Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CENTURY ALUMINUM CO | ' | ' |
Entity Central Index Key | '0000949157 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $477,000,000 |
Entity Common Stock, Shares Outstanding | ' | 88,716,587 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $84,088 | $183,976 | ||
Restricted cash | 1,697 | 258 | ||
Accounts receivable — net | 56,184 | 50,667 | ||
Due from affiliates | 43,587 | 37,870 | ||
Inventories | 239,615 | [1] | 159,925 | [1] |
Prepaid and other current assets | 32,276 | 34,975 | ||
Deferred taxes — current portion | 13,614 | 19,726 | ||
Total current assets | 471,061 | 487,397 | ||
Property, plant and equipment — net | 1,247,661 | 1,188,214 | ||
Other assets | 91,474 | 100,715 | ||
TOTAL | 1,810,196 | [2] | 1,776,326 | [2] |
LIABILITIES: | ' | ' | ||
Accounts payable, trade | 108,490 | 75,370 | ||
Due to affiliates | 53,582 | 39,737 | ||
Accrued and other current liabilities | 69,466 | 40,099 | ||
Accrued employee benefits costs | 8,410 | 18,683 | ||
Industrial revenue bonds | 7,815 | 7,815 | ||
Total current liabilities | 247,763 | 181,704 | ||
Senior notes payable | 246,528 | 250,582 | ||
Accrued pension benefits costs — less current portion | 39,848 | 67,878 | ||
Accrued postretirement benefits costs — less current portion | 129,284 | 143,105 | ||
Other liabilities | 37,743 | 40,162 | ||
Deferred taxes | 106,218 | 110,252 | ||
Total noncurrent liabilities | 559,621 | 611,979 | ||
COMMITMENTS AND CONTINGENCIES (NOTE 15) | ' | ' | ||
SHAREHOLDERS’ EQUITY: | ' | ' | ||
Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 79,620 outstanding at December 31, 2013; 160,000 issued and 80,283 outstanding at December 31, 2012) | 1 | 1 | ||
Common stock (one cent par value, 195,000,000 shares authorized; 93,496,798 issued and 88,710,277 outstanding at December 31, 2013; 93,335,158 issued and 88,548,637 outstanding at December 31, 2012) | 935 | 933 | ||
Additional paid-in capital | 2,508,574 | 2,507,454 | ||
Treasury stock, at cost | -49,924 | -49,924 | ||
Accumulated other comprehensive loss | -91,832 | -151,192 | ||
Accumulated deficit | -1,364,942 | -1,324,629 | ||
Total shareholders’ equity | 1,002,812 | 982,643 | ||
TOTAL | $1,810,196 | $1,776,326 | ||
[1] | The balance at December 31, 2013 includes inventory maintained at the recently acquired Sebree smelter. See Note 2 Acquisition of Sebree aluminum smelter for additional information about the Sebree acquisition. | |||
[2] | Segment assets include accounts receivable, due from affiliates, prepaid and other current assets, inventory, intangible assets and property, plant and equipment — net; the remaining assets are unallocated corporate assets. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Series A Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Series A Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series A Preferred stock, shares issued (in shares) | 160,000 | 160,000 |
Series A Preferred stock, shares outstanding (in shares) | 79,620 | 80,283 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 195,000,000 | 195,000,000 |
Common stock, shares issued (in shares) | 93,496,798 | 93,335,158 |
Common stock, shares outstanding (in shares) | 88,710,277 | 88,548,637 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
NET SALES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Third-party customers | ' | ' | ' | ' | ' | ' | ' | ' | $943,262 | $719,812 | $791,993 | |||||||
Related parties | ' | ' | ' | ' | ' | ' | ' | ' | 511,051 | 552,299 | 564,431 | |||||||
Sales Revenue – net | 401,174 | [1] | 399,928 | [2] | 331,937 | [3] | 321,274 | [4] | 317,667 | 304,635 | [5] | 323,619 | [6] | 326,190 | [7] | 1,454,313 | 1,272,111 | 1,356,424 |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,414,790 | 1,225,769 | 1,266,902 | |||||||
Gross profit | 15,285 | [1] | 12,354 | [2] | -5,698 | [3] | 17,582 | [4] | 16,543 | 3,250 | [5] | 5,957 | [6] | 20,592 | [7] | 39,523 | 46,342 | 89,522 |
Other operating expense (income) – net | ' | ' | ' | ' | ' | ' | ' | ' | 8,602 | 18,253 | -3,806 | |||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 67,477 | 35,363 | 46,032 | |||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -36,556 | -7,274 | 47,296 | |||||||
Interest expense – third party | ' | ' | ' | ' | ' | ' | ' | ' | -23,091 | -24,029 | -25,129 | |||||||
Interest income – third party | ' | ' | ' | ' | ' | ' | ' | ' | 728 | 492 | 338 | |||||||
Interest income – related parties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 62 | 303 | |||||||
Net gain (loss) on forward and derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 16,598 | -4,150 | 804 | |||||||
Gain on bargain purchase | ' | ' | 5,253 | ' | ' | ' | ' | ' | 5,253 | 0 | 0 | |||||||
Loss on early extinguishment of debt | ' | ' | 3,272 | ' | ' | ' | ' | ' | -3,272 | 0 | -763 | |||||||
Other income (expense) – net | ' | ' | ' | ' | ' | ' | ' | ' | 496 | 5,576 | -610 | |||||||
Income (loss) before income taxes and equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -39,844 | -29,323 | 22,239 | |||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,131 | -8,910 | -14,359 | |||||||
Income (loss) before equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -42,975 | -38,233 | 7,880 | |||||||
Equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 2,662 | 2,623 | 3,445 | |||||||
Net income (loss) | ($9,675) | [1] | ($9,507) | [2] | ($29,384) | [3] | $8,253 | [4] | ($6,909) | ($12,023) | [5] | ($12,277) | [6] | ($4,401) | [7] | ($40,313) | ($35,610) | $11,325 |
EARNINGS (LOSS) PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Basic and Diluted (in dollars per share) | ($0.11) | [1] | ($0.11) | [2] | ($0.33) | [3] | $0.09 | [4] | ($0.08) | ($0.14) | [5] | ($0.14) | [6] | ($0.05) | [7] | ($0.45) | ($0.40) | $0.11 |
[1] | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | |||||||||||||||||
[2] | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||
[3] | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | |||||||||||||||||
[4] | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | |||||||||||||||||
[5] | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||
[6] | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | |||||||||||||||||
[7] | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive income (loss): | ' | ' | ' |
Net income (loss) | ($40,313) | ($35,610) | $11,325 |
Other comprehensive income (loss) before income tax effect: | ' | ' | ' |
Net unrealized loss on financial instruments | 0 | -218 | -479 |
Net loss reclassified to income on financial instruments | 0 | 567 | 40 |
Net gain on foreign currency cash flow hedges reclassified as income | -186 | -186 | -186 |
Net gain (loss) arising during the period | 56,795 | -16,691 | -62,212 |
Amortization of prior service benefit during the period | -3,920 | -4,113 | -32,677 |
Amortization of net gain during the period | 8,174 | 9,837 | 16,926 |
Change in equity in investee other comprehensive income | 61 | -4,236 | -253 |
Other comprehensive income (loss) before income tax effect | 60,924 | -15,040 | -78,841 |
Income tax effect | -1,564 | -1,564 | -5,771 |
Other comprehensive income (loss) | 59,360 | -16,604 | -84,612 |
Total comprehensive income (loss) | $19,047 | ($52,214) | ($73,287) |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Preferred stock [Member] | Common stock [Member] | Additional paid-in capital [Member] | Treasury stock, at cost [Member] | Accumulated other comprehensive loss [Member] | Accumulated deficit [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2010 | $1,154,516 | $1 | $928 | $2,503,907 | $0 | ($49,976) | ($1,300,344) |
Net income (loss) | 11,325 | 0 | 0 | 0 | 0 | 0 | 11,325 |
Other comprehensive income (loss) | -84,612 | 0 | 0 | 0 | 0 | -84,612 | 0 |
Issuance of common stock – compensation plans | 83 | 0 | 2 | 81 | 0 | 0 | 0 |
Repurchase of common stock | -45,891 | 0 | 0 | 0 | -45,891 | 0 | 0 |
Share-based compensation expense | 2,856 | 0 | 0 | 2,856 | 0 | 0 | 0 |
Conversion of preferred stock to common stock | 0 | 0 | 2 | -2 | 0 | 0 | 0 |
Balance at Dec. 31, 2011 | 1,038,277 | 1 | 932 | 2,506,842 | -45,891 | -134,588 | -1,289,019 |
Net income (loss) | -35,610 | 0 | 0 | 0 | 0 | 0 | -35,610 |
Other comprehensive income (loss) | -16,604 | 0 | 0 | 0 | 0 | -16,604 | 0 |
Issuance of common stock – compensation plans | 0 | 0 | 1 | -1 | 0 | 0 | 0 |
Repurchase of common stock | -4,033 | 0 | 0 | 0 | -4,033 | 0 | 0 |
Share-based compensation expense | 613 | 0 | 0 | 613 | 0 | 0 | 0 |
Balance at Dec. 31, 2012 | 982,643 | 1 | 933 | 2,507,454 | -49,924 | -151,192 | -1,324,629 |
Net income (loss) | -40,313 | 0 | 0 | 0 | 0 | 0 | -40,313 |
Other comprehensive income (loss) | 59,360 | 0 | 0 | 0 | 0 | 59,360 | 0 |
Issuance of common stock – compensation plans | 44 | 0 | 1 | 43 | 0 | 0 | 0 |
Share-based compensation expense | 1,078 | 0 | 0 | 1,078 | 0 | 0 | 0 |
Conversion of preferred stock to common stock | 0 | 0 | 1 | -1 | 0 | 0 | 0 |
Balance at Dec. 31, 2013 | $1,002,812 | $1 | $935 | $2,508,574 | ($49,924) | ($91,832) | ($1,364,942) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | ($40,313) | ($35,610) | $11,325 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Unrealized net loss (gain) on forward contracts | -1,170 | 2,987 | -750 |
Gain on bargain purchase | -5,253 | 0 | 0 |
Unrealized gain on E.ON contingent obligation | -16,781 | 0 | 0 |
Accrued and other plant curtailment costs — net | 4,452 | 5,251 | -13,928 |
Lower of cost or market inventory adjustment | 1,247 | -19,818 | 19,766 |
Depreciation | 66,570 | 62,570 | 62,194 |
Sebree power contract amortization | -31,031 | 0 | 0 |
Debt discount amortization | 672 | 1,069 | 1,857 |
Pension and other postretirement benefits | 1,740 | 3,129 | -28,757 |
Stock-based compensation | 1,078 | 613 | 2,856 |
Loss on early extinguishment of debt | 3,272 | 0 | 763 |
Equity in earnings of joint ventures, net of dividends | 871 | -2,623 | -3,445 |
Change in operating assets and liabilities: | ' | ' | ' |
Accounts receivable — net | -6,001 | -2,537 | -3,744 |
Due from affiliates | -5,717 | 2,202 | 10,694 |
Inventories | -21,740 | 31,854 | -35,819 |
Prepaid and other current assets | 5,318 | 4,946 | -20,791 |
Accounts payable, trade | 25,224 | -12,114 | -904 |
Due to affiliates | 13,845 | -2,167 | -3,477 |
Accrued and other current liabilities | 5,834 | -5,746 | 425 |
Other — net | 17,601 | 3,133 | -1,201 |
Net cash provided by (used in) operating activities | 19,718 | 37,139 | -2,936 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property, plant and equipment | -46,533 | -17,677 | -20,100 |
Nordural expansion — Helguvik | -3,331 | -7,317 | -12,882 |
Purchase of carbon anode assets and improvements | -18,213 | -13,814 | 0 |
Purchase of Sebree smelter | -48,058 | 0 | 0 |
Investments in and advances to joint ventures | -125 | -275 | -113 |
Payments received from joint ventures | 0 | 6,622 | 3,056 |
Proceeds from sale of property, plant and equipment | 525 | 188 | 1,471 |
Restricted and other cash deposits | -1,439 | -258 | 3,673 |
Net cash used in investing activities | -117,174 | -32,531 | -24,895 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of debt | -249,604 | 0 | -47,067 |
Proceeds from issuance of debt | 246,330 | 0 | 0 |
Repayment of contingent obligation | 0 | 0 | -189 |
Borrowings under revolving credit facility | 22,725 | 18,076 | 15,900 |
Repayments under revolving credit facility | -16,725 | -18,076 | -15,900 |
Debt issuance costs | -3,994 | 0 | 0 |
Debt retirement costs | -1,208 | 0 | 0 |
Intercompany transactions | 0 | 0 | 0 |
Repurchase of common stock | 0 | -4,033 | -45,891 |
Issuance of common stock | 44 | 0 | 83 |
Net cash used in financing activities | -2,432 | -4,033 | -93,064 |
CHANGE IN CASH AND CASH EQUIVALENTS | -99,888 | 575 | -120,895 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 183,976 | 183,401 | 304,296 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $84,088 | $183,976 | $183,401 |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of significant accounting policies | ' | ||||||||||||
Summary of significant accounting policies | |||||||||||||
Organization and Basis of Presentation — Century Aluminum Company (“Century Aluminum,” “Century,” the “Company”, “we”, “us”, “our” or “ours”) is a holding company, whose principal subsidiaries are Century Kentucky, Inc., Nordural ehf (“Nordural”), Century Aluminum Sebree LLC (“Century Sebree”), Berkeley Aluminum, Inc. (“Berkeley”), and Century Aluminum of West Virginia, Inc. (“Century of West Virginia”). Century Kentucky, Inc. operates a primary aluminum reduction facility in Hawesville, Kentucky (“Hawesville”). Nordural Grundartangi ehf, a subsidiary of Nordural, operates a primary aluminum reduction facility in Grundartangi, Iceland (“Grundartangi”). Century Sebree operates a primary aluminum reduction facility in Robards, Kentucky (“Sebree”). Century of West Virginia owns a primary aluminum reduction facility in Ravenswood, West Virginia (“Ravenswood”). Berkeley holds a 49.7% interest in a partnership which operates a primary aluminum reduction facility in Mt. Holly, South Carolina (“Mt. Holly”) and a 49.7% undivided interest in the property, plant, and equipment comprising Mt. Holly. The remaining interest in the partnership and the remaining undivided interest in Mt. Holly's property, plant and equipment are owned by Alumax of South Carolina, Inc., a subsidiary of Alcoa Inc. (“Alcoa”). Alcoa manages and operates Mt. Holly pursuant to an Owners Agreement, prohibiting the disposal of the interest held by any of the owners without the consent of the other owners and providing for certain rights of first refusal. Pursuant to the Owners Agreement, each owner furnishes their own alumina, for conversion to aluminum, and is responsible for their pro rata share of the operating and conversion costs. We are constructing a primary aluminum facility in Helguvik, Iceland (“Helguvik” or the “Helguvik project”) which is owned and would be operated through Nordural Helguvik ehf., a subsidiary of Nordural. | |||||||||||||
In 2013, our wholly owned subsidiary, Century Sebree, acquired Sebree from a subsidiary of Rio Tinto Alcan, Inc. (“RTA”). | |||||||||||||
In 2012, our wholly owned subsidiary, Century Aluminum Vlissingen B.V. (“Century Vlissingen”) purchased substantially all of the idled assets of the former Zeeland Aluminum Company (“Zalco”) anode production facility located in Vlissingen, the Netherlands. Century Vlissingen restarted operations in late 2013. | |||||||||||||
We also own a 40% stake in Baise Haohai Carbon Co., Ltd. (“BHH”), a joint venture that owns and operates a carbon anode and cathode facility located in the Guangxi Zhuang Autonomous Region of south China. BHH supplies anodes to Grundartangi. | |||||||||||||
Prior to our initial public offering, we were an indirect, wholly-owned subsidiary of Glencore Xstrata plc (together with its subsidiaries, “Glencore”). At December 31, 2013, based on their filings with the Securities and Exchange Commission, Glencore beneficially owned 41.8% of Century’s outstanding common stock and all of our outstanding Series A Convertible Preferred stock. Through its ownership of our common and preferred stock, Glencore has an overall 46.6% economic ownership of Century. Century and Glencore enter into various transactions such as the purchase and sale of primary aluminum, purchase and sale of alumina, tolling agreements and certain forward financial contracts. | |||||||||||||
Principles of Consolidation — The consolidated financial statements include the accounts of Century Aluminum Company and our subsidiaries, after elimination of all intercompany transactions and accounts. Berkeley’s interest in the Mt. Holly partnership and our interest in the BHH joint venture are accounted for under the equity method. For BHH, we report our investment in its results of operations on a one-quarter lag. | |||||||||||||
Revenue recognition — Revenue is recognized when title and risk of loss pass to customers in accordance with contract terms. In some instances, we invoice our customers prior to physical shipment of goods. In such instances, revenue is recognized only when the customer has specifically requested such treatment and has made a commitment to purchase the product. The goods must be complete, ready for shipment and physically separated from other inventory with risk of ownership passing to the customer. We must retain no performance obligations and a delivery schedule must be obtained. | |||||||||||||
Cash and Cash Equivalents — Cash and cash equivalents are comprised of cash, money market funds and short-term investments having original maturities of three months or less. The carrying amount of cash equivalents approximates fair value. | |||||||||||||
Accounts Receivable — The accounts receivable are net of an allowance for uncollectible accounts of $734 and $734 at December 31, 2013 and 2012, respectively. | |||||||||||||
Inventories — Our inventories are stated at the lower of cost or market (“LCM”), using the first-in, first-out (“FIFO”) method. | |||||||||||||
Property, Plant and Equipment — Property, plant and equipment is stated at cost. Additions, renewals and improvements are capitalized. Asset and accumulated depreciation accounts are relieved for dispositions with resulting gains or losses included in other income (expense) — net. Maintenance and repairs are expensed as incurred. We capitalize interest for the construction of qualifying assets. Depreciation of plant and equipment is provided for by the straight-line method over the following estimated useful lives: | |||||||||||||
Building and improvements 14 to 45 years | |||||||||||||
Machinery and equipment 5 to 22 years | |||||||||||||
Impairment of long-lived assets — We review our property, plant and equipment for potential impairment whenever events or circumstances indicate that the carrying amount of these assets (asset group) may not be recoverable. The carrying amount of the assets (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets (asset group). In that case, an impairment loss would be recognized for the amount the carrying amount exceeds the fair value of the assets (asset group), with the fair value determined using the anticipated cash flows discounted at a rate commensurate with the risk involved. We estimate the future cash flows using management’s assumptions about the expected future use of the assets (asset group), the remaining useful life, expenditures to maintain the service potential, market and other cost assumptions. | |||||||||||||
Determination as to whether and how much an asset is impaired involves significant management judgment involving highly uncertain matters, including estimating the future sales volumes, future selling prices and cost, alternative uses for the asset, and estimated proceeds from the disposal of the asset. However, the impairment reviews and calculations are based on estimates and assumptions that take into account our business plans and long-term investment decisions at the time of such impairment reviews. We did not recognize any impairment losses on our long-lived fixed assets during 2013, 2012 or 2011. | |||||||||||||
Business Acquisitions — We account for business acquisitions by applying the acquisition method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations.” We allocate the purchase price to the assets acquired and liabilities assumed based on their estimated fair values on the date of the acquisition. The difference between the fair value of the net assets acquired and the purchase price is recorded as either goodwill or a bargain purchase gain. We record the operating results of our acquired businesses in our consolidated statements of operations from the date of acquisition. | |||||||||||||
Other Assets — Other assets consist primarily of Century’s investment in the Mt. Holly partnership, investments in joint ventures, deferred financing costs, assets held in a Rabbi trust to fund the non-qualified supplemental executive retirement benefits (“SERB”) pension benefit obligation, prepaid power costs, internal use software and operating maintenance supplies not expected to be consumed within the year. Our equity share of the undistributed earnings (loss) increases (decreases) the investment in the joint ventures. Deferred financing costs are amortized on a straight-line basis over the life of the related financial instrument. | |||||||||||||
We account for our interest in the Mt. Holly partnership using the equity method of accounting. Additionally, our undivided interest in certain property, plant and equipment of Mt. Holly is held outside of the partnership and the undivided interest in these assets of the facility is accounted for in accordance with the ASC 810-10-45-14 “Investor Balance Sheet and Income Statement Display under the Equity Method for Investments in Certain Partnerships and Other Ventures.” Accordingly, the undivided interest in these assets and the related depreciation are being accounted for on a proportionate gross basis. | |||||||||||||
Income Taxes — We account for income taxes using the asset and liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. Accordingly, we have a valuation allowance against all of our federal and state deferred tax assets. We have a valuation allowance against a portion of our Icelandic and all of our Hong Kong and Dutch net operating loss (“NOL”) deferred tax assets due to our belief that it is more likely than not that these assets will not be realized. During 2012, we removed our election to permanently reinvest foreign earnings. See Note 14 Income taxes for additional information. | |||||||||||||
Defined Benefit Pension and Other Postretirement Benefits — We sponsor defined benefit pension and other postretirement benefit (“OPEB”) plans for certain of our domestic hourly and salaried employees. We recognize expenses, assets and liabilities based on actuarial assumptions. We contribute to our defined benefit pension plans based upon actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements. In addition, we maintain the SERB plan for certain current and former executive officers. We account for these plans in accordance with ASC 715 “Compensation — Retirement Benefits.” We use a measurement date of December 31st to determine the pension and OPEB liabilities. | |||||||||||||
Postemployment Benefits — We provide certain postemployment benefits to certain former and inactive employees and their dependents during the period following employment, but before retirement. These benefits include salary continuance, supplemental unemployment and disability healthcare. We recognize the estimated future cost of providing postemployment benefits on an accrual basis over the active service life of the employee. | |||||||||||||
Derivatives and hedging — We routinely enter into fixed and market priced contracts for the sale of primary aluminum and the purchase of raw materials in future periods. We also enter into fixed price financial sales contracts and put option contracts to manage our exposure to changing primary aluminum prices. | |||||||||||||
Certain physical delivery and financial sales contracts for primary aluminum that are not designated cash flow hedges or do not qualify for cash flow hedge treatment are marked-to-market quarterly. Fluctuations in the London Metal Exchange (“LME”) price of primary aluminum may have a significant impact on gains and losses included in our financial statements from period to period. We recognize the unrealized and realized gains and losses associated with these contracts in net gain (loss) on forward and derivative contracts. | |||||||||||||
See Note 4 Fair value measurements and Note 5 Derivatives and hedging instruments for additional information about these contracts. | |||||||||||||
Foreign Currency – We are exposed to foreign currency risk due to fluctuations in the value of the U.S. dollar as compared to the euro, the Icelandic krona (“ISK”) and the Chinese yuan. Grundartangi and Century Vlissingen use the U.S. dollar as their functional currency, however a portion of the operating expenses of their respective facilities are denominated and payable in currencies other than the U.S. dollar. Grundartangi’s labor costs, part of its maintenance costs and other local services are denominated in ISK and a portion of its anode costs are denominated in euros. Labor costs, maintenance costs and other local services at Century Vlissingen are denominated in euros. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise and any transaction gains and losses are reflected in other income (expense) – net in the consolidated statements of operations. As a result, an increase or decrease in the value of those currencies relative to the U.S. dollar would affect Grundartangi’s and Century Vlissingen's operating margins. In addition, our joint venture investment in BHH uses the Chinese yuan as its functional currency. For our joint venture investments, we record gains and losses associated with foreign currency exchange rates in equity in earnings of joint ventures. | |||||||||||||
Financial Instruments — Our receivables, certain life insurance policies, payables, borrowings under our revolving credit facilities and debt related to industrial revenue bonds (“IRBs”) are carried at amounts that approximate fair value. The following table provides the carrying amounts and approximate fair value (based on the last available trading data) of our 7.5% senior secured notes due 2021 (the “7.5% Notes due 2021”), 7.5% senior unsecured notes due 2014 (the “7.5% Notes due 2014”) and our 8.0% senior secured notes due 2014 (the “8.0% Notes”). See Note 4 Fair value measurements for additional information about these financial instruments. | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Carrying amount | Fair value | Carrying amount | Fair value | ||||||||||
7.5% Notes due 2021 | $ | 246,528 | $ | 244,375 | $ | — | $ | — | |||||
7.5% Notes due 2014 | 2,603 | 2,487 | 2,603 | 2,479 | |||||||||
8% Notes | — | — | 247,979 | 255,706 | |||||||||
Earnings per share — Basic earnings (loss) per share (“EPS”) amounts are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive common shares outstanding. | |||||||||||||
Our Series A Convertible Preferred Stock has similar characteristics to a “participating security” as described by ASC 260 “Earnings per Share” and we calculate the amount of earnings (loss) available to common shareholders and basic EPS using the Two-Class Method earnings allocation formula, allocating undistributed income to our preferred shareholder consistent with their participation rights, and diluted EPS using the If-Converted Method when applicable. | |||||||||||||
Our Series A Convertible Preferred Stock is a non-cumulative perpetual participating convertible preferred stock with no set dividend preferences. The holders of our convertible preferred stock do not have a contractual obligation to share in our losses. In periods where we report net losses, we do not allocate these losses to the convertible preferred stock for the computation of basic or diluted EPS. | |||||||||||||
Asset Retirement Obligations — We are subject to environmental regulations which create certain legal obligations related to the normal operations of our domestic primary aluminum smelter operations. Our asset retirement obligations (“AROs”) consist primarily of costs associated with the disposal of spent pot liner used in the reduction cells of our domestic facilities. AROs are recorded on a discounted basis, at the time the obligation is incurred (when the pot liner is put in service) and accreted over time for the change in the present value of the liability. We capitalized the asset retirement costs by increasing the carrying amount of the related long-lived assets and depreciating these assets over their remaining useful lives. | |||||||||||||
Certain conditional asset retirement obligations (“CAROs”) related to the disposal costs of fixed assets at our primary aluminum facilities have not been recorded because they have an indeterminate settlement date. CAROs are a legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within our control. We would recognize a CARO in the period in which sufficient information exists to reasonably estimate the fair value of the liability. These CAROs relate to the remediation of our primary aluminum facilities for certain regulated assets and hazardous material, such as landfills and asbestos and various other materials. | |||||||||||||
Concentrations of Credit Risk — Financial instruments, which potentially expose us to concentrations of credit risk, consist principally of trade receivables. Our limited customer base increases our concentrations of credit risk with respect to trade receivables. We routinely assess the financial strength of our customers and collectability of our trade receivables. | |||||||||||||
Use of Estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Share-Based Compensation — We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We recognize the cost over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. | |||||||||||||
The grant-date fair value of employee share options and service-based share awards are estimated using the Black-Scholes option-pricing model adjusted for the unique characteristics of those instruments. Information about our assumptions used to determine the fair value of the grants is available in Note 12 Share-based compensation. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | |||||||||||||
We issue shares to satisfy the requirements of our share-based compensation plans. At this time, we do not plan to issue treasury shares to support our share-based compensation plans, but we may in the future. | |||||||||||||
Recently Issued Accounting Standards – We evaluate the impact of FASB accounting standards updates (“ASUs”) issued. When the adoption or planned adoption of recently issued ASUs will potentially have a material impact on our consolidated financial position, results of operations and cash flows, we disclose the quantitative and qualitative effects of the adoption in our consolidated financial statements. During 2013, no ASUs were issued that had or were expected to have a material impact on our financial position, results of operations or cash flows. |
Acquisition_of_Sebree_aluminum
Acquisition of Sebree aluminum smelter Acquisition of Sebree aluminum smelter (Notes) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Acquisition of Sebree aluminum smelter | ' | ||||||
Acquisition of Sebree aluminum smelter | |||||||
On June 1, 2013, Century Sebree acquired the Sebree aluminum smelter from a subsidiary of RTA. Sebree, located in Robards, Kentucky, has an annualized hot metal production capacity of 205,000 tonnes of primary aluminum and employs approximately 500 people. The purchase price for the acquisition was $61,000 (subject to customary working capital adjustments), of which we have paid approximately $48,000 as of December 31, 2013. The remaining portion of the purchase price, if any, will be paid following final determination of the applicable working capital adjustments. We are working with RTA to resolve our disagreement relating to the working capital amount in accordance with the procedures set forth in the purchase agreement. We expect the matter to be resolved by the second quarter of 2014. The final working capital amount may result in adjustments to the purchase price and change the gain on bargain purchase (which would be recorded as a modified retrospective adjustment to the 2013 consolidated financial statements). As part of the transaction, RTA retained all historical environmental liabilities of the Sebree smelter and funded the pension plan assumed by Century in accordance with the purchase agreement. | |||||||
Purchase Price Allocation | |||||||
Allocating the purchase price to the acquired assets and liabilities involves management judgment. We allocated the purchase price to the assets acquired, liabilities assumed, and the bargain gain in accordance with ASC 805 “Business Combinations.” Once it has been determined that recognition of an asset or liability in a business combination is appropriate, we measure the asset or liability at fair value in accordance with the principles of ASC 820 “Fair Value Measurements and Disclosures.” Fair value is 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 determination of the fair value of certain intangible assets and/or liabilities requires management judgment in each of the following areas: | |||||||
• | Identifying the acquired intangible assets or liabilities. In the case of the Sebree acquisition, we assumed a power contract liability as the contracted power price was in excess of current market prices. | ||||||
• | Estimating the fair value of the intangible assets and/or liabilities. We consider various approaches to value the acquired intangible assets and/or liabilities. These valuation approaches include the cost approach, which measures the value of an asset based on the cost to reproduce it or replace it with a like asset; the market approach, which values the asset through an analysis of sales and offerings of comparable assets; and the income approach, which measures the value of an asset (or liability) by measuring the present worth of the economic benefits (or costs) it is expected to produce. | ||||||
The allocation of the purchase price to the assets acquired and liabilities assumed is based on the estimated fair values at the date of acquisition. We have finalized the purchase price allocation for the assets acquired and liabilities assumed, but the final purchase price and gain on bargain purchase are preliminary and subject to change based on any working capital adjustments. | |||||||
Based on the purchase price allocation, we recorded a gain on bargain purchase of $5,253. In connection with the recognition of the bargain purchase gain and related net deferred tax liabilities, we partially released a valuation allowance associated with recorded deferred tax assets of $2,090. The gain on bargain purchase reflects the LME market and the risk associated with the power supply agreement for the facility at June 1, 2013. The measurement period adjustments to date include adjustments to the valuation of the pension liability, asset retirement obligations, certain inventory balances and related tax effects. | |||||||
The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date: | |||||||
Acquisition Date Estimated Fair Value as of December 31, 2013 | |||||||
Consideration: | |||||||
Cash | $ | 48,083 | |||||
Deferred purchase price | 1,910 | ||||||
Assets Acquired: | |||||||
Inventories | 59,018 | ||||||
Prepaid and other current assets | 2,273 | ||||||
Property, plant and equipment – net | 55,520 | ||||||
Total assets acquired | $ | 116,811 | |||||
Liabilities Assumed: | |||||||
Accrued and other current liabilities | $ | 43,316 | |||||
Accrued pension benefit costs | 996 | ||||||
Accrued post retirement benefit costs | 6,544 | ||||||
Other liabilities | 7,476 | ||||||
Deferred taxes | 3,233 | ||||||
Total liabilities assumed | $ | 61,565 | |||||
Gain on bargain purchase: | $ | 5,253 | |||||
From the acquisition date of June 1, 2013 through December 31, 2013, Sebree's revenue and net income included in the consolidated statements of operations is as follows: | |||||||
Year ended December 31, 2013 | |||||||
Sebree revenue | $ | 247,178 | |||||
Sebree net income (1) | 8,705 | ||||||
(1) Sebree net income includes a non-recurring gain on bargain purchase of $5,253 and a non-recurring credit for the amortization of the deferred power contract liability of $31,031. As part of the Sebree acquisition, we recorded a $36,625 liability for an unfavorable power contract we assumed. The fair value measurement of the power contract was based on the difference between the forecasted contract rate and estimated market power rates through the contract termination date in January 2014. We will amortize the power contract liability over the remaining period of the contract through January 31, 2014, resulting in a credit to our depreciation and amortization expense within cost of goods sold. The credit reflects the amortization under our ownership from June 1, 2013 through December 31, 2013. | |||||||
The following unaudited pro forma financial information for the years ended December 31, 2013 and December 31, 2012 reflects our results of continuing operations as if the acquisition of Sebree had been completed on January 1, 2012. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2012, nor is it indicative of the future consolidated results of operations or financial position of the combined companies. | |||||||
Year ended December 31, | |||||||
2013 | 2012 | ||||||
Pro forma revenues | $ | 1,662,707 | $ | 1,755,196 | |||
Pro forma loss from continuing operations | (83,035 | ) | (260,505 | ) | |||
Loss per common share, basic | (0.94 | ) | (2.94 | ) | |||
Loss per common share, diluted | (0.94 | ) | (2.94 | ) |
Asset_purchase
Asset purchase | 12 Months Ended |
Dec. 31, 2013 | |
Asset Acquisition [Abstract] | ' |
Asset purchase | ' |
Asset purchase | |
In June 2012, Century Vlissingen purchased substantially all of the assets of the Zalco anode production facility located in Vlissingen, the Netherlands for approximately $12,500. In connection with the purchase, we entered into a ground lease with respect to the facility that is renewable at our option. Century Vlissingen did not assume, and is indemnified by the seller against, historical liabilities of the facility. | |
Following the acquisition, we have undertaken a significant capital investment to modernize the facility, comply with environmental regulations and optimize anode production for our smelter in Grundartangi. Century Vlissingen restarted production in late 2013. The initial annual anode production capacity is expected to be 75,000 tonnes of capacity with an option to increase production capacity to 150,000 tonnes when we conclude it is feasible and advantageous to do so. |
Fair_value_measurements
Fair value measurements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair value measurements | ' | ||||||||||||
Fair value measurements | |||||||||||||
ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This pronouncement applies to a broad range of other existing accounting pronouncements that require or permit fair value measurements. ASC 820 defines fair value 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.” Fair value is an exit price and that exit price should reflect all the assumptions that market participants would use in pricing the asset or liability. | |||||||||||||
ASC 820 recognizes three valuation techniques: the market approach, income approach, and cost approach. Valuation techniques used for fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our internal market assumptions. These two types of inputs create the following fair value hierarchy: | |||||||||||||
• | Level 1 – Valuations are based on quoted prices for identical assets or liabilities in an active market. | ||||||||||||
• | Level 2 – Valuations are based on 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; and model-derived valuations for which all significant inputs are observable or can be corroborated by observable market data. | ||||||||||||
• | Level 3 – Assets or liabilities whose significant inputs are unobservable. Valuations are determined using pricing models and discounted cash flow models and include management judgment and estimation which may be significant. | ||||||||||||
Our fair value measurements include the consideration of market risks that other market participants might consider in pricing the particular asset or liability, specifically non-performance risk and counterparty credit risk. Considerations of the non-performance risk and counterparty credit risk are used to establish the appropriate risk-adjusted discount rates used in our fair value measurements. | |||||||||||||
The following section describes the valuation methodology used to measure our financial assets and liabilities that were accounted for at fair value. | |||||||||||||
Overview of Century’s valuation methodology | |||||||||||||
Level | Significant inputs | ||||||||||||
Cash equivalents | 1 | Quoted market prices | |||||||||||
Trust assets (1) | 1 | Quoted market prices | |||||||||||
Surety bonds | 1 | Quoted market prices | |||||||||||
E.ON contingent obligation | 3 | Quoted LME forward market, management’s estimates of the LME forward market prices for periods beyond the quoted periods and management’s estimate of future level of operations at CAKY | |||||||||||
Primary aluminum sales contract | 3 | Management’s estimates of future U.S. Midwest premium and risk-adjusted discount rates | |||||||||||
Midwest premium contracts | 3 | Management’s estimates of future U.S. Midwest premium | |||||||||||
-1 | Trust assets are currently invested in money market funds. These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers. The trust has sole authority to invest the funds in secure interest producing investments consisting of short-term securities issued or guaranteed by the United States government or cash and cash equivalents. | ||||||||||||
Fair Value Measurements | |||||||||||||
The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis by the level of input within the ASC 820 fair value hierarchy. As required by GAAP for fair value measurements and disclosures, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels. There were no transfers between Level 1 and 2 during the periods presented. There were no transfers into or out of Level 3 during the periods presented below. It is our policy to recognize transfers into and transfers out of Level 3 as of the actual date of the event or change in circumstances that caused the transfer. | |||||||||||||
Recurring Fair Value Measurements | As of December 31, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
ASSETS: | |||||||||||||
Cash equivalents | $ | 49,658 | $ | — | $ | — | $ | 49,658 | |||||
Trust assets | 11,151 | — | — | 11,151 | |||||||||
Surety bonds | 2,002 | — | — | 2,002 | |||||||||
Midwest premium contracts | — | — | 140 | 140 | |||||||||
TOTAL | $ | 62,811 | $ | — | $ | 140 | $ | 62,951 | |||||
LIABILITIES: | |||||||||||||
E.ON contingent obligation – net | $ | — | $ | — | $ | — | $ | — | |||||
Primary aluminum sales contract | — | — | 140 | 140 | |||||||||
TOTAL | $ | — | $ | — | $ | 140 | $ | 140 | |||||
Recurring Fair Value Measurements | As of December 31, 2012 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
ASSETS: | |||||||||||||
Cash equivalents | $ | 168,309 | $ | — | $ | — | $ | 168,309 | |||||
Trust assets | 14,254 | — | — | 14,254 | |||||||||
Surety bonds | 2,123 | — | — | 2,123 | |||||||||
TOTAL | $ | 184,686 | $ | — | $ | — | $ | 184,686 | |||||
LIABILITIES: | |||||||||||||
E.ON contingent obligation – net | $ | — | $ | — | $ | 15,369 | $ | 15,369 | |||||
Primary aluminum sales contract | — | — | 1,170 | 1,170 | |||||||||
TOTAL | $ | — | $ | — | $ | 16,539 | $ | 16,539 | |||||
Change in Level 3 Fair Value Measurements during the years ended December 31, | |||||||||||||
Derivative liabilities/assets | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance, January 1, | $ | (16,539 | ) | $ | (14,760 | ) | |||||||
Total gain (loss) included in earnings | 16,539 | (1,684 | ) | ||||||||||
Settlements | — | (95 | ) | ||||||||||
Ending balance, December 31, | $ | — | $ | (16,539 | ) | ||||||||
Amount of gain (loss) included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, | $ | 16,539 | $ | (1,684 | ) | ||||||||
The net gain (loss) on our derivative assets and liabilities is recorded in our consolidated statements of operations under net gain (loss) on forward and derivative contracts. See Note 5 Derivative and hedging instruments for the location of our Level 3 derivative assets and liabilities within our consolidated balance sheets. | |||||||||||||
At December 31, 2013, the E.ON contingent obligation represented our primary Level 3 fair value measurement. The unobservable inputs associated with this fair value measurement consist of management’s estimates of the LME forward market prices for periods beyond the quoted periods and management’s estimate of future level of operations at CAKY. Based on management's estimates, the payment obligation triggers will not be met and we would not be obligated to make payment to E.ON. A change in our estimate of LME forward market prices or the future levels of operations at CAKY could impact the fair value measurement by changing our estimate of the timing and amount of repayments required under the obligation. At December 31, 2013, we believe that we will not have any payment obligation based on our selected inputs. Changes to the selected inputs would result in an increase in the estimated required repayments and a corresponding increase in the contingent obligation recorded. | |||||||||||||
Certain Financial Instruments | |||||||||||||
Certain of our financial instruments are reported at their carrying amount. The carrying value of certain life insurance policies is based on quotations provided by the insurance company and is considered a Level 3 fair value measurement. | |||||||||||||
We disclose the fair value measurements of our financial instruments which are reported at carrying amount. See Note 1 Summary of significant accounting policies for information about these financial instruments. The fair value of our 7.5% Notes due 2021, 7.5% Notes due 2014 and our 8.0% Notes was measured based on the latest available trading data as of the date presented. Although we use quoted market prices for identical debt instruments, the markets on which they trade are not considered active and are therefore considered Level 2 fair value measurements. |
Derivative_and_hedging_instrum
Derivative and hedging instruments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Derivative and hedging instruments | ' | |||||||
Derivative and hedging instruments | ||||||||
Derivatives. Our current derivative contracts include Midwest premium contracts, a primary aluminum sales contract and the E.ON contingent obligation. We measure the fair value of these contracts based on the quoted future market prices (if available) at the reporting date in their respective principal markets for all available periods. In some cases, we use discounted cash flows from these contracts using a risk-adjusted discount rate. See Note 4 Fair value measurements for the additional information about the fair value measurement of our derivative instruments. | ||||||||
Fair Value of Derivative Assets and Liabilities | ||||||||
December 31, | ||||||||
Balance sheet location | 2013 | 2012 | ||||||
DERIVATIVE ASSETS: | ||||||||
Midwest premium contracts | Prepaid and other current assets | $ | 140 | $ | — | |||
TOTAL | $ | 140 | $ | — | ||||
DERIVATIVE LIABILITIES: | ||||||||
E.ON contingent obligation - net (1) | Other liabilities | $ | — | $ | 15,369 | |||
Primary aluminum sales contract | Accrued and other current liabilities | 140 | 1,170 | |||||
TOTAL | $ | 140 | $ | 16,539 | ||||
-1 | See Note 6 Debt for additional information about the E.ON contingent obligation. | |||||||
As of December 31, 2013, an accumulated other comprehensive loss of $153 is expected to be reclassified to earnings over the next 12-month period. | ||||||||
Midwest premium contracts | ||||||||
We entered into a fixed-price forward contract that settles monthly from January 2014 to March 2014 based on the Midwest Premium price published in the Platts Metals Week for the applicable period. Unrealized gains (losses) based on forecasted U.S. Midwest premiums are recorded in net gain (loss) on forward and derivative contracts on the consolidated statement of operations. | ||||||||
Primary aluminum sales contract | ||||||||
We had a contract to sell to Glencore primary aluminum produced at Mt. Holly or Hawesville through December 31, 2013 (the “Glencore Metal Agreement”). The Glencore Metal Agreement is a physical delivery contract for primary aluminum with variable, LME-based pricing. Under the Glencore Metal Agreement, pricing is based on market prices, adjusted by a negotiated U.S. Midwest premium with a cap and a floor as applied to the current U.S. Midwest premium. We account for the Glencore Metal Agreement as a derivative instrument under ASC 815. Gains and losses on the derivative are based on the difference between the contracted U.S. Midwest premium and actual and forecasted U.S. Midwest premiums. Settlements are recorded in related party sales. Unrealized gains (losses) based on forecasted U.S. Midwest premiums are recorded in net gain (loss) on forward and derivative contracts on the consolidated statements of operations. | ||||||||
Primary aluminum put option contracts | ||||||||
In 2012, we held primary aluminum put option contracts that settled monthly based on LME prices. The option contract volumes accounted for a portion of our domestic production, with a strike price around our domestic facilities’ average cash basis break-even price. These options were purchased to partially mitigate the risk of a future decline in aluminum prices. | ||||||||
Our counterparties included two non-related third parties and an affiliate of Glencore, a related party. We paid cash premiums to enter into the put option contracts and recorded an asset on the consolidated balance sheets. As of December 31, 2013, all primary aluminum put option contracts expired and we held no such contracts. | ||||||||
Derivatives not designated as hedging instruments: | ||||||||
Gain (loss) recognized in income from derivatives | ||||||||
Location | December 31, 2013 | December 31, 2012 | ||||||
E.ON contingent obligation - net | Net gain (loss) on forward and derivative contracts | $ | 16,781 | $ | — | |||
Primary aluminum sales contract | Related party sales | 1,353 | 1,309 | |||||
Midwest premium contracts | Net gain (loss) on forward and derivative contracts | 140 | — | |||||
Primary aluminum sales contract | Net gain (loss) on forward and derivative contracts | (323 | ) | (1,571 | ) | |||
E.ON contingent obligation - net | Interest expense – third party | (1,412 | ) | 1,411 | ||||
Primary aluminum put option contracts | Net gain (loss) on forward and derivative contracts | — | (2,725 | ) | ||||
Power contract | Net gain (loss) on forward and derivative contracts | — | 147 | |||||
We had the following outstanding forward contracts that were entered into that were not designated as hedging instruments: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Primary aluminum sales contract premium (tonnes) (1) | 1,782 | 20,400 | ||||||
Midwest premium contracts (tonnes) | 6,000 | — | ||||||
-1 | Represents the remaining physical deliveries under the Glencore Metal Agreement. | |||||||
Counterparty credit risk. Forward financial contracts are subject to counterparty credit risk. However, we only enter into forward financial contracts with counterparties we determine to be creditworthy at the time of entering into the contract. If any counterparty failed to perform according to the terms of the contract, the impact would be limited to the difference between the contract price and the market price applied to the contract volume on the date of settlement. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Debt classified as current liabilities: | ||||||||
Hancock County industrial revenue bonds (“IRBs”) due 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1) | $ | 7,815 | $ | 7,815 | ||||
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually (2) | 2,603 | — | ||||||
Iceland revolving credit facility (2)(3) | 6,000 | — | ||||||
Debt classified as non-current liabilities: | ||||||||
7.5% senior secured notes payable due June 1, 2021, net of debt discount of $3,472, interest payable semiannually | 246,528 | — | ||||||
8.0% senior secured notes payable due May 15, 2014, net of debt discount of $1,625, interest payable semiannually | — | 247,979 | ||||||
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually | — | 2,603 | ||||||
E.ON contingent obligation, principal and accrued interest, contingently payable monthly, annual interest rate of 10.94% (4) | — | 15,369 | ||||||
Total | $ | 262,946 | $ | 273,766 | ||||
-1 | The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at December 31, 2013 was 0.25%. | |||||||
-2 | These items are recorded in Accrued and other current liabilities. | |||||||
-3 | Borrowings under the Iceland revolving credit facility bear variable interest based on LIBOR plus the applicable margin per annum. The interest rate at December 31, 2013 was 3.92%. | |||||||
-4 | E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information. | |||||||
U.S. Revolving Credit Facility | ||||||||
General. We and certain of our direct and indirect domestic subsidiaries (together with Century, the “Borrowers”) and Wells Fargo Capital Finance, LLC, as lender and agent, and Credit Suisse AG, BNP Paribas and Morgan Stanley Senior Funding Inc., as lenders, entered into the Amended and Restated Loan and Security Agreement (the “U.S. revolving credit facility”), dated May 24, 2013, as amended, modifying the credit facility signed July 1, 2010. The U.S. revolving credit facility has a term through May 24, 2018 and provides for borrowings of up to $150,000 in the aggregate, including up to $80,000 under a letter of credit sub-facility. Any letters of credit issued and outstanding under the U.S. revolving credit facility reduce our borrowing availability on a dollar-for-dollar basis. As of December 31, 2013, we had no outstanding borrowings under the U.S. revolving credit facility, although the Borrowers may in the future use the U.S. revolving credit facility to repay existing indebtedness, to issue standby or commercial letters of credit, to finance capital expenditures and for ongoing working capital needs and other general corporate purposes. As of December 31, 2013, the borrowing availability, net of $70,545 for outstanding letters of credit, was approximately $68,081 under the U.S. revolving credit facility. | ||||||||
Borrowing Base. The availability of funds under the U.S. revolving credit facility is limited by a specified borrowing base consisting of accounts receivable and inventory of the Borrowers which meet the eligibility criteria. | ||||||||
Guaranty. The Borrowers' obligations under the U.S. revolving credit facility are guaranteed by certain of our domestic subsidiaries and secured by a continuing lien upon and a security interest in all of the Borrowers' accounts receivable, inventory and certain bank accounts. Each Borrower is liable for any and all obligations under the U.S. revolving credit facility on a joint and several basis. | ||||||||
Interest Rates and Fees. Any amounts outstanding under the U.S. revolving credit facility will bear interest, at our option, at LIBOR or a base rate, plus, in each case, an applicable interest margin. The applicable interest margin is determined based on the average daily availability for the immediately preceding quarter. In addition, we pay an unused line fee on undrawn amounts, less the amount of our letters of credit exposure. | ||||||||
For standby letters of credit, we are required to pay a fee on the face amount of such letters of credit that varies depending on whether the letter of credit exposure is cash collateralized. | ||||||||
Maturity. The U.S. revolving credit facility will mature on May 24, 2018. | ||||||||
Prepayments. We can make prepayments of amounts outstanding under the U.S. revolving credit facility, in whole or in part, without premium or penalty, subject to standard LIBOR breakage costs, if applicable. We may be required to apply the proceeds from sales of collateral accounts, other than sales of inventory in the ordinary course of business, to repay amounts outstanding under the revolving credit facility and correspondingly reduce the commitments there under. | ||||||||
Covenants. The U.S. revolving credit facility contains customary covenants, including restrictions on mergers and acquisitions, indebtedness, affiliate transactions, liens, dividends and distributions, dispositions of collateral, investments and prepayments of indebtedness, as well as a covenant that requires the Borrowers to maintain certain minimum liquidity or availability requirements. | ||||||||
Events of Default. The U.S. revolving credit facility also includes customary events of default, including nonpayment, misrepresentation, breach of covenant, bankruptcy, change of ownership, certain judgments and certain cross defaults. Upon the occurrence of an event of default, commitments under the U.S. revolving credit facility may be terminated and amounts outstanding may be accelerated and declared immediately due and payable. | ||||||||
Iceland Revolving Credit Facility | ||||||||
General. Nordural Grundartangi ehf, as borrower, and Landsbankinn hf., as lender, entered into a three-year $50,000 Committed Revolving Credit Facility agreement (the “Iceland revolving credit facility”), dated November 27, 2013. As of December 31, 2013, we had $6,000 outstanding borrowings under the Iceland revolving credit facility. Grundartangi may in the future use the Iceland revolving credit facility to repay existing indebtedness or to finance capital expenditures and for ongoing working capital needs and other general corporate purposes. Under the terms of the Iceland revolving credit facility, when Grundartangi borrows funds it will designate a repayment date, which may be any date prior to the maturity of the Iceland revolving credit facility. As of December 31, 2013, the borrowing availability was approximately $44,000 under the Iceland revolving credit facility. | ||||||||
Borrowing Base. The availability of funds under the Iceland revolving credit facility is limited by a specified borrowing base consisting of inventory and accounts receivable of Grundartangi. | ||||||||
Security. Grundartangi's obligations under the Iceland revolving credit facility are secured by a general bond under which Grundartangi's inventory and accounts receivable are pledged to secure full payment of the loan. | ||||||||
Interest Rates and Fees. Any amounts outstanding under the Iceland revolving credit facility will bear interest at LIBOR plus the margin per annum. | ||||||||
Maturity. The Iceland revolving credit facility will mature on November 27, 2016. | ||||||||
Prepayments. Grundartangi may, by giving no less than five business days prior written notice to Landsbankinn, prepay any outstanding borrowings without penalty or premium (except incurred breakage costs) in whole or in part. | ||||||||
Covenants. The Iceland revolving credit facility contains customary covenants, including restrictions on mergers and acquisitions, dispositions of assets, compliance with permits, laws and payment of taxes, as well as a covenant that requires Grundartangi to maintain a certain minimum equity ratio. | ||||||||
Events of Default. The Iceland revolving credit facility also includes customary events of default, including nonpayment, loss of license, cessation of operations, unlawfulness, breach of covenant, bankruptcy, change of ownership, certain judgments and certain cross defaults. Upon the occurrence of an event of default, commitments under the Iceland revolving credit facility may be terminated and amounts outstanding may be accelerated and declared immediately due and payable. | ||||||||
8% Notes Tender Offer, Consent Solicitation and Redemption | ||||||||
In May 2013, we commenced a tender offer and consent solicitation (the “Tender Offer”) to the holders of our then outstanding 8% Senior Secured Notes due 2014 (the “8.0% Notes”). Investors electing to participate in the Tender Offer consented to certain amendments and modifications to the indenture governing the 8.0% Notes to remove, among other things, most of the restrictive covenants, in exchange for which we paid these investors consent fees. | ||||||||
We received tenders and consents from holders of a majority of the outstanding principal amount of the 8.0% Notes. The remaining 8.0% Notes outstanding that had not participated in the Tender Offer were redeemed at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest (the “Redemption”). Together the Tender Offer and Redemption satisfied and discharged our obligations under the 8.0% Notes and the related indenture. We used the net proceeds from the issuance of the 7.5% Senior Secured Notes due 2021 (the “7.5% Notes due 2021”) and available cash on hand to fund the Tender Offer and the Redemption. As of December 31, 2013, we had no principal amounts outstanding on the 8% Notes. | ||||||||
In accordance with ASC 470 “Debt”, based on an evaluation of the characteristics of the 8.0% Notes and the 7.5% Notes due 2021 that were issued, we treated the tender and redemption of the 8.0% Notes as an extinguishment of the debt and accordingly, we recorded a loss on early extinguishment of debt in 2013. The loss on early extinguishment of debt consisted of the write-off of deferred financing costs and the debt discount associated with the 8.0% Notes, as well as the tender premium paid as part of the Tender Offer. | ||||||||
7.5% Notes due 2021 | ||||||||
General. On June 4, 2013, we issued $250,000 of our 7.5% Notes due 2021 in a private offering exempt from the registration requirements of the Securities Act. The 7.5% Notes due 2021 were issued at a discount and we received proceeds of $246,330, prior to payment of financing fees and related expenses. | ||||||||
Interest rate. The 7.5% Notes due 2021 bear interest at 7.5% per annum on the principal amount, payable semi-annually in arrears in cash on June 1st and December 1st of each year. | ||||||||
Maturity. The 7.5% Notes due 2021 mature on June 1, 2021. | ||||||||
Seniority. The 7.5% Notes due 2021 are senior secured obligations of Century, ranking equally in right of payment with all existing and future senior indebtedness of Century, but effectively senior to unsecured debt to the extent of the value of the collateral. | ||||||||
Guaranty. Our obligations under the 7.5% Notes due 2021 are guaranteed by all of our existing and future domestic restricted subsidiaries (the “Guarantor Subsidiaries”), except for foreign owned holding companies and any domestic restricted subsidiary that owns no assets other than equity interests or other investments in foreign subsidiaries, which guaranty shall in each case be a senior secured obligation of such Guarantor Subsidiaries, ranking equally in right of payment with all existing and future senior indebtedness of such Guarantor Subsidiaries but effectively senior to unsecured debt. | ||||||||
Collateral. Our obligations under the 7.5% Notes due 2021 and the Guarantor Subsidiaries' obligations under the guarantees are secured by a pledge of and lien on (subject to certain exceptions): | ||||||||
(i) | all of our and the Guarantor Subsidiaries' property, plant and equipment (other than certain excluded property, such as the assets of Berkeley Aluminum, Inc., the owner of our interest in our Mt. Holly facility); | |||||||
(i) | all equity interests in domestic subsidiaries directly owned by us and the Guarantor Subsidiaries and 65% of equity interests in foreign subsidiaries or foreign holding companies directly owned by us and the Guarantor Subsidiaries; | |||||||
(ii) | intercompany notes owed by any non-guarantor to us or any Guarantor Subsidiary to us; and | |||||||
(iii) | proceeds of the foregoing. | |||||||
Under certain circumstances, we may incur additional debt that also may be secured by liens on the collateral that are equal to or have priority over the liens securing the 7.5% Notes due 2021. | ||||||||
Redemption Rights. Prior to June 1, 2016, we may redeem the 7.5% Notes due 2021, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, and if redeemed during the twelve-month period beginning on June 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest: | ||||||||
Year | Percentage | |||||||
2016 | 105.62% | |||||||
2017 | 103.75% | |||||||
2018 | 101.88% | |||||||
2019 and thereafter | 100.00% | |||||||
Upon a change of control (as defined in the indenture governing the 7.5% Notes due 2021), we will be required to make an offer to purchase the 7.5% Notes due 2021 at a purchase price equal to 101% of the outstanding principal amount of the 7.5% Notes due 2021 on the date of the purchase, plus accrued interest to the date of purchase. | ||||||||
Covenants. The indenture governing the 7.5% Notes due 2021 contains customary covenants which may limit our ability, and the ability of certain of our subsidiaries, to: (i) incur additional debt; (ii) incur additional liens; (iii) pay dividends or make distributions in respect of capital stock; (iv) purchase or redeem capital stock; (v) make investments or certain other restricted payments; (vi) sell assets; (vii) issue or sell stock of certain subsidiaries; (viii) enter into transactions with shareholders or affiliates; and (ix) effect a consolidation or merger. | ||||||||
7.5% Notes due 2014 | ||||||||
General. In August 2004, we sold $250,000 of our 7.5% Notes due 2014 in a private offering exempt from the registration requirements of the Securities Act. The 7.5% Notes due 2014 were subsequently registered with the SEC in December 2004. | ||||||||
Exchange offer and consent solicitation. In 2010 and 2009, we completed a series of debt for debt exchange offers and consent solicitation relating to our 7.5% Notes (the “7.5% Notes Exchange Offer”) in which we issued our 8.0% Notes in exchange for our 7.5% Notes due 2014. In addition, certain investors consented to certain amendments and modifications to the indenture governing the 7.5% Notes due 2014 to remove, among other things, most of the restrictive covenants, in exchange for which we paid these investors consent fees. As of December 31, 2013, we had $2,603 of aggregate principal amount outstanding of the 7.5% Notes due 2014. | ||||||||
Interest rate. The 7.5% Notes due 2014 bear interest at 7.5% per annum on the principal amount, payable semi-annually in arrears in cash on February 15 and August 15 of each year. | ||||||||
Maturity. The 7.5% Notes due 2014 mature on August 15, 2014. | ||||||||
Seniority. The 7.5% Notes due 2014 are senior unsecured obligations and rank, in right of payment, the same as all of our existing and future senior unsecured debt. | ||||||||
Guaranty. Our obligations under the 7.5% Notes due 2014 are guaranteed by all of our existing and future domestic restricted subsidiaries. | ||||||||
Redemption Rights. We may redeem the 7.5% Notes due 2014, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest. | ||||||||
Upon a “change of control” (as defined in the indenture governing the 7.5% Notes due 2014), we will be required to make an offer to purchase the 7.5% Notes due 2014 at a purchase price equal to 101% of the outstanding principal amount of the 7.5% Notes due 2014 on the date of the purchase, plus accrued interest to the date of purchase. | ||||||||
E.ON contingent obligation | ||||||||
General. The E.ON contingent obligation consists of the aggregate E.ON payments made to Big Rivers Electric Corporation (“Big Rivers”) on CAKY’s behalf in excess of the agreed upon base amount under the long-term cost-based power contract with Kenergy, a member cooperative of Big Rivers (the “Big Rivers Agreement”). Our obligation to make repayments is contingent upon certain operating criteria for Hawesville and the LME price of primary aluminum. When the conditions for repayment are met, and for so long as those conditions continue to be met, we will be obligated to make principal and interest payments, in up to 72 monthly payments. | ||||||||
Based on the LME forward market prices for primary aluminum at December 31, 2013 and management's estimate of the LME forward market for periods beyond the quoted periods, we recognized a derivative asset which offsets our contingent obligation. As a result, our net liability decreased and we recorded a gain of $16,781 in net gain (loss) on forward and derivative contracts for the year ended December 31, 2013. In addition, we believe that we will not have any payment obligations for the E.ON contingent obligation through the term of the agreement, which expires in 2028. However, future increases in the LME forward market may result in a partial or full derecognition of the derivative asset and a corresponding recognition of a loss. | ||||||||
Interest rate. Interest accrues at an annual rate equal to 10.94%. | ||||||||
Maturity. The term of the agreement is through December 31, 2028. | ||||||||
The following table provides information about the balance sheet location and gross amounts offset: | ||||||||
Offsetting of financial instruments and derivatives | ||||||||
Balance sheet location | 31-Dec-13 | 31-Dec-12 | ||||||
E.ON contingent obligation – principal | Other liabilities | $ | (12,902 | ) | $ | (12,902 | ) | |
E.ON contingent obligation – accrued interest | Other liabilities | (3,879 | ) | (2,467 | ) | |||
E.ON contingent obligation – derivative asset | Other liabilities | 16,781 | — | |||||
$ | — | $ | (15,369 | ) | ||||
Industrial Revenue Bonds | ||||||||
General. As part of the purchase price for our acquisition of the Hawesville facility, we assumed industrial revenue bonds which were issued in connection with the financing of certain solid waste disposal facilities constructed at the Hawesville facility. | ||||||||
Interest rate. The IRBs bear interest at a variable rate not to exceed 12% per annum determined weekly based upon prevailing rates for similar bonds in the industrial revenue bond market. Interest on the industrial revenue bonds is paid quarterly. | ||||||||
Maturity. The industrial revenue bonds mature on April 1, 2028. | ||||||||
Security. The industrial revenue bonds are secured by a letter of credit issued under our revolving credit facility. | ||||||||
Principal Payments on Long Term Debt | ||||||||
Principal payments on our long term debt maturing in the next five years, excluding contingent obligations, are as follows: | ||||||||
2014 | ||||||||
7.5% Notes due 2014 | $ | 2,603 | ||||||
Iceland revolving credit facility | 6,000 | |||||||
Total | $ | 8,603 | ||||||
Shareholders_equity
Shareholders' equity | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Stockholders' Equity Note [Abstract] | ' | ||||||
Shareholders' equity | ' | ||||||
Shareholders' equity | |||||||
Common Stock | |||||||
Under our Restated Certificate of Incorporation, our Board of Directors is authorized to issue up to 195,000,000 shares of our common stock. | |||||||
The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock which are currently outstanding, including our Series A Convertible Preferred Stock, or which we may designate and issue in the future. | |||||||
Stock Repurchase Program | |||||||
In August 2011, our Board of Directors approved a stock repurchase program. Under the program, we may repurchase up to $60,000 of our outstanding shares of common stock from time to time on the open market at prevailing market prices, in block trades or otherwise. The timing and amount of any shares repurchased is determined by our management based on its evaluation of market conditions, the trading price of the stock and other factors. The repurchase program may be suspended or discontinued at any time. | |||||||
Shares of common stock repurchased are recorded at cost as treasury stock and result in a reduction of shareholders’ equity in the consolidated balance sheets. From time to time, treasury shares may be reissued as contributions to our employee benefit plans and for the conversion of convertible preferred stock. When shares are reissued, we use an average cost method for determining cost. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital. | |||||||
From August 11, 2011 through December 31, 2013, we repurchased 4,786,521 shares of common stock for an aggregate purchase price of $49,924. We had approximately $10,076 remaining under the repurchase program authorization as of December 31, 2013. | |||||||
Preferred Stock | |||||||
Under our Restated Certificate of Incorporation, our Board of Directors is authorized to issue up to 5,000,000 shares of preferred stock. Our Board of Directors may issue preferred stock in one or more series and determine for each series the dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences, sinking fund terms and the number of shares constituting that series, as well as the designation thereof. Depending upon the terms of preferred stock established by our Board of Directors, any or all of the preferred stock could have preference over the common stock with respect to dividends and other distributions and upon the liquidation of Century. In addition, issuance of any shares of preferred stock with voting powers may dilute the voting power of the outstanding common stock. | |||||||
Series A Convertible Preferred Stock | |||||||
Shares Authorized and Outstanding. In 2008, we issued 160,000 shares of our Series A Convertible Preferred Stock. Glencore holds all shares of the issued and outstanding Series A Convertible Preferred Stock. | |||||||
The issuance of common stock under our stock incentive programs, debt exchange transactions and any stock offering that excludes Glencore participation triggers anti-dilution provisions of the preferred stock agreement and results in the automatic conversion of Series A Convertible Preferred Stock shares into shares of common stock. Our Series A Convertible Preferred Stock has a par value of $0.01 per share. | |||||||
See Common and Preferred Stock Activity table below for additional information about preferred stock conversions during 2013, 2012 and 2011: | |||||||
Common and Preferred Stock Activity: | Preferred stock | Common stock | |||||
(in shares) | Series A convertible | Treasury | Outstanding | ||||
Balance as of December 31, 2010 | 82,515 | — | 92,771,864 | ||||
Repurchase of common stock | — | 4,386,521 | (4,386,521 | ) | |||
Conversion of convertible preferred stock | (1,797 | ) | — | 179,692 | |||
Issuance for share-based compensation plans | — | — | 279,292 | ||||
Balance as of December 31, 2011 | 80,718 | 4,386,521 | 88,844,327 | ||||
Repurchase of common stock | — | 400,000 | (400,000 | ) | |||
Conversion of convertible preferred stock | (435 | ) | — | 43,556 | |||
Issuance for share-based compensation plans | — | — | 60,754 | ||||
Balance as of December 31, 2012 | 80,283 | 4,786,521 | 88,548,637 | ||||
Conversion of convertible preferred stock | (663 | ) | — | 66,244 | |||
Issuance for share-based compensation plans | — | — | 95,396 | ||||
Balance as of December 31, 2013 | 79,620 | 4,786,521 | 88,710,277 | ||||
Dividend Rights. So long as any shares of our Series A Convertible Preferred Stock are outstanding, we may not pay or declare any dividend or make any distribution upon or in respect of our common stock or any other capital stock ranking on a parity with or junior to the Series A Convertible Preferred Stock in respect of dividends or liquidation preference, unless we, at the same time, declare and pay a dividend or distribution on the shares of Series A Convertible Preferred Stock (a) in an amount equal to the amount such holders would receive if they were the holders of the number of shares of our common stock into which their shares of Series A Convertible Preferred Stock are convertible as of the record date fixed for such dividend or distribution, or (b) in the case of a dividend or distribution on other capital stock ranking on a parity with or junior to the Series A Convertible Preferred Stock in such amount and in such form as (based on the determination of holders of a majority of the Series A Convertible Preferred Stock) will preserve, without dilution, the economic position of the Series A Convertible Preferred Stock relative to such other capital stock. | |||||||
Voting Rights. The Series A Convertible Preferred Stock has no voting rights for the election of directors or on other matters where the shares of common stock have voting rights. However, we may not change the powers, preferences, or rights given to the Series A Convertible Preferred Stock, or authorize, create or issue any additional shares of Series A Convertible Preferred Stock without the affirmative vote of the holders of a majority of the shares of Series A Convertible Preferred Stock then outstanding (voting separately as a class). | |||||||
Liquidation Rights. Upon any liquidation, dissolution, or winding-up of Century, the holders of shares of Series A Convertible Preferred Stock are entitled to receive a preferential distribution of $0.01 per share out of the assets available for distribution. In addition, upon any liquidation, dissolution or winding-up of Century, if our assets are sufficient to make any distribution to the holders of the common stock, then the holders of shares of Series A Convertible Preferred Stock are also entitled to share ratably with the holders of common stock in the distribution of Century’s assets (as though the holders of Series A Convertible Preferred Stock were holders of that number of shares of common stock into which their shares of Series A Convertible Preferred Stock are convertible). However, the amount of any such distribution will be reduced by the amount of the preferential distribution received by the holders of the Series A Convertible Preferred Stock. | |||||||
Transfer Restrictions. Glencore is prohibited from transferring shares of Series A Convertible Preferred Stock to any party other than an affiliate who agrees to become bound by certain agreements associated with these shares. | |||||||
Automatic Conversion. The Series A Convertible Preferred Stock automatically converts, without any further act of Century or any holders of Series A Convertible Preferred Stock, into shares of common stock, at a conversion ratio of 100 shares of common stock for each share of Series A Convertible Preferred Stock, upon the occurrence of any of the following automatic conversion events: | |||||||
• | If we sell or issue shares of common stock or any other stock that votes generally with our common stock, or the occurrence of any other event, including a sale, transfer or other disposition of common stock by Glencore, as a result of which the percentage of voting stock held by Glencore decreases, an amount of Series A Convertible Preferred Stock will convert to common stock to restore Glencore to its previous ownership percentage; | ||||||
• | If shares of Series A Convertible Preferred Stock are transferred to an entity that is not an affiliate of Glencore, such shares of Series A Convertible Preferred Stock will convert to shares of our common stock, provided that such transfers may only be made pursuant to an effective registration statement; | ||||||
• | Upon a sale of Series A Convertible Preferred Stock by Glencore in a Rule 144 transaction in which the shares of Series A Convertible Preferred Stock and our common stock issuable upon the conversion thereof are not directed to any purchaser, such shares of Series A Convertible Preferred Stock sold will convert to shares of our common stock; and | ||||||
• | Immediately prior to and conditioned upon the consummation of a merger, reorganization or consolidation to which we are a party or a sale, abandonment, transfer, lease, license, mortgage, exchange or other disposition of all or substantially all of our property or assets, in one or a series of transactions where, in any such case, all of our common stock would be converted into the right to receive, or exchanged for, cash and/or securities, other than any transaction in which the Series A Convertible Preferred Stock will be redeemed. | ||||||
Optional Conversion. Glencore has the option to convert the Series A Convertible Preferred Stock in a tender offer or exchange offer, at the same conversion ratio as above, in which a majority of the outstanding shares of our common stock have been tendered by the holders thereof and not duly withdrawn at the expiration time of such tender or exchange offer, so long as the Series A Convertible Preferred Stock is tendered or exchanged in such offer. | |||||||
Stock Combinations – Adjustments. If, at any time while the Series A Convertible Preferred Stock is outstanding, Century combines outstanding common stock into a smaller number of shares, then the number of shares of common stock issuable on conversion of each share of Series A Convertible Preferred Stock will be decreased in proportion to such decrease in the aggregate number of shares of common stock outstanding. | |||||||
Redemptions or Repurchases of Common Stock. We may not redeem or repurchase our common stock unless we redeem or repurchase, or otherwise make a payment on, a pro rata number of shares of the Series A Convertible Preferred Stock. These restrictions do not apply to our open market repurchases or our repurchases pursuant to our employee benefit plans. | |||||||
Right of Redemption. The Series A Convertible Preferred Stock will be redeemed by Century if any of the following events occur (at a redemption price based on the trading price of our common stock prior to the announcement of such event) and Glencore votes its shares of our common stock in opposition to such events: | |||||||
• | We propose a merger, reorganization or consolidation, sale, abandonment, transfer, lease, license, mortgage, exchange or other disposition of all or substantially all of our property or assets where any of our common stock would be converted into the right to receive, or exchanged for, assets other than cash and/or securities traded on a national stock exchange or that are otherwise readily marketable, or | ||||||
• | We propose to dissolve and wind up operations and any assets, other than cash and/or securities traded on a national stock exchange or that are otherwise readily marketable, are to be distributed to the holders of our common stock. |
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory, Net [Abstract] | ' | ||||||
Inventories | ' | ||||||
Inventories | |||||||
Inventories, at December 31, consist of the following: | |||||||
2013 | 2012 | ||||||
Raw materials | $ | 69,776 | $ | 40,725 | |||
Work-in-process | 22,183 | 15,259 | |||||
Finished goods | 17,661 | 9,753 | |||||
Operating and other supplies | 129,995 | 94,188 | |||||
Inventories (1) | $ | 239,615 | $ | 159,925 | |||
-1 | The balance at December 31, 2013 includes inventory maintained at the recently acquired Sebree smelter. See Note 2 Acquisition of Sebree aluminum smelter for additional information about the Sebree acquisition. |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Property, plant and equipment | ' | ||||||
Property, plant and equipment | |||||||
Property, plant and equipment, at December 31, consist of the following: | |||||||
2013 | 2012 | ||||||
Land and improvements | $ | 16,021 | $ | 13,021 | |||
Buildings and improvements | 340,609 | 324,497 | |||||
Machinery and equipment | 1,464,532 | 1,404,928 | |||||
Construction in progress | 221,101 | 175,283 | |||||
2,042,263 | 1,917,729 | ||||||
Less accumulated depreciation | (794,602 | ) | (729,515 | ) | |||
Property, plant and equipment - net | $ | 1,247,661 | $ | 1,188,214 | |||
For the years ended December 31, 2013, 2012 and 2011, we recorded depreciation expense of $66,570, $62,570 and $62,194, respectively. | |||||||
At December 31, 2013 and 2012, the cost of property, plant and equipment includes $179,702 and $178,528, respectively, and accumulated depreciation includes $119,275 and $113,174, respectively, representing our undivided interest in the property, plant and equipment comprising Mt. Holly. |
Supplemental_financial_stateme
Supplemental financial statement info | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Additional financial information disclosures [Abstract] | ' | ||||||||||||
Supplemental financial statement info | ' | ||||||||||||
Supplemental financial statement information | |||||||||||||
Composition of certain balance sheet accounts at December 31: | |||||||||||||
Components of Prepaid and other current assets: | 2013 | 2012 | |||||||||||
Prepaid and other assets | $ | 15,051 | $ | 16,956 | |||||||||
Income/withholding tax receivable – current | 11,437 | 14,327 | |||||||||||
VAT receivable | 5,648 | 3,692 | |||||||||||
Derivative assets | 140 | — | |||||||||||
$ | 32,276 | $ | 34,975 | ||||||||||
Components of Other assets: | 2013 | 2012 | |||||||||||
Investment in BHH and other equity investments | $ | 35,767 | $ | 37,880 | |||||||||
Cash surrender value of life insurance and trust assets | 27,857 | 29,125 | |||||||||||
Maintenance and operating supplies – non-current | 17,827 | 17,844 | |||||||||||
Other assets | 10,023 | 15,866 | |||||||||||
$ | 91,474 | $ | 100,715 | ||||||||||
Components of Accrued and other current liabilities: | 2013 | 2012 | |||||||||||
Other accrued and current liabilities | $ | 30,901 | $ | 20,455 | |||||||||
Accrued severance pay | 11,438 | 1,009 | |||||||||||
Accrued vacation pay | 9,135 | 6,001 | |||||||||||
Income taxes payable | 6,198 | 8,146 | |||||||||||
Revolving credit facility | 6,000 | — | |||||||||||
Current portion of long-term debt | 2,603 | — | |||||||||||
Accrued bond interest | 1,636 | 2,560 | |||||||||||
Deferred tax liability – current | 1,555 | 1,928 | |||||||||||
$ | 69,466 | $ | 40,099 | ||||||||||
Components of Other liabilities: | 2013 | 2012 | |||||||||||
Asset retirement obligations – non-current | $ | 22,884 | $ | 14,775 | |||||||||
Other liabilities | 7,576 | 2,781 | |||||||||||
Accrued workers’ compensation cost – non-current | 7,283 | 7,237 | |||||||||||
E.ON contingent liability and accrued interest | — | 15,369 | |||||||||||
$ | 37,743 | $ | 40,162 | ||||||||||
Components of Accumulated Other Comprehensive Loss: | 2013 | 2012 | |||||||||||
Defined benefit plan liabilities | $ | (92,177 | ) | $ | (153,225 | ) | |||||||
Equity in investee other comprehensive income (1) | (12,650 | ) | (12,712 | ) | |||||||||
Unrealized loss on financial instruments | (1,064 | ) | (878 | ) | |||||||||
Other comprehensive loss before income tax effect | (105,891 | ) | (166,815 | ) | |||||||||
Income tax effect (2) | 14,059 | 15,623 | |||||||||||
Accumulated other comprehensive loss | $ | (91,832 | ) | $ | (151,192 | ) | |||||||
-1 | The amount includes our equity in the other comprehensive income of Mt. Holly. | ||||||||||||
-2 | The allocation of the income tax effect to the components of other comprehensive income is as follows: | ||||||||||||
2013 | 2012 | ||||||||||||
Defined benefit plan liabilities | $ | 14,256 | $ | 15,784 | |||||||||
Equity in investee other comprehensive income | 418 | 488 | |||||||||||
Unrealized loss on financial instruments | (615 | ) | (649 | ) | |||||||||
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss (“AOCI”): | |||||||||||||
Defined benefit plan and other postretirement liabilities | Equity in investee other comprehensive income | Unrealized loss on financial instruments | Total, net of tax | ||||||||||
Balance, December 31, 2010 | $ | (41,181 | ) | $ | (7,665 | ) | $ | (1,130 | ) | $ | (49,976 | ) | |
Other comprehensive income (loss) before reclassifications | (62,212 | ) | (253 | ) | (479 | ) | (62,944 | ) | |||||
Net amount reclassified to net loss | (21,555 | ) | — | (113 | ) | (21,668 | ) | ||||||
Balance, December 31, 2011 | (124,948 | ) | (7,918 | ) | (1,722 | ) | (134,588 | ) | |||||
Other comprehensive income (loss) before reclassifications | (16,691 | ) | (4,306 | ) | (218 | ) | (21,215 | ) | |||||
Net amount reclassified to net loss | 4,198 | — | 413 | 4,611 | |||||||||
Balance, December 31, 2012 | (137,441 | ) | (12,224 | ) | (1,527 | ) | (151,192 | ) | |||||
Other comprehensive income (loss) before reclassifications | 56,795 | (8 | ) | — | 56,787 | ||||||||
Net amount reclassified to net loss | 2,725 | — | (152 | ) | 2,573 | ||||||||
Balance, December 31, 2013 | $ | (77,921 | ) | $ | (12,232 | ) | $ | (1,679 | ) | $ | (91,832 | ) | |
Reclassifications out of AOCI were included in the consolidated statements of operations as follows: | |||||||||||||
Gains (Losses) Reclassified from AOCI to the Consolidated Statements of Operations | |||||||||||||
AOCI Components | Location | 2013 | 2012 | 2011 | |||||||||
Defined benefit plan and other postretirement liabilities | Cost of goods sold | $ | 3,264 | $ | 4,670 | $ | (16,326 | ) | |||||
Selling, general and administrative expenses | 990 | 1,055 | 575 | ||||||||||
Income tax expense | (1,529 | ) | (1,527 | ) | (5,804 | ) | |||||||
Net of tax | $ | 2,725 | $ | 4,198 | $ | (21,555 | ) | ||||||
Unrealized loss on financial instruments | Cost of goods sold | $ | (186 | ) | $ | 381 | $ | (146 | ) | ||||
Income tax expense | 34 | 32 | 33 | ||||||||||
Net of tax | $ | (152 | ) | $ | 413 | $ | (113 | ) | |||||
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||
Pension and other postretirement benefits disclosure | ' | ||||||||||||||||||||
Pension and other postretirement benefits | |||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||
We maintain noncontributory defined benefit pension plans for all of our domestic hourly and salaried employees. For the domestic salaried employees, plan benefits are based primarily on years of service and average compensation during the later years of employment. For hourly employees, plan benefits are based primarily on a formula that provides a specific benefit for each year of service. Our funding policy is to contribute amounts based upon actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements of the Employee Retirement Income Security Act 1974 (“ERISA”). Plan assets consist principally of U.S. and international equities and fixed income securities. In addition, we maintain the SERB plan for certain current and former executive officers. We account for these plans in accordance with ASC 715. We use a measurement date of December 31st to determine the pension and OPEB liabilities. | |||||||||||||||||||||
Employer contributions | |||||||||||||||||||||
In June 2011, it was determined a “change of control” occurred under the terms of our non-qualified SERB plan. As a result, we were required to make an approximately $16,700 contribution to a Rabbi trust to fully fund the non-qualified SERB benefit obligation. In addition, during the year ended December 31, 2013, we made contributions of approximately $11,130 to the qualified defined benefit plans we sponsor. | |||||||||||||||||||||
PBGC settlement | |||||||||||||||||||||
In April 2013, we entered into a settlement agreement with the Pension Benefit Guaranty Corporation (“PBGC”) regarding an alleged “cessation of operations” at our Ravenswood facility as a result of the curtailment of operations at the facility. While we do not believe that a “cessation of operations” has occurred, we reached an agreement with the PBGC to resolve the matter. Pursuant to the terms of the agreement, we will make additional contributions (above any minimum required contributions) to our defined benefit pension plans totaling approximately $17,400 over the term of the agreement, which runs through 2016. In 2013, we made the contributions pursuant to this agreement of approximately $6,700. Under certain circumstances, in periods of low primary aluminum prices relative to our operations, we may defer one or more of these payments, but we would be required to provide the PBGC with acceptable security for any deferred payments. | |||||||||||||||||||||
Other Postretirement Benefits (OPEB) | |||||||||||||||||||||
In addition to providing pension benefits, we provide certain healthcare and life insurance benefits for certain domestic retired employees. We account for these plans in accordance with ASC 715-60. ASC 715-60 requires companies to accrue the estimated cost of providing postretirement benefits during the working careers of those employees who could become eligible for such benefits when they retire. We fund these benefits as the retirees submit claims. | |||||||||||||||||||||
Retiree medical benefits changes | |||||||||||||||||||||
In 2012 and 2010, CAWV amended its postretirement medical benefit plan for all current and former salaried employees, their dependents and all bargaining unit employees who retired before October 1, 2012, and their dependents. Effective January 1, 2013, CAWV no longer provided retiree medical benefits to active salaried CAWV personnel or any other personnel who retired prior to October 1, 2012. CAWV has made no commitments as to the future status of retiree medical benefits for hourly personnel who are currently covered by an active medical program. For those retirees impacted by the changes and who have elected COBRA coverage, CAWV waived COBRA premiums through June 30, 2013. | |||||||||||||||||||||
The 2012 and 2010 plan amendments resulted in the immediate recognition of any unamortized prior service cost benefits that were accrued in accumulated other comprehensive loss as of the date of the amendments. | |||||||||||||||||||||
Under the Hawesville labor agreement, employees who retire during the term of the labor agreement have been divided into sub-groups based on attributes such as Medicare eligibility, hire date, age and years of service. Levels of benefits are defined for the sub-groups and range from no substantive change from the benefits provided under the previous labor agreement to replacement of the defined retiree medical benefit program with individual health reimbursement accounts for each eligible participant. The health reimbursement accounts will be funded by CAKY based on established rates per hour worked by each eligible participant. Eligible participants will be able to withdraw from their health reimbursement accounts to fund their own retiree medical coverage. | |||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||
The change in benefit obligations and change in plan assets as of December 31 are as follows: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 174,954 | $ | 164,565 | $ | 149,263 | $ | 134,289 | |||||||||||||
Service cost | 4,735 | 2,802 | 2,527 | 1,790 | |||||||||||||||||
Interest cost | 8,908 | 6,871 | 5,681 | 5,512 | |||||||||||||||||
Medicare Part D | — | — | — | 210 | |||||||||||||||||
Actuarial loss (gain) | (21,539 | ) | 8,611 | (24,170 | ) | 11,725 | |||||||||||||||
Acquisition | 82,988 | — | 6,544 | — | |||||||||||||||||
Benefits paid | (11,727 | ) | (7,895 | ) | (5,193 | ) | (4,263 | ) | |||||||||||||
Benefit obligation at end of year | $ | 238,319 | $ | 174,954 | $ | 134,652 | $ | 149,263 | |||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 96,234 | $ | 84,967 | $ | — | $ | — | |||||||||||||
Actual return on plan assets | 21,675 | 10,607 | — | — | |||||||||||||||||
Acquisition | 81,992 | — | — | — | |||||||||||||||||
Employer contributions | 11,130 | 8,555 | 5,193 | 4,263 | |||||||||||||||||
Benefits paid | (11,727 | ) | (7,895 | ) | (5,193 | ) | (4,263 | ) | |||||||||||||
Fair value of assets at end of year | $ | 199,304 | $ | 96,234 | $ | — | $ | — | |||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Funded status of plans: | |||||||||||||||||||||
Funded status | $ | (39,015 | ) | $ | (78,720 | ) | $ | (134,652 | ) | $ | (149,263 | ) | |||||||||
Amounts recognized in the Consolidated Balance Sheets | |||||||||||||||||||||
Non-current assets | $ | 2,547 | $ | — | $ | — | $ | — | |||||||||||||
Current liabilities | (1,714 | ) | (10,842 | ) | (5,368 | ) | (6,158 | ) | |||||||||||||
Non-current liabilities | (39,848 | ) | (67,878 | ) | (129,284 | ) | (143,105 | ) | |||||||||||||
Net amount recognized | $ | (39,015 | ) | $ | (78,720 | ) | $ | (134,652 | ) | $ | (149,263 | ) | |||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax): | |||||||||||||||||||||
Net loss | $ | 45,642 | $ | 81,417 | $ | 65,754 | $ | 94,947 | |||||||||||||
Prior service cost (benefit) | 376 | 472 | (19,595 | ) | (23,611 | ) | |||||||||||||||
$ | 46,018 | $ | 81,889 | $ | 46,159 | $ | 71,336 | ||||||||||||||
Our pension plans’ projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as of December 31 are as follows: | |||||||||||||||||||||
Projected Benefit Obligation | Accumulated Benefit Obligation | Fair Value of Plan assets | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Sebree hourly pension plan | $ | 80,369 | $ | — | $ | 80,369 | $ | — | $ | 82,916 | $ | — | |||||||||
CAWV hourly pension plan | 66,866 | 78,812 | 66,852 | 78,171 | 64,905 | 53,909 | |||||||||||||||
Salaried pension plan | 66,686 | 69,726 | 60,870 | 63,344 | 51,483 | 42,325 | |||||||||||||||
SERB plan | 24,398 | 26,416 | 23,369 | 25,096 | — | — | |||||||||||||||
Total | $ | 238,319 | $ | 174,954 | $ | 231,460 | $ | 166,611 | $ | 199,304 | $ | 96,234 | |||||||||
The assets held in the Rabbi trust are restricted to funding the SERB plan. However, the Rabbi trust is classified as a general asset of the company (not plan assets) and therefore, the SERB plan is considered unfunded. | |||||||||||||||||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive loss: | |||||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 4,735 | $ | 2,802 | $ | 3,133 | $ | 2,527 | $ | 1,790 | $ | 1,668 | |||||||||
Interest cost | 8,908 | 6,871 | 6,976 | 5,681 | 5,512 | 5,728 | |||||||||||||||
Expected return on plan assets | (10,592 | ) | (6,962 | ) | (6,631 | ) | — | — | — | ||||||||||||
Amortization of prior service costs | 113 | 137 | 137 | (3,995 | ) | (4,250 | ) | (32,814 | ) | ||||||||||||
Amortization of net loss | 3,152 | 3,642 | 1,863 | 5,022 | 6,195 | 15,063 | |||||||||||||||
Net periodic benefit cost | 6,316 | 6,490 | 5,478 | 9,235 | 9,247 | (10,355 | ) | ||||||||||||||
Special termination benefits | — | — | 1,147 | — | — | — | |||||||||||||||
Curtailment cost | (18 | ) | — | — | (20 | ) | — | — | |||||||||||||
Total net periodic benefit cost | $ | 6,298 | $ | 6,490 | $ | 6,625 | $ | 9,215 | $ | 9,247 | $ | (10,355 | ) | ||||||||
Other changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (pre-tax): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net loss (gain) | $ | (32,624 | ) | $ | 4,966 | $ | (24,171 | ) | $ | 11,725 | |||||||||||
Amortization of net loss | (3,152 | ) | (3,642 | ) | (5,022 | ) | (6,195 | ) | |||||||||||||
Amortization of prior service benefit (cost) | (95 | ) | (137 | ) | 4,015 | 4,250 | |||||||||||||||
Total amount recognized in other comprehensive loss | (35,871 | ) | 1,187 | (25,178 | ) | 9,780 | |||||||||||||||
Net periodic benefit cost | 6,298 | 6,490 | 9,215 | 9,247 | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (29,573 | ) | $ | 7,677 | $ | (15,963 | ) | $ | 19,027 | |||||||||||
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
Amortization of net loss | $ | 1,702 | $ | 3,511 | |||||||||||||||||
Amortization of prior service cost (benefit) | 116 | (3,993 | ) | ||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.89% | 4.00% | 4.99% | 3.98% | |||||||||||||||||
Rate of compensation increase (1) | 3%/4% | 3%/4% | 3%/4% | 3%/4% | |||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/13 | 12/31/12 | |||||||||||||||||
-1 | Rate of compensation increase assumption is 3% per year for first five years and then 4% per year for year six and thereafter. | ||||||||||||||||||||
Discount rate change in estimate | |||||||||||||||||||||
In 2012, we changed the approach that we use to determine the yield from the Citigroup Pension Liability Index to the Ryan Discount Rate Curve (the “Ryan Curve”). This change in the approach for determining our discount rate is considered a change in accounting estimate under ASC 250 “Accounting Changes and Error Corrections.” In 2012, the discount rates determined using the Ryan Curve were approximately 25 basis points higher than those determined using the Citigroup Pension Liability Index, which lowered the plan projected benefit obligations for our pension and OPEB plans by approximately $10,000 as a result. | |||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Measurement date | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/12 | 12/31/11 | 12/31/10 | |||||||||||||||
Fiscal year end | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/13 | 12/31/12 | 12/31/11 | |||||||||||||||
Discount rate | 4 | % | 4.25 | % | 5.49 | % | 4.01 | % | 3.83 | % | 5.23 | % | |||||||||
Rate of compensation increase (1) | 3%/4% | 3%/4% | 3%/3%/4% | 3%/4% | 3%/4% | 3%/3%/4% | |||||||||||||||
Expected return on plan assets | 7.25 | % | 8 | % | 8 | % | — | — | — | ||||||||||||
-1 | For 2013 and 2012, the rate of compensation increase is 3% per year for first five years and 4% per year for year six and thereafter. For 2011, the rate of compensation increase is for 3% per year for years 1 and 2 and 4% per year for year 3 and thereafter. | ||||||||||||||||||||
For measurement purposes, medical cost inflation is initially estimated to be 9%, declining to 5% over nine years and thereafter. | |||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care benefit obligations. A one-percentage-point change in the assumed health care cost trend rate would have had the following effects in 2013: | |||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||
Effect on total of service and interest cost | $ | 1,585 | $ | (1,256 | ) | ||||||||||||||||
Effect on accumulated postretirement benefit obligation | 19,465 | (16,095 | ) | ||||||||||||||||||
Century 401(k) Plans | |||||||||||||||||||||
We sponsor a tax-deferred savings plan under which eligible domestic employees may elect to contribute specified percentages of their compensation with Century. We match a portion of participants' contributions to the savings plan. Employee and matching contributions are considered fully vested immediately upon participation in the plan. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Company matching contribution to defined contribution (401(k)) plans | $ | 1,138 | $ | 748 | $ | 640 | |||||||||||||||
Benefit Plan Assets | |||||||||||||||||||||
Pension Plan Investment Policy and Strategy | |||||||||||||||||||||
We have established the defined benefit pension plans (the “Pension Plans”) as a retirement vehicle for the plan participant employees and as a funding vehicle to secure promised benefits. The Pension Plans’ assets are invested in a prudent manner for the exclusive purpose of providing benefits to participants. Other objectives are to: | |||||||||||||||||||||
• | Provide a total return that, over the long term, provides sufficient assets to fund the pension plan liabilities. | ||||||||||||||||||||
• | Maximize the return on assets, over the long term, by investing a majority of the Pension Plans’ assets in equities. The inclusion of additional asset classes with differing rates of return, volatility and correlation are utilized to reduce risk by providing diversification relative to equities. | ||||||||||||||||||||
• | Diversify investments within asset classes to reduce the impact of losses in single investments. | ||||||||||||||||||||
The assets of the Pension Plans are invested in compliance with ERISA, as amended, and any subsequent applicable regulations and laws. | |||||||||||||||||||||
Performance | |||||||||||||||||||||
Our performance objective is to outperform the return on a weighted hypothetical portfolio (the “Policy Portfolio”) after fees at a comparable level of risk. This investment objective is expected to be achieved over the long term and is measured over rolling multi-year periods. Peer-relative performance comparisons will also be considered especially when performance deviates meaningfully from market indexes. Investment objectives for each asset class are included below. | |||||||||||||||||||||
Policy Portfolio | |||||||||||||||||||||
Asset allocation policy is the principal method for achieving the Pension Plans' investment objectives stated above. The Pension Plans’ long-term strategic asset allocation policy targets are as follows: | |||||||||||||||||||||
Pension Plan Asset Allocation | |||||||||||||||||||||
Policy Target | December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Equities: | |||||||||||||||||||||
U.S. equities | 50 | % | 43 | % | 50 | % | |||||||||||||||
International equities | 15 | % | 20 | % | 16 | % | |||||||||||||||
Fixed income | 35 | % | 37 | % | 34 | % | |||||||||||||||
100 | % | 100 | % | ||||||||||||||||||
U.S. and international equities are held for their long-term expected return premium over fixed income investments and inflation. Fixed income is held for diversification relative to equities. | |||||||||||||||||||||
The strategic role of U.S. and international equities is to: | |||||||||||||||||||||
• | Provide higher expected returns of the major asset classes. | ||||||||||||||||||||
• | Maintain a diversified exposure within the U.S. and international stock markets through the use of multi-manager portfolio strategies. | ||||||||||||||||||||
• | Achieve returns in excess of passive indexes through the use of active investment managers and strategies. | ||||||||||||||||||||
The strategic role of fixed income is to: | |||||||||||||||||||||
• | Diversify the Pension Plans’ equity exposure by investing in fixed income securities that exhibit a low correlation to equities, thereby lowering the overall return volatility of the entire investment portfolio. | ||||||||||||||||||||
• | Maintain a diversified exposure within the U.S. fixed income market through the use of multi-manager portfolio strategies. | ||||||||||||||||||||
• | Achieve returns in excess of passive indexes through the use of active investment managers and strategies. | ||||||||||||||||||||
The long-term strategic asset allocation policy is reviewed regularly or whenever significant changes occur to Century’s or the Pension Plans' financial position and liabilities. | |||||||||||||||||||||
Expected rate-of-return assumption | |||||||||||||||||||||
We are currently using a 7.25% long-term rate of return on plan assets for the development of the net periodic cost for the defined benefit pension plans. The rate was selected by taking into account our expected asset mix and is based on historical performance as well as expected future rates of return on plan assets. | |||||||||||||||||||||
Fair Value Measurements of Pension Plan assets | |||||||||||||||||||||
We measured the fair value of our Pension Plans’ assets in accordance with ASC 820. For additional information about fair value measurements, see Note 4 Fair value measurements. | |||||||||||||||||||||
The following table sets forth by level within the ASC 820 fair value hierarchy our Pension Plans' assets. As required by GAAP for fair value measurements and disclosures, these assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels. | |||||||||||||||||||||
Fair Value of Pension Plans’ assets included in Level 1 under the fair value hierarchy: | |||||||||||||||||||||
As of December 31, 2013 | Total | ||||||||||||||||||||
Equities: | |||||||||||||||||||||
U.S. equities | $ | 86,323 | |||||||||||||||||||
International equities | 40,093 | ||||||||||||||||||||
Fixed income | 72,888 | ||||||||||||||||||||
Total | $ | 199,304 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||
U.S. equities | $ | 47,728 | |||||||||||||||||||
International equities | 15,318 | ||||||||||||||||||||
Fixed income | 32,734 | ||||||||||||||||||||
Cash deposit in transit | 454 | ||||||||||||||||||||
Total | $ | 96,234 | |||||||||||||||||||
Our Pension Plans’ assets are held in certain mutual funds. The fair value of the mutual funds is based on the Net Asset Value (“NAV”) which is calculated every business day. The value of the underlying securities within the mutual funds are determined as follows: | |||||||||||||||||||||
• | U.S. listed equities; equity and fixed income options: Last sale price; last bid price if no last sale price; | ||||||||||||||||||||
• | U.S. over-the-counter equities: Official closing price; last bid price if no closing price; | ||||||||||||||||||||
• | Foreign equities: Official closing price, where available, or last sale price; last bid price if no official closing price; and | ||||||||||||||||||||
• | Municipal bonds, US bonds, Eurobonds/foreign bonds: Evaluated bid price; broker quote if no evaluated bid price. | ||||||||||||||||||||
Our other postretirement benefit plans are unfunded. We fund these benefits as the retirees submit claims. | |||||||||||||||||||||
Pension and OPEB Cash Flows | |||||||||||||||||||||
Contributions | |||||||||||||||||||||
We expect to make the following contributions for 2014: | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Expected pension plan contributions | $ | 10,094 | |||||||||||||||||||
Expected OPEB benefits payments | 5,370 | ||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||
The following table provides the estimated future benefit payments for the pension and other postretirement benefit plans: | |||||||||||||||||||||
Pension Benefits | OPEB Benefits | ||||||||||||||||||||
2014 | $ | 12,913 | $ | 5,370 | |||||||||||||||||
2015 | 13,185 | 5,978 | |||||||||||||||||||
2016 | 13,440 | 6,641 | |||||||||||||||||||
2017 | 13,849 | 7,174 | |||||||||||||||||||
2018 | 14,317 | 7,784 | |||||||||||||||||||
2019 – 2023 | 77,708 | 44,393 | |||||||||||||||||||
Participation in Multiemployer Pension Plans | |||||||||||||||||||||
We contribute to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers our union-represented employees at Hawesville. Currently, we do not have any plans to withdraw from or curtail participation in this plan. The risks of participating in a multiemployer plan are different from single-employer plans in the following aspects: | |||||||||||||||||||||
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||
• | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||||||
• | If a participating employer chooses to stop participating in a multiemployer plan, the employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||
The union-represented employees at Hawesville are part of a United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (“USWA”) sponsored multiemployer plan. Our contributions to the plan are determined at a fixed rate per hour worked. | |||||||||||||||||||||
Century’s participation in the plan for the year ended December 31, 2013, is outlined in the table below. | |||||||||||||||||||||
Fund | Steelworkers Pension Trust | ||||||||||||||||||||
EIN / PN | 23-6648508/499 | ||||||||||||||||||||
Pension Protection Act Zone Status 2013 (1) | Green | ||||||||||||||||||||
Pension Protection Act Zone Status 2012 (1) | Green | ||||||||||||||||||||
Subject to Financial Improvement/Rehabilitation Plan | No | ||||||||||||||||||||
Contributions of Century Aluminum 2013 (2) | $2,171 | ||||||||||||||||||||
Contributions of Century Aluminum 2012 (2) | $2,282 | ||||||||||||||||||||
Contributions of Century Aluminum 2011 (2) | $2,117 | ||||||||||||||||||||
Withdrawal from Plan Probable | No | ||||||||||||||||||||
Surcharge Imposed | No | ||||||||||||||||||||
Expiration Date of Collective Bargaining Agreement | April 1, 2015 | ||||||||||||||||||||
-1 | The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan's year-end December 31, 2012 and December 31, 2011, respectively. The zone status is based on information that Century received from the plan as well as publicly available information per the Department of Labor and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. | ||||||||||||||||||||
-2 | Our contributions to the Steelworkers Pension Trust are not 5% or more of the total contributions to the plan. |
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Share-based Compensation [Abstract] | ' | |||||||||
Share-based compensation | ' | |||||||||
Share-based compensation | ||||||||||
1996 Stock Incentive Plan — We award performance-based and service-based (time vested) share awards and grant qualified incentive and nonqualified stock options to our salaried officers, non-employee directors, and other key employees from our 1996 Stock Incentive Plan (the “Stock Incentive Plan”). The Stock Incentive Plan has 10,000,000 shares authorized for issuance with approximately 7,190,000 shares remaining at December 31, 2013. Granted stock options have a term of 10 years and typically vest one-third on the grant date and an additional one-third on the first and second anniversary dates of the grant. Our independent non-employee directors receive annual grants of service-based share awards that vest following 12 months of service. In addition to the stock options, we grant service-based share awards that typically vest over a period of three years from the date of grant provided that the recipient is still our employee at the time of vesting. | ||||||||||
At the time three directors designated for nomination to our Board of Directors were elected in June 2011, it was determined a “change of control” occurred under the terms of our share-based incentive compensation plans. As a result, certain outstanding share-based incentive awards immediately vested and we recognized compensation expense for the accelerated vesting of these awards in 2011. | ||||||||||
As of December 31, 2013, options to purchase 619,833 shares of common stock and 442,737 service-based share awards were outstanding. | ||||||||||
The Stock Incentive Plan provides for grants of performance share units upon the attainment of certain established performance goals. The performance share units represent the right to receive common stock, on a one-for-one basis on their vesting dates. Under the performance share plan, the performance share awards are granted at the beginning of a three-year performance period. These shares will vest at the end of the three-year performance period and are awarded to the plan participant if the participant is still an employee on the award date. The time-vested performance share awards are included in our service-based share awards. As of December 31, 2013, approximately 219,381 time-vested performance share units have been authorized. | ||||||||||
Non-Employee Directors Stock Option Plan — Our non-employee directors’ stock option plan is no longer an active plan. As of December 31, 2013, this plan had 9,000 outstanding options. No new options will be issued out of this plan. | ||||||||||
A summary of activity under our Stock Incentive Plan and the Non-Employee Directors Stock Option Plan during the year ended December 31, 2013 is presented below: | ||||||||||
Options | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||
Outstanding at January 1, 2013 | 626,334 | $ | 24.6 | |||||||
Exercised | (6,000 | ) | 7.43 | |||||||
Forfeited/expired | (501 | ) | 19.01 | |||||||
Outstanding, fully vested and exercisable at December 31, 2013 (1) | 619,833 | $ | 24.77 | 4.86 | $ | 1,065 | ||||
-1 | As explained above, all unvested stock options immediately vested and became immediately exercisable in 2011. All such options will remain exercisable for their respective remaining term, regardless of whether the awardees remain employees of Century. | |||||||||
Service-based share awards | ||||||||||
Outstanding at January 1, 2013 | 396,133 | |||||||||
Granted | 303,159 | |||||||||
Vested | (128,048 | ) | ||||||||
Forfeited | (128,507 | ) | ||||||||
Outstanding at December 31, 2013 | 442,737 | |||||||||
Year ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Weighted average per share fair value of service-based share grants | $8.19 | $8.14 | $15.49 | |||||||
Total intrinsic value of option exercises | 13 | — | 72 | |||||||
Total fair value of stock options vested during the period | — | — | 1,403 | |||||||
Fair Value Measurement of Share-Based Compensation Awards – We estimate the fair value of each stock option award using the Black-Scholes model on the date of grant. We have not granted any stock options since 2009. For our service-based awards, the fair value of our service-based awards is equal to the closing stock price on the date of grant. Other assumptions to estimate the fair value have no impact on the fair value of the service-based award. If we grant stock options in future periods, we will disclose the relevant assumptions used in the Black-Scholes model to estimate their fair value. | ||||||||||
The following table summarizes the compensation cost recognized for the years ended December 31, 2013, 2012 and 2011 for all options, service-based share and performance-based share awards. No share-based compensation cost was capitalized during these periods and there were no significant modifications (other than the accelerated vesting in 2011 described above) of any share-based awards in 2013, 2012 and 2011. | ||||||||||
Year ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Share-based compensation expense reported: | ||||||||||
Performance-based share expense | $ | 475 | $ | 27 | $ | 1,836 | ||||
Service-based share expense | 603 | 586 | 692 | |||||||
Stock option expense | — | — | 328 | |||||||
Total share-based compensation expense before income tax | 1,078 | 613 | 2,856 | |||||||
Income tax | — | — | — | |||||||
Total share-based compensation expense, net of income tax | $ | 1,078 | $ | 613 | $ | 2,856 | ||||
As of December 31, 2013, we had unrecognized compensation expense of $794 before taxes. This expense will be recognized over a weighted average period of 0.75 years. |
Earnings_per_share
Earnings per share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings (loss) per share | ' | ||||||||
Earnings (loss) per share | |||||||||
Basic EPS amounts are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive common shares outstanding. The following table shows the basic and diluted earnings (loss) per share for 2013, 2012, and 2011: | |||||||||
For the year ended December 31, 2013 | |||||||||
Net loss | Shares (000) | Per-Share | |||||||
Net loss | $ | (40,313 | ) | ||||||
Amount allocated to common shareholders (1) | 100 | % | |||||||
Basic and Diluted EPS: | |||||||||
Loss available to common shareholders | $ | (40,313 | ) | 88,612 | $ | (0.45 | ) | ||
For the year ended December 31, 2012 | |||||||||
Net loss | Shares (000) | Per-Share | |||||||
Net loss | $ | (35,610 | ) | ||||||
Amount allocated to common shareholders (1) | 100 | % | |||||||
Basic and Diluted EPS: | |||||||||
Loss available to common shareholders | $ | (35,610 | ) | 88,534 | $ | (0.40 | ) | ||
For the year ended December 31, 2011 | |||||||||
Net income | Shares (000) | Per-Share | |||||||
Net income | $ | 11,325 | |||||||
Amount allocated to common shareholders | 91.87 | % | |||||||
Basic EPS: | |||||||||
Income allocable to common shareholders | $ | 10,404 | 91,854 | $ | 0.11 | ||||
Effect of Dilutive Securities: | |||||||||
Share-based compensation plans | 403 | ||||||||
Diluted EPS: | |||||||||
Income applicable to common shareholders with assumed conversion | $ | 10,404 | 92,257 | $ | 0.11 | ||||
-1 | We have not allocated net losses between common and preferred shareholders, as the holders of our preferred shares do not have a contractual obligation to share in the loss. | ||||||||
Antidilutive securities excluded from the calculation of diluted EPS: | |||||||||
2013 | 2012 | 2011 | |||||||
Stock options (1) | 619,833 | 626,334 | 353,000 | ||||||
Service-based share awards (1) | 442,737 | 396,133 | — | ||||||
-1 | In periods when we report a net loss, all share awards are excluded from the calculation of diluted weighted average shares outstanding because of their antidilutive effect on earnings (loss) per share. |
Income_taxes
Income taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income taxes | ' | |||||||||
Income taxes | ||||||||||
The components of pre-tax book income (loss) consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
U.S. | $ | (47,080 | ) | $ | (38,762 | ) | $ | (22,865 | ) | |
Foreign | 7,236 | 9,439 | 45,104 | |||||||
Total | $ | (39,844 | ) | $ | (29,323 | ) | $ | 22,239 | ||
Significant components of the income tax expense consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Current: | ||||||||||
U.S. federal current expense (benefit) | $ | 532 | $ | (161 | ) | $ | (22 | ) | ||
State current expense (benefit) | (445 | ) | (669 | ) | 1,395 | |||||
Foreign current expense | 6,198 | 9,808 | 13,467 | |||||||
Total current expense | 6,285 | 8,978 | 14,840 | |||||||
Deferred: | ||||||||||
U.S. federal deferred benefit | (3,905 | ) | (1,564 | ) | (5,772 | ) | ||||
State deferred benefit | (207 | ) | — | — | ||||||
Foreign deferred tax expense | 958 | 1,496 | 5,291 | |||||||
Total deferred benefit | (3,154 | ) | (68 | ) | (481 | ) | ||||
Total income tax expense | $ | 3,131 | $ | 8,910 | $ | 14,359 | ||||
A reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) is as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Federal Statutory Rate | 35 | % | 35 | % | 35 | % | ||||
Permanent differences | 54.5 | 12.6 | 63.2 | |||||||
State taxes, net of Federal benefit | 97.2 | 0.1 | 6.3 | |||||||
Foreign earnings taxed at different rates than U.S. | 17.4 | (369.5 | ) | (60.3 | ) | |||||
Valuation allowance | (265.9 | ) | 297.6 | 40.8 | ||||||
Changes in uncertain tax reserves | 40.5 | (6.7 | ) | 5.6 | ||||||
Other | 13.4 | 0.5 | (26.0 | ) | ||||||
Effective tax rate | (7.9 | )% | (30.4 | )% | 64.6 | % | ||||
The effect of earnings of foreign subsidiaries includes the difference between the U.S. statutory rate and local jurisdiction tax rates, as well as the provision (benefit) for incremental U.S. taxes on unremitted earnings of foreign subsidiaries due to the removal of the election to permanently reinvest the related earnings during 2012. | ||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities as of December 31 are as follows: | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | ||||||||||
Accrued postretirement benefit cost | $ | 12,851 | $ | 9,184 | ||||||
Accrued liabilities | 2,355 | 8,289 | ||||||||
Share-based compensation | 5,327 | 2,941 | ||||||||
Derivative and hedging contracts | 116,550 | 180,121 | ||||||||
Goodwill | 12,421 | 14,654 | ||||||||
Equity contra - other comprehensive loss | 61,216 | 81,039 | ||||||||
Capital losses | 14,512 | 9,056 | ||||||||
Net operating losses and tax credits | 637,721 | 509,618 | ||||||||
Other | 1,533 | 138 | ||||||||
Total deferred tax assets | 864,486 | 815,040 | ||||||||
Valuation allowance | (765,023 | ) | (656,352 | ) | ||||||
Net deferred tax assets | $ | 99,463 | $ | 158,688 | ||||||
Deferred tax liabilities: | ||||||||||
Tax over financial statement depreciation | $ | (145,945 | ) | $ | (145,213 | ) | ||||
Pension | (11,543 | ) | (8,905 | ) | ||||||
Income from domestic partnership | — | 4 | ||||||||
Unremitted foreign earnings | (35,344 | ) | (93,824 | ) | ||||||
Foreign basis differences | (790 | ) | (3,204 | ) | ||||||
Total deferred tax liabilities | (193,622 | ) | (251,142 | ) | ||||||
Net deferred tax liability | $ | (94,159 | ) | $ | (92,454 | ) | ||||
Under ASC 740 “Accounting for Income Taxes”, a valuation allowance must be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The amount of valuation allowance is based upon our best estimate of our ability to realize the net deferred tax assets. A valuation allowance can subsequently be reversed when we believe that the assets are realizable on a more likely than not basis. | ||||||||||
The changes in the valuation allowance are as follows: | ||||||||||
2013 | 2012 | |||||||||
Beginning balance, valuation allowance | $ | 656,352 | $ | 773,714 | ||||||
Change in valuation allowance | 108,671 | (117,362 | ) | |||||||
Ending balance, valuation allowance | $ | 765,023 | $ | 656,352 | ||||||
As a result of certain realization requirements of ASC Topic 718 “Compensation - Stock Compensation”, the table of deferred tax assets and liabilities shown above does not include net operating loss deferred tax assets at December 31, 2013 and 2012 that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. Net operating losses of $4,793 will increase equity if and when such deferred tax assets are ultimately realized. | ||||||||||
The significant components of our NOL carryforwards are as follows: | ||||||||||
2013 | 2012 | |||||||||
Federal (1) | $ | 1,287,118 | $ | 1,176,802 | ||||||
State (2) | 2,077,890 | 1,106,961 | ||||||||
Foreign (3) | 459,457 | 341,290 | ||||||||
-1 | The federal NOL begins to expire in 2028. | |||||||||
-2 | The state NOLs begin to expire in 2027. | |||||||||
-3 | The Icelandic NOL begins to expire in 2017; Dutch NOL begins to expire in 2022. | |||||||||
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Balance as of January 1, | $ | 17,600 | $ | 15,900 | $ | 16,600 | ||||
Additions based on tax positions related to the current year | 700 | 2,700 | 2,500 | |||||||
Decreases due to lapse of applicable statute of limitations | (2,800 | ) | (800 | ) | (3,200 | ) | ||||
Settlements | (14,300 | ) | (200 | ) | — | |||||
Balance as of December 31, | $ | 1,200 | $ | 17,600 | $ | 15,900 | ||||
Included in the above balances are tax positions whose tax characterization is highly certain but for which there is uncertainty about the timing of tax return inclusion. Because of the impact of deferred tax accounting, other than interest and penalties, the timing would not impact the annual effective tax rate but could accelerate the payment of cash to the taxing authority to an earlier period. The remaining amounts of unrecognized tax benefits would affect our effective tax rate if recognized. It is our policy to recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||
The components of our unrecognized tax positions are as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Highly certain tax positions | $ | 1,100 | $ | 16,900 | $ | 15,100 | ||||
Other unrecognized tax benefits | 100 | 700 | 800 | |||||||
Gross unrecognized tax benefits | $ | 1,200 | $ | 17,600 | $ | 15,900 | ||||
Accrued interest and penalties related to unrecognized tax benefits | $ | 100 | $ | 100 | $ | 100 | ||||
Century and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and several foreign jurisdictions. | ||||||||||
In April 2013, we received notice from the Internal Revenue Service (“IRS”) that the Congressional Joint Committee on Taxation finalized their review of the US Federal examinations for the income tax years 2008, 2009, and 2010 and refund years of 2004, 2005, 2006, and 2007 without exception to the conclusions reached by the IRS. This Joint Committee is a special nonpartisan Congressional committee involved with the analysis and drafting of federal tax legislation and, as part of its mandate, reviews all federal tax refund claims over a certain amount. As a result of this determination, we have reduced the reserve for the unrecognized tax benefits related to prior years by approximately $14,300. The reduction did not result in an impact to the effective tax rate since the reduction was offset by an increase in our valuation allowance. During the second quarter of 2013, we received refunds from the IRS of $5,009 following the Joint Committee review. | ||||||||||
Our federal income tax returns have been reviewed by the IRS through 2010. However, we have NOL's beginning in 2008 that are available for carryforward to future years. Under US tax law, NOL's may be adjusted by the IRS until the statute of limitations expires for the year in which the NOL is used. Accordingly, our 2008 and later NOL's may be reviewed until they are used or expire. We received notice from the IRS of their intent to review the 2011 return of NSA General Partnership, a US partnership owned by Century Aluminum Company subsidiaries. Material state and local income tax matters have been concluded for years through 2006. The majority of our state returns beginning in 2008 are subject to examination. | ||||||||||
As of December 31, 2013, we had federal net operating loss carryforwards of $1,287,118, after adjusting for losses carried back to previous tax years, which could offset future taxable income. Our ability to utilize our deferred tax assets to offset future federal taxable income may be significantly limited if we experience an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). In general, an ownership change would occur if our “five-percent shareholders,” as defined under the Code, collectively increase their ownership in us by more than 50 percentage points over a rolling three-year period. Future transactions in our stock that may not be in our control may cause us to experience such an ownership change and thus limit our ability to utilize net operating losses, tax credits and other tax assets to offset future taxable income. | ||||||||||
Our Icelandic tax returns are subject to examination beginning with the 2008 tax year. During 2013, we received notice from the Directorate of Internal Revenue of Iceland of their intent to conduct a periodic review regarding certain of our Icelandic subsidiaries for the years 2010-2012. | ||||||||||
We do not expect a significant change in the balance of unrecognized tax benefits within the next twelve months. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingencies | ' |
Commitments and contingencies | |
Environmental Contingencies | |
Based upon all available information, we believe our current environmental liabilities do not have, and are not likely to have, a material adverse effect on our financial condition, results of operations or liquidity. Because of the issues and uncertainties described below and the inability to predict the requirements of future environmental laws, there can be no assurance that future capital expenditures and costs for environmental compliance at currently or formerly owned or operated properties will not result in liabilities which may have a material adverse effect. | |
It is our policy to accrue for costs associated with environmental assessments and remedial efforts when it becomes probable that a liability has been incurred and the costs can be reasonably estimated. The aggregate environmental-related accrued liabilities were $999 and $906 at December 31, 2013 and 2012, respectively. All accrued amounts have been recorded without giving effect to any possible future recoveries. With respect to costs for ongoing environmental compliance, including maintenance and monitoring, such costs are expensed as incurred. | |
CAWV continues to perform monitoring activities at our Ravenswood facility pursuant to an order issued by the United States Environmental Protection Agency (the “EPA”) in 1994 (the “3008(h) Order”). CAWV also conducted a RCRA facility investigation (“RFI”) under the 3008(h) Order evaluating other areas at Ravenswood that may have contamination requiring remediation. The RFI has been approved by appropriate agencies. CAWV has completed interim remediation measures at two sites identified in the RFI, and we believe no further remediation will be required. A Corrective Measures Study, which formally documents the conclusion of these activities, has been submitted to the EPA and a final order has been completed and was signed by the EPA in April 2013. Under the order, CAWV's responsibilities going forward include monitoring specific wells as well as restricting access to certain parts of the site. | |
Prior to our purchase of Hawesville, the EPA issued a final Record of Decision (“ROD”) under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”). By agreement, Southwire Company (“Southwire”), the former owner and operator, is to perform all obligations under the ROD. CAKY has agreed to operate and maintain the ground water treatment system required under the ROD on behalf of Southwire, and Southwire will reimburse CAKY for any expense that exceeds $400 annually. | |
In July 2006, we were named as a defendant, together with certain affiliates of Alcan Inc., in a lawsuit brought by Alcoa seeking to determine responsibility for certain environmental indemnity obligations related to the sale of a cast aluminum plate manufacturing facility located in Vernon, California, which we purchased from Alcoa in December 1998, and sold to Alcan Rolled Products-Ravenswood LLC in July 1999. The complaint also seeks costs and attorney fees. The matter is in a preliminary stage, and we cannot predict the ultimate outcome of this action or estimate a range of possible losses related to this matter at this time. | |
Matters relating to the St. Croix Alumina Refining Facility | |
We are a party to an EPA Administrative Order on Consent (the “Order”) pursuant to which other past and present owners of an alumina refining facility at St. Croix, Virgin Islands (the “St. Croix Alumina Refinery”) have agreed to carry out a Hydrocarbon Recovery Plan to remove and manage hydrocarbons floating on groundwater underlying the facility. Pursuant to the Hydrocarbon Recovery Plan, recovered hydrocarbons and groundwater are delivered to the adjacent petroleum refinery where they are received and managed. In connection with the sale of the facility by Lockheed Martin Corporation (“Lockheed”) to one of our affiliates, Virgin Islands Alumina Corporation (“Vialco”), in 1989, Lockheed, Vialco and Century entered into the Lockheed-Vialco Asset Purchase Agreement. The indemnity provisions contained in the Lockheed-Vialco Asset Purchase Agreement allocate responsibility for certain environmental matters. Lockheed has tendered indemnity and defense of the above matter to Vialco. We have likewise tendered indemnity to Lockheed. Through December 31, 2013, we have expended approximately $985 on the Hydrocarbon Recovery Plan. At this time, we are not able to estimate the amount of any future potential payments under this indemnification to comply with the Order, but we do not anticipate that any such amounts will have a material adverse effect on our financial condition, results of operations or liquidity, regardless of the final outcome. | |
In May 2005, we and Vialco were among several defendants listed in a lawsuit filed by the Commissioner of the Department of Planning and Natural Resources (“DPNR”), in his capacity as Trustee for Natural Resources of the United States Virgin Islands. The complaint alleges damages to natural resources caused by alleged releases from the St. Croix Alumina Refinery and the adjacent petroleum refinery. The primary cause of action is pursuant to the natural resource damage provisions of CERCLA, but various ancillary Territorial law causes of action were included as well. We and Lockheed have each tendered indemnity and defense of the case to the other pursuant to the terms of the Lockheed-Vialco Asset Purchase Agreement. The complaint seeks unspecified monetary damages, costs and attorney fees. In November 2011, the court granted a motion by Century, dismissing Century from the case. Vialco, however, remains a defendant in this case and has asserted factual and affirmative defenses. The discovery process has closed. As of December 31, 2013, no trial date has been set for the remaining claims. | |
In December 2006, Vialco and the succeeding owners of the St. Croix Alumina Refinery were named as defendants in a lawsuit filed by the Commissioner of the DPNR. The complaint alleges the defendants failed to take certain actions specified in a Coastal Zone management permit issued to Vialco in October 1994, and alleges violations of territorial water pollution control laws during the various defendants’ periods of ownership. The complaint seeks statutory and other unspecified monetary penalties for the alleged violations. | |
In May 2009, St. Croix Renaissance Group, L.L.L.P. (“SCRG”) filed a third-party complaint for contribution and other relief against several third-party defendants, including Century and Vialco, relating to a lawsuit filed against SCRG seeking recovery of response costs relating to the aforementioned DPNR CERCLA matter. In February 2011, the court granted a motion by Century, dismissing Century from the case. In March 2011, the court granted the remaining defendants’, including Vialco’s, motion for summary judgment, dismissing the case. The plaintiff filed a notice of appeal with the Third Circuit Court of Appeals in May 2011. On June 5, 2013, the Third Circuit Court of Appeals reversed the lower court's ruling to hold that plaintiff's expenditures of funds may be found as recoverable response costs incurred by the government entitling plaintiffs to recover future response costs. Vialco remains the only Century entity in the litigation. | |
In December 2010, Century was among several defendants listed in a lawsuit filed by plaintiffs who either worked, resided or owned property in the area downwind from the St. Croix Alumina Refinery. In March 2011, Century was also named a defendant in a nearly identical suit brought by certain additional plaintiffs previously named in the aforementioned suit. The plaintiffs in both suits allege damages caused by the presence of red mud and other particulates coming from the alumina facility and are seeking unspecified monetary damages, costs and attorney fees as well as certain injunctive relief. We have tendered indemnity and defense to St. Croix Alumina LLC and Alcoa Alumina & Chemical LLC under the terms of an acquisition agreement relating to the facility and have filed motions to dismiss plaintiffs’ claims, but the court has not yet ruled on the motions. At this time, it is not practicable to predict the ultimate outcome of or to estimate a range of possible losses for any of the foregoing actions relating to the St. Croix Alumina Refinery. | |
Legal Contingencies | |
In addition to the foregoing matters, we have pending against us or may be subject to various lawsuits, claims and proceedings related primarily to employment, commercial, shareholder, safety and health matters. | |
In evaluating whether to accrue for losses associated with legal contingencies, it is our policy to take into consideration factors such as the facts and circumstances asserted, our historical experience with contingencies of a similar nature, the likelihood of our prevailing and the severity of any potential loss. For some matters, no accrual is established because we have assessed our risk of loss to be remote. Where the risk of loss is probable and the amount of the loss can be reasonably estimated, we record an accrual, either on an individual basis or with respect to a group of matters involving similar claims, based on the factors set forth above. | |
When we have assessed that a loss associated with legal contingencies is reasonably possible, we determine if estimates of possible losses or ranges of possible losses are in excess of related accrued liabilities, if any. Based on current knowledge, management has ascertained estimates for losses that are reasonably possible and management does not believe that any reasonably possible outcomes in excess of our accruals, if any, either individually or in aggregate, would be material to our financial condition, results of operations, or liquidity. We reevaluate and update our assessments and accruals as matters progress over time. | |
In December 2013, we received a ruling in the arbitration of a lawsuit filed by our former Chief Executive Officer, Logan Kruger. In the lawsuit, Mr. Kruger alleged that Century had breached the employment and severance protection agreements between Century and Mr. Kruger and that Century was obligated to make various severance payments to him in excess of $20,000. In its ruling, the arbitration panel awarded Mr. Kruger approximately $8,700 in severance payments, plus accrued interest, but rejected Mr. Kruger’s claims for further severance payments and held that Mr. Kruger had forfeited all of his outstanding incentive awards upon his resignation from Century. We recorded a net charge of approximately $8,400 in selling, general and administrative expenses for the year ended December 31, 2013. | |
In April 2013, Nordural Grundartangi ehf received a ruling in an arbitration case involving two of its power suppliers, HS Orka and Orkuveita Reykjavikur. Under the arbitration award, Nordural Grundartangi ehf is restricted from reducing power under its existing power contracts with HS Orka and Orkuveita Reykjavikur in order to take power under a separate power contract with Orkuveita Reykjavikur originally intended to be used at Helguvik. Nordural Grundartangi ehf remains entitled to take power under the Orkuveita Reykjavikur Helguvik contract to the extent that its power needs exceed the amount of power provided under its existing power contracts. As part of the award, the tribunal awarded HS Orka damages and Nordural Grundartangi ehf paid $1,470 to HS Orka in full satisfaction of such award. The tribunal ordered each party to pay its own legal fees and costs. While no damages were awarded to Orkuveita Reykjavikur as part of the arbitration, Orkuveita Reykjavikur has subsequently alleged damages against Nordural Grundartangi ehf. We intend to defend ourselves against these claims. The matter is in a preliminary stage, and we cannot estimate a range of possible losses related to this matter at this time. Regardless of the final outcome, we do not expect that the ultimate costs to resolve this action will have a material adverse effect on our financial condition, results of operations or liquidity. | |
In March 2011, the purported stockholder class actions pending against us consolidated as In re: Century Aluminum Company Securities Litigation were dismissed with prejudice by the United States District Court for the Northern District of California. In January 2013, the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”) affirmed the trial court's decision. Plaintiffs filed a motion for rehearing or hearing en banc, which the Ninth Circuit denied in April 2013. In the fourth quarter of 2013, all derivative claims related to this suit were also dismissed. | |
Ravenswood Retiree Medical Benefits changes | |
In November 2009, CAWV filed a class action complaint for declaratory judgment against the USWA, the USWA’s local and certain CAWV retirees, individually and as class representatives, seeking a declaration of CAWV’s rights to modify/terminate retiree medical benefits. Later in November 2009, the USWA and representatives of a retiree class filed a separate suit against CAWV, Century Aluminum Company, Century Aluminum Master Welfare Benefit Plan, and various John Does with respect to the foregoing. These actions, entitled Dewhurst, et al. v. Century Aluminum Co., et al., and Century Aluminum of West Virginia, Inc. v. United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO/CLC, et al., have been consolidated and venue has been set in the District Court for the Southern District of West Virginia. | |
In January 2010, the USWA filed a motion for preliminary injunction to prevent us from implementing the foregoing changes while these lawsuits are pending, which was dismissed by the trial court, and affirmed upon appeal. The case in chief is currently proceeding in the trial court. | |
PBGC Settlement | |
In June 2011, the PBGC informed us that it believed a “cessation of operations” under ERISA had occurred at our Ravenswood facility as a result of the curtailment of operations at the facility. Although we disagree that a “cessation of operations” occurred, we entered into a settlement agreement with the PBGC in April 2013 to resolve the matter. Pursuant to the terms of the agreement, we will make additional contributions (above any minimum required contributions) to our defined benefit pension plans totaling approximately $17,400 over the term of the agreement, which runs through 2016. In 2013, we made the contributions pursuant to this agreement of approximately $6,700. Under certain circumstances, in periods of lower primary aluminum prices relative to our operations, we may defer one or more of these payments, but we would be required to provide the PBGC with acceptable security for any deferred payments. | |
Power Commitments | |
Hawesville | |
In August 2012, CAKY issued a 12-month notice to terminate its long-term power supply arrangement with Kenergy. Pursuant to the termination notice, the Hawesville Power Agreement terminated on August 20, 2013. | |
The Kentucky Public Service Commission (“KPSC”) approved a new power supply agreement with Kenergy and Big Rivers which provides market-based power to the Hawesville smelter, effective August 20, 2013. Under the arrangement, the power companies purchase power on the open market and pass it through to Hawesville at Midcontinent Independent System Operator (“MISO”) pricing plus transmission and other costs incurred by them. In connection with the new power arrangement, CAKY is also seeking approval from applicable regional transmission organizations and regulatory bodies regarding grid stability and energy import capability. | |
Sebree | |
In January 2013, Sebree (then still owned by RTA) issued a 12-month notice to terminate its long-term power supply agreement (the “Sebree Power Agreement”) with Kenergy. Pursuant to the termination notice, the Sebree Power Agreement terminated on January 31, 2014. The KPSC approved a new power supply arrangement with Kenergy and Big Rivers which provides market priced power to the Sebree smelter, effective February 1, 2014. Similar to the arrangement at Hawesville, the power companies purchase power on the open market and pass it through to Sebree at MISO pricing plus transmission and other costs incurred by them. | |
Mt. Holly | |
Mt. Holly has a power purchase agreement (the “Santee Cooper Agreement”) with the South Carolina Public Service Authority (“Santee Cooper”) with a term through December 2015. The Santee Cooper Agreement provides adequate power for Mt. Holly’s full production capacity requirements at prices based on published rate schedules (which are subject to change), with adjustments for fuel prices and other items. The Santee Cooper Agreement restricts Mt. Holly’s ability to reduce its power consumption (or the associated payment obligations) below contracted levels and to terminate the agreement, unless, in each case, the LME falls below certain negotiated levels. | |
In 2012, Mt. Holly and Santee Cooper amended the terms of the Santee Cooper Agreement in order to allow Mt. Holly to receive all or a portion of Mt. Holly's supplemental power requirements from an off-system natural gas-fired power generation facility (the “off-system facility”). The energy charge for supplemental power from the off-system facility is based, among other factors, on the cost of natural gas rather than Santee Cooper's system average fuel costs, which are primarily coal-based. The amended power agreement provides that Mt. Holly may continue to receive its supplemental power requirements from the off-system facility through December 31, 2015. We are currently in discussions with Santee Cooper and other parties regarding power arrangements for Mt. Holly following December 31, 2015. The deadline to give notice to reduce the contract demand to zero effective December 31, 2015 is June 30, 2014. Mt. Holly must give notice by that date to avoid any further costs if the parties do not agree to a new contract. | |
Ravenswood | |
CAWV has a power purchase agreement (the “APCo Agreement”) with the Appalachian Power Company (“APCo”). CAWV currently purchases a limited amount of power under the APCo Agreement as necessary to maintain its Ravenswood smelter, which is presently curtailed. Power is supplied under the APCo Agreement at prices set forth in published tariffs (which are subject to change), with certain adjustments. | |
Grundartangi | |
Nordural Grundartangi ehf has power purchase agreements with HS Orka hf (“HS”), Landsvirkjun and Orkuveita Reykjavikur (“OR”) to provide power to its Grundartangi smelter. These power purchase agreements, which will expire on various dates from 2019 through 2036, provide power at LME-based variable rates. Each power purchase agreement contains take-or-pay obligations with respect to a significant percentage of the total committed and available power under such agreement. | |
In the fourth quarter of 2011, an additional 47.5 MW of power became available under a power purchase agreement with OR. This power can be used at either Grundartangi or Helguvik and a significant portion is currently being utilized at Grundartangi. | |
In June 2012, Nordural Grundartangi ehf entered into a new supplemental power contract with Landsvirkjun. The supplemental power contract, which will expire in October 2029 (or upon the occurrence of certain earlier events), will provide Nordural Grundartangi ehf with supplemental power, as Nordural Grundartangi ehf may request from time to time, at LME-based variable rates. Nordural Grundartangi ehf has agreed to make certain prepayments to Landsvirkjun for power expected to be used at a later date in connection with the contract, which will reduce the price paid for power at the time of consumption. As of December 31, 2013, these power prepayments totaled approximately $2,000. We expect the amount of the prepayment to continue to grow slowly and we do not expect to realize the benefits from the prepayments in the near term. | |
Helguvik | |
Nordural Helguvik ehf has power purchase agreements with HS and OR to provide power to the Helguvik project. These power purchase agreements provide power at LME-based variable rates and contain take-or-pay obligations with respect to a significant percentage of the total committed and available power under such agreements. The first stage of power under the OR power purchase agreement (approximately 47.5 MW) became available in the fourth quarter of 2011 and is currently being utilized at Grundartangi. No other power is currently available under either power purchase agreement. HS (with respect to all phases) and OR (with respect to all phases other than the first phase) have alleged that certain conditions to the delivery of power under the power purchase agreements have not been satisfied. Nordural Helguvik ehf is in discussion with both HS and OR with respect to such conditions and other matters pertaining to these agreements. | |
Other Commitments and Contingencies | |
Labor Commitments | |
Approximately 73% of our U.S. based work force is represented by the USWA. CAKY’s Hawesville employees represented by the USWA are under a collective bargaining agreement that expires on March 31, 2015. The Sebree employees represented by the USWA are under a collective bargaining agreement that expires on October 28, 2014. | |
In April 2010, Nordural Grundartangi ehf entered into a new labor agreement with the five labor unions representing approximately 82% of Grundartangi’s work force. The labor agreement expires on December 31, 2014. | |
In July 2013, Century Vlissingen entered into a collective labor agreement with Vlissingen employees represented by the Federation for the Metal and Electrical Industry (“FME”) which comprise approximately 77% of Vlissingen's work force. The labor agreement expires on May 1, 2015. | |
The labor agreement for CAWV’s Ravenswood plant employees represented by the USWA expired on August 31, 2010. |
Forward_delivery_contracts_and
Forward delivery contracts and financial instruments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Forward Delivery Contracts and Financial Instruments [Abstract] | ' | ||||
Forward delivery contracts and financial instruments | ' | ||||
Forward delivery contracts and financial instruments | |||||
As a producer of primary aluminum, we are exposed to fluctuating raw material and primary aluminum prices. From time to time we enter into fixed and market priced contracts for the sale of primary aluminum and the purchase of raw materials in future periods. | |||||
Forward Physical Delivery Agreements | |||||
Primary Aluminum Sales Contracts | |||||
Contract | Customer | Volume | Term | Pricing | |
Glencore Grundartangi Metal Agreement (1) | Glencore | All primary aluminum produced at Grundartangi, net of tolling and other sales commitments | January 1, 2014 through December 31, 2017 | Variable, based on LME and European Duty Paid premium | |
Southwire Metal Agreement (2) | Southwire | 216 million pounds per year (high conductivity molten aluminum) | January 1, 2014 through December 31, 2014 | Variable, based on U.S. Midwest Transaction Price | |
-1 | The Glencore Grundartangi Metal Agreement is for all metal produced at Grundartangi from 2014 through 2017 less commitments under existing tolling and other sales contracts. Grundartangi currently estimates that it will sell Glencore approximately 155,000 tonnes of aluminum under this agreement in 2014. | ||||
-2 | Southwire may, at its option, increase the volume purchased under the agreement by up to four percent by adjusting their monthly metal commitment. | ||||
Tolling Contracts | |||||
Contract | Customer | Volume | Term | Pricing | |
Glencore Toll Agreement | Glencore | 90,000 tpy | Through July 31, 2016 | Variable, based on LME and European Duty Paid premium | |
Glencore Toll Agreement | Glencore | 40,000 tpy | Through December 31, 2014 | Variable, based on LME and European Duty Paid premium | |
Apart from the Glencore Grundartangi Metal Agreement, the Southwire Metal Agreement and the Glencore Sweep Agreement (which expired at the end of 2013), we had the following forward delivery contractual commitments: | |||||
Other forward delivery contracts | |||||
December 31, 2013 | December 31, 2012 | ||||
(in tonnes) | |||||
Other forward delivery contracts – total | 118,373 | 88,827 | |||
Other forward delivery contracts – Glencore | 20,008 | 1,811 | |||
We had no outstanding primary aluminum forward financial sales contracts at December 31, 2013. We had no fixed price forward financial contracts to purchase aluminum at December 31, 2013. |
Asset_retirement_obligations_A
Asset retirement obligations (“AROâ€) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||
Asset retirement obligations (“AROâ€) | ' | ||||||
Asset retirement obligations (“ARO”) | |||||||
Our asset retirement obligations consist primarily of costs associated with the disposal of spent pot liner used in the reduction cells of our domestic facilities. | |||||||
The reconciliation of the changes in the asset retirement obligations is presented below: | |||||||
Year ended December 31, | |||||||
2013 | 2012 | ||||||
Beginning balance, ARO liability | $ | 16,124 | $ | 15,171 | |||
Additional ARO liability incurred | 1,730 | 1,166 | |||||
ARO liabilities settled | (2,580 | ) | (1,380 | ) | |||
Accretion expense | 1,733 | 1,167 | |||||
Additional ARO liability from Sebree acquisition | 10,106 | — | |||||
Ending balance, ARO liability | $ | 27,113 | $ | 16,124 | |||
Certain conditional AROs related to the disposal costs of fixed assets at our primary aluminum facilities have not been recorded because they have an indeterminate settlement date. These conditional AROs will be initially recognized in the period in which sufficient information exists to estimate their fair value. |
Supplemental_cash_flow_informa
Supplemental cash flow information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Supplemental cash flow information | ' | |||||||||
Supplemental cash flow information | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Cash paid for: | ||||||||||
Interest | $ | 20,539 | $ | 20,212 | $ | 21,257 | ||||
Income/withholding taxes (1) | 28,654 | 41,455 | 64,622 | |||||||
Non-cash investing activities: | ||||||||||
Accrued capital costs | $ | 9,409 | $ | (683 | ) | $ | 1,041 | |||
-1 | We paid withholding taxes in Iceland of $18,067, $22,633 and $47,074 during the years ended December 31, 2013, 2012 and 2011, respectively. Our tax payments in Iceland for withholding taxes, income taxes and associated refunds are denominated in ISK. |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly information (unaudited) | ' | |||||||||||||||
Quarterly information (Unaudited) | ||||||||||||||||
Financial results by quarter for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Net sales | Gross profit (loss) | Net income (loss) | Net income (loss) allocated to common shareholders | Earnings (loss) per share | ||||||||||||
2013 | ||||||||||||||||
4th Quarter (1) | $ | 401,174 | $ | 15,285 | $ | (9,675 | ) | $ | (9,675 | ) | $ | (0.11 | ) | |||
3rd Quarter (2) | 399,928 | 12,354 | (9,507 | ) | (9,507 | ) | (0.11 | ) | ||||||||
2nd Quarter (3) | 331,937 | (5,698 | ) | (29,384 | ) | (29,384 | ) | (0.33 | ) | |||||||
1st Quarter (4) | 321,274 | 17,582 | 8,253 | 7,567 | 0.09 | |||||||||||
2012 | ||||||||||||||||
4th Quarter | $ | 317,667 | $ | 16,543 | $ | (6,909 | ) | $ | (6,909 | ) | $ | (0.08 | ) | |||
3rd Quarter (5) | 304,635 | 3,250 | (12,023 | ) | (12,023 | ) | (0.14 | ) | ||||||||
2nd Quarter (6) | 323,619 | 5,957 | (12,277 | ) | (12,277 | ) | (0.14 | ) | ||||||||
1st Quarter (7) | 326,190 | 20,592 | (4,401 | ) | (4,401 | ) | (0.05 | ) | ||||||||
-1 | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | |||||||||||||||
-2 | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | |||||||||||||||
-3 | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | |||||||||||||||
-4 | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | |||||||||||||||
-5 | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | |||||||||||||||
-6 | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | |||||||||||||||
-7 | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Business segments | ' | |||||||||
Business segments | ||||||||||
Century Aluminum is a producer of primary aluminum, which trades as a global commodity. We are organized as a holding company with each of our operating primary aluminum smelters managed and operated as a separate facility reporting to our corporate headquarters. Each of our operating primary aluminum smelters meets the definition of an operating segment based on factors delineated in ASC 280. We evaluated the similar economic and other characteristics, including nearly identical products, production processes, customers and distribution and have aggregated our four operating segments into a single reportable segment, primary aluminum, based on these factors. In addition, all of our primary aluminum smelters share several key economic factors inherent in their common products and production processes. For example, all of our facilities' revenue is based on the LME price for primary aluminum. In addition, our identified reportable segment is consistent with other comparable companies in our industry. | ||||||||||
A reconciliation of our consolidated assets to the total of primary aluminum segment assets is provided below. | ||||||||||
Segment assets (1) | 2013 | 2012 | 2011 | |||||||
Primary | $ | 1,770,749 | $ | 1,730,321 | $ | 1,767,305 | ||||
Corporate, unallocated | 39,447 | 46,005 | 43,789 | |||||||
Total assets | $ | 1,810,196 | $ | 1,776,326 | $ | 1,811,094 | ||||
-1 | Segment assets include accounts receivable, due from affiliates, prepaid and other current assets, inventory, intangible assets and property, plant and equipment — net; the remaining assets are unallocated corporate assets. | |||||||||
Geographic information | ||||||||||
Included in the consolidated financial statements are the following amounts related to geographic locations: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales: | ||||||||||
United States | $ | 1,022,081 | $ | 821,976 | $ | 835,796 | ||||
Iceland | 432,232 | 450,135 | 520,628 | |||||||
Long-lived assets: (1) | ||||||||||
United States | $ | 392,424 | $ | 368,897 | $ | 401,173 | ||||
Iceland | 853,636 | 869,809 | 884,682 | |||||||
Other | 93,075 | 50,223 | 36,919 | |||||||
-1 | Includes long-lived assets other than financial instruments. | |||||||||
Major customer information | ||||||||||
The following table shows our major customers whose sales revenue exceeded 10% of our net sales. A loss of any of these customers could have a material adverse effect on our results of operations. The net sales revenue for these customers is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Glencore | $ | 511,051 | $ | 552,299 | $ | 564,431 | ||||
Southwire | 312,102 | 346,311 | 373,505 | |||||||
RTA | 223,353 | — | — | |||||||
BHP Billiton | 191,445 | 202,500 | 239,157 | |||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Related party transactions | ' | |||||||||
Related party transactions | ||||||||||
The significant related party transactions occurring during the years ended December 31, 2013, 2012 and 2011 are described below. | ||||||||||
Sales to Glencore | ||||||||||
We sold primary aluminum and alumina to Glencore both at spot and on a long-term contract basis. See Note 20 Business segments for additional information about the sales of primary aluminum to Glencore. | ||||||||||
We sold primary aluminum under spot and long-term sales contracts with Glencore at prices based on the LME price for primary aluminum, as adjusted to reflect the Midwest premium (a premium typically added for deliveries of aluminum within the U.S.). In addition, we received tolling fees from Glencore under tolling agreements that provide for delivery of primary aluminum produced at Grundartangi. The fee paid by Glencore under these tolling agreements is based on the LME price for primary aluminum, as adjusted to reflect the exemption from the European Duty Paid premium for Icelandic primary aluminum. We believe that all of the transactions with Glencore were at prices that approximate market. | ||||||||||
We had a long-term contract to sell Glencore primary aluminum, at a variable price based on the LME, adjusted by a negotiated U.S. Midwest market premium with a cap and floor as applied to the current U.S. Midwest Premium. In addition, we had a contract to sell Glencore all U.S. produced primary aluminum, less existing sales agreements and high-purity metal sales. The term of the contract may be extended upon mutual agreement. See Note 16 Forward contracts and financial instruments for additional information about our forward physical delivery contracts and tolling agreements with Glencore. We sold high-purity metal in 2013 on a spot basis at variable prices based on the LME, plus Midwest delivery and product premiums. | ||||||||||
Purchases from Glencore | ||||||||||
We purchase alumina from Glencore on both a spot and long-term contract basis. We believe that all of the alumina purchased under these long-term contracts was purchased at prices which approximated market. For alumina purchased from Glencore on a spot basis, we determined the market price for the spot alumina we purchased based on a survey of suppliers at the time that had the ability to deliver spot alumina on the specified terms. Based on this survey, we believe that all of the alumina purchased on a spot basis from Glencore was purchased at prices that approximate market. | ||||||||||
Alumina contract and amendments. We have agreements to buy alumina from Glencore. In 2013, 2012 and 2011, the pricing on these alumina purchase agreements for Grundartangi has been indexed to the LME price for primary aluminum. We are party to multiple long-term alumina supply agreements with Glencore. Glencore agreed to supply us with alumina through 2017 at prices indexed to the LME price of primary aluminum. Approximately half of the purchases under this agreement for 2014, will be priced based on a published alumina index. We believe that the alumina purchased from Glencore under these contracts was purchased at prices that approximate market. | ||||||||||
Primary aluminum put options | ||||||||||
During 2011, we entered into primary aluminum put option contracts with Glencore that settled in 2012. We paid cash premiums to enter into these contracts. We believe that the cash premiums paid to Glencore under these contracts were purchased at prices that approximate market. | ||||||||||
Transactions with BHH | ||||||||||
We own a 40% stake in BHH, a carbon anode and cathode facility located in the Guangxi Zhuang Autonomous Region of south China. We have a long-term agreement with BHH to provide carbon anodes to Grundartangi through December 31, 2014. This agreement is renewable through December 31, 2017. We believe that the carbon anodes purchased from BHH were purchased at prices that approximate market. | ||||||||||
Summary | ||||||||||
A summary of the aforementioned related party transactions for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales to Glencore | $ | 511,051 | $ | 552,299 | $ | 564,431 | ||||
Purchases from Glencore | 173,693 | 145,589 | 187,691 | |||||||
Purchases from BHH | 86,678 | 39,337 | 19,543 | |||||||
Cash premium to Glencore for put option contracts | — | — | 2,106 | |||||||
See Note 5 Derivatives and hedging instruments for a discussion of our fixed-price commitments and forward financial contracts. |
Investment_in_unconsolidated_5
Investment in unconsolidated 50% or less owned joint ventures Investment in unconsolidated 50% or less owned joint ventures (Notes) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Investment in unconsolidated 50% or less owned joint ventures [Abstract] | ' | |||||||||
Investment in unconsolidated 50% or less owned joint ventures | ' | |||||||||
Investment in unconsolidated 50% or less owned joint ventures | ||||||||||
We own a 40% stake in BHH, a joint venture carbon anode and cathode facility. We also have a 50% interest in two joint ventures, Mincenco Limited ("Mincenco") and Klafi ehf (“Klafi”). Mincenco is a joint venture to explore the potential of developing a bauxite mine and alumina refining facility in Jamaica. Klafi is a joint venture which provides logistic support services in Grundartangi, Iceland. We account for our investments in BHH, Mincenco and Klafi using the equity method and the investments are included in other assets in the consolidated balance sheets. For BHH, we report our investment in its results of operations on a one-quarter lag. For each year presented in our consolidated statement of operations, our equity in earnings of joint venture includes BHH results of operations for a twelve month period ended on September 30 of that year. | ||||||||||
While none of our joint ventures meet the definition of a significant subsidiary on an individual basis, based on the tests performed under Regulation S-X 4-08(g), the group of investments is considered significant to Century and summarized financial information is provided on a group basis. The summarized financial information presented below represents financial data for our unconsolidated joint ventures after elimination of intercompany balances and profits. Amounts presented below include financial information for BHH as of and through September 30th and our other joint ventures as of and through December 31st for each period presented. The aggregate summarized financial data for these investments is as follows: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Current assets | $ | 53,299 | $ | 52,098 | ||||||
Non-current assets | 45,996 | 46,928 | ||||||||
Current liabilities | 27,530 | 28,437 | ||||||||
Non-current liabilities | 1,551 | 977 | ||||||||
Twelve months ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales | $ | 96,498 | $ | 88,312 | $ | 105,845 | ||||
Gross profit | 17,670 | 13,439 | 16,577 | |||||||
Income from continuing operations | 6,433 | 7,101 | 8,859 | |||||||
Condensed_consolidating_financ
Condensed consolidating financial information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||
Condensed consolidating financial information | ' | |||||||||||||||
Condensed consolidating financial information | ||||||||||||||||
Our 7.5% Notes due 2014 and our 7.5% Notes due 2021 are guaranteed by each of our material existing and future domestic subsidiaries, except for Nordural US LLC. The Guarantor Subsidiaries are 100% owned by Century. All guarantees are full and unconditional; all guarantees are joint and several. These notes are not guaranteed by our foreign subsidiaries (such subsidiaries and Nordural US LLC, collectively the “Non-Guarantor Subsidiaries”). We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances. | ||||||||||||||||
The following summarized condensed consolidating balance sheets as of December 31, 2013 and 2012, condensed consolidating statements of comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 and the condensed consolidating statements of cash flows for the years ended December 31, 2013, 2012 and 2011 present separate results for Century, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries, consolidating adjustments and total consolidated amounts. | ||||||||||||||||
This summarized condensed consolidating financial information may not necessarily be indicative of the results of operations, financial position or cash flows had the Company, the Guarantor Subsidiaries or the Non-Guarantor Subsidiaries operated as independent entities. | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 37,977 | $ | 46,111 | $ | — | $ | 84,088 | ||||||
Restricted cash | 787 | 910 | — | — | 1,697 | |||||||||||
Accounts receivable — net | 45,205 | 10,979 | — | — | 56,184 | |||||||||||
Due from affiliates | 303,031 | 36,995 | 2,304,874 | (2,601,313 | ) | 43,587 | ||||||||||
Inventories | 166,137 | 73,478 | — | — | 239,615 | |||||||||||
Prepaid and other current assets | 6,350 | 20,531 | 5,395 | — | 32,276 | |||||||||||
Deferred taxes — current portion | — | 14,540 | — | (926 | ) | 13,614 | ||||||||||
Total current assets | 521,510 | 195,410 | 2,356,380 | (2,602,239 | ) | 471,061 | ||||||||||
Investment in subsidiaries | 55,929 | — | (1,087,216 | ) | 1,031,287 | — | ||||||||||
Property, plant and equipment — net | 351,096 | 895,381 | 1,621 | (437 | ) | 1,247,661 | ||||||||||
Due from affiliates – less current portion | — | 32,066 | — | (32,066 | ) | — | ||||||||||
Other assets | 21,163 | 33,132 | 32,431 | 4,748 | 91,474 | |||||||||||
Total | $ | 949,698 | $ | 1,155,989 | $ | 1,303,216 | $ | (1,598,707 | ) | $ | 1,810,196 | |||||
Liabilities and shareholders’ equity: | ||||||||||||||||
Accounts payable, trade | $ | 65,384 | $ | 42,351 | $ | 755 | $ | — | $ | 108,490 | ||||||
Due to affiliates | 2,015,550 | 97,351 | — | (2,059,319 | ) | 53,582 | ||||||||||
Accrued and other current liabilities | 25,419 | 26,005 | 16,486 | 1,556 | 69,466 | |||||||||||
Accrued employee benefits costs | 12,880 | — | 2,737 | (7,207 | ) | 8,410 | ||||||||||
Industrial revenue bonds | 7,815 | — | — | — | 7,815 | |||||||||||
Total current liabilities | 2,127,048 | 165,707 | 19,978 | (2,064,970 | ) | 247,763 | ||||||||||
Senior notes payable | — | — | 246,528 | — | 246,528 | |||||||||||
Accrued pension benefit costs — less current portion | 6,183 | — | 26,458 | 7,207 | 39,848 | |||||||||||
Accrued postretirement benefit costs — less current portion | 124,466 | — | 4,818 | — | 129,284 | |||||||||||
Other liabilities/intercompany loan | 58,367 | 548,985 | 2,622 | (572,231 | ) | 37,743 | ||||||||||
Deferred taxes | — | 106,218 | — | — | 106,218 | |||||||||||
Total noncurrent liabilities | 189,016 | 655,203 | 280,426 | (565,024 | ) | 559,621 | ||||||||||
Shareholders’ equity: | ||||||||||||||||
Series A Preferred stock | — | — | 1 | — | 1 | |||||||||||
Common stock | 60 | 12 | 935 | (72 | ) | 935 | ||||||||||
Additional paid-in capital | 268,467 | 179,493 | 2,508,574 | (447,960 | ) | 2,508,574 | ||||||||||
Treasury stock, at cost | — | — | (49,924 | ) | — | (49,924 | ) | |||||||||
Accumulated other comprehensive loss | (92,803 | ) | (1,678 | ) | (91,832 | ) | 94,481 | (91,832 | ) | |||||||
Retained earnings (accumulated deficit) | (1,542,090 | ) | 157,252 | (1,364,942 | ) | 1,384,838 | (1,364,942 | ) | ||||||||
Total shareholders’ equity | (1,366,366 | ) | 335,079 | 1,002,812 | 1,031,287 | 1,002,812 | ||||||||||
Total | $ | 949,698 | $ | 1,155,989 | $ | 1,303,216 | $ | (1,598,707 | ) | $ | 1,810,196 | |||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
As of December 31, 2012 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 110,016 | $ | 73,960 | $ | — | $ | 183,976 | ||||||
Restricted cash | 258 | — | — | — | 258 | |||||||||||
Accounts receivable — net | 38,328 | 12,339 | — | — | 50,667 | |||||||||||
Due from affiliates | 604,008 | 38,328 | 2,391,249 | (2,995,715 | ) | 37,870 | ||||||||||
Inventories | 97,847 | 62,078 | — | — | 159,925 | |||||||||||
Prepaid and other current assets | 4,421 | 30,650 | 8,063 | (8,159 | ) | 34,975 | ||||||||||
Deferred taxes — current portion | — | 17,799 | — | 1,927 | 19,726 | |||||||||||
Total current assets | 744,862 | 271,210 | 2,473,272 | (3,001,947 | ) | 487,397 | ||||||||||
Investment in subsidiaries | 40,335 | — | (1,039,141 | ) | 998,806 | — | ||||||||||
Property, plant and equipment — net | 313,090 | 874,559 | 916 | (351 | ) | 1,188,214 | ||||||||||
Due from affiliates - less current portion | — | 3,588 | — | (3,588 | ) | — | ||||||||||
Other assets | 17,616 | 45,474 | 37,027 | 598 | 100,715 | |||||||||||
Total | $ | 1,115,903 | $ | 1,194,831 | $ | 1,472,074 | $ | (2,006,482 | ) | $ | 1,776,326 | |||||
Liabilities and shareholders’ equity: | ||||||||||||||||
Accounts payable, trade | $ | 37,301 | $ | 37,627 | $ | 442 | $ | — | $ | 75,370 | ||||||
Due to affiliates | 2,098,320 | 105,945 | 193,788 | (2,358,316 | ) | 39,737 | ||||||||||
Accrued and other current liabilities | 13,031 | 31,332 | 1,967 | (6,231 | ) | 40,099 | ||||||||||
Accrued employee benefits costs | 15,926 | — | 2,757 | — | 18,683 | |||||||||||
Industrial revenue bonds | 7,815 | — | — | — | 7,815 | |||||||||||
Total current liabilities | 2,172,393 | 174,904 | 198,954 | (2,364,547 | ) | 181,704 | ||||||||||
Senior notes payable | — | — | 250,582 | — | 250,582 | |||||||||||
Accrued pension benefit costs — less current portion | 36,087 | — | 31,791 | — | 67,878 | |||||||||||
Accrued postretirement benefit costs — less current portion | 137,184 | — | 5,921 | — | 143,105 | |||||||||||
Other liabilities/intercompany loan | 65,377 | 614,585 | 2,183 | (641,983 | ) | 40,162 | ||||||||||
Deferred taxes | — | 109,011 | — | 1,241 | 110,252 | |||||||||||
Total noncurrent liabilities | 238,648 | 723,596 | 290,477 | (640,742 | ) | 611,979 | ||||||||||
Shareholders’ equity: | ||||||||||||||||
Series A Preferred stock | — | — | 1 | — | 1 | |||||||||||
Common stock | 60 | 12 | 933 | (72 | ) | 933 | ||||||||||
Additional paid-in capital | 303,659 | 150,743 | 2,507,454 | (454,402 | ) | 2,507,454 | ||||||||||
Treasury stock, at cost | — | — | (49,924 | ) | — | (49,924 | ) | |||||||||
Accumulated other comprehensive loss | (146,862 | ) | (1,525 | ) | (151,192 | ) | 148,387 | (151,192 | ) | |||||||
Retained earnings (accumulated deficit) | (1,451,995 | ) | 147,101 | (1,324,629 | ) | 1,304,894 | (1,324,629 | ) | ||||||||
Total shareholders’ equity | (1,295,138 | ) | 296,331 | 982,643 | 998,807 | 982,643 | ||||||||||
Total | $ | 1,115,903 | $ | 1,194,831 | $ | 1,472,074 | $ | (2,006,482 | ) | $ | 1,776,326 | |||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | ||||||||||||
NET SALES: | ||||||||||||||||
Third-party customers | $ | 751,767 | $ | 191,495 | $ | — | $ | — | $ | 943,262 | ||||||
Related parties | 270,314 | 240,737 | — | — | 511,051 | |||||||||||
1,022,081 | 432,232 | — | — | 1,454,313 | ||||||||||||
Cost of goods sold | 1,060,613 | 354,177 | — | — | 1,414,790 | |||||||||||
Gross profit (loss) | (38,532 | ) | 78,055 | — | — | 39,523 | ||||||||||
Other operating expense – net | 8,602 | — | — | — | 8,602 | |||||||||||
Selling, general and administrative expenses | 52,398 | 15,079 | — | — | 67,477 | |||||||||||
Operating income (loss) | (99,532 | ) | 62,976 | — | — | (36,556 | ) | |||||||||
Interest expense – third party | (23,054 | ) | (37 | ) | — | — | (23,091 | ) | ||||||||
Interest expense – affiliates | 56,480 | (56,480 | ) | — | — | — | ||||||||||
Interest income – third party | 37 | 691 | — | — | 728 | |||||||||||
Net gain on forward and derivative contracts | 16,598 | — | — | — | 16,598 | |||||||||||
Gain on bargain purchase | 5,253 | — | — | — | 5,253 | |||||||||||
Loss on early extinguishment of debt | (3,272 | ) | — | — | — | (3,272 | ) | |||||||||
Other income – net | 410 | 86 | — | — | 496 | |||||||||||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures | (47,080 | ) | 7,236 | — | — | (39,844 | ) | |||||||||
Income tax benefit (expense) | (3,386 | ) | 255 | — | — | (3,131 | ) | |||||||||
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures | (50,466 | ) | 7,491 | — | — | (42,975 | ) | |||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | (13,136 | ) | 2,662 | (40,313 | ) | 53,449 | 2,662 | |||||||||
Net income (loss) | $ | (63,602 | ) | $ | 10,153 | $ | (40,313 | ) | $ | 53,449 | $ | (40,313 | ) | |||
Other comprehensive income (loss) before income tax effect | $ | 52,547 | $ | (186 | ) | $ | 60,924 | $ | (52,361 | ) | $ | 60,924 | ||||
Income tax effect | (1,531 | ) | 33 | (1,564 | ) | 1,498 | (1,564 | ) | ||||||||
Other comprehensive income (loss) | 51,016 | (153 | ) | 59,360 | (50,863 | ) | 59,360 | |||||||||
Comprehensive income (loss) | $ | (12,586 | ) | $ | 10,000 | $ | 19,047 | $ | 2,586 | $ | 19,047 | |||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | ||||||||||||
NET SALES: | ||||||||||||||||
Third-party customers | $ | 517,245 | $ | 202,567 | $ | — | $ | — | $ | 719,812 | ||||||
Related parties | 304,730 | 247,569 | — | — | 552,299 | |||||||||||
821,975 | 450,136 | — | — | 1,272,111 | ||||||||||||
Cost of goods sold | 849,388 | 376,381 | — | — | 1,225,769 | |||||||||||
Gross profit (loss) | (27,413 | ) | 73,755 | — | — | 46,342 | ||||||||||
Other operating expense – net | 18,253 | — | — | — | 18,253 | |||||||||||
Selling, general and administrative expenses | 28,831 | 6,532 | — | — | 35,363 | |||||||||||
Operating income (loss) | (74,497 | ) | 67,223 | — | — | (7,274 | ) | |||||||||
Interest expense – third party | (24,029 | ) | — | — | — | (24,029 | ) | |||||||||
Interest expense – affiliates | 63,935 | (63,935 | ) | — | — | — | ||||||||||
Interest income – third party | 27 | 465 | — | — | 492 | |||||||||||
Interest income – related parties | — | 62 | — | — | 62 | |||||||||||
Net loss on forward and derivative contracts | (4,150 | ) | — | — | — | (4,150 | ) | |||||||||
Other income (expense) – net | 30,038 | 5,538 | — | (30,000 | ) | 5,576 | ||||||||||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures | (8,676 | ) | 9,353 | — | (30,000 | ) | (29,323 | ) | ||||||||
Income tax benefit (expense) | 1,072 | (9,982 | ) | — | — | (8,910 | ) | |||||||||
Loss before equity in earnings (loss) of subsidiaries and joint ventures | (7,604 | ) | (629 | ) | — | (30,000 | ) | (38,233 | ) | |||||||
Equity in earnings (loss) of subsidiaries and joint ventures | (2,970 | ) | 2,623 | (35,610 | ) | 38,580 | 2,623 | |||||||||
Net income (loss) | $ | (10,574 | ) | $ | 1,994 | $ | (35,610 | ) | $ | 8,580 | $ | (35,610 | ) | |||
Other comprehensive income (loss) before income tax effect | $ | (13,029 | ) | $ | (186 | ) | $ | (15,040 | ) | $ | 13,215 | (15,040 | ) | |||
Income tax effect | (1,598 | ) | 34 | (1,564 | ) | 1,564 | (1,564 | ) | ||||||||
Other comprehensive income (loss) | (14,627 | ) | (152 | ) | (16,604 | ) | 14,779 | (16,604 | ) | |||||||
Comprehensive income (loss) | $ | (25,201 | ) | $ | 1,842 | $ | (52,214 | ) | $ | 23,359 | $ | (52,214 | ) | |||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | ||||||||||||
Net sales: | ||||||||||||||||
Third-party customers | $ | 552,758 | $ | 239,235 | $ | — | $ | — | $ | 791,993 | ||||||
Related parties | 283,038 | 281,393 | — | — | 564,431 | |||||||||||
835,796 | 520,628 | — | — | 1,356,424 | ||||||||||||
Cost of goods sold | 866,366 | 400,536 | — | — | 1,266,902 | |||||||||||
Gross profit (loss) | (30,570 | ) | 120,092 | — | — | 89,522 | ||||||||||
Other operating income - net | (3,806 | ) | — | — | — | (3,806 | ) | |||||||||
Selling, general and administrative expenses | 39,100 | 6,932 | — | — | 46,032 | |||||||||||
Operating income (loss) | (65,864 | ) | 113,160 | — | — | 47,296 | ||||||||||
Interest expense – third party | (25,129 | ) | — | — | — | (25,129 | ) | |||||||||
Interest expense – affiliates | 68,174 | (68,174 | ) | — | — | — | ||||||||||
Interest income – third party | 54 | 284 | — | — | 338 | |||||||||||
Interest income – related parties | — | 303 | — | — | 303 | |||||||||||
Net gain on forward and derivative contracts | 804 | — | — | — | 804 | |||||||||||
Loss on early extinguishment of debt | (763 | ) | — | — | — | (763 | ) | |||||||||
Other expense - net | (43 | ) | (567 | ) | — | — | (610 | ) | ||||||||
Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures | (22,767 | ) | 45,006 | — | — | 22,239 | ||||||||||
Income tax benefit (expense) | 4,484 | (18,843 | ) | — | — | (14,359 | ) | |||||||||
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures | (18,283 | ) | 26,163 | — | — | 7,880 | ||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | 3,798 | 3,445 | 11,325 | (15,123 | ) | 3,445 | ||||||||||
Net income (loss) | $ | (14,485 | ) | $ | 29,608 | $ | 11,325 | $ | (15,123 | ) | $ | 11,325 | ||||
Other comprehensive income (loss) before income tax effect | $ | (66,211 | ) | $ | (186 | ) | $ | (78,841 | ) | $ | 66,397 | $ | (78,841 | ) | ||
Income tax effect | (5,804 | ) | 33 | (5,771 | ) | 5,771 | (5,771 | ) | ||||||||
Other comprehensive income (loss) | (72,015 | ) | (153 | ) | (84,612 | ) | 72,168 | (84,612 | ) | |||||||
Comprehensive income (loss) | $ | (86,500 | ) | $ | 29,455 | $ | (73,287 | ) | $ | 57,045 | $ | (73,287 | ) | |||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated | |||||||||||||
Net cash provided by (used in) operating activities | $ | 31,713 | $ | (11,995 | ) | $ | — | $ | 19,718 | |||||||
Investing activities: | ||||||||||||||||
Purchase of property, plant and equipment | (17,199 | ) | (28,105 | ) | (1,229 | ) | (46,533 | ) | ||||||||
Nordural expansion — Helguvik | — | (3,331 | ) | — | (3,331 | ) | ||||||||||
Purchase of carbon anode assets and improvements | — | (18,213 | ) | — | (18,213 | ) | ||||||||||
Purchase of Sebree smelter | — | — | (48,058 | ) | (48,058 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 14 | 511 | — | 525 | ||||||||||||
Investments in and advances to joint ventures | — | — | (125 | ) | (125 | ) | ||||||||||
Restricted and other cash deposits | (529 | ) | (910 | ) | — | (1,439 | ) | |||||||||
Net cash used in investing activities | (17,714 | ) | (50,048 | ) | (49,412 | ) | (117,174 | ) | ||||||||
Financing activities: | ||||||||||||||||
Repayment of debt | — | — | (249,604 | ) | (249,604 | ) | ||||||||||
Proceeds from issuance of debt | — | — | 246,330 | 246,330 | ||||||||||||
Borrowings under revolving credit facility | — | 6,000 | 16,725 | 22,725 | ||||||||||||
Repayments under revolving credit facility | — | — | (16,725 | ) | (16,725 | ) | ||||||||||
Debt issuance costs | — | — | (3,994 | ) | (3,994 | ) | ||||||||||
Debt retirement costs | — | — | (1,208 | ) | (1,208 | ) | ||||||||||
Intercompany transactions | (13,999 | ) | (15,996 | ) | 29,995 | — | ||||||||||
Issuance of common stock | — | — | 44 | 44 | ||||||||||||
Net cash provided by (used in) financing activities | (13,999 | ) | (9,996 | ) | 21,563 | (2,432 | ) | |||||||||
Change in cash and cash equivalents | — | (72,039 | ) | (27,849 | ) | (99,888 | ) | |||||||||
Cash and cash equivalents, beginning of the period | — | 110,016 | 73,960 | 183,976 | ||||||||||||
Cash and cash equivalents, end of the period | $ | — | $ | 37,977 | $ | 46,111 | $ | 84,088 | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated | |||||||||||||
Net cash provided by operating activities | $ | 17,405 | $ | 19,734 | $ | — | $ | 37,139 | ||||||||
Investing activities: | ||||||||||||||||
Purchase of property, plant and equipment | (4,777 | ) | (12,711 | ) | (189 | ) | (17,677 | ) | ||||||||
Nordural expansion — Helguvik | — | (7,317 | ) | — | (7,317 | ) | ||||||||||
Purchase of carbon anode assets and improvements | (13,814 | ) | — | — | (13,814 | ) | ||||||||||
Investments in and advances to joint ventures | — | — | (275 | ) | (275 | ) | ||||||||||
Payments received from joint ventures | 3,456 | — | 3,166 | 6,622 | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 188 | — | 188 | ||||||||||||
Restricted and other cash deposits | (258 | ) | — | — | (258 | ) | ||||||||||
Net cash provided by (used in) investing activities | (15,393 | ) | (19,840 | ) | 2,702 | (32,531 | ) | |||||||||
Financing activities: | ||||||||||||||||
Borrowings under revolving credit facility | — | — | 18,076 | 18,076 | ||||||||||||
Repayments under revolving credit facility | — | — | (18,076 | ) | (18,076 | ) | ||||||||||
Intercompany transactions | (2,012 | ) | (49,035 | ) | 51,047 | — | ||||||||||
Repurchase of common stock | — | — | (4,033 | ) | (4,033 | ) | ||||||||||
Net cash provided by (used in) financing activities | (2,012 | ) | (49,035 | ) | 47,014 | (4,033 | ) | |||||||||
Change in cash and cash equivalents | — | (49,141 | ) | 49,716 | 575 | |||||||||||
Cash and cash equivalents, beginning of the period | — | 159,157 | 24,244 | 183,401 | ||||||||||||
Cash and cash equivalents, end of the period | $ | — | $ | 110,016 | $ | 73,960 | $ | 183,976 | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated | |||||||||||||
Net cash provided by (used in) operating activities | $ | (10,187 | ) | $ | 7,251 | $ | — | $ | (2,936 | ) | ||||||
Investing activities: | ||||||||||||||||
Purchase of property, plant and equipment | (8,451 | ) | (11,199 | ) | (450 | ) | (20,100 | ) | ||||||||
Nordural expansion — Helguvik | — | (12,882 | ) | — | (12,882 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 1,415 | 56 | — | 1,471 | ||||||||||||
Investments in and advances to joint ventures | — | — | (113 | ) | (113 | ) | ||||||||||
Payments received from joint ventures | — | — | 3,056 | 3,056 | ||||||||||||
Restricted and other cash deposits | 3,673 | — | — | 3,673 | ||||||||||||
Net cash provided by (used in) investing activities | (3,363 | ) | (24,025 | ) | 2,493 | (24,895 | ) | |||||||||
Financing activities: | ||||||||||||||||
Repayment of debt | — | — | (47,067 | ) | (47,067 | ) | ||||||||||
Repayment of contingent obligation | (189 | ) | — | — | (189 | ) | ||||||||||
Borrowings under revolving credit facility | — | — | 15,900 | 15,900 | ||||||||||||
Repayments under revolving credit facility | — | — | (15,900 | ) | (15,900 | ) | ||||||||||
Intercompany transactions | 13,739 | (38,992 | ) | 25,253 | — | |||||||||||
Repurchase of common stock | — | — | (45,891 | ) | (45,891 | ) | ||||||||||
Issuance of common stock | — | — | 83 | 83 | ||||||||||||
Net cash provided by (used in) financing activities | 13,550 | (38,992 | ) | (67,622 | ) | (93,064 | ) | |||||||||
Change in cash and cash equivalents | — | (55,766 | ) | (65,129 | ) | (120,895 | ) | |||||||||
Cash and cash equivalents, beginning of the period | — | 214,923 | 89,373 | 304,296 | ||||||||||||
Cash and cash equivalents, end of the period | $ | — | $ | 159,157 | $ | 24,244 | $ | 183,401 | ||||||||
Subsequent_events
Subsequent events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent events | ' |
Subsequent Events | |
We have evaluated all subsequent events through the date the financial statements were issued. | |
Century Sebree enters an agreement for market-based power | |
In January 2013, Sebree issued a 12-month notice to terminate its long-term power supply agreement. On January 31, 2014, pursuant to the termination notice, the Sebree Power Agreement terminated. On February 1, 2014, Sebree began taking power under a new market-based power contract, similar to the agreement we have reached for Hawesville, providing market-based power to the Sebree smelter. Under the arrangement, Kenergy and Big Rivers purchase power on the open market and pass it through to Sebree at MISO pricing plus transmission and other costs incurred by them. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Balance at Beginning of Period | Charged To Cost and Expense | Charged to other accounts | Deductions | Balance at End of Period | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||
Allowance for doubtful trade accounts receivable | $ | 734 | $ | — | $ | — | $ | — | $ | 734 | ||||||
Deferred tax asset - valuation allowance | $ | 714,423 | $ | — | $ | 59,291 | $ | — | $ | 773,714 | ||||||
Year ended December 31, 2012 | ||||||||||||||||
Allowance for doubtful trade accounts receivable | $ | 734 | $ | — | $ | — | $ | — | $ | 734 | ||||||
Deferred tax asset - valuation allowance | $ | 773,714 | $ | — | $ | (117,362 | ) | $ | — | $ | 656,352 | |||||
Year ended December 31, 2013 | ||||||||||||||||
Allowance for doubtful trade accounts receivable | $ | 734 | $ | — | $ | — | $ | — | $ | 734 | ||||||
Deferred tax asset - valuation allowance | $ | 656,352 | $ | — | $ | 108,671 | $ | — | $ | 765,023 | ||||||
Summary_of_significant_account1
Summary of significant accounting policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization and Basis of Presentation | ' | ||||||||||||
Organization and Basis of Presentation — Century Aluminum Company (“Century Aluminum,” “Century,” the “Company”, “we”, “us”, “our” or “ours”) is a holding company, whose principal subsidiaries are Century Kentucky, Inc., Nordural ehf (“Nordural”), Century Aluminum Sebree LLC (“Century Sebree”), Berkeley Aluminum, Inc. (“Berkeley”), and Century Aluminum of West Virginia, Inc. (“Century of West Virginia”). Century Kentucky, Inc. operates a primary aluminum reduction facility in Hawesville, Kentucky (“Hawesville”). Nordural Grundartangi ehf, a subsidiary of Nordural, operates a primary aluminum reduction facility in Grundartangi, Iceland (“Grundartangi”). Century Sebree operates a primary aluminum reduction facility in Robards, Kentucky (“Sebree”). Century of West Virginia owns a primary aluminum reduction facility in Ravenswood, West Virginia (“Ravenswood”). Berkeley holds a 49.7% interest in a partnership which operates a primary aluminum reduction facility in Mt. Holly, South Carolina (“Mt. Holly”) and a 49.7% undivided interest in the property, plant, and equipment comprising Mt. Holly. The remaining interest in the partnership and the remaining undivided interest in Mt. Holly's property, plant and equipment are owned by Alumax of South Carolina, Inc., a subsidiary of Alcoa Inc. (“Alcoa”). Alcoa manages and operates Mt. Holly pursuant to an Owners Agreement, prohibiting the disposal of the interest held by any of the owners without the consent of the other owners and providing for certain rights of first refusal. Pursuant to the Owners Agreement, each owner furnishes their own alumina, for conversion to aluminum, and is responsible for their pro rata share of the operating and conversion costs. We are constructing a primary aluminum facility in Helguvik, Iceland (“Helguvik” or the “Helguvik project”) which is owned and would be operated through Nordural Helguvik ehf., a subsidiary of Nordural. | |||||||||||||
In 2013, our wholly owned subsidiary, Century Sebree, acquired Sebree from a subsidiary of Rio Tinto Alcan, Inc. (“RTA”). | |||||||||||||
In 2012, our wholly owned subsidiary, Century Aluminum Vlissingen B.V. (“Century Vlissingen”) purchased substantially all of the idled assets of the former Zeeland Aluminum Company (“Zalco”) anode production facility located in Vlissingen, the Netherlands. Century Vlissingen restarted operations in late 2013. | |||||||||||||
We also own a 40% stake in Baise Haohai Carbon Co., Ltd. (“BHH”), a joint venture that owns and operates a carbon anode and cathode facility located in the Guangxi Zhuang Autonomous Region of south China. BHH supplies anodes to Grundartangi. | |||||||||||||
Prior to our initial public offering, we were an indirect, wholly-owned subsidiary of Glencore Xstrata plc (together with its subsidiaries, “Glencore”). At December 31, 2013, based on their filings with the Securities and Exchange Commission, Glencore beneficially owned 41.8% of Century’s outstanding common stock and all of our outstanding Series A Convertible Preferred stock. Through its ownership of our common and preferred stock, Glencore has an overall 46.6% economic ownership of Century. Century and Glencore enter into various transactions such as the purchase and sale of primary aluminum, purchase and sale of alumina, tolling agreements and certain forward financial contracts. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation — The consolidated financial statements include the accounts of Century Aluminum Company and our subsidiaries, after elimination of all intercompany transactions and accounts. Berkeley’s interest in the Mt. Holly partnership and our interest in the BHH joint venture are accounted for under the equity method. For BHH, we report our investment in its results of operations on a one-quarter lag. | |||||||||||||
Revenue recognition | ' | ||||||||||||
Revenue recognition — Revenue is recognized when title and risk of loss pass to customers in accordance with contract terms. In some instances, we invoice our customers prior to physical shipment of goods. In such instances, revenue is recognized only when the customer has specifically requested such treatment and has made a commitment to purchase the product. The goods must be complete, ready for shipment and physically separated from other inventory with risk of ownership passing to the customer. We must retain no performance obligations and a delivery schedule must be obtained | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents — Cash and cash equivalents are comprised of cash, money market funds and short-term investments having original maturities of three months or less. The carrying amount of cash equivalents approximates fair value. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable — The accounts receivable are net of an allowance for uncollectible accounts of $734 and $734 at December 31, 2013 and 2012, respectively. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories — Our inventories are stated at the lower of cost or market (“LCM”), using the first-in, first-out (“FIFO”) method. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment — Property, plant and equipment is stated at cost. Additions, renewals and improvements are capitalized. Asset and accumulated depreciation accounts are relieved for dispositions with resulting gains or losses included in other income (expense) — net. Maintenance and repairs are expensed as incurred. We capitalize interest for the construction of qualifying assets. Depreciation of plant and equipment is provided for by the straight-line method over the following estimated useful lives: | |||||||||||||
Building and improvements 14 to 45 years | |||||||||||||
Machinery and equipment 5 to 22 years | |||||||||||||
Impairment of long-lived assets | ' | ||||||||||||
Impairment of long-lived assets — We review our property, plant and equipment for potential impairment whenever events or circumstances indicate that the carrying amount of these assets (asset group) may not be recoverable. The carrying amount of the assets (asset group) is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets (asset group). In that case, an impairment loss would be recognized for the amount the carrying amount exceeds the fair value of the assets (asset group), with the fair value determined using the anticipated cash flows discounted at a rate commensurate with the risk involved. We estimate the future cash flows using management’s assumptions about the expected future use of the assets (asset group), the remaining useful life, expenditures to maintain the service potential, market and other cost assumptions. | |||||||||||||
Determination as to whether and how much an asset is impaired involves significant management judgment involving highly uncertain matters, including estimating the future sales volumes, future selling prices and cost, alternative uses for the asset, and estimated proceeds from the disposal of the asset. However, the impairment reviews and calculations are based on estimates and assumptions that take into account our business plans and long-term investment decisions at the time of such impairment reviews. We did not recognize any impairment losses on our long-lived fixed assets during 2013, 2012 or 2011. | |||||||||||||
Business Acquisitions | ' | ||||||||||||
Business Acquisitions — We account for business acquisitions by applying the acquisition method in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations.” We allocate the purchase price to the assets acquired and liabilities assumed based on their estimated fair values on the date of the acquisition. The difference between the fair value of the net assets acquired and the purchase price is recorded as either goodwill or a bargain purchase gain. We record the operating results of our acquired businesses in our consolidated statements of operations from the date of acquisition. | |||||||||||||
Other Assets | ' | ||||||||||||
Other Assets — Other assets consist primarily of Century’s investment in the Mt. Holly partnership, investments in joint ventures, deferred financing costs, assets held in a Rabbi trust to fund the non-qualified supplemental executive retirement benefits (“SERB”) pension benefit obligation, prepaid power costs, internal use software and operating maintenance supplies not expected to be consumed within the year. Our equity share of the undistributed earnings (loss) increases (decreases) the investment in the joint ventures. Deferred financing costs are amortized on a straight-line basis over the life of the related financial instrument. | |||||||||||||
We account for our interest in the Mt. Holly partnership using the equity method of accounting. Additionally, our undivided interest in certain property, plant and equipment of Mt. Holly is held outside of the partnership and the undivided interest in these assets of the facility is accounted for in accordance with the ASC 810-10-45-14 “Investor Balance Sheet and Income Statement Display under the Equity Method for Investments in Certain Partnerships and Other Ventures.” Accordingly, the undivided interest in these assets and the related depreciation are being accounted for on a proportionate gross basis. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes — We account for income taxes using the asset and liability method, whereby deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In evaluating our ability to realize deferred tax assets, we use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Based on the weight of evidence, both negative and positive, if it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is established. Accordingly, we have a valuation allowance against all of our federal and state deferred tax assets. We have a valuation allowance against a portion of our Icelandic and all of our Hong Kong and Dutch net operating loss (“NOL”) deferred tax assets due to our belief that it is more likely than not that these assets will not be realized. During 2012, we removed our election to permanently reinvest foreign earnings. See Note 14 Income taxes for additional information. | |||||||||||||
Defined Benefit Pension and Other Postretirement Benefits] | ' | ||||||||||||
Defined Benefit Pension and Other Postretirement Benefits — We sponsor defined benefit pension and other postretirement benefit (“OPEB”) plans for certain of our domestic hourly and salaried employees. We recognize expenses, assets and liabilities based on actuarial assumptions. We contribute to our defined benefit pension plans based upon actuarial and economic assumptions designed to achieve adequate funding of the projected benefit obligations and to meet the minimum funding requirements. In addition, we maintain the SERB plan for certain current and former executive officers. We account for these plans in accordance with ASC 715 “Compensation — Retirement Benefits.” We use a measurement date of December 31st to determine the pension and OPEB liabilities. | |||||||||||||
Postemployment Benefits | ' | ||||||||||||
Postemployment Benefits — We provide certain postemployment benefits to certain former and inactive employees and their dependents during the period following employment, but before retirement. These benefits include salary continuance, supplemental unemployment and disability healthcare. We recognize the estimated future cost of providing postemployment benefits on an accrual basis over the active service life of the employee. | |||||||||||||
Derivatives and hedging | ' | ||||||||||||
Derivatives and hedging — We routinely enter into fixed and market priced contracts for the sale of primary aluminum and the purchase of raw materials in future periods. We also enter into fixed price financial sales contracts and put option contracts to manage our exposure to changing primary aluminum prices. | |||||||||||||
Certain physical delivery and financial sales contracts for primary aluminum that are not designated cash flow hedges or do not qualify for cash flow hedge treatment are marked-to-market quarterly. Fluctuations in the London Metal Exchange (“LME”) price of primary aluminum may have a significant impact on gains and losses included in our financial statements from period to period. We recognize the unrealized and realized gains and losses associated with these contracts in net gain (loss) on forward and derivative contracts. | |||||||||||||
See Note 4 Fair value measurements and Note 5 Derivatives and hedging instruments for additional information about these contracts. | |||||||||||||
Foreign Currency | ' | ||||||||||||
Foreign Currency – We are exposed to foreign currency risk due to fluctuations in the value of the U.S. dollar as compared to the euro, the Icelandic krona (“ISK”) and the Chinese yuan. Grundartangi and Century Vlissingen use the U.S. dollar as their functional currency, however a portion of the operating expenses of their respective facilities are denominated and payable in currencies other than the U.S. dollar. Grundartangi’s labor costs, part of its maintenance costs and other local services are denominated in ISK and a portion of its anode costs are denominated in euros. Labor costs, maintenance costs and other local services at Century Vlissingen are denominated in euros. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise and any transaction gains and losses are reflected in other income (expense) – net in the consolidated statements of operations. As a result, an increase or decrease in the value of those currencies relative to the U.S. dollar would affect Grundartangi’s and Century Vlissingen's operating margins. In addition, our joint venture investment in BHH uses the Chinese yuan as its functional currency. For our joint venture investments, we record gains and losses associated with foreign currency exchange rates in equity in earnings of joint ventures. | |||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments — Our receivables, certain life insurance policies, payables, borrowings under our revolving credit facilities and debt related to industrial revenue bonds (“IRBs”) are carried at amounts that approximate fair value. The following table provides the carrying amounts and approximate fair value (based on the last available trading data) of our 7.5% senior secured notes due 2021 (the “7.5% Notes due 2021”), 7.5% senior unsecured notes due 2014 (the “7.5% Notes due 2014”) and our 8.0% senior secured notes due 2014 (the “8.0% Notes”). See Note 4 Fair value measurements for additional information about these financial instruments. | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Carrying amount | Fair value | Carrying amount | Fair value | ||||||||||
7.5% Notes due 2021 | $ | 246,528 | $ | 244,375 | $ | — | $ | — | |||||
7.5% Notes due 2014 | 2,603 | 2,487 | 2,603 | 2,479 | |||||||||
8% Notes | — | — | 247,979 | 255,706 | |||||||||
Earnings per share | ' | ||||||||||||
Earnings per share — Basic earnings (loss) per share (“EPS”) amounts are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive common shares outstanding. | |||||||||||||
Our Series A Convertible Preferred Stock has similar characteristics to a “participating security” as described by ASC 260 “Earnings per Share” and we calculate the amount of earnings (loss) available to common shareholders and basic EPS using the Two-Class Method earnings allocation formula, allocating undistributed income to our preferred shareholder consistent with their participation rights, and diluted EPS using the If-Converted Method when applicable. | |||||||||||||
Our Series A Convertible Preferred Stock is a non-cumulative perpetual participating convertible preferred stock with no set dividend preferences. The holders of our convertible preferred stock do not have a contractual obligation to share in our losses. In periods where we report net losses, we do not allocate these losses to the convertible preferred stock for the computation of basic or diluted EPS. | |||||||||||||
Asset Retirement Obligations | ' | ||||||||||||
Asset Retirement Obligations — We are subject to environmental regulations which create certain legal obligations related to the normal operations of our domestic primary aluminum smelter operations. Our asset retirement obligations (“AROs”) consist primarily of costs associated with the disposal of spent pot liner used in the reduction cells of our domestic facilities. AROs are recorded on a discounted basis, at the time the obligation is incurred (when the pot liner is put in service) and accreted over time for the change in the present value of the liability. We capitalized the asset retirement costs by increasing the carrying amount of the related long-lived assets and depreciating these assets over their remaining useful lives. | |||||||||||||
Certain conditional asset retirement obligations (“CAROs”) related to the disposal costs of fixed assets at our primary aluminum facilities have not been recorded because they have an indeterminate settlement date. CAROs are a legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within our control. We would recognize a CARO in the period in which sufficient information exists to reasonably estimate the fair value of the liability. These CAROs relate to the remediation of our primary aluminum facilities for certain regulated assets and hazardous material, such as landfills and asbestos and various other materials. | |||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk — Financial instruments, which potentially expose us to concentrations of credit risk, consist principally of trade receivables. Our limited customer base increases our concentrations of credit risk with respect to trade receivables. We routinely assess the financial strength of our customers and collectability of our trade receivables. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation — We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We recognize the cost over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. | |||||||||||||
The grant-date fair value of employee share options and service-based share awards are estimated using the Black-Scholes option-pricing model adjusted for the unique characteristics of those instruments. Information about our assumptions used to determine the fair value of the grants is available in Note 12 Share-based compensation. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | |||||||||||||
We issue shares to satisfy the requirements of our share-based compensation plans. At this time, we do not plan to issue treasury shares to support our share-based compensation plans, but we may in the future. | |||||||||||||
Recently Issued Accounting Standards | ' | ||||||||||||
Recently Issued Accounting Standards – We evaluate the impact of FASB accounting standards updates (“ASUs”) issued. When the adoption or planned adoption of recently issued ASUs will potentially have a material impact on our consolidated financial position, results of operations and cash flows, we disclose the quantitative and qualitative effects of the adoption in our consolidated financial statements. During 2013, no ASUs were issued that had or were expected to have a material impact on our financial position, results of operations or cash flows. |
Fair_value_measurements_Fair_v
Fair value measurements Fair value measurements (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Level 3 Transfer Policy | ' |
It is our policy to recognize transfers into and transfers out of Level 3 as of the actual date of the event or change in circumstances that caused the transfer. |
Summary_of_significant_account2
Summary of significant accounting policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Financial Instruments | ' | ||||||||||||
The following table provides the carrying amounts and approximate fair value (based on the last available trading data) of our 7.5% senior secured notes due 2021 (the “7.5% Notes due 2021”), 7.5% senior unsecured notes due 2014 (the “7.5% Notes due 2014”) and our 8.0% senior secured notes due 2014 (the “8.0% Notes”). See Note 4 Fair value measurements for additional information about these financial instruments. | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Carrying amount | Fair value | Carrying amount | Fair value | ||||||||||
7.5% Notes due 2021 | $ | 246,528 | $ | 244,375 | $ | — | $ | — | |||||
7.5% Notes due 2014 | 2,603 | 2,487 | 2,603 | 2,479 | |||||||||
8% Notes | — | — | 247,979 | 255,706 | |||||||||
Acquisition_of_Sebree_aluminum1
Acquisition of Sebree aluminum smelter Acquisition of Sebree aluminum smelter (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule of purchase price allocation | ' | ||||||
The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date: | |||||||
Acquisition Date Estimated Fair Value as of December 31, 2013 | |||||||
Consideration: | |||||||
Cash | $ | 48,083 | |||||
Deferred purchase price | 1,910 | ||||||
Assets Acquired: | |||||||
Inventories | 59,018 | ||||||
Prepaid and other current assets | 2,273 | ||||||
Property, plant and equipment – net | 55,520 | ||||||
Total assets acquired | $ | 116,811 | |||||
Liabilities Assumed: | |||||||
Accrued and other current liabilities | $ | 43,316 | |||||
Accrued pension benefit costs | 996 | ||||||
Accrued post retirement benefit costs | 6,544 | ||||||
Other liabilities | 7,476 | ||||||
Deferred taxes | 3,233 | ||||||
Total liabilities assumed | $ | 61,565 | |||||
Gain on bargain purchase: | $ | 5,253 | |||||
Sebree Revenue and Net loss since Acquisition Date [Table Text Block] | ' | ||||||
From the acquisition date of June 1, 2013 through December 31, 2013, Sebree's revenue and net income included in the consolidated statements of operations is as follows: | |||||||
Year ended December 31, 2013 | |||||||
Sebree revenue | $ | 247,178 | |||||
Sebree net income (1) | 8,705 | ||||||
(1) Sebree net income includes a non-recurring gain on bargain purchase of $5,253 and a non-recurring credit for the amortization of the deferred power contract liability of $31,031. As part of the Sebree acquisition, we recorded a $36,625 liability for an unfavorable power contract we assumed. The fair value measurement of the power contract was based on the difference between the forecasted contract rate and estimated market power rates through the contract termination date in January 2014. We will amortize the power contract liability over the remaining period of the contract through January 31, 2014, resulting in a credit to our depreciation and amortization expense within cost of goods sold. The credit reflects the amortization under our ownership from June 1, 2013 through December 31, 2013. | |||||||
Sebree acquisition, pro forma information | ' | ||||||
The following unaudited pro forma financial information for the years ended December 31, 2013 and December 31, 2012 reflects our results of continuing operations as if the acquisition of Sebree had been completed on January 1, 2012. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2012, nor is it indicative of the future consolidated results of operations or financial position of the combined companies. | |||||||
Year ended December 31, | |||||||
2013 | 2012 | ||||||
Pro forma revenues | $ | 1,662,707 | $ | 1,755,196 | |||
Pro forma loss from continuing operations | (83,035 | ) | (260,505 | ) | |||
Loss per common share, basic | (0.94 | ) | (2.94 | ) | |||
Loss per common share, diluted | (0.94 | ) | (2.94 | ) |
Fair_value_measurements_Tables
Fair value measurements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of valuation methodology for assets and liabilities at fair value | ' | ||||||||||||
The following section describes the valuation methodology used to measure our financial assets and liabilities that were accounted for at fair value. | |||||||||||||
Overview of Century’s valuation methodology | |||||||||||||
Level | Significant inputs | ||||||||||||
Cash equivalents | 1 | Quoted market prices | |||||||||||
Trust assets (1) | 1 | Quoted market prices | |||||||||||
Surety bonds | 1 | Quoted market prices | |||||||||||
E.ON contingent obligation | 3 | Quoted LME forward market, management’s estimates of the LME forward market prices for periods beyond the quoted periods and management’s estimate of future level of operations at CAKY | |||||||||||
Primary aluminum sales contract | 3 | Management’s estimates of future U.S. Midwest premium and risk-adjusted discount rates | |||||||||||
Midwest premium contracts | 3 | Management’s estimates of future U.S. Midwest premium | |||||||||||
-1 | Trust assets are currently invested in money market funds. These trust assets are held to fund the non-qualified supplemental executive pension benefit obligations for certain of our officers. The trust has sole authority to invest the funds in secure interest producing investments consisting of short-term securities issued or guaranteed by the United States government or cash and cash equivalents. | ||||||||||||
Financial assets and liabilities at fair value on a recurring basis | ' | ||||||||||||
The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis by the level of input within the ASC 820 fair value hierarchy. As required by GAAP for fair value measurements and disclosures, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels. There were no transfers between Level 1 and 2 during the periods presented. There were no transfers into or out of Level 3 during the periods presented below. It is our policy to recognize transfers into and transfers out of Level 3 as of the actual date of the event or change in circumstances that caused the transfer. | |||||||||||||
Recurring Fair Value Measurements | As of December 31, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
ASSETS: | |||||||||||||
Cash equivalents | $ | 49,658 | $ | — | $ | — | $ | 49,658 | |||||
Trust assets | 11,151 | — | — | 11,151 | |||||||||
Surety bonds | 2,002 | — | — | 2,002 | |||||||||
Midwest premium contracts | — | — | 140 | 140 | |||||||||
TOTAL | $ | 62,811 | $ | — | $ | 140 | $ | 62,951 | |||||
LIABILITIES: | |||||||||||||
E.ON contingent obligation – net | $ | — | $ | — | $ | — | $ | — | |||||
Primary aluminum sales contract | — | — | 140 | 140 | |||||||||
TOTAL | $ | — | $ | — | $ | 140 | $ | 140 | |||||
Recurring Fair Value Measurements | As of December 31, 2012 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
ASSETS: | |||||||||||||
Cash equivalents | $ | 168,309 | $ | — | $ | — | $ | 168,309 | |||||
Trust assets | 14,254 | — | — | 14,254 | |||||||||
Surety bonds | 2,123 | — | — | 2,123 | |||||||||
TOTAL | $ | 184,686 | $ | — | $ | — | $ | 184,686 | |||||
LIABILITIES: | |||||||||||||
E.ON contingent obligation – net | $ | — | $ | — | $ | 15,369 | $ | 15,369 | |||||
Primary aluminum sales contract | — | — | 1,170 | 1,170 | |||||||||
TOTAL | $ | — | $ | — | $ | 16,539 | $ | 16,539 | |||||
Change in level 3 fair value measurements | ' | ||||||||||||
Change in Level 3 Fair Value Measurements during the years ended December 31, | |||||||||||||
Derivative liabilities/assets | |||||||||||||
2013 | 2012 | ||||||||||||
Beginning balance, January 1, | $ | (16,539 | ) | $ | (14,760 | ) | |||||||
Total gain (loss) included in earnings | 16,539 | (1,684 | ) | ||||||||||
Settlements | — | (95 | ) | ||||||||||
Ending balance, December 31, | $ | — | $ | (16,539 | ) | ||||||||
Amount of gain (loss) included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, | $ | 16,539 | $ | (1,684 | ) | ||||||||
Derivative_and_hedging_instrum1
Derivative and hedging instruments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Fair value of derivative assets and liabilities by balance sheet location | ' | |||||||
Fair Value of Derivative Assets and Liabilities | ||||||||
December 31, | ||||||||
Balance sheet location | 2013 | 2012 | ||||||
DERIVATIVE ASSETS: | ||||||||
Midwest premium contracts | Prepaid and other current assets | $ | 140 | $ | — | |||
TOTAL | $ | 140 | $ | — | ||||
DERIVATIVE LIABILITIES: | ||||||||
E.ON contingent obligation - net (1) | Other liabilities | $ | — | $ | 15,369 | |||
Primary aluminum sales contract | Accrued and other current liabilities | 140 | 1,170 | |||||
TOTAL | $ | 140 | $ | 16,539 | ||||
-1 | See Note 6 Debt for additional information about the E.ON contingent obligation. | |||||||
Derivatives not designated as hedging instruments | ' | |||||||
Derivatives not designated as hedging instruments: | ||||||||
Gain (loss) recognized in income from derivatives | ||||||||
Location | December 31, 2013 | December 31, 2012 | ||||||
E.ON contingent obligation - net | Net gain (loss) on forward and derivative contracts | $ | 16,781 | $ | — | |||
Primary aluminum sales contract | Related party sales | 1,353 | 1,309 | |||||
Midwest premium contracts | Net gain (loss) on forward and derivative contracts | 140 | — | |||||
Primary aluminum sales contract | Net gain (loss) on forward and derivative contracts | (323 | ) | (1,571 | ) | |||
E.ON contingent obligation - net | Interest expense – third party | (1,412 | ) | 1,411 | ||||
Primary aluminum put option contracts | Net gain (loss) on forward and derivative contracts | — | (2,725 | ) | ||||
Power contract | Net gain (loss) on forward and derivative contracts | — | 147 | |||||
Outstanding forward contracts not designed as hedging instruments | ' | |||||||
We had the following outstanding forward contracts that were entered into that were not designated as hedging instruments: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Primary aluminum sales contract premium (tonnes) (1) | 1,782 | 20,400 | ||||||
Midwest premium contracts (tonnes) | 6,000 | — | ||||||
-1 | Represents the remaining physical deliveries under the Glencore Metal Agreement. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Debt classified as current liabilities: | ||||||||
Hancock County industrial revenue bonds (“IRBs”) due 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1) | $ | 7,815 | $ | 7,815 | ||||
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually (2) | 2,603 | — | ||||||
Iceland revolving credit facility (2)(3) | 6,000 | — | ||||||
Debt classified as non-current liabilities: | ||||||||
7.5% senior secured notes payable due June 1, 2021, net of debt discount of $3,472, interest payable semiannually | 246,528 | — | ||||||
8.0% senior secured notes payable due May 15, 2014, net of debt discount of $1,625, interest payable semiannually | — | 247,979 | ||||||
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually | — | 2,603 | ||||||
E.ON contingent obligation, principal and accrued interest, contingently payable monthly, annual interest rate of 10.94% (4) | — | 15,369 | ||||||
Total | $ | 262,946 | $ | 273,766 | ||||
-1 | The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at December 31, 2013 was 0.25%. | |||||||
-2 | These items are recorded in Accrued and other current liabilities. | |||||||
-3 | Borrowings under the Iceland revolving credit facility bear variable interest based on LIBOR plus the applicable margin per annum. The interest rate at December 31, 2013 was 3.92%. | |||||||
-4 | E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information. | |||||||
Debt Instrument Redemption | ' | |||||||
Redemption Rights. Prior to June 1, 2016, we may redeem the 7.5% Notes due 2021, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, and if redeemed during the twelve-month period beginning on June 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest: | ||||||||
Year | Percentage | |||||||
2016 | 105.62% | |||||||
2017 | 103.75% | |||||||
2018 | 101.88% | |||||||
2019 and thereafter | 100.00% | |||||||
Offsetting of financial instruments and derivatives | ' | |||||||
The following table provides information about the balance sheet location and gross amounts offset: | ||||||||
Offsetting of financial instruments and derivatives | ||||||||
Balance sheet location | 31-Dec-13 | 31-Dec-12 | ||||||
E.ON contingent obligation – principal | Other liabilities | $ | (12,902 | ) | $ | (12,902 | ) | |
E.ON contingent obligation – accrued interest | Other liabilities | (3,879 | ) | (2,467 | ) | |||
E.ON contingent obligation – derivative asset | Other liabilities | 16,781 | — | |||||
$ | — | $ | (15,369 | ) | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
Principal payments on our long term debt maturing in the next five years, excluding contingent obligations, are as follows: | ||||||||
2014 | ||||||||
7.5% Notes due 2014 | $ | 2,603 | ||||||
Iceland revolving credit facility | 6,000 | |||||||
Total | $ | 8,603 | ||||||
Shareholders_equity_Tables
Shareholders’ equity (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Stockholders' Equity Note [Abstract] | ' | ||||||
Common and Preferred Stock Activity | ' | ||||||
See Common and Preferred Stock Activity table below for additional information about preferred stock conversions during 2013, 2012 and 2011: | |||||||
Common and Preferred Stock Activity: | Preferred stock | Common stock | |||||
(in shares) | Series A convertible | Treasury | Outstanding | ||||
Balance as of December 31, 2010 | 82,515 | — | 92,771,864 | ||||
Repurchase of common stock | — | 4,386,521 | (4,386,521 | ) | |||
Conversion of convertible preferred stock | (1,797 | ) | — | 179,692 | |||
Issuance for share-based compensation plans | — | — | 279,292 | ||||
Balance as of December 31, 2011 | 80,718 | 4,386,521 | 88,844,327 | ||||
Repurchase of common stock | — | 400,000 | (400,000 | ) | |||
Conversion of convertible preferred stock | (435 | ) | — | 43,556 | |||
Issuance for share-based compensation plans | — | — | 60,754 | ||||
Balance as of December 31, 2012 | 80,283 | 4,786,521 | 88,548,637 | ||||
Conversion of convertible preferred stock | (663 | ) | — | 66,244 | |||
Issuance for share-based compensation plans | — | — | 95,396 | ||||
Balance as of December 31, 2013 | 79,620 | 4,786,521 | 88,710,277 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Inventory, Net [Abstract] | ' | ||||||
Schedule of Inventories | ' | ||||||
Inventories, at December 31, consist of the following: | |||||||
2013 | 2012 | ||||||
Raw materials | $ | 69,776 | $ | 40,725 | |||
Work-in-process | 22,183 | 15,259 | |||||
Finished goods | 17,661 | 9,753 | |||||
Operating and other supplies | 129,995 | 94,188 | |||||
Inventories (1) | $ | 239,615 | $ | 159,925 | |||
-1 | The balance at December 31, 2013 includes inventory maintained at the recently acquired Sebree smelter. See Note 2 Acquisition of Sebree aluminum smelter for additional information about the Sebree acquisition. |
Property_Plant_and_Equipment_P
Property, Plant, and Equipment Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Property, plant and equipment | ' | ||||||
Property, plant and equipment, at December 31, consist of the following: | |||||||
2013 | 2012 | ||||||
Land and improvements | $ | 16,021 | $ | 13,021 | |||
Buildings and improvements | 340,609 | 324,497 | |||||
Machinery and equipment | 1,464,532 | 1,404,928 | |||||
Construction in progress | 221,101 | 175,283 | |||||
2,042,263 | 1,917,729 | ||||||
Less accumulated depreciation | (794,602 | ) | (729,515 | ) | |||
Property, plant and equipment - net | $ | 1,247,661 | $ | 1,188,214 | |||
Supplemental_financial_stateme1
Supplemental financial statement info (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Additional financial information disclosures [Abstract] | ' | ||||||||||||
Components of Prepaid and other current assets | ' | ||||||||||||
Components of Prepaid and other current assets: | 2013 | 2012 | |||||||||||
Prepaid and other assets | $ | 15,051 | $ | 16,956 | |||||||||
Income/withholding tax receivable – current | 11,437 | 14,327 | |||||||||||
VAT receivable | 5,648 | 3,692 | |||||||||||
Derivative assets | 140 | — | |||||||||||
$ | 32,276 | $ | 34,975 | ||||||||||
Components of Other assets | ' | ||||||||||||
Components of Other assets: | 2013 | 2012 | |||||||||||
Investment in BHH and other equity investments | $ | 35,767 | $ | 37,880 | |||||||||
Cash surrender value of life insurance and trust assets | 27,857 | 29,125 | |||||||||||
Maintenance and operating supplies – non-current | 17,827 | 17,844 | |||||||||||
Other assets | 10,023 | 15,866 | |||||||||||
$ | 91,474 | $ | 100,715 | ||||||||||
Components of Accrued and other current liabilities | ' | ||||||||||||
Components of Accrued and other current liabilities: | 2013 | 2012 | |||||||||||
Other accrued and current liabilities | $ | 30,901 | $ | 20,455 | |||||||||
Accrued severance pay | 11,438 | 1,009 | |||||||||||
Accrued vacation pay | 9,135 | 6,001 | |||||||||||
Income taxes payable | 6,198 | 8,146 | |||||||||||
Revolving credit facility | 6,000 | — | |||||||||||
Current portion of long-term debt | 2,603 | — | |||||||||||
Accrued bond interest | 1,636 | 2,560 | |||||||||||
Deferred tax liability – current | 1,555 | 1,928 | |||||||||||
$ | 69,466 | $ | 40,099 | ||||||||||
Components of Other liabilities | ' | ||||||||||||
Components of Other liabilities: | 2013 | 2012 | |||||||||||
Asset retirement obligations – non-current | $ | 22,884 | $ | 14,775 | |||||||||
Other liabilities | 7,576 | 2,781 | |||||||||||
Accrued workers’ compensation cost – non-current | 7,283 | 7,237 | |||||||||||
E.ON contingent liability and accrued interest | — | 15,369 | |||||||||||
$ | 37,743 | $ | 40,162 | ||||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||||||
Components of Accumulated Other Comprehensive Loss: | 2013 | 2012 | |||||||||||
Defined benefit plan liabilities | $ | (92,177 | ) | $ | (153,225 | ) | |||||||
Equity in investee other comprehensive income (1) | (12,650 | ) | (12,712 | ) | |||||||||
Unrealized loss on financial instruments | (1,064 | ) | (878 | ) | |||||||||
Other comprehensive loss before income tax effect | (105,891 | ) | (166,815 | ) | |||||||||
Income tax effect (2) | 14,059 | 15,623 | |||||||||||
Accumulated other comprehensive loss | $ | (91,832 | ) | $ | (151,192 | ) | |||||||
-1 | The amount includes our equity in the other comprehensive income of Mt. Holly. | ||||||||||||
-2 | The allocation of the income tax effect to the components of other comprehensive income is as follows: | ||||||||||||
2013 | 2012 | ||||||||||||
Defined benefit plan liabilities | $ | 14,256 | $ | 15,784 | |||||||||
Equity in investee other comprehensive income | 418 | 488 | |||||||||||
Unrealized loss on financial instruments | (615 | ) | (649 | ) | |||||||||
Accumulated balances for each component of AOCI | ' | ||||||||||||
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss (“AOCI”): | |||||||||||||
Defined benefit plan and other postretirement liabilities | Equity in investee other comprehensive income | Unrealized loss on financial instruments | Total, net of tax | ||||||||||
Balance, December 31, 2010 | $ | (41,181 | ) | $ | (7,665 | ) | $ | (1,130 | ) | $ | (49,976 | ) | |
Other comprehensive income (loss) before reclassifications | (62,212 | ) | (253 | ) | (479 | ) | (62,944 | ) | |||||
Net amount reclassified to net loss | (21,555 | ) | — | (113 | ) | (21,668 | ) | ||||||
Balance, December 31, 2011 | (124,948 | ) | (7,918 | ) | (1,722 | ) | (134,588 | ) | |||||
Other comprehensive income (loss) before reclassifications | (16,691 | ) | (4,306 | ) | (218 | ) | (21,215 | ) | |||||
Net amount reclassified to net loss | 4,198 | — | 413 | 4,611 | |||||||||
Balance, December 31, 2012 | (137,441 | ) | (12,224 | ) | (1,527 | ) | (151,192 | ) | |||||
Other comprehensive income (loss) before reclassifications | 56,795 | (8 | ) | — | 56,787 | ||||||||
Net amount reclassified to net loss | 2,725 | — | (152 | ) | 2,573 | ||||||||
Balance, December 31, 2013 | $ | (77,921 | ) | $ | (12,232 | ) | $ | (1,679 | ) | $ | (91,832 | ) | |
Reclassification out of AOCI | ' | ||||||||||||
Reclassifications out of AOCI were included in the consolidated statements of operations as follows: | |||||||||||||
Gains (Losses) Reclassified from AOCI to the Consolidated Statements of Operations | |||||||||||||
AOCI Components | Location | 2013 | 2012 | 2011 | |||||||||
Defined benefit plan and other postretirement liabilities | Cost of goods sold | $ | 3,264 | $ | 4,670 | $ | (16,326 | ) | |||||
Selling, general and administrative expenses | 990 | 1,055 | 575 | ||||||||||
Income tax expense | (1,529 | ) | (1,527 | ) | (5,804 | ) | |||||||
Net of tax | $ | 2,725 | $ | 4,198 | $ | (21,555 | ) | ||||||
Unrealized loss on financial instruments | Cost of goods sold | $ | (186 | ) | $ | 381 | $ | (146 | ) | ||||
Income tax expense | 34 | 32 | 33 | ||||||||||
Net of tax | $ | (152 | ) | $ | 413 | $ | (113 | ) | |||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | ||||||||||||||||||||
The change in benefit obligations and change in plan assets as of December 31 are as follows: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 174,954 | $ | 164,565 | $ | 149,263 | $ | 134,289 | |||||||||||||
Service cost | 4,735 | 2,802 | 2,527 | 1,790 | |||||||||||||||||
Interest cost | 8,908 | 6,871 | 5,681 | 5,512 | |||||||||||||||||
Medicare Part D | — | — | — | 210 | |||||||||||||||||
Actuarial loss (gain) | (21,539 | ) | 8,611 | (24,170 | ) | 11,725 | |||||||||||||||
Acquisition | 82,988 | — | 6,544 | — | |||||||||||||||||
Benefits paid | (11,727 | ) | (7,895 | ) | (5,193 | ) | (4,263 | ) | |||||||||||||
Benefit obligation at end of year | $ | 238,319 | $ | 174,954 | $ | 134,652 | $ | 149,263 | |||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | ||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 96,234 | $ | 84,967 | $ | — | $ | — | |||||||||||||
Actual return on plan assets | 21,675 | 10,607 | — | — | |||||||||||||||||
Acquisition | 81,992 | — | — | — | |||||||||||||||||
Employer contributions | 11,130 | 8,555 | 5,193 | 4,263 | |||||||||||||||||
Benefits paid | (11,727 | ) | (7,895 | ) | (5,193 | ) | (4,263 | ) | |||||||||||||
Fair value of assets at end of year | $ | 199,304 | $ | 96,234 | $ | — | $ | — | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Funded status of plans: | |||||||||||||||||||||
Funded status | $ | (39,015 | ) | $ | (78,720 | ) | $ | (134,652 | ) | $ | (149,263 | ) | |||||||||
Amounts recognized in the Consolidated Balance Sheets | |||||||||||||||||||||
Non-current assets | $ | 2,547 | $ | — | $ | — | $ | — | |||||||||||||
Current liabilities | (1,714 | ) | (10,842 | ) | (5,368 | ) | (6,158 | ) | |||||||||||||
Non-current liabilities | (39,848 | ) | (67,878 | ) | (129,284 | ) | (143,105 | ) | |||||||||||||
Net amount recognized | $ | (39,015 | ) | $ | (78,720 | ) | $ | (134,652 | ) | $ | (149,263 | ) | |||||||||
Amounts recognized in accumulated other comprehensive loss (pre-tax): | |||||||||||||||||||||
Net loss | $ | 45,642 | $ | 81,417 | $ | 65,754 | $ | 94,947 | |||||||||||||
Prior service cost (benefit) | 376 | 472 | (19,595 | ) | (23,611 | ) | |||||||||||||||
$ | 46,018 | $ | 81,889 | $ | 46,159 | $ | 71,336 | ||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | ' | ||||||||||||||||||||
Our pension plans’ projected benefit obligation, accumulated benefit obligation, and fair value of plan assets as of December 31 are as follows: | |||||||||||||||||||||
Projected Benefit Obligation | Accumulated Benefit Obligation | Fair Value of Plan assets | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Sebree hourly pension plan | $ | 80,369 | $ | — | $ | 80,369 | $ | — | $ | 82,916 | $ | — | |||||||||
CAWV hourly pension plan | 66,866 | 78,812 | 66,852 | 78,171 | 64,905 | 53,909 | |||||||||||||||
Salaried pension plan | 66,686 | 69,726 | 60,870 | 63,344 | 51,483 | 42,325 | |||||||||||||||
SERB plan | 24,398 | 26,416 | 23,369 | 25,096 | — | — | |||||||||||||||
Total | $ | 238,319 | $ | 174,954 | $ | 231,460 | $ | 166,611 | $ | 199,304 | $ | 96,234 | |||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive loss: | |||||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 4,735 | $ | 2,802 | $ | 3,133 | $ | 2,527 | $ | 1,790 | $ | 1,668 | |||||||||
Interest cost | 8,908 | 6,871 | 6,976 | 5,681 | 5,512 | 5,728 | |||||||||||||||
Expected return on plan assets | (10,592 | ) | (6,962 | ) | (6,631 | ) | — | — | — | ||||||||||||
Amortization of prior service costs | 113 | 137 | 137 | (3,995 | ) | (4,250 | ) | (32,814 | ) | ||||||||||||
Amortization of net loss | 3,152 | 3,642 | 1,863 | 5,022 | 6,195 | 15,063 | |||||||||||||||
Net periodic benefit cost | 6,316 | 6,490 | 5,478 | 9,235 | 9,247 | (10,355 | ) | ||||||||||||||
Special termination benefits | — | — | 1,147 | — | — | — | |||||||||||||||
Curtailment cost | (18 | ) | — | — | (20 | ) | — | — | |||||||||||||
Total net periodic benefit cost | $ | 6,298 | $ | 6,490 | $ | 6,625 | $ | 9,215 | $ | 9,247 | $ | (10,355 | ) | ||||||||
Other changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (pre-tax): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net loss (gain) | $ | (32,624 | ) | $ | 4,966 | $ | (24,171 | ) | $ | 11,725 | |||||||||||
Amortization of net loss | (3,152 | ) | (3,642 | ) | (5,022 | ) | (6,195 | ) | |||||||||||||
Amortization of prior service benefit (cost) | (95 | ) | (137 | ) | 4,015 | 4,250 | |||||||||||||||
Total amount recognized in other comprehensive loss | (35,871 | ) | 1,187 | (25,178 | ) | 9,780 | |||||||||||||||
Net periodic benefit cost | 6,298 | 6,490 | 9,215 | 9,247 | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (29,573 | ) | $ | 7,677 | $ | (15,963 | ) | $ | 19,027 | |||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | ||||||||||||||||||||
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
Amortization of net loss | $ | 1,702 | $ | 3,511 | |||||||||||||||||
Amortization of prior service cost (benefit) | 116 | (3,993 | ) | ||||||||||||||||||
Weighted average assumptions used to determine benefit obligations | ' | ||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.89% | 4.00% | 4.99% | 3.98% | |||||||||||||||||
Rate of compensation increase (1) | 3%/4% | 3%/4% | 3%/4% | 3%/4% | |||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/13 | 12/31/12 | |||||||||||||||||
-1 | Rate of compensation increase assumption is 3% per year for first five years and then 4% per year for year six and thereafter. | ||||||||||||||||||||
Weighted average assumptions used in calculating net periodic benefit cost | ' | ||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: | |||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||
Measurement date | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/12 | 12/31/11 | 12/31/10 | |||||||||||||||
Fiscal year end | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/13 | 12/31/12 | 12/31/11 | |||||||||||||||
Discount rate | 4 | % | 4.25 | % | 5.49 | % | 4.01 | % | 3.83 | % | 5.23 | % | |||||||||
Rate of compensation increase (1) | 3%/4% | 3%/4% | 3%/3%/4% | 3%/4% | 3%/4% | 3%/3%/4% | |||||||||||||||
Expected return on plan assets | 7.25 | % | 8 | % | 8 | % | — | — | — | ||||||||||||
-1 | For 2013 and 2012, the rate of compensation increase is 3% per year for first five years and 4% per year for year six and thereafter. For 2011, the rate of compensation increase is for 3% per year for years 1 and 2 and 4% per year for year 3 and thereafter. | ||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||
A one-percentage-point change in the assumed health care cost trend rate would have had the following effects in 2013: | |||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||
Effect on total of service and interest cost | $ | 1,585 | $ | (1,256 | ) | ||||||||||||||||
Effect on accumulated postretirement benefit obligation | 19,465 | (16,095 | ) | ||||||||||||||||||
Schedule Of Matching Contribution To Defined Contribution Plans | ' | ||||||||||||||||||||
Employee and matching contributions are considered fully vested immediately upon participation in the plan. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Company matching contribution to defined contribution (401(k)) plans | $ | 1,138 | $ | 748 | $ | 640 | |||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||
The Pension Plans’ long-term strategic asset allocation policy targets are as follows: | |||||||||||||||||||||
Pension Plan Asset Allocation | |||||||||||||||||||||
Policy Target | December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Equities: | |||||||||||||||||||||
U.S. equities | 50 | % | 43 | % | 50 | % | |||||||||||||||
International equities | 15 | % | 20 | % | 16 | % | |||||||||||||||
Fixed income | 35 | % | 37 | % | 34 | % | |||||||||||||||
100 | % | 100 | % | ||||||||||||||||||
Schedule Of Fair Value Of Pension Plan Assets By Asset Category Under Fair Value Hierarchy | ' | ||||||||||||||||||||
Fair Value of Pension Plans’ assets included in Level 1 under the fair value hierarchy: | |||||||||||||||||||||
As of December 31, 2013 | Total | ||||||||||||||||||||
Equities: | |||||||||||||||||||||
U.S. equities | $ | 86,323 | |||||||||||||||||||
International equities | 40,093 | ||||||||||||||||||||
Fixed income | 72,888 | ||||||||||||||||||||
Total | $ | 199,304 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Equities: | |||||||||||||||||||||
U.S. equities | $ | 47,728 | |||||||||||||||||||
International equities | 15,318 | ||||||||||||||||||||
Fixed income | 32,734 | ||||||||||||||||||||
Cash deposit in transit | 454 | ||||||||||||||||||||
Total | $ | 96,234 | |||||||||||||||||||
Schedule of Expected Benefit Plan Contributions | ' | ||||||||||||||||||||
We expect to make the following contributions for 2014: | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Expected pension plan contributions | $ | 10,094 | |||||||||||||||||||
Expected OPEB benefits payments | 5,370 | ||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||
The following table provides the estimated future benefit payments for the pension and other postretirement benefit plans: | |||||||||||||||||||||
Pension Benefits | OPEB Benefits | ||||||||||||||||||||
2014 | $ | 12,913 | $ | 5,370 | |||||||||||||||||
2015 | 13,185 | 5,978 | |||||||||||||||||||
2016 | 13,440 | 6,641 | |||||||||||||||||||
2017 | 13,849 | 7,174 | |||||||||||||||||||
2018 | 14,317 | 7,784 | |||||||||||||||||||
2019 – 2023 | 77,708 | 44,393 | |||||||||||||||||||
Schedule Of Multi-Employer Pension Plan | ' | ||||||||||||||||||||
Century’s participation in the plan for the year ended December 31, 2013, is outlined in the table below. | |||||||||||||||||||||
Fund | Steelworkers Pension Trust | ||||||||||||||||||||
EIN / PN | 23-6648508/499 | ||||||||||||||||||||
Pension Protection Act Zone Status 2013 (1) | Green | ||||||||||||||||||||
Pension Protection Act Zone Status 2012 (1) | Green | ||||||||||||||||||||
Subject to Financial Improvement/Rehabilitation Plan | No | ||||||||||||||||||||
Contributions of Century Aluminum 2013 (2) | $2,171 | ||||||||||||||||||||
Contributions of Century Aluminum 2012 (2) | $2,282 | ||||||||||||||||||||
Contributions of Century Aluminum 2011 (2) | $2,117 | ||||||||||||||||||||
Withdrawal from Plan Probable | No | ||||||||||||||||||||
Surcharge Imposed | No | ||||||||||||||||||||
Expiration Date of Collective Bargaining Agreement | April 1, 2015 | ||||||||||||||||||||
-1 | The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan's year-end December 31, 2012 and December 31, 2011, respectively. The zone status is based on information that Century received from the plan as well as publicly available information per the Department of Labor and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. | ||||||||||||||||||||
-2 | Our contributions to the Steelworkers Pension Trust are not 5% or more of the total contributions to the plan. |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Share-based Compensation [Abstract] | ' | |||||||||
Options, fully vested and exercisable | ' | |||||||||
A summary of activity under our Stock Incentive Plan and the Non-Employee Directors Stock Option Plan during the year ended December 31, 2013 is presented below: | ||||||||||
Options | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||
Outstanding at January 1, 2013 | 626,334 | $ | 24.6 | |||||||
Exercised | (6,000 | ) | 7.43 | |||||||
Forfeited/expired | (501 | ) | 19.01 | |||||||
Outstanding, fully vested and exercisable at December 31, 2013 (1) | 619,833 | $ | 24.77 | 4.86 | $ | 1,065 | ||||
-1 | As explained above, all unvested stock options immediately vested and became immediately exercisable in 2011. All such options will remain exercisable for their respective remaining term, regardless of whether the awardees remain employees of Century. | |||||||||
Service-based share awards activity | ' | |||||||||
Service-based share awards | ||||||||||
Outstanding at January 1, 2013 | 396,133 | |||||||||
Granted | 303,159 | |||||||||
Vested | (128,048 | ) | ||||||||
Forfeited | (128,507 | ) | ||||||||
Outstanding at December 31, 2013 | 442,737 | |||||||||
Year ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Weighted average per share fair value of service-based share grants | $8.19 | $8.14 | $15.49 | |||||||
Total intrinsic value of option exercises | 13 | — | 72 | |||||||
Total fair value of stock options vested during the period | — | — | 1,403 | |||||||
Share-based compensation expense | ' | |||||||||
The following table summarizes the compensation cost recognized for the years ended December 31, 2013, 2012 and 2011 for all options, service-based share and performance-based share awards. No share-based compensation cost was capitalized during these periods and there were no significant modifications (other than the accelerated vesting in 2011 described above) of any share-based awards in 2013, 2012 and 2011. | ||||||||||
Year ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Share-based compensation expense reported: | ||||||||||
Performance-based share expense | $ | 475 | $ | 27 | $ | 1,836 | ||||
Service-based share expense | 603 | 586 | 692 | |||||||
Stock option expense | — | — | 328 | |||||||
Total share-based compensation expense before income tax | 1,078 | 613 | 2,856 | |||||||
Income tax | — | — | — | |||||||
Total share-based compensation expense, net of income tax | $ | 1,078 | $ | 613 | $ | 2,856 | ||||
Earnings_per_share_Tables
Earnings per share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Basic and diluted earnings (loss) per share | ' | ||||||||
The following table shows the basic and diluted earnings (loss) per share for 2013, 2012, and 2011: | |||||||||
For the year ended December 31, 2013 | |||||||||
Net loss | Shares (000) | Per-Share | |||||||
Net loss | $ | (40,313 | ) | ||||||
Amount allocated to common shareholders (1) | 100 | % | |||||||
Basic and Diluted EPS: | |||||||||
Loss available to common shareholders | $ | (40,313 | ) | 88,612 | $ | (0.45 | ) | ||
For the year ended December 31, 2012 | |||||||||
Net loss | Shares (000) | Per-Share | |||||||
Net loss | $ | (35,610 | ) | ||||||
Amount allocated to common shareholders (1) | 100 | % | |||||||
Basic and Diluted EPS: | |||||||||
Loss available to common shareholders | $ | (35,610 | ) | 88,534 | $ | (0.40 | ) | ||
For the year ended December 31, 2011 | |||||||||
Net income | Shares (000) | Per-Share | |||||||
Net income | $ | 11,325 | |||||||
Amount allocated to common shareholders | 91.87 | % | |||||||
Basic EPS: | |||||||||
Income allocable to common shareholders | $ | 10,404 | 91,854 | $ | 0.11 | ||||
Effect of Dilutive Securities: | |||||||||
Share-based compensation plans | 403 | ||||||||
Diluted EPS: | |||||||||
Income applicable to common shareholders with assumed conversion | $ | 10,404 | 92,257 | $ | 0.11 | ||||
-1 | We have not allocated net losses between common and preferred shareholders, as the holders of our preferred shares do not have a contractual obligation to share in the loss. | ||||||||
Antidilutive securities excluded from calculation of diluted EPS | ' | ||||||||
Antidilutive securities excluded from the calculation of diluted EPS: | |||||||||
2013 | 2012 | 2011 | |||||||
Stock options (1) | 619,833 | 626,334 | 353,000 | ||||||
Service-based share awards (1) | 442,737 | 396,133 | — | ||||||
-1 | In periods when we report a net loss, all share awards are excluded from the calculation of diluted weighted average shares outstanding because of their antidilutive effect on earnings (loss) per share. |
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Components of pre-tax book income (loss) | ' | |||||||||
The components of pre-tax book income (loss) consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
U.S. | $ | (47,080 | ) | $ | (38,762 | ) | $ | (22,865 | ) | |
Foreign | 7,236 | 9,439 | 45,104 | |||||||
Total | $ | (39,844 | ) | $ | (29,323 | ) | $ | 22,239 | ||
Significant components of the income before income tax expense | ' | |||||||||
Significant components of the income tax expense consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Current: | ||||||||||
U.S. federal current expense (benefit) | $ | 532 | $ | (161 | ) | $ | (22 | ) | ||
State current expense (benefit) | (445 | ) | (669 | ) | 1,395 | |||||
Foreign current expense | 6,198 | 9,808 | 13,467 | |||||||
Total current expense | 6,285 | 8,978 | 14,840 | |||||||
Deferred: | ||||||||||
U.S. federal deferred benefit | (3,905 | ) | (1,564 | ) | (5,772 | ) | ||||
State deferred benefit | (207 | ) | — | — | ||||||
Foreign deferred tax expense | 958 | 1,496 | 5,291 | |||||||
Total deferred benefit | (3,154 | ) | (68 | ) | (481 | ) | ||||
Total income tax expense | $ | 3,131 | $ | 8,910 | $ | 14,359 | ||||
Reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) | ' | |||||||||
A reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) is as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Federal Statutory Rate | 35 | % | 35 | % | 35 | % | ||||
Permanent differences | 54.5 | 12.6 | 63.2 | |||||||
State taxes, net of Federal benefit | 97.2 | 0.1 | 6.3 | |||||||
Foreign earnings taxed at different rates than U.S. | 17.4 | (369.5 | ) | (60.3 | ) | |||||
Valuation allowance | (265.9 | ) | 297.6 | 40.8 | ||||||
Changes in uncertain tax reserves | 40.5 | (6.7 | ) | 5.6 | ||||||
Other | 13.4 | 0.5 | (26.0 | ) | ||||||
Effective tax rate | (7.9 | )% | (30.4 | )% | 64.6 | % | ||||
Significant components of deferred tax assets and liabilities | ' | |||||||||
Significant components of our deferred tax assets and liabilities as of December 31 are as follows: | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | ||||||||||
Accrued postretirement benefit cost | $ | 12,851 | $ | 9,184 | ||||||
Accrued liabilities | 2,355 | 8,289 | ||||||||
Share-based compensation | 5,327 | 2,941 | ||||||||
Derivative and hedging contracts | 116,550 | 180,121 | ||||||||
Goodwill | 12,421 | 14,654 | ||||||||
Equity contra - other comprehensive loss | 61,216 | 81,039 | ||||||||
Capital losses | 14,512 | 9,056 | ||||||||
Net operating losses and tax credits | 637,721 | 509,618 | ||||||||
Other | 1,533 | 138 | ||||||||
Total deferred tax assets | 864,486 | 815,040 | ||||||||
Valuation allowance | (765,023 | ) | (656,352 | ) | ||||||
Net deferred tax assets | $ | 99,463 | $ | 158,688 | ||||||
Deferred tax liabilities: | ||||||||||
Tax over financial statement depreciation | $ | (145,945 | ) | $ | (145,213 | ) | ||||
Pension | (11,543 | ) | (8,905 | ) | ||||||
Income from domestic partnership | — | 4 | ||||||||
Unremitted foreign earnings | (35,344 | ) | (93,824 | ) | ||||||
Foreign basis differences | (790 | ) | (3,204 | ) | ||||||
Total deferred tax liabilities | (193,622 | ) | (251,142 | ) | ||||||
Net deferred tax liability | $ | (94,159 | ) | $ | (92,454 | ) | ||||
Changes in valuation allowance | ' | |||||||||
The changes in the valuation allowance are as follows: | ||||||||||
2013 | 2012 | |||||||||
Beginning balance, valuation allowance | $ | 656,352 | $ | 773,714 | ||||||
Change in valuation allowance | 108,671 | (117,362 | ) | |||||||
Ending balance, valuation allowance | $ | 765,023 | $ | 656,352 | ||||||
Significant components of Net Operating Loss Carryforwards | ' | |||||||||
The significant components of our NOL carryforwards are as follows: | ||||||||||
2013 | 2012 | |||||||||
Federal (1) | $ | 1,287,118 | $ | 1,176,802 | ||||||
State (2) | 2,077,890 | 1,106,961 | ||||||||
Foreign (3) | 459,457 | 341,290 | ||||||||
-1 | The federal NOL begins to expire in 2028. | |||||||||
-2 | The state NOLs begin to expire in 2027. | |||||||||
-3 | The Icelandic NOL begins to expire in 2017; Dutch NOL begins to expire in 2022. | |||||||||
Reconciliation of beginning and ending amounts of gross unrecognized tax benefits | ' | |||||||||
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Balance as of January 1, | $ | 17,600 | $ | 15,900 | $ | 16,600 | ||||
Additions based on tax positions related to the current year | 700 | 2,700 | 2,500 | |||||||
Decreases due to lapse of applicable statute of limitations | (2,800 | ) | (800 | ) | (3,200 | ) | ||||
Settlements | (14,300 | ) | (200 | ) | — | |||||
Balance as of December 31, | $ | 1,200 | $ | 17,600 | $ | 15,900 | ||||
Significant components of unrecognized tax positions | ' | |||||||||
The components of our unrecognized tax positions are as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Highly certain tax positions | $ | 1,100 | $ | 16,900 | $ | 15,100 | ||||
Other unrecognized tax benefits | 100 | 700 | 800 | |||||||
Gross unrecognized tax benefits | $ | 1,200 | $ | 17,600 | $ | 15,900 | ||||
Accrued interest and penalties related to unrecognized tax benefits | $ | 100 | $ | 100 | $ | 100 | ||||
Forward_delivery_contracts_and1
Forward delivery contracts and financial instruments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Forward Delivery Contracts and Financial Instruments [Abstract] | ' | ||||
Schedule of Forward Physical Delivery Agreements | ' | ||||
Forward Physical Delivery Agreements | |||||
Primary Aluminum Sales Contracts | |||||
Contract | Customer | Volume | Term | Pricing | |
Glencore Grundartangi Metal Agreement (1) | Glencore | All primary aluminum produced at Grundartangi, net of tolling and other sales commitments | January 1, 2014 through December 31, 2017 | Variable, based on LME and European Duty Paid premium | |
Southwire Metal Agreement (2) | Southwire | 216 million pounds per year (high conductivity molten aluminum) | January 1, 2014 through December 31, 2014 | Variable, based on U.S. Midwest Transaction Price | |
-1 | The Glencore Grundartangi Metal Agreement is for all metal produced at Grundartangi from 2014 through 2017 less commitments under existing tolling and other sales contracts. Grundartangi currently estimates that it will sell Glencore approximately 155,000 tonnes of aluminum under this agreement in 2014. | ||||
-2 | Southwire may, at its option, increase the volume purchased under the agreement by up to four percent by adjusting their monthly metal commitment. | ||||
Tolling Contracts | |||||
Contract | Customer | Volume | Term | Pricing | |
Glencore Toll Agreement | Glencore | 90,000 tpy | Through July 31, 2016 | Variable, based on LME and European Duty Paid premium | |
Glencore Toll Agreement | Glencore | 40,000 tpy | Through December 31, 2014 | Variable, based on LME and European Duty Paid premium | |
Apart from the Glencore Grundartangi Metal Agreement, the Southwire Metal Agreement and the Glencore Sweep Agreement (which expired at the end of 2013), we had the following forward delivery contractual commitments: | |||||
Other forward delivery contracts | |||||
December 31, 2013 | December 31, 2012 | ||||
(in tonnes) | |||||
Other forward delivery contracts – total | 118,373 | 88,827 | |||
Other forward delivery contracts – Glencore | 20,008 | 1,811 | |||
Asset_retirement_obligations_A1
Asset retirement obligations (“AROâ€) (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||
Schedule of changes in asset retirement obligations | ' | ||||||
The reconciliation of the changes in the asset retirement obligations is presented below: | |||||||
Year ended December 31, | |||||||
2013 | 2012 | ||||||
Beginning balance, ARO liability | $ | 16,124 | $ | 15,171 | |||
Additional ARO liability incurred | 1,730 | 1,166 | |||||
ARO liabilities settled | (2,580 | ) | (1,380 | ) | |||
Accretion expense | 1,733 | 1,167 | |||||
Additional ARO liability from Sebree acquisition | 10,106 | — | |||||
Ending balance, ARO liability | $ | 27,113 | $ | 16,124 | |||
Supplemental_cash_flow_informa1
Supplemental cash flow information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Supplemental Cash Flow Information | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Cash paid for: | ||||||||||
Interest | $ | 20,539 | $ | 20,212 | $ | 21,257 | ||||
Income/withholding taxes (1) | 28,654 | 41,455 | 64,622 | |||||||
Non-cash investing activities: | ||||||||||
Accrued capital costs | $ | 9,409 | $ | (683 | ) | $ | 1,041 | |||
-1 | We paid withholding taxes in Iceland of $18,067, $22,633 and $47,074 during the years ended December 31, 2013, 2012 and 2011, respectively. Our tax payments in Iceland for withholding taxes, income taxes and associated refunds are denominated in ISK |
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) Quarterly Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Financial results by quarter for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Net sales | Gross profit (loss) | Net income (loss) | Net income (loss) allocated to common shareholders | Earnings (loss) per share | ||||||||||||
2013 | ||||||||||||||||
4th Quarter (1) | $ | 401,174 | $ | 15,285 | $ | (9,675 | ) | $ | (9,675 | ) | $ | (0.11 | ) | |||
3rd Quarter (2) | 399,928 | 12,354 | (9,507 | ) | (9,507 | ) | (0.11 | ) | ||||||||
2nd Quarter (3) | 331,937 | (5,698 | ) | (29,384 | ) | (29,384 | ) | (0.33 | ) | |||||||
1st Quarter (4) | 321,274 | 17,582 | 8,253 | 7,567 | 0.09 | |||||||||||
2012 | ||||||||||||||||
4th Quarter | $ | 317,667 | $ | 16,543 | $ | (6,909 | ) | $ | (6,909 | ) | $ | (0.08 | ) | |||
3rd Quarter (5) | 304,635 | 3,250 | (12,023 | ) | (12,023 | ) | (0.14 | ) | ||||||||
2nd Quarter (6) | 323,619 | 5,957 | (12,277 | ) | (12,277 | ) | (0.14 | ) | ||||||||
1st Quarter (7) | 326,190 | 20,592 | (4,401 | ) | (4,401 | ) | (0.05 | ) | ||||||||
-1 | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | |||||||||||||||
-2 | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | |||||||||||||||
-3 | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | |||||||||||||||
-4 | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | |||||||||||||||
-5 | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | |||||||||||||||
-6 | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | |||||||||||||||
-7 | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Reconciliation of assets from segment to consolidated | ' | |||||||||
A reconciliation of our consolidated assets to the total of primary aluminum segment assets is provided below. | ||||||||||
Segment assets (1) | 2013 | 2012 | 2011 | |||||||
Primary | $ | 1,770,749 | $ | 1,730,321 | $ | 1,767,305 | ||||
Corporate, unallocated | 39,447 | 46,005 | 43,789 | |||||||
Total assets | $ | 1,810,196 | $ | 1,776,326 | $ | 1,811,094 | ||||
-1 | Segment assets include accounts receivable, due from affiliates, prepaid and other current assets, inventory, intangible assets and property, plant and equipment — net; the remaining assets are unallocated corporate assets. | |||||||||
Schedule of revenue from external customers and long-lived assets, by geographical areas | ' | |||||||||
Included in the consolidated financial statements are the following amounts related to geographic locations: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales: | ||||||||||
United States | $ | 1,022,081 | $ | 821,976 | $ | 835,796 | ||||
Iceland | 432,232 | 450,135 | 520,628 | |||||||
Long-lived assets: (1) | ||||||||||
United States | $ | 392,424 | $ | 368,897 | $ | 401,173 | ||||
Iceland | 853,636 | 869,809 | 884,682 | |||||||
Other | 93,075 | 50,223 | 36,919 | |||||||
-1 | Includes long-lived assets other than financial instruments. | |||||||||
Schedule of revenue by major customers by reporting segments | ' | |||||||||
The net sales revenue for these customers is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Glencore | $ | 511,051 | $ | 552,299 | $ | 564,431 | ||||
Southwire | 312,102 | 346,311 | 373,505 | |||||||
RTA | 223,353 | — | — | |||||||
BHP Billiton | 191,445 | 202,500 | 239,157 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Schedule of Related Party Transactions | ' | |||||||||
A summary of the aforementioned related party transactions for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales to Glencore | $ | 511,051 | $ | 552,299 | $ | 564,431 | ||||
Purchases from Glencore | 173,693 | 145,589 | 187,691 | |||||||
Purchases from BHH | 86,678 | 39,337 | 19,543 | |||||||
Cash premium to Glencore for put option contracts | — | — | 2,106 | |||||||
Investment_in_unconsolidated_51
Investment in unconsolidated 50% or less owned joint ventures Investment in unconsolidated 50% or less owned joint ventures (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||
Joint ventures summarized financial data | ' | |||||||||
The aggregate summarized financial data for these investments is as follows: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Current assets | $ | 53,299 | $ | 52,098 | ||||||
Non-current assets | 45,996 | 46,928 | ||||||||
Current liabilities | 27,530 | 28,437 | ||||||||
Non-current liabilities | 1,551 | 977 | ||||||||
Twelve months ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net sales | $ | 96,498 | $ | 88,312 | $ | 105,845 | ||||
Gross profit | 17,670 | 13,439 | 16,577 | |||||||
Income from continuing operations | 6,433 | 7,101 | 8,859 | |||||||
Condensed_consolidating_financ1
Condensed consolidating financial information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 37,977 | $ | 46,111 | $ | — | $ | 84,088 | Cash and cash equivalents | $ | — | $ | 110,016 | $ | 73,960 | $ | — | $ | 183,976 | |||||||||||||||||||||||||||
Restricted cash | 787 | 910 | — | — | 1,697 | Restricted cash | 258 | — | — | — | 258 | |||||||||||||||||||||||||||||||||||||
Accounts receivable — net | 45,205 | 10,979 | — | — | 56,184 | Accounts receivable — net | 38,328 | 12,339 | — | — | 50,667 | |||||||||||||||||||||||||||||||||||||
Due from affiliates | 303,031 | 36,995 | 2,304,874 | (2,601,313 | ) | 43,587 | Due from affiliates | 604,008 | 38,328 | 2,391,249 | (2,995,715 | ) | 37,870 | |||||||||||||||||||||||||||||||||||
Inventories | 166,137 | 73,478 | — | — | 239,615 | Inventories | 97,847 | 62,078 | — | — | 159,925 | |||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 6,350 | 20,531 | 5,395 | — | 32,276 | Prepaid and other current assets | 4,421 | 30,650 | 8,063 | (8,159 | ) | 34,975 | ||||||||||||||||||||||||||||||||||||
Deferred taxes — current portion | — | 14,540 | — | (926 | ) | 13,614 | Deferred taxes — current portion | — | 17,799 | — | 1,927 | 19,726 | ||||||||||||||||||||||||||||||||||||
Total current assets | 521,510 | 195,410 | 2,356,380 | (2,602,239 | ) | 471,061 | Total current assets | 744,862 | 271,210 | 2,473,272 | (3,001,947 | ) | 487,397 | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 55,929 | — | (1,087,216 | ) | 1,031,287 | — | Investment in subsidiaries | 40,335 | — | (1,039,141 | ) | 998,806 | — | |||||||||||||||||||||||||||||||||||
Property, plant and equipment — net | 351,096 | 895,381 | 1,621 | (437 | ) | 1,247,661 | Property, plant and equipment — net | 313,090 | 874,559 | 916 | (351 | ) | 1,188,214 | |||||||||||||||||||||||||||||||||||
Due from affiliates – less current portion | — | 32,066 | — | (32,066 | ) | — | Due from affiliates - less current portion | — | 3,588 | — | (3,588 | ) | — | |||||||||||||||||||||||||||||||||||
Other assets | 21,163 | 33,132 | 32,431 | 4,748 | 91,474 | Other assets | 17,616 | 45,474 | 37,027 | 598 | 100,715 | |||||||||||||||||||||||||||||||||||||
Total | $ | 949,698 | $ | 1,155,989 | $ | 1,303,216 | $ | (1,598,707 | ) | $ | 1,810,196 | Total | $ | 1,115,903 | $ | 1,194,831 | $ | 1,472,074 | $ | (2,006,482 | ) | $ | 1,776,326 | |||||||||||||||||||||||||
Liabilities and shareholders’ equity: | Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, trade | $ | 65,384 | $ | 42,351 | $ | 755 | $ | — | $ | 108,490 | Accounts payable, trade | $ | 37,301 | $ | 37,627 | $ | 442 | $ | — | $ | 75,370 | |||||||||||||||||||||||||||
Due to affiliates | 2,015,550 | 97,351 | — | (2,059,319 | ) | 53,582 | Due to affiliates | 2,098,320 | 105,945 | 193,788 | (2,358,316 | ) | 39,737 | |||||||||||||||||||||||||||||||||||
Accrued and other current liabilities | 25,419 | 26,005 | 16,486 | 1,556 | 69,466 | Accrued and other current liabilities | 13,031 | 31,332 | 1,967 | (6,231 | ) | 40,099 | ||||||||||||||||||||||||||||||||||||
Accrued employee benefits costs | 12,880 | — | 2,737 | (7,207 | ) | 8,410 | Accrued employee benefits costs | 15,926 | — | 2,757 | — | 18,683 | ||||||||||||||||||||||||||||||||||||
Industrial revenue bonds | 7,815 | — | — | — | 7,815 | Industrial revenue bonds | 7,815 | — | — | — | 7,815 | |||||||||||||||||||||||||||||||||||||
Total current liabilities | 2,127,048 | 165,707 | 19,978 | (2,064,970 | ) | 247,763 | Total current liabilities | 2,172,393 | 174,904 | 198,954 | (2,364,547 | ) | 181,704 | |||||||||||||||||||||||||||||||||||
Senior notes payable | — | — | 246,528 | — | 246,528 | Senior notes payable | — | — | 250,582 | — | 250,582 | |||||||||||||||||||||||||||||||||||||
Accrued pension benefit costs — less current portion | 6,183 | — | 26,458 | 7,207 | 39,848 | Accrued pension benefit costs — less current portion | 36,087 | — | 31,791 | — | 67,878 | |||||||||||||||||||||||||||||||||||||
Accrued postretirement benefit costs — less current portion | 124,466 | — | 4,818 | — | 129,284 | Accrued postretirement benefit costs — less current portion | 137,184 | — | 5,921 | — | 143,105 | |||||||||||||||||||||||||||||||||||||
Other liabilities/intercompany loan | 58,367 | 548,985 | 2,622 | (572,231 | ) | 37,743 | Other liabilities/intercompany loan | 65,377 | 614,585 | 2,183 | (641,983 | ) | 40,162 | |||||||||||||||||||||||||||||||||||
Deferred taxes | — | 106,218 | — | — | 106,218 | Deferred taxes | — | 109,011 | — | 1,241 | 110,252 | |||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 189,016 | 655,203 | 280,426 | (565,024 | ) | 559,621 | Total noncurrent liabilities | 238,648 | 723,596 | 290,477 | (640,742 | ) | 611,979 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred stock | — | — | 1 | — | 1 | Series A Preferred stock | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||
Common stock | 60 | 12 | 935 | (72 | ) | 935 | Common stock | 60 | 12 | 933 | (72 | ) | 933 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 268,467 | 179,493 | 2,508,574 | (447,960 | ) | 2,508,574 | Additional paid-in capital | 303,659 | 150,743 | 2,507,454 | (454,402 | ) | 2,507,454 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost | — | — | (49,924 | ) | — | (49,924 | ) | Treasury stock, at cost | — | — | (49,924 | ) | — | (49,924 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (92,803 | ) | (1,678 | ) | (91,832 | ) | 94,481 | (91,832 | ) | Accumulated other comprehensive loss | (146,862 | ) | (1,525 | ) | (151,192 | ) | 148,387 | (151,192 | ) | |||||||||||||||||||||||||||||
Retained earnings (accumulated deficit) | (1,542,090 | ) | 157,252 | (1,364,942 | ) | 1,384,838 | (1,364,942 | ) | Retained earnings (accumulated deficit) | (1,451,995 | ) | 147,101 | (1,324,629 | ) | 1,304,894 | (1,324,629 | ) | |||||||||||||||||||||||||||||||
Total shareholders’ equity | (1,366,366 | ) | 335,079 | 1,002,812 | 1,031,287 | 1,002,812 | Total shareholders’ equity | (1,295,138 | ) | 296,331 | 982,643 | 998,807 | 982,643 | |||||||||||||||||||||||||||||||||||
Total | $ | 949,698 | $ | 1,155,989 | $ | 1,303,216 | $ | (1,598,707 | ) | $ | 1,810,196 | Total | $ | 1,115,903 | $ | 1,194,831 | $ | 1,472,074 | $ | (2,006,482 | ) | $ | 1,776,326 | |||||||||||||||||||||||||
Condensed Statement of Comprehensive Income (Loss) | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | For the year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||
NET SALES: | NET SALES: | Net sales: | ||||||||||||||||||||||||||||||||||||||||||||||
Third-party customers | $ | 751,767 | $ | 191,495 | $ | — | $ | — | $ | 943,262 | Third-party customers | $ | 517,245 | $ | 202,567 | $ | — | $ | — | $ | 719,812 | Third-party customers | $ | 552,758 | $ | 239,235 | $ | — | $ | — | $ | 791,993 | ||||||||||||||||
Related parties | 270,314 | 240,737 | — | — | 511,051 | Related parties | 304,730 | 247,569 | — | — | 552,299 | Related parties | 283,038 | 281,393 | — | — | 564,431 | |||||||||||||||||||||||||||||||
1,022,081 | 432,232 | — | — | 1,454,313 | 821,975 | 450,136 | — | — | 1,272,111 | 835,796 | 520,628 | — | — | 1,356,424 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | 1,060,613 | 354,177 | — | — | 1,414,790 | Cost of goods sold | 849,388 | 376,381 | — | — | 1,225,769 | Cost of goods sold | 866,366 | 400,536 | — | — | 1,266,902 | |||||||||||||||||||||||||||||||
Gross profit (loss) | (38,532 | ) | 78,055 | — | — | 39,523 | Gross profit (loss) | (27,413 | ) | 73,755 | — | — | 46,342 | Gross profit (loss) | (30,570 | ) | 120,092 | — | — | 89,522 | ||||||||||||||||||||||||||||
Other operating expense – net | 8,602 | — | — | — | 8,602 | Other operating expense – net | 18,253 | — | — | — | 18,253 | Other operating income - net | (3,806 | ) | — | — | — | (3,806 | ) | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 52,398 | 15,079 | — | — | 67,477 | Selling, general and administrative expenses | 28,831 | 6,532 | — | — | 35,363 | Selling, general and administrative expenses | 39,100 | 6,932 | — | — | 46,032 | |||||||||||||||||||||||||||||||
Operating income (loss) | (99,532 | ) | 62,976 | — | — | (36,556 | ) | Operating income (loss) | (74,497 | ) | 67,223 | — | — | (7,274 | ) | Operating income (loss) | (65,864 | ) | 113,160 | — | — | 47,296 | ||||||||||||||||||||||||||
Interest expense – third party | (23,054 | ) | (37 | ) | — | — | (23,091 | ) | Interest expense – third party | (24,029 | ) | — | — | — | (24,029 | ) | Interest expense – third party | (25,129 | ) | — | — | — | (25,129 | ) | ||||||||||||||||||||||||
Interest expense – affiliates | 56,480 | (56,480 | ) | — | — | — | Interest expense – affiliates | 63,935 | (63,935 | ) | — | — | — | Interest expense – affiliates | 68,174 | (68,174 | ) | — | — | — | ||||||||||||||||||||||||||||
Interest income – third party | 37 | 691 | — | — | 728 | Interest income – third party | 27 | 465 | — | — | 492 | Interest income – third party | 54 | 284 | — | — | 338 | |||||||||||||||||||||||||||||||
Net gain on forward and derivative contracts | 16,598 | — | — | — | 16,598 | Interest income – related parties | — | 62 | — | — | 62 | Interest income – related parties | — | 303 | — | — | 303 | |||||||||||||||||||||||||||||||
Gain on bargain purchase | 5,253 | — | — | — | 5,253 | Net loss on forward and derivative contracts | (4,150 | ) | — | — | — | (4,150 | ) | Net gain on forward and derivative contracts | 804 | — | — | — | 804 | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (3,272 | ) | — | — | — | (3,272 | ) | Other income (expense) – net | 30,038 | 5,538 | — | (30,000 | ) | 5,576 | Loss on early extinguishment of debt | (763 | ) | — | — | — | (763 | ) | ||||||||||||||||||||||||||
Other income – net | 410 | 86 | — | — | 496 | Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures | (8,676 | ) | 9,353 | — | (30,000 | ) | (29,323 | ) | Other expense - net | (43 | ) | (567 | ) | — | — | (610 | ) | |||||||||||||||||||||||||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures | (47,080 | ) | 7,236 | — | — | (39,844 | ) | Income tax benefit (expense) | 1,072 | (9,982 | ) | — | — | (8,910 | ) | Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures | (22,767 | ) | 45,006 | — | — | 22,239 | ||||||||||||||||||||||||||
Income tax benefit (expense) | (3,386 | ) | 255 | — | — | (3,131 | ) | Loss before equity in earnings (loss) of subsidiaries and joint ventures | (7,604 | ) | (629 | ) | — | (30,000 | ) | (38,233 | ) | Income tax benefit (expense) | 4,484 | (18,843 | ) | — | — | (14,359 | ) | |||||||||||||||||||||||
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures | (50,466 | ) | 7,491 | — | — | (42,975 | ) | Equity in earnings (loss) of subsidiaries and joint ventures | (2,970 | ) | 2,623 | (35,610 | ) | 38,580 | 2,623 | Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures | (18,283 | ) | 26,163 | — | — | 7,880 | ||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | (13,136 | ) | 2,662 | (40,313 | ) | 53,449 | 2,662 | Net income (loss) | $ | (10,574 | ) | $ | 1,994 | $ | (35,610 | ) | $ | 8,580 | $ | (35,610 | ) | Equity in earnings (loss) of subsidiaries and joint ventures | 3,798 | 3,445 | 11,325 | (15,123 | ) | 3,445 | ||||||||||||||||||||
Net income (loss) | $ | (63,602 | ) | $ | 10,153 | $ | (40,313 | ) | $ | 53,449 | $ | (40,313 | ) | Other comprehensive income (loss) before income tax effect | $ | (13,029 | ) | $ | (186 | ) | $ | (15,040 | ) | $ | 13,215 | (15,040 | ) | Net income (loss) | $ | (14,485 | ) | $ | 29,608 | $ | 11,325 | $ | (15,123 | ) | $ | 11,325 | ||||||||
Other comprehensive income (loss) before income tax effect | $ | 52,547 | $ | (186 | ) | $ | 60,924 | $ | (52,361 | ) | $ | 60,924 | Income tax effect | (1,598 | ) | 34 | (1,564 | ) | 1,564 | (1,564 | ) | Other comprehensive income (loss) before income tax effect | $ | (66,211 | ) | $ | (186 | ) | $ | (78,841 | ) | $ | 66,397 | $ | (78,841 | ) | ||||||||||||
Income tax effect | (1,531 | ) | 33 | (1,564 | ) | 1,498 | (1,564 | ) | Other comprehensive income (loss) | (14,627 | ) | (152 | ) | (16,604 | ) | 14,779 | (16,604 | ) | Income tax effect | (5,804 | ) | 33 | (5,771 | ) | 5,771 | (5,771 | ) | |||||||||||||||||||||
Other comprehensive income (loss) | 51,016 | (153 | ) | 59,360 | (50,863 | ) | 59,360 | Comprehensive income (loss) | $ | (25,201 | ) | $ | 1,842 | $ | (52,214 | ) | $ | 23,359 | $ | (52,214 | ) | Other comprehensive income (loss) | (72,015 | ) | (153 | ) | (84,612 | ) | 72,168 | (84,612 | ) | |||||||||||||||||
Comprehensive income (loss) | $ | (12,586 | ) | $ | 10,000 | $ | 19,047 | $ | 2,586 | $ | 19,047 | Comprehensive income (loss) | $ | (86,500 | ) | $ | 29,455 | $ | (73,287 | ) | $ | 57,045 | $ | (73,287 | ) | |||||||||||||||||||||||
Condensed Cash Flow Statement | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | For the year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated | Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 31,713 | $ | (11,995 | ) | $ | — | $ | 19,718 | Net cash provided by operating activities | $ | 17,405 | $ | 19,734 | $ | — | $ | 37,139 | Net cash provided by (used in) operating activities | $ | (10,187 | ) | $ | 7,251 | $ | — | $ | (2,936 | ) | |||||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of property, plant and equipment | (17,199 | ) | (28,105 | ) | (1,229 | ) | (46,533 | ) | ||||||||||||||||||||||||||||||||||||||||
Nordural expansion — Helguvik | — | (3,331 | ) | — | (3,331 | ) | Purchase of property, plant and equipment | (4,777 | ) | (12,711 | ) | (189 | ) | (17,677 | ) | Purchase of property, plant and equipment | (8,451 | ) | (11,199 | ) | (450 | ) | (20,100 | ) | ||||||||||||||||||||||||
Nordural expansion — Helguvik | — | (7,317 | ) | — | (7,317 | ) | Nordural expansion — Helguvik | — | (12,882 | ) | — | (12,882 | ) | |||||||||||||||||||||||||||||||||||
Purchase of carbon anode assets and improvements | — | (18,213 | ) | — | (18,213 | ) | ||||||||||||||||||||||||||||||||||||||||||
Purchase of carbon anode assets and improvements | (13,814 | ) | — | — | (13,814 | ) | Proceeds from sale of property, plant and equipment | 1,415 | 56 | — | 1,471 | |||||||||||||||||||||||||||||||||||||
Purchase of Sebree smelter | — | — | (48,058 | ) | (48,058 | ) | ||||||||||||||||||||||||||||||||||||||||||
Investments in and advances to joint ventures | — | — | (275 | ) | (275 | ) | Investments in and advances to joint ventures | — | — | (113 | ) | (113 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 14 | 511 | — | 525 | ||||||||||||||||||||||||||||||||||||||||||||
Payments received from joint ventures | 3,456 | — | 3,166 | 6,622 | Payments received from joint ventures | — | — | 3,056 | 3,056 | |||||||||||||||||||||||||||||||||||||||
Investments in and advances to joint ventures | — | — | (125 | ) | (125 | ) | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 188 | — | 188 | Restricted and other cash deposits | 3,673 | — | — | 3,673 | |||||||||||||||||||||||||||||||||||||||
Restricted and other cash deposits | (529 | ) | (910 | ) | — | (1,439 | ) | |||||||||||||||||||||||||||||||||||||||||
Restricted and other cash deposits | (258 | ) | — | — | (258 | ) | Net cash provided by (used in) investing activities | (3,363 | ) | (24,025 | ) | 2,493 | (24,895 | ) | ||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (17,714 | ) | (50,048 | ) | (49,412 | ) | (117,174 | ) | ||||||||||||||||||||||||||||||||||||||||
Financing activities: | Net cash provided by (used in) investing activities | (15,393 | ) | (19,840 | ) | 2,702 | (32,531 | ) | Financing activities: | |||||||||||||||||||||||||||||||||||||||
Repayment of debt | — | — | (249,604 | ) | (249,604 | ) | ||||||||||||||||||||||||||||||||||||||||||
Financing activities: | Repayment of debt | — | — | (47,067 | ) | (47,067 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | — | — | 246,330 | 246,330 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings under revolving credit facility | — | — | 18,076 | 18,076 | Repayment of contingent obligation | (189 | ) | — | — | (189 | ) | |||||||||||||||||||||||||||||||||||||
Borrowings under revolving credit facility | — | 6,000 | 16,725 | 22,725 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments under revolving credit facility | — | — | (18,076 | ) | (18,076 | ) | Borrowings under revolving credit facility | — | — | 15,900 | 15,900 | |||||||||||||||||||||||||||||||||||||
Repayments under revolving credit facility | — | — | (16,725 | ) | (16,725 | ) | ||||||||||||||||||||||||||||||||||||||||||
Intercompany transactions | (2,012 | ) | (49,035 | ) | 51,047 | — | Repayments under revolving credit facility | — | — | (15,900 | ) | (15,900 | ) | |||||||||||||||||||||||||||||||||||
Debt issuance costs | — | — | (3,994 | ) | (3,994 | ) | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | (4,033 | ) | (4,033 | ) | Intercompany transactions | 13,739 | (38,992 | ) | 25,253 | — | ||||||||||||||||||||||||||||||||||||
Debt retirement costs | — | — | (1,208 | ) | (1,208 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (2,012 | ) | (49,035 | ) | 47,014 | (4,033 | ) | Repurchase of common stock | — | — | (45,891 | ) | (45,891 | ) | ||||||||||||||||||||||||||||||||||
Intercompany transactions | (13,999 | ) | (15,996 | ) | 29,995 | — | ||||||||||||||||||||||||||||||||||||||||||
Change in cash and cash equivalents | — | (49,141 | ) | 49,716 | 575 | Issuance of common stock | — | — | 83 | 83 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | 44 | 44 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | — | 159,157 | 24,244 | 183,401 | Net cash provided by (used in) financing activities | 13,550 | (38,992 | ) | (67,622 | ) | (93,064 | ) | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (13,999 | ) | (9,996 | ) | 21,563 | (2,432 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of the period | $ | — | $ | 110,016 | $ | 73,960 | $ | 183,976 | Change in cash and cash equivalents | — | (55,766 | ) | (65,129 | ) | (120,895 | ) | ||||||||||||||||||||||||||||||||
Change in cash and cash equivalents | — | (72,039 | ) | (27,849 | ) | (99,888 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | — | 214,923 | 89,373 | 304,296 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | — | 110,016 | 73,960 | 183,976 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of the period | $ | — | $ | 159,157 | $ | 24,244 | $ | 183,401 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of the period | $ | — | $ | 37,977 | $ | 46,111 | $ | 84,088 | ||||||||||||||||||||||||||||||||||||||||
Summary_of_significant_account3
Summary of significant accounting policies Schedule of Equity Method Investment, Equity method investee (Details) | Dec. 31, 2013 |
Mt. Holly Partnership Aluminum Reduction Facility [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 49.70% |
Mt. Holly Property, Plant and Equipment Owned By Partnership [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 49.70% |
Baise Haohi Carbon Co Ltd [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 40.00% |
Summary_of_significant_account4
Summary of significant accounting policies Summary of significant accounting policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Glencore beneficial ownership | 41.80% | ' |
Glencore economic ownership | 46.60% | ' |
Allowance for doubtful accounts receivable | $734 | $734 |
Summary_of_significant_account5
Summary of significant accounting policies Schedule of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life minimum (in years) | 14 |
Estimated useful life maximum (in years) | 45 |
Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life minimum (in years) | 5 |
Estimated useful life maximum (in years) | 22 |
Summary_of_significant_account6
Summary of significant accounting policies Long-term Debt Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Carrying amount of current portion of long term debt | $2,603 | $0 | ||
Senior secured notes due June 01, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate (as a percent) | 7.50% | ' | ||
Senior secured notes due May 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate (as a percent) | 8.00% | ' | ||
Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate (as a percent) | 7.50% | ' | ||
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Carrying amount of secured long term debt | 246,528 | 0 | ||
Fair value of long term debt | 244,375 | 0 | ||
Interest rate (as a percent) | 7.50% | 0.00% | ||
Long-term Debt [Member] | Senior secured notes due May 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Carrying amount of secured long term debt | 0 | 247,979 | ||
Fair value of long term debt | 0 | 255,706 | ||
Interest rate (as a percent) | 0.00% | 8.00% | ||
Long-term Debt [Member] | Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Carrying amount of unsecured long term debt | 0 | 2,603 | ||
Fair value of long term debt | ' | 2,479 | ||
Interest rate (as a percent) | 0.00% | 7.50% | ||
Short-term Debt [Member] | Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Carrying amount of current portion of long term debt | 2,603 | [1] | 0 | [1] |
Fair value of current portion of long term debt | $2,487 | ' | ||
Interest rate (as a percent) | 7.50% | 0.00% | ||
[1] | These items are recorded in Accrued and other current liabilities. |
Acquisition_of_Sebree_aluminum2
Acquisition of Sebree aluminum smelter Employees (Details) (Sebree Smelter [Member]) | Jun. 01, 2013 |
Sebree Smelter [Member] | ' |
Business Acquisition [Line Items] | ' |
Sebree employees | 500 |
Acquisition_of_Sebree_aluminum3
Acquisition of Sebree aluminum smelter Acquisition of Sebree aluminum smelter (Details) (USD $) | 3 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 01, 2013 | |
Sebree Smelter [Member] | Sebree Smelter [Member] | Sebree Smelter [Member] | Sebree Smelter [Member] | ||||||||
t | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sebree Primary Aluminum Capacity (tonnes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,000 | |
Purchase price for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,000 | |
Purchase price cash paid | ' | ' | ' | 48,058 | 0 | 0 | ' | 48,000 | ' | ' | |
Gain on bargain purchase | ' | ' | 5,253 | 5,253 | 0 | 0 | 5,253 | ' | ' | ' | |
Valuation allowance release related to deferred tax assets | ' | ' | ' | 108,671 | -117,362 | ' | 2,090 | ' | ' | ' | |
Cash | ' | ' | ' | ' | ' | ' | 48,083 | ' | ' | ' | |
Deferred purchase price | ' | ' | ' | ' | ' | ' | 1,910 | ' | ' | ' | |
Inventories | ' | ' | ' | ' | ' | ' | 59,018 | 59,018 | ' | ' | |
Prepaid and other current assets | ' | ' | ' | ' | ' | ' | 2,273 | 2,273 | ' | ' | |
Property, plant and equipment – net | ' | ' | ' | ' | ' | ' | 55,520 | 55,520 | ' | ' | |
Total assets acquired | ' | ' | ' | ' | ' | ' | 116,811 | 116,811 | ' | ' | |
Accrued and other current liabilities | ' | ' | ' | ' | ' | ' | 43,316 | 43,316 | ' | ' | |
Accrued pension benefit costs | ' | ' | ' | ' | ' | ' | 996 | 996 | ' | ' | |
Accrued post retirement benefit costs | ' | ' | ' | ' | ' | ' | 6,544 | 6,544 | ' | ' | |
Other liabilities | ' | ' | ' | ' | ' | ' | 7,476 | 7,476 | ' | ' | |
Deferred taxes | ' | ' | ' | ' | ' | ' | 3,233 | 3,233 | ' | ' | |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | 61,565 | 61,565 | ' | ' | |
Sebree revenue | ' | ' | ' | ' | ' | ' | ' | 247,178 | ' | ' | |
Sebree net income (1) | ' | ' | ' | ' | ' | ' | ' | 8,705 | [1] | ' | ' |
Sebree power contract amortization | 16,570 | 11,720 | 2,741 | -31,031 | 0 | 0 | 31,031 | ' | ' | ' | |
Power contract liability assumed | ' | ' | ' | ' | ' | ' | 36,625 | 36,625 | ' | ' | |
Pro forma revenues | ' | ' | ' | ' | ' | ' | ' | 1,662,707 | 1,755,196 | ' | |
Pro forma loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ($83,035) | ($260,505) | ' | |
Loss per common share, basic | ' | ' | ' | ' | ' | ' | ' | ($0.94) | ($2.94) | ' | |
Loss per common share, diluted | ' | ' | ' | ' | ' | ' | ' | ($0.94) | ($2.94) | ' | |
[1] | Sebree net income includes a non-recurring gain on bargain purchase of $5,253 and a non-recurring credit for the amortization of the deferred power contract liability of $31,031. As part of the Sebree acquisition, we recorded a $36,625 liability for an unfavorable power contract we assumed. The fair value measurement of the power contract was based on the difference between the forecasted contract rate and estimated market power rates through the contract termination date in January 2014. We will amortize the power contract liability over the remaining period of the contract through January 31, 2014, resulting in a credit to our depreciation and amortization expense within cost of goods sold. The credit reflects the amortization under our ownership from June 1, 2013 through December 31, 2013. |
Asset_purchase_Details
Asset purchase (Details) (Carbon Anodes Production Facility [Member], USD $) | Dec. 31, 2013 | Jun. 11, 2012 |
In Thousands, unless otherwise specified | t | |
Carbon Anodes Production Facility [Member] | ' | ' |
Asset purchase [Line Items] | ' | ' |
Assets acquired | ' | $12,500 |
Century Vlissingen Anode capacity (tonnes) | 75,000 | ' |
Century Vlissingen Expected Anode capacity (tonnes) | 150,000 | ' |
Fair_value_measurements_Detail
Fair value measurements (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Liabilities - Net [Member] | ' | ' |
Level 3 fair value measurements [Roll Forward] | ' | ' |
Beginning balance, January 1, | ($16,539) | ($14,760) |
Total gain (loss) included in earnings | 16,539 | -1,684 |
Settlements | 0 | -95 |
Ending balance, December 31, | 0 | -16,539 |
Amount of gain (loss) included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, | 16,539 | -1,684 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
ASSETS: | ' | ' |
Cash equivalents | 49,658 | 168,309 |
Trust assets | 11,151 | 14,254 |
Surety bonds | 2,002 | 2,123 |
Midwest premium contracts | 140 | ' |
TOTAL | 62,951 | 184,686 |
LIABILITIES: | ' | ' |
E.ON contingent obligation – net | 0 | 15,369 |
Primary aluminum sales contract | 140 | 1,170 |
TOTAL | 140 | 16,539 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
ASSETS: | ' | ' |
Cash equivalents | 49,658 | 168,309 |
Trust assets | 11,151 | 14,254 |
Surety bonds | 2,002 | 2,123 |
Midwest premium contracts | 0 | ' |
TOTAL | 62,811 | 184,686 |
LIABILITIES: | ' | ' |
E.ON contingent obligation – net | 0 | 0 |
Primary aluminum sales contract | 0 | 0 |
TOTAL | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
ASSETS: | ' | ' |
Cash equivalents | 0 | 0 |
Trust assets | 0 | 0 |
Surety bonds | 0 | 0 |
Midwest premium contracts | 0 | ' |
TOTAL | 0 | 0 |
LIABILITIES: | ' | ' |
E.ON contingent obligation – net | 0 | 0 |
Primary aluminum sales contract | 0 | 0 |
TOTAL | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
ASSETS: | ' | ' |
Cash equivalents | 0 | 0 |
Trust assets | 0 | 0 |
Surety bonds | 0 | 0 |
Midwest premium contracts | 140 | ' |
TOTAL | 140 | 0 |
LIABILITIES: | ' | ' |
E.ON contingent obligation – net | 0 | 15,369 |
Primary aluminum sales contract | 140 | 1,170 |
TOTAL | $140 | $16,539 |
Derivative_and_hedging_instrum2
Derivative and hedging instruments (Details) (USD $) | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Midwest Premium Contracts [Member] | Midwest Premium Contracts [Member] | Midwest Premium Contracts [Member] | Midwest Premium Contracts [Member] | E.ON Contingent Obligation [Member] | E.ON Contingent Obligation [Member] | Primary Aluminum Sales Contracts [Member] | Primary Aluminum Sales Contracts [Member] | Primary Aluminum Sales Contract Premium [Member] | Primary Aluminum Sales Contract Premium [Member] | ||||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Prepaid and Other Current Assets [Member] | Prepaid and Other Current Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Accrued and Other Current Liabilities [Member] | Accrued and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
t | t | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | t | t | ||||||||
Fair value of derivative assets and liabilities by balance sheet location [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
DERIVATIVE ASSETS | ' | $140 | $0 | ' | ' | $140 | $0 | ' | ' | ' | ' | ' | ' | ||||
DERIVATIVE LIABILITIES | ' | 140 | 16,539 | ' | ' | ' | ' | 0 | [1] | 15,369 | [1] | 140 | 1,170 | ' | ' | ||
Outstanding forward contracts not designated as hedging instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Primary aluminum sales contract premium (tonnes) (1) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,782 | [2] | 20,400 | [2] | ||
Midwest premium contracts (tonnes) | ' | ' | ' | 6,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Accumulated other comprehensive loss to be reclassified to earnings over the next 12-month period | $153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | See Note 6 Debt for additional information about the E.ON contingent obligation. | ||||||||||||||||
[2] | Represents the remaining physical deliveries under the Glencore Metal Agreement. |
Derivative_and_hedging_instrum3
Derivative and hedging instruments Part 2 (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
E.ON Contingent Obligation [Member] | Net Gain (Loss) on Forward and Derivative Contracts [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | $16,781 | $0 |
E.ON Contingent Obligation [Member] | Interest Expense [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | -1,412 | 1,411 |
Midwest Premium Contracts [Member] | Net Gain (Loss) on Forward and Derivative Contracts [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | 140 | 0 |
Primary Aluminum Put Option Contracts [Member] | Net Gain (Loss) on Forward and Derivative Contracts [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | 0 | -2,725 |
Primary Aluminum Sales Contracts [Member] | Net Gain (Loss) on Forward and Derivative Contracts [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | -323 | -1,571 |
Primary Aluminum Sales Contracts [Member] | Related Party Sales [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | 1,353 | 1,309 |
Power Contracts [Member] | Net Gain (Loss) on Forward and Derivative Contracts [Member] | ' | ' |
Derivatives not designated as hedging instruments [Abstract] | ' | ' |
Gain (loss) recognized in income from derivatives | $0 | $147 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Industrial revenue bonds | $7,815 | $7,815 | ||
Current portion of long-term debt | 2,603 | 0 | ||
Revolving credit facility | 6,000 | 0 | ||
E.ON Contingent Obligation | 0 | 15,369 | ||
Debt | 262,946 | 273,766 | ||
Principal payments on long term debt | 8,603 | ' | ||
Industrial revenue bonds due 2028 [Member] | Short-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Industrial revenue bonds | 7,815 | [1] | 7,815 | [1] |
Variable interest rates, maximum (as a percent) | 12.00% | 12.00% | ||
Interest rate (as a percent) | 0.25% | ' | ||
Maturity date | 1-Apr-28 | 1-Apr-28 | ||
Net of debt discount | 0 | 0 | ||
Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate (as a percent) | 7.50% | ' | ||
Senior unsecured notes due August 15, 2014 [Member] | Long-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unsecured Long-term Debt, Noncurrent | 0 | 2,603 | ||
Interest rate (as a percent) | 0.00% | 7.50% | ||
Maturity date | ' | 15-Aug-14 | ||
Net of debt discount | 0 | 0 | ||
Senior unsecured notes due August 15, 2014 [Member] | Short-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Current portion of long-term debt | 2,603 | [2] | 0 | [2] |
Interest rate (as a percent) | 7.50% | 0.00% | ||
Maturity date | 15-Aug-14 | ' | ||
Net of debt discount | 0 | 0 | ||
Principal payments on long term debt | 2,603 | ' | ||
Senior secured notes due June 01, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate (as a percent) | 7.50% | ' | ||
Senior secured notes due June 01, 2021 [Member] | Long-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured Long-term Debt, Noncurrent | 246,528 | 0 | ||
Interest rate (as a percent) | 7.50% | 0.00% | ||
Maturity date | 1-Jun-21 | ' | ||
Net of debt discount | 3,472 | 0 | ||
Senior secured notes due May 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate (as a percent) | 8.00% | ' | ||
Senior secured notes due May 15, 2014 [Member] | Long-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured Long-term Debt, Noncurrent | 0 | 247,979 | ||
Interest rate (as a percent) | 0.00% | 8.00% | ||
Maturity date | ' | 15-May-14 | ||
Net of debt discount | 0 | 1,625 | ||
Contingent obligation [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
E.ON Contingent Obligation | 0 | -15,369 | ||
Contingent obligation [Member] | Long-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
E.ON Contingent Obligation | 0 | [3] | 15,369 | [3] |
Interest rate (as a percent) | 10.94% | 10.94% | ||
Maturity date | 31-Dec-28 | 31-Dec-28 | ||
Net of debt discount | 0 | 0 | ||
Iceland revolving credit facility [Member] | Short-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Revolving credit facility | 6,000 | [2],[4] | 0 | [2],[4] |
Interest rate (as a percent) | 3.92% | ' | ||
Principal payments on long term debt | $6,000 | ' | ||
[1] | The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at December 31, 2013 was 0.25%. | |||
[2] | These items are recorded in Accrued and other current liabilities. | |||
[3] | E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information. | |||
[4] | Borrowings under the Iceland revolving credit facility bear variable interest based on LIBOR plus the applicable margin per annum. The interest rate at December 31, 2013 was 3.92%. |
Debt_Credit_Facility_Details
Debt Credit Facility (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Line of Credit Facility, Amount Outstanding | $6,000 | $0 | ||
Long-term Debt [Member] | U.S revolving credit facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | ' | ||
Line of Credit Facility, Amount Outstanding | 0 | ' | ||
Borrowing availability, net of outstanding letters of credit | 68,081 | ' | ||
Long-term Debt [Member] | U.S. letter of credit [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Letter of credit sub-facility amount | 80,000 | ' | ||
Outstanding letters of credit issued under the revolving credit facility | 70,545 | ' | ||
Long-term Debt [Member] | Iceland revolving credit facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ' | ||
Borrowing availability, net of outstanding letters of credit | 44,000 | ' | ||
U.S revolving credit facility [Member] | Long-term Debt [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Credit Facility, term | '5 years | ' | ||
Short-term Debt [Member] | Iceland revolving credit facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Line of Credit Facility, Amount Outstanding | $6,000 | [1],[2] | $0 | [1],[2] |
Credit Facility, term | '3 years | ' | ||
[1] | Borrowings under the Iceland revolving credit facility bear variable interest based on LIBOR plus the applicable margin per annum. The interest rate at December 31, 2013 was 3.92%. | |||
[2] | These items are recorded in Accrued and other current liabilities. |
Debt_80_Note_Details
Debt 8.0% Note (Details) (Long-term Debt [Member], Senior secured notes due May 15, 2014 [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt [Member] | Senior secured notes due May 15, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | $0 | $247,979 |
Debt_75_Notes_Due_2021_Details
Debt 7.5% Notes Due 2021 (Details) (Senior secured notes due June 01, 2021 [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 04, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ' | ' |
Long-term Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | ' | $250,000 | ' |
Proceeds from Issuance of Debt | $246,330 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ' | 0.00% |
Debt Instrument, Collateral, Equity Interests in Foreign Subsidiaries | 65.00% | ' | ' |
Debt_75_Notes_Redemption_Detai
Debt 7.5% Notes Redemption (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Loss on early extinguishment of debt | $3,272 | ($3,272) | $0 | ($763) |
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | ' | ' | ' | ' |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Debt Redemptions Rights After Change Of Control | ' | 101.00% | ' | ' |
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | Debt Instrument, Redemption, Period One [Member] | ' | ' | ' | ' |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 100.00% | ' | ' |
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | Debt Instrument, Redemption, Period Two [Member] | ' | ' | ' | ' |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 105.63% | ' | ' |
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | Debt Instrument, Redemption, Period Three [Member] | ' | ' | ' | ' |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 103.75% | ' | ' |
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | Debt Instrument, Redemption, Period Four [Member] | ' | ' | ' | ' |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 101.88% | ' | ' |
Long-term Debt [Member] | Senior secured notes due June 01, 2021 [Member] | Debt Instrument, Redemption, Period Five [Member] | ' | ' | ' | ' |
Debt Instrument, Redemption [Line Items] | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | 100.00% | ' | ' |
Debt_75_Notes_due_May_2014_Det
Debt 7.5% Notes due May 2014 (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Current portion of long-term debt | ' | $2,603 | $0 | ||
Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | ' | 7.50% | ' | ||
Short-term Debt [Member] | Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Proceeds from Issuance of Debt | 250,000 | ' | ' | ||
Current portion of long-term debt | ' | $2,603 | [1] | $0 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | ' | 7.50% | 0.00% | ||
Debt Instrument, Redemption Price, Percentage | ' | 100.00% | ' | ||
Debt Redemptions Rights After Change Of Control | ' | 101.00% | ' | ||
[1] | These items are recorded in Accrued and other current liabilities. |
Debt_EON_contingent_obligation
Debt E.ON contingent obligation (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
Unrealized gain (loss) on E.ON obligation | $15,722 | $16,781 | $0 | $0 | ||
E.ON Contingent Obligation | ' | 0 | 15,369 | ' | ||
Contingent obligation [Member] | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
E.ON contingent obligation – principal | ' | -12,902 | -12,902 | ' | ||
E.ON contingent obligation – accrued interest | ' | -3,879 | -2,467 | ' | ||
E.ON contingent obligation – derivative asset | ' | 16,781 | 0 | ' | ||
E.ON Contingent Obligation | ' | 0 | -15,369 | ' | ||
Long-term Debt [Member] | Contingent obligation [Member] | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | ' | 10.94% | 10.94% | ' | ||
E.ON Contingent Obligation | ' | $0 | [1] | $15,369 | [1] | ' |
[1] | E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information. |
Debt_Industrial_Revenue_Bonds_
Debt Industrial Revenue Bonds (Details) (Short-term Debt [Member], Industrial revenue bonds due 2028 [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Member] | Industrial revenue bonds due 2028 [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Variable interest rates, maximum (as a percent) | 12.00% | 12.00% |
Shareholders_equity_Details
Shareholders' equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | 29 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2008 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | 4,786,521 | ' |
Common stock, shares authorized (in shares) | ' | 195,000,000 | 195,000,000 | ' | 195,000,000 | ' |
Stock repurchase program, authorized amount | $60,000 | ' | ' | ' | ' | ' |
Treasury stock acquired, Aggregate purchase price | ' | ' | 4,033 | 45,891 | 49,924 | ' |
Stock repurchase program, Remaining authorized repurchase amount | ' | $10,076 | ' | ' | ' | ' |
Preferred Stock, Shares Authorized (in shares) | ' | 5,000,000 | 5,000,000 | ' | 5,000,000 | ' |
2008 Series A Convertible Preferred Stocks, Issued (in shares) | ' | ' | ' | ' | ' | 160,000 |
Preferred Stock, Par or Stated Value Per Share | ' | $0.01 | $0.01 | ' | $0.01 | ' |
Preferred Stock, Liquidation Preference Per Share | ' | $0.01 | ' | ' | $0.01 | ' |
Conversion of convertible preferred stock (in shares) | ' | 100 | ' | ' | 100 | ' |
Series A Convertible Preferred Stock [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Shares, Beginning balance | ' | 80,283 | 80,718 | 82,515 | ' | ' |
Repurchase of common stock (in shares) | ' | ' | 0 | 0 | ' | ' |
Conversion of convertible preferred stock (in shares) | ' | -663 | -435 | -1,797 | ' | ' |
Issuance for share-based compensation plans (in shares) | ' | 0 | 0 | 0 | ' | ' |
Shares, Ending balance | ' | 79,620 | 80,283 | 80,718 | 79,620 | ' |
Treasury stock, at cost [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Shares, Beginning balance | ' | 4,786,521 | 4,386,521 | 0 | ' | ' |
Repurchase of common stock (in shares) | ' | ' | 400,000 | 4,386,521 | ' | ' |
Conversion of convertible preferred stock (in shares) | ' | 0 | 0 | 0 | ' | ' |
Issuance for share-based compensation plans (in shares) | ' | 0 | 0 | 0 | ' | ' |
Shares, Ending balance | ' | 4,786,521 | 4,786,521 | 4,386,521 | 4,786,521 | ' |
Common stock [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Shares, Beginning balance | ' | 88,548,637 | 88,844,327 | 92,771,864 | ' | ' |
Repurchase of common stock (in shares) | ' | ' | -400,000 | -4,386,521 | ' | ' |
Conversion of convertible preferred stock (in shares) | ' | 66,244 | 43,556 | 179,692 | ' | ' |
Issuance for share-based compensation plans (in shares) | ' | 95,396 | 60,754 | 279,292 | ' | ' |
Shares, Ending balance | ' | 88,710,277 | 88,548,637 | 88,844,327 | 88,710,277 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Inventory, Net [Abstract] | ' | ' | ||
Raw materials | $69,776 | $40,725 | ||
Work-in-process | 22,183 | 15,259 | ||
Finished goods | 17,661 | 9,753 | ||
Operating and other supplies | 129,995 | 94,188 | ||
Inventories (1) | $239,615 | [1] | $159,925 | [1] |
[1] | The balance at December 31, 2013 includes inventory maintained at the recently acquired Sebree smelter. See Note 2 Acquisition of Sebree aluminum smelter for additional information about the Sebree acquisition. |
Property_Plant_and_Equipment_P1
Property, Plant, and Equipment Property, Plant, and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land and improvements | $16,021 | $13,021 |
Buildings and improvements | 340,609 | 324,497 |
Machinery and equipment | 1,464,532 | 1,404,928 |
Construction in progress | 221,101 | 175,283 |
Property, plant and equipment, gross | 2,042,263 | 1,917,729 |
Less accumulated depreciation | -794,602 | -729,515 |
Property, plant and equipment - net | $1,247,661 | $1,188,214 |
Property_Plant_and_Equipment_P2
Property, Plant, and Equipment Property, Plant, and Equipment (Detail Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $66,570 | $62,570 | $62,194 |
Mt. Holly Property, plant and equipment, gross | 179,702 | 178,528 | ' |
Mt. Holly Property Property, plant and equipment, accumulated depreciation | $119,275 | $113,174 | ' |
Supplemental_financial_stateme2
Supplemental financial statement info Components of Prepaid and Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid and other assets | $15,051 | $16,956 |
Income/withholding tax receivable – current | 11,437 | 14,327 |
VAT receivable | 5,648 | 3,692 |
Derivative assets | 140 | 0 |
Prepaid and other current assets | $32,276 | $34,975 |
Supplemental_financial_stateme3
Supplemental financial statement info Components of Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in BHH and other equity investments | $35,767 | $37,880 |
Cash surrender value of life insurance and trust assets | 27,857 | 29,125 |
Maintenance and operating supplies – non-current | 17,827 | 17,844 |
Other assets | 10,023 | 15,866 |
Other assets | $91,474 | $100,715 |
Supplemental_financial_stateme4
Supplemental financial statement info Components of Accrued and Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other accrued and current liabilities | $30,901 | $20,455 |
Accrued severance pay | 11,438 | 1,009 |
Accrued vacation pay | 9,135 | 6,001 |
Income taxes payable | 6,198 | 8,146 |
Revolving credit facility | 6,000 | 0 |
Current portion of long-term debt | 2,603 | 0 |
Accrued bond interest | 1,636 | 2,560 |
Deferred tax liability – current | 1,555 | 1,928 |
Accrued and other current liabilities | $69,466 | $40,099 |
Supplemental_financial_stateme5
Supplemental financial statement info Components of Other Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Asset retirement obligations – non-current | $22,884 | $14,775 |
Other liabilities | 7,576 | 2,781 |
Accrued workers’ compensation cost – non-current | 7,283 | 7,237 |
E.ON contingent liability and accrued interest | 0 | 15,369 |
TOTAL Other liabilities | $37,743 | $40,162 |
Supplemental_financial_stateme6
Supplemental financial statement info Components of Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Other comprehensive loss before income tax effect | ($105,891) | ($166,815) | ' | ' | ||
Income tax effect (2) | 14,059 | [1] | 15,623 | [1] | ' | ' |
Accumulated other comprehensive loss | -91,832 | -151,192 | -134,588 | -49,976 | ||
Defined benefit plan liabilities [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Other comprehensive loss before income tax effect | -92,177 | -153,225 | ' | ' | ||
Income tax effect (2) | 14,256 | 15,784 | ' | ' | ||
Accumulated other comprehensive loss | -77,921 | -137,441 | -124,948 | -41,181 | ||
Equity in investee other comprehensive income [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Other comprehensive loss before income tax effect | -12,650 | [2] | -12,712 | [2] | ' | ' |
Income tax effect (2) | 418 | 488 | ' | ' | ||
Accumulated other comprehensive loss | -12,232 | -12,224 | -7,918 | -7,665 | ||
Unrealized loss on financial instruments [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Other comprehensive loss before income tax effect | -1,064 | -878 | ' | ' | ||
Income tax effect (2) | -615 | -649 | ' | ' | ||
Accumulated other comprehensive loss | ($1,679) | ($1,527) | ($1,722) | ($1,130) | ||
[1] | The allocation of the income tax effect to the components of other comprehensive income is as follows:Â 20132012Defined benefit plan liabilities$14,256$15,784Equity in investee other comprehensive income418488Unrealized loss on financial instruments(615)(649) | |||||
[2] | The amount includes our equity in the other comprehensive income of Mt. Holly. |
Changes_in_components_of_Accum
Changes in components of Accumulated other comprehensive loss (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Balance, Accumulated Other Comprehensive Loss | ($91,832) | ' | ' | ' | ($151,192) | ' | ' | ' | ($91,832) | ($151,192) | ($134,588) | ($49,976) | |||||||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 56,787 | -21,215 | -62,944 | ' | |||||||
Net amount reclassified to net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,573 | 4,611 | -21,668 | ' | |||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,414,790 | 1,225,769 | 1,266,902 | ' | |||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 67,477 | 35,363 | 46,032 | ' | |||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,131 | -8,910 | -14,359 | ' | |||||||
Net income (loss) | -9,675 | [1] | -9,507 | [2] | -29,384 | [3] | 8,253 | [4] | -6,909 | -12,023 | [5] | -12,277 | [6] | -4,401 | [7] | -40,313 | -35,610 | 11,325 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined benefit plan liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 3,264 | 4,670 | -16,326 | ' | |||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 990 | 1,055 | 575 | ' | |||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,529 | -1,527 | -5,804 | ' | |||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,725 | 4,198 | -21,555 | ' | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized loss on financial instruments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -186 | 381 | -146 | ' | |||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 32 | 33 | ' | |||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -152 | 413 | -113 | ' | |||||||
Defined benefit plan liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Balance, Accumulated Other Comprehensive Loss | -77,921 | ' | ' | ' | -137,441 | ' | ' | ' | -77,921 | -137,441 | -124,948 | -41,181 | |||||||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 56,795 | -16,691 | -62,212 | ' | |||||||
Net amount reclassified to net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,725 | 4,198 | -21,555 | ' | |||||||
Equity in investee other comprehensive income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Balance, Accumulated Other Comprehensive Loss | -12,232 | ' | ' | ' | -12,224 | ' | ' | ' | -12,232 | -12,224 | -7,918 | -7,665 | |||||||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -4,306 | -253 | ' | |||||||
Net amount reclassified to net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||
Unrealized loss on financial instruments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Balance, Accumulated Other Comprehensive Loss | -1,679 | ' | ' | ' | -1,527 | ' | ' | ' | -1,679 | -1,527 | -1,722 | -1,130 | |||||||
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -218 | -479 | ' | |||||||
Net amount reclassified to net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($152) | $413 | ($113) | ' | |||||||
[1] | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | ||||||||||||||||||
[2] | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | ||||||||||||||||||
[3] | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | ||||||||||||||||||
[4] | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | ||||||||||||||||||
[5] | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | ||||||||||||||||||
[6] | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | ||||||||||||||||||
[7] | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits Employer contributions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 45 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2016 |
SERB plan [Member] | PBGC Agreement [Member] | PBGC Agreement [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Employer contributions | $11,130 | $16,700 | ' | ' |
Pension Contributions Above Required Minimum, Total | ' | ' | ' | 17,400 |
Pension Contributions | ' | ' | $6,700 | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefits Change in benefit obligation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Benefit obligation | $238,319 | $174,954 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Benefit obligation | 134,652 | 149,263 | 134,289 |
Service cost | 2,527 | 1,790 | 1,668 |
Interest cost | 5,681 | 5,512 | 5,728 |
Medicare Part D | 0 | 210 | ' |
Actuarial loss (gain) | -24,170 | 11,725 | ' |
Acquisition | 6,544 | 0 | ' |
Benefits paid | -5,193 | -4,263 | ' |
Curtailment/special termination benefits | 0 | 0 | 0 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Benefit obligation | 238,319 | 174,954 | 164,565 |
Service cost | 4,735 | 2,802 | 3,133 |
Interest cost | 8,908 | 6,871 | 6,976 |
Medicare Part D | 0 | 0 | ' |
Actuarial loss (gain) | -21,539 | 8,611 | ' |
Acquisition | 82,988 | 0 | ' |
Benefits paid | -11,727 | -7,895 | ' |
Curtailment/special termination benefits | $0 | $0 | ($1,147) |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefits Change in Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan assets | $199,304 | $96,234 | ' |
Employer contributions | 11,130 | ' | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan assets | 199,304 | 96,234 | 84,967 |
Actual return on plan assets | 21,675 | 10,607 | ' |
Acquisition | 81,992 | 0 | ' |
Employer contributions | 11,130 | 8,555 | ' |
Benefits paid | -11,727 | -7,895 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair Value of Plan assets | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | ' |
Acquisition | 0 | 0 | ' |
Employer contributions | 5,193 | 4,263 | ' |
Benefits paid | ($5,193) | ($4,263) | ' |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefits Funded status of plans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Current liabilities | ($8,410) | ($18,683) |
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Funded status | -39,015 | -78,720 |
Non-current assets | 2,547 | 0 |
Current liabilities | -1,714 | -10,842 |
Non-current liabilities | -39,848 | -67,878 |
Net amount recognized | -39,015 | -78,720 |
Net loss | 45,642 | 81,417 |
Prior service cost (benefit) | 376 | 472 |
Total recognized in accumulated other comprehensive loss (pre-tax) | 46,018 | 81,889 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Funded status | -134,652 | -149,263 |
Non-current assets | 0 | 0 |
Current liabilities | -5,368 | -6,158 |
Non-current liabilities | -129,284 | -143,105 |
Net amount recognized | -134,652 | -149,263 |
Net loss | 65,754 | 94,947 |
Prior service cost (benefit) | -19,595 | -23,611 |
Total recognized in accumulated other comprehensive loss (pre-tax) | $46,159 | $71,336 |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefits PBO, ABO, FV of Plan Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Projected Benefit Obligation | $238,319 | $174,954 |
Accumulated Benefit Obligation | 231,460 | 166,611 |
Fair Value of Plan assets | 199,304 | 96,234 |
Sebree Hourly Pension Plan [Member] | ' | ' |
Projected Benefit Obligation | 80,369 | 0 |
Accumulated Benefit Obligation | 80,369 | 0 |
Fair Value of Plan assets | 82,916 | 0 |
CAWV Hourly Pension Plan [Member] | ' | ' |
Projected Benefit Obligation | 66,866 | 78,812 |
Accumulated Benefit Obligation | 66,852 | 78,171 |
Fair Value of Plan assets | 64,905 | 53,909 |
Salaried pension plan [Member] | ' | ' |
Projected Benefit Obligation | 66,686 | 69,726 |
Accumulated Benefit Obligation | 60,870 | 63,344 |
Fair Value of Plan assets | 51,483 | 42,325 |
SERB plan [Member] | ' | ' |
Projected Benefit Obligation | 24,398 | 26,416 |
Accumulated Benefit Obligation | 23,369 | 25,096 |
Fair Value of Plan assets | $0 | $0 |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefits Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | $4,735 | $2,802 | $3,133 |
Interest cost | 8,908 | 6,871 | 6,976 |
Expected return on plan assets | -10,592 | -6,962 | -6,631 |
Amortization of prior service costs | 113 | 137 | 137 |
Amortization of net loss | 3,152 | 3,642 | 1,863 |
Net periodic benefit cost | 6,316 | 6,490 | 5,478 |
Special termination benefits | 0 | 0 | 1,147 |
Curtailment cost | -18 | 0 | 0 |
Total net periodic benefit cost | 6,298 | 6,490 | 6,625 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Service cost | 2,527 | 1,790 | 1,668 |
Interest cost | 5,681 | 5,512 | 5,728 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs | -3,995 | -4,250 | -32,814 |
Amortization of net loss | 5,022 | 6,195 | 15,063 |
Net periodic benefit cost | 9,235 | 9,247 | -10,355 |
Special termination benefits | 0 | 0 | 0 |
Curtailment cost | -20 | 0 | 0 |
Total net periodic benefit cost | $9,215 | $9,247 | ($10,355) |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefits Changes in Plan Assets & Benefit Obligation Recognized in OCI (pre-taxed) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net loss (gain) | ($56,795) | $16,691 | $62,212 |
Amortization of prior service benefit (cost) | 3,920 | 4,113 | 32,677 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net loss (gain) | -24,171 | 11,725 | ' |
Amortization of net loss | -5,022 | -6,195 | ' |
Amortization of prior service benefit (cost) | 4,015 | 4,250 | ' |
Total amount recognized in other comprehensive loss | -25,178 | 9,780 | ' |
Net periodic benefit cost | 9,215 | 9,247 | -10,355 |
Total recognized in net periodic benefit cost and other comprehensive loss | -15,963 | 19,027 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net loss (gain) | -32,624 | 4,966 | ' |
Amortization of net loss | -3,152 | -3,642 | ' |
Amortization of prior service benefit (cost) | -95 | -137 | ' |
Total amount recognized in other comprehensive loss | -35,871 | 1,187 | ' |
Net periodic benefit cost | 6,298 | 6,490 | 6,625 |
Total recognized in net periodic benefit cost and other comprehensive loss | ($29,573) | $7,677 | ' |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefits Amoritized from AOCI during the next fiscal year (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of net loss | $1,702 |
Amortization of prior service cost (benefit) | 116 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of net loss | 3,511 |
Amortization of prior service cost (benefit) | ($3,993) |
Recovered_Sheet1
Pension and Other Postretirement Benefits Weighted Average assumptions used in calculating benefit obligations (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Discount rate | 4.89% | 4.00% | ||
Rate of compensation increase, first five years | 3.00% | [1] | 3.00% | [1] |
Rate of compensation increase, year six and thereafter | 4.00% | [1] | 4.00% | [1] |
Measurement date | '12/31/2013 | '12/31/2012 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ||
Discount rate | 4.99% | 3.98% | ||
Rate of compensation increase, first five years | 3.00% | [1] | 3.00% | [1] |
Rate of compensation increase, year six and thereafter | 4.00% | [1] | 4.00% | [1] |
Measurement date | '12/31/2013 | '12/31/2012 | ||
[1] | Rate of compensation increase assumption is 3% per year for first five years and then 4% per year for year six and thereafter. |
Recovered_Sheet2
Pension and Other Postretirement Benefits Discount Rate Change in Estimate (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Basis point change to discount rate (in basis points) | 25 |
Pension Obligation due to change in discount rate | $10,000 |
Recovered_Sheet3
Pension and Other Postretirement Benefits Weighted average assumptions used to determine net periodic benefit cost (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | |||
Measurement date | '12/31/2012 | '12/31/2011 | '12/31/2010 | |||
Fiscal year end | '12/31/2013 | '12/31/2012 | '12/31/2011 | |||
Discount rate | 4.00% | 4.25% | 5.49% | |||
Rate of compensation increase, group 1 | 3.00% | [1] | 3.00% | [1] | 3.00% | [1] |
Rate of compensation increase, group 2 | 4.00% | [1] | 4.00% | [1] | 3.00% | [1] |
Rate of compensation increase, group 3 | 4.00% | [1] | 4.00% | [1] | 4.00% | [1] |
Expected return on plan assets | 7.25% | 8.00% | 8.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | |||
Measurement date | '12/31/2012 | '12/31/2011 | '12/31/2010 | |||
Fiscal year end | '12/31/2013 | '12/31/2012 | '12/31/2011 | |||
Discount rate | 4.01% | 3.83% | 5.23% | |||
Rate of compensation increase, group 1 | 3.00% | [1] | 3.00% | [1] | 3.00% | [1] |
Rate of compensation increase, group 2 | 4.00% | [1] | 4.00% | [1] | 3.00% | [1] |
Rate of compensation increase, group 3 | 4.00% | [1] | 4.00% | [1] | 4.00% | [1] |
Expected return on plan assets | 0.00% | 0.00% | 0.00% | |||
[1] | For 2013 and 2012, the rate of compensation increase is 3% per year for first five years and 4% per year for year six and thereafter. For 2011, the rate of compensation increase is for 3% per year for years 1 and 2 and 4% per year for year 3 and thereafter. |
Recovered_Sheet4
Pension and Other Postretirement Benefits Assumed health care trend rates (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Medical cost inflation rate (in hundredths) | 9.00% |
Medical cost inflation, years 9 and thereafter (in hundredths) | 5.00% |
Effect of One Percentage Point Increase on Service and Interest Cost Components | $1,585 |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | -1,256 |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 19,465 |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ($16,095) |
Recovered_Sheet5
Pension and Other Postretirement Benefits Company matching contribution to defined contribution 401(K) plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company matching contribution to defined contribution (401(k)) plans | $1,138 | $748 | $640 |
Recovered_Sheet6
Pension and Other Postretirement Benefits Pension Plan Asset Allocation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan assets | $199,304 | $96,234 | ' |
Actual Plan Asset Allocations | 100.00% | 100.00% | ' |
U.S. Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan assets | 86,323 | 47,728 | ' |
Target Allocation Percentage Of Assets | 50.00% | ' | ' |
Actual Plan Asset Allocations | 43.00% | 50.00% | ' |
International Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan assets | 40,093 | 15,318 | ' |
Target Allocation Percentage Of Assets | 15.00% | ' | ' |
Actual Plan Asset Allocations | 20.00% | 16.00% | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan assets | 72,888 | 32,734 | ' |
Target Allocation Percentage Of Assets | 35.00% | ' | ' |
Actual Plan Asset Allocations | 37.00% | 34.00% | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Plan assets | ' | 454 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Fair Value of Plan assets | 0 | 0 | 0 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Expected return on plan assets | 7.25% | 8.00% | 8.00% |
Fair Value of Plan assets | $199,304 | $96,234 | $84,967 |
Recovered_Sheet7
Pension and Other Postretirement Benefits Expected Contribution Cash Flows (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $10,094 |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 12,913 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 13,185 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 13,440 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 13,849 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 14,317 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 77,708 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 5,370 |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 5,370 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 5,978 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 6,641 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 7,174 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 7,784 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $44,393 |
Recovered_Sheet8
Pension and Other Postretirement Benefits Participation in Multi-Employer Pension Plans (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
EIN / PN | '23-6648508/499 | ' | ' | |||
Pension Protection Act Zone Status | 'Green | [1] | 'Green | [1] | ' | |
Subject to Financial Improvement/Rehabilitation Plan | 'No | ' | ' | |||
Contributions of Century Aluminum Company | $2,171 | [2] | $2,282 | [2] | $2,117 | [2] |
Withdrawal from Plan Probable | 'No | ' | ' | |||
Surcharge Imposed | 'No | ' | ' | |||
Expiration Date of Collective Bargaining Agreement | 1-Apr-15 | ' | ' | |||
Funded status of Green zone | 'At least 80 percent | ' | ' | |||
Multiemployer Plans, Collective-Bargaining Arrangement, Contributions to Trust as a Percentage of Total Plan Limit | 5.00% | ' | ' | |||
[1] | The most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan's year-end December 31, 2012 and December 31, 2011, respectively. The zone status is based on information that Century received from the plan as well as publicly available information per the Department of Labor and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. | |||||
[2] | Our contributions to the Steelworkers Pension Trust are not 5% or more of the total contributions to the plan. |
Share_Based_Compensation_Detai
Share Based Compensation (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Service-Based Share Awards [Member] | Service-Based Share Awards [Member] | 1996 Stock Option Plan [Member] | 1996 Stock Option Plan [Member] | 1996 Stock Option Plan [Member] | 1996 Stock Option Plan [Member] | Non-Employee Directors Stock Option Plan [Member] | ||||
Non-employee director [Member] | Grant date [Member] | Anniversary date [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Incentive Plan, shares authorized (in Shares) | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | |
Stock Incentive Plan, shares remaining (in Shares) | ' | ' | ' | ' | 7,190,000 | ' | ' | ' | ' | |
Stock Incentive Plan, expected term (years) | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | |
Stock Incentive Plan, vesting rights | ' | ' | ' | ' | ' | ' | 'one-third | 'one-third | ' | |
Service-based share awards, vesting rights | ' | ' | ' | ' | '3 years | '12 months | ' | ' | ' | |
Options to purchase common stock (in Shares) | ' | 626,334 | ' | ' | 619,833 | ' | ' | ' | ' | |
Service-based share awards outstanding (in Shares) | ' | ' | 442,737 | 396,133 | ' | ' | ' | ' | ' | |
Time-vested performance share units, authorized (in Shares) | ' | ' | ' | ' | 219,381 | ' | ' | ' | ' | |
Outstanding options (in Shares) | 619,833 | [1] | ' | ' | ' | ' | ' | ' | ' | 9,000 |
[1] | As explained above, all unvested stock options immediately vested and became immediately exercisable in 2011. All such options will remain exercisable for their respective remaining term, regardless of whether the awardees remain employees of Century. |
Share_Based_Compensation_Servi
Share Based Compensation Service-Based Awards - Options (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | |
Options outstanding (in Shares) | ' | 626,334 | |
Options outstanding, Weighted Average Exercise Price | ' | $24.60 | |
Options exercised (in Shares) | -6,000 | ' | |
Options exercised, Weighted Average Exercise Price | $7.43 | ' | |
Options forfeited/expired (in Shares) | -501 | ' | |
Options forfeited/expired, Weighted Average Exercise Price | $19.01 | ' | |
Outstanding, fully vested and exercisable (in Shares) | 619,833 | [1] | ' |
Outstanding, fully vested and exercisable, Weighted Average Exercise Price | $24.77 | [1] | ' |
Outstanding, fully vested and exercisable, Weighted Average Remaining Contractual Term (years) | '4 years 10 months 9 days | [1] | ' |
Outstanding, fully vested and exercisable, Aggregate Intrinsic Value | $1,065 | [1] | ' |
[1] | As explained above, all unvested stock options immediately vested and became immediately exercisable in 2011. All such options will remain exercisable for their respective remaining term, regardless of whether the awardees remain employees of Century. |
Share_Based_Compensation_Servi1
Share Based Compensation Service Based Awards Rollforward (Details) (Service-Based Share Awards [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Service-Based Share Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Service-based share awards outstanding (in Shares) | 442,737 | 396,133 |
Granted (in Shares) | 303,159 | ' |
Vested (in Shares) | -128,048 | ' |
Forfeited (in Shares) | -128,507 | ' |
Share_Based_Compensation_Servi2
Share Based Compensation Service-Based Awards, Additional disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Service-Based Awards, Additional disclosures [Abstract] | ' | ' | ' |
Weighted average per share fair value of service-based share grants | $8.19 | $8.14 | $15.49 |
Total intrinsic value of option exercises | $13 | $0 | $72 |
Total fair value of stock options vested during the period | $0 | $0 | $1,403 |
Share_Based_Compensation_Share
Share Based Compensation Share and performance-based compensation expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share and performance-based compensation expense [Abstract] | ' | ' | ' |
Performance-based share expense | $475 | $27 | $1,836 |
Service-based share expense | 603 | 586 | 692 |
Stock option expense | 0 | 0 | 328 |
Total share-based compensation expense before income tax | 1,078 | 613 | 2,856 |
Income tax | 0 | 0 | 0 |
Total share-based compensation expense, net of income tax | 1,078 | 613 | 2,856 |
Unrecognized compensation expense | $794 | ' | ' |
Weighted average period of expense recognition | '0 years 9 months | ' | ' |
Earnings_per_share_Details
Earnings per share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income (loss) | ($9,675) | [1] | ($9,507) | [2] | ($29,384) | [3] | $8,253 | [4] | ($6,909) | ($12,023) | [5] | ($12,277) | [6] | ($4,401) | [7] | ($40,313) | ($35,610) | $11,325 | ||
Amount allocated to common shareholders (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | [8] | 100.00% | [8] | 91.87% | |||||||
Basic and Diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | -40,313 | -35,610 | ' | |||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted - Shares (000) | ' | ' | ' | ' | ' | ' | ' | ' | 88,612 | 88,534 | ' | |||||||||
Basic and Diluted (in dollars per share) | ($0.11) | [1] | ($0.11) | [2] | ($0.33) | [3] | $0.09 | [4] | ($0.08) | ($0.14) | [5] | ($0.14) | [6] | ($0.05) | [7] | ($0.45) | ($0.40) | $0.11 | ||
Basic EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | -9,675 | [1] | -9,507 | [2] | -29,384 | [3] | 7,567 | [4] | -6,909 | -12,023 | [5] | -12,277 | [6] | -4,401 | [7] | ' | ' | 10,404 | ||
Income (loss) allocable to common shareholders - in Shares (000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,854 | |||||||||
Income (loss) applicable to common shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.11 | |||||||||
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Share-based stock awards - in Shares (000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403 | |||||||||
Diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,404 | |||||||||
Income (loss) applicable to common shareholders with assumed conversion - in Shares (000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,257 | |||||||||
Income (loss) applicable to common shareholders with assumed conversion (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.11 | |||||||||
[1] | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | |||||||||||||||||||
[2] | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||||
[3] | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | |||||||||||||||||||
[4] | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | |||||||||||||||||||
[5] | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||||
[6] | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | |||||||||||||||||||
[7] | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||||
[8] | We have not allocated net losses between common and preferred shareholders, as the holders of our preferred shares do not have a contractual obligation to share in the loss. |
Earnings_per_share_Antidilutiv
Earnings per share Antidilutive securities excluded from the calculation of diluted EPS (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Stock Options [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 619,833 | [1] | 626,334 | [1] | 353,000 | [1] |
Service-Based Share Awards [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 442,737 | [1] | 396,133 | [1] | 0 | [1] |
[1] | In periods when we report a net loss, all share awards are excluded from the calculation of diluted weighted average shares outstanding because of their antidilutive effect on earnings (loss) per share. |
Income_taxes_Details
Income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of pre-tax book income (loss) [Abstract] | ' | ' | ' |
U.S. | ($47,080) | ($38,762) | ($22,865) |
Foreign | 7,236 | 9,439 | 45,104 |
Income (loss) before income taxes and equity in earnings of joint ventures | ($39,844) | ($29,323) | $22,239 |
Income_taxes_Significant_compo
Income taxes Significant components of Income tax expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant components of income taxes expense [Abstract] | ' | ' | ' |
U.S. federal current expense (benefit) | $532 | ($161) | ($22) |
State current expense (benefit) | -445 | -669 | 1,395 |
Foreign current expense | 6,198 | 9,808 | 13,467 |
Total current expense | 6,285 | 8,978 | 14,840 |
U.S. federal deferred benefit | -3,905 | -1,564 | -5,772 |
State deferred benefit | -207 | 0 | 0 |
Foreign deferred tax expense | 958 | 1,496 | 5,291 |
Total deferred benefit | -3,154 | -68 | -481 |
Total income tax expense | $3,131 | $8,910 | $14,359 |
Income_taxes_Reconciliation_of
Income taxes Reconciliation of statutory to effective income tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of statutory to effective tax rate [Abstract] | ' | ' | ' |
Federal Statutory Rate | 35.00% | 35.00% | 35.00% |
Permanent differences | 54.50% | 12.60% | 63.20% |
State taxes, net of Federal benefit | 97.20% | 0.10% | 6.30% |
Foreign earnings taxed at different rates than U.S. | 17.40% | -369.50% | -60.30% |
Valuation allowance | -265.90% | 297.60% | 40.80% |
Changes in uncertain tax reserves | 40.50% | -6.70% | 5.60% |
Other | 13.40% | 0.50% | -26.00% |
Effective tax rate | -7.90% | -30.40% | 64.60% |
Recovered_Sheet9
Income taxes Significant Components of our deferred tax assets & liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued postretirement benefit cost | $12,851 | $9,184 |
Accrued liabilities | 2,355 | 8,289 |
Share-based compensation | 5,327 | 2,941 |
Derivative and hedging contracts | 116,550 | 180,121 |
Goodwill | 12,421 | 14,654 |
Equity contra - other comprehensive loss | 61,216 | 81,039 |
Capital losses | 14,512 | 9,056 |
Net operating losses and tax credits | 637,721 | 509,618 |
Other | 1,533 | 138 |
Total deferred tax assets | 864,486 | 815,040 |
Valuation allowance | -765,023 | -656,352 |
Net deferred tax assets | 99,463 | 158,688 |
Tax over financial statement depreciation | -145,945 | -145,213 |
Pension | -11,543 | -8,905 |
Income from domestic partnership | 0 | 4 |
Unremitted foreign earnings | -35,344 | -93,824 |
Foreign basis differences | -790 | -3,204 |
Total deferred tax liabilities | -193,622 | -251,142 |
Net deferred tax liability | ($94,159) | ($92,454) |
Income_taxes_Changes_in_Valuat
Income taxes Changes in Valuation Allowance (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance [Line Items] | ' | ' | ' |
Balance, valuation allowance | $765,023 | $656,352 | $773,714 |
Change in valuation allowance | $108,671 | ($117,362) | ' |
Income_taxes_Significant_Compo1
Income taxes Significant Components of our Deferred Tax Assets & Liabilities - Additional Info (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Additional deferred tax assets and liabilities [Abstract] | ' |
Net operating losses that will increase equity if and when such deferred tax assets are realized | $4,793 |
Income_taxes_Net_Operating_Los
Income taxes Net Operating Losses Carryforwards (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Internal Revenue Service (IRS) [Member] | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-28 | ' | ||
Operating Loss Carryforwards | $1,287,118 | [1] | $1,176,802 | [1] |
State and Local Jurisdiction [Member] | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-27 | ' | ||
Operating Loss Carryforwards | 2,077,890 | [2] | 1,106,961 | [2] |
Foreign Tax Authority [Member] | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Operating Loss Carryforwards | $459,457 | [3] | $341,290 | [3] |
Iceland [Member] | Foreign Tax Authority [Member] | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-17 | ' | ||
Netherlands [Member] | Foreign Tax Authority [Member] | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-22 | ' | ||
[1] | The federal NOL begins to expire in 2028. | |||
[2] | The state NOLs begin to expire in 2027. | |||
[3] | The Icelandic NOL begins to expire in 2017; Dutch NOL begins to expire in 2022. |
Income_taxes_Gross_Unrecognize
Income taxes Gross Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' | ' |
Balance, Unrecognized tax benefits | $1,200 | $17,600 | $15,900 | $16,600 |
Additions based on tax positions related to the current year | 700 | 2,700 | 2,500 | ' |
Decreases due to lapse of applicable statute of limitations | -2,800 | -800 | -3,200 | ' |
Settlements | ($14,300) | ($200) | $0 | ' |
Income_taxes_Components_of_unr
Income taxes Components of unrecognized tax positions (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' | ' |
Highly certain tax positions | $1,100 | $16,900 | $15,100 | ' |
Other unrecognized tax benefits | 100 | 700 | 800 | ' |
Gross unrecognized tax benefits | 1,200 | 17,600 | 15,900 | 16,600 |
Accrued interest and penalties related to unrecognized tax benefits | $100 | $100 | $100 | ' |
Income_taxes_Additional_income
Income taxes Additional income tax details (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | ||||
Additional income tax disclosures [Abstract] | ' | ' | ' | ||
Reduction in reserve for unrecognized tax benefits related to prior years | $14,300 | ' | ' | ||
Proceeds from income tax refunds | 5,009 | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ||
Operating Loss Carryforwards | ' | $1,287,118 | [1] | $1,176,802 | [1] |
[1] | The federal NOL begins to expire in 2028. |
Commitments_and_contingencies_
Commitments and contingencies Environmental Contingencies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Environmental contingencies [Abstract] | ' | ' |
Environmental-related accrued liabilities | $999 | $906 |
Environmental remediation expense minimum entitling reimbursement by third party annually | $400 | ' |
Commitments_and_contingencies_1
Commitments and contingencies Matters relating to the St. Croix Alumina Refining Facility (Details) (USD $) | 150 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Matters relating to the St. Croix Alumina Refining Facility [Abstract] | ' |
Environmental remediation expense for Hydrocarbon Recovery Plan | $985 |
Commitments_and_contingencies_2
Commitments and contingencies Legal Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Logan Kruger [Member] | Grundartangi Power Agreement [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | $20,000 | ' |
Litigation Settlement, Amount | ' | 8,700 | 1,470 |
Litigation Settlement, Expense | $8,400 | $8,400 | ' |
Commitments_and_contingencies_3
Commitments and contingencies Ravenswood Retiree Medical Benefits changes (Details) (PBGC Agreement [Member], USD $) | 12 Months Ended | 45 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2016 |
PBGC Agreement [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Pension Contributions Above Required Minimum, Total | ' | $17,400 |
Pension Contributions | $6,700 | ' |
Commitments_and_contingencies_4
Commitments and contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | MW |
OR Power Purchase Agreement Abstract] | ' |
Power currently available under the power purchase agreement (in megawatts) | 47.5 |
Power prepayments | $2,000 |
Labor Commitments [Abstract] | ' |
Percentage of U.S. based work force represented by a union (in hundredths) | 73.00% |
Percentage of Grundartangi work force represented by the labor unions (in hundredths) | 82.00% |
Percentage of Vlissingen work force represented by the labor union (in hundredths) | 77.00% |
Forward_delivery_contracts_and2
Forward delivery contracts and financial instruments (Details) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Long-Term Tolling Contracts [Member] | Long-Term Tolling Contracts [Member] | Primary Aluminum Sales Contracts [Member] | Primary Aluminum Sales Contracts [Member] | Other Forward Delivery Contracts [Member] | Other Forward Delivery Contracts [Member] | Glencore [Member] | Glencore [Member] | |||
Glencore Toll Agreement 1 [Member] | Glencore Toll Agreement 2 [Member] | Glencore Nordural Metal Agreement [Member] | Southwire Metal Agreement [Member] | t | t | Other Forward Delivery Contracts [Member] | Other Forward Delivery Contracts [Member] | |||
t | t | t | lb | t | t | |||||
Supply Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Annual Primary Aluminum Physical Delivery Contract_Maximum | 90,000 | 40,000 | 155,000 | 216,000,000 | ' | ' | ' | ' | ||
Customer | 'Glencore | 'Glencore | 'Glencore | [1] | 'Southwire | [2] | ' | ' | ' | ' |
Volume | '90,000 tpy | '40,000 tpy | 'All primary aluminum produced at Grundartangi, net of tolling and other sales commitments | [1] | '216 million pounds per year (high conductivity molten aluminum) | [2] | ' | ' | ' | ' |
Term | 'Through July 31, 2016 | 'Through December 31, 2014 | 'January 1, 2014 through December 31, 2017 | [1] | 'January 1, 2014 through December 31, 2014 | [2] | ' | ' | ' | ' |
Pricing | 'Variable, based on LME and European Duty Paid premium | 'Variable, based on LME and European Duty Paid premium | 'Variable, based on LME and European Duty Paid premium | [1] | 'Variable, based on U.S. Midwest Transaction Price | [2] | ' | ' | ' | ' |
Other forward delivery contracts to sell primary aluminum (in tonnes) | ' | ' | ' | ' | 118,373 | 88,827 | 20,008 | 1,811 | ||
Annual Primary Aluminum Physical Delivery Contract_Percentage Adjustment | ' | ' | ' | 4.00% | ' | ' | ' | ' | ||
[1] | The Glencore Grundartangi Metal Agreement is for all metal produced at Grundartangi from 2014 through 2017 less commitments under existing tolling and other sales contracts. Grundartangi currently estimates that it will sell Glencore approximately 155,000 tonnes of aluminum under this agreement in 2014. | |||||||||
[2] | Southwire may, at its option, increase the volume purchased under the agreement by up to four percent by adjusting their monthly metal commitment. |
Asset_retirement_obligations_A2
Asset retirement obligations (“AROâ€) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation [Roll Forward] | ' | ' |
Beginning balance, ARO liability | $16,124 | $15,171 |
Additional ARO liability incurred | 1,730 | 1,166 |
ARO liabilities settled | -2,580 | -1,380 |
Accretion expense | 1,733 | 1,167 |
Additional ARO liability from Sebree acquisition | 10,106 | 0 |
Ending balance, ARO liability | $27,113 | $16,124 |
Supplemental_cash_flow_informa2
Supplemental cash flow information (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Interest | $20,539 | $20,212 | $21,257 | |||
Income/withholding taxes (1) | 28,654 | [1] | 41,455 | [1] | 64,622 | [1] |
Accrued capital costs | 9,409 | -683 | 1,041 | |||
Iceland [Member] | ' | ' | ' | |||
Income/withholding taxes (1) | $18,067 | $22,633 | $47,074 | |||
[1] | We paid withholding taxes in Iceland of $18,067, $22,633 and $47,074 during the years ended December 31, 2013, 2012 and 2011, respectively. Our tax payments in Iceland for withholding taxes, income taxes and associated refunds are denominated in ISK. |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) Financial Results by Quarter (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Revenue, Net | $401,174 | [1] | $399,928 | [2] | $331,937 | [3] | $321,274 | [4] | $317,667 | $304,635 | [5] | $323,619 | [6] | $326,190 | [7] | $1,454,313 | $1,272,111 | $1,356,424 |
Gross profit (loss) | 15,285 | [1] | 12,354 | [2] | -5,698 | [3] | 17,582 | [4] | 16,543 | 3,250 | [5] | 5,957 | [6] | 20,592 | [7] | 39,523 | 46,342 | 89,522 |
Net Income (Loss) Attributable to Parent | -9,675 | [1] | -9,507 | [2] | -29,384 | [3] | 8,253 | [4] | -6,909 | -12,023 | [5] | -12,277 | [6] | -4,401 | [7] | -40,313 | -35,610 | 11,325 |
Net Income (Loss) Available to Common Stockholders, Basic | ($9,675) | [1] | ($9,507) | [2] | ($29,384) | [3] | $7,567 | [4] | ($6,909) | ($12,023) | [5] | ($12,277) | [6] | ($4,401) | [7] | ' | ' | $10,404 |
Earnings (loss) per share | ($0.11) | [1] | ($0.11) | [2] | ($0.33) | [3] | $0.09 | [4] | ($0.08) | ($0.14) | [5] | ($0.14) | [6] | ($0.05) | [7] | ($0.45) | ($0.40) | $0.11 |
[1] | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | |||||||||||||||||
[2] | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||
[3] | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | |||||||||||||||||
[4] | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | |||||||||||||||||
[5] | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||
[6] | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | |||||||||||||||||
[7] | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. |
Quarterly_Information_Unaudite3
Quarterly Information (Unaudited) 2013 Financial Results Overview (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sebree power contract amortization | $16,570 | $11,720 | $2,741 | ' | ($31,031) | $0 | $0 | ' | ' | ' |
Lower of cost or market inventory adjustments | 9,040 | 5,762 | 10,211 | 5,838 | 9,040 | ' | ' | 8,201 | 5,434 | 17,051 |
Litigation Settlement, Expense | 8,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | 3,272 | ' | -3,272 | 0 | -763 | ' | ' | ' |
Relocation expense | ' | ' | 1,750 | 2,213 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in litigation reserve | ' | ' | ' | 2,225 | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on E.ON obligation | ' | ' | ' | 15,722 | 16,781 | 0 | 0 | ' | ' | ' |
Gain on bargain purchase | ' | ' | $5,253 | ' | $5,253 | $0 | $0 | ' | ' | ' |
Quarterly_Information_Unaudite4
Quarterly Information (Unaudited) 2012 Financial Results Overview (Details) (USD $) | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Gain(loss) related to certain litigation items | $4,100 | ' | ' | ' | ' | ' | ' |
Lower of cost or market inventory adjustments | 8,201 | 5,434 | 17,051 | 9,040 | 5,762 | 10,211 | 5,838 |
Mark to market of aluminum price protection options | ' | $1,778 | $4,955 | ' | ' | ' | ' |
Business_Segments_Segment_Asse
Business Segments Segment Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Primary | $1,770,749 | [1] | $1,730,321 | [1] | $1,767,305 | [1] |
Corporate, unallocated | 39,447 | [1] | 46,005 | [1] | 43,789 | [1] |
TOTAL | $1,810,196 | [1] | $1,776,326 | [1] | $1,811,094 | [1] |
[1] | Segment assets include accounts receivable, due from affiliates, prepaid and other current assets, inventory, intangible assets and property, plant and equipment — net; the remaining assets are unallocated corporate assets. |
Business_Segments_Geography_Se
Business Segments Geography, Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue, Net | $401,174 | [1] | $399,928 | [2] | $331,937 | [3] | $321,274 | [4] | $317,667 | $304,635 | [5] | $323,619 | [6] | $326,190 | [7] | $1,454,313 | $1,272,111 | $1,356,424 | ||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,022,081 | 821,976 | 835,796 | |||||||||||
Long-Lived Assets | 392,424 | [8] | ' | ' | ' | 368,897 | [8] | ' | ' | ' | 392,424 | [8] | 368,897 | [8] | 401,173 | [8] | ||||||
Iceland [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 432,232 | 450,135 | 520,628 | |||||||||||
Long-Lived Assets | 853,636 | [8] | ' | ' | ' | 869,809 | [8] | ' | ' | ' | 853,636 | [8] | 869,809 | [8] | 884,682 | [8] | ||||||
Others [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-Lived Assets | $93,075 | [8] | ' | ' | ' | $50,223 | [8] | ' | ' | ' | $93,075 | [8] | $50,223 | [8] | $36,919 | [8] | ||||||
[1] | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | |||||||||||||||||||||
[2] | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||||||
[3] | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | |||||||||||||||||||||
[4] | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | |||||||||||||||||||||
[5] | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||||||
[6] | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | |||||||||||||||||||||
[7] | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. | |||||||||||||||||||||
[8] | Includes long-lived assets other than financial instruments. |
Business_Segments_Major_Custom
Business Segments Major Customers (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Major customer, percentage revenue, net | 10.00% | ' | ' |
Glencore [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Major customer, Revenue, net | $511,051 | $552,299 | $564,431 |
Southwire [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Major customer, Revenue, net | 312,102 | 346,311 | 373,505 |
RTA [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Major customer, Revenue, net | 223,353 | 0 | 0 |
BHP Billiton [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Major customer, Revenue, net | $191,445 | $202,500 | $239,157 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Net sales to Glencore | $511,051 | $552,299 | $564,431 |
Glencore [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Net sales to Glencore | 511,051 | 552,299 | 564,431 |
Purchases from Glencore | 173,693 | 145,589 | 187,691 |
Cash premium to Glencore for put option contracts | 0 | 0 | 2,106 |
Noncontrolling Interest [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Purchases from BHH | $86,678 | $39,337 | $19,543 |
BHH [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | ' |
Investment_in_unconsolidated_52
Investment in unconsolidated 50% or less owned joint ventures Investment in unconsolidated 50% or less owned joint ventures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Current assets | $53,299 | $52,098 | ' |
Non-current assets | 45,996 | 46,928 | ' |
Current liabilities | 27,530 | 28,437 | ' |
Non-current liabilities | 1,551 | 977 | ' |
Net sales | 96,498 | 88,312 | 105,845 |
Gross profit | 17,670 | 13,439 | 16,577 |
Income from continuing operations | $6,433 | $7,101 | $8,859 |
BHH [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 40.00% | ' | ' |
Mincenco and Klafi [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Condensed_consolidating_financ2
Condensed consolidating financial information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Percentage of subsidiary guarantor owned by company (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | |||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | $84,088 | ' | ' | ' | $183,976 | ' | ' | ' | $84,088 | $183,976 | $183,401 | ' | |||||||||||
Restricted cash | 1,697 | ' | ' | ' | 258 | ' | ' | ' | 1,697 | 258 | ' | ' | |||||||||||
Accounts receivable — net | 56,184 | ' | ' | ' | 50,667 | ' | ' | ' | 56,184 | 50,667 | ' | ' | |||||||||||
Due from affiliates | 43,587 | ' | ' | ' | 37,870 | ' | ' | ' | 43,587 | 37,870 | ' | ' | |||||||||||
Inventories | 239,615 | [1] | ' | ' | ' | 159,925 | [1] | ' | ' | ' | 239,615 | [1] | 159,925 | [1] | ' | ' | |||||||
Prepaid and other current assets | 32,276 | ' | ' | ' | 34,975 | ' | ' | ' | 32,276 | 34,975 | ' | ' | |||||||||||
Deferred taxes — current portion | 13,614 | ' | ' | ' | 19,726 | ' | ' | ' | 13,614 | 19,726 | ' | ' | |||||||||||
Total current assets | 471,061 | ' | ' | ' | 487,397 | ' | ' | ' | 471,061 | 487,397 | ' | ' | |||||||||||
Investment in subsidiaries | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Property, plant and equipment — net | 1,247,661 | ' | ' | ' | 1,188,214 | ' | ' | ' | 1,247,661 | 1,188,214 | ' | ' | |||||||||||
Due from affiliates – less current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Other assets | 91,474 | ' | ' | ' | 100,715 | ' | ' | ' | 91,474 | 100,715 | ' | ' | |||||||||||
TOTAL | 1,810,196 | [2] | ' | ' | ' | 1,776,326 | [2] | ' | ' | ' | 1,810,196 | [2] | 1,776,326 | [2] | 1,811,094 | [2] | ' | ||||||
Liabilities and shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable, trade | 108,490 | ' | ' | ' | 75,370 | ' | ' | ' | 108,490 | 75,370 | ' | ' | |||||||||||
Due to affiliates | 53,582 | ' | ' | ' | 39,737 | ' | ' | ' | 53,582 | 39,737 | ' | ' | |||||||||||
Accrued and other current liabilities | 69,466 | ' | ' | ' | 40,099 | ' | ' | ' | 69,466 | 40,099 | ' | ' | |||||||||||
Accrued employee benefits costs | 8,410 | ' | ' | ' | 18,683 | ' | ' | ' | 8,410 | 18,683 | ' | ' | |||||||||||
Industrial revenue bonds | 7,815 | ' | ' | ' | 7,815 | ' | ' | ' | 7,815 | 7,815 | ' | ' | |||||||||||
Total current liabilities | 247,763 | ' | ' | ' | 181,704 | ' | ' | ' | 247,763 | 181,704 | ' | ' | |||||||||||
Senior notes payable | 246,528 | ' | ' | ' | 250,582 | ' | ' | ' | 246,528 | 250,582 | ' | ' | |||||||||||
Accrued pension benefit costs — less current portion | 39,848 | ' | ' | ' | 67,878 | ' | ' | ' | 39,848 | 67,878 | ' | ' | |||||||||||
Accrued postretirement benefits costs — less current portion | 129,284 | ' | ' | ' | 143,105 | ' | ' | ' | 129,284 | 143,105 | ' | ' | |||||||||||
Other liabilities/intercompany loan | 37,743 | ' | ' | ' | 40,162 | ' | ' | ' | 37,743 | 40,162 | ' | ' | |||||||||||
Deferred taxes | 106,218 | ' | ' | ' | 110,252 | ' | ' | ' | 106,218 | 110,252 | ' | ' | |||||||||||
Total noncurrent liabilities | 559,621 | ' | ' | ' | 611,979 | ' | ' | ' | 559,621 | 611,979 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Series A Preferred stock | 1 | ' | ' | ' | 1 | ' | ' | ' | 1 | 1 | ' | ' | |||||||||||
Common stock | 935 | ' | ' | ' | 933 | ' | ' | ' | 935 | 933 | ' | ' | |||||||||||
Additional paid-in capital | 2,508,574 | ' | ' | ' | 2,507,454 | ' | ' | ' | 2,508,574 | 2,507,454 | ' | ' | |||||||||||
Treasury stock, at cost | -49,924 | ' | ' | ' | -49,924 | ' | ' | ' | -49,924 | -49,924 | ' | ' | |||||||||||
Accumulated other comprehensive loss | -91,832 | ' | ' | ' | -151,192 | ' | ' | ' | -91,832 | -151,192 | -134,588 | -49,976 | |||||||||||
Retained earnings (accumulated deficit) | -1,364,942 | ' | ' | ' | -1,324,629 | ' | ' | ' | -1,364,942 | -1,324,629 | ' | ' | |||||||||||
Total shareholders’ equity | 1,002,812 | ' | ' | ' | 982,643 | ' | ' | ' | 1,002,812 | 982,643 | 1,038,277 | 1,154,516 | |||||||||||
TOTAL | 1,810,196 | ' | ' | ' | 1,776,326 | ' | ' | ' | 1,810,196 | 1,776,326 | ' | ' | |||||||||||
NET SALES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Third-party customers | ' | ' | ' | ' | ' | ' | ' | ' | 943,262 | 719,812 | 791,993 | ' | |||||||||||
Related parties | ' | ' | ' | ' | ' | ' | ' | ' | 511,051 | 552,299 | 564,431 | ' | |||||||||||
Revenue, Net | 401,174 | [3] | 399,928 | [4] | 331,937 | [5] | 321,274 | [6] | 317,667 | 304,635 | [7] | 323,619 | [8] | 326,190 | [9] | 1,454,313 | 1,272,111 | 1,356,424 | ' | ||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,414,790 | 1,225,769 | 1,266,902 | ' | |||||||||||
Gross profit (loss) | 15,285 | [3] | 12,354 | [4] | -5,698 | [5] | 17,582 | [6] | 16,543 | 3,250 | [7] | 5,957 | [8] | 20,592 | [9] | 39,523 | 46,342 | 89,522 | ' | ||||
Other operating expenses – net | ' | ' | ' | ' | ' | ' | ' | ' | 8,602 | 18,253 | -3,806 | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 67,477 | 35,363 | 46,032 | ' | |||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -36,556 | -7,274 | 47,296 | ' | |||||||||||
Interest expense – third party | ' | ' | ' | ' | ' | ' | ' | ' | -23,091 | -24,029 | -25,129 | ' | |||||||||||
Interest expense – affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest income – third party | ' | ' | ' | ' | ' | ' | ' | ' | 728 | 492 | 338 | ' | |||||||||||
Interest income – related parties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 62 | 303 | ' | |||||||||||
Net gain (loss) on forward and derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 16,598 | -4,150 | 804 | ' | |||||||||||
Gain on bargain purchase | ' | ' | 5,253 | ' | ' | ' | ' | ' | 5,253 | 0 | 0 | ' | |||||||||||
Loss on early extinguishment of debt | ' | ' | 3,272 | ' | ' | ' | ' | ' | -3,272 | 0 | -763 | ' | |||||||||||
Other expense – net | ' | ' | ' | ' | ' | ' | ' | ' | 496 | 5,576 | -610 | ' | |||||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -39,844 | -29,323 | 22,239 | ' | |||||||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,131 | -8,910 | -14,359 | ' | |||||||||||
Income (loss) before equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -42,975 | -38,233 | 7,880 | ' | |||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 2,662 | 2,623 | 3,445 | ' | |||||||||||
Net income (loss) | -9,675 | [3] | -9,507 | [4] | -29,384 | [5] | 8,253 | [6] | -6,909 | -12,023 | [7] | -12,277 | [8] | -4,401 | [9] | -40,313 | -35,610 | 11,325 | ' | ||||
Other comprehensive income (loss) before income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 60,924 | -15,040 | -78,841 | ' | |||||||||||
Income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -1,564 | -1,564 | -5,771 | ' | |||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 59,360 | -16,604 | -84,612 | ' | |||||||||||
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,047 | -52,214 | -73,287 | ' | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 19,718 | 37,139 | -2,936 | ' | |||||||||||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -46,533 | -17,677 | -20,100 | ' | |||||||||||
Nordural expansion — Helguvik | ' | ' | ' | ' | ' | ' | ' | ' | -3,331 | -7,317 | -12,882 | ' | |||||||||||
Purchase of carbon anode assets and improvements | ' | ' | ' | ' | ' | ' | ' | ' | -18,213 | -13,814 | 0 | ' | |||||||||||
Purchase of Sebree smelter | ' | ' | ' | ' | ' | ' | ' | ' | -48,058 | 0 | 0 | ' | |||||||||||
Investments in and advances to joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -275 | -113 | ' | |||||||||||
Dividends and payments received on advances from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,622 | 3,056 | ' | |||||||||||
Proceeds from sale of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 525 | 188 | 1,471 | ' | |||||||||||
Restricted and other cash deposits | ' | ' | ' | ' | ' | ' | ' | ' | -1,439 | -258 | 3,673 | ' | |||||||||||
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -117,174 | -32,531 | -24,895 | ' | |||||||||||
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -249,604 | 0 | -47,067 | ' | |||||||||||
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 246,330 | 0 | 0 | ' | |||||||||||
Repayment of contingent obligation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -189 | ' | |||||||||||
Borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 22,725 | 18,076 | 15,900 | ' | |||||||||||
Repayments under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | -16,725 | -18,076 | -15,900 | ' | |||||||||||
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | -3,994 | 0 | 0 | ' | |||||||||||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,208 | 0 | 0 | ' | |||||||||||
Intercompany transactions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4,033 | -45,891 | ' | |||||||||||
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 0 | 83 | ' | |||||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -2,432 | -4,033 | -93,064 | ' | |||||||||||
CHANGE IN CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | -99,888 | 575 | -120,895 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | ' | ' | 183,976 | ' | ' | ' | 183,401 | 183,976 | 183,401 | 304,296 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 84,088 | ' | ' | ' | 183,976 | ' | ' | ' | 84,088 | 183,976 | 183,401 | ' | |||||||||||
Senior secured notes due May 15, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest rate (as a percent) | 8.00% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | |||||||||||
Senior unsecured notes due August 15, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest rate (as a percent) | 7.50% | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | |||||||||||
Senior secured notes due June 01, 2021 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest rate (as a percent) | 7.50% | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | |||||||||||
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Restricted cash | 787 | ' | ' | ' | 258 | ' | ' | ' | 787 | 258 | ' | ' | |||||||||||
Accounts receivable — net | 45,205 | ' | ' | ' | 38,328 | ' | ' | ' | 45,205 | 38,328 | ' | ' | |||||||||||
Due from affiliates | 303,031 | ' | ' | ' | 604,008 | ' | ' | ' | 303,031 | 604,008 | ' | ' | |||||||||||
Inventories | 166,137 | ' | ' | ' | 97,847 | ' | ' | ' | 166,137 | 97,847 | ' | ' | |||||||||||
Prepaid and other current assets | 6,350 | ' | ' | ' | 4,421 | ' | ' | ' | 6,350 | 4,421 | ' | ' | |||||||||||
Deferred taxes — current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total current assets | 521,510 | ' | ' | ' | 744,862 | ' | ' | ' | 521,510 | 744,862 | ' | ' | |||||||||||
Investment in subsidiaries | 55,929 | ' | ' | ' | 40,335 | ' | ' | ' | 55,929 | 40,335 | ' | ' | |||||||||||
Property, plant and equipment — net | 351,096 | ' | ' | ' | 313,090 | ' | ' | ' | 351,096 | 313,090 | ' | ' | |||||||||||
Due from affiliates – less current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Other assets | 21,163 | ' | ' | ' | 17,616 | ' | ' | ' | 21,163 | 17,616 | ' | ' | |||||||||||
TOTAL | 949,698 | ' | ' | ' | 1,115,903 | ' | ' | ' | 949,698 | 1,115,903 | ' | ' | |||||||||||
Liabilities and shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable, trade | 65,384 | ' | ' | ' | 37,301 | ' | ' | ' | 65,384 | 37,301 | ' | ' | |||||||||||
Due to affiliates | 2,015,550 | ' | ' | ' | 2,098,320 | ' | ' | ' | 2,015,550 | 2,098,320 | ' | ' | |||||||||||
Accrued and other current liabilities | 25,419 | ' | ' | ' | 13,031 | ' | ' | ' | 25,419 | 13,031 | ' | ' | |||||||||||
Accrued employee benefits costs | 12,880 | ' | ' | ' | 15,926 | ' | ' | ' | 12,880 | 15,926 | ' | ' | |||||||||||
Industrial revenue bonds | 7,815 | ' | ' | ' | 7,815 | ' | ' | ' | 7,815 | 7,815 | ' | ' | |||||||||||
Total current liabilities | 2,127,048 | ' | ' | ' | 2,172,393 | ' | ' | ' | 2,127,048 | 2,172,393 | ' | ' | |||||||||||
Senior notes payable | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accrued pension benefit costs — less current portion | 6,183 | ' | ' | ' | 36,087 | ' | ' | ' | 6,183 | 36,087 | ' | ' | |||||||||||
Accrued postretirement benefits costs — less current portion | 124,466 | ' | ' | ' | 137,184 | ' | ' | ' | 124,466 | 137,184 | ' | ' | |||||||||||
Other liabilities/intercompany loan | 58,367 | ' | ' | ' | 65,377 | ' | ' | ' | 58,367 | 65,377 | ' | ' | |||||||||||
Deferred taxes | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total noncurrent liabilities | 189,016 | ' | ' | ' | 238,648 | ' | ' | ' | 189,016 | 238,648 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Series A Preferred stock | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Common stock | 60 | ' | ' | ' | 60 | ' | ' | ' | 60 | 60 | ' | ' | |||||||||||
Additional paid-in capital | 268,467 | ' | ' | ' | 303,659 | ' | ' | ' | 268,467 | 303,659 | ' | ' | |||||||||||
Treasury stock, at cost | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accumulated other comprehensive loss | -92,803 | ' | ' | ' | -146,862 | ' | ' | ' | -92,803 | -146,862 | ' | ' | |||||||||||
Retained earnings (accumulated deficit) | -1,542,090 | ' | ' | ' | -1,451,995 | ' | ' | ' | -1,542,090 | -1,451,995 | ' | ' | |||||||||||
Total shareholders’ equity | -1,366,366 | ' | ' | ' | -1,295,138 | ' | ' | ' | -1,366,366 | -1,295,138 | ' | ' | |||||||||||
TOTAL | 949,698 | ' | ' | ' | 1,115,903 | ' | ' | ' | 949,698 | 1,115,903 | ' | ' | |||||||||||
NET SALES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Third-party customers | ' | ' | ' | ' | ' | ' | ' | ' | 751,767 | 517,245 | 552,758 | ' | |||||||||||
Related parties | ' | ' | ' | ' | ' | ' | ' | ' | 270,314 | 304,730 | 283,038 | ' | |||||||||||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,022,081 | 821,975 | 835,796 | ' | |||||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 1,060,613 | 849,388 | 866,366 | ' | |||||||||||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -38,532 | -27,413 | -30,570 | ' | |||||||||||
Other operating expenses – net | ' | ' | ' | ' | ' | ' | ' | ' | 8,602 | 18,253 | -3,806 | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 52,398 | 28,831 | 39,100 | ' | |||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -99,532 | -74,497 | -65,864 | ' | |||||||||||
Interest expense – third party | ' | ' | ' | ' | ' | ' | ' | ' | -23,054 | -24,029 | -25,129 | ' | |||||||||||
Interest expense – affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 56,480 | 63,935 | 68,174 | ' | |||||||||||
Interest income – third party | ' | ' | ' | ' | ' | ' | ' | ' | 37 | 27 | 54 | ' | |||||||||||
Interest income – related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net gain (loss) on forward and derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 16,598 | -4,150 | 804 | ' | |||||||||||
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 5,253 | ' | ' | ' | |||||||||||
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -3,272 | ' | -763 | ' | |||||||||||
Other expense – net | ' | ' | ' | ' | ' | ' | ' | ' | 410 | 30,038 | -43 | ' | |||||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -47,080 | -8,676 | -22,767 | ' | |||||||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,386 | 1,072 | 4,484 | ' | |||||||||||
Income (loss) before equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -50,466 | -7,604 | -18,283 | ' | |||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -13,136 | -2,970 | 3,798 | ' | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -63,602 | -10,574 | -14,485 | ' | |||||||||||
Other comprehensive income (loss) before income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 52,547 | -13,029 | -66,211 | ' | |||||||||||
Income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -1,531 | -1,598 | -5,804 | ' | |||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 51,016 | -14,627 | -72,015 | ' | |||||||||||
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -12,586 | -25,201 | -86,500 | ' | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 31,713 | 17,405 | -10,187 | ' | |||||||||||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -17,199 | -4,777 | -8,451 | ' | |||||||||||
Nordural expansion — Helguvik | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Purchase of carbon anode assets and improvements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -13,814 | ' | ' | |||||||||||
Purchase of Sebree smelter | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Investments in and advances to joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Dividends and payments received on advances from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,456 | 0 | ' | |||||||||||
Proceeds from sale of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 0 | 1,415 | ' | |||||||||||
Restricted and other cash deposits | ' | ' | ' | ' | ' | ' | ' | ' | -529 | -258 | 3,673 | ' | |||||||||||
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -17,714 | -15,393 | -3,363 | ' | |||||||||||
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Repayment of contingent obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -189 | ' | |||||||||||
Borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Repayments under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Intercompany transactions | ' | ' | ' | ' | ' | ' | ' | ' | -13,999 | -2,012 | 13,739 | ' | |||||||||||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -13,999 | -2,012 | 13,550 | ' | |||||||||||
CHANGE IN CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | 37,977 | ' | ' | ' | 110,016 | ' | ' | ' | 37,977 | 110,016 | 159,157 | ' | |||||||||||
Restricted cash | 910 | ' | ' | ' | 0 | ' | ' | ' | 910 | 0 | ' | ' | |||||||||||
Accounts receivable — net | 10,979 | ' | ' | ' | 12,339 | ' | ' | ' | 10,979 | 12,339 | ' | ' | |||||||||||
Due from affiliates | 36,995 | ' | ' | ' | 38,328 | ' | ' | ' | 36,995 | 38,328 | ' | ' | |||||||||||
Inventories | 73,478 | ' | ' | ' | 62,078 | ' | ' | ' | 73,478 | 62,078 | ' | ' | |||||||||||
Prepaid and other current assets | 20,531 | ' | ' | ' | 30,650 | ' | ' | ' | 20,531 | 30,650 | ' | ' | |||||||||||
Deferred taxes — current portion | 14,540 | ' | ' | ' | 17,799 | ' | ' | ' | 14,540 | 17,799 | ' | ' | |||||||||||
Total current assets | 195,410 | ' | ' | ' | 271,210 | ' | ' | ' | 195,410 | 271,210 | ' | ' | |||||||||||
Investment in subsidiaries | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Property, plant and equipment — net | 895,381 | ' | ' | ' | 874,559 | ' | ' | ' | 895,381 | 874,559 | ' | ' | |||||||||||
Due from affiliates – less current portion | 32,066 | ' | ' | ' | 3,588 | ' | ' | ' | 32,066 | 3,588 | ' | ' | |||||||||||
Other assets | 33,132 | ' | ' | ' | 45,474 | ' | ' | ' | 33,132 | 45,474 | ' | ' | |||||||||||
TOTAL | 1,155,989 | ' | ' | ' | 1,194,831 | ' | ' | ' | 1,155,989 | 1,194,831 | ' | ' | |||||||||||
Liabilities and shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable, trade | 42,351 | ' | ' | ' | 37,627 | ' | ' | ' | 42,351 | 37,627 | ' | ' | |||||||||||
Due to affiliates | 97,351 | ' | ' | ' | 105,945 | ' | ' | ' | 97,351 | 105,945 | ' | ' | |||||||||||
Accrued and other current liabilities | 26,005 | ' | ' | ' | 31,332 | ' | ' | ' | 26,005 | 31,332 | ' | ' | |||||||||||
Accrued employee benefits costs | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Industrial revenue bonds | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total current liabilities | 165,707 | ' | ' | ' | 174,904 | ' | ' | ' | 165,707 | 174,904 | ' | ' | |||||||||||
Senior notes payable | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accrued pension benefit costs — less current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accrued postretirement benefits costs — less current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Other liabilities/intercompany loan | 548,985 | ' | ' | ' | 614,585 | ' | ' | ' | 548,985 | 614,585 | ' | ' | |||||||||||
Deferred taxes | 106,218 | ' | ' | ' | 109,011 | ' | ' | ' | 106,218 | 109,011 | ' | ' | |||||||||||
Total noncurrent liabilities | 655,203 | ' | ' | ' | 723,596 | ' | ' | ' | 655,203 | 723,596 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Series A Preferred stock | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Common stock | 12 | ' | ' | ' | 12 | ' | ' | ' | 12 | 12 | ' | ' | |||||||||||
Additional paid-in capital | 179,493 | ' | ' | ' | 150,743 | ' | ' | ' | 179,493 | 150,743 | ' | ' | |||||||||||
Treasury stock, at cost | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accumulated other comprehensive loss | -1,678 | ' | ' | ' | -1,525 | ' | ' | ' | -1,678 | -1,525 | ' | ' | |||||||||||
Retained earnings (accumulated deficit) | 157,252 | ' | ' | ' | 147,101 | ' | ' | ' | 157,252 | 147,101 | ' | ' | |||||||||||
Total shareholders’ equity | 335,079 | ' | ' | ' | 296,331 | ' | ' | ' | 335,079 | 296,331 | ' | ' | |||||||||||
TOTAL | 1,155,989 | ' | ' | ' | 1,194,831 | ' | ' | ' | 1,155,989 | 1,194,831 | ' | ' | |||||||||||
NET SALES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Third-party customers | ' | ' | ' | ' | ' | ' | ' | ' | 191,495 | 202,567 | 239,235 | ' | |||||||||||
Related parties | ' | ' | ' | ' | ' | ' | ' | ' | 240,737 | 247,569 | 281,393 | ' | |||||||||||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 432,232 | 450,136 | 520,628 | ' | |||||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 354,177 | 376,381 | 400,536 | ' | |||||||||||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 78,055 | 73,755 | 120,092 | ' | |||||||||||
Other operating expenses – net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 15,079 | 6,532 | 6,932 | ' | |||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 62,976 | 67,223 | 113,160 | ' | |||||||||||
Interest expense – third party | ' | ' | ' | ' | ' | ' | ' | ' | -37 | 0 | 0 | ' | |||||||||||
Interest expense – affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -56,480 | -63,935 | -68,174 | ' | |||||||||||
Interest income – third party | ' | ' | ' | ' | ' | ' | ' | ' | 691 | 465 | 284 | ' | |||||||||||
Interest income – related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 303 | ' | |||||||||||
Net gain (loss) on forward and derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Other expense – net | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 5,538 | -567 | ' | |||||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 7,236 | 9,353 | 45,006 | ' | |||||||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 255 | -9,982 | -18,843 | ' | |||||||||||
Income (loss) before equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 7,491 | -629 | 26,163 | ' | |||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 2,662 | 2,623 | 3,445 | ' | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,153 | 1,994 | 29,608 | ' | |||||||||||
Other comprehensive income (loss) before income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -186 | -186 | -186 | ' | |||||||||||
Income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 34 | 33 | ' | |||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -153 | -152 | -153 | ' | |||||||||||
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 1,842 | 29,455 | ' | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -11,995 | 19,734 | 7,251 | ' | |||||||||||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -28,105 | -12,711 | -11,199 | ' | |||||||||||
Nordural expansion — Helguvik | ' | ' | ' | ' | ' | ' | ' | ' | -3,331 | -7,317 | -12,882 | ' | |||||||||||
Purchase of carbon anode assets and improvements | ' | ' | ' | ' | ' | ' | ' | ' | -18,213 | 0 | ' | ' | |||||||||||
Purchase of Sebree smelter | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Investments in and advances to joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Dividends and payments received on advances from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Proceeds from sale of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 511 | 188 | 56 | ' | |||||||||||
Restricted and other cash deposits | ' | ' | ' | ' | ' | ' | ' | ' | -910 | 0 | 0 | ' | |||||||||||
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -50,048 | -19,840 | -24,025 | ' | |||||||||||
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Repayment of contingent obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||||||||
Borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 0 | 0 | ' | |||||||||||
Repayments under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Intercompany transactions | ' | ' | ' | ' | ' | ' | ' | ' | -15,996 | -49,035 | -38,992 | ' | |||||||||||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -9,996 | -49,035 | -38,992 | ' | |||||||||||
CHANGE IN CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | -72,039 | -49,141 | -55,766 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | ' | ' | 110,016 | ' | ' | ' | 159,157 | 110,016 | 159,157 | 214,923 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 37,977 | ' | ' | ' | 110,016 | ' | ' | ' | 37,977 | 110,016 | 159,157 | ' | |||||||||||
Century Aluminum Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | 46,111 | ' | ' | ' | 73,960 | ' | ' | ' | 46,111 | 73,960 | 24,244 | ' | |||||||||||
Restricted cash | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accounts receivable — net | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Due from affiliates | 2,304,874 | ' | ' | ' | 2,391,249 | ' | ' | ' | 2,304,874 | 2,391,249 | ' | ' | |||||||||||
Inventories | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Prepaid and other current assets | 5,395 | ' | ' | ' | 8,063 | ' | ' | ' | 5,395 | 8,063 | ' | ' | |||||||||||
Deferred taxes — current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total current assets | 2,356,380 | ' | ' | ' | 2,473,272 | ' | ' | ' | 2,356,380 | 2,473,272 | ' | ' | |||||||||||
Investment in subsidiaries | -1,087,216 | ' | ' | ' | -1,039,141 | ' | ' | ' | -1,087,216 | -1,039,141 | ' | ' | |||||||||||
Property, plant and equipment — net | 1,621 | ' | ' | ' | 916 | ' | ' | ' | 1,621 | 916 | ' | ' | |||||||||||
Due from affiliates – less current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Other assets | 32,431 | ' | ' | ' | 37,027 | ' | ' | ' | 32,431 | 37,027 | ' | ' | |||||||||||
TOTAL | 1,303,216 | ' | ' | ' | 1,472,074 | ' | ' | ' | 1,303,216 | 1,472,074 | ' | ' | |||||||||||
Liabilities and shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable, trade | 755 | ' | ' | ' | 442 | ' | ' | ' | 755 | 442 | ' | ' | |||||||||||
Due to affiliates | 0 | ' | ' | ' | 193,788 | ' | ' | ' | 0 | 193,788 | ' | ' | |||||||||||
Accrued and other current liabilities | 16,486 | ' | ' | ' | 1,967 | ' | ' | ' | 16,486 | 1,967 | ' | ' | |||||||||||
Accrued employee benefits costs | 2,737 | ' | ' | ' | 2,757 | ' | ' | ' | 2,737 | 2,757 | ' | ' | |||||||||||
Industrial revenue bonds | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total current liabilities | 19,978 | ' | ' | ' | 198,954 | ' | ' | ' | 19,978 | 198,954 | ' | ' | |||||||||||
Senior notes payable | 246,528 | ' | ' | ' | 250,582 | ' | ' | ' | 246,528 | 250,582 | ' | ' | |||||||||||
Accrued pension benefit costs — less current portion | 26,458 | ' | ' | ' | 31,791 | ' | ' | ' | 26,458 | 31,791 | ' | ' | |||||||||||
Accrued postretirement benefits costs — less current portion | 4,818 | ' | ' | ' | 5,921 | ' | ' | ' | 4,818 | 5,921 | ' | ' | |||||||||||
Other liabilities/intercompany loan | 2,622 | ' | ' | ' | 2,183 | ' | ' | ' | 2,622 | 2,183 | ' | ' | |||||||||||
Deferred taxes | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total noncurrent liabilities | 280,426 | ' | ' | ' | 290,477 | ' | ' | ' | 280,426 | 290,477 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Series A Preferred stock | 1 | ' | ' | ' | 1 | ' | ' | ' | 1 | 1 | ' | ' | |||||||||||
Common stock | 935 | ' | ' | ' | 933 | ' | ' | ' | 935 | 933 | ' | ' | |||||||||||
Additional paid-in capital | 2,508,574 | ' | ' | ' | 2,507,454 | ' | ' | ' | 2,508,574 | 2,507,454 | ' | ' | |||||||||||
Treasury stock, at cost | -49,924 | ' | ' | ' | -49,924 | ' | ' | ' | -49,924 | -49,924 | ' | ' | |||||||||||
Accumulated other comprehensive loss | -91,832 | ' | ' | ' | -151,192 | ' | ' | ' | -91,832 | -151,192 | ' | ' | |||||||||||
Retained earnings (accumulated deficit) | -1,364,942 | ' | ' | ' | -1,324,629 | ' | ' | ' | -1,364,942 | -1,324,629 | ' | ' | |||||||||||
Total shareholders’ equity | 1,002,812 | ' | ' | ' | 982,643 | ' | ' | ' | 1,002,812 | 982,643 | ' | ' | |||||||||||
TOTAL | 1,303,216 | ' | ' | ' | 1,472,074 | ' | ' | ' | 1,303,216 | 1,472,074 | ' | ' | |||||||||||
NET SALES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Third-party customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Related parties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Other operating expenses – net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest expense – third party | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest expense – affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest income – third party | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest income – related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net gain (loss) on forward and derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Other expense – net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Income (loss) before equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -40,313 | -35,610 | 11,325 | ' | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -40,313 | -35,610 | 11,325 | ' | |||||||||||
Other comprehensive income (loss) before income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 60,924 | -15,040 | -78,841 | ' | |||||||||||
Income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -1,564 | -1,564 | -5,771 | ' | |||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 59,360 | -16,604 | -84,612 | ' | |||||||||||
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,047 | -52,214 | -73,287 | ' | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -1,229 | -189 | -450 | ' | |||||||||||
Nordural expansion — Helguvik | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Purchase of carbon anode assets and improvements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Purchase of Sebree smelter | ' | ' | ' | ' | ' | ' | ' | ' | -48,058 | ' | ' | ' | |||||||||||
Investments in and advances to joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -275 | -113 | ' | |||||||||||
Dividends and payments received on advances from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,166 | 3,056 | ' | |||||||||||
Proceeds from sale of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Restricted and other cash deposits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Net cash provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -49,412 | 2,702 | 2,493 | ' | |||||||||||
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -249,604 | ' | -47,067 | ' | |||||||||||
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 246,330 | ' | ' | ' | |||||||||||
Repayment of contingent obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||||||||
Borrowings under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 16,725 | 18,076 | 15,900 | ' | |||||||||||
Repayments under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | -16,725 | -18,076 | -15,900 | ' | |||||||||||
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | -3,994 | ' | ' | ' | |||||||||||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,208 | ' | ' | ' | |||||||||||
Intercompany transactions | ' | ' | ' | ' | ' | ' | ' | ' | 29,995 | 51,047 | 25,253 | ' | |||||||||||
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,033 | -45,891 | ' | |||||||||||
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | 83 | ' | |||||||||||
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 21,563 | 47,014 | -67,622 | ' | |||||||||||
CHANGE IN CASH AND CASH EQUIVALENTS | ' | ' | ' | ' | ' | ' | ' | ' | -27,849 | 49,716 | -65,129 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | ' | ' | 73,960 | ' | ' | ' | 24,244 | 73,960 | 24,244 | 89,373 | ' | |||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 46,111 | ' | ' | ' | 73,960 | ' | ' | ' | 46,111 | 73,960 | 24,244 | ' | |||||||||||
Reclassifications and Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Cash and cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Restricted cash | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accounts receivable — net | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Due from affiliates | -2,601,313 | ' | ' | ' | -2,995,715 | ' | ' | ' | -2,601,313 | -2,995,715 | ' | ' | |||||||||||
Inventories | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Prepaid and other current assets | 0 | ' | ' | ' | -8,159 | ' | ' | ' | 0 | -8,159 | ' | ' | |||||||||||
Deferred taxes — current portion | -926 | ' | ' | ' | 1,927 | ' | ' | ' | -926 | 1,927 | ' | ' | |||||||||||
Total current assets | -2,602,239 | ' | ' | ' | -3,001,947 | ' | ' | ' | -2,602,239 | -3,001,947 | ' | ' | |||||||||||
Investment in subsidiaries | 1,031,287 | ' | ' | ' | 998,806 | ' | ' | ' | 1,031,287 | 998,806 | ' | ' | |||||||||||
Property, plant and equipment — net | -437 | ' | ' | ' | -351 | ' | ' | ' | -437 | -351 | ' | ' | |||||||||||
Due from affiliates – less current portion | -32,066 | ' | ' | ' | -3,588 | ' | ' | ' | -32,066 | -3,588 | ' | ' | |||||||||||
Other assets | 4,748 | ' | ' | ' | 598 | ' | ' | ' | 4,748 | 598 | ' | ' | |||||||||||
TOTAL | -1,598,707 | ' | ' | ' | -2,006,482 | ' | ' | ' | -1,598,707 | -2,006,482 | ' | ' | |||||||||||
Liabilities and shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Accounts payable, trade | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Due to affiliates | -2,059,319 | ' | ' | ' | -2,358,316 | ' | ' | ' | -2,059,319 | -2,358,316 | ' | ' | |||||||||||
Accrued and other current liabilities | 1,556 | ' | ' | ' | -6,231 | ' | ' | ' | 1,556 | -6,231 | ' | ' | |||||||||||
Accrued employee benefits costs | -7,207 | ' | ' | ' | 0 | ' | ' | ' | -7,207 | 0 | ' | ' | |||||||||||
Industrial revenue bonds | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Total current liabilities | -2,064,970 | ' | ' | ' | -2,364,547 | ' | ' | ' | -2,064,970 | -2,364,547 | ' | ' | |||||||||||
Senior notes payable | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accrued pension benefit costs — less current portion | 7,207 | ' | ' | ' | 0 | ' | ' | ' | 7,207 | 0 | ' | ' | |||||||||||
Accrued postretirement benefits costs — less current portion | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Other liabilities/intercompany loan | -572,231 | ' | ' | ' | -641,983 | ' | ' | ' | -572,231 | -641,983 | ' | ' | |||||||||||
Deferred taxes | 0 | ' | ' | ' | 1,241 | ' | ' | ' | 0 | 1,241 | ' | ' | |||||||||||
Total noncurrent liabilities | -565,024 | ' | ' | ' | -640,742 | ' | ' | ' | -565,024 | -640,742 | ' | ' | |||||||||||
Shareholders’ equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Series A Preferred stock | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Common stock | -72 | ' | ' | ' | -72 | ' | ' | ' | -72 | -72 | ' | ' | |||||||||||
Additional paid-in capital | -447,960 | ' | ' | ' | -454,402 | ' | ' | ' | -447,960 | -454,402 | ' | ' | |||||||||||
Treasury stock, at cost | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | |||||||||||
Accumulated other comprehensive loss | 94,481 | ' | ' | ' | 148,387 | ' | ' | ' | 94,481 | 148,387 | ' | ' | |||||||||||
Retained earnings (accumulated deficit) | 1,384,838 | ' | ' | ' | 1,304,894 | ' | ' | ' | 1,384,838 | 1,304,894 | ' | ' | |||||||||||
Total shareholders’ equity | 1,031,287 | ' | ' | ' | 998,807 | ' | ' | ' | 1,031,287 | 998,807 | ' | ' | |||||||||||
TOTAL | -1,598,707 | ' | ' | ' | -2,006,482 | ' | ' | ' | -1,598,707 | -2,006,482 | ' | ' | |||||||||||
NET SALES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Third-party customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Related parties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Gross profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Other operating expenses – net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest expense – third party | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest expense – affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest income – third party | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Interest income – related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||||||||||
Net gain (loss) on forward and derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | |||||||||||
Other expense – net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -30,000 | 0 | ' | |||||||||||
Income (loss) before income taxes and equity in earnings of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -30,000 | 0 | ' | |||||||||||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | |||||||||||
Income (loss) before equity in earnings (loss) of joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -30,000 | 0 | ' | |||||||||||
Equity in earnings (loss) of subsidiaries and joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 53,449 | 38,580 | -15,123 | ' | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 53,449 | 8,580 | -15,123 | ' | |||||||||||
Other comprehensive income (loss) before income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -52,361 | 13,215 | 66,397 | ' | |||||||||||
Income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 1,498 | 1,564 | 5,771 | ' | |||||||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -50,863 | 14,779 | 72,168 | ' | |||||||||||
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,586 | 23,359 | 57,045 | ' | |||||||||||
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | |||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' | ' | |||||||||||
[1] | The balance at December 31, 2013 includes inventory maintained at the recently acquired Sebree smelter. See Note 2 Acquisition of Sebree aluminum smelter for additional information about the Sebree acquisition. | ||||||||||||||||||||||
[2] | Segment assets include accounts receivable, due from affiliates, prepaid and other current assets, inventory, intangible assets and property, plant and equipment — net; the remaining assets are unallocated corporate assets. | ||||||||||||||||||||||
[3] | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization and a $9,040 benefit for lower of cost or market inventory adjustments. The financial results also include an $8,400 charge relating to the separation of our former CEO. | ||||||||||||||||||||||
[4] | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization and a $5,762 benefit for lower of cost or market inventory adjustments. | ||||||||||||||||||||||
[5] | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. Cost of sales for the quarter included a $10,211 charge for lower of cost or market inventory adjustments. | ||||||||||||||||||||||
[6] | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. Cost of sales for the quarter included a $5,838 charge for lower of cost or market inventory adjustments. | ||||||||||||||||||||||
[7] | The third quarter of 2012 net loss included a net benefit of $4,100 related to certain litigation items. Cost of sales for the quarter included an $8,201 benefit for lower of cost or market inventory adjustments. | ||||||||||||||||||||||
[8] | The second quarter of 2012 net loss included an unrealized net gain on forward contracts of $1,778 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $5,434 charge for lower of cost or market inventory adjustments. | ||||||||||||||||||||||
[9] | The first quarter of 2012 net loss included an unrealized loss on forward contracts of $4,955 primarily related to the mark to market of aluminum price protection options. Cost of sales for the quarter included a $17,051 benefit for lower of cost or market inventory adjustments. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Balance, valuation allowance | $765,023 | $656,352 | $773,714 | ' |
Allowance for doubtful trade accounts receivable [Member] | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Balance, valuation allowance | 734 | 734 | 734 | 734 |
Charged to Cost and Expense | 0 | 0 | 0 | ' |
Charged to Other Accounts | 0 | 0 | 0 | ' |
Deductions | 0 | 0 | 0 | ' |
Deferred tax asset - valuation allowance [Member] | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Balance, valuation allowance | 765,023 | 656,352 | 773,714 | 714,423 |
Charged to Cost and Expense | 0 | 0 | 0 | ' |
Charged to Other Accounts | 108,671 | -117,362 | 59,291 | ' |
Deductions | $0 | $0 | $0 | ' |