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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Century Aluminum Co | NASDAQ:CENX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.55 | 17.30 | 17.74 | 0 | 01:00:00 |
Delaware
(State or other jurisdiction of incorporation or organization) |
13-3070826
(IRS Employer Identification No.) |
One South Wacker Drive
Suite 1000
Chicago, Illinoi s
(Address of principal executive offices)
|
60606
(Zip Code) |
Large accelerated filer
|
o
|
Accelerated filer
|
x
|
Non-accelerated filer
(Do not check if a smaller reporting company)
|
o
|
Smaller reporting company
|
o
|
|
|
Emerging growth company
|
o
|
TABLE OF CONTENTS
|
|
|
Page
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANY
|
|
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|||||||||||||||
(in thousands, except per share amounts)
|
|
|||||||||||||||
(Unaudited)
|
|
|||||||||||||||
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
NET SALES:
|
|
|
|
|
|
|
|
|
||||||||
Related parties
|
$
|
299,235
|
|
|
$
|
301,111
|
|
|
$
|
876,079
|
|
|
$
|
871,771
|
|
|
Other customers
|
101,410
|
|
|
32,539
|
|
|
279,154
|
|
|
107,487
|
|
|
||||
Total net sales
|
400,645
|
|
|
333,650
|
|
|
1,155,233
|
|
|
979,258
|
|
|
||||
Cost of goods sold
|
359,243
|
|
|
351,262
|
|
|
1,074,520
|
|
|
995,357
|
|
|
||||
Gross profit (loss)
|
41,402
|
|
|
(17,612
|
)
|
|
80,713
|
|
|
(16,099
|
)
|
|
||||
Selling, general and administrative expenses
|
13,994
|
|
|
9,733
|
|
|
34,048
|
|
|
29,303
|
|
|
||||
Ravenswood (gains)/losses
|
(5,500
|
)
|
|
26,830
|
|
|
(5,500
|
)
|
|
26,830
|
|
|
||||
Other operating expense - net
|
437
|
|
|
878
|
|
|
1,590
|
|
|
2,337
|
|
|
||||
Operating income (loss)
|
32,471
|
|
|
(55,053
|
)
|
|
50,575
|
|
|
(74,569
|
)
|
|
||||
Interest expense
|
(5,542
|
)
|
|
(5,531
|
)
|
|
(16,574
|
)
|
|
(16,521
|
)
|
|
||||
Interest income
|
422
|
|
|
190
|
|
|
935
|
|
|
475
|
|
|
||||
Net gain (loss) on forward and derivative contracts
|
(3,888
|
)
|
|
1,275
|
|
|
(17,068
|
)
|
|
2,998
|
|
|
||||
Other income (expense) - net
|
427
|
|
|
(157
|
)
|
|
(1,065
|
)
|
|
(462
|
)
|
|
||||
Income (loss) before income taxes and equity in earnings of joint ventures
|
23,890
|
|
|
(59,276
|
)
|
|
16,803
|
|
|
(88,079
|
)
|
|
||||
Income tax (expense) benefit
|
(3,321
|
)
|
|
848
|
|
|
(4,465
|
)
|
|
3,237
|
|
|
||||
Income (loss) before equity in earnings of joint ventures
|
20,569
|
|
|
(58,428
|
)
|
|
12,338
|
|
|
(84,842
|
)
|
|
||||
Equity in earnings of joint ventures
|
214
|
|
|
155
|
|
|
437
|
|
|
891
|
|
|
||||
Net income (loss)
|
$
|
20,783
|
|
|
$
|
(58,273
|
)
|
|
$
|
12,775
|
|
|
$
|
(83,951
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) allocated to common stockholders
|
$
|
19,132
|
|
|
$
|
(58,273
|
)
|
|
$
|
11,758
|
|
|
$
|
(83,951
|
)
|
|
INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.22
|
|
|
$
|
(0.67
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.96
|
)
|
|
Diluted
|
$
|
0.22
|
|
|
$
|
(0.67
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.96
|
)
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
87,318
|
|
|
87,076
|
|
|
87,282
|
|
|
87,059
|
|
|
||||
Diluted
|
88,255
|
|
|
87,076
|
|
|
88,070
|
|
|
87,059
|
|
|
CENTURY ALUMINUM COMPANY
|
|||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|||||||||||||||
(in thousands)
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
20,783
|
|
|
$
|
(58,273
|
)
|
|
$
|
12,775
|
|
|
$
|
(83,951
|
)
|
Other comprehensive income before income tax effect:
|
|
|
|
|
|
|
|
||||||||
Net loss on foreign currency cash flow hedges reclassified as income
|
(46
|
)
|
|
(46
|
)
|
|
(140
|
)
|
|
(139
|
)
|
||||
Defined benefit plans and other postretirement benefits:
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service benefit during the period
|
(670
|
)
|
|
(667
|
)
|
|
(1,652
|
)
|
|
(2,001
|
)
|
||||
Amortization of net loss during the period
|
2,145
|
|
|
1,919
|
|
|
4,865
|
|
|
5,758
|
|
||||
Other comprehensive income before income tax effect
|
1,429
|
|
|
1,206
|
|
|
3,073
|
|
|
3,618
|
|
||||
Income tax effect
|
(382
|
)
|
|
(382
|
)
|
|
(1,145
|
)
|
|
(1,147
|
)
|
||||
Other comprehensive income
|
1,047
|
|
|
824
|
|
|
1,928
|
|
|
2,471
|
|
||||
Total comprehensive income (loss)
|
$
|
21,830
|
|
|
$
|
(57,449
|
)
|
|
$
|
14,703
|
|
|
$
|
(81,480
|
)
|
CENTURY ALUMINUM COMPANY
|
|||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||
(in thousands)
|
|||||||
(Unaudited)
|
|||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
174,213
|
|
|
$
|
132,403
|
|
Restricted cash
|
848
|
|
|
1,050
|
|
||
Accounts receivable - net
|
40,367
|
|
|
12,432
|
|
||
Due from affiliates
|
11,849
|
|
|
16,651
|
|
||
Inventories
|
261,756
|
|
|
233,563
|
|
||
Prepaid and other current assets
|
21,761
|
|
|
22,210
|
|
||
Assets held for sale
|
—
|
|
|
22,313
|
|
||
Total current assets
|
510,794
|
|
|
440,622
|
|
||
Property, plant and equipment - net
|
984,948
|
|
|
1,026,285
|
|
||
Other assets
|
67,721
|
|
|
73,420
|
|
||
TOTAL
|
$
|
1,563,463
|
|
|
$
|
1,540,327
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Accounts payable, trade
|
$
|
97,032
|
|
|
$
|
94,960
|
|
Due to affiliates
|
23,657
|
|
|
15,368
|
|
||
Accrued and other current liabilities
|
56,732
|
|
|
50,100
|
|
||
Accrued employee benefits costs
|
10,444
|
|
|
10,917
|
|
||
Industrial revenue bonds
|
7,815
|
|
|
7,815
|
|
||
Total current liabilities
|
195,680
|
|
|
179,160
|
|
||
Senior notes payable
|
248,036
|
|
|
247,699
|
|
||
Accrued pension benefits costs - less current portion
|
46,835
|
|
|
49,493
|
|
||
Accrued postretirement benefits costs - less current portion
|
128,092
|
|
|
126,355
|
|
||
Other liabilities
|
62,094
|
|
|
72,026
|
|
||
Deferred taxes
|
109,632
|
|
|
108,939
|
|
||
Total noncurrent liabilities
|
594,689
|
|
|
604,512
|
|
||
COMMITMENTS AND CONTINGENCIES (NOTE 9)
|
|
|
|
||||
SHAREHOLDERS’ EQUITY:
|
|
|
|
||||
Preferred stock (Note 5)
|
1
|
|
|
1
|
|
||
Common stock (Note 5)
|
945
|
|
|
944
|
|
||
Additional paid-in capital
|
2,516,866
|
|
|
2,515,131
|
|
||
Treasury stock, at cost
|
(86,276
|
)
|
|
(86,276
|
)
|
||
Accumulated other comprehensive loss
|
(111,965
|
)
|
|
(113,893
|
)
|
||
Accumulated deficit
|
(1,546,477
|
)
|
|
(1,559,252
|
)
|
||
Total shareholders’ equity
|
773,094
|
|
|
756,655
|
|
||
TOTAL
|
$
|
1,563,463
|
|
|
$
|
1,540,327
|
|
CENTURY ALUMINUM COMPANY
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(in thousands)
|
|||||||
(Unaudited)
|
|||||||
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income (loss)
|
$
|
12,775
|
|
|
$
|
(83,951
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Unrealized loss on forward and derivative contracts
|
6,918
|
|
|
(330
|
)
|
||
Unrealized gain on contingent obligation
|
(1,059
|
)
|
|
(1,059
|
)
|
||
Lower of cost or NRV inventory adjustment
|
(4,102
|
)
|
|
1,499
|
|
||
Depreciation and amortization
|
63,091
|
|
|
63,306
|
|
||
Ravenswood (gains) losses
|
(5,500
|
)
|
|
3,830
|
|
||
Pension and other postretirement benefits
|
2,292
|
|
|
1,682
|
|
||
Deferred income taxes
|
724
|
|
|
(8,520
|
)
|
||
Stock-based compensation
|
1,455
|
|
|
1,134
|
|
||
Equity in earnings of joint ventures, net of dividends
|
(359
|
)
|
|
(891
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable - net
|
(27,935
|
)
|
|
(1,712
|
)
|
||
Due from affiliates
|
4,802
|
|
|
3,146
|
|
||
Inventories
|
(24,091
|
)
|
|
(1,265
|
)
|
||
Prepaid and other current assets
|
1,108
|
|
|
9,016
|
|
||
Accounts payable, trade
|
4,571
|
|
|
(5,028
|
)
|
||
Due to affiliates
|
1,523
|
|
|
4,628
|
|
||
Accrued and other current liabilities
|
9,252
|
|
|
4,769
|
|
||
Ravenswood retiree medical settlement
|
(5,000
|
)
|
|
23,000
|
|
||
Other - net
|
10,202
|
|
|
2,073
|
|
||
Net cash provided by operating activities
|
50,667
|
|
|
15,327
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of property, plant and equipment
|
(23,590
|
)
|
|
(13,127
|
)
|
||
Proceeds from sales of property, plant & equipment
|
14,452
|
|
|
—
|
|
||
Net cash used in investing activities
|
(9,138
|
)
|
|
(13,127
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Borrowings under revolving credit facilities
|
1,022
|
|
|
900
|
|
||
Repayments under revolving credit facilities
|
(1,022
|
)
|
|
(900
|
)
|
||
Issuance of common stock
|
281
|
|
|
—
|
|
||
Net cash provided by financing activities
|
281
|
|
|
—
|
|
||
CHANGE IN CASH AND CASH EQUIVALENTS
|
41,810
|
|
|
2,200
|
|
||
Cash and cash equivalents, beginning of period
|
132,403
|
|
|
115,393
|
|
||
Cash and cash equivalents, end of period
|
$
|
174,213
|
|
|
$
|
117,593
|
|
1.
|
General
|
2.
|
Related party transactions
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales to Glencore
|
$
|
299,235
|
|
|
$
|
301,111
|
|
|
$
|
876,079
|
|
|
$
|
871,771
|
|
Purchases from Glencore
|
81,905
|
|
|
62,317
|
|
|
195,073
|
|
|
156,507
|
|
||||
Purchases from BHH
|
3,248
|
|
|
2,568
|
|
|
9,137
|
|
|
7,666
|
|
3.
|
Fair value measurements
|
(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.
|
Recurring Fair Value Measurements
|
As of September 30, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
160,611
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
160,611
|
|
Trust assets
|
2,192
|
|
|
—
|
|
|
—
|
|
|
2,192
|
|
||||
Surety bonds
|
1,618
|
|
|
—
|
|
|
—
|
|
|
1,618
|
|
||||
Derivatives
|
—
|
|
|
—
|
|
|
1,469
|
|
|
1,469
|
|
||||
TOTAL
|
$
|
164,421
|
|
|
$
|
—
|
|
|
$
|
1,469
|
|
|
$
|
165,890
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Contingent obligation - net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives
|
—
|
|
|
6,234
|
|
|
1,481
|
|
|
7,715
|
|
||||
TOTAL
|
$
|
—
|
|
|
$
|
6,234
|
|
|
$
|
1,481
|
|
|
$
|
7,715
|
|
Recurring Fair Value Measurements
|
As of December 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
79,014
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,014
|
|
Trust assets
|
3,147
|
|
|
—
|
|
|
—
|
|
|
3,147
|
|
||||
Surety bonds
|
1,874
|
|
|
—
|
|
|
—
|
|
|
1,874
|
|
||||
Derivatives
|
—
|
|
|
—
|
|
|
925
|
|
|
925
|
|
||||
TOTAL
|
$
|
84,035
|
|
|
$
|
—
|
|
|
$
|
925
|
|
|
$
|
84,960
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Contingent obligation – net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives
|
—
|
|
|
—
|
|
|
253
|
|
|
253
|
|
||||
TOTAL
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
253
|
|
|
$
|
253
|
|
4.
|
Earnings (loss) per share
|
|
For the three months ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
Per Share
|
|
Loss
|
|
Shares
|
|
Per Share
|
||||||||||
Net income (loss)
|
$
|
20,783
|
|
|
|
|
|
|
$
|
(58,273
|
)
|
|
|
|
|
||||||
Amount allocated to common stockholders
|
92.06
|
%
|
|
|
|
|
|
100.00
|
%
|
|
|
|
|
||||||||
Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) allocated to common stockholders
|
$
|
19,132
|
|
|
87,318
|
|
|
$
|
0.22
|
|
|
$
|
(58,273
|
)
|
|
87,076
|
|
|
$
|
(0.67
|
)
|
Effect of Dilutive Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Share-based compensation
|
—
|
|
|
937
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) allocated to common stockholders with assumed conversion
|
$
|
19,132
|
|
|
88,255
|
|
|
$
|
0.22
|
|
|
$
|
(58,273
|
)
|
|
87,076
|
|
|
$
|
(0.67
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the nine months ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
Per Share
|
|
Loss
|
|
Shares
|
|
Per Share
|
||||||||||
Net income (loss)
|
$
|
12,775
|
|
|
|
|
|
|
$
|
(83,951
|
)
|
|
|
|
|
||||||
Amount allocated to common stockholders
|
92.04
|
%
|
|
|
|
|
|
100
|
%
|
|
|
|
|
||||||||
Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) allocated to common stockholders
|
11,758
|
|
|
87,282
|
|
|
$
|
0.13
|
|
|
(83,951
|
)
|
|
87,059
|
|
|
$
|
(0.96
|
)
|
||
Effect of Dilutive Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Share-based compensation
|
—
|
|
|
788
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loss allocated to common stockholders
|
$
|
11,758
|
|
|
88,070
|
|
|
$
|
0.13
|
|
|
$
|
(83,951
|
)
|
|
87,059
|
|
|
$
|
(0.96
|
)
|
Securities excluded from the calculation of diluted EPS:
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Share-based compensation
|
535
|
|
|
1,822
|
|
|
524
|
|
|
1,548
|
|
5.
|
Shareholders’ equity
|
Common and Preferred Stock Activity:
|
Preferred stock
|
|
Common stock
|
||||
(in shares)
|
Series A convertible
|
|
Treasury
|
Outstanding
|
|||
Beginning balance as of December 31, 2016
|
75,625
|
|
|
7,186,521
|
|
87,250,897
|
|
Conversion of convertible preferred stock
|
(326
|
)
|
|
—
|
|
32,619
|
|
Issuance for share-based compensation plans
|
—
|
|
|
—
|
|
43,436
|
|
Ending balance as of September 30, 2017
|
75,299
|
|
|
7,186,521
|
|
87,326,952
|
|
|
|
|
|
|
|||
Beginning balance as of December 31, 2015
|
76,539
|
|
|
7,186,521
|
|
87,038,050
|
|
Conversion of convertible preferred stock
|
(161
|
)
|
|
—
|
|
16,109
|
|
Issuance for share-based compensation plans
|
—
|
|
|
—
|
|
21,428
|
|
Ending balance as of September 30, 2016
|
76,378
|
|
|
7,186,521
|
|
87,075,587
|
|
6.
|
Income taxes
|
7.
|
Inventories
|
8.
|
Debt
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
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
|
|
Debt classified as non-current liabilities:
|
|
|
|
||||
7.5% senior secured notes due June 1, 2021, net of debt discount of $1,964 and $2,301, respectively, interest payable semiannually
|
248,036
|
|
|
247,699
|
|
||
Total
|
$
|
255,851
|
|
|
$
|
255,514
|
|
(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
September 30, 2017
was
1.14%
.
|
|
September 30, 2017
|
||
Credit facility maximum amount
|
$
|
150,000
|
|
Borrowing availability
|
125,351
|
|
|
Outstanding letters of credit issued
|
38,742
|
|
|
Outstanding borrowings
|
—
|
|
|
Borrowing availability, net of outstanding letters of credit and borrowings
|
86,609
|
|
|
September 30, 2017
|
||
Credit facility maximum amount
|
$
|
50,000
|
|
Borrowing availability
|
50,000
|
|
|
Outstanding borrowings
|
—
|
|
|
Borrowing availability, net of borrowings
|
50,000
|
|
9.
|
Commitments and contingencies
|
10.
|
Components of accumulated other comprehensive loss
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Defined benefit plan liabilities
|
$
|
(122,705
|
)
|
|
$
|
(125,917
|
)
|
Unrealized loss on financial instruments
|
2,720
|
|
|
2,860
|
|
||
Other comprehensive loss before income tax effect
|
(119,985
|
)
|
|
(123,057
|
)
|
||
Income tax effect (1)
|
8,020
|
|
|
9,164
|
|
||
Accumulated other comprehensive loss
|
$
|
(111,965
|
)
|
|
$
|
(113,893
|
)
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Defined benefit plan liabilities
|
$
|
8,564
|
|
|
$
|
9,736
|
|
Unrealized loss on financial instruments
|
(544
|
)
|
|
(572
|
)
|
|
Defined benefit plan and other postretirement liabilities
|
|
Unrealized gain (loss) on financial instruments
|
|
Total, net of tax
|
||||||
Balance, July 1, 2017
|
$
|
(115,225
|
)
|
|
$
|
2,213
|
|
|
$
|
(113,012
|
)
|
Net amount reclassified to net income
|
1,084
|
|
|
(37
|
)
|
|
1,047
|
|
|||
Balance, September 30, 2017
|
$
|
(114,141
|
)
|
|
$
|
2,176
|
|
|
$
|
(111,965
|
)
|
|
|
|
|
|
|
||||||
Balance, July 1, 2016
|
$
|
(108,944
|
)
|
|
$
|
(2,059
|
)
|
|
$
|
(111,003
|
)
|
Net amount reclassified to net loss
|
862
|
|
|
(38
|
)
|
|
824
|
|
|||
Balance, September 30, 2016
|
$
|
(108,082
|
)
|
|
$
|
(2,097
|
)
|
|
$
|
(110,179
|
)
|
|
|
|
|
|
|
||||||
Balance, December 31, 2016
|
$
|
(116,181
|
)
|
|
$
|
2,288
|
|
|
$
|
(113,893
|
)
|
Net amount reclassified to net loss
|
2,040
|
|
|
(112
|
)
|
|
1,928
|
|
|||
Balance, September 30, 2017
|
$
|
(114,141
|
)
|
|
$
|
2,176
|
|
|
$
|
(111,965
|
)
|
|
|
|
|
|
|
||||||
Balance, December 31, 2015
|
$
|
(110,667
|
)
|
|
$
|
(1,983
|
)
|
|
$
|
(112,650
|
)
|
Net amount reclassified to net loss
|
2,585
|
|
|
(114
|
)
|
|
2,471
|
|
|||
Balance, September 30, 2016
|
$
|
(108,082
|
)
|
|
$
|
(2,097
|
)
|
|
$
|
(110,179
|
)
|
|
|
|
|
For the three months ended September 30,
|
|
For the nine months ended September 30,
|
||||||||||||
AOCL Components
|
|
Location
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Defined benefit plan and other postretirement liabilities
|
|
Cost of goods sold
|
|
$
|
983
|
|
|
$
|
777
|
|
|
$
|
821
|
|
|
$
|
2,332
|
|
|
|
Selling, general and administrative expenses
|
|
109
|
|
|
125
|
|
|
1,086
|
|
|
375
|
|
||||
|
|
Other operating expense, net
|
|
383
|
|
|
350
|
|
|
1,306
|
|
|
1,050
|
|
||||
|
|
Income tax effect
|
|
(391
|
)
|
|
(390
|
)
|
|
(1,173
|
)
|
|
(1,172
|
)
|
||||
|
|
Net of tax
|
|
$
|
1,084
|
|
|
$
|
862
|
|
|
$
|
2,040
|
|
|
$
|
2,585
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on financial instruments
|
|
Cost of goods sold
|
|
$
|
(46
|
)
|
|
$
|
(46
|
)
|
|
$
|
(140
|
)
|
|
$
|
(139
|
)
|
|
|
Income tax effect
|
|
9
|
|
|
8
|
|
|
28
|
|
|
25
|
|
||||
|
|
Net of tax
|
|
$
|
(37
|
)
|
|
$
|
(38
|
)
|
|
$
|
(112
|
)
|
|
$
|
(114
|
)
|
11.
|
Components of net periodic benefit cost
|
|
Pension Benefits
|
||||||||||||||
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
1,096
|
|
|
$
|
1,270
|
|
|
$
|
3,288
|
|
|
$
|
3,810
|
|
Interest cost
|
3,327
|
|
|
3,478
|
|
|
9,982
|
|
|
10,440
|
|
||||
Expected return on plan assets
|
(4,750
|
)
|
|
(4,813
|
)
|
|
(14,615
|
)
|
|
(14,445
|
)
|
||||
Amortization of prior service costs
|
27
|
|
|
28
|
|
|
80
|
|
|
84
|
|
||||
Amortization of net loss
|
1,187
|
|
|
1,041
|
|
|
3,925
|
|
|
3,125
|
|
||||
Net periodic benefit cost
|
$
|
887
|
|
|
$
|
1,004
|
|
|
$
|
2,660
|
|
|
$
|
3,014
|
|
|
Other Postretirement Benefits ("OPEB")
|
||||||||||||||
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
219
|
|
|
$
|
330
|
|
|
$
|
657
|
|
|
$
|
990
|
|
Interest cost
|
1,382
|
|
|
1,469
|
|
|
5,726
|
|
|
4,364
|
|
||||
Amortization of prior service cost
|
(695
|
)
|
|
(695
|
)
|
|
(1,731
|
)
|
|
(2,085
|
)
|
||||
Amortization of net loss
|
958
|
|
|
878
|
|
|
940
|
|
|
2,633
|
|
||||
Net periodic benefit cost
|
$
|
1,864
|
|
|
$
|
1,982
|
|
|
$
|
5,592
|
|
|
$
|
5,902
|
|
12.
|
Supplemental cash flow information
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash paid for:
|
|
|
|
||||
Interest
|
$
|
9,951
|
|
|
$
|
9,893
|
|
Income taxes, net
|
3,467
|
|
|
10,245
|
|
13.
|
Derivatives
|
14.
|
Condensed consolidating financial information
|
Condensed Consolidating Statements of Comprehensive Income (Loss)
|
|||||||||||||||||||
For the three months ended September 30, 2017
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
NET SALES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Related parties
|
$
|
—
|
|
|
$
|
138,212
|
|
|
$
|
161,023
|
|
|
$
|
—
|
|
|
$
|
299,235
|
|
Other customers
|
—
|
|
|
101,382
|
|
|
28
|
|
|
—
|
|
|
101,410
|
|
|||||
Total net sales
|
—
|
|
|
239,594
|
|
|
161,051
|
|
|
—
|
|
|
400,645
|
|
|||||
Cost of goods sold
|
—
|
|
|
220,723
|
|
|
138,520
|
|
|
—
|
|
|
359,243
|
|
|||||
Gross profit
|
—
|
|
|
18,871
|
|
|
22,531
|
|
|
—
|
|
|
41,402
|
|
|||||
Selling, general and administrative expenses
|
13,684
|
|
|
—
|
|
|
310
|
|
|
—
|
|
|
13,994
|
|
|||||
Ravenswood (gains) losses
|
—
|
|
|
—
|
|
|
(5,500
|
)
|
|
—
|
|
|
(5,500
|
)
|
|||||
Other operating expense - net
|
—
|
|
|
—
|
|
|
437
|
|
|
—
|
|
|
437
|
|
|||||
Operating income (loss)
|
(13,684
|
)
|
|
18,871
|
|
|
27,284
|
|
|
—
|
|
|
32,471
|
|
|||||
Interest expense
|
(5,105
|
)
|
|
(392
|
)
|
|
(45
|
)
|
|
—
|
|
|
(5,542
|
)
|
|||||
Intercompany interest
|
8,909
|
|
|
2,214
|
|
|
(11,123
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
183
|
|
|
—
|
|
|
239
|
|
|
—
|
|
|
422
|
|
|||||
Net (loss) on forward and derivative contracts
|
—
|
|
|
(3,853
|
)
|
|
(35
|
)
|
|
—
|
|
|
(3,888
|
)
|
|||||
Other income (expense) - net
|
—
|
|
|
(56
|
)
|
|
483
|
|
|
—
|
|
|
427
|
|
|||||
Income (loss) before income taxes and equity in earnings of joint ventures
|
(9,697
|
)
|
|
16,784
|
|
|
16,803
|
|
|
—
|
|
|
23,890
|
|
|||||
Income tax (expense) benefit
|
(3
|
)
|
|
—
|
|
|
(3,318
|
)
|
|
—
|
|
|
(3,321
|
)
|
|||||
Income (loss) before equity in earnings of joint ventures
|
(9,700
|
)
|
|
16,784
|
|
|
13,485
|
|
|
—
|
|
|
20,569
|
|
|||||
Equity in earnings (loss) of joint ventures
|
30,483
|
|
|
1,369
|
|
|
214
|
|
|
(31,852
|
)
|
|
214
|
|
|||||
Net income
|
$
|
20,783
|
|
|
$
|
18,153
|
|
|
$
|
13,699
|
|
|
$
|
(31,852
|
)
|
|
$
|
20,783
|
|
Other comprehensive income (loss) before income tax effect
|
1,429
|
|
|
982
|
|
|
337
|
|
|
(1,319
|
)
|
|
1,429
|
|
|||||
Income tax effect
|
(382
|
)
|
|
—
|
|
|
9
|
|
|
(9
|
)
|
|
(382
|
)
|
|||||
Other comprehensive income (loss)
|
1,047
|
|
|
982
|
|
|
346
|
|
|
(1,328
|
)
|
|
1,047
|
|
|||||
Total comprehensive income (loss)
|
$
|
21,830
|
|
|
$
|
19,135
|
|
|
$
|
14,045
|
|
|
$
|
(33,180
|
)
|
|
$
|
21,830
|
|
Condensed Consolidating Statements of Comprehensive Income (Loss)
|
|||||||||||||||||||
For the three months ended September 30, 2016
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
NET SALES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Related parties
|
$
|
—
|
|
|
$
|
170,947
|
|
|
$
|
152,449
|
|
|
$
|
(22,285
|
)
|
|
$
|
301,111
|
|
Other customers
|
—
|
|
|
32,795
|
|
|
11
|
|
|
(267
|
)
|
|
32,539
|
|
|||||
Total net sales
|
—
|
|
|
203,742
|
|
|
152,460
|
|
|
(22,552
|
)
|
|
333,650
|
|
|||||
Cost of goods sold
|
—
|
|
|
231,082
|
|
|
141,957
|
|
|
(21,777
|
)
|
|
351,262
|
|
|||||
Gross profit (loss)
|
—
|
|
|
(27,340
|
)
|
|
10,503
|
|
|
(775
|
)
|
|
(17,612
|
)
|
|||||
Selling, general and administrative expenses
|
9,517
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
9,733
|
|
|||||
Ravenswood (gains) losses
|
—
|
|
|
—
|
|
|
26,830
|
|
|
—
|
|
|
26,830
|
|
|||||
Other operating expense - net
|
—
|
|
|
—
|
|
|
878
|
|
|
—
|
|
|
878
|
|
|||||
Operating income (loss)
|
(9,517
|
)
|
|
(27,340
|
)
|
|
(17,421
|
)
|
|
(775
|
)
|
|
(55,053
|
)
|
|||||
Interest expense
|
(5,101
|
)
|
|
(385
|
)
|
|
(45
|
)
|
|
—
|
|
|
(5,531
|
)
|
|||||
Intercompany interest
|
9,947
|
|
|
2,059
|
|
|
(12,006
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
33
|
|
|
—
|
|
|
157
|
|
|
—
|
|
|
190
|
|
|||||
Net gain on forward and derivative contracts
|
—
|
|
|
1,275
|
|
|
—
|
|
|
—
|
|
|
1,275
|
|
|||||
Other income (expense) - net
|
48
|
|
|
14
|
|
|
(219
|
)
|
|
—
|
|
|
(157
|
)
|
|||||
Loss before income taxes and equity in earnings of joint ventures
|
(4,590
|
)
|
|
(24,377
|
)
|
|
(29,534
|
)
|
|
(775
|
)
|
|
(59,276
|
)
|
|||||
Income tax (expense) benefit
|
(877
|
)
|
|
—
|
|
|
1,725
|
|
|
—
|
|
|
848
|
|
|||||
Loss before equity in earnings of joint ventures
|
(5,467
|
)
|
|
(24,377
|
)
|
|
(27,809
|
)
|
|
(775
|
)
|
|
(58,428
|
)
|
|||||
Equity in earnings (loss) of joint ventures
|
(52,806
|
)
|
|
—
|
|
|
155
|
|
|
52,806
|
|
|
155
|
|
|||||
Net loss
|
$
|
(58,273
|
)
|
|
$
|
(24,377
|
)
|
|
$
|
(27,654
|
)
|
|
$
|
52,031
|
|
|
$
|
(58,273
|
)
|
Other comprehensive income (loss) before income tax effect
|
1,206
|
|
|
777
|
|
|
303
|
|
|
(1,080
|
)
|
|
1,206
|
|
|||||
Income tax effect
|
(382
|
)
|
|
—
|
|
|
8
|
|
|
(8
|
)
|
|
(382
|
)
|
|||||
Other comprehensive income (loss)
|
824
|
|
|
777
|
|
|
311
|
|
|
(1,088
|
)
|
|
824
|
|
|||||
Total comprehensive income (loss)
|
$
|
(57,449
|
)
|
|
$
|
(23,600
|
)
|
|
$
|
(27,343
|
)
|
|
$
|
50,943
|
|
|
$
|
(57,449
|
)
|
Condensed Consolidating Statements of Comprehensive Income (Loss)
|
|||||||||||||||||||
For the nine months ended September 30, 2017
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
NET SALES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Related parties
|
$
|
—
|
|
|
$
|
404,130
|
|
|
$
|
471,949
|
|
|
$
|
—
|
|
|
$
|
876,079
|
|
Other customers
|
—
|
|
|
279,061
|
|
|
93
|
|
|
—
|
|
|
279,154
|
|
|||||
Total net sales
|
—
|
|
|
683,191
|
|
|
472,042
|
|
|
—
|
|
|
1,155,233
|
|
|||||
Cost of goods sold
|
—
|
|
|
655,027
|
|
|
419,493
|
|
|
—
|
|
|
1,074,520
|
|
|||||
Gross profit
|
—
|
|
|
28,164
|
|
|
52,549
|
|
|
—
|
|
|
80,713
|
|
|||||
Selling, general and administrative expenses
|
32,798
|
|
|
—
|
|
|
1,250
|
|
|
—
|
|
|
34,048
|
|
|||||
Ravenswood (gains) losses
|
—
|
|
|
—
|
|
|
(5,500
|
)
|
|
—
|
|
|
(5,500
|
)
|
|||||
Other operating expense - net
|
—
|
|
|
—
|
|
|
1,590
|
|
|
—
|
|
|
1,590
|
|
|||||
Operating income (loss)
|
(32,798
|
)
|
|
28,164
|
|
|
55,209
|
|
|
—
|
|
|
50,575
|
|
|||||
Interest expense
|
(15,288
|
)
|
|
(1,153
|
)
|
|
(133
|
)
|
|
—
|
|
|
(16,574
|
)
|
|||||
Intercompany interest
|
27,104
|
|
|
6,442
|
|
|
(33,546
|
)
|
|
|
|
—
|
|
||||||
Interest income
|
312
|
|
|
(1
|
)
|
|
624
|
|
|
—
|
|
|
935
|
|
|||||
Net loss on forward and derivative contracts
|
—
|
|
|
(17,056
|
)
|
|
(12
|
)
|
|
—
|
|
|
(17,068
|
)
|
|||||
Other income (expense) - net
|
677
|
|
|
105
|
|
|
(1,847
|
)
|
|
—
|
|
|
(1,065
|
)
|
|||||
Income (loss) before income taxes and equity in earnings of joint ventures
|
(19,993
|
)
|
|
16,501
|
|
|
20,295
|
|
|
—
|
|
|
16,803
|
|
|||||
Income tax (expense) benefit
|
1,097
|
|
|
—
|
|
|
(5,562
|
)
|
|
—
|
|
|
(4,465
|
)
|
|||||
Income (loss) before equity in earnings of joint ventures
|
(18,896
|
)
|
|
16,501
|
|
|
14,733
|
|
|
—
|
|
|
12,338
|
|
|||||
Equity in earnings of joint ventures
|
31,671
|
|
|
3,889
|
|
|
437
|
|
|
(35,560
|
)
|
|
437
|
|
|||||
Net income (loss)
|
$
|
12,775
|
|
|
$
|
20,390
|
|
|
$
|
15,170
|
|
|
$
|
(35,560
|
)
|
|
$
|
12,775
|
|
Other comprehensive income (loss) before income tax effect
|
3,073
|
|
|
821
|
|
|
1,166
|
|
|
(1,987
|
)
|
|
3,073
|
|
|||||
Income tax effect
|
(1,145
|
)
|
|
—
|
|
|
28
|
|
|
(28
|
)
|
|
(1,145
|
)
|
|||||
Other comprehensive income (loss)
|
1,928
|
|
|
821
|
|
|
1,194
|
|
|
(2,015
|
)
|
|
1,928
|
|
|||||
Total comprehensive income (loss)
|
$
|
14,703
|
|
|
$
|
21,211
|
|
|
$
|
16,364
|
|
|
$
|
(37,575
|
)
|
|
$
|
14,703
|
|
Condensed Consolidating Statements of Comprehensive Income (Loss)
|
|||||||||||||||||||
For the nine months ended September 30, 2016
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
NET SALES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Related parties
|
$
|
—
|
|
|
$
|
502,707
|
|
|
$
|
438,660
|
|
|
$
|
(69,596
|
)
|
|
$
|
871,771
|
|
Other customers
|
—
|
|
|
107,725
|
|
|
29
|
|
|
(267
|
)
|
|
107,487
|
|
|||||
Total net sales
|
—
|
|
|
610,432
|
|
|
438,689
|
|
|
(69,863
|
)
|
|
979,258
|
|
|||||
Cost of goods sold
|
—
|
|
|
653,258
|
|
|
411,651
|
|
|
(69,552
|
)
|
|
995,357
|
|
|||||
Gross profit (loss)
|
—
|
|
|
(42,826
|
)
|
|
27,038
|
|
|
(311
|
)
|
|
(16,099
|
)
|
|||||
Selling, general and administrative expenses
|
26,077
|
|
|
—
|
|
|
3,226
|
|
|
—
|
|
|
29,303
|
|
|||||
Ravenswood (gains) losses
|
—
|
|
|
—
|
|
|
26,830
|
|
|
—
|
|
|
26,830
|
|
|||||
Other operating expense - net
|
—
|
|
|
—
|
|
|
2,337
|
|
|
—
|
|
|
2,337
|
|
|||||
Operating income (loss)
|
(26,077
|
)
|
|
(42,826
|
)
|
|
(5,355
|
)
|
|
(311
|
)
|
|
(74,569
|
)
|
|||||
Interest expense
|
(15,236
|
)
|
|
(1,150
|
)
|
|
(135
|
)
|
|
—
|
|
|
(16,521
|
)
|
|||||
Intercompany interest
|
29,222
|
|
|
6,013
|
|
|
(35,235
|
)
|
|
—
|
|
|
—
|
|
|||||
Interest income
|
108
|
|
|
9
|
|
|
358
|
|
|
—
|
|
|
475
|
|
|||||
Net gain on forward and derivative contracts
|
—
|
|
|
2,998
|
|
|
—
|
|
|
—
|
|
|
2,998
|
|
|||||
Other income (expense) - net
|
682
|
|
|
29
|
|
|
(1,173
|
)
|
|
—
|
|
|
(462
|
)
|
|||||
Loss before income taxes and equity in earnings of joint ventures
|
(11,301
|
)
|
|
(34,927
|
)
|
|
(41,540
|
)
|
|
(311
|
)
|
|
(88,079
|
)
|
|||||
Income tax benefit
|
591
|
|
|
—
|
|
|
2,646
|
|
|
—
|
|
|
3,237
|
|
|||||
Loss before equity in earnings of joint ventures
|
(10,710
|
)
|
|
(34,927
|
)
|
|
(38,894
|
)
|
|
(311
|
)
|
|
(84,842
|
)
|
|||||
Equity in earnings (loss) of joint ventures
|
(73,241
|
)
|
|
—
|
|
|
891
|
|
|
73,241
|
|
|
891
|
|
|||||
Net loss
|
$
|
(83,951
|
)
|
|
$
|
(34,927
|
)
|
|
$
|
(38,003
|
)
|
|
$
|
72,930
|
|
|
$
|
(83,951
|
)
|
Other comprehensive income before income tax effect
|
3,618
|
|
|
2,332
|
|
|
910
|
|
|
(3,242
|
)
|
|
3,618
|
|
|||||
Income tax effect
|
(1,147
|
)
|
|
—
|
|
|
25
|
|
|
(25
|
)
|
|
(1,147
|
)
|
|||||
Other comprehensive income (loss)
|
2,471
|
|
|
2,332
|
|
|
935
|
|
|
(3,267
|
)
|
|
2,471
|
|
|||||
Total comprehensive income (loss)
|
$
|
(81,480
|
)
|
|
$
|
(32,595
|
)
|
|
$
|
(37,068
|
)
|
|
$
|
69,663
|
|
|
$
|
(81,480
|
)
|
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||
As of September 30, 2017
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
Cash & cash equivalents
|
$
|
70,752
|
|
|
$
|
(217
|
)
|
|
$
|
103,678
|
|
|
$
|
—
|
|
|
$
|
174,213
|
|
Restricted cash
|
—
|
|
|
800
|
|
|
48
|
|
|
—
|
|
|
848
|
|
|||||
Accounts receivable - net
|
—
|
|
|
40,117
|
|
|
250
|
|
|
—
|
|
|
40,367
|
|
|||||
Due from affiliates
|
42
|
|
|
11,806
|
|
|
1
|
|
|
—
|
|
|
11,849
|
|
|||||
Inventories
|
180
|
|
|
165,288
|
|
|
96,288
|
|
|
—
|
|
|
261,756
|
|
|||||
Prepaid and other current assets
|
5,959
|
|
|
6,176
|
|
|
9,626
|
|
|
—
|
|
|
21,761
|
|
|||||
Total current assets
|
76,933
|
|
|
223,970
|
|
|
209,891
|
|
|
—
|
|
|
510,794
|
|
|||||
Property, plant and equipment - net
|
17,970
|
|
|
303,708
|
|
|
663,270
|
|
|
—
|
|
|
984,948
|
|
|||||
Investment in subsidiaries
|
736,345
|
|
|
55,129
|
|
|
—
|
|
|
(791,474
|
)
|
|
—
|
|
|||||
Due from affiliates - long term
|
514,676
|
|
|
379,331
|
|
|
9,430
|
|
|
(903,437
|
)
|
|
—
|
|
|||||
Other assets
|
27,834
|
|
|
43,915
|
|
|
27,887
|
|
|
(31,915
|
)
|
|
67,721
|
|
|||||
TOTAL
|
$
|
1,373,758
|
|
|
$
|
1,006,053
|
|
|
$
|
910,478
|
|
|
$
|
(1,726,826
|
)
|
|
$
|
1,563,463
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, trade
|
$
|
2,712
|
|
|
$
|
53,785
|
|
|
$
|
40,535
|
|
|
$
|
—
|
|
|
$
|
97,032
|
|
Due to affiliates
|
785
|
|
|
15,902
|
|
|
6,970
|
|
|
—
|
|
|
23,657
|
|
|||||
Accrued and other current liabilities
|
18,965
|
|
|
19,035
|
|
|
18,732
|
|
|
—
|
|
|
56,732
|
|
|||||
Accrued employee benefits costs
|
1,933
|
|
|
8,020
|
|
|
491
|
|
|
—
|
|
|
10,444
|
|
|||||
Industrial revenue bonds
|
—
|
|
|
7,815
|
|
|
—
|
|
|
—
|
|
|
7,815
|
|
|||||
Total current liabilities
|
24,395
|
|
|
104,557
|
|
|
66,728
|
|
|
—
|
|
|
195,680
|
|
|||||
Senior notes payable
|
248,036
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,036
|
|
|||||
Accrued pension benefits costs - less current portion
|
45,587
|
|
|
19,666
|
|
|
13,497
|
|
|
(31,915
|
)
|
|
46,835
|
|
|||||
Accrued postretirement benefits costs - less current portion
|
3,873
|
|
|
122,549
|
|
|
1,670
|
|
|
—
|
|
|
128,092
|
|
|||||
Due to affiliates - long term
|
270,878
|
|
|
59,395
|
|
|
573,164
|
|
|
(903,437
|
)
|
|
—
|
|
|||||
Other liabilities
|
7,895
|
|
|
32,115
|
|
|
22,084
|
|
|
—
|
|
|
62,094
|
|
|||||
Deferred taxes
|
—
|
|
|
2,721
|
|
|
106,911
|
|
|
—
|
|
|
109,632
|
|
|||||
Total noncurrent liabilities
|
576,269
|
|
|
236,446
|
|
|
717,326
|
|
|
(935,352
|
)
|
|
594,689
|
|
|||||
Preferred stock
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Common stock
|
945
|
|
|
1
|
|
|
59
|
|
|
(60
|
)
|
|
945
|
|
|||||
Other shareholders' equity
|
772,148
|
|
|
665,049
|
|
|
126,365
|
|
|
(791,414
|
)
|
|
772,148
|
|
|||||
Total shareholders' equity
|
773,094
|
|
|
665,050
|
|
|
126,424
|
|
|
(791,474
|
)
|
|
773,094
|
|
|||||
TOTAL
|
$
|
1,373,758
|
|
|
$
|
1,006,053
|
|
|
$
|
910,478
|
|
|
$
|
(1,726,826
|
)
|
|
$
|
1,563,463
|
|
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||
As of December 31, 2016
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
Cash & cash equivalents
|
$
|
36,670
|
|
|
$
|
(255
|
)
|
|
$
|
95,988
|
|
|
$
|
—
|
|
|
$
|
132,403
|
|
Restricted cash
|
—
|
|
|
794
|
|
|
256
|
|
|
—
|
|
|
1,050
|
|
|||||
Accounts receivable - net
|
167
|
|
|
11,883
|
|
|
382
|
|
|
—
|
|
|
12,432
|
|
|||||
Due from affiliates
|
42
|
|
|
16,606
|
|
|
3
|
|
|
—
|
|
|
16,651
|
|
|||||
Inventories
|
180
|
|
|
146,689
|
|
|
86,694
|
|
|
—
|
|
|
233,563
|
|
|||||
Prepaid and other current assets
|
6,838
|
|
|
5,699
|
|
|
9,673
|
|
|
—
|
|
|
22,210
|
|
|||||
Assets held for sale
|
—
|
|
|
—
|
|
|
22,313
|
|
|
—
|
|
|
22,313
|
|
|||||
Total current assets
|
43,897
|
|
|
181,416
|
|
|
215,309
|
|
|
—
|
|
|
440,622
|
|
|||||
Property, plant and equipment - net
|
12,311
|
|
|
328,069
|
|
|
685,905
|
|
|
—
|
|
|
1,026,285
|
|
|||||
Investment in subsidiaries
|
702,659
|
|
|
51,240
|
|
|
—
|
|
|
(753,899
|
)
|
|
—
|
|
|||||
Due from affiliates - long term
|
529,873
|
|
|
346,893
|
|
|
1,792
|
|
|
(878,558
|
)
|
|
—
|
|
|||||
Other assets
|
28,215
|
|
|
49,331
|
|
|
27,596
|
|
|
(31,722
|
)
|
|
73,420
|
|
|||||
TOTAL
|
$
|
1,316,955
|
|
|
$
|
956,949
|
|
|
$
|
930,602
|
|
|
$
|
(1,664,179
|
)
|
|
$
|
1,540,327
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, trade
|
$
|
6,125
|
|
|
$
|
52,921
|
|
|
$
|
35,914
|
|
|
$
|
—
|
|
|
$
|
94,960
|
|
Due to affiliates
|
417
|
|
|
9,641
|
|
|
5,310
|
|
|
—
|
|
|
15,368
|
|
|||||
Accrued and other current liabilities
|
11,950
|
|
|
17,744
|
|
|
20,406
|
|
|
—
|
|
|
50,100
|
|
|||||
Accrued employee benefits costs
|
1,932
|
|
|
8,317
|
|
|
668
|
|
|
—
|
|
|
10,917
|
|
|||||
Industrial revenue bonds
|
—
|
|
|
7,815
|
|
|
—
|
|
|
—
|
|
|
7,815
|
|
|||||
Total current liabilities
|
20,424
|
|
|
96,438
|
|
|
62,298
|
|
|
—
|
|
|
179,160
|
|
|||||
Senior notes payable
|
247,699
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
247,699
|
|
|||||
Accrued pension benefits costs - less current portion
|
46,390
|
|
|
20,167
|
|
|
14,658
|
|
|
(31,722
|
)
|
|
49,493
|
|
|||||
Accrued postretirement benefits costs - less current portion
|
4,380
|
|
|
120,242
|
|
|
1,733
|
|
|
—
|
|
|
126,355
|
|
|||||
Other liabilities
|
4,160
|
|
|
30,920
|
|
|
36,946
|
|
|
—
|
|
|
72,026
|
|
|||||
Due to affiliates - long term
|
237,247
|
|
|
42,609
|
|
|
598,702
|
|
|
(878,558
|
)
|
|
—
|
|
|||||
Deferred taxes
|
—
|
|
|
2,735
|
|
|
106,204
|
|
|
—
|
|
|
108,939
|
|
|||||
Total noncurrent liabilities
|
539,876
|
|
|
216,673
|
|
|
758,243
|
|
|
(910,280
|
)
|
|
604,512
|
|
|||||
Preferred stock
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Common stock
|
944
|
|
|
1
|
|
|
59
|
|
|
(60
|
)
|
|
944
|
|
|||||
Other shareholders' equity
|
755,710
|
|
|
643,837
|
|
|
110,002
|
|
|
(753,839
|
)
|
|
755,710
|
|
|||||
Total shareholders' equity
|
756,655
|
|
|
643,838
|
|
|
110,061
|
|
|
(753,899
|
)
|
|
756,655
|
|
|||||
TOTAL
|
$
|
1,316,955
|
|
|
$
|
956,949
|
|
|
$
|
930,602
|
|
|
$
|
(1,664,179
|
)
|
|
$
|
1,540,327
|
|
Condensed Consolidating Statement of Cash Flows
|
|||||||||||||||||||
For the nine months ended September 30, 2017
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(25,306
|
)
|
|
$
|
14,298
|
|
|
$
|
61,675
|
|
|
$
|
—
|
|
|
$
|
50,667
|
|
Purchase of property, plant and equipment
|
(8,773
|
)
|
|
(5,880
|
)
|
|
(8,937
|
)
|
|
—
|
|
|
(23,590
|
)
|
|||||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
831
|
|
|
13,621
|
|
|
—
|
|
|
14,452
|
|
|||||
Intercompany transactions
|
34,249
|
|
|
(25,996
|
)
|
|
(7,639
|
)
|
|
(614
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) investing activities
|
25,476
|
|
|
(31,045
|
)
|
|
(2,955
|
)
|
|
(614
|
)
|
|
(9,138
|
)
|
|||||
Borrowings under revolving credit facilities
|
1,022
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,022
|
|
|||||
Repayments under revolving credit facilities
|
(1,022
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,022
|
)
|
|||||
Issuance of common stock
|
281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
281
|
|
|||||
Intercompany transactions
|
33,631
|
|
|
16,785
|
|
|
(51,030
|
)
|
|
614
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
33,912
|
|
|
16,785
|
|
|
(51,030
|
)
|
|
614
|
|
|
281
|
|
|||||
CHANGE IN CASH AND CASH EQUIVALENTS
|
34,082
|
|
|
38
|
|
|
7,690
|
|
|
—
|
|
|
41,810
|
|
|||||
Cash and cash equivalents, beginning of period
|
36,670
|
|
|
(255
|
)
|
|
95,988
|
|
|
—
|
|
|
132,403
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
70,752
|
|
|
$
|
(217
|
)
|
|
$
|
103,678
|
|
|
$
|
—
|
|
|
$
|
174,213
|
|
Condensed Consolidating Statement of Cash Flows
|
|||||||||||||||||||
For the nine months ended September 30, 2016
|
|||||||||||||||||||
|
The Company
|
|
Combined Guarantor Subsidiaries
|
|
Combined Non-Guarantor Subsidiaries
|
|
Consolidating Adjustments
|
|
Total Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(20,816
|
)
|
|
$
|
23,045
|
|
|
$
|
(2,887
|
)
|
|
$
|
15,985
|
|
|
$
|
15,327
|
|
Purchase of property, plant and equipment
|
—
|
|
|
(4,252
|
)
|
|
(8,875
|
)
|
|
—
|
|
|
(13,127
|
)
|
|||||
Net cash used in investing activities
|
—
|
|
|
(4,252
|
)
|
|
(8,875
|
)
|
|
—
|
|
|
(13,127
|
)
|
|||||
Borrowings under revolving credit facilities
|
900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
900
|
|
|||||
Repayments under revolving credit facilities
|
(900
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(900
|
)
|
|||||
Intercompany transactions
|
—
|
|
|
(15,271
|
)
|
|
31,256
|
|
|
(15,985
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
—
|
|
|
(15,271
|
)
|
|
31,256
|
|
|
(15,985
|
)
|
|
—
|
|
|||||
CHANGE IN CASH AND CASH EQUIVALENTS
|
(20,816
|
)
|
|
3,522
|
|
|
19,494
|
|
|
—
|
|
|
2,200
|
|
|||||
Cash and cash equivalents, beginning of period
|
58,421
|
|
|
(3,647
|
)
|
|
60,619
|
|
|
—
|
|
|
115,393
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
37,605
|
|
|
$
|
(125
|
)
|
|
$
|
80,113
|
|
|
$
|
—
|
|
|
$
|
117,593
|
|
•
|
Future global and local financial and economic conditions;
|
•
|
Our assessment of the aluminum market and aluminum prices (including premiums);
|
•
|
The potential outcome of any trade claims to address excess capacity or unfair trade practices in the aluminum industry;
|
•
|
Our ability to procure alumina, carbon products and other raw materials and our assessment of pricing and costs and other terms relating thereto;
|
•
|
Our assessment of power pricing and our ability to successfully obtain and/or implement long-term competitive power arrangements for our operations and projects, including at Mt. Holly;
|
•
|
Our ability to successfully manage transmission issues and wholesale market power price risk and to control or reduce power costs;
|
•
|
Our plans and expectations with respect to the future operation of our smelters and our other operations, including future production restarts or curtailments;
|
•
|
The future financial and operating performance of the Company, its subsidiaries and its projects;
|
•
|
Future earnings, operating results and liquidity;
|
•
|
Future inventory, production, sales, cash costs and capital expenditures;
|
•
|
Future impairment charges or restructuring costs;
|
•
|
Access to existing or future financing arrangements;
|
•
|
Our ability to repay debt in the future;
|
•
|
Estimates of our pension and other postretirement liabilities and future payments, property plant and equipment impairment, environmental liabilities and other contingent liabilities and contractual commitments;
|
•
|
Future construction investment and development;
|
•
|
The anticipated impact of recent accounting pronouncements or changes in accounting principles;
|
•
|
Our anticipated tax liabilities, benefits or refunds including the realization of U.S. and certain foreign deferred tax assets;
|
•
|
Our assessment of the ultimate outcome of outstanding litigation and environmental matters and liabilities relating thereto;
|
•
|
The effect of future laws and regulations; and
|
•
|
Our future business objectives, plans, strategies and initiatives.
|
•
|
the price of primary aluminum, which is based on the LME, or other exchanges, regional delivery premiums and any value-added product premiums;
|
•
|
the cost of goods sold, the principal components of which are electrical power, alumina, carbon products and labor, which in aggregate exceed 75% of our cost of goods sold; and
|
•
|
our production and shipment volume.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
NET SALES:
|
|
|
|
|
|
|
|
||||||||
Related parties
|
$
|
299,235
|
|
|
$
|
301,111
|
|
|
$
|
876,079
|
|
|
$
|
871,771
|
|
Other customers
|
101,410
|
|
|
32,539
|
|
|
279,154
|
|
|
107,487
|
|
||||
Total net sales
|
$
|
400,645
|
|
|
$
|
333,650
|
|
|
$
|
1,155,233
|
|
|
$
|
979,258
|
|
Gross profit (loss)
|
$
|
41,402
|
|
|
$
|
(17,612
|
)
|
|
$
|
80,713
|
|
|
$
|
(16,099
|
)
|
Net income (loss)
|
$
|
20,783
|
|
|
$
|
(58,273
|
)
|
|
$
|
12,775
|
|
|
$
|
(83,951
|
)
|
INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.22
|
|
|
$
|
(0.67
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.96
|
)
|
Diluted
|
$
|
0.22
|
|
|
$
|
(0.67
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.96
|
)
|
(1)
|
Excludes scrap aluminum sales.
|
Net sales (in millions)
|
2017
|
2016
|
$ Difference
|
||||||
Three months ended September 30,
|
$
|
400.6
|
|
$
|
333.7
|
|
$
|
66.9
|
|
Nine months ended September 30,
|
$
|
1,155.2
|
|
$
|
979.3
|
|
$
|
175.9
|
|
Gross profit (loss) (in millions)
|
2017
|
2016
|
$ Difference
|
||||||
Three months ended September 30,
|
$
|
41.4
|
|
$
|
(17.6
|
)
|
$
|
59.0
|
|
Nine months ended September 30,
|
$
|
80.7
|
|
$
|
(16.1
|
)
|
$
|
96.8
|
|
Selling, general and administrative expenses (in millions)
|
2017
|
2016
|
$ Difference
|
||||||
Three months ended September 30,
|
$
|
14.0
|
|
$
|
9.7
|
|
$
|
4.3
|
|
Nine months ended September 30,
|
$
|
34.0
|
|
$
|
29.3
|
|
$
|
4.7
|
|
Net gain (loss) on forward and derivative contracts (in millions)
|
2017
|
2016
|
$ Difference
|
||||||
Three months ended September 30,
|
$
|
(3.9
|
)
|
$
|
1.3
|
|
$
|
(5.2
|
)
|
Nine months ended September 30,
|
$
|
(17.1
|
)
|
$
|
3.0
|
|
$
|
(20.1
|
)
|
Income tax (expense) benefit (in millions)
|
2017
|
2016
|
$ Difference
|
||||||
Three months ended September 30,
|
$
|
(3.3
|
)
|
$
|
0.8
|
|
$
|
(4.1
|
)
|
Nine months ended September 30,
|
$
|
(4.5
|
)
|
$
|
3.2
|
|
$
|
(7.7
|
)
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
50,667
|
|
|
$
|
15,327
|
|
Net cash used in investing activities
|
(9,138
|
)
|
|
(13,127
|
)
|
||
Net cash provided by financing activities
|
281
|
|
|
—
|
|
||
Change in cash and cash equivalents
|
$
|
41,810
|
|
|
$
|
2,200
|
|
Exhibit Number
|
Description of Exhibit
|
Incorporated by Reference
|
Filed Herewith
|
||
Form
|
File No.
|
Filing Date
|
|||
Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer and Principal Financial Officer
|
|
|
|
X
|
|
Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Executive Officer and Principal Financial Officer
|
|
|
|
X
|
|
101.INS
|
XBRL Instance Document
|
|
|
|
X
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
|
|
X
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
X
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
X
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
X
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
X
|
|
|
|
|
Century Aluminum Company
|
|
|
|
|
|
Date:
|
November 8, 2017
|
|
By:
|
/s/ MICHAEL A. BLESS
|
|
|
|
|
Michael A. Bless
|
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer and Principal Financial Officer)
|
|
|
|
|
|
Date:
|
November 8, 2017
|
|
By:
|
/s/ STEPHEN K. HEYROTH
|
|
|
|
|
Stephen K. Heyroth
|
|
|
|
|
Vice President and Chief Accounting Officer
(Principal Accounting Officer) |
1 Year Century Aluminum Chart |
1 Month Century Aluminum Chart |
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