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): |
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-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; | | | | | | | | | | | | | | | | | | |
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-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; | | | | | | | | | | | | | | | | | | |
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-3 | the designation by us of such guarantor as an unrestricted subsidiary; or | | | | | | | | | | | | | | | | | | |
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-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. |
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| 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 | |
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Trade accounts receivable, net | — | | | 1,924 | | | 42,651 | | | — | | | 44,575 | |
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Inventory | — | | | 36,956 | | | 132,367 | | | — | | | 169,323 | |
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Prepaid expenses and other current assets | — | | | 9,673 | | | 19,659 | | | — | | | 29,332 | |
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Total current assets | 98,650 | | | 53,882 | | | 302,383 | | | — | | | 454,915 | |
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Non-current assets: | | | | | | | | | |
Deposits | 1,756 | | | 29,322 | | | — | | | — | | | 31,078 | |
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Property, plant and equipment, net | — | | | 1,575,670 | | | 132,300 | | | — | | | 1,707,970 | |
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Inventory | — | | | 25,127 | | | — | | | — | | | 25,127 | |
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Intangible assets, net | — | | | 377 | | | 215,494 | | | — | | | 215,871 | |
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Investments | — | | | 785 | | | 8,016 | | | — | | | 8,801 | |
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Goodwill | — | | | — | | | 102,808 | | | — | | | 102,808 | |
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Investments in consolidated subsidiaries | — | | | 91,672 | | | — | | | (91,672 | ) | | — | |
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Intercompany accounts receivable | 2,063,568 | | | — | | | — | | | (2,063,568 | ) | | — | |
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Other non-current assets | 16,421 | | | 7,792 | | | 5,203 | | | — | | | 29,416 | |
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Total non-current assets | 2,081,745 | | | 1,730,745 | | | 463,821 | | | (2,155,240 | ) | | 2,121,071 | |
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Total assets | $ | 2,180,395 | | | $ | 1,784,627 | | | $ | 766,204 | | | $ | (2,155,240 | ) | | $ | 2,575,986 | |
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Current liabilities: | | | | | | | | | |
Trade accounts payable | $ | — | | | $ | 14,641 | | | $ | 26,201 | | | $ | — | | | $ | 40,842 | |
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Accrued expenses | 17,324 | | | 16,256 | | | 18,386 | | | — | | | 51,966 | |
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Debt and capital lease obligations | — | | | 3,234 | | | 9,326 | | | — | | | 12,560 | |
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Other current liabilities | — | | | 263 | | | 4,423 | | | — | | | 4,686 | |
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Total current liabilities | 17,324 | | | 34,394 | | | 58,336 | | | — | | | 110,054 | |
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Non-current liabilities: | | | | | | | | | |
Asset retirement obligation | — | | | 17,799 | | | — | | | — | | | 17,799 | |
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Deferred tax liabilities | — | | | — | | | 63,802 | | | — | | | 63,802 | |
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Debt and capital lease obligations | 1,357,003 | | | 146,805 | | | 55,973 | | | — | | | 1,559,781 | |
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Intercompany accounts payable | — | | | 2,134,041 | | | 658,986 | | | (2,793,027 | ) | | — | |
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Other non-current liabilities | 9,061 | | | 1,424 | | | 9,762 | | | — | | | 20,247 | |
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Total non-current liabilities | 1,366,064 | | | 2,300,069 | | | 788,523 | | | (2,793,027 | ) | | 1,661,629 | |
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Total liabilities | $ | 1,383,388 | | | $ | 2,334,463 | | | $ | 846,859 | | | $ | (2,793,027 | ) | | $ | 1,771,683 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 260 | | | — | | | — | | | — | | | 260 | |
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Additional paid-in capital | 2,245,478 | | | 132,335 | | | 534,440 | | | (666,775 | ) | | 2,245,478 | |
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Accumulated other comprehensive loss | (3,323 | ) | | — | | | (3,323 | ) | | 3,323 | | | (3,323 | ) |
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Accumulated deficit | (1,445,408 | ) | | (682,171 | ) | | (619,068 | ) | | 1,301,239 | | | (1,445,408 | ) |
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Total Molycorp stockholders’ equity | 797,007 | | | (549,836 | ) | | (87,951 | ) | | 637,787 | | | 797,007 | |
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Noncontrolling interests | — | | | — | | | 7,296 | | | — | | | 7,296 | |
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Total stockholders’ equity | 797,007 | | | (549,836 | ) | | (80,655 | ) | | 637,787 | | | 804,303 | |
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Total liabilities and stockholders’ equity | $ | 2,180,395 | | | $ | 1,784,627 | | | $ | 766,204 | | | $ | (2,155,240 | ) | | $ | 2,575,986 | |
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| 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 | |
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Trade accounts receivable, net | — | | | 4,990 | | | 56,767 | | | — | | | 61,757 | |
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Inventory | — | | | 32,307 | | | 139,476 | | | — | | | 171,783 | |
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Prepaid expenses and other current assets | — | | | 15,833 | | | 13,377 | | | — | | | 29,210 | |
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Total current assets | 169,145 | | | 59,597 | | | 348,325 | | | — | | | 577,067 | |
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Non-current assets: | | | | | | | | | |
Deposits | 1,754 | | | 24,243 | | | — | | | — | | | 25,997 | |
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Property, plant and equipment, net | — | | | 1,620,851 | | | 142,023 | | | — | | | 1,762,874 | |
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Inventory | — | | | 25,329 | | | — | | | — | | | 25,329 | |
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Intangible assets, net | — | | | 442 | | | 330,425 | | | — | | | 330,867 | |
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Investments | — | | | 34,134 | | | 14,741 | | | — | | | 48,875 | |
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Goodwill | — | | | — | | | 228,750 | | | — | | | 228,750 | |
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Investments in consolidated subsidiaries | — | | | 104,327 | | | — | | | (104,327 | ) | | — | |
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Intercompany accounts receivable | 2,534,350 | | | — | | | — | | | (2,534,350 | ) | | — | |
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Other non-current assets | — | | | 771 | | | 6,272 | | | — | | | 7,043 | |
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Total non-current assets | 2,536,104 | | | 1,810,097 | | | 722,211 | | | (2,638,677 | ) | | 2,429,735 | |
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Total assets | $ | 2,705,249 | | | $ | 1,869,694 | | | $ | 1,070,536 | | | $ | (2,638,677 | ) | | $ | 3,006,802 | |
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Current liabilities: | | | | | | | | | |
Trade accounts payable | $ | — | | | $ | 49,702 | | | $ | 34,747 | | | $ | — | | | $ | 84,449 | |
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Accrued expenses | 18,158 | | | 13,782 | | | 16,561 | | | — | | | 48,501 | |
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Debt and capital lease obligations | — | | | 2,234 | | | 14,128 | | | — | | | 16,362 | |
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Other current liabilities | — | | | 617 | | | 3,446 | | | — | | | 4,063 | |
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Total current liabilities | 18,158 | | | 66,335 | | | 68,882 | | | — | | | 153,375 | |
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Non-current liabilities: | | | | | | | | | |
Asset retirement obligation | — | | | 16,966 | | | — | | | — | | | 16,966 | |
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Deferred tax liabilities | — | | | — | | | 85,481 | | | — | | | 85,481 | |
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Debt and capital lease obligations | 1,339,368 | | | 19,355 | | | 5,193 | | | — | | | 1,363,916 | |
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Intercompany accounts payable | — | | | 1,999,562 | | | 783,011 | | | (2,782,573 | ) | | — | |
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Other non-current liabilities | — | | | 1,393 | | | 8,609 | | | — | | | 10,002 | |
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Total non-current liabilities | 1,339,368 | | | 2,037,276 | | | 882,294 | | | (2,782,573 | ) | | 1,476,365 | |
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Total liabilities | $ | 1,357,526 | | | $ | 2,103,611 | | | $ | 951,176 | | | $ | (2,782,573 | ) | | $ | 1,629,740 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 241 | | | — | | | — | | | — | | | 241 | |
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Preferred stock | 2 | | | — | | | — | | | — | | | 2 | |
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Additional paid-in capital | 2,194,405 | | | 132,335 | | | 534,436 | | | (666,771 | ) | | 2,194,405 | |
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Accumulated other comprehensive loss | (6,451 | ) | | — | | | (6,451 | ) | | 6,451 | | | (6,451 | ) |
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Accumulated deficit | (840,474 | ) | | (366,252 | ) | | (437,964 | ) | | 804,216 | | | (840,474 | ) |
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Total Molycorp stockholders’ equity | 1,347,723 | | | (233,917 | ) | | 90,021 | | | 143,896 | | | 1,347,723 | |
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Noncontrolling interests | — | | | — | | | 29,339 | | | — | | | 29,339 | |
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Total stockholders’ equity | 1,347,723 | | | (233,917 | ) | | 119,360 | | | 143,896 | | | 1,377,062 | |
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Total liabilities and stockholders’ equity | $ | 2,705,249 | | | $ | 1,869,694 | | | $ | 1,070,536 | | | $ | (2,638,677 | ) | | $ | 3,006,802 | |
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| 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 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (181,599 | ) | | (337,655 | ) | | 37,837 | | | (481,417 | ) |
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Depreciation and amortization | — | | | (74,119 | ) | | (19,663 | ) | | — | | | (93,782 | ) |
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Gross (loss) profit | — | | | (194,923 | ) | | 95,336 | | | — | | | (99,587 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (425 | ) | | (36,768 | ) | | (37,297 | ) | | — | | | (74,490 | ) |
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Depreciation, amortization and accretion | — | | | (4,946 | ) | | (24,933 | ) | | — | | | (29,879 | ) |
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Research and development | — | | | (526 | ) | | (14,739 | ) | | — | | | (15,265 | ) |
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Impairment of goodwill and other long-lived assets | — | | | (13,831 | ) | | (217,819 | ) | | — | | | (231,650 | ) |
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Operating loss | (425 | ) | | (250,994 | ) | | (199,452 | ) | | — | | | (450,871 | ) |
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Other (expense) income: | | | | | | | | | |
Other (expense) income | 44 | | | (1,853 | ) | | (3,283 | ) | | — | | | (5,092 | ) |
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Foreign exchange (loss) gain, net | (35,914 | ) | | 5 | | | 32,763 | | | — | | | (3,146 | ) |
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Interest expense, net of capitalized interest | (152,144 | ) | | (14,897 | ) | | (334 | ) | | — | | | (167,375 | ) |
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Gain on extinguishment of convertible notes | 19,719 | | | — | | | — | | | — | | | 19,719 | |
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Impairment of investment | — | | | (12,000 | ) | | — | | | — | | | (12,000 | ) |
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Interest income (expense) from intercompany notes | 38,525 | | | (2,175 | ) | | (36,350 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (484,369 | ) | | (12,655 | ) | | — | | | 497,024 | | | — | |
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| (614,139 | ) | | (43,575 | ) | | (7,204 | ) | | 497,024 | | | (167,894 | ) |
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Loss from continuing operations before income taxes and equity earnings | (614,564 | ) | | (294,569 | ) | | (206,656 | ) | | 497,024 | | | (618,765 | ) |
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Income tax benefit | 9,630 | | | — | | | 12,964 | | | — | | | 22,594 | |
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Equity in loss of affiliates | — | | | (21,350 | ) | | (5,413 | ) | | — | | | (26,763 | ) |
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Net loss | (604,934 | ) | | (315,919 | ) | | (199,105 | ) | | 497,024 | | | (622,934 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | 18,000 | | | — | | | 18,000 | |
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Net loss attributable to Molycorp stockholders | $ | (604,934 | ) | | $ | (315,919 | ) | | $ | (181,105 | ) | | $ | 497,024 | | | $ | (604,934 | ) |
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Net loss | $ | (604,934 | ) | | $ | (315,919 | ) | | $ | (199,105 | ) | | $ | 497,024 | | | $ | (622,934 | ) |
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Other comprehensive income: | | | | | | | | | |
Foreign currency translation adjustments | $ | — | | | $ | — | | | $ | 4,271 | | | $ | — | | | $ | 4,271 | |
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Actuarial loss | — | | | — | | | (1,143 | ) | | — | | | (1,143 | ) |
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Comprehensive loss | $ | (604,934 | ) | | $ | (315,919 | ) | | $ | (195,977 | ) | | $ | 497,024 | | | $ | (619,806 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (604,934 | ) | | (315,919 | ) | | (177,977 | ) | | 497,024 | | | (601,806 | ) |
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Noncontrolling interest | — | | | — | | | (18,000 | ) | | — | | | (18,000 | ) |
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| $ | (604,934 | ) | | $ | (315,919 | ) | | $ | (195,977 | ) | | $ | 497,024 | | | $ | (619,806 | ) |
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| 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 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (200,650 | ) | | (404,259 | ) | | 51,078 | | | (553,831 | ) |
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Depreciation and amortization | — | | | (40,220 | ) | | (27,507 | ) | | — | | | (67,727 | ) |
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Gross (loss) profit | — | | | (152,604 | ) | | 85,436 | | | — | | | (67,168 | ) |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | (190 | ) | | (66,132 | ) | | (40,847 | ) | | — | | | (107,169 | ) |
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Corporate development | — | | | (247 | ) | | — | | | — | | | (247 | ) |
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Depreciation, amortization and accretion | — | | | (6,424 | ) | | (31,613 | ) | | — | | | (38,037 | ) |
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Research and development | — | | | (5,069 | ) | | (18,103 | ) | | — | | | (23,172 | ) |
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Impairment of goodwill and other long-lived assets | — | | | (14,250 | ) | | (106,648 | ) | | — | | | (120,898 | ) |
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Operating loss | (190 | ) | | (244,726 | ) | | (111,775 | ) | | — | | | (356,691 | ) |
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Other (expense) income: | | | | | | | | | |
Other income (expense) | 5 | | | 2,169 | | | (288 | ) | | — | | | 1,886 | |
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Foreign exchange (loss) gain, net | (9,896 | ) | | 11 | | | 9,509 | | | — | | | (376 | ) |
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Interest (expense) income, net of capitalized interest | (64,392 | ) | | 3,807 | | | (7,099 | ) | | — | | | (67,684 | ) |
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Impairment of investment at cost | — | | | (9,411 | ) | | — | | | — | | | (9,411 | ) |
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Interest income (expense) from intercompany notes | 36,724 | | | (2,493 | ) | | (34,231 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (330,604 | ) | | (7,674 | ) | | — | | | 338,278 | | | — | |
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| (368,163 | ) | | (13,591 | ) | | (32,109 | ) | | 338,278 | | | (75,585 | ) |
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Loss from continuing operations before income taxes and equity earnings | (368,353 | ) | | (258,317 | ) | | (143,884 | ) | | 338,278 | | | (432,276 | ) |
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Income tax (expense) benefit | (6,030 | ) | | 23,130 | | | 53,843 | | | — | | | 70,943 | |
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Equity in loss of affiliates | — | | | (6,529 | ) | | (2,640 | ) | | — | | | (9,169 | ) |
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Loss from continuing operations | (374,383 | ) | | (241,716 | ) | | (92,681 | ) | | 338,278 | | | (370,502 | ) |
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Loss from discontinued operations, net of tax | — | | | — | | | (6,427 | ) | | — | | | (6,427 | ) |
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Net loss | (374,383 | ) | | (241,716 | ) | | (99,108 | ) | | 338,278 | | | (376,929 | ) |
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Net income attributable to noncontrolling interest | — | | | — | | | 2,546 | | | — | | | 2,546 | |
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Net loss attributable to Molycorp stockholders | $ | (374,383 | ) | | $ | (241,716 | ) | | $ | (96,562 | ) | | $ | 338,278 | | | $ | (374,383 | ) |
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Net loss | $ | (374,383 | ) | | $ | (241,716 | ) | | $ | (99,108 | ) | | $ | 338,278 | | | $ | (376,929 | ) |
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Other comprehensive income: | | | | | | | | | |
Foreign currency translation adjustments | $ | — | | | $ | — | | | $ | 1,623 | | | $ | — | | | $ | 1,623 | |
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Actuarial gain | — | | | — | | | 1,359 | | | — | | | 1,359 | |
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Comprehensive loss | $ | (374,383 | ) | | $ | (241,716 | ) | | $ | (96,126 | ) | | $ | 338,278 | | | $ | (373,947 | ) |
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Comprehensive loss attributable to: | | | | | | | | | |
Molycorp stockholders | (374,383 | ) | | (241,716 | ) | | (93,580 | ) | | 338,278 | | | (371,401 | ) |
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Noncontrolling interest | — | | | — | | | (2,546 | ) | | — | | | (2,546 | ) |
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| $ | (374,383 | ) | | $ | (241,716 | ) | | $ | (96,126 | ) | | $ | 338,278 | | | $ | (373,947 | ) |
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| 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 | |
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Costs of sales: | | | | | | | | | |
Costs excluding depreciation and amortization | — | | | (153,461 | ) | | (350,304 | ) | | 25,512 | | | (478,253 | ) |
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Depreciation and amortization | — | | | (12,094 | ) | | (18,527 | ) | | — | | | (30,621 | ) |
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Gross (loss) profit | — | | | (26,298 | ) | | 45,120 | | | — | | | 18,822 | |
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Operating expenses: | | | | | | | | | |
Selling, general and administrative | 46 | | | (86,493 | ) | | (26,990 | ) | | — | | | (113,437 | ) |
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Corporate development | (46 | ) | | (19,750 | ) | | — | | | — | | | (19,796 | ) |
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Depreciation, amortization and accretion | — | | | (2,220 | ) | | (19,967 | ) | | — | | | (22,187 | ) |
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Research and development | — | | | (12,984 | ) | | (14,812 | ) | | — | | | (27,796 | ) |
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Impairment of goodwill and other long-lived assets | — | | | (5,747 | ) | | (296,008 | ) | | — | | | (301,755 | ) |
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Operating loss | — | | | (153,492 | ) | | (312,657 | ) | | — | | | (466,149 | ) |
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Other (expense) income: | | | | | | | | | |
Other expense | (37,589 | ) | | (328 | ) | | (881 | ) | | — | | | (38,798 | ) |
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Foreign exchange gain, net | — | | | — | | | 2,872 | | | — | | | 2,872 | |
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Interest expense, net of capitalized interest | (18,118 | ) | | (3,496 | ) | | (502 | ) | | — | | | (22,116 | ) |
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Interest income (expense) from intercompany notes | 25,157 | | | 3,152 | | | (28,309 | ) | | — | | | — | |
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Equity loss from consolidated subsidiaries | (456,649 | ) | | (23,205 | ) | | — | | | 479,854 | | | — | |
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| (487,199 | ) | | (23,877 | ) | | (26,820 | ) | | 479,854 | | | (58,042 | ) |
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Loss from continuing operations before income taxes and equity earnings | (487,199 | ) | | (177,369 | ) | | (339,477 | ) | | 479,854 | | | (524,191 | ) |
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Income tax benefit (expense) | 6,030 | | | 53,840 | | | (5,795 | ) | | — | | | 54,075 | |
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Equity in loss of affiliates | — | | | (2,439 | ) | | (1,051 | ) | | — | | | (3,490 | ) |
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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 | ) | | | | | | | | |