Subsidiary Guarantor Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Schedule of Condensed Balance Sheet | ' |
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| 30-Sep-14 |
| (In thousands) |
Condensed Consolidating Balance Sheets | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 209,255 | | | $ | 8,399 | | | $ | 95,823 | | | $ | — | | | $ | 313,477 | |
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Trade accounts receivable, net | — | | | 4,360 | | | 48,869 | | | — | | | 53,229 | |
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Inventory | — | | | 34,217 | | | 132,719 | | | — | | | 166,936 | |
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Prepaid expenses and other current assets | — | | | 15,028 | | | 12,147 | | | — | | | 27,175 | |
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Total current assets | 209,255 | | | 62,004 | | | 289,558 | | | — | | | 560,817 | |
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Non-current assets: | | | | | | | | | |
Deposits | 1,756 | | | 28,243 | | | — | | | — | | | 29,999 | |
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Property, plant and equipment, net | — | | | 1,607,027 | | | 129,845 | | | — | | | 1,736,872 | |
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Inventory | — | | | 25,530 | | | — | | | — | | | 25,530 | |
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Intangible assets, net | — | | | 393 | | | 312,485 | | | — | | | 312,878 | |
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Investments | — | | | 17,016 | | | 15,194 | | | — | | | 32,210 | |
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Goodwill | — | | | — | | | 228,750 | | | — | | | 228,750 | |
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Investments in consolidated subsidiaries | 340,620 | | | 117,098 | | | — | | | (457,718 | ) | | — | |
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Intercompany accounts receivable | 1,943,181 | | | — | | | 117,941 | | | (2,061,122 | ) | | — | |
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Other non-current assets | 17,701 | | | 7,929 | | | 8,573 | | | — | | | 34,203 | |
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Total non-current assets | 2,303,258 | | | 1,803,236 | | | 812,788 | | | (2,518,840 | ) | | 2,400,442 | |
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Total assets | $ | 2,512,513 | | | $ | 1,865,240 | | | $ | 1,102,346 | | | $ | (2,518,840 | ) | | $ | 2,961,259 | |
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Current liabilities: | | | | | | | | | |
Trade accounts payable | $ | — | | | $ | 30,434 | | | $ | 27,838 | | | $ | — | | | $ | 58,272 | |
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Accrued expenses | 25,048 | | | 18,159 | | | 23,520 | | | — | | | 66,727 | |
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Debt and capital lease obligations | — | | | 3,160 | | | 9,609 | | | — | | | 12,769 | |
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Other current liabilities | — | | | 352 | | | 6,570 | | | — | | | 6,922 | |
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Total current liabilities | 25,048 | | | 52,105 | | | 67,537 | | | — | | | 144,690 | |
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Non-current liabilities: | | | | | | | | | |
Asset retirement obligation | — | | | 16,681 | | | — | | | — | | | 16,681 | |
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Deferred tax liabilities | — | | | — | | | 75,162 | | | — | | | 75,162 | |
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Debt and capital lease obligations | 1,381,945 | | | 144,638 | | | 56,219 | | | — | | | 1,582,802 | |
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Intercompany accounts payable | — | | | 2,061,122 | | | — | | | (2,061,122 | ) | | — | |
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Other non-current liabilities | 4,203 | | | 1,414 | | | 8,669 | | | — | | | 14,286 | |
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Total non-current liabilities | 1,386,148 | | | 2,223,855 | | | 140,050 | | | (2,061,122 | ) | | 1,688,931 | |
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Total liabilities | $ | 1,411,196 | | | $ | 2,275,960 | | | $ | 207,587 | | | $ | (2,061,122 | ) | | $ | 1,833,621 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 245 | | | — | | | — | | | — | | | 245 | |
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Additional paid-in capital | 2,232,390 | | | 149,857 | | | 1,315,426 | | | (1,465,283 | ) | | 2,232,390 | |
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Accumulated other comprehensive loss | (15,704 | ) | | — | | | (15,704 | ) | | 15,704 | | | (15,704 | ) |
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Accumulated deficit | (1,115,614 | ) | | (560,577 | ) | | (431,284 | ) | | 991,861 | | | (1,115,614 | ) |
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Total Molycorp stockholders’ equity | 1,101,317 | | | (410,720 | ) | | 868,438 | | | (457,718 | ) | | 1,101,317 | |
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Noncontrolling interests | — | | | — | | | 26,321 | | | — | | | 26,321 | |
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Total stockholders’ equity | 1,101,317 | | | (410,720 | ) | | 894,759 | | | (457,718 | ) | | 1,127,638 | |
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Total liabilities and stockholders’ equity | $ | 2,512,513 | | | $ | 1,865,240 | | | $ | 1,102,346 | | | $ | (2,518,840 | ) | | $ | 2,961,259 | |
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| 31-Dec-13 |
| (In thousands) |
Condensed Consolidating Balance Sheets | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 169,145 | | | $ | 6,467 | | | $ | 138,705 | | | $ | — | | | $ | 314,317 | |
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Trade accounts receivable, net | — | | | 4,990 | | | 56,767 | | | — | | | 61,757 | |
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Inventory | — | | | 32,307 | | | 139,476 | | | — | | | 171,783 | |
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Prepaid expenses and other current assets | — | | | 15,833 | | | 13,377 | | | — | | | 29,210 | |
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Total current assets | 169,145 | | | 59,597 | | | 348,325 | | | — | | | 577,067 | |
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Non-current assets: | | | | | | | | | |
Deposits | 1,754 | | | 24,243 | | | — | | | — | | | 25,997 | |
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Property, plant and equipment, net | — | | | 1,620,851 | | | 142,023 | | | — | | | 1,762,874 | |
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Inventory | — | | | 25,329 | | | — | | | — | | | 25,329 | |
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Intangible assets, net | — | | | 442 | | | 330,425 | | | — | | | 330,867 | |
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Investments | — | | | 34,134 | | | 14,741 | | | — | | | 48,875 | |
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Goodwill | — | | | — | | | 228,750 | | | — | | | 228,750 | |
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Investments in consolidated subsidiaries | 532,767 | | | 121,849 | | | — | | | (654,616 | ) | | — | |
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Intercompany accounts receivable | 2,001,583 | | | — | | | — | | | (2,001,583 | ) | | — | |
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Other non-current assets | — | | | 771 | | | 6,272 | | | — | | | 7,043 | |
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Total non-current assets | 2,536,104 | | | 1,827,619 | | | 722,211 | | | (2,656,199 | ) | | 2,429,735 | |
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Total assets | $ | 2,705,249 | | | $ | 1,887,216 | | | $ | 1,070,536 | | | $ | (2,656,199 | ) | | $ | 3,006,802 | |
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Current liabilities: | | | | | | | | | |
Trade accounts payable | $ | — | | | $ | 49,702 | | | $ | 34,747 | | | $ | — | | | $ | 84,449 | |
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Accrued expenses | 18,158 | | | 13,782 | | | 16,561 | | | — | | | 48,501 | |
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Debt and capital lease obligations | — | | | 2,234 | | | 14,128 | | | — | | | 16,362 | |
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Other current liabilities | — | | | 617 | | | 3,446 | | | — | | | 4,063 | |
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Total current liabilities | 18,158 | | | 66,335 | | | 68,882 | | | — | | | 153,375 | |
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Non-current liabilities: | | | | | | | | | |
Asset retirement obligation | — | | | 16,966 | | | — | | | — | | | 16,966 | |
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Deferred tax liabilities | — | | | — | | | 85,481 | | | — | | | 85,481 | |
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Debt and capital lease obligations | 1,339,368 | | | 19,355 | | | 5,193 | | | — | | | 1,363,916 | |
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Intercompany accounts payable | — | | | 1,999,562 | | | 2,021 | | | (2,001,583 | ) | | — | |
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Other non-current liabilities | — | | | 1,393 | | | 8,609 | | | — | | | 10,002 | |
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Total non-current liabilities | 1,339,368 | | | 2,037,276 | | | 101,304 | | | (2,001,583 | ) | | 1,476,365 | |
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Total liabilities | $ | 1,357,526 | | | $ | 2,103,611 | | | $ | 170,186 | | | $ | (2,001,583 | ) | | $ | 1,629,740 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 241 | | | — | | | — | | | — | | | 241 | |
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Preferred stock | 2 | | | — | | | — | | | — | | | 2 | |
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Additional paid-in capital | 2,194,405 | | | 149,857 | | | 1,315,426 | | | (1,465,283 | ) | | 2,194,405 | |
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Accumulated other comprehensive loss | (6,451 | ) | | — | | | (6,451 | ) | | 6,451 | | | (6,451 | ) |
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Accumulated deficit | (840,474 | ) | | (366,252 | ) | | (437,964 | ) | | 804,216 | | | (840,474 | ) |
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Total Molycorp stockholders’ equity | 1,347,723 | | | (216,395 | ) | | 871,011 | | | (654,616 | ) | | 1,347,723 | |
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Noncontrolling interests | — | | | — | | | 29,339 | | | — | | | 29,339 | |
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Total stockholders’ equity | 1,347,723 | | | (216,395 | ) | | 900,350 | | | (654,616 | ) | | 1,377,062 | |
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Total liabilities and stockholders’ equity | $ | 2,705,249 | | | $ | 1,887,216 | | | $ | 1,070,536 | | | $ | (2,656,199 | ) | | $ | 3,006,802 | |
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| Three Months Ended September 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 19,163 | | | $ | 115,150 | | | $ | (10,376 | ) | | $ | 123,937 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (45,596 | ) | | (84,413 | ) | | 10,376 | | | (119,633 | ) |
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Depreciation and amortization | — | | | (16,460 | ) | | (2,922 | ) | | — | | | (19,382 | ) |
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Gross (loss) profit | — | | | (42,893 | ) | | 27,815 | | | — | | | (15,078 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (4 | ) | | (11,233 | ) | | (10,670 | ) | | — | | | (21,907 | ) |
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Depreciation, amortization and accretion | — | | | (952 | ) | | (7,141 | ) | | — | | | (8,093 | ) |
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Research and development | — | | | (111 | ) | | (4,242 | ) | | — | | | (4,353 | ) |
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Impairment of long-lived assets | — | | | — | | | — | | | — | | | — | |
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Operating (loss) income | (4 | ) | | (55,189 | ) | | 5,762 | | | — | | | (49,431 | ) |
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Other (expense) income: | | | | | | | | | |
Other (expense) income | (21,778 | ) | | 90 | | | 19,077 | | | — | | | (2,611 | ) |
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Impairment of investment | — | | | (12,000 | ) | | — | | | — | | | (12,000 | ) |
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Interest expense, net of capitalized interest | (33,201 | ) | | (1,894 | ) | | (347 | ) | | — | | | (35,442 | ) |
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Interest income (expense) from intercompany notes | 10,047 | | | (537 | ) | | (9,510 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (60,243 | ) | | (3,065 | ) | | — | | | 63,308 | | | — | |
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(Loss) income before income taxes and equity earnings | (105,179 | ) | | (72,595 | ) | | 14,982 | | | 63,308 | | | (99,484 | ) |
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Income tax expense | — | | | — | | | (3,572 | ) | | — | | | (3,572 | ) |
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Equity in loss of affiliates | — | | | (1,820 | ) | | (272 | ) | | — | | | (2,092 | ) |
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Net (loss) income | (105,179 | ) | | (74,415 | ) | | 11,138 | | | 63,308 | | | (105,148 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (31 | ) | | — | | | (31 | ) |
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Net (loss) income attributable to Molycorp stockholders | $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 11,107 | | | $ | 63,308 | | | $ | (105,179 | ) |
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Net (loss) income | $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 11,138 | | | $ | 63,308 | | | $ | (105,148 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (8,292 | ) | | — | | | (8,292 | ) |
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Comprehensive (loss) income | $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 2,846 | | | $ | 63,308 | | | $ | (113,440 | ) |
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Comprehensive (loss) income attributable to: | | | | | | | | | |
Molycorp stockholders | (105,179 | ) | | (74,415 | ) | | 2,877 | | | 63,308 | | | (113,409 | ) |
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Noncontrolling interest | — | | | — | | | (31 | ) | | — | | | (31 | ) |
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| $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 2,846 | | | $ | 63,308 | | | $ | (113,440 | ) |
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Schedule of Condensed Income Statement and Comprehensive Income | ' |
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| Three Months Ended September 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 19,163 | | | $ | 115,150 | | | $ | (10,376 | ) | | $ | 123,937 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (45,596 | ) | | (84,413 | ) | | 10,376 | | | (119,633 | ) |
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Depreciation and amortization | — | | | (16,460 | ) | | (2,922 | ) | | — | | | (19,382 | ) |
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Gross (loss) profit | — | | | (42,893 | ) | | 27,815 | | | — | | | (15,078 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (4 | ) | | (11,233 | ) | | (10,670 | ) | | — | | | (21,907 | ) |
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Depreciation, amortization and accretion | — | | | (952 | ) | | (7,141 | ) | | — | | | (8,093 | ) |
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Research and development | — | | | (111 | ) | | (4,242 | ) | | — | | | (4,353 | ) |
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Impairment of long-lived assets | — | | | — | | | — | | | — | | | — | |
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Operating (loss) income | (4 | ) | | (55,189 | ) | | 5,762 | | | — | | | (49,431 | ) |
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Other (expense) income: | | | | | | | | | |
Other (expense) income | (21,778 | ) | | 90 | | | 19,077 | | | — | | | (2,611 | ) |
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Impairment of investment | — | | | (12,000 | ) | | — | | | — | | | (12,000 | ) |
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Interest expense, net of capitalized interest | (33,201 | ) | | (1,894 | ) | | (347 | ) | | — | | | (35,442 | ) |
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Interest income (expense) from intercompany notes | 10,047 | | | (537 | ) | | (9,510 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (60,243 | ) | | (3,065 | ) | | — | | | 63,308 | | | — | |
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(Loss) income before income taxes and equity earnings | (105,179 | ) | | (72,595 | ) | | 14,982 | | | 63,308 | | | (99,484 | ) |
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Income tax expense | — | | | — | | | (3,572 | ) | | — | | | (3,572 | ) |
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Equity in loss of affiliates | — | | | (1,820 | ) | | (272 | ) | | — | | | (2,092 | ) |
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Net (loss) income | (105,179 | ) | | (74,415 | ) | | 11,138 | | | 63,308 | | | (105,148 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (31 | ) | | — | | | (31 | ) |
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Net (loss) income attributable to Molycorp stockholders | $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 11,107 | | | $ | 63,308 | | | $ | (105,179 | ) |
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Net (loss) income | $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 11,138 | | | $ | 63,308 | | | $ | (105,148 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (8,292 | ) | | — | | | (8,292 | ) |
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Comprehensive (loss) income | $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 2,846 | | | $ | 63,308 | | | $ | (113,440 | ) |
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Comprehensive (loss) income attributable to: | | | | | | | | | |
Molycorp stockholders | (105,179 | ) | | (74,415 | ) | | 2,877 | | | 63,308 | | | (113,409 | ) |
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Noncontrolling interest | — | | | — | | | (31 | ) | | — | | | (31 | ) |
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| $ | (105,179 | ) | | $ | (74,415 | ) | | $ | 2,846 | | | $ | 63,308 | | | $ | (113,440 | ) |
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| Nine Months Ended September 30, 2014 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 48,402 | | | $ | 342,201 | | | $ | (31,234 | ) | | $ | 359,369 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (137,465 | ) | | (252,275 | ) | | 31,234 | | | (358,506 | ) |
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Depreciation and amortization | — | | | (44,618 | ) | | (10,990 | ) | | — | | | (55,608 | ) |
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Gross (loss) profit | — | | | (133,681 | ) | | 78,936 | | | — | | | (54,745 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (397 | ) | | (29,828 | ) | | (30,061 | ) | | — | | | (60,286 | ) |
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Depreciation, amortization and accretion | — | | | (3,054 | ) | | (19,498 | ) | | — | | | (22,552 | ) |
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Research and development | — | | | (354 | ) | | (11,249 | ) | | — | | | (11,603 | ) |
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Impairment of long-lived assets | — | | | — | | | — | | | — | | | — | |
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Operating (loss) income | (397 | ) | | (166,917 | ) | | 18,128 | | | — | | | (149,186 | ) |
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Other (expense) income: | | | | | | | | | |
Other (expense) income | (24,900 | ) | | 302 | | | 22,759 | | | — | | | (1,839 | ) |
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Impairment of investment | — | | | (12,000 | ) | | — | | | — | | | (12,000 | ) |
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Interest expense, net of capitalized interest | (107,415 | ) | | (4,289 | ) | | (663 | ) | | — | | | (112,367 | ) |
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Interest income (expense) from intercompany notes | 30,836 | | | (1,551 | ) | | (29,285 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (182,894 | ) | | (4,751 | ) | | — | | | 187,645 | | | — | |
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(Loss) income before income taxes and equity earnings | (284,770 | ) | | (189,206 | ) | | 10,939 | | | 187,645 | | | (275,392 | ) |
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Income tax benefit (expense) | 9,630 | | | — | | | (3,868 | ) | | — | | | 5,762 | |
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Equity in loss of affiliates | — | | | (5,119 | ) | | (249 | ) | | — | | | (5,368 | ) |
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Net (loss) income | (275,140 | ) | | (194,325 | ) | | 6,822 | | | 187,645 | | | (274,998 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | (142 | ) | | — | | | (142 | ) |
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Net (loss) income attributable to Molycorp stockholders | $ | (275,140 | ) | | $ | (194,325 | ) | | $ | 6,680 | | | $ | 187,645 | | | $ | (275,140 | ) |
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Net (loss) income | $ | (275,140 | ) | | $ | (194,325 | ) | | $ | 6,822 | | | $ | 187,645 | | | $ | (274,998 | ) |
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Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | (9,253 | ) | | — | | | (9,253 | ) |
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Comprehensive loss | $ | (275,140 | ) | | $ | (194,325 | ) | | $ | (2,431 | ) | | $ | 187,645 | | | $ | (284,251 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (275,140 | ) | | (194,325 | ) | | (2,289 | ) | | 187,645 | | | (284,109 | ) |
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Noncontrolling interest | — | | | — | | | (142 | ) | | — | | | (142 | ) |
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| $ | (275,140 | ) | | $ | (194,325 | ) | | $ | (2,431 | ) | | $ | 187,645 | | | $ | (284,251 | ) |
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| Three Months Ended September 30, 2013 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 19,237 | | | $ | 142,421 | | | $ | (12,592 | ) | | $ | 149,066 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (55,517 | ) | | (107,519 | ) | | 12,592 | | | (150,444 | ) |
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Depreciation and amortization | — | | | (9,336 | ) | | (7,064 | ) | | — | | | (16,400 | ) |
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Gross (loss) profit | — | | | (45,616 | ) | | 27,838 | | | — | | | (17,778 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (3 | ) | | (15,623 | ) | | (8,842 | ) | | — | | | (24,468 | ) |
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Depreciation, amortization and accretion | — | | | (1,597 | ) | | (8,475 | ) | | — | | | (10,072 | ) |
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Research and development | — | | | (1,037 | ) | | (4,528 | ) | | — | | | (5,565 | ) |
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Impairment of long-lived assets | — | | | — | | | (1,118 | ) | | — | | | (1,118 | ) |
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Operating (loss) income | (3 | ) | | (63,873 | ) | | 4,875 | | | — | | | (59,001 | ) |
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Other (expense) income: | | | | | | | | | |
Other income (expense) | 1,731 | | | 63 | | | (2,685 | ) | | — | | | (891 | ) |
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Interest expense, net of capitalized interest | (14,093 | ) | | (744 | ) | | (1,452 | ) | | — | | | (16,289 | ) |
|
Interest income (expense) from intercompany notes | 9,211 | | | 1,412 | | | (10,623 | ) | | — | | | — | |
|
Equity loss from consolidated subsidiaries | (54,858 | ) | | (333 | ) | | — | | | 55,191 | | | — | |
|
Loss before income taxes and equity earnings | (58,012 | ) | | (63,475 | ) | | (9,885 | ) | | 55,191 | | | (76,181 | ) |
|
Income tax (expense) benefit | (11,914 | ) | | 14,879 | | | 9,937 | | | — | | | 12,902 | |
|
Equity in loss of affiliates | — | | | (1,617 | ) | | (717 | ) | | — | | | (2,334 | ) |
|
Loss from continuing operations | (69,926 | ) | | (50,213 | ) | | (665 | ) | | 55,191 | | | (65,613 | ) |
|
Loss from discontinuing operations, net of tax | — | | | — | | | (4,186 | ) | | — | | | (4,186 | ) |
|
Net loss | (69,926 | ) | | (50,213 | ) | | (4,851 | ) | | 55,191 | | | (69,799 | ) |
|
Net income attributable to noncontrolling interest | — | | | — | | | (130 | ) | | — | | | (130 | ) |
|
Net loss attributable to Molycorp stockholders | $ | (69,926 | ) | | $ | (50,213 | ) | | $ | (4,981 | ) | | $ | 55,191 | | | $ | (69,929 | ) |
|
| | | | | | | | | |
Net loss | $ | (69,926 | ) | | $ | (50,213 | ) | | $ | (4,851 | ) | | $ | 55,191 | | | $ | (69,799 | ) |
|
Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | 4,217 | | | — | | | 4,217 | |
|
Comprehensive loss | $ | (69,926 | ) | | $ | (50,213 | ) | | $ | (634 | ) | | $ | 55,191 | | | $ | (65,582 | ) |
|
Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (69,926 | ) | | (50,213 | ) | | (504 | ) | | 55,191 | | | (65,452 | ) |
|
Noncontrolling interest | — | | | — | | | (130 | ) | | — | | | (130 | ) |
|
| $ | (69,926 | ) | | $ | (50,213 | ) | | $ | (634 | ) | | $ | 55,191 | | | $ | (65,582 | ) |
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| | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2013 |
| (In thousands) |
Condensed Consolidating Statements of Operations and Comprehensive Loss | Parent | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Molycorp, Inc. consolidated |
Revenues | $ | — | | | $ | 68,014 | | | $ | 397,548 | | | $ | (34,982 | ) | | $ | 430,580 | |
|
Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (147,209 | ) | | (309,472 | ) | | 34,982 | | | (421,699 | ) |
|
Depreciation and amortization | — | | | (28,523 | ) | | (20,760 | ) | | — | | | (49,283 | ) |
|
Gross (loss) profit | — | | | (107,718 | ) | | 67,316 | | | — | | | (40,402 | ) |
|
Operating expenses: | | | | | | | | | |
Selling, general and administrative | (3 | ) | | (49,126 | ) | | (27,573 | ) | | — | | | (76,702 | ) |
|
Depreciation, amortization and accretion | — | | | (3,258 | ) | | (23,015 | ) | | — | | | (26,273 | ) |
|
Research and development | — | | | (4,428 | ) | | (14,048 | ) | | — | | | (18,476 | ) |
|
Impairment of long-lived assets | — | | | — | | | (1,495 | ) | | — | | | (1,495 | ) |
|
Operating (loss) income | (3 | ) | | (164,530 | ) | | 1,185 | | | — | | | (163,348 | ) |
|
Other (expense) income: | | | | | | | | | |
Other income | 1,731 | | | 306 | | | 437 | | | — | | | 2,474 | |
|
Interest (expense) income, net | (39,978 | ) | | (5,039 | ) | | 2,210 | | | — | | | (42,807 | ) |
|
Interest income (expense) from intercompany notes | 27,455 | | | 4,293 | | | (31,748 | ) | | — | | | — | |
|
Equity loss from consolidated subsidiaries | (163,247 | ) | | (6,742 | ) | | — | | | 169,989 | | | — | |
|
Loss before income taxes and equity earnings | (174,042 | ) | | (171,712 | ) | | (27,916 | ) | | 169,989 | | | (203,681 | ) |
|
Income tax (expense) benefit | (6,030 | ) | | 23,130 | | | 21,822 | | | — | | | 38,922 | |
|
Equity in loss of affiliates | — | | | (5,239 | ) | | (3,451 | ) | | — | | | (8,690 | ) |
|
Loss from continuing operations | (180,072 | ) | | (153,821 | ) | | (9,545 | ) | | 169,989 | | | (173,449 | ) |
|
Loss from discontinuing operations, net of tax | — | | | — | | | (5,190 | ) | | — | | | (5,190 | ) |
|
Net loss | (180,072 | ) | | (153,821 | ) | | (14,735 | ) | | 169,989 | | | (178,639 | ) |
|
Net income attributable to noncontrolling interest | — | | | — | | | (1,433 | ) | | — | | | (1,433 | ) |
|
Net loss attributable to Molycorp stockholders | $ | (180,072 | ) | | $ | (153,821 | ) | | $ | (16,168 | ) | | $ | 169,989 | | | $ | (180,072 | ) |
|
| | | | | | | | | |
Net loss | $ | (180,072 | ) | | $ | (153,821 | ) | | $ | (14,735 | ) | | $ | 169,989 | | | $ | (178,639 | ) |
|
Other comprehensive loss: | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | 1,585 | | | — | | | 1,585 | |
|
Comprehensive loss | $ | (180,072 | ) | | $ | (153,821 | ) | | $ | (13,150 | ) | | $ | 169,989 | | | $ | (177,054 | ) |
|
Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (180,072 | ) | | (153,821 | ) | | (11,717 | ) | | 169,989 | | | (175,621 | ) |
|
Noncontrolling interest | — | | | — | | | (1,433 | ) | | — | | | (1,433 | ) |
|
| $ | (180,072 | ) | | $ | (153,821 | ) | | $ | (13,150 | ) | | $ | 169,989 | | | $ | (177,054 | ) |
|
Schedule of Condensed Cash Flow Statement | ' |
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| | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 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 | $ | (25,585 | ) | | $ | (138,045 | ) | | $ | 17,224 | | | $ | — | | | $ | (146,406 | ) |
|
Cash flows from investing activities: | | | | | | | | | |
Intercompany advances made | (174,993 | ) | | (133,291 | ) | | (58,309 | ) | | 366,593 | | | — | |
|
Repayments from non-guarantor | 34,997 | | | — | | | — | | | (34,997 | ) | | — | |
|
Loans to guarantors | — | | | — | | | (6,655 | ) | | 6,655 | | | — | |
|
Investment in joint ventures | — | | | — | | | (703 | ) | | — | | | (703 | ) |
|
Capital expenditures | — | | | (56,837 | ) | | (6,000 | ) | | — | | | (62,837 | ) |
|
Recovery from insurance claims | — | | | 12,900 | | | — | | | — | | | 12,900 | |
|
Other investing activities | — | | | — | | | 460 | | | — | | | 460 | |
|
Net cash used in investing activities | (139,996 | ) | | (177,228 | ) | | (71,207 | ) | | 338,251 | | | (50,180 | ) |
|
Cash flows from financing activities: | | | | | | | | | |
Repayments of debt | — | | | — | | | (5,879 | ) | | — | | | (5,879 | ) |
|
Debt issuance costs | (4,032 | ) | | (7,605 | ) | | (3,131 | ) | | — | | | (14,768 | ) |
|
Proceeds from the Financings | 50,167 | | | 139,833 | | | 60,000 | | | — | | | 250,000 | |
|
Partial repayment of convertible notes | (27,495 | ) | | — | | | — | | | — | | | (27,495 | ) |
|
Payments of preferred dividends | (2,846 | ) | | — | | | — | | | — | | | (2,846 | ) |
|
Dividend paid to noncontrolling interests | — | | | — | | | (3,170 | ) | | — | | | (3,170 | ) |
|
Repayments to parent | — | | | — | | | (34,997 | ) | | 34,997 | | | — | |
|
Borrowing from non-guarantors | — | | | 6,655 | | | — | | | (6,655 | ) | | — | |
|
Intercompany advances owed | 190,160 | | | 176,433 | | | — | | | (366,593 | ) | | — | |
|
Other financing activities | (263 | ) | | 1,889 | | | — | | | — | | | 1,626 | |
|
Net cash (used in) provided by financing activities | 205,691 | | | 317,205 | | | 12,823 | | | (338,251 | ) | | 197,468 | |
|
Effect of exchange rate changes on cash | — | | | — | | | (1,722 | ) | | — | | | (1,722 | ) |
|
Net change in cash and cash equivalents | 40,110 | | | 1,932 | | | (42,882 | ) | | — | | | (840 | ) |
|
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 | $ | 209,255 | | | $ | 8,399 | | | $ | 95,823 | | | $ | — | | | $ | 313,477 | |
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| | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 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 | $ | (2,990 | ) | | $ | (79,888 | ) | | $ | (7,135 | ) | | $ | — | | | $ | (90,013 | ) |
|
Cash flows from investing activities: | | | | | | | | | |
Loans to guarantor | — | | | — | | | (40,000 | ) | | 40,000 | | | — | |
|
Loans to parent | — | | | — | | | (12,800 | ) | | 12,800 | | | — | |
|
Intercompany advances made | (438,374 | ) | | — | | | — | | | 438,374 | | | — | |
|
Loans to non-guarantor | — | | | (1,300 | ) | | — | | | 1,300 | | | — | |
|
Repayments from non-guarantor | 38,000 | | | 264 | | | — | | | (38,264 | ) | | — | |
|
Investment in joint ventures | — | | | (3,423 | ) | | — | | | — | | | (3,423 | ) |
|
Capital expenditures | — | | | (320,829 | ) | | (13,768 | ) | | — | | | (334,597 | ) |
|
Other investing activities | — | | | — | | | (364 | ) | | — | | | (364 | ) |
|
Net cash used in investing activities | (400,374 | ) | | (325,288 | ) | | (66,932 | ) | | 454,210 | | | (338,384 | ) |
|
Cash flows from financing activities: | | | | | | | | | |
Repayments of debt | — | | | — | | | (25,990 | ) | | — | | | (25,990 | ) |
|
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 | (8,539 | ) | | — | | | — | | | — | | | (8,539 | ) |
|
Dividend paid to noncontrolling interests | — | | | — | | | (4,472 | ) | | — | | | (4,472 | ) |
|
Borrowings from non-guarantor | 12,800 | | | 40,000 | | | — | | | (52,800 | ) | | — | |
|
Borrowing from guarantor | — | | | — | | | 1,300 | | | (1,300 | ) | | — | |
|
Repayments to parent | — | | | — | | | (38,000 | ) | | 38,000 | | | — | |
|
Repayment to guarantor | — | | | — | | | (264 | ) | | 264 | | | — | |
|
Intercompany advances owed | — | | | 356,867 | | | 81,507 | | | (438,374 | ) | | — | |
|
Other financing activities | — | | | (797 | ) | | — | | | — | | | (797 | ) |
|
Net cash provided by (used in) financing activities | 418,011 | | | 396,070 | | | 14,081 | | | (454,210 | ) | | 373,952 | |
|
Effect of exchange rate changes on cash | — | | | — | | | 569 | | | — | | | 569 | |
|
Net change in cash and cash equivalents | 14,647 | | | (9,106 | ) | | (59,417 | ) | | — | | | (53,876 | ) |
|
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 | $ | 31,207 | | | $ | 8,914 | | | $ | 133,793 | | | $ | — | | | $ | 173,914 | |
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