | 81,310 | | | (89,724 | ) |
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Income tax benefit (expense) | 9,630 | | | — | | | (2,203 | ) | | — | | | 7,427 | |
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Equity in (loss) income of affiliates | — | | | (1,592 | ) | | 39 | | | — | | | (1,553 | ) |
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Net loss | (83,899 | ) | | (59,211 | ) | | (22,050 | ) | | 81,310 | | | (83,850 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (49 | ) | | — | | | (49 | ) |
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Net loss attributable to Molycorp stockholders | $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,099 | ) | | $ | 81,310 | | | $ | (83,899 | ) |
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Net loss | $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,050 | ) | | $ | 81,310 | | | $ | (83,850 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (109 | ) | | — | | | (109 | ) |
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Comprehensive loss | $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,159 | ) | | $ | 81,310 | | | $ | (83,959 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (83,899 | ) | | (59,211 | ) | | (22,110 | ) | | 81,310 | | | (83,910 | ) |
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Noncontrolling interest | — | | | — | | | (49 | ) | | — | | | (49 | ) |
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| $ | (83,899 | ) | | $ | (59,211 | ) | | $ | (22,159 | ) | | $ | 81,310 | | | $ | (83,959 | ) |
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| Six Months Ended June 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 29,239 | | | $ | 227,051 | | | $ | (20,858 | ) | | $ | 235,432 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (91,869 | ) | | (167,861 | ) | | 20,858 | | | (238,872 | ) |
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Depreciation and amortization | — | | | (28,158 | ) | | (8,068 | ) | | — | | | (36,226 | ) |
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Gross (loss) profit | — | | | (90,788 | ) | | 51,122 | | | — | | | (39,666 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (393 | ) | | (18,595 | ) | | (19,391 | ) | | — | | | (38,379 | ) |
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Depreciation, amortization and accretion | — | | | (2,102 | ) | | (12,357 | ) | | — | | | (14,459 | ) |
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Research and development | — | | | (243 | ) | | (7,006 | ) | | — | | | (7,249 | ) |
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Operating (loss) income | (393 | ) | | (111,728 | ) | | 12,368 | | | — | | | (99,753 | ) |
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Other (expense) income: | | | | | | | | | |
Other (expense) income | (3,122 | ) | | 212 | | | 3,680 | | | — | | | 770 | |
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Interest expense, net of capitalized interest | (74,214 | ) | | (2,395 | ) | | (316 | ) | | — | | | (76,925 | ) |
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Interest income (expense) from intercompany notes | 20,789 | | | (1,014 | ) | | (19,775 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (122,651 | ) | | (1,686 | ) | | — | | | 124,337 | | | — | |
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Loss before income taxes and equity earnings | (179,591 | ) | | (116,611 | ) | | (4,043 | ) | | 124,337 | | | (175,908 | ) |
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Income tax benefit (expense) | 9,630 | | | — | | | (296 | ) | | — | | | 9,334 | |
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Equity in (loss) income of affiliates | — | | | (3,299 | ) | | 24 | | | — | | | (3,275 | ) |
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Net loss | (169,961 | ) | | (119,910 | ) | | (4,315 | ) | | 124,337 | | | (169,849 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (112 | ) | | — | | | (112 | ) |
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Net loss attributable to Molycorp stockholders | $ | (169,961 | ) | | $ | (119,910 | ) | | $ | (4,427 | ) | | $ | 124,337 | | | $ | (169,961 | ) |
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Net loss | $ | (169,961 | ) | | $ | (119,910 | ) | | $ | (4,315 | ) | | $ | 124,337 | | | $ | (169,849 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (961 | ) | | — | | | (961 | ) |
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Comprehensive loss | $ | (169,961 | ) | | $ | (119,910 | ) | | $ | (5,276 | ) | | $ | 124,337 | | | $ | (170,810 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (169,961 | ) | | (119,910 | ) | | (5,164 | ) | | 124,337 | | | (170,698 | ) |
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Noncontrolling interest | — | | | — | | | (112 | ) | | — | | | (112 | ) |
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| $ | (169,961 | ) | | $ | (119,910 | ) | | $ | (5,276 | ) | | $ | 124,337 | | | $ | (170,810 | ) |
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| Three Months Ended June 30, 2013 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 27,168 | | | $ | 120,976 | | | $ | (12,032 | ) | | $ | 136,112 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (46,363 | ) | | (101,393 | ) | | 12,032 | | | (135,724 | ) |
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Depreciation and amortization | — | | | (11,757 | ) | | (6,667 | ) | | — | | | (18,424 | ) |
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Gross (loss) profit | — | | | (30,952 | ) | | 12,916 | | | — | | | (18,036 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | — | | | (16,488 | ) | | (9,571 | ) | | — | | | (26,059 | ) |
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Depreciation, amortization and accretion | — | | | 48 | | | (8,326 | ) | | — | | | (8,278 | ) |
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Research and development | — | | | (1,431 | ) | | (5,075 | ) | | — | | | (6,506 | ) |
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Operating loss | — | | | (48,823 | ) | | (10,056 | ) | | — | | | (58,879 | ) |
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Other (expense) income: | | | | | | | | | |
Other income | — | | | 244 | | | 2,569 | | | — | | | 2,813 | |
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Interest (expense) income, net of capitalized interest | (14,745 | ) | | (2,236 | ) | | 2,112 | | | — | | | (14,869 | ) |
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Interest income (expense) from intercompany notes | 8,592 | | | 1,237 | | | (9,829 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (65,022 | ) | | (7,487 | ) | | — | | | 72,509 | | | — | |
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Loss before income taxes and equity earnings | (71,175 | ) | | (57,065 | ) | | (15,204 | ) | | 72,509 | | | (70,935 | ) |
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Income tax (loss) benefit | — | | | (11,198 | ) | | 14,728 | | | — | | | 3,530 | |
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Equity in loss of affiliates | — | | | (8,012 | ) | | 4,728 | | | — | | | (3,284 | ) |
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Net loss | (71,175 | ) | | (76,275 | ) | | 4,252 | | | 72,509 | | | (70,689 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (486 | ) | | — | | | (486 | ) |
|
Net loss attributable to Molycorp stockholders | $ | (71,175 | ) | | $ | (76,275 | ) | | $ | 3,766 | | | $ | 72,509 | | | $ | (71,175 | ) |
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Net loss | $ | (71,175 | ) | | $ | (76,275 | ) | | $ | 4,252 | | | $ | 72,509 | | | $ | (70,689 | ) |
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Other comprehensive (loss) income: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | 662 | | | — | | | 662 | |
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Comprehensive loss | $ | (71,175 | ) | | $ | (76,275 | ) | | $ | 4,914 | | | $ | 72,509 | | | $ | (70,027 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (71,175 | ) | | (76,275 | ) | | 5,400 | | | 72,509 | | | (69,541 | ) |
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Noncontrolling interest | — | | | — | | | (486 | ) | | — | | | (486 | ) |
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| $ | (71,175 | ) | | $ | (76,275 | ) | | $ | 4,914 | | | $ | 72,509 | | | $ | (70,027 | ) |
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| Six Months Ended June 30, 2013 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Loss | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 48,777 | | | $ | 255,124 | | | $ | (22,390 | ) | | $ | 281,511 | |
|
Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (91,692 | ) | | (201,953 | ) | | 22,390 | | | (271,255 | ) |
|
Depreciation and amortization | — | | | (19,187 | ) | | (13,409 | ) | | — | | | (32,596 | ) |
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Gross (loss) profit | — | | | (62,102 | ) | | 39,762 | | | — | | | (22,340 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | — | | | (33,504 | ) | | (19,106 | ) | | — | | | (52,610 | ) |
|
Depreciation, amortization and accretion | — | | | (1,661 | ) | | (14,827 | ) | | — | | | (16,488 | ) |
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Research and development | — | | | (3,391 | ) | | (9,520 | ) | | — | | | (12,911 | ) |
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Operating loss | — | | | (100,658 | ) | | (3,691 | ) | | — | | | (104,349 | ) |
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Other (expense) income: | | | | | | | | | |
Other income | — | | | 243 | | | 2,117 | | | — | | | 2,360 | |
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Interest (expense) income, net | (25,885 | ) | | (4,295 | ) | | 3,662 | | | — | | | (26,518 | ) |
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Interest income (expense) from intercompany notes | 18,244 | | | 2,881 | | | (21,125 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (108,389 | ) | | (6,409 | ) | | — | | | 114,798 | | | — | |
|
Loss before income taxes and equity earnings | (116,030 | ) | | (108,238 | ) | | (19,037 | ) | | 114,798 | | | (128,507 | ) |
|
Income tax benefit | 5,884 | | | 8,252 | | | 11,885 | | | — | | | 26,021 | |
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Equity in loss of affiliates | — | | | (10,010 | ) | | 3,654 | | | — | | | (6,356 | ) |
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Net loss | (110,146 | ) | | (109,996 | ) | | (3,498 | ) | | 114,798 | | | (108,842 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (1,304 | ) | | — | | | (1,304 | ) |
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Net loss attributable to Molycorp stockholders | $ | (110,146 | ) | | $ | (109,996 | ) | | $ | (4,802 | ) | | $ | 114,798 | | | $ | (110,146 | ) |
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Net loss | $ | (110,146 | ) | | $ | (109,996 | ) | | $ | (3,498 | ) | | $ | 114,798 | | | $ | (108,842 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (2,632 | ) | | — | | | (2,632 | ) |
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Comprehensive loss | $ | (110,146 | ) | | $ | (109,996 | ) | | $ | (6,130 | ) | | $ | 114,798 | | | $ | (111,474 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (110,146 | ) | | (109,996 | ) | | (4,826 | ) | | 114,798 | | | (110,170 | ) |
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Noncontrolling interest | — | | | — | | | (1,304 | ) | | — | | | (1,304 | ) |
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| $ | (110,146 | ) | | $ | (109,996 | ) | | $ | (6,130 | ) | | $ | 114,798 | | | $ | (111,474 | ) |
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Schedule of Condensed Cash Flow Statement | ' |
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| Six Months Ended June 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Cash Flows | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Net cash used in operating activities | $ | (36,253 | ) | | $ | (71,050 | ) | | $ | (10,945 | ) | | $ | — | | | $ | (118,248 | ) |
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Cash flows from investing activities: | | | | | | | | | |
Intercompany advances made | (141,366 | ) | | — | | | — | | | 141,366 | | | — | |
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Repayments from non-guarantor | 48,000 | | | — | | | — | | | (48,000 | ) | | — | |
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Investment in joint ventures | — | | | — | | | (703 | ) | | — | | | (703 | ) |
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Capital expenditures | — | | | (40,928 | ) | | (3,759 | ) | | — | | | (44,687 | ) |
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Recovery from insurance claims | — | | | 12,900 | | | — | | | — | | | 12,900 | |
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Other investing activities | — | | | — | | | 395 | | | — | | | 395 | |
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Net cash used in investing activities | (93,366 | ) | | (28,028 | ) | | (4,067 | ) | | 93,366 | | | (32,095 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Repayments of debt | — | | | — | | | (3,079 | ) | | — | | | (3,079 | ) |
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Payments of preferred dividends | (2,846 | ) | | — | | | — | | | — | | | (2,846 | ) |
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Dividend paid to noncontrolling interests | — | | | — | | | (1,135 | ) | | — | | | (1,135 | ) |
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Repayments to parent | — | | | — | | | (48,000 | ) | | 48,000 | | | — | |
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Intercompany advances owed | — | | | 97,822 | | | 43,544 | | | (141,366 | ) | | — | |
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Other financing activities | — | | | 861 | | | (697 | ) | | — | | | 164 | |
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Net cash (used in) provided by financing activities | (2,846 | ) | | 98,683 | | | (9,367 | ) | | (93,366 | ) | | (6,896 | ) |
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Effect of exchange rate changes on cash | — | | | — | | | (706 | ) | | — | | | (706 | ) |
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Net change in cash and cash equivalents | (132,465 | ) | | (395 | ) | | (25,085 | ) | | — | | | (157,945 | ) |
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Cash and cash equivalents at beginning of the period | 169,145 | | | 6,467 | | | 138,705 | | | — | | | 314,317 | |
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Cash and cash equivalents at end of period | $ | 36,680 | | | $ | 6,072 | | | $ | 113,620 | | | $ | — | | | $ | 156,372 | |
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| Six Months Ended June 30, 2013 |
| (In thousands) |
Condensed Consolidating Statements of Cash Flows | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Net cash provided by (used in) operating activities | $ | (1,972 | ) | | $ | (93,855 | ) | | $ | 21,786 | | | $ | — | | | $ | (74,041 | ) |
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Cash flows from investing activities: | | | | | | | | | |
Loans to guarantor | — | | | — | | | (40,000 | ) | | 40,000 | | | — | |
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Intercompany advances made | (318,835 | ) | | — | | | — | | | 318,835 | | | — | |
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Loans to non-guarantor | — | | | (1,300 | ) | | — | | | 1,300 | | | — | |
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Repayments from non-guarantor | 10,000 | | | — | | | — | | | (10,000 | ) | | — | |
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Investment in joint ventures | — | | | (3,423 | ) | | — | | | — | | | (3,423 | ) |
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Capital expenditures | — | | | (255,989 | ) | | (8,737 | ) | | — | | | (264,726 | ) |
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Other investing activities | — | | | — | | | (224 | ) | | — | | | (224 | ) |
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Net cash used in investing activities | (308,835 | ) | | (260,712 | ) | | (48,961 | ) | | 350,135 | | | (268,373 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Repayments of debt | — | | | — | | | (27,283 | ) | | — | | | (27,283 | ) |
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Net proceeds from sale of common stock | 248,150 | | | — | | | — | | | — | | | 248,150 | |
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Issuance of 5.50% Convertible Notes | 165,600 | | | — | | | — | | | — | | | 165,600 | |
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Payments of preferred dividends | (5,693 | ) | | — | | | — | | | — | | | (5,693 | ) |
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Dividend paid to noncontrolling interests | — | | | — | | | (1,946 | ) | | — | | | (1,946 | ) |
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Borrowings from non-guarantor | — | | | 40,000 | | | — | | | (40,000 | ) | | — | |
|
Borrowing from guarantor | — | | | — | | | 1,300 | | | (1,300 | ) | | — | |
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Repayments to parent | — | | | — | | | (10,000 | ) | | 10,000 | | | — | |
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Intercompany advances owed | — | | | 303,659 | | | 15,176 | | | (318,835 | ) | | — | |
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Other financing activities | — | | | (360 | ) | | — | | | — | | | (360 | ) |
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Net cash provided by (used in) financing activities | 408,057 | | | 343,299 | | | (22,753 | ) | | (350,135 | ) | | 378,468 | |
|
Effect of exchange rate changes on cash | — | | | — | | | 318 | | | — | | | 318 | |
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Net change in cash and cash equivalents | 97,250 | | | (11,268 | ) | | (49,610 | ) | | — | | | 36,372 | |
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Cash and cash equivalents at beginning of the period | 16,560 | | | 18,020 | | | 193,210 | | | — | | | 227,790 | |
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Cash and cash equivalents at end of period | $ | 113,810 | | | $ | 6,752 | | | $ | 143,600 | | | $ | — | | | $ | 264,162 | |
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