Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Molycorp, Inc. | ' |
Entity Central Index Key | '0001489137 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 244,773,589 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $156,372 | $314,317 |
Trade accounts receivable, net | 47,031 | 61,757 |
Inventory (Note 4) | 182,022 | 171,783 |
Prepaid expenses and other current assets | 33,867 | 29,210 |
Total current assets | 419,292 | 577,067 |
Non-current assets: | ' | ' |
Deposits | 25,698 | 25,997 |
Property, plant and equipment, net (Note 5) | 1,743,494 | 1,762,874 |
Inventory (Note 4) | 25,934 | 25,329 |
Intangible assets, net | 318,954 | 330,867 |
Investments | 46,303 | 48,875 |
Goodwill | 228,750 | 228,750 |
Other non-current assets | 22,821 | 7,043 |
Total non-current assets | 2,411,954 | 2,429,735 |
Total assets | 2,831,246 | 3,006,802 |
Current liabilities: | ' | ' |
Trade accounts payable | 63,082 | 84,449 |
Accrued expenses | 47,005 | 48,501 |
Debt and capital lease obligations (Note 6) | 14,230 | 16,362 |
Other current liabilities | 4,386 | 4,063 |
Total current liabilities | 128,703 | 153,375 |
Non-current liabilities: | ' | ' |
Asset retirement obligation | 16,523 | 16,966 |
Deferred tax liabilities | 78,424 | 85,481 |
Debt and capital lease obligations (Note 6) | 1,378,669 | 1,363,916 |
Other non-current liabilities | 10,256 | 10,002 |
Total non-current liabilities | 1,483,872 | 1,476,365 |
Total liabilities | 1,612,575 | 1,629,740 |
Commitments and contingencies (Note 11) | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $0.001 par value; 700,000,000 shares authorized at June 30, 2014 and 350,000,000 at December 31, 2013 (Note 8) | 245 | 241 |
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2013 (Note 8) | 0 | 2 |
Additional paid-in capital | 2,207,938 | 2,194,405 |
Accumulated other comprehensive loss | -7,412 | -6,451 |
Accumulated deficit | -1,010,435 | -840,474 |
Total Molycorp stockholders’ equity | 1,190,336 | 1,347,723 |
Noncontrolling interests | 28,335 | 29,339 |
Total stockholders’ equity | 1,218,671 | 1,377,062 |
Total liabilities and stockholders’ equity | $2,831,246 | $3,006,802 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 700,000,000 | 350,000,000 |
Preferred stock, par value | ' | $0.00 |
Preferred stock, authorized | ' | 5,000,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $116,907 | $136,112 | $235,432 | $281,511 |
Costs of sales: | ' | ' | ' | ' |
Costs excluding depreciation and amortization | -113,399 | -135,724 | -238,872 | -271,255 |
Depreciation and amortization | -20,079 | -18,424 | -36,226 | -32,596 |
Gross loss | -16,571 | -18,036 | -39,666 | -22,340 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | -20,424 | -26,059 | -38,379 | -52,610 |
Depreciation, amortization and accretion | -7,257 | -8,278 | -14,459 | -16,488 |
Research and development | -4,483 | -6,506 | -7,249 | -12,911 |
Operating loss | -48,735 | -58,879 | -99,753 | -104,349 |
Other expenses: | ' | ' | ' | ' |
Other income | 296 | 2,813 | 770 | 2,360 |
Interest expense, net of capitalized interest | -41,285 | -14,869 | -76,925 | -26,518 |
Loss before income taxes and equity earnings | -89,724 | -70,935 | -175,908 | -128,507 |
Income tax benefit | 7,427 | 3,530 | 9,334 | 26,021 |
Equity in loss of affiliates | -1,553 | -3,284 | -3,275 | -6,356 |
Net loss | -83,850 | -70,689 | -169,849 | -108,842 |
Net income attributable to noncontrolling interests | -49 | -486 | -112 | -1,304 |
Net loss attributable to Molycorp stockholders | -83,899 | -71,175 | -169,961 | -110,146 |
Net loss | -83,850 | -70,689 | -169,849 | -108,842 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -109 | 662 | -961 | -2,632 |
Comprehensive loss | -83,959 | -70,027 | -170,810 | -111,474 |
Comprehensive loss attributable to: | ' | ' | ' | ' |
Molycorp stockholders | -83,910 | -69,541 | -170,698 | -110,170 |
Noncontrolling interest | -49 | -486 | -112 | -1,304 |
Comprehensive loss | -83,959 | -70,027 | -170,810 | -111,474 |
Loss per share of common stock (Note 9): | ' | ' | ' | ' |
Net loss attributable to Molycorp stockholders | -83,899 | -71,175 | -169,961 | -110,146 |
Dividends on Convertible Preferred Stock | 0 | -2,846 | -2,846 | -5,693 |
Loss attributable to common stockholders | ($83,899) | ($74,021) | ($172,807) | ($115,839) |
Weighted average common shares outstanding—basic | 224,223,506 | 168,075,012 | 222,806,917 | 160,735,323 |
Basic earnings (loss) per share: (in dollars per share) | ($0.37) | ($0.44) | ($0.78) | ($0.72) |
Weighted average common shares outstanding—diluted | 224,223,506 | 168,075,012 | 222,806,917 | 160,735,323 |
Diluted earnings (loss) per share: (in dollars per share) | ($0.37) | ($0.44) | ($0.78) | ($0.72) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Total Molycorp Stockholders' Equity | Common Stock | Common Stock | Series A Mandatory Convertible Preferred Stock | Series A Mandatory Convertible Preferred Stock | Additional Paid-In Capital | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated deficit | Non controlling interests |
In Thousands, except Share data, unless otherwise specified | Series A Mandatory Convertible Preferred Stock | Series A Mandatory Convertible Preferred Stock | |||||||||
Balance at beginning of period at Dec. 31, 2012 | $1,251,258 | $1,216,046 | $139 | ' | $2 | ' | $1,691,429 | ' | ($9,433) | ($466,091) | $35,212 |
Balance at beginning of period (in shares) at Dec. 31, 2012 | ' | ' | 138,773,538 | ' | 2,070,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 794 | 794 | 0 | ' | ' | ' | 794 | ' | ' | ' | ' |
Stock-based compensation (in shares) | ' | ' | 1,156 | ' | ' | ' | ' | ' | ' | ' | ' |
Component of 5.50% convertible debt | 21,815 | 21,815 | ' | ' | ' | ' | 21,815 | ' | ' | ' | ' |
Deferred taxes on component of convertible debt | -8,508 | -8,508 | ' | ' | ' | ' | -8,508 | ' | ' | ' | ' |
Conversion of Exchangeable Shares (in shares) | ' | ' | 13,483 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares (in shares) | ' | ' | 2,358 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares | 49 | 49 | ' | ' | ' | ' | 49 | ' | ' | ' | ' |
Issuance of Primary Shares | 248,140 | 248,140 | 43 | ' | ' | ' | 248,097 | ' | ' | ' | ' |
Issuance of Primary Shares (in shares) | ' | ' | 43,125,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Borrowed Shares | 7 | 7 | 7 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Borrowed Shares (in shares) | ' | ' | 6,666,666 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -108,842 | -110,146 | ' | ' | ' | ' | ' | ' | ' | -110,146 | 1,304 |
Preferred dividends | -5,693 | -5,693 | ' | ' | ' | ' | -5,693 | ' | ' | ' | ' |
Distribution to noncontrolling interests | -1,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,946 |
Other comprehensive loss | -2,632 | -2,632 | ' | ' | ' | ' | ' | ' | -2,632 | ' | ' |
Balance at end of period at Jun. 30, 2013 | 1,394,442 | 1,359,872 | 189 | ' | 2 | ' | 1,947,983 | ' | -12,065 | -576,237 | 34,570 |
Balance at end of period (in shares) at Jun. 30, 2013 | ' | ' | 188,582,201 | ' | 2,070,000 | ' | ' | ' | ' | ' | ' |
Balance at beginning of period at Dec. 31, 2013 | 1,377,062 | 1,347,723 | 241 | ' | 2 | ' | 2,194,405 | ' | -6,451 | -840,474 | 29,339 |
Balance at beginning of period (in shares) at Dec. 31, 2013 | ' | ' | 240,380,094 | ' | 2,070,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 1,570 | 1,570 | 0 | ' | ' | ' | 1,570 | ' | ' | ' | ' |
Stock-based compensation (in shares) | ' | ' | 189,188 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Exchangeable Shares (in shares) | ' | ' | 21,313 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares (in shares) | ' | ' | 2,518 | 4,140,000 | ' | -2,070,000 | ' | ' | ' | ' | ' |
Conversion of shares | 12 | 12 | ' | 4 | ' | -2 | 12 | -2 | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | 15,062 | 15,062 | ' | ' | ' | ' | 15,062 | ' | ' | ' | ' |
Net loss | -169,849 | -169,961 | ' | ' | ' | ' | ' | ' | ' | -169,961 | 112 |
Preferred dividends | -2,846 | -2,846 | ' | ' | ' | ' | -2,846 | ' | ' | ' | ' |
Distribution to noncontrolling interests | -1,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,135 |
Other comprehensive loss | -961 | -961 | ' | ' | ' | ' | ' | ' | -961 | ' | ' |
Other | -244 | -263 | ' | ' | ' | ' | -263 | ' | ' | ' | 19 |
Balance at end of period at Jun. 30, 2014 | $1,218,671 | $1,190,336 | $245 | ' | $0 | ' | $2,207,938 | ' | ($7,412) | ($1,010,435) | $28,335 |
Balance at end of period (in shares) at Jun. 30, 2014 | ' | ' | 244,733,113 | ' | 0 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($169,849) | ($108,842) |
Adjustments to reconcile net loss to net cash from operating activities: | ' | ' |
Depreciation, amortization and accretion | 50,685 | 49,399 |
Deferred income tax benefit | -14,712 | -29,496 |
Inventory write-downs | 36,863 | 47,958 |
Release of inventory step-up value | 719 | 3,499 |
Stock-based compensation | 2,288 | 794 |
Equity in results of affiliates | 3,275 | 6,356 |
Other operating adjustments | 4,396 | -846 |
Net change in operating assets and liabilities (Note 14) | -31,913 | -42,863 |
Net cash used in operating activities | -118,248 | -74,041 |
Cash flows from investing activities: | ' | ' |
Investment in joint ventures | -703 | -3,423 |
Capital expenditures | -44,687 | -264,726 |
Recovery from insurance claims | 12,900 | 0 |
Other investing activities | 395 | -224 |
Net cash used in investing activities | -32,095 | -268,373 |
Cash flows from financing activities: | ' | ' |
Repayments of debt | -3,079 | -27,283 |
Net proceeds from sale of common stock | 0 | 248,150 |
Issuance of 5.50% Convertible Notes | 0 | 165,600 |
Payments of preferred dividends | -2,846 | -5,693 |
Dividend paid to noncontrolling interests | -1,135 | -1,946 |
Other financing activities | 164 | -360 |
Net cash (used in) provided by financing activities | -6,896 | 378,468 |
Effect of exchange rate changes on cash | -706 | 318 |
Net change in cash and cash equivalents | -157,945 | 36,372 |
Cash and cash equivalents at beginning of the period | 314,317 | 227,790 |
Cash and cash equivalents at end of period | 156,372 | 264,162 |
Non-cash financing activities and investing activities: | ' | ' |
Change in accrued capital expenditures | ($15,400) | ($108,861) |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and Regulation S-X promulgated under the Exchange Act, and reflect all adjustments that are normal and recurring in nature, which, in the opinion of management, are necessary for the fair presentation of our financial position, results of operations and cash flows at June 30, 2014, and for all periods presented. While the December 31, 2013 balance sheet information was derived from our audited financial statements, for interim periods, GAAP and Regulation S-X do not require all information and related disclosures that are required in the annual financial statements and, as a result, all disclosures required by GAAP and Regulation S-X for annual financial statements have not been included in this report. Therefore, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the SEC on March 3, 2014. | ||
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries. Intercompany balances and transactions have been eliminated on consolidation. Investments in joint ventures where we do not exert control, but have the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for under the equity method of investment. All other investments are accounted at cost. | ||
Nominal prior period revenues and expenses related to an asset disposal that we finalized in the first quarter of 2014 have been reclassified to "Other expense" in the condensed consolidated statement of operations and comprehensive income. Such reclassifications did not affect our results of operations. | ||
Use of Estimates | ||
The preparation of the financial statements, in accordance with GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ significantly from these estimates under different assumptions and conditions. Significant estimates we made in the accompanying financial statements include the collectability of accounts receivable, the recoverability of inventory, the useful lives and recoverability of long-lived assets such as property, plant and equipment, intangible assets, goodwill and investments, capital leases, uncertain tax positions, the realizability of deferred tax assets, and the adequacy of the asset retirement obligation. | ||
Significant Accounting Policies | ||
A summary of our significant accounting policies can be found in Item 8, Note 2 of the audited consolidated financial statements for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the SEC on March 3, 2014. | ||
Recent Accounting Pronouncements | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | ||
Step 1: Identify the contract(s) with a customer. | ||
Step 2: Identify the performance obligations in the contract. | ||
Step 3: Determine the transaction price. | ||
Step 4: Allocate the transaction price to the performance obligations in the contract. | ||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | ||
The new guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. An entity will be required to disclose sufficient qualitative and quantitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. For calendar-year public entities, the new guidance is effective starting in 2017, and interim periods within that year. Early adoption is not permitted. An entity should apply the amendments in this update using one of the following two methods: | ||
1 | Retrospectively to each prior reporting period presented. | |
2 | Retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. If an entity elects this transition method, it also should provide the additional disclosures in reporting periods that include the date of initial application of: | |
i. | The amount by which each financial statement line item is affected in the current reporting period by the application of this update as compared to the guidance that was in effect before the change. | |
ii. | An explanation of the reasons for significant changes. | |
We are in the process of evaluating which of the two methods we will apply to adopt the amendments, and whether this new guidance will have a material impact on our financial statements and related disclosures. | ||
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments included in this update change the requirements for reporting discontinued operations and require new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. The amendments also allow an entity to present a discontinued operation even when it has continuing cash flows and significant continuing involvement with the disposed component. Under the revised standard, a discontinued operation is defined as (i) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (ii) an acquired business or nonprofit activity (the entity to be sold) that is classified as held for sale on the date of the acquisition. A strategic shift could include the disposal of a major line of business, a major geographical area, a major equity method investment or other major parts of an entity. For calendar-year public entities, the amendments are effective starting in 2015, including interim periods within that year, and are to be applied on a prospective basis. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The adoption of this updated guidance is not expected to have a material impact on our financial statements and related disclosures. |
Liquidity_and_Capital_Requirem
Liquidity and Capital Requirements | 6 Months Ended |
Jun. 30, 2014 | |
Capital Requirements [Abstract] | ' |
Liquidity and Capital Requirements | ' |
Liquidity and Capital Requirements | |
We expect to use our cash balances of $156.4 million as of June 30, 2014, as well as cash generated from operations in certain business units and available and planned financing to fund our capital expenditures, debt service and other cash requirements. Capital expenditures for our Mountain Pass facility are expected to total approximately $30.0 million for the remainder of 2014, including remaining payments for certain capital expenditures incurred as of June 30, 2014, and $30.0 million in 2015. Additionally, we expect to spend approximately $10.0 million for the remainder of 2014 and $30 million in 2015 on maintenance and expansion capital expenditures across all other business units. | |
In August 2014, we and certain of our subsidiaries entered into a commitment letter with Oaktree Capital Management, L.P. (collectively with certain of its affiliates and funds under its management, "Oaktree") pursuant to which Oaktree agreed to provide to us and certain of our subsidiaries up to $400 million in secured financing through credit facilities and the sale and leaseback of certain equipment at our Mountain Pass facility, which is expected to provide additional funding for corporate, operating and capital expenditures. This proposed financing is subject to various conditions precedent. For more information, see Note 17 below. | |
The amount of our cash requirements continues to be dependent on (i) the accuracy of our cost estimates for capital expenditures, (ii) our ability to ramp-up run rates at our Mountain Pass facility pursuant to our expectations without further delays, and to achieve lower cash costs of production as a result of further optimization of operations at our Mountain Pass facility, (iii) stable or improved market conditions, (iv) our ability to sell our production of rare earths to external customers and our downstream facilities (including our ability to sell our cerium through market acceptance of SorbX® or otherwise), (v) our ability to repatriate cash generated from our global operations, and (vi) the absence of payments on current and future contingent liabilities. If these assumptions prove inaccurate, our estimates could prove incorrect and we may need additional financing. | |
As part of our cash management procedures, we continue to evaluate opportunities to reduce costs. Also, we have utilized and will continue to utilize lease financing for certain heavy mobile equipment and vehicles. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||
Our operations are organized into four reportable segments, each reflecting a unique combination of product lines and technologies: Resources, Chemicals and Oxides, Magnetic Materials and Alloys, and Rare Metals. The primary measurement we use to measure the financial performance of each reportable segment is OIBDA (Operating income before depreciation, amortization and accretion). | ||||||||||||||||||||||||||||
Three months ended June 30, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 2,331 | $ | 45,437 | $ | 53,195 | $ | 15,944 | $ | — | $ | 116,907 | ||||||||||||||||
Inter-segment | 7,706 | 3,195 | 1,165 | — | (12,066 | ) | — | |||||||||||||||||||||
Total revenues | $ | 10,037 | $ | 48,632 | $ | 54,360 | $ | 15,944 | $ | (12,066 | ) | $ | 116,907 | |||||||||||||||
OIBDA | $ | (30,298 | ) | $ | 4,836 | $ | 11,812 | $ | 740 | |||||||||||||||||||
Depreciation, amortization and accretion | (17,009 | ) | (3,908 | ) | (4,261 | ) | (2,101 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (47,307 | ) | $ | 928 | $ | 7,551 | $ | (1,361 | ) | $ | (9,083 | ) | $ | 537 | $ | (48,735 | ) | ||||||||||
Other income | 296 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (41,285 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (89,724 | ) | |||||||||||||||||||||||||
Three months ended June 30, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 10,922 | $ | 34,789 | $ | 66,114 | $ | 24,287 | $ | — | $ | 136,112 | ||||||||||||||||
Inter-segment | 6,665 | 6,692 | — | — | (13,357 | ) | — | |||||||||||||||||||||
Total revenues | $ | 17,587 | $ | 41,481 | $ | 66,114 | $ | 24,287 | $ | (13,357 | ) | $ | 136,112 | |||||||||||||||
OIBDA | $ | (28,775 | ) | $ | (9,585 | ) | $ | 18,060 | $ | (695 | ) | |||||||||||||||||
Depreciation, amortization and accretion | (11,629 | ) | (5,589 | ) | (7,422 | ) | (2,005 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (40,404 | ) | $ | (15,174 | ) | $ | 10,638 | $ | (2,700 | ) | $ | (9,953 | ) | $ | (1,286 | ) | $ | (58,879 | ) | ||||||||
Other income | 2,813 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (14,869 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (70,935 | ) | |||||||||||||||||||||||||
a. | Includes business development costs, personnel costs, stock-based compensation, accounting and legal fees, occupancy expense, information technology costs and interest expense. | |||||||||||||||||||||||||||
b. | Consist of inter-segment sales and gross profits eliminations as well as eliminations of lower of cost or market adjustments related to inter-segment inventory. | |||||||||||||||||||||||||||
Six months ended June 30, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 5,442 | $ | 85,707 | $ | 107,915 | $ | 36,368 | $ | — | $ | 235,432 | ||||||||||||||||
Inter-segment | 20,159 | 9,481 | 2,383 | — | (32,023 | ) | — | |||||||||||||||||||||
Total revenues | $ | 25,601 | $ | 95,188 | $ | 110,298 | $ | 36,368 | $ | (32,023 | ) | $ | 235,432 | |||||||||||||||
OIBDA | $ | (66,742 | ) | $ | 8,136 | $ | 25,489 | $ | 671 | |||||||||||||||||||
Depreciation, amortization and accretion | (30,101 | ) | (7,781 | ) | (8,498 | ) | (4,194 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (96,843 | ) | $ | 355 | $ | 16,991 | $ | (3,523 | ) | $ | (16,196 | ) | $ | (537 | ) | $ | (99,753 | ) | |||||||||
Other income | 770 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (76,925 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (175,908 | ) | |||||||||||||||||||||||||
Six months ended June 30, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 25,580 | $ | 84,389 | $ | 120,792 | $ | 50,750 | $ | — | $ | 281,511 | ||||||||||||||||
Inter-segment | 9,310 | 21,302 | — | — | (30,612 | ) | — | |||||||||||||||||||||
Total revenues | $ | 34,890 | $ | 105,691 | $ | 120,792 | $ | 50,750 | $ | (30,612 | ) | $ | 281,511 | |||||||||||||||
OIBDA | $ | (59,847 | ) | $ | (7,353 | ) | $ | 30,302 | $ | 4,859 | ||||||||||||||||||
Depreciation, amortization and accretion | (20,682 | ) | (11,127 | ) | (12,901 | ) | (4,258 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (80,529 | ) | $ | (18,480 | ) | $ | 17,401 | $ | 601 | $ | (21,518 | ) | $ | (1,824 | ) | $ | (104,349 | ) | |||||||||
Other income | 2,360 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (26,518 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (128,507 | ) |
Inventory
Inventory | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||||||
Inventory | ' | |||||||||||||||
Inventory | ||||||||||||||||
At June 30, 2014 and December 31, 2013, our inventory consisted of the following: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Current: | ||||||||||||||||
Concentrate stockpiles | $ | 90 | $ | 24 | ||||||||||||
Raw materials | 49,293 | 42,627 | ||||||||||||||
Work in process | 39,250 | 41,962 | ||||||||||||||
Finished goods | 70,817 | 65,662 | ||||||||||||||
Materials and supplies | 22,572 | 21,508 | ||||||||||||||
Total current | $ | 182,022 | $ | 171,783 | ||||||||||||
Long-term: | ||||||||||||||||
Concentrate stockpiles | $ | — | $ | 4 | ||||||||||||
Raw materials | 25,934 | 25,325 | ||||||||||||||
Total long-term | $ | 25,934 | $ | 25,329 | ||||||||||||
The following table presents charges to costs of sales related to our assessment of normal production levels and write-downs of inventory: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Abnormal production costs expensed in the period (a) | $ | 17,562 | $ | 25,518 | $ | 42,546 | $ | 47,494 | ||||||||
Write-down to the lower of cost or market (b) | 19,359 | 21,374 | 35,520 | 41,100 | ||||||||||||
Write-downs of stockpile inventory (c) | 132 | 4,458 | 1,342 | 6,858 | ||||||||||||
Total | $ | 37,053 | $ | 51,350 | $ | 79,408 | $ | 95,452 | ||||||||
(a) | Relates to production costs that would have been inventoriable had we been operating at normal production levels. In all periods presented, the majority of these production costs related to the Resources segment. | |||||||||||||||
(b) | Due to the decline in some rare earths prices and low inventory turnover. | |||||||||||||||
(c) | Adjustments of the estimated REO content in the stockpile at the Resources segment. |
Property_Plant_and_Equipment_n
Property, Plant and Equipment, net | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, net | ' | |||||||
Property, Plant and Equipment, net | ||||||||
We capitalized expenditures of $17.2 million and $29.4 million for the three and six months ended June 30, 2014, respectively, and $77.4 million and $198.2 million for the three and six months ended June 30, 2013, respectively. The majority of these capital expenditures related to the expansion and modernization efforts, and certain other capital projects, at our Mountain Pass facility (Resources segment). Starting in 2014, we no longer capitalize interest because the construction of our Mountain Pass facility was substantially complete at the beginning of the year. For the three and six months ended June 30, 2013, we capitalized interest of $19.3 million and $40.8 million, respectively. In prior periods, capitalized interest was added to "Construction in progress" until the asset was complete and ready for its intended use. Subsequently, capitalized interest was allocated to the pertinent asset class, such as "Land improvements", "Building and improvements" or "Plant and equipment", and amortized over the estimated useful life of the asset. At June 30, 2014, "Construction in progress" included assets that were not yet ready for their intended use from a production capacity standpoint, as defined in our capital asset policy. | ||||||||
At June 30, 2014 and December 31, 2013, our property, plant and equipment consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land | $ | 12,785 | $ | 12,822 | ||||
Land improvements | 304,372 | 327,029 | ||||||
Buildings and improvements | 572,269 | 418,510 | ||||||
Plant and equipment | 475,980 | 288,603 | ||||||
Vehicles | 2,969 | 2,986 | ||||||
Computer software | 12,449 | 12,424 | ||||||
Furniture and fixtures | 1,044 | 1,044 | ||||||
Construction in progress (a) | 453,744 | 755,107 | ||||||
Natural gas delivery facility under capital lease | 15,658 | 15,658 | ||||||
Mining equipment under capital lease | 9,496 | 7,370 | ||||||
Mineral properties | 23,798 | 23,999 | ||||||
Property, plant and equipment at cost | 1,884,564 | 1,865,552 | ||||||
Less accumulated depreciation | (141,070 | ) | (102,678 | ) | ||||
Property, plant and equipment, net | $ | 1,743,494 | $ | 1,762,874 | ||||
(a) | Primarily related to expenditures at the Mountain Pass facility. | |||||||
Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, drilling costs, and the cost of other development work associated with our Mountain Pass facility, all of which are capitalized. |
Debt_and_Capital_Lease_Obligat
Debt and Capital Lease Obligations | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Debt and Capital Lease Obligations | ' | |||||||||||||||||||||||||||
Debt and Capital Lease Obligations | ||||||||||||||||||||||||||||
The following table provides a summary of the current and non-current portions of our debt outstanding and capital lease obligations at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Bank loans due May 2014 - September 2017 | $ | 11,378 | $ | 1,943 | $ | 14,128 | $ | 2,699 | ||||||||||||||||||||
3.25% Convertible Notes, net of discount, due June 2016 | — | 211,406 | — | 207,028 | ||||||||||||||||||||||||
6.00% Convertible Notes, net of discount, due September 2017 | — | 354,606 | — | 346,708 | ||||||||||||||||||||||||
5.00% Debentures, net of discount, due December 2017 | — | 2,209 | — | 2,493 | ||||||||||||||||||||||||
5.50% Convertible Notes, net of discount, due February 2018 | — | 150,760 | — | 148,198 | ||||||||||||||||||||||||
10% Senior Notes, net of discount, due June 2020 | — | 638,148 | — | 637,435 | ||||||||||||||||||||||||
Total debt | 11,378 | 1,359,072 | 14,128 | 1,344,561 | ||||||||||||||||||||||||
Capital lease obligations | 2,852 | 19,597 | 2,234 | 19,355 | ||||||||||||||||||||||||
Total debt and capital lease obligations | $ | 14,230 | $ | 1,378,669 | $ | 16,362 | $ | 1,363,916 | ||||||||||||||||||||
Weighted average interest rate on the bank loans was 3.41% and 3.59% at June 30, 2014 and December 31, 2013, respectively. Scheduled minimum debt repayments, excluding capital lease obligations, were as follows at June 30, 2014: | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
Debt maturities, excluding capital leases | (In thousands) | |||||||||||||||||||||||||||
Remainder of 2014 | 10,648 | |||||||||||||||||||||||||||
2015 | 1,431 | |||||||||||||||||||||||||||
2016 | 230,814 | |||||||||||||||||||||||||||
2017 | 416,621 | |||||||||||||||||||||||||||
2018 | 172,500 | |||||||||||||||||||||||||||
Thereafter | 650,000 | |||||||||||||||||||||||||||
Total | 1,482,014 | |||||||||||||||||||||||||||
As of June 30, 2014, we were in compliance with all applicable covenants related to our indebtedness, which are all affirmative in nature and contain customary "Change of control" provisions. | ||||||||||||||||||||||||||||
The following table presents a reconciliation of the principal amount to the net carrying value for each of our Convertible Notes and our Senior Notes at June 30, 2014 and December 31, 2013, and provides the interest cost of each instrument for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||||
3.25% Convertible Notes | 6.00% Convertible Notes | 5.50% Convertible Notes | 10% Senior Notes | |||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Principal amount | $ | 230,000 | $ | 230,000 | $ | 414,000 | $ | 414,000 | $ | 172,500 | 172,500 | $ | 650,000 | $ | 650,000 | |||||||||||||
Unamortized debt discount | (18,594 | ) | (22,972 | ) | (59,394 | ) | (67,292 | ) | (21,740 | ) | (24,302 | ) | (11,852 | ) | (12,565 | ) | ||||||||||||
Net carrying amount | $ | 211,406 | $ | 207,028 | $ | 354,606 | $ | 346,708 | $ | 150,760 | 148,198 | $ | 638,148 | $ | 637,435 | |||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
$ | 4,070 | $ | 3,931 | $ | 10,275 | $ | 9,909 | $ | 3,676 | $ | 3,576 | $ | 16,645 | $ | 16,610 | |||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
$ | 8,128 | $ | 7,851 | $ | 20,425 | $ | 19,722 | $ | 7,335 | $ | 5,873 | $ | 33,284 | $ | 33,215 | |||||||||||||
(a) Interest cost includes the coupon interest, accretion of the initial equity component of the convertible notes (3.25% - $36,227; 6.00% - $68,695; and 5.50% - $21,815), accretion of the underwriting discounts and amortization of the issuance costs allocated to the liability component. | ||||||||||||||||||||||||||||
Senior Secured Obligations | ||||||||||||||||||||||||||||
The 10% Senior Notes are our senior secured obligations and are guaranteed by certain of our domestic subsidiaries ("Guarantors"). The Senior Notes are secured by a first-priority security interest on substantially all of our property and assets and those of the Guarantors, subject to some exceptions for certain "Excluded Assets," such as: | ||||||||||||||||||||||||||||
• | Leasehold interests in real property; | |||||||||||||||||||||||||||
• | Certain capital leases that constitute permitted liens; | |||||||||||||||||||||||||||
• | Certain motor vehicles; | |||||||||||||||||||||||||||
• | Assets owned by foreign subsidiaries or, subject to certain limitations, MMA; | |||||||||||||||||||||||||||
• | Assets with a fair market value of less than $15.0 million as to which the board of directors determine in good faith (and certify to the collateral agent) that the costs of obtaining or perfecting such security interest are excessive in relation to the practical benefit to the holder of the Notes of the security afforded thereby (based on the value of such asset); | |||||||||||||||||||||||||||
• | Cash collateral for letters of credit or hedging obligations (up to 105% of the underlying obligations); | |||||||||||||||||||||||||||
• | Certain deposit accounts; | |||||||||||||||||||||||||||
• | The equity interests of immaterial subsidiaries and, subject to certain limitations, MMA; | |||||||||||||||||||||||||||
• | Voting stock of foreign subsidiaries in excess of 65.0% of the voting stock; and | |||||||||||||||||||||||||||
• | Other pledges of stock of a guarantor to the extent that Rule 3-16 of Regulation S-X under the Securities Act would require the filing of separate financial statements of such guarantor. | |||||||||||||||||||||||||||
Capital Leases | ||||||||||||||||||||||||||||
We lease certain mining and other equipment under agreements with various durations that have been determined to be capital leases. Those agreements contain purchase options at the end of the lease term and are generally at market interest rates. | ||||||||||||||||||||||||||||
At June 30, 2014, total future minimum payments on our capital leases were as follows: | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
Capital Leases | (In thousands) | |||||||||||||||||||||||||||
Remainder of 2014 | 3,834 | |||||||||||||||||||||||||||
2015 | 7,667 | |||||||||||||||||||||||||||
2016 | 7,667 | |||||||||||||||||||||||||||
2017 | 6,550 | |||||||||||||||||||||||||||
2018 | 5,160 | |||||||||||||||||||||||||||
Thereafter | 17,789 | |||||||||||||||||||||||||||
Total | 48,667 | |||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective income tax rate can vary significantly quarter-to-quarter for various reasons, including the mix and volume of business in lower tax jurisdictions, in jurisdictions with tax holidays and tax incentives, and in jurisdictions for which no deferred tax assets have been recognized because management believed it was not more likely than not that future taxable profit would be available against which tax losses and deductible temporary differences could be utilized. Our effective income tax rate can also vary due to the impact of foreign exchange fluctuations, operating losses, changes in our provisions related to tax uncertainties, and changes in our assertion relating to indefinitely reinvesting undistributed earnings of certain foreign subsidiaries. | |
For the three and six months ended June 30, 2014, our effective tax rates were 8.3% and 5.3%, respectively, as compared to 5.0% and 20.2% for the three and six months ended June 30, 2013, respectively. The June 30, 2014 effective tax rates were impacted primarily by the valuation allowance required in the United States. In addition, a $9.6 million discrete income tax benefit has been recognized during the second quarter of 2014 in the United States to offset the increase in deferred tax liabilities from an out-of-period adjustment related to the revised fair value of our share-lending arrangements described in Note 8 below. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Stockholders' Equity | ' | |||||||||||
Stockholders’ Equity | ||||||||||||
At June 30, 2014 and December 31, 2013, we had 244,864,035 and 240,380,138 shares of common stock issued and outstanding, respectively. At December 31, 2013, we also had 2,070,000 shares of our 5.50% Series A Mandatory Convertible Preferred Stock (“Convertible Preferred Stock”) issued and outstanding. | ||||||||||||
On March 1, 2014, each share of our Convertible Preferred Stock automatically converted into two shares of our common stock based on the “maximum conversion rate”, as defined in our Amended and Restated Certificate of Incorporation. As a result, we issued 4,140,000 shares of our common stock in connection with the automatic conversion of the 2,070,000 shares of the Convertible Preferred Stock. Also on March 1, 2014, we paid the final $2.8 million of the aggregate preferred dividends on the Convertible Preferred Stock to holders of record at the close of business on February 15, 2014. | ||||||||||||
Share-lending arrangements | ||||||||||||
In August 2012, in order to facilitate the offering of our 6.00% Convertible Notes due September 2017, we entered into a share-lending arrangement with Morgan Stanley Capital Services LLC (“MSCS”), an affiliate of Morgan Stanley & Co. LLC, under which we agreed to loan 13,800,000 shares of our common stock to MSCS (the “2012 Borrowed Shares”). In January 2013, in order to facilitate the offering of our 5.50% Convertible Notes due February 2018, we entered into another share-lending arrangement with MSCS, under which we agreed to loan 6,666,666 shares of our common stock (the “2013 Borrowed Shares”, and collectively with the 2012 Borrowed Shares, the “Borrowed Shares”). We received no proceeds and no collateral for the Borrowed Shares, but a nominal lending fee from MSCS for the use of these loaned shares. Given the aggregate lending fees, no further consideration was given to the accounting treatment of the share-lending arrangements. For corporate law purposes, the Borrowed Shares are issued and outstanding. However, based on certain contractual undertakings of MSCS in the share-lending arrangements that have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of the Borrowed Shares, these loaned shares are not considered outstanding for the purpose of computing and reporting our earnings per share. The Borrowed Shares are to be returned to Molycorp concurrently with the maturity of the related convertible notes. | ||||||||||||
During the second quarter of 2014, the SEC issued Molycorp a comment letter with respect to our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 regarding, among other things, the fair value measurement of our share-lending arrangements. In response to the SEC’s comment, we reconsidered our approach to determining the fair value of our share-lending arrangements and identified a methodology to estimate the long-term borrowing rate of our common stock, which we adjusted for the credit risk of the counterparty given that no collateral was provided to us that complied with ASC 470-20-25-20A. As a result of applying the methodology, management has determined that the fair value at the date of issuance of the 2012 Borrowed Shares and 2013 Borrowed Shares should have been approximately $18.1 million and $6.6 million, respectively. This amount should have been recognized in the financial statements as issuance costs associated with the issuance of the related convertible notes with an offset to additional paid-in capital. | ||||||||||||
Because the adjustment, both individually and in the aggregate, was not material to any of the prior years’ financial statements, and the impact of correcting the errors was not material to the full year 2014 financial statements, we recorded the correction in the condensed consolidated financial statements in the second quarter of 2014. The out-of-period adjustment had the following impact on the condensed consolidated balance sheet and the condensed consolidated statements of operations and comprehensive loss as of June 30, 2014: | ||||||||||||
Increase to balance sheet captions: | As of June 30, 2014 | |||||||||||
Other non-current assets | $ | 16,381 | ||||||||||
Property, plant and equipment, net | 3,378 | |||||||||||
Additional paid-in capital | 15,062 | |||||||||||
Increase to statements of operations and comprehensive loss captions: | Three Months Ended | Six Months Ended | ||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||
Interest expense, net of capitalized interest | $ | 4,933 | $ | 4,933 | ||||||||
Income tax benefit | 9,630 | 9,630 | ||||||||||
The following table provides certain other information on our share-lending arrangements as of June 30, 2014: | ||||||||||||
2012 Borrowed Shares | 2013 Borrowed Shares | Total | ||||||||||
(In thousands) | ||||||||||||
Fair value | $ | 7,957 | $ | 4,450 | $ | 12,407 | ||||||
Unamortized issuance cost | 11,546 | 4,835 | 16,381 | |||||||||
The methodology to fair value our share-lending arrangements consists of an option pricing model that we used to determine a synthetic cost of borrow of our common stock, which we then adjusted for an estimate of the counterparty credit risk. Inputs used in this approach include a combination of Level 2 and Level 3 inputs of the fair value hierarchy. As of June 30, 2014, all of the Borrowed Shares we originally agreed to loan to MSCS are still outstanding, and the related unamortized issuance cost is included in "Other non-current assets" in the condensed consolidated balance sheet. | ||||||||||||
The amount of non-cash interest cost recognized relating to the amortization of the issuance cost associated with the combined share-lending arrangements was as follows in 2014: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||
(In thousands) | ||||||||||||
Interest cost expensed | $ | 4,933 | $ | 4,933 | ||||||||
Interest cost capitalized | 3,378 | 3,378 | ||||||||||
Accumulated other comprehensive income | ||||||||||||
The following table provides the changes in Accumulated other comprehensive income (loss) (“AOCI”) for the six-month periods ended June 30, 2014 and 2013: | ||||||||||||
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | ||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2013 | $ | (6,638 | ) | $ | 187 | $ | (6,451 | ) | ||||
Change in other comprehensive loss before reclassifications | (961 | ) | — | (961 | ) | |||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at June 30, 2014 | $ | (7,599 | ) | $ | 187 | $ | (7,412 | ) | ||||
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | ||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2012 | $ | (8,261 | ) | $ | (1,172 | ) | $ | (9,433 | ) | |||
Change in other comprehensive loss before reclassifications | (2,632 | ) | — | (2,632 | ) | |||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at June 30, 2013 | $ | (10,893 | ) | $ | (1,172 | ) | $ | (12,065 | ) | |||
There were no items reclassified from AOCI during the interim periods presented above. |
Loss_per_Share
Loss per Share | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Loss per Share | ' |
Loss per Share | |
For the six months ended June 30, 2014 and for the three and six months ended June 30, 2013, the dividends on the Convertible Preferred Stock were subtracted from net loss attributable to Molycorp stockholders for the purpose of computing the basic and diluted earnings per share. | |
Diluted earnings per share reflect the dilutive impact of potential common stock and unvested restricted shares of common stock in the weighted average number of common shares outstanding during the period, if dilutive. For this purpose, the “treasury stock method” and “if-converted method,” as applicable, are used. Under the treasury stock method, assumed proceeds upon the exercise of stock options are considered to be used to purchase common stock at the average market price of the shares during the period. Also under the treasury stock method, fixed awards and non-vested shares, such as restricted stock units, are deemed options for purposes of computing diluted earnings per share. At June 30, 2014 and 2013, all potential common stock under the treasury stock method were antidilutive in nature; consequently, we did not have any adjustments between earnings per share and diluted earnings per share related to stock options and restricted stock units. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be antidilutive. Convertible preferred stock is antidilutive whenever the amount of the dividend declared in or accumulated for the current period per common share obtainable on conversion, including the deemed dividend in the period from a beneficial conversion feature, exceeds basic earnings per share. Our Convertible Preferred Stock was antidilutive at June 30, 2014 and 2013. Also, under the if-converted method, convertible debt is antidilutive whenever its interest per common share obtainable on conversion, including any deemed interest from a beneficial conversion feature and nondiscretionary adjustments, net of tax, exceeds basic earnings per share. At June 30, 2014 and 2013, our convertible notes were all antidilutive. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
Stock-Based Compensation | |||||||
The following tables summarize the stock-based awards with significant activity for the six months ended June 30, 2014: | |||||||
PBRSUs | Number of | Weighted Average | |||||
Shares | Grant-Date | ||||||
Price | |||||||
Unvested at December 31, 2013 | 697,797 | $ | 7.45 | ||||
Granted | 744,540 | $ | 4.99 | ||||
Forfeited | (4,343 | ) | 5.88 | ||||
Vested | — | — | |||||
Unvested at June 30, 2014 | 1,437,994 | $ | 6.18 | ||||
RSUs | Number of | Weighted Average | |||||
Shares | Grant-Date | ||||||
Price | |||||||
Unvested at December 31, 2013 | 1,076,385 | $ | 9.81 | ||||
Granted | 932,052 | $ | 4.41 | ||||
Forfeited | (54,775 | ) | $ | 8.95 | |||
Vested | (49,913 | ) | $ | 31.91 | |||
Unvested at June 30, 2014 | 1,903,749 | $ | 6.61 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||
(a) | Future Operating Lease Commitments | |||||||||||||||||||
We lease certain office space, trailers and equipment pursuant to lease agreements that have been determined to be operating leases. Remaining annual minimum payments under these leases at June 30, 2014 were as follows: | ||||||||||||||||||||
Total | Less Than | 1 - 3 Years | 4 - 5 Years | More Than | ||||||||||||||||
1 Year | 5 Years | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating lease obligations | $ | 6,491 | $ | 2,400 | $ | 2,621 | $ | 602 | $ | 868 | ||||||||||
(b) | Purchase Commitments | |||||||||||||||||||
We entered into contractual commitments for the purchase of materials and services from various vendors, primarily in connection with the modernization and expansion efforts at our Mountain Pass facility. Future payments for all purchase commitments at June 30, 2014 were as follows: | ||||||||||||||||||||
Total | Less Than | 1 - 3 Years | 4 - 5 Years | More Than | ||||||||||||||||
1 Year | 5 Years | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Purchase obligations and other commitment | $ | 142,252 | $ | 142,252 | $ | — | $ | — | $ | — | ||||||||||
(c) | Labor Contract | |||||||||||||||||||
Certain of our employees at our Mountain Pass facility are covered by a collective bargaining agreement with the United Steelworkers of America that expires on March 15, 2015. At June 30, 2014, 258 employees, or approximately 58% of the workforce at our Mountain Pass facility, were covered by this collective bargaining agreement. | ||||||||||||||||||||
At June 30, 2014, 168 employees, or approximately 30% of the workforce at our Molycorp Silmet facility, were unionized employees. The contract with the labor union in Estonia is automatically renewed each year unless either party desires to make an amendment. The contract was last amended in February 2012. | ||||||||||||||||||||
(d) | Reclamation Surety Bonds | |||||||||||||||||||
At June 30, 2014, we had placed $28.8 million of surety bonds with California state and regional agencies to secure our Mountain Pass facility closure and reclamation obligations. | ||||||||||||||||||||
(e) | Purported Class Action and Derivative Lawsuits | |||||||||||||||||||
In February 2012, a purported class action lawsuit was filed in the Colorado Federal District Court against us and certain of our current and former executive officers alleging violations of the federal securities laws. The Consolidated Class Action Complaint filed on July 31, 2012 also names most of our Board members and some of our stockholders as defendants, along with other persons and entities. That Complaint alleges 18 claims for relief arising out of alleged: (1) securities fraud in violation of the Securities Exchange Act of 1934, or the Exchange Act, during the proposed class period from February 11, 2011 through November 10, 2011; and (2) materially untrue or misleading statements in registration statements and prospectuses for our public offering of preferred stock in February 2011 and of common stock in June 2011, in violation of the Securities Act of 1933. Our motion to dismiss that Complaint was filed in October 2012 and is pending. We believe that this lawsuit is without merit, and we intend to vigorously defend ourselves against these claims. | ||||||||||||||||||||
Certain of our shareholders filed a consolidated stockholder derivative lawsuit purportedly on our behalf against us (as nominal defendant) and certain of our current and former directors, executive officers and shareholders in the Delaware Court of Chancery. A Consolidated Amended Stockholder Derivative Complaint was filed in August 2012. Pursuant to an order dated May 15, 2013, the Delaware Chancery Court stayed this derivative lawsuit pending the outcome of the Colorado class action lawsuit. On October 9, 2013, certain plaintiffs, purportedly on our behalf, filed a Motion to Lift the Stay and for Leave to File an Amended Complaint. Pursuant to a letter opinion dated May 12, 2014, the Delaware Chancery Court granted plaintiffs’ motion to file a second consolidated amended derivative complaint. In addition, the Delaware Chancery Court lifted the stay of the action. The plaintiffs filed their Second Consolidated Amended Complaint on May 15, 2014, alleging breaches of fiduciary duty and unjust enrichment, but dropping claims for material misstatements and for trading on material, non-public information. The defendants filed a Motion to Dismiss the Second Consolidated Amended Complaint on July 14, 2014. The plaintiffs’ answer brief is due to be filed on August 29, 2014, with defendants’ reply briefs due on September 26, 2014. | ||||||||||||||||||||
Two additional shareholder derivative lawsuits were filed purportedly on our behalf against us (as nominal defendant) and certain of our current and former directors, executive officers and shareholders, in the Colorado Federal District Court. These lawsuits allege claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment based on events in 2011 and 2012. The Colorado Federal District Court dismissed these lawsuits. The plaintiffs filed an appeal of that ruling to the U.S. Court of Appeals for the Tenth Circuit, and the Tenth Circuit remanded these cases back to the Colorado Federal District Court. Subsequently, a different shareholder, purportedly on our behalf, filed a new shareholder derivative lawsuit in the Colorado Federal District Court alleging claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment based on events during 2011 through 2013. The Colorado Federal District Court sua sponte consolidated this lawsuit with the remanded lawsuits. The plaintiff in the new derivative lawsuit filed a Motion to Vacate the consolidation order. On July 15, 2014, the Colorado Federal District Court ruled that, based on the Second Consolidated Amended Derivative Complaint filed in Delaware Chancery Court, the issues raised in the Colorado derivative cases were sufficiently distinct from the issues set forth in the Delaware derivative lawsuit, and reversed its original order dismissing the lawsuits. In its order, the Colorado Federal District Court left open the opportunity for the defendants to file a motion to stay the Colorado derivative lawsuits pending the resolution of the Colorado class action lawsuit. The Motion to Vacate the consolidation order remains pending. | ||||||||||||||||||||
In August 2013, two purported class action lawsuits were filed in the U.S. District Court for the Southern District of New York against us and certain of our current and former executive officers, alleging violations of the federal securities laws. A Consolidated Amended Class Action Complaint, filed on May 19, 2014, also names us and certain of our current and former executive officers. The Consolidated Amended Class Action Complaint alleges claims for relief arising out of alleged securities fraud in violation of the Exchange Act, during a purported class period from February 21, 2012 through October 15, 2013. Our Motion to Dismiss the consolidated lawsuit is due to be filed on August 13, 2014. We believe that this lawsuit is without merit, and we intend to vigorously defend ourselves against these claims. | ||||||||||||||||||||
The class action and derivative lawsuits described above have not progressed to a point where a reasonably possible range of losses associated with their ultimate outcome can be estimated at this time. If the final resolution of any such litigation or proceedings is unfavorable, our financial condition, operating results and cash flows could be materially affected. |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentrations | ' |
Concentrations | |
Resources Segment | |
There were no significant sales by customer or by product at the Resources segment for the three and six months ended June 30, 2014, and for the three and six months ended June 30, 2013. | |
Chemicals and Oxides Segment | |
Sales of cerium products within the Chemicals and Oxides segment accounted for 11% and 7% of consolidated revenues in the second quarter of 2014 and 2013, respectively, and 10% and 11% for the six months ended June 30, 2014 and 2013, respectively. There were no significant sales by customer in this segment in all interim periods indicated above. | |
Magnetic Materials and Alloys Segment | |
Sales of Neo Powders™ within the Magnetic Materials and Alloys segment, relative to consolidated revenues, were 44% and 41% for the three months ended June 30, 2014 and 2013, respectively, and 44% and 38% for the six months ended June 30, 2014 and 2013, respectively. | |
Sales of Neo Powders™ to Daido Electronics, a subsidiary of one of IMJ’s shareholders, totaled $15.0 million and $14.0 million for the three months ended June 30, 2014 and 2013, respectively, and $27.2 million and $22.9 million for the six months ended June 30, 2014 and 2013, respectively. At June 30, 2014 and December 31, 2013, we had accounts receivable from Daido Electronics of $5.1 million and $7.5 million, respectively. | |
Rare Metals Segment | |
There were no significant sales by product or by customer at the Rare Metals segment for the three and six months ended June 30, 2014 and the three and six months ended June 30, 2013. |
RelatedParty_Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
We supply Neo Powders™ to Daido Electronics, a subsidiary of one of IMJ’s shareholders, and to Toda Magnequench Magnetic Materials Co. Ltd. (“TMT”), an equity method investee of ours involved in the production of rare earth magnetic compounds. We also purchase magnetic compounds back from TMT in the normal course of business. Two other equity method investees, with whom we regularly buy and sell products, include Ganzhou Keli Rare Earth New Material Co., Ltd. (“Keli”), which processes rare earth oxides into metals for inclusion in our Neo Powders™, and Ingal Stade GmbH, which sells gallium to our rare metals facilities located in Canada and the United States. In addition, we provide rare metal recycling services to Plansee Holding AG, a privately held Austrian company that is wholly-owned by an Austrian trust, of which one of our Board's directors and other members of his family are beneficiaries. | |
For the three and six months ended June 30, 2014, we purchased metals and received services from Keli for a total of $18.7 million and $35.6 million, respectively, as compared to $14.7 million and $24.4 million for the three and six months ended June 30, 2013, respectively. | |
Except for Daido Electronics, which is disclosed in Note 12, transactions with all other related parties were nominal in all interim periods indicated above. |
Net_Change_in_Operating_Assets
Net Change in Operating Assets and Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Net Change in Operating Assets and Liabilities | ' | |||||||
Net Change in Operating Assets and Liabilities | ' | |||||||
Net Change in Operating Assets and Liabilities | ||||||||
Net change in operating assets and liabilities, net of the effects of acquisitions and dispositions, consisted of the following for the six months ended June 30, 2014 and 2013: | ||||||||
Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Decrease (increase) in operating assets: | ||||||||
Trade accounts receivable | $ | 14,708 | $ | 1,205 | ||||
Inventory | (48,213 | ) | 23,176 | |||||
Prepaid expenses and other current assets | (5,764 | ) | 519 | |||||
Increase (decrease) in operating liabilities: | ||||||||
Trade accounts payable | (6,070 | ) | (21,167 | ) | ||||
Income tax payable | 684 | 494 | ||||||
Interest payable | 15,552 | (27,689 | ) | |||||
Asset retirement obligation | (1,196 | ) | (2,013 | ) | ||||
Accrued expenses | (1,614 | ) | (17,388 | ) | ||||
$ | (31,913 | ) | $ | (42,863 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
For assets and liabilities that are required under GAAP to be measured at fair value on a recurring or nonrecurring basis, we refer to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three broad levels: | ||||||||||||||||
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||
• | Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. | |||||||||||||||
• | Level 3 - Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis were as follows at June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 42,377 | — | — | $ | 42,377 | ||||||||||
Liabilities: | ||||||||||||||||
Derivative liability | — | — | $ | 6,303 | $ | 6,303 | ||||||||||
31-Dec-13 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 179,052 | — | — | $ | 179,052 | ||||||||||
Liabilities: | ||||||||||||||||
Derivative liability | — | — | $ | 6,089 | $ | 6,089 | ||||||||||
The financial assets classified in Level 1 at June 30, 2014 and December 31, 2013 consist of money market funds valued based on quoted prices for identical assets in active markets. The derivative liability relates to a share purchase agreement (“SPA”) between NMT Holding GmbH, our wholly-owned German subsidiary, and the shareholders of Buss & Buss, a majority-owned subsidiary of ours. The SPA includes a call and a put option on shares of the remaining shareholder and his legal successors. If the call option is exercised by us, a premium is added to the consideration to purchase the underlying shares in Buss & Buss. If the put option is exercised by the remaining shareholder of Buss & Buss or his legal successors, a discount will reduce the cost basis of the securities sold to us. We account for the put option at fair value with changes in fair value recognized currently in earnings. The change in fair value of the put option resulted in nominal unrealized gains and losses for the three and six months ended June 30, 2014, and for the three and six months ended June 30, 2013, which were recognized in "Interest expense" in the condensed consolidated statements of operations and comprehensive income. The technique used to fair value the derivative liability classified in Level 3 is the income approach based on a discounted cash flow model. | ||||||||||||||||
The following table presents the fair value of financial liabilities we reported at their carrying value at June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Long-term debt | ||||||||||||||||
3.25% Convertible Notes due June 2016 | $ | 211,406 | $ | 173,650 | $ | 207,028 | $ | 161,771 | ||||||||
6.00% Convertible Notes due September 2017 | 354,606 | 269,618 | 346,708 | 312,570 | ||||||||||||
5.50% Convertible Notes due February 2018 | 150,760 | 112,125 | 148,198 | 164,015 | ||||||||||||
10% Senior Notes due June 2020 | 638,148 | 603,558 | 637,435 | 646,750 | ||||||||||||
Total long-term debt | $ | 1,354,920 | $ | 1,158,951 | $ | 1,339,369 | $ | 1,285,106 | ||||||||
The fair value of the financial liabilities listed above, which are all classified in Level 1, is based on the last available market trade of each reporting period. The Debentures are not actively traded, and the difference between their carrying value and fair value is impractical to estimate. The carrying amount of certain other financial instruments, such as trade accounts receivables, trade accounts payable, accrued expenses and bank loans approximate fair value and, therefore, have been excluded from the table above. |
Subsidiary_Guarantor_Financial
Subsidiary Guarantor Financial Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Subsidiary Guarantor Financial Information | ' | |||||||||||||||||||
Subsidiary Guarantor Financial Information | ||||||||||||||||||||
The Senior Notes are fully, unconditionally and jointly and severally guaranteed by all of Molycorp, Inc.'s 100% owned existing and future domestic material subsidiaries, as defined in the indenture governing the Senior Notes. The Senior Notes guarantee of a guarantor will automatically terminate, and the obligations of such guarantor under the Senior Notes guarantee will be unconditionally released and discharged, upon (all terms as defined in the indenture governing the Senior Notes): | ||||||||||||||||||||
-1 | any sale, exchange, transfer or other disposition of a majority of the capital stock of (including by way of consolidation or merger) such guarantor by Molycorp or any restricted subsidiary to any person or persons, as a result of which such guarantor is no longer a direct or indirect subsidiary of Molycorp; | |||||||||||||||||||
-2 | any sale, exchange, transfer or other disposition of all or substantially all assets of such guarantor that results in such guarantor having no assets; | |||||||||||||||||||
-3 | the designation by Molycorp of such guarantor as an unrestricted subsidiary; or | |||||||||||||||||||
-4 | defeasance or discharge of the Senior Notes; | |||||||||||||||||||
provided that any such event occurs in accordance with all other applicable provisions of the indenture. | ||||||||||||||||||||
Presented below are the condensed consolidating financial statements of Molycorp, Inc. (“Parent”) as issuer, its combined guarantor subsidiaries and its combined non-guarantor subsidiaries, which are presented as an alternative to providing separate financial statements for the guarantors. The accounts of the Parent, the guarantor and non-guarantor subsidiaries are presented using the equity method of accounting for investments in subsidiaries for purposes of these condensed consolidating financial statements only. Certain of the prior periods separate financial information has been reclassified to conform to the presentation of the most recent period herein disclosed. | ||||||||||||||||||||
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 | ||||||||||
Trade accounts receivable, net | — | 3,841 | 43,190 | — | 47,031 | |||||||||||||||
Inventory | — | 35,407 | 146,615 | — | 182,022 | |||||||||||||||
Prepaid expenses and other current assets | — | 17,861 | 16,006 | — | 33,867 | |||||||||||||||
Total current assets | 36,680 | 63,181 | 319,431 | — | 419,292 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Deposits | 1,755 | 23,943 | — | — | 25,698 | |||||||||||||||
Property, plant and equipment, net | — | 1,606,889 | 136,605 | — | 1,743,494 | |||||||||||||||
Inventory | — | 25,934 | — | — | 25,934 | |||||||||||||||
Intangible assets, net | — | 409 | 318,545 | — | 318,954 | |||||||||||||||
Investments | — | 30,836 | 15,467 | — | 46,303 | |||||||||||||||
Goodwill | — | — | 228,750 | — | 228,750 | |||||||||||||||
Investments in consolidated subsidiaries | 409,155 | 120,163 | — | (529,318 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,099,444 | — | 24,085 | (2,123,529 | ) | — | ||||||||||||||
Other non-current assets | 16,380 | 651 | 5,790 | — | 22,821 | |||||||||||||||
Total non-current assets | 2,526,734 | 1,808,825 | 729,242 | (2,652,847 | ) | 2,411,954 | ||||||||||||||
Total assets | $ | 2,563,414 | $ | 1,872,006 | $ | 1,048,673 | $ | (2,652,847 | ) | $ | 2,831,246 | |||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 32,202 | $ | 30,880 | $ | — | $ | 63,082 | ||||||||||
Accrued expenses | 18,158 | 11,766 | 17,081 | — | 47,005 | |||||||||||||||
Debt and capital lease obligations | — | 2,852 | 11,378 | — | 14,230 | |||||||||||||||
Other current liabilities | — | 441 | 3,945 | — | 4,386 | |||||||||||||||
Total current liabilities | 18,158 | 47,261 | 63,284 | — | 128,703 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Asset retirement obligation | — | 16,523 | — | — | 16,523 | |||||||||||||||
Deferred tax liabilities | — | — | 78,424 | — | 78,424 | |||||||||||||||
Debt and capital lease obligations | 1,354,920 | 19,597 | 4,152 | — | 1,378,669 | |||||||||||||||
Intercompany accounts payable | — | 2,123,529 | — | (2,123,529 | ) | — | ||||||||||||||
Other non-current liabilities | — | 1,401 | 8,855 | — | 10,256 | |||||||||||||||
Total non-current liabilities | 1,354,920 | 2,161,050 | 91,431 | (2,123,529 | ) | 1,483,872 | ||||||||||||||
Total liabilities | $ | 1,373,078 | $ | 2,208,311 | $ | 154,715 | $ | (2,123,529 | ) | $ | 1,612,575 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 245 | — | — | — | 245 | |||||||||||||||
Additional paid-in capital | 2,207,938 | 149,857 | 1,315,426 | (1,465,283 | ) | 2,207,938 | ||||||||||||||
Accumulated other comprehensive loss | (7,412 | ) | — | (7,412 | ) | 7,412 | (7,412 | ) | ||||||||||||
Accumulated deficit | (1,010,435 | ) | (486,162 | ) | (442,391 | ) | 928,553 | (1,010,435 | ) | |||||||||||
Total Molycorp stockholders’ equity | 1,190,336 | (336,305 | ) | 865,623 | (529,318 | ) | 1,190,336 | |||||||||||||
Noncontrolling interests | — | — | 28,335 | — | 28,335 | |||||||||||||||
Total stockholders’ equity | 1,190,336 | (336,305 | ) | 893,958 | (529,318 | ) | 1,218,671 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,563,414 | $ | 1,872,006 | $ | 1,048,673 | $ | (2,652,847 | ) | $ | 2,831,246 | |||||||||
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 | ||||||||||
Trade accounts receivable, net | — | 4,990 | 56,767 | — | 61,757 | |||||||||||||||
Inventory | — | 32,307 | 139,476 | — | 171,783 | |||||||||||||||
Prepaid expenses and other current assets | — | 15,833 | 13,377 | — | 29,210 | |||||||||||||||
Total current assets | 169,145 | 59,597 | 348,325 | — | 577,067 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Deposits | 1,754 | 24,243 | — | — | 25,997 | |||||||||||||||
Property, plant and equipment, net | — | 1,620,851 | 142,023 | — | 1,762,874 | |||||||||||||||
Inventory | — | 25,329 | — | — | 25,329 | |||||||||||||||
Intangible assets, net | — | 442 | 330,425 | — | 330,867 | |||||||||||||||
Investments | — | 34,134 | 14,741 | — | 48,875 | |||||||||||||||
Goodwill | — | — | 228,750 | — | 228,750 | |||||||||||||||
Investments in consolidated subsidiaries | 532,767 | 121,849 | — | (654,616 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,001,583 | — | — | (2,001,583 | ) | — | ||||||||||||||
Other non-current assets | — | 771 | 6,272 | — | 7,043 | |||||||||||||||
Total non-current assets | 2,536,104 | 1,827,619 | 722,211 | (2,656,199 | ) | 2,429,735 | ||||||||||||||
Total assets | $ | 2,705,249 | $ | 1,887,216 | $ | 1,070,536 | $ | (2,656,199 | ) | $ | 3,006,802 | |||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 49,702 | $ | 34,747 | $ | — | $ | 84,449 | ||||||||||
Accrued expenses | 18,158 | 13,782 | 16,561 | — | 48,501 | |||||||||||||||
Debt and capital lease obligations | — | 2,234 | 14,128 | — | 16,362 | |||||||||||||||
Other current liabilities | — | 617 | 3,446 | — | 4,063 | |||||||||||||||
Total current liabilities | 18,158 | 66,335 | 68,882 | — | 153,375 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Asset retirement obligation | — | 16,966 | — | — | 16,966 | |||||||||||||||
Deferred tax liabilities | — | — | 85,481 | — | 85,481 | |||||||||||||||
Debt and capital lease obligations | 1,339,368 | 19,355 | 5,193 | — | 1,363,916 | |||||||||||||||
Intercompany accounts payable | — | 1,999,562 | 2,021 | (2,001,583 | ) | — | ||||||||||||||
Other non-current liabilities | — | 1,393 | 8,609 | — | 10,002 | |||||||||||||||
Total non-current liabilities | 1,339,368 | 2,037,276 | 101,304 | (2,001,583 | ) | 1,476,365 | ||||||||||||||
Total liabilities | $ | 1,357,526 | $ | 2,103,611 | $ | 170,186 | $ | (2,001,583 | ) | $ | 1,629,740 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 241 | — | — | — | 241 | |||||||||||||||
Preferred stock | 2 | — | — | — | 2 | |||||||||||||||
Additional paid-in capital | 2,194,405 | 149,857 | 1,315,426 | (1,465,283 | ) | 2,194,405 | ||||||||||||||
Accumulated other comprehensive loss | (6,451 | ) | — | (6,451 | ) | 6,451 | (6,451 | ) | ||||||||||||
Accumulated deficit | (840,474 | ) | (366,252 | ) | (437,964 | ) | 804,216 | (840,474 | ) | |||||||||||
Total Molycorp stockholders’ equity | 1,347,723 | (216,395 | ) | 871,011 | (654,616 | ) | 1,347,723 | |||||||||||||
Noncontrolling interests | — | — | 29,339 | — | 29,339 | |||||||||||||||
Total stockholders’ equity | 1,347,723 | (216,395 | ) | 900,350 | (654,616 | ) | 1,377,062 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,705,249 | $ | 1,887,216 | $ | 1,070,536 | $ | (2,656,199 | ) | $ | 3,006,802 | |||||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (38,490 | ) | (83,330 | ) | 8,421 | (113,399 | ) | ||||||||||||
Depreciation and amortization | — | (16,031 | ) | (4,048 | ) | — | (20,079 | ) | ||||||||||||
Gross (loss) profit | — | (42,512 | ) | 25,941 | — | (16,571 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (153 | ) | (10,437 | ) | (9,834 | ) | — | (20,424 | ) | |||||||||||
Depreciation, amortization and accretion | — | (1,057 | ) | (6,200 | ) | — | (7,257 | ) | ||||||||||||
Research and development | — | (100 | ) | (4,383 | ) | — | (4,483 | ) | ||||||||||||
Operating (loss) income | (153 | ) | (54,106 | ) | 5,524 | — | (48,735 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income (expense) | 15,149 | 196 | (15,049 | ) | — | 296 | ||||||||||||||
Interest expense, net of capitalized interest | (39,658 | ) | (1,190 | ) | (437 | ) | — | (41,285 | ) | |||||||||||
Interest income (expense) from intercompany notes | 10,434 | (510 | ) | (9,924 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (79,301 | ) | (2,009 | ) | — | 81,310 | — | |||||||||||||
Loss before income taxes and equity earnings | (93,529 | ) | (57,619 | ) | (19,886 | ) | 81,310 | (89,724 | ) | |||||||||||
Income tax benefit (expense) | 9,630 | — | (2,203 | ) | — | 7,427 | ||||||||||||||
Equity in (loss) income of affiliates | — | (1,592 | ) | 39 | — | (1,553 | ) | |||||||||||||
Net loss | (83,899 | ) | (59,211 | ) | (22,050 | ) | 81,310 | (83,850 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (49 | ) | — | (49 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,099 | ) | $ | 81,310 | $ | (83,899 | ) | ||||||
Net loss | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,050 | ) | $ | 81,310 | $ | (83,850 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (109 | ) | — | (109 | ) | |||||||||||||
Comprehensive loss | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,159 | ) | $ | 81,310 | $ | (83,959 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (83,899 | ) | (59,211 | ) | (22,110 | ) | 81,310 | (83,910 | ) | |||||||||||
Noncontrolling interest | — | — | (49 | ) | — | (49 | ) | |||||||||||||
$ | (83,899 | ) | $ | (59,211 | ) | $ | (22,159 | ) | $ | 81,310 | $ | (83,959 | ) | |||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (91,869 | ) | (167,861 | ) | 20,858 | (238,872 | ) | ||||||||||||
Depreciation and amortization | — | (28,158 | ) | (8,068 | ) | — | (36,226 | ) | ||||||||||||
Gross (loss) profit | — | (90,788 | ) | 51,122 | — | (39,666 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (393 | ) | (18,595 | ) | (19,391 | ) | — | (38,379 | ) | |||||||||||
Depreciation, amortization and accretion | — | (2,102 | ) | (12,357 | ) | — | (14,459 | ) | ||||||||||||
Research and development | — | (243 | ) | (7,006 | ) | — | (7,249 | ) | ||||||||||||
Operating (loss) income | (393 | ) | (111,728 | ) | 12,368 | — | (99,753 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other (expense) income | (3,122 | ) | 212 | 3,680 | — | 770 | ||||||||||||||
Interest expense, net of capitalized interest | (74,214 | ) | (2,395 | ) | (316 | ) | — | (76,925 | ) | |||||||||||
Interest income (expense) from intercompany notes | 20,789 | (1,014 | ) | (19,775 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (122,651 | ) | (1,686 | ) | — | 124,337 | — | |||||||||||||
Loss before income taxes and equity earnings | (179,591 | ) | (116,611 | ) | (4,043 | ) | 124,337 | (175,908 | ) | |||||||||||
Income tax benefit (expense) | 9,630 | — | (296 | ) | — | 9,334 | ||||||||||||||
Equity in (loss) income of affiliates | — | (3,299 | ) | 24 | — | (3,275 | ) | |||||||||||||
Net loss | (169,961 | ) | (119,910 | ) | (4,315 | ) | 124,337 | (169,849 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (112 | ) | — | (112 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (169,961 | ) | $ | (119,910 | ) | $ | (4,427 | ) | $ | 124,337 | $ | (169,961 | ) | ||||||
Net loss | $ | (169,961 | ) | $ | (119,910 | ) | $ | (4,315 | ) | $ | 124,337 | $ | (169,849 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (961 | ) | — | (961 | ) | |||||||||||||
Comprehensive loss | $ | (169,961 | ) | $ | (119,910 | ) | $ | (5,276 | ) | $ | 124,337 | $ | (170,810 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (169,961 | ) | (119,910 | ) | (5,164 | ) | 124,337 | (170,698 | ) | |||||||||||
Noncontrolling interest | — | — | (112 | ) | — | (112 | ) | |||||||||||||
$ | (169,961 | ) | $ | (119,910 | ) | $ | (5,276 | ) | $ | 124,337 | $ | (170,810 | ) | |||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (46,363 | ) | (101,393 | ) | 12,032 | (135,724 | ) | ||||||||||||
Depreciation and amortization | — | (11,757 | ) | (6,667 | ) | — | (18,424 | ) | ||||||||||||
Gross (loss) profit | — | (30,952 | ) | 12,916 | — | (18,036 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | (16,488 | ) | (9,571 | ) | — | (26,059 | ) | ||||||||||||
Depreciation, amortization and accretion | — | 48 | (8,326 | ) | — | (8,278 | ) | |||||||||||||
Research and development | — | (1,431 | ) | (5,075 | ) | — | (6,506 | ) | ||||||||||||
Operating loss | — | (48,823 | ) | (10,056 | ) | — | (58,879 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income | — | 244 | 2,569 | — | 2,813 | |||||||||||||||
Interest (expense) income, net of capitalized interest | (14,745 | ) | (2,236 | ) | 2,112 | — | (14,869 | ) | ||||||||||||
Interest income (expense) from intercompany notes | 8,592 | 1,237 | (9,829 | ) | — | — | ||||||||||||||
Equity loss from consolidated subsidiaries | (65,022 | ) | (7,487 | ) | — | 72,509 | — | |||||||||||||
Loss before income taxes and equity earnings | (71,175 | ) | (57,065 | ) | (15,204 | ) | 72,509 | (70,935 | ) | |||||||||||
Income tax (loss) benefit | — | (11,198 | ) | 14,728 | — | 3,530 | ||||||||||||||
Equity in loss of affiliates | — | (8,012 | ) | 4,728 | — | (3,284 | ) | |||||||||||||
Net loss | (71,175 | ) | (76,275 | ) | 4,252 | 72,509 | (70,689 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | (486 | ) | — | (486 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (71,175 | ) | $ | (76,275 | ) | $ | 3,766 | $ | 72,509 | $ | (71,175 | ) | |||||||
Net loss | $ | (71,175 | ) | $ | (76,275 | ) | $ | 4,252 | $ | 72,509 | $ | (70,689 | ) | |||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | 662 | — | 662 | |||||||||||||||
Comprehensive loss | $ | (71,175 | ) | $ | (76,275 | ) | $ | 4,914 | $ | 72,509 | $ | (70,027 | ) | |||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (71,175 | ) | (76,275 | ) | 5,400 | 72,509 | (69,541 | ) | ||||||||||||
Noncontrolling interest | — | — | (486 | ) | — | (486 | ) | |||||||||||||
$ | (71,175 | ) | $ | (76,275 | ) | $ | 4,914 | $ | 72,509 | $ | (70,027 | ) | ||||||||
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 | ) | ||||||||||||
Gross (loss) profit | — | (62,102 | ) | 39,762 | — | (22,340 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | (33,504 | ) | (19,106 | ) | — | (52,610 | ) | ||||||||||||
Depreciation, amortization and accretion | — | (1,661 | ) | (14,827 | ) | — | (16,488 | ) | ||||||||||||
Research and development | — | (3,391 | ) | (9,520 | ) | — | (12,911 | ) | ||||||||||||
Operating loss | — | (100,658 | ) | (3,691 | ) | — | (104,349 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income | — | 243 | 2,117 | — | 2,360 | |||||||||||||||
Interest (expense) income, net | (25,885 | ) | (4,295 | ) | 3,662 | — | (26,518 | ) | ||||||||||||
Interest income (expense) from intercompany notes | 18,244 | 2,881 | (21,125 | ) | — | — | ||||||||||||||
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 | |||||||||||||||
Equity in loss of affiliates | — | (10,010 | ) | 3,654 | — | (6,356 | ) | |||||||||||||
Net loss | (110,146 | ) | (109,996 | ) | (3,498 | ) | 114,798 | (108,842 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (1,304 | ) | — | (1,304 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (110,146 | ) | $ | (109,996 | ) | $ | (4,802 | ) | $ | 114,798 | $ | (110,146 | ) | ||||||
Net loss | $ | (110,146 | ) | $ | (109,996 | ) | $ | (3,498 | ) | $ | 114,798 | $ | (108,842 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (2,632 | ) | — | (2,632 | ) | |||||||||||||
Comprehensive loss | $ | (110,146 | ) | $ | (109,996 | ) | $ | (6,130 | ) | $ | 114,798 | $ | (111,474 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (110,146 | ) | (109,996 | ) | (4,826 | ) | 114,798 | (110,170 | ) | |||||||||||
Noncontrolling interest | — | — | (1,304 | ) | — | (1,304 | ) | |||||||||||||
$ | (110,146 | ) | $ | (109,996 | ) | $ | (6,130 | ) | $ | 114,798 | $ | (111,474 | ) | |||||||
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 | ) | ||||||
Cash flows from investing activities: | ||||||||||||||||||||
Intercompany advances made | (141,366 | ) | — | — | 141,366 | — | ||||||||||||||
Repayments from non-guarantor | 48,000 | — | — | (48,000 | ) | — | ||||||||||||||
Investment in joint ventures | — | — | (703 | ) | — | (703 | ) | |||||||||||||
Capital expenditures | — | (40,928 | ) | (3,759 | ) | — | (44,687 | ) | ||||||||||||
Recovery from insurance claims | — | 12,900 | — | — | 12,900 | |||||||||||||||
Other investing activities | — | — | 395 | — | 395 | |||||||||||||||
Net cash used in investing activities | (93,366 | ) | (28,028 | ) | (4,067 | ) | 93,366 | (32,095 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (3,079 | ) | — | (3,079 | ) | |||||||||||||
Payments of preferred dividends | (2,846 | ) | — | — | — | (2,846 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (1,135 | ) | — | (1,135 | ) | |||||||||||||
Repayments to parent | — | — | (48,000 | ) | 48,000 | — | ||||||||||||||
Intercompany advances owed | — | 97,822 | 43,544 | (141,366 | ) | — | ||||||||||||||
Other financing activities | — | 861 | (697 | ) | — | 164 | ||||||||||||||
Net cash (used in) provided by financing activities | (2,846 | ) | 98,683 | (9,367 | ) | (93,366 | ) | (6,896 | ) | |||||||||||
Effect of exchange rate changes on cash | — | — | (706 | ) | — | (706 | ) | |||||||||||||
Net change in cash and cash equivalents | (132,465 | ) | (395 | ) | (25,085 | ) | — | (157,945 | ) | |||||||||||
Cash and cash equivalents at beginning of the period | 169,145 | 6,467 | 138,705 | — | 314,317 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 36,680 | $ | 6,072 | $ | 113,620 | $ | — | $ | 156,372 | ||||||||||
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 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Loans to guarantor | — | — | (40,000 | ) | 40,000 | — | ||||||||||||||
Intercompany advances made | (318,835 | ) | — | — | 318,835 | — | ||||||||||||||
Loans to non-guarantor | — | (1,300 | ) | — | 1,300 | — | ||||||||||||||
Repayments from non-guarantor | 10,000 | — | — | (10,000 | ) | — | ||||||||||||||
Investment in joint ventures | — | (3,423 | ) | — | — | (3,423 | ) | |||||||||||||
Capital expenditures | — | (255,989 | ) | (8,737 | ) | — | (264,726 | ) | ||||||||||||
Other investing activities | — | — | (224 | ) | — | (224 | ) | |||||||||||||
Net cash used in investing activities | (308,835 | ) | (260,712 | ) | (48,961 | ) | 350,135 | (268,373 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (27,283 | ) | — | (27,283 | ) | |||||||||||||
Net proceeds from sale of common stock | 248,150 | — | — | — | 248,150 | |||||||||||||||
Issuance of 5.50% Convertible Notes | 165,600 | — | — | — | 165,600 | |||||||||||||||
Payments of preferred dividends | (5,693 | ) | — | — | — | (5,693 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (1,946 | ) | — | (1,946 | ) | |||||||||||||
Borrowings from non-guarantor | — | 40,000 | — | (40,000 | ) | — | ||||||||||||||
Borrowing from guarantor | — | — | 1,300 | (1,300 | ) | — | ||||||||||||||
Repayments to parent | — | — | (10,000 | ) | 10,000 | — | ||||||||||||||
Intercompany advances owed | — | 303,659 | 15,176 | (318,835 | ) | — | ||||||||||||||
Other financing activities | — | (360 | ) | — | — | (360 | ) | |||||||||||||
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 | |||||||||||||||
Net change in cash and cash equivalents | 97,250 | (11,268 | ) | (49,610 | ) | — | 36,372 | |||||||||||||
Cash and cash equivalents at beginning of the period | 16,560 | 18,020 | 193,210 | — | 227,790 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 113,810 | $ | 6,752 | $ | 143,600 | $ | — | $ | 264,162 | ||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In August 2014, we and certain of our subsidiaries entered into a commitment letter with Oaktree pursuant to which Oaktree will provide to us and certain of our subsidiaries up to $400 million in secured financing through credit facilities and the sale and leaseback of certain equipment at our Mountain Pass facility (the "Financings"). $250 million of the Financings will be available to be borrowed at the closing of the Financings, with the remaining $150 million available until April 30, 2016 if we satisfy mutually agreed financial and operational conditions. The Financings will be secured by certain of our assets and certain assets of our subsidiaries, will also be guaranteed by most of our subsidiaries, and will mature in 5 years, subject to certain springing maturity dates dependent on our repayment of certain outstanding debt, beginning with April 30, 2016. In connection with the Financings, we will issue to Oaktree warrants to purchase shares of our common stock equal to 10% of our outstanding common stock as of the closing of the Financings. The Financings are subject to various conditions precedent, including the accuracy of our representations and warranties, absence of material adverse events in our business and operations, and the negotiation of mutually acceptable definitive documentation. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and Regulation S-X promulgated under the Exchange Act, and reflect all adjustments that are normal and recurring in nature, which, in the opinion of management, are necessary for the fair presentation of our financial position, results of operations and cash flows at June 30, 2014, and for all periods presented. While the December 31, 2013 balance sheet information was derived from our audited financial statements, for interim periods, GAAP and Regulation S-X do not require all information and related disclosures that are required in the annual financial statements and, as a result, all disclosures required by GAAP and Regulation S-X for annual financial statements have not been included in this report. Therefore, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the SEC on March 3, 2014. | ||
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries. Intercompany balances and transactions have been eliminated on consolidation. Investments in joint ventures where we do not exert control, but have the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for under the equity method of investment. All other investments are accounted at cost. | ||
Nominal prior period revenues and expenses related to an asset disposal that we finalized in the first quarter of 2014 have been reclassified to "Other expense" in the condensed consolidated statement of operations and comprehensive income. Such reclassifications did not affect our results of operations. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the financial statements, in accordance with GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ significantly from these estimates under different assumptions and conditions. Significant estimates we made in the accompanying financial statements include the collectability of accounts receivable, the recoverability of inventory, the useful lives and recoverability of long-lived assets such as property, plant and equipment, intangible assets, goodwill and investments, capital leases, uncertain tax positions, the realizability of deferred tax assets, and the adequacy of the asset retirement obligation. | ||
Significant Accounting Policies | ' | |
Significant Accounting Policies | ||
A summary of our significant accounting policies can be found in Item 8, Note 2 of the audited consolidated financial statements for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the SEC on March 3, 2014. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | ||
Step 1: Identify the contract(s) with a customer. | ||
Step 2: Identify the performance obligations in the contract. | ||
Step 3: Determine the transaction price. | ||
Step 4: Allocate the transaction price to the performance obligations in the contract. | ||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | ||
The new guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. An entity will be required to disclose sufficient qualitative and quantitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. For calendar-year public entities, the new guidance is effective starting in 2017, and interim periods within that year. Early adoption is not permitted. An entity should apply the amendments in this update using one of the following two methods: | ||
1 | Retrospectively to each prior reporting period presented. | |
2 | Retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. If an entity elects this transition method, it also should provide the additional disclosures in reporting periods that include the date of initial application of: | |
i. | The amount by which each financial statement line item is affected in the current reporting period by the application of this update as compared to the guidance that was in effect before the change. | |
ii. | An explanation of the reasons for significant changes. | |
We are in the process of evaluating which of the two methods we will apply to adopt the amendments, and whether this new guidance will have a material impact on our financial statements and related disclosures. | ||
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments included in this update change the requirements for reporting discontinued operations and require new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. The amendments also allow an entity to present a discontinued operation even when it has continuing cash flows and significant continuing involvement with the disposed component. Under the revised standard, a discontinued operation is defined as (i) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (ii) an acquired business or nonprofit activity (the entity to be sold) that is classified as held for sale on the date of the acquisition. A strategic shift could include the disposal of a major line of business, a major geographical area, a major equity method investment or other major parts of an entity. For calendar-year public entities, the amendments are effective starting in 2015, including interim periods within that year, and are to be applied on a prospective basis. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The adoption of this updated guidance is not expected to have a material impact on our financial statements and related disclosures. |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of segment information | ' | |||||||||||||||||||||||||||
Three months ended June 30, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 2,331 | $ | 45,437 | $ | 53,195 | $ | 15,944 | $ | — | $ | 116,907 | ||||||||||||||||
Inter-segment | 7,706 | 3,195 | 1,165 | — | (12,066 | ) | — | |||||||||||||||||||||
Total revenues | $ | 10,037 | $ | 48,632 | $ | 54,360 | $ | 15,944 | $ | (12,066 | ) | $ | 116,907 | |||||||||||||||
OIBDA | $ | (30,298 | ) | $ | 4,836 | $ | 11,812 | $ | 740 | |||||||||||||||||||
Depreciation, amortization and accretion | (17,009 | ) | (3,908 | ) | (4,261 | ) | (2,101 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (47,307 | ) | $ | 928 | $ | 7,551 | $ | (1,361 | ) | $ | (9,083 | ) | $ | 537 | $ | (48,735 | ) | ||||||||||
Other income | 296 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (41,285 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (89,724 | ) | |||||||||||||||||||||||||
Three months ended June 30, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 10,922 | $ | 34,789 | $ | 66,114 | $ | 24,287 | $ | — | $ | 136,112 | ||||||||||||||||
Inter-segment | 6,665 | 6,692 | — | — | (13,357 | ) | — | |||||||||||||||||||||
Total revenues | $ | 17,587 | $ | 41,481 | $ | 66,114 | $ | 24,287 | $ | (13,357 | ) | $ | 136,112 | |||||||||||||||
OIBDA | $ | (28,775 | ) | $ | (9,585 | ) | $ | 18,060 | $ | (695 | ) | |||||||||||||||||
Depreciation, amortization and accretion | (11,629 | ) | (5,589 | ) | (7,422 | ) | (2,005 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (40,404 | ) | $ | (15,174 | ) | $ | 10,638 | $ | (2,700 | ) | $ | (9,953 | ) | $ | (1,286 | ) | $ | (58,879 | ) | ||||||||
Other income | 2,813 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (14,869 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (70,935 | ) | |||||||||||||||||||||||||
a. | Includes business development costs, personnel costs, stock-based compensation, accounting and legal fees, occupancy expense, information technology costs and interest expense. | |||||||||||||||||||||||||||
b. | Consist of inter-segment sales and gross profits eliminations as well as eliminations of lower of cost or market adjustments related to inter-segment inventory. | |||||||||||||||||||||||||||
Six months ended June 30, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 5,442 | $ | 85,707 | $ | 107,915 | $ | 36,368 | $ | — | $ | 235,432 | ||||||||||||||||
Inter-segment | 20,159 | 9,481 | 2,383 | — | (32,023 | ) | — | |||||||||||||||||||||
Total revenues | $ | 25,601 | $ | 95,188 | $ | 110,298 | $ | 36,368 | $ | (32,023 | ) | $ | 235,432 | |||||||||||||||
OIBDA | $ | (66,742 | ) | $ | 8,136 | $ | 25,489 | $ | 671 | |||||||||||||||||||
Depreciation, amortization and accretion | (30,101 | ) | (7,781 | ) | (8,498 | ) | (4,194 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (96,843 | ) | $ | 355 | $ | 16,991 | $ | (3,523 | ) | $ | (16,196 | ) | $ | (537 | ) | $ | (99,753 | ) | |||||||||
Other income | 770 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (76,925 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (175,908 | ) | |||||||||||||||||||||||||
Six months ended June 30, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 25,580 | $ | 84,389 | $ | 120,792 | $ | 50,750 | $ | — | $ | 281,511 | ||||||||||||||||
Inter-segment | 9,310 | 21,302 | — | — | (30,612 | ) | — | |||||||||||||||||||||
Total revenues | $ | 34,890 | $ | 105,691 | $ | 120,792 | $ | 50,750 | $ | (30,612 | ) | $ | 281,511 | |||||||||||||||
OIBDA | $ | (59,847 | ) | $ | (7,353 | ) | $ | 30,302 | $ | 4,859 | ||||||||||||||||||
Depreciation, amortization and accretion | (20,682 | ) | (11,127 | ) | (12,901 | ) | (4,258 | ) | ||||||||||||||||||||
Operating (loss) income | $ | (80,529 | ) | $ | (18,480 | ) | $ | 17,401 | $ | 601 | $ | (21,518 | ) | $ | (1,824 | ) | $ | (104,349 | ) | |||||||||
Other income | 2,360 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (26,518 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (128,507 | ) |
Inventory_Tables
Inventory (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||||||
Schedule of inventory | ' | |||||||||||||||
At June 30, 2014 and December 31, 2013, our inventory consisted of the following: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Current: | ||||||||||||||||
Concentrate stockpiles | $ | 90 | $ | 24 | ||||||||||||
Raw materials | 49,293 | 42,627 | ||||||||||||||
Work in process | 39,250 | 41,962 | ||||||||||||||
Finished goods | 70,817 | 65,662 | ||||||||||||||
Materials and supplies | 22,572 | 21,508 | ||||||||||||||
Total current | $ | 182,022 | $ | 171,783 | ||||||||||||
Long-term: | ||||||||||||||||
Concentrate stockpiles | $ | — | $ | 4 | ||||||||||||
Raw materials | 25,934 | 25,325 | ||||||||||||||
Total long-term | $ | 25,934 | $ | 25,329 | ||||||||||||
Schedule of charges to cost of sales based on normal production levels and write-down of inventory | ' | |||||||||||||||
The following table presents charges to costs of sales related to our assessment of normal production levels and write-downs of inventory: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Abnormal production costs expensed in the period (a) | $ | 17,562 | $ | 25,518 | $ | 42,546 | $ | 47,494 | ||||||||
Write-down to the lower of cost or market (b) | 19,359 | 21,374 | 35,520 | 41,100 | ||||||||||||
Write-downs of stockpile inventory (c) | 132 | 4,458 | 1,342 | 6,858 | ||||||||||||
Total | $ | 37,053 | $ | 51,350 | $ | 79,408 | $ | 95,452 | ||||||||
(a) | Relates to production costs that would have been inventoriable had we been operating at normal production levels. In all periods presented, the majority of these production costs related to the Resources segment. | |||||||||||||||
(b) | Due to the decline in some rare earths prices and low inventory turnover. | |||||||||||||||
(c) | Adjustments of the estimated REO content in the stockpile at the Resources segment. |
Property_Plant_and_Equipment_n1
Property, Plant and Equipment, net (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
At June 30, 2014 and December 31, 2013, our property, plant and equipment consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land | $ | 12,785 | $ | 12,822 | ||||
Land improvements | 304,372 | 327,029 | ||||||
Buildings and improvements | 572,269 | 418,510 | ||||||
Plant and equipment | 475,980 | 288,603 | ||||||
Vehicles | 2,969 | 2,986 | ||||||
Computer software | 12,449 | 12,424 | ||||||
Furniture and fixtures | 1,044 | 1,044 | ||||||
Construction in progress (a) | 453,744 | 755,107 | ||||||
Natural gas delivery facility under capital lease | 15,658 | 15,658 | ||||||
Mining equipment under capital lease | 9,496 | 7,370 | ||||||
Mineral properties | 23,798 | 23,999 | ||||||
Property, plant and equipment at cost | 1,884,564 | 1,865,552 | ||||||
Less accumulated depreciation | (141,070 | ) | (102,678 | ) | ||||
Property, plant and equipment, net | $ | 1,743,494 | $ | 1,762,874 | ||||
(a) | Primarily related to expenditures at the Mountain Pass facility. | |||||||
Debt_and_Capital_Lease_Obligat1
Debt and Capital Lease Obligations (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||||||||||||||
The following table provides a summary of the current and non-current portions of our debt outstanding and capital lease obligations at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Bank loans due May 2014 - September 2017 | $ | 11,378 | $ | 1,943 | $ | 14,128 | $ | 2,699 | ||||||||||||||||||||
3.25% Convertible Notes, net of discount, due June 2016 | — | 211,406 | — | 207,028 | ||||||||||||||||||||||||
6.00% Convertible Notes, net of discount, due September 2017 | — | 354,606 | — | 346,708 | ||||||||||||||||||||||||
5.00% Debentures, net of discount, due December 2017 | — | 2,209 | — | 2,493 | ||||||||||||||||||||||||
5.50% Convertible Notes, net of discount, due February 2018 | — | 150,760 | — | 148,198 | ||||||||||||||||||||||||
10% Senior Notes, net of discount, due June 2020 | — | 638,148 | — | 637,435 | ||||||||||||||||||||||||
Total debt | 11,378 | 1,359,072 | 14,128 | 1,344,561 | ||||||||||||||||||||||||
Capital lease obligations | 2,852 | 19,597 | 2,234 | 19,355 | ||||||||||||||||||||||||
Total debt and capital lease obligations | $ | 14,230 | $ | 1,378,669 | $ | 16,362 | $ | 1,363,916 | ||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||||||||||
Scheduled minimum debt repayments, excluding capital lease obligations, were as follows at June 30, 2014: | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
Debt maturities, excluding capital leases | (In thousands) | |||||||||||||||||||||||||||
Remainder of 2014 | 10,648 | |||||||||||||||||||||||||||
2015 | 1,431 | |||||||||||||||||||||||||||
2016 | 230,814 | |||||||||||||||||||||||||||
2017 | 416,621 | |||||||||||||||||||||||||||
2018 | 172,500 | |||||||||||||||||||||||||||
Thereafter | 650,000 | |||||||||||||||||||||||||||
Total | 1,482,014 | |||||||||||||||||||||||||||
As of June 30, 2014, we were in compliance with all applicable covenants related to our indebtedness, which are all affirmative in nature and contain customary "Change of control" provisions. | ||||||||||||||||||||||||||||
Schedule of Long-term Debt Conversions | ' | |||||||||||||||||||||||||||
The following table presents a reconciliation of the principal amount to the net carrying value for each of our Convertible Notes and our Senior Notes at June 30, 2014 and December 31, 2013, and provides the interest cost of each instrument for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||||
3.25% Convertible Notes | 6.00% Convertible Notes | 5.50% Convertible Notes | 10% Senior Notes | |||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Principal amount | $ | 230,000 | $ | 230,000 | $ | 414,000 | $ | 414,000 | $ | 172,500 | 172,500 | $ | 650,000 | $ | 650,000 | |||||||||||||
Unamortized debt discount | (18,594 | ) | (22,972 | ) | (59,394 | ) | (67,292 | ) | (21,740 | ) | (24,302 | ) | (11,852 | ) | (12,565 | ) | ||||||||||||
Net carrying amount | $ | 211,406 | $ | 207,028 | $ | 354,606 | $ | 346,708 | $ | 150,760 | 148,198 | $ | 638,148 | $ | 637,435 | |||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
$ | 4,070 | $ | 3,931 | $ | 10,275 | $ | 9,909 | $ | 3,676 | $ | 3,576 | $ | 16,645 | $ | 16,610 | |||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
$ | 8,128 | $ | 7,851 | $ | 20,425 | $ | 19,722 | $ | 7,335 | $ | 5,873 | $ | 33,284 | $ | 33,215 | |||||||||||||
(a) Interest cost includes the coupon interest, accretion of the initial equity component of the convertible notes (3.25% - $36,227; 6.00% - $68,695; and 5.50% - $21,815), accretion of the underwriting discounts and amortization of the issuance costs allocated to the liability component. | ||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||||||||||||||||||||||||||
At June 30, 2014, total future minimum payments on our capital leases were as follows: | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
Capital Leases | (In thousands) | |||||||||||||||||||||||||||
Remainder of 2014 | 3,834 | |||||||||||||||||||||||||||
2015 | 7,667 | |||||||||||||||||||||||||||
2016 | 7,667 | |||||||||||||||||||||||||||
2017 | 6,550 | |||||||||||||||||||||||||||
2018 | 5,160 | |||||||||||||||||||||||||||
Thereafter | 17,789 | |||||||||||||||||||||||||||
Total | 48,667 | |||||||||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accounting Changes and Error Corrections | ' | |||||||||||
The out-of-period adjustment had the following impact on the condensed consolidated balance sheet and the condensed consolidated statements of operations and comprehensive loss as of June 30, 2014: | ||||||||||||
Increase to balance sheet captions: | As of June 30, 2014 | |||||||||||
Other non-current assets | $ | 16,381 | ||||||||||
Property, plant and equipment, net | 3,378 | |||||||||||
Additional paid-in capital | 15,062 | |||||||||||
Increase to statements of operations and comprehensive loss captions: | Three Months Ended | Six Months Ended | ||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||
Interest expense, net of capitalized interest | $ | 4,933 | $ | 4,933 | ||||||||
Income tax benefit | 9,630 | 9,630 | ||||||||||
Schedule of Share-Lending Arrangements | ' | |||||||||||
The following table provides certain other information on our share-lending arrangements as of June 30, 2014: | ||||||||||||
2012 Borrowed Shares | 2013 Borrowed Shares | Total | ||||||||||
(In thousands) | ||||||||||||
Fair value | $ | 7,957 | $ | 4,450 | $ | 12,407 | ||||||
Unamortized issuance cost | 11,546 | 4,835 | 16,381 | |||||||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs | ' | |||||||||||
The amount of non-cash interest cost recognized relating to the amortization of the issuance cost associated with the combined share-lending arrangements was as follows in 2014: | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||
(In thousands) | ||||||||||||
Interest cost expensed | $ | 4,933 | $ | 4,933 | ||||||||
Interest cost capitalized | 3,378 | 3,378 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The following table provides the changes in Accumulated other comprehensive income (loss) (“AOCI”) for the six-month periods ended June 30, 2014 and 2013: | ||||||||||||
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | ||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2013 | $ | (6,638 | ) | $ | 187 | $ | (6,451 | ) | ||||
Change in other comprehensive loss before reclassifications | (961 | ) | — | (961 | ) | |||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at June 30, 2014 | $ | (7,599 | ) | $ | 187 | $ | (7,412 | ) | ||||
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | ||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2012 | $ | (8,261 | ) | $ | (1,172 | ) | $ | (9,433 | ) | |||
Change in other comprehensive loss before reclassifications | (2,632 | ) | — | (2,632 | ) | |||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at June 30, 2013 | $ | (10,893 | ) | $ | (1,172 | ) | $ | (12,065 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
PBRSUs | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||
The following tables summarize the stock-based awards with significant activity for the six months ended June 30, 2014: | |||||||
PBRSUs | Number of | Weighted Average | |||||
Shares | Grant-Date | ||||||
Price | |||||||
Unvested at December 31, 2013 | 697,797 | $ | 7.45 | ||||
Granted | 744,540 | $ | 4.99 | ||||
Forfeited | (4,343 | ) | 5.88 | ||||
Vested | — | — | |||||
Unvested at June 30, 2014 | 1,437,994 | $ | 6.18 | ||||
RSUs | ' | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||
RSUs | Number of | Weighted Average | |||||
Shares | Grant-Date | ||||||
Price | |||||||
Unvested at December 31, 2013 | 1,076,385 | $ | 9.81 | ||||
Granted | 932,052 | $ | 4.41 | ||||
Forfeited | (54,775 | ) | $ | 8.95 | |||
Vested | (49,913 | ) | $ | 31.91 | |||
Unvested at June 30, 2014 | 1,903,749 | $ | 6.61 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of future minimum rental payments for operating leases | ' | |||||||||||||||||||
Remaining annual minimum payments under these leases at June 30, 2014 were as follows: | ||||||||||||||||||||
Total | Less Than | 1 - 3 Years | 4 - 5 Years | More Than | ||||||||||||||||
1 Year | 5 Years | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating lease obligations | $ | 6,491 | $ | 2,400 | $ | 2,621 | $ | 602 | $ | 868 | ||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | ' | |||||||||||||||||||
Future payments for all purchase commitments at June 30, 2014 were as follows: | ||||||||||||||||||||
Total | Less Than | 1 - 3 Years | 4 - 5 Years | More Than | ||||||||||||||||
1 Year | 5 Years | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Purchase obligations and other commitment | $ | 142,252 | $ | 142,252 | $ | — | $ | — | $ | — | ||||||||||
Net_Change_in_Operating_Assets1
Net Change in Operating Assets and Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Net Change in Operating Assets and Liabilities | ' | |||||||
Schedule of changes in operating assets and liabilities, net of the effects of acquisitions and dispositions | ' | |||||||
Net change in operating assets and liabilities, net of the effects of acquisitions and dispositions, consisted of the following for the six months ended June 30, 2014 and 2013: | ||||||||
Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Decrease (increase) in operating assets: | ||||||||
Trade accounts receivable | $ | 14,708 | $ | 1,205 | ||||
Inventory | (48,213 | ) | 23,176 | |||||
Prepaid expenses and other current assets | (5,764 | ) | 519 | |||||
Increase (decrease) in operating liabilities: | ||||||||
Trade accounts payable | (6,070 | ) | (21,167 | ) | ||||
Income tax payable | 684 | 494 | ||||||
Interest payable | 15,552 | (27,689 | ) | |||||
Asset retirement obligation | (1,196 | ) | (2,013 | ) | ||||
Accrued expenses | (1,614 | ) | (17,388 | ) | ||||
$ | (31,913 | ) | $ | (42,863 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||
Our assets and liabilities measured at fair value on a recurring basis were as follows at June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 42,377 | — | — | $ | 42,377 | ||||||||||
Liabilities: | ||||||||||||||||
Derivative liability | — | — | $ | 6,303 | $ | 6,303 | ||||||||||
31-Dec-13 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 179,052 | — | — | $ | 179,052 | ||||||||||
Liabilities: | ||||||||||||||||
Derivative liability | — | — | $ | 6,089 | $ | 6,089 | ||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
The following table presents the fair value of financial liabilities we reported at their carrying value at June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Long-term debt | ||||||||||||||||
3.25% Convertible Notes due June 2016 | $ | 211,406 | $ | 173,650 | $ | 207,028 | $ | 161,771 | ||||||||
6.00% Convertible Notes due September 2017 | 354,606 | 269,618 | 346,708 | 312,570 | ||||||||||||
5.50% Convertible Notes due February 2018 | 150,760 | 112,125 | 148,198 | 164,015 | ||||||||||||
10% Senior Notes due June 2020 | 638,148 | 603,558 | 637,435 | 646,750 | ||||||||||||
Total long-term debt | $ | 1,354,920 | $ | 1,158,951 | $ | 1,339,369 | $ | 1,285,106 | ||||||||
Subsidiary_Guarantor_Financial1
Subsidiary Guarantor Financial Information (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||
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 | ||||||||||
Trade accounts receivable, net | — | 3,841 | 43,190 | — | 47,031 | |||||||||||||||
Inventory | — | 35,407 | 146,615 | — | 182,022 | |||||||||||||||
Prepaid expenses and other current assets | — | 17,861 | 16,006 | — | 33,867 | |||||||||||||||
Total current assets | 36,680 | 63,181 | 319,431 | — | 419,292 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Deposits | 1,755 | 23,943 | — | — | 25,698 | |||||||||||||||
Property, plant and equipment, net | — | 1,606,889 | 136,605 | — | 1,743,494 | |||||||||||||||
Inventory | — | 25,934 | — | — | 25,934 | |||||||||||||||
Intangible assets, net | — | 409 | 318,545 | — | 318,954 | |||||||||||||||
Investments | — | 30,836 | 15,467 | — | 46,303 | |||||||||||||||
Goodwill | — | — | 228,750 | — | 228,750 | |||||||||||||||
Investments in consolidated subsidiaries | 409,155 | 120,163 | — | (529,318 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,099,444 | — | 24,085 | (2,123,529 | ) | — | ||||||||||||||
Other non-current assets | 16,380 | 651 | 5,790 | — | 22,821 | |||||||||||||||
Total non-current assets | 2,526,734 | 1,808,825 | 729,242 | (2,652,847 | ) | 2,411,954 | ||||||||||||||
Total assets | $ | 2,563,414 | $ | 1,872,006 | $ | 1,048,673 | $ | (2,652,847 | ) | $ | 2,831,246 | |||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 32,202 | $ | 30,880 | $ | — | $ | 63,082 | ||||||||||
Accrued expenses | 18,158 | 11,766 | 17,081 | — | 47,005 | |||||||||||||||
Debt and capital lease obligations | — | 2,852 | 11,378 | — | 14,230 | |||||||||||||||
Other current liabilities | — | 441 | 3,945 | — | 4,386 | |||||||||||||||
Total current liabilities | 18,158 | 47,261 | 63,284 | — | 128,703 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Asset retirement obligation | — | 16,523 | — | — | 16,523 | |||||||||||||||
Deferred tax liabilities | — | — | 78,424 | — | 78,424 | |||||||||||||||
Debt and capital lease obligations | 1,354,920 | 19,597 | 4,152 | — | 1,378,669 | |||||||||||||||
Intercompany accounts payable | — | 2,123,529 | — | (2,123,529 | ) | — | ||||||||||||||
Other non-current liabilities | — | 1,401 | 8,855 | — | 10,256 | |||||||||||||||
Total non-current liabilities | 1,354,920 | 2,161,050 | 91,431 | (2,123,529 | ) | 1,483,872 | ||||||||||||||
Total liabilities | $ | 1,373,078 | $ | 2,208,311 | $ | 154,715 | $ | (2,123,529 | ) | $ | 1,612,575 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 245 | — | — | — | 245 | |||||||||||||||
Additional paid-in capital | 2,207,938 | 149,857 | 1,315,426 | (1,465,283 | ) | 2,207,938 | ||||||||||||||
Accumulated other comprehensive loss | (7,412 | ) | — | (7,412 | ) | 7,412 | (7,412 | ) | ||||||||||||
Accumulated deficit | (1,010,435 | ) | (486,162 | ) | (442,391 | ) | 928,553 | (1,010,435 | ) | |||||||||||
Total Molycorp stockholders’ equity | 1,190,336 | (336,305 | ) | 865,623 | (529,318 | ) | 1,190,336 | |||||||||||||
Noncontrolling interests | — | — | 28,335 | — | 28,335 | |||||||||||||||
Total stockholders’ equity | 1,190,336 | (336,305 | ) | 893,958 | (529,318 | ) | 1,218,671 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,563,414 | $ | 1,872,006 | $ | 1,048,673 | $ | (2,652,847 | ) | $ | 2,831,246 | |||||||||
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 | ||||||||||
Trade accounts receivable, net | — | 4,990 | 56,767 | — | 61,757 | |||||||||||||||
Inventory | — | 32,307 | 139,476 | — | 171,783 | |||||||||||||||
Prepaid expenses and other current assets | — | 15,833 | 13,377 | — | 29,210 | |||||||||||||||
Total current assets | 169,145 | 59,597 | 348,325 | — | 577,067 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Deposits | 1,754 | 24,243 | — | — | 25,997 | |||||||||||||||
Property, plant and equipment, net | — | 1,620,851 | 142,023 | — | 1,762,874 | |||||||||||||||
Inventory | — | 25,329 | — | — | 25,329 | |||||||||||||||
Intangible assets, net | — | 442 | 330,425 | — | 330,867 | |||||||||||||||
Investments | — | 34,134 | 14,741 | — | 48,875 | |||||||||||||||
Goodwill | — | — | 228,750 | — | 228,750 | |||||||||||||||
Investments in consolidated subsidiaries | 532,767 | 121,849 | — | (654,616 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,001,583 | — | — | (2,001,583 | ) | — | ||||||||||||||
Other non-current assets | — | 771 | 6,272 | — | 7,043 | |||||||||||||||
Total non-current assets | 2,536,104 | 1,827,619 | 722,211 | (2,656,199 | ) | 2,429,735 | ||||||||||||||
Total assets | $ | 2,705,249 | $ | 1,887,216 | $ | 1,070,536 | $ | (2,656,199 | ) | $ | 3,006,802 | |||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 49,702 | $ | 34,747 | $ | — | $ | 84,449 | ||||||||||
Accrued expenses | 18,158 | 13,782 | 16,561 | — | 48,501 | |||||||||||||||
Debt and capital lease obligations | — | 2,234 | 14,128 | — | 16,362 | |||||||||||||||
Other current liabilities | — | 617 | 3,446 | — | 4,063 | |||||||||||||||
Total current liabilities | 18,158 | 66,335 | 68,882 | — | 153,375 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Asset retirement obligation | — | 16,966 | — | — | 16,966 | |||||||||||||||
Deferred tax liabilities | — | — | 85,481 | — | 85,481 | |||||||||||||||
Debt and capital lease obligations | 1,339,368 | 19,355 | 5,193 | — | 1,363,916 | |||||||||||||||
Intercompany accounts payable | — | 1,999,562 | 2,021 | (2,001,583 | ) | — | ||||||||||||||
Other non-current liabilities | — | 1,393 | 8,609 | — | 10,002 | |||||||||||||||
Total non-current liabilities | 1,339,368 | 2,037,276 | 101,304 | (2,001,583 | ) | 1,476,365 | ||||||||||||||
Total liabilities | $ | 1,357,526 | $ | 2,103,611 | $ | 170,186 | $ | (2,001,583 | ) | $ | 1,629,740 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 241 | — | — | — | 241 | |||||||||||||||
Preferred stock | 2 | — | — | — | 2 | |||||||||||||||
Additional paid-in capital | 2,194,405 | 149,857 | 1,315,426 | (1,465,283 | ) | 2,194,405 | ||||||||||||||
Accumulated other comprehensive loss | (6,451 | ) | — | (6,451 | ) | 6,451 | (6,451 | ) | ||||||||||||
Accumulated deficit | (840,474 | ) | (366,252 | ) | (437,964 | ) | 804,216 | (840,474 | ) | |||||||||||
Total Molycorp stockholders’ equity | 1,347,723 | (216,395 | ) | 871,011 | (654,616 | ) | 1,347,723 | |||||||||||||
Noncontrolling interests | — | — | 29,339 | — | 29,339 | |||||||||||||||
Total stockholders’ equity | 1,347,723 | (216,395 | ) | 900,350 | (654,616 | ) | 1,377,062 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,705,249 | $ | 1,887,216 | $ | 1,070,536 | $ | (2,656,199 | ) | $ | 3,006,802 | |||||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (38,490 | ) | (83,330 | ) | 8,421 | (113,399 | ) | ||||||||||||
Depreciation and amortization | — | (16,031 | ) | (4,048 | ) | — | (20,079 | ) | ||||||||||||
Gross (loss) profit | — | (42,512 | ) | 25,941 | — | (16,571 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (153 | ) | (10,437 | ) | (9,834 | ) | — | (20,424 | ) | |||||||||||
Depreciation, amortization and accretion | — | (1,057 | ) | (6,200 | ) | — | (7,257 | ) | ||||||||||||
Research and development | — | (100 | ) | (4,383 | ) | — | (4,483 | ) | ||||||||||||
Operating (loss) income | (153 | ) | (54,106 | ) | 5,524 | — | (48,735 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income (expense) | 15,149 | 196 | (15,049 | ) | — | 296 | ||||||||||||||
Interest expense, net of capitalized interest | (39,658 | ) | (1,190 | ) | (437 | ) | — | (41,285 | ) | |||||||||||
Interest income (expense) from intercompany notes | 10,434 | (510 | ) | (9,924 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (79,301 | ) | (2,009 | ) | — | 81,310 | — | |||||||||||||
Loss before income taxes and equity earnings | (93,529 | ) | (57,619 | ) | (19,886 | ) | 81,310 | (89,724 | ) | |||||||||||
Income tax benefit (expense) | 9,630 | — | (2,203 | ) | — | 7,427 | ||||||||||||||
Equity in (loss) income of affiliates | — | (1,592 | ) | 39 | — | (1,553 | ) | |||||||||||||
Net loss | (83,899 | ) | (59,211 | ) | (22,050 | ) | 81,310 | (83,850 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (49 | ) | — | (49 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,099 | ) | $ | 81,310 | $ | (83,899 | ) | ||||||
Net loss | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,050 | ) | $ | 81,310 | $ | (83,850 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (109 | ) | — | (109 | ) | |||||||||||||
Comprehensive loss | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,159 | ) | $ | 81,310 | $ | (83,959 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (83,899 | ) | (59,211 | ) | (22,110 | ) | 81,310 | (83,910 | ) | |||||||||||
Noncontrolling interest | — | — | (49 | ) | — | (49 | ) | |||||||||||||
$ | (83,899 | ) | $ | (59,211 | ) | $ | (22,159 | ) | $ | 81,310 | $ | (83,959 | ) | |||||||
Schedule of Condensed Income Statement and Comprehensive Income | ' | |||||||||||||||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (38,490 | ) | (83,330 | ) | 8,421 | (113,399 | ) | ||||||||||||
Depreciation and amortization | — | (16,031 | ) | (4,048 | ) | — | (20,079 | ) | ||||||||||||
Gross (loss) profit | — | (42,512 | ) | 25,941 | — | (16,571 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (153 | ) | (10,437 | ) | (9,834 | ) | — | (20,424 | ) | |||||||||||
Depreciation, amortization and accretion | — | (1,057 | ) | (6,200 | ) | — | (7,257 | ) | ||||||||||||
Research and development | — | (100 | ) | (4,383 | ) | — | (4,483 | ) | ||||||||||||
Operating (loss) income | (153 | ) | (54,106 | ) | 5,524 | — | (48,735 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income (expense) | 15,149 | 196 | (15,049 | ) | — | 296 | ||||||||||||||
Interest expense, net of capitalized interest | (39,658 | ) | (1,190 | ) | (437 | ) | — | (41,285 | ) | |||||||||||
Interest income (expense) from intercompany notes | 10,434 | (510 | ) | (9,924 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (79,301 | ) | (2,009 | ) | — | 81,310 | — | |||||||||||||
Loss before income taxes and equity earnings | (93,529 | ) | (57,619 | ) | (19,886 | ) | 81,310 | (89,724 | ) | |||||||||||
Income tax benefit (expense) | 9,630 | — | (2,203 | ) | — | 7,427 | ||||||||||||||
Equity in (loss) income of affiliates | — | (1,592 | ) | 39 | — | (1,553 | ) | |||||||||||||
Net loss | (83,899 | ) | (59,211 | ) | (22,050 | ) | 81,310 | (83,850 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (49 | ) | — | (49 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,099 | ) | $ | 81,310 | $ | (83,899 | ) | ||||||
Net loss | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,050 | ) | $ | 81,310 | $ | (83,850 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (109 | ) | — | (109 | ) | |||||||||||||
Comprehensive loss | $ | (83,899 | ) | $ | (59,211 | ) | $ | (22,159 | ) | $ | 81,310 | $ | (83,959 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (83,899 | ) | (59,211 | ) | (22,110 | ) | 81,310 | (83,910 | ) | |||||||||||
Noncontrolling interest | — | — | (49 | ) | — | (49 | ) | |||||||||||||
$ | (83,899 | ) | $ | (59,211 | ) | $ | (22,159 | ) | $ | 81,310 | $ | (83,959 | ) | |||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (91,869 | ) | (167,861 | ) | 20,858 | (238,872 | ) | ||||||||||||
Depreciation and amortization | — | (28,158 | ) | (8,068 | ) | — | (36,226 | ) | ||||||||||||
Gross (loss) profit | — | (90,788 | ) | 51,122 | — | (39,666 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (393 | ) | (18,595 | ) | (19,391 | ) | — | (38,379 | ) | |||||||||||
Depreciation, amortization and accretion | — | (2,102 | ) | (12,357 | ) | — | (14,459 | ) | ||||||||||||
Research and development | — | (243 | ) | (7,006 | ) | — | (7,249 | ) | ||||||||||||
Operating (loss) income | (393 | ) | (111,728 | ) | 12,368 | — | (99,753 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other (expense) income | (3,122 | ) | 212 | 3,680 | — | 770 | ||||||||||||||
Interest expense, net of capitalized interest | (74,214 | ) | (2,395 | ) | (316 | ) | — | (76,925 | ) | |||||||||||
Interest income (expense) from intercompany notes | 20,789 | (1,014 | ) | (19,775 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (122,651 | ) | (1,686 | ) | — | 124,337 | — | |||||||||||||
Loss before income taxes and equity earnings | (179,591 | ) | (116,611 | ) | (4,043 | ) | 124,337 | (175,908 | ) | |||||||||||
Income tax benefit (expense) | 9,630 | — | (296 | ) | — | 9,334 | ||||||||||||||
Equity in (loss) income of affiliates | — | (3,299 | ) | 24 | — | (3,275 | ) | |||||||||||||
Net loss | (169,961 | ) | (119,910 | ) | (4,315 | ) | 124,337 | (169,849 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (112 | ) | — | (112 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (169,961 | ) | $ | (119,910 | ) | $ | (4,427 | ) | $ | 124,337 | $ | (169,961 | ) | ||||||
Net loss | $ | (169,961 | ) | $ | (119,910 | ) | $ | (4,315 | ) | $ | 124,337 | $ | (169,849 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (961 | ) | — | (961 | ) | |||||||||||||
Comprehensive loss | $ | (169,961 | ) | $ | (119,910 | ) | $ | (5,276 | ) | $ | 124,337 | $ | (170,810 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (169,961 | ) | (119,910 | ) | (5,164 | ) | 124,337 | (170,698 | ) | |||||||||||
Noncontrolling interest | — | — | (112 | ) | — | (112 | ) | |||||||||||||
$ | (169,961 | ) | $ | (119,910 | ) | $ | (5,276 | ) | $ | 124,337 | $ | (170,810 | ) | |||||||
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 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (46,363 | ) | (101,393 | ) | 12,032 | (135,724 | ) | ||||||||||||
Depreciation and amortization | — | (11,757 | ) | (6,667 | ) | — | (18,424 | ) | ||||||||||||
Gross (loss) profit | — | (30,952 | ) | 12,916 | — | (18,036 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | (16,488 | ) | (9,571 | ) | — | (26,059 | ) | ||||||||||||
Depreciation, amortization and accretion | — | 48 | (8,326 | ) | — | (8,278 | ) | |||||||||||||
Research and development | — | (1,431 | ) | (5,075 | ) | — | (6,506 | ) | ||||||||||||
Operating loss | — | (48,823 | ) | (10,056 | ) | — | (58,879 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income | — | 244 | 2,569 | — | 2,813 | |||||||||||||||
Interest (expense) income, net of capitalized interest | (14,745 | ) | (2,236 | ) | 2,112 | — | (14,869 | ) | ||||||||||||
Interest income (expense) from intercompany notes | 8,592 | 1,237 | (9,829 | ) | — | — | ||||||||||||||
Equity loss from consolidated subsidiaries | (65,022 | ) | (7,487 | ) | — | 72,509 | — | |||||||||||||
Loss before income taxes and equity earnings | (71,175 | ) | (57,065 | ) | (15,204 | ) | 72,509 | (70,935 | ) | |||||||||||
Income tax (loss) benefit | — | (11,198 | ) | 14,728 | — | 3,530 | ||||||||||||||
Equity in loss of affiliates | — | (8,012 | ) | 4,728 | — | (3,284 | ) | |||||||||||||
Net loss | (71,175 | ) | (76,275 | ) | 4,252 | 72,509 | (70,689 | ) | ||||||||||||
Net income attributable to noncontrolling interest | — | — | (486 | ) | — | (486 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (71,175 | ) | $ | (76,275 | ) | $ | 3,766 | $ | 72,509 | $ | (71,175 | ) | |||||||
Net loss | $ | (71,175 | ) | $ | (76,275 | ) | $ | 4,252 | $ | 72,509 | $ | (70,689 | ) | |||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | 662 | — | 662 | |||||||||||||||
Comprehensive loss | $ | (71,175 | ) | $ | (76,275 | ) | $ | 4,914 | $ | 72,509 | $ | (70,027 | ) | |||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (71,175 | ) | (76,275 | ) | 5,400 | 72,509 | (69,541 | ) | ||||||||||||
Noncontrolling interest | — | — | (486 | ) | — | (486 | ) | |||||||||||||
$ | (71,175 | ) | $ | (76,275 | ) | $ | 4,914 | $ | 72,509 | $ | (70,027 | ) | ||||||||
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 | ) | ||||||||||||
Gross (loss) profit | — | (62,102 | ) | 39,762 | — | (22,340 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | (33,504 | ) | (19,106 | ) | — | (52,610 | ) | ||||||||||||
Depreciation, amortization and accretion | — | (1,661 | ) | (14,827 | ) | — | (16,488 | ) | ||||||||||||
Research and development | — | (3,391 | ) | (9,520 | ) | — | (12,911 | ) | ||||||||||||
Operating loss | — | (100,658 | ) | (3,691 | ) | — | (104,349 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income | — | 243 | 2,117 | — | 2,360 | |||||||||||||||
Interest (expense) income, net | (25,885 | ) | (4,295 | ) | 3,662 | — | (26,518 | ) | ||||||||||||
Interest income (expense) from intercompany notes | 18,244 | 2,881 | (21,125 | ) | — | — | ||||||||||||||
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 | |||||||||||||||
Equity in loss of affiliates | — | (10,010 | ) | 3,654 | — | (6,356 | ) | |||||||||||||
Net loss | (110,146 | ) | (109,996 | ) | (3,498 | ) | 114,798 | (108,842 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (1,304 | ) | — | (1,304 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (110,146 | ) | $ | (109,996 | ) | $ | (4,802 | ) | $ | 114,798 | $ | (110,146 | ) | ||||||
Net loss | $ | (110,146 | ) | $ | (109,996 | ) | $ | (3,498 | ) | $ | 114,798 | $ | (108,842 | ) | ||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (2,632 | ) | — | (2,632 | ) | |||||||||||||
Comprehensive loss | $ | (110,146 | ) | $ | (109,996 | ) | $ | (6,130 | ) | $ | 114,798 | $ | (111,474 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (110,146 | ) | (109,996 | ) | (4,826 | ) | 114,798 | (110,170 | ) | |||||||||||
Noncontrolling interest | — | — | (1,304 | ) | — | (1,304 | ) | |||||||||||||
$ | (110,146 | ) | $ | (109,996 | ) | $ | (6,130 | ) | $ | 114,798 | $ | (111,474 | ) | |||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||
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 | ) | ||||||
Cash flows from investing activities: | ||||||||||||||||||||
Intercompany advances made | (141,366 | ) | — | — | 141,366 | — | ||||||||||||||
Repayments from non-guarantor | 48,000 | — | — | (48,000 | ) | — | ||||||||||||||
Investment in joint ventures | — | — | (703 | ) | — | (703 | ) | |||||||||||||
Capital expenditures | — | (40,928 | ) | (3,759 | ) | — | (44,687 | ) | ||||||||||||
Recovery from insurance claims | — | 12,900 | — | — | 12,900 | |||||||||||||||
Other investing activities | — | — | 395 | — | 395 | |||||||||||||||
Net cash used in investing activities | (93,366 | ) | (28,028 | ) | (4,067 | ) | 93,366 | (32,095 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (3,079 | ) | — | (3,079 | ) | |||||||||||||
Payments of preferred dividends | (2,846 | ) | — | — | — | (2,846 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (1,135 | ) | — | (1,135 | ) | |||||||||||||
Repayments to parent | — | — | (48,000 | ) | 48,000 | — | ||||||||||||||
Intercompany advances owed | — | 97,822 | 43,544 | (141,366 | ) | — | ||||||||||||||
Other financing activities | — | 861 | (697 | ) | — | 164 | ||||||||||||||
Net cash (used in) provided by financing activities | (2,846 | ) | 98,683 | (9,367 | ) | (93,366 | ) | (6,896 | ) | |||||||||||
Effect of exchange rate changes on cash | — | — | (706 | ) | — | (706 | ) | |||||||||||||
Net change in cash and cash equivalents | (132,465 | ) | (395 | ) | (25,085 | ) | — | (157,945 | ) | |||||||||||
Cash and cash equivalents at beginning of the period | 169,145 | 6,467 | 138,705 | — | 314,317 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 36,680 | $ | 6,072 | $ | 113,620 | $ | — | $ | 156,372 | ||||||||||
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 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Loans to guarantor | — | — | (40,000 | ) | 40,000 | — | ||||||||||||||
Intercompany advances made | (318,835 | ) | — | — | 318,835 | — | ||||||||||||||
Loans to non-guarantor | — | (1,300 | ) | — | 1,300 | — | ||||||||||||||
Repayments from non-guarantor | 10,000 | — | — | (10,000 | ) | — | ||||||||||||||
Investment in joint ventures | — | (3,423 | ) | — | — | (3,423 | ) | |||||||||||||
Capital expenditures | — | (255,989 | ) | (8,737 | ) | — | (264,726 | ) | ||||||||||||
Other investing activities | — | — | (224 | ) | — | (224 | ) | |||||||||||||
Net cash used in investing activities | (308,835 | ) | (260,712 | ) | (48,961 | ) | 350,135 | (268,373 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (27,283 | ) | — | (27,283 | ) | |||||||||||||
Net proceeds from sale of common stock | 248,150 | — | — | — | 248,150 | |||||||||||||||
Issuance of 5.50% Convertible Notes | 165,600 | — | — | — | 165,600 | |||||||||||||||
Payments of preferred dividends | (5,693 | ) | — | — | — | (5,693 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (1,946 | ) | — | (1,946 | ) | |||||||||||||
Borrowings from non-guarantor | — | 40,000 | — | (40,000 | ) | — | ||||||||||||||
Borrowing from guarantor | — | — | 1,300 | (1,300 | ) | — | ||||||||||||||
Repayments to parent | — | — | (10,000 | ) | 10,000 | — | ||||||||||||||
Intercompany advances owed | — | 303,659 | 15,176 | (318,835 | ) | — | ||||||||||||||
Other financing activities | — | (360 | ) | — | — | (360 | ) | |||||||||||||
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 | |||||||||||||||
Net change in cash and cash equivalents | 97,250 | (11,268 | ) | (49,610 | ) | — | 36,372 | |||||||||||||
Cash and cash equivalents at beginning of the period | 16,560 | 18,020 | 193,210 | — | 227,790 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 113,810 | $ | 6,752 | $ | 143,600 | $ | — | $ | 264,162 | ||||||||||
Liquidity_and_Capital_Requirem1
Liquidity and Capital Requirements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 06, 2014 |
Molycorp Mountain Pass facility | Maintenance and Other Expansion Capital Expenditures | Subsequent Event | |||||
Capital Expenditures [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $156,372,000 | $314,317,000 | $264,162,000 | $227,790,000 | ' | ' | ' |
Estimated future capital expenditures remainder of 2014 | ' | ' | ' | ' | 30,000,000 | 10,000,000 | ' |
Estimated capital expenditures in 2015 | ' | ' | ' | ' | 30,000,000 | 30,000,000 | ' |
Debt and Lease Financing Commitment Capacity | ' | ' | ' | ' | ' | ' | $400,000,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
segment | ||||||||
Segment Information | ' | ' | ' | ' | ||||
Number of reportable segments | ' | ' | 4 | ' | ||||
Revenues | $116,907 | $136,112 | $235,432 | $281,511 | ||||
Revenues | 116,907 | 136,112 | 235,432 | 281,511 | ||||
Operating (loss) income | -48,735 | -58,879 | -99,753 | -104,349 | ||||
Other income | 296 | 2,813 | 770 | 2,360 | ||||
Interest expense, net of capitalized interest | -41,285 | -14,869 | -76,925 | -26,518 | ||||
Loss before income taxes and equity earnings | -89,724 | -70,935 | -175,908 | -128,507 | ||||
Eliminations | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | -12,066 | [1] | -13,357 | [1] | -32,023 | [1] | -30,612 | [1] |
Operating (loss) income | 537 | [1] | -1,286 | [1] | -537 | [1] | -1,824 | [1] |
Reportable Segments | Resources | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 2,331 | 10,922 | 5,442 | 25,580 | ||||
Revenues | 10,037 | 17,587 | 25,601 | 34,890 | ||||
OIBDA | -30,298 | -28,775 | -66,742 | -59,847 | ||||
Depreciation, amortization and accretion | -17,009 | -11,629 | -30,101 | -20,682 | ||||
Operating (loss) income | -47,307 | -40,404 | -96,843 | -80,529 | ||||
Reportable Segments | Chemicals and Oxides | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 45,437 | 34,789 | 85,707 | 84,389 | ||||
Revenues | 48,632 | 41,481 | 95,188 | 105,691 | ||||
OIBDA | 4,836 | -9,585 | 8,136 | -7,353 | ||||
Depreciation, amortization and accretion | -3,908 | -5,589 | -7,781 | -11,127 | ||||
Operating (loss) income | 928 | -15,174 | 355 | -18,480 | ||||
Reportable Segments | Magnetic Materials and Alloys | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 53,195 | 66,114 | 107,915 | 120,792 | ||||
Revenues | 54,360 | 66,114 | 110,298 | 120,792 | ||||
OIBDA | 11,812 | 18,060 | 25,489 | 30,302 | ||||
Depreciation, amortization and accretion | -4,261 | -7,422 | -8,498 | -12,901 | ||||
Operating (loss) income | 7,551 | 10,638 | 16,991 | 17,401 | ||||
Reportable Segments | Rare Metals | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 15,944 | 24,287 | 36,368 | 50,750 | ||||
Revenues | 15,944 | 24,287 | 36,368 | 50,750 | ||||
OIBDA | 740 | -695 | 671 | 4,859 | ||||
Depreciation, amortization and accretion | -2,101 | -2,005 | -4,194 | -4,258 | ||||
Operating (loss) income | -1,361 | -2,700 | -3,523 | 601 | ||||
Corporate and other | Corporate and other | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Operating (loss) income | -9,083 | [2] | -9,953 | [2] | -16,196 | [2] | -21,518 | [2] |
Eliminations | Resources | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 7,706 | 6,665 | 20,159 | 9,310 | ||||
Eliminations | Chemicals and Oxides | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 3,195 | 6,692 | 9,481 | 21,302 | ||||
Eliminations | Magnetic Materials and Alloys | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 1,165 | 0 | 2,383 | 0 | ||||
Eliminations | Rare Metals | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ||||
Eliminations | Eliminations | ' | ' | ' | ' | ||||
Segment Information | ' | ' | ' | ' | ||||
Revenues | ($12,066) | [1] | ($13,357) | [1] | ($32,023) | [1] | ($30,612) | [1] |
[1] | Consist of inter-segment sales and gross profits eliminations as well as eliminations of lower of cost or market adjustments related to inter-segment inventory. | |||||||
[2] | Includes business development costs, personnel costs, stock-based compensation, accounting and legal fees, occupancy expense, information technology costs and interest expense. |
Inventory_Details
Inventory (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Concentrate stockpiles | $90 | $24 |
Raw materials | 49,293 | 42,627 |
Work in process | 39,250 | 41,962 |
Finished goods | 70,817 | 65,662 |
Materials and supplies | 22,572 | 21,508 |
Total current | 182,022 | 171,783 |
Long-term: | ' | ' |
Concentrate stockpiles | 0 | 4 |
Raw materials | 25,934 | 25,325 |
Total long-term | $25,934 | $25,329 |
Inventory_Schedule_of_Charges_
Inventory (Schedule of Charges to Cost of Sales Based on Normal Production Levels and Write-Down of Inventory) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Inventory [Line Items] | ' | ' | ' | ' | ||||
Production costs expended that would have been allocated to additional tons produced | $17,562 | [1] | $25,518 | [1] | $42,546 | [1] | $47,494 | [1] |
Inventory write-downs | ' | ' | 36,863 | 47,958 | ||||
Charges to cost of sales based on production levels and write-down of inventory | 37,053 | 51,350 | 79,408 | 95,452 | ||||
Rare earth metals | ' | ' | ' | ' | ||||
Inventory [Line Items] | ' | ' | ' | ' | ||||
Inventory write-downs | 19,359 | [2] | 21,374 | [2] | 35,520 | [2] | 41,100 | [2] |
Stockpile | ' | ' | ' | ' | ||||
Inventory [Line Items] | ' | ' | ' | ' | ||||
Inventory write-downs | $132 | [3] | $4,458 | [3] | $1,342 | [3] | $6,858 | [3] |
[1] | Relates to production costs that would have been inventoriable had we been operating at normal production levels. In all periods presented, the majority of these production costs related to the Resources segment. | |||||||
[2] | Due to the decline in some rare earths prices and low inventory turnover. | |||||||
[3] | Adjustments of the estimated REO content in the stockpile at the Resources segment. |
Property_Plant_and_Equipment_n2
Property, Plant and Equipment, net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Capitalized expenditures related to plant modernization and other capitalized costs | $17,200,000 | $77,400,000 | $29,400,000 | $198,200,000 | ' | |||
Interest costs capitalized | ' | 19,300,000 | ' | 40,800,000 | ' | |||
Property, plant and equipment at cost | 1,884,564,000 | ' | 1,884,564,000 | ' | 1,865,552,000 | |||
Less accumulated depreciation | -141,070,000 | ' | -141,070,000 | ' | -102,678,000 | |||
Property, plant and equipment, net | 1,743,494,000 | ' | 1,743,494,000 | ' | 1,762,874,000 | |||
Land | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 12,785,000 | ' | 12,785,000 | ' | 12,822,000 | |||
Land improvements | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 304,372,000 | ' | 304,372,000 | ' | 327,029,000 | |||
Buildings and improvements | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 572,269,000 | ' | 572,269,000 | ' | 418,510,000 | |||
Plant and equipment | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 475,980,000 | ' | 475,980,000 | ' | 288,603,000 | |||
Vehicles | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 2,969,000 | ' | 2,969,000 | ' | 2,986,000 | |||
Computer software | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 12,449,000 | ' | 12,449,000 | ' | 12,424,000 | |||
Furnitures and fixtures | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 1,044,000 | ' | 1,044,000 | ' | 1,044,000 | |||
Construction in progress | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 453,744,000 | [1] | ' | 453,744,000 | [1] | ' | 755,107,000 | [1] |
Natural gas delivery facility under capital lease | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Natural gas delivery facility under capital lease | 15,658,000 | ' | 15,658,000 | ' | 15,658,000 | |||
Mining equipment under capital lease | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | 9,496,000 | ' | 9,496,000 | ' | 7,370,000 | |||
Mineral properties | ' | ' | ' | ' | ' | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | |||
Property, plant and equipment at cost | $23,798,000 | ' | $23,798,000 | ' | $23,999,000 | |||
[1] | Primarily related to expenditures at the Mountain Pass facility. |
Debt_and_Capital_Lease_Obligat2
Debt and Capital Lease Obligations (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2012 |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | $11,378,000 | $14,128,000 | ' |
Noncurrent portion of debt outstanding | 1,359,072,000 | 1,344,561,000 | ' |
Capital lease obligations, current | 2,852,000 | 2,234,000 | ' |
Capital lease obligations, Noncurrent | 19,597,000 | 19,355,000 | ' |
Total debt and Capital lease obligations, Current | 14,230,000 | 16,362,000 | ' |
Total debt and Capital lease obligations, Non-Current | 1,378,669,000 | 1,363,916,000 | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Remainder of 2014 | 10,648,000 | ' | ' |
2015 | 1,431,000 | ' | ' |
2016 | 230,814,000 | ' | ' |
2017 | 416,621,000 | ' | ' |
2018 | 172,500,000 | ' | ' |
Thereafter | 650,000,000 | ' | ' |
Total | 1,482,014,000 | ' | ' |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Remainder of 2014 | 3,834,000 | ' | ' |
2015 | 7,667,000 | ' | ' |
2016 | 7,667,000 | ' | ' |
2017 | 6,550,000 | ' | ' |
2018 | 5,160,000 | ' | ' |
Thereafter | 17,789,000 | ' | ' |
Total | 48,667,000 | ' | ' |
Notes Payable to Banks | ' | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | 11,378,000 | 14,128,000 | ' |
Noncurrent portion of debt outstanding | 1,943,000 | 2,699,000 | ' |
Weighted average interest rate | 3.41% | 3.59% | ' |
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 3.25% | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | 0 | 0 | ' |
Noncurrent portion of debt outstanding | 211,406,000 | 207,028,000 | ' |
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 6.00% | ' | 6.00% |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | 0 | 0 | ' |
Noncurrent portion of debt outstanding | 354,606,000 | 346,708,000 | ' |
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 5.50% | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | 0 | 0 | ' |
Noncurrent portion of debt outstanding | 150,760,000 | 148,198,000 | ' |
Convertible Subordinated Debt | 5.00% Debentures, net of discount, due December 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 5.00% | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | 0 | 0 | ' |
Noncurrent portion of debt outstanding | 2,209,000 | 2,493,000 | ' |
Senior Notes | 10% Senior Notes, net of discount, due June 2020 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 10.00% | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' |
Current portion of debt outstanding | 0 | 0 | ' |
Noncurrent portion of debt outstanding | 638,148,000 | 637,435,000 | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Fair market value of assets excluded from security interest, maximum | 15,000,000 | ' | ' |
Cash collateral excluded from security interest, maximum | 105.00% | ' | ' |
Voting stock of foreign subsidiaries excluded from security interest, minimum | 65.00% | ' | ' |
Carrying Value | ' | ' | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Total | 1,354,920,000 | 1,339,369,000 | ' |
Carrying Value | Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ' | ' | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Total | 211,406,000 | 207,028,000 | ' |
Carrying Value | Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ' | ' | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Total | 354,606,000 | 346,708,000 | ' |
Carrying Value | Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ' | ' | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Total | 150,760,000 | 148,198,000 | ' |
Carrying Value | Senior Notes | 10% Senior Notes, net of discount, due June 2020 | ' | ' | ' |
Long-term Debt, by Maturity [Abstract] | ' | ' | ' |
Total | $638,148,000 | $637,435,000 | ' |
Debt_and_Capital_Lease_Obligat3
Debt and Capital Lease Obligations Convertible notes other disclosures (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Aug. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Net carrying amount | $1,359,072 | ' | $1,359,072 | ' | $1,344,561 | ' |
Equity component of convertible debt | ' | ' | ' | 21,815 | ' | ' |
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Principal amount | 230,000 | ' | 230,000 | ' | 230,000 | ' |
Unamortized debt discount | -18,594 | ' | -18,594 | ' | -22,972 | ' |
Net carrying amount | 211,406 | ' | 211,406 | ' | 207,028 | ' |
Interest cost | 4,070 | 3,931 | 8,128 | 7,851 | ' | ' |
Interest rate | 3.25% | ' | 3.25% | ' | ' | ' |
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Principal amount | 414,000 | ' | 414,000 | ' | 414,000 | ' |
Unamortized debt discount | -59,394 | ' | -59,394 | ' | -67,292 | ' |
Net carrying amount | 354,606 | ' | 354,606 | ' | 346,708 | ' |
Interest cost | 10,275 | 9,909 | 20,425 | 19,722 | ' | ' |
Interest rate | 6.00% | ' | 6.00% | ' | ' | 6.00% |
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Principal amount | 172,500 | ' | 172,500 | ' | 172,500 | ' |
Unamortized debt discount | -21,740 | ' | -21,740 | ' | -24,302 | ' |
Net carrying amount | 150,760 | ' | 150,760 | ' | 148,198 | ' |
Interest cost | 3,676 | 3,576 | 7,335 | 5,873 | ' | ' |
Interest rate | 5.50% | ' | 5.50% | ' | ' | ' |
Senior Notes | 10% Senior Notes, net of discount, due June 2020 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Principal amount | 650,000 | ' | 650,000 | ' | 650,000 | ' |
Unamortized debt discount | -11,852 | ' | -11,852 | ' | -12,565 | ' |
Net carrying amount | 638,148 | ' | 638,148 | ' | 637,435 | ' |
Interest cost | 16,645 | 16,610 | 33,284 | 33,215 | ' | ' |
Interest rate | 10.00% | ' | 10.00% | ' | ' | ' |
Additional Paid-In Capital | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Equity component of convertible debt | ' | ' | ' | 21,815 | ' | ' |
Additional Paid-In Capital | Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Equity component of convertible debt | ' | ' | 36,227 | ' | ' | ' |
Additional Paid-In Capital | Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Equity component of convertible debt | ' | ' | 68,695 | ' | ' | ' |
Additional Paid-In Capital | Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Equity component of convertible debt | ' | ' | $21,815 | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 8.30% | 5.00% | 5.30% | 20.20% |
Income Tax Expense (Benefit) | ' | ($9.60) | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 6 Months Ended | 0 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 01, 2014 | Dec. 31, 2013 | Mar. 01, 2014 |
Series A Mandatory Convertible Preferred Stock | Series A Mandatory Convertible Preferred Stock | Common Stock | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Common shares issued | 244,864,035 | ' | 240,380,138 | ' | ' | ' |
Preferred stock outstanding | ' | ' | ' | ' | 2,070,000 | ' |
Dividend rate | ' | ' | ' | ' | 5.50% | ' |
Conversion rate for preferred stock to common stock | ' | ' | ' | ' | ' | 2 |
Shares issued upon conversion of preferred stock | ' | ' | ' | ' | ' | 4,140,000 |
Cash dividend declared and paid | $2,846 | $5,693 | ' | $2,800 | ' | ' |
Stockholders_Equity_ShareLendi
Stockholders' Equity Share-Lending Arrangements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Aug. 31, 2012 | Jun. 30, 2014 | Aug. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Aug. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 |
6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | Common Stock | Common Stock | Restatement Adjustment [Member] | Restatement Adjustment [Member] | ||||||
Convertible Debt | Convertible Debt | Convertible Debt Securities | Convertible Debt Securities | Convertible Debt | Convertible Debt Securities | Convertible Debt Securities | Own-share Lending Arrangement [Member] | Own-share Lending Arrangement [Member] | ||||||||
Error Corrections and Prior Period Adjustments Restatement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other non-current assets | $22,821 | ' | $22,821 | ' | $7,043 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,381 | $16,381 |
Property, plant and equipment, net | 1,743,494 | ' | 1,743,494 | ' | 1,762,874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,378 | 3,378 |
Additional paid-in capital | 2,207,938 | ' | 2,207,938 | ' | 2,194,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,062 | 15,062 |
Interest expense, net of capitalized interest | 41,285 | 14,869 | 76,925 | 26,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,933 | 4,933 |
Income tax benefit | 7,427 | 3,530 | 9,334 | 26,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,630 | 9,630 |
Interest rate | ' | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' | 5.50% | ' | 5.50% | ' | ' | ' | ' |
Own-share Lending Arrangement, Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,666,666 | 13,800,000 | ' | ' |
Fair value | 12,407 | ' | 12,407 | ' | ' | ' | ' | 7,957 | 18,100 | ' | 4,450 | 6,600 | ' | ' | ' | ' |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 16,381 | ' | 16,381 | ' | ' | ' | ' | 11,546 | ' | ' | 4,835 | ' | ' | ' | ' | ' |
Interest cost expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,933 | 4,933 |
Interest cost capitalized | $3,378 | ' | $3,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Accumulate
Stockholders' Equity Accumulated Other Comprehensive Income (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at beginning of the period | ($6,451) | ($9,433) |
Change in other comprehensive loss before reclassifications | -961 | -2,632 |
Net income (loss) reclassified from AOCI | 0 | 0 |
Balance at end of the period | -7,412 | -12,065 |
Foreign currency translation adjustments | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at beginning of the period | -6,638 | -8,261 |
Change in other comprehensive loss before reclassifications | -961 | -2,632 |
Net income (loss) reclassified from AOCI | 0 | 0 |
Balance at end of the period | -7,599 | -10,893 |
Postretirement benefit liability | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at beginning of the period | 187 | -1,172 |
Change in other comprehensive loss before reclassifications | 0 | 0 |
Net income (loss) reclassified from AOCI | 0 | 0 |
Balance at end of the period | $187 | ($1,172) |
Activity_Related_to_Restricted
Activity Related to Restricted Stock-based Awards (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
PBRSUs | ' |
Number of Shares | ' |
Unvested at the beginning of the period (in shares) | 697,797 |
Granted (in shares) | 744,540 |
Forfeited (in shares) | -4,343 |
Vested (in shares) | 0 |
Unvested at the end of the period (in shares) | 1,437,994 |
Weighted Average Grant-Date Price | ' |
Unvested shares at the beginning of the period (in dollars per share) | $7.45 |
Granted (in dollars per share) | $4.99 |
Forfeited (in dollars per share) | $5.88 |
Vested (in dollars per share) | $0 |
Unvested shares at the end of the period (in dollars per share) | $6.18 |
RSUs | ' |
Number of Shares | ' |
Unvested at the beginning of the period (in shares) | 1,076,385 |
Granted (in shares) | 932,052 |
Forfeited (in shares) | -54,775 |
Vested (in shares) | -49,913 |
Unvested at the end of the period (in shares) | 1,903,749 |
Weighted Average Grant-Date Price | ' |
Unvested shares at the beginning of the period (in dollars per share) | $9.81 |
Granted (in dollars per share) | $4.41 |
Forfeited (in dollars per share) | $8.95 |
Vested (in dollars per share) | $31.91 |
Unvested shares at the end of the period (in dollars per share) | $6.61 |
Commitments_and_Contingencies_1
Commitments and Contingencies Operating Leases (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Remaining annual minimum payments under operating leases | ' |
Operating lease obligations, total minimum payments | $6,491 |
Operating lease obligations, Less Than 1 Year | 2,400 |
Operating lease obligations, 1 -3 Years | 2,621 |
Operating lease obligations, 4 - 5 Years | 602 |
Operating lease obligations, More Than 5 Years | $868 |
Commitments_and_Contingencies_2
Commitments and Contingencies Purchase Commitments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Purchase Obligation | $142,252 |
Purchase Obligation, Due in Next Twelve Months | 142,252 |
Purchase Obligation, Due in Second and Third Year | 0 |
Purchase Obligation, Due in Fourth and Fifth Year | 0 |
Purchase Obligation, Due after Fifth Year | $0 |
Commitments_and_Contingencies_3
Commitments and Contingencies Narrative (Details) (USD $) | Jun. 30, 2014 | Aug. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2012 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Class Action Lawsuits filed in US District Court for the Southern District of New York | Employees covered by collective bargaining agreement under facility | Employees covered by collective bargaining agreement under facility | Pending Litigation | Pending Litigation | |
lawsuit | Workforce | Molycorp Mountain Pass facility | Purported Class Action | Derivative Lawsuit | ||
Molycorp Silmet | Workforce | claim | lawsuit | |||
employee | employee | |||||
Plant Modernization and Expansion Commitments | ' | ' | ' | ' | ' | ' |
Number of employees | ' | ' | 168 | 258 | ' | ' |
Concentration risk (as a percent) | ' | ' | 30.00% | 58.00% | ' | ' |
Surety bonds placed to secure the closure and reclamation obligations | $28.80 | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | 18 | ' |
Number of class action lawsuits filed | ' | 2 | ' | ' | ' | 2 |
Concentrations_Details
Concentrations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | Product Concentration | |||||
Magnetic Materials and Alloys | Magnetic Materials and Alloys | Cerium products | Cerium products | Cerium products | Cerium products | Neo Powders | Neo Powders | Neo Powders | Neo Powders | Neo Powders | Neo Powders | Neo Powders | Neo Powders | |||||
Daido Electronics | Daido Electronics | Chemicals and Oxides | Chemicals and Oxides | Chemicals and Oxides | Chemicals and Oxides | Magnetic Materials and Alloys | Magnetic Materials and Alloys | Magnetic Materials and Alloys | Magnetic Materials and Alloys | Magnetic Materials and Alloys | Magnetic Materials and Alloys | Magnetic Materials and Alloys | Magnetic Materials and Alloys | |||||
Daido Electronics | Daido Electronics | Daido Electronics | Daido Electronics | |||||||||||||||
Concentrations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity-wide revenue, major customers | ' | ' | ' | ' | ' | ' | 11.00% | 7.00% | 10.00% | 11.00% | 44.00% | 41.00% | 44.00% | 38.00% | ' | ' | ' | ' |
Sales, net of intercompany transactions | $116,907,000 | $136,112,000 | $235,432,000 | $281,511,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | $14,000,000 | $27,200,000 | $22,900,000 |
Accounts Receivable, Related Parties | ' | ' | ' | ' | $5,100,000 | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (Keli, Metals, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Keli | Metals | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Purchases made from related party | $18.70 | $14.70 | $35.60 | $24.40 |
Net_Change_in_Operating_Assets2
Net Change in Operating Assets and Liabilities (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Decrease (increase) in operating assets: | ' | ' |
Trade accounts receivable | $14,708 | $1,205 |
Inventory | -48,213 | 23,176 |
Prepaid expenses and other current assets | -5,764 | 519 |
Increase (decrease) in operating liabilities: | ' | ' |
Trade accounts payable | -6,070 | -21,167 |
Income tax payable | 684 | 494 |
Interest payable | 15,552 | -27,689 |
Asset retirement obligation | -1,196 | -2,013 |
Accrued expenses | -1,614 | -17,388 |
Net change in operating assets and liabilities | ($31,913) | ($42,863) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (Fair Value, Measurements, Recurring, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $42,377 | $179,052 |
Liabilities: | ' | ' |
Derivative liability | 6,303 | 6,089 |
Level 1 | ' | ' |
Assets: | ' | ' |
Cash equivalents | 42,377 | 179,052 |
Liabilities: | ' | ' |
Derivative liability | 0 | 0 |
Level 2 | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Liabilities: | ' | ' |
Derivative liability | 0 | 0 |
Level 3 | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Liabilities: | ' | ' |
Derivative liability | $6,303 | $6,089 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Liability Carrying and Fair Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, carrying value | $1,482,014 | ' |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, carrying value | 1,354,920 | 1,339,369 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, fair value | 1,158,951 | 1,285,106 |
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, carrying value | 211,406 | 207,028 |
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, carrying value | 354,606 | 346,708 |
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, carrying value | 150,760 | 148,198 |
Senior Notes | 10% Senior Notes, net of discount, due June 2020 | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, carrying value | 638,148 | 637,435 |
Level 1 | Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, fair value | 173,650 | 161,771 |
Level 1 | Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, fair value | 269,618 | 312,570 |
Level 1 | Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, fair value | 112,125 | 164,015 |
Level 1 | Senior Notes | 10% Senior Notes, net of discount, due June 2020 | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total long-term debt, fair value | $603,558 | $646,750 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $156,372 | $314,317 | $264,162 | $227,790 |
Trade accounts receivable, net | 47,031 | 61,757 | ' | ' |
Inventory | 182,022 | 171,783 | ' | ' |
Prepaid expenses and other current assets | 33,867 | 29,210 | ' | ' |
Total current assets | 419,292 | 577,067 | ' | ' |
Non-current assets: | ' | ' | ' | ' |
Deposits | 25,698 | 25,997 | ' | ' |
Property, plant and equipment, net | 1,743,494 | 1,762,874 | ' | ' |
Inventory | 25,934 | 25,329 | ' | ' |
Intangible assets, net | 318,954 | 330,867 | ' | ' |
Investments | 46,303 | 48,875 | ' | ' |
Goodwill | 228,750 | 228,750 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Other non-current assets | 22,821 | 7,043 | ' | ' |
Total non-current assets | 2,411,954 | 2,429,735 | ' | ' |
Total assets | 2,831,246 | 3,006,802 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Trade accounts payable | 63,082 | 84,449 | ' | ' |
Accrued expenses | 47,005 | 48,501 | ' | ' |
Debt and capital lease obligations | 14,230 | 16,362 | ' | ' |
Other current liabilities | 4,386 | 4,063 | ' | ' |
Total current liabilities | 128,703 | 153,375 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' |
Asset retirement obligation | 16,523 | 16,966 | ' | ' |
Deferred tax liabilities | 78,424 | 85,481 | ' | ' |
Debt and capital lease obligations | 1,378,669 | 1,363,916 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Other non-current liabilities | 10,256 | 10,002 | ' | ' |
Total non-current liabilities | 1,483,872 | 1,476,365 | ' | ' |
Total liabilities | 1,612,575 | 1,629,740 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 245 | 241 | ' | ' |
Preferred stock | 0 | 2 | ' | ' |
Additional paid-in capital | 2,207,938 | 2,194,405 | ' | ' |
Accumulated other comprehensive loss | -7,412 | -6,451 | -12,065 | -9,433 |
Accumulated deficit | -1,010,435 | -840,474 | ' | ' |
Total Molycorp stockholders’ equity | 1,190,336 | 1,347,723 | ' | ' |
Noncontrolling interests | 28,335 | 29,339 | ' | ' |
Total stockholders’ equity | 1,218,671 | 1,377,062 | 1,394,442 | 1,251,258 |
Total liabilities and stockholders’ equity | 2,831,246 | 3,006,802 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 36,680 | 169,145 | 113,810 | 16,560 |
Trade accounts receivable, net | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | 36,680 | 169,145 | ' | ' |
Non-current assets: | ' | ' | ' | ' |
Deposits | 1,755 | 1,754 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 409,155 | 532,767 | ' | ' |
Intercompany accounts receivable | 2,099,444 | 2,001,583 | ' | ' |
Other non-current assets | 16,380 | 0 | ' | ' |
Total non-current assets | 2,526,734 | 2,536,104 | ' | ' |
Total assets | 2,563,414 | 2,705,249 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Trade accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 18,158 | 18,158 | ' | ' |
Debt and capital lease obligations | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | 18,158 | 18,158 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' |
Asset retirement obligation | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Debt and capital lease obligations | 1,354,920 | 1,339,368 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Total non-current liabilities | 1,354,920 | 1,339,368 | ' | ' |
Total liabilities | 1,373,078 | 1,357,526 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 245 | 241 | ' | ' |
Preferred stock | ' | 2 | ' | ' |
Additional paid-in capital | 2,207,938 | 2,194,405 | ' | ' |
Accumulated other comprehensive loss | -7,412 | -6,451 | ' | ' |
Accumulated deficit | -1,010,435 | -840,474 | ' | ' |
Total Molycorp stockholders’ equity | 1,190,336 | 1,347,723 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total stockholders’ equity | 1,190,336 | 1,347,723 | ' | ' |
Total liabilities and stockholders’ equity | 2,563,414 | 2,705,249 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 6,072 | 6,467 | 6,752 | 18,020 |
Trade accounts receivable, net | 3,841 | 4,990 | ' | ' |
Inventory | 35,407 | 32,307 | ' | ' |
Prepaid expenses and other current assets | 17,861 | 15,833 | ' | ' |
Total current assets | 63,181 | 59,597 | ' | ' |
Non-current assets: | ' | ' | ' | ' |
Deposits | 23,943 | 24,243 | ' | ' |
Property, plant and equipment, net | 1,606,889 | 1,620,851 | ' | ' |
Inventory | 25,934 | 25,329 | ' | ' |
Intangible assets, net | 409 | 442 | ' | ' |
Investments | 30,836 | 34,134 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | 120,163 | 121,849 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Other non-current assets | 651 | 771 | ' | ' |
Total non-current assets | 1,808,825 | 1,827,619 | ' | ' |
Total assets | 1,872,006 | 1,887,216 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Trade accounts payable | 32,202 | 49,702 | ' | ' |
Accrued expenses | 11,766 | 13,782 | ' | ' |
Debt and capital lease obligations | 2,852 | 2,234 | ' | ' |
Other current liabilities | 441 | 617 | ' | ' |
Total current liabilities | 47,261 | 66,335 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' |
Asset retirement obligation | 16,523 | 16,966 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Debt and capital lease obligations | 19,597 | 19,355 | ' | ' |
Intercompany accounts payable | 2,123,529 | 1,999,562 | ' | ' |
Other non-current liabilities | 1,401 | 1,393 | ' | ' |
Total non-current liabilities | 2,161,050 | 2,037,276 | ' | ' |
Total liabilities | 2,208,311 | 2,103,611 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Preferred stock | ' | 0 | ' | ' |
Additional paid-in capital | 149,857 | 149,857 | ' | ' |
Accumulated other comprehensive loss | 0 | 0 | ' | ' |
Accumulated deficit | -486,162 | -366,252 | ' | ' |
Total Molycorp stockholders’ equity | -336,305 | -216,395 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total stockholders’ equity | -336,305 | -216,395 | ' | ' |
Total liabilities and stockholders’ equity | 1,872,006 | 1,887,216 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 113,620 | 138,705 | 143,600 | 193,210 |
Trade accounts receivable, net | 43,190 | 56,767 | ' | ' |
Inventory | 146,615 | 139,476 | ' | ' |
Prepaid expenses and other current assets | 16,006 | 13,377 | ' | ' |
Total current assets | 319,431 | 348,325 | ' | ' |
Non-current assets: | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Property, plant and equipment, net | 136,605 | 142,023 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Intangible assets, net | 318,545 | 330,425 | ' | ' |
Investments | 15,467 | 14,741 | ' | ' |
Goodwill | 228,750 | 228,750 | ' | ' |
Investments in consolidated subsidiaries | 0 | 0 | ' | ' |
Intercompany accounts receivable | 24,085 | 0 | ' | ' |
Other non-current assets | 5,790 | 6,272 | ' | ' |
Total non-current assets | 729,242 | 722,211 | ' | ' |
Total assets | 1,048,673 | 1,070,536 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Trade accounts payable | 30,880 | 34,747 | ' | ' |
Accrued expenses | 17,081 | 16,561 | ' | ' |
Debt and capital lease obligations | 11,378 | 14,128 | ' | ' |
Other current liabilities | 3,945 | 3,446 | ' | ' |
Total current liabilities | 63,284 | 68,882 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' |
Asset retirement obligation | 0 | 0 | ' | ' |
Deferred tax liabilities | 78,424 | 85,481 | ' | ' |
Debt and capital lease obligations | 4,152 | 5,193 | ' | ' |
Intercompany accounts payable | 0 | 2,021 | ' | ' |
Other non-current liabilities | 8,855 | 8,609 | ' | ' |
Total non-current liabilities | 91,431 | 101,304 | ' | ' |
Total liabilities | 154,715 | 170,186 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Preferred stock | ' | 0 | ' | ' |
Additional paid-in capital | 1,315,426 | 1,315,426 | ' | ' |
Accumulated other comprehensive loss | -7,412 | -6,451 | ' | ' |
Accumulated deficit | -442,391 | -437,964 | ' | ' |
Total Molycorp stockholders’ equity | 865,623 | 871,011 | ' | ' |
Noncontrolling interests | 28,335 | 29,339 | ' | ' |
Total stockholders’ equity | 893,958 | 900,350 | ' | ' |
Total liabilities and stockholders’ equity | 1,048,673 | 1,070,536 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade accounts receivable, net | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Non-current assets: | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Investments | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in consolidated subsidiaries | -529,318 | -654,616 | ' | ' |
Intercompany accounts receivable | -2,123,529 | -2,001,583 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Total non-current assets | -2,652,847 | -2,656,199 | ' | ' |
Total assets | -2,652,847 | -2,656,199 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Trade accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Debt and capital lease obligations | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' |
Asset retirement obligation | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Debt and capital lease obligations | 0 | 0 | ' | ' |
Intercompany accounts payable | -2,123,529 | -2,001,583 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Total non-current liabilities | -2,123,529 | -2,001,583 | ' | ' |
Total liabilities | -2,123,529 | -2,001,583 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Preferred stock | ' | 0 | ' | ' |
Additional paid-in capital | -1,465,283 | -1,465,283 | ' | ' |
Accumulated other comprehensive loss | 7,412 | 6,451 | ' | ' |
Accumulated deficit | 928,553 | 804,216 | ' | ' |
Total Molycorp stockholders’ equity | -529,318 | -654,616 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total stockholders’ equity | -529,318 | -654,616 | ' | ' |
Total liabilities and stockholders’ equity | ($2,652,847) | ($2,656,199) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $116,907 | $136,112 | $235,432 | $281,511 |
Costs of sales: | ' | ' | ' | ' |
Costs excluding depreciation and amortization | -113,399 | -135,724 | -238,872 | -271,255 |
Depreciation and amortization | -20,079 | -18,424 | -36,226 | -32,596 |
Gross loss | -16,571 | -18,036 | -39,666 | -22,340 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | -20,424 | -26,059 | -38,379 | -52,610 |
Depreciation, amortization and accretion | -7,257 | -8,278 | -14,459 | -16,488 |
Research and development | -4,483 | -6,506 | -7,249 | -12,911 |
Operating loss | -48,735 | -58,879 | -99,753 | -104,349 |
Other expenses: | ' | ' | ' | ' |
Other income | 296 | 2,813 | 770 | 2,360 |
Interest expense, net of capitalized interest | -41,285 | -14,869 | -76,925 | -26,518 |
Interest income (expense) from intercompany notes | 0 | 0 | 0 | 0 |
Equity loss from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Loss before income taxes and equity earnings | -89,724 | -70,935 | -175,908 | -128,507 |
Income tax benefit | 7,427 | 3,530 | 9,334 | 26,021 |
Equity in loss of affiliates | -1,553 | -3,284 | -3,275 | -6,356 |
Net loss | -83,850 | -70,689 | -169,849 | -108,842 |
Net income attributable to noncontrolling interests | -49 | -486 | -112 | -1,304 |
Net loss attributable to Molycorp stockholders | -83,899 | -71,175 | -169,961 | -110,146 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -109 | 662 | -961 | -2,632 |
Comprehensive loss | -83,959 | -70,027 | -170,810 | -111,474 |
Comprehensive loss attributable to: | ' | ' | ' | ' |
Molycorp stockholders | -83,910 | -69,541 | -170,698 | -110,170 |
Noncontrolling interest | -49 | -486 | -112 | -1,304 |
Parent | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Costs of sales: | ' | ' | ' | ' |
Costs excluding depreciation and amortization | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gross loss | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | -153 | 0 | -393 | 0 |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Operating loss | -153 | 0 | -393 | 0 |
Other expenses: | ' | ' | ' | ' |
Other income | 15,149 | 0 | -3,122 | 0 |
Interest expense, net of capitalized interest | -39,658 | -14,745 | -74,214 | -25,885 |
Interest income (expense) from intercompany notes | 10,434 | 8,592 | 20,789 | 18,244 |
Equity loss from consolidated subsidiaries | -79,301 | -65,022 | -122,651 | -108,389 |
Loss before income taxes and equity earnings | -93,529 | -71,175 | -179,591 | -116,030 |
Income tax benefit | 9,630 | 0 | 9,630 | 5,884 |
Equity in loss of affiliates | 0 | 0 | 0 | 0 |
Net loss | -83,899 | -71,175 | -169,961 | -110,146 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Molycorp stockholders | -83,899 | -71,175 | -169,961 | -110,146 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Comprehensive loss | -83,899 | -71,175 | -169,961 | -110,146 |
Comprehensive loss attributable to: | ' | ' | ' | ' |
Molycorp stockholders | -83,899 | -71,175 | -169,961 | -110,146 |
Noncontrolling interest | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 12,009 | 27,168 | 29,239 | 48,777 |
Costs of sales: | ' | ' | ' | ' |
Costs excluding depreciation and amortization | -38,490 | -46,363 | -91,869 | -91,692 |
Depreciation and amortization | -16,031 | -11,757 | -28,158 | -19,187 |
Gross loss | -42,512 | -30,952 | -90,788 | -62,102 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | -10,437 | -16,488 | -18,595 | -33,504 |
Depreciation, amortization and accretion | -1,057 | 48 | -2,102 | -1,661 |
Research and development | -100 | -1,431 | -243 | -3,391 |
Operating loss | -54,106 | -48,823 | -111,728 | -100,658 |
Other expenses: | ' | ' | ' | ' |
Other income | 196 | 244 | 212 | 243 |
Interest expense, net of capitalized interest | -1,190 | -2,236 | -2,395 | -4,295 |
Interest income (expense) from intercompany notes | -510 | 1,237 | -1,014 | 2,881 |
Equity loss from consolidated subsidiaries | -2,009 | -7,487 | -1,686 | -6,409 |
Loss before income taxes and equity earnings | -57,619 | -57,065 | -116,611 | -108,238 |
Income tax benefit | 0 | -11,198 | 0 | 8,252 |
Equity in loss of affiliates | -1,592 | -8,012 | -3,299 | -10,010 |
Net loss | -59,211 | -76,275 | -119,910 | -109,996 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Molycorp stockholders | -59,211 | -76,275 | -119,910 | -109,996 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Comprehensive loss | -59,211 | -76,275 | -119,910 | -109,996 |
Comprehensive loss attributable to: | ' | ' | ' | ' |
Molycorp stockholders | -59,211 | -76,275 | -119,910 | -109,996 |
Noncontrolling interest | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 113,319 | 120,976 | 227,051 | 255,124 |
Costs of sales: | ' | ' | ' | ' |
Costs excluding depreciation and amortization | -83,330 | -101,393 | -167,861 | -201,953 |
Depreciation and amortization | -4,048 | -6,667 | -8,068 | -13,409 |
Gross loss | 25,941 | 12,916 | 51,122 | 39,762 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | -9,834 | -9,571 | -19,391 | -19,106 |
Depreciation, amortization and accretion | -6,200 | -8,326 | -12,357 | -14,827 |
Research and development | -4,383 | -5,075 | -7,006 | -9,520 |
Operating loss | 5,524 | -10,056 | 12,368 | -3,691 |
Other expenses: | ' | ' | ' | ' |
Other income | -15,049 | 2,569 | 3,680 | 2,117 |
Interest expense, net of capitalized interest | -437 | 2,112 | -316 | 3,662 |
Interest income (expense) from intercompany notes | -9,924 | -9,829 | -19,775 | -21,125 |
Equity loss from consolidated subsidiaries | 0 | 0 | 0 | 0 |
Loss before income taxes and equity earnings | -19,886 | -15,204 | -4,043 | -19,037 |
Income tax benefit | -2,203 | 14,728 | -296 | 11,885 |
Equity in loss of affiliates | 39 | 4,728 | 24 | 3,654 |
Net loss | -22,050 | 4,252 | -4,315 | -3,498 |
Net income attributable to noncontrolling interests | -49 | -486 | -112 | -1,304 |
Net loss attributable to Molycorp stockholders | -22,099 | 3,766 | -4,427 | -4,802 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -109 | 662 | -961 | -2,632 |
Comprehensive loss | -22,159 | 4,914 | -5,276 | -6,130 |
Comprehensive loss attributable to: | ' | ' | ' | ' |
Molycorp stockholders | -22,110 | 5,400 | -5,164 | -4,826 |
Noncontrolling interest | -49 | -486 | -112 | -1,304 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | -8,421 | -12,032 | -20,858 | -22,390 |
Costs of sales: | ' | ' | ' | ' |
Costs excluding depreciation and amortization | 8,421 | 12,032 | 20,858 | 22,390 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gross loss | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Operating loss | 0 | 0 | 0 | 0 |
Other expenses: | ' | ' | ' | ' |
Other income | 0 | 0 | 0 | 0 |
Interest expense, net of capitalized interest | 0 | 0 | 0 | 0 |
Interest income (expense) from intercompany notes | 0 | 0 | 0 | 0 |
Equity loss from consolidated subsidiaries | 81,310 | 72,509 | 124,337 | 114,798 |
Loss before income taxes and equity earnings | 81,310 | 72,509 | 124,337 | 114,798 |
Income tax benefit | 0 | 0 | 0 | 0 |
Equity in loss of affiliates | 0 | 0 | 0 | 0 |
Net loss | 81,310 | 72,509 | 124,337 | 114,798 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net loss attributable to Molycorp stockholders | 81,310 | 72,509 | 124,337 | 114,798 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Comprehensive loss | 81,310 | 72,509 | 124,337 | 114,798 |
Comprehensive loss attributable to: | ' | ' | ' | ' |
Molycorp stockholders | 81,310 | 72,509 | 124,337 | 114,798 |
Noncontrolling interest | $0 | $0 | $0 | $0 |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | ($118,248) | ($74,041) |
Cash flows from investing activities: | ' | ' |
Loans to guarantor | ' | 0 |
Intercompany advances made | 0 | 0 |
Repayments from non-guarantor | 0 | 0 |
Loans to non-guarantor | ' | 0 |
Investment in joint ventures | -703 | -3,423 |
Capital expenditures | -44,687 | -264,726 |
Recovery from insurance claims | 12,900 | 0 |
Other investing activities | 395 | -224 |
Net cash used in investing activities | -32,095 | -268,373 |
Cash flows from financing activities: | ' | ' |
Repayments of debt | -3,079 | -27,283 |
Net proceeds from sale of common stock | 0 | 248,150 |
Issuance of 5.50% Convertible Notes | 0 | 165,600 |
Payments of preferred dividends | -2,846 | -5,693 |
Dividend paid to noncontrolling interests | -1,135 | -1,946 |
Borrowings from non-guarantor | ' | 0 |
Borrowing from guarantor | ' | 0 |
Repayments to parent | 0 | 0 |
Intercompany advances owed | 0 | 0 |
Other financing activities | 164 | -360 |
Net cash (used in) provided by financing activities | -6,896 | 378,468 |
Effect of exchange rate changes on cash | -706 | 318 |
Net change in cash and cash equivalents | -157,945 | 36,372 |
Cash and cash equivalents at beginning of the period | 314,317 | 227,790 |
Cash and cash equivalents at end of period | 156,372 | 264,162 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -36,253 | -1,972 |
Cash flows from investing activities: | ' | ' |
Loans to guarantor | ' | 0 |
Intercompany advances made | -141,366 | -318,835 |
Repayments from non-guarantor | 48,000 | 10,000 |
Loans to non-guarantor | ' | 0 |
Investment in joint ventures | 0 | 0 |
Capital expenditures | 0 | 0 |
Recovery from insurance claims | 0 | ' |
Other investing activities | 0 | 0 |
Net cash used in investing activities | -93,366 | -308,835 |
Cash flows from financing activities: | ' | ' |
Repayments of debt | 0 | 0 |
Net proceeds from sale of common stock | ' | 248,150 |
Issuance of 5.50% Convertible Notes | ' | 165,600 |
Payments of preferred dividends | -2,846 | -5,693 |
Dividend paid to noncontrolling interests | 0 | 0 |
Borrowings from non-guarantor | ' | 0 |
Borrowing from guarantor | ' | 0 |
Repayments to parent | 0 | 0 |
Intercompany advances owed | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash (used in) provided by financing activities | -2,846 | 408,057 |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | -132,465 | 97,250 |
Cash and cash equivalents at beginning of the period | 169,145 | 16,560 |
Cash and cash equivalents at end of period | 36,680 | 113,810 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -71,050 | -93,855 |
Cash flows from investing activities: | ' | ' |
Loans to guarantor | ' | 0 |
Intercompany advances made | 0 | 0 |
Repayments from non-guarantor | 0 | 0 |
Loans to non-guarantor | ' | -1,300 |
Investment in joint ventures | 0 | -3,423 |
Capital expenditures | -40,928 | -255,989 |
Recovery from insurance claims | 12,900 | ' |
Other investing activities | 0 | 0 |
Net cash used in investing activities | -28,028 | -260,712 |
Cash flows from financing activities: | ' | ' |
Repayments of debt | 0 | 0 |
Net proceeds from sale of common stock | ' | 0 |
Issuance of 5.50% Convertible Notes | ' | 0 |
Payments of preferred dividends | 0 | 0 |
Dividend paid to noncontrolling interests | 0 | 0 |
Borrowings from non-guarantor | ' | 40,000 |
Borrowing from guarantor | ' | 0 |
Repayments to parent | 0 | 0 |
Intercompany advances owed | 97,822 | 303,659 |
Other financing activities | 861 | -360 |
Net cash (used in) provided by financing activities | 98,683 | 343,299 |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | -395 | -11,268 |
Cash and cash equivalents at beginning of the period | 6,467 | 18,020 |
Cash and cash equivalents at end of period | 6,072 | 6,752 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | -10,945 | 21,786 |
Cash flows from investing activities: | ' | ' |
Loans to guarantor | ' | -40,000 |
Intercompany advances made | 0 | 0 |
Repayments from non-guarantor | 0 | 0 |
Loans to non-guarantor | ' | 0 |
Investment in joint ventures | -703 | 0 |
Capital expenditures | -3,759 | -8,737 |
Recovery from insurance claims | 0 | ' |
Other investing activities | 395 | -224 |
Net cash used in investing activities | -4,067 | -48,961 |
Cash flows from financing activities: | ' | ' |
Repayments of debt | -3,079 | -27,283 |
Net proceeds from sale of common stock | ' | 0 |
Issuance of 5.50% Convertible Notes | ' | 0 |
Payments of preferred dividends | 0 | 0 |
Dividend paid to noncontrolling interests | -1,135 | -1,946 |
Borrowings from non-guarantor | ' | 0 |
Borrowing from guarantor | ' | 1,300 |
Repayments to parent | -48,000 | -10,000 |
Intercompany advances owed | 43,544 | 15,176 |
Other financing activities | -697 | 0 |
Net cash (used in) provided by financing activities | -9,367 | -22,753 |
Effect of exchange rate changes on cash | -706 | 318 |
Net change in cash and cash equivalents | -25,085 | -49,610 |
Cash and cash equivalents at beginning of the period | 138,705 | 193,210 |
Cash and cash equivalents at end of period | 113,620 | 143,600 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Loans to guarantor | ' | 40,000 |
Intercompany advances made | 141,366 | 318,835 |
Repayments from non-guarantor | -48,000 | -10,000 |
Loans to non-guarantor | ' | 1,300 |
Investment in joint ventures | 0 | 0 |
Capital expenditures | 0 | 0 |
Recovery from insurance claims | 0 | ' |
Other investing activities | 0 | 0 |
Net cash used in investing activities | 93,366 | 350,135 |
Cash flows from financing activities: | ' | ' |
Repayments of debt | 0 | 0 |
Net proceeds from sale of common stock | ' | 0 |
Issuance of 5.50% Convertible Notes | ' | 0 |
Payments of preferred dividends | 0 | 0 |
Dividend paid to noncontrolling interests | 0 | 0 |
Borrowings from non-guarantor | ' | -40,000 |
Borrowing from guarantor | ' | -1,300 |
Repayments to parent | 48,000 | 10,000 |
Intercompany advances owed | -141,366 | -318,835 |
Other financing activities | 0 | 0 |
Net cash (used in) provided by financing activities | -93,366 | -350,135 |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of the period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Aug. 06, 2014 |
Subsequent Event [Line Items] | ' |
Debt and Lease Financing Commitment Capacity | $400 |
Warrants to be Issued Equal to Common Stock Outstanding, Percentage of Shares | 10.00% |
Financings Available at Closing | ' |
Subsequent Event [Line Items] | ' |
Debt and Lease Financing Commitment Capacity | 250 |
Financings Available until March 31, 2016 | ' |
Subsequent Event [Line Items] | ' |
Debt and Lease Financing Commitment Capacity | $150 |
Financings Available | ' |
Subsequent Event [Line Items] | ' |
Debt Instrument, Term | '5 years |