Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Molycorp, Inc. | ||
Entity Central Index Key | 1489137 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 277,955,182 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $497,386,528 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $211,685 | $314,317 |
Trade accounts receivable, net (Note 3) | 44,575 | 61,757 |
Inventory (Note 5) | 169,323 | 171,783 |
Prepaid expenses and other current assets | 29,332 | 29,210 |
Total current assets | 454,915 | 577,067 |
Non-current assets: | ||
Deposits (Note 6) | 31,078 | 25,997 |
Property, plant and equipment, net (Note 7) | 1,707,970 | 1,762,874 |
Inventory (Note 5) | 25,127 | 25,329 |
Intangible assets, net (Note 9) | 215,871 | 330,867 |
Investments (Note 10) | 8,801 | 48,875 |
Goodwill (Note 9) | 102,808 | 228,750 |
Other non-current assets | 29,416 | 7,043 |
Total non-current assets | 2,121,071 | 2,429,735 |
Total assets | 2,575,986 | 3,006,802 |
Current liabilities: | ||
Trade accounts payable | 40,842 | 84,449 |
Accrued expenses (Note 12) | 51,966 | 48,501 |
Debt and capital lease obligations (Note 14) | 12,560 | 16,362 |
Other current liabilities | 4,686 | 4,063 |
Total current liabilities | 110,054 | 153,375 |
Non-current liabilities: | ||
Asset retirement obligation (Note 13) | 17,799 | 16,966 |
Deferred tax liabilities (Note 15) | 63,802 | 85,481 |
Debt and capital lease obligations (Note 14) | 1,559,781 | 1,363,916 |
Other non-current liabilities | 20,247 | 10,002 |
Total non-current liabilities | 1,661,629 | 1,476,365 |
Total liabilities | 1,771,683 | 1,629,740 |
Commitments and contingencies (Note 19) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 700,000,000 shares authorized at December 31, 2014 and 350,000,000 at December 31, 2013 (Note 16) | 260 | 241 |
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2013 (Note 16) | 0 | 2 |
Additional paid-in capital | 2,245,478 | 2,194,405 |
Accumulated other comprehensive loss | -3,323 | -6,451 |
Accumulated deficit | -1,445,408 | -840,474 |
Total Molycorp stockholders’ equity | 797,007 | 1,347,723 |
Noncontrolling interests | 7,296 | 29,339 |
Total stockholders’ equity | 804,303 | 1,377,062 |
Total liabilities and stockholders’ equity | $2,575,986 | $3,006,802 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | $0.00 |
Preferred stock, authorized | 0 | 5,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Revenues | $116,242 | $123,937 | $116,907 | $118,526 | $123,814 | $149,066 | $136,112 | $145,398 | $475,612 | $554,390 | $527,696 |
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | -481,417 | -553,831 | -478,253 | ||||||||
Depreciation and amortization | -93,782 | -67,727 | -30,621 | ||||||||
Gross (loss) profit | -44,844 | -15,078 | -16,571 | -23,094 | -27,049 | -17,778 | -18,036 | -4,305 | -99,587 | -67,168 | 18,822 |
Operating expenses: | |||||||||||
Selling, general and administrative | -74,490 | -107,169 | -113,437 | ||||||||
Corporate development | 0 | -247 | -19,796 | ||||||||
Depreciation, amortization and accretion | -29,879 | -38,037 | -22,187 | ||||||||
Research and development | -15,265 | -23,172 | -27,796 | ||||||||
Impairment of goodwill and other long-lived assets | -231,650 | -120,898 | -301,755 | ||||||||
Operating loss | -450,871 | -356,691 | -466,149 | ||||||||
Other (expense) income: | |||||||||||
Other (expense) income | -5,092 | 1,886 | -38,798 | ||||||||
Foreign exchange (loss) gain, net | -3,146 | -376 | 2,872 | ||||||||
Interest expense, net of capitalized interest | -167,375 | -67,684 | -22,116 | ||||||||
Gain on extinguishment of convertible notes, net | 19,719 | 19,719 | 0 | 0 | |||||||
Impairment of investments at cost | -9,400 | -12,000 | -9,411 | 0 | |||||||
Total other expense | -167,894 | -75,585 | -58,042 | ||||||||
Loss from continuing operations before income taxes and equity earnings | -343,375 | -99,484 | -89,724 | -86,182 | -228,592 | -76,181 | -70,254 | -57,249 | -618,765 | -432,276 | -524,191 |
Income tax benefit | 22,594 | 70,943 | 54,075 | ||||||||
Equity in loss of affiliates | -26,763 | -9,169 | -3,490 | ||||||||
Loss from continuing operations | -622,934 | -370,502 | -473,606 | ||||||||
Loss from discontinued operations, net of tax | 0 | -6,427 | -1,737 | ||||||||
Net loss | -347,938 | -105,148 | -83,850 | -85,998 | -198,288 | -69,799 | -70,689 | -38,153 | -622,934 | -376,929 | -475,343 |
Net loss (income) attributable to noncontrolling interests | 18,000 | 2,546 | -5,826 | ||||||||
Net loss attributable to Molycorp stockholders | -329,795 | -105,179 | -83,899 | -86,061 | -194,308 | -69,929 | -71,175 | -38,971 | -604,934 | -374,383 | -481,169 |
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 4,271 | 1,623 | 248 | ||||||||
Actuarial (loss) gain | -1,143 | 1,359 | -1,200 | ||||||||
Comprehensive loss | -619,806 | -373,947 | -476,295 | ||||||||
Comprehensive (loss) income attributable to: | |||||||||||
Molycorp stockholders | -601,806 | -371,401 | -482,121 | ||||||||
Noncontrolling interests | -18,000 | -2,546 | 5,826 | ||||||||
Comprehensive loss | ($619,806) | ($373,947) | ($476,295) | ||||||||
Basic: | |||||||||||
Continuing operations (in dollars per share) | ($2.70) | ($2.17) | ($4.58) | ||||||||
Discontinued operations (in dollars per share) | $0 | ($0.04) | ($0.02) | ||||||||
Basic (in dollars per share) | ($1.43) | ($0.47) | ($0.37) | ($0.40) | ($0.95) | ($0.43) | ($0.44) | ($0.27) | ($2.70) | ($2.21) | ($4.60) |
Diluted: | |||||||||||
Continuing operations (in dollars per share) | ($2.70) | ($2.17) | ($4.58) | ||||||||
Discontinued operations (in dollars per share) | $0 | ($0.04) | ($0.02) | ||||||||
Diluted (in dollars per share) | ($1.43) | ($0.47) | ($0.37) | ($0.40) | ($0.95) | ($0.43) | ($0.44) | ($0.27) | ($2.70) | ($2.21) | ($4.60) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Molymet | Total Molycorp Stockholders' Equity | Total Molycorp Stockholders' Equity | Common Stock | Common Stock | Series A Mandatory Convertible Preferred Stock | Additional Paid-In Capital | Additional Paid-In Capital | Accumulated other comprehensive income | Accumulated deficit | Noncontrolling interests | Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 6.00% Convertible Notes, net of discount, due September 2017 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | 5.50% Convertible Notes, net of discount, due February 2018 | Convertible Debt Securities | Convertible Debt Securities | Convertible Debt Securities | Convertible Debt Securities |
USD ($) | USD ($) | USD ($) | Molymet | USD ($) | Molymet | USD ($) | USD ($) | Molymet | USD ($) | USD ($) | USD ($) | Common Stock | Series A Mandatory Convertible Preferred Stock | Additional Paid-In Capital | USD ($) | Total Molycorp Stockholders' Equity | Common Stock | Additional Paid-In Capital | Convertible Debt | Convertible Debt | Convertible Debt | USD ($) | Total Molycorp Stockholders' Equity | Common Stock | Additional Paid-In Capital | Convertible Debt | Convertible Debt | Convertible Debt | USD ($) | Total Molycorp Stockholders' Equity | Common Stock | Additional Paid-In Capital | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Total Molycorp Stockholders' Equity | Additional Paid-In Capital | USD ($) | USD ($) | USD ($) | USD ($) | Total Molycorp Stockholders' Equity | Additional Paid-In Capital | USD ($) | USD ($) | ||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||
Balance at the beginning of period at Dec. 31, 2011 | $845,230,000 | $845,230,000 | $84,000 | $2,000 | $838,547,000 | ($8,481,000) | $15,078,000 | $0 | |||||||||||||||||||||||||
Balance at the beginning of the period (in shares) at Dec. 31, 2011 | 83,896,043 | 2,070,000 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||||||||||||
Stock-based compensation | 3,434,000 | 3,434,000 | 0 | 3,434,000 | |||||||||||||||||||||||||||||
Stock-based compensation (in shares) | 3,740 | ||||||||||||||||||||||||||||||||
Issuance of shares (Note 16) | 390,093,000 | 390,093,000 | 12,000 | 390,081,000 | |||||||||||||||||||||||||||||
Issuance of shares (in shares) | 12,500,000 | ||||||||||||||||||||||||||||||||
Issuance of shares for interest in Molycorp Canada (Note 16) | 334,887,000 | 284,144,000 | 14,000 | 284,130,000 | 50,743,000 | ||||||||||||||||||||||||||||
Issuance of shares for interest in Molycorp Canada (Note 16) (in shares) | 13,885,622 | ||||||||||||||||||||||||||||||||
Issuance of shares for acquisition of exploration rights (Note 8) | 8,000,000 | 8,000,000 | 1,000 | 7,999,000 | |||||||||||||||||||||||||||||
Issuance of shares for acquisition of exploration rights (in shares) | 788,410 | ||||||||||||||||||||||||||||||||
Components of convertible notes (Note 14) | 68,695,000 | 68,695,000 | 68,695,000 | ||||||||||||||||||||||||||||||
Deferred taxes on component of convertible debt | -27,106,000 | -27,106,000 | -27,106,000 | ||||||||||||||||||||||||||||||
Issuance of shares for conversion of Debentures | 4,527,000 | 4,527,000 | 4,527,000 | ||||||||||||||||||||||||||||||
Issuance of shares for conversion of Debentures (in shares) | 99,723 | ||||||||||||||||||||||||||||||||
Issuance of Primary Shares (Note 16) | 132,130,000 | 132,130,000 | 14,000 | 132,116,000 | |||||||||||||||||||||||||||||
Issuance of Primary Shares (Note 16) (in shares) | 13,800,000 | ||||||||||||||||||||||||||||||||
Issuance of Borrowed Shares (Note 16) | 25,000 | 25,000 | 14,000 | 11,000 | |||||||||||||||||||||||||||||
Issuance of Borrowed Shares (Note 16) (in shares) | 13,800,000 | ||||||||||||||||||||||||||||||||
Net (loss) income | -475,343,000 | -481,169,000 | -481,169,000 | 5,826,000 | |||||||||||||||||||||||||||||
Preferred dividends | -11,385,000 | -11,385,000 | -11,385,000 | ||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | -5,977,000 | -5,977,000 | |||||||||||||||||||||||||||||||
Acquisition of noncontrolling interest (Note 11) | -15,000,000 | 380,000 | 380,000 | -15,380,000 | |||||||||||||||||||||||||||||
Other comprehensive loss | -952,000 | -952,000 | -952,000 | ||||||||||||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2012 | 1,251,258,000 | 1,216,046,000 | 139,000 | 2,000 | 1,691,429,000 | -9,433,000 | -466,091,000 | 35,212,000 | |||||||||||||||||||||||||
Balance at the end of the period (in shares) at Dec. 31, 2012 | 138,773,538 | 2,070,000 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||||||||||||
Stock-based compensation | 5,392,000 | 5,392,000 | 5,392,000 | ||||||||||||||||||||||||||||||
Stock-based compensation (in shares) | 43,803 | ||||||||||||||||||||||||||||||||
Issuance of shares (Note 16) | 247,567,000 | 247,567,000 | 52,000 | 247,515,000 | |||||||||||||||||||||||||||||
Issuance of shares (in shares) | 51,750,000 | ||||||||||||||||||||||||||||||||
Components of convertible notes (Note 14) | 21,815,000 | 21,815,000 | 21,815,000 | ||||||||||||||||||||||||||||||
Deferred taxes on component of convertible debt | -8,508,000 | -8,508,000 | -8,508,000 | ||||||||||||||||||||||||||||||
Issuance of shares for conversion of Debentures | 18,000 | 18,000 | 18,000 | ||||||||||||||||||||||||||||||
Issuance of shares for conversion of Debentures (in shares) | 2,471 | ||||||||||||||||||||||||||||||||
Issuance of Primary Shares (Note 16) | 248,172,000 | 248,172,000 | 43,000 | 248,129,000 | |||||||||||||||||||||||||||||
Issuance of Primary Shares (Note 16) (in shares) | 43,125,000 | ||||||||||||||||||||||||||||||||
Issuance of Borrowed Shares (Note 16) | 7,000 | 7,000 | 7,000 | ||||||||||||||||||||||||||||||
Issuance of Borrowed Shares (Note 16) (in shares) | 6,666,666 | ||||||||||||||||||||||||||||||||
Conversion of Exchangeable Shares | 18,616 | ||||||||||||||||||||||||||||||||
Net (loss) income | -376,929,000 | -374,383,000 | -374,383,000 | -2,546,000 | |||||||||||||||||||||||||||||
Preferred dividends | -11,385,000 | -11,385,000 | -11,385,000 | ||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | -4,546,000 | -4,546,000 | |||||||||||||||||||||||||||||||
Other comprehensive loss | 2,982,000 | 2,982,000 | 2,982,000 | ||||||||||||||||||||||||||||||
Other | 1,219,000 | 1,219,000 | |||||||||||||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2013 | 1,377,062,000 | 1,347,723,000 | 241,000 | 2,000 | 2,194,405,000 | -6,451,000 | -840,474,000 | 29,339,000 | |||||||||||||||||||||||||
Balance at the end of the period (in shares) at Dec. 31, 2013 | 240,380,094 | 2,070,000 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||||||||||||
Stock-based compensation | 4,647,000 | 4,647,000 | 0 | 4,647,000 | |||||||||||||||||||||||||||||
Stock-based compensation (in shares) | 229,664 | ||||||||||||||||||||||||||||||||
Components of convertible notes (Note 14) | 68,695 | 21,815 | |||||||||||||||||||||||||||||||
Issuance of shares for conversion of Debentures | 4,000 | -2,000 | -2,000 | 12,000 | 12,000 | 12,000 | |||||||||||||||||||||||||||
Issuance of shares for conversion of Debentures (in shares) | 4,140,000 | -2,070,000 | 10,698,113 | 4,358,490 | |||||||||||||||||||||||||||||
Conversion of Exchangeable Shares | 21,836 | ||||||||||||||||||||||||||||||||
Share-lending arrangements (Note 16) | 15,062,000 | 15,062,000 | 15,062,000 | ||||||||||||||||||||||||||||||
Issuance of Warrants (Note 16) | 23,164,000 | 23,164,000 | 23,164,000 | ||||||||||||||||||||||||||||||
Exchange of Convertible Notes (Note 14) | 8,100,000 | 8,100,000 | 10,000 | 8,090,000 | 3,527,000 | 3,527,000 | 5,000 | 3,522,000 | |||||||||||||||||||||||||
Net (loss) income | -622,934,000 | -604,934,000 | -604,934,000 | -18,000,000 | |||||||||||||||||||||||||||||
Preferred dividends | -2,846,000 | -2,846,000 | -2,846,000 | ||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | -4,222,000 | -4,222,000 | |||||||||||||||||||||||||||||||
Other comprehensive loss | 3,128,000 | 3,128,000 | 3,128,000 | ||||||||||||||||||||||||||||||
Other | -397,000 | -576,000 | -576,000 | 179,000 | |||||||||||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2014 | $804,303,000 | $797,007,000 | $260,000 | $0 | $2,245,478,000 | ($3,323,000) | ($1,445,408,000) | $7,296,000 | |||||||||||||||||||||||||
Balance at the end of the period (in shares) at Dec. 31, 2014 | 259,831,422 | 0 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Parenthetical) (Convertible Debt) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 22, 2012 | Jan. 30, 2013 |
6.00% Convertible Notes, net of discount, due September 2017 | |||||
Interest rate | 6.00% | 6.00% | 6.00% | 6.00% | |
5.50% Convertible Notes, net of discount, due February 2018 | |||||
Interest rate | 5.50% | 5.50% | 5.50% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net loss | ($622,934) | ($376,929) | ($475,343) |
Adjustments to reconcile net loss to net cash from operating activities: | |||
Depreciation, amortization and accretion | 123,661 | 105,764 | 52,808 |
Deferred income tax benefit | -38,996 | -68,290 | -23,563 |
Inventory write-downs | 84,414 | 100,346 | 83,039 |
Release of inventory step-up value | 993 | 3,068 | 24,729 |
Impairment of goodwill and other long-lived assets | 231,650 | 120,898 | 301,755 |
Impairment of investments | 12,000 | 9,411 | 0 |
Stock-based compensation | 5,261 | 5,392 | 3,434 |
Equity in results of affiliates | 26,763 | 9,169 | 3,490 |
Gain on extinguishment of convertible notes, net | -19,719 | 0 | 0 |
PIK interest | 3,851 | 0 | 0 |
Change in fair value of embedded derivative | 3,879 | 0 | 0 |
Amortization of issuance costs | 7,444 | 0 | 0 |
Impairment of other receivables | 3,292 | 0 | 0 |
Other operating activities | 5,021 | 1,539 | -104 |
Net change in operating assets and liabilities (Note 22) | -48,784 | -64,719 | -59,880 |
Net cash used in operating activities | -222,204 | -154,351 | -89,635 |
Cash flows from investing activities: | |||
Cash paid in connection with acquisitions, net of cash acquired | 0 | 0 | -591,011 |
Investment in joint ventures | -703 | -3,423 | -33,044 |
Dividends received from equity investment | 2,014 | 0 | 0 |
Capital expenditures | -86,158 | -379,312 | -791,469 |
Acquisition of exploration rights | 0 | 0 | -8,167 |
Recovery from insurance claims | 12,900 | 0 | 0 |
Other investing activities | -984 | -5,477 | -762 |
Net cash used in investing activities | -70,963 | -377,258 | -1,422,929 |
Cash flows from financing activities: | |||
Issuance of shares to Molymet | 0 | 0 | 390,093 |
Repayments of debt | -7,825 | -26,823 | -228,708 |
Net proceeds from sale of common stock | 0 | 495,717 | 132,130 |
Issuance of Convertible Notes | 165,600 | 395,712 | |
Issuance of 10% Senior Secured Notes | 250,000 | 635,373 | |
Payments of preferred dividends | -2,846 | -11,385 | -11,385 |
Dividends paid to noncontrolling interests | -4,222 | -4,546 | -5,977 |
Proceeds from debt | 0 | 0 | 14,699 |
Debt issuance costs | -15,260 | 0 | 0 |
Proceeds from the 2014 Financings (Note 14) | 250,000 | 0 | 0 |
Partial repayment of convertible notes | -27,495 | 0 | 0 |
Other financing activities | 0 | -1,297 | -1,554 |
Net cash provided by financing activities | 192,352 | 617,266 | 1,320,383 |
Effect of exchange rate changes on cash | -1,817 | 870 | 1,116 |
Net change in cash and cash equivalents | -102,632 | 86,527 | -191,065 |
Cash and cash equivalents at beginning of the period | 314,317 | 227,790 | 418,855 |
Cash and cash equivalents at end of period | 211,685 | 314,317 | 227,790 |
Convertible Debt | |||
Adjustments to reconcile net loss to net cash from operating activities: | |||
Gain on extinguishment of convertible notes, net | 2,000 | ||
5.50% Convertible Notes, net of discount, due February 2018 | Convertible Debt | |||
Cash flows from financing activities: | |||
Issuance of Convertible Notes | 0 | 165,600 | 0 |
10% Senior Secured Notes, net of discount, due June 2020 | Senior Notes | |||
Cash flows from financing activities: | |||
Issuance of 10% Senior Secured Notes | 0 | 0 | 635,373 |
6.00% Convertible Notes, net of discount, due September 2017 | Convertible Debt | |||
Cash flows from financing activities: | |||
Issuance of Convertible Notes | $0 | $0 | $395,712 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 30, 2013 | 25-May-12 | Dec. 31, 2012 | Aug. 22, 2012 |
5.50% Convertible Notes, net of discount, due February 2018 | Convertible Debt | ||||||
Interest rate | 5.50% | 5.50% | 5.50% | |||
10% Senior Secured Notes, net of discount, due June 2020 | Senior Notes | ||||||
Interest rate | 10.00% | 10.00% | 10.00% | |||
6.00% Convertible Notes, net of discount, due September 2017 | Convertible Debt | ||||||
Interest rate | 6.00% | 6.00% | 6.00% | 6.00% |
Company_Background
Company Background | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Background | Company Background |
We are a leading rare earths producer that operates a vertically integrated, global supply chain that combines a world-class rare earths resource with manufacturing facilities on three continents that can produce a wide variety of custom engineered, advanced rare earth materials from rare earth elements. Our vertically integrated business allows us to operate multiple product supply chains, serve as a supplier of advanced rare earths and rare metal materials, and provide price visibility to customers worldwide. | |
Rare earth products are critical inputs in hundreds of existing and emerging applications. A few examples of these include the following: clean energy technologies, such as hybrid and electric vehicles, energy-saving motors, pumps and compressors used in a wide variety of high-efficiency appliances and other durable goods, and wind power turbines; multiple high-tech uses, including mobile devices, fiber optics, lasers, and hard disk drives; critical defense applications, such as guidance and control systems and global positioning systems; and advanced water treatment technology for use in industrial, municipal, and recreational applications. Global demand for REEs is projected by industry analysts to steadily increase both due to continuing growth in existing applications and increased innovation and development of new end uses. We have made significant investments, and expect to continue to invest, in developing technologically advanced applications and proprietary applications for individual REEs. |
Going_Concern
Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern |
As a result of continuing softness in the prices for our products, as well as inconsistent or depressed demand for certain of our products and the delayed ramp-up of operations at our Mountain Pass facility, we have incurred, and continue to incur, operating losses. While certain of our business units currently generate positive cash flow from operations, we have not yet achieved break-even cash flow from operations (excluding interest) on a consolidated basis as we continue the ramp-up and optimize production at our Mountain Pass facility. | |
As of December 31, 2014, the total principal balance of our outstanding debt is approximately $1.7 billion, including approximately $206.5 million of our 3.25% Convertible Notes that matures on June 15, 2016. Based on our current cash forecast, we may not have sufficient funds available to repay those convertible notes at maturity, in part because the delayed draw proceeds under the 2014 Financings would not be available in the event we do not achieve certain earnings and production targets specified in the 2014 Financings. Additionally, the agreements governing the 2014 Financings contain springing maturity obligations if we do not repay, or provide for the repayment of, certain of our 3.25% Convertible Notes by April 2016. Certain of our debt obligations contain covenants that are subject to interpretation. Although we do not believe we are in breach of any such covenants as at December 31, 2014, if a creditor under any such debt obligations decides to declare a breach of any such covenant, then such creditor could exercise its rights under the applicable debt obligations, which will trigger cross-defaults in other debt obligations. Such actions by creditors could require repayment of our debt before maturity, and we cannot assure you that we will be able to meet such repayment obligations. See more information on our convertible notes and other debt obligations at Note 14. | |
In addition, on December 30, 2014, we received notice that we are not in compliance with the continued listing standards of the New York Stock Exchange ("NYSE") because the current trading price for our common stock is below the minimum listing requirements. We are taking actions to meet the compliance standards for continued listing on the NYSE, and are considering seeking approval from our stockholders for a reverse stock split as an alternative means of regaining compliance with the minimum share price requirement. However, we cannot guarantee that we will be able to meet the necessary requirements for continued listing, and, therefore, we cannot guarantee that our common stock will remain listed for trading on the NYSE. If we fail to meet the necessary requirements for our common stock to remain listed on the NYSE or other similar markets, then we will be obligated to offer to repurchase all of our outstanding convertible notes at a price equal to 100% of the aggregate principal amount plus accrued and unpaid interest. Our failure to make such an offer or repurchase any tendered convertible notes will result in an event of default under the indentures governing our convertible notes. Any such event of default will trigger a cross-default on our other debt obligations, including the 2014 Financings. Our inability to cure any such defaults, including the prepayment of our debt obligations, would have a material adverse effect on our financial position and results of operations. | |
Capital expenditures for our Mountain Pass facility have decreased significantly and are expected to total approximately $45 million in 2015 and $65 million in 2016. Additionally, we expect to spend approximately $15 million to $20 million on maintenance and expansion capital expenditures across all other operating segments in 2015. Our annual cash interest payments on all debt (excluding capital leases), including unused commitment fees, currently total approximately $124 million. This amount excludes other associated fees and expenses that may become payable by us under our credit agreements. 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 operate and maintain our Mountain Pass facility and our other operations within our current estimates, (iii) 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, (iv) stable or improved market conditions, (v) 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), (vi) our ability to repatriate cash generated from our global operations, and (vii) the absence of payments on current and future contingent liabilities. If these assumptions prove inaccurate, our estimates could prove incorrect and we will need additional financing in 2015. | |
Our cash balances of $211.7 million as of December 31, 2014 represent our primary source of liquidity to fund our capital expenditures, debt service and net operating cash requirements. As part of our plan to achieve positive cash flows from operations, we have implemented initiatives to reduce our operating and administrative costs and we will continue to pursue other cost efficiencies. | |
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 approximately $400.0 million in secured financing through credit facilities and the sale and leaseback of certain equipment at our Mountain Pass facility (the "2014 Financings") for corporate, operating and capital expenditure purposes. On September 11, 2014, we executed agreements governing the 2014 Financings and received initial gross proceeds totaling $250.0 million from Oaktree, with the remaining $149.8 million available to be drawn until April 30, 2016, $134.8 million of which is available only if we achieve certain financial and operational performance targets. Additionally, availability of the other $15.0 million may be limited by certain outstanding balances under our foreign subsidiary credit facilities. | |
We regularly evaluate opportunities to reduce our debt and/or related interest costs. In November 2014, we exchanged $11.0 million of the aggregate principal amount of our 5.50% Convertible Notes, and $27.0 million of the aggregate principal amount of our 6.00% Convertible Notes for a total of approximately 15,056,603 shares of our common stock, plus payments in cash of accrued but unpaid interest. See Note 14 for more information on this exchange. Additionally, we may from time to time seek to repurchase other outstanding debt securities with cash and/or exchanges for common stock or securities convertible into common stock or other debt securities. | |
In December 2014, our Board of Directors approved the engagement of an independent investment bank and advisory firm to advise us in pursuing various financing alternatives to secure a more sustainable capital structure. While we are evaluating a number of alternatives, we may seek to convert a significant portion of our outstanding debt to equity, including the exchange of debt for shares of our common stock. In addition, we may seek to reduce our cash interest cost and/or extend debt maturity dates by negotiating the exchange of outstanding debt for new debt with modified terms. Although we have been successful in raising funds to date, there can be no assurance that adequate or sufficient funding will be available in the future, or available under terms acceptable to us. | |
These circumstances indicate the existence of a material uncertainty that casts substantial doubt as to our ability to meet our business plan and our obligations as they come due and, accordingly, the appropriateness of the use of the accounting principles applicable to a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis that assumes we will be able to continue to realize our assets and discharge our liabilities in the normal course of business, and do not reflect the adjustments to the carrying amount of assets and liabilities that would be necessary if we were unable to obtain adequate financing or restructure our debt. If we are unable to execute our business plan and restructuring our debt, we may not be able to continue as a going concern. The auditor's report is unqualified in respect of this matter. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||
Basis of Presentation | ||||
The accompanying consolidated financial statements, which are prepared in accordance with GAAP, include our accounts and the accounts of our majority-owned subsidiaries where we exert control. Investments in which we do not have control, and are not considered to be the primary beneficiary of a variable interest entity, but where we exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. All other investments are accounted for at cost. Intercompany balances and transactions have been eliminated in consolidation. | ||||
Certain comparative figures have been reclassified to conform to the presentation adopted in the current year. | ||||
Use of Estimates | ||||
The preparation of the consolidated 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 our ability to collect 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. | ||||
Revenues and Costs of Sales | ||||
Revenues are recognized when persuasive evidence of an arrangement exists, the risks and rewards of ownership have been transferred to the customer, which is generally when title passes, the selling price is fixed or determinable, and collection is reasonably assured. Title generally passes to the customer upon shipment of product from our facilities. Certain contracts with customers contain provisions whereby title passes upon loading the product at the shipping port. Prices are generally set at the time of, or prior to, shipment. Transportation and distribution costs are incurred only on sales for which we are responsible for delivering the product. | ||||
Costs of sales include costs of production and write downs of inventory to market value. Primary production costs include labor, raw materials, depreciation, supplies, maintenance costs and plant overhead. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair values. | ||||
Trade Accounts Receivable | ||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We review the need for an allowance for doubtful accounts quarterly based on historical experience with each customer and the specifics of each arrangement. At December 31, 2014 and 2013, our allowance for doubtful accounts was $2.6 million. | ||||
Inventory | ||||
Inventory consists of stockpiles of crushed ore, bastnasite concentrate, raw materials, work in process, finished goods and materials and supplies. Inventory cost is determined using the lower of weighted average cost or estimated net realizable market value, and includes all expenses directly attributable to the manufacturing process as well as production overheads based on normal operating capacity. We evaluate the carrying amount of inventory each quarter giving consideration to slow-moving items, obsolescence, excessive levels, and other factors and recognizes related write-downs as necessary. Write-downs of inventory to estimated market value are charged to costs of sales. Inventory expected to be used and sold beyond a twelve-month period is classified as a non-current asset in the consolidated balance sheets. | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment obtained in business acquisitions are recorded at their estimated fair value as of the acquisition date. Expenditures for new property, plant and equipment, and improvements that extend the useful life or functionality of the asset are recorded at their cost of acquisition or construction. Depreciation on property, plant and equipment is provided using the straight-line method over their estimated useful lives. Maintenance costs are expensed as incurred. | ||||
Construction in progress includes costs directly attributable to the construction or development of long-term tangible assets. These costs may include: labor and employee benefits associated with the construction of the asset; site preparation; permitting; engineering; installation and assembly; procurement; insurance; legal; commissioning; and interest on borrowings to finance the construction of the asset. Depreciation is not recorded on the related assets until they are placed in service or ready for their intended use. | ||||
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the proceeds from disposal and the carrying amount of the asset, and are included in other income (expense) in the consolidated statements of operations and comprehensive loss. | ||||
Mineral Properties and Development Costs | ||||
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, all of which are capitalized. We deplete mineral properties using the units of production method over estimated proven and probable reserves. Depletion expense is an inventoriable cost. | ||||
Intangible Assets | ||||
Intangible assets consist primarily of customer relationships, patents and other intellectual properties, Chinese land use rights and both indefinite-lived and finite-lived trade names. Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives, which range from 2 to 16 years for customer relationships, patents and trade name, and 50 years for Chinese land use rights. | ||||
Recoverability of Long-Lived Depreciable/Amortizable Assets | ||||
Long-lived assets such as property, plant, and equipment, mineral properties and intangible assets that are depreciated or amortized, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment is considered to exist if the total undiscounted future cash flows expected from the use of the asset or asset group are less than its carrying amount. An impairment loss, if any, is recorded for the excess of the asset's or asset group's carrying amount over its fair value, as determined by a valuation technique appropriate to the given circumstances. | ||||
Recoverability of Goodwill | ||||
We assign goodwill arising from acquired companies to the reporting units that are expected to benefit from the acquisition. On an annual basis or in interim periods when circumstances require, we test the recoverability of our goodwill utilizing a two-step impairment analysis. Under this analysis, we initially compare the fair value of each identified reporting unit with the reporting unit's carrying amount. Our reporting units are determined either at the operating segment level or a component one level below the operating segment that constitutes a business for which the operating segment's management generally reviews production and financial results. To the extent that a reporting unit's fair value is less than its carrying amount, we perform an additional step to determine the implied fair value of the reporting unit's goodwill. The implied fair value of goodwill is calculated by first allocating the reporting unit's fair value to its assets and liabilities, excluding goodwill, and then comparing the excess of the reporting unit's fair value to the carrying amount of goodwill. To the extent that the carrying amount of goodwill exceeds its implied fair value, we would recognize an impairment loss. The valuation methodology utilized to determine the fair value of our reporting units is based on a discounted cash flow model, or income approach, in which expected future net cash flows, excluding any financing costs or dividends, are discounted using an appropriate discount rate. The income approach is dependent upon a number of significant management estimates about future performance including expected sales volumes, sales prices, production costs, income taxes, capital expenditures, working capital changes, foreign exchange rates and the after-tax weighted average cost of capital. Changes in any of these assumptions could materially impact the estimated fair value of our reporting units. Discount factors are determined individually for each reporting unit to reflect its respective risk profile as assessed by us. | ||||
Investments | ||||
Investments in non-marketable equity securities of entities in which we have the ability to exercise significant influence over the entity's operating and financial policies are accounted for by the equity method. We recognize our proportionate share of the entity’s income or loss each period with such amounts included in "Equity in income (loss) of affiliates" in the consolidated statements of operations and comprehensive income (loss). Equity method investments are reviewed periodically for other-than-temporary decline in value. Investments in non-marketable equity securities of entities for which we do not have the ability to exercise significant influence over the entity’s operations and financial policies are accounted for at cost, and are subject to periodic other-than-temporary impairment assessments. | ||||
Business Combinations | ||||
We account for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that we hold in the acquired company prior to the acquisition is remeasured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in our results from the date of the acquisition. We expense all costs as incurred related to an acquisition under “Corporate development” in the consolidated statement of operations and comprehensive income (loss). | ||||
Asset Retirement Obligation | ||||
We account for reclamation costs, along with other costs related to the closure of our Mountain Pass facility, in accordance with ASC 410-20, Asset Retirement Obligations, which requires us to recognize an ARO at its estimated fair value in the period in which the obligation is incurred. Events that trigger the recognition of an ARO include land disturbances and construction of a property for which there is a legal obligation to restore the land and the property to their original state. The liability is initially measured at fair value using a discounted cash flow model, and is subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. A corresponding asset retirement cost is capitalized as part of the carrying amount of the related long-lived assets and is amortized over the assets’ remaining useful lives. | ||||
Income Taxes | ||||
We account for income taxes in accordance with Accounting Standard Codification 740, Income Taxes, which requires that deferred tax assets and liabilities be recognized for the tax effect of temporary differences between the financial statement and tax basis of recorded assets and liabilities at enacted statutory tax rates. This guidance also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized based on both our historical and anticipated earnings levels. We review our deferred tax assets each reporting period to determine if adjustments to the valuation allowance are necessary. | ||||
We record our deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income for the period in which the deferred tax assets or liabilities are expected to be realized. The statutory income tax rates that are applied to the current and deferred income tax calculations differ by the jurisdictions in which we conduct business. Changes in such income tax rates and apportionment laws may result in changes in our deferred income tax assets, liabilities and related expense in the period of enactment. | ||||
Foreign Currency | ||||
The functional currency of the majority of our operations is the U.S. dollar. Assets and liabilities recorded in functional currencies other than the functional currency are translated at the spot rate in effect at the applicable reporting date; revenues and expenses in foreign currencies are translated at actual exchange rates for significant transactions or at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of "Accumulated other comprehensive income (loss)" in the consolidated balance sheets. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. | ||||
Transactions denominated in currencies other than the applicable functional currency are recorded based on exchange rates at the time such transactions occur. Changes in exchange rates associated with monetary amounts recorded in our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in "Foreign exchange gains (losses), net" in the consolidated statements of operations and comprehensive income (loss). | ||||
Correction of Functional Currency | ||||
As part of our acquisition of Molycorp Silmet on April 1, 2011, we determined that its functional currency was the Euro. During the fourth quarter of 2014, we reconsidered a number of economic indicators that apply to the operations of Molycorp Silmet and concluded that the U.S. dollar should have been the functional currency that most faithfully represents the economic effects of its underlying transactions. Because this misstatement, both individually and in the aggregate, was not material to any of our prior years’ financial statements, and the impact of correcting it was not material to the full-year 2014 financial statements, we adjusted the cumulative effect of changing the functional currency of Molycorp Silmet in the fourth quarter of 2014. The out-of-period adjustment had the following impact on the consolidated balance sheet and the consolidated statement of operations and comprehensive loss in 2014: | ||||
Increase to balance sheet captions: | (In thousands) | |||
Other current assets | $ | 91 | ||
Inventory | 2,339 | |||
Property, plant and equipment | 7,742 | |||
Other non-current assets | 275 | |||
Other current liabilities | 8 | |||
Accumulated other comprehensive income | 14,281 | |||
Increase (decrease) to statements of operations and comprehensive loss captions: | ||||
Revenues | $ | 270 | ||
Costs of sales | 5,745 | |||
Foreign exchange gain | 1,633 | |||
Net loss | 3,842 | |||
Foreign currency translation adjustments | (14,281 | ) | ||
Comprehensive loss | (10,439 | ) | ||
Comprehensive Income (Loss) | ||||
We present comprehensive income (loss) in two separate, but consecutive statements. In addition to "Net income (loss)", "Comprehensive income (loss)" includes foreign currency translation adjustments and actuarial gains and losses associated with the defined benefit pension benefits and post-retirement benefits for the employees of one of Molycorp Canada’s former manufacturing facilities. | ||||
Earnings (Loss) per Share | ||||
Basic earnings (loss) per share is computed by dividing our net income (loss) attributable to our stockholders, reduced by cumulative undeclared and paid dividends on any outstanding preferred stock, by the weighted average number of shares of common stock outstanding during the period. | ||||
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, are deemed options for purposes of computing diluted earnings per share. 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. 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. | ||||
Research and Development | ||||
Research and development costs, which consist primarily of salaries, outside labor, material and equipment, are expensed as incurred. | ||||
Recent Accounting Pronouncements | ||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance about management’s responsibilities in evaluating an entity’s going concern uncertainties, and about the timing and content of related footnote disclosures. Under this amended guidance, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management’s plans should be considered only to the extent that (1) it is probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): | ||||
a. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans); | ||||
b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and | ||||
c. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. | ||||
If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information that enables users of the financial statements to understand all of the following: | ||||
a. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern; | ||||
b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and | ||||
c. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. | ||||
This update is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. | ||||
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 intend to adopt ASU 2014-09 in our financial statements for the annual period beginning on January 1, 2017. The extent of the impact of adoption of the standard has not yet been determined. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Segment Information | 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 Resources segment includes our operations at the Mountain Pass facility, where we perform rare earth minerals extraction to produce LREC; separated rare earth oxides, including Lanthanum, Cerium, and Neodymium-Praseodymium; heavy rare earth concentrates, which include Samarium, Europium, Gadolinium, Terbium, Dysprosium, and others; and a line of proprietary rare earth-based water treatment products, including SorbX® and PhosFIX™. | ||||||||||||||||||||||||||||
The Chemicals and Oxides segment includes the following productions: rare earths from our Molycorp Silmet AS, or Molycorp Silmet, facility in Sillamäe, Estonia; separated heavy rare earth oxides and other custom engineered materials from our majority-owned Jiangyin Jia Hua Advanced Material Resources Co., Ltd. facility, or Molycorp Jiangyin, in Jiangyin, Jiangsu Province, China; and rare earths, salts of REEs, zirconium-based engineered materials, and mixed rare earth/zirconium oxides from our majority-owned Zibo Jia Hua Advanced Material Resources Co., Ltd. facility, or Molycorp Zibo, in Zibo, Shandong Province, China. At our Chemicals and Oxides segment, we develop and sell rare-earth based oxides for all the major emission catalysts manufacturers. Several factors are driving an increasing demand for emission catalysts, including the following: the accelerating shift of vehicle production to the BRIC countries (Brazil, India, Russia and China); the continuous development of new emission catalytic solutions; and an overall tightening of environmental regulations around the world. Other applications that utilize rare earths and zirconium-based materials we produce at our Chemicals and Oxides segment include computers, television display panels, optical lenses, mobile phones, electronic chips, and many others. | ||||||||||||||||||||||||||||
The Magnetic Materials and Alloys segment includes the production of Neo Powders™ through our wholly-owned manufacturing facilities in Tianjin, China, and Korat, Thailand, under the Molycorp Magnequench brand. This operating segment also includes manufacturing of Neodymium and Samarium magnet alloys and other specialty alloy products and rare earth metals at our Molycorp Metals and Alloys, Inc., or MMA, facility in Tolleson, Arizona. Neo Powders™ are used in the production of high performance, bonded NdFeB permanent magnets, which are found in micro motors, precision motors, sensors, and other applications requiring high levels of magnetic strength, flexibility, small size, reduced weight, and energy efficient performance. | ||||||||||||||||||||||||||||
The Rare Metals segment produces, reclaims, refines, and markets high value niche metals and their compounds that include Gallium, Indium, Rhenium, Tantalum, and Niobium. Operations in this segment are distributed in several locations: Quapaw, Oklahoma; Blanding, Utah; Peterborough, Ontario, Canada; Sagard, Germany; Hyeongok Industrial Zone in South Korea; and Sillamäe, Estonia. Applications from products made in this segment include wireless technologies, LED, flat panel display, turbine, solar, catalyst, steel additive, electronics applications, and others. The growing adoption of LED applications, which require the use of Gallium trichloride, is allowing the Rare Metals segment to benefit from the decline in certain rare earth phosphor applications. | ||||||||||||||||||||||||||||
The accounting polices used in the preparation of our reportable segment financial information are the same as those used in the preparation of our consolidated financial statements. The primary metric we use to measure the financial performance of each reportable segment is OIBDA (Operating income before depreciation, amortization and accretion), which provides a better indication of the base-line performance of our core business operations. | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other(a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 14,097 | $ | 159,365 | $ | 222,795 | $ | 79,355 | $ | — | $ | 475,612 | ||||||||||||||||
Inter-segment | 34,093 | 22,056 | 7,591 | — | (63,740 | ) | — | |||||||||||||||||||||
Total revenues | $ | 48,190 | $ | 181,421 | $ | 230,386 | $ | 79,355 | $ | (63,740 | ) | $ | 475,612 | |||||||||||||||
OIBDA | (146,157 | ) | (202,588 | ) | 52,966 | (442 | ) | |||||||||||||||||||||
Depreciation, amortization and accretion | (78,739 | ) | (17,401 | ) | (16,956 | ) | (10,343 | ) | ||||||||||||||||||||
Operating (loss) income (c) | $ | (224,896 | ) | $ | (219,989 | ) | $ | 36,010 | $ | (10,785 | ) | $ | (33,195 | ) | $ | 1,984 | $ | (450,871 | ) | |||||||||
Other expense | (5,092 | ) | ||||||||||||||||||||||||||
Foreign exchange loss, net | (3,146 | ) | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (167,375 | ) | ||||||||||||||||||||||||||
Gain on extinguishment of convertible notes, net | 19,719 | |||||||||||||||||||||||||||
Impairment of investment at cost | $ | (12,000 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (618,765 | ) | |||||||||||||||||||||||||
Total assets at December 31, 2014 | $ | 1,593,105 | $ | 248,040 | $ | 618,314 | $ | 105,826 | $ | 1,385,265 | $ | (1,374,564 | ) | $ | 2,575,986 | |||||||||||||
Capital expenditures (d) | $ | 49,364 | $ | 3,907 | $ | 2,120 | $ | 2,063 | $ | — | $ | — | $ | 57,454 | ||||||||||||||
Year ended December 31, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 33,621 | $ | 181,815 | $ | 252,713 | $ | 86,241 | $ | — | $ | 554,390 | ||||||||||||||||
Inter-segment | 26,040 | 37,256 | — | — | (63,296 | ) | — | |||||||||||||||||||||
Total revenues | $ | 59,661 | $ | 219,071 | $ | 252,713 | $ | 86,241 | $ | (63,296 | ) | $ | 554,390 | |||||||||||||||
OIBDA | (177,384 | ) | (65,135 | ) | 50,899 | (12,456 | ) | |||||||||||||||||||||
Depreciation, amortization and accretion | (46,318 | ) | (22,754 | ) | (27,812 | ) | (8,652 | ) | ||||||||||||||||||||
Operating (loss) income (c) | $ | (223,702 | ) | $ | (87,889 | ) | $ | 23,087 | $ | (21,108 | ) | $ | (46,126 | ) | $ | (953 | ) | $ | (356,691 | ) | ||||||||
Other expense | 1,886 | |||||||||||||||||||||||||||
Foreign exchange loss, net | (376 | ) | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (67,684 | ) | ||||||||||||||||||||||||||
Impairment of investment at cost | (9,411 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (432,276 | ) | |||||||||||||||||||||||||
Total assets at December 31, 2013 | $ | 1,791,421 | $ | 485,642 | $ | 590,516 | $ | 82,538 | $ | 1,547,267 | $ | (1,490,582 | ) | $ | 3,006,802 | |||||||||||||
Capital expenditures (d) | $ | 231,027 | $ | 6,961 | $ | 3,700 | $ | 7,549 | $ | 250 | $ | — | $ | 249,487 | ||||||||||||||
Year ended December 31, 2012 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals (e) | Corporate and other(a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 88,870 | $ | 181,849 | $ | 179,335 | $ | 77,642 | $ | — | $ | 527,696 | ||||||||||||||||
Inter-segment | 7,256 | 25,717 | — | — | (32,973 | ) | — | |||||||||||||||||||||
Total revenues | $ | 96,126 | $ | 207,566 | $ | 179,335 | $ | 77,642 | $ | (32,973 | ) | $ | 527,696 | |||||||||||||||
OIBDA | (56,229 | ) | (177,949 | ) | (105,806 | ) | (12,834 | ) | ||||||||||||||||||||
Depreciation, amortization and accretion | (13,991 | ) | (13,110 | ) | (19,737 | ) | (5,837 | ) | ||||||||||||||||||||
Operating loss (c) | $ | (70,220 | ) | $ | (191,059 | ) | $ | (125,543 | ) | $ | (18,671 | ) | $ | (85,459 | ) | $ | 24,803 | $ | (466,149 | ) | ||||||||
Other expense | (38,798 | ) | ||||||||||||||||||||||||||
Foreign exchange gain, net | 2,872 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (22,116 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (524,191 | ) | |||||||||||||||||||||||||
Capital expenditures (d) | $ | 814,054 | $ | 10,910 | $ | 5,614 | $ | 10,750 | $ | 1,733 | $ | — | $ | 843,061 | ||||||||||||||
(a) | Includes business development costs, personnel costs, stock-based compensation, accounting and legal fees, occupancy expense, information technology costs and interest expense. | |||||||||||||||||||||||||||
(b) | Consists of inter-segment sales and gross profits eliminations as well as eliminations of lower of cost or market adjustments related to inter-segment inventory. | |||||||||||||||||||||||||||
(c) | Includes impairment of goodwill and other long-lived assets in some segments. See Notes 7 and 9 below for details. | |||||||||||||||||||||||||||
(d) | On an accrual basis excluding capitalized interest. Interest was no longer capitalized in 2014. | |||||||||||||||||||||||||||
(e) | Excludes operating results from the Napanee facility, which is treated as a discontinued operation for comparative purposes. | |||||||||||||||||||||||||||
The geographic distribution of our revenues based on our customers' locations for the years ended December 31, 2014, 2013 and 2012, was as follows: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Asia: | ||||||||||||||||||||||||||||
China | $ | 162,980 | $ | 199,021 | $ | 118,086 | ||||||||||||||||||||||
Japan | 100,468 | 99,952 | 160,942 | |||||||||||||||||||||||||
Thailand | 19,585 | 17,129 | 7,674 | |||||||||||||||||||||||||
Hong Kong | — | 8,815 | 4,793 | |||||||||||||||||||||||||
South Korea | 14,451 | 12,418 | 3,828 | |||||||||||||||||||||||||
Singapore | 150 | 54 | 212 | |||||||||||||||||||||||||
North America | 89,769 | 92,066 | 103,555 | |||||||||||||||||||||||||
Europe | 86,285 | 113,549 | 117,907 | |||||||||||||||||||||||||
Other | 1,924 | 11,386 | 10,699 | |||||||||||||||||||||||||
Total | $ | 475,612 | $ | 554,390 | $ | 527,696 | ||||||||||||||||||||||
Our property, plant and equipment, net carrying amounts by geographic location at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
North America | $ | 1,582,291 | $ | 1,627,892 | ||||||||||||||||||||||||
Europe | 68,212 | 73,674 | ||||||||||||||||||||||||||
China | 49,930 | 53,131 | ||||||||||||||||||||||||||
Thailand | 5,457 | 6,213 | ||||||||||||||||||||||||||
Other Asia | 2,080 | 1,913 | ||||||||||||||||||||||||||
Other | — | 51 | ||||||||||||||||||||||||||
Total | $ | 1,707,970 | $ | 1,762,874 | ||||||||||||||||||||||||
Inventory
Inventory | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Inventory | Inventory | |||||||||||
At December 31, 2014 and 2013, our inventory consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
Concentrate stockpiles | $ | — | $ | 24 | ||||||||
Raw materials | 47,796 | 42,627 | ||||||||||
Work in process | 24,901 | 41,962 | ||||||||||
Finished goods | 67,795 | 65,662 | ||||||||||
Materials and supplies | 28,831 | 21,508 | ||||||||||
Total current | $ | 169,323 | $ | 171,783 | ||||||||
Long-term: | ||||||||||||
Concentrate stockpiles | $ | — | $ | 4 | ||||||||
Raw materials | 25,127 | 25,325 | ||||||||||
Total long-term | $ | 25,127 | $ | 25,329 | ||||||||
The following table presents charges to costs of sales related to our assessment of normal production levels and write-downs of inventory: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Abnormal production costs expensed in the period (a) | $ | 93,917 | $ | 88,070 | $ | 11,982 | ||||||
Write-down to the lower of cost or market (b) | 84,414 | 100,346 | 80,939 | |||||||||
Write-downs of stockpile inventory (c) | — | — | 2,100 | |||||||||
Total | $ | 178,331 | $ | 188,416 | $ | 95,021 | ||||||
(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) | Attributable to the decline in rare earths prices and low inventory turnover. | |||||||||||
(c) | Adjustments of the estimated REO content in the stockpile at the Resources segment. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | Deposits | |||||||
We had $31.1 million and $26.0 million in deposits reported as non-current assets at December 31, 2014 and 2013, respectively, which consisted of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Escrow arrangement with Kern River Gas Transmission Company ("Kern River") | $ | 20,612 | $ | 20,612 | ||||
Construction insurance program | 2,710 | 1,504 | ||||||
Collateral placed against the surety bonds issued to California state and regional agencies for the closure and reclamation obligations at the Mountain Pass facility, and other deposits | 7,756 | 3,881 | ||||||
Total | $ | 31,078 | $ | 25,997 | ||||
Property_Plant_and_Equipment_n
Property, Plant and Equipment, net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net | |||||||
We capitalized expenditures of $57.5 million, $320.7 million and $902.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. In each year, the majority of these expenditures related to the expansion and modernization efforts, and certain other capital projects at our Mountain Pass facility (Resources segment). In 2013 and 2012, these amounts included capitalized interest of $71.2 million and $59.3 million, respectively, which we 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. Starting in 2014, we no longer capitalized interest because the construction of our Mountain Pass facility was substantially complete at the beginning of the year. | ||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $97.8 million, $60.3 million and $20.9 million, respectively. These amounts include amortization of assets under capital leases totaling $2.8 million, $2.3 million and $0.9 million in each respective year. At December 31, 2014 and 2013, our property, plant and equipment consisted of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land | $ | 13,121 | $ | 12,822 | ||||
Land improvements (15 to 30 years) | 305,119 | 327,029 | ||||||
Buildings and improvements (4 to 40 years) | 811,418 | 418,510 | ||||||
Plant and equipment (2 to 15 years) | 623,453 | 288,603 | ||||||
Vehicles (7 years) | 2,884 | 2,986 | ||||||
Computer software (5 years) | 12,268 | 12,424 | ||||||
Furniture and fixtures (5 years) | 1,039 | 1,044 | ||||||
Construction in progress (a) | 80,699 | 755,107 | ||||||
Natural gas delivery facility under capital lease (10 years) | 15,658 | 15,658 | ||||||
Mining equipment under capital lease (7 years) | 10,982 | 7,370 | ||||||
Mineral properties (Note 8) | 23,669 | 23,999 | ||||||
Property, plant and equipment at cost | 1,900,310 | 1,865,552 | ||||||
Less accumulated depreciation | (192,340 | ) | (102,678 | ) | ||||
Property, plant and equipment, net | $ | 1,707,970 | $ | 1,762,874 | ||||
(a) | Primarily related to expenditures at the Molycorp Mountain Pass facility. | |||||||
In order to write-off certain equipment no longer in use or certain capital projects that we placed on hold indefinitely, we recognized impairment charges of $14.4 million, $16.3 million and $5.9 million in 2014, 2013 and 2012, respectively, which are included in "Impairment of goodwill and other long-lived assets" in the consolidated statement of operations and comprehensive loss. Of these charges, $13.6 million, $14.2 million and $3.8 million, in each respective year, related to assets that were held and used at our Mountain Pass facility. In 2014, we received insurance proceeds of approximately $12.9 million to settle disputes with certain of our engineering and construction service providers related to claims for defective workmanship associated with the construction of our Mountain Pass facility. These insurance proceeds were recorded against the assets affected by defects. |
Mineral_Properties
Mineral Properties | 12 Months Ended |
Dec. 31, 2014 | |
Extractive Industries [Abstract] | |
Mineral Properties | Mineral Properties |
Mineral properties include capitalized acquisition costs, drilling costs, and the cost of other development work associated with our Mountain Pass facility. We deplete our mineral properties using the units of production method over estimated proven and probable reserves. Refer to Part I, Item 2. "Properties" for more information on our mineral reserves and some statistics pertaining to our mining-through-flotation processes for the three-year period ended December 31, 2014. | |
During the fourth quarter of 2012, we had capitalized certain exploration rights in property, plant and equipment for total of $16.2 million, which we paid with the issuance of 788,410 shares of our common stock at $10.147 per share, and $8.2 million in cash. At December 31, 2013, we determined that the mineral deposits underlying these exploration rights could not be economically extracted and, as a result, we recognized an impairment charge of $16.2 million in "Impairment of goodwill and other long-lived assets" in the consolidated statement of operations and comprehensive loss. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||
Goodwill | ||||||||||||||||||||||
For purposes of testing the recoverability of our goodwill, we identified reporting units that substantially mirror our reportable segments, except for our Molycorp Silmet facility and our Buss & Buss facility. Our Molycorp Silmet facility, which is included in the Chemicals and Oxides segment in relation to the production of rare earths, and in the Rare Metals segment in relation to the manufacturing of tantalum and niobium, is treated as a separate reporting unit because it has an immaterial goodwill balance that would not be practical to allocate to its manufacturing components under different reportable segments. Our Buss & Buss facility is reported under our Rare Metals segment and is treated as a separate reporting unit for purposes of this test. Our Resources segment has no goodwill. | ||||||||||||||||||||||
As part of the recoverability of goodwill test we performed at December 31, 2014, we recognized an impairment charge of $125.2 million to write-off the carrying amount of our Chemicals and Oxides segment's goodwill. This impairment was driven by our revised cash flows projections reflecting the declining market demand for lighting phosphor products, and the continuing softness in the prices of products sold at our Chemicals and Oxides segment. Also as of December 31, 2014, we recognized an impairment charge of approximately $0.7 million at our Rare Metals segment to write-off the remaining goodwill associated with the rare metals production at our Molycorp Silmet facility. Finally, we determined that the fair value of our Magnetic Materials and Alloys segment exceeded its carrying amount by approximately 10% as of December 31, 2014. | ||||||||||||||||||||||
As of December 31, 2013, we concluded that the fair value of our Chemicals and Oxides segment and our Molycorp Silmet facility exceeded their respective carrying amounts; the fair value of our Magnetic Materials and Alloys segment approximated its carrying amount; our Rare Metals segment, excluding the Buss & Buss facility, had a fair value in excess of its carrying amount, but the Buss & Buss facility's fair value was less than its carrying amount. As a result, we performed an additional step to determine the implied fair value of the Buss & Buss facility's goodwill and recognized an impairment charge of approximately $11.0 million in the Rare Metals segment to account for the excess of such implied goodwill over its carrying amount. The main factors leading to this impairment charge in 2013 included reduced cash flows projections for the Buss & Buss business combined with an increase in the reporting unit's working capital, which stemmed, primarily, from the revaluation of its inventory. | ||||||||||||||||||||||
At December 31, 2012, we concluded that our Molycorp Silmet facility's fair value exceeded its carrying amount; however, for the other reporting units that included goodwill, the estimated fair value did not exceed their respective carrying amounts. As a result, we completed step two of the impairment test and determined that the certain goodwill was impaired for our Chemicals and Oxides, Magnetic Materials and Alloys, and Rare Metals segments. We initially recorded a goodwill impairment charge of approximately $258.3 million, which was primarily associated with the reporting units created as a result of the Molycorp Canada acquisition. However, in connection with the final allocation of the consideration transferred as a result of the Molycorp Canada acquisition, which was completed in the second quarter of 2013, we increased the initial carrying amount of goodwill by $31.6 million, but recognized an immediate impairment charge of $31.6 million that completely offset the incremental goodwill. This additional goodwill impairment was recognized retroactively in the fourth quarter of 2012. Circumstances that negatively affected our estimate of fair value of our reporting units in 2012 included: the depressed pricing environment for certain rare earths and rare metals; delays in the development of products by our customers that utilize rare earths and rare metals; and delays in ramping up our Mountain Pass facility, which impaired our ability to enter into longer-term contracts, and generate the anticipated synergies expected from the Molycorp Canada acquisition. | ||||||||||||||||||||||
During the recoverability of goodwill test we performed at December 31, 2014, we determined that the goodwill impairment charge we recognized in 2012 was not properly allocated to the noncontrolling interests of our Chemicals and Oxides segment. Given that this allocation was not material to any of our prior years’ financial statements, and the impact of correcting it was not material to the full-year 2014 financial statements, we recorded an out-of-period adjustment of approximately $10.3 million that increased the loss attributable to noncontrolling interest in the statement of operations and comprehensive loss for the year ended December 31, 2014, with an offset to the statement of stockholders' equity. | ||||||||||||||||||||||
Changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2014, 2013 and 2012, were as follows: | ||||||||||||||||||||||
Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
31-Dec-11 | $ | 728 | $ | 1,977 | $ | 727 | $ | 3,432 | ||||||||||||||
Goodwill acquired | 285,633 | 213,525 | 27,046 | 526,204 | ||||||||||||||||||
Impairment | (161,132 | ) | (112,694 | ) | (16,068 | ) | (289,894 | ) | ||||||||||||||
31-Dec-12 | 125,229 | 102,808 | 11,705 | 239,742 | ||||||||||||||||||
Impairment | — | — | (10,992 | ) | (10,992 | ) | ||||||||||||||||
31-Dec-13 | 125,229 | 102,808 | 713 | 228,750 | ||||||||||||||||||
Impairment | (125,229 | ) | — | (713 | ) | (125,942 | ) | |||||||||||||||
31-Dec-14 | $ | — | $ | 102,808 | $ | — | $ | 102,808 | ||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||
At December 31, 2014 and 2013, our intangible assets, other than goodwill, consisted of the following: | ||||||||||||||||||||||
Customer relationships | Rare earths quotas | Patents | Trade names | Land use rights | Other | Total | ||||||||||||||||
Gross carrying amount | (In thousands) | |||||||||||||||||||||
31-Dec-13 | $ | 344,580 | $ | — | $ | 152 | $ | 15,586 | $ | 3,568 | $ | 4,420 | $ | 368,306 | ||||||||
Additions | — | — | — | — | — | 37 | 37 | |||||||||||||||
Foreign currency translation adjustment | 177 | — | — | — | — | — | 177 | |||||||||||||||
Impairment | (121,057 | ) | — | — | — | (368 | ) | — | (121,425 | ) | ||||||||||||
31-Dec-14 | $ | 223,700 | $ | — | $ | 152 | $ | 15,586 | $ | 3,200 | $ | 4,457 | $ | 247,095 | ||||||||
Accumulated Amortization | ||||||||||||||||||||||
31-Dec-13 | $ | 35,980 | $ | — | $ | 27 | $ | 343 | $ | 227 | $ | 862 | $ | 37,439 | ||||||||
Amortization | 23,019 | — | 125 | 66 | 77 | 617 | 23,904 | |||||||||||||||
Impairment | (30,119 | ) | — | — | — | — | — | (30,119 | ) | |||||||||||||
31-Dec-14 | 28,880 | — | 152 | 409 | 304 | 1,479 | 31,224 | |||||||||||||||
Net book value | $ | 194,820 | $ | — | $ | — | $ | 15,177 | $ | 2,896 | $ | 2,978 | $ | 215,871 | ||||||||
Customer relationships | Rare earths quotas | Patents | Trade names | Land use rights | Other | Total | ||||||||||||||||
Gross carrying amount | (In thousands) | |||||||||||||||||||||
31-Dec-12 | $ | 344,774 | $ | 78,300 | $ | 33,252 | $ | 15,586 | $ | 3,568 | $ | 4,420 | $ | 479,900 | ||||||||
Additions | 48 | — | — | — | — | — | 48 | |||||||||||||||
Foreign currency translation adjustment | (242 | ) | — | — | — | — | — | (242 | ) | |||||||||||||
Impairment | — | (78,300 | ) | (33,100 | ) | — | — | — | (111,400 | ) | ||||||||||||
31-Dec-13 | $ | 344,580 | $ | — | $ | 152 | $ | 15,586 | $ | 3,568 | $ | 4,420 | $ | 368,306 | ||||||||
Accumulated Amortization | ||||||||||||||||||||||
31-Dec-12 | $ | 14,095 | $ | 4,035 | $ | 9,365 | $ | 1,152 | $ | 66 | $ | 249 | $ | 28,962 | ||||||||
Amortization | 22,145 | 7,018 | 13,554 | 65 | 161 | 613 | 43,556 | |||||||||||||||
Adjustments | (260 | ) | — | — | (874 | ) | — | — | (1,134 | ) | ||||||||||||
Impairment | — | (11,053 | ) | (22,892 | ) | — | — | — | (33,945 | ) | ||||||||||||
31-Dec-13 | 35,980 | — | 27 | 343 | 227 | 862 | 37,439 | |||||||||||||||
Net book value | $ | 308,600 | $ | — | $ | 125 | $ | 15,243 | $ | 3,341 | $ | 3,558 | $ | 330,867 | ||||||||
As of December 31, 2014, as a result of lower long-term growth prospects due to a shift in technology affecting certain market, we recognized an impairment charge of approximately $90.9 million related to certain customer relationships reported under our Chemicals and Oxides and Rare Metals segments. The majority of the intangible assets impaired were associated with the Molycorp Canada acquisition. We updated our fair value estimate of these customer relationships based on the income approach using certain unobservable inputs, including a customer attrition rate of approximately 13%. | ||||||||||||||||||||||
In December 2013, we determined there was no longer value associated with our Chinese rare earths export quotas because the Chinese government in 2013 had turned to other means for controlling its domestic rare earth industry and, therefore, our Molycorp Zibo and Molycorp Jiangyin facilities in the Chemicals and Oxides segment would no longer be able to benefit from the related export premiums. As a result, we recognized an impairment charge of $67.2 million for the rare earths quotas in 2013 under "Impairment of goodwill and other long-lived assets" in the consolidated statement of operations and comprehensive loss. | ||||||||||||||||||||||
Based on a discounted cash flow analysis using updated margin projections on products manufactured by our Magnetic Materials and Alloys segment using a patent that expired in 2014, we recorded impairment charges of $10.2 million and $6.0 million in 2013 and 2012, respectively, which are included under "Impairment of goodwill and other long-lived assets" in the consolidated statement of operations and comprehensive loss for these prior periods. Amortization expense on our other intangible assets in 2012 was $28.6 million. | ||||||||||||||||||||||
Our trade names balance at December 31, 2014 includes $14.8 million of intangible assets that are not subject to amortization. These assets, which we acquired in 2012, are our only indefinite-lived intangible assets. Amortization expense on all other intangible assets for the next five years and thereafter is expected to be as follows: | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
2015 | $ | 16,441 | ||||||||||||||||||||
2016 | 16,441 | |||||||||||||||||||||
2017 | 16,441 | |||||||||||||||||||||
2018 | 16,277 | |||||||||||||||||||||
2019 | 16,277 | |||||||||||||||||||||
Thereafter | 119,194 | |||||||||||||||||||||
Investments
Investments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investments | Investments | |||||||||||||||||||
The following table provides a reconciliation of the carrying amount of our investments at December 31, 2014 and 2013: | ||||||||||||||||||||
Boulder Wind Power, Inc. | IMJ | Keli | Ingal Stade | Other investments | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
31-Dec-12 | $ | 20,000 | $ | 25,193 | $ | 11,000 | $ | 5,015 | $ | 2,828 | $ | 64,036 | ||||||||
Additions | — | 3,419 | — | — | — | 3,419 | ||||||||||||||
Equity loss | n/a | (6,529 | ) | (2,600 | ) | (40 | ) | — | (9,169 | ) | ||||||||||
Impairment | (8,000 | ) | — | — | — | (1,411 | ) | (a) | (9,411 | ) | ||||||||||
31-Dec-13 | 12,000 | 22,083 | 8,400 | 4,975 | 1,417 | 48,875 | ||||||||||||||
Adjustment to investments classification | — | 51 | (1,240 | ) | (38 | ) | 1,227 | — | ||||||||||||
Additions | — | — | — | — | 703 | 703 | ||||||||||||||
Dividends | — | — | (2,014 | ) | — | — | (2,014 | ) | ||||||||||||
Equity (loss) income | n/a | (6,541 | ) | (635 | ) | (51 | ) | 158 | (7,069 | ) | ||||||||||
Impairment | (12,000 | ) | (14,808 | ) | — | (4,886 | ) | — | (31,694 | ) | ||||||||||
31-Dec-14 | $ | — | $ | 785 | $ | 4,511 | $ | — | $ | 3,505 | $ | 8,801 | ||||||||
(a) The impairment charge in 2013 relates to the equity interest in Atlantic Metals & Alloys, LLC. | ||||||||||||||||||||
Boulder Wind Power, Inc. | ||||||||||||||||||||
In 2011, we invested $20.0 million into Boulder Wind Power, Inc. ("BWP") Series B convertible preferred stock that we accounted for at cost. BWP is a company engaged in the development of permanent magnet generators and power conversion technology. At December 31, 2013, due to certain delays in the commercialization of BWP's technology, we reassessed the fair value of this investment and determined to write it down by $8.0 million. In the third quarter of 2014, the Board of Directors of BWP approved a plan to wind-down BWP's day-to-day operations and pursue potential sales opportunities for its portfolio of intellectual properties. Due to the current status of BWP's operations and uncertainty around the timing and amount of any future value from the investment in BWP, in the third quarter of 2014 we recognized an impairment charge of $12.0 million to write-off the remaining investment balance in BWP in impairment of investments at cost in the consolidated statement of operations and comprehensive loss. | ||||||||||||||||||||
Intermetallics Japan Joint Venture ("IMJ") | ||||||||||||||||||||
In November 2011, we, Daido Steel Co., Ltd. (“Daido”) and Mitsubishi Corporation (“Mitsubishi”) entered into an agreement for the purpose of manufacturing sintered NdFeB permanent rare earth magnets. The capital contribution ratio of IMJ was 30.0% by us, 35.5% by Daido and 34.5% by Mitsubishi; our total contribution to IMJ was approximately $31.0 million. IMJ was created to further develop and commercialize a technology that would allow the production of high performance sintered NdFeB permanent magnets, with a competitive cost structure based on REE market prices that existed in 2011. Because of the spike in REE price in 2011, and the associated uncertainty that spike created in the supply chain of rare earth products, end-users' specifications for sintered NdFeB permanent magnets have changed over the last couple of years and, as a result, IMJ's technology would require further investments to meet current customers' demand. Given our focus on the optimization and production ramp up at our Mountain Pass facility to serve the needs of our existing customer base, in December 2014, we considered an offer from Daido to buy-out Mitsubishi's and our proportional share of the investment in IMJ for approximately $1.0 million each. As of December 31, 2014, negotiations with Daido were ongoing. As a result of our decision to consider the buy-out offer from Daido, we recognized a charge of approximately $14.8 million in "Equity loss of affiliates" in the consolidated statement of operations and comprehensive loss to write-off the majority of our investment in IMJ as of December 31, 2014. The results of operations of this joint venture are reported under our Resources segment based on the equity method of accounting. | ||||||||||||||||||||
Ganzhou Keli Rare Earth New Material Co., Ltd. (“Keli”) | ||||||||||||||||||||
We acquired a 25% equity interest in Keli for $12.2 million on June 11, 2012. Keli is a Chinese business that converts REO into metals for use in our Neo Powders™. | ||||||||||||||||||||
Ingal Stade GmbH (“Ingal Stade”) | ||||||||||||||||||||
On June 11, 2012, as part of the Molycorp Canada acquisition, we acquired a 50% ownership interest in Ingal Stade for $4.9 million, a German joint venture involved in the extraction of gallium metal ("GaM") from alumina smelter bayer liquor with purity level of 5N (99.999%) or higher. In December 2014, we decided to cease purchasing GaM from Ingal Stade because the joint venture can no longer provide this metal at a competitive price. Since the purchase of GaM at a competitive price was the main value proposition of our investment in Ingal Stade, as of December 31, 2014 we recognized a charge of $4.9 million in "Equity loss of affiliates" in the consolidated statement of operations and comprehensive loss to write-off the balance of our investment in Ingal Stade. In addition, we wrote-off the balance of a loan receivable from Ingal Stade of $3.3 million, which we recognized in "Other expense" in the consolidated statement of operations and comprehensive loss after our investment in the equity of Ingal Stade was reduced to zero. The results of operations of this joint venture were reported under our Rare Metals segment based on the equity method of accounting. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||
Molycorp Canada | ||||||||||||||||
On June 11, 2012, we completed the acquisition of all of the outstanding equity of Molycorp Canada's predecessor company pursuant to the terms of an arrangement agreement (the "Arrangement Agreement") for an aggregate purchase price of approximately $1,192.3 million. Pursuant to the Arrangement Agreement, Molycorp Canada's former shareholders elected to receive: (a) cash consideration equal to Canadian dollars ("Cdn") $11.30 per share of Molycorp Canada's predecessor company's common stock; or (b) share consideration of 0.4242 shares of Molycorp common stock or 0.4242 shares (the "Exchangeable Shares") issued by MCP Exchangeco Inc., our wholly-owned Canadian subsidiary, which are exchangeable for shares of our common stock on a one for one basis, per each share of Molycorp Canada's predecessor company's common stock; or (c) a combination of cash and shares of our common stock or Exchangeable Shares, all subject to the proration mechanics set forth in the Arrangement Agreement. | ||||||||||||||||
The consideration we paid to Molycorp Canada's former shareholders was comprised of approximately $908.2 million in cash, exclusive of realized losses on the contingent forward contract to purchase $870.0 million Canadian dollars, accounted for as a separate transaction apart from the business combination, as further discussed in Note 24. Additionally, 13,545,426 shares of our common stock and 507,203 Exchangeable Shares were issued and collectively valued at $284.1 million based on the closing price of our common stock on the acquisition date in accordance with the relevant accounting guidance. The Exchangeable Shares have no par value. | ||||||||||||||||
A preliminary allocation of the consideration transferred to the net assets of Molycorp Canada was made as of June 11, 2012. During the second quarter of 2013, we further adjusted the preliminary values assigned to certain assets and liabilities of Molycorp Canada in order to reflect additional information we obtained since June 11, 2012. As a result of the additional goodwill recognized during the final allocation of the consideration transferred to the net assets of Molycorp Canada, the goodwill impairment we recognized in the fourth quarter of 2012 increased by $31.6 million to $287.9 million. The other measurement period adjustments described in the table below have been reflected in the opening balance sheet; however, since these adjustments did not have a significant impact on our consolidated statements of operations and comprehensive loss or cash flows in any period, those statements were not retrospectively adjusted. | ||||||||||||||||
The following table summarizes the purchase consideration as well as the estimated fair value of the assets acquired and liabilities assumed in the Molycorp Canada acquisition: | ||||||||||||||||
Preliminary Allocation of Consideration Transferred as of December 31, 2012 | Measurement Period Adjustments | Final Allocation of Consideration Transferred | ||||||||||||||
Purchase consideration: | (In thousands) | |||||||||||||||
Cash consideration | $ | 908,181 | $ | 908,181 | ||||||||||||
Fair value of Molycorp common stock and Exchangeable Shares issued | 284,144 | 284,144 | ||||||||||||||
Total purchase consideration | $ | 1,192,325 | $ | 1,192,325 | ||||||||||||
Estimated fair values of the assets and liabilities acquired: | ||||||||||||||||
Cash and cash equivalents | $ | 317,169 | $ | — | $ | 317,169 | ||||||||||
Restricted cash | 4,951 | — | 4,951 | |||||||||||||
Accounts receivable | 101,470 | — | 101,470 | |||||||||||||
Inventory | 250,989 | — | 250,989 | |||||||||||||
Prepaid expenses and other current assets | 26,893 | — | 26,893 | |||||||||||||
Property, plant and equipment | 75,745 | — | 75,745 | |||||||||||||
Investments | 21,019 | (1,091 | ) | 19,928 | ||||||||||||
Intangible assets | 482,234 | — | 482,234 | |||||||||||||
Deferred tax charges | 13,435 | — | 13,435 | |||||||||||||
Deferred tax assets | 11,473 | (1,423 | ) | 10,050 | ||||||||||||
Goodwill | 494,809 | 31,616 | 526,425 | |||||||||||||
Other non-current assets | 4,367 | — | 4,367 | |||||||||||||
Accounts payable and accrued expenses | (138,576 | ) | — | (138,576 | ) | |||||||||||
Debt | (255,338 | ) | — | (255,338 | ) | |||||||||||
Other current liabilities | (33,990 | ) | — | (33,990 | ) | |||||||||||
Deferred tax liabilities | (154,309 | ) | 5,880 | (148,429 | ) | |||||||||||
Other non-current liabilities | (14,255 | ) | — | (14,255 | ) | |||||||||||
Non-controlling interests | (15,761 | ) | (34,982 | ) | (50,743 | ) | ||||||||||
Total purchase consideration | $ | 1,192,325 | $ | — | $ | 1,192,325 | ||||||||||
Goodwill associated with the Molycorp Canada acquisition arose primarily because of Molycorp Canada's proven leadership in the development, processing, and distribution of technically advanced rare earth products; greater exposure to the world’s largest and fastest-growing rare earths consuming market, China; deferred tax liabilities; and expected synergies that do not qualify for separate recognition. The goodwill is not amortized and is not deductible for tax purposes. | ||||||||||||||||
The following unaudited pro forma financial information provides what our consolidated revenues, net income (loss) and basic earnings per share would have been had the acquisition closed on January 1, 2012: | ||||||||||||||||
(In thousands, except per share amounts) | Revenues | Net income (loss) | Net income (loss) | EPS Basic | ||||||||||||
attributable to Molycorp | ||||||||||||||||
Unaudited pro forma January 1, 2012 to December 31, 2012 (combined entity) | $ | 863,728 | $ | (463,716 | ) | $ | (473,249 | ) | $ | (4.53 | ) | |||||
The unaudited pro forma revenues, earnings and earnings per share amounts have been adjusted to: a) eliminate the effect of sales and costs that occurred previous to the business combination between us and Molycorp Canada; b) reflect the incremental depreciation and amortization expense as a result of the allocation of the purchase price to certain depreciable and amortizable assets with useful lives ranging from two to 30 years; c) the tax effect of unaudited pro forma adjustments using our federal, state and international statutory tax rates based on the applicable tax jurisdictions; and d) the estimated increase in interest expense associated with the issuance of our Senior Notes (as defined below) the proceeds from which were used to finance a portion of the purchase consideration. The unaudited pro forma earnings of the combined entity for the year ended December 31, 2012 were also adjusted to exclude $115.2 million of non-recurring costs. The weighted average number of shares outstanding utilized in the basic income (loss) per share calculations have been adjusted to reflect the common shares we issued to Molibdenos y Metales S.A. ("Molymet"), the proceeds from which were used to finance a portion of the purchase consideration. | ||||||||||||||||
For the year ended December 31, 2012, we recognized approximately $62.0 million of transaction costs related to the Molycorp Canada acquisition in our consolidated statement of operations and comprehensive loss as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Corporate development: | ||||||||||||||||
Legal, accounting and advisory fees | $ | 16,498 | ||||||||||||||
Other expenses: | ||||||||||||||||
Contingent forward contract loss | $ | 37,589 | ||||||||||||||
Interest expense: | ||||||||||||||||
Bridge loan fee | $ | 7,937 | ||||||||||||||
Increase of Equity Interest in Molycorp Jiangyin | ||||||||||||||||
During the fourth quarter of 2012, we acquired an additional 5% of our majority-owned Molycorp Jiangyin joint venture, bringing our equity interest to 95%. The investment in this joint venture was originally part of the Molycorp Canada acquisition. The purchase price for the additional equity interest in Molycorp Jiangyin was $15.0 million, of which $5.4 million we paid in cash on the date of closing and the remaining $9.6 million, plus accrued interest of $0.2 million, which was paid in cash at end of 2013. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses | Accrued Expenses | |||||||
Accrued expenses at December 31, 2014 and 2013 consisted of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Defined contribution plan | $ | 613 | $ | 1,921 | ||||
Professional fees | 1,955 | 135 | ||||||
Accrued payroll and related benefits | 7,010 | 5,739 | ||||||
Sales and use tax | 2,339 | 3,354 | ||||||
Bonus accrual | 5,109 | 4,449 | ||||||
Interest payable | 18,300 | 18,158 | ||||||
Advance from customer | 130 | 600 | ||||||
Withholding taxes | 376 | 2,563 | ||||||
Amount payable to noncontrolling interest | 2,929 | — | ||||||
Other accrued expenses | 13,205 | 11,582 | ||||||
Total accrued expenses | $ | 51,966 | $ | 48,501 | ||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligation | Asset Retirement Obligation | |||||||
Under applicable environmental laws and regulations, we are subject to reclamation and remediation obligations resulting from the mining operations at our Mountain Pass facility. The following table presents the activity of our ARO for the years ended December 31, 2014 and 2013: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 17,583 | $ | 22,125 | ||||
Obligations settled | (1,549 | ) | (3,849 | ) | ||||
Accretion expense | 1,153 | 1,328 | ||||||
Revisions in estimated cash flows | — | (3,793 | ) | |||||
Loss on settlement | 932 | 1,772 | ||||||
Balance at end of period | $ | 18,119 | $ | 17,583 | ||||
The balances above for the years ended December 31, 2014 and 2013 include a short-term portion of $0.3 million and $0.6 million, respectively, which were recorded under "Other current liabilities" in the consolidated balance sheets. Depreciation expense associated with the ARO was $0.6 million, $2.5 million and $2.0 million in 2014, 2013 and 2012, respectively. The balances presented above represent our estimated future discounted cash flows required to satisfy the obligations currently known to us. The total estimated future undiscounted cash flows required to satisfy our ARO was $33.1 million as of December 31, 2014. The discount rates we used to recognize the ARO in the balance sheets range from 5% to 10%, depending on the timing of when the obligations arose or were updated. | ||||||||
In the fourth quarter of 2013, we changed the timing of certain reclamation efforts in connection with the updated closure plan at our Mountain Pass facility from 2035 to 2042 and, as a result, we reduced our ARO by $3.8 million in 2013. The combination of the updated closure plan and the ARO reduction in 2013 explains the lower depreciation expense we recognized in 2014 for the ARO. In order to expand the mine pit to an area partially occupied by our legacy flotation plant, we substantially demolished that plant in 2013, and incurred costs in excess of our original reclamation estimate that led to a large portion of the settlement loss of $1.8 million we recognized in 2013. The demolition of the legacy flotation plant was completed in the first quarter of 2014. | ||||||||
We are required to provide the applicable governmental agencies with financial assurances relating to our closure and reclamation obligations. At December 31, 2014, we had financial assurance requirements of $28.8 million, which were satisfied with surety bonds placed with the California state and regional agencies. |
Debt_and_Capital_Lease_Obligat
Debt and Capital Lease Obligations | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 and capital lease obligations at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Bank loans due February 2015 - June 2017 | $ | 9,326 | $ | 91 | $ | 14,128 | $ | 2,699 | ||||||||||||||||||||
3.25% Convertible Notes, net of discount, due June 2016 | — | 193,549 | — | 207,028 | ||||||||||||||||||||||||
6.00% Convertible Notes, net of discount, due September 2017 | — | 335,969 | — | 346,708 | ||||||||||||||||||||||||
5.00% Debentures, net of discount, due December 2017 | — | 2,075 | — | 2,493 | ||||||||||||||||||||||||
5.50% Convertible Notes, net of discount, due February 2018 | — | 143,581 | — | 148,198 | ||||||||||||||||||||||||
12.00% Term Loans, due September 2019 | — | 98,812 | — | — | ||||||||||||||||||||||||
12.00% Equipment Financing, due September 2019 | — | 127,594 | — | — | ||||||||||||||||||||||||
10% Senior Secured Notes, net of discount, due June 2020 | — | 638,899 | — | 637,435 | ||||||||||||||||||||||||
Total debt | $ | 9,326 | $ | 1,540,570 | $ | 14,128 | $ | 1,344,561 | ||||||||||||||||||||
Capital lease obligations | 3,234 | 19,211 | 2,234 | 19,355 | ||||||||||||||||||||||||
Total debt and capital lease obligations | $ | 12,560 | $ | 1,559,781 | $ | 16,362 | $ | 1,363,916 | ||||||||||||||||||||
A reconciliation of the principal amount to the net carrying amount for each of our Convertible Notes and our 10% Senior Secured Notes at December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||
3.25% Convertible Notes | 6.00% Convertible Notes | 5.50% Convertible Notes | 10% Senior Notes | |||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Principal amount | $ | 206,505 | $ | 230,000 | $ | 383,000 | $ | 414,000 | $ | 161,500 | $ | 172,500 | $ | 650,000 | $ | 650,000 | ||||||||||||
Unamortized debt discount | (12,956 | ) | (22,972 | ) | (47,031 | ) | (67,292 | ) | (17,919 | ) | (24,302 | ) | (11,101 | ) | (12,565 | ) | ||||||||||||
Net carrying amount | $ | 193,549 | $ | 207,028 | $ | 335,969 | $ | 346,708 | $ | 143,581 | $ | 148,198 | $ | 638,899 | $ | 637,435 | ||||||||||||
Interest cost incurred on each instrument in the table immediately above was as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
3.25% Convertible Notes | $ | 15,553 | $ | 15,839 | $ | 15,312 | ||||||||||||||||||||||
6.00% Convertible Notes | 41,070 | 39,779 | 17,457 | |||||||||||||||||||||||||
5.50% Convertible Notes | 14,578 | 13,107 | n/a | |||||||||||||||||||||||||
10% Senior Notes | 66,606 | 66,323 | 40,070 | |||||||||||||||||||||||||
The interest cost listed above is comprised of the coupon interest, the accretion of the underwriting discounts, the accretion of the initial equity component of the convertible notes (3.25% - $36,227; 6.00% - $68,695; and 5.50% - $21,815), and the amortization of the issuance costs. | ||||||||||||||||||||||||||||
Weighted average interest rate on our bank loans was 4.10% and 3.59% at December 31, 2014 and 2013, respectively, and our total amount of unused lines of credit was $20.3 million at December 31, 2014. This amount excludes the portion of the 2014 Financings available to be drawn. Our scheduled minimum debt repayments, excluding capital lease obligations, were as follows at December 31, 2014: | ||||||||||||||||||||||||||||
Debt maturities, excluding capital leases | (In thousands) | |||||||||||||||||||||||||||
2015 | $ | 9,326 | ||||||||||||||||||||||||||
2016 | 206,565 | |||||||||||||||||||||||||||
2017 | 385,106 | |||||||||||||||||||||||||||
2018 | 161,500 | |||||||||||||||||||||||||||
2019 | 321,154 | |||||||||||||||||||||||||||
Thereafter | 650,000 | |||||||||||||||||||||||||||
Total | $ | 1,733,651 | ||||||||||||||||||||||||||
As of December 31, 2014, we were in compliance with all applicable covenants related to our indebtedness. However, as disclosed in Note 2, certain financial and operational conditions indicate the existence of a material uncertainty that casts substantial doubt on our ability to meet our obligations as they come due. | ||||||||||||||||||||||||||||
2014 Debt Issuance | ||||||||||||||||||||||||||||
12% Term Loans and 12% Equipment Financing | ||||||||||||||||||||||||||||
On September 11, 2014 (the “closing date”), we received initial gross proceeds totaling $250.0 million from the 2014 Financings with Oaktree, with the remaining $149.8 million available to be drawn until April 30, 2016, $134.8 million of which is available only if we satisfy certain financial and operational conditions. Net proceeds from the 2014 Financings were approximately $207.1 million after the repayment of approximately $23.7 million of principal amount (plus accrued interest) and $4.0 million of principal amount (plus accrued interest) of our 3.25% Convertible Notes and 6.00% Convertible Notes, respectively, owned by Oaktree (“Oaktree Notes Repurchase”), $8.0 million paid to Oaktree as a commitment yield enhancement, and the payment of transaction costs of approximately $7.3 million. As a result of the Oaktree Notes Repurchase, we recognized a loss on extinguishment of $2.0 million in the statements of operations and comprehensive loss for the year ended December 31, 2014. | ||||||||||||||||||||||||||||
The 2014 Financings consist of two term loans and one equipment financing, as follows: | ||||||||||||||||||||||||||||
a. | A term loan facility of $185.0 million (the “Parent Term Loan”), $50.2 million of which was advanced on the closing date and $134.8 million is available to be drawn in the minimum amount of $50.0 million at any time until April 30, 2016, subject to the satisfaction of certain conditions, including (i) consolidated adjusted EBITDA of no less than $20.0 million for each of two consecutive fiscal quarters, and (ii) evidence that production at our Mountain Pass facility is equal to or greater than 4,000 mt for each of two consecutive fiscal quarters, in each case prior to, but including, the fiscal quarter ending on March 31, 2016. Proceeds from the Parent Term Loan have been and will be used for capital expenditures, interest expense and general corporate purposes, including the Oaktree Notes Repurchase and the payment of transaction expenses. | |||||||||||||||||||||||||||
b. | A term loan facility of $75.0 million (the “Magnequench Term Loan”), $60.0 million of which was advanced on the closing date and $15.0 million of delayed draw term loans to be advanced, subject to the satisfaction of certain conditions, in minimum amounts of $5.0 million after the closing date and until April 30, 2016. Proceeds from the Magnequench Term Loan will be used to satisfy certain intercompany obligations of Magnequench, Inc. and to make certain intercompany loans. | |||||||||||||||||||||||||||
Interest rates on the Parent Term Loan and the Magnequench Term Loan (collectively, the “Term Loans”) are: (i) from the closing date through June 14, 2016, 7.00% per year payable in cash and 5.00% per year payable in kind (“PIK interest”) and (ii) from June 15, 2016, and thereafter, 12.00% per year payable in cash, unless our 3.25% Convertible Notes have been repaid in full with the proceeds of the sale of our common equity or by the exchange of such convertible notes for our common equity, or any combination thereof (the “2016 Notes Equity Refinancing”), in which case, interest will accrue as indicated in (i) above. The daily average unused amount of the delayed draw Term Loans commitment for the Term Loans is subject to an unused commitment enhancement payment of 1.00% per year. | ||||||||||||||||||||||||||||
The Term Loans mature on September 11, 2019, with springing maturity dates at (i) April 30, 2016, if we have not repaid, escrowed or extended an amount of cash sufficient to repay when due and payable the 3.25% Convertible Notes down to $40.0 million in the aggregate and (ii) March 31, 2017, if we have not repaid or escrowed an amount of cash sufficient to repay when due and payable (a) our 6.00% Convertible Notes down to $80.0 million in the aggregate and (b) our 5.50% Convertible Notes down to $40.0 million in the aggregate. | ||||||||||||||||||||||||||||
We cannot make any voluntary prepayments on the Term Loans prior to the fourth anniversary of the closing date. In addition, any prepayment of the loans and any repayment (or other satisfaction) of the loans after acceleration, but prior to September 11, 2019, will be subject to an early payment premium of (i) 43.8% of the principal amount so prepaid if paid prior to the first anniversary of the closing date, (ii) 33.7% of the principal amount so prepaid if paid on or after the first anniversary of the closing date but prior to the second anniversary of the closing date, (iii) 23.0% of the principal amount so prepaid if paid on or after the second anniversary of the closing date but prior to the third anniversary of the closing date, (iv) 11.5% of the principal amount so prepaid if paid on or after the third anniversary of the closing date but prior to the fourth anniversary of the closing date, and (vi) 3.0% of the principal amount so prepaid if paid on or after the fourth anniversary of the closing date. Any mandatory prepayment of the loans resulting from an asset sale will be subject to an early payment premium of 3.0% of the principal amount so prepaid. | ||||||||||||||||||||||||||||
The springing maturity dates, in combination with the early payment premiums applicable to any prepayment of the loans described above, meet the definition of a derivative that is required to be bifurcated from its host debt instrument. Because this derivative is to be classified as a liability, we recognized a discount on the Term Loans as of the closing date of approximately $1.7 million, in the aggregate, which will be amortized to interest expense over the duration of the Term Loans. See Note 24 for more information on this derivative. | ||||||||||||||||||||||||||||
c. | A Purchase and Sale Agreement pursuant to which we sold certain equipment including, but not limited to, parts of our natural gas powered co-generation power plant, the Chlor-Alkali facility and the water treatment plant (collectively, the “Equipment”), located at our Mountain Pass facility. In exchange for the sale of the Equipment, we received proceeds of $139.8 million that have been and will be used for the development and improvement of the Equipment and other assets at our Mountain Pass facility, and may be used, to the extent permitted under our 10% Senior Notes indenture and the Parent Term Loan, for interest payments and other general corporate purposes. | |||||||||||||||||||||||||||
Concurrently with entering into the Purchase and Sale Agreement, we and Oaktree entered into an Equipment Lease Agreement, which we refer to as the "Equipment Financing", whereby we leased back all of the Equipment. The Equipment Financing has a five-year term with the following approximate annual rent payments (due quarterly in arrears): $10.1 million in the first year, $10.7 million in the second year, $11.2 million in the third year, $11.8 million in the fourth year and $12.4 million in the fifth year with an additional payment of approximately $179.9 million on the fifth anniversary of the lease commencement date (“Base Rent Payments”); provided, that unless the 2016 Notes Equity Refinancing, as defined above, has occurred by June 15, 2016, the rent will be adjusted to require annual payments of $18.0 million for years two through five and a payment of approximately $147.0 million on the fifth anniversary of the lease commencement date. Base Rent Payments on the Equipment Financing are based on a 7% annual rate applied to the unpaid principal balance plus accrued, but unpaid interest calculated at an annual rate of 5%. | ||||||||||||||||||||||||||||
Due to the existence of several forms of our continuing involvement with the Equipment, we are required to account for the Equipment Financing as a direct financing under GAAP, rather than a sale-leaseback. Additionally, since the rent payments do not cover the total interest expense of the Equipment Financing, we recognize such payments as interest only with no principal reduction of the financing obligation. However, the unpaid interest calculated at an annual rate of 5% increases the financing obligation up to the final payment due on the fifth anniversary of the Equipment Financing, whether or not the 2016 Notes Equity Refinancing occurs. | ||||||||||||||||||||||||||||
In connection with the 2014 Financings, we issued warrants to Oaktree to purchase up to an aggregate of 24,477,359 shares of our common stock. For accounting purposes, a portion of the proceeds from the 2014 Financings was allocated to the warrants, which created a discount on the Term Loans and the Equipment Financing of approximately $28.2 million, in the aggregate. This discount will be recognized as interest expense over the term of the 2014 Financings. See Note 16 and Note 24 for more information on the warrants. | ||||||||||||||||||||||||||||
The following table presents a reconciliation of the principal amount to the net carrying amount of, and interest cost for, the Term Loans and the Equipment Financing at December 31, 2014: | ||||||||||||||||||||||||||||
12.00% Term Loans | 12.00% Equipment Financing | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Principal amount (a) | $ | 111,858 | $ | 141,993 | ||||||||||||||||||||||||
Unamortized debt discount | (13,046 | ) | (14,399 | ) | ||||||||||||||||||||||||
Net carrying amount | $ | 98,812 | $ | 127,594 | ||||||||||||||||||||||||
Cash interest | $ | 6,264 | $ | 2,082 | ||||||||||||||||||||||||
PIK interest | 1,691 | 2,160 | ||||||||||||||||||||||||||
Total interest cost | $ | 7,955 | $ | 4,242 | ||||||||||||||||||||||||
Obligations under the 2014 Financings are guaranteed by us and certain of our subsidiaries (the “Pari Passu Guarantors”) that also guarantee the obligations under our 10% Senior Notes. Our obligations and those of the Pari Passu Guarantors under the 2014 Financings are secured by a pari passu lien on substantially all of our assets and the assets of the Pari Passu Guarantors (the “Pari Passu Collateral”) on an equal and ratable basis with the obligations under the 10% Senior Notes. The maximum principal amount of debt under the 2014 Financings secured by the Pari Passu Collateral shall not exceed $300.0 million in the aggregate at any time or such higher amount permitted by the Pari Passu Indenture. In addition, the obligations under the 2014 Financings are guaranteed by certain of our other subsidiaries (the “First Priority Guarantors”). The obligations of the First Priority Guarantors under the 2014 Financings are secured by a first priority lien on certain equity interests owned by the First Priority Guarantors, including equity interests of certain foreign subsidiaries. In addition, the Magnequench Credit Agreement is secured by a first priority lien on substantially all of the assets of Magnequench, Inc. | ||||||||||||||||||||||||||||
2013 Debt Issuance | ||||||||||||||||||||||||||||
On January 30, 2013, we issued $150.0 million aggregate principal amount of our 5.50% Convertible Senior Notes due 2018 (the “5.50% Convertible Notes”) in a registered public offering. Certain of our officers, directors and other related parties purchased $20.5 million of this aggregate principal amount. On March 1, 2013, the underwriters of such offering purchased an additional $22.5 million aggregate principal amount of the 5.50% Convertible Notes. After deducting the underwriting discounts and commissions, net proceeds from the issuance of the 5.50% Convertible Notes were $165.6 million. | ||||||||||||||||||||||||||||
The 5.50% Convertible Notes are our senior unsecured obligations and pay a 5.50% interest semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2013. The 5.50% Convertible Notes are convertible at any time into shares of our common stock, cash, or a combination thereof, at our election. The conversion rate will initially be 138.8889 shares of our common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $7.20 per share of our common stock), subject to customary adjustments. The 5.50% Convertible Notes will mature on February 1, 2018, unless earlier repurchased, redeemed or converted in accordance with their terms prior to that date. We will have the right to redeem the 5.50% Convertible Notes on or after February 1, 2016 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. The 5.50% Convertible Notes rank equal in right of payment to existing and future liabilities that are not expressly subordinated to the 5.50% Convertible Notes, and rank effectively junior to our existing and future secured indebtedness. | ||||||||||||||||||||||||||||
We separately account for the liability and equity components of convertible debt instruments, such as the 5.50% Convertible Notes, that may be settled entirely or partially in cash upon conversion in a manner that reflects our economic interest cost. The additional discount on the liability component is amortized to interest cost over the term of the 5.50% Convertible Notes. The equity component of $21.8 million is included in additional paid-in capital in the consolidated balance sheet and is treated as original issue discount for purposes of accounting for the liability component. Transaction costs related to the issuance of the 5.50% Convertible Notes have been allocated to the liability and equity components in proportion to the allocation of proceeds to the components, and accounted for as debt issuance costs (recognized as interest expense over the life of the 5.50% Convertible Notes using the effective interest method) and equity issuance costs (charged against equity), respectively. | ||||||||||||||||||||||||||||
In the fourth quarter of 2014, we exchanged $11.0 million aggregate principal amount our 5.50% Convertible Notes for a total of 4,358,490 shares of our common stock, plus a payment in cash of accrued but unpaid interest. As a result of this exchange, we recognized a gain on debt extinguishment of $6.3 million in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2014, and accounted for the difference of $1.2 million between the consideration transferred to the holder and the fair value of the liability component of our 5.50% Convertible Notes, as a reduction of "Additional Paid-In Capital" in our consolidated statement of stockholders’ equity as of December 31, 2014. | ||||||||||||||||||||||||||||
2012 Debt Issuances and Assumed Liabilities | ||||||||||||||||||||||||||||
6.00% Convertible Notes | ||||||||||||||||||||||||||||
On August 22, 2012, we issued $360.0 million aggregate principal amount of our 6.00% Convertible Senior Notes due 2017 (the “6.00% Convertible Notes”) in a registered public offering. On August 28, 2012, the underwriters of the 6.00% Convertible Notes exercised their option to purchase an additional $54.0 million aggregate principal amount of the 6.00% Convertible Notes. Total net proceeds from the issuance of the 6.00% Convertible Notes were $395.7 million, after deducting the underwriting discounts and commissions. Certain of our directors, officers and other related parties purchased $6.4 million of the aggregate principal amount of the 6.00% Convertible Notes, for which we did not pay any underwriting discounts and commissions. | ||||||||||||||||||||||||||||
The 6.00% Convertible Notes are our senior unsecured obligations with interest payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2013. The 6.00% Convertible Notes will mature on September 1, 2017, unless earlier repurchased, redeemed or converted in accordance with their terms, and will be convertible at any time prior to the second scheduled trading day immediately preceding the maturity date into shares of common stock, cash, or a combination thereof, at our election. The conversion rate will initially be 83.333 shares of common stock per $1,000 principal amount of 6.00% Convertible Notes (equivalent to an initial conversion price of approximately $12 per share of common stock), subject to customary adjustments. We will have the right to redeem the 6.00% Convertible Notes on or after September 1, 2015 if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 6.00% Convertible Notes to be redeemed, plus accrued and unpaid interest. The 6.00% Convertible Notes rank equal in right of payment to existing and future liabilities that are not expressly subordinated to the 6.00% Convertible Notes, and rank effectively junior to our existing and future secured indebtedness. | ||||||||||||||||||||||||||||
We separately account for the liability and equity components of convertible debt instruments, such as the 6.00% Convertible Notes, that may be settled entirely or partially in cash upon conversion in a manner that reflects our economic interest cost. The additional discount on the liability component is amortized to interest cost over the term of the 6.00% Convertible Notes. The equity component of $68.7 million is included in additional paid-in in the consolidated balance sheet and is treated as original issue discount for purposes of accounting for the liability component. Transaction costs related to the issuance of the 6.00% Convertible Notes have been allocated to the liability and equity components in proportion to the allocation of proceeds to the components, and accounted for as debt issuance costs and equity issuance costs, respectively. | ||||||||||||||||||||||||||||
In the fourth quarter of 2014, we exchanged $27.0 million aggregate principal amount our 6.00% Convertible Notes for a total of 10,698,113 shares of our common stock, plus a payment in cash of accrued but unpaid interest. As a result of this exchange, we recognized a gain on debt extinguishment of $15.4 million in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2014, and accounted for the difference of $3.5 million between the consideration transferred to the holder and the fair value of the liability component of our 6.00% Convertible Notes, as a reduction of "Additional Paid-In Capital" in our consolidated statement of stockholders’ equity as of December 31, 2014. | ||||||||||||||||||||||||||||
In September 2014, we repaid $4.0 million of our 6.00% Convertible Notes principal amount as part of the 2014 Financings. | ||||||||||||||||||||||||||||
5.00% Debentures | ||||||||||||||||||||||||||||
As a result of the Molycorp Canada acquisition, we assumed $230.0 million principal amount of subordinated unsecured convertible debentures of the predecessor of Molycorp Canada due December 2017 (the “Debentures”) maturing on December 31, 2017. The Debentures bear interest at 5.00% per annum and are convertible at $13.80 per share of Molycorp Canada's predecessor company. As required under the change of control provisions contained in the original underlying indenture, holders of the Debentures had the option to either require us to repurchase the Debentures at par plus accrued interest, convert the Debentures into common shares of Molycorp Canada's predecessor company, including a number of additional “make-whole” shares, or hold the Debentures to maturity. In August 2012, holders of $9.4 million aggregate principal amount of Debentures elected to convert, while holders of $217.9 million aggregate principal amount of Debentures elected to early redeem their Debentures for cash plus accrued interest. Under the term of the indenture governing the Debentures, as amended at the time of the Molycorp Canada acquisition, the holders of the Debentures that converted received, at their election and in lieu of receiving shares of Molycorp Canada's predecessor company, the same cash and/or share consideration that was paid to Molycorp Canada's former shareholders in connection with the acquisition of Molycorp Canada, subject to the same pro-ration calculation, as if such holders had converted immediately prior to the acquisition. As a result of the conversion in August 2012, a total of $8.0 million, including accrued interest, was paid in cash with the remainder converted into 99,723 shares of our common stock. | ||||||||||||||||||||||||||||
10% Senior Notes | ||||||||||||||||||||||||||||
On May 25, 2012, we issued $650.0 million aggregate principal amount of senior secured notes due 2020 (the "Senior Notes") in an offering that was exempt from the registration requirements of the Securities Act. Total net proceeds from the issuance of the Senior Notes were $635.4 million after deducting the initial purchasers' discounts. The Senior Notes bear interest at the rate of 10% per year payable on June 1 and December 1 of each year beginning on December 1, 2012. At any time and from time to time prior to June 1, 2016, we may redeem any of the Senior Notes at a price equal to 100% of the principal amount thereof plus an applicable make-whole premium and accrued and unpaid interest. At any time and from time to time from and after June 1, 2016, we may redeem the Senior Notes, in whole or in part, at a redemption price for the Senior Notes plus accrued and unpaid interest, initially at 105% of the principal amount thereof, but gradually declining to 100% of the principal amount thereof. In addition, at any time and from time to time prior to June 1, 2015, we may redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of one or more permitted sales of our capital stock at a redemption price (expressed as a percentage of principal amount) of 110% plus accrued and unpaid interest. Upon the occurrence of a change of control, we will be required to offer to repurchase all of the Senior Notes. The Senior Notes are our senior secured obligations and are guaranteed by certain of our domestic subsidiaries ("Guarantors"). The Senior Notes are secured by first-priority security interest on substantially all of our property and assets, and the property and assets 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 | |||||||||||||||||||||||||||
• | 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. | |||||||||||||||||||||||||||
A substantial portion of the net proceeds from the offering of the Senior Notes was used to fund the cash consideration that we paid for Molycorp Canada, with the remainder used for general corporate purposes. We and the Guarantor filed an exchange offer registration statement with the SEC on November 23, 2012, which was declared effective on February 7, 2013. | ||||||||||||||||||||||||||||
2011 Debt Issuance | ||||||||||||||||||||||||||||
3.25% Convertible Notes | ||||||||||||||||||||||||||||
On June 15, 2011, we issued $230.0 million aggregate principal amount (net proceeds of $223.1 million after deducting the initial purchasers’ discounts and commissions) of our 3.25% Convertible Notes due 2016 (the “3.25% Convertible Notes”) in an offering exempt from the registration requirements of the Securities Act. The Notes are our senior unsecured obligations and bear interest at a rate of 3.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2011. The 3.25% Convertible Notes are convertible at any time into shares of our common stock, cash, or a combination thereof, at our election. The initial conversion rate is 14.0056 shares of our common stock per $1,000 principal amount of the 3.25% Convertible Notes (equivalent to an initial conversion price of approximately $71.40 per share of our common stock), subject to customary adjustments. The 3.25% Convertible Notes mature on June 15, 2016, unless repurchased or converted in accordance with their terms. We do not have the right to redeem the 3.25% Convertible Notes prior to maturity. | ||||||||||||||||||||||||||||
We separately account for the liability and equity components of convertible debt instruments, such as the 3.25% Convertible Notes, that may be settled entirely or partially in cash upon conversion in a manner that reflects our economic interest cost. The additional discount on the liability component is amortized to interest cost over the term of the 3.25% Convertible Notes. The equity component of $36.2 million is included in additional paid-in capital in the consolidated balance sheet and is treated as original issue discount for purposes of accounting for the liability component. Transaction costs related to the issuance of the 3.25% Convertible Notes have been allocated to the liability and equity components in proportion to the allocation of proceeds to the components, and accounted for as debt issuance costs and equity issuance costs, respectively. | ||||||||||||||||||||||||||||
In September 2014, we repaid approximately $23.5 million of our 3.25% Convertible Notes principal amount as part of the 2014 Financings. | ||||||||||||||||||||||||||||
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 December 31, 2014, total future minimum payments on our capital leases were as follows: | ||||||||||||||||||||||||||||
Capital Leases | (In thousands) | |||||||||||||||||||||||||||
2015 | $ | 8,276 | ||||||||||||||||||||||||||
2016 | 8,276 | |||||||||||||||||||||||||||
2017 | 7,159 | |||||||||||||||||||||||||||
2018 | 5,769 | |||||||||||||||||||||||||||
2019 | 5,488 | |||||||||||||||||||||||||||
Thereafter | 12,706 | |||||||||||||||||||||||||||
Total | $ | 47,674 | ||||||||||||||||||||||||||
Imputed interest included in total future minimum lease payments at December 31, 2014 | $ | 22,655 | ||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Our net loss before income taxes and equity earnings for the year ended December 31, 2014 included an impairment charge of $125.9 million related to goodwill, which is not deductible for tax purposes. We had net deferred income tax liabilities of $54.5 million at December 31, 2014 primarily related to the purchase accounting adjustment associated with the Molycorp Canada acquisition. We determined that a valuation allowance of $252.3 million was required at December 31, 2014. Furthermore, primarily due to uncertainty concerning the qualification for a lower tax rate in a foreign jurisdiction, liabilities for uncertain tax positions increased by a net amount of $1.2 million in fiscal 2014. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012 our effective income tax rate was 3.7%, 16.4% and 10.3%, respectively. The 2014 effective income tax rate was impacted primarily by the valuation allowance required in both the U.S. and Canada, and the impairment of goodwill not deductible for tax purposes. | ||||||||||||
We had undistributed earnings of certain foreign subsidiaries at December 31, 2014 for which deferred taxes of $10.4 million have been provided. Also, we had undistributed earnings of certain foreign subsidiaries at December 31, 2014, for which deferred taxes have not been provided. Such earnings are considered indefinitely invested in the foreign subsidiaries. If such earnings were repatriated, additional tax expense may result, although the calculation of such additional taxes is not practicable. | ||||||||||||
The net tax effect of the elimination in consolidation of intercompany balances and transactions resulted in a deferred charge and income tax payable of $1.4 million at December 31, 2014. | ||||||||||||
Income tax expense consisted of the following for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current | ||||||||||||
Federal | $ | — | $ | (2,581 | ) | $ | (22,418 | ) | ||||
Foreign | 16,532 | (1,018 | ) | 8,994 | ||||||||
State | (130 | ) | 792 | (4,197 | ) | |||||||
Total current | 16,402 | (2,807 | ) | (17,621 | ) | |||||||
Deferred | ||||||||||||
Federal | (8,111 | ) | (43,479 | ) | (20,786 | ) | ||||||
Foreign | (29,366 | ) | (16,517 | ) | (11,777 | ) | ||||||
State | (1,519 | ) | (8,140 | ) | (3,891 | ) | ||||||
Total deferred | (38,996 | ) | (68,136 | ) | (36,454 | ) | ||||||
Total tax benefit | $ | (22,594 | ) | $ | (70,943 | ) | $ | (54,075 | ) | |||
The components of our losses before income taxes and equity earnings, by tax jurisdiction, were as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
United States | $ | (415,381 | ) | $ | (286,818 | ) | $ | (161,129 | ) | |||
Foreign | (203,384 | ) | (145,458 | ) | (363,062 | ) | ||||||
Total | $ | (618,765 | ) | $ | (432,276 | ) | $ | (524,191 | ) | |||
A reconciliation of the statutory federal income tax rate of 35% to our effective income tax rate is as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal tax computed at the statutory rate | $ | (216,568 | ) | $ | (151,297 | ) | $ | (184,075 | ) | |||
State taxes, net of federal benefit | (16,609 | ) | (10,329 | ) | (5,970 | ) | ||||||
Change in valuation allowance | 148,187 | 85,881 | 19,515 | |||||||||
Impairment of goodwill and other long-lived assets | 48,250 | 7,458 | 103,563 | |||||||||
Changes related to uncertain tax positions | 1,220 | (5,153 | ) | (14,176 | ) | |||||||
Federal and State tax credits | — | 2,946 | (6,817 | ) | ||||||||
Foreign income tax rate differential | 12,956 | 24,315 | 18,682 | |||||||||
Foreign translation adjustments | (11,968 | ) | (7,744 | ) | — | |||||||
Change in applicable law | — | (5,884 | ) | — | ||||||||
Other items, net | 11,938 | (11,136 | ) | 15,203 | ||||||||
Income tax benefit | $ | (22,594 | ) | $ | (70,943 | ) | $ | (54,075 | ) | |||
The tax effect of temporary differences and our net operating losses, which give rise to deferred tax assets and liabilities, consisted of the following at December 31, 2014 and 2013: | ||||||||||||
At December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Current: | ||||||||||||
Inventory | $ | 30,487 | $ | 2,570 | ||||||||
Other | 1,499 | 2,605 | ||||||||||
Total current | 31,986 | 5,175 | ||||||||||
Non-current: | ||||||||||||
Asset retirement obligation | 3,705 | — | ||||||||||
Mineral resources | 16,832 | 16,886 | ||||||||||
Property, plant and equipment and intangible assets | 3,451 | 21,044 | ||||||||||
Stock compensation | 2,805 | 1,964 | ||||||||||
Net operating losses | 255,588 | 144,366 | ||||||||||
Research and energy tax credits and expenditures | 6,141 | 6,233 | ||||||||||
Alternative Minimum Tax Credit | 2,216 | 2,216 | ||||||||||
Unrealized foreign exchange | 17,380 | 5,664 | ||||||||||
Investments | — | 3,120 | ||||||||||
Other | 5,675 | 4,107 | ||||||||||
Total non-current | 313,793 | 205,600 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Current | ||||||||||||
Inventory | — | 1,312 | ||||||||||
Other | 1,680 | 1,423 | ||||||||||
Total current | 1,680 | 2,735 | ||||||||||
Non-current: | ||||||||||||
Asset retirement obligation | — | 1,190 | ||||||||||
Foreign subsidiary earnings and withholding taxes | 10,423 | 14,804 | ||||||||||
Property, plant, equipment and intangible assets | 100,076 | 125,527 | ||||||||||
Convertible debt (Notes), share lending and other financing arrangements | 35,722 | 44,275 | ||||||||||
Other | 83 | 302 | ||||||||||
Total non-current | 146,304 | 186,098 | ||||||||||
Net deferred taxes, before valuation allowance | 197,795 | 21,942 | ||||||||||
Valuation allowance | (252,291 | ) | (107,358 | ) | ||||||||
Total deferred tax | $ | (54,496 | ) | $ | (85,416 | ) | ||||||
At December 31, 2014, we had tax credit carryforwards of $7.3 million available to offset future income taxes. Of this amount, $2.2 million is available to carry forward indefinitely, while the remaining $5.1 million will expire between 2024 and 2032, if not utilized. | ||||||||||||
The U.S. federal tax loss carryforward was approximately $538.0 million at December 31, 2014, of which $28.6 million will expire in 2023 and the remainder in 2032, 2033 and 2034. The U.S. state tax loss carryforward of approximately $436.9 million at December 31, 2014 will expire primarily between 2031 and 2034, if not utilized. The federal loss carryforward could be subject to examination by the tax authorities until three years after the carryforward is utilized while the state carryforward could be subject to examination until four years after the carryforward is utilized. Additionally, we had approximately $231.8 million of tax loss carryforwards for controlled foreign corporations at December 31, 2014 that will expire between 2018 and 2034, if not utilized. | ||||||||||||
It is possible that past and future transactions involving our common stock may cause an ownership change to occur that would limit our ability to use U.S. net operating loss carryforwards and other tax attributes. | ||||||||||||
We conduct business in a country that grants “holidays” from income taxes. This “holiday” expires in 2019. The current operations in the tax “holiday” country have not resulted in material aggregate income tax benefits and related earnings per share benefits for the year ended December 31, 2014. | ||||||||||||
Each quarter, we evaluate the liability for uncertain tax positions. Due to the uncertainty concerning the qualification for a lower tax rate in a foreign jurisdiction, our unrecognized tax benefits increased by $1.2 million during 2014. We believe that it is reasonably possible that the total amount of our net unrecognized income tax benefits will not change materially in the 12 months following December 31, 2014 and, as a result, would not affect our effective income tax rate. A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Balance, beginning of year | $ | 1,066 | $ | 6,219 | $ | 519 | ||||||
Tax position related to current year: | ||||||||||||
Additions | 1,220 | — | 4,737 | |||||||||
Tax positions related to prior years: | ||||||||||||
Additions | — | — | 16,109 | |||||||||
Settlements | — | (4,737 | ) | (13,740 | ) | |||||||
Statute of limitations closures | — | (416 | ) | (1,406 | ) | |||||||
Balance, end of year | $ | 2,286 | $ | 1,066 | $ | 6,219 | ||||||
We operate, and accordingly file, income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, as well as foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state, and non-U.S. income tax examinations by tax authorities for years prior to 2010. We recognize accrued interest and penalties related to uncertain tax positions in income tax expense. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||
2014 Stockholders' Equity Transactions | ||||||||||||
Exchange of Convertible Notes | ||||||||||||
In fourth quarter of 2014, we issued an aggregate of 15,056,603 shares of our common stock in exchange for $11.0 million aggregate principal amount our 5.50% Convertible Notes and $27.0 million aggregate principal amount our 6.00% Convertible Notes. As a result of this exchange, we recorded a total increase in "Additional paid-in capital" of $16.4 million, offset by $4.8 million representing the difference between the aggregate consideration transferred to the holder and the aggregate fair value of the liability component of each convertible note exchanged. See Note 14 for more information. | ||||||||||||
Issuance of Warrants | ||||||||||||
On September 11, 2014, as part of the 2014 Financings, we issued warrants to Oaktree to purchase up to an aggregate of 18,358,019 shares of our common stock (the “Penny Warrants”) with an exercise price of $0.01 per share, and warrants to purchase up to an aggregate of 6,119,340 shares of our common stock with an exercise price of $2.04 per share (the “Strike Warrants”, and collectively with the Penny Warrants the “Warrants”). The Warrants may be exercised at any time until September 11, 2019 by Oaktree or any registered holder of the Warrant on either a cash basis (i.e., physical exercise) or on a “cashless basis” by surrendering such Warrant for a net number of shares of our common stock. With respect to the exercise of any Warrant on a “cashless basis”, the number of shares of our common stock to be surrendered is equal to the quotient obtained by dividing (x) the product of the number of shares of our common stock underlying such Warrant or any portion thereof being exercised (at the election of the registered holder), multiplied by the difference between the Fair Market Value and the exercise price by (y) the Fair Market Value. "Fair Market Value" means the average last sale price of a share of our common stock for the ten trading days ending on the third trading day prior to the date on which notice of exercise of such Warrant is sent to Computershare Inc. and Computershare Trust Company, N.A. The exercise price and the number of shares of our common stock issuable upon exercise of the Warrants are subject to customary anti-dilution adjustments for stock splits, stock dividends and recapitalizations of our common stock. Subject to certain exceptions, including the issuance of shares of our common stock or other equity awards pursuant to our equity compensation plans, if we issue common stock (or common stock equivalents) at a purchase price less than the then-current exercise price of the Strike Warrants, the exercise price of the Strike Warrants will be subject to (i) full-ratchet anti-dilution protection for the first two-year period of the Strike Warrants and (ii) weighted-average anti-dilution protection for the remaining three-year period of the Strike Warrants. | ||||||||||||
The Penny Warrants meet the criteria for the equity classification and were recorded at a fair value of approximately $24.7 million, less issuance costs of $1.5 million, in "Additional paid-in capital" in the consolidated statement of stockholders' equity. The Strike Warrants, instead, were classified as a derivative liability because the exercise price may be adjusted for the issuance of additional shares of our common stock under certain circumstances. The fair value of the Warrants, which initially was estimated at approximately $3.5 million, was determined using an option-pricing model with the following inputs: | ||||||||||||
Penny Warrants | Strike Warrants | |||||||||||
Term (years) | 5 | 5 | ||||||||||
Stock price | $ | 1.55 | $ | 1.55 | ||||||||
Strike price | $ | 0.01 | $ | 2.04 | ||||||||
Risk-free interest rate | 1.79 | % | 1.79 | % | ||||||||
Volatility | 82.6 | % | 49.9 | % | ||||||||
Dividend yield | — | % | — | % | ||||||||
Since the unit of account for the Penny Warrants is our common stock, the volatility is based on the average of historical and implied volatility. For the Strike Warrants, we applied a "Volatility Haircut" based on certain studies supporting that market participants would generally apply a discount to the full observed historical or implied volatility for an option on the stock. | ||||||||||||
In addition, in order to account for the restriction on the marketability of the shares of common stock issuable upon exercise of the Warrants for a 90-day period from the closing day, we applied a Discount for Lack Of Marketability (“DLOM”) to the fair value of each Warrant obtained from the option-pricing model. The DLOM was obtained using an option-based approach that estimates a discount as an average strike put option, effectively assuming that if the shares of common stock were available to be traded, the holder could sell the shares evenly over the restriction period. In particular, for the Penny Warrants, we discounted the fair value from the option-pricing model by a DLOM of 9%, which resulted into a fair value of $1.40 per Penny Warrant, whereas for the Strike Warrants we discounted the fair value by a DLOM of 31% to arrive to a fair value of $0.57 per Strike Warrant. See Note 24 for information on the fair value of the derivative liability associated with the Strike Warrants. | ||||||||||||
Conversion of Preferred Stock | ||||||||||||
On March 1, 2014, each share of our 5.50% Series A Mandatory Convertible Preferred Stock (“Convertible Preferred Stock”), which we issued in February 2011 at $100.00 per share, 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. In 2013 and 2012, we declared a quarterly cash dividend of $1.375 per share on the Convertible Preferred Stock and paid a total of $11.4 million cash dividends in each year. | ||||||||||||
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 us concurrently with the maturity of the related convertible notes. | ||||||||||||
During the second quarter of 2014, the SEC issued to us 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. As a result of applying the methodology, we 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. These amounts 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 our 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 consolidated financial statements in the second quarter of 2014. The out-of-period adjustment had the following impact on the consolidated balance sheet and the consolidated statement of operations and comprehensive loss in 2014: | ||||||||||||
Increase to balance sheet captions: | (In thousands) | |||||||||||
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: | ||||||||||||
Interest expense, net of capitalized interest | 4,933 | |||||||||||
Income tax benefit | 9,630 | |||||||||||
The following table provides certain other information on our share-lending arrangements as of December 31, 2014: | ||||||||||||
2012 Borrowed Shares | 2013 Borrowed Shares | Total | ||||||||||
(In thousands) | ||||||||||||
Fair value | $ | 3,329 | $ | 1,890 | $ | 5,219 | ||||||
Unamortized issuance cost | 9,694 | 4,174 | 13,868 | |||||||||
The methodology to fair value our share-lending arrangements consists of an option pricing model that we used to determine a synthetic cost for borrowing 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 December 31, 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 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 for the year ended December 31, 2014: | ||||||||||||
(In thousands) | ||||||||||||
Interest cost expensed | $ | 7,445 | ||||||||||
Interest cost capitalized | 3,378 | |||||||||||
Total | $ | 10,823 | ||||||||||
2013 Public Equity Issuance (October) | ||||||||||||
On October 21, 2013, the Company issued 51,750,000 shares of its common stock, which included the issuance of 6,750,000 shares as a result of the underwriters’ exercise in full of their option to purchase additional shares in the same offering, at a price per share of $5.00. The underwriters received a 5.00% fee in the form of an underwriter's discount. Certain officers, directors and other related parties of the Company participated in this offering by purchasing 14,034,000 of the total shares issued; no underwriting fees were charged to the Company for the purchases of the shares by the insiders. The issuance of these shares resulted in net proceeds to the Company, after deducting the underwriting discounts, commissions and issuance costs payable by the Company, of approximately $247.5 million. | ||||||||||||
2013 Public Equity Issuance (January) | ||||||||||||
On January 30, 2013, the Company issued 37,500,000 shares of its common stock at a price per share of $6.00 (the “2013 Primary Shares”). The underwriters of this public offering purchased an additional 5,625,000 shares of the 2013 Primary Shares at a price per share of $6.00 on February 5, 2013, and received a 6.00% fee in the form of an underwriter's discount on the total shares issued. Certain officers, directors and other related parties of the Company participated in offering of the 2013 Primary Shares by purchasing 15,016,666 of the total 2013 Primary Shares issued; no underwriting fees were charged to the Company for the purchases of the 2013 Primary Shares by the insiders. After deducting the underwriting discounts, commissions and issuance costs payable by the Company, total net proceeds from the issuance of the 2013 Primary Shares were $248.1 million. | ||||||||||||
Concurrently with the 2013 Primary Shares, and in order to facilitate the offering of the 5.50% Convertible Notes further discussed in Note 14, the Company entered into a share lending agreement with Morgan Stanley Capital Services LLC (“MSCS”), an affiliate of Morgan Stanley & Co. LLC, under which it agreed to loan to MSCS up to 7,666,666 shares of common stock (the “2013 Borrowed Shares”), of which 6,666,666 were issued at a price per share of $6.00 in a registered public offering. MSCS did not exercise its option to borrow the remaining additional shares of common stock under this share lending agreement. The Company received no proceeds from the 2013 Borrowed Shares, but only a nominal lending fee from MSCS for the use of these loaned shares. The 2013 Borrowed Shares are issued and outstanding for corporate law purposes. However, based on certain contractual undertakings of MSCS in the share lending agreement that have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of the 2013 Borrowed Shares, these loaned shares are not considered outstanding for the purpose of computing and reporting Molycorp's earnings per share. | ||||||||||||
2012 Private Equity Issuance (Acquisition of Exploration Rights) | ||||||||||||
During the fourth quarter of 2012, the Company completed an acquisition of exploration rights for total consideration of $16.2 million, which was paid for by the issuance of 788,410 shares of the Company's common stock at $10.147 per share and a cash payment of $8.2 million. As described in Note 8, the Company recorded an impairment charge of $16.2 million relating to these exploration rights in the fourth quarter of 2013. | ||||||||||||
2012 Public Equity Issuance | ||||||||||||
In August 2012, concurrently with the issuance of the 6.00% Convertible Notes further discussed in Note 14, the Company issued a total of 13,800,000 shares of its common stock at a price to the public of $10.00 per share (the “Primary Shares”) in a separate underwritten public offering. The underwriters received a 6.00% fee in the form of an underwriter's discount for the Primary Shares plus a $1.5 million flat fee to the representative of the underwriters of the Primary Shares. Certain officers, directors and other related parties of the Company participated in offering of the Primary Shares by purchasing 7,090,000 of the total Primary Shares issued, but no underwriting fees were charged to the Company for the purchase by the insiders. After deducting the underwriting discounts, commissions, the flat fee and issuance costs payable by the Company, total net proceeds from the issuance of the Primary Shares were $132.1 million. | ||||||||||||
At the same time of the issuance of the 6.00% Convertible Notes and the Primary Shares the Company entered into a share lending agreement with MSCS and, between August 22, 2012 and August 23, 2012, the Company issued 13,800,000 shares of common stock to MSCS (the 2012 “Borrowed Shares”). The Company received no proceeds from the issuance of the 2012 Borrowed Shares, but only a nominal lending fee from MSCS for the use of these loaned shares. For corporate law purposes, the 2012 Borrowed Shares are issued and outstanding. However, based on certain contractual undertakings of MSCS in the share lending agreement that have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of the 2012 Borrowed Shares, these loaned shares are not considered outstanding for the purpose of computing and reporting Molycorp's earnings per share. | ||||||||||||
2012 Issuance of Shares for Interest in Molycorp Canada | ||||||||||||
In connection with of the acquisition of Molycorp Canada on June 11, 2012, we and MCP Exchangeco Inc. issued an aggregate of 13,545,426 shares of our common stock and 507,203 Exchangeable Shares, respectively, in consideration for that portion of the purchase price we paid to Molycorp Canada’s former shareholders who elected to receive shares of our and MCP Exchangeco Inc. common stock in addition to or in lieu of cash on the acquisition date. The Exchangeable Shares were issued without par value. The $284.1 million aggregate fair value of our and MCP Exchangeco Inc. common stock shares was based on the closing price of our common stock on June 11, 2012. As of December 31, 2014, 380,648 shares of the Exchangeable Shares had been converted into shares of Molycorp common stock. The conversion of the Exchangeable Shares increases the outstanding number of shares of our common stock. | ||||||||||||
In August 2012, as a result of the conversion of the Debentures assumed from the Molycorp Canada acquisition, as further discussed in Note 14, a portion of the Debentures tendered was converted into 99,723 shares of our common stock. Additional Debentures were converted into 3,225 and 2,471 shares of Molycorp common stock during 2014 and 2013, respectively, for a total of 105,419 shares converted through December 31, 2014. | ||||||||||||
2012 Private Equity Issuance (Molymet) | ||||||||||||
On March 8, 2012, Molymet, the world’s largest processor of molybdenum and rhenium, headquartered in Santiago, Chile, purchased 12,500,000 shares of our common stock for $390.1 million, net of stock issuance costs of $0.1 million, at a purchase price of $31.218 per share, which price was determined based on the average daily volume weighted average price of the our common stock on The New York Stock Exchange for the 20 consecutive trading days immediately preceding the date of the agreement, plus a 10% premium. Pursuant to this investment, Molymet acquired the right to nominate a member of the our Board of Directors for so long as Molymet owns a certain percentage of our common stock. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table provides the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | ||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2011 | $ | (8,481 | ) | $ | — | $ | (8,481 | ) | ||||
Change in other comprehensive loss before reclassifications | 248 | (1,200 | ) | (952 | ) | |||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at December 31, 2012 | (8,233 | ) | (1,200 | ) | (9,433 | ) | ||||||
Change in other comprehensive loss before reclassifications | 1,623 | 1,359 | 2,982 | |||||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at December 31, 2013 | (6,610 | ) | 159 | (6,451 | ) | |||||||
Change in other comprehensive loss before reclassifications | 4,271 | (1,143 | ) | 3,128 | ||||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at December 31, 2014 | $ | (2,339 | ) | $ | (984 | ) | $ | (3,323 | ) | |||
There were no items reclassified from AOCI during the years presented above. |
Loss_per_Share
Loss per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Loss per Share | Loss per Share | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands, except share and per share amounts) | ||||||||||||
Net loss attributable to Molycorp stockholders | $ | (604,934 | ) | $ | (374,383 | ) | $ | (481,169 | ) | |||
Dividends on Convertible Preferred Stock | (2,846 | ) | (11,385 | ) | (11,385 | ) | ||||||
Loss attributable to common stockholders | (607,780 | ) | (385,768 | ) | (492,554 | ) | ||||||
Continuing operations | $ | (607,780 | ) | $ | (379,341 | ) | $ | (490,817 | ) | |||
Discontinued operations | — | (6,427 | ) | (1,737 | ) | |||||||
$ | (607,780 | ) | $ | (385,768 | ) | $ | (492,554 | ) | ||||
Weighted average common shares outstanding—basic | 224,978,752 | 174,528,717 | 107,064,892 | |||||||||
Basic loss per share from: | ||||||||||||
Continuing operations | $ | (2.70 | ) | $ | (2.17 | ) | $ | (4.58 | ) | |||
Discontinued operations | — | (0.04 | ) | (0.02 | ) | |||||||
$ | (2.70 | ) | $ | (2.21 | ) | $ | (4.60 | ) | ||||
Weighted average common shares outstanding—diluted | 224,978,752 | 174,528,717 | 107,064,892 | |||||||||
Diluted loss per share from: | ||||||||||||
Continuing operations | $ | (2.70 | ) | $ | (2.17 | ) | $ | (4.58 | ) | |||
Discontinued operations | — | (0.04 | ) | (0.02 | ) | |||||||
$ | (2.70 | ) | $ | (2.21 | ) | $ | (4.60 | ) | ||||
For the years ended December 31, 2014, 2013 and 2012, all potential common stock under the treasury stock method and the if-converted method were antidilutive. Consequently, we did not have any adjustments in these periods between basic loss per share and diluted loss per share related to stock options, restricted stock units and convertible notes. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||
We have stock-based compensation plans for our executives, eligible employees and non-employee directors. Stock-based awards issued under these plans include stock options to purchase shares of our common stock, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based restricted stock units ("PBRSUs"). The remaining number of shares authorized for awards of equity share options or other equity instruments was 3,930,494 at December 31, 2014. We recognized total annual stock-based compensation expenses and related income tax benefit as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Stock-based compensation expense | $ | 5,261 | $ | 5,392 | $ | 3,434 | ||||||
RSUs and RSAs vest on the third anniversary of the grant date. The grant-date fair value of RSUs and RSAs is determined using the our common stock price on the date of grant, and it is recognized as stock-based compensation expense on a straight-line basis over the three-year vesting period for the awards that are expected to vest. The PBRSUs vest with respect to between 0% and 150% of the PBRSUs granted to an individual on the basis of the achievement of certain management objectives, as measured by specified levels of total shareholder return relative to a defined index group over a three-year performance period from the grant date, or upon the occurrence of certain change of control or termination events. The grant-date fair value of PBRSUs is determined using a lattice approach that incorporates a Monte Carlo simulation model. The compensation cost associated with the PBRSUs is recognized on a straight-line basis over the performance period for the awards that are expected to vest, even if the market conditions are never satisfied. | ||||||||||||
We also grant RSUs to non-employee directors upon their election to convert a portion of their quarterly cash retainer into RSUs. These RSUs are fully vested because they relate to services already rendered by the non-employee directors. The same non-employee directors who elect to convert their cash retainer into RSUs, receive additional RSUs as matching contributions equal to 25% of the converted units. The matching RSUs vest on the third anniversary of the grant date with the related compensation cost recognized on a straight-line basis over the vesting period. | ||||||||||||
The following tables summarize the activity related to restricted stock-based awards for the year ended December 31, 2014: | ||||||||||||
PBRSUs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 697,797 | $ | 7.45 | |||||||||
Granted | 975,505 | 4.22 | ||||||||||
Forfeited | (41,240 | ) | 6.66 | |||||||||
Vested | (18,246 | ) | 30.33 | |||||||||
Unvested at December 31, 2014 | 1,613,816 | 5.28 | ||||||||||
RSUs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 1,076,385 | $ | 9.81 | |||||||||
Granted | 1,165,497 | 3.86 | ||||||||||
Forfeited | (71,399 | ) | 8.71 | |||||||||
Vested | (70,998 | ) | 22.98 | |||||||||
Unvested at December 31, 2014 | 2,099,485 | 6.1 | ||||||||||
RSAs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 6,326 | $ | 55.05 | |||||||||
Granted | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Vested | — | — | ||||||||||
Unvested at December 31, 2014 | 6,326 | 55.05 | ||||||||||
Additional annual information for restricted stock-based awards is included in the following tables: | ||||||||||||
Weighted average grant-date fair value of shares granted | 2014 | 2013 | 2012 | |||||||||
(In thousands) | ||||||||||||
PBRSUs | $4,117 | $6,139 | $1,382 | |||||||||
RSUs | 4,499 | 7,060 | 5,540 | |||||||||
The total fair value of shares vested, and the intrinsic value of share units converted into common stock for all applicable restricted stock-based awards, was nominal in each of the periods presented. At December 31, 2014, there was $11.2 million of aggregate unrecognized compensation cost related to the unvested shares of RSAs, RSUs and PBRSUs. This cost is expected to be recognized over a weighted-average period of approximately 1.78 years. | ||||||||||||
We have not granted stock options since January 2011. At December 31, 2014, there were 26,616 stock options outstanding and exercisable, with a weighted average exercise price of $48.87. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 December 31, 2014 were as follows: | ||||||||||||||||||||
Total | Less Than | 1 - 3 Years | 4 - 5 Years | More Than | ||||||||||||||||
1 Year | 5 Years | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating lease obligations | $ | 6,661 | $ | 2,380 | $ | 3,012 | $ | 508 | $ | 761 | ||||||||||
Rent expense under these leases totaled $3.1 million, $4.0 million and $4.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
(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 December 31, 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 commitments | $ | 8,187 | $ | — | 8,187 | — | — | |||||||||||||
(c) | Labor Contract | |||||||||||||||||||
At December 31, 2014, 282 employees, or approximately 59% of the workforce at our Mountain Pass facility were covered by a collective bargaining agreement with the United Steelworkers of America. Our contract with the United Steelworkers of America expires in March 2015. A proposal to renew the contract through March 2018 has been presented to the union for ratification.The union has not ratified the contract renewal yet, and we cannot guarantee that it will be approved. The failure of the union to renew the contract could disrupt operations at our Mountain Pass facility. | ||||||||||||||||||||
Also at December 31, 2014, 155 employees, or approximately 28% 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. | ||||||||||||||||||||
(d) | Reclamation Surety Bonds | |||||||||||||||||||
At December 31, 2014, we had placed $28.8 million of surety bonds with California state and regional agencies to secure closure and reclamation obligations at our Mountain Pass facility. | ||||||||||||||||||||
(e) | Purported Class Action, 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, and oral arguments on the Motion to Dismiss were heard on January 16, 2015. The Delaware Chancery Court's decision on the Motion to Dismiss is pending. | ||||||||||||||||||||
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 say was filed and fully briefed. The Colorado Federal District Court granted the defendants' Motion to Stay all of the Colorado derivative lawsuits pending resolution of the purported Colorado class action lawsuit, and further stayed the new Colorado derivative lawsuit pending resolution of the purported New York class action lawsuit. The Colorado Federal District Court subsequently administratively closed all of the Colorado derivative lawsuits. | ||||||||||||||||||||
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 was filed on August 13, 2014. On March 12, 2015, the Federal Court for the Southern District of New York issued an order dismissing the lawsuit with prejudice. The plaintiffs have 14 days to move for reconsideration of the order, and 30 days from the date of entry of the judgment by the Court clerk to file a notice of appeal with the U.S. Court of Appeals for the Second Circuit. We believe that this lawsuit is without merit, and we intend to continue 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 | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations |
Resources Segment | |
There were no significant sales by customer or by product at the Resources segment relative to consolidated revenues in each of the three-year periods ended December 31, 2014. We define as significant sales that are 10% or more of consolidated revenues. | |
Chemicals and Oxides Segment | |
Sales of cerium products within the Chemicals and Oxides segment accounted for approximately 11%, 9% and 15% of consolidated revenues in 2014, 2013 and 2012, respectively. There were no significant sales by customer in this segment in any of these periods. | |
Magnetic Materials and Alloys Segment | |
Sales of Neo Powders™ within the Magnetic Materials and Alloys segment were approximately 44%, 41% and 25% of consolidated revenues in 2014, 2013 and 2012, respectively. Neo Powders™ were introduced into Molycorp's product mix with the Molycorp Canada acquisition in June 2012. | |
Sales of Neo Powders™ to Daido Electronics, a subsidiary of one of IMJ’s shareholders, totaled $62.3 million, $56.5 million and $32.9 million in 2014, 2013 and for the period from June 12, 2012 to December 31, 2012, respectively. At December 31, 2014 and 2013, we had accounts receivable from Daido Electronics of $6.3 million and $7.5 million, respectively. | |
Rare Metals Segment | |
There were no significant sales by product or by customer at the Rare Metals segment relative to consolidated revenues in each of the three-year period ended December 31, 2014. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 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 ("Plansee"), a privately held Austrian company that is wholly-owned by an Austrian trust, of which one of our Board's directors elected in August 2013 and other members of his family are beneficiaries. | |
In 2014, 2013 and for the period from June 12, 2012 to December 31, 2012, we sold $6.0 million, $4.5 million and $1.6 million, respectively, of Neo Powders™ to TMT, and purchased $2.3 million, $2.1 million and $2.8 million, respectively, worth of compounds from TMT. | |
We purchased metals and received services from Keli for a total of $63.4 million, $61.3 million and $32.6 million in 2014, 2013 and for the period from June 12, 2012 to December 31, 2012, respectively. As of December 31, 2014, we had a balance payable to Keli of $8.4 million. | |
In 2014, 2013 and for the period from June 12, 2012 to December 31, 2012, we purchased gallium metal from Ingal Stade of approximately $2.8 million, $4.9 million and $3.3 million, respectively. | |
Transactions with Plansee were nominal in 2014 and 2013. Refer to Note 20 for transactions information with Daido. |
Net_Change_in_Operating_Assets
Net Change in Operating Assets and Liabilities | 12 Months Ended | |||||||||||
Dec. 31, 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 our operating assets and liabilities, net of the effects of acquisitions and dispositions, consisted of the following in each of the three-year period ended December 31, 2014: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Decrease (increase) in operating assets: | ||||||||||||
Trade accounts receivable | $ | 17,169 | $ | (8,986 | ) | $ | 124,983 | |||||
Inventory | (82,390 | ) | 15,649 | (46,126 | ) | |||||||
Prepaid expenses and other assets | (4,299 | ) | (5,728 | ) | 33,520 | |||||||
Increase (decrease) in operating liabilities: | ||||||||||||
Accounts payable | (14,028 | ) | (24,177 | ) | (34,972 | ) | ||||||
Income tax payable | 2,271 | 18,966 | (40,263 | ) | ||||||||
Interest payable | 30,181 | (39,120 | ) | (40,792 | ) | |||||||
Asset retirement obligation | (1,606 | ) | (7,642 | ) | (1,467 | ) | ||||||
Accrued expenses | 3,918 | (13,681 | ) | (54,763 | ) | |||||||
$ | (48,784 | ) | $ | (64,719 | ) | $ | (59,880 | ) |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Net cash paid for: | ||||||||||||
Income taxes | $ | 13,976 | $ | (13,429 | ) | $ | 178 | |||||
Interest, net of capitalized interest | 112,575 | 32,833 | 8,942 | |||||||||
Non-cash financing activities and investing activities: | ||||||||||||
Change in accrued capital expenditures | 28,501 | 58,673 | 52,189 | |||||||||
Conversion of debt securities to equity securities | 38,000 | 18 | 4,527 | |||||||||
Acquisition of exploration rights | — | — | 8,000 | |||||||||
Debt assumed from business acquisitions | — | — | 40,691 | |||||||||
Issuance of common stock for business acquisitions | — | — | 284,100 | |||||||||
Fixed assets additions under capital lease | 3,612 | 7,370 | 15,658 | |||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013: | ||||||||||||||||
31-Dec-14 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 57,309 | — | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||
Springing Maturity on Term Loans | — | — | $ | 7,292 | ||||||||||||
Strike Warrants | — | — | 1,769 | |||||||||||||
Share Purchase Agreement | — | — | 6,165 | |||||||||||||
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) | ||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 179,052 | — | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liability - Share Purchase Agreement | — | — | $ | 6,089 | ||||||||||||
Our financial assets classified in Level 1 consist of money market funds valued based on quoted prices for identical assets in active markets. The fair value of our derivative liabilities is recorded in "Other long-term liabilities" in the balance sheets as of December 31, 2014 and 2013. | ||||||||||||||||
The Springing Maturity on the Term Loans is a derivative liability bifurcated from the Term Loans issued on September 11, 2014 in conjunction with the 2014 Financings, as described in Note 14. The technique used to fair value the Springing Maturity on Term Loans is the income approach based on a discounted cash flow model using significant unobservable inputs, including a probability factor of 10% representing the likelihood that the first of springing maturity dates would be triggered. The change in fair value of the Springing Maturity on Term Loans for the period from September 11, 2014 to December 31, 2014 resulted in a loss of approximately $7.3 million, which we recorded as interest expense in our consolidated statements of operations and comprehensive loss. | ||||||||||||||||
The Strike Warrants were also issued on September 11, 2014 in conjunction with the 2014 Financings. The change in fair value of the Strike Warrants resulted in a gain of approximately $1.7 million for the period from September 11, 2014 to December 31, 2014, which we recorded as interest expense in our consolidated statements of operations and comprehensive loss. The technique used to fair value the Strike Warrants is the income approach based on a discounted cash flow model using significant unobservable inputs, such as the DLOM discussed in Note 16. | ||||||||||||||||
The share purchase agreement (“SPA”) relates to a contract 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 a nominal unrealized loss in 2014, and unrealized gains of $1.7 million and $1.2 million for the years ended December 31, 2013 and 2012, respectively, which we recorded as interest expense or income in our consolidated statements of operations and comprehensive loss. The technique used to fair value the SPA is the income approach based on a discounted cash flow model using significant unobservable inputs, including an equity-risk premium of 6.0%, a risk premium of 11.5%, a size premium of 3.8% and a growth rate of 1.0%. Changes to these inputs based on reasonably possible alternative assumptions would not significantly change amounts we recognized in our balance sheets and consolidated statements of operations and comprehensive loss. | ||||||||||||||||
The following table presents the fair value of publicly traded financial liabilities we report at their carrying amount: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
3.25% Convertible Notes due June 2016 | $ | 193,549 | $ | 88,281 | $ | 207,028 | $ | 161,771 | ||||||||
6.00% Convertible Notes due September 2017 | 335,969 | 107,240 | 346,708 | 312,570 | ||||||||||||
5.50% Convertible Notes due February 2018 | 143,581 | 46,028 | 148,198 | 164,015 | ||||||||||||
10% Senior Secured Notes due June 2020 | 638,899 | 357,500 | 637,435 | 646,750 | ||||||||||||
Total | $ | 1,311,998 | $ | 599,049 | $ | 1,339,369 | $ | 1,285,106 | ||||||||
The carrying amount of the financial liabilities listed above is comprised of the principal amount reduced by the unamortized underwriting discount and unamortized issuance costs. In addition, for each of our convertible notes the principal amount is further reduced by the unamortized discount representing the value of the respective equity components at issuance. See Note 14 for more information. 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. Our Debentures, Term Loans and Equipment 2014 Financings are not actively traded, and the difference between their carrying amount 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, bank loans and capital lease obligations approximate fair value and, therefore, have been excluded from the table above. | ||||||||||||||||
Contingent forward contract | ||||||||||||||||
On March 28, 2012, we entered into a contingent forward contract to purchase Canadian dollars with a notional amount of Cdn$870.0 million to manage the foreign currency exposure with respect to our planned acquisition of Molycorp Canada. We accounted for this contingent forward contract at fair value with changes in fair value recognized in earnings. Upon settlement of this derivative on June 11, 2012 (the Molycorp Canada acquisition date), we recognized a loss of $37.6 million in "Other expense" in our consolidated statement of operations and comprehensive loss for 2012. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans |
Defined Contribution Retirement Plans | |
We maintain defined contribution retirement plans for all U.S. employees. We make Safe Harbor matching contributions in an amount equal to 100% of the first 3% contributed and 50% of the next 2% contributed by each eligible employee. In addition, we may determine to make discretionary matching or nonelective employer (profit sharing) contributions in an amount designated by us based on a percentage of employee contributions to the defined contribution plans. Our Safe Harbor matching contributions will always be 100% vested. Employees become 100% vested in our discretionary matching contributions and/or nonelective employer contributions, if any, after 3 years of service. | |
Expenses related to this plan totaled $1.5 million, $2.9 million and $1.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Accrued expenses at December 31, 2014 and 2013 included $0.6 million and $1.9 million related to this plan, respectively. | |
Defined Benefit Pension Plan and Other Post-Retirement Benefits | |
We maintains plans that provide defined benefit pension benefits as well as postretirement medical and life benefits for the employees of Molycorp Canada’s former manufacturing facility in Anderson, Indiana. The facility was closed in March 2002, and there were 289 participants in the plans at December 31, 2014. The plans had an aggregate benefit obligation of $8.7 million and $7.6 million as of December 31, 2014 and 2013, respectively, while aggregate assets of the plans totaled $5.6 million as of those dates. The plans’ aggregate underfunded status totaled $3.1 million and $2.0 million as of December 31, 2014 and 2013, respectively, and is included in "Other non-current liabilities" in the consolidated balance sheets. Our aggregate net periodic benefit cost were nominal for the years ended December 31, 2014, 2013 and 2012. As of December 31, 2014, the plans’ assets consisted of fixed income securities of $2.7 million, equity securities of $2.5 million and interest bearing cash of $0.4 million. |
Subsidiary_Guarantor_Financial
Subsidiary Guarantor Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 our 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 us 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 ours; | |||||||||||||||||||
-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 us 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 the Parent ("Molycorp, Inc.") 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. | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 98,650 | $ | 5,329 | $ | 107,706 | $ | — | $ | 211,685 | ||||||||||
Trade accounts receivable, net | — | 1,924 | 42,651 | — | 44,575 | |||||||||||||||
Inventory | — | 36,956 | 132,367 | — | 169,323 | |||||||||||||||
Prepaid expenses and other current assets | — | 9,673 | 19,659 | — | 29,332 | |||||||||||||||
Total current assets | 98,650 | 53,882 | 302,383 | — | 454,915 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Deposits | 1,756 | 29,322 | — | — | 31,078 | |||||||||||||||
Property, plant and equipment, net | — | 1,575,670 | 132,300 | — | 1,707,970 | |||||||||||||||
Inventory | — | 25,127 | — | — | 25,127 | |||||||||||||||
Intangible assets, net | — | 377 | 215,494 | — | 215,871 | |||||||||||||||
Investments | — | 785 | 8,016 | — | 8,801 | |||||||||||||||
Goodwill | — | — | 102,808 | — | 102,808 | |||||||||||||||
Investments in consolidated subsidiaries | — | 91,672 | — | (91,672 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,063,568 | — | — | (2,063,568 | ) | — | ||||||||||||||
Other non-current assets | 16,421 | 7,792 | 5,203 | — | 29,416 | |||||||||||||||
Total non-current assets | 2,081,745 | 1,730,745 | 463,821 | (2,155,240 | ) | 2,121,071 | ||||||||||||||
Total assets | $ | 2,180,395 | $ | 1,784,627 | $ | 766,204 | $ | (2,155,240 | ) | $ | 2,575,986 | |||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 14,641 | $ | 26,201 | $ | — | $ | 40,842 | ||||||||||
Accrued expenses | 17,324 | 16,256 | 18,386 | — | 51,966 | |||||||||||||||
Debt and capital lease obligations | — | 3,234 | 9,326 | — | 12,560 | |||||||||||||||
Other current liabilities | — | 263 | 4,423 | — | 4,686 | |||||||||||||||
Total current liabilities | 17,324 | 34,394 | 58,336 | — | 110,054 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Asset retirement obligation | — | 17,799 | — | — | 17,799 | |||||||||||||||
Deferred tax liabilities | — | — | 63,802 | — | 63,802 | |||||||||||||||
Debt and capital lease obligations | 1,357,003 | 146,805 | 55,973 | — | 1,559,781 | |||||||||||||||
Intercompany accounts payable | — | 2,134,041 | 658,986 | (2,793,027 | ) | — | ||||||||||||||
Other non-current liabilities | 9,061 | 1,424 | 9,762 | — | 20,247 | |||||||||||||||
Total non-current liabilities | 1,366,064 | 2,300,069 | 788,523 | (2,793,027 | ) | 1,661,629 | ||||||||||||||
Total liabilities | $ | 1,383,388 | $ | 2,334,463 | $ | 846,859 | $ | (2,793,027 | ) | $ | 1,771,683 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 260 | — | — | — | 260 | |||||||||||||||
Additional paid-in capital | 2,245,478 | 132,335 | 534,440 | (666,775 | ) | 2,245,478 | ||||||||||||||
Accumulated other comprehensive loss | (3,323 | ) | — | (3,323 | ) | 3,323 | (3,323 | ) | ||||||||||||
Accumulated deficit | (1,445,408 | ) | (682,171 | ) | (619,068 | ) | 1,301,239 | (1,445,408 | ) | |||||||||||
Total Molycorp stockholders’ equity | 797,007 | (549,836 | ) | (87,951 | ) | 637,787 | 797,007 | |||||||||||||
Noncontrolling interests | — | — | 7,296 | — | 7,296 | |||||||||||||||
Total stockholders’ equity | 797,007 | (549,836 | ) | (80,655 | ) | 637,787 | 804,303 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,180,395 | $ | 1,784,627 | $ | 766,204 | $ | (2,155,240 | ) | $ | 2,575,986 | |||||||||
At December 31, 2013 | ||||||||||||||||||||
(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 | — | 104,327 | — | (104,327 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,534,350 | — | — | (2,534,350 | ) | — | ||||||||||||||
Other non-current assets | — | 771 | 6,272 | — | 7,043 | |||||||||||||||
Total non-current assets | 2,536,104 | 1,810,097 | 722,211 | (2,638,677 | ) | 2,429,735 | ||||||||||||||
Total assets | $ | 2,705,249 | $ | 1,869,694 | $ | 1,070,536 | $ | (2,638,677 | ) | $ | 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 | 783,011 | (2,782,573 | ) | — | ||||||||||||||
Other non-current liabilities | — | 1,393 | 8,609 | — | 10,002 | |||||||||||||||
Total non-current liabilities | 1,339,368 | 2,037,276 | 882,294 | (2,782,573 | ) | 1,476,365 | ||||||||||||||
Total liabilities | $ | 1,357,526 | $ | 2,103,611 | $ | 951,176 | $ | (2,782,573 | ) | $ | 1,629,740 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 241 | — | — | — | 241 | |||||||||||||||
Preferred stock | 2 | — | — | — | 2 | |||||||||||||||
Additional paid-in capital | 2,194,405 | 132,335 | 534,436 | (666,771 | ) | 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 | (233,917 | ) | 90,021 | 143,896 | 1,347,723 | ||||||||||||||
Noncontrolling interests | — | — | 29,339 | — | 29,339 | |||||||||||||||
Total stockholders’ equity | 1,347,723 | (233,917 | ) | 119,360 | 143,896 | 1,377,062 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,705,249 | $ | 1,869,694 | $ | 1,070,536 | $ | (2,638,677 | ) | $ | 3,006,802 | |||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Revenues | $ | — | $ | 60,795 | $ | 452,654 | $ | (37,837 | ) | $ | 475,612 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (181,599 | ) | (337,655 | ) | 37,837 | (481,417 | ) | ||||||||||||
Depreciation and amortization | — | (74,119 | ) | (19,663 | ) | — | (93,782 | ) | ||||||||||||
Gross (loss) profit | — | (194,923 | ) | 95,336 | — | (99,587 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (425 | ) | (36,768 | ) | (37,297 | ) | — | (74,490 | ) | |||||||||||
Depreciation, amortization and accretion | — | (4,946 | ) | (24,933 | ) | — | (29,879 | ) | ||||||||||||
Research and development | — | (526 | ) | (14,739 | ) | — | (15,265 | ) | ||||||||||||
Impairment of goodwill and other long-lived assets | — | (13,831 | ) | (217,819 | ) | — | (231,650 | ) | ||||||||||||
Operating loss | (425 | ) | (250,994 | ) | (199,452 | ) | — | (450,871 | ) | |||||||||||
Other (expense) income: | ||||||||||||||||||||
Other (expense) income | 44 | (1,853 | ) | (3,283 | ) | — | (5,092 | ) | ||||||||||||
Foreign exchange (loss) gain, net | (35,914 | ) | 5 | 32,763 | — | (3,146 | ) | |||||||||||||
Interest expense, net of capitalized interest | (152,144 | ) | (14,897 | ) | (334 | ) | — | (167,375 | ) | |||||||||||
Gain on extinguishment of convertible notes | 19,719 | — | — | — | 19,719 | |||||||||||||||
Impairment of investment | — | (12,000 | ) | — | — | (12,000 | ) | |||||||||||||
Interest income (expense) from intercompany notes | 38,525 | (2,175 | ) | (36,350 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (484,369 | ) | (12,655 | ) | — | 497,024 | — | |||||||||||||
(614,139 | ) | (43,575 | ) | (7,204 | ) | 497,024 | (167,894 | ) | ||||||||||||
Loss from continuing operations before income taxes and equity earnings | (614,564 | ) | (294,569 | ) | (206,656 | ) | 497,024 | (618,765 | ) | |||||||||||
Income tax benefit | 9,630 | — | 12,964 | — | 22,594 | |||||||||||||||
Equity in loss of affiliates | — | (21,350 | ) | (5,413 | ) | — | (26,763 | ) | ||||||||||||
Net loss | (604,934 | ) | (315,919 | ) | (199,105 | ) | 497,024 | (622,934 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | 18,000 | — | 18,000 | |||||||||||||||
Net loss attributable to Molycorp stockholders | $ | (604,934 | ) | $ | (315,919 | ) | $ | (181,105 | ) | $ | 497,024 | $ | (604,934 | ) | ||||||
Net loss | $ | (604,934 | ) | $ | (315,919 | ) | $ | (199,105 | ) | $ | 497,024 | $ | (622,934 | ) | ||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | $ | — | $ | — | $ | 4,271 | $ | — | $ | 4,271 | ||||||||||
Actuarial loss | — | — | (1,143 | ) | — | (1,143 | ) | |||||||||||||
Comprehensive loss | $ | (604,934 | ) | $ | (315,919 | ) | $ | (195,977 | ) | $ | 497,024 | $ | (619,806 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (604,934 | ) | (315,919 | ) | (177,977 | ) | 497,024 | (601,806 | ) | |||||||||||
Noncontrolling interest | — | — | (18,000 | ) | — | (18,000 | ) | |||||||||||||
$ | (604,934 | ) | $ | (315,919 | ) | $ | (195,977 | ) | $ | 497,024 | $ | (619,806 | ) | |||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Revenues | $ | — | $ | 88,266 | $ | 517,202 | $ | (51,078 | ) | $ | 554,390 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (200,650 | ) | (404,259 | ) | 51,078 | (553,831 | ) | ||||||||||||
Depreciation and amortization | — | (40,220 | ) | (27,507 | ) | — | (67,727 | ) | ||||||||||||
Gross (loss) profit | — | (152,604 | ) | 85,436 | — | (67,168 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (190 | ) | (66,132 | ) | (40,847 | ) | — | (107,169 | ) | |||||||||||
Corporate development | — | (247 | ) | — | — | (247 | ) | |||||||||||||
Depreciation, amortization and accretion | — | (6,424 | ) | (31,613 | ) | — | (38,037 | ) | ||||||||||||
Research and development | — | (5,069 | ) | (18,103 | ) | — | (23,172 | ) | ||||||||||||
Impairment of goodwill and other long-lived assets | — | (14,250 | ) | (106,648 | ) | — | (120,898 | ) | ||||||||||||
Operating loss | (190 | ) | (244,726 | ) | (111,775 | ) | — | (356,691 | ) | |||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income (expense) | 5 | 2,169 | (288 | ) | — | 1,886 | ||||||||||||||
Foreign exchange (loss) gain, net | (9,896 | ) | 11 | 9,509 | — | (376 | ) | |||||||||||||
Interest (expense) income, net of capitalized interest | (64,392 | ) | 3,807 | (7,099 | ) | — | (67,684 | ) | ||||||||||||
Impairment of investment at cost | — | (9,411 | ) | — | — | (9,411 | ) | |||||||||||||
Interest income (expense) from intercompany notes | 36,724 | (2,493 | ) | (34,231 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (330,604 | ) | (7,674 | ) | — | 338,278 | — | |||||||||||||
(368,163 | ) | (13,591 | ) | (32,109 | ) | 338,278 | (75,585 | ) | ||||||||||||
Loss from continuing operations before income taxes and equity earnings | (368,353 | ) | (258,317 | ) | (143,884 | ) | 338,278 | (432,276 | ) | |||||||||||
Income tax (expense) benefit | (6,030 | ) | 23,130 | 53,843 | — | 70,943 | ||||||||||||||
Equity in loss of affiliates | — | (6,529 | ) | (2,640 | ) | — | (9,169 | ) | ||||||||||||
Loss from continuing operations | (374,383 | ) | (241,716 | ) | (92,681 | ) | 338,278 | (370,502 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | — | (6,427 | ) | — | (6,427 | ) | |||||||||||||
Net loss | (374,383 | ) | (241,716 | ) | (99,108 | ) | 338,278 | (376,929 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | 2,546 | — | 2,546 | |||||||||||||||
Net loss attributable to Molycorp stockholders | $ | (374,383 | ) | $ | (241,716 | ) | $ | (96,562 | ) | $ | 338,278 | $ | (374,383 | ) | ||||||
Net loss | $ | (374,383 | ) | $ | (241,716 | ) | $ | (99,108 | ) | $ | 338,278 | $ | (376,929 | ) | ||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | $ | — | $ | — | $ | 1,623 | $ | — | $ | 1,623 | ||||||||||
Actuarial gain | — | — | 1,359 | — | 1,359 | |||||||||||||||
Comprehensive loss | $ | (374,383 | ) | $ | (241,716 | ) | $ | (96,126 | ) | $ | 338,278 | $ | (373,947 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (374,383 | ) | (241,716 | ) | (93,580 | ) | 338,278 | (371,401 | ) | |||||||||||
Noncontrolling interest | — | — | (2,546 | ) | — | (2,546 | ) | |||||||||||||
$ | (374,383 | ) | $ | (241,716 | ) | $ | (96,126 | ) | $ | 338,278 | $ | (373,947 | ) | |||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Revenues | $ | — | $ | 139,257 | $ | 413,951 | $ | (25,512 | ) | $ | 527,696 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (153,461 | ) | (350,304 | ) | 25,512 | (478,253 | ) | ||||||||||||
Depreciation and amortization | — | (12,094 | ) | (18,527 | ) | — | (30,621 | ) | ||||||||||||
Gross (loss) profit | — | (26,298 | ) | 45,120 | — | 18,822 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 46 | (86,493 | ) | (26,990 | ) | — | (113,437 | ) | ||||||||||||
Corporate development | (46 | ) | (19,750 | ) | — | — | (19,796 | ) | ||||||||||||
Depreciation, amortization and accretion | — | (2,220 | ) | (19,967 | ) | — | (22,187 | ) | ||||||||||||
Research and development | — | (12,984 | ) | (14,812 | ) | — | (27,796 | ) | ||||||||||||
Impairment of goodwill and other long-lived assets | — | (5,747 | ) | (296,008 | ) | — | (301,755 | ) | ||||||||||||
Operating loss | — | (153,492 | ) | (312,657 | ) | — | (466,149 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other expense | (37,589 | ) | (328 | ) | (881 | ) | — | (38,798 | ) | |||||||||||
Foreign exchange gain, net | — | — | 2,872 | — | 2,872 | |||||||||||||||
Interest expense, net of capitalized interest | (18,118 | ) | (3,496 | ) | (502 | ) | — | (22,116 | ) | |||||||||||
Interest income (expense) from intercompany notes | 25,157 | 3,152 | (28,309 | ) | — | — | ||||||||||||||
Equity loss from consolidated subsidiaries | (456,649 | ) | (23,205 | ) | — | 479,854 | — | |||||||||||||
(487,199 | ) | (23,877 | ) | (26,820 | ) | 479,854 | (58,042 | ) | ||||||||||||
Loss from continuing operations before income taxes and equity earnings | (487,199 | ) | (177,369 | ) | (339,477 | ) | 479,854 | (524,191 | ) | |||||||||||
Income tax benefit (expense) | 6,030 | 53,840 | (5,795 | ) | — | 54,075 | ||||||||||||||
Equity in loss of affiliates | — | (2,439 | ) | (1,051 | ) | — | (3,490 | ) | ||||||||||||
Loss from continuing operations | (481,169 | ) | (125,968 | ) | (346,323 | ) | 479,854 | (473,606 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | — | (1,737 | ) | — | (1,737 | ) | |||||||||||||
Net loss | (481,169 | ) | (125,968 | ) | (348,060 | ) | 479,854 | (475,343 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (5,826 | ) | — | (5,826 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (481,169 | ) | $ | (125,968 | ) | $ | (353,886 | ) | $ | 479,854 | $ | (481,169 | ) | ||||||
Net loss | $ | (481,169 | ) | $ | (125,968 | ) | $ | (348,060 | ) | $ | 479,854 | $ | (475,343 | ) | ||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | 248 | — | 248 | |||||||||||||||
Actuarial loss | — | — | (1,200 | ) | — | (1,200 | ) | |||||||||||||
Comprehensive loss | $ | (481,169 | ) | $ | (125,968 | ) | $ | (349,012 | ) | $ | 479,854 | $ | (476,295 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (481,169 | ) | (125,968 | ) | (354,838 | ) | 479,854 | (482,121 | ) | |||||||||||
Noncontrolling interest | — | — | 5,826 | — | 5,826 | |||||||||||||||
$ | (481,169 | ) | $ | (125,968 | ) | $ | (349,012 | ) | $ | 479,854 | $ | (476,295 | ) | |||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (65,618 | ) | $ | (178,939 | ) | $ | 22,353 | $ | — | $ | (222,204 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Intercompany advances made | (111,753 | ) | (2,123 | ) | (55,578 | ) | 169,454 | — | ||||||||||||
Repayments from non-guarantor | 39,662 | — | — | (39,662 | ) | — | ||||||||||||||
Loans to guarantors | — | (6,655 | ) | 6,655 | — | |||||||||||||||
Loans to non-guarantors | (4,000 | ) | (5,000 | ) | — | 9,000 | — | |||||||||||||
Investment in joint ventures | — | — | (703 | ) | — | (703 | ) | |||||||||||||
Dividends received from equity investment | — | — | 2,014 | — | 2,014 | |||||||||||||||
Capital expenditures | — | (78,557 | ) | (7,601 | ) | — | (86,158 | ) | ||||||||||||
Recovery from insurance claims | — | 12,900 | — | — | 12,900 | |||||||||||||||
Other investing activities | — | 90 | 894 | — | 984 | |||||||||||||||
Net cash used in investing activities | (76,091 | ) | (72,690 | ) | (67,629 | ) | 145,447 | (70,963 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (7,825 | ) | — | (7,825 | ) | |||||||||||||
Debt issuance costs | (4,190 | ) | (7,750 | ) | (3,320 | ) | — | (15,260 | ) | |||||||||||
Proceeds from the 2014 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 | — | — | (4,222 | ) | — | (4,222 | ) | |||||||||||||
Borrowing from non-guarantor | — | 6,655 | — | (6,655 | ) | — | ||||||||||||||
Borrowings from parent | — | — | 4,000 | (4,000 | ) | — | ||||||||||||||
Borrowings from guarantor | — | — | 5,000 | (5,000 | ) | — | ||||||||||||||
Repayments to parent | — | — | (39,662 | ) | 39,662 | — | ||||||||||||||
Intercompany advances owed | 55,578 | 111,753 | 2,123 | (169,454 | ) | — | ||||||||||||||
Net cash provided by financing activities | 71,214 | 250,491 | 16,094 | (145,447 | ) | 192,352 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (1,817 | ) | — | (1,817 | ) | |||||||||||||
Net change in cash and cash equivalents | (70,495 | ) | (1,138 | ) | (30,999 | ) | — | (102,632 | ) | |||||||||||
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 | $ | 98,650 | $ | 5,329 | $ | 107,706 | $ | — | $ | 211,685 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (39,075 | ) | $ | (133,612 | ) | $ | 18,336 | $ | — | $ | (154,351 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Loans to guarantor | — | — | (40,000 | ) | 40,000 | — | ||||||||||||||
Loans to Parent | — | — | (12,800 | ) | 12,800 | — | ||||||||||||||
Intercompany advances made | (391,560 | ) | — | — | 391,560 | — | ||||||||||||||
Loans to non-guarantor | (117,512 | ) | (1,300 | ) | — | 118,812 | — | |||||||||||||
Repayments of notes receivable from non-guarantor | 38,000 | 117,776 | — | (155,776 | ) | — | ||||||||||||||
Investment in joint ventures | — | (3,423 | ) | — | — | (3,423 | ) | |||||||||||||
Capital expenditures | — | (361,782 | ) | (17,530 | ) | — | (379,312 | ) | ||||||||||||
Other investing activities | — | 4,902 | 575 | — | 5,477 | |||||||||||||||
Net cash used in investing activities | (471,072 | ) | (243,827 | ) | (69,755 | ) | 407,396 | (377,258 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (26,823 | ) | — | (26,823 | ) | |||||||||||||
Net proceeds from sale of common stock | 495,717 | — | — | — | 495,717 | |||||||||||||||
Issuance of 5.50% Convertible Notes | 165,600 | — | — | — | 165,600 | |||||||||||||||
Payments of preferred dividends | (11,385 | ) | — | — | — | (11,385 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (4,546 | ) | — | (4,546 | ) | |||||||||||||
Borrowing from non-guarantor | 12,800 | 40,000 | — | (52,800 | ) | — | ||||||||||||||
Borrowings from parent | — | — | 117,512 | (117,512 | ) | — | ||||||||||||||
Borrowings from guarantor | — | — | 1,300 | (1,300 | ) | — | ||||||||||||||
Repayments to parent | — | — | (38,000 | ) | 38,000 | — | ||||||||||||||
Repayments to guarantor | — | — | (117,776 | ) | 117,776 | — | ||||||||||||||
Intercompany advances owed | — | 327,183 | 64,377 | (391,560 | ) | — | ||||||||||||||
Other financing activities | — | (1,297 | ) | — | — | (1,297 | ) | |||||||||||||
Net cash provided by financing activities | 662,732 | 365,886 | (3,956 | ) | (407,396 | ) | 617,266 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 870 | — | 870 | |||||||||||||||
Net change in cash and cash equivalents | 152,585 | (11,553 | ) | (54,505 | ) | — | 86,527 | |||||||||||||
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 | $ | 169,145 | $ | 6,467 | $ | 138,705 | $ | — | $ | 314,317 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (13,207 | ) | $ | (112,386 | ) | $ | 35,958 | $ | — | $ | (89,635 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash paid in connection with acquisitions, net of cash acquired | — | — | (591,011 | ) | — | (591,011 | ) | |||||||||||||
Loans to subsidiaries | (697,213 | ) | — | — | 697,213 | — | ||||||||||||||
Loans to Parent | — | (37,589 | ) | — | 37,589 | — | ||||||||||||||
Intercompany advances made | (1,009,014 | ) | — | — | 1,009,014 | — | ||||||||||||||
Repayments from subsidiaries | 101,974 | — | — | (101,974 | ) | — | ||||||||||||||
Investment in subsidiaries | (350,000 | ) | — | — | 350,000 | — | ||||||||||||||
Notes receivable to non-guarantor | — | (227,512 | ) | — | 227,512 | — | ||||||||||||||
Repayments of notes receivable from non-guarantor | — | 110,000 | — | (110,000 | ) | — | ||||||||||||||
Investment in joint ventures | — | (27,680 | ) | (5,364 | ) | — | (33,044 | ) | ||||||||||||
Capital expenditures | — | (766,951 | ) | (24,518 | ) | — | (791,469 | ) | ||||||||||||
Acquisition of exploration rights | — | — | (8,167 | ) | — | (8,167 | ) | |||||||||||||
Other investing activities | — | (3,999 | ) | 4,761 | — | 762 | ||||||||||||||
Net cash used in investing activities | (1,954,253 | ) | (953,731 | ) | (624,299 | ) | 2,109,354 | (1,422,929 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Capital contributions from stockholder | 390,093 | — | — | — | 390,093 | |||||||||||||||
Capital contributions from Parent | — | — | 350,000 | (350,000 | ) | — | ||||||||||||||
Repayments of debt | — | (870 | ) | (227,838 | ) | — | (228,708 | ) | ||||||||||||
Net proceeds from sale of common stock | 132,130 | — | — | — | 132,130 | |||||||||||||||
Issuance of 10% Senior Secured Notes | 635,373 | — | — | — | 635,373 | |||||||||||||||
Issuance of 6.00% Convertible Notes | 395,712 | — | — | — | 395,712 | |||||||||||||||
Payments of preferred dividends | (11,385 | ) | — | — | — | (11,385 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (5,977 | ) | — | (5,977 | ) | |||||||||||||
Proceeds from debt | — | — | 14,699 | — | 14,699 | |||||||||||||||
Borrowings from parent | — | 227,512 | 469,701 | (697,213 | ) | — | ||||||||||||||
Repayments of borrowings to parent | — | (34,327 | ) | (67,647 | ) | 101,974 | — | |||||||||||||
Borrowing from guarantor | 37,589 | — | 227,512 | (265,101 | ) | — | ||||||||||||||
Repayments of borrowings to guarantor | — | — | (110,000 | ) | 110,000 | — | ||||||||||||||
Intercompany advances owed | — | 881,179 | 127,835 | (1,009,014 | ) | — | ||||||||||||||
Other financing activities | (2,938 | ) | (115 | ) | 1,499 | — | (1,554 | ) | ||||||||||||
Net cash provided by financing activities | 1,576,574 | 1,073,379 | 779,784 | (2,109,354 | ) | 1,320,383 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | 1,116 | — | 1,116 | |||||||||||||||
Net change in cash and cash equivalents | (390,886 | ) | 7,262 | 192,559 | — | (191,065 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | 407,446 | 10,758 | 651 | — | 418,855 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 16,560 | $ | 18,020 | $ | 193,210 | $ | — | $ | 227,790 | ||||||||||
During the fourth quarter of 2014, we identified two classification errors affecting the Condensed Consolidating Balance Sheets at December 31, 2013 with respect to the Parent's investment in the Non-Guarantors subsidiaries and the investment of one of the Guarantor subsidiaries' in the other Guarantor subsidiary, and one classification error affecting the Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2012 with respect to a loan between the Parent and one of the Non-Guarantor subsidiaries. The changes in the presentation of the Condensed Consolidating Balance Sheets at December 31, 2013 and the Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2012 are as follows: | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | At December 31, 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Parent | As reported | Adjustment | Revised | |||||||||||||||||
Investments in consolidated subsidiaries | $ | 532,767 | $ | (532,767 | ) | $ | — | |||||||||||||
Intercompany accounts receivable | 2,001,583 | 532,767 | 2,534,350 | |||||||||||||||||
Guarantor Subsidiaries | — | |||||||||||||||||||
Investments in consolidated subsidiaries | $ | 121,849 | $ | (17,522 | ) | $ | 104,327 | |||||||||||||
Additional paid-in capital | 149,857 | (17,522 | ) | 132,335 | ||||||||||||||||
Non-Guarantor Subsidiaries | — | |||||||||||||||||||
Intercompany accounts payable | $ | 2,021 | $ | 780,990 | $ | 783,011 | ||||||||||||||
Additional paid-in capital | 1,315,426 | (780,990 | ) | 534,436 | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows | At December 31, 2012 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Parent | As reported | Adjustment | Revised | |||||||||||||||||
Loans to subsidiaries | $ | (683,063 | ) | $ | (14,150 | ) | $ | (697,213 | ) | |||||||||||
Repayments from subsidiaries | 87,824 | 14,150 | 101,974 | |||||||||||||||||
Non-Guarantor Subsidiaries | — | |||||||||||||||||||
Borrowing from parent | $ | 455,551 | $ | 14,150 | $ | 469,701 | ||||||||||||||
Repayments of borrowings to parent | (53,497 | ) | (14,150 | ) | (67,647 | ) |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Discontinued Operations | Discontinued Operations | |||||||
On March 3, 2014, we completed the disposition of the Napanee (Ontario), Canada facility where we used to recycle rhenium bearing scrap under the Rare Metals segment. The following table summarizes the operating results of the Napanee facility included in discontinued operations for the years ended December 31, 2013 and 2012: | ||||||||
December 31, | June 12 -December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Revenues | $ | 2,091 | $ | 1,214 | ||||
Costs of sales | (3,834 | ) | (2,691 | ) | ||||
Selling, general and administrative expenses | (351 | ) | (232 | ) | ||||
Depreciation | (28 | ) | (28 | ) | ||||
Operating loss | (2,122 | ) | (1,737 | ) | ||||
Impairment loss | (4,305 | ) | — | |||||
Income tax | — | — | ||||||
Net loss | $ | (6,427 | ) | $ | (1,737 | ) |
Unaudited_Supplementary_Data
Unaudited Supplementary Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Unaudited Supplementary Data | Unaudited Supplementary Data | |||||||||||||||
The following is a summary of the selected quarterly financial information (unaudited): | ||||||||||||||||
2014 | ||||||||||||||||
Quarter ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues | $ | 118,526 | $ | 116,907 | $ | 123,937 | $ | 116,242 | ||||||||
Gross loss | (23,094 | ) | (16,571 | ) | (15,078 | ) | (44,844 | ) | ||||||||
Loss from continuing operations before income taxes and equity earnings (a) | (86,182 | ) | (89,724 | ) | (99,484 | ) | (343,375 | ) | ||||||||
Net loss | (85,998 | ) | (83,850 | ) | (105,148 | ) | (347,938 | ) | ||||||||
Net loss attributable to Molycorp stockholders (b) | (86,061 | ) | (83,899 | ) | (105,179 | ) | (329,795 | ) | ||||||||
Loss per share of common stock from continuing operations: (c) | ||||||||||||||||
Basic | (0.40 | ) | (0.37 | ) | (0.47 | ) | (1.43 | ) | ||||||||
Diluted | (0.40 | ) | (0.37 | ) | (0.47 | ) | (1.43 | ) | ||||||||
2013 | ||||||||||||||||
Quarter ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues | $ | 145,398 | $ | 136,112 | $ | 149,066 | $ | 123,814 | ||||||||
Gross loss | (4,305 | ) | (18,036 | ) | (17,778 | ) | (27,049 | ) | ||||||||
Loss from continuing operations before income taxes and equity earnings (d) | (57,249 | ) | (70,254 | ) | (76,181 | ) | (228,592 | ) | ||||||||
Net loss | (38,153 | ) | (70,689 | ) | (69,799 | ) | (198,288 | ) | ||||||||
Net loss attributable to Molycorp stockholders | (38,971 | ) | (71,175 | ) | (69,929 | ) | (194,308 | ) | ||||||||
Loss per share of common stock from continuing operations: (c) | ||||||||||||||||
Basic | (0.27 | ) | (0.44 | ) | (0.43 | ) | (0.95 | ) | ||||||||
Diluted | (0.27 | ) | (0.44 | ) | (0.43 | ) | (0.95 | ) | ||||||||
(a) | Includes the following adjustments: | |||||||||||||||
i. | Second quarter out-of-period adjustment of $4.9 million (see Note 16); | |||||||||||||||
ii. | Third quarter impairment charge of $12.0 million (see Note 10); | |||||||||||||||
iii. | Fourth quarter out-of-period adjustment of $3.8 million (see Note 3); | |||||||||||||||
iv. | Fourth quarter impairment charges for: goodwill, $125.9 million; customer relationships, $90.9 million; long-lived tangible assets, 14.4 million; net gain on extinguishment of convertible notes, $19.7 million (see Notes 7, 9 and 14, respectively). | |||||||||||||||
(b) | Includes charges for equity method investments write-off totaling $19.7 million (see Note 10). | |||||||||||||||
(c) | The sum of the quarterly loss per share may be different than the per share amount for the year as the calculation for each quarter is based on the weighted average shares outstanding for that period. | |||||||||||||||
(d) | Includes the following impairment charges in the fourth quarter: goodwill, $11.0 million; rare earths quotas, $67.2 million; patents, $10.2 million; exploration rights, $16.2 million; cost method investments, $9.4 million; and long-lived tangible assets, $16.3 million (see Notes 7, 9 and 10). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation | |
The accompanying consolidated financial statements, which are prepared in accordance with GAAP, include our accounts and the accounts of our majority-owned subsidiaries where we exert control. Investments in which we do not have control, and are not considered to be the primary beneficiary of a variable interest entity, but where we exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. All other investments are accounted for at cost. Intercompany balances and transactions have been eliminated in consolidation. | ||
Use of Estimates | Use of Estimates | |
The preparation of the consolidated 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 our ability to collect 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. | ||
Revenues and Costs of Sales | Revenues and Costs of Sales | |
Revenues are recognized when persuasive evidence of an arrangement exists, the risks and rewards of ownership have been transferred to the customer, which is generally when title passes, the selling price is fixed or determinable, and collection is reasonably assured. Title generally passes to the customer upon shipment of product from our facilities. Certain contracts with customers contain provisions whereby title passes upon loading the product at the shipping port. Prices are generally set at the time of, or prior to, shipment. Transportation and distribution costs are incurred only on sales for which we are responsible for delivering the product. | ||
Costs of sales include costs of production and write downs of inventory to market value. Primary production costs include labor, raw materials, depreciation, supplies, maintenance costs and plant overhead. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair values. | ||
Trade Accounts Receivable | Trade Accounts Receivable | |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We review the need for an allowance for doubtful accounts quarterly based on historical experience with each customer and the specifics of each arrangement. | ||
Inventory | Inventory | |
Inventory consists of stockpiles of crushed ore, bastnasite concentrate, raw materials, work in process, finished goods and materials and supplies. Inventory cost is determined using the lower of weighted average cost or estimated net realizable market value, and includes all expenses directly attributable to the manufacturing process as well as production overheads based on normal operating capacity. We evaluate the carrying amount of inventory each quarter giving consideration to slow-moving items, obsolescence, excessive levels, and other factors and recognizes related write-downs as necessary. Write-downs of inventory to estimated market value are charged to costs of sales. Inventory expected to be used and sold beyond a twelve-month period is classified as a non-current asset in the consolidated balance sheets. | ||
Property, Plant and Equipment | Property, Plant and Equipment | |
Property, plant and equipment obtained in business acquisitions are recorded at their estimated fair value as of the acquisition date. Expenditures for new property, plant and equipment, and improvements that extend the useful life or functionality of the asset are recorded at their cost of acquisition or construction. Depreciation on property, plant and equipment is provided using the straight-line method over their estimated useful lives. Maintenance costs are expensed as incurred. | ||
Construction in progress includes costs directly attributable to the construction or development of long-term tangible assets. These costs may include: labor and employee benefits associated with the construction of the asset; site preparation; permitting; engineering; installation and assembly; procurement; insurance; legal; commissioning; and interest on borrowings to finance the construction of the asset. Depreciation is not recorded on the related assets until they are placed in service or ready for their intended use. | ||
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the proceeds from disposal and the carrying amount of the asset, and are included in other income (expense) in the consolidated statements of operations and comprehensive loss. | ||
Mineral Properties and Development Costs | Mineral Properties and Development Costs | |
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, all of which are capitalized. We deplete mineral properties using the units of production method over estimated proven and probable reserves. Depletion expense is an inventoriable cost. | ||
Intangible Assets | Intangible Assets | |
Intangible assets consist primarily of customer relationships, patents and other intellectual properties, Chinese land use rights and both indefinite-lived and finite-lived trade names. Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives, which range from 2 to 16 years for customer relationships, patents and trade name, and 50 years for Chinese land use rights. | ||
Recoverability of Long-Lived Depreciable/Amortizable Assets | Recoverability of Long-Lived Depreciable/Amortizable Assets | |
Long-lived assets such as property, plant, and equipment, mineral properties and intangible assets that are depreciated or amortized, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment is considered to exist if the total undiscounted future cash flows expected from the use of the asset or asset group are less than its carrying amount. An impairment loss, if any, is recorded for the excess of the asset's or asset group's carrying amount over its fair value, as determined by a valuation technique appropriate to the given circumstances. | ||
Recoverability of Goodwill | Recoverability of Goodwill | |
We assign goodwill arising from acquired companies to the reporting units that are expected to benefit from the acquisition. On an annual basis or in interim periods when circumstances require, we test the recoverability of our goodwill utilizing a two-step impairment analysis. Under this analysis, we initially compare the fair value of each identified reporting unit with the reporting unit's carrying amount. Our reporting units are determined either at the operating segment level or a component one level below the operating segment that constitutes a business for which the operating segment's management generally reviews production and financial results. To the extent that a reporting unit's fair value is less than its carrying amount, we perform an additional step to determine the implied fair value of the reporting unit's goodwill. The implied fair value of goodwill is calculated by first allocating the reporting unit's fair value to its assets and liabilities, excluding goodwill, and then comparing the excess of the reporting unit's fair value to the carrying amount of goodwill. To the extent that the carrying amount of goodwill exceeds its implied fair value, we would recognize an impairment loss. The valuation methodology utilized to determine the fair value of our reporting units is based on a discounted cash flow model, or income approach, in which expected future net cash flows, excluding any financing costs or dividends, are discounted using an appropriate discount rate. The income approach is dependent upon a number of significant management estimates about future performance including expected sales volumes, sales prices, production costs, income taxes, capital expenditures, working capital changes, foreign exchange rates and the after-tax weighted average cost of capital. Changes in any of these assumptions could materially impact the estimated fair value of our reporting units. Discount factors are determined individually for each reporting unit to reflect its respective risk profile as assessed by us. | ||
Investments | Investments | |
Investments in non-marketable equity securities of entities in which we have the ability to exercise significant influence over the entity's operating and financial policies are accounted for by the equity method. We recognize our proportionate share of the entity’s income or loss each period with such amounts included in "Equity in income (loss) of affiliates" in the consolidated statements of operations and comprehensive income (loss). Equity method investments are reviewed periodically for other-than-temporary decline in value. Investments in non-marketable equity securities of entities for which we do not have the ability to exercise significant influence over the entity’s operations and financial policies are accounted for at cost, and are subject to periodic other-than-temporary impairment assessments. | ||
Business Combinations | Business Combinations | |
We account for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. Certain adjustments to the assessed fair values of the assets, liabilities, or noncontrolling interests made subsequent to the acquisition date, but within the measurement period, which is up to one year, are recorded as adjustments to goodwill. Any adjustments subsequent to the measurement period are recorded in income. Any cost or equity method interest that we hold in the acquired company prior to the acquisition is remeasured to fair value at acquisition with a resulting gain or loss recognized in income for the difference between fair value and the existing book value. Results of operations of the acquired entity are included in our results from the date of the acquisition. We expense all costs as incurred related to an acquisition under “Corporate development” in the consolidated statement of operations and comprehensive income (loss). | ||
Asset Retirement Obligation | Asset Retirement Obligation | |
We account for reclamation costs, along with other costs related to the closure of our Mountain Pass facility, in accordance with ASC 410-20, Asset Retirement Obligations, which requires us to recognize an ARO at its estimated fair value in the period in which the obligation is incurred. Events that trigger the recognition of an ARO include land disturbances and construction of a property for which there is a legal obligation to restore the land and the property to their original state. The liability is initially measured at fair value using a discounted cash flow model, and is subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. A corresponding asset retirement cost is capitalized as part of the carrying amount of the related long-lived assets and is amortized over the assets’ remaining useful lives. | ||
Income Taxes | Income Taxes | |
We account for income taxes in accordance with Accounting Standard Codification 740, Income Taxes, which requires that deferred tax assets and liabilities be recognized for the tax effect of temporary differences between the financial statement and tax basis of recorded assets and liabilities at enacted statutory tax rates. This guidance also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized based on both our historical and anticipated earnings levels. We review our deferred tax assets each reporting period to determine if adjustments to the valuation allowance are necessary. | ||
We record our deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income for the period in which the deferred tax assets or liabilities are expected to be realized. The statutory income tax rates that are applied to the current and deferred income tax calculations differ by the jurisdictions in which we conduct business. Changes in such income tax rates and apportionment laws may result in changes in our deferred income tax assets, liabilities and related expense in the period of enactment. | ||
Foreign Currency | Foreign Currency | |
The functional currency of the majority of our operations is the U.S. dollar. Assets and liabilities recorded in functional currencies other than the functional currency are translated at the spot rate in effect at the applicable reporting date; revenues and expenses in foreign currencies are translated at actual exchange rates for significant transactions or at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of "Accumulated other comprehensive income (loss)" in the consolidated balance sheets. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. | ||
Transactions denominated in currencies other than the applicable functional currency are recorded based on exchange rates at the time such transactions occur. Changes in exchange rates associated with monetary amounts recorded in our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in "Foreign exchange gains (losses), net" in the consolidated statements of operations and comprehensive income (loss). | ||
Correction of Functional Currency | ||
As part of our acquisition of Molycorp Silmet on April 1, 2011, we determined that its functional currency was the Euro. During the fourth quarter of 2014, we reconsidered a number of economic indicators that apply to the operations of Molycorp Silmet and concluded that the U.S. dollar should have been the functional currency that most faithfully represents the economic effects of its underlying transactions. Because this misstatement, both individually and in the aggregate, was not material to any of our prior years’ financial statements, and the impact of correcting it was not material to the full-year 2014 financial statements, we adjusted the cumulative effect of changing the functional currency of Molycorp Silmet in the fourth quarter of 2014. | ||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | |
We present comprehensive income (loss) in two separate, but consecutive statements. In addition to "Net income (loss)", "Comprehensive income (loss)" includes foreign currency translation adjustments and actuarial gains and losses associated with the defined benefit pension benefits and post-retirement benefits for the employees of one of Molycorp Canada’s former manufacturing facilities. | ||
Earnings (Loss) per Share | Earnings (Loss) per Share | |
Basic earnings (loss) per share is computed by dividing our net income (loss) attributable to our stockholders, reduced by cumulative undeclared and paid dividends on any outstanding preferred stock, by the weighted average number of shares of common stock outstanding during the period. | ||
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, are deemed options for purposes of computing diluted earnings per share. 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. 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. | ||
Research and Development | Research and Development | |
Research and development costs, which consist primarily of salaries, outside labor, material and equipment, are expensed as incurred. | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance about management’s responsibilities in evaluating an entity’s going concern uncertainties, and about the timing and content of related footnote disclosures. Under this amended guidance, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management’s plans should be considered only to the extent that (1) it is probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): | ||
a. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans); | ||
b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and | ||
c. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. | ||
If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information that enables users of the financial statements to understand all of the following: | ||
a. Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern; | ||
b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and | ||
c. Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. | ||
This update is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. | ||
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 intend to adopt ASU 2014-09 in our financial statements for the annual period beginning on January 1, 2017. The extent of the impact of adoption of the standard has not yet been determined. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Schedule of Out-of-Period Adjustments | The out-of-period adjustment had the following impact on the consolidated balance sheet and the consolidated statement of operations and comprehensive loss in 2014: | |||||||||||
Increase to balance sheet captions: | (In thousands) | |||||||||||
Other current assets | $ | 91 | ||||||||||
Inventory | 2,339 | |||||||||||
Property, plant and equipment | 7,742 | |||||||||||
Other non-current assets | 275 | |||||||||||
Other current liabilities | 8 | |||||||||||
Accumulated other comprehensive income | 14,281 | |||||||||||
Increase (decrease) to statements of operations and comprehensive loss captions: | ||||||||||||
Revenues | $ | 270 | ||||||||||
Costs of sales | 5,745 | |||||||||||
Foreign exchange gain | 1,633 | |||||||||||
Net loss | 3,842 | |||||||||||
Foreign currency translation adjustments | (14,281 | ) | ||||||||||
Comprehensive loss | (10,439 | ) | ||||||||||
The changes in the presentation of the Condensed Consolidating Balance Sheets at December 31, 2013 and the Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2012 are as follows: | ||||||||||||
Condensed Consolidating Balance Sheets | At December 31, 2013 | |||||||||||
(In thousands) | ||||||||||||
Parent | As reported | Adjustment | Revised | |||||||||
Investments in consolidated subsidiaries | $ | 532,767 | $ | (532,767 | ) | $ | — | |||||
Intercompany accounts receivable | 2,001,583 | 532,767 | 2,534,350 | |||||||||
Guarantor Subsidiaries | — | |||||||||||
Investments in consolidated subsidiaries | $ | 121,849 | $ | (17,522 | ) | $ | 104,327 | |||||
Additional paid-in capital | 149,857 | (17,522 | ) | 132,335 | ||||||||
Non-Guarantor Subsidiaries | — | |||||||||||
Intercompany accounts payable | $ | 2,021 | $ | 780,990 | $ | 783,011 | ||||||
Additional paid-in capital | 1,315,426 | (780,990 | ) | 534,436 | ||||||||
Condensed Consolidating Statements of Cash Flows | At December 31, 2012 | |||||||||||
(In thousands) | ||||||||||||
Parent | As reported | Adjustment | Revised | |||||||||
Loans to subsidiaries | $ | (683,063 | ) | $ | (14,150 | ) | $ | (697,213 | ) | |||
Repayments from subsidiaries | 87,824 | 14,150 | 101,974 | |||||||||
Non-Guarantor Subsidiaries | — | |||||||||||
Borrowing from parent | $ | 455,551 | $ | 14,150 | $ | 469,701 | ||||||
Repayments of borrowings to parent | (53,497 | ) | (14,150 | ) | (67,647 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Schedule of segment information | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other(a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 14,097 | $ | 159,365 | $ | 222,795 | $ | 79,355 | $ | — | $ | 475,612 | ||||||||||||||||
Inter-segment | 34,093 | 22,056 | 7,591 | — | (63,740 | ) | — | |||||||||||||||||||||
Total revenues | $ | 48,190 | $ | 181,421 | $ | 230,386 | $ | 79,355 | $ | (63,740 | ) | $ | 475,612 | |||||||||||||||
OIBDA | (146,157 | ) | (202,588 | ) | 52,966 | (442 | ) | |||||||||||||||||||||
Depreciation, amortization and accretion | (78,739 | ) | (17,401 | ) | (16,956 | ) | (10,343 | ) | ||||||||||||||||||||
Operating (loss) income (c) | $ | (224,896 | ) | $ | (219,989 | ) | $ | 36,010 | $ | (10,785 | ) | $ | (33,195 | ) | $ | 1,984 | $ | (450,871 | ) | |||||||||
Other expense | (5,092 | ) | ||||||||||||||||||||||||||
Foreign exchange loss, net | (3,146 | ) | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (167,375 | ) | ||||||||||||||||||||||||||
Gain on extinguishment of convertible notes, net | 19,719 | |||||||||||||||||||||||||||
Impairment of investment at cost | $ | (12,000 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (618,765 | ) | |||||||||||||||||||||||||
Total assets at December 31, 2014 | $ | 1,593,105 | $ | 248,040 | $ | 618,314 | $ | 105,826 | $ | 1,385,265 | $ | (1,374,564 | ) | $ | 2,575,986 | |||||||||||||
Capital expenditures (d) | $ | 49,364 | $ | 3,907 | $ | 2,120 | $ | 2,063 | $ | — | $ | — | $ | 57,454 | ||||||||||||||
Year ended December 31, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 33,621 | $ | 181,815 | $ | 252,713 | $ | 86,241 | $ | — | $ | 554,390 | ||||||||||||||||
Inter-segment | 26,040 | 37,256 | — | — | (63,296 | ) | — | |||||||||||||||||||||
Total revenues | $ | 59,661 | $ | 219,071 | $ | 252,713 | $ | 86,241 | $ | (63,296 | ) | $ | 554,390 | |||||||||||||||
OIBDA | (177,384 | ) | (65,135 | ) | 50,899 | (12,456 | ) | |||||||||||||||||||||
Depreciation, amortization and accretion | (46,318 | ) | (22,754 | ) | (27,812 | ) | (8,652 | ) | ||||||||||||||||||||
Operating (loss) income (c) | $ | (223,702 | ) | $ | (87,889 | ) | $ | 23,087 | $ | (21,108 | ) | $ | (46,126 | ) | $ | (953 | ) | $ | (356,691 | ) | ||||||||
Other expense | 1,886 | |||||||||||||||||||||||||||
Foreign exchange loss, net | (376 | ) | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (67,684 | ) | ||||||||||||||||||||||||||
Impairment of investment at cost | (9,411 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (432,276 | ) | |||||||||||||||||||||||||
Total assets at December 31, 2013 | $ | 1,791,421 | $ | 485,642 | $ | 590,516 | $ | 82,538 | $ | 1,547,267 | $ | (1,490,582 | ) | $ | 3,006,802 | |||||||||||||
Capital expenditures (d) | $ | 231,027 | $ | 6,961 | $ | 3,700 | $ | 7,549 | $ | 250 | $ | — | $ | 249,487 | ||||||||||||||
Year ended December 31, 2012 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals (e) | Corporate and other(a) | Eliminations(b) | Total Molycorp, Inc. | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
External | $ | 88,870 | $ | 181,849 | $ | 179,335 | $ | 77,642 | $ | — | $ | 527,696 | ||||||||||||||||
Inter-segment | 7,256 | 25,717 | — | — | (32,973 | ) | — | |||||||||||||||||||||
Total revenues | $ | 96,126 | $ | 207,566 | $ | 179,335 | $ | 77,642 | $ | (32,973 | ) | $ | 527,696 | |||||||||||||||
OIBDA | (56,229 | ) | (177,949 | ) | (105,806 | ) | (12,834 | ) | ||||||||||||||||||||
Depreciation, amortization and accretion | (13,991 | ) | (13,110 | ) | (19,737 | ) | (5,837 | ) | ||||||||||||||||||||
Operating loss (c) | $ | (70,220 | ) | $ | (191,059 | ) | $ | (125,543 | ) | $ | (18,671 | ) | $ | (85,459 | ) | $ | 24,803 | $ | (466,149 | ) | ||||||||
Other expense | (38,798 | ) | ||||||||||||||||||||||||||
Foreign exchange gain, net | 2,872 | |||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (22,116 | ) | ||||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (524,191 | ) | |||||||||||||||||||||||||
Capital expenditures (d) | $ | 814,054 | $ | 10,910 | $ | 5,614 | $ | 10,750 | $ | 1,733 | $ | — | $ | 843,061 | ||||||||||||||
(a) | Includes business development costs, personnel costs, stock-based compensation, accounting and legal fees, occupancy expense, information technology costs and interest expense. | |||||||||||||||||||||||||||
(b) | Consists of inter-segment sales and gross profits eliminations as well as eliminations of lower of cost or market adjustments related to inter-segment inventory. | |||||||||||||||||||||||||||
(c) | Includes impairment of goodwill and other long-lived assets in some segments. See Notes 7 and 9 below for details. | |||||||||||||||||||||||||||
(d) | On an accrual basis excluding capitalized interest. Interest was no longer capitalized in 2014. | |||||||||||||||||||||||||||
(e) | Excludes operating results from the Napanee facility, which is treated as a discontinued operation for comparative purposes. | |||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The geographic distribution of our revenues based on our customers' locations for the years ended December 31, 2014, 2013 and 2012, was as follows: | |||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Asia: | ||||||||||||||||||||||||||||
China | $ | 162,980 | $ | 199,021 | $ | 118,086 | ||||||||||||||||||||||
Japan | 100,468 | 99,952 | 160,942 | |||||||||||||||||||||||||
Thailand | 19,585 | 17,129 | 7,674 | |||||||||||||||||||||||||
Hong Kong | — | 8,815 | 4,793 | |||||||||||||||||||||||||
South Korea | 14,451 | 12,418 | 3,828 | |||||||||||||||||||||||||
Singapore | 150 | 54 | 212 | |||||||||||||||||||||||||
North America | 89,769 | 92,066 | 103,555 | |||||||||||||||||||||||||
Europe | 86,285 | 113,549 | 117,907 | |||||||||||||||||||||||||
Other | 1,924 | 11,386 | 10,699 | |||||||||||||||||||||||||
Total | $ | 475,612 | $ | 554,390 | $ | 527,696 | ||||||||||||||||||||||
Our property, plant and equipment, net carrying amounts by geographic location at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
North America | $ | 1,582,291 | $ | 1,627,892 | ||||||||||||||||||||||||
Europe | 68,212 | 73,674 | ||||||||||||||||||||||||||
China | 49,930 | 53,131 | ||||||||||||||||||||||||||
Thailand | 5,457 | 6,213 | ||||||||||||||||||||||||||
Other Asia | 2,080 | 1,913 | ||||||||||||||||||||||||||
Other | — | 51 | ||||||||||||||||||||||||||
Total | $ | 1,707,970 | $ | 1,762,874 | ||||||||||||||||||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Schedule of Inventory | At December 31, 2014 and 2013, our inventory consisted of the following: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
Concentrate stockpiles | $ | — | $ | 24 | ||||||||
Raw materials | 47,796 | 42,627 | ||||||||||
Work in process | 24,901 | 41,962 | ||||||||||
Finished goods | 67,795 | 65,662 | ||||||||||
Materials and supplies | 28,831 | 21,508 | ||||||||||
Total current | $ | 169,323 | $ | 171,783 | ||||||||
Long-term: | ||||||||||||
Concentrate stockpiles | $ | — | $ | 4 | ||||||||
Raw materials | 25,127 | 25,325 | ||||||||||
Total long-term | $ | 25,127 | $ | 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: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Abnormal production costs expensed in the period (a) | $ | 93,917 | $ | 88,070 | $ | 11,982 | ||||||
Write-down to the lower of cost or market (b) | 84,414 | 100,346 | 80,939 | |||||||||
Write-downs of stockpile inventory (c) | — | — | 2,100 | |||||||||
Total | $ | 178,331 | $ | 188,416 | $ | 95,021 | ||||||
(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) | Attributable to the decline in rare earths prices and low inventory turnover. | |||||||||||
(c) | Adjustments of the estimated REO content in the stockpile at the Resources segment. |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedules of Deposits | We had $31.1 million and $26.0 million in deposits reported as non-current assets at December 31, 2014 and 2013, respectively, which consisted of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Escrow arrangement with Kern River Gas Transmission Company ("Kern River") | $ | 20,612 | $ | 20,612 | ||||
Construction insurance program | 2,710 | 1,504 | ||||||
Collateral placed against the surety bonds issued to California state and regional agencies for the closure and reclamation obligations at the Mountain Pass facility, and other deposits | 7,756 | 3,881 | ||||||
Total | $ | 31,078 | $ | 25,997 | ||||
Property_Plant_and_Equipment_n1
Property, Plant and Equipment, net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of property, plant and equipment | At December 31, 2014 and 2013, our property, plant and equipment consisted of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land | $ | 13,121 | $ | 12,822 | ||||
Land improvements (15 to 30 years) | 305,119 | 327,029 | ||||||
Buildings and improvements (4 to 40 years) | 811,418 | 418,510 | ||||||
Plant and equipment (2 to 15 years) | 623,453 | 288,603 | ||||||
Vehicles (7 years) | 2,884 | 2,986 | ||||||
Computer software (5 years) | 12,268 | 12,424 | ||||||
Furniture and fixtures (5 years) | 1,039 | 1,044 | ||||||
Construction in progress (a) | 80,699 | 755,107 | ||||||
Natural gas delivery facility under capital lease (10 years) | 15,658 | 15,658 | ||||||
Mining equipment under capital lease (7 years) | 10,982 | 7,370 | ||||||
Mineral properties (Note 8) | 23,669 | 23,999 | ||||||
Property, plant and equipment at cost | 1,900,310 | 1,865,552 | ||||||
Less accumulated depreciation | (192,340 | ) | (102,678 | ) | ||||
Property, plant and equipment, net | $ | 1,707,970 | $ | 1,762,874 | ||||
(a) | Primarily related to expenditures at the Molycorp Mountain Pass facility |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2014, 2013 and 2012, were as follows: | |||||||||||||||||||||
Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
31-Dec-11 | $ | 728 | $ | 1,977 | $ | 727 | $ | 3,432 | ||||||||||||||
Goodwill acquired | 285,633 | 213,525 | 27,046 | 526,204 | ||||||||||||||||||
Impairment | (161,132 | ) | (112,694 | ) | (16,068 | ) | (289,894 | ) | ||||||||||||||
31-Dec-12 | 125,229 | 102,808 | 11,705 | 239,742 | ||||||||||||||||||
Impairment | — | — | (10,992 | ) | (10,992 | ) | ||||||||||||||||
31-Dec-13 | 125,229 | 102,808 | 713 | 228,750 | ||||||||||||||||||
Impairment | (125,229 | ) | — | (713 | ) | (125,942 | ) | |||||||||||||||
31-Dec-14 | $ | — | $ | 102,808 | $ | — | $ | 102,808 | ||||||||||||||
Schedule of amortizable intangible assets | At December 31, 2014 and 2013, our intangible assets, other than goodwill, consisted of the following: | |||||||||||||||||||||
Customer relationships | Rare earths quotas | Patents | Trade names | Land use rights | Other | Total | ||||||||||||||||
Gross carrying amount | (In thousands) | |||||||||||||||||||||
31-Dec-13 | $ | 344,580 | $ | — | $ | 152 | $ | 15,586 | $ | 3,568 | $ | 4,420 | $ | 368,306 | ||||||||
Additions | — | — | — | — | — | 37 | 37 | |||||||||||||||
Foreign currency translation adjustment | 177 | — | — | — | — | — | 177 | |||||||||||||||
Impairment | (121,057 | ) | — | — | — | (368 | ) | — | (121,425 | ) | ||||||||||||
31-Dec-14 | $ | 223,700 | $ | — | $ | 152 | $ | 15,586 | $ | 3,200 | $ | 4,457 | $ | 247,095 | ||||||||
Accumulated Amortization | ||||||||||||||||||||||
31-Dec-13 | $ | 35,980 | $ | — | $ | 27 | $ | 343 | $ | 227 | $ | 862 | $ | 37,439 | ||||||||
Amortization | 23,019 | — | 125 | 66 | 77 | 617 | 23,904 | |||||||||||||||
Impairment | (30,119 | ) | — | — | — | — | — | (30,119 | ) | |||||||||||||
31-Dec-14 | 28,880 | — | 152 | 409 | 304 | 1,479 | 31,224 | |||||||||||||||
Net book value | $ | 194,820 | $ | — | $ | — | $ | 15,177 | $ | 2,896 | $ | 2,978 | $ | 215,871 | ||||||||
Customer relationships | Rare earths quotas | Patents | Trade names | Land use rights | Other | Total | ||||||||||||||||
Gross carrying amount | (In thousands) | |||||||||||||||||||||
31-Dec-12 | $ | 344,774 | $ | 78,300 | $ | 33,252 | $ | 15,586 | $ | 3,568 | $ | 4,420 | $ | 479,900 | ||||||||
Additions | 48 | — | — | — | — | — | 48 | |||||||||||||||
Foreign currency translation adjustment | (242 | ) | — | — | — | — | — | (242 | ) | |||||||||||||
Impairment | — | (78,300 | ) | (33,100 | ) | — | — | — | (111,400 | ) | ||||||||||||
31-Dec-13 | $ | 344,580 | $ | — | $ | 152 | $ | 15,586 | $ | 3,568 | $ | 4,420 | $ | 368,306 | ||||||||
Accumulated Amortization | ||||||||||||||||||||||
31-Dec-12 | $ | 14,095 | $ | 4,035 | $ | 9,365 | $ | 1,152 | $ | 66 | $ | 249 | $ | 28,962 | ||||||||
Amortization | 22,145 | 7,018 | 13,554 | 65 | 161 | 613 | 43,556 | |||||||||||||||
Adjustments | (260 | ) | — | — | (874 | ) | — | — | (1,134 | ) | ||||||||||||
Impairment | — | (11,053 | ) | (22,892 | ) | — | — | — | (33,945 | ) | ||||||||||||
31-Dec-13 | 35,980 | — | 27 | 343 | 227 | 862 | 37,439 | |||||||||||||||
Net book value | $ | 308,600 | $ | — | $ | 125 | $ | 15,243 | $ | 3,341 | $ | 3,558 | $ | 330,867 | ||||||||
Schedule of Expected Amortization Expense | Amortization expense on all other intangible assets for the next five years and thereafter is expected to be as follows: | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
2015 | $ | 16,441 | ||||||||||||||||||||
2016 | 16,441 | |||||||||||||||||||||
2017 | 16,441 | |||||||||||||||||||||
2018 | 16,277 | |||||||||||||||||||||
2019 | 16,277 | |||||||||||||||||||||
Thereafter | 119,194 | |||||||||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Schedule of Equity Method Investments | The following table provides a reconciliation of the carrying amount of our investments at December 31, 2014 and 2013: | |||||||||||||||||||
Boulder Wind Power, Inc. | IMJ | Keli | Ingal Stade | Other investments | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
31-Dec-12 | $ | 20,000 | $ | 25,193 | $ | 11,000 | $ | 5,015 | $ | 2,828 | $ | 64,036 | ||||||||
Additions | — | 3,419 | — | — | — | 3,419 | ||||||||||||||
Equity loss | n/a | (6,529 | ) | (2,600 | ) | (40 | ) | — | (9,169 | ) | ||||||||||
Impairment | (8,000 | ) | — | — | — | (1,411 | ) | (a) | (9,411 | ) | ||||||||||
31-Dec-13 | 12,000 | 22,083 | 8,400 | 4,975 | 1,417 | 48,875 | ||||||||||||||
Adjustment to investments classification | — | 51 | (1,240 | ) | (38 | ) | 1,227 | — | ||||||||||||
Additions | — | — | — | — | 703 | 703 | ||||||||||||||
Dividends | — | — | (2,014 | ) | — | — | (2,014 | ) | ||||||||||||
Equity (loss) income | n/a | (6,541 | ) | (635 | ) | (51 | ) | 158 | (7,069 | ) | ||||||||||
Impairment | (12,000 | ) | (14,808 | ) | — | (4,886 | ) | — | (31,694 | ) | ||||||||||
31-Dec-14 | $ | — | $ | 785 | $ | 4,511 | $ | — | $ | 3,505 | $ | 8,801 | ||||||||
(a) The impairment charge in 2013 relates to the equity interest in Atlantic Metals & Alloys, LLC. | ||||||||||||||||||||
Schedule of Cost Method Investments | The following table provides a reconciliation of the carrying amount of our investments at December 31, 2014 and 2013: | |||||||||||||||||||
Boulder Wind Power, Inc. | IMJ | Keli | Ingal Stade | Other investments | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
31-Dec-12 | $ | 20,000 | $ | 25,193 | $ | 11,000 | $ | 5,015 | $ | 2,828 | $ | 64,036 | ||||||||
Additions | — | 3,419 | — | — | — | 3,419 | ||||||||||||||
Equity loss | n/a | (6,529 | ) | (2,600 | ) | (40 | ) | — | (9,169 | ) | ||||||||||
Impairment | (8,000 | ) | — | — | — | (1,411 | ) | (a) | (9,411 | ) | ||||||||||
31-Dec-13 | 12,000 | 22,083 | 8,400 | 4,975 | 1,417 | 48,875 | ||||||||||||||
Adjustment to investments classification | — | 51 | (1,240 | ) | (38 | ) | 1,227 | — | ||||||||||||
Additions | — | — | — | — | 703 | 703 | ||||||||||||||
Dividends | — | — | (2,014 | ) | — | — | (2,014 | ) | ||||||||||||
Equity (loss) income | n/a | (6,541 | ) | (635 | ) | (51 | ) | 158 | (7,069 | ) | ||||||||||
Impairment | (12,000 | ) | (14,808 | ) | — | (4,886 | ) | — | (31,694 | ) | ||||||||||
31-Dec-14 | $ | — | $ | 785 | $ | 4,511 | $ | — | $ | 3,505 | $ | 8,801 | ||||||||
(a) The impairment charge in 2013 relates to the equity interest in Atlantic Metals & Alloys, LLC. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Summarizes the purchase prices and opening balance sheets for the acquisitions | The following table summarizes the purchase consideration as well as the estimated fair value of the assets acquired and liabilities assumed in the Molycorp Canada acquisition: | |||||||||||||||
Preliminary Allocation of Consideration Transferred as of December 31, 2012 | Measurement Period Adjustments | Final Allocation of Consideration Transferred | ||||||||||||||
Purchase consideration: | (In thousands) | |||||||||||||||
Cash consideration | $ | 908,181 | $ | 908,181 | ||||||||||||
Fair value of Molycorp common stock and Exchangeable Shares issued | 284,144 | 284,144 | ||||||||||||||
Total purchase consideration | $ | 1,192,325 | $ | 1,192,325 | ||||||||||||
Estimated fair values of the assets and liabilities acquired: | ||||||||||||||||
Cash and cash equivalents | $ | 317,169 | $ | — | $ | 317,169 | ||||||||||
Restricted cash | 4,951 | — | 4,951 | |||||||||||||
Accounts receivable | 101,470 | — | 101,470 | |||||||||||||
Inventory | 250,989 | — | 250,989 | |||||||||||||
Prepaid expenses and other current assets | 26,893 | — | 26,893 | |||||||||||||
Property, plant and equipment | 75,745 | — | 75,745 | |||||||||||||
Investments | 21,019 | (1,091 | ) | 19,928 | ||||||||||||
Intangible assets | 482,234 | — | 482,234 | |||||||||||||
Deferred tax charges | 13,435 | — | 13,435 | |||||||||||||
Deferred tax assets | 11,473 | (1,423 | ) | 10,050 | ||||||||||||
Goodwill | 494,809 | 31,616 | 526,425 | |||||||||||||
Other non-current assets | 4,367 | — | 4,367 | |||||||||||||
Accounts payable and accrued expenses | (138,576 | ) | — | (138,576 | ) | |||||||||||
Debt | (255,338 | ) | — | (255,338 | ) | |||||||||||
Other current liabilities | (33,990 | ) | — | (33,990 | ) | |||||||||||
Deferred tax liabilities | (154,309 | ) | 5,880 | (148,429 | ) | |||||||||||
Other non-current liabilities | (14,255 | ) | — | (14,255 | ) | |||||||||||
Non-controlling interests | (15,761 | ) | (34,982 | ) | (50,743 | ) | ||||||||||
Total purchase consideration | $ | 1,192,325 | $ | — | $ | 1,192,325 | ||||||||||
Summary of actual and pro forma information | The following unaudited pro forma financial information provides what our consolidated revenues, net income (loss) and basic earnings per share would have been had the acquisition closed on January 1, 2012: | |||||||||||||||
(In thousands, except per share amounts) | Revenues | Net income (loss) | Net income (loss) | EPS Basic | ||||||||||||
attributable to Molycorp | ||||||||||||||||
Unaudited pro forma January 1, 2012 to December 31, 2012 (combined entity) | $ | 863,728 | $ | (463,716 | ) | $ | (473,249 | ) | $ | (4.53 | ) | |||||
Schedule of Transaction Costs | For the year ended December 31, 2012, we recognized approximately $62.0 million of transaction costs related to the Molycorp Canada acquisition in our consolidated statement of operations and comprehensive loss as follows: | |||||||||||||||
(In thousands) | ||||||||||||||||
Corporate development: | ||||||||||||||||
Legal, accounting and advisory fees | $ | 16,498 | ||||||||||||||
Other expenses: | ||||||||||||||||
Contingent forward contract loss | $ | 37,589 | ||||||||||||||
Interest expense: | ||||||||||||||||
Bridge loan fee | $ | 7,937 | ||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of accrued expenses | Accrued expenses at December 31, 2014 and 2013 consisted of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Defined contribution plan | $ | 613 | $ | 1,921 | ||||
Professional fees | 1,955 | 135 | ||||||
Accrued payroll and related benefits | 7,010 | 5,739 | ||||||
Sales and use tax | 2,339 | 3,354 | ||||||
Bonus accrual | 5,109 | 4,449 | ||||||
Interest payable | 18,300 | 18,158 | ||||||
Advance from customer | 130 | 600 | ||||||
Withholding taxes | 376 | 2,563 | ||||||
Amount payable to noncontrolling interest | 2,929 | — | ||||||
Other accrued expenses | 13,205 | 11,582 | ||||||
Total accrued expenses | $ | 51,966 | $ | 48,501 | ||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Schedule of activity in asset retirement obligation | The following table presents the activity of our ARO for the years ended December 31, 2014 and 2013: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 17,583 | $ | 22,125 | ||||
Obligations settled | (1,549 | ) | (3,849 | ) | ||||
Accretion expense | 1,153 | 1,328 | ||||||
Revisions in estimated cash flows | — | (3,793 | ) | |||||
Loss on settlement | 932 | 1,772 | ||||||
Balance at end of period | $ | 18,119 | $ | 17,583 | ||||
Debt_and_Capital_Lease_Obligat1
Debt and Capital Lease Obligations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Summary of the current and non-current portions of the debt outstanding | The following table provides a summary of the current and non-current portions of our debt and capital lease obligations at December 31, 2014 and 2013: | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Current | Non-Current | Current | Non-Current | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Bank loans due February 2015 - June 2017 | $ | 9,326 | $ | 91 | $ | 14,128 | $ | 2,699 | ||||||||||||||||||||
3.25% Convertible Notes, net of discount, due June 2016 | — | 193,549 | — | 207,028 | ||||||||||||||||||||||||
6.00% Convertible Notes, net of discount, due September 2017 | — | 335,969 | — | 346,708 | ||||||||||||||||||||||||
5.00% Debentures, net of discount, due December 2017 | — | 2,075 | — | 2,493 | ||||||||||||||||||||||||
5.50% Convertible Notes, net of discount, due February 2018 | — | 143,581 | — | 148,198 | ||||||||||||||||||||||||
12.00% Term Loans, due September 2019 | — | 98,812 | — | — | ||||||||||||||||||||||||
12.00% Equipment Financing, due September 2019 | — | 127,594 | — | — | ||||||||||||||||||||||||
10% Senior Secured Notes, net of discount, due June 2020 | — | 638,899 | — | 637,435 | ||||||||||||||||||||||||
Total debt | $ | 9,326 | $ | 1,540,570 | $ | 14,128 | $ | 1,344,561 | ||||||||||||||||||||
Capital lease obligations | 3,234 | 19,211 | 2,234 | 19,355 | ||||||||||||||||||||||||
Total debt and capital lease obligations | $ | 12,560 | $ | 1,559,781 | $ | 16,362 | $ | 1,363,916 | ||||||||||||||||||||
Schedule of Convertible Debt | A reconciliation of the principal amount to the net carrying amount for each of our Convertible Notes and our 10% Senior Secured Notes at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||
3.25% Convertible Notes | 6.00% Convertible Notes | 5.50% Convertible Notes | 10% Senior Notes | |||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Principal amount | $ | 206,505 | $ | 230,000 | $ | 383,000 | $ | 414,000 | $ | 161,500 | $ | 172,500 | $ | 650,000 | $ | 650,000 | ||||||||||||
Unamortized debt discount | (12,956 | ) | (22,972 | ) | (47,031 | ) | (67,292 | ) | (17,919 | ) | (24,302 | ) | (11,101 | ) | (12,565 | ) | ||||||||||||
Net carrying amount | $ | 193,549 | $ | 207,028 | $ | 335,969 | $ | 346,708 | $ | 143,581 | $ | 148,198 | $ | 638,899 | $ | 637,435 | ||||||||||||
Interest cost incurred on each instrument in the table immediately above was as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
3.25% Convertible Notes | $ | 15,553 | $ | 15,839 | $ | 15,312 | ||||||||||||||||||||||
6.00% Convertible Notes | 41,070 | 39,779 | 17,457 | |||||||||||||||||||||||||
5.50% Convertible Notes | 14,578 | 13,107 | n/a | |||||||||||||||||||||||||
10% Senior Notes | 66,606 | 66,323 | 40,070 | |||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Our scheduled minimum debt repayments, excluding capital lease obligations, were as follows at December 31, 2014: | |||||||||||||||||||||||||||
Debt maturities, excluding capital leases | (In thousands) | |||||||||||||||||||||||||||
2015 | $ | 9,326 | ||||||||||||||||||||||||||
2016 | 206,565 | |||||||||||||||||||||||||||
2017 | 385,106 | |||||||||||||||||||||||||||
2018 | 161,500 | |||||||||||||||||||||||||||
2019 | 321,154 | |||||||||||||||||||||||||||
Thereafter | 650,000 | |||||||||||||||||||||||||||
Total | $ | 1,733,651 | ||||||||||||||||||||||||||
Reconciliation of Principal to Net Carrying Amount of Long-term Debt | The following table presents a reconciliation of the principal amount to the net carrying amount of, and interest cost for, the Term Loans and the Equipment Financing at December 31, 2014: | |||||||||||||||||||||||||||
12.00% Term Loans | 12.00% Equipment Financing | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Principal amount (a) | $ | 111,858 | $ | 141,993 | ||||||||||||||||||||||||
Unamortized debt discount | (13,046 | ) | (14,399 | ) | ||||||||||||||||||||||||
Net carrying amount | $ | 98,812 | $ | 127,594 | ||||||||||||||||||||||||
Cash interest | $ | 6,264 | $ | 2,082 | ||||||||||||||||||||||||
PIK interest | 1,691 | 2,160 | ||||||||||||||||||||||||||
Total interest cost | $ | 7,955 | $ | 4,242 | ||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | Those agreements contain purchase options at the end of the lease term and are generally at market interest rates. At December 31, 2014, total future minimum payments on our capital leases were as follows: | |||||||||||||||||||||||||||
Capital Leases | (In thousands) | |||||||||||||||||||||||||||
2015 | $ | 8,276 | ||||||||||||||||||||||||||
2016 | 8,276 | |||||||||||||||||||||||||||
2017 | 7,159 | |||||||||||||||||||||||||||
2018 | 5,769 | |||||||||||||||||||||||||||
2019 | 5,488 | |||||||||||||||||||||||||||
Thereafter | 12,706 | |||||||||||||||||||||||||||
Total | $ | 47,674 | ||||||||||||||||||||||||||
Imputed interest included in total future minimum lease payments at December 31, 2014 | $ | 22,655 | ||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense | Income tax expense consisted of the following for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current | ||||||||||||
Federal | $ | — | $ | (2,581 | ) | $ | (22,418 | ) | ||||
Foreign | 16,532 | (1,018 | ) | 8,994 | ||||||||
State | (130 | ) | 792 | (4,197 | ) | |||||||
Total current | 16,402 | (2,807 | ) | (17,621 | ) | |||||||
Deferred | ||||||||||||
Federal | (8,111 | ) | (43,479 | ) | (20,786 | ) | ||||||
Foreign | (29,366 | ) | (16,517 | ) | (11,777 | ) | ||||||
State | (1,519 | ) | (8,140 | ) | (3,891 | ) | ||||||
Total deferred | (38,996 | ) | (68,136 | ) | (36,454 | ) | ||||||
Total tax benefit | $ | (22,594 | ) | $ | (70,943 | ) | $ | (54,075 | ) | |||
Schedule of Income before Income Tax, Domestic and Foreign | The components of our losses before income taxes and equity earnings, by tax jurisdiction, were as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
United States | $ | (415,381 | ) | $ | (286,818 | ) | $ | (161,129 | ) | |||
Foreign | (203,384 | ) | (145,458 | ) | (363,062 | ) | ||||||
Total | $ | (618,765 | ) | $ | (432,276 | ) | $ | (524,191 | ) | |||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax rate of 35% to our effective income tax rate is as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal tax computed at the statutory rate | $ | (216,568 | ) | $ | (151,297 | ) | $ | (184,075 | ) | |||
State taxes, net of federal benefit | (16,609 | ) | (10,329 | ) | (5,970 | ) | ||||||
Change in valuation allowance | 148,187 | 85,881 | 19,515 | |||||||||
Impairment of goodwill and other long-lived assets | 48,250 | 7,458 | 103,563 | |||||||||
Changes related to uncertain tax positions | 1,220 | (5,153 | ) | (14,176 | ) | |||||||
Federal and State tax credits | — | 2,946 | (6,817 | ) | ||||||||
Foreign income tax rate differential | 12,956 | 24,315 | 18,682 | |||||||||
Foreign translation adjustments | (11,968 | ) | (7,744 | ) | — | |||||||
Change in applicable law | — | (5,884 | ) | — | ||||||||
Other items, net | 11,938 | (11,136 | ) | 15,203 | ||||||||
Income tax benefit | $ | (22,594 | ) | $ | (70,943 | ) | $ | (54,075 | ) | |||
Schedule of Deferred Tax Assets and Liabilities | The tax effect of temporary differences and our net operating losses, which give rise to deferred tax assets and liabilities, consisted of the following at December 31, 2014 and 2013: | |||||||||||
At December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Current: | ||||||||||||
Inventory | $ | 30,487 | $ | 2,570 | ||||||||
Other | 1,499 | 2,605 | ||||||||||
Total current | 31,986 | 5,175 | ||||||||||
Non-current: | ||||||||||||
Asset retirement obligation | 3,705 | — | ||||||||||
Mineral resources | 16,832 | 16,886 | ||||||||||
Property, plant and equipment and intangible assets | 3,451 | 21,044 | ||||||||||
Stock compensation | 2,805 | 1,964 | ||||||||||
Net operating losses | 255,588 | 144,366 | ||||||||||
Research and energy tax credits and expenditures | 6,141 | 6,233 | ||||||||||
Alternative Minimum Tax Credit | 2,216 | 2,216 | ||||||||||
Unrealized foreign exchange | 17,380 | 5,664 | ||||||||||
Investments | — | 3,120 | ||||||||||
Other | 5,675 | 4,107 | ||||||||||
Total non-current | 313,793 | 205,600 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Current | ||||||||||||
Inventory | — | 1,312 | ||||||||||
Other | 1,680 | 1,423 | ||||||||||
Total current | 1,680 | 2,735 | ||||||||||
Non-current: | ||||||||||||
Asset retirement obligation | — | 1,190 | ||||||||||
Foreign subsidiary earnings and withholding taxes | 10,423 | 14,804 | ||||||||||
Property, plant, equipment and intangible assets | 100,076 | 125,527 | ||||||||||
Convertible debt (Notes), share lending and other financing arrangements | 35,722 | 44,275 | ||||||||||
Other | 83 | 302 | ||||||||||
Total non-current | 146,304 | 186,098 | ||||||||||
Net deferred taxes, before valuation allowance | 197,795 | 21,942 | ||||||||||
Valuation allowance | (252,291 | ) | (107,358 | ) | ||||||||
Total deferred tax | $ | (54,496 | ) | $ | (85,416 | ) | ||||||
Schedule of Income Tax Contingencies | A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits is as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Balance, beginning of year | $ | 1,066 | $ | 6,219 | $ | 519 | ||||||
Tax position related to current year: | ||||||||||||
Additions | 1,220 | — | 4,737 | |||||||||
Tax positions related to prior years: | ||||||||||||
Additions | — | — | 16,109 | |||||||||
Settlements | — | (4,737 | ) | (13,740 | ) | |||||||
Statute of limitations closures | — | (416 | ) | (1,406 | ) | |||||||
Balance, end of year | $ | 2,286 | $ | 1,066 | $ | 6,219 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The fair value of the Warrants, which initially was estimated at approximately $3.5 million, was determined using an option-pricing model with the following inputs: | |||||||||||
Penny Warrants | Strike Warrants | |||||||||||
Term (years) | 5 | 5 | ||||||||||
Stock price | $ | 1.55 | $ | 1.55 | ||||||||
Strike price | $ | 0.01 | $ | 2.04 | ||||||||
Risk-free interest rate | 1.79 | % | 1.79 | % | ||||||||
Volatility | 82.6 | % | 49.9 | % | ||||||||
Dividend yield | — | % | — | % | ||||||||
Accounting Changes and Error Corrections | The out-of-period adjustment had the following impact on the consolidated balance sheet and the consolidated statement of operations and comprehensive loss in 2014: | |||||||||||
Increase to balance sheet captions: | (In thousands) | |||||||||||
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: | ||||||||||||
Interest expense, net of capitalized interest | 4,933 | |||||||||||
Income tax benefit | 9,630 | |||||||||||
Schedule of Share-Lending Arrangements | The following table provides certain other information on our share-lending arrangements as of December 31, 2014: | |||||||||||
2012 Borrowed Shares | 2013 Borrowed Shares | Total | ||||||||||
(In thousands) | ||||||||||||
Fair value | $ | 3,329 | $ | 1,890 | $ | 5,219 | ||||||
Unamortized issuance cost | 9,694 | 4,174 | 13,868 | |||||||||
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 for the year ended December 31, 2014: | |||||||||||
(In thousands) | ||||||||||||
Interest cost expensed | $ | 7,445 | ||||||||||
Interest cost capitalized | 3,378 | |||||||||||
Total | $ | 10,823 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | ||||||||||
(In thousands) | ||||||||||||
Balance at December 31, 2011 | $ | (8,481 | ) | $ | — | $ | (8,481 | ) | ||||
Change in other comprehensive loss before reclassifications | 248 | (1,200 | ) | (952 | ) | |||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at December 31, 2012 | (8,233 | ) | (1,200 | ) | (9,433 | ) | ||||||
Change in other comprehensive loss before reclassifications | 1,623 | 1,359 | 2,982 | |||||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at December 31, 2013 | (6,610 | ) | 159 | (6,451 | ) | |||||||
Change in other comprehensive loss before reclassifications | 4,271 | (1,143 | ) | 3,128 | ||||||||
Net income (loss) reclassified from AOCI | — | — | — | |||||||||
Balance at December 31, 2014 | $ | (2,339 | ) | $ | (984 | ) | $ | (3,323 | ) |
Loss_per_Share_Tables
Loss per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of loss per share, basic and diluted | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands, except share and per share amounts) | ||||||||||||
Net loss attributable to Molycorp stockholders | $ | (604,934 | ) | $ | (374,383 | ) | $ | (481,169 | ) | |||
Dividends on Convertible Preferred Stock | (2,846 | ) | (11,385 | ) | (11,385 | ) | ||||||
Loss attributable to common stockholders | (607,780 | ) | (385,768 | ) | (492,554 | ) | ||||||
Continuing operations | $ | (607,780 | ) | $ | (379,341 | ) | $ | (490,817 | ) | |||
Discontinued operations | — | (6,427 | ) | (1,737 | ) | |||||||
$ | (607,780 | ) | $ | (385,768 | ) | $ | (492,554 | ) | ||||
Weighted average common shares outstanding—basic | 224,978,752 | 174,528,717 | 107,064,892 | |||||||||
Basic loss per share from: | ||||||||||||
Continuing operations | $ | (2.70 | ) | $ | (2.17 | ) | $ | (4.58 | ) | |||
Discontinued operations | — | (0.04 | ) | (0.02 | ) | |||||||
$ | (2.70 | ) | $ | (2.21 | ) | $ | (4.60 | ) | ||||
Weighted average common shares outstanding—diluted | 224,978,752 | 174,528,717 | 107,064,892 | |||||||||
Diluted loss per share from: | ||||||||||||
Continuing operations | $ | (2.70 | ) | $ | (2.17 | ) | $ | (4.58 | ) | |||
Discontinued operations | — | (0.04 | ) | (0.02 | ) | |||||||
$ | (2.70 | ) | $ | (2.21 | ) | $ | (4.60 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recognized total annual stock-based compensation expenses and related income tax benefit as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Stock-based compensation expense | $ | 5,261 | $ | 5,392 | $ | 3,434 | ||||||
PBRSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Summary of Activity Related to Stock-based Awards | The following tables summarize the activity related to restricted stock-based awards for the year ended December 31, 2014: | |||||||||||
PBRSUs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 697,797 | $ | 7.45 | |||||||||
Granted | 975,505 | 4.22 | ||||||||||
Forfeited | (41,240 | ) | 6.66 | |||||||||
Vested | (18,246 | ) | 30.33 | |||||||||
Unvested at December 31, 2014 | 1,613,816 | 5.28 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Additional annual information for restricted stock-based awards is included in the following tables: | |||||||||||
Weighted average grant-date fair value of shares granted | 2014 | 2013 | 2012 | |||||||||
(In thousands) | ||||||||||||
PBRSUs | $4,117 | $6,139 | $1,382 | |||||||||
RSUs | 4,499 | 7,060 | 5,540 | |||||||||
RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Summary of Activity Related to Stock-based Awards | ||||||||||||
RSUs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 1,076,385 | $ | 9.81 | |||||||||
Granted | 1,165,497 | 3.86 | ||||||||||
Forfeited | (71,399 | ) | 8.71 | |||||||||
Vested | (70,998 | ) | 22.98 | |||||||||
Unvested at December 31, 2014 | 2,099,485 | 6.1 | ||||||||||
RSAs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 6,326 | $ | 55.05 | |||||||||
Granted | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Vested | — | — | ||||||||||
Unvested at December 31, 2014 | 6,326 | 55.05 | ||||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Summary of Activity Related to Stock-based Awards | ||||||||||||
RSAs | Number of | Weighted Average | ||||||||||
Shares | Grant-Date | |||||||||||
Price | ||||||||||||
Unvested at December 31, 2013 | 6,326 | $ | 55.05 | |||||||||
Granted | — | — | ||||||||||
Forfeited | — | — | ||||||||||
Vested | — | — | ||||||||||
Unvested at December 31, 2014 | 6,326 | 55.05 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||
Schedule of future minimum rental payments for operating leases | Remaining annual minimum payments under these leases at December 31, 2014 were as follows: | |||||||||||||||||||
Total | Less Than | 1 - 3 Years | 4 - 5 Years | More Than | ||||||||||||||||
1 Year | 5 Years | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating lease obligations | $ | 6,661 | $ | 2,380 | $ | 3,012 | $ | 508 | $ | 761 | ||||||||||
Schedule of minimum payments for purchase obligations | Future payments for all purchase commitments at December 31, 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 commitments | $ | 8,187 | $ | — | 8,187 | — | — | |||||||||||||
Net_Change_in_Operating_Assets1
Net Change in Operating Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 our operating assets and liabilities, net of the effects of acquisitions and dispositions, consisted of the following in each of the three-year period ended December 31, 2014: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Decrease (increase) in operating assets: | ||||||||||||
Trade accounts receivable | $ | 17,169 | $ | (8,986 | ) | $ | 124,983 | |||||
Inventory | (82,390 | ) | 15,649 | (46,126 | ) | |||||||
Prepaid expenses and other assets | (4,299 | ) | (5,728 | ) | 33,520 | |||||||
Increase (decrease) in operating liabilities: | ||||||||||||
Accounts payable | (14,028 | ) | (24,177 | ) | (34,972 | ) | ||||||
Income tax payable | 2,271 | 18,966 | (40,263 | ) | ||||||||
Interest payable | 30,181 | (39,120 | ) | (40,792 | ) | |||||||
Asset retirement obligation | (1,606 | ) | (7,642 | ) | (1,467 | ) | ||||||
Accrued expenses | 3,918 | (13,681 | ) | (54,763 | ) | |||||||
$ | (48,784 | ) | $ | (64,719 | ) | $ | (59,880 | ) |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Summary of Supplemental Cash Flow Information | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Net cash paid for: | ||||||||||||
Income taxes | $ | 13,976 | $ | (13,429 | ) | $ | 178 | |||||
Interest, net of capitalized interest | 112,575 | 32,833 | 8,942 | |||||||||
Non-cash financing activities and investing activities: | ||||||||||||
Change in accrued capital expenditures | 28,501 | 58,673 | 52,189 | |||||||||
Conversion of debt securities to equity securities | 38,000 | 18 | 4,527 | |||||||||
Acquisition of exploration rights | — | — | 8,000 | |||||||||
Debt assumed from business acquisitions | — | — | 40,691 | |||||||||
Issuance of common stock for business acquisitions | — | — | 284,100 | |||||||||
Fixed assets additions under capital lease | 3,612 | 7,370 | 15,658 | |||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013: | |||||||||||||||
31-Dec-14 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 57,309 | — | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||
Springing Maturity on Term Loans | — | — | $ | 7,292 | ||||||||||||
Strike Warrants | — | — | 1,769 | |||||||||||||
Share Purchase Agreement | — | — | 6,165 | |||||||||||||
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) | ||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 179,052 | — | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative liability - Share Purchase Agreement | — | — | $ | 6,089 | ||||||||||||
Fair Value, by Balance Sheet Grouping | The following table presents the fair value of publicly traded financial liabilities we report at their carrying amount: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
3.25% Convertible Notes due June 2016 | $ | 193,549 | $ | 88,281 | $ | 207,028 | $ | 161,771 | ||||||||
6.00% Convertible Notes due September 2017 | 335,969 | 107,240 | 346,708 | 312,570 | ||||||||||||
5.50% Convertible Notes due February 2018 | 143,581 | 46,028 | 148,198 | 164,015 | ||||||||||||
10% Senior Secured Notes due June 2020 | 638,899 | 357,500 | 637,435 | 646,750 | ||||||||||||
Total | $ | 1,311,998 | $ | 599,049 | $ | 1,339,369 | $ | 1,285,106 | ||||||||
Subsidiary_Guarantor_Financial1
Subsidiary Guarantor Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Schedule of Condensed Balance Sheet | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 98,650 | $ | 5,329 | $ | 107,706 | $ | — | $ | 211,685 | ||||||||||
Trade accounts receivable, net | — | 1,924 | 42,651 | — | 44,575 | |||||||||||||||
Inventory | — | 36,956 | 132,367 | — | 169,323 | |||||||||||||||
Prepaid expenses and other current assets | — | 9,673 | 19,659 | — | 29,332 | |||||||||||||||
Total current assets | 98,650 | 53,882 | 302,383 | — | 454,915 | |||||||||||||||
Non-current assets: | ||||||||||||||||||||
Deposits | 1,756 | 29,322 | — | — | 31,078 | |||||||||||||||
Property, plant and equipment, net | — | 1,575,670 | 132,300 | — | 1,707,970 | |||||||||||||||
Inventory | — | 25,127 | — | — | 25,127 | |||||||||||||||
Intangible assets, net | — | 377 | 215,494 | — | 215,871 | |||||||||||||||
Investments | — | 785 | 8,016 | — | 8,801 | |||||||||||||||
Goodwill | — | — | 102,808 | — | 102,808 | |||||||||||||||
Investments in consolidated subsidiaries | — | 91,672 | — | (91,672 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,063,568 | — | — | (2,063,568 | ) | — | ||||||||||||||
Other non-current assets | 16,421 | 7,792 | 5,203 | — | 29,416 | |||||||||||||||
Total non-current assets | 2,081,745 | 1,730,745 | 463,821 | (2,155,240 | ) | 2,121,071 | ||||||||||||||
Total assets | $ | 2,180,395 | $ | 1,784,627 | $ | 766,204 | $ | (2,155,240 | ) | $ | 2,575,986 | |||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 14,641 | $ | 26,201 | $ | — | $ | 40,842 | ||||||||||
Accrued expenses | 17,324 | 16,256 | 18,386 | — | 51,966 | |||||||||||||||
Debt and capital lease obligations | — | 3,234 | 9,326 | — | 12,560 | |||||||||||||||
Other current liabilities | — | 263 | 4,423 | — | 4,686 | |||||||||||||||
Total current liabilities | 17,324 | 34,394 | 58,336 | — | 110,054 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Asset retirement obligation | — | 17,799 | — | — | 17,799 | |||||||||||||||
Deferred tax liabilities | — | — | 63,802 | — | 63,802 | |||||||||||||||
Debt and capital lease obligations | 1,357,003 | 146,805 | 55,973 | — | 1,559,781 | |||||||||||||||
Intercompany accounts payable | — | 2,134,041 | 658,986 | (2,793,027 | ) | — | ||||||||||||||
Other non-current liabilities | 9,061 | 1,424 | 9,762 | — | 20,247 | |||||||||||||||
Total non-current liabilities | 1,366,064 | 2,300,069 | 788,523 | (2,793,027 | ) | 1,661,629 | ||||||||||||||
Total liabilities | $ | 1,383,388 | $ | 2,334,463 | $ | 846,859 | $ | (2,793,027 | ) | $ | 1,771,683 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 260 | — | — | — | 260 | |||||||||||||||
Additional paid-in capital | 2,245,478 | 132,335 | 534,440 | (666,775 | ) | 2,245,478 | ||||||||||||||
Accumulated other comprehensive loss | (3,323 | ) | — | (3,323 | ) | 3,323 | (3,323 | ) | ||||||||||||
Accumulated deficit | (1,445,408 | ) | (682,171 | ) | (619,068 | ) | 1,301,239 | (1,445,408 | ) | |||||||||||
Total Molycorp stockholders’ equity | 797,007 | (549,836 | ) | (87,951 | ) | 637,787 | 797,007 | |||||||||||||
Noncontrolling interests | — | — | 7,296 | — | 7,296 | |||||||||||||||
Total stockholders’ equity | 797,007 | (549,836 | ) | (80,655 | ) | 637,787 | 804,303 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,180,395 | $ | 1,784,627 | $ | 766,204 | $ | (2,155,240 | ) | $ | 2,575,986 | |||||||||
At December 31, 2013 | ||||||||||||||||||||
(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 | — | 104,327 | — | (104,327 | ) | — | ||||||||||||||
Intercompany accounts receivable | 2,534,350 | — | — | (2,534,350 | ) | — | ||||||||||||||
Other non-current assets | — | 771 | 6,272 | — | 7,043 | |||||||||||||||
Total non-current assets | 2,536,104 | 1,810,097 | 722,211 | (2,638,677 | ) | 2,429,735 | ||||||||||||||
Total assets | $ | 2,705,249 | $ | 1,869,694 | $ | 1,070,536 | $ | (2,638,677 | ) | $ | 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 | 783,011 | (2,782,573 | ) | — | ||||||||||||||
Other non-current liabilities | — | 1,393 | 8,609 | — | 10,002 | |||||||||||||||
Total non-current liabilities | 1,339,368 | 2,037,276 | 882,294 | (2,782,573 | ) | 1,476,365 | ||||||||||||||
Total liabilities | $ | 1,357,526 | $ | 2,103,611 | $ | 951,176 | $ | (2,782,573 | ) | $ | 1,629,740 | |||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 241 | — | — | — | 241 | |||||||||||||||
Preferred stock | 2 | — | — | — | 2 | |||||||||||||||
Additional paid-in capital | 2,194,405 | 132,335 | 534,436 | (666,771 | ) | 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 | (233,917 | ) | 90,021 | 143,896 | 1,347,723 | ||||||||||||||
Noncontrolling interests | — | — | 29,339 | — | 29,339 | |||||||||||||||
Total stockholders’ equity | 1,347,723 | (233,917 | ) | 119,360 | 143,896 | 1,377,062 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,705,249 | $ | 1,869,694 | $ | 1,070,536 | $ | (2,638,677 | ) | $ | 3,006,802 | |||||||||
Schedule of Condensed Income Statement and Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Revenues | $ | — | $ | 60,795 | $ | 452,654 | $ | (37,837 | ) | $ | 475,612 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (181,599 | ) | (337,655 | ) | 37,837 | (481,417 | ) | ||||||||||||
Depreciation and amortization | — | (74,119 | ) | (19,663 | ) | — | (93,782 | ) | ||||||||||||
Gross (loss) profit | — | (194,923 | ) | 95,336 | — | (99,587 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (425 | ) | (36,768 | ) | (37,297 | ) | — | (74,490 | ) | |||||||||||
Depreciation, amortization and accretion | — | (4,946 | ) | (24,933 | ) | — | (29,879 | ) | ||||||||||||
Research and development | — | (526 | ) | (14,739 | ) | — | (15,265 | ) | ||||||||||||
Impairment of goodwill and other long-lived assets | — | (13,831 | ) | (217,819 | ) | — | (231,650 | ) | ||||||||||||
Operating loss | (425 | ) | (250,994 | ) | (199,452 | ) | — | (450,871 | ) | |||||||||||
Other (expense) income: | ||||||||||||||||||||
Other (expense) income | 44 | (1,853 | ) | (3,283 | ) | — | (5,092 | ) | ||||||||||||
Foreign exchange (loss) gain, net | (35,914 | ) | 5 | 32,763 | — | (3,146 | ) | |||||||||||||
Interest expense, net of capitalized interest | (152,144 | ) | (14,897 | ) | (334 | ) | — | (167,375 | ) | |||||||||||
Gain on extinguishment of convertible notes | 19,719 | — | — | — | 19,719 | |||||||||||||||
Impairment of investment | — | (12,000 | ) | — | — | (12,000 | ) | |||||||||||||
Interest income (expense) from intercompany notes | 38,525 | (2,175 | ) | (36,350 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (484,369 | ) | (12,655 | ) | — | 497,024 | — | |||||||||||||
(614,139 | ) | (43,575 | ) | (7,204 | ) | 497,024 | (167,894 | ) | ||||||||||||
Loss from continuing operations before income taxes and equity earnings | (614,564 | ) | (294,569 | ) | (206,656 | ) | 497,024 | (618,765 | ) | |||||||||||
Income tax benefit | 9,630 | — | 12,964 | — | 22,594 | |||||||||||||||
Equity in loss of affiliates | — | (21,350 | ) | (5,413 | ) | — | (26,763 | ) | ||||||||||||
Net loss | (604,934 | ) | (315,919 | ) | (199,105 | ) | 497,024 | (622,934 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | 18,000 | — | 18,000 | |||||||||||||||
Net loss attributable to Molycorp stockholders | $ | (604,934 | ) | $ | (315,919 | ) | $ | (181,105 | ) | $ | 497,024 | $ | (604,934 | ) | ||||||
Net loss | $ | (604,934 | ) | $ | (315,919 | ) | $ | (199,105 | ) | $ | 497,024 | $ | (622,934 | ) | ||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | $ | — | $ | — | $ | 4,271 | $ | — | $ | 4,271 | ||||||||||
Actuarial loss | — | — | (1,143 | ) | — | (1,143 | ) | |||||||||||||
Comprehensive loss | $ | (604,934 | ) | $ | (315,919 | ) | $ | (195,977 | ) | $ | 497,024 | $ | (619,806 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (604,934 | ) | (315,919 | ) | (177,977 | ) | 497,024 | (601,806 | ) | |||||||||||
Noncontrolling interest | — | — | (18,000 | ) | — | (18,000 | ) | |||||||||||||
$ | (604,934 | ) | $ | (315,919 | ) | $ | (195,977 | ) | $ | 497,024 | $ | (619,806 | ) | |||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Revenues | $ | — | $ | 88,266 | $ | 517,202 | $ | (51,078 | ) | $ | 554,390 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (200,650 | ) | (404,259 | ) | 51,078 | (553,831 | ) | ||||||||||||
Depreciation and amortization | — | (40,220 | ) | (27,507 | ) | — | (67,727 | ) | ||||||||||||
Gross (loss) profit | — | (152,604 | ) | 85,436 | — | (67,168 | ) | |||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | (190 | ) | (66,132 | ) | (40,847 | ) | — | (107,169 | ) | |||||||||||
Corporate development | — | (247 | ) | — | — | (247 | ) | |||||||||||||
Depreciation, amortization and accretion | — | (6,424 | ) | (31,613 | ) | — | (38,037 | ) | ||||||||||||
Research and development | — | (5,069 | ) | (18,103 | ) | — | (23,172 | ) | ||||||||||||
Impairment of goodwill and other long-lived assets | — | (14,250 | ) | (106,648 | ) | — | (120,898 | ) | ||||||||||||
Operating loss | (190 | ) | (244,726 | ) | (111,775 | ) | — | (356,691 | ) | |||||||||||
Other (expense) income: | ||||||||||||||||||||
Other income (expense) | 5 | 2,169 | (288 | ) | — | 1,886 | ||||||||||||||
Foreign exchange (loss) gain, net | (9,896 | ) | 11 | 9,509 | — | (376 | ) | |||||||||||||
Interest (expense) income, net of capitalized interest | (64,392 | ) | 3,807 | (7,099 | ) | — | (67,684 | ) | ||||||||||||
Impairment of investment at cost | — | (9,411 | ) | — | — | (9,411 | ) | |||||||||||||
Interest income (expense) from intercompany notes | 36,724 | (2,493 | ) | (34,231 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (330,604 | ) | (7,674 | ) | — | 338,278 | — | |||||||||||||
(368,163 | ) | (13,591 | ) | (32,109 | ) | 338,278 | (75,585 | ) | ||||||||||||
Loss from continuing operations before income taxes and equity earnings | (368,353 | ) | (258,317 | ) | (143,884 | ) | 338,278 | (432,276 | ) | |||||||||||
Income tax (expense) benefit | (6,030 | ) | 23,130 | 53,843 | — | 70,943 | ||||||||||||||
Equity in loss of affiliates | — | (6,529 | ) | (2,640 | ) | — | (9,169 | ) | ||||||||||||
Loss from continuing operations | (374,383 | ) | (241,716 | ) | (92,681 | ) | 338,278 | (370,502 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | — | (6,427 | ) | — | (6,427 | ) | |||||||||||||
Net loss | (374,383 | ) | (241,716 | ) | (99,108 | ) | 338,278 | (376,929 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | 2,546 | — | 2,546 | |||||||||||||||
Net loss attributable to Molycorp stockholders | $ | (374,383 | ) | $ | (241,716 | ) | $ | (96,562 | ) | $ | 338,278 | $ | (374,383 | ) | ||||||
Net loss | $ | (374,383 | ) | $ | (241,716 | ) | $ | (99,108 | ) | $ | 338,278 | $ | (376,929 | ) | ||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | $ | — | $ | — | $ | 1,623 | $ | — | $ | 1,623 | ||||||||||
Actuarial gain | — | — | 1,359 | — | 1,359 | |||||||||||||||
Comprehensive loss | $ | (374,383 | ) | $ | (241,716 | ) | $ | (96,126 | ) | $ | 338,278 | $ | (373,947 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (374,383 | ) | (241,716 | ) | (93,580 | ) | 338,278 | (371,401 | ) | |||||||||||
Noncontrolling interest | — | — | (2,546 | ) | — | (2,546 | ) | |||||||||||||
$ | (374,383 | ) | $ | (241,716 | ) | $ | (96,126 | ) | $ | 338,278 | $ | (373,947 | ) | |||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Revenues | $ | — | $ | 139,257 | $ | 413,951 | $ | (25,512 | ) | $ | 527,696 | |||||||||
Costs of sales: | ||||||||||||||||||||
Costs excluding depreciation and amortization | — | (153,461 | ) | (350,304 | ) | 25,512 | (478,253 | ) | ||||||||||||
Depreciation and amortization | — | (12,094 | ) | (18,527 | ) | — | (30,621 | ) | ||||||||||||
Gross (loss) profit | — | (26,298 | ) | 45,120 | — | 18,822 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 46 | (86,493 | ) | (26,990 | ) | — | (113,437 | ) | ||||||||||||
Corporate development | (46 | ) | (19,750 | ) | — | — | (19,796 | ) | ||||||||||||
Depreciation, amortization and accretion | — | (2,220 | ) | (19,967 | ) | — | (22,187 | ) | ||||||||||||
Research and development | — | (12,984 | ) | (14,812 | ) | — | (27,796 | ) | ||||||||||||
Impairment of goodwill and other long-lived assets | — | (5,747 | ) | (296,008 | ) | — | (301,755 | ) | ||||||||||||
Operating loss | — | (153,492 | ) | (312,657 | ) | — | (466,149 | ) | ||||||||||||
Other (expense) income: | ||||||||||||||||||||
Other expense | (37,589 | ) | (328 | ) | (881 | ) | — | (38,798 | ) | |||||||||||
Foreign exchange gain, net | — | — | 2,872 | — | 2,872 | |||||||||||||||
Interest expense, net of capitalized interest | (18,118 | ) | (3,496 | ) | (502 | ) | — | (22,116 | ) | |||||||||||
Interest income (expense) from intercompany notes | 25,157 | 3,152 | (28,309 | ) | — | — | ||||||||||||||
Equity loss from consolidated subsidiaries | (456,649 | ) | (23,205 | ) | — | 479,854 | — | |||||||||||||
(487,199 | ) | (23,877 | ) | (26,820 | ) | 479,854 | (58,042 | ) | ||||||||||||
Loss from continuing operations before income taxes and equity earnings | (487,199 | ) | (177,369 | ) | (339,477 | ) | 479,854 | (524,191 | ) | |||||||||||
Income tax benefit (expense) | 6,030 | 53,840 | (5,795 | ) | — | 54,075 | ||||||||||||||
Equity in loss of affiliates | — | (2,439 | ) | (1,051 | ) | — | (3,490 | ) | ||||||||||||
Loss from continuing operations | (481,169 | ) | (125,968 | ) | (346,323 | ) | 479,854 | (473,606 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | — | (1,737 | ) | — | (1,737 | ) | |||||||||||||
Net loss | (481,169 | ) | (125,968 | ) | (348,060 | ) | 479,854 | (475,343 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (5,826 | ) | — | (5,826 | ) | |||||||||||||
Net loss attributable to Molycorp stockholders | $ | (481,169 | ) | $ | (125,968 | ) | $ | (353,886 | ) | $ | 479,854 | $ | (481,169 | ) | ||||||
Net loss | $ | (481,169 | ) | $ | (125,968 | ) | $ | (348,060 | ) | $ | 479,854 | $ | (475,343 | ) | ||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | 248 | — | 248 | |||||||||||||||
Actuarial loss | — | — | (1,200 | ) | — | (1,200 | ) | |||||||||||||
Comprehensive loss | $ | (481,169 | ) | $ | (125,968 | ) | $ | (349,012 | ) | $ | 479,854 | $ | (476,295 | ) | ||||||
Comprehensive loss attributable to: | ||||||||||||||||||||
Molycorp stockholders | (481,169 | ) | (125,968 | ) | (354,838 | ) | 479,854 | (482,121 | ) | |||||||||||
Noncontrolling interest | — | — | 5,826 | — | 5,826 | |||||||||||||||
$ | (481,169 | ) | $ | (125,968 | ) | $ | (349,012 | ) | $ | 479,854 | $ | (476,295 | ) | |||||||
Schedule of Condensed Cash Flow Statement | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (65,618 | ) | $ | (178,939 | ) | $ | 22,353 | $ | — | $ | (222,204 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Intercompany advances made | (111,753 | ) | (2,123 | ) | (55,578 | ) | 169,454 | — | ||||||||||||
Repayments from non-guarantor | 39,662 | — | — | (39,662 | ) | — | ||||||||||||||
Loans to guarantors | — | (6,655 | ) | 6,655 | — | |||||||||||||||
Loans to non-guarantors | (4,000 | ) | (5,000 | ) | — | 9,000 | — | |||||||||||||
Investment in joint ventures | — | — | (703 | ) | — | (703 | ) | |||||||||||||
Dividends received from equity investment | — | — | 2,014 | — | 2,014 | |||||||||||||||
Capital expenditures | — | (78,557 | ) | (7,601 | ) | — | (86,158 | ) | ||||||||||||
Recovery from insurance claims | — | 12,900 | — | — | 12,900 | |||||||||||||||
Other investing activities | — | 90 | 894 | — | 984 | |||||||||||||||
Net cash used in investing activities | (76,091 | ) | (72,690 | ) | (67,629 | ) | 145,447 | (70,963 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (7,825 | ) | — | (7,825 | ) | |||||||||||||
Debt issuance costs | (4,190 | ) | (7,750 | ) | (3,320 | ) | — | (15,260 | ) | |||||||||||
Proceeds from the 2014 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 | — | — | (4,222 | ) | — | (4,222 | ) | |||||||||||||
Borrowing from non-guarantor | — | 6,655 | — | (6,655 | ) | — | ||||||||||||||
Borrowings from parent | — | — | 4,000 | (4,000 | ) | — | ||||||||||||||
Borrowings from guarantor | — | — | 5,000 | (5,000 | ) | — | ||||||||||||||
Repayments to parent | — | — | (39,662 | ) | 39,662 | — | ||||||||||||||
Intercompany advances owed | 55,578 | 111,753 | 2,123 | (169,454 | ) | — | ||||||||||||||
Net cash provided by financing activities | 71,214 | 250,491 | 16,094 | (145,447 | ) | 192,352 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (1,817 | ) | — | (1,817 | ) | |||||||||||||
Net change in cash and cash equivalents | (70,495 | ) | (1,138 | ) | (30,999 | ) | — | (102,632 | ) | |||||||||||
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 | $ | 98,650 | $ | 5,329 | $ | 107,706 | $ | — | $ | 211,685 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (39,075 | ) | $ | (133,612 | ) | $ | 18,336 | $ | — | $ | (154,351 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Loans to guarantor | — | — | (40,000 | ) | 40,000 | — | ||||||||||||||
Loans to Parent | — | — | (12,800 | ) | 12,800 | — | ||||||||||||||
Intercompany advances made | (391,560 | ) | — | — | 391,560 | — | ||||||||||||||
Loans to non-guarantor | (117,512 | ) | (1,300 | ) | — | 118,812 | — | |||||||||||||
Repayments of notes receivable from non-guarantor | 38,000 | 117,776 | — | (155,776 | ) | — | ||||||||||||||
Investment in joint ventures | — | (3,423 | ) | — | — | (3,423 | ) | |||||||||||||
Capital expenditures | — | (361,782 | ) | (17,530 | ) | — | (379,312 | ) | ||||||||||||
Other investing activities | — | 4,902 | 575 | — | 5,477 | |||||||||||||||
Net cash used in investing activities | (471,072 | ) | (243,827 | ) | (69,755 | ) | 407,396 | (377,258 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayments of debt | — | — | (26,823 | ) | — | (26,823 | ) | |||||||||||||
Net proceeds from sale of common stock | 495,717 | — | — | — | 495,717 | |||||||||||||||
Issuance of 5.50% Convertible Notes | 165,600 | — | — | — | 165,600 | |||||||||||||||
Payments of preferred dividends | (11,385 | ) | — | — | — | (11,385 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (4,546 | ) | — | (4,546 | ) | |||||||||||||
Borrowing from non-guarantor | 12,800 | 40,000 | — | (52,800 | ) | — | ||||||||||||||
Borrowings from parent | — | — | 117,512 | (117,512 | ) | — | ||||||||||||||
Borrowings from guarantor | — | — | 1,300 | (1,300 | ) | — | ||||||||||||||
Repayments to parent | — | — | (38,000 | ) | 38,000 | — | ||||||||||||||
Repayments to guarantor | — | — | (117,776 | ) | 117,776 | — | ||||||||||||||
Intercompany advances owed | — | 327,183 | 64,377 | (391,560 | ) | — | ||||||||||||||
Other financing activities | — | (1,297 | ) | — | — | (1,297 | ) | |||||||||||||
Net cash provided by financing activities | 662,732 | 365,886 | (3,956 | ) | (407,396 | ) | 617,266 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 870 | — | 870 | |||||||||||||||
Net change in cash and cash equivalents | 152,585 | (11,553 | ) | (54,505 | ) | — | 86,527 | |||||||||||||
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 | $ | 169,145 | $ | 6,467 | $ | 138,705 | $ | — | $ | 314,317 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (13,207 | ) | $ | (112,386 | ) | $ | 35,958 | $ | — | $ | (89,635 | ) | |||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash paid in connection with acquisitions, net of cash acquired | — | — | (591,011 | ) | — | (591,011 | ) | |||||||||||||
Loans to subsidiaries | (697,213 | ) | — | — | 697,213 | — | ||||||||||||||
Loans to Parent | — | (37,589 | ) | — | 37,589 | — | ||||||||||||||
Intercompany advances made | (1,009,014 | ) | — | — | 1,009,014 | — | ||||||||||||||
Repayments from subsidiaries | 101,974 | — | — | (101,974 | ) | — | ||||||||||||||
Investment in subsidiaries | (350,000 | ) | — | — | 350,000 | — | ||||||||||||||
Notes receivable to non-guarantor | — | (227,512 | ) | — | 227,512 | — | ||||||||||||||
Repayments of notes receivable from non-guarantor | — | 110,000 | — | (110,000 | ) | — | ||||||||||||||
Investment in joint ventures | — | (27,680 | ) | (5,364 | ) | — | (33,044 | ) | ||||||||||||
Capital expenditures | — | (766,951 | ) | (24,518 | ) | — | (791,469 | ) | ||||||||||||
Acquisition of exploration rights | — | — | (8,167 | ) | — | (8,167 | ) | |||||||||||||
Other investing activities | — | (3,999 | ) | 4,761 | — | 762 | ||||||||||||||
Net cash used in investing activities | (1,954,253 | ) | (953,731 | ) | (624,299 | ) | 2,109,354 | (1,422,929 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Capital contributions from stockholder | 390,093 | — | — | — | 390,093 | |||||||||||||||
Capital contributions from Parent | — | — | 350,000 | (350,000 | ) | — | ||||||||||||||
Repayments of debt | — | (870 | ) | (227,838 | ) | — | (228,708 | ) | ||||||||||||
Net proceeds from sale of common stock | 132,130 | — | — | — | 132,130 | |||||||||||||||
Issuance of 10% Senior Secured Notes | 635,373 | — | — | — | 635,373 | |||||||||||||||
Issuance of 6.00% Convertible Notes | 395,712 | — | — | — | 395,712 | |||||||||||||||
Payments of preferred dividends | (11,385 | ) | — | — | — | (11,385 | ) | |||||||||||||
Dividend paid to noncontrolling interests | — | — | (5,977 | ) | — | (5,977 | ) | |||||||||||||
Proceeds from debt | — | — | 14,699 | — | 14,699 | |||||||||||||||
Borrowings from parent | — | 227,512 | 469,701 | (697,213 | ) | — | ||||||||||||||
Repayments of borrowings to parent | — | (34,327 | ) | (67,647 | ) | 101,974 | — | |||||||||||||
Borrowing from guarantor | 37,589 | — | 227,512 | (265,101 | ) | — | ||||||||||||||
Repayments of borrowings to guarantor | — | — | (110,000 | ) | 110,000 | — | ||||||||||||||
Intercompany advances owed | — | 881,179 | 127,835 | (1,009,014 | ) | — | ||||||||||||||
Other financing activities | (2,938 | ) | (115 | ) | 1,499 | — | (1,554 | ) | ||||||||||||
Net cash provided by financing activities | 1,576,574 | 1,073,379 | 779,784 | (2,109,354 | ) | 1,320,383 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | 1,116 | — | 1,116 | |||||||||||||||
Net change in cash and cash equivalents | (390,886 | ) | 7,262 | 192,559 | — | (191,065 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | 407,446 | 10,758 | 651 | — | 418,855 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 16,560 | $ | 18,020 | $ | 193,210 | $ | — | $ | 227,790 | ||||||||||
Schedule of Out-of-Period Adjustments | The out-of-period adjustment had the following impact on the consolidated balance sheet and the consolidated statement of operations and comprehensive loss in 2014: | |||||||||||||||||||
Increase to balance sheet captions: | (In thousands) | |||||||||||||||||||
Other current assets | $ | 91 | ||||||||||||||||||
Inventory | 2,339 | |||||||||||||||||||
Property, plant and equipment | 7,742 | |||||||||||||||||||
Other non-current assets | 275 | |||||||||||||||||||
Other current liabilities | 8 | |||||||||||||||||||
Accumulated other comprehensive income | 14,281 | |||||||||||||||||||
Increase (decrease) to statements of operations and comprehensive loss captions: | ||||||||||||||||||||
Revenues | $ | 270 | ||||||||||||||||||
Costs of sales | 5,745 | |||||||||||||||||||
Foreign exchange gain | 1,633 | |||||||||||||||||||
Net loss | 3,842 | |||||||||||||||||||
Foreign currency translation adjustments | (14,281 | ) | ||||||||||||||||||
Comprehensive loss | (10,439 | ) | ||||||||||||||||||
The changes in the presentation of the Condensed Consolidating Balance Sheets at December 31, 2013 and the Condensed Consolidating Statements of Cash Flows for the year ended December 31, 2012 are as follows: | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | At December 31, 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Parent | As reported | Adjustment | Revised | |||||||||||||||||
Investments in consolidated subsidiaries | $ | 532,767 | $ | (532,767 | ) | $ | — | |||||||||||||
Intercompany accounts receivable | 2,001,583 | 532,767 | 2,534,350 | |||||||||||||||||
Guarantor Subsidiaries | — | |||||||||||||||||||
Investments in consolidated subsidiaries | $ | 121,849 | $ | (17,522 | ) | $ | 104,327 | |||||||||||||
Additional paid-in capital | 149,857 | (17,522 | ) | 132,335 | ||||||||||||||||
Non-Guarantor Subsidiaries | — | |||||||||||||||||||
Intercompany accounts payable | $ | 2,021 | $ | 780,990 | $ | 783,011 | ||||||||||||||
Additional paid-in capital | 1,315,426 | (780,990 | ) | 534,436 | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows | At December 31, 2012 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Parent | As reported | Adjustment | Revised | |||||||||||||||||
Loans to subsidiaries | $ | (683,063 | ) | $ | (14,150 | ) | $ | (697,213 | ) | |||||||||||
Repayments from subsidiaries | 87,824 | 14,150 | 101,974 | |||||||||||||||||
Non-Guarantor Subsidiaries | — | |||||||||||||||||||
Borrowing from parent | $ | 455,551 | $ | 14,150 | $ | 469,701 | ||||||||||||||
Repayments of borrowings to parent | (53,497 | ) | (14,150 | ) | (67,647 | ) |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table summarizes the operating results of the Napanee facility included in discontinued operations for the years ended December 31, 2013 and 2012: | |||||||
December 31, | June 12 -December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Revenues | $ | 2,091 | $ | 1,214 | ||||
Costs of sales | (3,834 | ) | (2,691 | ) | ||||
Selling, general and administrative expenses | (351 | ) | (232 | ) | ||||
Depreciation | (28 | ) | (28 | ) | ||||
Operating loss | (2,122 | ) | (1,737 | ) | ||||
Impairment loss | (4,305 | ) | — | |||||
Income tax | — | — | ||||||
Net loss | $ | (6,427 | ) | $ | (1,737 | ) |
Unaudited_Supplementary_Data_T
Unaudited Supplementary Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following is a summary of the selected quarterly financial information (unaudited): | |||||||||||||||
2014 | ||||||||||||||||
Quarter ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues | $ | 118,526 | $ | 116,907 | $ | 123,937 | $ | 116,242 | ||||||||
Gross loss | (23,094 | ) | (16,571 | ) | (15,078 | ) | (44,844 | ) | ||||||||
Loss from continuing operations before income taxes and equity earnings (a) | (86,182 | ) | (89,724 | ) | (99,484 | ) | (343,375 | ) | ||||||||
Net loss | (85,998 | ) | (83,850 | ) | (105,148 | ) | (347,938 | ) | ||||||||
Net loss attributable to Molycorp stockholders (b) | (86,061 | ) | (83,899 | ) | (105,179 | ) | (329,795 | ) | ||||||||
Loss per share of common stock from continuing operations: (c) | ||||||||||||||||
Basic | (0.40 | ) | (0.37 | ) | (0.47 | ) | (1.43 | ) | ||||||||
Diluted | (0.40 | ) | (0.37 | ) | (0.47 | ) | (1.43 | ) | ||||||||
2013 | ||||||||||||||||
Quarter ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues | $ | 145,398 | $ | 136,112 | $ | 149,066 | $ | 123,814 | ||||||||
Gross loss | (4,305 | ) | (18,036 | ) | (17,778 | ) | (27,049 | ) | ||||||||
Loss from continuing operations before income taxes and equity earnings (d) | (57,249 | ) | (70,254 | ) | (76,181 | ) | (228,592 | ) | ||||||||
Net loss | (38,153 | ) | (70,689 | ) | (69,799 | ) | (198,288 | ) | ||||||||
Net loss attributable to Molycorp stockholders | (38,971 | ) | (71,175 | ) | (69,929 | ) | (194,308 | ) | ||||||||
Loss per share of common stock from continuing operations: (c) | ||||||||||||||||
Basic | (0.27 | ) | (0.44 | ) | (0.43 | ) | (0.95 | ) | ||||||||
Diluted | (0.27 | ) | (0.44 | ) | (0.43 | ) | (0.95 | ) | ||||||||
(a) | Includes the following adjustments: | |||||||||||||||
i. | Second quarter out-of-period adjustment of $4.9 million (see Note 16); | |||||||||||||||
ii. | Third quarter impairment charge of $12.0 million (see Note 10); | |||||||||||||||
iii. | Fourth quarter out-of-period adjustment of $3.8 million (see Note 3); | |||||||||||||||
iv. | Fourth quarter impairment charges for: goodwill, $125.9 million; customer relationships, $90.9 million; long-lived tangible assets, 14.4 million; net gain on extinguishment of convertible notes, $19.7 million (see Notes 7, 9 and 14, respectively). | |||||||||||||||
(b) | Includes charges for equity method investments write-off totaling $19.7 million (see Note 10). | |||||||||||||||
(c) | The sum of the quarterly loss per share may be different than the per share amount for the year as the calculation for each quarter is based on the weighted average shares outstanding for that period. | |||||||||||||||
(d) | Includes the following impairment charges in the fourth quarter: goodwill, $11.0 million; rare earths quotas, $67.2 million; patents, $10.2 million; exploration rights, $16.2 million; cost method investments, $9.4 million; and long-lived tangible assets, $16.3 million (see Notes 7, 9 and 10). |
Going_Concern_Details
Going Concern (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Nov. 30, 2014 | Aug. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 11, 2014 | Dec. 31, 2011 | Dec. 30, 2014 | Jun. 15, 2011 | Jan. 30, 2013 | Aug. 22, 2012 | |
Capital Expenditures [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $1,700,000,000 | $1,700,000,000 | ||||||||||
Interest Paid | 124,000,000 | |||||||||||
Cash and cash equivalents | 211,685,000 | 211,685,000 | 314,317,000 | 227,790,000 | 418,855,000 | |||||||
Debt and Lease Financing Commitment Capacity | 400,000,000 | |||||||||||
Proceeds from issuance of secured debt | 250,000,000 | 0 | 0 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 15,100,000 | 15,056,603 | ||||||||||
Molycorp Mountain Pass facility | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Expected capital expenditures in 2015 | 45,000,000 | 45,000,000 | ||||||||||
Expected capital expenditures in 2016 | 65,000,000 | 65,000,000 | ||||||||||
Expansion Capital Expenditures | Minimum | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Expected capital expenditures in 2015 | 15,000,000 | 15,000,000 | ||||||||||
Expansion Capital Expenditures | Maximum | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Expected capital expenditures in 2015 | 20,000,000 | 20,000,000 | ||||||||||
Convertible Debt | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Debt Instrument, Obligation to Offer to Repurchase If Contingencies Are Not Met, Equal to Percent of Aggregate Principal Plus Accrued and Unpaid Interest | 100.00% | |||||||||||
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 230,000,000 | |||||||||||
Long-term Debt, Gross | 206,505,000 | 206,505,000 | 230,000,000 | |||||||||
Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | 3.25% | ||||||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 11,000,000 | 11,000,000 | 150,000,000 | |||||||||
Long-term Debt, Gross | 161,500,000 | 161,500,000 | 172,500,000 | |||||||||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,358,490 | |||||||||||
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 27,000,000 | 27,000,000 | 360,000,000 | |||||||||
Long-term Debt, Gross | 383,000,000 | 383,000,000 | 414,000,000 | |||||||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 10,698,113 | |||||||||||
Secured Debt | 12% Term Loans and 12% Equipment Financing | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Proceeds from issuance of secured debt | 250,000,000 | |||||||||||
Debt and Lease Financing Commitment Capacity, Availability Contingent Upon Achieving Performance Targets | 134,800,000 | |||||||||||
Unused borrowing capacity, amount | 149,800,000 | |||||||||||
Secured Debt | Magnequench Term Loan | ||||||||||||
Capital Expenditures [Line Items] | ||||||||||||
Proceeds from issuance of secured debt | 60,000,000 | |||||||||||
Debt and Lease Financing Commitment Capacity, Availability Contingent Upon Achieving Performance Targets | 5,000,000 | |||||||||||
Unused borrowing capacity, amount | $15,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Allowance for doubtful accounts | $2,600,000 | $2,600,000 |
Revenues | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 270,000 | |
Costs of sales | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 5,745,000 | |
Foreign exchange gain | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 1,633,000 | |
Net loss | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 3,842,000 | |
Foreign currency translation adjustments | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | -14,281,000 | |
Comprehensive loss | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | -10,439,000 | |
Other current assets | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 91,000 | |
Inventory | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 2,339,000 | |
Property, plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 7,742,000 | |
Other non-current assets | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 275,000 | |
Other current liabilities | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 8,000 | |
Accumulated other comprehensive income | ||
Property, Plant and Equipment [Line Items] | ||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | $14,281,000 | |
Chinese Land Use Rights | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 50 years | |
Minimum | Customer relationships | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 2 years | |
Minimum | Patents | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 2 years | |
Minimum | Trade names | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 2 years | |
Maximum | Customer relationships | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 16 years | |
Maximum | Patents | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 16 years | |
Maximum | Trade names | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset useful life | 16 years |
Segment_Information_Revenues_E
Segment Information - Revenues, Expenses and Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Information | |||||||||||
Number of segments | 4 | ||||||||||
Revenues: | |||||||||||
Revenues | $475,612 | $554,390 | $527,696 | ||||||||
Total revenues | 116,242 | 123,937 | 116,907 | 118,526 | 123,814 | 149,066 | 136,112 | 145,398 | 475,612 | 554,390 | 527,696 |
Operating loss | -450,871 | -356,691 | -466,149 | ||||||||
Other expense | -5,092 | 1,886 | -38,798 | ||||||||
Foreign exchange (loss) gain, net | -3,146 | -376 | 2,872 | ||||||||
Interest expense, net of capitalized interest | -167,375 | -67,684 | -22,116 | ||||||||
Gain on extinguishment of convertible notes, net | 19,719 | 19,719 | 0 | 0 | |||||||
Impairment of investment at cost | -9,400 | -12,000 | -9,411 | 0 | |||||||
Loss from continuing operations before income taxes and equity earnings | -343,375 | -99,484 | -89,724 | -86,182 | -228,592 | -76,181 | -70,254 | -57,249 | -618,765 | -432,276 | -524,191 |
Total assets | 2,575,986 | 3,006,802 | 2,575,986 | 3,006,802 | |||||||
Capital expenditures | 57,454 | 249,487 | 843,061 | ||||||||
Resources | |||||||||||
Revenues: | |||||||||||
Revenues | 14,097 | 33,621 | 88,870 | ||||||||
Total revenues | 48,190 | 59,661 | 96,126 | ||||||||
Depreciation, amortization and accretion | -78,739 | -46,318 | -13,991 | ||||||||
Operating loss | -224,896 | -223,702 | -70,220 | ||||||||
Total assets | 1,593,105 | 1,791,421 | 1,593,105 | 1,791,421 | |||||||
Capital expenditures | 49,364 | 231,027 | 814,054 | ||||||||
Chemicals and Oxides | |||||||||||
Revenues: | |||||||||||
Revenues | 159,365 | 181,815 | 181,849 | ||||||||
Total revenues | 181,421 | 219,071 | 207,566 | ||||||||
Depreciation, amortization and accretion | -17,401 | -22,754 | -13,110 | ||||||||
Operating loss | -219,989 | -87,889 | -191,059 | ||||||||
Total assets | 248,040 | 485,642 | 248,040 | 485,642 | |||||||
Capital expenditures | 3,907 | 6,961 | 10,910 | ||||||||
Magnetic Materials and Alloys | |||||||||||
Revenues: | |||||||||||
Revenues | 222,795 | 252,713 | 179,335 | ||||||||
Total revenues | 230,386 | 252,713 | 179,335 | ||||||||
Depreciation, amortization and accretion | -16,956 | -27,812 | -19,737 | ||||||||
Operating loss | 36,010 | 23,087 | -125,543 | ||||||||
Total assets | 618,314 | 590,516 | 618,314 | 590,516 | |||||||
Capital expenditures | 2,120 | 3,700 | 5,614 | ||||||||
Rare Metals | |||||||||||
Revenues: | |||||||||||
Revenues | 79,355 | 86,241 | 77,642 | ||||||||
Total revenues | 79,355 | 86,241 | 77,642 | ||||||||
Depreciation, amortization and accretion | -10,343 | -8,652 | -5,837 | ||||||||
Operating loss | -10,785 | -21,108 | -18,671 | ||||||||
Total assets | 105,826 | 82,538 | 105,826 | 82,538 | |||||||
Capital expenditures | 2,063 | 7,549 | 10,750 | ||||||||
Corporate and other | |||||||||||
Revenues: | |||||||||||
Operating loss | -33,195 | -46,126 | -85,459 | ||||||||
Total assets | 1,385,265 | 1,547,267 | 1,385,265 | 1,547,267 | |||||||
Capital expenditures | 0 | 250 | 1,733 | ||||||||
Intersegment Eliminations | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Total revenues | -63,740 | -63,296 | -32,973 | ||||||||
Operating loss | 1,984 | -953 | 24,803 | ||||||||
Total assets | -1,374,564 | -1,490,582 | -1,374,564 | -1,490,582 | |||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Resources | |||||||||||
Revenues: | |||||||||||
Revenues | 34,093 | 26,040 | 7,256 | ||||||||
Intersegment Eliminations | Chemicals and Oxides | |||||||||||
Revenues: | |||||||||||
Revenues | 22,056 | 37,256 | 25,717 | ||||||||
Intersegment Eliminations | Magnetic Materials and Alloys | |||||||||||
Revenues: | |||||||||||
Revenues | 7,591 | 0 | 0 | ||||||||
Intersegment Eliminations | Rare Metals | |||||||||||
Revenues: | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Intersegment Eliminations | |||||||||||
Revenues: | |||||||||||
Revenues | -63,740 | -63,296 | -32,973 | ||||||||
Operating Segments | Resources | |||||||||||
Revenues: | |||||||||||
OIBDA | -146,157 | -177,384 | -56,229 | ||||||||
Operating Segments | Chemicals and Oxides | |||||||||||
Revenues: | |||||||||||
OIBDA | -202,588 | -65,135 | -177,949 | ||||||||
Operating Segments | Magnetic Materials and Alloys | |||||||||||
Revenues: | |||||||||||
OIBDA | 52,966 | 50,899 | -105,806 | ||||||||
Operating Segments | Rare Metals | |||||||||||
Revenues: | |||||||||||
OIBDA | ($442) | ($12,456) | ($12,834) |
Segment_Information_Geography_
Segment Information - Geography (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $475,612 | $554,390 | $527,696 |
Long-lived assets | 1,707,970 | 1,762,874 | |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 162,980 | 199,021 | 118,086 |
Long-lived assets | 49,930 | 53,131 | |
Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 100,468 | 99,952 | 160,942 |
Thailand | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 19,585 | 17,129 | 7,674 |
Long-lived assets | 5,457 | 6,213 | |
Hong Kong | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 8,815 | 4,793 |
South Korea | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 14,451 | 12,418 | 3,828 |
Singapore | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 150 | 54 | 212 |
North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 89,769 | 92,066 | 103,555 |
Long-lived assets | 1,582,291 | 1,627,892 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 86,285 | 113,549 | 117,907 |
Long-lived assets | 68,212 | 73,674 | |
Other Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 2,080 | 1,913 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 1,924 | 11,386 | 10,699 |
Long-lived assets | $0 | $51 |
Inventory_Current_and_LongTerm
Inventory - Current and Long-Term (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current: | ||
Concentrate stockpiles | $0 | $24 |
Raw materials | 47,796 | 42,627 |
Work in process | 24,901 | 41,962 |
Finished goods | 67,795 | 65,662 |
Materials and supplies | 28,831 | 21,508 |
Total current | 169,323 | 171,783 |
Long-term: | ||
Concentrate stockpiles | 0 | 4 |
Raw materials | 25,127 | 25,325 |
Total long-term | $25,127 | $25,329 |
Inventory_Schedule_of_Charges_
Inventory - Schedule of Charges to Cost of Sales (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | |||
Abnormal production costs expensed in the period | $93,917 | $88,070 | $11,982 |
Write-downs of stockpile inventory | 178,331 | 188,416 | 95,021 |
Rare earth metals | |||
Inventory [Line Items] | |||
Write-down to the lower of cost or market | 84,414 | 100,346 | 80,939 |
Stockpile | |||
Inventory [Line Items] | |||
Write-down to the lower of cost or market | $0 | $0 | $2,100 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ||
Deposits | $31,078 | $25,997 |
Construction insurance program | 2,710 | 1,504 |
Collateral placed against the surety bonds issued to California state and regional agencies for the closure and reclamation obligations at the Mountain Pass facility, and other deposits | 7,756 | 3,881 |
Kern River Gas Transmission Company | ||
Deposits [Line Items] | ||
Escrow arrangement with Kern River Gas Transmission Company (Kern River) | $20,612 | $20,612 |
Property_Plant_and_Equipment_n2
Property, Plant and Equipment, net - Schedule of Depreciation and Totals (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | $1,900,310 | $1,865,552 |
Less accumulated depreciation | -192,340 | -102,678 |
Property, plant and equipment, net | 1,707,970 | 1,762,874 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 13,121 | 12,822 |
Land improvements (15 to 30 years) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 305,119 | 327,029 |
Land improvements (15 to 30 years) | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Land improvements (15 to 30 years) | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Buildings and improvements (4 to 40 years) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 811,418 | 418,510 |
Buildings and improvements (4 to 40 years) | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 4 years | |
Buildings and improvements (4 to 40 years) | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Plant and equipment (2 to 15 years) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 623,453 | 288,603 |
Plant and equipment (2 to 15 years) | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Plant and equipment (2 to 15 years) | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Vehicles (7 years) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 2,884 | 2,986 |
Property, Plant and Equipment, Useful Life | 7 years | |
Computer software (5 years) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 12,268 | 12,424 |
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and fixtures (5 years) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 1,039 | 1,044 |
Property, Plant and Equipment, Useful Life | 5 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | 80,699 | 755,107 |
Natural gas delivery facility under capital lease (10 years) | ||
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Gross | 15,658 | 15,658 |
Property, Plant and Equipment, Useful Life | 10 years | |
Mining equipment under capital lease (7 years) | ||
Property, Plant and Equipment [Line Items] | ||
Capital Leased Assets, Gross | 10,982 | 7,370 |
Property, Plant and Equipment, Useful Life | 7 years | |
Mineral properties (Note 8) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment at cost | $23,669 | $23,999 |
Property_Plant_and_Equipment_n3
Property, Plant and Equipment, net - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Additions | $57,454,000 | $249,487,000 | $843,061,000 |
Property, Plant and Equipment, Additions, Gross of Capitalized Interest | 320,700,000 | 902,300,000 | |
Interest Costs Capitalized | 71,200,000 | 59,300,000 | |
Depreciation | 97,800,000 | 60,300,000 | 20,900,000 |
Tangible Asset Impairment Charges | 14,400,000 | 16,300,000 | 5,900,000 |
Recovery from insurance claims | 12,900,000 | 0 | 0 |
Molycorp Mountain Pass facility | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | 13,600,000 | 14,200,000 | 3,800,000 |
Assets Held under Capital Leases | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $2,800,000 | $2,300,000 | $900,000 |
Mineral_Properties_Narrative_D
Mineral Properties - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | $1,900,310,000 | $1,865,552,000 | $1,865,552,000 | ||
Payments to acquire exploration rights | 0 | 0 | 8,167,000 | ||
Tangible Asset Impairment Charges | 14,400,000 | 16,300,000 | 5,900,000 | ||
Exploration rights | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment at cost | 16,200,000 | 16,200,000 | |||
Issuance of shares for investment in mining property | 788,410 | ||||
Sale of stock, price per share | $10.15 | $10.15 | |||
Payments to acquire exploration rights | 8,200,000 | ||||
Tangible Asset Impairment Charges | $16,200,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill [Line Items] | ||||||
Impairment | ($125,900,000) | ($125,942,000) | ($10,992,000) | ($289,894,000) | ||
Goodwill, impairment loss from initial purchase price allocation | 258,300,000 | |||||
Amortization expense | 23,904,000 | 43,556,000 | 28,600,000 | |||
Customer relationships | ||||||
Goodwill [Line Items] | ||||||
Amortization expense | 23,019,000 | 22,145,000 | ||||
Rare earths quotas | ||||||
Goodwill [Line Items] | ||||||
Amortization expense | 0 | 7,018,000 | ||||
Patents | ||||||
Goodwill [Line Items] | ||||||
Amortization expense | 125,000 | 13,554,000 | ||||
Trade names | ||||||
Goodwill [Line Items] | ||||||
Intangible assets not subject to amortization | 14,800,000 | 14,800,000 | ||||
Molycorp Canada | ||||||
Goodwill [Line Items] | ||||||
Impairment | -287,900,000 | |||||
Goodwill, additional impairment loss from final purchase price allocation | 31,600,000 | 31,600,000 | ||||
Chemicals and Oxides | ||||||
Goodwill [Line Items] | ||||||
Impairment | -125,229,000 | 0 | -161,132,000 | |||
Chemicals and Oxides | Rare earths quotas | ||||||
Goodwill [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 67,200,000 | |||||
Rare Metals | ||||||
Goodwill [Line Items] | ||||||
Impairment | -700,000 | -10,992,000 | -16,068,000 | -11,000,000 | ||
Chemicals and Oxides and Rare Metals | Customer relationships | ||||||
Goodwill [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 90,900,000 | |||||
Magnetic Materials and Alloys | ||||||
Goodwill [Line Items] | ||||||
Impairment | 0 | 0 | -112,694,000 | |||
Goodwill, Fair Value excess over Carrying Value, Percent | 10.00% | 10.00% | ||||
Magnetic Materials and Alloys | Patents | ||||||
Goodwill [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 10,200,000 | 6,000,000 | ||||
Fair Value, Inputs, Level 3 | Income Approach Valuation Technique | ||||||
Goodwill [Line Items] | ||||||
fair value input, customer attrition | 13.00% | |||||
Noncontrolling interests | ||||||
Goodwill [Line Items] | ||||||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | $10,300,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Goodwill Roll Forward (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Goodwill [Roll Forward] | |||||
Beginning of period | $228,750 | $239,742 | $3,432 | ||
Goodwill acquired | 526,204 | ||||
Impairment | -125,900 | -125,942 | -10,992 | -289,894 | |
End of period | 102,808 | 102,808 | 228,750 | 239,742 | 228,750 |
Chemicals and Oxides | |||||
Goodwill [Roll Forward] | |||||
Beginning of period | 125,229 | 125,229 | 728 | ||
Goodwill acquired | 285,633 | ||||
Impairment | -125,229 | 0 | -161,132 | ||
End of period | 0 | 0 | 125,229 | 125,229 | 125,229 |
Magnetic Materials and Alloys | |||||
Goodwill [Roll Forward] | |||||
Beginning of period | 102,808 | 102,808 | 1,977 | ||
Goodwill acquired | 213,525 | ||||
Impairment | 0 | 0 | -112,694 | ||
End of period | 102,808 | 102,808 | 102,808 | 102,808 | 102,808 |
Rare Metals | |||||
Goodwill [Roll Forward] | |||||
Beginning of period | 713 | 11,705 | 727 | ||
Goodwill acquired | 27,046 | ||||
Impairment | -700 | -10,992 | -16,068 | -11,000 | |
End of period | $0 | $0 | $713 | $11,705 | $713 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Roll Forward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gross carrying amount | |||
At period start | $368,306 | $479,900 | |
Additions | 37 | 48 | |
Foreign currency translation adjustment | 177 | -242 | |
Impairment | -121,425 | -111,400 | |
At period end | 247,095 | 368,306 | 479,900 |
Accumulated Amortization | |||
At period start | 37,439 | 28,962 | |
Amortization | 23,904 | 43,556 | 28,600 |
Adjustments | -1,134 | ||
Impairment | -30,119 | -33,945 | |
At period end | 31,224 | 37,439 | 28,962 |
Net book value | 215,871 | 330,867 | |
Customer relationships | |||
Gross carrying amount | |||
At period start | 344,580 | 344,774 | |
Additions | 0 | 48 | |
Foreign currency translation adjustment | 177 | -242 | |
Impairment | -121,057 | 0 | |
At period end | 223,700 | 344,580 | |
Accumulated Amortization | |||
At period start | 35,980 | 14,095 | |
Amortization | 23,019 | 22,145 | |
Adjustments | -260 | ||
Impairment | -30,119 | 0 | |
At period end | 28,880 | 35,980 | |
Net book value | 194,820 | 308,600 | |
Rare earths quotas | |||
Gross carrying amount | |||
At period start | 0 | 78,300 | |
Additions | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Impairment | 0 | -78,300 | |
At period end | 0 | 0 | |
Accumulated Amortization | |||
At period start | 0 | 4,035 | |
Amortization | 0 | 7,018 | |
Adjustments | 0 | ||
Impairment | 0 | -11,053 | |
At period end | 0 | 0 | |
Net book value | 0 | 0 | |
Patents | |||
Gross carrying amount | |||
At period start | 152 | 33,252 | |
Additions | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Impairment | 0 | -33,100 | |
At period end | 152 | 152 | |
Accumulated Amortization | |||
At period start | 27 | 9,365 | |
Amortization | 125 | 13,554 | |
Adjustments | 0 | ||
Impairment | 0 | -22,892 | |
At period end | 152 | 27 | |
Net book value | 0 | 125 | |
Trade names | |||
Gross carrying amount | |||
At period start | 15,586 | 15,586 | |
Additions | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Impairment | 0 | 0 | |
At period end | 15,586 | 15,586 | |
Accumulated Amortization | |||
At period start | 343 | 1,152 | |
Amortization | 66 | 65 | |
Adjustments | -874 | ||
Impairment | 0 | 0 | |
At period end | 409 | 343 | |
Net book value | 15,177 | 15,243 | |
Land use rights | |||
Gross carrying amount | |||
At period start | 3,568 | 3,568 | |
Additions | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Impairment | -368 | 0 | |
At period end | 3,200 | 3,568 | |
Accumulated Amortization | |||
At period start | 227 | 66 | |
Amortization | 77 | 161 | |
Adjustments | 0 | ||
Impairment | 0 | 0 | |
At period end | 304 | 227 | |
Net book value | 2,896 | 3,341 | |
Other | |||
Gross carrying amount | |||
At period start | 4,420 | 4,420 | |
Additions | 37 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Impairment | 0 | 0 | |
At period end | 4,457 | 4,420 | |
Accumulated Amortization | |||
At period start | 862 | 249 | |
Amortization | 617 | 613 | |
Adjustments | 0 | ||
Impairment | 0 | 0 | |
At period end | 1,479 | 862 | |
Net book value | $2,978 | $3,558 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Schedule (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $16,441 |
2016 | 16,441 |
2017 | 16,441 |
2018 | 16,277 |
2019 | 16,277 |
Thereafter | $119,194 |
Investments_Reconciliation_of_
Investments - Reconciliation of Carrying Value of Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity and Cost Method Investment [Roll Forward] | ||||||
Impairment | ($9,400) | ($12,000) | ($9,411) | $0 | ||
Beginning of period | 0 | |||||
Additions | 703 | 3,419 | ||||
Equity (loss) income | -26,763 | -9,169 | -3,490 | |||
Dividends | -2,014 | 0 | 0 | |||
Impairment | -19,700 | |||||
Income (Loss) from Equity Method Investments, excluding other-than-temporary impairment | -7,069 | |||||
End of period | 0 | 0 | 0 | |||
Beginning of period | 48,875 | 64,036 | ||||
Impairment | -31,694 | -9,411 | ||||
End of period | 48,875 | 8,801 | 48,875 | 64,036 | ||
Boulder Wind Power, Inc. | ||||||
Equity and Cost Method Investment [Roll Forward] | ||||||
Beginning of period | 12,000 | 20,000 | ||||
Additions | 20,000 | |||||
Impairment | -12,000 | -8,000 | ||||
End of period | 12,000 | 0 | 12,000 | |||
Intermetallics Japan Joint Venture (IMJ) | ||||||
Equity and Cost Method Investment [Roll Forward] | ||||||
Beginning of period | 22,083 | 25,193 | ||||
Additions | 3,419 | |||||
Equity (loss) income | -6,541 | -6,529 | ||||
Adjustment to investments classification | 51 | |||||
Impairment | -14,808 | |||||
End of period | 22,083 | 785 | 22,083 | |||
Keli | ||||||
Equity and Cost Method Investment [Roll Forward] | ||||||
Beginning of period | 8,400 | 11,000 | ||||
Equity (loss) income | -635 | -2,600 | ||||
Dividends | -2,014 | |||||
Adjustment to investments classification | -1,240 | |||||
End of period | 8,400 | 4,511 | 8,400 | |||
Ingal Stade | ||||||
Equity and Cost Method Investment [Roll Forward] | ||||||
Beginning of period | 4,975 | 5,015 | ||||
Equity (loss) income | -51 | -40 | ||||
Adjustment to investments classification | -38 | |||||
Impairment | -4,886 | |||||
End of period | 4,975 | 0 | 4,975 | |||
Other investments | ||||||
Equity and Cost Method Investment [Roll Forward] | ||||||
Beginning of period | 1,417 | 2,828 | ||||
Additions | 703 | |||||
Impairment | -1,411 | [1] | ||||
End of period | 1,417 | 3,505 | 1,417 | |||
Adjustment to investments classification | 1,227 | |||||
Equity (loss) income | $158 | |||||
[1] | The impairment charge in 2013 relates to the disposal of the equity interest in Atlantic Metals & Alloys, LLC. |
Investments_Narrative_Details
Investments - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Nov. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 28, 2011 | Jun. 12, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Impairment of investments | $9,400,000 | $12,000,000 | $9,411,000 | $0 | |||||||
Contributions to complete acquisition | 703,000 | 3,419,000 | |||||||||
Boulder Wind Power, Inc. | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in Boulder Wind Power's Series B convertible preferred stock | 20,000,000 | ||||||||||
Impairment of investments | 12,000,000 | 8,000,000 | |||||||||
Boulder Wind Power, Inc. | Other Nonoperating Income (Expense) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Impairment of investments | 8,000,000 | 12,000,000 | |||||||||
Intermetallics Japan | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Contributions to complete acquisition | 31,000,000 | ||||||||||
Intermetallics Japan | Daido | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Capital contribution ratio (as a percent) | 35.50% | ||||||||||
Intermetallics Japan | Mitsubishi | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Capital contribution ratio (as a percent) | 34.50% | ||||||||||
Intermetallics Japan | Molycorp | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Capital contribution ratio (as a percent) | 30.00% | ||||||||||
Intermetallics Japan Joint Venture (IMJ) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Contributions to complete acquisition | 3,419,000 | ||||||||||
Proceeds from Sale of Equity Method Investments | 1,000,000 | ||||||||||
Intermetallics Japan Joint Venture (IMJ) | Other Nonoperating Income (Expense) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gain (Loss) on Sale of Equity Investments | -14,800,000 | ||||||||||
Keli | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Capital contribution ratio (as a percent) | 25.00% | ||||||||||
Fair Value of the Equity Investment of a Business Acquisition | 12,200,000 | ||||||||||
Ingal Stade | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Capital contribution ratio (as a percent) | 50.00% | ||||||||||
Fair Value of the Equity Investment of a Business Acquisition | 4,900,000 | ||||||||||
Ingal Stade | Other Nonoperating Income (Expense) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gain (Loss) on Sale of Equity Investments | -4,900,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | ($3,300,000) |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 11, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 11, 2012 | Jun. 11, 2012 | Jun. 11, 2012 | Jun. 11, 2012 | Jun. 11, 2012 | Dec. 31, 2012 | Jun. 11, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | JAMR | JAMR | JAMR | Molycorp | MCP Exchangeco Inc. | Molycorp Canada | Molycorp Canada | Molycorp Canada | Molycorp Canada | Molycorp Canada | Molycorp Canada | Molycorp Canada | Molycorp Canada | Scenario, Previously Reported | Scenario, Previously Reported | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Molycorp | Molycorp | MCP Exchangeco Inc. | MCP Exchangeco Inc. | Molycorp Canada | Molycorp Canada | |||||||||
USD ($) | USD ($) | ||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Total purchase consideration | $1,192,325,000 | $1,192,325,000 | |||||||||||||||||||
Cash consideration paid for Molycorp Canada (in CAD per share) | 11.3 | ||||||||||||||||||||
Share consideration paid for Molycorp Canada (in shares) | 0.4242 | 0.4242 | |||||||||||||||||||
Cash consideration | 908,181,000 | ||||||||||||||||||||
Notional amount of derivatives | 870,000,000 | ||||||||||||||||||||
Common stock issued to acquire the entity (in shares) | 13,545,426 | 507,203 | 13,545,426 | 507,203 | |||||||||||||||||
Fair value of Molycorp common stock issued | 284,100,000 | 284,144,000 | |||||||||||||||||||
Goodwill, additional impairment loss from final purchase price allocation | 31,600,000 | 31,600,000 | |||||||||||||||||||
Impairment of goodwill and other intangible assets | 125,900,000 | 125,942,000 | 10,992,000 | 289,894,000 | 287,900,000 | ||||||||||||||||
Finite-Lived Assets, Useful Life, Minimum | 2 years | ||||||||||||||||||||
Finite-Lived Assets, Useful Life, Maximum | 30 years | ||||||||||||||||||||
Direct Transaction Expenses Excluded from Nonrecurring Expense | 115,200,000 | ||||||||||||||||||||
Additional equity acquired | 5.00% | ||||||||||||||||||||
Equity interest, total | 95.00% | ||||||||||||||||||||
Additional equity interest, purchase price | 15,000,000 | ||||||||||||||||||||
Purchase of equity interest, cash portion | 5,400,000 | 9,600,000 | |||||||||||||||||||
Purchase of equity interest, cash portion of accrued interest | $200,000 |
Acquisitions_Schedule_Details
Acquisitions - Schedule (Details) (USD $) | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 11, 2012 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||
Fair value of Molycorp common stock and Exchangeable Shares issued | $284,100 | ||||
Molycorp Canada | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||
Cash and cash equivalents | 0 | ||||
Restricted cash | 0 | ||||
Accounts receivable | 0 | ||||
Inventory | 0 | ||||
Prepaid expenses and other current assets | 0 | ||||
Property, plant and equipment | 0 | ||||
Investments | -1,091 | ||||
Intangible assets | 0 | ||||
Deferred tax charges | 0 | ||||
Deferred tax assets | -1,423 | ||||
Goodwill | 31,616 | ||||
Other non-current assets | 0 | ||||
Accounts payable and accrued expenses | 0 | ||||
Debt | 0 | ||||
Other current liabilities | 0 | ||||
Deferred tax liabilities | 5,880 | ||||
Other non-current liabilities | 0 | ||||
Non-controlling interests | -34,982 | ||||
Total purchase consideration | 0 | ||||
Unaudited proforma | |||||
Revenues | 863,728 | ||||
Net income (loss) | -463,716 | ||||
Net income (loss) attributable to Molycorp | -473,249 | ||||
EPS Basic (in dollars per share) | ($4.53) | ||||
Molycorp Canada | Preliminary Allocation of Consideration Transferred as of December 31, 2012 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||
Cash consideration | 908,181 | ||||
Fair value of Molycorp common stock and Exchangeable Shares issued | 284,144 | ||||
Total purchase consideration | 1,192,325 | 1,192,325 | |||
Cash and cash equivalents | 317,169 | 317,169 | |||
Restricted cash | 4,951 | 4,951 | |||
Accounts receivable | 101,470 | 101,470 | |||
Inventory | 250,989 | 250,989 | |||
Prepaid expenses and other current assets | 26,893 | 26,893 | |||
Property, plant and equipment | 75,745 | 75,745 | |||
Investments | 21,019 | 21,019 | |||
Intangible assets | 482,234 | 482,234 | |||
Deferred tax charges | 13,435 | 13,435 | |||
Deferred tax assets | 11,473 | 11,473 | |||
Goodwill | 494,809 | 494,809 | |||
Other non-current assets | 4,367 | 4,367 | |||
Accounts payable and accrued expenses | -138,576 | -138,576 | |||
Debt | -255,338 | -255,338 | |||
Other current liabilities | -33,990 | -33,990 | |||
Deferred tax liabilities | -154,309 | -154,309 | |||
Other non-current liabilities | -14,255 | -14,255 | |||
Non-controlling interests | -15,761 | -15,761 | |||
Molycorp Canada | Final Allocation of Consideration Transferred | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | |||||
Cash consideration | 908,181 | ||||
Fair value of Molycorp common stock and Exchangeable Shares issued | 284,144 | ||||
Total purchase consideration | 1,192,325 | ||||
Cash and cash equivalents | 317,169 | ||||
Restricted cash | 4,951 | ||||
Accounts receivable | 101,470 | ||||
Inventory | 250,989 | ||||
Prepaid expenses and other current assets | 26,893 | ||||
Property, plant and equipment | 75,745 | ||||
Investments | 19,928 | ||||
Intangible assets | 482,234 | ||||
Deferred tax charges | 13,435 | ||||
Deferred tax assets | 10,050 | ||||
Goodwill | 526,425 | ||||
Other non-current assets | 4,367 | ||||
Accounts payable and accrued expenses | -138,576 | ||||
Debt | -255,338 | ||||
Other current liabilities | -33,990 | ||||
Deferred tax liabilities | -148,429 | ||||
Other non-current liabilities | -14,255 | ||||
Non-controlling interests | ($50,743) |
Acquisitions_Transaction_Costs
Acquisitions - Transaction Costs by Type (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||
Recognized Transaction Costs | $62,000,000 | ||
Corporate development: | |||
Legal, accounting and advisory fees | 0 | 247,000 | 19,796,000 |
Molycorp Canada | |||
Corporate development: | |||
Legal, accounting and advisory fees | 16,498,000 | ||
Other expenses: | |||
Contingent forward contract loss | 37,589,000 | ||
Interest expense: | |||
Bridge loan fee | $7,937,000 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses | ||
Defined contribution plan | $613 | $1,921 |
Professional fees | 1,955 | 135 |
Accrued payroll and related benefits | 7,010 | 5,739 |
Sales and use tax | 2,339 | 3,354 |
Bonus accrual | 5,109 | 4,449 |
Interest payable | 18,300 | 18,158 |
Advance from customer | 130 | 600 |
Withholding taxes | 376 | 2,563 |
Amount payable to noncontrolling interest | 2,929 | 0 |
Other accrued expenses | 13,205 | 11,582 |
Total accrued expenses | $51,966 | $48,501 |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset retirement obligation activity | ||||
Balance at beginning of period | $17,583,000 | $22,125,000 | ||
Obligations settled | -1,549,000 | -3,849,000 | ||
Accretion expense | 1,153,000 | 1,328,000 | ||
Revisions in estimated cash flows | -3,793,000 | 0 | -3,793,000 | |
Loss on settlement | 932,000 | 1,772,000 | ||
Balance at end of period | 17,583,000 | 18,119,000 | 17,583,000 | 22,125,000 |
Asset Retirement Obligation [Abstract] | ||||
Asset retirement obligation, current | 600,000 | 300,000 | 600,000 | |
Depreciation expense | 600,000 | 2,500,000 | 2,000,000 | |
Asset Retirement Obligation, Estimated Future Undiscounted Cash Flows | 33,100,000 | |||
Revisions in estimated cash flows | -3,793,000 | 0 | -3,793,000 | |
Loss on settlement | 932,000 | 1,772,000 | ||
Financial assurance requirement satisfied with surety bonds | $28,800,000 | |||
Minimum | ||||
Asset Retirement Obligation [Abstract] | ||||
Recorded Third-Party Environmental Recoveries, Discount Rate | 5.00% | |||
Maximum | ||||
Asset Retirement Obligation [Abstract] | ||||
Recorded Third-Party Environmental Recoveries, Discount Rate | 10.00% |
Debt_and_Capital_Lease_Obligat2
Debt and Capital Lease Obligations - Summary of Current and Non-Current Portions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt, Current | $9,326 | $14,128 |
Capital lease obligations, Current | 3,234 | 2,234 |
Total debt and capital lease obligations, Current | 12,560 | 16,362 |
Total debt, Non-Current | 1,540,570 | 1,344,561 |
Capital lease obligations, Non-Current | 19,211 | 19,355 |
Total debt and capital lease obligations, Non-Current | 1,559,781 | 1,363,916 |
Notes Payable to Banks | Bank loans due February 2015 - June 2017 | Molycorp Canada and Molycorp Silmet | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 9,326 | 14,128 |
Total debt, Non-Current | 91 | 2,699 |
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | 193,549 | 207,028 |
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | 335,969 | 346,708 |
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | 143,581 | 148,198 |
Secured Debt | 12.00% Term Loans, due September 2019 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | 98,812 | 0 |
Secured Debt | 12.00% Equipment Financing, due September 2019 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | 127,594 | 0 |
Convertible Subordinated Debt | 5.00% Debentures, net of discount, due December 2017 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | 2,075 | 2,493 |
Senior Notes | 10% Senior Secured Notes, net of discount, due June 2020 | ||
Debt Instrument [Line Items] | ||
Total debt, Current | 0 | 0 |
Total debt, Non-Current | $638,899 | $637,435 |
Debt_and_Capital_Lease_Obligat3
Debt and Capital Lease Obligations - Reconciliation of the Principal to the Net Carrying Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Net carrying amount | $1,540,570 | $1,344,561 |
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 206,505 | 230,000 |
Unamortized debt discount | -12,956 | -22,972 |
Net carrying amount | 193,549 | 207,028 |
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 383,000 | 414,000 |
Unamortized debt discount | -47,031 | -67,292 |
Net carrying amount | 335,969 | 346,708 |
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 161,500 | 172,500 |
Unamortized debt discount | -17,919 | -24,302 |
Net carrying amount | 143,581 | 148,198 |
Senior Notes | 10% Senior Secured Notes due June 2020 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 650,000 | 650,000 |
Unamortized debt discount | -11,101 | -12,565 |
Net carrying amount | $638,899 | $637,435 |
Debt_and_Capital_Lease_Obligat4
Debt and Capital Lease Obligations - Interest Costs Incurred (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 15, 2011 | Jan. 30, 2013 | Aug. 22, 2012 | 25-May-12 | |
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | |||||||
Debt Instrument [Line Items] | |||||||
Interest cost | $15,553,000 | $15,839,000 | $15,312,000 | ||||
Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | ||||
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | Additional Paid-In Capital | |||||||
Debt Instrument [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 36,227 | 36,200,000 | |||||
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Interest cost | 41,070,000 | 39,779,000 | 17,457,000 | ||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | |||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 68,695,000 | ||||||
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | Additional Paid-In Capital | |||||||
Debt Instrument [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 68,695 | 68,695,000 | |||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Interest cost | 14,578,000 | 13,107,000 | |||||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | ||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 21,815,000 | ||||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | Additional Paid-In Capital | |||||||
Debt Instrument [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 21,815 | 21,815,000 | 21,800,000 | ||||
Senior Notes | 10% Senior Secured Notes due June 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Interest cost | $66,606,000 | $66,323,000 | $40,070,000 | ||||
Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% |
Debt_and_Capital_Lease_Obligat5
Debt and Capital Lease Obligations - Scheduled Minimum Debt Repayments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 20,300,000 | |
Debt maturities, excluding capital leases | ||
2015 | 9,326,000 | |
2016 | 206,565,000 | |
2017 | 385,106,000 | |
2018 | 161,500,000 | |
2019 | 321,154,000 | |
Thereafter | 650,000,000 | |
Total | 1,733,651,000 | |
Notes Payable to Banks | Bank loans due February 2015 - June 2017 | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.10% | 3.59% |
Debt_and_Capital_Lease_Obligat6
Debt and Capital Lease Obligations - 2014 Debt Issuance (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 11, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 15, 2011 | Aug. 22, 2012 | Jan. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | $250,000,000 | $0 | $0 | |||||||
Repayments of convertible debt | 27,495,000 | 0 | 0 | |||||||
Gain (loss) on extinguishment of debt | 19,719,000 | 19,719,000 | 0 | 0 | ||||||
Number of securities called by warrants | 24,477,359 | |||||||||
Net carrying amount | 1,540,570,000 | 1,540,570,000 | 1,344,561,000 | 1,540,570,000 | ||||||
PIK interest | 3,851,000 | 0 | 0 | |||||||
Secured Debt | 12% Term Loans and 12% Equipment Financing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | 250,000,000 | |||||||||
Unused borrowing capacity, amount | 149,800,000 | |||||||||
Unused borrowing, availability contingent upon achieving performance targets | 134,800,000 | |||||||||
Proceeds from debt, net of issuance costs | 207,100,000 | |||||||||
Payment to reduce interest rate | 8,000,000 | |||||||||
Payments of financing costs | 7,300,000 | |||||||||
Unamortized debt discount | -28,200,000 | |||||||||
Early Payment Premium Percentage | ||||||||||
Maximum Principal Amount of Debt Secured by the Pari Passu Collateral | 300,000,000 | |||||||||
Secured Debt | 12.00% Term Loans, due September 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate, Stated Percentage | 12.00% | |||||||||
Interest rate, stated percentage, payment in cash | 7.00% | |||||||||
Interest rate, stated percentage, (PIK) interest | 5.00% | |||||||||
Unused borrowing capacity, fee | 1.00% | |||||||||
Principal amount | 111,858,000 | 111,858,000 | 111,858,000 | |||||||
Unamortized debt discount | -13,046,000 | -13,046,000 | -1,700,000 | -13,046,000 | ||||||
Net carrying amount | 98,812,000 | 98,812,000 | 0 | 98,812,000 | ||||||
Cash interest | 6,264,000 | |||||||||
PIK interest | 1,691,000 | |||||||||
Total interest cost | 7,955,000 | |||||||||
Early Payment Premium Percentage | ||||||||||
Percent of Principal, Prior to First Anniversary | 43.80% | |||||||||
Percent of Principal, Prior to Second Anniversary | 33.70% | |||||||||
Percent of Principal, Prior to Third Anniversary | 23.00% | |||||||||
Percent of Principal, Prior to Fourth Anniversary | 11.50% | |||||||||
Percent of Principal, After to Fourth Anniversary | 3.00% | |||||||||
Resulting from an Asset Sale, Percent of Principal | 3.00% | |||||||||
Secured Debt | Parent Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | 50,200,000 | |||||||||
Unused borrowing capacity, amount | 134,800,000 | |||||||||
Unused borrowing, availability contingent upon achieving performance targets | 50,000,000 | |||||||||
Proceeds from issuance of secured debt including unused borrowing capacity, amount | 185,000,000 | |||||||||
Condition to be met for two consecutive fiscal quarters, Minimum EBITDA | 20,000,000 | |||||||||
Condition to be met, production equal to or greater than | 4,000 | |||||||||
Secured Debt | Magnequench Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of secured debt | 60,000,000 | |||||||||
Unused borrowing capacity, amount | 15,000,000 | |||||||||
Unused borrowing, availability contingent upon achieving performance targets | 5,000,000 | |||||||||
Proceeds from issuance of secured debt including unused borrowing capacity, amount | 75,000,000 | |||||||||
Secured Debt | 12.00% Equipment Financing, due September 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate, Stated Percentage | 12.00% | |||||||||
Proceeds from issuance of secured debt | 139,800,000 | |||||||||
Interest rate, stated percentage, payment in cash | 7.00% | |||||||||
Interest rate, stated percentage, (PIK) interest | 5.00% | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Principal amount | 141,993,000 | 141,993,000 | 141,993,000 | |||||||
Unamortized debt discount | -14,399,000 | -14,399,000 | -14,399,000 | |||||||
Net carrying amount | 127,594,000 | 127,594,000 | 0 | 127,594,000 | ||||||
Cash interest | 2,082,000 | |||||||||
PIK interest | 2,160,000 | |||||||||
Total interest cost | 4,242,000 | |||||||||
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity | ||||||||||
Next Twelve Months | 10,100,000 | |||||||||
Within Two Years | 10,700,000 | |||||||||
Within Three Years | 11,200,000 | |||||||||
Within Four Years | 11,800,000 | |||||||||
Within Five Years | 12,400,000 | |||||||||
Sale leaseback transactions, Possible Payment Adjustment, Years Two Through Five | 18,000,000 | |||||||||
Sale leaseback transactions, Possible Payment Adjustment, Additional Payment on Five-Year Anniversary | 147,000,000 | |||||||||
Sale leaseback transactions, Additional Payment on Five-Year Anniversary | 179,900,000 | |||||||||
Convertible Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | -2,000,000 | |||||||||
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | |||||
Repayments of convertible debt | 23,700,000 | 23,500,000 | ||||||||
Carrying amount, aggregate amount of principal to be paid down | 40,000,000 | |||||||||
Principal amount | 206,505,000 | 206,505,000 | 230,000,000 | 206,505,000 | ||||||
Unamortized debt discount | -12,956,000 | -12,956,000 | -22,972,000 | -12,956,000 | ||||||
Net carrying amount | 193,549,000 | 193,549,000 | 207,028,000 | 193,549,000 | ||||||
Cash interest | 15,553,000 | 15,839,000 | 15,312,000 | |||||||
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Repayments of convertible debt | 4,000,000 | 4,000,000 | ||||||||
Gain (loss) on extinguishment of debt | 15,400,000 | |||||||||
Carrying amount, aggregate amount of principal to be paid down | 80,000,000 | |||||||||
Principal amount | 383,000,000 | 383,000,000 | 414,000,000 | 383,000,000 | ||||||
Unamortized debt discount | -47,031,000 | -47,031,000 | -67,292,000 | -47,031,000 | ||||||
Net carrying amount | 335,969,000 | 335,969,000 | 346,708,000 | 335,969,000 | ||||||
Cash interest | 41,070,000 | 39,779,000 | 17,457,000 | |||||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||||
Gain (loss) on extinguishment of debt | 6,300,000 | |||||||||
Carrying amount, aggregate amount of principal to be paid down | 40,000,000 | |||||||||
Principal amount | 161,500,000 | 161,500,000 | 172,500,000 | 161,500,000 | ||||||
Unamortized debt discount | -17,919,000 | -17,919,000 | -24,302,000 | -17,919,000 | ||||||
Net carrying amount | 143,581,000 | 143,581,000 | 148,198,000 | 143,581,000 | ||||||
Cash interest | $14,578,000 | $13,107,000 |
Debt_and_Capital_Lease_Obligat7
Debt and Capital Lease Obligations - 2013 Debt Issuance (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2013 | |
D | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $1,700,000,000 | $1,700,000,000 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 15,100,000 | 15,056,603 | ||||
Gain on extinguishment of convertible notes, net | 19,719,000 | 19,719,000 | 0 | 0 | ||
Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Gain on extinguishment of convertible notes, net | -2,000,000 | |||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 11,000,000 | 11,000,000 | 150,000,000 | |||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | 5.50% | ||
Debt Instrument, Face Amount, Underwriter Option to Purchase Additional Principal | 22,500,000 | |||||
Proceeds from Issuance of Long-term Debt | 165,600,000 | |||||
Debt Instrument, Convertible, Conversion Ratio | 138.8889 | |||||
Debt Instrument, Convertible, Conversion Price | $7.20 | |||||
Debt Instrument, Threshold Percentage Above Which Company Has Right To Redeem Notes | 130.00% | |||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 21,815,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 4,358,490 | |||||
Gain on extinguishment of convertible notes, net | 6,300,000 | |||||
Goodwill | 1,200,000 | 1,200,000 | ||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | Additional Paid-In Capital | ||||||
Debt Instrument [Line Items] | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 21,815 | 21,815,000 | 21,800,000 | |||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | Officers, Directors and Other Related Parties | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from Related Party Debt | $20,500,000 |
Debt_and_Capital_Lease_Obligat8
Debt and Capital Lease Obligations - 2012 Debt Issuances and Assumed Liabilities (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Oct. 21, 2013 | Jan. 30, 2013 | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 11, 2014 | Aug. 22, 2012 | Sep. 30, 2014 | Aug. 31, 2012 | 25-May-12 | Dec. 31, 2011 | Jun. 12, 2012 | |
D | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $1,700,000,000 | $1,700,000,000 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 15,100,000 | 15,056,603 | ||||||||||||
Gain on extinguishment of convertible notes, net | 19,719,000 | 19,719,000 | 0 | 0 | ||||||||||
Goodwill | 102,808,000 | 102,808,000 | 228,750,000 | 239,742,000 | 3,432,000 | |||||||||
Repayments of convertible debt | 27,495,000 | 0 | 0 | |||||||||||
Issuance of shares (in shares) | 51,750,000 | 37,500,000 | ||||||||||||
Senior Notes | 10% Senior Secured Notes due June 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||
Convertible Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain on extinguishment of convertible notes, net | -2,000,000 | |||||||||||||
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||
Debt Instrument, Face Amount | 27,000,000 | 27,000,000 | 360,000,000 | |||||||||||
Debt Instrument, Face Amount, Underwriter Option to Purchase Additional Principal | 54,000,000 | |||||||||||||
Proceeds from Issuance of Long-term Debt | 395,700,000 | |||||||||||||
Proceeds from Related Party Debt | 6,400,000 | |||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 83.333 | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $12 | |||||||||||||
Debt Instrument, Threshold Percentage Above Which Company Has Right To Redeem Notes | 130.00% | |||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |||||||||||||
Redemption price of principal amount | 100.00% | |||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 68,695,000 | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 10,698,113 | |||||||||||||
Gain on extinguishment of convertible notes, net | 15,400,000 | |||||||||||||
Difference between consideration transferred to the holder and the fair value of liability component | 3,500,000 | 3,500,000 | ||||||||||||
Repayments of convertible debt | 4,000,000 | 4,000,000 | ||||||||||||
Convertible Debt | 6.00% Convertible Notes, net of discount, due September 2017 | Common Stock | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance of shares (in shares) | 13,800,000 | |||||||||||||
Convertible Debt | Additional Paid-In Capital | 6.00% Convertible Notes, net of discount, due September 2017 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 68,695 | 68,695,000 | ||||||||||||
Convertible Subordinated Debt | 5.00% Debentures, net of discount, due December 2017 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | |||||||||||
Debt Instrument, Face Amount | 230,000,000 | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $13.80 | |||||||||||||
Aggregate principal amount | 9,400,000 | |||||||||||||
Debt Instrument, Repurchased Face Amount | 217,900,000 | |||||||||||||
Debt Instrument, Repurchase Amount | 8,000,000 | |||||||||||||
Convertible Subordinated Debt | 5.00% Debentures, net of discount, due December 2017 | Common Stock | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance of shares (in shares) | 99,723 | |||||||||||||
Secured Debt | Before June 1, 2016 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redeemable Debt, Redemption Percentage of Principal Amount | 100.00% | |||||||||||||
Secured Debt | After June 1, 2016 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redeemable Debt, Redemption Percentage of Principal Amount | 105.00% | |||||||||||||
Secured Debt | Before June 1, 2015 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redeemable Debt, Redeemable Principal from Proceeds from Equity | 35.00% | |||||||||||||
Debt Instrument, Redeemable Debt, Redeemable Percentage of Principal from Proceed from Equity | 110.00% | |||||||||||||
Secured Debt | 10% Senior Secured Notes due June 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 650,000,000 | |||||||||||||
Proceeds from Issuance of Long-term Debt | 635,400,000 | |||||||||||||
Debt Instrument, Collateral, Excluded Assets, Asset Fair Market Value, Maximum | 15,000,000 | |||||||||||||
Debt Instrument, Collateral, Excluded Assets, Cash Collateral for Line of Credits or Hedging Obligations, Maximum | 105.00% | |||||||||||||
Debt Instruments, Collateral, Excluded Assets, Voting Stock of Foreign Subsidiaries, Percent, Minimum | 65.00% |
Debt_and_Capital_Lease_Obligat9
Debt and Capital Lease Obligations - 2011 Debt Issuance (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 11, 2014 | Jun. 15, 2011 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $1,700,000,000 | |||||
Repayments of convertible debt | 27,495,000 | 0 | 0 | |||
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | |||
Debt Instrument, Face Amount | 230,000,000 | |||||
Proceeds from Issuance of Long-term Debt | 223,100,000 | |||||
Debt Instrument, Convertible, Conversion Ratio | 14.0056 | |||||
Debt Instrument, Convertible, Conversion Price | $71.40 | |||||
Repayments of convertible debt | 23,700,000 | 23,500,000 | ||||
Convertible Debt | 3.25% Convertible Notes, net of discount, due June 2016 | Additional Paid-In Capital | ||||||
Debt Instrument [Line Items] | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $36,227 | $36,200,000 |
Recovered_Sheet1
Debt and Capital Lease Obligations - Capital Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $8,276 |
2016 | 8,276 |
2017 | 7,159 |
2018 | 5,769 |
2019 | 5,488 |
Thereafter | 12,706 |
Total | 47,674 |
Imputed interest included in total future minimum lease payments at December 31, 2014 | $22,655 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Goodwill, Impairment Loss | $125,900,000 | $125,942,000 | $10,992,000 | $289,894,000 |
Deferred tax liabilities, net | 54,496,000 | 54,496,000 | 85,416,000 | |
Valuation allowance | 252,291,000 | 252,291,000 | 107,358,000 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 1,200,000 | |||
Effective income tax rate | 3.70% | 16.40% | 10.30% | |
Foreign subsidiary earnings and withholding taxes | 10,423,000 | 10,423,000 | 14,804,000 | |
Deferred income tax expense due to elimination of intercompany balances and transactions | 1,400,000 | 1,400,000 | ||
Income tax payable due to elimination of intercompany balances and transactions | 0 | 0 | ||
Tax credit carryforward | 7,300,000 | 7,300,000 | ||
IRS | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Operating Loss Carryforwards | 538,000,000 | 538,000,000 | ||
State | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Operating Loss Carryforwards | 436,900,000 | 436,900,000 | ||
Foreign Tax Authority | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Operating Loss Carryforwards | 231,800,000 | 231,800,000 | ||
Indefinite Carryforward | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Tax credit carryforward | 2,200,000 | 2,200,000 | ||
Expiring between 2028 and 2032 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Tax credit carryforward | 5,100,000 | 5,100,000 | ||
Expiring in 2023 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Operating Loss Carryforwards | $28,600,000 | $28,600,000 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $0 | ($2,581) | ($22,418) |
Foreign | 16,532 | -1,018 | 8,994 |
State | -130 | 792 | -4,197 |
Total current | 16,402 | -2,807 | -17,621 |
Deferred | |||
Federal | -8,111 | -43,479 | -20,786 |
Foreign | -29,366 | -16,517 | -11,777 |
State | -1,519 | -8,140 | -3,891 |
Total deferred | -38,996 | -68,136 | -36,454 |
Total tax benefit | ($22,594) | ($70,943) | ($54,075) |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
United States | ($415,381) | ($286,818) | ($161,129) | ||||||||
Foreign | -203,384 | -145,458 | -363,062 | ||||||||
Loss from continuing operations before income taxes and equity earnings | ($343,375) | ($99,484) | ($89,724) | ($86,182) | ($228,592) | ($76,181) | ($70,254) | ($57,249) | ($618,765) | ($432,276) | ($524,191) |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | |
Federal tax computed at the statutory rate | ($216,568) | ($151,297) | ($184,075) |
State taxes, net of federal benefit | -16,609 | -10,329 | -5,970 |
Change in valuation allowance | 148,187 | 85,881 | 19,515 |
Impairment of goodwill and other long-lived assets | 48,250 | 7,458 | 103,563 |
Changes related to uncertain tax positions | 1,220 | -5,153 | -14,176 |
Federal and State tax credits | 0 | 2,946 | -6,817 |
Foreign income tax rate differential | 12,956 | 24,315 | 18,682 |
Foreign translation adjustments | -11,968 | -7,744 | 0 |
Change in applicable law | 0 | -5,884 | 0 |
Other items, net | 11,938 | -11,136 | 15,203 |
Total tax benefit | ($22,594) | ($70,943) | ($54,075) |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current: | ||
Inventory | $30,487 | $2,570 |
Other | 1,499 | 2,605 |
Total current | 31,986 | 5,175 |
Non-current: | ||
Asset retirement obligation | 3,705 | 0 |
Mineral resources | 16,832 | 16,886 |
Property, plant and equipment and intangible assets | 3,451 | 21,044 |
Stock compensation | 2,805 | 1,964 |
Net operating losses | 255,588 | 144,366 |
Research and energy tax credits and expenditures | 6,141 | 6,233 |
Alternative Minimum Tax Credit | 2,216 | 2,216 |
Unrealized foreign exchange | 17,380 | 5,664 |
Investments | 0 | 3,120 |
Other | 5,675 | 4,107 |
Total non-current | 313,793 | 205,600 |
Current | ||
Inventory | 0 | 1,312 |
Other | 1,680 | 1,423 |
Total current | 1,680 | 2,735 |
Non-current: | ||
Asset retirement obligation | 0 | 1,190 |
Foreign subsidiary earnings and withholding taxes | 10,423 | 14,804 |
Property, plant, equipment and intangible assets | 100,076 | 125,527 |
Convertible debt (Notes), share lending and other financing arrangements | 35,722 | 44,275 |
Other | 83 | 302 |
Total non-current | 146,304 | 186,098 |
Net deferred taxes, before valuation allowance | 197,795 | 21,942 |
Valuation allowance | -252,291 | -107,358 |
Total deferred tax | ($54,496) | ($85,416) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $1,066 | $6,219 | $519 |
Tax position related to current year: | |||
Additions | 1,220 | 0 | 4,737 |
Tax positions related to prior years: | |||
Additions | 0 | 0 | 16,109 |
Settlements | 0 | -4,737 | -13,740 |
Statute of limitations closures | 0 | -416 | -1,406 |
Balance, end of year | $2,286 | $1,066 | $6,219 |
Stockholders_Equity_Exchange_o
Stockholders' Equity - Exchange of Convertible Notes (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 30, 2013 | Aug. 22, 2012 | |
Debt Conversion [Line Items] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 15,100,000 | 15,056,603 | |||||
Debt Instrument, Face Amount | $1,700,000,000 | ||||||
Deferred taxes on component of convertible debt | 16,400,000 | -8,508,000 | -27,106,000 | ||||
Goodwill | 102,808,000 | 228,750,000 | 239,742,000 | 3,432,000 | |||
Convertible Senior Notes, 5.50% and 6.00% | |||||||
Debt Conversion [Line Items] | |||||||
Difference between consideration transferred to the holder and the fair value of liability component | 4,800,000 | ||||||
5.50% Convertible Notes, net of discount, due February 2018 | Convertible Debt | |||||||
Debt Conversion [Line Items] | |||||||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | ||||
Debt Conversion, Converted Instrument, Shares Issued | 4,358,490 | ||||||
Debt Instrument, Face Amount | 11,000,000 | 150,000,000 | |||||
Difference between consideration transferred to the holder and the fair value of liability component | 1,200,000 | ||||||
6.00% Convertible Notes, net of discount, due September 2017 | Convertible Debt | |||||||
Debt Conversion [Line Items] | |||||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | |||
Debt Conversion, Converted Instrument, Shares Issued | 10,698,113 | ||||||
Debt Instrument, Face Amount | 27,000,000 | 360,000,000 | |||||
Difference between consideration transferred to the holder and the fair value of liability component | $3,500,000 |
Stockholders_Equity_Issuance_o
Stockholders' Equity - Issuance of Warrants (Details) (USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 11, 2014 | Sep. 11, 2014 |
Class of Warrant or Right [Line Items] | ||
Number of securities called by warrants | 24,477,359 | 24,477,359 |
Penny Warrants | ||
Class of Warrant or Right [Line Items] | ||
Number of securities called by warrants | 18,358,019 | 18,358,019 |
Strike price | $0.01 | $0.01 |
Warrants and Rights Outstanding | $24.70 | $24.70 |
Payments of Stock Issuance Costs | 1.5 | |
Term (years) | 5 years | |
Stock price | $1.55 | $1.55 |
Risk-free interest rate | 1.79% | |
Volatility | 82.60% | |
Dividend yield | 0.00% | |
Fair Value Inputs, Discount for Lack of Marketability | 9.00% | |
Fair Value Assumptions, Application of Discount for Lack of Marketability, Share Price | $1.40 | $1.40 |
Strike Warrants | ||
Class of Warrant or Right [Line Items] | ||
Number of securities called by warrants | 6,119,340 | 6,119,340 |
Strike price | $2.04 | $2.04 |
Warrants and Rights Outstanding | $3.50 | $3.50 |
Term (years) | 5 years | |
Stock price | $1.55 | $1.55 |
Risk-free interest rate | 1.79% | |
Volatility | 49.90% | |
Dividend yield | 0.00% | |
Fair Value Inputs, Discount for Lack of Marketability | 31.00% | |
Fair Value Assumptions, Application of Discount for Lack of Marketability, Share Price | $0.57 | $0.57 |
Stockholders_Equity_Conversion
Stockholders' Equity - Conversion of Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | 24 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2014 | Feb. 16, 2011 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $2,846 | $11,385 | $11,385 | |||
Series A Mandatory Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | |||||
Mandatory Convertible Preferred Stock Price Per Share | $100 | |||||
Preferred Stock, Shares Outstanding | 2,070,000 | 2,070,000 | ||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $2,800 | $11,400 | ||||
Preferred Stock, Dividends Per Share, Declared | $1.38 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion, Conversion Rate | 2 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 4,140,000 |
Stockholders_Equity_ShareLendi
Stockholders' Equity - Share-Lending Arrangements (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jan. 31, 2013 | Aug. 31, 2012 |
Debt Conversion [Line Items] | ||||||
Fair value | $5,219 | |||||
Increase to balance sheet captions: | ||||||
Other non-current assets | 29,416 | 7,043 | ||||
Property, plant and equipment, net | 1,707,970 | 1,762,874 | ||||
Additional paid-in capital | 2,245,478 | 2,194,405 | ||||
Increase to statements of operations and comprehensive loss captions: | ||||||
Interest expense, net of capitalized interest | 167,375 | 67,684 | 22,116 | |||
Income tax benefit | 22,594 | 70,943 | 54,075 | |||
Own-share Lending Arrangement [Abstract] | ||||||
Interest cost expensed | 7,445 | |||||
Interest cost capitalized | 3,378 | |||||
Unamortized issuance cost | 13,868 | |||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Amortization Expense | 10,823 | |||||
Own-share Lending Arrangement | Restatement Adjustment | ||||||
Increase to balance sheet captions: | ||||||
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: | ||||||
Interest expense, net of capitalized interest | 4,933 | |||||
Income tax benefit | 9,630 | |||||
Common Stock | ||||||
Debt Conversion [Line Items] | ||||||
Own-share Lending Arrangement, Shares, Outstanding | 6,666,666 | 13,800,000 | ||||
6.00% Convertible Notes, net of discount, due September 2017 | Convertible Debt Securities | ||||||
Debt Conversion [Line Items] | ||||||
Fair value | 3,329 | 18,100 | ||||
Own-share Lending Arrangement [Abstract] | ||||||
Unamortized issuance cost | 9,694 | |||||
5.50% Convertible Notes, net of discount, due February 2018 | Convertible Debt Securities | ||||||
Debt Conversion [Line Items] | ||||||
Fair value | 1,890 | 6,600 | ||||
Own-share Lending Arrangement [Abstract] | ||||||
Unamortized issuance cost | $4,174 |
Stockholders_Equity_2013_Publi
Stockholders' Equity - 2013 Public Equity Issuance (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 21, 2013 | Jan. 30, 2013 | Aug. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 23, 2012 |
Class of Stock [Line Items] | |||||||
Issuance of shares (in shares) | 51,750,000 | 37,500,000 | |||||
Shares Issued During Period, Shares, New Issues, Underwriters Option to Purchase within 30 days | 6,750,000 | 5,625,000 | |||||
Offering Price Per Share, Underwriters | $5 | $6 | |||||
Shares Issued During Period, Shares, New Issues, Underwriter Fees | 5.00% | 6.00% | |||||
Shares Issued During Period, Shares, New Issues, Purchased by Related Parties | 14,034,000 | ||||||
Net proceeds from sale of common stock | $247,500 | $248,100 | $132,100 | $0 | $495,717 | $132,130 | |
Offering Price Per Share | $6 | ||||||
Own-share Lending Arrangement, Shares, Maximum Shares Allowed | 7,666,666 | ||||||
Own-share Lending Arrangement, Shares, Issued, Offered in Registered Public Offering, Price Per Share | $6 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Own-share Lending Arrangement, Shares, Issued | 6,666,666 | 13,800,000 | |||||
Convertible Debt | 5.50% Convertible Notes, net of discount, due February 2018 | |||||||
Class of Stock [Line Items] | |||||||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | ||||
Officers, Directors and Other Related Parties | |||||||
Class of Stock [Line Items] | |||||||
Shares Issued During Period, Shares, New Issues, Purchased by Related Parties | 15,016,666 |
Stockholders_Equity_2012_Equit
Stockholders' Equity - 2012 Equity Issuance (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 31 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Oct. 21, 2013 | Jan. 30, 2013 | Aug. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2012 | Jun. 11, 2012 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 23, 2012 | Aug. 22, 2012 | Jun. 12, 2012 | |
Class of Stock [Line Items] | ||||||||||||||||
Property, plant and equipment at cost | $1,900,310,000 | $1,865,552,000 | 1,900,310,000 | $1,865,552,000 | ||||||||||||
Payments to acquire exploration rights | 0 | 0 | 8,167,000 | |||||||||||||
Tangible Asset Impairment Charges | 14,400,000 | 16,300,000 | 5,900,000 | |||||||||||||
Issuance of shares (in shares) | 51,750,000 | 37,500,000 | ||||||||||||||
Net proceeds from sale of common stock | 247,500,000 | 248,100,000 | 132,100,000 | 0 | 495,717,000 | 132,130,000 | ||||||||||
Fair value of Molycorp common stock and Exchangeable Shares issued | 284,100,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | 247,567,000 | |||||||||||||||
Molymet | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares (in shares) | 12,500,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | 390,093,000 | 390,100,000 | ||||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 100,000 | |||||||||||||||
Price Per Share of Common Stock Issued | $31.22 | |||||||||||||||
Number of Days to Calculate Common Stock Price | 20 days | |||||||||||||||
Premium Percentage Added to Common Stock Price | 10.00% | |||||||||||||||
Molycorp | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued to acquire the entity (in shares) | 13,545,426 | |||||||||||||||
MCP Exchangeco Inc. | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued to acquire the entity (in shares) | 507,203 | |||||||||||||||
Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock price | $10 | |||||||||||||||
Underwriting discounts and commissions | 6.00% | |||||||||||||||
Flat fee paid to underwriters | 1,500,000 | |||||||||||||||
Primary shares purchased by insiders | 7,090,000 | |||||||||||||||
Own-share Lending Arrangement, Shares, Issued | 6,666,666 | 13,800,000 | ||||||||||||||
Conversion of Exchangeable Shares | 380,648 | |||||||||||||||
Common Stock | Molycorp | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Exchangeable Shares | 105,419 | |||||||||||||||
6.00% Convertible Notes, net of discount, due September 2017 | Convertible Debt | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||
6.00% Convertible Notes, net of discount, due September 2017 | Convertible Debt | Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares (in shares) | 13,800,000 | |||||||||||||||
5.00% Debentures, net of discount, due December 2017 | Convertible Subordinated Debt | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | |||||||||||||
5.00% Debentures, net of discount, due December 2017 | Convertible Subordinated Debt | Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares (in shares) | 99,723 | |||||||||||||||
Exploration rights | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Property, plant and equipment at cost | 16,200,000 | 16,200,000 | ||||||||||||||
Issuance of shares for acquisition of exploration rights (in shares) | 788,410 | |||||||||||||||
Sale of Stock, Price Per Share | $10.15 | $10.15 | ||||||||||||||
Payments to acquire exploration rights | 8,200,000 | |||||||||||||||
Tangible Asset Impairment Charges | 16,200,000 | |||||||||||||||
Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares for acquisition of exploration rights (in shares) | 788,410 | |||||||||||||||
Issuance of shares (in shares) | 51,750,000 | |||||||||||||||
Conversion of Exchangeable Shares | 21,836 | 18,616 | ||||||||||||||
Stock Issued During Period, Value, New Issues | 52,000 | |||||||||||||||
Common Stock | Molymet | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares (in shares) | 12,500,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $12,000 | |||||||||||||||
Common Stock | 6.00% Convertible Notes, net of discount, due September 2017 | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares for conversion of Debentures (in shares) | 10,698,113 | |||||||||||||||
Common Stock | Convertible Debt Securities | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares for conversion of Debentures (in shares) | 2,471 | 99,723 | ||||||||||||||
Common Stock | Convertible Debt Securities | 5.00% Debentures, net of discount, due December 2017 | Convertible Subordinated Debt | Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares for conversion of Debentures (in shares) | 3,225 | 2,471 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($6,451) | ($9,433) | ($8,481) |
Change in other comprehensive loss before reclassifications | 3,128 | 2,982 | -952 |
Net income (loss) reclassified from AOCI | 0 | 0 | 0 |
Ending balance | -3,323 | -6,451 | -9,433 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -6,610 | -8,233 | -8,481 |
Change in other comprehensive loss before reclassifications | 4,271 | 1,623 | 248 |
Net income (loss) reclassified from AOCI | 0 | 0 | 0 |
Ending balance | -2,339 | -6,610 | -8,233 |
Postretirement benefit liability | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 159 | -1,200 | 0 |
Change in other comprehensive loss before reclassifications | -1,143 | 1,359 | -1,200 |
Net income (loss) reclassified from AOCI | 0 | 0 | 0 |
Ending balance | ($984) | $159 | ($1,200) |
Loss_per_Share_Details
Loss per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net loss attributable to Molycorp stockholders | ($329,795) | ($105,179) | ($83,899) | ($86,061) | ($194,308) | ($69,929) | ($71,175) | ($38,971) | ($604,934) | ($374,383) | ($481,169) |
Dividends on Convertible Preferred Stock | -2,846 | -11,385 | -11,385 | ||||||||
Loss attributable to common stockholders | -607,780 | -385,768 | -492,554 | ||||||||
Continuing operations | -607,780 | -379,341 | -490,817 | ||||||||
Discontinued operations | $0 | ($6,427) | ($1,737) | ||||||||
Weighted average common shares outstanding—basic | 224,978,752 | 174,528,717 | 107,064,892 | ||||||||
Basic loss per share from: | |||||||||||
Continuing operations (in dollars per share) | ($2.70) | ($2.17) | ($4.58) | ||||||||
Discontinued operations (in dollars per share) | $0 | ($0.04) | ($0.02) | ||||||||
Basic (in dollars per share) | ($1.43) | ($0.47) | ($0.37) | ($0.40) | ($0.95) | ($0.43) | ($0.44) | ($0.27) | ($2.70) | ($2.21) | ($4.60) |
Weighted average common shares outstanding—diluted | 224,978,752 | 174,528,717 | 107,064,892 | ||||||||
Diluted loss per share from: | |||||||||||
Continuing operations (in dollars per share) | ($2.70) | ($2.17) | ($4.58) | ||||||||
Discontinued operations (in dollars per share) | $0 | ($0.04) | ($0.02) | ||||||||
Diluted (in dollars per share) | ($1.43) | ($0.47) | ($0.37) | ($0.40) | ($0.95) | ($0.43) | ($0.44) | ($0.27) | ($2.70) | ($2.21) | ($4.60) |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 26,616 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 48.87 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grant | 3,930,494 |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Matching contribution by entity (as a percent) | 25.00% |
PBRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
PBRSUs | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of units vesting | 0.00% |
PBRSUs | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of units vesting | 150.00% |
RSAs, RSUs and PBRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized | 11.2 |
Weighted-average period for unrecognized compensation costs | 1 year 9 months 11 days |
StockBased_Compensation_Alloca
Stock-Based Compensation - Allocation of Recognized Period Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation expense | $5,261 | $5,392 | $3,434 |
StockBased_Compensation_Activi
Stock-Based Compensation - Activity Related to Restricted Stock-based Awards (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
PBRSUs | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | 697,797 |
Granted (in shares) | 975,505 |
Forfeited (in shares) | -41,240 |
Vested (in shares) | -18,246 |
Unvested at the end of the period (in shares) | 1,613,816 |
Weighted Average Grant-Date Price | |
Unvested shares at the beginning of the period (in dollars per share) | $7.45 |
Granted (in dollars per share) | $4.22 |
Forfeited (in dollars per share) | $6.66 |
Vested (in dollars per share) | $30.33 |
Unvested shares at the end of the period (in dollars per share) | $5.28 |
RSUs | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | 1,076,385 |
Granted (in shares) | 1,165,497 |
Forfeited (in shares) | -71,399 |
Vested (in shares) | -70,998 |
Unvested at the end of the period (in shares) | 2,099,485 |
Weighted Average Grant-Date Price | |
Unvested shares at the beginning of the period (in dollars per share) | $9.81 |
Granted (in dollars per share) | $3.86 |
Forfeited (in dollars per share) | $8.71 |
Vested (in dollars per share) | $22.98 |
Unvested shares at the end of the period (in dollars per share) | $6.10 |
Restricted Stock | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | 6,326 |
Granted (in shares) | 0 |
Forfeited (in shares) | 0 |
Vested (in shares) | 0 |
Unvested at the end of the period (in shares) | 6,326 |
Weighted Average Grant-Date Price | |
Unvested shares at the beginning of the period (in dollars per share) | $55.05 |
Granted (in dollars per share) | $0 |
Forfeited (in dollars per share) | $0 |
Vested (in dollars per share) | $0 |
Unvested shares at the end of the period (in dollars per share) | $55.05 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PBRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Date Fair Value, Total | $4,117 | $6,139 | $1,382 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Date Fair Value, Total | $4,499 | $7,060 | $5,540 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Operating Leases (Details) (Office space, trailers and certain equipment, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Office space, trailers and certain equipment | |||
Remaining annual minimum payments under operating leases | |||
Operating lease obligations, total minimum payments | $6,661,000 | ||
Operating lease obligations, Less Than 1 Year | 2,380,000 | ||
Operating lease obligations, 1 -3 Years | 3,012,000 | ||
Operating lease obligations, 4 - 5 Years | 508,000 | ||
Operating lease obligations, More Than 5 Years | 761,000 | ||
Operating leases rent expense net | $3,100,000 | $4,000,000 | $4,100,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Purchase Commitments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations and other commitment, Total | $8,187 |
Purchase obligations and other commitment, Less Than 1 Year | 0 |
Purchase obligations and other commitment, 1 - 3 Years | 8,187 |
Purchase obligations and other commitment, 4 - 5 Years | 0 |
Purchase obligations and other commitment, More Than Five Years | $0 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Aug. 31, 2012 | Jul. 31, 2012 | Aug. 31, 2013 |
employee | lawsuit | claim | lawsuit | |
Plant Modernization and Expansion Commitments | ||||
Surety bonds placed to secure the closure and reclamation obligations | 28.8 | |||
Consolidated Class Action | ||||
Plant Modernization and Expansion Commitments | ||||
Number of claims | 18 | |||
Number of stockholder derivative lawsuits | 2 | |||
Purported Class Action | ||||
Plant Modernization and Expansion Commitments | ||||
Number of stockholder derivative lawsuits | 2 | |||
Workforce | Employees covered by collective bargaining agreement under facility | Molycorp Silmet | ||||
Plant Modernization and Expansion Commitments | ||||
Number of employees | 155 | |||
Concentration risk (as a percent) | 28.00% | |||
Workforce | Employees covered by collective bargaining agreement under facility | Molycorp Mountain Pass facility | ||||
Plant Modernization and Expansion Commitments | ||||
Number of employees | 282 | |||
Concentration risk (as a percent) | 59.00% |
Concentrations_Details
Concentrations (Details) (USD $) | 12 Months Ended | 7 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Daido Electronics | ||||
Concentrations | ||||
Related party receivables | 6.3 | 7.5 | ||
Cerium products | Product Concentration | Chemicals and Oxides | ||||
Concentrations | ||||
Entity-wide revenue, major customers | 11.00% | 9.00% | 15.00% | |
Neo Powders | Daido Electronics | ||||
Concentrations | ||||
Sales to related party | 62.3 | 56.5 | $32.90 | |
Neo Powders | Product Concentration | Magnetic Materials and Alloys | ||||
Concentrations | ||||
Entity-wide revenue, major customers | 44.00% | 41.00% | 25.00% |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 7 Months Ended | 12 Months Ended | 7 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
TMT | Neo Powders | ||||
Related Party Transactions | ||||
Sales to related party | $1.60 | $6 | $4.50 | |
TMT | Compounds | ||||
Related Party Transactions | ||||
Purchases made from related party | 2.3 | 2.1 | 2.8 | |
Keli | ||||
Related Party Transactions | ||||
Accounts Payable, Related Parties | 8.4 | |||
Keli | Metals | ||||
Related Party Transactions | ||||
Purchases made from related party | 32.6 | 63.4 | 61.3 | |
Ingal Stade | Gallium Metal | ||||
Related Party Transactions | ||||
Purchases made from related party | $3.30 | $2.80 | $4.90 |
Net_Change_in_Operating_Assets2
Net Change in Operating Assets and Liabilities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Decrease (increase) in operating assets: | |||
Trade accounts receivable | $17,169 | ($8,986) | $124,983 |
Inventory | -82,390 | 15,649 | -46,126 |
Prepaid expenses and other assets | -4,299 | -5,728 | 33,520 |
Increase (decrease) in operating liabilities: | |||
Accounts payable | -14,028 | -24,177 | -34,972 |
Income tax payable | 2,271 | 18,966 | -40,263 |
Interest payable | 30,181 | -39,120 | -40,792 |
Asset retirement obligation | -1,606 | -7,642 | -1,467 |
Accrued expenses | 3,918 | -13,681 | -54,763 |
Net change in operating assets and liabilities | ($48,784) | ($64,719) | ($59,880) |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash paid for: | |||
Income taxes | $13,976 | ($13,429) | $178 |
Interest, net of capitalized interest | 112,575 | 32,833 | 8,942 |
Non-cash financing activities and investing activities: | |||
Change in accrued capital expenditures | 28,501 | 58,673 | 52,189 |
Conversion of debt securities to equity securities | 38,000 | 18 | 4,527 |
Acquisition of exploration rights | 0 | 0 | 8,000 |
Debt assumed from business acquisitions | 0 | 0 | 40,691 |
Issuance of common stock for business acquisitions | 0 | 0 | 284,100 |
Fixed assets additions under capital lease | $3,612 | $7,370 | $15,658 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 | ||
Assets: | ||
Cash equivalents | $57,309 | $179,052 |
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Springing Maturity on Term Loans | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Strike Warrants | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 | Share Purchase Agreement | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 | Springing Maturity on Term Loans | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 | Strike Warrants | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 | Share Purchase Agreement | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 3 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 6,089 | |
Level 3 | Springing Maturity on Term Loans | ||
Liabilities: | ||
Derivative liabilities | 7,292 | |
Level 3 | Strike Warrants | ||
Liabilities: | ||
Derivative liabilities | 1,769 | |
Level 3 | Share Purchase Agreement | ||
Liabilities: | ||
Derivative liabilities | $6,165 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Liability Carrying and Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 15, 2011 | Dec. 31, 2012 | Aug. 22, 2012 | Jan. 30, 2013 | 25-May-12 |
In Thousands, unless otherwise specified | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | $1,540,570 | $1,344,561 | |||||
3.25% Convertible Notes due June 2016 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 193,549 | 207,028 | |||||
Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | ||||
6.00% Convertible Notes due September 2017 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 335,969 | 346,708 | |||||
Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | 6.00% | |||
5.50% Convertible Notes due February 2018 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 143,581 | 148,198 | |||||
Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | ||||
10% Senior Secured Notes due June 2020 | Senior Notes | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 638,899 | 637,435 | |||||
Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% | ||||
Carrying Amount | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 1,311,998 | 1,339,369 | |||||
Carrying Amount | 3.25% Convertible Notes due June 2016 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 193,549 | 207,028 | |||||
Carrying Amount | 6.00% Convertible Notes due September 2017 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 335,969 | 346,708 | |||||
Carrying Amount | 5.50% Convertible Notes due February 2018 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 143,581 | 148,198 | |||||
Carrying Amount | 10% Senior Secured Notes due June 2020 | Senior Notes | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Excluding Current Maturities | 638,899 | 637,435 | |||||
Fair Value | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Fair Value | 599,049 | 1,285,106 | |||||
Fair Value | 3.25% Convertible Notes due June 2016 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Fair Value | 88,281 | 161,771 | |||||
Fair Value | 6.00% Convertible Notes due September 2017 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Fair Value | 107,240 | 312,570 | |||||
Fair Value | 5.50% Convertible Notes due February 2018 | Convertible Debt | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Fair Value | 46,028 | 164,015 | |||||
Fair Value | 10% Senior Secured Notes due June 2020 | Senior Notes | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long-term Debt, Fair Value | $357,500 | $646,750 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Narrative (Details) | Mar. 28, 2012 | Jun. 11, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 11, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | CAD | Other Expense | Level 3 | Strike Warrants | Share Purchase Agreement | Share Purchase Agreement | 12.00% Term Loans, due September 2019 | Springing Maturity on Term Loans |
USD ($) | Derivative Liability | Interest Expense | Interest Expense | Interest Expense | Interest Expense | |||
Income Approach Valuation Technique | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Fair Value Inputs, Probability Factor | 10.00% | |||||||
Gain (Loss) Included in Earnings | $1.70 | $1.70 | $1.20 | ($7.30) | ||||
Fair Value Inputs, Equity-risk Premium | 6.00% | |||||||
Fair Value Inputs, Risk Premium | 11.50% | |||||||
Fair Value Inputs, Size Premium | 3.80% | |||||||
Fair Value Inputs, Growth Rate | 1.00% | |||||||
Notional amount of derivatives | 870 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($37.60) |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Company matching contribution as a percentage of the first 3.0% compensation contributed by each eligible employee | 100.00% | ||
Percentage of each employee's compensation eligible for Company match of 100% in defined contribution plan | 3.00% | ||
Company matching contribution as a percentage of the next 2.0% of compensation contributed by each eligible employee | 50.00% | ||
Percentage of each employee's compensation eligible for Company match of 50% in defined contribution plan | 2.00% | ||
Safe harbor matching contribution vesting percentage | 100.00% | ||
Vesting percentage of discretionary matching contribution after 3 years of service | 100.00% | ||
Period of service after which employees vest in Company contributions | 3 years | ||
Expenses related to defined contribution plan | $1.50 | $2.90 | $1.60 |
Defined contribution plan, accrued expense | 0.6 | 1.9 | |
Benefit obligation | 8.7 | 7.6 | |
Funded status of plan | -3.1 | -2 | |
Fair value of plan assets | 5.6 | 5.6 | |
Pension Plan and Other Postretirement Benefit Plan | Molycorp Canada | Anderson, Indiana Manufacturing Facility | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of participants | 289 | ||
Pension Plan | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.7 | ||
Pension Plan | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.5 | ||
Pension Plan | Interest-bearing Deposits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0.40 |
Subsidiary_Guarantor_Financial2
Subsidiary Guarantor Financial Information - Condensed Consolidating Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $211,685 | $314,317 | $227,790 | $418,855 |
Trade accounts receivable, net | 44,575 | 61,757 | ||
Inventory | 169,323 | 171,783 | ||
Prepaid expenses and other current assets | 29,332 | 29,210 | ||
Total current assets | 454,915 | 577,067 | ||
Non-current assets: | ||||
Deposits | 31,078 | 25,997 | ||
Property, plant and equipment, net | 1,707,970 | 1,762,874 | ||
Inventory | 25,127 | 25,329 | ||
Intangible assets, net | 215,871 | 330,867 | ||
Investments (Note 10) | 8,801 | 48,875 | ||
Goodwill | 102,808 | 228,750 | 239,742 | 3,432 |
Investments in consolidated subsidiaries | 0 | 0 | ||
Intercompany accounts receivable | 0 | 0 | ||
Other non-current assets | 29,416 | 7,043 | ||
Total non-current assets | 2,121,071 | 2,429,735 | ||
Total assets | 2,575,986 | 3,006,802 | ||
Current liabilities: | ||||
Trade accounts payable | 40,842 | 84,449 | ||
Accrued expenses | 51,966 | 48,501 | ||
Debt and capital lease obligations | 12,560 | 16,362 | ||
Other current liabilities | 4,686 | 4,063 | ||
Total current liabilities | 110,054 | 153,375 | ||
Non-current liabilities: | ||||
Asset retirement obligation | 17,799 | 16,966 | ||
Deferred tax liabilities | 63,802 | 85,481 | ||
Debt and capital lease obligations | 1,559,781 | 1,363,916 | ||
Intercompany accounts payable | 0 | 0 | ||
Other non-current liabilities | 20,247 | 10,002 | ||
Total non-current liabilities | 1,661,629 | 1,476,365 | ||
Total liabilities | 1,771,683 | 1,629,740 | ||
Stockholders’ equity: | ||||
Common stock | 260 | 241 | ||
Preferred stock | 0 | 2 | ||
Additional paid-in capital | 2,245,478 | 2,194,405 | ||
Accumulated other comprehensive loss | -3,323 | -6,451 | -9,433 | -8,481 |
Accumulated deficit | -1,445,408 | -840,474 | ||
Total Molycorp stockholders’ equity | 797,007 | 1,347,723 | ||
Noncontrolling interests | 7,296 | 29,339 | ||
Total stockholders’ equity | 804,303 | 1,377,062 | 1,251,258 | 845,230 |
Total liabilities and stockholders’ equity | 2,575,986 | 3,006,802 | ||
Parent | ||||
Current assets: | ||||
Cash and cash equivalents | 98,650 | 169,145 | 16,560 | 407,446 |
Trade accounts receivable, net | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 98,650 | 169,145 | ||
Non-current assets: | ||||
Deposits | 1,756 | 1,754 | ||
Property, plant and equipment, net | 0 | 0 | ||
Inventory | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investments (Note 10) | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Intercompany accounts receivable | 2,063,568 | 2,534,350 | ||
Other non-current assets | 16,421 | 0 | ||
Total non-current assets | 2,081,745 | 2,536,104 | ||
Total assets | 2,180,395 | 2,705,249 | ||
Current liabilities: | ||||
Trade accounts payable | 0 | 0 | ||
Accrued expenses | 17,324 | 18,158 | ||
Debt and capital lease obligations | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 17,324 | 18,158 | ||
Non-current liabilities: | ||||
Asset retirement obligation | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Debt and capital lease obligations | 1,357,003 | 1,339,368 | ||
Intercompany accounts payable | 0 | 0 | ||
Other non-current liabilities | 9,061 | 0 | ||
Total non-current liabilities | 1,366,064 | 1,339,368 | ||
Total liabilities | 1,383,388 | 1,357,526 | ||
Stockholders’ equity: | ||||
Common stock | 260 | 241 | ||
Preferred stock | 2 | |||
Additional paid-in capital | 2,245,478 | 2,194,405 | ||
Accumulated other comprehensive loss | -3,323 | -6,451 | ||
Accumulated deficit | -1,445,408 | -840,474 | ||
Total Molycorp stockholders’ equity | 797,007 | 1,347,723 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | 797,007 | 1,347,723 | ||
Total liabilities and stockholders’ equity | 2,180,395 | 2,705,249 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 5,329 | 6,467 | 18,020 | 10,758 |
Trade accounts receivable, net | 1,924 | 4,990 | ||
Inventory | 36,956 | 32,307 | ||
Prepaid expenses and other current assets | 9,673 | 15,833 | ||
Total current assets | 53,882 | 59,597 | ||
Non-current assets: | ||||
Deposits | 29,322 | 24,243 | ||
Property, plant and equipment, net | 1,575,670 | 1,620,851 | ||
Inventory | 25,127 | 25,329 | ||
Intangible assets, net | 377 | 442 | ||
Investments (Note 10) | 785 | 34,134 | ||
Goodwill | 0 | 0 | ||
Investments in consolidated subsidiaries | 91,672 | 104,327 | ||
Intercompany accounts receivable | 0 | 0 | ||
Other non-current assets | 7,792 | 771 | ||
Total non-current assets | 1,730,745 | 1,810,097 | ||
Total assets | 1,784,627 | 1,869,694 | ||
Current liabilities: | ||||
Trade accounts payable | 14,641 | 49,702 | ||
Accrued expenses | 16,256 | 13,782 | ||
Debt and capital lease obligations | 3,234 | 2,234 | ||
Other current liabilities | 263 | 617 | ||
Total current liabilities | 34,394 | 66,335 | ||
Non-current liabilities: | ||||
Asset retirement obligation | 17,799 | 16,966 | ||
Deferred tax liabilities | 0 | 0 | ||
Debt and capital lease obligations | 146,805 | 19,355 | ||
Intercompany accounts payable | 2,134,041 | 1,999,562 | ||
Other non-current liabilities | 1,424 | 1,393 | ||
Total non-current liabilities | 2,300,069 | 2,037,276 | ||
Total liabilities | 2,334,463 | 2,103,611 | ||
Stockholders’ equity: | ||||
Common stock | 0 | 0 | ||
Preferred stock | 0 | |||
Additional paid-in capital | 132,335 | 132,335 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Accumulated deficit | -682,171 | -366,252 | ||
Total Molycorp stockholders’ equity | -549,836 | -233,917 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | -549,836 | -233,917 | ||
Total liabilities and stockholders’ equity | 1,784,627 | 1,869,694 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 107,706 | 138,705 | 193,210 | 651 |
Trade accounts receivable, net | 42,651 | 56,767 | ||
Inventory | 132,367 | 139,476 | ||
Prepaid expenses and other current assets | 19,659 | 13,377 | ||
Total current assets | 302,383 | 348,325 | ||
Non-current assets: | ||||
Deposits | 0 | 0 | ||
Property, plant and equipment, net | 132,300 | 142,023 | ||
Inventory | 0 | 0 | ||
Intangible assets, net | 215,494 | 330,425 | ||
Investments (Note 10) | 8,016 | 14,741 | ||
Goodwill | 102,808 | 228,750 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Intercompany accounts receivable | 0 | 0 | ||
Other non-current assets | 5,203 | 6,272 | ||
Total non-current assets | 463,821 | 722,211 | ||
Total assets | 766,204 | 1,070,536 | ||
Current liabilities: | ||||
Trade accounts payable | 26,201 | 34,747 | ||
Accrued expenses | 18,386 | 16,561 | ||
Debt and capital lease obligations | 9,326 | 14,128 | ||
Other current liabilities | 4,423 | 3,446 | ||
Total current liabilities | 58,336 | 68,882 | ||
Non-current liabilities: | ||||
Asset retirement obligation | 0 | 0 | ||
Deferred tax liabilities | 63,802 | 85,481 | ||
Debt and capital lease obligations | 55,973 | 5,193 | ||
Intercompany accounts payable | 658,986 | 783,011 | ||
Other non-current liabilities | 9,762 | 8,609 | ||
Total non-current liabilities | 788,523 | 882,294 | ||
Total liabilities | 846,859 | 951,176 | ||
Stockholders’ equity: | ||||
Common stock | 0 | 0 | ||
Preferred stock | 0 | |||
Additional paid-in capital | 534,440 | 534,436 | ||
Accumulated other comprehensive loss | -3,323 | -6,451 | ||
Accumulated deficit | -619,068 | -437,964 | ||
Total Molycorp stockholders’ equity | -87,951 | 90,021 | ||
Noncontrolling interests | 7,296 | 29,339 | ||
Total stockholders’ equity | -80,655 | 119,360 | ||
Total liabilities and stockholders’ equity | 766,204 | 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 (Note 10) | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in consolidated subsidiaries | -91,672 | -104,327 | ||
Intercompany accounts receivable | -2,063,568 | -2,534,350 | ||
Other non-current assets | 0 | 0 | ||
Total non-current assets | -2,155,240 | -2,638,677 | ||
Total assets | -2,155,240 | -2,638,677 | ||
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 | -2,793,027 | -2,782,573 | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | -2,793,027 | -2,782,573 | ||
Total liabilities | -2,793,027 | -2,782,573 | ||
Stockholders’ equity: | ||||
Common stock | 0 | 0 | ||
Preferred stock | 0 | |||
Additional paid-in capital | -666,775 | -666,771 | ||
Accumulated other comprehensive loss | 3,323 | 6,451 | ||
Accumulated deficit | 1,301,239 | 804,216 | ||
Total Molycorp stockholders’ equity | 637,787 | 143,896 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders’ equity | 637,787 | 143,896 | ||
Total liabilities and stockholders’ equity | ($2,155,240) | ($2,638,677) |
Subsidiary_Guarantor_Financial3
Subsidiary Guarantor Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||
Revenues | $116,242 | $123,937 | $116,907 | $118,526 | $123,814 | $149,066 | $136,112 | $145,398 | $475,612 | $554,390 | $527,696 |
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | -481,417 | -553,831 | -478,253 | ||||||||
Depreciation and amortization | -93,782 | -67,727 | -30,621 | ||||||||
Gross (loss) profit | -44,844 | -15,078 | -16,571 | -23,094 | -27,049 | -17,778 | -18,036 | -4,305 | -99,587 | -67,168 | 18,822 |
Operating expenses: | |||||||||||
Selling, general and administrative | -74,490 | -107,169 | -113,437 | ||||||||
Corporate development | 0 | -247 | -19,796 | ||||||||
Depreciation, amortization and accretion | -29,879 | -38,037 | -22,187 | ||||||||
Research and development | -15,265 | -23,172 | -27,796 | ||||||||
Impairment of goodwill and other long-lived assets | -231,650 | -120,898 | -301,755 | ||||||||
Operating loss | -450,871 | -356,691 | -466,149 | ||||||||
Other (expense) income: | |||||||||||
Other (expense) income | -5,092 | 1,886 | -38,798 | ||||||||
Foreign exchange (loss) gain, net | -3,146 | -376 | 2,872 | ||||||||
Interest expense, net of capitalized interest | -167,375 | -67,684 | -22,116 | ||||||||
Gain on extinguishment of convertible notes, net | 19,719 | 19,719 | 0 | 0 | |||||||
Impairment of investments at cost | -9,400 | -12,000 | -9,411 | 0 | |||||||
Interest income (expense) from intercompany notes | 0 | 0 | 0 | ||||||||
Equity loss from consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Total other expense | -167,894 | -75,585 | -58,042 | ||||||||
Loss from continuing operations before income taxes and equity earnings | -343,375 | -99,484 | -89,724 | -86,182 | -228,592 | -76,181 | -70,254 | -57,249 | -618,765 | -432,276 | -524,191 |
Income tax benefit | 22,594 | 70,943 | 54,075 | ||||||||
Equity in loss of affiliates | -26,763 | -9,169 | -3,490 | ||||||||
Loss from continuing operations | -622,934 | -370,502 | -473,606 | ||||||||
Loss from discontinued operations, net of tax | 0 | -6,427 | -1,737 | ||||||||
Net loss | -347,938 | -105,148 | -83,850 | -85,998 | -198,288 | -69,799 | -70,689 | -38,153 | -622,934 | -376,929 | -475,343 |
Net loss (income) attributable to noncontrolling interests | 18,000 | 2,546 | -5,826 | ||||||||
Net loss attributable to Molycorp stockholders | -329,795 | -105,179 | -83,899 | -86,061 | -194,308 | -69,929 | -71,175 | -38,971 | -604,934 | -374,383 | -481,169 |
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 4,271 | 1,623 | 248 | ||||||||
Actuarial loss | -1,143 | 1,359 | -1,200 | ||||||||
Comprehensive loss | -619,806 | -373,947 | -476,295 | ||||||||
Comprehensive (loss) income attributable to: | |||||||||||
Molycorp stockholders | -601,806 | -371,401 | -482,121 | ||||||||
Noncontrolling interests | -18,000 | -2,546 | 5,826 | ||||||||
Parent | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Gross (loss) profit | 0 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | -425 | -190 | 46 | ||||||||
Corporate development | 0 | -46 | |||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | ||||||||
Research and development | 0 | 0 | 0 | ||||||||
Impairment of goodwill and other long-lived assets | 0 | 0 | 0 | ||||||||
Operating loss | -425 | -190 | 0 | ||||||||
Other (expense) income: | |||||||||||
Other (expense) income | 44 | 5 | -37,589 | ||||||||
Foreign exchange (loss) gain, net | -35,914 | -9,896 | 0 | ||||||||
Interest expense, net of capitalized interest | -152,144 | -64,392 | -18,118 | ||||||||
Gain on extinguishment of convertible notes, net | 19,719 | ||||||||||
Impairment of investments at cost | 0 | 0 | |||||||||
Interest income (expense) from intercompany notes | 38,525 | 36,724 | 25,157 | ||||||||
Equity loss from consolidated subsidiaries | -484,369 | -330,604 | -456,649 | ||||||||
Total other expense | -614,139 | -368,163 | -487,199 | ||||||||
Loss from continuing operations before income taxes and equity earnings | -614,564 | -368,353 | -487,199 | ||||||||
Income tax benefit | 9,630 | -6,030 | 6,030 | ||||||||
Equity in loss of affiliates | 0 | 0 | 0 | ||||||||
Loss from continuing operations | -374,383 | -481,169 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net loss | -604,934 | -374,383 | -481,169 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net loss attributable to Molycorp stockholders | -604,934 | -374,383 | -481,169 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Actuarial loss | 0 | 0 | 0 | ||||||||
Comprehensive loss | -604,934 | -374,383 | -481,169 | ||||||||
Comprehensive (loss) income attributable to: | |||||||||||
Molycorp stockholders | -604,934 | -374,383 | -481,169 | ||||||||
Noncontrolling interests | 0 | 0 | 0 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||
Revenues | 60,795 | 88,266 | 139,257 | ||||||||
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | -181,599 | -200,650 | -153,461 | ||||||||
Depreciation and amortization | -74,119 | -40,220 | -12,094 | ||||||||
Gross (loss) profit | -194,923 | -152,604 | -26,298 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | -36,768 | -66,132 | -86,493 | ||||||||
Corporate development | -247 | -19,750 | |||||||||
Depreciation, amortization and accretion | -4,946 | -6,424 | -2,220 | ||||||||
Research and development | -526 | -5,069 | -12,984 | ||||||||
Impairment of goodwill and other long-lived assets | -13,831 | -14,250 | -5,747 | ||||||||
Operating loss | -250,994 | -244,726 | -153,492 | ||||||||
Other (expense) income: | |||||||||||
Other (expense) income | -1,853 | 2,169 | -328 | ||||||||
Foreign exchange (loss) gain, net | 5 | 11 | 0 | ||||||||
Interest expense, net of capitalized interest | -14,897 | 3,807 | -3,496 | ||||||||
Gain on extinguishment of convertible notes, net | 0 | ||||||||||
Impairment of investments at cost | -12,000 | -9,411 | |||||||||
Interest income (expense) from intercompany notes | -2,175 | -2,493 | 3,152 | ||||||||
Equity loss from consolidated subsidiaries | -12,655 | -7,674 | -23,205 | ||||||||
Total other expense | -43,575 | -13,591 | -23,877 | ||||||||
Loss from continuing operations before income taxes and equity earnings | -294,569 | -258,317 | -177,369 | ||||||||
Income tax benefit | 0 | 23,130 | 53,840 | ||||||||
Equity in loss of affiliates | -21,350 | -6,529 | -2,439 | ||||||||
Loss from continuing operations | -241,716 | -125,968 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net loss | -315,919 | -241,716 | -125,968 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net loss attributable to Molycorp stockholders | -315,919 | -241,716 | -125,968 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Actuarial loss | 0 | 0 | 0 | ||||||||
Comprehensive loss | -315,919 | -241,716 | -125,968 | ||||||||
Comprehensive (loss) income attributable to: | |||||||||||
Molycorp stockholders | -315,919 | -241,716 | -125,968 | ||||||||
Noncontrolling interests | 0 | 0 | 0 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||
Revenues | 452,654 | 517,202 | 413,951 | ||||||||
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | -337,655 | -404,259 | -350,304 | ||||||||
Depreciation and amortization | -19,663 | -27,507 | -18,527 | ||||||||
Gross (loss) profit | 95,336 | 85,436 | 45,120 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | -37,297 | -40,847 | -26,990 | ||||||||
Corporate development | 0 | 0 | |||||||||
Depreciation, amortization and accretion | -24,933 | -31,613 | -19,967 | ||||||||
Research and development | -14,739 | -18,103 | -14,812 | ||||||||
Impairment of goodwill and other long-lived assets | -217,819 | -106,648 | -296,008 | ||||||||
Operating loss | -199,452 | -111,775 | -312,657 | ||||||||
Other (expense) income: | |||||||||||
Other (expense) income | -3,283 | -288 | -881 | ||||||||
Foreign exchange (loss) gain, net | 32,763 | 9,509 | 2,872 | ||||||||
Interest expense, net of capitalized interest | -334 | -7,099 | -502 | ||||||||
Gain on extinguishment of convertible notes, net | 0 | ||||||||||
Impairment of investments at cost | 0 | 0 | |||||||||
Interest income (expense) from intercompany notes | -36,350 | -34,231 | -28,309 | ||||||||
Equity loss from consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Total other expense | -7,204 | -32,109 | -26,820 | ||||||||
Loss from continuing operations before income taxes and equity earnings | -206,656 | -143,884 | -339,477 | ||||||||
Income tax benefit | 12,964 | 53,843 | -5,795 | ||||||||
Equity in loss of affiliates | -5,413 | -2,640 | -1,051 | ||||||||
Loss from continuing operations | -92,681 | -346,323 | |||||||||
Loss from discontinued operations, net of tax | -6,427 | -1,737 | |||||||||
Net loss | -199,105 | -99,108 | -348,060 | ||||||||
Net loss (income) attributable to noncontrolling interests | 18,000 | 2,546 | -5,826 | ||||||||
Net loss attributable to Molycorp stockholders | -181,105 | -96,562 | -353,886 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 4,271 | 1,623 | 248 | ||||||||
Actuarial loss | -1,143 | 1,359 | -1,200 | ||||||||
Comprehensive loss | -195,977 | -96,126 | -349,012 | ||||||||
Comprehensive (loss) income attributable to: | |||||||||||
Molycorp stockholders | -177,977 | -93,580 | -354,838 | ||||||||
Noncontrolling interests | -18,000 | -2,546 | 5,826 | ||||||||
Eliminations | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | |||||||||||
Revenues | -37,837 | -51,078 | -25,512 | ||||||||
Costs of sales: | |||||||||||
Costs excluding depreciation and amortization | 37,837 | 51,078 | 25,512 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Gross (loss) profit | 0 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 0 | 0 | 0 | ||||||||
Corporate development | 0 | 0 | |||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | ||||||||
Research and development | 0 | 0 | 0 | ||||||||
Impairment of goodwill and other long-lived assets | 0 | 0 | 0 | ||||||||
Operating loss | 0 | 0 | 0 | ||||||||
Other (expense) income: | |||||||||||
Other (expense) income | 0 | 0 | 0 | ||||||||
Foreign exchange (loss) gain, net | 0 | 0 | 0 | ||||||||
Interest expense, net of capitalized interest | 0 | 0 | 0 | ||||||||
Gain on extinguishment of convertible notes, net | 0 | ||||||||||
Impairment of investments at cost | 0 | 0 | |||||||||
Interest income (expense) from intercompany notes | 0 | 0 | 0 | ||||||||
Equity loss from consolidated subsidiaries | 497,024 | 338,278 | 479,854 | ||||||||
Total other expense | 497,024 | 338,278 | 479,854 | ||||||||
Loss from continuing operations before income taxes and equity earnings | 497,024 | 338,278 | 479,854 | ||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||
Equity in loss of affiliates | 0 | 0 | 0 | ||||||||
Loss from continuing operations | 338,278 | 479,854 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net loss | 497,024 | 338,278 | 479,854 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net loss attributable to Molycorp stockholders | 497,024 | 338,278 | 479,854 | ||||||||
Other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | ||||||||
Actuarial loss | 0 | 0 | 0 | ||||||||
Comprehensive loss | 497,024 | 338,278 | 479,854 | ||||||||
Comprehensive (loss) income attributable to: | |||||||||||
Molycorp stockholders | 497,024 | 338,278 | 479,854 | ||||||||
Noncontrolling interests | $0 | $0 | $0 |
Subsidiary_Guarantor_Financial4
Subsidiary Guarantor Financial Information - Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidating Statements of Cash Flows | |||
Net cash (used in) provided by operating activities | ($222,204) | ($154,351) | ($89,635) |
Cash flows from investing activities: | |||
Intercompany advances made | 0 | 0 | 0 |
Repayments from non-guarantor | 0 | 0 | 0 |
Loans to guarantors | 0 | 0 | |
Investment in joint ventures | -703 | -3,423 | -33,044 |
Dividends received from equity investment | 2,014 | 0 | 0 |
Capital expenditures | -86,158 | -379,312 | -791,469 |
Recovery from insurance claims | 12,900 | 0 | 0 |
Other investing activities | 984 | 5,477 | 762 |
Loans to Parent | 0 | 0 | |
Notes receivable to non-guarantor | 0 | 0 | 0 |
Cash paid in connection with acquisitions, net of cash acquired | 0 | 0 | -591,011 |
Loans to subsidiaries | 0 | ||
Repayments from subsidiaries | 0 | ||
Investment in subsidiaries | 0 | ||
Acquisition of exploration rights | 0 | 0 | -8,167 |
Net cash used in investing activities | -70,963 | -377,258 | -1,422,929 |
Cash flows from financing activities: | |||
Repayments of debt | -7,825 | -26,823 | -228,708 |
Debt issuance costs | -15,260 | 0 | 0 |
Issuance of 10% Senior Secured Notes | 250,000 | 635,373 | |
Partial repayment of convertible notes | -27,495 | 0 | 0 |
Payments of preferred dividends | -2,846 | -11,385 | -11,385 |
Dividends paid to noncontrolling interests | -4,222 | -4,546 | -5,977 |
Borrowing from non-guarantor | 0 | 0 | |
Borrowings from parent | 0 | 0 | 0 |
Borrowings from guarantor | 0 | 0 | |
Repayments to parent | 0 | 0 | 0 |
Intercompany advances owed | 0 | 0 | 0 |
Repayments of borrowings to guarantor | 0 | ||
Other financing activities | 0 | -1,297 | -1,554 |
Issuance of shares to Molymet | 0 | 0 | 390,093 |
Capital contributions from parent company | 0 | ||
Proceeds from debt | 0 | 0 | 14,699 |
Net proceeds from sale of common stock | 0 | 495,717 | 132,130 |
Proceeds from Convertible Debt | 165,600 | 395,712 | |
Borrowings from guarantor | 0 | ||
Repayments to guarantor | 0 | ||
Net cash provided by financing activities | 192,352 | 617,266 | 1,320,383 |
Effect of exchange rate changes on cash | -1,817 | 870 | 1,116 |
Net change in cash and cash equivalents | -102,632 | 86,527 | -191,065 |
Cash and cash equivalents at beginning of the period | 314,317 | 227,790 | 418,855 |
Cash and cash equivalents at end of period | 211,685 | 314,317 | 227,790 |
Parent | |||
Condensed Consolidating Statements of Cash Flows | |||
Net cash (used in) provided by operating activities | -65,618 | -39,075 | -13,207 |
Cash flows from investing activities: | |||
Intercompany advances made | -111,753 | -391,560 | -1,009,014 |
Repayments from non-guarantor | 39,662 | 38,000 | 0 |
Loans to guarantors | 0 | 0 | |
Investment in joint ventures | 0 | 0 | 0 |
Dividends received from equity investment | 0 | ||
Capital expenditures | 0 | 0 | 0 |
Recovery from insurance claims | 0 | ||
Other investing activities | 0 | 0 | 0 |
Loans to Parent | 0 | 0 | |
Notes receivable to non-guarantor | -4,000 | -117,512 | 0 |
Cash paid in connection with acquisitions, net of cash acquired | 0 | ||
Loans to subsidiaries | -697,213 | ||
Repayments from subsidiaries | 101,974 | ||
Investment in subsidiaries | -350,000 | ||
Acquisition of exploration rights | 0 | ||
Net cash used in investing activities | -76,091 | -471,072 | -1,954,253 |
Cash flows from financing activities: | |||
Repayments of debt | 0 | 0 | 0 |
Debt issuance costs | -4,190 | ||
Issuance of 10% Senior Secured Notes | 50,167 | 635,373 | |
Partial repayment of convertible notes | -27,495 | ||
Payments of preferred dividends | -2,846 | -11,385 | -11,385 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Borrowing from non-guarantor | 0 | 12,800 | |
Borrowings from parent | 0 | 0 | 0 |
Borrowings from guarantor | 0 | 37,589 | |
Repayments to parent | 0 | 0 | 0 |
Intercompany advances owed | 55,578 | 0 | 0 |
Repayments of borrowings to guarantor | 0 | ||
Other financing activities | 0 | -2,938 | |
Issuance of shares to Molymet | 390,093 | ||
Capital contributions from parent company | 0 | ||
Proceeds from debt | 0 | ||
Net proceeds from sale of common stock | 495,717 | 132,130 | |
Proceeds from Convertible Debt | 165,600 | 395,712 | |
Borrowings from guarantor | 0 | ||
Repayments to guarantor | 0 | ||
Net cash provided by financing activities | 71,214 | 662,732 | 1,576,574 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net change in cash and cash equivalents | -70,495 | 152,585 | -390,886 |
Cash and cash equivalents at beginning of the period | 169,145 | 16,560 | 407,446 |
Cash and cash equivalents at end of period | 98,650 | 169,145 | 16,560 |
Guarantor Subsidiaries | |||
Condensed Consolidating Statements of Cash Flows | |||
Net cash (used in) provided by operating activities | -178,939 | -133,612 | -112,386 |
Cash flows from investing activities: | |||
Intercompany advances made | -2,123 | 0 | 0 |
Repayments from non-guarantor | 0 | 117,776 | 110,000 |
Loans to guarantors | 0 | ||
Investment in joint ventures | 0 | -3,423 | -27,680 |
Dividends received from equity investment | 0 | ||
Capital expenditures | -78,557 | -361,782 | -766,951 |
Recovery from insurance claims | 12,900 | ||
Other investing activities | 90 | 4,902 | -3,999 |
Loans to Parent | 0 | -37,589 | |
Notes receivable to non-guarantor | -5,000 | -1,300 | -227,512 |
Cash paid in connection with acquisitions, net of cash acquired | 0 | ||
Loans to subsidiaries | 0 | ||
Repayments from subsidiaries | 0 | ||
Investment in subsidiaries | 0 | ||
Acquisition of exploration rights | 0 | ||
Net cash used in investing activities | -72,690 | -243,827 | -953,731 |
Cash flows from financing activities: | |||
Repayments of debt | 0 | 0 | -870 |
Debt issuance costs | -7,750 | ||
Issuance of 10% Senior Secured Notes | 139,833 | 0 | |
Partial repayment of convertible notes | 0 | ||
Payments of preferred dividends | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Borrowing from non-guarantor | 6,655 | 40,000 | |
Borrowings from parent | 0 | 0 | 227,512 |
Borrowings from guarantor | 0 | 0 | |
Repayments to parent | 0 | 0 | -34,327 |
Intercompany advances owed | 111,753 | 327,183 | 881,179 |
Repayments of borrowings to guarantor | 0 | ||
Other financing activities | -1,297 | -115 | |
Issuance of shares to Molymet | 0 | ||
Capital contributions from parent company | 0 | ||
Proceeds from debt | 0 | ||
Net proceeds from sale of common stock | 0 | 0 | |
Proceeds from Convertible Debt | 0 | 0 | |
Borrowings from guarantor | 0 | ||
Repayments to guarantor | 0 | ||
Net cash provided by financing activities | 250,491 | 365,886 | 1,073,379 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net change in cash and cash equivalents | -1,138 | -11,553 | 7,262 |
Cash and cash equivalents at beginning of the period | 6,467 | 18,020 | 10,758 |
Cash and cash equivalents at end of period | 5,329 | 6,467 | 18,020 |
Non-Guarantor Subsidiaries | |||
Condensed Consolidating Statements of Cash Flows | |||
Net cash (used in) provided by operating activities | 22,353 | 18,336 | 35,958 |
Cash flows from investing activities: | |||
Intercompany advances made | -55,578 | 0 | 0 |
Repayments from non-guarantor | 0 | 0 | 0 |
Loans to guarantors | -6,655 | -40,000 | |
Investment in joint ventures | -703 | 0 | -5,364 |
Dividends received from equity investment | 2,014 | ||
Capital expenditures | -7,601 | -17,530 | -24,518 |
Recovery from insurance claims | 0 | ||
Other investing activities | 894 | 575 | 4,761 |
Loans to Parent | -12,800 | 0 | |
Notes receivable to non-guarantor | 0 | 0 | 0 |
Cash paid in connection with acquisitions, net of cash acquired | -591,011 | ||
Loans to subsidiaries | 0 | ||
Repayments from subsidiaries | 0 | ||
Investment in subsidiaries | 0 | ||
Acquisition of exploration rights | -8,167 | ||
Net cash used in investing activities | -67,629 | -69,755 | -624,299 |
Cash flows from financing activities: | |||
Repayments of debt | -7,825 | -26,823 | -227,838 |
Debt issuance costs | -3,320 | ||
Issuance of 10% Senior Secured Notes | 60,000 | 0 | |
Partial repayment of convertible notes | 0 | ||
Payments of preferred dividends | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | -4,222 | -4,546 | -5,977 |
Borrowing from non-guarantor | 0 | 0 | |
Borrowings from parent | 4,000 | 117,512 | 469,701 |
Borrowings from guarantor | 5,000 | 227,512 | |
Repayments to parent | -39,662 | -38,000 | -67,647 |
Intercompany advances owed | 2,123 | 64,377 | 127,835 |
Repayments of borrowings to guarantor | -110,000 | ||
Other financing activities | 0 | 1,499 | |
Issuance of shares to Molymet | 0 | ||
Capital contributions from parent company | 350,000 | ||
Proceeds from debt | 14,699 | ||
Net proceeds from sale of common stock | 0 | 0 | |
Proceeds from Convertible Debt | 0 | 0 | |
Borrowings from guarantor | 1,300 | ||
Repayments to guarantor | -117,776 | ||
Net cash provided by financing activities | 16,094 | -3,956 | 779,784 |
Effect of exchange rate changes on cash | -1,817 | 870 | 1,116 |
Net change in cash and cash equivalents | -30,999 | -54,505 | 192,559 |
Cash and cash equivalents at beginning of the period | 138,705 | 193,210 | 651 |
Cash and cash equivalents at end of period | 107,706 | 138,705 | 193,210 |
Eliminations | |||
Condensed Consolidating Statements of Cash Flows | |||
Net cash (used in) provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Intercompany advances made | 169,454 | 391,560 | 1,009,014 |
Repayments from non-guarantor | -39,662 | -155,776 | -110,000 |
Loans to guarantors | 6,655 | 40,000 | |
Investment in joint ventures | 0 | 0 | 0 |
Dividends received from equity investment | 0 | ||
Capital expenditures | 0 | 0 | 0 |
Recovery from insurance claims | 0 | ||
Other investing activities | 0 | 0 | 0 |
Loans to Parent | 12,800 | 37,589 | |
Notes receivable to non-guarantor | 9,000 | 118,812 | 227,512 |
Cash paid in connection with acquisitions, net of cash acquired | 0 | ||
Loans to subsidiaries | 697,213 | ||
Repayments from subsidiaries | -101,974 | ||
Investment in subsidiaries | 350,000 | ||
Acquisition of exploration rights | 0 | ||
Net cash used in investing activities | 145,447 | 407,396 | 2,109,354 |
Cash flows from financing activities: | |||
Repayments of debt | 0 | 0 | 0 |
Debt issuance costs | 0 | ||
Issuance of 10% Senior Secured Notes | 0 | 0 | |
Partial repayment of convertible notes | 0 | ||
Payments of preferred dividends | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Borrowing from non-guarantor | -6,655 | -52,800 | |
Borrowings from parent | -4,000 | -117,512 | -697,213 |
Borrowings from guarantor | -5,000 | -265,101 | |
Repayments to parent | 39,662 | 38,000 | 101,974 |
Intercompany advances owed | -169,454 | -391,560 | -1,009,014 |
Repayments of borrowings to guarantor | 110,000 | ||
Other financing activities | 0 | 0 | |
Issuance of shares to Molymet | 0 | ||
Capital contributions from parent company | -350,000 | ||
Proceeds from debt | 0 | ||
Net proceeds from sale of common stock | 0 | 0 | |
Proceeds from Convertible Debt | 0 | 0 | |
Borrowings from guarantor | -1,300 | ||
Repayments to guarantor | 117,776 | ||
Net cash provided by financing activities | -145,447 | -407,396 | -2,109,354 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Subsidiary_Guarantor_Financial5
Subsidiary Guarantor Financial Information - Classification Errors with Changes Presented (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
error | |||
Number of Classification Errors Affecting the Condensed Consolidating Balance Sheets | 2 | ||
Number of Classification Errors Affecting the Condensed Consolidating Statements of Cash Flows | 1 | ||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | $0 | $0 | |
Intercompany accounts receivable | 0 | 0 | |
Additional paid-in capital | 2,245,478 | 2,194,405 | |
Intercompany accounts payable | 0 | 0 | |
Condensed Consolidating Statements of Cash Flows | |||
Loans to subsidiaries | 0 | ||
Repayments from subsidiaries | 0 | ||
Borrowings from parent | 0 | 0 | 0 |
Repayments to parent | 0 | 0 | 0 |
Parent | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | 0 | 0 | |
Intercompany accounts receivable | 2,063,568 | 2,534,350 | |
Additional paid-in capital | 2,245,478 | 2,194,405 | |
Intercompany accounts payable | 0 | 0 | |
Condensed Consolidating Statements of Cash Flows | |||
Loans to subsidiaries | -697,213 | ||
Repayments from subsidiaries | 101,974 | ||
Borrowings from parent | 0 | 0 | 0 |
Repayments to parent | 0 | 0 | 0 |
Guarantor Subsidiaries | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | 91,672 | 104,327 | |
Intercompany accounts receivable | 0 | 0 | |
Additional paid-in capital | 132,335 | 132,335 | |
Intercompany accounts payable | 2,134,041 | 1,999,562 | |
Condensed Consolidating Statements of Cash Flows | |||
Loans to subsidiaries | 0 | ||
Repayments from subsidiaries | 0 | ||
Borrowings from parent | 0 | 0 | 227,512 |
Repayments to parent | 0 | 0 | -34,327 |
Non-Guarantor Subsidiaries | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | 0 | 0 | |
Intercompany accounts receivable | 0 | 0 | |
Additional paid-in capital | 534,440 | 534,436 | |
Intercompany accounts payable | 658,986 | 783,011 | |
Condensed Consolidating Statements of Cash Flows | |||
Loans to subsidiaries | 0 | ||
Repayments from subsidiaries | 0 | ||
Borrowings from parent | 4,000 | 117,512 | 469,701 |
Repayments to parent | -39,662 | -38,000 | -67,647 |
Scenario, Previously Reported | Parent | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | 532,767 | ||
Intercompany accounts receivable | 2,001,583 | ||
Condensed Consolidating Statements of Cash Flows | |||
Loans to subsidiaries | -683,063 | ||
Repayments from subsidiaries | 87,824 | ||
Scenario, Previously Reported | Guarantor Subsidiaries | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | 121,849 | ||
Additional paid-in capital | 149,857 | ||
Scenario, Previously Reported | Non-Guarantor Subsidiaries | |||
Condensed Consolidating Balance Sheets | |||
Additional paid-in capital | 1,315,426 | ||
Intercompany accounts payable | 2,021 | ||
Condensed Consolidating Statements of Cash Flows | |||
Borrowings from parent | 455,551 | ||
Repayments to parent | -53,497 | ||
Restatement Adjustment | Parent | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | -532,767 | ||
Intercompany accounts receivable | 532,767 | ||
Condensed Consolidating Statements of Cash Flows | |||
Loans to subsidiaries | -14,150 | ||
Repayments from subsidiaries | 14,150 | ||
Restatement Adjustment | Guarantor Subsidiaries | |||
Condensed Consolidating Balance Sheets | |||
Investments in consolidated subsidiaries | -17,522 | ||
Additional paid-in capital | -17,522 | ||
Restatement Adjustment | Non-Guarantor Subsidiaries | |||
Condensed Consolidating Balance Sheets | |||
Additional paid-in capital | -780,990 | ||
Intercompany accounts payable | 780,990 | ||
Condensed Consolidating Statements of Cash Flows | |||
Borrowings from parent | 14,150 | ||
Repayments to parent | ($14,150) |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 7 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net loss | $0 | ($6,427) | ($1,737) | |
Napanee Facility | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 2,091 | 1,214 | ||
Costs of sales | -3,834 | -2,691 | ||
Selling, general and administrative expenses | -351 | -232 | ||
Depreciation | -28 | -28 | ||
Operating loss | -2,122 | -1,737 | ||
Impairment loss | -4,305 | 0 | ||
Income tax | 0 | 0 | ||
Net loss | ($6,427) | ($1,737) |
Unaudited_Supplementary_Data_D
Unaudited Supplementary Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $116,242,000 | $123,937,000 | $116,907,000 | $118,526,000 | $123,814,000 | $149,066,000 | $136,112,000 | $145,398,000 | $475,612,000 | $554,390,000 | $527,696,000 | |
Gross loss | -44,844,000 | -15,078,000 | -16,571,000 | -23,094,000 | -27,049,000 | -17,778,000 | -18,036,000 | -4,305,000 | -99,587,000 | -67,168,000 | 18,822,000 | |
Loss before income taxes and equity earnings | -343,375,000 | -99,484,000 | -89,724,000 | -86,182,000 | -228,592,000 | -76,181,000 | -70,254,000 | -57,249,000 | -618,765,000 | -432,276,000 | -524,191,000 | |
Net loss | -347,938,000 | -105,148,000 | -83,850,000 | -85,998,000 | -198,288,000 | -69,799,000 | -70,689,000 | -38,153,000 | -622,934,000 | -376,929,000 | -475,343,000 | |
Net loss attributable to Molycorp stockholders | -329,795,000 | -105,179,000 | -83,899,000 | -86,061,000 | -194,308,000 | -69,929,000 | -71,175,000 | -38,971,000 | -604,934,000 | -374,383,000 | -481,169,000 | |
(Loss) income per share of common stock from continuing operations | ||||||||||||
Basic (in dollars per share) | ($1.43) | ($0.47) | ($0.37) | ($0.40) | ($0.95) | ($0.43) | ($0.44) | ($0.27) | ($2.70) | ($2.21) | ($4.60) | |
Diluted (in dollars per share) | ($1.43) | ($0.47) | ($0.37) | ($0.40) | ($0.95) | ($0.43) | ($0.44) | ($0.27) | ($2.70) | ($2.21) | ($4.60) | |
Quarterly Financial Data [Line Items] | ||||||||||||
Interest expense, net of capitalized interest | -167,375,000 | -67,684,000 | -22,116,000 | |||||||||
Impairment of investments | 9,400,000 | 12,000,000 | 9,411,000 | 0 | ||||||||
Tangible Asset Impairment Charges | 14,400,000 | 16,300,000 | 5,900,000 | |||||||||
Gain on extinguishment of convertible notes, net | 19,719,000 | 19,719,000 | 0 | 0 | ||||||||
Equity Method Investment, Other than Temporary Impairment | 19,700,000 | |||||||||||
Impairment of goodwill and other intangible assets | 125,900,000 | 125,942,000 | 10,992,000 | 289,894,000 | ||||||||
Exploration rights | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Tangible Asset Impairment Charges | 16,200,000 | |||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 16,200,000 | |||||||||||
Net loss | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Out-of-Period Adjustments, Interim Periods of Fiscal Year | 3,842,000 | |||||||||||
Boulder Wind Power, Inc. | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Impairment of investments | 12,000,000 | 8,000,000 | ||||||||||
Boulder Wind Power, Inc. | Other Nonoperating Income (Expense) | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Impairment of investments | 12,000,000 | 8,000,000 | ||||||||||
Restatement Adjustment | Own-share Lending Arrangement | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Interest expense, net of capitalized interest | -4,933,000 | |||||||||||
Chemicals and Oxides and Rare Metals | Customer relationships | ||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $90,900,000 |