Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'Aleris Corporation |
Entity Central Index Key | '0001518587 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 31,216,263 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $71.30 | $592.90 |
Accounts receivable (net of allowances of $11.7 and $8.1 at September 30, 2013 and December 31, 2012, respectively) | 456.7 | 384 |
Inventories | 724.3 | 683.4 |
Deferred income taxes | 12.9 | 12.9 |
Prepaid expense and other assets, current | 25.4 | 26.3 |
Total Current Assets | 1,290.60 | 1,699.50 |
Property, plant and equipment, net | 1,128.40 | 1,077 |
Intangible assets, net | 44 | 45.6 |
Deferred income taxes | 36.8 | 36.8 |
Other long-term assets | 66.8 | 59.3 |
Total Assets | 2,566.60 | 2,918.20 |
Current Liabilities | ' | ' |
Accounts payable | 359.5 | 341.2 |
Accrued liabilities | 217.3 | 302.4 |
Deferred income taxes | 12 | 12 |
Current portion of long-term debt | 12.9 | 9 |
Total Current Liabilities | 601.7 | 664.6 |
Long-term debt | 1,225.40 | 1,218.90 |
Deferred income taxes | 9.9 | 8.8 |
Accrued pension benefits | 255.3 | 258.2 |
Accrued postretirement benefits | 49.8 | 52 |
Other long-term liabilities | 75 | 75.9 |
Total Long-Term Liabilities | 1,615.40 | 1,613.80 |
Redeemable noncontrolling interest | 5.6 | 5.7 |
Common stock; par value $.01; 45,000,000 shares authorized and 31,216,263 and 31,097,272 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 0.3 | 0.3 |
Preferred stock; par value $.01; 1,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 399.1 | 573.9 |
Retained earnings | -18.5 | 122.1 |
Accumulated other comprehensive loss | -37.4 | -62.4 |
Total Aleris Corporation Equity | 343.5 | 633.9 |
Noncontrolling interest | 0.4 | 0.2 |
Total Equity | 343.9 | 634.1 |
Total Liabilities and Equity | $2,566.60 | $2,918.20 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $11.70 | $8.10 |
Redeemable preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Redeemable preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 31,216,263 | 31,097,272 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $1,073.40 | $1,081 | $3,311.10 | $3,392.20 |
Cost of sales | 992.7 | 960.8 | 3,067.10 | 3,018.40 |
Gross profit | 80.7 | 120.2 | 244 | 373.8 |
Selling, general and administrative expenses | 56.4 | 66.5 | 176.4 | 195 |
Restructuring charges | 1 | 0.6 | 11.4 | 1.1 |
(Gains) losses on derivative financial instruments | -2.3 | 1.3 | -21.4 | 3.3 |
Other operating expense, net | 0.8 | 0.2 | 0.4 | 1 |
Operating income | 24.8 | 51.6 | 77.2 | 173.4 |
Interest expense, net | 26.2 | 10.7 | 71.8 | 33.8 |
Other expense, net | 4.4 | 0.9 | 3.7 | 0.4 |
(Loss) income before income taxes | -5.8 | 40 | 1.7 | 139.2 |
Provision for income taxes | 1.3 | 7.5 | 9 | 25.6 |
Net (loss) income | -7.1 | 32.5 | -7.3 | 113.6 |
Net income (loss) attributable to noncontrolling interest | 0.2 | -0.3 | 0.8 | -0.9 |
Net (loss) income attributable to Aleris Corporation | -7.3 | 32.8 | -8.1 | 114.5 |
Comprehensive income | 23.3 | 44.5 | 17.7 | 109.9 |
Comprehensive income (loss) attributable to noncontrolling interest | 0.2 | -0.3 | 0.8 | -1 |
Comprehensive income attributable to Aleris Corporation | 23.1 | 44.8 | 16.9 | 110.9 |
Net (loss) income available to common stockholders | ($7.40) | $30.20 | ($8.40) | $111.20 |
Basic (loss) earnings per share (in dollars per share) | ($0.24) | $0.97 | ($0.27) | $3.58 |
Diluted (loss) earnings per share (in dollars per share) | ($0.24) | $0.91 | ($0.27) | $3.33 |
Dividend declared per common share (in dollars per share) | $0 | $0 | $10 | $0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net (loss) income | ($7.30) | $113.60 |
Depreciation and amortization | 93.3 | 59.2 |
Provision for deferred income taxes | 1.1 | 8.3 |
Stock-based compensation expense | 11.2 | 8.1 |
Unrealized (losses) gains on derivative financial instruments | 2.9 | -3.2 |
Currency exchange losses on debt | 2.4 | 0.5 |
Amortization of debt issuance costs | 5.8 | 4.7 |
Other non-cash gains, net | 3.2 | 1.1 |
Change in accounts receivable | -68.1 | -97.4 |
Change in inventories | -31.9 | -41.5 |
Change in other assets | -12.9 | -7.7 |
Change in accounts payable | 28.2 | 69.6 |
Change in accrued liabilities | -38.8 | -21.1 |
Net cash (used) provided by operating activities | -17.3 | 92 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -182.8 | -285.5 |
Purchase of a business | 0 | -21.5 |
Other | 1.3 | -0.2 |
Net cash used by investing activities | -181.5 | -307.2 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 20.4 | 0 |
Payments on the ABL facility | -20.4 | 0 |
Proceeds from Bank Debt | 0.2 | 88.5 |
Proceeds from Zhenjiang revolver | 4.1 | 0 |
Net (payments on) proceeds from other long-term debt | -2.8 | 2 |
Redemption of noncontrolling interest | -8.9 | 0 |
Dividends paid | -313 | 0 |
Other | -3.9 | -1.8 |
Net cash (used) provided by financing activities | -324.3 | 88.7 |
Effect of exchange rate differences on cash and cash equivalents | 1.5 | 0.9 |
Net decrease in cash and cash equivalents | -521.6 | -125.6 |
Cash and cash equivalents at beginning of period | 592.9 | 231.4 |
Cash and cash equivalents at end of period | $71.30 | $105.80 |
Basis_Of_Presentation_Notes
Basis Of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
1. BASIS OF PRESENTATION | |
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for interim periods contained herein are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The accompanying Consolidated Financial Statements include the accounts of Aleris Corporation and all of its subsidiaries (collectively, except where the context otherwise requires, referred to as “Aleris,” “we,” “us,” “our,” “Company” or similar terms). Aleris Corporation is a holding company and currently conducts its business and operations through its direct wholly owned subsidiary, Aleris International, Inc. and its consolidated subsidiaries. Aleris International, Inc. is referred to herein as “Aleris International.” |
Inventories_Notes
Inventories (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
2. INVENTORIES | |||||||||
The components of our “Inventories” as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Finished goods | $ | 198.1 | $ | 183.8 | |||||
Raw materials | 265.6 | 279.4 | |||||||
Work in process | 232.3 | 196.2 | |||||||
Supplies | 28.3 | 24 | |||||||
Total inventories | $ | 724.3 | $ | 683.4 | |||||
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
3. LONG-TERM DEBT | |||||||||
Our debt as of September 30, 2013 and December 31, 2012 is summarized as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
ABL facility | $ | — | $ | — | |||||
7 5/8% senior notes due 2018, net of discount of $6.2 and $7.3 at September 30, 2013 and December 31, 2012, respectively | 493.8 | 492.7 | |||||||
7 7/8% senior notes due 2020, net of discount of $7.7 and $8.6 at September 30, 2013 and December 31, 2012, respectively | 492.3 | 491.4 | |||||||
Exchangeable notes, net of discount of $0.7 and $0.8 at September 30, 2013 and December 31, 2012, respectively | 44.1 | 44.2 | |||||||
Zhenjiang term loans, net of discount of $1.1 and $1.3 at September 30, 2013 and December 31, 2012, respectively | 191.5 | 186.8 | |||||||
Zhenjiang revolver, net of discount of $0.2 at September 30, 2013 | 3.9 | — | |||||||
Other | 12.7 | 12.8 | |||||||
Total debt | 1,238.30 | 1,227.90 | |||||||
Less: Current portion of long-term debt | 12.9 | 9 | |||||||
Total long-term debt | $ | 1,225.40 | $ | 1,218.90 | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
4. COMMITMENTS AND CONTINGENCIES | |
Environmental Proceedings | |
Our operations are subject to environmental laws and regulations governing air emissions, wastewater discharges, the handling, disposal and remediation of hazardous substances and wastes and employee health and safety. These laws can impose joint and several liabilities for releases or threatened releases of hazardous substances upon statutorily defined parties, including us, regardless of fault or the lawfulness of the original activity or disposal. Given the changing nature of environmental legal requirements, we may be required, from time to time, to take environmental control measures at some of our facilities to meet future requirements. | |
We have been named as a potentially responsible party in certain proceedings initiated pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act and similar stated statutes and may be named a potentially responsible party in other similar proceedings in the future. It is not anticipated that the costs incurred in connection with the presently pending proceedings will, individually or in the aggregate, have a material adverse effect on our financial position, results of operations or cash flows. | |
We are performing operations and maintenance at two Superfund sites for matters arising out of past waste disposal activity associated with closed facilities. We are also under orders to perform environmental remediation by agencies in four states and one non-U.S. country at seven sites. | |
Our reserves for environmental remediation liabilities totaled $33.4 and $34.2 at September 30, 2013 and December 31, 2012, respectively, and have been classified as “Other long-term liabilities” and “Accrued liabilities” in the Consolidated Balance Sheet. Of the environmental liabilities recorded at September 30, 2013 and December 31, 2012, $5.9 and $6.5, respectively, are indemnified by Corus Group Ltd. | |
In addition to environmental liabilities, we have recorded asset retirement obligations associated with legal requirements related primarily to the normal operation of our landfills and the retirement of the related assets. Our total asset retirement obligations were $12.7 and $14.6 at September 30, 2013 and December 31, 2012, respectively. The amounts represent the most probable costs of remedial actions. We estimate the costs related to currently identified remedial actions will be paid out primarily over the next ten years. | |
Legal Proceedings | |
We are party to routine litigation and proceedings as part of the ordinary course of business and do not believe that the outcome of any existing proceedings would have a material adverse effect on our financial position, results of operations or cash flows. We have established accruals for those loss contingencies, including litigation and environmental contingencies, for which it has been determined that a loss is probable; none of such loss contingencies is material. For those loss contingencies, including litigation and environmental contingencies, which have been determined to be reasonably possible, an estimate of the possible loss or range of loss cannot be determined because the claims, amount claimed, facts or legal status are not sufficiently developed or advanced in order to make such a determination. While we cannot estimate the loss or range of loss at this time, we do not believe that the outcome of any of these existing proceedings would be material to our financial position, results of operations or cash flows. |
Stockholders_Equity_and_Redeem
Stockholders' Equity and Redeemable Noncontrolling Interest (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity and Redeemable Noncontrolling Interest | ' | ||||||||||||||||
5. STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | |||||||||||||||||
On April 30, 2013, we paid a cash dividend of $10.00 per share, or approximately $313.0, pro rata, to our stockholders of record as of April 19, 2013. The following table summarizes the activity within stockholders’ equity and redeemable noncontrolling interest for the nine months ended September 30, 2013: | |||||||||||||||||
Aleris Corporation equity | Noncontrolling interest | Total equity | Redeemable noncontrolling interest | ||||||||||||||
Total equity at January 1, 2013 | $ | 633.9 | $ | 0.2 | $ | 634.1 | $ | 5.7 | |||||||||
Net (loss) income | (8.1 | ) | 0.8 | (7.3 | ) | — | |||||||||||
Other comprehensive income | 25 | — | 25 | — | |||||||||||||
Stock-based compensation | 11.2 | — | 11.2 | — | |||||||||||||
Dividend paid | (313.0 | ) | — | (313.0 | ) | — | |||||||||||
Repurchase of shares | (3.0 | ) | — | (3.0 | ) | — | |||||||||||
Modification of stock options resulting in liability classification | (2.4 | ) | — | (2.4 | ) | — | |||||||||||
Other | (0.1 | ) | (0.6 | ) | (0.7 | ) | (0.1 | ) | |||||||||
Total equity at September 30, 2013 | $ | 343.5 | $ | 0.4 | $ | 343.9 | $ | 5.6 | |||||||||
On December 31, 2012, we increased our equity interest in Aleris Aluminum (Zhenjiang) Co., Ltd. (“Aleris Zhenjiang”) to 100%, and as a result, the adjustments to the carrying value of redeemable noncontrolling interest was recognized directly in equity attributable to Aleris in 2012. During the second quarter of 2013, we paid the $8.9 redemption amount pursuant to the contractual arrangement, which was recorded in “Accrued liabilities” in the Consolidated Balance Sheet at December 31, 2012. | |||||||||||||||||
The following table shows changes in the number of our outstanding shares of common stock: | |||||||||||||||||
Outstanding shares of common stock | |||||||||||||||||
Balance at January 1, 2013 | 31,097,272 | ||||||||||||||||
Issuance associated with options exercised | 69,794 | ||||||||||||||||
Issuance associated with vested restricted stock units | 39,297 | ||||||||||||||||
Issuance upon conversion of exchangeable notes | 9,900 | ||||||||||||||||
Balance at September 30, 2013 | 31,216,263 | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehesive Income [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
6. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||
The following table summarizes the activity within accumulated other comprehensive loss for the nine months ended September 30, 2013: | |||||||||||||
Currency translation | Pension and other postretirement | Total | |||||||||||
Balance at January 1, 2013 | $ | 12.6 | $ | (75.0 | ) | $ | (62.4 | ) | |||||
Current period currency translation adjustments | 20.2 | (0.9 | ) | 19.3 | |||||||||
Amortization of net actuarial losses, including recognition of settlement loss | — | 2.7 | 2.7 | ||||||||||
Deferred tax expense on pension and other postretirement liability adjustments | — | 0.2 | 0.2 | ||||||||||
Recognition of net actuarial gains | — | 2.8 | 2.8 | ||||||||||
Balance at September 30, 2013 | $ | 32.8 | $ | (70.2 | ) | $ | (37.4 | ) | |||||
A summary of reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2013 is provided below: | |||||||||||||
Description of reclassifications out of accumulated other comprehensive loss | Amount reclassified | ||||||||||||
Amortization of defined benefit pension and other postretirement benefit items: | |||||||||||||
Amortization of net actuarial losses, including recognition of settlement loss, before tax | $ | (2.7 | ) | (a) | |||||||||
Deferred tax expense on pension and other postretirement liability adjustments | (0.2 | ) | |||||||||||
Losses reclassified into earnings, net of tax | $ | (2.9 | ) | ||||||||||
(a) This component of accumulated other comprehensive loss is included in the computation of net periodic benefit expense and net postretirement benefit expense (see Note 10, “Employee Benefit Plans,” for additional detail). |
Segment_Information_Notes
Segment Information (Notes) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
7. SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||
We report six operating segments based on the organizational structure that is used by the chief operating decision maker to evaluate performance, make decisions on resource allocation and for which discrete financial information is available. | |||||||||||||||||||||||||||||||||
The Company’s operating segments are: | |||||||||||||||||||||||||||||||||
▪ | Rolled Products North America (“RPNA”); | ||||||||||||||||||||||||||||||||
▪ | Rolled Products Europe (“RPEU”); | ||||||||||||||||||||||||||||||||
▪ | Rolled Products Asia Pacific (“RPAP”); | ||||||||||||||||||||||||||||||||
▪ | Extrusions; | ||||||||||||||||||||||||||||||||
▪ | Recycling and Specification Alloys North America (“RSAA”); and | ||||||||||||||||||||||||||||||||
▪ | Recycling and Specification Alloys Europe (“RSEU”). | ||||||||||||||||||||||||||||||||
Measurement of Segment Profit or Loss and Segment Assets | |||||||||||||||||||||||||||||||||
The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in the Consolidated Financial Statements for the year ended December 31, 2012. Our measure of profitability for our operating segments is referred to as segment income and loss. Segment income and loss includes gross profits, segment specific realized gains and losses on derivative financial instruments, segment specific other income and expense, segment specific selling, general and administrative (“SG&A”) expense and an allocation of certain regional and global functional SG&A expenses. Segment income and loss excludes provisions for and benefits from income taxes, restructuring items, interest, depreciation and amortization, unrealized and certain realized gains and losses on derivative financial instruments, corporate general and administrative costs, start-up expenses, gains and losses on asset sales, currency exchange gains and losses on debt, gains and losses on intercompany receivables, reorganization items and certain other gains and losses. Intersegment sales and transfers are recorded at market value. Consolidated cash, net capitalized debt costs, deferred tax assets and assets related to our headquarters offices are not allocated to the segments. Prior period segment asset amounts have been restated to conform to the current definition of segment assets, which was changed in the first quarter of 2013 to include the assets of Aleris Zhenjiang. | |||||||||||||||||||||||||||||||||
Reportable Segment Information | |||||||||||||||||||||||||||||||||
The following table shows our revenues and segment income (loss) for the periods presented in our Consolidated Statements of Comprehensive Income: | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 293 | $ | 329.6 | $ | 3.7 | $ | 88.3 | $ | 230.2 | $ | 128.6 | $ | 1,073.40 | |||||||||||||||||||
Intersegment revenues | 0.6 | 26.6 | 4.2 | 1.8 | 2.3 | 6 | $ | (41.5 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 293.6 | $ | 356.2 | $ | 7.9 | $ | 90.1 | $ | 232.5 | $ | 134.6 | $ | (41.5 | ) | $ | 1,073.40 | ||||||||||||||||
Segment income | $ | 21.5 | $ | 37.1 | $ | — | $ | 4.3 | $ | 15.7 | $ | 3.7 | $ | 82.3 | |||||||||||||||||||
Three months ended September 30, 2012 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 328.5 | $ | 312.4 | $ | — | $ | 87.6 | $ | 216.4 | $ | 136.1 | $ | 1,081.00 | |||||||||||||||||||
Intersegment revenues | 0.3 | 18.2 | — | 1.5 | 2.7 | 6.7 | $ | (29.4 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 328.8 | $ | 330.6 | $ | — | $ | 89.1 | $ | 219.1 | $ | 142.8 | $ | (29.4 | ) | $ | 1,081.00 | ||||||||||||||||
Segment income | $ | 30.3 | $ | 42.6 | $ | — | $ | 5.6 | $ | 9.2 | $ | 4.7 | $ | 92.4 | |||||||||||||||||||
Nine months ended September 30, 2013 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 929.5 | $ | 1,003.70 | $ | 6.3 | $ | 267 | $ | 700.2 | $ | 404.4 | $ | 3,311.10 | |||||||||||||||||||
Intersegment revenues | 1.6 | 100.4 | 7.4 | 6.1 | 5.3 | 25.4 | $ | (146.2 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 931.1 | $ | 1,104.10 | $ | 13.7 | $ | 273.1 | $ | 705.5 | $ | 429.8 | $ | (146.2 | ) | $ | 3,311.10 | ||||||||||||||||
Segment income (loss) | $ | 77.6 | $ | 114.9 | $ | (0.2 | ) | $ | 11.9 | $ | 39.1 | $ | 10.1 | $ | 253.4 | ||||||||||||||||||
Nine months ended September 30, 2012 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 1,001.70 | $ | 961.7 | $ | — | $ | 270.2 | $ | 726.4 | $ | 432.2 | $ | 3,392.20 | |||||||||||||||||||
Intersegment revenues | 1.6 | 47 | — | 6.5 | 6 | 24.6 | $ | (85.7 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 1,003.30 | $ | 1,008.70 | $ | — | $ | 276.7 | $ | 732.4 | $ | 456.8 | $ | (85.7 | ) | $ | 3,392.20 | ||||||||||||||||
Segment income | $ | 91.2 | $ | 126.4 | $ | — | $ | 16.5 | $ | 40.4 | $ | 17.4 | $ | 291.9 | |||||||||||||||||||
The following table reconciles total segment income to “(Loss) income before income taxes” as reported in our Consolidated Statements of Comprehensive Income: | |||||||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Total segment income | $ | 82.3 | $ | 92.4 | $ | 253.4 | $ | 291.9 | |||||||||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | (31.4 | ) | (20.0 | ) | (93.3 | ) | (59.2 | ) | |||||||||||||||||||||||||
Corporate general and administrative expenses, excluding depreciation, amortization, start-up expenses and other expenses | (14.8 | ) | (12.9 | ) | (36.1 | ) | (42.7 | ) | |||||||||||||||||||||||||
Restructuring charges | (1.0 | ) | (0.6 | ) | (11.4 | ) | (1.1 | ) | |||||||||||||||||||||||||
Interest expense, net | (26.2 | ) | (10.7 | ) | (71.8 | ) | (33.8 | ) | |||||||||||||||||||||||||
Unallocated (losses) gains on derivative financial instruments | (3.2 | ) | (0.7 | ) | (3.0 | ) | 2.8 | ||||||||||||||||||||||||||
Unallocated currency exchange (losses) gains | (2.7 | ) | 0.7 | (2.7 | ) | (0.2 | ) | ||||||||||||||||||||||||||
Start-up expenses | (7.6 | ) | (7.9 | ) | (31.0 | ) | (16.9 | ) | |||||||||||||||||||||||||
Other expense, net | (1.2 | ) | (0.3 | ) | (2.4 | ) | (1.6 | ) | |||||||||||||||||||||||||
(Loss) income before income taxes | $ | (5.8 | ) | $ | 40 | $ | 1.7 | $ | 139.2 | ||||||||||||||||||||||||
The following table shows our reportable segment assets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
RPNA | $ | 577.5 | $ | 566 | |||||||||||||||||||||||||||||
RPEU | 725.7 | 681.3 | |||||||||||||||||||||||||||||||
RPAP | 437.8 | 351.4 | |||||||||||||||||||||||||||||||
Extrusions | 151 | 133.1 | |||||||||||||||||||||||||||||||
RSAA | 299.9 | 287.6 | |||||||||||||||||||||||||||||||
RSEU | 177.8 | 175.3 | |||||||||||||||||||||||||||||||
Unallocated assets | 196.9 | 723.5 | |||||||||||||||||||||||||||||||
Total consolidated assets | $ | 2,566.60 | $ | 2,918.20 | |||||||||||||||||||||||||||||
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' |
Stock-Based Compensation | ' |
8. STOCK-BASED COMPENSATION | |
Stock-based awards are granted under the Aleris Corporation 2010 Equity Incentive Plan (the “2010 Equity Plan”). Generally, stock options have a ten-year life and vest quarterly over four years. Generally, all restricted stock units and restricted shares vest quarterly over four years. A portion of the stock options, as well as a portion of the restricted stock units and restricted shares, may vest upon a change in control event. | |
On April 30, 2013, we paid a cash dividend of $10.00 per share, or approximately $313.0, pro rata, to our stockholders of record as of April 19, 2013 out of the cash on hand. As provided in the 2010 Equity Plan, the Board of Directors approved the necessary actions to effectuate an equitable option adjustment to (i) increase the number of shares underlying each option outstanding as of the dividend record date (April 19, 2013) and (ii) proportionately decrease the exercise price of each option to reflect the dilutive impact of the dividend paid. The option adjustments did not result in incremental compensation costs. | |
During the nine months ended September 30, 2013, we granted 311,604 stock options (after adjustment for the April 2013 dividend) to certain members of our senior management, of which 293,257 were granted to our chief executive officer and vested immediately upon grant. During the nine months ended September 30, 2013, we also granted 131,368 restricted stock units to a non-employee director and certain members of our senior management (of which 119,868 were granted to our chief executive officer on September 15, 2013). We recorded compensation expense associated with stock options, restricted stock units and restricted shares of $5.8 and $11.2 during the three and nine months ended September 30, 2013, respectively, and $2.8 and $8.1 during the three and nine months ended September 30, 2012, respectively. | |
On September 15, 2013, we canceled 293,257 vested stock options that were previously granted and held by our chief executive officer in exchange for a cash payment of $4.4, subject to forfeiture if certain future service requirements are not satisfied. This transaction was accounted for as a modification resulting in liability classification of the stock options immediately prior to cash settlement. Approximately $2.0 of incremental stock-based compensation expense will be recognized associated with the modification over the next three years, which represents the fair value of the modified liability award. |
Income_Taxes_Notes
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
9. INCOME TAXES | |
Our effective tax rates were (23.9)% and 541.6% for the three and nine months ended September 30, 2013, respectively, and 18.9% and 18.4% for the three and nine months ended September 30, 2012, respectively. The effective tax rates for the three and nine months ended September 30, 2013 and 2012 differed from the federal statutory rate applied to income and losses before income taxes primarily as a result of the mix of income, losses and tax rates between tax jurisdictions and valuation allowances. | |
We have valuation allowances recorded to reduce certain deferred tax assets to amounts that are more likely than not to be realized. The valuation allowances relate to the potential inability to realize our deferred tax assets associated with amortization, pension, postretirement and net operating loss carryforwards in the U.S. and depreciation and net operating loss carryforwards in non-U.S. jurisdictions. We intend to maintain our valuation allowances until sufficient positive evidence exists (such as cumulative positive earnings and estimated future taxable income) to support their reversal. | |
As of September 30, 2013, we had $1.4 of unrecognized tax benefits. In the second quarter of 2013, the settlement of a previously disclosed audit with a non-U.S. jurisdiction resulted in a reduction to our unrecognized tax benefits of $17.1. The majority of the gross unrecognized tax benefits, if recognized, would affect our annual effective tax rate. We recognize interest and penalties related to uncertain tax positions within the “Provision for income taxes” in the Consolidated Statements of Comprehensive Income. As of September 30, 2013, we had approximately $0.1 of accrued interest related to uncertain tax positions. | |
The 2005 through 2012 tax years remain open to examination. During the second quarter of 2013, a non-U.S. jurisdiction notified us that it would begin an examination of our tax returns for tax years ended December 31, 2011, 2010 and 2009. |
Employee_Benefit_Plans_Notes
Employee Benefit Plans (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
10. EMPLOYEE BENEFIT PLANS | |||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||
The components of the net periodic benefit expense are as follows: | |||||||||||||||||
U.S. pension benefits | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 0.9 | $ | 0.7 | $ | 2.7 | $ | 2.2 | |||||||||
Interest cost | 1.6 | 1.8 | 4.9 | 5.4 | |||||||||||||
Amortization of net actuarial losses | 0.3 | 0.1 | 1 | 0.3 | |||||||||||||
Expected return on plan assets | (2.3 | ) | (2.1 | ) | (7.0 | ) | (6.3 | ) | |||||||||
Settlement loss | 0.2 | — | 0.2 | — | |||||||||||||
Net periodic benefit expense | $ | 0.7 | $ | 0.5 | $ | 1.8 | $ | 1.6 | |||||||||
European pension benefits | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 1 | $ | 0.6 | $ | 3 | $ | 1.9 | |||||||||
Interest cost | 1.7 | 1.8 | 5.2 | 5.3 | |||||||||||||
Amortization of net actuarial losses | 0.4 | — | 1.2 | — | |||||||||||||
Expected return on plan assets | — | — | (0.1 | ) | — | ||||||||||||
Net periodic benefit expense | $ | 3.1 | $ | 2.4 | $ | 9.3 | $ | 7.2 | |||||||||
Other Postretirement Benefit Plans | |||||||||||||||||
The components of net postretirement benefit expense are as follows: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 0.1 | $ | — | $ | 0.2 | $ | — | |||||||||
Interest cost | 0.4 | 0.6 | 1.3 | 1.8 | |||||||||||||
Amortization of net actuarial losses | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||||
Net postretirement benefit expense | $ | 0.6 | $ | 0.7 | $ | 1.8 | $ | 2.1 | |||||||||
Derivative_And_Other_Financial
Derivative And Other Financial Instruments (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative and Other Financial Instruments | ' | ||||||||||||||||
11. DERIVATIVE AND OTHER FINANCIAL INSTRUMENTS | |||||||||||||||||
We use forward contracts and options, as well as contractual price escalators, to reduce the risks associated with our metal, natural gas and other supply requirements and certain currency exposures. Generally, we enter into master netting arrangements with our counterparties and offset net derivative positions with the same counterparties against amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under those arrangements in our Consolidated Balance Sheet. For classification purposes, we record the net fair value of each type of derivative position that is expected to settle in less than one year with each counterparty as a net current asset or liability and each type of long-term position as a net long-term asset or liability. At September 30, 2013 and December 31, 2012, no cash collateral was posted. The amounts shown in the table below represent the gross amounts of recognized assets and liabilities, the amounts offset in the Consolidated Balance Sheet and the net amounts of assets and liabilities presented therein. As of September 30, 2013 and December 31, 2012, there were no amounts subject to an enforceable master netting arrangement or similar agreement that have not been offset in the Consolidated Balance Sheet. | |||||||||||||||||
Fair Value of Derivatives as of | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Derivatives by type | Asset | Liability | Asset | Liability | |||||||||||||
Metal | $ | 11.5 | $ | (17.6 | ) | $ | 15.7 | $ | (18.8 | ) | |||||||
Natural gas | — | (0.7 | ) | — | (0.6 | ) | |||||||||||
Total | 11.5 | (18.3 | ) | 15.7 | (19.4 | ) | |||||||||||
Effect of counterparty netting | (10.8 | ) | 10.8 | (12.5 | ) | 12.5 | |||||||||||
Net derivatives as classified in the balance sheet | $ | 0.7 | $ | (7.5 | ) | $ | 3.2 | $ | (6.9 | ) | |||||||
The fair value of our derivative financial instruments at September 30, 2013 and December 31, 2012 are recorded in the Consolidated Balance Sheet as follows: | |||||||||||||||||
Asset Derivatives | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||
Metal | Prepaid expenses and other current assets | $ | 0.6 | $ | 2.8 | ||||||||||||
Other long-term assets | 0.1 | 0.4 | |||||||||||||||
Total | $ | 0.7 | $ | 3.2 | |||||||||||||
Liability Derivatives | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||
Metal | Accrued liabilities | $ | 5.4 | $ | 5.8 | ||||||||||||
Other long-term liabilities | 1.4 | 0.5 | |||||||||||||||
Natural gas | Accrued liabilities | 0.7 | 0.6 | ||||||||||||||
Total | $ | 7.5 | $ | 6.9 | |||||||||||||
Derivative contracts are recorded at fair value under Financial Accounting Standards Board Accounting Standards Codification 820, “Fair Value Measurements and Disclosures,” using quoted market prices and significant other observable inputs. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||||||||||
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||
Level 2—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 or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||||
Level 3—Inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||
We endeavor to utilize the best available information in measuring fair value. Where appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads, and credit considerations. Such adjustments are generally based on available market evidence and unobservable inputs. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth our financial assets and liabilities that are accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and the level in the fair value hierarchy: | |||||||||||||||||
Fair value measurements at September 30, 2013 using: | |||||||||||||||||
Description | Total carrying value | Quoted prices in | Significant | Significant | |||||||||||||
in the Consolidated | active markets for | other observable | unobservable | ||||||||||||||
Balance Sheet | identical assets | inputs (Level 2) | inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Derivative assets | $ | 11.5 | $ | — | $ | 11.5 | $ | — | |||||||||
Derivative liabilities | (18.3 | ) | — | (18.3 | ) | — | |||||||||||
Net derivative liabilities | $ | (6.8 | ) | $ | — | $ | (6.8 | ) | $ | — | |||||||
Fair value measurements at December 31, 2012 using: | |||||||||||||||||
Description | Total carrying value | Quoted prices in | Significant | Significant | |||||||||||||
in the Consolidated | active markets for | other observable | unobservable | ||||||||||||||
Balance Sheet | identical assets | inputs (Level 2) | inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Derivative assets | $ | 15.7 | $ | — | $ | 15.7 | $ | — | |||||||||
Derivative liabilities | (19.4 | ) | — | (19.4 | ) | — | |||||||||||
Net derivative liabilities | $ | (3.7 | ) | $ | — | $ | (3.7 | ) | $ | — | |||||||
Both realized and unrealized gains and losses on derivative financial instruments are included within “(Gains) losses on derivative financial instruments” in the Consolidated Statements of Comprehensive Income. Realized (gains) losses on derivative financial instruments totaled the following: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Metal | $ | (6.1 | ) | $ | (0.9 | ) | $ | (24.8 | ) | $ | (0.3 | ) | |||||
Natural gas | 0.6 | 1.2 | 0.5 | 5.5 | |||||||||||||
Currency | — | 0.5 | — | 1.3 | |||||||||||||
Metal Hedging | |||||||||||||||||
The selling prices of the majority of the orders for our rolled and extruded products are established at the time of order entry or, for certain customers, under long-term contracts. As the related raw materials used to produce these orders are purchased several months or years after the selling prices are fixed, margins are subject to the risk of changes in the purchase price of the raw materials used for these fixed price sales. In order to manage this transactional exposure, LME future or forward purchase contracts are purchased at the time the selling prices are fixed. As metal is purchased to fill these fixed price sales orders, LME future or forward contracts are then sold. We also maintain a significant amount of inventory on-hand to meet anticipated and unpriced future sales. In order to preserve the value of this inventory, LME future or forward contracts are sold at the time inventory is purchased. As sales orders are priced, LME future or forward contracts are purchased. These derivatives generally settle within three months. We can also use call option contracts, which function in a manner similar to the natural gas call option contracts discussed below and put option contracts for managing metal price exposures. Option contracts require the payment of a premium which is recorded as a realized loss upon settlement or expiration of the option contract. Upon settlement of a put option contract, we receive cash and recognize a related gain if the LME closing price is less than the strike price of the put option. If the put option strike price is less than the LME closing price, no amount is paid and the option expires. As of September 30, 2013 and December 31, 2012, we had 0.2 metric tons and 0.2 metric tons of metal buy and sell forward contracts, respectively. | |||||||||||||||||
Natural Gas Hedging | |||||||||||||||||
To manage our price exposure for natural gas purchases, we fix the future price of a portion of our natural gas requirements by entering into financial hedge agreements. Under these agreements, payments are made or received based on the differential between the monthly closing price on the New York Mercantile Exchange (“NYMEX”) and the contractual hedge price. We can use a combination of call option contracts and put option contracts for managing the exposure to increasing prices while maintaining our ability to benefit from declining prices. Upon settlement of call option contracts, we receive cash and recognize a related gain if the NYMEX closing price exceeds the strike price of the call option. If the call option strike price exceeds the NYMEX closing price, no amount is received and the option expires unexercised. Upon settlement of a put option contract, we pay cash and recognize a related loss if the NYMEX closing price is lower than the strike price of the put option. If the put option strike price is less than the NYMEX closing price, no amount is paid and the option expires unexercised. Option contracts require the payment of a premium which is recorded as a realized loss upon settlement or expiration of the option contract. Natural gas cost can also be managed through the use of cost escalators included in some of our long-term supply contracts with customers, which limits exposure to natural gas price risk. As of September 30, 2013, we had 3.0 trillion and 0.7 trillion of British thermal unit forward buy and sell contracts, respectively. As December 31, 2012, we had 2.2 trillion of British thermal unit forward buy contracts. | |||||||||||||||||
Currency Exchange Hedging | |||||||||||||||||
The construction of our aluminum rolling mill in China (the “Zhenjiang rolling mill”) increased Aleris Zhenjiang’s exposure to fluctuations in the euro as certain of the contracts to purchase equipment were denominated in euros while Aleris Zhenjiang’s source of funding was the U.S. dollar and Renminbi denominated China loan facility. A portion of the equity contributions were made in euros to mitigate this exposure. In addition, Aleris Zhenjiang entered into euro call option contracts to manage this exposure if the U.S. dollar weakened while maintaining the benefit if the dollar strengthened. As with all of our other derivative financial instruments, these option contracts were not accounted for as hedges and, as a result, the changes in fair value were recorded immediately in the Consolidated Statements of Comprehensive Income. These call option contracts covered periods consistent with known or expected exposures during 2012. As of September 30, 2013 and December 31, 2012, Aleris Zhenjiang had no euro call option contracts. | |||||||||||||||||
Credit Risk | |||||||||||||||||
We are exposed to losses in the event of non-performance by the counterparties to the derivative financial instruments discussed above; however, we do not anticipate any non-performance by the counterparties. The counterparties are evaluated for creditworthiness and risk assessment prior to initiating trading activities with the brokers and periodically throughout each year while actively trading. | |||||||||||||||||
Other Financial Instruments | |||||||||||||||||
The carrying amount and fair values of our other financial instruments at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 71.3 | $ | 71.3 | $ | 592.9 | $ | 592.9 | |||||||||
ABL facility | — | — | — | — | |||||||||||||
Exchangeable notes | 44.1 | 89.2 | 44.2 | 103.4 | |||||||||||||
7 5/8% senior notes | 493.8 | 525 | 492.7 | 507.5 | |||||||||||||
7 7/8% senior notes | 492.3 | 521.3 | 491.4 | 502.5 | |||||||||||||
Zhenjiang term loans | 191.5 | 192.6 | 186.8 | 188.1 | |||||||||||||
Zhenjiang revolver | 3.9 | 4.1 | — | — | |||||||||||||
The following tables set forth our other financial instruments for which fair value is disclosed and the level in the fair value hierarchy within which the fair value measurements are categorized as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Fair value measurements at September 30, 2013 using: | |||||||||||||||||
Description | Total estimated fair value | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other observable | unobservable | |||||||||||||||
identical assets | inputs (Level 2) | inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 71.3 | $ | 71.3 | $ | — | $ | — | |||||||||
Exchangeable notes | 89.2 | — | — | 89.2 | |||||||||||||
7 5/8% senior notes | 525 | 525 | — | — | |||||||||||||
7 7/8% senior notes | 521.3 | 521.3 | — | — | |||||||||||||
Zhenjiang term loans | 192.6 | — | — | 192.6 | |||||||||||||
Zhenjiang revolver | 4.1 | — | — | 4.1 | |||||||||||||
Fair value measurements at December 31, 2012 using: | |||||||||||||||||
Description | Total estimated fair value | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other observable | unobservable | |||||||||||||||
identical assets | inputs | inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash and cash equivalents | $ | 592.9 | $ | 592.9 | $ | — | $ | — | |||||||||
Exchangeable notes | 103.4 | — | — | 103.4 | |||||||||||||
7 5/8% senior notes | 507.5 | 507.5 | — | — | |||||||||||||
7 7/8% senior notes | 502.5 | 502.5 | — | — | |||||||||||||
Zhenjiang term loans | 188.1 | — | — | 188.1 | |||||||||||||
The fair value of Aleris International’s exchangeable notes was estimated using a binomial lattice pricing model based on the fair value of our common stock, a risk-free interest rate of 2.0% as of September 30, 2013 and 1.3% as of December 31, 2012 and expected equity volatility of 55%. Expected equity volatility was determined based on historical stock prices and implied and stated volatilities of our peer companies. The fair values of the 7 5/8% senior notes and the 7 7/8% senior notes were estimated using market quotations. The principal amount of the China loan facility approximates fair value because the interest rate paid is variable, is set for periods of six months or less and there have been no significant changes in the credit risk of Aleris Zhenjiang subsequent to the inception of the China loan facility. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
12. EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share was computed using the two-class method by dividing net (loss) income available to common stockholders, after deducting undistributed earnings allocated to participating securities, by the average number of shares of our common stock outstanding during the period. Pursuant to the two-class method, all earnings, whether distributed or undistributed, are allocated to common stock and participating securities based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities. Our restricted stock units and restricted shares have nonforfeitable rights to dividends during the vesting period on a basis equivalent to the dividends paid to holders of the Company’s common stock, and, therefore, meet the definition of a participating security. Diluted earnings per share was computed by giving effect to all potentially dilutive securities that were outstanding. The following table summarizes basic and diluted earnings per share: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (7.3 | ) | $ | 32.8 | $ | (8.1 | ) | $ | 114.5 | |||||||
Less: Preferred stock dividend (paid or unpaid) | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.3 | ) | |||||||||
Less: Undistributed earnings allocated to participating securities | — | (0.2 | ) | — | (0.7 | ) | |||||||||||
Less: Redemption value adjustments to redeemable noncontrolling interest | — | (2.3 | ) | — | (2.3 | ) | |||||||||||
Net (loss) income available to common stockholders - Basic | (7.4 | ) | 30.2 | (8.4 | ) | 111.2 | |||||||||||
Add: Interest on exchangeable notes | — | 0.7 | — | 2.1 | |||||||||||||
Add: Preferred stock dividend (paid or unpaid) | — | 0.1 | — | 0.3 | |||||||||||||
Add: Undistributed earnings allocated to participating securities | — | 0.2 | — | 0.7 | |||||||||||||
Less: Undistributed earnings reallocated to participating securities | — | (0.2 | ) | — | (0.7 | ) | |||||||||||
Net (loss) income available to common stockholders - Diluted | $ | (7.4 | ) | $ | 31 | $ | (8.4 | ) | $ | 113.6 | |||||||
Average shares of common stock outstanding | 31.2 | 31.1 | 31.2 | 31 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Stock options | — | 0.7 | — | 0.7 | |||||||||||||
Redeemable preferred stock | — | 0.2 | — | 0.2 | |||||||||||||
Exchangeable notes | — | 2.1 | — | 2.1 | |||||||||||||
Average dilutive shares of common stock outstanding | 31.2 | 34.1 | 31.2 | 34 | |||||||||||||
Basic (loss) earnings per share | $ | (0.24 | ) | $ | 0.97 | $ | (0.27 | ) | $ | 3.58 | |||||||
Diluted (loss) earnings per share | $ | (0.24 | ) | $ | 0.91 | $ | (0.27 | ) | $ | 3.33 | |||||||
The effect of certain stock options were excluded from the computations of the weighted average dilutive shares outstanding as inclusion would have resulted in antidilution. The exchangeable notes, redeemable preferred stock, restricted stock units and restricted shares were excluded from the computations of the weighted average dilutive shares outstanding for the three and nine months ended September 30, 2013 as inclusion would have resulted in antidilution. Additionally, restricted stock units and restricted shares were excluded from the computation of weighted average dilutive shares outstanding for the three and nine months ended September 30, 2012 as they were considered participating securities. A summary of these stock options, restricted stock units, restricted shares, exchangeable notes and redeemable preferred stock as of September 30, 2013 and 2012 is shown below: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of stock options | 3.3 | 0.2 | 3.3 | 0.2 | |||||||||||||
Weighted average exercise price | $24.33 | $47.69 | $24.33 | $47.69 | |||||||||||||
Restricted stock units and restricted shares | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||
Weighted average grant date fair value | $35.38 | $32.22 | $35.38 | $32.22 | |||||||||||||
Number of shares issuable upon conversion of exchangeable notes | 2.7 | — | 2.1 | — | |||||||||||||
Number of shares issuable upon conversion of redeemable preferred stock | 0.3 | — | 0.2 | — | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements (Notes) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||||||
13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||||||||||
On February 9, 2011 and October 23, 2012, Aleris International issued the 7 5/8% senior notes and the 7 7/8% senior notes (collectively, the “Senior Notes”), respectively. Aleris Corporation, the direct parent of Aleris International, and certain of its subsidiaries (collectively, the “Guarantor Subsidiaries”) are guarantors of the indebtedness under the Senior Notes. Aleris Corporation and each of the Guarantor Subsidiaries have fully and unconditionally guaranteed (subject, in the case of the Guarantor Subsidiaries, to customary release provisions as described below), on a joint and several basis, to pay principal and interest related to the Senior Notes and Aleris International and each of the Guarantor Subsidiaries are directly or indirectly 100% owned subsidiaries of Aleris Corporation. For purposes of complying with the reporting requirements of Aleris International and the Guarantor Subsidiaries, presented below are condensed consolidating financial statements of Aleris Corporation, Aleris International, the Guarantor Subsidiaries, and those other subsidiaries of Aleris Corporation that are not guaranteeing the indebtedness under the Senior Notes (the “Non-Guarantor Subsidiaries”). The condensed consolidating balance sheets are presented as of September 30, 2013 and December 31, 2012. The condensed consolidating statements of comprehensive income (loss) are presented for the three and nine months ended September 30, 2013 and 2012. The condensed consolidating statements of cash flows are presented for the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
The guarantee of a Guarantor Subsidiary will be automatically and unconditionally released and discharged in the event of: | |||||||||||||||||||||||||
▪ | any sale of the Guarantor Subsidiary or of all or substantially all of its assets; | ||||||||||||||||||||||||
▪ | a Guarantor Subsidiary being designated as an “unrestricted subsidiary” in accordance with the indentures governing the Senior Notes; | ||||||||||||||||||||||||
▪ | the release or discharge of a Guarantor Subsidiary from its guarantee under the ABL facility or other indebtedness that resulted in the obligation of the Guarantor Subsidiary under the indentures governing the Senior Notes; and | ||||||||||||||||||||||||
▪ | the requirements for legal defeasance or covenant defeasance or discharge of the indentures governing the Senior Notes having been satisfied. | ||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10.6 | $ | — | $ | 61.5 | $ | (0.8 | ) | $ | 71.3 | ||||||||||||
Accounts receivable, net | — | — | 156.6 | 300.1 | — | 456.7 | |||||||||||||||||||
Inventories | — | — | 286.7 | 437.6 | — | 724.3 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 9 | — | 12.9 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.5 | 12.5 | 12.4 | — | 25.4 | |||||||||||||||||||
Total Current Assets | — | 11.1 | 459.7 | 820.6 | (0.8 | ) | 1,290.60 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 364.8 | 763.6 | — | 1,128.40 | |||||||||||||||||||
Intangible assets, net | — | — | 28.1 | 15.9 | — | 44 | |||||||||||||||||||
Deferred income taxes | — | — | — | 36.8 | — | 36.8 | |||||||||||||||||||
Other long-term assets | — | 13.4 | 3 | 50.4 | — | 66.8 | |||||||||||||||||||
Investments in subsidiaries/intercompany receivables, net | 343.5 | 1,381.10 | 199 | 280 | (2,203.6 | ) | — | ||||||||||||||||||
Total Assets | $ | 343.5 | $ | 1,405.60 | $ | 1,054.60 | $ | 1,967.30 | $ | (2,204.4 | ) | $ | 2,566.60 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 0.6 | $ | 149.4 | $ | 210.3 | $ | (0.8 | ) | $ | 359.5 | ||||||||||||
Accrued liabilities | — | 22.5 | 63.6 | 131.2 | — | 217.3 | |||||||||||||||||||
Deferred income taxes | — | — | — | 12 | — | 12 | |||||||||||||||||||
Current portion of long-term debt | — | — | — | 12.9 | — | 12.9 | |||||||||||||||||||
Total Current Liabilities | — | 23.1 | 213 | 366.4 | (0.8 | ) | 601.7 | ||||||||||||||||||
Long-term debt | — | 1,030.20 | — | 195.2 | — | 1,225.40 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 6 | — | 9.9 | |||||||||||||||||||
Accrued pension benefits | — | — | 61.5 | 193.8 | — | 255.3 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 49.8 | — | — | 49.8 | |||||||||||||||||||
Other long-term liabilities | — | — | 31.6 | 43.4 | — | 75 | |||||||||||||||||||
Total Long-Term Liabilities | — | 1,030.20 | 146.8 | 438.4 | — | 1,615.40 | |||||||||||||||||||
Redeemable noncontrolling interest | — | 5.6 | — | — | — | 5.6 | |||||||||||||||||||
Total equity | 343.5 | 346.7 | 694.8 | 1,162.10 | (2,203.6 | ) | 343.5 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Total Liabilities and Equity | $ | 343.5 | $ | 1,405.60 | $ | 1,054.60 | $ | 1,967.30 | $ | (2,204.4 | ) | $ | 2,566.60 | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 472.4 | $ | — | $ | 121.6 | $ | (1.1 | ) | $ | 592.9 | ||||||||||||
Accounts receivable, net | — | 1.5 | 149.3 | 233.2 | — | 384 | |||||||||||||||||||
Inventories | — | — | 259.4 | 424 | — | 683.4 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 9 | — | 12.9 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.1 | 12.9 | 13.3 | — | 26.3 | |||||||||||||||||||
Total Current Assets | — | 474 | 425.5 | 801.1 | (1.1 | ) | 1,699.50 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 375.4 | 701.6 | — | 1,077.00 | |||||||||||||||||||
Intangible assets, net | — | — | 29.7 | 15.9 | — | 45.6 | |||||||||||||||||||
Deferred income taxes | — | — | — | 36.8 | — | 36.8 | |||||||||||||||||||
Other long-term assets | — | 14.3 | 2.6 | 42.4 | — | 59.3 | |||||||||||||||||||
Investments in subsidiaries/intercompany receivables, net | 633.9 | 1,207.40 | 227.4 | 99 | (2,167.7 | ) | — | ||||||||||||||||||
Total Assets | $ | 633.9 | $ | 1,695.70 | $ | 1,060.60 | $ | 1,696.80 | $ | (2,168.8 | ) | $ | 2,918.20 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3.4 | $ | 122.1 | $ | 216.8 | $ | (1.1 | ) | $ | 341.2 | ||||||||||||
Accrued liabilities | — | 23.7 | 67.6 | 211.1 | — | 302.4 | |||||||||||||||||||
Deferred income taxes | — | — | — | 12 | — | 12 | |||||||||||||||||||
Current portion of long-term debt | — | — | — | 9 | — | 9 | |||||||||||||||||||
Total Current Liabilities | — | 27.1 | 189.7 | 448.9 | (1.1 | ) | 664.6 | ||||||||||||||||||
Long-term debt | — | 1,028.40 | — | 190.5 | — | 1,218.90 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 4.9 | — | 8.8 | |||||||||||||||||||
Accrued pension benefits | — | — | 71.8 | 186.4 | — | 258.2 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 52 | — | — | 52 | |||||||||||||||||||
Other long-term liabilities | — | — | 31.5 | 44.4 | — | 75.9 | |||||||||||||||||||
Total Long-Term Liabilities | — | 1,028.40 | 159.2 | 426.2 | — | 1,613.80 | |||||||||||||||||||
Redeemable noncontrolling interest | — | 5.7 | — | — | — | 5.7 | |||||||||||||||||||
Total equity | 633.9 | 634.5 | 711.7 | 821.5 | (2,167.7 | ) | 633.9 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Total Liabilities and Equity | $ | 633.9 | $ | 1,695.70 | $ | 1,060.60 | $ | 1,696.80 | $ | (2,168.8 | ) | $ | 2,918.20 | ||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 476.4 | $ | 599 | $ | (2.0 | ) | $ | 1,073.40 | ||||||||||||
Cost of sales | — | — | 447.6 | 547.1 | (2.0 | ) | 992.7 | ||||||||||||||||||
Gross profit | — | — | 28.8 | 51.9 | — | 80.7 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.1 | 28.6 | 27.7 | — | 56.4 | |||||||||||||||||||
Restructuring charges | — | — | 0.8 | 0.2 | — | 1 | |||||||||||||||||||
Losses (gains) on derivative financial instruments | — | — | 0.5 | (2.8 | ) | — | (2.3 | ) | |||||||||||||||||
Other operating expense, net | — | — | 0.6 | 0.2 | — | 0.8 | |||||||||||||||||||
Operating (loss) income | — | (0.1 | ) | (1.7 | ) | 26.6 | — | 24.8 | |||||||||||||||||
Interest expense, net | — | — | 22.5 | 3.7 | — | 26.2 | |||||||||||||||||||
Other (income) expense, net | — | — | (0.6 | ) | 5 | — | 4.4 | ||||||||||||||||||
Equity in net loss (earnings) of affiliates | 7.3 | 7.2 | (8.1 | ) | — | (6.4 | ) | — | |||||||||||||||||
(Loss) income before income taxes | (7.3 | ) | (7.3 | ) | (15.5 | ) | 17.9 | 6.4 | (5.8 | ) | |||||||||||||||
Provision for income taxes | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Net (loss) income | (7.3 | ) | (7.3 | ) | (15.5 | ) | 16.6 | 6.4 | (7.1 | ) | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (7.3 | ) | $ | (7.3 | ) | $ | (15.5 | ) | $ | 16.4 | $ | 6.4 | $ | (7.3 | ) | |||||||||
Comprehensive income (loss) | $ | 23.1 | $ | 23.1 | $ | (12.8 | ) | $ | 43.7 | $ | (53.8 | ) | $ | 23.3 | |||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Comprehensive income (loss) attributable to Aleris Corporation | $ | 23.1 | $ | 23.1 | $ | (12.8 | ) | $ | 43.5 | $ | (53.8 | ) | $ | 23.1 | |||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 1,494.70 | $ | 1,822.60 | $ | (6.2 | ) | $ | 3,311.10 | ||||||||||||
Cost of sales | — | — | 1,406.70 | 1,666.60 | (6.2 | ) | 3,067.10 | ||||||||||||||||||
Gross profit | — | — | 88 | 156 | — | 244 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.2 | 80.6 | 95.6 | — | 176.4 | |||||||||||||||||||
Restructuring charges | — | — | 3.1 | 8.3 | — | 11.4 | |||||||||||||||||||
Gains on derivative financial instruments | — | — | (13.3 | ) | (8.1 | ) | — | (21.4 | ) | ||||||||||||||||
Other operating expense (income), net | — | — | 1 | (0.6 | ) | — | 0.4 | ||||||||||||||||||
Operating (loss) income | — | (0.2 | ) | 16.6 | 60.8 | — | 77.2 | ||||||||||||||||||
Interest expense, net | — | — | 66.4 | 5.4 | — | 71.8 | |||||||||||||||||||
Other (income) expense, net | — | — | (1.7 | ) | 5.4 | — | 3.7 | ||||||||||||||||||
Equity in net loss (earnings) of affiliates | 8.1 | 7.9 | (9.1 | ) | — | (6.9 | ) | — | |||||||||||||||||
(Loss) income before income taxes | (8.1 | ) | (8.1 | ) | (39.0 | ) | 50 | 6.9 | 1.7 | ||||||||||||||||
Provision for income taxes | — | — | — | 9 | — | 9 | |||||||||||||||||||
Net (loss) income | (8.1 | ) | (8.1 | ) | (39.0 | ) | 41 | 6.9 | (7.3 | ) | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (8.1 | ) | $ | (8.1 | ) | $ | (39.0 | ) | $ | 40.2 | $ | 6.9 | $ | (8.1 | ) | |||||||||
Comprehensive income (loss) | $ | 16.9 | $ | 16.9 | $ | (35.0 | ) | $ | 61.6 | $ | (42.7 | ) | $ | 17.7 | |||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||||
Comprehensive income (loss) attributable to Aleris Corporation | $ | 16.9 | $ | 16.9 | $ | (35.0 | ) | $ | 60.8 | $ | (42.7 | ) | $ | 16.9 | |||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 499.8 | $ | 582.2 | $ | (1.0 | ) | $ | 1,081.00 | ||||||||||||
Cost of sales | — | — | 456.7 | 505.1 | (1.0 | ) | 960.8 | ||||||||||||||||||
Gross profit | — | — | 43.1 | 77.1 | — | 120.2 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.1 | 30.3 | 36.1 | — | 66.5 | |||||||||||||||||||
Restructuring charges | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Losses on derivative financial instruments | — | — | 0.3 | 1 | — | 1.3 | |||||||||||||||||||
Other operating expense (income), net | — | — | 0.4 | (0.2 | ) | — | 0.2 | ||||||||||||||||||
Operating (loss) income | — | (0.1 | ) | 12.1 | 39.6 | — | 51.6 | ||||||||||||||||||
Interest expense, net | — | — | 10.7 | — | — | 10.7 | |||||||||||||||||||
Other (income) expense, net | — | — | (1.2 | ) | 2.1 | — | 0.9 | ||||||||||||||||||
Equity in net earnings of affiliates | (32.8 | ) | (32.4 | ) | (0.6 | ) | — | 65.8 | — | ||||||||||||||||
Income before income taxes | 32.8 | 32.3 | 3.2 | 37.5 | (65.8 | ) | 40 | ||||||||||||||||||
(Benefit from) provision for income taxes | — | (0.5 | ) | — | 8 | — | 7.5 | ||||||||||||||||||
Net income | 32.8 | 32.8 | 3.2 | 29.5 | (65.8 | ) | 32.5 | ||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||
Net income attributable to Aleris Corporation | $ | 32.8 | $ | 32.8 | $ | 3.2 | $ | 29.8 | $ | (65.8 | ) | $ | 32.8 | ||||||||||||
Comprehensive income | $ | 44.8 | $ | 44.8 | $ | 3.8 | $ | 40.6 | $ | (89.5 | ) | $ | 44.5 | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||
Comprehensive income attributable to Aleris Corporation | $ | 44.8 | $ | 44.8 | $ | 3.8 | $ | 40.9 | $ | (89.5 | ) | $ | 44.8 | ||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 1,579.50 | $ | 1,820.70 | $ | (8.0 | ) | $ | 3,392.20 | ||||||||||||
Cost of sales | — | — | 1,444.00 | 1,582.40 | (8.0 | ) | 3,018.40 | ||||||||||||||||||
Gross profit | — | — | 135.5 | 238.3 | — | 373.8 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.2 | 91.3 | 103.5 | — | 195 | |||||||||||||||||||
Restructuring charges | — | — | 0.1 | 1 | — | 1.1 | |||||||||||||||||||
Losses (gains) on derivative financial instruments | — | — | 4.3 | (1.0 | ) | — | 3.3 | ||||||||||||||||||
Other operating expense, net | — | — | 0.9 | 0.1 | — | 1 | |||||||||||||||||||
Operating (loss) income | — | (0.2 | ) | 38.9 | 134.7 | — | 173.4 | ||||||||||||||||||
Interest expense, net | — | — | 32.6 | 1.2 | — | 33.8 | |||||||||||||||||||
Other (income) expense, net | — | — | (3.7 | ) | 4.1 | — | 0.4 | ||||||||||||||||||
Equity in net earnings of affiliates | (114.5 | ) | (114.2 | ) | (1.5 | ) | — | 230.2 | — | ||||||||||||||||
Income before income taxes | 114.5 | 114 | 11.5 | 129.4 | (230.2 | ) | 139.2 | ||||||||||||||||||
(Benefit from) provision for income taxes | — | (0.5 | ) | — | 26.1 | — | 25.6 | ||||||||||||||||||
Net income | 114.5 | 114.5 | 11.5 | 103.3 | (230.2 | ) | 113.6 | ||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||
Net income attributable to Aleris Corporation | $ | 114.5 | $ | 114.5 | $ | 11.5 | $ | 104.2 | $ | (230.2 | ) | $ | 114.5 | ||||||||||||
Comprehensive income | $ | 110.9 | $ | 110.9 | $ | 12.1 | $ | 99.5 | $ | (223.5 | ) | $ | 109.9 | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (1.0 | ) | — | (1.0 | ) | |||||||||||||||||
Comprehensive income attributable to Aleris Corporation | $ | 110.9 | $ | 110.9 | $ | 12.1 | $ | 100.5 | $ | (223.5 | ) | $ | 110.9 | ||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 316 | $ | 132.5 | $ | 40.9 | $ | (194.0 | ) | $ | (312.7 | ) | $ | (17.3 | ) | ||||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (50.2 | ) | (132.6 | ) | — | (182.8 | ) | ||||||||||||||||
Other | — | — | (0.3 | ) | 1.6 | — | 1.3 | ||||||||||||||||||
Net investment in subsidiaries | — | (280.8 | ) | 9.6 | 271.2 | — | — | ||||||||||||||||||
Net cash (used) provided by investing activities | — | (280.8 | ) | (40.9 | ) | 140.2 | — | (181.5 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from the ABL facility | — | 10.3 | — | 10.1 | — | 20.4 | |||||||||||||||||||
Payments on the ABL facility | — | (10.3 | ) | — | (10.1 | ) | — | (20.4 | ) | ||||||||||||||||
Proceeds from Zhenjiang term loans | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Proceeds from Zhenjiang revolver | — | — | — | 4.1 | — | 4.1 | |||||||||||||||||||
Net payments on other long-term debt | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||||
Redemption of noncontrolling interest | — | — | — | (8.9 | ) | — | (8.9 | ) | |||||||||||||||||
Dividend paid | (313.0 | ) | (313.0 | ) | — | — | 313 | (313.0 | ) | ||||||||||||||||
Other | (3.0 | ) | (0.5 | ) | — | (0.4 | ) | — | (3.9 | ) | |||||||||||||||
Net cash (used) provided by financing activities | (316.0 | ) | (313.5 | ) | — | (7.8 | ) | 313 | (324.3 | ) | |||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | 1.5 | — | 1.5 | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | (461.8 | ) | — | (60.1 | ) | 0.3 | (521.6 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 472.4 | — | 121.6 | (1.1 | ) | 592.9 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 10.6 | $ | — | $ | 61.5 | $ | (0.8 | ) | $ | 71.3 | ||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 0.8 | $ | (37.6 | ) | $ | 97.3 | $ | 30.1 | $ | 1.4 | $ | 92 | ||||||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (96.9 | ) | (188.6 | ) | — | (285.5 | ) | ||||||||||||||||
Purchase of a business | — | — | — | (21.5 | ) | — | (21.5 | ) | |||||||||||||||||
Other | — | — | (0.4 | ) | 0.2 | — | (0.2 | ) | |||||||||||||||||
Net investment in subsidiaries | — | (29.3 | ) | — | 29.3 | — | — | ||||||||||||||||||
Net cash used by investing activities | — | (29.3 | ) | (97.3 | ) | (180.6 | ) | — | (307.2 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from Zhenjiang term loans | — | — | — | 88.5 | — | 88.5 | |||||||||||||||||||
Net proceeds from other long-term debt | — | — | — | 2 | — | 2 | |||||||||||||||||||
Other | (0.8 | ) | (0.2 | ) | — | (0.8 | ) | — | (1.8 | ) | |||||||||||||||
Net cash (used) provided by financing activities | (0.8 | ) | (0.2 | ) | — | 89.7 | — | 88.7 | |||||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | 0.9 | — | 0.9 | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | (67.1 | ) | — | (59.9 | ) | 1.4 | (125.6 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 67.1 | — | 165.7 | (1.4 | ) | 231.4 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | 105.8 | $ | — | $ | 105.8 | |||||||||||||
Basis_Of_Presentation_Policies
Basis Of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
The components of our “Inventories” as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Finished goods | $ | 198.1 | $ | 183.8 | |||||
Raw materials | 265.6 | 279.4 | |||||||
Work in process | 232.3 | 196.2 | |||||||
Supplies | 28.3 | 24 | |||||||
Total inventories | $ | 724.3 | $ | 683.4 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Our debt as of September 30, 2013 and December 31, 2012 is summarized as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
ABL facility | $ | — | $ | — | |||||
7 5/8% senior notes due 2018, net of discount of $6.2 and $7.3 at September 30, 2013 and December 31, 2012, respectively | 493.8 | 492.7 | |||||||
7 7/8% senior notes due 2020, net of discount of $7.7 and $8.6 at September 30, 2013 and December 31, 2012, respectively | 492.3 | 491.4 | |||||||
Exchangeable notes, net of discount of $0.7 and $0.8 at September 30, 2013 and December 31, 2012, respectively | 44.1 | 44.2 | |||||||
Zhenjiang term loans, net of discount of $1.1 and $1.3 at September 30, 2013 and December 31, 2012, respectively | 191.5 | 186.8 | |||||||
Zhenjiang revolver, net of discount of $0.2 at September 30, 2013 | 3.9 | — | |||||||
Other | 12.7 | 12.8 | |||||||
Total debt | 1,238.30 | 1,227.90 | |||||||
Less: Current portion of long-term debt | 12.9 | 9 | |||||||
Total long-term debt | $ | 1,225.40 | $ | 1,218.90 | |||||
Stockholders_Equity_and_Redeem1
Stockholders' Equity and Redeemable Noncontrolling Interest (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||||||
The following table summarizes the activity within stockholders’ equity and redeemable noncontrolling interest for the nine months ended September 30, 2013: | |||||||||||||||||
Aleris Corporation equity | Noncontrolling interest | Total equity | Redeemable noncontrolling interest | ||||||||||||||
Total equity at January 1, 2013 | $ | 633.9 | $ | 0.2 | $ | 634.1 | $ | 5.7 | |||||||||
Net (loss) income | (8.1 | ) | 0.8 | (7.3 | ) | — | |||||||||||
Other comprehensive income | 25 | — | 25 | — | |||||||||||||
Stock-based compensation | 11.2 | — | 11.2 | — | |||||||||||||
Dividend paid | (313.0 | ) | — | (313.0 | ) | — | |||||||||||
Repurchase of shares | (3.0 | ) | — | (3.0 | ) | — | |||||||||||
Modification of stock options resulting in liability classification | (2.4 | ) | — | (2.4 | ) | — | |||||||||||
Other | (0.1 | ) | (0.6 | ) | (0.7 | ) | (0.1 | ) | |||||||||
Total equity at September 30, 2013 | $ | 343.5 | $ | 0.4 | $ | 343.9 | $ | 5.6 | |||||||||
Changes in the Number of Outstanding Common Shares | ' | ||||||||||||||||
The following table shows changes in the number of our outstanding shares of common stock: | |||||||||||||||||
Outstanding shares of common stock | |||||||||||||||||
Balance at January 1, 2013 | 31,097,272 | ||||||||||||||||
Issuance associated with options exercised | 69,794 | ||||||||||||||||
Issuance associated with vested restricted stock units | 39,297 | ||||||||||||||||
Issuance upon conversion of exchangeable notes | 9,900 | ||||||||||||||||
Balance at September 30, 2013 | 31,216,263 | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehesive Income [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table summarizes the activity within accumulated other comprehensive loss for the nine months ended September 30, 2013: | |||||||||||||
Currency translation | Pension and other postretirement | Total | |||||||||||
Balance at January 1, 2013 | $ | 12.6 | $ | (75.0 | ) | $ | (62.4 | ) | |||||
Current period currency translation adjustments | 20.2 | (0.9 | ) | 19.3 | |||||||||
Amortization of net actuarial losses, including recognition of settlement loss | — | 2.7 | 2.7 | ||||||||||
Deferred tax expense on pension and other postretirement liability adjustments | — | 0.2 | 0.2 | ||||||||||
Recognition of net actuarial gains | — | 2.8 | 2.8 | ||||||||||
Balance at September 30, 2013 | $ | 32.8 | $ | (70.2 | ) | $ | (37.4 | ) | |||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||
A summary of reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2013 is provided below: | |||||||||||||
Description of reclassifications out of accumulated other comprehensive loss | Amount reclassified | ||||||||||||
Amortization of defined benefit pension and other postretirement benefit items: | |||||||||||||
Amortization of net actuarial losses, including recognition of settlement loss, before tax | $ | (2.7 | ) | (a) | |||||||||
Deferred tax expense on pension and other postretirement liability adjustments | (0.2 | ) | |||||||||||
Losses reclassified into earnings, net of tax | $ | (2.9 | ) | ||||||||||
(a) This component of accumulated other comprehensive loss is included in the computation of net periodic benefit expense and net postretirement benefit expense (see Note 10, “Employee Benefit Plans,” for additional detail). |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | ||||||||||||||||||||||||||||||||
The following table shows our revenues and segment income (loss) for the periods presented in our Consolidated Statements of Comprehensive Income: | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 293 | $ | 329.6 | $ | 3.7 | $ | 88.3 | $ | 230.2 | $ | 128.6 | $ | 1,073.40 | |||||||||||||||||||
Intersegment revenues | 0.6 | 26.6 | 4.2 | 1.8 | 2.3 | 6 | $ | (41.5 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 293.6 | $ | 356.2 | $ | 7.9 | $ | 90.1 | $ | 232.5 | $ | 134.6 | $ | (41.5 | ) | $ | 1,073.40 | ||||||||||||||||
Segment income | $ | 21.5 | $ | 37.1 | $ | — | $ | 4.3 | $ | 15.7 | $ | 3.7 | $ | 82.3 | |||||||||||||||||||
Three months ended September 30, 2012 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 328.5 | $ | 312.4 | $ | — | $ | 87.6 | $ | 216.4 | $ | 136.1 | $ | 1,081.00 | |||||||||||||||||||
Intersegment revenues | 0.3 | 18.2 | — | 1.5 | 2.7 | 6.7 | $ | (29.4 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 328.8 | $ | 330.6 | $ | — | $ | 89.1 | $ | 219.1 | $ | 142.8 | $ | (29.4 | ) | $ | 1,081.00 | ||||||||||||||||
Segment income | $ | 30.3 | $ | 42.6 | $ | — | $ | 5.6 | $ | 9.2 | $ | 4.7 | $ | 92.4 | |||||||||||||||||||
Nine months ended September 30, 2013 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 929.5 | $ | 1,003.70 | $ | 6.3 | $ | 267 | $ | 700.2 | $ | 404.4 | $ | 3,311.10 | |||||||||||||||||||
Intersegment revenues | 1.6 | 100.4 | 7.4 | 6.1 | 5.3 | 25.4 | $ | (146.2 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 931.1 | $ | 1,104.10 | $ | 13.7 | $ | 273.1 | $ | 705.5 | $ | 429.8 | $ | (146.2 | ) | $ | 3,311.10 | ||||||||||||||||
Segment income (loss) | $ | 77.6 | $ | 114.9 | $ | (0.2 | ) | $ | 11.9 | $ | 39.1 | $ | 10.1 | $ | 253.4 | ||||||||||||||||||
Nine months ended September 30, 2012 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 1,001.70 | $ | 961.7 | $ | — | $ | 270.2 | $ | 726.4 | $ | 432.2 | $ | 3,392.20 | |||||||||||||||||||
Intersegment revenues | 1.6 | 47 | — | 6.5 | 6 | 24.6 | $ | (85.7 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 1,003.30 | $ | 1,008.70 | $ | — | $ | 276.7 | $ | 732.4 | $ | 456.8 | $ | (85.7 | ) | $ | 3,392.20 | ||||||||||||||||
Segment income | $ | 91.2 | $ | 126.4 | $ | — | $ | 16.5 | $ | 40.4 | $ | 17.4 | $ | 291.9 | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||||||||||
The following table reconciles total segment income to “(Loss) income before income taxes” as reported in our Consolidated Statements of Comprehensive Income: | |||||||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Total segment income | $ | 82.3 | $ | 92.4 | $ | 253.4 | $ | 291.9 | |||||||||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | (31.4 | ) | (20.0 | ) | (93.3 | ) | (59.2 | ) | |||||||||||||||||||||||||
Corporate general and administrative expenses, excluding depreciation, amortization, start-up expenses and other expenses | (14.8 | ) | (12.9 | ) | (36.1 | ) | (42.7 | ) | |||||||||||||||||||||||||
Restructuring charges | (1.0 | ) | (0.6 | ) | (11.4 | ) | (1.1 | ) | |||||||||||||||||||||||||
Interest expense, net | (26.2 | ) | (10.7 | ) | (71.8 | ) | (33.8 | ) | |||||||||||||||||||||||||
Unallocated (losses) gains on derivative financial instruments | (3.2 | ) | (0.7 | ) | (3.0 | ) | 2.8 | ||||||||||||||||||||||||||
Unallocated currency exchange (losses) gains | (2.7 | ) | 0.7 | (2.7 | ) | (0.2 | ) | ||||||||||||||||||||||||||
Start-up expenses | (7.6 | ) | (7.9 | ) | (31.0 | ) | (16.9 | ) | |||||||||||||||||||||||||
Other expense, net | (1.2 | ) | (0.3 | ) | (2.4 | ) | (1.6 | ) | |||||||||||||||||||||||||
(Loss) income before income taxes | $ | (5.8 | ) | $ | 40 | $ | 1.7 | $ | 139.2 | ||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||||||||||||||||||
The following table shows our reportable segment assets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
RPNA | $ | 577.5 | $ | 566 | |||||||||||||||||||||||||||||
RPEU | 725.7 | 681.3 | |||||||||||||||||||||||||||||||
RPAP | 437.8 | 351.4 | |||||||||||||||||||||||||||||||
Extrusions | 151 | 133.1 | |||||||||||||||||||||||||||||||
RSAA | 299.9 | 287.6 | |||||||||||||||||||||||||||||||
RSEU | 177.8 | 175.3 | |||||||||||||||||||||||||||||||
Unallocated assets | 196.9 | 723.5 | |||||||||||||||||||||||||||||||
Total consolidated assets | $ | 2,566.60 | $ | 2,918.20 | |||||||||||||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||
The components of the net periodic benefit expense are as follows: | |||||||||||||||||
U.S. pension benefits | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 0.9 | $ | 0.7 | $ | 2.7 | $ | 2.2 | |||||||||
Interest cost | 1.6 | 1.8 | 4.9 | 5.4 | |||||||||||||
Amortization of net actuarial losses | 0.3 | 0.1 | 1 | 0.3 | |||||||||||||
Expected return on plan assets | (2.3 | ) | (2.1 | ) | (7.0 | ) | (6.3 | ) | |||||||||
Settlement loss | 0.2 | — | 0.2 | — | |||||||||||||
Net periodic benefit expense | $ | 0.7 | $ | 0.5 | $ | 1.8 | $ | 1.6 | |||||||||
European pension benefits | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 1 | $ | 0.6 | $ | 3 | $ | 1.9 | |||||||||
Interest cost | 1.7 | 1.8 | 5.2 | 5.3 | |||||||||||||
Amortization of net actuarial losses | 0.4 | — | 1.2 | — | |||||||||||||
Expected return on plan assets | — | — | (0.1 | ) | — | ||||||||||||
Net periodic benefit expense | $ | 3.1 | $ | 2.4 | $ | 9.3 | $ | 7.2 | |||||||||
Other Postretirement Benefit Plans | |||||||||||||||||
The components of net postretirement benefit expense are as follows: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 0.1 | $ | — | $ | 0.2 | $ | — | |||||||||
Interest cost | 0.4 | 0.6 | 1.3 | 1.8 | |||||||||||||
Amortization of net actuarial losses | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||||
Net postretirement benefit expense | $ | 0.6 | $ | 0.7 | $ | 1.8 | $ | 2.1 | |||||||||
Derivative_And_Other_Financial1
Derivative And Other Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||
The amounts shown in the table below represent the gross amounts of recognized assets and liabilities, the amounts offset in the Consolidated Balance Sheet and the net amounts of assets and liabilities presented therein. As of September 30, 2013 and December 31, 2012, there were no amounts subject to an enforceable master netting arrangement or similar agreement that have not been offset in the Consolidated Balance Sheet. | |||||||||||||||||
Fair Value of Derivatives as of | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Derivatives by type | Asset | Liability | Asset | Liability | |||||||||||||
Metal | $ | 11.5 | $ | (17.6 | ) | $ | 15.7 | $ | (18.8 | ) | |||||||
Natural gas | — | (0.7 | ) | — | (0.6 | ) | |||||||||||
Total | 11.5 | (18.3 | ) | 15.7 | (19.4 | ) | |||||||||||
Effect of counterparty netting | (10.8 | ) | 10.8 | (12.5 | ) | 12.5 | |||||||||||
Net derivatives as classified in the balance sheet | $ | 0.7 | $ | (7.5 | ) | $ | 3.2 | $ | (6.9 | ) | |||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
The fair value of our derivative financial instruments at September 30, 2013 and December 31, 2012 are recorded in the Consolidated Balance Sheet as follows: | |||||||||||||||||
Asset Derivatives | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||
Metal | Prepaid expenses and other current assets | $ | 0.6 | $ | 2.8 | ||||||||||||
Other long-term assets | 0.1 | 0.4 | |||||||||||||||
Total | $ | 0.7 | $ | 3.2 | |||||||||||||
Liability Derivatives | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||
Metal | Accrued liabilities | $ | 5.4 | $ | 5.8 | ||||||||||||
Other long-term liabilities | 1.4 | 0.5 | |||||||||||||||
Natural gas | Accrued liabilities | 0.7 | 0.6 | ||||||||||||||
Total | $ | 7.5 | $ | 6.9 | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The carrying amount and fair values of our other financial instruments at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 71.3 | $ | 71.3 | $ | 592.9 | $ | 592.9 | |||||||||
ABL facility | — | — | — | — | |||||||||||||
Exchangeable notes | 44.1 | 89.2 | 44.2 | 103.4 | |||||||||||||
7 5/8% senior notes | 493.8 | 525 | 492.7 | 507.5 | |||||||||||||
7 7/8% senior notes | 492.3 | 521.3 | 491.4 | 502.5 | |||||||||||||
Zhenjiang term loans | 191.5 | 192.6 | 186.8 | 188.1 | |||||||||||||
Zhenjiang revolver | 3.9 | 4.1 | — | — | |||||||||||||
The following tables set forth our other financial instruments for which fair value is disclosed and the level in the fair value hierarchy within which the fair value measurements are categorized as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Fair value measurements at September 30, 2013 using: | |||||||||||||||||
Description | Total estimated fair value | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other observable | unobservable | |||||||||||||||
identical assets | inputs (Level 2) | inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 71.3 | $ | 71.3 | $ | — | $ | — | |||||||||
Exchangeable notes | 89.2 | — | — | 89.2 | |||||||||||||
7 5/8% senior notes | 525 | 525 | — | — | |||||||||||||
7 7/8% senior notes | 521.3 | 521.3 | — | — | |||||||||||||
Zhenjiang term loans | 192.6 | — | — | 192.6 | |||||||||||||
Zhenjiang revolver | 4.1 | — | — | 4.1 | |||||||||||||
Fair value measurements at December 31, 2012 using: | |||||||||||||||||
Description | Total estimated fair value | Quoted prices in | Significant | Significant | |||||||||||||
active markets for | other observable | unobservable | |||||||||||||||
identical assets | inputs | inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash and cash equivalents | $ | 592.9 | $ | 592.9 | $ | — | $ | — | |||||||||
Exchangeable notes | 103.4 | — | — | 103.4 | |||||||||||||
7 5/8% senior notes | 507.5 | 507.5 | — | — | |||||||||||||
7 7/8% senior notes | 502.5 | 502.5 | — | — | |||||||||||||
Zhenjiang term loans | 188.1 | — | — | 188.1 | |||||||||||||
The following tables set forth our financial assets and liabilities that are accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and the level in the fair value hierarchy: | |||||||||||||||||
Fair value measurements at September 30, 2013 using: | |||||||||||||||||
Description | Total carrying value | Quoted prices in | Significant | Significant | |||||||||||||
in the Consolidated | active markets for | other observable | unobservable | ||||||||||||||
Balance Sheet | identical assets | inputs (Level 2) | inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Derivative assets | $ | 11.5 | $ | — | $ | 11.5 | $ | — | |||||||||
Derivative liabilities | (18.3 | ) | — | (18.3 | ) | — | |||||||||||
Net derivative liabilities | $ | (6.8 | ) | $ | — | $ | (6.8 | ) | $ | — | |||||||
Fair value measurements at December 31, 2012 using: | |||||||||||||||||
Description | Total carrying value | Quoted prices in | Significant | Significant | |||||||||||||
in the Consolidated | active markets for | other observable | unobservable | ||||||||||||||
Balance Sheet | identical assets | inputs (Level 2) | inputs | ||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Derivative assets | $ | 15.7 | $ | — | $ | 15.7 | $ | — | |||||||||
Derivative liabilities | (19.4 | ) | — | (19.4 | ) | — | |||||||||||
Net derivative liabilities | $ | (3.7 | ) | $ | — | $ | (3.7 | ) | $ | — | |||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||
Realized (gains) losses on derivative financial instruments totaled the following: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Metal | $ | (6.1 | ) | $ | (0.9 | ) | $ | (24.8 | ) | $ | (0.3 | ) | |||||
Natural gas | 0.6 | 1.2 | 0.5 | 5.5 | |||||||||||||
Currency | — | 0.5 | — | 1.3 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share Reconciliation | ' | ||||||||||||||||
The following table summarizes basic and diluted earnings per share: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (7.3 | ) | $ | 32.8 | $ | (8.1 | ) | $ | 114.5 | |||||||
Less: Preferred stock dividend (paid or unpaid) | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.3 | ) | |||||||||
Less: Undistributed earnings allocated to participating securities | — | (0.2 | ) | — | (0.7 | ) | |||||||||||
Less: Redemption value adjustments to redeemable noncontrolling interest | — | (2.3 | ) | — | (2.3 | ) | |||||||||||
Net (loss) income available to common stockholders - Basic | (7.4 | ) | 30.2 | (8.4 | ) | 111.2 | |||||||||||
Add: Interest on exchangeable notes | — | 0.7 | — | 2.1 | |||||||||||||
Add: Preferred stock dividend (paid or unpaid) | — | 0.1 | — | 0.3 | |||||||||||||
Add: Undistributed earnings allocated to participating securities | — | 0.2 | — | 0.7 | |||||||||||||
Less: Undistributed earnings reallocated to participating securities | — | (0.2 | ) | — | (0.7 | ) | |||||||||||
Net (loss) income available to common stockholders - Diluted | $ | (7.4 | ) | $ | 31 | $ | (8.4 | ) | $ | 113.6 | |||||||
Average shares of common stock outstanding | 31.2 | 31.1 | 31.2 | 31 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Stock options | — | 0.7 | — | 0.7 | |||||||||||||
Redeemable preferred stock | — | 0.2 | — | 0.2 | |||||||||||||
Exchangeable notes | — | 2.1 | — | 2.1 | |||||||||||||
Average dilutive shares of common stock outstanding | 31.2 | 34.1 | 31.2 | 34 | |||||||||||||
Basic (loss) earnings per share | $ | (0.24 | ) | $ | 0.97 | $ | (0.27 | ) | $ | 3.58 | |||||||
Diluted (loss) earnings per share | $ | (0.24 | ) | $ | 0.91 | $ | (0.27 | ) | $ | 3.33 | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||||||
A summary of these stock options, restricted stock units, restricted shares, exchangeable notes and redeemable preferred stock as of September 30, 2013 and 2012 is shown below: | |||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of stock options | 3.3 | 0.2 | 3.3 | 0.2 | |||||||||||||
Weighted average exercise price | $24.33 | $47.69 | $24.33 | $47.69 | |||||||||||||
Restricted stock units and restricted shares | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||
Weighted average grant date fair value | $35.38 | $32.22 | $35.38 | $32.22 | |||||||||||||
Number of shares issuable upon conversion of exchangeable notes | 2.7 | — | 2.1 | — | |||||||||||||
Number of shares issuable upon conversion of redeemable preferred stock | 0.3 | — | 0.2 | — | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | ||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10.6 | $ | — | $ | 61.5 | $ | (0.8 | ) | $ | 71.3 | ||||||||||||
Accounts receivable, net | — | — | 156.6 | 300.1 | — | 456.7 | |||||||||||||||||||
Inventories | — | — | 286.7 | 437.6 | — | 724.3 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 9 | — | 12.9 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.5 | 12.5 | 12.4 | — | 25.4 | |||||||||||||||||||
Total Current Assets | — | 11.1 | 459.7 | 820.6 | (0.8 | ) | 1,290.60 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 364.8 | 763.6 | — | 1,128.40 | |||||||||||||||||||
Intangible assets, net | — | — | 28.1 | 15.9 | — | 44 | |||||||||||||||||||
Deferred income taxes | — | — | — | 36.8 | — | 36.8 | |||||||||||||||||||
Other long-term assets | — | 13.4 | 3 | 50.4 | — | 66.8 | |||||||||||||||||||
Investments in subsidiaries/intercompany receivables, net | 343.5 | 1,381.10 | 199 | 280 | (2,203.6 | ) | — | ||||||||||||||||||
Total Assets | $ | 343.5 | $ | 1,405.60 | $ | 1,054.60 | $ | 1,967.30 | $ | (2,204.4 | ) | $ | 2,566.60 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 0.6 | $ | 149.4 | $ | 210.3 | $ | (0.8 | ) | $ | 359.5 | ||||||||||||
Accrued liabilities | — | 22.5 | 63.6 | 131.2 | — | 217.3 | |||||||||||||||||||
Deferred income taxes | — | — | — | 12 | — | 12 | |||||||||||||||||||
Current portion of long-term debt | — | — | — | 12.9 | — | 12.9 | |||||||||||||||||||
Total Current Liabilities | — | 23.1 | 213 | 366.4 | (0.8 | ) | 601.7 | ||||||||||||||||||
Long-term debt | — | 1,030.20 | — | 195.2 | — | 1,225.40 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 6 | — | 9.9 | |||||||||||||||||||
Accrued pension benefits | — | — | 61.5 | 193.8 | — | 255.3 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 49.8 | — | — | 49.8 | |||||||||||||||||||
Other long-term liabilities | — | — | 31.6 | 43.4 | — | 75 | |||||||||||||||||||
Total Long-Term Liabilities | — | 1,030.20 | 146.8 | 438.4 | — | 1,615.40 | |||||||||||||||||||
Redeemable noncontrolling interest | — | 5.6 | — | — | — | 5.6 | |||||||||||||||||||
Total equity | 343.5 | 346.7 | 694.8 | 1,162.10 | (2,203.6 | ) | 343.5 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Total Liabilities and Equity | $ | 343.5 | $ | 1,405.60 | $ | 1,054.60 | $ | 1,967.30 | $ | (2,204.4 | ) | $ | 2,566.60 | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 472.4 | $ | — | $ | 121.6 | $ | (1.1 | ) | $ | 592.9 | ||||||||||||
Accounts receivable, net | — | 1.5 | 149.3 | 233.2 | — | 384 | |||||||||||||||||||
Inventories | — | — | 259.4 | 424 | — | 683.4 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 9 | — | 12.9 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.1 | 12.9 | 13.3 | — | 26.3 | |||||||||||||||||||
Total Current Assets | — | 474 | 425.5 | 801.1 | (1.1 | ) | 1,699.50 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 375.4 | 701.6 | — | 1,077.00 | |||||||||||||||||||
Intangible assets, net | — | — | 29.7 | 15.9 | — | 45.6 | |||||||||||||||||||
Deferred income taxes | — | — | — | 36.8 | — | 36.8 | |||||||||||||||||||
Other long-term assets | — | 14.3 | 2.6 | 42.4 | — | 59.3 | |||||||||||||||||||
Investments in subsidiaries/intercompany receivables, net | 633.9 | 1,207.40 | 227.4 | 99 | (2,167.7 | ) | — | ||||||||||||||||||
Total Assets | $ | 633.9 | $ | 1,695.70 | $ | 1,060.60 | $ | 1,696.80 | $ | (2,168.8 | ) | $ | 2,918.20 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3.4 | $ | 122.1 | $ | 216.8 | $ | (1.1 | ) | $ | 341.2 | ||||||||||||
Accrued liabilities | — | 23.7 | 67.6 | 211.1 | — | 302.4 | |||||||||||||||||||
Deferred income taxes | — | — | — | 12 | — | 12 | |||||||||||||||||||
Current portion of long-term debt | — | — | — | 9 | — | 9 | |||||||||||||||||||
Total Current Liabilities | — | 27.1 | 189.7 | 448.9 | (1.1 | ) | 664.6 | ||||||||||||||||||
Long-term debt | — | 1,028.40 | — | 190.5 | — | 1,218.90 | |||||||||||||||||||
Deferred income taxes | — | — | 3.9 | 4.9 | — | 8.8 | |||||||||||||||||||
Accrued pension benefits | — | — | 71.8 | 186.4 | — | 258.2 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 52 | — | — | 52 | |||||||||||||||||||
Other long-term liabilities | — | — | 31.5 | 44.4 | — | 75.9 | |||||||||||||||||||
Total Long-Term Liabilities | — | 1,028.40 | 159.2 | 426.2 | — | 1,613.80 | |||||||||||||||||||
Redeemable noncontrolling interest | — | 5.7 | — | — | — | 5.7 | |||||||||||||||||||
Total equity | 633.9 | 634.5 | 711.7 | 821.5 | (2,167.7 | ) | 633.9 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Total Liabilities and Equity | $ | 633.9 | $ | 1,695.70 | $ | 1,060.60 | $ | 1,696.80 | $ | (2,168.8 | ) | $ | 2,918.20 | ||||||||||||
Schedule of Condensed Income Statement | ' | ||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 476.4 | $ | 599 | $ | (2.0 | ) | $ | 1,073.40 | ||||||||||||
Cost of sales | — | — | 447.6 | 547.1 | (2.0 | ) | 992.7 | ||||||||||||||||||
Gross profit | — | — | 28.8 | 51.9 | — | 80.7 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.1 | 28.6 | 27.7 | — | 56.4 | |||||||||||||||||||
Restructuring charges | — | — | 0.8 | 0.2 | — | 1 | |||||||||||||||||||
Losses (gains) on derivative financial instruments | — | — | 0.5 | (2.8 | ) | — | (2.3 | ) | |||||||||||||||||
Other operating expense, net | — | — | 0.6 | 0.2 | — | 0.8 | |||||||||||||||||||
Operating (loss) income | — | (0.1 | ) | (1.7 | ) | 26.6 | — | 24.8 | |||||||||||||||||
Interest expense, net | — | — | 22.5 | 3.7 | — | 26.2 | |||||||||||||||||||
Other (income) expense, net | — | — | (0.6 | ) | 5 | — | 4.4 | ||||||||||||||||||
Equity in net loss (earnings) of affiliates | 7.3 | 7.2 | (8.1 | ) | — | (6.4 | ) | — | |||||||||||||||||
(Loss) income before income taxes | (7.3 | ) | (7.3 | ) | (15.5 | ) | 17.9 | 6.4 | (5.8 | ) | |||||||||||||||
Provision for income taxes | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Net (loss) income | (7.3 | ) | (7.3 | ) | (15.5 | ) | 16.6 | 6.4 | (7.1 | ) | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (7.3 | ) | $ | (7.3 | ) | $ | (15.5 | ) | $ | 16.4 | $ | 6.4 | $ | (7.3 | ) | |||||||||
Comprehensive income (loss) | $ | 23.1 | $ | 23.1 | $ | (12.8 | ) | $ | 43.7 | $ | (53.8 | ) | $ | 23.3 | |||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Comprehensive income (loss) attributable to Aleris Corporation | $ | 23.1 | $ | 23.1 | $ | (12.8 | ) | $ | 43.5 | $ | (53.8 | ) | $ | 23.1 | |||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 1,494.70 | $ | 1,822.60 | $ | (6.2 | ) | $ | 3,311.10 | ||||||||||||
Cost of sales | — | — | 1,406.70 | 1,666.60 | (6.2 | ) | 3,067.10 | ||||||||||||||||||
Gross profit | — | — | 88 | 156 | — | 244 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.2 | 80.6 | 95.6 | — | 176.4 | |||||||||||||||||||
Restructuring charges | — | — | 3.1 | 8.3 | — | 11.4 | |||||||||||||||||||
Gains on derivative financial instruments | — | — | (13.3 | ) | (8.1 | ) | — | (21.4 | ) | ||||||||||||||||
Other operating expense (income), net | — | — | 1 | (0.6 | ) | — | 0.4 | ||||||||||||||||||
Operating (loss) income | — | (0.2 | ) | 16.6 | 60.8 | — | 77.2 | ||||||||||||||||||
Interest expense, net | — | — | 66.4 | 5.4 | — | 71.8 | |||||||||||||||||||
Other (income) expense, net | — | — | (1.7 | ) | 5.4 | — | 3.7 | ||||||||||||||||||
Equity in net loss (earnings) of affiliates | 8.1 | 7.9 | (9.1 | ) | — | (6.9 | ) | — | |||||||||||||||||
(Loss) income before income taxes | (8.1 | ) | (8.1 | ) | (39.0 | ) | 50 | 6.9 | 1.7 | ||||||||||||||||
Provision for income taxes | — | — | — | 9 | — | 9 | |||||||||||||||||||
Net (loss) income | (8.1 | ) | (8.1 | ) | (39.0 | ) | 41 | 6.9 | (7.3 | ) | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (8.1 | ) | $ | (8.1 | ) | $ | (39.0 | ) | $ | 40.2 | $ | 6.9 | $ | (8.1 | ) | |||||||||
Comprehensive income (loss) | $ | 16.9 | $ | 16.9 | $ | (35.0 | ) | $ | 61.6 | $ | (42.7 | ) | $ | 17.7 | |||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||||
Comprehensive income (loss) attributable to Aleris Corporation | $ | 16.9 | $ | 16.9 | $ | (35.0 | ) | $ | 60.8 | $ | (42.7 | ) | $ | 16.9 | |||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 499.8 | $ | 582.2 | $ | (1.0 | ) | $ | 1,081.00 | ||||||||||||
Cost of sales | — | — | 456.7 | 505.1 | (1.0 | ) | 960.8 | ||||||||||||||||||
Gross profit | — | — | 43.1 | 77.1 | — | 120.2 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.1 | 30.3 | 36.1 | — | 66.5 | |||||||||||||||||||
Restructuring charges | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Losses on derivative financial instruments | — | — | 0.3 | 1 | — | 1.3 | |||||||||||||||||||
Other operating expense (income), net | — | — | 0.4 | (0.2 | ) | — | 0.2 | ||||||||||||||||||
Operating (loss) income | — | (0.1 | ) | 12.1 | 39.6 | — | 51.6 | ||||||||||||||||||
Interest expense, net | — | — | 10.7 | — | — | 10.7 | |||||||||||||||||||
Other (income) expense, net | — | — | (1.2 | ) | 2.1 | — | 0.9 | ||||||||||||||||||
Equity in net earnings of affiliates | (32.8 | ) | (32.4 | ) | (0.6 | ) | — | 65.8 | — | ||||||||||||||||
Income before income taxes | 32.8 | 32.3 | 3.2 | 37.5 | (65.8 | ) | 40 | ||||||||||||||||||
(Benefit from) provision for income taxes | — | (0.5 | ) | — | 8 | — | 7.5 | ||||||||||||||||||
Net income | 32.8 | 32.8 | 3.2 | 29.5 | (65.8 | ) | 32.5 | ||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||
Net income attributable to Aleris Corporation | $ | 32.8 | $ | 32.8 | $ | 3.2 | $ | 29.8 | $ | (65.8 | ) | $ | 32.8 | ||||||||||||
Comprehensive income | $ | 44.8 | $ | 44.8 | $ | 3.8 | $ | 40.6 | $ | (89.5 | ) | $ | 44.5 | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||
Comprehensive income attributable to Aleris Corporation | $ | 44.8 | $ | 44.8 | $ | 3.8 | $ | 40.9 | $ | (89.5 | ) | $ | 44.8 | ||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 1,579.50 | $ | 1,820.70 | $ | (8.0 | ) | $ | 3,392.20 | ||||||||||||
Cost of sales | — | — | 1,444.00 | 1,582.40 | (8.0 | ) | 3,018.40 | ||||||||||||||||||
Gross profit | — | — | 135.5 | 238.3 | — | 373.8 | |||||||||||||||||||
Selling, general and administrative expenses | — | 0.2 | 91.3 | 103.5 | — | 195 | |||||||||||||||||||
Restructuring charges | — | — | 0.1 | 1 | — | 1.1 | |||||||||||||||||||
Losses (gains) on derivative financial instruments | — | — | 4.3 | (1.0 | ) | — | 3.3 | ||||||||||||||||||
Other operating expense, net | — | — | 0.9 | 0.1 | — | 1 | |||||||||||||||||||
Operating (loss) income | — | (0.2 | ) | 38.9 | 134.7 | — | 173.4 | ||||||||||||||||||
Interest expense, net | — | — | 32.6 | 1.2 | — | 33.8 | |||||||||||||||||||
Other (income) expense, net | — | — | (3.7 | ) | 4.1 | — | 0.4 | ||||||||||||||||||
Equity in net earnings of affiliates | (114.5 | ) | (114.2 | ) | (1.5 | ) | — | 230.2 | — | ||||||||||||||||
Income before income taxes | 114.5 | 114 | 11.5 | 129.4 | (230.2 | ) | 139.2 | ||||||||||||||||||
(Benefit from) provision for income taxes | — | (0.5 | ) | — | 26.1 | — | 25.6 | ||||||||||||||||||
Net income | 114.5 | 114.5 | 11.5 | 103.3 | (230.2 | ) | 113.6 | ||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||
Net income attributable to Aleris Corporation | $ | 114.5 | $ | 114.5 | $ | 11.5 | $ | 104.2 | $ | (230.2 | ) | $ | 114.5 | ||||||||||||
Comprehensive income | $ | 110.9 | $ | 110.9 | $ | 12.1 | $ | 99.5 | $ | (223.5 | ) | $ | 109.9 | ||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (1.0 | ) | — | (1.0 | ) | |||||||||||||||||
Comprehensive income attributable to Aleris Corporation | $ | 110.9 | $ | 110.9 | $ | 12.1 | $ | 100.5 | $ | (223.5 | ) | $ | 110.9 | ||||||||||||
Schedule of Condensed Cash Flow Statement | ' | ||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 316 | $ | 132.5 | $ | 40.9 | $ | (194.0 | ) | $ | (312.7 | ) | $ | (17.3 | ) | ||||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (50.2 | ) | (132.6 | ) | — | (182.8 | ) | ||||||||||||||||
Other | — | — | (0.3 | ) | 1.6 | — | 1.3 | ||||||||||||||||||
Net investment in subsidiaries | — | (280.8 | ) | 9.6 | 271.2 | — | — | ||||||||||||||||||
Net cash (used) provided by investing activities | — | (280.8 | ) | (40.9 | ) | 140.2 | — | (181.5 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from the ABL facility | — | 10.3 | — | 10.1 | — | 20.4 | |||||||||||||||||||
Payments on the ABL facility | — | (10.3 | ) | — | (10.1 | ) | — | (20.4 | ) | ||||||||||||||||
Proceeds from Zhenjiang term loans | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Proceeds from Zhenjiang revolver | — | — | — | 4.1 | — | 4.1 | |||||||||||||||||||
Net payments on other long-term debt | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||||
Redemption of noncontrolling interest | — | — | — | (8.9 | ) | — | (8.9 | ) | |||||||||||||||||
Dividend paid | (313.0 | ) | (313.0 | ) | — | — | 313 | (313.0 | ) | ||||||||||||||||
Other | (3.0 | ) | (0.5 | ) | — | (0.4 | ) | — | (3.9 | ) | |||||||||||||||
Net cash (used) provided by financing activities | (316.0 | ) | (313.5 | ) | — | (7.8 | ) | 313 | (324.3 | ) | |||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | 1.5 | — | 1.5 | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | (461.8 | ) | — | (60.1 | ) | 0.3 | (521.6 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 472.4 | — | 121.6 | (1.1 | ) | 592.9 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 10.6 | $ | — | $ | 61.5 | $ | (0.8 | ) | $ | 71.3 | ||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 0.8 | $ | (37.6 | ) | $ | 97.3 | $ | 30.1 | $ | 1.4 | $ | 92 | ||||||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (96.9 | ) | (188.6 | ) | — | (285.5 | ) | ||||||||||||||||
Purchase of a business | — | — | — | (21.5 | ) | — | (21.5 | ) | |||||||||||||||||
Other | — | — | (0.4 | ) | 0.2 | — | (0.2 | ) | |||||||||||||||||
Net investment in subsidiaries | — | (29.3 | ) | — | 29.3 | — | — | ||||||||||||||||||
Net cash used by investing activities | — | (29.3 | ) | (97.3 | ) | (180.6 | ) | — | (307.2 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from Zhenjiang term loans | — | — | — | 88.5 | — | 88.5 | |||||||||||||||||||
Net proceeds from other long-term debt | — | — | — | 2 | — | 2 | |||||||||||||||||||
Other | (0.8 | ) | (0.2 | ) | — | (0.8 | ) | — | (1.8 | ) | |||||||||||||||
Net cash (used) provided by financing activities | (0.8 | ) | (0.2 | ) | — | 89.7 | — | 88.7 | |||||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | 0.9 | — | 0.9 | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | (67.1 | ) | — | (59.9 | ) | 1.4 | (125.6 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 67.1 | — | 165.7 | (1.4 | ) | 231.4 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | 105.8 | $ | — | $ | 105.8 | |||||||||||||
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $198.10 | $183.80 |
Raw materials | 265.6 | 279.4 |
Work in process | 232.3 | 196.2 |
Supplies | 28.3 | 24 |
Total inventories | $724.30 | $683.40 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,238,300,000 | $1,227,900,000 |
Current portion of long-term debt | 12,900,000 | 9,000,000 |
Total long-term debt | 1,225,400,000 | 1,218,900,000 |
Zhenjiang revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Line of Credit | 3,900,000 | 0 |
Line of Credit [Member] | ABL Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Line of Credit | 0 | 0 |
Senior Notes [Member] | 7 5/8% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 493,800,000 | 492,700,000 |
Debt discount | 6,200,000 | 7,300,000 |
Stated interest rate | 7.63% | ' |
Senior Notes [Member] | 7 7/8% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 492,300,000 | 491,400,000 |
Debt discount | 7,700,000 | 8,600,000 |
Stated interest rate | 7.88% | ' |
Senior Subordinated Notes [Member] | Senior Subordinated Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt discount | 700,000 | 800,000 |
Convertible Subordinated Debt | 44,100,000 | 44,200,000 |
Notes Payable to Banks | Zhenjiang term loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt discount | 1,100,000 | 1,300,000 |
Notes Payable to Bank, Noncurrent | 191,500,000 | 186,800,000 |
Notes Payable to Banks | Zhenjiang revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt discount | 200,000 | 0 |
Other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $12,700,000 | $12,800,000 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 120 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2023 | Sep. 30, 2013 | Dec. 31, 2012 |
Site | |||
Foreign_Countries | |||
States | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Site Contingency, Number of Superfund Sites with Operations and Maintenance | ' | 2 | ' |
Number of States in which Entity Performs Environmental Remediation | ' | 4 | ' |
Number of Foreign Countries with Environmental Remediations | ' | 1 | ' |
Number of Sites with Environmental Remediations | ' | 7 | ' |
Portion of environmental liabilities indemnified by Corus Group Ltd. | ' | $5.90 | $6.50 |
Asset retirement obligations | ' | 12.7 | 14.6 |
Asset Retirement Obligation, Description, Estimated Timeframe of Disbursements | '10 years | ' | ' |
Other Long-Term Liabilities and Accrued Liabilities [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Accrual for Environmental Loss Contingencies | ' | $33.40 | $34.20 |
Stockholders_Equity_and_Redeem2
Stockholders' Equity and Redeemable Noncontrolling Interest (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Aleris Zhenjiang [Member] | ||||
Dividend declared per common share | $10 | ' | ' | ' |
Payments of Dividends | ' | $313 | $0 | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 100.00% |
Redemption of noncontrolling interest | ' | $8.90 | $0 | ' |
Stockholders_Equity_and_Redeem3
Stockholders' Equity and Redeemable Noncontrolling Interest (Schedule of Stockholders' Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' | ' | ' |
Aleris Corporation equity | ' | ' | $633,900,000 | ' |
Noncontrolling interest | ' | ' | 200,000 | ' |
Total Equity at January 1, 2013 | ' | ' | 634,100,000 | ' |
Net (loss) income attributable to Aleris Corporation | -7,300,000 | 32,800,000 | -8,100,000 | 114,500,000 |
Net income attributable to noncontrolling interest | 200,000 | -300,000 | 800,000 | -900,000 |
Net (loss) income | -7,100,000 | 32,500,000 | -7,300,000 | 113,600,000 |
Other Comprehensive Loss, Net of Tax | ' | ' | 25,000,000 | ' |
Stock-based compensation expense | ' | ' | 11,200,000 | 8,100,000 |
Payments of Dividends | ' | ' | -313,000,000 | 0 |
Repurchase of shares | ' | ' | -3,000,000 | ' |
Modification of stock option resulting in liability classification | ' | ' | -2,400,000 | ' |
Stockholders' Equity, Other | ' | ' | -700,000 | ' |
Aleris Corporation equity | 343,500,000 | ' | 343,500,000 | ' |
Noncontrolling interest | 400,000 | ' | 400,000 | ' |
Total Equity at September 30, 2013 | 343,900,000 | ' | 343,900,000 | ' |
Aleris Corporation [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' | ' | ' |
Aleris Corporation equity | ' | ' | 633,900,000 | ' |
Net (loss) income attributable to Aleris Corporation | ' | ' | -8,100,000 | ' |
Other Comprehensive Loss, Net of Tax | ' | ' | 25,000,000 | ' |
Stock-based compensation expense | ' | ' | 11,200,000 | ' |
Payments of Dividends | ' | ' | -313,000,000 | ' |
Repurchase of shares | ' | ' | -3,000,000 | ' |
Modification of stock option resulting in liability classification | ' | ' | -2,400,000 | ' |
Stockholders' Equity, Other | ' | ' | -100,000 | ' |
Aleris Corporation equity | 343,500,000 | ' | 343,500,000 | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' | ' | ' |
Noncontrolling interest | ' | ' | 200,000 | ' |
Net income attributable to noncontrolling interest | ' | ' | 800,000 | ' |
Other Comprehensive Loss, Net of Tax | ' | ' | 0 | ' |
Stock-based compensation expense | ' | ' | 0 | ' |
Payments of Dividends | ' | ' | 0 | ' |
Repurchase of shares | ' | ' | 0 | ' |
Modification of stock option resulting in liability classification | ' | ' | 0 | ' |
Stockholders' Equity, Other | ' | ' | -600,000 | ' |
Noncontrolling interest | 400,000 | ' | 400,000 | ' |
Redeemable Noncontrolling Interest [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' | ' | ' |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | ' | ' | 5,700,000 | ' |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | ' | ' | 0 | ' |
Other Comprehensive Loss, Net of Tax | ' | ' | 0 | ' |
Stock-based compensation expense | ' | ' | 0 | ' |
Payments of Dividends | ' | ' | 0 | ' |
Repurchase of shares | ' | ' | 0 | ' |
Modification of stock option resulting in liability classification | ' | ' | 0 | ' |
Stockholders' Equity, Other | ' | ' | -100,000 | ' |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $5,600,000 | ' | $5,600,000 | ' |
Stockholders_Equity_and_Redeem4
Stockholders' Equity and Redeemable Noncontrolling Interest (Changes in the Number of Outstanding Common Stock) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Outstanding Shares of Common Stock [Roll Forward] | ' |
Common Stock, Shares, Outstanding at beginning of period | 31,097,272 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 9,900 |
Common Stock, Shares, Outstanding at end of period | 31,216,263 |
Stock Options [Member] | ' |
Outstanding Shares of Common Stock [Roll Forward] | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 69,794 |
Restricted Stock [Member] | ' |
Outstanding Shares of Common Stock [Roll Forward] | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 39,297 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss at January 1, 2013 | ($62.40) | |
Accumulated other comprehensive loss at September 30, 2013 | -37.4 | |
Amortization of net actuarial losses, before tax | -2.7 | [1] |
Deferred tax benefit on pension and other postretirement liability adjustments | -0.2 | |
Losses reclassified into earnings, net of tax | -2.9 | |
Accumulated Translation Adjustment [Member] | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss at January 1, 2013 | 12.6 | |
Currency translation adjustments | 20.2 | |
Amortization of net actuarial loss | 0 | |
Deferred tax benefit on pension and other postretirement liability adjustments | 0 | |
Settlement revaluation | 0 | |
Accumulated other comprehensive loss at September 30, 2013 | 32.8 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Domain] | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss at January 1, 2013 | -75 | |
Currency translation adjustments | -0.9 | |
Amortization of net actuarial loss | 2.7 | |
Deferred tax benefit on pension and other postretirement liability adjustments | 0.2 | |
Settlement revaluation | 2.8 | |
Accumulated other comprehensive loss at September 30, 2013 | -70.2 | |
Accumulated Net Adjustment [Member] | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss at January 1, 2013 | -62.4 | |
Currency translation adjustments | 19.3 | |
Amortization of net actuarial loss | 2.7 | |
Deferred tax benefit on pension and other postretirement liability adjustments | 0.2 | |
Settlement revaluation | 2.8 | |
Accumulated other comprehensive loss at September 30, 2013 | ($37.40) | |
[1] | This component of accumulated other comprehensive loss is included in the computation of net periodic benefit expense and net postretirement benefit expense (see Note 10, bEmployee Benefit Plans,b for additional detail). |
Segment_Information_Narratives
Segment Information (Narratives) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Operating_Segment | |
RegionalBusinessUnits | |
GlobalBusinessUnits | |
Segment Reporting [Abstract] | ' |
Number of Global Business Units (in units) | 1 |
Number of Regional Recycling Business Units (in units) | 2 |
Number of Operating Segments (in segments) | 6 |
Segment_Information_Schedule_o
Segment Information (Schedule of Revenues and Segment Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | $1,073.40 | $1,081 | $3,311.10 | $3,392.20 |
Segment income | 82.3 | 92.4 | 253.4 | 291.9 |
RPNA [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 293.6 | 328.8 | 931.1 | 1,003.30 |
Segment income | 21.5 | 30.3 | 77.6 | 91.2 |
RPEU [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 356.2 | 330.6 | 1,104.10 | 1,008.70 |
Segment income | 37.1 | 42.6 | 114.9 | 126.4 |
RPAP [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 7.9 | 0 | 13.7 | 0 |
Segment income | 0 | 0 | -0.2 | 0 |
Extrusions [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 90.1 | 89.1 | 273.1 | 276.7 |
Segment income | 4.3 | 5.6 | 11.9 | 16.5 |
RSAA [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 232.5 | 219.1 | 705.5 | 732.4 |
Segment income | 15.7 | 9.2 | 39.1 | 40.4 |
RSEU [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 134.6 | 142.8 | 429.8 | 456.8 |
Segment income | 3.7 | 4.7 | 10.1 | 17.4 |
External Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 1,073.40 | 1,081 | 3,311.10 | 3,392.20 |
External Customers [Member] | RPNA [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 293 | 328.5 | 929.5 | 1,001.70 |
External Customers [Member] | RPEU [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 329.6 | 312.4 | 1,003.70 | 961.7 |
External Customers [Member] | RPAP [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 3.7 | 0 | 6.3 | 0 |
External Customers [Member] | Extrusions [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 88.3 | 87.6 | 267 | 270.2 |
External Customers [Member] | RSAA [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 230.2 | 216.4 | 700.2 | 726.4 |
External Customers [Member] | RSEU [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 128.6 | 136.1 | 404.4 | 432.2 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | RPNA [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 0.6 | 0.3 | 1.6 | 1.6 |
Intersegment Eliminations [Member] | RPEU [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 26.6 | 18.2 | 100.4 | 47 |
Intersegment Eliminations [Member] | RPAP [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 4.2 | 0 | 7.4 | 0 |
Intersegment Eliminations [Member] | Extrusions [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 1.8 | 1.5 | 6.1 | 6.5 |
Intersegment Eliminations [Member] | RSAA [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 2.3 | 2.7 | 5.3 | 6 |
Intersegment Eliminations [Member] | RSEU [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | 6 | 6.7 | 25.4 | 24.6 |
Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' | ' | ' |
Revenue to external customers | ($41.50) | ($29.40) | ($146.20) | ($85.70) |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Income to Consolidated Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total segment income | $82.30 | $92.40 | $253.40 | $291.90 |
Depreciation and amortization | ' | ' | -93.3 | -59.2 |
Restructuring charges | -1 | -0.6 | -11.4 | -1.1 |
Interest expense, net | 26.2 | 10.7 | 71.8 | 33.8 |
Unallocated (losses) gains on derivative financial instruments | 2.3 | -1.3 | 21.4 | -3.3 |
(Loss) income before income taxes | -5.8 | 40 | 1.7 | 139.2 |
Unallocated Amounts [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | -31.4 | -20 | -93.3 | -59.2 |
Corporate general and administrative expense, excluding depreciation, amortization and start-up expenses | -14.8 | -12.9 | -36.1 | -42.7 |
Restructuring charges | -1 | -0.6 | -11.4 | -1.1 |
Interest expense, net | -26.2 | -10.7 | -71.8 | -33.8 |
Unallocated (losses) gains on derivative financial instruments | -3.2 | -0.7 | -3 | 2.8 |
Unallocated currency exchange (losses) gains | -2.7 | 0.7 | -2.7 | -0.2 |
Start-up expenses | -7.6 | -7.9 | -31 | -16.9 |
Other expense, net | ($1.20) | ($0.30) | ($2.40) | ($1.60) |
Segment_Information_Reconcilia1
Segment Information (Reconciliation of Reportable Segment Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $2,566.60 | $2,918.20 |
RPNA [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 577.5 | 566 |
RPEU [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 725.7 | 681.3 |
RPAP [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 437.8 | 351.4 |
Extrusions [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 151 | 133.1 |
RSAA [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 299.9 | 287.6 |
RSEU [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 177.8 | 175.3 |
Unallocated Assets [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $196.90 | $723.50 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Chief Executive Officer [Member] | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | ||||
Senior Management and Nonemployee Directors | Senior Management and Nonemployee Directors | Senior Management and Nonemployee Directors | Senior Management and Nonemployee Directors | Chief Executive Officer [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Senior Management and Nonemployee Directors | Chief Executive Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Life of award (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Award vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' |
Dividend declared per common share | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Dividends | ' | $313 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted (in shares) | ' | ' | ' | ' | ' | ' | 311,604 | ' | 293,257 | ' | ' | ' | ' |
Restricted stock units granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,368 | 119,868 |
Stock-based compensation expense | ' | ' | ' | ' | 5.8 | 2.8 | 11.2 | 8.1 | ' | ' | ' | ' | ' |
Options cancelled during period (in shares) | ' | ' | ' | 293,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for cancellation of shares | ' | ' | ' | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense to be recognized over next 3 years | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate (percent) | -23.90% | 18.90% | 541.60% | 18.40% |
Unrecognized tax benefits | $1.40 | ' | $1.40 | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | 17.1 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0.10 | ' | $0.10 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
U.S. Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $0.90 | $0.70 | $2.70 | $2.20 |
Interest cost | 1.6 | 1.8 | 4.9 | 5.4 |
Amortization of net actuarial loss | 0.3 | 0.1 | 1 | 0.3 |
Expected return on plan assets | -2.3 | -2.1 | -7 | -6.3 |
Settlement loss | 0.2 | 0 | 0.2 | 0 |
Net periodic benefit expense | 0.7 | 0.5 | 1.8 | 1.6 |
European Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1 | 0.6 | 3 | 1.9 |
Interest cost | 1.7 | 1.8 | 5.2 | 5.3 |
Amortization of net actuarial loss | 0.4 | 0 | 1.2 | 0 |
Expected return on plan assets | 0 | 0 | -0.1 | 0 |
Net periodic benefit expense | 3.1 | 2.4 | 9.3 | 7.2 |
Other Postretirement Benefit Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.1 | 0 | 0.2 | 0 |
Interest cost | 0.4 | 0.6 | 1.3 | 1.8 |
Amortization of net actuarial loss | 0.1 | 0.1 | 0.3 | 0.3 |
Net periodic benefit expense | $0.60 | $0.70 | $1.80 | $2.10 |
Derivative_And_Other_Financial2
Derivative And Other Financial Instruments (Narratives) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Collateral Already Posted, Aggregate Fair Value | 0 | 0 |
Metal | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Maximum settlement period of derivatives (in months) | '3 months | ' |
Tons of metal in forward contracts with the right to buy (in tons) | 200,000 | 200,000 |
Tons of metal in forward contracts with the right to sell (in tons) | 200,000 | 200,000 |
Natural Gas | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
British thermal units in forward buy contracts (in British thermal units) | 3,000,000,000,000 | 2,200,000,000,000 |
Derivative, Underlying Basis, Forward Contracts with Right to Sell, Energy | 700,000,000,000 | ' |
Currency | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Derivative, Notional Amount | 0 | ' |
Exchangeable Notes | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Risk-free interest rate (percent) | 2.00% | 1.30% |
Expected equity volatility rate (percent) | 55.00% | ' |
China Loan Facility [Member] | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Maximum period for variable interest rate paid (in months) | '6 months | ' |
Senior Notes [Member] | 7 5/8% Senior Notes [Member] | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Stated interest rate | 7.63% | ' |
Senior Notes [Member] | 7 7/8% Senior Notes [Member] | ' | ' |
Derivatives and Other Financial Instruments [Line Items] | ' | ' |
Stated interest rate | 7.88% | ' |
Derivative_And_Other_Financial3
Derivative And Other Financial Instruments (Schedule of Fair Value of Derivatives by Type) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value of Derivative Assets | ' | ' |
Fair value | $11.50 | $15.70 |
Effect of counterparty netting | -10.8 | -12.5 |
Net derivatives as classified in the balance sheet | 0.7 | 3.2 |
Fair Value of Derivative Liabilities | ' | ' |
Fair value | -18.3 | -19.4 |
Effect of counterparty netting | 10.8 | 12.5 |
Net derivatives as classified in the balance sheet | -7.5 | -6.9 |
Metal | ' | ' |
Fair Value of Derivative Assets | ' | ' |
Fair value | 11.5 | 15.7 |
Fair Value of Derivative Liabilities | ' | ' |
Fair value | -17.6 | -18.8 |
Natural Gas | ' | ' |
Fair Value of Derivative Assets | ' | ' |
Fair value | 0 | 0 |
Fair Value of Derivative Liabilities | ' | ' |
Fair value | ($0.70) | ($0.60) |
Derivative_And_Other_Financial4
Derivative And Other Financial Instruments (Schedule of Derivative Instruments in Balance Sheet by Contract Type) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Prepaid expense and other assets, current | $25.40 | $26.30 |
Other long-term assets | 66.8 | 59.3 |
Total Asset Derivatives | 0.7 | 3.2 |
Accrued liabilities | 217.3 | 302.4 |
Other long-term liabilities | 75 | 75.9 |
Total Liability Derivatives | 7.5 | 6.9 |
Metal | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Prepaid expense and other assets, current | 0.6 | 2.8 |
Other long-term assets | 0.1 | 0.4 |
Accrued liabilities | 5.4 | 5.8 |
Other long-term liabilities | 1.4 | 0.5 |
Natural Gas | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accrued liabilities | $0.70 | $0.60 |
Derivative_And_Other_Financial5
Derivative And Other Financial Instruments (Schedule of Fair Value for Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $11.50 | $15.70 |
Derivative liabilities | -18.3 | -19.4 |
Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 71.3 | 592.9 |
Zhenjiang revolver | ' | 188.1 |
Exchangeable Notes | 89.2 | 103.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 71.3 | 592.9 |
Zhenjiang revolver | ' | 0 |
Exchangeable Notes | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Zhenjiang revolver | ' | 0 |
Exchangeable Notes | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Zhenjiang revolver | ' | 188.1 |
Exchangeable Notes | 89.2 | 103.4 |
Recurring Basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 11.5 | 15.7 |
Derivative liabilities | -18.3 | -19.4 |
Net derivative assets | -6.8 | -3.7 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Net derivative assets | 0 | 0 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 11.5 | 15.7 |
Derivative liabilities | -18.3 | -19.4 |
Net derivative assets | -6.8 | -3.7 |
Recurring Basis | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Net derivative assets | 0 | 0 |
7 5/8% Senior Notes [Member] | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 525 | 507.5 |
7 5/8% Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 525 | 507.5 |
7 5/8% Senior Notes [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
7 5/8% Senior Notes [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
7 7/8% Senior Notes [Member] | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 521.3 | 502.5 |
7 7/8% Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 521.3 | 502.5 |
7 7/8% Senior Notes [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
7 7/8% Senior Notes [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 0 | 0 |
Zhenjiang term loans [Member] | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 192.6 | ' |
Zhenjiang term loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 0 | ' |
Zhenjiang term loans [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 0 | ' |
Zhenjiang term loans [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 192.6 | ' |
Zhenjiang revolver [Member] | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang revolver | 4.1 | ' |
Zhenjiang revolver [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang revolver | 0 | ' |
Zhenjiang revolver [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang revolver | 0 | ' |
Zhenjiang revolver [Member] | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang revolver | 4.1 | ' |
Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 71.3 | 592.9 |
Zhenjiang revolver | 0 | 0 |
Exchangeable Notes | 89.2 | 103.4 |
Fair Value | 7 5/8% Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 525 | 507.5 |
Fair Value | 7 7/8% Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 521.3 | 502.5 |
Fair Value | Zhenjiang term loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 192.6 | 188.1 |
Fair Value | Zhenjiang revolver [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang revolver | 4.1 | 0 |
Carrying Amount | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 71.3 | 592.9 |
Zhenjiang revolver | 0 | 0 |
Exchangeable Notes | 44.1 | 44.2 |
Carrying Amount | 7 5/8% Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 493.8 | 492.7 |
Carrying Amount | 7 7/8% Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 492.3 | 491.4 |
Carrying Amount | Zhenjiang term loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 191.5 | 186.8 |
Carrying Amount | Zhenjiang revolver [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang revolver | $3.90 | $0 |
Derivative_And_Other_Financial6
Derivative And Other Financial Instruments (Schedule of Realized (Gains) Losses on Derivatives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Metal | ' | ' | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' | ' | ' |
Realized (gains) losses on derivative financial instruments | ($6.10) | ($0.90) | ($24.80) | ($0.30) |
Natural Gas | ' | ' | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' | ' | ' |
Realized (gains) losses on derivative financial instruments | 0.6 | 1.2 | 0.5 | 5.5 |
Currency | ' | ' | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' | ' | ' |
Realized (gains) losses on derivative financial instruments | $0 | $0.50 | $0 | $1.30 |
Derivative_And_Other_Financial7
Derivative And Other Financial Instruments (Schedule of Carrying Amounts and Fair Values for Other Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $71.30 | $592.90 |
Exchangeable Notes | 44.1 | 44.2 |
Zhenjiang revolver | 0 | 0 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 71.3 | 592.9 |
Exchangeable Notes | 89.2 | 103.4 |
Zhenjiang revolver | 0 | 0 |
7 5/8% Senior Notes [Member] | Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior Notes | 493.8 | 492.7 |
7 5/8% Senior Notes [Member] | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior Notes | 525 | 507.5 |
7 7/8% Senior Notes [Member] | Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior Notes | 492.3 | 491.4 |
7 7/8% Senior Notes [Member] | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior Notes | 521.3 | 502.5 |
Zhenjiang term loans [Member] | Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Zhenjiang term loan | 191.5 | 186.8 |
Zhenjiang term loans [Member] | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Zhenjiang term loan | 192.6 | 188.1 |
Zhenjiang revolver [Member] | Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Zhenjiang revolver | 3.9 | 0 |
Zhenjiang revolver [Member] | Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Zhenjiang revolver | $4.10 | $0 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net (loss) income attributable to Aleris Corporation | ($7.30) | $32.80 | ($8.10) | $114.50 |
Less: Preferred stock dividend (paid or unpaid) | -0.1 | -0.1 | -0.3 | -0.3 |
Less: Undistributed earnings allocated to participating securities | 0 | -0.2 | 0 | -0.7 |
Less: Redeemable Noncontrolling Interest, Accretion to Redemption Value, Adjustment | 0 | -2.3 | 0 | -2.3 |
Net (loss) income available to common stockholders - Basic | -7.4 | 30.2 | -8.4 | 111.2 |
Add: Interest on exchangeable notes | 0 | 0.7 | 0 | 2.1 |
Add: Preferred stock dividend (paid or unpaid) | 0 | 0.1 | 0 | 0.3 |
Add: Undistributed earnings allocated to participating securities | 0 | 0.2 | 0 | 0.7 |
Less: Undistributed earnings reallocated to participating securities | 0 | -0.2 | 0 | -0.7 |
Net (loss) income available to common stockholders - Diluted | ($7.40) | $31 | ($8.40) | $113.60 |
Weighted Average Number of Shares Outstanding, Basic | 31.2 | 31.1 | 31.2 | 31 |
Weighted Average Number of Shares Outstanding, Diluted | 31.2 | 34.1 | 31.2 | 34 |
Basic (loss) earnings per share (in dollars per share) | ($0.24) | $0.97 | ($0.27) | $3.58 |
Diluted (loss) earnings per share (in dollars per share) | ($0.24) | $0.91 | ($0.27) | $3.33 |
Stock Options [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0.7 | 0 | 0.7 |
Redeemable Preferred Stock [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0.2 | 0 | 0.2 |
Senior Subordinated Exchangeable Notes [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 2.1 | 0 | 2.1 |
Earnings_Per_Share_Schedule_of1
Earnings Per Share (Schedule of Anitdulitive Securities Excluded from Computation of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.3 | 0.2 | 3.3 | 0.2 |
Antidilutive Securities Excluded from Computation of Earnings Weighted Average Exercise Price | $24.33 | $47.69 | $24.33 | $47.69 |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | 0.2 | 0.2 | 0.2 |
Antidilutive Securities Excluded from Computation of Earnings Weighted Average Grant Date Fair Value | $35.38 | $32.22 | $35.38 | $32.22 |
Redeemable Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Number of Shares, Contingently Issuable | 0.3 | 0 | 0.2 | 0 |
Exchangeable Debt [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Number of Shares, Contingently Issuable | 2.7 | 0 | 2.1 | 0 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Financial Statements Narrative) (Details) (Senior Notes [Member]) | Sep. 30, 2013 |
7 5/8% Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Stated interest rate | 7.63% |
7 7/8% Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Stated interest rate | 7.88% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $71.30 | $592.90 | $105.80 | $231.40 |
Accounts receivable, net | 456.7 | 384 | ' | ' |
Inventories | 724.3 | 683.4 | ' | ' |
Deferred income taxes | 12.9 | 12.9 | ' | ' |
Prepaid expense and other assets, current | 25.4 | 26.3 | ' | ' |
Total Current Assets | 1,290.60 | 1,699.50 | ' | ' |
Property, plant and equipment, net | 1,128.40 | 1,077 | ' | ' |
Intangible assets, net | 44 | 45.6 | ' | ' |
Deferred income taxes | 36.8 | 36.8 | ' | ' |
Other long-term assets | 66.8 | 59.3 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 0 | 0 | ' | ' |
Total Assets | 2,566.60 | 2,918.20 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 359.5 | 341.2 | ' | ' |
Accrued liabilities | 217.3 | 302.4 | ' | ' |
Deferred income taxes | 12 | 12 | ' | ' |
Current portion of long-term debt | 12.9 | 9 | ' | ' |
Total Current Liabilities | 601.7 | 664.6 | ' | ' |
Long-term debt | 1,225.40 | 1,218.90 | ' | ' |
Deferred income taxes | 9.9 | 8.8 | ' | ' |
Accrued pension benefits | 255.3 | 258.2 | ' | ' |
Accrued postretirement benefits | 49.8 | 52 | ' | ' |
Other long-term liabilities | 75 | 75.9 | ' | ' |
Total Long-Term Liabilities | 1,615.40 | 1,613.80 | ' | ' |
Redeemable noncontrolling interest | 5.6 | 5.7 | ' | ' |
Total Aleris Corporation Equity | 343.5 | 633.9 | ' | ' |
Noncontrolling interest | 0.4 | 0.2 | ' | ' |
Total Liabilities and Equity | 2,566.60 | 2,918.20 | ' | ' |
Aleris Corporation (Parent) [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expense and other assets, current | 0 | 0 | ' | ' |
Total Current Assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 343.5 | 633.9 | ' | ' |
Total Assets | 343.5 | 633.9 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total Current Liabilities | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued pension benefits | 0 | 0 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 0 | 0 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | 343.5 | 633.9 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | 343.5 | 633.9 | ' | ' |
Aleris International, Inc. [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 10.6 | 472.4 | 0 | 67.1 |
Accounts receivable, net | 0 | 1.5 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expense and other assets, current | 0.5 | 0.1 | ' | ' |
Total Current Assets | 11.1 | 474 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 13.4 | 14.3 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 1,381.10 | 1,207.40 | ' | ' |
Total Assets | 1,405.60 | 1,695.70 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 0.6 | 3.4 | ' | ' |
Accrued liabilities | 22.5 | 23.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total Current Liabilities | 23.1 | 27.1 | ' | ' |
Long-term debt | 1,030.20 | 1,028.40 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued pension benefits | 0 | 0 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 1,030.20 | 1,028.40 | ' | ' |
Redeemable noncontrolling interest | 5.6 | 5.7 | ' | ' |
Total Aleris Corporation Equity | 346.7 | 634.5 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | 1,405.60 | 1,695.70 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 156.6 | 149.3 | ' | ' |
Inventories | 286.7 | 259.4 | ' | ' |
Deferred income taxes | 3.9 | 3.9 | ' | ' |
Prepaid expense and other assets, current | 12.5 | 12.9 | ' | ' |
Total Current Assets | 459.7 | 425.5 | ' | ' |
Property, plant and equipment, net | 364.8 | 375.4 | ' | ' |
Intangible assets, net | 28.1 | 29.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 3 | 2.6 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 199 | 227.4 | ' | ' |
Total Assets | 1,054.60 | 1,060.60 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 149.4 | 122.1 | ' | ' |
Accrued liabilities | 63.6 | 67.6 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total Current Liabilities | 213 | 189.7 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 3.9 | 3.9 | ' | ' |
Accrued pension benefits | 61.5 | 71.8 | ' | ' |
Accrued postretirement benefits | 49.8 | 52 | ' | ' |
Other long-term liabilities | 31.6 | 31.5 | ' | ' |
Total Long-Term Liabilities | 146.8 | 159.2 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | 694.8 | 711.7 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | 1,054.60 | 1,060.60 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 61.5 | 121.6 | 105.8 | 165.7 |
Accounts receivable, net | 300.1 | 233.2 | ' | ' |
Inventories | 437.6 | 424 | ' | ' |
Deferred income taxes | 9 | 9 | ' | ' |
Prepaid expense and other assets, current | 12.4 | 13.3 | ' | ' |
Total Current Assets | 820.6 | 801.1 | ' | ' |
Property, plant and equipment, net | 763.6 | 701.6 | ' | ' |
Intangible assets, net | 15.9 | 15.9 | ' | ' |
Deferred income taxes | 36.8 | 36.8 | ' | ' |
Other long-term assets | 50.4 | 42.4 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 280 | 99 | ' | ' |
Total Assets | 1,967.30 | 1,696.80 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 210.3 | 216.8 | ' | ' |
Accrued liabilities | 131.2 | 211.1 | ' | ' |
Deferred income taxes | 12 | 12 | ' | ' |
Current portion of long-term debt | 12.9 | 9 | ' | ' |
Total Current Liabilities | 366.4 | 448.9 | ' | ' |
Long-term debt | 195.2 | 190.5 | ' | ' |
Deferred income taxes | 6 | 4.9 | ' | ' |
Accrued pension benefits | 193.8 | 186.4 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 43.4 | 44.4 | ' | ' |
Total Long-Term Liabilities | 438.4 | 426.2 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | 1,162.10 | 821.5 | ' | ' |
Noncontrolling interest | 0.4 | 0.2 | ' | ' |
Total Liabilities and Equity | 1,967.30 | 1,696.80 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | -0.8 | -1.1 | 0 | -1.4 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expense and other assets, current | 0 | 0 | ' | ' |
Total Current Assets | -0.8 | -1.1 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | -2,203.60 | -2,167.70 | ' | ' |
Total Assets | -2,204.40 | -2,168.80 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | -0.8 | -1.1 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total Current Liabilities | -0.8 | -1.1 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued pension benefits | 0 | 0 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 0 | 0 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | -2,203.60 | -2,167.70 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | ($2,204.40) | ($2,168.80) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | $1,073.40 | $1,081 | $3,311.10 | $3,392.20 |
Cost of sales | 992.7 | 960.8 | 3,067.10 | 3,018.40 |
Gross profit | 80.7 | 120.2 | 244 | 373.8 |
Selling, general and administrative expenses | 56.4 | 66.5 | 176.4 | 195 |
Restructuring charges | 1 | 0.6 | 11.4 | 1.1 |
Losses (gains) on derivative financial instruments | -2.3 | 1.3 | -21.4 | 3.3 |
Other operating expense, net | 0.8 | 0.2 | 0.4 | 1 |
Operating (loss) income | 24.8 | 51.6 | 77.2 | 173.4 |
Interest expense, net | 26.2 | 10.7 | 71.8 | 33.8 |
Other (income) expense, net | 4.4 | 0.9 | 3.7 | 0.4 |
Equity in net loss (earnings) of affiliates | 0 | 0 | 0 | 0 |
(Loss) income before income taxes | -5.8 | 40 | 1.7 | 139.2 |
Provision for income taxes | 1.3 | 7.5 | 9 | 25.6 |
Net (loss) income | -7.1 | 32.5 | -7.3 | 113.6 |
Net income attributable to noncontrolling interest | 0.2 | -0.3 | 0.8 | -0.9 |
Net (loss) income attributable to Aleris Corporation | -7.3 | 32.8 | -8.1 | 114.5 |
Comprehensive income (loss) | 23.3 | 44.5 | 17.7 | 109.9 |
Comprehensive income attributable to noncontrolling interest | 0.2 | -0.3 | 0.8 | -1 |
Comprehensive income (loss) attributable to Aleris Corporation | 23.1 | 44.8 | 16.9 | 110.9 |
Aleris Corporation (Parent) [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Losses (gains) on derivative financial instruments | 0 | 0 | 0 | 0 |
Other operating expense, net | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Equity in net loss (earnings) of affiliates | 7.3 | -32.8 | 8.1 | -114.5 |
(Loss) income before income taxes | -7.3 | 32.8 | -8.1 | 114.5 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net (loss) income | -7.3 | 32.8 | -8.1 | 114.5 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | -7.3 | 32.8 | -8.1 | 114.5 |
Comprehensive income (loss) | 23.1 | 44.8 | 16.9 | 110.9 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Aleris Corporation | 23.1 | 44.8 | 16.9 | 110.9 |
Aleris International, Inc. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0.1 | 0.1 | 0.2 | 0.2 |
Restructuring charges | 0 | 0 | 0 | 0 |
Losses (gains) on derivative financial instruments | 0 | 0 | 0 | 0 |
Other operating expense, net | 0 | 0 | 0 | 0 |
Operating (loss) income | -0.1 | -0.1 | -0.2 | -0.2 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Equity in net loss (earnings) of affiliates | 7.2 | -32.4 | 7.9 | -114.2 |
(Loss) income before income taxes | -7.3 | 32.3 | -8.1 | 114 |
Provision for income taxes | 0 | -0.5 | 0 | -0.5 |
Net (loss) income | -7.3 | 32.8 | -8.1 | 114.5 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | -7.3 | 32.8 | -8.1 | 114.5 |
Comprehensive income (loss) | 23.1 | 44.8 | 16.9 | 110.9 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Aleris Corporation | 23.1 | 44.8 | 16.9 | 110.9 |
Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 476.4 | 499.8 | 1,494.70 | 1,579.50 |
Cost of sales | 447.6 | 456.7 | 1,406.70 | 1,444 |
Gross profit | 28.8 | 43.1 | 88 | 135.5 |
Selling, general and administrative expenses | 28.6 | 30.3 | 80.6 | 91.3 |
Restructuring charges | 0.8 | 0 | 3.1 | 0.1 |
Losses (gains) on derivative financial instruments | 0.5 | 0.3 | -13.3 | 4.3 |
Other operating expense, net | 0.6 | 0.4 | 1 | 0.9 |
Operating (loss) income | -1.7 | 12.1 | 16.6 | 38.9 |
Interest expense, net | 22.5 | 10.7 | 66.4 | 32.6 |
Other (income) expense, net | -0.6 | -1.2 | -1.7 | -3.7 |
Equity in net loss (earnings) of affiliates | -8.1 | -0.6 | -9.1 | -1.5 |
(Loss) income before income taxes | -15.5 | 3.2 | -39 | 11.5 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net (loss) income | -15.5 | 3.2 | -39 | 11.5 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | -15.5 | 3.2 | -39 | 11.5 |
Comprehensive income (loss) | -12.8 | 3.8 | -35 | 12.1 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Aleris Corporation | -12.8 | 3.8 | -35 | 12.1 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | 599 | 582.2 | 1,822.60 | 1,820.70 |
Cost of sales | 547.1 | 505.1 | 1,666.60 | 1,582.40 |
Gross profit | 51.9 | 77.1 | 156 | 238.3 |
Selling, general and administrative expenses | 27.7 | 36.1 | 95.6 | 103.5 |
Restructuring charges | 0.2 | 0.6 | 8.3 | 1 |
Losses (gains) on derivative financial instruments | -2.8 | 1 | -8.1 | -1 |
Other operating expense, net | 0.2 | -0.2 | -0.6 | 0.1 |
Operating (loss) income | 26.6 | 39.6 | 60.8 | 134.7 |
Interest expense, net | 3.7 | 0 | 5.4 | 1.2 |
Other (income) expense, net | 5 | 2.1 | 5.4 | 4.1 |
Equity in net loss (earnings) of affiliates | 0 | 0 | 0 | 0 |
(Loss) income before income taxes | 17.9 | 37.5 | 50 | 129.4 |
Provision for income taxes | 1.3 | 8 | 9 | 26.1 |
Net (loss) income | 16.6 | 29.5 | 41 | 103.3 |
Net income attributable to noncontrolling interest | 0.2 | -0.3 | 0.8 | -0.9 |
Net (loss) income attributable to Aleris Corporation | 16.4 | 29.8 | 40.2 | 104.2 |
Comprehensive income (loss) | 43.7 | 40.6 | 61.6 | 99.5 |
Comprehensive income attributable to noncontrolling interest | 0.2 | -0.3 | 0.8 | -1 |
Comprehensive income (loss) attributable to Aleris Corporation | 43.5 | 40.9 | 60.8 | 100.5 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenues | -2 | -1 | -6.2 | -8 |
Cost of sales | -2 | -1 | -6.2 | -8 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Losses (gains) on derivative financial instruments | 0 | 0 | 0 | 0 |
Other operating expense, net | 0 | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Equity in net loss (earnings) of affiliates | -6.4 | 65.8 | -6.9 | 230.2 |
(Loss) income before income taxes | 6.4 | -65.8 | 6.9 | -230.2 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net (loss) income | 6.4 | -65.8 | 6.9 | -230.2 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | 6.4 | -65.8 | 6.9 | -230.2 |
Comprehensive income (loss) | -53.8 | -89.5 | -42.7 | -223.5 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Aleris Corporation | ($53.80) | ($89.50) | ($42.70) | ($223.50) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements (Condensed Cash Flow Statement) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | ($17.30) | $92 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -182.8 | -285.5 |
Purchase of a business | 0 | -21.5 |
Other | 1.3 | -0.2 |
Net investment in subsidiaries | 0 | 0 |
Net cash used by investing activities | -181.5 | -307.2 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 20.4 | 0 |
Payments on the ABL facility | -20.4 | 0 |
Proceeds from Bank Debt | 0.2 | 88.5 |
Proceeds from Zhenjiang revolver | 4.1 | 0 |
Net (payments on) proceeds from other long-term debt | -2.8 | 2 |
Redemption of noncontrolling interest | -8.9 | 0 |
Dividends paid | -313 | 0 |
Other | -3.9 | -1.8 |
Net cash (used) provided by financing activities | -324.3 | 88.7 |
Effect of exchange rate differences on cash and cash equivalents | 1.5 | 0.9 |
Net decrease in cash and cash equivalents | -521.6 | -125.6 |
Cash and cash equivalents at beginning of period | 592.9 | 231.4 |
Cash and cash equivalents at end of period | 71.3 | 105.8 |
Aleris Corporation (Parent) [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 316 | 0.8 |
Investing activities | ' | ' |
Payments for property, plant and equipment | 0 | 0 |
Purchase of a business | ' | 0 |
Other | 0 | 0 |
Net investment in subsidiaries | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 0 | ' |
Payments on the ABL facility | 0 | ' |
Proceeds from Bank Debt | 0 | 0 |
Proceeds from Zhenjiang revolver | 0 | ' |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Redemption of noncontrolling interest | 0 | ' |
Dividends paid | -313 | ' |
Other | -3 | -0.8 |
Net cash (used) provided by financing activities | -316 | -0.8 |
Effect of exchange rate differences on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Aleris International, Inc. [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 132.5 | -37.6 |
Investing activities | ' | ' |
Payments for property, plant and equipment | 0 | 0 |
Purchase of a business | ' | 0 |
Other | 0 | 0 |
Net investment in subsidiaries | -280.8 | -29.3 |
Net cash used by investing activities | -280.8 | -29.3 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 10.3 | ' |
Payments on the ABL facility | -10.3 | ' |
Proceeds from Bank Debt | 0 | 0 |
Proceeds from Zhenjiang revolver | 0 | ' |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Redemption of noncontrolling interest | 0 | ' |
Dividends paid | -313 | ' |
Other | -0.5 | -0.2 |
Net cash (used) provided by financing activities | -313.5 | -0.2 |
Effect of exchange rate differences on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | -461.8 | -67.1 |
Cash and cash equivalents at beginning of period | 472.4 | 67.1 |
Cash and cash equivalents at end of period | 10.6 | 0 |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 40.9 | 97.3 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -50.2 | -96.9 |
Purchase of a business | ' | 0 |
Other | -0.3 | -0.4 |
Net investment in subsidiaries | 9.6 | 0 |
Net cash used by investing activities | -40.9 | -97.3 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 0 | ' |
Payments on the ABL facility | 0 | ' |
Proceeds from Bank Debt | 0 | 0 |
Proceeds from Zhenjiang revolver | 0 | ' |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Redemption of noncontrolling interest | 0 | ' |
Dividends paid | 0 | ' |
Other | 0 | 0 |
Net cash (used) provided by financing activities | 0 | 0 |
Effect of exchange rate differences on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | -194 | 30.1 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -132.6 | -188.6 |
Purchase of a business | ' | -21.5 |
Other | 1.6 | 0.2 |
Net investment in subsidiaries | 271.2 | 29.3 |
Net cash used by investing activities | 140.2 | -180.6 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 10.1 | ' |
Payments on the ABL facility | -10.1 | ' |
Proceeds from Bank Debt | 0.2 | 88.5 |
Proceeds from Zhenjiang revolver | 4.1 | ' |
Net (payments on) proceeds from other long-term debt | -2.8 | 2 |
Redemption of noncontrolling interest | -8.9 | ' |
Dividends paid | 0 | ' |
Other | -0.4 | -0.8 |
Net cash (used) provided by financing activities | -7.8 | 89.7 |
Effect of exchange rate differences on cash and cash equivalents | 1.5 | 0.9 |
Net decrease in cash and cash equivalents | -60.1 | -59.9 |
Cash and cash equivalents at beginning of period | 121.6 | 165.7 |
Cash and cash equivalents at end of period | 61.5 | 105.8 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | -312.7 | 1.4 |
Investing activities | ' | ' |
Payments for property, plant and equipment | 0 | 0 |
Purchase of a business | ' | 0 |
Other | 0 | 0 |
Net investment in subsidiaries | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 0 | ' |
Payments on the ABL facility | 0 | ' |
Proceeds from Bank Debt | 0 | 0 |
Proceeds from Zhenjiang revolver | 0 | ' |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Redemption of noncontrolling interest | 0 | ' |
Dividends paid | 313 | ' |
Other | 0 | 0 |
Net cash (used) provided by financing activities | 313 | 0 |
Effect of exchange rate differences on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0.3 | 1.4 |
Cash and cash equivalents at beginning of period | -1.1 | -1.4 |
Cash and cash equivalents at end of period | ($0.80) | $0 |