Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
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 | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 31,245,325 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $51.30 | $60.10 |
Accounts receivable, net | 460.1 | 376.9 |
Inventories | 693.7 | 683.4 |
Deferred income taxes | 7.1 | 7.1 |
Prepaid expense and other assets, current | 28.6 | 31.5 |
Total Current Assets | 1,240.80 | 1,159 |
Property, plant and equipment, net | 1,144.50 | 1,157.70 |
Intangible assets, net | 43 | 43.5 |
Deferred income taxes | 45.2 | 45.2 |
Other long-term assets | 65.9 | 67.5 |
Total Assets | 2,539.40 | 2,472.90 |
Current Liabilities | ' | ' |
Accounts payable | 381.3 | 303.2 |
Accrued liabilities | 197.2 | 200.9 |
Deferred income taxes | 3.9 | 3.9 |
Current portion of long-term debt | 10.1 | 8.3 |
Total Current Liabilities | 592.5 | 516.3 |
Long-term debt | 1,238.20 | 1,229.10 |
Deferred income taxes | 4.8 | 4.4 |
Accrued pension benefits | 226.8 | 228.5 |
Accrued postretirement benefits | 40.7 | 40.9 |
Other long-term liabilities | 77.6 | 79.3 |
Total Long-Term Liabilities | 1,588.10 | 1,582.20 |
Redeemable noncontrolling interest | 5.6 | 5.7 |
Common stock; par value $.01; 45,000,000 shares authorized and 31,245,325 and 31,229,064 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 0.3 | 0.3 |
Preferred stock; par value $.01; 1,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 405.9 | 401.9 |
Retained deficit | -65.3 | -47.6 |
Accumulated other comprehensive income | 11.7 | 13.8 |
Total Aleris Corporation Equity | 352.6 | 368.4 |
Noncontrolling interest | 0.6 | 0.3 |
Total Equity | 353.2 | 368.7 |
Total Liabilities and Equity | $2,539.40 | $2,472.90 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $9.80 | $7.70 |
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 | 31,245,325 | 31,229,064 |
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 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenues | $1,054.20 | $1,110.10 |
Cost of sales | 979.1 | 1,021.10 |
Gross profit | 75.1 | 89 |
Selling, general and administrative expenses | 61.9 | 61.6 |
Restructuring charges | 0.5 | 0.9 |
Gains on derivative financial instruments | -0.5 | -9.1 |
Other operating expense (income), net | 0.3 | -1.1 |
Operating income | 12.9 | 36.7 |
Interest expense, net | 26.3 | 21 |
Other income, net | -0.4 | -1.9 |
(Loss) income before income taxes | -13 | 17.6 |
Provision for income taxes | 4.3 | 6.3 |
Net (loss) income | -17.3 | 11.3 |
Net income attributable to noncontrolling interest | 0.3 | 0.4 |
Net (loss) income attributable to Aleris Corporation | -17.6 | 10.9 |
Comprehensive loss | -19.3 | -5.4 |
Comprehensive income attributable to noncontrolling interest | 0.3 | 0.4 |
Comprehensive loss attributable to Aleris Corporation | ($19.60) | ($5.80) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net (loss) income | ($17.30) | $11.30 |
Depreciation and amortization | 33.2 | 27.2 |
Provision for deferred income taxes | 0.5 | 1 |
Stock-based compensation expense | 4.2 | 2.7 |
Unrealized losses (gains) on derivative financial instruments | 9.3 | -10.3 |
Currency exchange losses on debt | 0.3 | 0.4 |
Amortization of debt issuance costs | 2 | 1.9 |
Other | 1.1 | -2.1 |
Change in accounts receivable | -83.5 | -105.5 |
Change in inventories | -11.1 | -14.1 |
Change in other assets | 2.3 | -12 |
Change in accounts payable | 90.3 | 52.2 |
Change in accrued liabilities | -3.5 | -8.3 |
Net cash used (provided) by operating activities | 27.8 | -55.6 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -47.5 | -96.9 |
Other | 0.5 | 1.6 |
Net cash used by investing activities | -47 | -95.3 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 40 | 0 |
Payments on the ABL facility | -30 | 0 |
Proceeds from the Zhenjiang term loans | 0 | 0.2 |
Net proceeds from other long-term debt | 0.7 | 0.6 |
Other | -0.3 | -2.3 |
Net cash provided (used) by financing activities | 10.4 | -1.5 |
Effect of exchange rate differences on cash and cash equivalents | 0 | -1.2 |
Net decrease in cash and cash equivalents | -8.8 | -153.6 |
Cash and cash equivalents at beginning of period | 60.1 | 592.9 |
Cash and cash equivalents at end of period | $51.30 | $439.30 |
Basis_Of_Presentation_Notes
Basis Of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
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) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
2. INVENTORIES | |||||||||
The components of our “Inventories” as of March 31, 2014 and December 31, 2013 are as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Finished goods | $ | 196.1 | $ | 185.6 | |||||
Raw materials | 248.5 | 265.9 | |||||||
Work in process | 218.4 | 203 | |||||||
Supplies | 30.7 | 28.9 | |||||||
Total inventories | $ | 693.7 | $ | 683.4 | |||||
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
3. LONG-TERM DEBT | |||||||||
Our debt as of March 31, 2014 and December 31, 2013 is summarized as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
ABL facility | $ | 10 | $ | — | |||||
7 5/8% senior notes due 2018, net of discount of $5.5 and $5.9 at March 31, 2014 and December 31, 2013, respectively | 494.5 | 494.1 | |||||||
7 7/8% senior notes due 2020, net of discount of $7.2 and $7.5 at March 31, 2014 and December 31, 2013, respectively | 492.8 | 492.5 | |||||||
Exchangeable notes, net of discount of $0.6 and $0.7 at March 31, 2014 and December 31, 2013, respectively | 44.2 | 44.2 | |||||||
Zhenjiang term loans, net of discount of $1.0 at March 31, 2014 and December 31, 2013 | 190.8 | 192.2 | |||||||
Other | 16 | 14.4 | |||||||
Total debt | 1,248.30 | 1,237.40 | |||||||
Less: Current portion of long-term debt | 10.1 | 8.3 | |||||||
Total long-term debt | $ | 1,238.20 | $ | 1,229.10 | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
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 $35.0 and $35.3 at March 31, 2014 and December 31, 2013, respectively, and have been classified as “Other long-term liabilities” and “Accrued liabilities” in the Consolidated Balance Sheet. Of the environmental liabilities recorded at March 31, 2014 and December 31, 2013, $6.0 and $6.3, 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 $12.4 at March 31, 2014 and December 31, 2013. 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 10 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) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity and Redeemable Noncontrolling Interest | ' | ||||||||||||||||
5. STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | |||||||||||||||||
The following table summarizes the activity within stockholders’ equity and redeemable noncontrolling interest for the three months ended March 31, 2014: | |||||||||||||||||
Aleris Corporation equity | Noncontrolling interest | Total equity | Redeemable noncontrolling interest | ||||||||||||||
Total equity at January 1, 2014 | $ | 368.4 | $ | 0.3 | $ | 368.7 | $ | 5.7 | |||||||||
Net (loss) income | (17.6 | ) | 0.3 | (17.3 | ) | — | |||||||||||
Other comprehensive loss | (2.1 | ) | — | (2.1 | ) | — | |||||||||||
Stock-based compensation activity | 3.9 | — | 3.9 | — | |||||||||||||
Other | — | — | — | (0.1 | ) | ||||||||||||
Total equity at March 31, 2014 | $ | 352.6 | $ | 0.6 | $ | 353.2 | $ | 5.6 | |||||||||
The following table shows changes in the number of our outstanding shares of common stock: | |||||||||||||||||
Outstanding shares of common stock | |||||||||||||||||
Balance at January 1, 2014 | 31,229,064 | ||||||||||||||||
Issuance associated with options exercised | 3,434 | ||||||||||||||||
Issuance associated with vested restricted stock units | 11,620 | ||||||||||||||||
Issuance upon conversion of exchangeable notes | 1,207 | ||||||||||||||||
Balance at March 31, 2014 | 31,245,325 | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accumulated Other Comprehesive Income [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
6. ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||
The following table summarizes the activity within accumulated other comprehensive income for the three months ended March 31, 2014: | |||||||||||||
Currency translation | Pension and other postretirement | Total | |||||||||||
Balance at January 1, 2014 | $ | 45.8 | $ | (32.0 | ) | $ | 13.8 | ||||||
Current period currency translation adjustments | (2.3 | ) | — | (2.3 | ) | ||||||||
Amortization of net actuarial losses | — | 0.2 | 0.2 | ||||||||||
Balance at March 31, 2014 | $ | 43.5 | $ | (31.8 | ) | $ | 11.7 | ||||||
A summary of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2014 is provided below: | |||||||||||||
Description of reclassifications out of accumulated other comprehensive income | Amount reclassified | ||||||||||||
Amortization of defined benefit pension and other postretirement benefit items: | |||||||||||||
Amortization of net actuarial losses before tax | $ | (0.2 | ) | (a) | |||||||||
Losses reclassified into earnings, net of tax | $ | (0.2 | ) | ||||||||||
(a) This component of accumulated other comprehensive income 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) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
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 Income 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, 2013. 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 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. | |||||||||||||||||||||||||||||||||
Reportable Segment Information | |||||||||||||||||||||||||||||||||
The following table shows our revenues and segment income (loss) for the periods presented in our Consolidated Statements of Comprehensive Loss: | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 260.9 | $ | 323.2 | $ | 6.9 | $ | 91.4 | $ | 233.7 | $ | 138.1 | $ | 1,054.20 | |||||||||||||||||||
Intersegment revenues | 0.4 | 31.6 | 3.1 | 1.9 | 1.5 | 5.2 | $ | (43.7 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 261.3 | $ | 354.8 | $ | 10 | $ | 93.3 | $ | 235.2 | $ | 143.3 | $ | (43.7 | ) | $ | 1,054.20 | ||||||||||||||||
Segment income | $ | 26.9 | $ | 38.1 | $ | — | $ | 3 | $ | 9 | $ | 4.3 | $ | 81.3 | |||||||||||||||||||
Three months ended March 31, 2013 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 313.7 | $ | 327 | $ | 0.7 | $ | 86.7 | $ | 236.2 | $ | 145.8 | $ | 1,110.10 | |||||||||||||||||||
Intersegment revenues | 0.6 | 42.2 | — | 2.3 | 2.2 | 9.9 | $ | (57.2 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 314.3 | $ | 369.2 | $ | 0.7 | $ | 89 | $ | 238.4 | $ | 155.7 | $ | (57.2 | ) | $ | 1,110.10 | ||||||||||||||||
Segment income (loss) | $ | 23.5 | $ | 38.5 | $ | (0.3 | ) | $ | 3 | $ | 10.4 | $ | 3.3 | $ | 78.4 | ||||||||||||||||||
The following table reconciles total segment income to “(Loss) income before income taxes” as reported in our Consolidated Statements of Comprehensive Loss: | |||||||||||||||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||
Total segment income | $ | 81.3 | $ | 78.4 | |||||||||||||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | (33.2 | ) | (27.2 | ) | |||||||||||||||||||||||||||||
Corporate general and administrative expenses, excluding depreciation, amortization, start-up expenses and other expenses | (15.0 | ) | (11.3 | ) | |||||||||||||||||||||||||||||
Restructuring charges | (0.5 | ) | (0.9 | ) | |||||||||||||||||||||||||||||
Interest expense, net | (26.3 | ) | (21.0 | ) | |||||||||||||||||||||||||||||
Unallocated (losses) gains on derivative financial instruments | (9.3 | ) | 10.2 | ||||||||||||||||||||||||||||||
Unallocated currency exchange losses | (1.5 | ) | — | ||||||||||||||||||||||||||||||
Start-up expenses | (8.4 | ) | (11.4 | ) | |||||||||||||||||||||||||||||
Other (expense) income, net | (0.1 | ) | 0.8 | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (13.0 | ) | $ | 17.6 | ||||||||||||||||||||||||||||
The following table shows our reportable segment assets as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
RPNA | $ | 553 | $ | 524.7 | |||||||||||||||||||||||||||||
RPEU | 719.6 | 699.2 | |||||||||||||||||||||||||||||||
RPAP | 428.9 | 439.4 | |||||||||||||||||||||||||||||||
Extrusions | 153.7 | 141.8 | |||||||||||||||||||||||||||||||
RSAA | 310.4 | 294.5 | |||||||||||||||||||||||||||||||
RSEU | 198.1 | 183.7 | |||||||||||||||||||||||||||||||
Unallocated assets | 175.7 | 189.6 | |||||||||||||||||||||||||||||||
Total consolidated assets | $ | 2,539.40 | $ | 2,472.90 | |||||||||||||||||||||||||||||
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-Based Compensation | ' |
8. STOCK-BASED COMPENSATION | |
On June 1, 2010, the Board of Directors of Aleris Corporation (the “Board”) approved the Aleris Corporation 2010 Equity Incentive Plan, which has been amended from time to time (the “2010 Equity Plan”). Stock options, restricted stock units and restricted shares have been granted under the 2010 Equity Plan to certain members of management of the Company and non-employee directors. All stock options granted have a life not to exceed ten years and generally vest over a period not to exceed four years. Shares of common stock are issued upon stock option exercises from available shares. The restricted stock units and restricted shares also vest over a period not to exceed 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 should the event occur prior to full vesting of these awards, depending on the amount of vesting that has already occurred at the time of the event in comparison to the change in our largest stockholders’ overall level of beneficial ownership that results from the event. | |
During the three months ended March 31, 2014, we granted 992,533 stock options and 334,456 restricted stock units to certain members of our senior management and non-employee directors. We recorded compensation expense associated with stock options, restricted stock units and restricted shares of $4.2 and $2.7 during the three months ended March 31, 2014 and 2013, respectively. |
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
9. INCOME TAXES | |
Our effective tax rates were (33.1)% and 36.2% for the three months ended March 31, 2014 and 2013, respectively. The effective tax rates for the three months ended March 31, 2014 and 2013 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 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 March 31, 2014, we had $2.8 of unrecognized tax benefits. 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 Loss. As of March 31, 2014, we had approximately $0.2 of accrued interest related to uncertain tax positions. | |
The 2009 through 2013 tax years remain open to examination. During the first quarter of 2013, the IRS commenced an examination of our tax returns for the years ended December 31, 2011 and 2010 that is anticipated to be completed within three months of the reporting date. During the fourth quarter of 2013, a non-U.S. taxing jurisdiction commenced an examination of our tax returns for the tax years ended December 31, 2012, 2011, 2010 and 2009 that is anticipated to be completed within nine months of the reporting date. |
Employee_Benefit_Plans_Notes
Employee Benefit Plans (Notes) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 | Non-U.S. pension benefits | ||||||||||||||||
for the three months ended | for the three months ended | ||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2014 | March 31, 2013 | ||||||||||||||
Service cost | $ | 0.8 | $ | 0.9 | $ | 1 | $ | 1 | |||||||||
Interest cost | 1.8 | 1.6 | 1.9 | 1.7 | |||||||||||||
Amortization of net actuarial losses | — | 0.4 | 0.3 | 0.4 | |||||||||||||
Expected return on plan assets | (2.6 | ) | (2.3 | ) | — | — | |||||||||||
Net periodic benefit expense | $ | — | $ | 0.6 | $ | 3.2 | $ | 3.1 | |||||||||
Other Postretirement Benefit Plans | |||||||||||||||||
The components of net postretirement benefit expense are as follows: | |||||||||||||||||
For the three months ended | |||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Service cost | $ | — | $ | 0.1 | |||||||||||||
Interest cost | 0.5 | 0.4 | |||||||||||||||
Amortization of net actuarial (gains) losses | (0.1 | ) | 0.1 | ||||||||||||||
Net postretirement benefit expense | $ | 0.4 | $ | 0.6 | |||||||||||||
Derivative_And_Other_Financial
Derivative And Other Financial Instruments (Notes) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, 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 | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivatives by Type | Asset | Liability | Asset | Liability | |||||||||||||
Metal | $ | 7 | $ | (20.3 | ) | $ | 13.3 | $ | (17.0 | ) | |||||||
Natural gas | 0.6 | — | 0.4 | — | |||||||||||||
Total | 7.6 | (20.3 | ) | 13.7 | (17.0 | ) | |||||||||||
Effect of counterparty netting | (6.9 | ) | 6.9 | (12.3 | ) | 12.3 | |||||||||||
Net derivatives as classified in the balance sheet | $ | 0.7 | $ | (13.4 | ) | $ | 1.4 | $ | (4.7 | ) | |||||||
The fair value of our derivative financial instruments at March 31, 2014 and December 31, 2013 are recorded in the Consolidated Balance Sheet as follows: | |||||||||||||||||
Asset Derivatives | Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||
Metal | Prepaid expenses and other current assets | $ | — | $ | 1 | ||||||||||||
Other long-term assets | 0.1 | — | |||||||||||||||
Natural gas | Prepaid expenses and other current assets | 0.6 | 0.4 | ||||||||||||||
Total | $ | 0.7 | $ | 1.4 | |||||||||||||
Liability Derivatives | Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||
Metal | Accrued liabilities | $ | 9.9 | $ | 1.7 | ||||||||||||
Other long-term liabilities | 3.5 | 3 | |||||||||||||||
Total | $ | 13.4 | $ | 4.7 | |||||||||||||
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 March 31, 2014 and December 31, 2013 and the level in the fair value hierarchy: | |||||||||||||||||
Fair value measurements at March 31, 2014 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 | $ | 7.6 | $ | — | $ | 7.6 | $ | — | |||||||||
Derivative liabilities | (20.3 | ) | — | (20.3 | ) | — | |||||||||||
Net derivative liabilities | $ | (12.7 | ) | $ | — | $ | (12.7 | ) | $ | — | |||||||
Fair value measurements at December 31, 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 | $ | 13.7 | $ | — | $ | 13.7 | $ | — | |||||||||
Derivative liabilities | (17.0 | ) | — | (17.0 | ) | — | |||||||||||
Net derivative liabilities | $ | (3.3 | ) | $ | — | $ | (3.3 | ) | $ | — | |||||||
Both realized and unrealized gains and losses on derivative financial instruments are included within “Gains on derivative financial instruments” in the Consolidated Statements of Comprehensive Loss. Realized (gains) losses on derivative financial instruments totaled the following: | |||||||||||||||||
For the three months ended | |||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Metal | $ | (8.3 | ) | $ | 0.9 | ||||||||||||
Natural gas | (1.5 | ) | 0.2 | ||||||||||||||
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 March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, we had 1.9 trillion and 2.9 trillion of British thermal unit forward buy contracts, respectively. | |||||||||||||||||
Currency Exchange Hedging | |||||||||||||||||
From time to time, we may enter into currency forwards, futures, call options and similar derivative financial instruments to limit our exposure to fluctuations in currency exchange rates. As of March 31, 2014 and December 31, 2013, no currency call option contracts were outstanding. | |||||||||||||||||
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 March 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 51.3 | $ | 51.3 | $ | 60.1 | $ | 60.1 | |||||||||
ABL facility | 10 | 10 | — | — | |||||||||||||
Exchangeable notes | 44.2 | 72.7 | 44.2 | 72.7 | |||||||||||||
7 5/8% senior notes | 494.5 | 516.2 | 494.1 | 530 | |||||||||||||
7 7/8% senior notes | 492.8 | 515 | 492.5 | 531.3 | |||||||||||||
Zhenjiang term loans | 190.8 | 191.8 | 192.2 | 193.2 | |||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||
Fair value measurements at March 31, 2014 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 | $ | 51.3 | $ | 51.3 | $ | — | $ | — | |||||||||
ABL facility | 10 | — | 10 | — | |||||||||||||
Exchangeable notes | 72.7 | — | — | 72.7 | |||||||||||||
7 5/8% senior notes | 516.2 | 516.2 | — | — | |||||||||||||
7 7/8% senior notes | 515 | 515 | — | — | |||||||||||||
Zhenjiang term loans | 191.8 | — | — | 191.8 | |||||||||||||
Fair value measurements at December 31, 2013 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 | $ | 60.1 | $ | 60.1 | $ | — | $ | — | |||||||||
Exchangeable notes | 72.7 | — | — | 72.7 | |||||||||||||
7 5/8% senior notes | 530 | 530 | — | — | |||||||||||||
7 7/8% senior notes | 531.3 | 531.3 | — | — | |||||||||||||
Zhenjiang term loans | 193.2 | — | — | 193.2 | |||||||||||||
The principal amount of the ABL facility approximates fair value because the interest rate paid is variable and there have been no significant changes in the credit risk of Aleris International subsequent to the borrowings. 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 March 31, 2014 and 2.3% as of December 31, 2013 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 Zhenjiang term loans 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. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements (Notes) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||||||
12. 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 March 31, 2014 and December 31, 2013. The condensed consolidating statements of comprehensive (loss) income are presented for the three months ended March 31, 2014 and 2013. The condensed consolidating statements of cash flows are presented for the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
The condensed consolidating statements of cash flows for the three months ended March 31, 2013 have been restated to revise the presentation of cash flows related to intercompany loans. The revisions significantly changed the classification of certain intercompany cash flows as operating, investing and financing activities; however, there was no change in the total net cash flows of Aleris Corporation, Aleris International, Inc. or the Guarantor Subsidiaries. There was no impact to the condensed consolidating statements of comprehensive (loss) income or to the consolidated financial statements for the three months ended March 31, 2013 as a result of these presentation changes. | |||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 51.4 | $ | (0.1 | ) | $ | 51.3 | ||||||||||||
Accounts receivable, net | — | — | 149.7 | 310.4 | — | 460.1 | |||||||||||||||||||
Inventories | — | — | 263.6 | 430.1 | — | 693.7 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 6.9 | — | 7.1 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.5 | 13.9 | 14.2 | — | 28.6 | |||||||||||||||||||
Intercompany receivables | — | 481.7 | 463 | 215.6 | (1,160.3 | ) | — | ||||||||||||||||||
Total Current Assets | — | 482.2 | 890.4 | 1,028.60 | (1,160.4 | ) | 1,240.80 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 370.9 | 773.6 | — | 1,144.50 | |||||||||||||||||||
Intangible assets, net | — | — | 27.1 | 15.9 | — | 43 | |||||||||||||||||||
Deferred income taxes | — | — | — | 45.2 | — | 45.2 | |||||||||||||||||||
Other long-term assets | — | 11.4 | 4.2 | 50.3 | — | 65.9 | |||||||||||||||||||
Intercompany receivables | — | 3.6 | — | — | (3.6 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 356.2 | 1,491.00 | 118.3 | — | (1,965.5 | ) | — | ||||||||||||||||||
Total Assets | $ | 356.2 | $ | 1,988.20 | $ | 1,410.90 | $ | 1,913.60 | $ | (3,129.5 | ) | $ | 2,539.40 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2 | $ | 147.2 | $ | 232.2 | $ | (0.1 | ) | $ | 381.3 | ||||||||||||
Accrued liabilities | — | 21.3 | 65.2 | 110.7 | — | 197.2 | |||||||||||||||||||
Deferred income taxes | — | — | — | 3.9 | — | 3.9 | |||||||||||||||||||
Current portion of long-term debt | — | — | 0.5 | 9.6 | — | 10.1 | |||||||||||||||||||
Intercompany payables | — | 561.6 | 488 | 110.7 | (1,160.3 | ) | — | ||||||||||||||||||
Total Current Liabilities | — | 584.9 | 700.9 | 467.1 | (1,160.4 | ) | 592.5 | ||||||||||||||||||
Long-term debt | — | 1,041.50 | 0.7 | 196 | — | 1,238.20 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 4.6 | — | 4.8 | |||||||||||||||||||
Accrued pension benefits | — | — | 31.5 | 195.3 | — | 226.8 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 40.7 | — | — | 40.7 | |||||||||||||||||||
Other long-term liabilities | — | — | 32.8 | 44.8 | — | 77.6 | |||||||||||||||||||
Intercompany payables | 3.6 | — | — | — | (3.6 | ) | — | ||||||||||||||||||
Total Long-Term Liabilities | 3.6 | 1,041.50 | 105.9 | 440.7 | (3.6 | ) | 1,588.10 | ||||||||||||||||||
Redeemable noncontrolling interest | — | 5.6 | — | — | — | 5.6 | |||||||||||||||||||
Total equity | 352.6 | 356.2 | 604.1 | 1,005.20 | (1,965.5 | ) | 352.6 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Total Liabilities and Equity | $ | 356.2 | $ | 1,988.20 | $ | 1,410.90 | $ | 1,913.60 | $ | (3,129.5 | ) | $ | 2,539.40 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3.7 | $ | — | $ | 58.9 | $ | (2.5 | ) | $ | 60.1 | ||||||||||||
Accounts receivable, net | — | — | 125.7 | 251.2 | — | 376.9 | |||||||||||||||||||
Inventories | — | — | 245.1 | 438.3 | — | 683.4 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 6.9 | — | 7.1 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.5 | 16.1 | 14.9 | — | 31.5 | |||||||||||||||||||
Intercompany receivables | — | 362.4 | 378.3 | 192.4 | (933.1 | ) | — | ||||||||||||||||||
Total Current Assets | — | 366.6 | 765.4 | 962.6 | (935.6 | ) | 1,159.00 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 377.8 | 779.9 | — | 1,157.70 | |||||||||||||||||||
Intangible assets, net | — | — | 27.6 | 15.9 | — | 43.5 | |||||||||||||||||||
Deferred income taxes | — | — | — | 45.2 | — | 45.2 | |||||||||||||||||||
Other long-term assets | — | 12.3 | 3.3 | 51.9 | — | 67.5 | |||||||||||||||||||
Intercompany receivables | — | 3.4 | — | — | (3.4 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 371.8 | 1,510.60 | 117.7 | — | (2,000.1 | ) | — | ||||||||||||||||||
Total Assets | $ | 371.8 | $ | 1,892.90 | $ | 1,291.80 | $ | 1,855.50 | $ | (2,939.1 | ) | $ | 2,472.90 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 0.4 | $ | 117.1 | $ | 188.2 | $ | (2.5 | ) | $ | 303.2 | ||||||||||||
Accrued liabilities | — | 21.7 | 67 | 112.2 | — | 200.9 | |||||||||||||||||||
Deferred income taxes | — | — | — | 3.9 | — | 3.9 | |||||||||||||||||||
Current portion of long-term debt | — | — | 0.5 | 7.8 | — | 8.3 | |||||||||||||||||||
Intercompany payables | — | 462.4 | 371.7 | 99 | (933.1 | ) | — | ||||||||||||||||||
Total Current Liabilities | — | 484.5 | 556.3 | 411.1 | (935.6 | ) | 516.3 | ||||||||||||||||||
Long-term debt | — | 1,030.90 | 0.8 | 197.4 | — | 1,229.10 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 4.2 | — | 4.4 | |||||||||||||||||||
Accrued pension benefits | — | — | 33.8 | 194.7 | — | 228.5 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 40.9 | — | — | 40.9 | |||||||||||||||||||
Other long-term liabilities | — | — | 32.7 | 46.6 | — | 79.3 | |||||||||||||||||||
Intercompany payables | 3.4 | — | — | — | (3.4 | ) | — | ||||||||||||||||||
Total Long-Term Liabilities | 3.4 | 1,030.90 | 108.4 | 442.9 | (3.4 | ) | 1,582.20 | ||||||||||||||||||
Redeemable noncontrolling interest | — | 5.7 | — | — | — | 5.7 | |||||||||||||||||||
Total equity | 368.4 | 371.8 | 627.1 | 1,001.20 | (2,000.1 | ) | 368.4 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||
Total Liabilities and Equity | $ | 371.8 | $ | 1,892.90 | $ | 1,291.80 | $ | 1,855.50 | $ | (2,939.1 | ) | $ | 2,472.90 | ||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 439.7 | $ | 617.5 | $ | (3.0 | ) | $ | 1,054.20 | ||||||||||||
Cost of sales | — | — | 416.9 | 565.2 | (3.0 | ) | 979.1 | ||||||||||||||||||
Gross profit | — | — | 22.8 | 52.3 | — | 75.1 | |||||||||||||||||||
Selling, general and administrative expenses | — | — | 30.2 | 31.7 | — | 61.9 | |||||||||||||||||||
Restructuring charges (gains) | — | — | 0.7 | (0.2 | ) | — | 0.5 | ||||||||||||||||||
(Gains) losses on derivative financial instruments | — | — | (3.7 | ) | 3.2 | — | (0.5 | ) | |||||||||||||||||
Other operating expense (income), net | — | — | 0.5 | (0.2 | ) | — | 0.3 | ||||||||||||||||||
Operating (loss) income | — | — | (4.9 | ) | 17.8 | — | 12.9 | ||||||||||||||||||
Interest expense, net | — | — | 22.3 | 4 | — | 26.3 | |||||||||||||||||||
Other (income) expense, net | — | — | (3.7 | ) | 3.3 | — | (0.4 | ) | |||||||||||||||||
Equity in net loss (earnings) of affiliates | 17.6 | 17.6 | (0.6 | ) | — | (34.6 | ) | — | |||||||||||||||||
(Loss) income before income taxes | (17.6 | ) | (17.6 | ) | (22.9 | ) | 10.5 | 34.6 | (13.0 | ) | |||||||||||||||
Provision for income taxes | — | — | — | 4.3 | — | 4.3 | |||||||||||||||||||
Net (loss) income | (17.6 | ) | (17.6 | ) | (22.9 | ) | 6.2 | 34.6 | (17.3 | ) | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (17.6 | ) | $ | (17.6 | ) | $ | (22.9 | ) | $ | 5.9 | $ | 34.6 | $ | (17.6 | ) | |||||||||
Comprehensive (loss) income | $ | (19.6 | ) | $ | (19.6 | ) | $ | (23.0 | ) | $ | 4.3 | $ | 38.6 | $ | (19.3 | ) | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||
Comprehensive (loss) income attributable to Aleris Corporation | $ | (19.6 | ) | $ | (19.6 | ) | $ | (23.0 | ) | $ | 4 | $ | 38.6 | $ | (19.6 | ) | |||||||||
For the three months ended March 31, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 507.9 | $ | 603.9 | $ | (1.7 | ) | $ | 1,110.10 | ||||||||||||
Cost of sales | — | — | 475.4 | 547.4 | (1.7 | ) | 1,021.10 | ||||||||||||||||||
Gross profit | — | — | 32.5 | 56.5 | — | 89 | |||||||||||||||||||
Selling, general and administrative expenses | — | — | 27.9 | 33.7 | — | 61.6 | |||||||||||||||||||
Restructuring charges (gains) | — | — | 1.2 | (0.3 | ) | — | 0.9 | ||||||||||||||||||
Gains on derivative financial instruments | — | — | (8.5 | ) | (0.6 | ) | — | (9.1 | ) | ||||||||||||||||
Other operating expense, net | — | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||||||
Operating income | — | — | 11.9 | 24.8 | — | 36.7 | |||||||||||||||||||
Interest expense (income), net | — | — | 22.1 | (1.1 | ) | — | 21 | ||||||||||||||||||
Other income, net | — | — | (0.8 | ) | (1.1 | ) | — | (1.9 | ) | ||||||||||||||||
Equity in net earnings of affiliates | (10.9 | ) | (10.9 | ) | (0.5 | ) | — | 22.3 | — | ||||||||||||||||
Income (loss) before income taxes | 10.9 | 10.9 | (8.9 | ) | 27 | (22.3 | ) | 17.6 | |||||||||||||||||
Provision for income taxes | — | — | — | 6.3 | — | 6.3 | |||||||||||||||||||
Net income (loss) | 10.9 | 10.9 | (8.9 | ) | 20.7 | (22.3 | ) | 11.3 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Net income (loss) attributable to Aleris Corporation | $ | 10.9 | $ | 10.9 | $ | (8.9 | ) | $ | 20.3 | $ | (22.3 | ) | $ | 10.9 | |||||||||||
Comprehensive (loss) income | $ | (5.8 | ) | $ | (5.8 | ) | $ | (7.9 | ) | $ | 3.6 | $ | 10.5 | $ | (5.4 | ) | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Comprehensive (loss) income attributable to Aleris Corporation | $ | (5.8 | ) | $ | (5.8 | ) | $ | (7.9 | ) | $ | 3.2 | $ | 10.5 | $ | (5.8 | ) | |||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 0.2 | $ | (18.6 | ) | $ | 19.2 | $ | 24.6 | $ | 2.4 | $ | 27.8 | ||||||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (19.0 | ) | (28.5 | ) | — | (47.5 | ) | ||||||||||||||||
Disbursements of intercompany loans | — | (15.0 | ) | (2.2 | ) | (15.0 | ) | 32.2 | — | ||||||||||||||||
Repayments from intercompany loans | — | 5 | 2.5 | — | (7.5 | ) | — | ||||||||||||||||||
Other | — | — | (0.3 | ) | 0.8 | — | 0.5 | ||||||||||||||||||
Net cash used by investing activities | — | (10.0 | ) | (19.0 | ) | (42.7 | ) | 24.7 | (47.0 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from the ABL facility | — | 25 | — | 15 | — | 40 | |||||||||||||||||||
Payments on the ABL facility | — | (15.0 | ) | — | (15.0 | ) | — | (30.0 | ) | ||||||||||||||||
Net (payments on) proceeds from other long-term debt | — | — | (0.2 | ) | 0.9 | — | 0.7 | ||||||||||||||||||
Proceeds from intercompany loans | — | 15 | — | 17.2 | (32.2 | ) | — | ||||||||||||||||||
Repayments on intercompany loans | — | — | — | (7.5 | ) | 7.5 | — | ||||||||||||||||||
Other | (0.2 | ) | (0.1 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Net cash (used) provided by financing activities | (0.2 | ) | 24.9 | (0.2 | ) | 10.6 | (24.7 | ) | 10.4 | ||||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | (3.7 | ) | — | (7.5 | ) | 2.4 | (8.8 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 3.7 | — | 58.9 | (2.5 | ) | 60.1 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | 51.4 | $ | (0.1 | ) | $ | 51.3 | ||||||||||||
For the three months ended March 31, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 2 | $ | (38.2 | ) | $ | 38.6 | $ | (57.5 | ) | $ | (0.5 | ) | $ | (55.6 | ) | |||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (19.6 | ) | (77.3 | ) | — | (96.9 | ) | ||||||||||||||||
Disbursements of intercompany loans | — | — | (24.6 | ) | — | 24.6 | — | ||||||||||||||||||
Repayments from intercompany loans | — | — | 5.5 | — | (5.5 | ) | — | ||||||||||||||||||
Equity contributions in subsidiaries | — | (60.0 | ) | (3.1 | ) | — | 63.1 | — | |||||||||||||||||
Other | — | — | 0.1 | 1.5 | — | 1.6 | |||||||||||||||||||
Net cash used by investing activities | — | (60.0 | ) | (41.7 | ) | (75.8 | ) | 82.2 | (95.3 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from Zhenjiang term loans | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net proceeds from other long-term debt | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Proceeds from intercompany loans | — | — | — | 24.6 | (24.6 | ) | — | ||||||||||||||||||
Repayments on intercompany loans | — | — | — | (5.5 | ) | 5.5 | — | ||||||||||||||||||
Proceeds from intercompany equity contributions | — | — | 3.1 | 60 | (63.1 | ) | — | ||||||||||||||||||
Other | (2.0 | ) | (0.3 | ) | — | — | — | (2.3 | ) | ||||||||||||||||
Net cash (used) provided by financing activities | (2.0 | ) | (0.3 | ) | 3.1 | 79.9 | (82.2 | ) | (1.5 | ) | |||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||||||
Net decrease in cash and cash equivalents | — | (98.5 | ) | — | (54.6 | ) | (0.5 | ) | (153.6 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 472.4 | — | 121.6 | (1.1 | ) | 592.9 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 373.9 | $ | — | $ | 67 | $ | (1.6 | ) | $ | 439.3 | ||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
13. SUBSEQUENT EVENT | |
On April 1, 2014, we acquired Nichols Aluminum, LLC (“Nichols”), a wholly owned subsidiary of Quanex Building Products Corporation, and a producer of aluminum sheet for the transportation, building and construction, machinery and equipment, consumer durables and electrical industries in North America for $110.0. The acquisition includes casting and finishing operations at two facilities in Davenport, Iowa, as well as finishing operations in Decatur, Alabama and Lincolnshire, Illinois. | |
The acquisition will be accounted for as a business combination, with the purchase price being allocated on a preliminary basis using information available in the second quarter of 2014. The operating results of Nichols will be reported within our RPNA segment from the date of acquisition. |
Basis_Of_Presentation_Policies
Basis Of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current | ' | ||||||||
The components of our “Inventories” as of March 31, 2014 and December 31, 2013 are as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Finished goods | $ | 196.1 | $ | 185.6 | |||||
Raw materials | 248.5 | 265.9 | |||||||
Work in process | 218.4 | 203 | |||||||
Supplies | 30.7 | 28.9 | |||||||
Total inventories | $ | 693.7 | $ | 683.4 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Our debt as of March 31, 2014 and December 31, 2013 is summarized as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
ABL facility | $ | 10 | $ | — | |||||
7 5/8% senior notes due 2018, net of discount of $5.5 and $5.9 at March 31, 2014 and December 31, 2013, respectively | 494.5 | 494.1 | |||||||
7 7/8% senior notes due 2020, net of discount of $7.2 and $7.5 at March 31, 2014 and December 31, 2013, respectively | 492.8 | 492.5 | |||||||
Exchangeable notes, net of discount of $0.6 and $0.7 at March 31, 2014 and December 31, 2013, respectively | 44.2 | 44.2 | |||||||
Zhenjiang term loans, net of discount of $1.0 at March 31, 2014 and December 31, 2013 | 190.8 | 192.2 | |||||||
Other | 16 | 14.4 | |||||||
Total debt | 1,248.30 | 1,237.40 | |||||||
Less: Current portion of long-term debt | 10.1 | 8.3 | |||||||
Total long-term debt | $ | 1,238.20 | $ | 1,229.10 | |||||
Stockholders_Equity_and_Redeem1
Stockholders' Equity and Redeemable Noncontrolling Interest (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||||||
The following table summarizes the activity within stockholders’ equity and redeemable noncontrolling interest for the three months ended March 31, 2014: | |||||||||||||||||
Aleris Corporation equity | Noncontrolling interest | Total equity | Redeemable noncontrolling interest | ||||||||||||||
Total equity at January 1, 2014 | $ | 368.4 | $ | 0.3 | $ | 368.7 | $ | 5.7 | |||||||||
Net (loss) income | (17.6 | ) | 0.3 | (17.3 | ) | — | |||||||||||
Other comprehensive loss | (2.1 | ) | — | (2.1 | ) | — | |||||||||||
Stock-based compensation activity | 3.9 | — | 3.9 | — | |||||||||||||
Other | — | — | — | (0.1 | ) | ||||||||||||
Total equity at March 31, 2014 | $ | 352.6 | $ | 0.6 | $ | 353.2 | $ | 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, 2014 | 31,229,064 | ||||||||||||||||
Issuance associated with options exercised | 3,434 | ||||||||||||||||
Issuance associated with vested restricted stock units | 11,620 | ||||||||||||||||
Issuance upon conversion of exchangeable notes | 1,207 | ||||||||||||||||
Balance at March 31, 2014 | 31,245,325 | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accumulated Other Comprehesive Income [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table summarizes the activity within accumulated other comprehensive income for the three months ended March 31, 2014: | |||||||||||||
Currency translation | Pension and other postretirement | Total | |||||||||||
Balance at January 1, 2014 | $ | 45.8 | $ | (32.0 | ) | $ | 13.8 | ||||||
Current period currency translation adjustments | (2.3 | ) | — | (2.3 | ) | ||||||||
Amortization of net actuarial losses | — | 0.2 | 0.2 | ||||||||||
Balance at March 31, 2014 | $ | 43.5 | $ | (31.8 | ) | $ | 11.7 | ||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||
A summary of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2014 is provided below: | |||||||||||||
Description of reclassifications out of accumulated other comprehensive income | Amount reclassified | ||||||||||||
Amortization of defined benefit pension and other postretirement benefit items: | |||||||||||||
Amortization of net actuarial losses before tax | $ | (0.2 | ) | (a) | |||||||||
Losses reclassified into earnings, net of tax | $ | (0.2 | ) | ||||||||||
(a) This component of accumulated other comprehensive income 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) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
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 Loss: | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 260.9 | $ | 323.2 | $ | 6.9 | $ | 91.4 | $ | 233.7 | $ | 138.1 | $ | 1,054.20 | |||||||||||||||||||
Intersegment revenues | 0.4 | 31.6 | 3.1 | 1.9 | 1.5 | 5.2 | $ | (43.7 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 261.3 | $ | 354.8 | $ | 10 | $ | 93.3 | $ | 235.2 | $ | 143.3 | $ | (43.7 | ) | $ | 1,054.20 | ||||||||||||||||
Segment income | $ | 26.9 | $ | 38.1 | $ | — | $ | 3 | $ | 9 | $ | 4.3 | $ | 81.3 | |||||||||||||||||||
Three months ended March 31, 2013 | RPNA | RPEU | RPAP | Extrusions | RSAA | RSEU | Intersegment Revenues | Total | |||||||||||||||||||||||||
Revenues to external customers | $ | 313.7 | $ | 327 | $ | 0.7 | $ | 86.7 | $ | 236.2 | $ | 145.8 | $ | 1,110.10 | |||||||||||||||||||
Intersegment revenues | 0.6 | 42.2 | — | 2.3 | 2.2 | 9.9 | $ | (57.2 | ) | — | |||||||||||||||||||||||
Total revenues | $ | 314.3 | $ | 369.2 | $ | 0.7 | $ | 89 | $ | 238.4 | $ | 155.7 | $ | (57.2 | ) | $ | 1,110.10 | ||||||||||||||||
Segment income (loss) | $ | 23.5 | $ | 38.5 | $ | (0.3 | ) | $ | 3 | $ | 10.4 | $ | 3.3 | $ | 78.4 | ||||||||||||||||||
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 Loss: | |||||||||||||||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||
Total segment income | $ | 81.3 | $ | 78.4 | |||||||||||||||||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | (33.2 | ) | (27.2 | ) | |||||||||||||||||||||||||||||
Corporate general and administrative expenses, excluding depreciation, amortization, start-up expenses and other expenses | (15.0 | ) | (11.3 | ) | |||||||||||||||||||||||||||||
Restructuring charges | (0.5 | ) | (0.9 | ) | |||||||||||||||||||||||||||||
Interest expense, net | (26.3 | ) | (21.0 | ) | |||||||||||||||||||||||||||||
Unallocated (losses) gains on derivative financial instruments | (9.3 | ) | 10.2 | ||||||||||||||||||||||||||||||
Unallocated currency exchange losses | (1.5 | ) | — | ||||||||||||||||||||||||||||||
Start-up expenses | (8.4 | ) | (11.4 | ) | |||||||||||||||||||||||||||||
Other (expense) income, net | (0.1 | ) | 0.8 | ||||||||||||||||||||||||||||||
(Loss) income before income taxes | $ | (13.0 | ) | $ | 17.6 | ||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||||||||||||||||||
The following table shows our reportable segment assets as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
RPNA | $ | 553 | $ | 524.7 | |||||||||||||||||||||||||||||
RPEU | 719.6 | 699.2 | |||||||||||||||||||||||||||||||
RPAP | 428.9 | 439.4 | |||||||||||||||||||||||||||||||
Extrusions | 153.7 | 141.8 | |||||||||||||||||||||||||||||||
RSAA | 310.4 | 294.5 | |||||||||||||||||||||||||||||||
RSEU | 198.1 | 183.7 | |||||||||||||||||||||||||||||||
Unallocated assets | 175.7 | 189.6 | |||||||||||||||||||||||||||||||
Total consolidated assets | $ | 2,539.40 | $ | 2,472.90 | |||||||||||||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 | Non-U.S. pension benefits | ||||||||||||||||
for the three months ended | for the three months ended | ||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2014 | March 31, 2013 | ||||||||||||||
Service cost | $ | 0.8 | $ | 0.9 | $ | 1 | $ | 1 | |||||||||
Interest cost | 1.8 | 1.6 | 1.9 | 1.7 | |||||||||||||
Amortization of net actuarial losses | — | 0.4 | 0.3 | 0.4 | |||||||||||||
Expected return on plan assets | (2.6 | ) | (2.3 | ) | — | — | |||||||||||
Net periodic benefit expense | $ | — | $ | 0.6 | $ | 3.2 | $ | 3.1 | |||||||||
Other Postretirement Benefit Plans | |||||||||||||||||
The components of net postretirement benefit expense are as follows: | |||||||||||||||||
For the three months ended | |||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Service cost | $ | — | $ | 0.1 | |||||||||||||
Interest cost | 0.5 | 0.4 | |||||||||||||||
Amortization of net actuarial (gains) losses | (0.1 | ) | 0.1 | ||||||||||||||
Net postretirement benefit expense | $ | 0.4 | $ | 0.6 | |||||||||||||
Derivative_And_Other_Financial1
Derivative And Other Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013, 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 | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Derivatives by Type | Asset | Liability | Asset | Liability | |||||||||||||
Metal | $ | 7 | $ | (20.3 | ) | $ | 13.3 | $ | (17.0 | ) | |||||||
Natural gas | 0.6 | — | 0.4 | — | |||||||||||||
Total | 7.6 | (20.3 | ) | 13.7 | (17.0 | ) | |||||||||||
Effect of counterparty netting | (6.9 | ) | 6.9 | (12.3 | ) | 12.3 | |||||||||||
Net derivatives as classified in the balance sheet | $ | 0.7 | $ | (13.4 | ) | $ | 1.4 | $ | (4.7 | ) | |||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||
The fair value of our derivative financial instruments at March 31, 2014 and December 31, 2013 are recorded in the Consolidated Balance Sheet as follows: | |||||||||||||||||
Asset Derivatives | Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||
Metal | Prepaid expenses and other current assets | $ | — | $ | 1 | ||||||||||||
Other long-term assets | 0.1 | — | |||||||||||||||
Natural gas | Prepaid expenses and other current assets | 0.6 | 0.4 | ||||||||||||||
Total | $ | 0.7 | $ | 1.4 | |||||||||||||
Liability Derivatives | Balance Sheet Location | March 31, 2014 | December 31, 2013 | ||||||||||||||
Metal | Accrued liabilities | $ | 9.9 | $ | 1.7 | ||||||||||||
Other long-term liabilities | 3.5 | 3 | |||||||||||||||
Total | $ | 13.4 | $ | 4.7 | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The carrying amount and fair values of our other financial instruments at March 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 51.3 | $ | 51.3 | $ | 60.1 | $ | 60.1 | |||||||||
ABL facility | 10 | 10 | — | — | |||||||||||||
Exchangeable notes | 44.2 | 72.7 | 44.2 | 72.7 | |||||||||||||
7 5/8% senior notes | 494.5 | 516.2 | 494.1 | 530 | |||||||||||||
7 7/8% senior notes | 492.8 | 515 | 492.5 | 531.3 | |||||||||||||
Zhenjiang term loans | 190.8 | 191.8 | 192.2 | 193.2 | |||||||||||||
The following tables set forth our financial assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 and the level in the fair value hierarchy: | |||||||||||||||||
Fair value measurements at March 31, 2014 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 | $ | 7.6 | $ | — | $ | 7.6 | $ | — | |||||||||
Derivative liabilities | (20.3 | ) | — | (20.3 | ) | — | |||||||||||
Net derivative liabilities | $ | (12.7 | ) | $ | — | $ | (12.7 | ) | $ | — | |||||||
Fair value measurements at December 31, 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 | $ | 13.7 | $ | — | $ | 13.7 | $ | — | |||||||||
Derivative liabilities | (17.0 | ) | — | (17.0 | ) | — | |||||||||||
Net derivative liabilities | $ | (3.3 | ) | $ | — | $ | (3.3 | ) | $ | — | |||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||
Fair value measurements at March 31, 2014 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 | $ | 51.3 | $ | 51.3 | $ | — | $ | — | |||||||||
ABL facility | 10 | — | 10 | — | |||||||||||||
Exchangeable notes | 72.7 | — | — | 72.7 | |||||||||||||
7 5/8% senior notes | 516.2 | 516.2 | — | — | |||||||||||||
7 7/8% senior notes | 515 | 515 | — | — | |||||||||||||
Zhenjiang term loans | 191.8 | — | — | 191.8 | |||||||||||||
Fair value measurements at December 31, 2013 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 | $ | 60.1 | $ | 60.1 | $ | — | $ | — | |||||||||
Exchangeable notes | 72.7 | — | — | 72.7 | |||||||||||||
7 5/8% senior notes | 530 | 530 | — | — | |||||||||||||
7 7/8% senior notes | 531.3 | 531.3 | — | — | |||||||||||||
Zhenjiang term loans | 193.2 | — | — | 193.2 | |||||||||||||
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 | |||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Metal | $ | (8.3 | ) | $ | 0.9 | ||||||||||||
Natural gas | (1.5 | ) | 0.2 | ||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | ||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 51.4 | $ | (0.1 | ) | $ | 51.3 | ||||||||||||
Accounts receivable, net | — | — | 149.7 | 310.4 | — | 460.1 | |||||||||||||||||||
Inventories | — | — | 263.6 | 430.1 | — | 693.7 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 6.9 | — | 7.1 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.5 | 13.9 | 14.2 | — | 28.6 | |||||||||||||||||||
Intercompany receivables | — | 481.7 | 463 | 215.6 | (1,160.3 | ) | — | ||||||||||||||||||
Total Current Assets | — | 482.2 | 890.4 | 1,028.60 | (1,160.4 | ) | 1,240.80 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 370.9 | 773.6 | — | 1,144.50 | |||||||||||||||||||
Intangible assets, net | — | — | 27.1 | 15.9 | — | 43 | |||||||||||||||||||
Deferred income taxes | — | — | — | 45.2 | — | 45.2 | |||||||||||||||||||
Other long-term assets | — | 11.4 | 4.2 | 50.3 | — | 65.9 | |||||||||||||||||||
Intercompany receivables | — | 3.6 | — | — | (3.6 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 356.2 | 1,491.00 | 118.3 | — | (1,965.5 | ) | — | ||||||||||||||||||
Total Assets | $ | 356.2 | $ | 1,988.20 | $ | 1,410.90 | $ | 1,913.60 | $ | (3,129.5 | ) | $ | 2,539.40 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2 | $ | 147.2 | $ | 232.2 | $ | (0.1 | ) | $ | 381.3 | ||||||||||||
Accrued liabilities | — | 21.3 | 65.2 | 110.7 | — | 197.2 | |||||||||||||||||||
Deferred income taxes | — | — | — | 3.9 | — | 3.9 | |||||||||||||||||||
Current portion of long-term debt | — | — | 0.5 | 9.6 | — | 10.1 | |||||||||||||||||||
Intercompany payables | — | 561.6 | 488 | 110.7 | (1,160.3 | ) | — | ||||||||||||||||||
Total Current Liabilities | — | 584.9 | 700.9 | 467.1 | (1,160.4 | ) | 592.5 | ||||||||||||||||||
Long-term debt | — | 1,041.50 | 0.7 | 196 | — | 1,238.20 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 4.6 | — | 4.8 | |||||||||||||||||||
Accrued pension benefits | — | — | 31.5 | 195.3 | — | 226.8 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 40.7 | — | — | 40.7 | |||||||||||||||||||
Other long-term liabilities | — | — | 32.8 | 44.8 | — | 77.6 | |||||||||||||||||||
Intercompany payables | 3.6 | — | — | — | (3.6 | ) | — | ||||||||||||||||||
Total Long-Term Liabilities | 3.6 | 1,041.50 | 105.9 | 440.7 | (3.6 | ) | 1,588.10 | ||||||||||||||||||
Redeemable noncontrolling interest | — | 5.6 | — | — | — | 5.6 | |||||||||||||||||||
Total equity | 352.6 | 356.2 | 604.1 | 1,005.20 | (1,965.5 | ) | 352.6 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Total Liabilities and Equity | $ | 356.2 | $ | 1,988.20 | $ | 1,410.90 | $ | 1,913.60 | $ | (3,129.5 | ) | $ | 2,539.40 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3.7 | $ | — | $ | 58.9 | $ | (2.5 | ) | $ | 60.1 | ||||||||||||
Accounts receivable, net | — | — | 125.7 | 251.2 | — | 376.9 | |||||||||||||||||||
Inventories | — | — | 245.1 | 438.3 | — | 683.4 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 6.9 | — | 7.1 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 0.5 | 16.1 | 14.9 | — | 31.5 | |||||||||||||||||||
Intercompany receivables | — | 362.4 | 378.3 | 192.4 | (933.1 | ) | — | ||||||||||||||||||
Total Current Assets | — | 366.6 | 765.4 | 962.6 | (935.6 | ) | 1,159.00 | ||||||||||||||||||
Property, plant and equipment, net | — | — | 377.8 | 779.9 | — | 1,157.70 | |||||||||||||||||||
Intangible assets, net | — | — | 27.6 | 15.9 | — | 43.5 | |||||||||||||||||||
Deferred income taxes | — | — | — | 45.2 | — | 45.2 | |||||||||||||||||||
Other long-term assets | — | 12.3 | 3.3 | 51.9 | — | 67.5 | |||||||||||||||||||
Intercompany receivables | — | 3.4 | — | — | (3.4 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 371.8 | 1,510.60 | 117.7 | — | (2,000.1 | ) | — | ||||||||||||||||||
Total Assets | $ | 371.8 | $ | 1,892.90 | $ | 1,291.80 | $ | 1,855.50 | $ | (2,939.1 | ) | $ | 2,472.90 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 0.4 | $ | 117.1 | $ | 188.2 | $ | (2.5 | ) | $ | 303.2 | ||||||||||||
Accrued liabilities | — | 21.7 | 67 | 112.2 | — | 200.9 | |||||||||||||||||||
Deferred income taxes | — | — | — | 3.9 | — | 3.9 | |||||||||||||||||||
Current portion of long-term debt | — | — | 0.5 | 7.8 | — | 8.3 | |||||||||||||||||||
Intercompany payables | — | 462.4 | 371.7 | 99 | (933.1 | ) | — | ||||||||||||||||||
Total Current Liabilities | — | 484.5 | 556.3 | 411.1 | (935.6 | ) | 516.3 | ||||||||||||||||||
Long-term debt | — | 1,030.90 | 0.8 | 197.4 | — | 1,229.10 | |||||||||||||||||||
Deferred income taxes | — | — | 0.2 | 4.2 | — | 4.4 | |||||||||||||||||||
Accrued pension benefits | — | — | 33.8 | 194.7 | — | 228.5 | |||||||||||||||||||
Accrued postretirement benefits | — | — | 40.9 | — | — | 40.9 | |||||||||||||||||||
Other long-term liabilities | — | — | 32.7 | 46.6 | — | 79.3 | |||||||||||||||||||
Intercompany payables | 3.4 | — | — | — | (3.4 | ) | — | ||||||||||||||||||
Total Long-Term Liabilities | 3.4 | 1,030.90 | 108.4 | 442.9 | (3.4 | ) | 1,582.20 | ||||||||||||||||||
Redeemable noncontrolling interest | — | 5.7 | — | — | — | 5.7 | |||||||||||||||||||
Total equity | 368.4 | 371.8 | 627.1 | 1,001.20 | (2,000.1 | ) | 368.4 | ||||||||||||||||||
Noncontrolling interest | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||
Total Liabilities and Equity | $ | 371.8 | $ | 1,892.90 | $ | 1,291.80 | $ | 1,855.50 | $ | (2,939.1 | ) | $ | 2,472.90 | ||||||||||||
Schedule of Condensed Income Statement | ' | ||||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 439.7 | $ | 617.5 | $ | (3.0 | ) | $ | 1,054.20 | ||||||||||||
Cost of sales | — | — | 416.9 | 565.2 | (3.0 | ) | 979.1 | ||||||||||||||||||
Gross profit | — | — | 22.8 | 52.3 | — | 75.1 | |||||||||||||||||||
Selling, general and administrative expenses | — | — | 30.2 | 31.7 | — | 61.9 | |||||||||||||||||||
Restructuring charges (gains) | — | — | 0.7 | (0.2 | ) | — | 0.5 | ||||||||||||||||||
(Gains) losses on derivative financial instruments | — | — | (3.7 | ) | 3.2 | — | (0.5 | ) | |||||||||||||||||
Other operating expense (income), net | — | — | 0.5 | (0.2 | ) | — | 0.3 | ||||||||||||||||||
Operating (loss) income | — | — | (4.9 | ) | 17.8 | — | 12.9 | ||||||||||||||||||
Interest expense, net | — | — | 22.3 | 4 | — | 26.3 | |||||||||||||||||||
Other (income) expense, net | — | — | (3.7 | ) | 3.3 | — | (0.4 | ) | |||||||||||||||||
Equity in net loss (earnings) of affiliates | 17.6 | 17.6 | (0.6 | ) | — | (34.6 | ) | — | |||||||||||||||||
(Loss) income before income taxes | (17.6 | ) | (17.6 | ) | (22.9 | ) | 10.5 | 34.6 | (13.0 | ) | |||||||||||||||
Provision for income taxes | — | — | — | 4.3 | — | 4.3 | |||||||||||||||||||
Net (loss) income | (17.6 | ) | (17.6 | ) | (22.9 | ) | 6.2 | 34.6 | (17.3 | ) | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||
Net (loss) income attributable to Aleris Corporation | $ | (17.6 | ) | $ | (17.6 | ) | $ | (22.9 | ) | $ | 5.9 | $ | 34.6 | $ | (17.6 | ) | |||||||||
Comprehensive (loss) income | $ | (19.6 | ) | $ | (19.6 | ) | $ | (23.0 | ) | $ | 4.3 | $ | 38.6 | $ | (19.3 | ) | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||
Comprehensive (loss) income attributable to Aleris Corporation | $ | (19.6 | ) | $ | (19.6 | ) | $ | (23.0 | ) | $ | 4 | $ | 38.6 | $ | (19.6 | ) | |||||||||
For the three months ended March 31, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Revenues | $ | — | $ | — | $ | 507.9 | $ | 603.9 | $ | (1.7 | ) | $ | 1,110.10 | ||||||||||||
Cost of sales | — | — | 475.4 | 547.4 | (1.7 | ) | 1,021.10 | ||||||||||||||||||
Gross profit | — | — | 32.5 | 56.5 | — | 89 | |||||||||||||||||||
Selling, general and administrative expenses | — | — | 27.9 | 33.7 | — | 61.6 | |||||||||||||||||||
Restructuring charges (gains) | — | — | 1.2 | (0.3 | ) | — | 0.9 | ||||||||||||||||||
Gains on derivative financial instruments | — | — | (8.5 | ) | (0.6 | ) | — | (9.1 | ) | ||||||||||||||||
Other operating expense, net | — | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||||||
Operating income | — | — | 11.9 | 24.8 | — | 36.7 | |||||||||||||||||||
Interest expense (income), net | — | — | 22.1 | (1.1 | ) | — | 21 | ||||||||||||||||||
Other income, net | — | — | (0.8 | ) | (1.1 | ) | — | (1.9 | ) | ||||||||||||||||
Equity in net earnings of affiliates | (10.9 | ) | (10.9 | ) | (0.5 | ) | — | 22.3 | — | ||||||||||||||||
Income (loss) before income taxes | 10.9 | 10.9 | (8.9 | ) | 27 | (22.3 | ) | 17.6 | |||||||||||||||||
Provision for income taxes | — | — | — | 6.3 | — | 6.3 | |||||||||||||||||||
Net income (loss) | 10.9 | 10.9 | (8.9 | ) | 20.7 | (22.3 | ) | 11.3 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Net income (loss) attributable to Aleris Corporation | $ | 10.9 | $ | 10.9 | $ | (8.9 | ) | $ | 20.3 | $ | (22.3 | ) | $ | 10.9 | |||||||||||
Comprehensive (loss) income | $ | (5.8 | ) | $ | (5.8 | ) | $ | (7.9 | ) | $ | 3.6 | $ | 10.5 | $ | (5.4 | ) | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Comprehensive (loss) income attributable to Aleris Corporation | $ | (5.8 | ) | $ | (5.8 | ) | $ | (7.9 | ) | $ | 3.2 | $ | 10.5 | $ | (5.8 | ) | |||||||||
Schedule of Condensed Cash Flow Statement | ' | ||||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 0.2 | $ | (18.6 | ) | $ | 19.2 | $ | 24.6 | $ | 2.4 | $ | 27.8 | ||||||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (19.0 | ) | (28.5 | ) | — | (47.5 | ) | ||||||||||||||||
Disbursements of intercompany loans | — | (15.0 | ) | (2.2 | ) | (15.0 | ) | 32.2 | — | ||||||||||||||||
Repayments from intercompany loans | — | 5 | 2.5 | — | (7.5 | ) | — | ||||||||||||||||||
Other | — | — | (0.3 | ) | 0.8 | — | 0.5 | ||||||||||||||||||
Net cash used by investing activities | — | (10.0 | ) | (19.0 | ) | (42.7 | ) | 24.7 | (47.0 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from the ABL facility | — | 25 | — | 15 | — | 40 | |||||||||||||||||||
Payments on the ABL facility | — | (15.0 | ) | — | (15.0 | ) | — | (30.0 | ) | ||||||||||||||||
Net (payments on) proceeds from other long-term debt | — | — | (0.2 | ) | 0.9 | — | 0.7 | ||||||||||||||||||
Proceeds from intercompany loans | — | 15 | — | 17.2 | (32.2 | ) | — | ||||||||||||||||||
Repayments on intercompany loans | — | — | — | (7.5 | ) | 7.5 | — | ||||||||||||||||||
Other | (0.2 | ) | (0.1 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Net cash (used) provided by financing activities | (0.2 | ) | 24.9 | (0.2 | ) | 10.6 | (24.7 | ) | 10.4 | ||||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | (3.7 | ) | — | (7.5 | ) | 2.4 | (8.8 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 3.7 | — | 58.9 | (2.5 | ) | 60.1 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | 51.4 | $ | (0.1 | ) | $ | 51.3 | ||||||||||||
For the three months ended March 31, 2013 | |||||||||||||||||||||||||
Aleris Corporation (Parent) | Aleris International, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 2 | $ | (38.2 | ) | $ | 38.6 | $ | (57.5 | ) | $ | (0.5 | ) | $ | (55.6 | ) | |||||||||
Investing activities | |||||||||||||||||||||||||
Payments for property, plant and equipment | — | — | (19.6 | ) | (77.3 | ) | — | (96.9 | ) | ||||||||||||||||
Disbursements of intercompany loans | — | — | (24.6 | ) | — | 24.6 | — | ||||||||||||||||||
Repayments from intercompany loans | — | — | 5.5 | — | (5.5 | ) | — | ||||||||||||||||||
Equity contributions in subsidiaries | — | (60.0 | ) | (3.1 | ) | — | 63.1 | — | |||||||||||||||||
Other | — | — | 0.1 | 1.5 | — | 1.6 | |||||||||||||||||||
Net cash used by investing activities | — | (60.0 | ) | (41.7 | ) | (75.8 | ) | 82.2 | (95.3 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from Zhenjiang term loans | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Net proceeds from other long-term debt | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Proceeds from intercompany loans | — | — | — | 24.6 | (24.6 | ) | — | ||||||||||||||||||
Repayments on intercompany loans | — | — | — | (5.5 | ) | 5.5 | — | ||||||||||||||||||
Proceeds from intercompany equity contributions | — | — | 3.1 | 60 | (63.1 | ) | — | ||||||||||||||||||
Other | (2.0 | ) | (0.3 | ) | — | — | — | (2.3 | ) | ||||||||||||||||
Net cash (used) provided by financing activities | (2.0 | ) | (0.3 | ) | 3.1 | 79.9 | (82.2 | ) | (1.5 | ) | |||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | — | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||||||
Net decrease in cash and cash equivalents | — | (98.5 | ) | — | (54.6 | ) | (0.5 | ) | (153.6 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 472.4 | — | 121.6 | (1.1 | ) | 592.9 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 373.9 | $ | — | $ | 67 | $ | (1.6 | ) | $ | 439.3 | ||||||||||||
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $196.10 | $185.60 |
Raw materials | 248.5 | 265.9 |
Work in process | 218.4 | 203 |
Supplies | 30.7 | 28.9 |
Total inventories | $693.70 | $683.40 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Other Long-term Debt | $16 | $14.40 |
Long-term debt | 1,248.30 | 1,237.40 |
Current portion of long-term debt | 10.1 | 8.3 |
Total long-term debt | 1,238.20 | 1,229.10 |
Line of Credit | ABL Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Line of Credit | 10 | 0 |
Senior Notes | 7 5/8% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 494.5 | 494.1 |
Debt discount | 5.5 | 5.9 |
Stated interest rate | 7.63% | ' |
Senior Notes | 7 7/8% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 492.8 | 492.5 |
Debt discount | 7.2 | 7.5 |
Stated interest rate | 7.88% | ' |
Senior Subordinated Notes | Senior Subordinated Exchangeable Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt discount | 0.6 | 0.7 |
Convertible Subordinated Debt | 44.2 | 44.2 |
Notes Payable to Banks | Zhenjiang term loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt discount | 1 | 1 |
Notes Payable to Bank, Noncurrent | $190.80 | $192.20 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
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. | $6 | $6.30 |
Asset retirement obligations | 12.4 | 12.4 |
Asset Retirement Obligation, Description, Estimated Timeframe of Disbursements | '10 years | ' |
Other Long-Term Liabilities and Accrued Liabilities | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrual for Environmental Loss Contingencies | $35 | $35.30 |
Stockholders_Equity_and_Redeem2
Stockholders' Equity and Redeemable Noncontrolling Interest (Schedule of Stockholders' Equity) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' |
Aleris Corporation equity | $368.40 | ' |
Noncontrolling interest | 0.3 | ' |
Total Equity at January 1, 2014 | 368.7 | ' |
Net (loss) income attributable to Aleris Corporation | -17.6 | 10.9 |
Net income attributable to noncontrolling interest | 0.3 | 0.4 |
Net (loss) income | -17.3 | 11.3 |
Other Comprehensive Loss, Net of Tax | -2.1 | ' |
Stock-based compensation activity | 3.9 | ' |
Stockholders' Equity, Other | 0 | ' |
Aleris Corporation equity | 352.6 | ' |
Noncontrolling interest | 0.6 | ' |
Total Equity at March 31, 2014 | 353.2 | ' |
Aleris Corporation | ' | ' |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' |
Aleris Corporation equity | 368.4 | ' |
Net (loss) income attributable to Aleris Corporation | -17.6 | ' |
Other Comprehensive Loss, Net of Tax | -2.1 | ' |
Stock-based compensation activity | 3.9 | ' |
Stockholders' Equity, Other | 0 | ' |
Aleris Corporation equity | 352.6 | ' |
Noncontrolling Interest | ' | ' |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' |
Noncontrolling interest | 0.3 | ' |
Net income attributable to noncontrolling interest | 0.3 | ' |
Other Comprehensive Loss, Net of Tax | 0 | ' |
Stock-based compensation activity | 0 | ' |
Stockholders' Equity, Other | 0 | ' |
Noncontrolling interest | 0.6 | ' |
Redeemable Noncontrolling Interest | ' | ' |
Increase (Decrease) in Stockholders' Equity Disclosure [Roll Forward] | ' | ' |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 5.7 | ' |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | ' |
Other Comprehensive Loss, Net of Tax | 0 | ' |
Stock-based compensation activity | 0 | ' |
Stockholders' Equity, Other | -0.1 | ' |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $5.60 | ' |
Stockholders_Equity_and_Redeem3
Stockholders' Equity and Redeemable Noncontrolling Interest (Changes in the Number of Outstanding Common Stock) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Outstanding Shares of Common Stock [Roll Forward] | ' |
Common Stock, Shares, Outstanding at beginning of period | 31,229,064 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,207 |
Common Stock, Shares, Outstanding at end of period | 31,245,325 |
Stock Options | ' |
Outstanding Shares of Common Stock [Roll Forward] | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 3,434 |
Restricted Stock | ' |
Outstanding Shares of Common Stock [Roll Forward] | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 11,620 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Accumulated Translation Adjustment | Accumulated Translation Adjustment | Defined Benefit Plans and Other Postretirement Benefit Plans [Member] | Defined Benefit Plans and Other Postretirement Benefit Plans [Member] | Accumulated Net Adjustment | Accumulated Net Adjustment | Foreign Currency Gain (Loss) | Foreign Currency Gain (Loss) | Foreign Currency Gain (Loss) | Pension Plan, Defined Benefit | Pension Plan, Defined Benefit | Pension Plan, Defined Benefit | |||
Accumulated Translation Adjustment | Defined Benefit Plans and Other Postretirement Benefit Plans [Member] | Accumulated Net Adjustment | Accumulated Translation Adjustment | Defined Benefit Plans and Other Postretirement Benefit Plans [Member] | Accumulated Net Adjustment | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated other comprehensive income at January 1, 2014 | $13.80 | $43.50 | $45.80 | ($31.80) | ($32) | $11.70 | $13.80 | ' | ' | ' | ' | ' | ' | |
Current period currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | -2.3 | 0 | -2.3 | ' | ' | ' | |
Amortization of net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.2 | 0.2 | |
Accumulated other comprehensive income at March 31, 2014 | 11.7 | 43.5 | 45.8 | -31.8 | -32 | 11.7 | 13.8 | ' | ' | ' | ' | ' | ' | |
Amortization of net actuarial losses before tax | -0.2 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses reclassified into earnings, net of tax | ($0.20) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | This component of accumulated other comprehensive income 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) | 3 Months Ended |
Mar. 31, 2014 | |
Operating_Segment | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments (in segments) | 6 |
Segment_Information_Schedule_o
Segment Information (Schedule of Revenues and Segment Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | $1,054.20 | $1,110.10 |
Segment income | 81.3 | 78.4 |
RPNA | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 261.3 | 314.3 |
Segment income | 26.9 | 23.5 |
RPEU | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 354.8 | 369.2 |
Segment income | 38.1 | 38.5 |
RPAP | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 10 | 0.7 |
Segment income | 0 | -0.3 |
Extrusions | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 93.3 | 89 |
Segment income | 3 | 3 |
RSAA | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 235.2 | 238.4 |
Segment income | 9 | 10.4 |
RSEU | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 143.3 | 155.7 |
Segment income | 4.3 | 3.3 |
External Customers [Member] | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 1,054.20 | 1,110.10 |
External Customers [Member] | RPNA | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 260.9 | 313.7 |
External Customers [Member] | RPEU | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 323.2 | 327 |
External Customers [Member] | RPAP | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 6.9 | 0.7 |
External Customers [Member] | Extrusions | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 91.4 | 86.7 |
External Customers [Member] | RSAA | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 233.7 | 236.2 |
External Customers [Member] | RSEU | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 138.1 | 145.8 |
Intersegment Eliminations | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 0 | 0 |
Intersegment Eliminations | RPNA | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 0.4 | 0.6 |
Intersegment Eliminations | RPEU | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 31.6 | 42.2 |
Intersegment Eliminations | RPAP | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 3.1 | 0 |
Intersegment Eliminations | Extrusions | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 1.9 | 2.3 |
Intersegment Eliminations | RSAA | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 1.5 | 2.2 |
Intersegment Eliminations | RSEU | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | 5.2 | 9.9 |
Intersegment Eliminations | Intersegment Eliminations | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | ' |
Revenue to external customers | ($43.70) | ($57.20) |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Income to Consolidated Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total segment income | $81.30 | $78.40 |
Depreciation and amortization | -33.2 | -27.2 |
Restructuring charges | -0.5 | -0.9 |
Interest expense, net | 26.3 | 21 |
Unallocated (losses) gains on derivative financial instruments | 0.5 | 9.1 |
(Loss) income before income taxes | -13 | 17.6 |
Unallocated Amounts | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Depreciation and amortization | -33.2 | -27.2 |
Corporate general and administrative expense, excluding depreciation, amortization and start-up expenses | -15 | -11.3 |
Restructuring charges | -0.5 | -0.9 |
Interest expense, net | -26.3 | -21 |
Unallocated (losses) gains on derivative financial instruments | -9.3 | 10.2 |
Unallocated currency exchange losses | -1.5 | 0 |
Start-up expenses | -8.4 | -11.4 |
Other (expense) income, net | ($0.10) | $0.80 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation of Reportable Segment Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $2,539.40 | $2,472.90 |
RPNA | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 553 | 524.7 |
RPEU | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 719.6 | 699.2 |
RPAP | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 428.9 | 439.4 |
Extrusions | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 153.7 | 141.8 |
RSAA | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 310.4 | 294.5 |
RSEU | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 198.1 | 183.7 |
Unallocated Amounts | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $175.70 | $189.60 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
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 | ' |
2010 Equity Incentive Plan | Senior Management and Nonemployee Directors | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options granted (in shares) | 992,533 | ' |
Stock-based compensation expense | $4.20 | $2.70 |
2010 Equity Incentive Plan | Restricted Stock Units (RSUs) | Senior Management and Nonemployee Directors | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units granted (in shares) | 334,456 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate (percent) | -33.10% | 36.20% |
Unrecognized tax benefits | $2.80 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0.20 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
U.S. Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $0.80 | $0.90 |
Interest cost | 1.8 | 1.6 |
Amortization of net actuarial loss (gain) | 0 | 0.4 |
Expected return on plan assets | -2.6 | -2.3 |
Net periodic benefit expense | 0 | 0.6 |
European Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 1 | 1 |
Interest cost | 1.9 | 1.7 |
Amortization of net actuarial loss (gain) | 0.3 | 0.4 |
Expected return on plan assets | 0 | 0 |
Net periodic benefit expense | 3.2 | 3.1 |
Other Postretirement Benefit Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 0 | 0.1 |
Interest cost | 0.5 | 0.4 |
Amortization of net actuarial loss (gain) | -0.1 | 0.1 |
Net periodic benefit expense | $0.40 | $0.60 |
Derivative_And_Other_Financial2
Derivative And Other Financial Instruments (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Collateral Already Posted, Aggregate Fair Value | 0 | 0 |
Metal | ' | ' |
Derivative [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 | ' | ' |
Derivative [Line Items] | ' | ' |
British thermal units in forward buy contracts (in British thermal units) | 1,900,000,000,000 | 2,900,000,000,000 |
Currency | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 0 | ' |
Convertible Notes Payable | ' | ' |
Derivative [Line Items] | ' | ' |
Risk-free interest rate (percent) | 2.00% | 2.30% |
Expected equity volatility rate (percent) | 55.00% | ' |
Zhenjiang term loans | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum period for variable interest rate paid (in months) | '6 months | ' |
Senior Notes | 7 5/8% Senior Notes | ' | ' |
Derivative [Line Items] | ' | ' |
Stated interest rate | 7.63% | ' |
Senior Notes | 7 7/8% Senior Notes | ' | ' |
Derivative [Line Items] | ' | ' |
Stated interest rate | 7.88% | ' |
Derivative_And_Other_Financial3
Derivative And Other Financial Instruments (Schedule of Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value of Derivative Assets | ' | ' |
Fair value | $7.60 | $13.70 |
Effect of counterparty netting | -6.9 | -12.3 |
Net derivatives as classified in the balance sheet | 0.7 | 1.4 |
Fair Value of Derivative Liabilities | ' | ' |
Fair value | -20.3 | -17 |
Effect of counterparty netting | 6.9 | 12.3 |
Net derivatives as classified in the balance sheet | -13.4 | -4.7 |
Metal | ' | ' |
Fair Value of Derivative Assets | ' | ' |
Fair value | 7 | 13.3 |
Fair Value of Derivative Liabilities | ' | ' |
Fair value | -20.3 | -17 |
Natural Gas | ' | ' |
Fair Value of Derivative Assets | ' | ' |
Fair value | 0.6 | 0.4 |
Fair Value of Derivative Liabilities | ' | ' |
Fair value | $0 | $0 |
Derivative_And_Other_Financial4
Derivative And Other Financial Instruments (Schedule of Derivative Instruments in Balance Sheet by Contract Type) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Prepaid expense and other assets, current | $28.60 | $31.50 |
Other long-term assets | 65.9 | 67.5 |
Total Asset Derivatives | 0.7 | 1.4 |
Accrued liabilities | 197.2 | 200.9 |
Other long-term liabilities | 77.6 | 79.3 |
Total Liability Derivatives | 13.4 | 4.7 |
Metal | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Prepaid expense and other assets, current | 0 | 1 |
Other long-term assets | 0.1 | 0 |
Accrued liabilities | 9.9 | 1.7 |
Other long-term liabilities | 3.5 | 3 |
Natural Gas | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Prepaid expense and other assets, current | $0.60 | $0.40 |
Derivative_And_Other_Financial5
Derivative And Other Financial Instruments (Schedule of Realized (Gains) Losses on Derivatives) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Metal | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' |
Realized (gains) losses on derivative financial instruments | ($8.30) | $0.90 |
Natural Gas | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' |
Realized (gains) losses on derivative financial instruments | ($1.50) | $0.20 |
Derivative_And_Other_Financial6
Derivative And Other Financial Instruments (Schedule of Fair Value for Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | $7.60 | $13.70 |
Derivative Liability, Fair Value, Gross Liability | 20.3 | 17 |
Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 51.3 | 60.1 |
Lines of Credit | 10 | 193.2 |
Exchangeable Notes | 72.7 | 72.7 |
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 | 51.3 | 60.1 |
Lines of Credit | 0 | ' |
Exchangeable Notes | 0 | 0 |
Zhenjiang term loan | ' | 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 |
Lines of Credit | 10 | ' |
Exchangeable Notes | 0 | 0 |
Zhenjiang term loan | ' | 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 |
Lines of Credit | 0 | ' |
Exchangeable Notes | 72.7 | 72.7 |
Zhenjiang term loan | ' | 193.2 |
Recurring Basis | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 7.6 | 13.7 |
Derivative Liability, Fair Value, Gross Liability | 20.3 | 17 |
Derivative, Fair Value, Net | -12.7 | -3.3 |
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] | ' | ' |
Fair value | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative, Fair Value, Net | 0 | 0 |
Recurring Basis | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 7.6 | 13.7 |
Derivative Liability, Fair Value, Gross Liability | 20.3 | 17 |
Derivative, Fair Value, Net | -12.7 | -3.3 |
Recurring Basis | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative, Fair Value, Net | 0 | 0 |
7 5/8% Senior Notes | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 516.2 | 530 |
7 5/8% Senior Notes | 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 | 516.2 | 530 |
7 5/8% Senior Notes | 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 | 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 | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 515 | 531.3 |
7 7/8% Senior Notes | 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 | 515 | 531.3 |
7 7/8% Senior Notes | 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 | 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 | Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 191.8 | ' |
Zhenjiang term loans | 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 | 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 | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 191.8 | ' |
Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 51.3 | 60.1 |
Lines of Credit | 10 | 0 |
Exchangeable Notes | 72.7 | 72.7 |
Fair Value | 7 5/8% Senior Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 516.2 | 530 |
Fair Value | 7 7/8% Senior Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 515 | 531.3 |
Fair Value | Zhenjiang term loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | 191.8 | 193.2 |
Carrying Amount | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 51.3 | 60.1 |
Lines of Credit | 10 | 0 |
Exchangeable Notes | 44.2 | 44.2 |
Carrying Amount | 7 5/8% Senior Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 494.5 | 494.1 |
Carrying Amount | 7 7/8% Senior Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 492.8 | 492.5 |
Carrying Amount | Zhenjiang term loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Zhenjiang term loan | $190.80 | $192.20 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $51.30 | $60.10 | $439.30 | $592.90 |
Accounts receivable, net | 460.1 | 376.9 | ' | ' |
Inventories | 693.7 | 683.4 | ' | ' |
Deferred income taxes | 7.1 | 7.1 | ' | ' |
Prepaid expense and other assets, current | 28.6 | 31.5 | ' | ' |
Due from Affiliate, Current | 0 | 0 | ' | ' |
Total Current Assets | 1,240.80 | 1,159 | ' | ' |
Property, plant and equipment, net | 1,144.50 | 1,157.70 | ' | ' |
Intangible assets, net | 43 | 43.5 | ' | ' |
Deferred income taxes | 45.2 | 45.2 | ' | ' |
Other long-term assets | 65.9 | 67.5 | ' | ' |
Due from Affiliate, Noncurrent | 0 | 0 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 0 | 0 | ' | ' |
Total Assets | 2,539.40 | 2,472.90 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 381.3 | 303.2 | ' | ' |
Accrued liabilities | 197.2 | 200.9 | ' | ' |
Deferred income taxes | 3.9 | 3.9 | ' | ' |
Current portion of long-term debt | 10.1 | 8.3 | ' | ' |
Due to Affiliate, Current | 0 | 0 | ' | ' |
Total Current Liabilities | 592.5 | 516.3 | ' | ' |
Long-term debt | 1,238.20 | 1,229.10 | ' | ' |
Deferred income taxes | 4.8 | 4.4 | ' | ' |
Accrued pension benefits | 226.8 | 228.5 | ' | ' |
Accrued postretirement benefits | 40.7 | 40.9 | ' | ' |
Other long-term liabilities | 77.6 | 79.3 | ' | ' |
Due to Affiliate, Noncurrent | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 1,588.10 | 1,582.20 | ' | ' |
Redeemable noncontrolling interest | 5.6 | 5.7 | ' | ' |
Total Aleris Corporation Equity | 352.6 | 368.4 | ' | ' |
Noncontrolling interest | 0.6 | 0.3 | ' | ' |
Total Liabilities and Equity | 2,539.40 | 2,472.90 | ' | ' |
Aleris Corporation (Parent) | ' | ' | ' | ' |
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 | ' | ' |
Due from Affiliate, 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 | ' | ' |
Due from Affiliate, Noncurrent | 0 | 0 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 356.2 | 371.8 | ' | ' |
Total Assets | 356.2 | 371.8 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | 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 | ' | ' |
Due to Affiliate, Noncurrent | 3.6 | 3.4 | ' | ' |
Total Long-Term Liabilities | 3.6 | 3.4 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | 352.6 | 368.4 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | 356.2 | 371.8 | ' | ' |
Aleris International, Inc. | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 3.7 | 373.9 | 472.4 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expense and other assets, current | 0.5 | 0.5 | ' | ' |
Due from Affiliate, Current | 481.7 | 362.4 | ' | ' |
Total Current Assets | 482.2 | 366.6 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 11.4 | 12.3 | ' | ' |
Due from Affiliate, Noncurrent | 3.6 | 3.4 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 1,491 | 1,510.60 | ' | ' |
Total Assets | 1,988.20 | 1,892.90 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 2 | 0.4 | ' | ' |
Accrued liabilities | 21.3 | 21.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | 561.6 | 462.4 | ' | ' |
Total Current Liabilities | 584.9 | 484.5 | ' | ' |
Long-term debt | 1,041.50 | 1,030.90 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Accrued pension benefits | 0 | 0 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Due to Affiliate, Noncurrent | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 1,041.50 | 1,030.90 | ' | ' |
Redeemable noncontrolling interest | 5.6 | 5.7 | ' | ' |
Total Aleris Corporation Equity | 356.2 | 371.8 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | 1,988.20 | 1,892.90 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 149.7 | 125.7 | ' | ' |
Inventories | 263.6 | 245.1 | ' | ' |
Deferred income taxes | 0.2 | 0.2 | ' | ' |
Prepaid expense and other assets, current | 13.9 | 16.1 | ' | ' |
Due from Affiliate, Current | 463 | 378.3 | ' | ' |
Total Current Assets | 890.4 | 765.4 | ' | ' |
Property, plant and equipment, net | 370.9 | 377.8 | ' | ' |
Intangible assets, net | 27.1 | 27.6 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 4.2 | 3.3 | ' | ' |
Due from Affiliate, Noncurrent | 0 | 0 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 118.3 | 117.7 | ' | ' |
Total Assets | 1,410.90 | 1,291.80 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 147.2 | 117.1 | ' | ' |
Accrued liabilities | 65.2 | 67 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0.5 | 0.5 | ' | ' |
Due to Affiliate, Current | 488 | 371.7 | ' | ' |
Total Current Liabilities | 700.9 | 556.3 | ' | ' |
Long-term debt | 0.7 | 0.8 | ' | ' |
Deferred income taxes | 0.2 | 0.2 | ' | ' |
Accrued pension benefits | 31.5 | 33.8 | ' | ' |
Accrued postretirement benefits | 40.7 | 40.9 | ' | ' |
Other long-term liabilities | 32.8 | 32.7 | ' | ' |
Due to Affiliate, Noncurrent | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 105.9 | 108.4 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | 604.1 | 627.1 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | 1,410.90 | 1,291.80 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 51.4 | 58.9 | 67 | 121.6 |
Accounts receivable, net | 310.4 | 251.2 | ' | ' |
Inventories | 430.1 | 438.3 | ' | ' |
Deferred income taxes | 6.9 | 6.9 | ' | ' |
Prepaid expense and other assets, current | 14.2 | 14.9 | ' | ' |
Due from Affiliate, Current | 215.6 | 192.4 | ' | ' |
Total Current Assets | 1,028.60 | 962.6 | ' | ' |
Property, plant and equipment, net | 773.6 | 779.9 | ' | ' |
Intangible assets, net | 15.9 | 15.9 | ' | ' |
Deferred income taxes | 45.2 | 45.2 | ' | ' |
Other long-term assets | 50.3 | 51.9 | ' | ' |
Due from Affiliate, Noncurrent | 0 | 0 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | 0 | 0 | ' | ' |
Total Assets | 1,913.60 | 1,855.50 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | 232.2 | 188.2 | ' | ' |
Accrued liabilities | 110.7 | 112.2 | ' | ' |
Deferred income taxes | 3.9 | 3.9 | ' | ' |
Current portion of long-term debt | 9.6 | 7.8 | ' | ' |
Due to Affiliate, Current | 110.7 | 99 | ' | ' |
Total Current Liabilities | 467.1 | 411.1 | ' | ' |
Long-term debt | 196 | 197.4 | ' | ' |
Deferred income taxes | 4.6 | 4.2 | ' | ' |
Accrued pension benefits | 195.3 | 194.7 | ' | ' |
Accrued postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 44.8 | 46.6 | ' | ' |
Due to Affiliate, Noncurrent | 0 | 0 | ' | ' |
Total Long-Term Liabilities | 440.7 | 442.9 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | 1,005.20 | 1,001.20 | ' | ' |
Noncontrolling interest | 0.6 | 0.3 | ' | ' |
Total Liabilities and Equity | 1,913.60 | 1,855.50 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | -0.1 | -2.5 | -1.6 | -1.1 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expense and other assets, current | 0 | 0 | ' | ' |
Due from Affiliate, Current | -1,160.30 | -933.1 | ' | ' |
Total Current Assets | -1,160.40 | -935.6 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Due from Affiliate, Noncurrent | -3.6 | -3.4 | ' | ' |
Investments in subsidiaries/intercompany receivables, net | -1,965.50 | -2,000.10 | ' | ' |
Total Assets | -3,129.50 | -2,939.10 | ' | ' |
Current Liabilities | ' | ' | ' | ' |
Accounts payable | -0.1 | -2.5 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | -1,160.30 | -933.1 | ' | ' |
Total Current Liabilities | -1,160.40 | -935.6 | ' | ' |
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 | ' | ' |
Due to Affiliate, Noncurrent | -3.6 | -3.4 | ' | ' |
Total Long-Term Liabilities | -3.6 | -3.4 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Total Aleris Corporation Equity | -1,965.50 | -2,000.10 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total Liabilities and Equity | ($3,129.50) | ($2,939.10) | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Income Statement) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | $1,054.20 | $1,110.10 |
Cost of sales | 979.1 | 1,021.10 |
Gross profit | 75.1 | 89 |
Selling, general and administrative expenses | 61.9 | 61.6 |
Restructuring charges (gains) | 0.5 | 0.9 |
Losses (gains) on derivative financial instruments | -0.5 | -9.1 |
Other operating expense (income), net | 0.3 | -1.1 |
Operating (loss) income | 12.9 | 36.7 |
Interest expense, net | 26.3 | 21 |
Other (income) expense, net | -0.4 | -1.9 |
Equity in net loss (earnings) of affiliates | 0 | 0 |
(Loss) income before income taxes | -13 | 17.6 |
Provision for income taxes | 4.3 | 6.3 |
Net (loss) income | -17.3 | 11.3 |
Net income attributable to noncontrolling interest | 0.3 | 0.4 |
Net (loss) income attributable to Aleris Corporation | -17.6 | 10.9 |
Comprehensive (loss) income | -19.3 | -5.4 |
Comprehensive income attributable to noncontrolling interest | 0.3 | 0.4 |
Comprehensive (loss) income attributable to Aleris Corporation | -19.6 | -5.8 |
Aleris Corporation (Parent) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Restructuring charges (gains) | 0 | 0 |
Losses (gains) on derivative financial instruments | 0 | 0 |
Other operating expense (income), net | 0 | 0 |
Operating (loss) income | 0 | 0 |
Interest expense, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Equity in net loss (earnings) of affiliates | 17.6 | -10.9 |
(Loss) income before income taxes | -17.6 | 10.9 |
Provision for income taxes | 0 | 0 |
Net (loss) income | -17.6 | 10.9 |
Net income attributable to noncontrolling interest | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | -17.6 | 10.9 |
Comprehensive (loss) income | -19.6 | -5.8 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive (loss) income attributable to Aleris Corporation | -19.6 | -5.8 |
Aleris International, Inc. | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Restructuring charges (gains) | 0 | 0 |
Losses (gains) on derivative financial instruments | 0 | 0 |
Other operating expense (income), net | 0 | 0 |
Operating (loss) income | 0 | 0 |
Interest expense, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Equity in net loss (earnings) of affiliates | 17.6 | -10.9 |
(Loss) income before income taxes | -17.6 | 10.9 |
Provision for income taxes | 0 | 0 |
Net (loss) income | -17.6 | 10.9 |
Net income attributable to noncontrolling interest | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | -17.6 | 10.9 |
Comprehensive (loss) income | -19.6 | -5.8 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive (loss) income attributable to Aleris Corporation | -19.6 | -5.8 |
Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 439.7 | 507.9 |
Cost of sales | 416.9 | 475.4 |
Gross profit | 22.8 | 32.5 |
Selling, general and administrative expenses | 30.2 | 27.9 |
Restructuring charges (gains) | 0.7 | 1.2 |
Losses (gains) on derivative financial instruments | -3.7 | -8.5 |
Other operating expense (income), net | 0.5 | 0 |
Operating (loss) income | -4.9 | 11.9 |
Interest expense, net | 22.3 | 22.1 |
Other (income) expense, net | -3.7 | -0.8 |
Equity in net loss (earnings) of affiliates | -0.6 | -0.5 |
(Loss) income before income taxes | -22.9 | -8.9 |
Provision for income taxes | 0 | 0 |
Net (loss) income | -22.9 | -8.9 |
Net income attributable to noncontrolling interest | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | -22.9 | -8.9 |
Comprehensive (loss) income | -23 | -7.9 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive (loss) income attributable to Aleris Corporation | -23 | -7.9 |
Non-Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | 617.5 | 603.9 |
Cost of sales | 565.2 | 547.4 |
Gross profit | 52.3 | 56.5 |
Selling, general and administrative expenses | 31.7 | 33.7 |
Restructuring charges (gains) | -0.2 | -0.3 |
Losses (gains) on derivative financial instruments | 3.2 | -0.6 |
Other operating expense (income), net | -0.2 | -1.1 |
Operating (loss) income | 17.8 | 24.8 |
Interest expense, net | 4 | -1.1 |
Other (income) expense, net | 3.3 | -1.1 |
Equity in net loss (earnings) of affiliates | 0 | 0 |
(Loss) income before income taxes | 10.5 | 27 |
Provision for income taxes | 4.3 | 6.3 |
Net (loss) income | 6.2 | 20.7 |
Net income attributable to noncontrolling interest | 0.3 | 0.4 |
Net (loss) income attributable to Aleris Corporation | 5.9 | 20.3 |
Comprehensive (loss) income | 4.3 | 3.6 |
Comprehensive income attributable to noncontrolling interest | 0.3 | 0.4 |
Comprehensive (loss) income attributable to Aleris Corporation | 4 | 3.2 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Revenues | -3 | -1.7 |
Cost of sales | -3 | -1.7 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Restructuring charges (gains) | 0 | 0 |
Losses (gains) on derivative financial instruments | 0 | 0 |
Other operating expense (income), net | 0 | 0 |
Operating (loss) income | 0 | 0 |
Interest expense, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Equity in net loss (earnings) of affiliates | -34.6 | 22.3 |
(Loss) income before income taxes | 34.6 | -22.3 |
Provision for income taxes | 0 | 0 |
Net (loss) income | 34.6 | -22.3 |
Net income attributable to noncontrolling interest | 0 | 0 |
Net (loss) income attributable to Aleris Corporation | 34.6 | -22.3 |
Comprehensive (loss) income | 38.6 | 10.5 |
Comprehensive income attributable to noncontrolling interest | 0 | 0 |
Comprehensive (loss) income attributable to Aleris Corporation | $38.60 | $10.50 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Cash Flow Statement) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | $27.80 | ($55.60) |
Investing activities | ' | ' |
Payments for property, plant and equipment | -47.5 | -96.9 |
Disbursements of intercompany loans | 0 | 0 |
Repayments from intercompany loans | 0 | 0 |
Equity contributions in subsidiaries | ' | 0 |
Other | 0.5 | 1.6 |
Net cash used by investing activities | -47 | -95.3 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 40 | 0 |
Payments on the ABL facility | -30 | 0 |
Proceeds from the Zhenjiang term loans | 0 | 0.2 |
Net (payments on) proceeds from other long-term debt | 0.7 | 0.6 |
Proceeds from intercompany loans | 0 | 0 |
Repayments of intercompany loans | 0 | 0 |
Proceeds from intercompany equity contributions | ' | 0 |
Other | -0.3 | -2.3 |
Net cash (used) provided by financing activities | 10.4 | -1.5 |
Effect of exchange rate differences on cash and cash equivalents | 0 | -1.2 |
Net decrease in cash and cash equivalents | -8.8 | -153.6 |
Cash and cash equivalents at beginning of period | 60.1 | 592.9 |
Cash and cash equivalents at end of period | 51.3 | 439.3 |
Aleris Corporation (Parent) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 0.2 | 2 |
Investing activities | ' | ' |
Payments for property, plant and equipment | 0 | 0 |
Disbursements of intercompany loans | 0 | 0 |
Repayments from intercompany loans | 0 | 0 |
Equity contributions in subsidiaries | ' | 0 |
Other | 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 the Zhenjiang term loans | ' | 0 |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Proceeds from intercompany loans | 0 | 0 |
Repayments of intercompany loans | 0 | 0 |
Proceeds from intercompany equity contributions | ' | 0 |
Other | -0.2 | -2 |
Net cash (used) provided by financing activities | -0.2 | -2 |
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. | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | -18.6 | -38.2 |
Investing activities | ' | ' |
Payments for property, plant and equipment | 0 | 0 |
Disbursements of intercompany loans | -15 | 0 |
Repayments from intercompany loans | -5 | 0 |
Equity contributions in subsidiaries | ' | -60 |
Other | 0 | 0 |
Net cash used by investing activities | -10 | -60 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 25 | ' |
Payments on the ABL facility | -15 | ' |
Proceeds from the Zhenjiang term loans | ' | 0 |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Proceeds from intercompany loans | -15 | 0 |
Repayments of intercompany loans | 0 | 0 |
Proceeds from intercompany equity contributions | ' | 0 |
Other | -0.1 | -0.3 |
Net cash (used) provided by financing activities | 24.9 | -0.3 |
Effect of exchange rate differences on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | -3.7 | -98.5 |
Cash and cash equivalents at beginning of period | 3.7 | 472.4 |
Cash and cash equivalents at end of period | 0 | 373.9 |
Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 19.2 | 38.6 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -19 | -19.6 |
Disbursements of intercompany loans | -2.2 | -24.6 |
Repayments from intercompany loans | -2.5 | -5.5 |
Equity contributions in subsidiaries | ' | -3.1 |
Other | -0.3 | 0.1 |
Net cash used by investing activities | -19 | -41.7 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 0 | ' |
Payments on the ABL facility | 0 | ' |
Proceeds from the Zhenjiang term loans | ' | 0 |
Net (payments on) proceeds from other long-term debt | -0.2 | 0 |
Proceeds from intercompany loans | 0 | 0 |
Repayments of intercompany loans | 0 | 0 |
Proceeds from intercompany equity contributions | ' | 3.1 |
Other | 0 | 0 |
Net cash (used) provided by financing activities | -0.2 | 3.1 |
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 | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 24.6 | -57.5 |
Investing activities | ' | ' |
Payments for property, plant and equipment | -28.5 | -77.3 |
Disbursements of intercompany loans | -15 | 0 |
Repayments from intercompany loans | 0 | 0 |
Equity contributions in subsidiaries | ' | 0 |
Other | 0.8 | 1.5 |
Net cash used by investing activities | -42.7 | -75.8 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 15 | ' |
Payments on the ABL facility | -15 | ' |
Proceeds from the Zhenjiang term loans | ' | 0.2 |
Net (payments on) proceeds from other long-term debt | 0.9 | 0.6 |
Proceeds from intercompany loans | -17.2 | -24.6 |
Repayments of intercompany loans | -7.5 | -5.5 |
Proceeds from intercompany equity contributions | ' | 60 |
Other | 0 | 0 |
Net cash (used) provided by financing activities | 10.6 | 79.9 |
Effect of exchange rate differences on cash and cash equivalents | 0 | -1.2 |
Net decrease in cash and cash equivalents | -7.5 | -54.6 |
Cash and cash equivalents at beginning of period | 58.9 | 121.6 |
Cash and cash equivalents at end of period | 51.4 | 67 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 2.4 | -0.5 |
Investing activities | ' | ' |
Payments for property, plant and equipment | 0 | 0 |
Disbursements of intercompany loans | 32.2 | 24.6 |
Repayments from intercompany loans | 7.5 | 5.5 |
Equity contributions in subsidiaries | ' | 63.1 |
Other | 0 | 0 |
Net cash used by investing activities | 24.7 | 82.2 |
Financing activities | ' | ' |
Proceeds from the ABL facility | 0 | ' |
Payments on the ABL facility | 0 | ' |
Proceeds from the Zhenjiang term loans | ' | 0 |
Net (payments on) proceeds from other long-term debt | 0 | 0 |
Proceeds from intercompany loans | 32.2 | 24.6 |
Repayments of intercompany loans | 7.5 | 5.5 |
Proceeds from intercompany equity contributions | ' | -63.1 |
Other | 0 | 0 |
Net cash (used) provided by financing activities | -24.7 | -82.2 |
Effect of exchange rate differences on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 2.4 | -0.5 |
Cash and cash equivalents at beginning of period | -2.5 | -1.1 |
Cash and cash equivalents at end of period | ($0.10) | ($1.60) |
Subsequent_Events_Details
Subsequent Events (Details) (Nichols Aluminum, LLC, Subsequent Event, USD $) | Apr. 01, 2014 |
In Millions, unless otherwise specified | |
Nichols Aluminum, LLC | Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $110 |