[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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New York
(State or other jurisdiction of
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13-2615557
(I.R.S. Employer
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incorporation or organization)
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Identification Number)
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315 Park Avenue South, New York, New York
(Address of principal executive offices)
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10010-3607
(Zip Code)
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Large accelerated filer x
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||
(Do not check if a smaller reporting company)
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June 30,
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December 31,
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|||||||
2012
|
2011
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|||||||
ASSETS
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||||||||
Current assets:
|
||||||||
Cash and cash equivalents
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$ | 186,665 | $ | 168,490 | ||||
Investments
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193,742 | 150,135 | ||||||
Trade, notes and other receivables, net
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407,285 | 369,123 | ||||||
Inventory
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340,437 | 354,578 | ||||||
Current deferred tax asset
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78,276 | 144,281 | ||||||
Prepaids and other current assets
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79,236 | 66,872 | ||||||
Total current assets
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1,285,641 | 1,253,479 | ||||||
Non-current investments ($385,492 and $432,768 collateralizing repurchase
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||||||||
agreements)
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1,542,199 | 2,226,875 | ||||||
Intangible assets, net and goodwill
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852,435 | 876,589 | ||||||
Deferred tax asset, net
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1,550,212 | 1,440,605 | ||||||
Other assets
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395,341 | 420,157 | ||||||
Property, equipment and leasehold improvements, net
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1,013,283 | 1,053,689 | ||||||
Investments in associated companies ($1,197,407 and $1,198,029 measured
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||||||||
using fair value option)
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1,964,167 | 1,991,795 | ||||||
Total
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$ | 8,603,278 | $ | 9,263,189 | ||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Trade payables and expense accruals
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$ | 345,696 | $ | 386,544 | ||||
Other current liabilities
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37,588 | 42,976 | ||||||
Securities sold under agreements to repurchase
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371,320 | 417,479 | ||||||
Debt due within one year
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39,777 | 30,133 | ||||||
Total current liabilities
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794,381 | 877,132 | ||||||
Other non-current liabilities
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96,367 | 96,316 | ||||||
Long-term debt
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1,370,845 | 1,875,571 | ||||||
Total liabilities
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2,261,593 | 2,849,019 | ||||||
Commitments and contingencies
|
||||||||
Redeemable noncontrolling interests in subsidiary
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246,546 | 235,909 | ||||||
EQUITY
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||||||||
Common shares, par value $1 per share, authorized 600,000,000
|
||||||||
shares; 244,582,588 shares issued and outstanding,
|
||||||||
after deducting 47,006,711 shares held in treasury
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244,583 | 244,583 | ||||||
Additional paid-in capital
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1,565,645 | 1,570,684 | ||||||
Accumulated other comprehensive income
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541,721 | 912,421 | ||||||
Retained earnings
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3,740,334 | 3,446,708 | ||||||
Total Leucadia National Corporation shareholders’ equity
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6,092,283 | 6,174,396 | ||||||
Noncontrolling interest
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2,856 | 3,865 | ||||||
Total equity
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6,095,139 | 6,178,261 | ||||||
Total
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$ | 8,603,278 | $ | 9,263,189 |
For the Three Month
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For the Six Month
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|||||||||||||||
Period Ended June 30,
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Period Ended June 30,
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Revenues and Other Income:
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||||||||||||||||
Beef processing services
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$ | 1,913,616 | $ | – | $ | 3,704,171 | $ | – | ||||||||
Manufacturing
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63,498 | 64,610 | 125,208 | 128,375 | ||||||||||||
Oil and gas drilling services
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31,092 | 31,737 | 68,414 | 62,609 | ||||||||||||
Gaming entertainment
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29,640 | 30,513 | 61,709 | 61,289 | ||||||||||||
Investment and other income
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101,273 | 96,944 | 178,969 | 253,262 | ||||||||||||
Net securities gains
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2,526 | 529,637 | 427,462 | 531,940 | ||||||||||||
2,141,645 | 753,441 | 4,565,933 | 1,037,475 | |||||||||||||
Expenses:
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||||||||||||||||
Cost of sales:
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||||||||||||||||
Beef processing services
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1,828,328 | – | 3,600,547 | – | ||||||||||||
Manufacturing
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52,254 | 57,952 | 103,197 | 112,205 | ||||||||||||
Direct operating expenses:
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||||||||||||||||
Oil and gas drilling services
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26,493 | 23,364 | 55,676 | 44,635 | ||||||||||||
Gaming entertainment
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22,647 | 22,353 | 45,037 | 43,822 | ||||||||||||
Interest
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21,373 | 27,837 | 50,241 | 56,814 | ||||||||||||
Salaries and incentive compensation
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18,162 | 33,059 | 64,652 | 49,295 | ||||||||||||
Depreciation and amortization
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40,855 | 18,579 | 80,351 | 36,341 | ||||||||||||
Selling, general and other expenses
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59,941 | 51,105 | 136,195 | 95,641 | ||||||||||||
2,070,053 | 234,249 | 4,135,896 | 438,753 | |||||||||||||
Income from continuing operations before income taxes
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||||||||||||||||
and income (losses) related to associated companies
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71,592 | 519,192 | 430,037 | 598,722 | ||||||||||||
Income taxes
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33,945 | 190,108 | 167,462 | 229,161 | ||||||||||||
Income from continuing operations before income (losses)
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||||||||||||||||
related to associated companies
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37,647 | 329,084 | 262,575 | 369,561 | ||||||||||||
Income (losses) related to associated companies, net of income
|
||||||||||||||||
tax provision (benefit) of $(123,896), $(80,144), $15,473
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||||||||||||||||
and $(96,268)
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(226,320 | ) | (145,796 | ) | 36,219 | (173,844 | ) | |||||||||
Income (loss) from continuing operations
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(188,673 | ) | 183,288 | 298,794 | 195,717 | |||||||||||
Income from discontinued operations, net of income tax
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||||||||||||||||
provision (benefit) of $485, $(271), $356 and $(1,134)
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905 | 2,325 | 673 | 603 | ||||||||||||
Gain on disposal of discontinued operations, net of income tax
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||||||||||||||||
provision of $0, $499, $0 and $499
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– | 845 | – | 924 | ||||||||||||
Net income (loss)
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(187,768 | ) | 186,458 | 299,467 | 197,244 | |||||||||||
Net (income) loss attributable to the noncontrolling interest
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297 | (149 | ) | 95 | (428 | ) | ||||||||||
Net (income) attributable to the redeemable noncontrolling interests
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(9,780 | ) | – | (5,936 | ) | – | ||||||||||
Net income (loss) attributable to Leucadia National
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||||||||||||||||
Corporation common shareholders
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$ | (197,251 | ) | $ | 186,309 | $ | 293,626 | $ | 196,816 |
For the Three Month
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For the Six Month
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|||||||||||||||
Period Ended June 30,
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Period Ended June 30,
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|||||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Basic earnings (loss) per common share attributable
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||||||||||||||||
to Leucadia National Corporation common shareholders:
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||||||||||||||||
Income (loss) from continuing operations
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$ | (.81 | ) | $ | .75 | $ | 1.20 | $ | .80 | |||||||
Income from discontinued operations
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– | .01 | – | – | ||||||||||||
Gain on disposal of discontinued operations
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– | – | – | .01 | ||||||||||||
Net income (loss)
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$ | (.81 | ) | $ | .76 | $ | 1.20 | $ | .81 | |||||||
Diluted earnings (loss) per common share attributable
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||||||||||||||||
to Leucadia National Corporation common shareholders:
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||||||||||||||||
Income (loss) from continuing operations
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$ | (.81 | ) | $ | .74 | $ | 1.18 | $ | .79 | |||||||
Income from discontinued operations
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– | .01 | – | – | ||||||||||||
Gain on disposal of discontinued operations
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– | – | – | .01 | ||||||||||||
Net income (loss)
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$ | (.81 | ) | $ | .75 | $ | 1.18 | $ | .80 | |||||||
Amounts attributable to Leucadia National Corporation
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||||||||||||||||
common shareholders:
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||||||||||||||||
Income (loss) from continuing operations, net of taxes
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$ | (198,156 | ) | $ | 183,139 | $ | 292,953 | $ | 195,289 | |||||||
Income from discontinued operations, net of taxes
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905 | 2,325 | 673 | 603 | ||||||||||||
Gain on disposal of discontinued operations, net of taxes
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– | 845 | – | 924 | ||||||||||||
Net income (loss)
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$ | (197,251 | ) | $ | 186,309 | $ | 293,626 | $ | 196,816 |
For the Three Month
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For the Six Month
|
|||||||||||||||
Period Ended June 30,
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Period Ended June 30,
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|||||||||||||||
2012
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2011
|
2012
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2011
|
|||||||||||||
Net income (loss)
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$ | (187,768 | ) | $ | 186,458 | $ | 299,467 | $ | 197,244 | |||||||
Other comprehensive income (loss):
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||||||||||||||||
Net unrealized holding gains (losses) on investments arising
|
||||||||||||||||
during the period, net of income tax provision (benefit) of
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||||||||||||||||
$(71,081), $22,319, $(80,282) and $(15,273)
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(128,028 | ) | 40,199 | (144,599 | ) | (27,508 | ) | |||||||||
Less: reclassification adjustment for net (gains) losses included
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||||||||||||||||
in net income (loss), net of income tax provision (benefit) of
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||||||||||||||||
$21, $193,537, $123,812 and $192,764
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(36 | ) | (348,584 | ) | (223,000 | ) | (347,193 | ) | ||||||||
Net change in unrealized holding gains (losses) on investments,
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||||||||||||||||
net of income tax provision (benefit) of $(71,102),
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||||||||||||||||
$(171,218), $(204,094) and $(208,037)
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(128,064 | ) | (308,385 | ) | (367,599 | ) | (374,701 | ) | ||||||||
Net unrealized foreign exchange gains (losses) arising during
|
||||||||||||||||
the period, net of income tax provision (benefit) of $(1,431),
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||||||||||||||||
$460, $(2,501) and $1,158
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(2,579 | ) | 828 | (4,506 | ) | 2,086 | ||||||||||
Less: reclassification adjustment for foreign exchange gains
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||||||||||||||||
(losses) included in net income (loss), net of income tax provision
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||||||||||||||||
(benefit) of $0, $0, $0 and $0
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– | – | – | – | ||||||||||||
Net change in unrealized foreign exchange gains (losses),
|
||||||||||||||||
net of income tax provision (benefit) of $(1,431), $460,
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||||||||||||||||
$(2,501) and $1,158
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(2,579 | ) | 828 | (4,506 | ) | 2,086 | ||||||||||
Net unrealized gains (losses) on derivatives arising during the
|
||||||||||||||||
period, net of income tax provision (benefit) of $4, $0,
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||||||||||||||||
$(85) and $0
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7 | – | (153 | ) | – | |||||||||||
Less: reclassification adjustment for derivative gains (losses)
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||||||||||||||||
included in net income (loss), net of income tax provision (benefit)
|
||||||||||||||||
of $0, $0, $0 and $0
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– | – | – | – | ||||||||||||
Net change in unrealized derivative gains (losses), net of income
|
||||||||||||||||
tax provision (benefit) of $4, $0, $(85) and $0
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7 | – | (153 | ) | – | |||||||||||
Net pension and postretirement gain (loss) arising during the
|
||||||||||||||||
period, net of income tax provision (benefit) of $0, $0,
|
||||||||||||||||
$0 and $0
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– | – | – | – | ||||||||||||
Less: amortization of actuarial net loss included in net periodic
|
||||||||||||||||
pension cost, net of income tax provision (benefit) of $433,
|
||||||||||||||||
$(2), $866 and $(3)
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778 | (5 | ) | 1,558 | (5 | ) | ||||||||||
Net change in pension liability and postretirement benefits,
|
||||||||||||||||
net of income tax provision (benefit) of $433, $(2), $866 and $(3)
|
778 | (5 | ) | 1,558 | (5 | ) | ||||||||||
Other comprehensive (loss), net of income taxes
|
(129,858 | ) | (307,562 | ) | (370,700 | ) | (372,620 | ) | ||||||||
Comprehensive (loss)
|
(317,626 | ) | (121,104 | ) | (71,233 | ) | (175,376 | ) | ||||||||
Comprehensive (income) loss attributable to the noncontrolling interest
|
297 | (149 | ) | 95 | (428 | ) | ||||||||||
Comprehensive (income) attributable to the redeemable
|
||||||||||||||||
noncontrolling interests
|
(9,780 | ) | – | (5,936 | ) | – | ||||||||||
Comprehensive (loss) attributable to Leucadia National
|
||||||||||||||||
Corporation common shareholders
|
$ | (327,109 | ) | $ | (121,253 | ) | $ | (77,074 | ) | $ | (175,804 | ) |
2012
|
2011
|
|||||||
Net cash flows from operating activities:
|
||||||||
Net income
|
$ | 299,467 | $ | 197,244 | ||||
Adjustments to reconcile net income to net cash provided by operations:
|
||||||||
Deferred income tax provision
|
162,844 | 121,608 | ||||||
Depreciation and amortization of property, equipment and leasehold improvements
|
52,690 | 33,146 | ||||||
Other amortization
|
41,804 | 15,352 | ||||||
Share-based compensation
|
7,339 | 14,460 | ||||||
Excess tax benefit from exercise of stock options
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– | (237 | ) | |||||
Provision for doubtful accounts
|
5,579 | 254 | ||||||
Net securities gains
|
(427,462 | ) | (531,940 | ) | ||||
(Income) losses related to associated companies
|
(51,692 | ) | 270,112 | |||||
Distributions from associated companies
|
46,058 | 32,441 | ||||||
Net gains related to real estate, property and equipment, and other assets
|
(7,607 | ) | (89,351 | ) | ||||
Income related to Fortescue’s Pilbara project, net of proceeds received
|
(8,928 | ) | (28,798 | ) | ||||
Gain on disposal of discontinued operations
|
– | (1,423 | ) | |||||
Change in estimated litigation reserve
|
– | (2,241 | ) | |||||
Net change in:
|
||||||||
Trade, notes and other receivables
|
(33,005 | ) | (7,810 | ) | ||||
Inventory
|
13,301 | 2,218 | ||||||
Prepaids and other assets
|
9,485 | 743 | ||||||
Trade payables and expense accruals
|
(45,502 | ) | (22,266 | ) | ||||
Other liabilities
|
2,959 | (4,104 | ) | |||||
Income taxes payable
|
(1,993 | ) | (1,933 | ) | ||||
Other
|
(2,168 | ) | 4,449 | |||||
Net cash provided by operating activities
|
63,169 | 1,924 | ||||||
Net cash flows from investing activities:
|
||||||||
Acquisitions of property, equipment and leasehold improvements
|
(32,821 | ) | (21,264 | ) | ||||
Acquisitions of and capital expenditures for real estate investments
|
(3,034 | ) | (6,190 | ) | ||||
Proceeds from disposals of real estate, property and equipment, and other assets
|
3,881 | 23,326 | ||||||
Net change in restricted cash
|
4,722 | 5,426 | ||||||
Proceeds from (payments related to) disposal of discontinued operations, net of
|
||||||||
expenses and cash of operations sold
|
(384 | ) | 1,702 | |||||
Acquisitions, net of cash acquired
|
– | (86,306 | ) | |||||
Advances on notes and other receivables
|
(1,928 | ) | (3,171 | ) | ||||
Collections on notes, loans and other receivables
|
11,269 | 10,112 | ||||||
Investments in associated companies
|
(1,258 | ) | (126,073 | ) | ||||
Capital distributions and loan repayment from associated companies
|
32,420 | 271,076 | ||||||
Purchases of investments (other than short-term)
|
(749,693 | ) | (1,232,513 | ) | ||||
Proceeds from maturities of investments
|
133,036 | 268,806 | ||||||
Proceeds from sales of investments
|
1,110,555 | 869,087 | ||||||
Other
|
1,650 | 3,498 | ||||||
Net cash provided by (used for) investing activities
|
508,415 | (22,484 | ) |
2012
|
2011
|
|||||||
Net cash flows from financing activities:
|
||||||||
Issuance of debt, net of issuance costs
|
$ | 35,632 | $ | 258,984 | ||||
Reduction of debt
|
(577,337 | ) | (143,836 | ) | ||||
Issuance of common shares
|
– | 6,853 | ||||||
Distributions to redeemable noncontrolling interests
|
(6,289 | ) | – | |||||
Excess tax benefit from exercise of stock options
|
– | 237 | ||||||
Other
|
(5,415 | ) | (3,926 | ) | ||||
Net cash provided by (used for) financing activities
|
(553,409 | ) | 118,312 | |||||
Net increase in cash and cash equivalents
|
18,175 | 97,752 | ||||||
Cash and cash equivalents at January 1,
|
168,490 | 441,340 | ||||||
Cash and cash equivalents at June 30,
|
$ | 186,665 | $ | 539,092 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$ | 62,271 | $ | 58,235 | ||||
Income tax payments, net
|
$ | 23,145 | $ | 13,042 |
Leucadia National Corporation Common Shareholders
|
||||||||||||||||||||||||||||
Common
|
Accumulated
|
|||||||||||||||||||||||||||
Shares
|
Additional
|
Other
|
||||||||||||||||||||||||||
$1 Par
|
Paid-In
|
Comprehensive
|
Retained
|
Noncontrolling
|
||||||||||||||||||||||||
Value
|
Capital
|
Income
|
Earnings
|
Subtotal
|
Interest
|
Total
|
||||||||||||||||||||||
Balance, January 1, 2011
|
$ | 243,808 | $ | 1,542,964 | $ | 1,687,363 | $ | 3,482,623 | $ | 6,956,758 | $ | 6,623 | $ | 6,963,381 | ||||||||||||||
Net income
|
196,816 | 196,816 | 428 | 197,244 | ||||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(372,620 | ) | (372,620 | ) | (372,620 | ) | ||||||||||||||||||||||
Contributions from noncontrolling interests
|
598 | 598 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
(4,369 | ) | (4,369 | ) | ||||||||||||||||||||||||
Change in interest in consolidated subsidiary
|
(1,624 | ) | (1,624 | ) | 1,474 | (150 | ) | |||||||||||||||||||||
Share-based compensation expense
|
14,460 | 14,460 | 14,460 | |||||||||||||||||||||||||
Exercise of warrants to purchase common
|
||||||||||||||||||||||||||||
shares
|
523 | (523 | ) | – | – | |||||||||||||||||||||||
Exercise of options to purchase common
|
||||||||||||||||||||||||||||
shares, including excess tax benefit
|
246 | 6,844 | 7,090 | 7,090 | ||||||||||||||||||||||||
Purchase of common shares for treasury
|
(4 | ) | (151 | ) | (155 | ) | (155 | ) | ||||||||||||||||||||
Balance, June 30, 2011
|
$ | 244,573 | $ | 1,561,970 | $ | 1,314,743 | $ | 3,679,439 | $ | 6,800,725 | $ | 4,754 | $ | 6,805,479 | ||||||||||||||
Balance, January 1, 2012
|
$ | 244,583 | $ | 1,570,684 | $ | 912,421 | $ | 3,446,708 | $ | 6,174,396 | $ | 3,865 | $ | 6,178,261 | ||||||||||||||
Net income
|
293,626 | 293,626 | (95 | ) | 293,531 | |||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(370,700 | ) | (370,700 | ) | (370,700 | ) | ||||||||||||||||||||||
Contributions from noncontrolling interests
|
129 | 129 | ||||||||||||||||||||||||||
Distributions to noncontrolling interests
|
(2,431 | ) | (2,431 | ) | ||||||||||||||||||||||||
Change in interest in consolidated subsidiary
|
(1,388 | ) | (1,388 | ) | 1,388 | – | ||||||||||||||||||||||
Change in fair value of redeemable
|
||||||||||||||||||||||||||||
noncontrolling interests
|
(10,990 | ) | (10,990 | ) | (10,990 | ) | ||||||||||||||||||||||
Share-based compensation expense
|
7,339 | 7,339 | 7,339 | |||||||||||||||||||||||||
Balance, June 30, 2012
|
$ | 244,583 | $ | 1,565,645 | $ | 541,721 | $ | 3,740,334 | $ | 6,092,283 | $ | 2,856 | $ | 6,095,139 |
1.
|
Significant Accounting Policies
|
2.
|
Acquisitions
|
For the Three
|
For the Six
|
|||||||
Month Period
|
Month Period
|
|||||||
Ended June 30, 2011
|
Ended June 30, 2011
|
|||||||
Revenues and other income
|
$ | 2,526,860 | $ | 4,463,740 | ||||
Net income attributable to Leucadia National Corporation
|
||||||||
common shareholders
|
$ | 212,219 | $ | 248,421 | ||||
Basic earnings per common share attributable to Leucadia National
|
||||||||
Corporation common shareholders
|
$ | .87 | $ | 1.02 | ||||
Diluted earnings per common share attributable to Leucadia National
|
||||||||
Corporation common shareholders
|
$ | .85 | $ | 1.00 |
3.
|
Segment Information
|
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income:
|
||||||||||||||||
Beef Processing Services
|
$ | 1,913,666 | $ | – | $ | 3,705,645 | $ | – | ||||||||
Manufacturing:
|
||||||||||||||||
Idaho Timber
|
40,579 | 41,773 | 81,708 | 82,013 | ||||||||||||
Conwed Plastics
|
22,991 | 22,870 | 43,589 | 46,439 | ||||||||||||
Oil and Gas Drilling Services
|
31,852 | 32,119 | 70,879 | 64,203 | ||||||||||||
Gaming Entertainment
|
29,642 | 30,520 | 61,715 | 61,302 | ||||||||||||
Domestic Real Estate
|
3,409 | 3,368 | 6,830 | 88,751 | ||||||||||||
Medical Product Development
|
125 | 82 | 199 | 173 | ||||||||||||
Other Operations
|
17,686 | 14,639 | 36,651 | 30,746 | ||||||||||||
Corporate
|
81,695 | 608,070 | 558,717 | 663,848 | ||||||||||||
Total consolidated revenues and other
|
||||||||||||||||
income
|
$ | 2,141,645 | $ | 753,441 | $ | 4,565,933 | $ | 1,037,475 | ||||||||
Income (loss) from continuing operations
|
||||||||||||||||
before income taxes:
|
||||||||||||||||
Beef Processing Services
|
$ | 46,937 | $ | – | $ | 29,340 | $ | – | ||||||||
Manufacturing:
|
||||||||||||||||
Idaho Timber
|
1,962 | (2,011 | ) | 4,330 | (1,995 | ) | ||||||||||
Conwed Plastics
|
2,953 | 1,740 | 5,400 | 5,030 | ||||||||||||
Oil and Gas Drilling Services
|
(4,460 | ) | 532 | (2,407 | ) | 4,103 | ||||||||||
Gaming Entertainment
|
1,721 | 2,697 | 5,984 | 8,493 | ||||||||||||
Domestic Real Estate
|
(2,073 | ) | (44 | ) | (3,182 | ) | 81,273 | |||||||||
Medical Product Development
|
(11,252 | ) | (9,449 | ) | (21,305 | ) | (13,443 | ) | ||||||||
Other Operations
|
(7,219 | ) | (7,422 | ) | (9,320 | ) | (13,993 | ) | ||||||||
Income (losses) related to associated
|
||||||||||||||||
companies
|
(350,216 | ) | (225,940 | ) | 51,692 | (270,112 | ) | |||||||||
Corporate
|
43,023 | 533,149 | 421,197 | 529,254 | ||||||||||||
Total consolidated income (loss) from
|
||||||||||||||||
continuing operations before income
|
||||||||||||||||
taxes
|
$ | (278,624 | ) | $ | 293,252 | $ | 481,729 | $ | 328,610 | |||||||
Depreciation and amortization expenses:
|
||||||||||||||||
Beef Processing Services
|
$ | 20,757 | $ | – | $ | 41,065 | $ | – | ||||||||
Manufacturing:
|
||||||||||||||||
Idaho Timber
|
1,334 | 1,323 | 2,662 | 2,644 | ||||||||||||
Conwed Plastics
|
1,351 | 1,687 | 2,686 | 3,483 | ||||||||||||
Oil and Gas Drilling Services
|
4,938 | 5,290 | 10,141 | 10,583 | ||||||||||||
Gaming Entertainment
|
4,269 | 4,140 | 8,514 | 8,384 | ||||||||||||
Domestic Real Estate
|
868 | 845 | 1,743 | 1,748 | ||||||||||||
Medical Product Development
|
213 | 212 | 423 | 421 | ||||||||||||
Other Operations
|
2,732 | 2,105 | 5,524 | 4,033 | ||||||||||||
Corporate
|
7,154 | 5,633 | 13,136 | 10,484 | ||||||||||||
Total consolidated depreciation and
|
||||||||||||||||
amortization expenses
|
$ | 43,616 | $ | 21,235 | $ | 85,894 | $ | 41,780 |
4.
|
Investments in Associated Companies
|
|
A summary of investments in associated companies at June 30, 2012 and December 31, 2011 is as follows:
|
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Investments in associated companies accounted for
|
||||||||
under the equity method of accounting:
|
||||||||
Jefferies High Yield Holdings, LLC (“JHYH”)
|
$ | 332,222 | $ | 323,262 | ||||
Berkadia Commercial Mortgage LLC (“Berkadia”)
|
174,737 | 193,496 | ||||||
Garcadia companies
|
74,562 | 72,303 | ||||||
Linkem S.p.A. (“Linkem”)
|
72,115 | 86,332 | ||||||
HomeFed Corporation (“HomeFed”)
|
46,931 | 47,493 | ||||||
Brooklyn Renaissance Plaza
|
32,304 | 31,931 | ||||||
Other
|
33,889 | 38,949 | ||||||
Total accounted for under the equity method of accounting
|
766,760 | 793,766 | ||||||
Investments in associated companies carried at fair value:
|
||||||||
Jefferies Group, Inc. (“Jefferies”)
|
753,498 | 797,583 | ||||||
Mueller Industries, Inc. (“Mueller”)
|
443,909 | 400,446 | ||||||
Total accounted for at fair value
|
1,197,407 | 1,198,029 | ||||||
Total investments in associated companies
|
$ | 1,964,167 | $ | 1,991,795 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Jefferies
|
$ | (334,985 | ) | $ | (239,813 | ) | $ | (35,384 | ) | $ | (319,515 | ) | ||||
Mueller
|
(28,767 | ) | – | 45,548 | – | |||||||||||
JHYH
|
4,579 | (1,003 | ) | 14,273 | 13,925 | |||||||||||
Berkadia
|
2,410 | 7,037 | 14,230 | 21,696 | ||||||||||||
Garcadia companies
|
8,888 | 4,703 | 16,982 | 8,998 | ||||||||||||
Linkem
|
(4,078 | ) | – | (8,268 | ) | – | ||||||||||
HomeFed
|
(447 | ) | (404 | ) | (562 | ) | (422 | ) | ||||||||
Brooklyn Renaissance Plaza
|
1,540 | 2,071 | 1,981 | 2,714 | ||||||||||||
Other
|
644 | 1,469 | 2,892 | 2,492 | ||||||||||||
Income (losses) related to associated
|
||||||||||||||||
companies before income taxes
|
(350,216 | ) | (225,940 | ) | 51,692 | (270,112 | ) | |||||||||
Income tax provision (benefit)
|
(123,896 | ) | (80,144 | ) | 15,473 | (96,268 | ) | |||||||||
Income (losses) related to associated
|
||||||||||||||||
companies, net of taxes
|
$ | (226,320 | ) | $ | (145,796 | ) | $ | 36,219 | $ | (173,844 | ) |
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Jefferies:
|
||||||||
Total revenues
|
$ | 1,952,900 | $ | 1,936,800 | ||||
Income from continuing operations before extraordinary items
|
140,600 | 168,000 | ||||||
Net income
|
140,600 | 168,000 | ||||||
JHYH:
|
||||||||
Total revenues
|
$ | 96,700 | $ | 90,100 | ||||
Income from continuing operations before extraordinary items
|
53,800 | 44,000 | ||||||
Net income
|
53,800 | 44,000 | ||||||
Berkadia:
|
||||||||
Total revenues
|
$ | 193,500 | $ | 167,700 | ||||
Income from continuing operations before extraordinary items
|
43,400 | 28,500 | ||||||
Net income
|
43,400 | 28,500 |
5.
|
Investments
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying Value
|
Carrying Value
|
|||||||||||||||
Amortized
|
and Estimated
|
Amortized
|
And Estimated
|
|||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||
Investments available for sale
|
$ | 189,467 | $ | 189,474 | $ | 146,594 | $ | 145,977 | ||||||||
Other investments, including accrued interest income
|
4,188 | 4,268 | 4,113 | 4,158 | ||||||||||||
Total current investments
|
$ | 193,655 | $ | 193,742 | $ | 150,707 | $ | 150,135 |
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
June 30, 2012
|
||||||||||||||||
Bonds and notes:
|
||||||||||||||||
U.S. Government and agencies
|
$ | 187,861 | $ | 9 | $ | 4 | $ | 187,866 | ||||||||
All other corporates
|
1,515 | 4 | 2 | 1,517 | ||||||||||||
Total fixed maturities
|
189,376 | 13 | 6 | 189,383 | ||||||||||||
Other investments
|
91 | – | – | 91 | ||||||||||||
Total current available for sale investments
|
$ | 189,467 | $ | 13 | $ | 6 | $ | 189,474 | ||||||||
December 31, 2011
|
||||||||||||||||
Bonds and notes:
|
||||||||||||||||
U.S. Government and agencies
|
$ | 139,940 | $ | 13 | $ | 1 | $ | 139,952 | ||||||||
All other corporates
|
5,649 | 70 | – | 5,719 | ||||||||||||
Total fixed maturities
|
145,589 | 83 | 1 | 145,671 | ||||||||||||
Other investments
|
1,005 | – | 699 | 306 | ||||||||||||
Total current available for sale investments
|
$ | 146,594 | $ | 83 | $ | 700 | $ | 145,977 |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying Value
|
Carrying Value
|
|||||||||||||||
Amortized
|
and Estimated
|
Amortized
|
And Estimated
|
|||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||
Investments available for sale:
|
||||||||||||||||
Fortescue
|
$ | 27,100 | $ | 153,438 | $ | 115,703 | $ | 569,256 | ||||||||
Inmet Mining Corporation (“Inmet”)
|
504,006 | 453,276 | 504,006 | 708,193 | ||||||||||||
Other investments available for sale
|
711,655 | 765,118 | 724,664 | 776,444 | ||||||||||||
Other investments:
|
||||||||||||||||
Private equity funds
|
81,481 | 81,481 | 85,528 | 85,528 | ||||||||||||
FMG Chichester Pty Ltd (“FMG”)
|
||||||||||||||||
zero coupon note component
|
43,237 | 43,237 | 40,801 | 40,801 | ||||||||||||
Other non-publicly traded investments
|
45,861 | 45,649 | 46,947 | 46,653 | ||||||||||||
Total non-current investments
|
$ | 1,413,340 | $ | 1,542,199 | $ | 1,517,649 | $ | 2,226,875 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Classified as investment and other income:
|
||||||||||||||||
Interest income on FMG Note
|
$ | 71,740 | $ | 67,103 | $ | 116,809 | $ | 104,516 | ||||||||
Interest accreted on zero-coupon note
|
||||||||||||||||
component
|
$ | 1,218 | $ | 1,083 | $ | 2,436 | $ | 2,165 | ||||||||
Amortization expense on prepaid mining interest
|
$ | 4,047 | $ | 3,034 | $ | 6,942 | $ | 5,150 |
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
June 30, 2012
|
||||||||||||||||
Bonds and notes:
|
||||||||||||||||
U.S. Government and agencies
|
$ | 2,541 | $ | – | $ | – | $ | 2,541 | ||||||||
U.S. Government-Sponsored Enterprises
|
560,274 | 15,572 | 22 | 575,824 | ||||||||||||
All other corporates
|
99,476 | 690 | 858 | 99,308 | ||||||||||||
Total fixed maturities
|
662,291 | 16,262 | 880 | 677,673 | ||||||||||||
Equity securities:
|
||||||||||||||||
Common stocks:
|
||||||||||||||||
Banks, trusts and insurance companies
|
24,751 | 23,020 | – | 47,771 | ||||||||||||
Industrial, miscellaneous and all other
|
555,719 | 141,720 | 51,051 | 646,388 | ||||||||||||
Total equity securities
|
580,470 | 164,740 | 51,051 | 694,159 | ||||||||||||
$ | 1,242,761 | $ | 181,002 | $ | 51,931 | $ | 1,371,832 | |||||||||
December 31, 2011
|
||||||||||||||||
Bonds and notes:
|
||||||||||||||||
U.S. Government-Sponsored Enterprises
|
$ | 609,617 | $ | 12,683 | $ | 109 | $ | 622,191 | ||||||||
All other corporates
|
66,960 | 636 | 1,054 | 66,542 | ||||||||||||
Total fixed maturities
|
676,577 | 13,319 | 1,163 | 688,733 | ||||||||||||
Equity securities:
|
||||||||||||||||
Common stocks:
|
||||||||||||||||
Banks, trusts and insurance companies
|
22,084 | 28,887 | – | 50,971 | ||||||||||||
Industrial, miscellaneous and all other
|
644,717 | 669,270 | 299 | 1,313,688 | ||||||||||||
Total equity securities
|
666,801 | 698,157 | 299 | 1,364,659 | ||||||||||||
Other investments
|
995 | – | 494 | 501 | ||||||||||||
$ | 1,344,373 | $ | 711,476 | $ | 1,956 | $ | 2,053,893 |
Amortized
|
Estimated
|
|||||||
Cost
|
Fair Value
|
|||||||
(In thousands)
|
||||||||
Due after one year through five years
|
$ | 21,947 | $ | 22,231 | ||||
Due after five years through ten years
|
– | – | ||||||
Due after ten years
|
– | – | ||||||
21,947 | 22,231 | |||||||
Mortgage-backed and asset-backed securities
|
640,344 | 655,442 | ||||||
$ | 662,291 | $ | 677,673 |
6.
|
Inventory
|
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Finished goods
|
$ | 238,822 | $ | 233,542 | ||||
Work in process
|
55,180 | 49,514 | ||||||
Raw materials, supplies and other
|
46,435 | 71,522 | ||||||
$ | 340,437 | $ | 354,578 |
7.
|
Intangible Assets, Net and Goodwill
|
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Intangibles:
|
||||||||
Customer and other relationships, net of accumulated amortization of
|
||||||||
$55,899 and $41,958
|
$ | 413,889 | $ | 426,603 | ||||
Trademarks and tradename, net of accumulated amortization of $8,609
|
||||||||
and $1,527
|
270,941 | 278,024 | ||||||
Cattle supply contracts, net of accumulated amortization of $4,786 and $0
|
138,814 | 143,500 | ||||||
Licenses, net of accumulated amortization of $3,210 and $2,917
|
8,788 | 9,081 | ||||||
Other, net of accumulated amortization of $5,159 and $5,095
|
1,198 | 1,262 | ||||||
Goodwill
|
18,805 | 18,119 | ||||||
$ | 852,435 | $ | 876,589 |
8.
|
Accumulated Other Comprehensive Income
|
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Net unrealized gains on investments
|
$ | 630,552 | $ | 998,151 | ||||
Net unrealized foreign exchange losses
|
(7,674 | ) | (3,168 | ) | ||||
Net unrealized losses on derivative instruments
|
(153 | ) | – | |||||
Net minimum pension liability
|
(81,656 | ) | (83,537 | ) | ||||
Net postretirement benefit
|
652 | 975 | ||||||
$ | 541,721 | $ | 912,421 |
9.
|
Pension Plans and Postretirement Benefits
|
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Interest cost
|
$ | 2,722 | $ | 2,800 | $ | 5,443 | $ | 5,631 | ||||||||
Expected return on plan assets
|
(2,073 | ) | (1,397 | ) | (4,146 | ) | (2,808 | ) | ||||||||
Actuarial loss
|
1,463 | 241 | 2,926 | 491 | ||||||||||||
Net pension expense
|
$ | 2,112 | $ | 1,644 | $ | 4,223 | $ | 3,314 |
10.
|
Share-Based Compensation
|
11.
|
Income Taxes
|
12.
|
Earnings (Loss) Per Common Share
|
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Numerator for earnings (loss) per share:
|
||||||||||||||||
Net income (loss) attributable to Leucadia
|
||||||||||||||||
National Corporation common shareholders for
|
||||||||||||||||
basic earnings (loss) per share
|
$ | (197,251 | ) | $ | 186,309 | $ | 293,626 | $ | 196,816 | |||||||
Interest on 3¾% Convertible Notes
|
– | 654 | 1,312 | 1,308 | ||||||||||||
Net income (loss) attributable to Leucadia
|
||||||||||||||||
National Corporation common shareholders for
|
||||||||||||||||
diluted earnings (loss) per share
|
$ | (197,251 | ) | $ | 186,963 | $ | 294,938 | $ | 198,124 | |||||||
Denominator for earnings (loss) per share:
|
||||||||||||||||
Denominator for basic earnings (loss) per share –
|
||||||||||||||||
weighted average shares
|
244,583 | 244,521 | 244,583 | 244,290 | ||||||||||||
Stock options
|
– | 225 | – | 195 | ||||||||||||
Warrants
|
– | – | – | 206 | ||||||||||||
3¾% Convertible Notes
|
– | 4,280 | 4,327 | 4,280 | ||||||||||||
Denominator for diluted earnings (loss) per share
|
244,583 | 249,026 | 248,910 | 248,971 |
13.
|
Indebtedness
|
14.
|
Fair Value
|
|
June 30, 2012
|
|||||||||||
Fair Value Measurements Using
|
||||||||||||
Total
Fair Value
Measurements
|
Quoted Prices in Active
Markets for Identical
Assets or Liabilities
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
||||||||||
Investments classified as current assets:
|
||||||||||||
Investments available for sale:
|
|
|||||||||||
Bonds and notes:
|
||||||||||||
U.S. Government and agencies
|
$ | 187,866 | $ | 187,866 | $ | – | ||||||
All other corporates
|
1,517 | 1,517 | – | |||||||||
Other
|
91 | – | 91 | |||||||||
Non-current investments:
|
||||||||||||
Investments available for sale:
|
||||||||||||
Bonds and notes:
|
||||||||||||
U.S. Government and agencies
|
2,541 | – | 2,541 | |||||||||
U.S. Government-Sponsored Enterprises
|
575,824 | – | 575,824 | |||||||||
All other corporates
|
99,308 | 62,733 | 36,575 | |||||||||
Equity securities:
|
||||||||||||
Common stocks:
|
||||||||||||
Banks, trusts and insurance companies
|
47,771 | 47,771 | – | |||||||||
Industrial, miscellaneous and all other
|
646,388 | 646,388 | – | |||||||||
Investments in associated companies
|
1,197,407 | 1,197,407 | – | |||||||||
Total
|
$ | 2,758,713 | $ | 2,143,682 | $ | 615,031 | ||||||
Commodity contracts - other current assets
|
$ | 6,974 | $ | 6,974 | $ | – | ||||||
Other current liabilities:
|
||||||||||||
Commodity contracts
|
$ | (4,453 | ) | $ | – | $ | (4,453 | ) | ||||
Other
|
(1,626 | ) | (1,626 | ) | – | |||||||
Total
|
$ | (6,079 | ) | $ | (1,626 | ) | $ | (4,453 | ) |
December 31, 2011
|
||||||||||||
Fair Value Measurements Using
|
||||||||||||
Total
Fair Value
Measurements
|
Quoted Prices in Active
Markets for Identical
Assets or Liabilities
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
||||||||||
Investments classified as current assets:
|
||||||||||||
Investments available for sale:
|
||||||||||||
Bonds and notes:
|
||||||||||||
U.S. Government and agencies
|
$ | 139,952 | $ | 139,952 | $ | – | ||||||
All other corporates
|
5,719 | 5,719 | – | |||||||||
Other
|
306 | – | 306 | |||||||||
Non-current investments:
|
||||||||||||
Investments available for sale:
|
||||||||||||
Bonds and notes:
|
||||||||||||
U.S. Government-Sponsored Enterprises
|
622,191 | – | 622,191 | |||||||||
All other corporates
|
66,542 | 26,703 | 39,839 | |||||||||
Equity securities:
|
||||||||||||
Common stocks:
|
||||||||||||
Banks, trusts and insurance companies
|
50,971 | 50,971 | – | |||||||||
Industrial, miscellaneous and all other
|
1,313,688 | 1,313,688 | – | |||||||||
Other
|
501 | – | 501 | |||||||||
Investments in associated companies
|
1,198,029 | 1,198,029 | – | |||||||||
Total
|
$ | 3,397,899 | $ | 2,735,062 | $ | 662,837 | ||||||
Commodity contracts - other current assets
|
$ | 3,816 | $ | 88 | $ | 3,728 | ||||||
Other current liabilities:
|
||||||||||||
Commodity contracts
|
$ | (2,802 | ) | $ | – | $ | (2,802 | ) | ||||
Other
|
(955 | ) | (955 | ) | – | |||||||
Total
|
$ | (3,757 | ) | $ | (955 | ) | $ | (2,802 | ) |
As of January 1, 2012
|
$ | 235,909 | ||
Income allocated to redeemable noncontrolling interests
|
5,936 | |||
Distributions to redeemable noncontrolling interests
|
(6,289 | ) | ||
Increase in fair value of redeemable noncontrolling interests
|
||||
charged to additional paid-in capital
|
10,990 | |||
Balance, June 30, 2012
|
$ | 246,546 |
Discount Rates
|
||||||||||||
11.76 | % | 12.01 | % | 12.26 | % | |||||||
Terminal Growth Rates
|
||||||||||||
1.75%
|
$ | 251.2 | $ | 243.4 | $ | 236.1 | ||||||
2.00%
|
$ | 254.4 | $ | 246.5 | $ | 238.9 | ||||||
2.25%
|
$ | 257.8 | $ | 249.7 | $ | 241.9 |
(a)
|
Investments: The fair values of marketable equity securities and fixed maturity securities (which include securities sold not owned) are substantially based on quoted market prices.
|
(b)
|
Cash and cash equivalents: For cash equivalents, the carrying amount approximates fair value.
|
(c)
|
Notes receivable: The fair values of variable rate notes receivable are estimated to be the carrying amount.
|
(d)
|
Long-term and other indebtedness: The fair values of non-variable rate debt are estimated using quoted market prices and estimated rates that would be available to the Company for debt with similar terms. The fair value of variable rate debt is estimated to be the carrying amount.
|
(e)
|
Redeemable noncontrolling interests: Redeemable noncontrolling interests at June 30, 2012 and at December 31, 2011 were valued as described above.
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
Financial Assets:
|
||||||||||||||||
Investments:
|
||||||||||||||||
Current
|
$ | 193,742 | $ | 193,742 | $ | 150,135 | $ | 150,135 | ||||||||
Non-current
|
1,542,199 | 1,542,199 | 2,226,875 | 2,226,875 | ||||||||||||
Cash and cash equivalents
|
186,665 | 186,665 | 168,490 | 168,490 | ||||||||||||
Notes receivable:
|
||||||||||||||||
Current
|
1,959 | 1,959 | 1,675 | 1,675 | ||||||||||||
Non-current
|
12,998 | 12,998 | 13,531 | 13,531 | ||||||||||||
Commodity contracts
|
6,974 | 6,974 | 3,816 | 3,816 | ||||||||||||
Financial Liabilities:
|
||||||||||||||||
Indebtedness:
|
||||||||||||||||
Current
|
411,097 | 411,097 | 447,612 | 447,612 | ||||||||||||
Non-current
|
1,370,845 | 1,461,272 | 1,875,571 | 1,944,879 | ||||||||||||
Securities sold not owned
|
1,626 | 1,626 | 955 | 955 | ||||||||||||
Commodity contracts
|
4,453 | 4,453 | 2,802 | 2,802 | ||||||||||||
Redeemable noncontrolling interests
|
246,546 | 246,546 | 235,909 | 235,909 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Income (loss) from continuing operations
|
||||||||||||||||
before income taxes and income (losses)
|
||||||||||||||||
related to associated companies:
|
||||||||||||||||
Beef Processing Services
|
$ | 46,937 | $ | – | $ | 29,340 | $ | – | ||||||||
Manufacturing:
|
||||||||||||||||
Idaho Timber
|
1,962 | (2,011 | ) | 4,330 | (1,995 | ) | ||||||||||
Conwed Plastics
|
2,953 | 1,740 | 5,400 | 5,030 | ||||||||||||
Oil and Gas Drilling Services
|
(4,460 | ) | 532 | (2,407 | ) | 4,103 | ||||||||||
Gaming Entertainment
|
1,721 | 2,697 | 5,984 | 8,493 | ||||||||||||
Domestic Real Estate
|
(2,073 | ) | (44 | ) | (3,182 | ) | 81,273 | |||||||||
Medical Product Development
|
(11,252 | ) | (9,449 | ) | (21,305 | ) | (13,443 | ) | ||||||||
Other Operations
|
(7,219 | ) | (7,422 | ) | (9,320 | ) | (13,993 | ) | ||||||||
Corporate
|
43,023 | 533,149 | 421,197 | 529,254 | ||||||||||||
Total consolidated income from continuing
|
||||||||||||||||
operations before income taxes and income
|
||||||||||||||||
(losses) related to associated companies
|
71,592 | 519,192 | 430,037 | 598,722 | ||||||||||||
Income (losses) related to associated companies
|
||||||||||||||||
before income taxes
|
(350,216 | ) | (225,940 | ) | 51,692 | (270,112 | ) | |||||||||
Total consolidated income (loss) from
|
||||||||||||||||
continuing operations before income taxes
|
(278,624 | ) | 293,252 | 481,729 | 328,610 | |||||||||||
Income taxes:
|
||||||||||||||||
Income from continuing operations before
|
||||||||||||||||
income (losses) related to associated companies
|
33,945 | 190,108 | 167,462 | 229,161 | ||||||||||||
Associated companies
|
(123,896 | ) | (80,144 | ) | 15,473 | (96,268 | ) | |||||||||
Total income taxes
|
(89,951 | ) | 109,964 | 182,935 | 132,893 | |||||||||||
Income (loss) from continuing operations
|
$ | (188,673 | ) | $ | 183,288 | $ | 298,794 | $ | 195,717 |
For the Three Month
|
For the Six Month
|
|||||||
Period Ended
|
Period Ended
|
|||||||
June 30, 2012
|
June 30, 2012
|
|||||||
Revenues and other income
|
$ | 1,913,666 | $ | 3,705,645 | ||||
Expenses:
|
||||||||
Cost of sales
|
1,828,328 | 3,600,547 | ||||||
Interest
|
3,284 | 6,300 | ||||||
Salaries and incentive compensation
|
6,577 | 13,154 | ||||||
Depreciation and amortization
|
20,757 | 41,065 | ||||||
Selling, general and other expenses
|
7,783 | 15,239 | ||||||
1,866,729 | 3,676,305 | |||||||
Income before income taxes
|
$ | 46,937 | $ | 29,340 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 40,579 | $ | 41,773 | $ | 81,708 | $ | 82,013 | ||||||||
Expenses:
|
||||||||||||||||
Cost of sales
|
35,212 | 40,800 | 70,937 | 78,036 | ||||||||||||
Salaries and incentive compensation
|
1,459 | 1,279 | 2,905 | 2,577 | ||||||||||||
Depreciation and amortization
|
1,038 | 1,033 | 2,072 | 2,067 | ||||||||||||
Selling, general and other expenses
|
908 | 672 | 1,464 | 1,328 | ||||||||||||
38,617 | 43,784 | 77,378 | 84,008 | |||||||||||||
Income (loss) before income taxes
|
$ | 1,962 | $ | (2,011 | ) | $ | 4,330 | $ | (1,995 | ) |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 22,991 | $ | 22,870 | $ | 43,589 | $ | 46,439 | ||||||||
Expenses:
|
||||||||||||||||
Cost of sales
|
17,042 | 17,152 | 32,260 | 34,169 | ||||||||||||
Salaries and incentive compensation
|
1,446 | 1,739 | 2,862 | 3,386 | ||||||||||||
Depreciation and amortization
|
57 | 82 | 113 | 164 | ||||||||||||
Selling, general and other expenses
|
1,493 | 2,157 | 2,954 | 3,690 | ||||||||||||
20,038 | 21,130 | 38,189 | 41,409 | |||||||||||||
Income before income taxes
|
$ | 2,953 | $ | 1,740 | $ | 5,400 | $ | 5,030 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 31,852 | $ | 32,119 | $ | 70,879 | $ | 64,203 | ||||||||
Expenses:
|
||||||||||||||||
Direct operating expenses
|
26,493 | 23,364 | 55,676 | 44,635 | ||||||||||||
Interest
|
30 | 27 | 53 | 89 | ||||||||||||
Salaries and incentive compensation
|
1,058 | 1,416 | 2,176 | 2,209 | ||||||||||||
Depreciation and amortization
|
4,938 | 5,290 | 10,141 | 10,583 | ||||||||||||
Selling, general and other expenses
|
3,793 | 1,490 | 5,240 | 2,584 | ||||||||||||
36,312 | 31,587 | 73,286 | 60,100 | |||||||||||||
Income (loss) before income taxes
|
$ | (4,460 | ) | $ | 532 | $ | (2,407 | ) | $ | 4,103 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 29,642 | $ | 30,520 | $ | 61,715 | $ | 61,302 | ||||||||
Expenses:
|
||||||||||||||||
Direct operating expenses
|
22,647 | 22,353 | 45,037 | 43,822 | ||||||||||||
Interest
|
– | 10 | – | 33 | ||||||||||||
Salaries and incentive compensation
|
580 | 605 | 1,262 | 1,239 | ||||||||||||
Depreciation and amortization
|
4,269 | 4,140 | 8,514 | 8,384 | ||||||||||||
Selling, general and other expenses
|
425 | 715 | 918 | (669 | ) | |||||||||||
27,921 | 27,823 | 55,731 | 52,809 | |||||||||||||
Income before income taxes
|
$ | 1,721 | $ | 2,697 | $ | 5,984 | $ | 8,493 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 3,409 | $ | 3,368 | $ | 6,830 | $ | 88,751 | ||||||||
Expenses:
|
||||||||||||||||
Interest
|
– | – | – | 34 | ||||||||||||
Depreciation and amortization
|
868 | 845 | 1,743 | 1,748 | ||||||||||||
Other operating expenses
|
4,614 | 2,567 | 8,269 | 5,696 | ||||||||||||
5,482 | 3,412 | 10,012 | 7,478 | |||||||||||||
Income (loss) before income taxes
|
$ | (2,073 | ) | $ | (44 | ) | $ | (3,182 | ) | $ | 81,273 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 125 | $ | 82 | $ | 199 | $ | 173 | ||||||||
Expenses:
|
||||||||||||||||
Salaries and incentive compensation
|
3,495 | 3,234 | 6,780 | 6,246 | ||||||||||||
Depreciation and amortization
|
213 | 212 | 423 | 421 | ||||||||||||
Selling, general and other expenses
|
7,669 | 6,085 | 14,301 | 6,949 | ||||||||||||
11,377 | 9,531 | 21,504 | 13,616 | |||||||||||||
Loss before income taxes
|
$ | (11,252 | ) | $ | (9,449 | ) | $ | (21,305 | ) | $ | (13,443 | ) |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income
|
$ | 17,686 | $ | 14,639 | $ | 36,651 | $ | 30,746 | ||||||||
Expenses:
|
||||||||||||||||
Salaries and incentive compensation
|
2,305 | 1,939 | 4,686 | 4,080 | ||||||||||||
Depreciation and amortization
|
1,561 | 1,343 | 3,144 | 2,489 | ||||||||||||
Selling, general and other expenses
|
21,039 | 18,779 | 38,141 | 38,170 | ||||||||||||
24,905 | 22,061 | 45,971 | 44,739 | |||||||||||||
Loss before income taxes
|
$ | (7,219 | ) | $ | (7,422 | ) | $ | (9,320 | ) | $ | (13,993 | ) |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues and other income (including net
|
||||||||||||||||
securities gains)
|
$ | 81,695 | $ | 608,070 | $ | 558,717 | $ | 663,848 | ||||||||
Expenses:
|
||||||||||||||||
Interest
|
18,059 | 27,799 | 43,888 | 56,657 | ||||||||||||
Salaries and incentive compensation
|
652 | 22,554 | 29,853 | 28,967 | ||||||||||||
Depreciation and amortization
|
7,154 | 5,633 | 13,136 | 10,484 | ||||||||||||
Selling, general and other expenses
|
12,807 | 18,935 | 50,643 | 38,486 | ||||||||||||
38,672 | 74,921 | 137,520 | 134,594 | |||||||||||||
Income before income taxes
|
$ | 43,023 | $ | 533,149 | $ | 421,197 | $ | 529,254 |
For the Three Month
|
For the Six Month
|
|||||||||||||||
Period Ended June 30,
|
Period Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Jefferies
|
$ | (334,985 | ) | $ | (239,813 | ) | $ | (35,384 | ) | $ | (319,515 | ) | ||||
Mueller
|
(28,767 | ) | – | 45,548 | – | |||||||||||
JHYH
|
4,579 | (1,003 | ) | 14,273 | 13,925 | |||||||||||
Berkadia
|
2,410 | 7,037 | 14,230 | 21,696 | ||||||||||||
Garcadia companies
|
8,888 | 4,703 | 16,982 | 8,998 | ||||||||||||
Linkem
|
(4,078 | ) | – | (8,268 | ) | – | ||||||||||
HomeFed
|
(447 | ) | (404 | ) | (562 | ) | (422 | ) | ||||||||
Brooklyn Renaissance Plaza
|
1,540 | 2,071 | 1,981 | 2,714 | ||||||||||||
Other
|
644 | 1,469 | 2,892 | 2,492 | ||||||||||||
Income (losses) related to associated companies
|
||||||||||||||||
before income taxes
|
(350,216 | ) | (225,940 | ) | 51,692 | (270,112 | ) | |||||||||
Income tax provision (benefit)
|
(123,896 | ) | (80,144 | ) | 15,473 | (96,268 | ) | |||||||||
Income (losses) related to associated companies,
|
||||||||||||||||
net of taxes
|
$ | (226,320 | ) | $ | (145,796 | ) | $ | 36,219 | $ | (173,844 | ) |
|
Item 6.
|
Exhibits.
|
|
10.1
|
Registration Rights Agreement, dated May 17, 2012, between Leucadia National Corporation and Mueller Industries, Inc.
|
|
31.1
|
Certification of Chairman of the Board and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.3
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Chairman of the Board and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of President pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.3
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
Financial statements from the Quarterly Report on Form 10-Q of Leucadia National Corporation for the quarter ended June 30, 2012, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Shareholders Equity and (vi) the Notes to Consolidated Financial Statements.
|
LEUCADIA NATIONAL CORPORATION | |||
(Registrant) | |||
Date: August 1, 2012
|
By:
|
/s/ Barbara L. Lowenthal | |
Name: Barbara L. Lowenthal | |||
Title: Vice President and Comptroller | |||
(Chief Accounting Officer) |
|
10.1
|
Registration Rights Agreement, dated May 17, 2012, between Leucadia National Corporation and Mueller Industries, Inc.
|
|
31.1
|
Certification of Chairman of the Board and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.3
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification of Chairman of the Board and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification of President pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.3
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
Financial statements from the Quarterly Report on Form 10-Q of Leucadia National Corporation for the quarter ended June 30, 2012, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Shareholders Equity and (vi) the Notes to Consolidated Financial Statements.
|
MUELLER INDUSTRIES, INC.
|
||||
By:
|
/s/ Gary Wilkerson
|
|||
Name:
|
Gary Wilkerson
|
|||
Title:
|
Vice President, General Counsel and Secretary
|
LEUCADIA NATIONAL CORPORATION
|
||||
By:
|
/s/ Joseph A. Orlando
|
|||
Name:
|
Joseph A. Orlando
|
|||
Title:
|
Vice President and Chief Financial Officer
|
[Transferee]
|
||
[By:]
|
||
Name:
|
||
[Title:]
|
|
CERTIFICATIONS
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Leucadia National Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: August 1, 2012
|
By:
|
/s/ Ian M. Cumming | |
Name: Ian M. Cumming | |||
Title: Chairman of the Board and | |||
Chief Executive Officer |
|
CERTIFICATIONS
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Leucadia National Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: August 1, 2012
|
By:
|
/s/ Joseph S. Steinberg | |
Name: Joseph S. Steinberg | |||
Title: President | |||
|
CERTIFICATIONS
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Leucadia National Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: August 1, 2012
|
By:
|
/s/ Joseph A. Orlando | |
Name: Joseph A. Orlando | |||
Title: Chief Financial Officer | |||
Date: August 1, 2012
|
By:
|
/s/ Ian M. Cumming | |
Name: Ian M. Cumming | |||
Title: Chairman of the Board and | |||
Chief Executive Officer |
Date: August 1, 2012
|
By:
|
/s/ Joseph S. Steinberg | |
Name: Joseph S. Steinberg | |||
Title: President | |||
Date: August 1, 2012
|
By:
|
/s/ Joseph A. Orlando | |
Name: Joseph A. Orlando | |||
Title: Chief Financial Officer | |||
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Income Taxes [Abstract] | ||||
Unrecognized tax benefits | $ 11,600 | $ 11,600 | ||
Interest included in unrecognized tax benefits | 3,900 | 3,900 | ||
Expected decrease in unrecognized tax benefits related to uncertain tax positions over next 12 months | 300 | 300 | ||
State income taxes | 3,975 | 8,300 | ||
Provision for foreign income taxes | $ 6,101 | $ 5,039 | $ 11,078 | $ 7,741 |
Intangible Assets, Net And Goodwill (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Intangible Assets [Line Items] | |||||
Amortization expense on intangible assets | $ 12,939 | $ 1,858 | $ 26,166 | $ 3,748 | |
Future amortization expense, 2012 | 26,210 | ||||
Future amortization expense, 2013 | 52,249 | ||||
Future amortization expense, 2014 | 52,210 | ||||
Future amortization expense, 2015 | 49,417 | ||||
Future amortization expense, 2016 | 47,651 | ||||
Goodwill | 18,805 | 18,805 | 18,119 | ||
Conwed Plastics [Member]
|
|||||
Intangible Assets [Line Items] | |||||
Goodwill | 8,151 | 8,151 | 8,151 | ||
Winery Operations [Member]
|
|||||
Intangible Assets [Line Items] | |||||
Goodwill | 1,053 | 1,053 | 1,053 | ||
National Beef [Member]
|
|||||
Intangible Assets [Line Items] | |||||
Goodwill | $ 9,601 | $ 9,601 | $ 8,915 |
Earnings (Loss) Per Common Share (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Convertible Notes [Member]
|
||||
Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share amount | 4,327,317 | |||
Convertible notes interest rate | 3.75% | 3.75% | 3.75% | 3.75% |
Warrants [Member]
|
||||
Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share amount | 4,000,000 | 2,000,000 | 4,000,000 | 1,000,000 |
Exercise price | $ 33.84 | $ 33.84 | $ 33.84 | $ 33.84 |
Stock Options [Member]
|
||||
Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share amount | 2,257,000 | 878,000 | 2,243,000 | 875,000 |
Earnings (Loss) Per Common Share (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Earnings (Loss) Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Computation |
|
Indebtedness (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2012
|
Jun. 30, 2012
Adjustable Rate Mortgage Pass Through Certificates [Member]
Y
|
Jun. 30, 2012
Repurchase Agreements [Member]
|
Mar. 31, 2012
7 1/8% Senior Notes Due 2017 [Member]
|
Mar. 31, 2012
8.65% Junior Subordinated Deferrable Interest Debentures [Member]
|
|
Debt Instrument [Line Items] | |||||
Interest rate | 7.125% | 8.65% | |||
Aggregate amount paid | $ 528,308 | ||||
Aggregate pre-tax losses | $ 23,972 | ||||
Weighted average interest rate | 0.30% | ||||
Portfolio weighted average life, years | 5 | ||||
Portfolio duration, years | 0.8 |
Acquisitions (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Operating Results |
|
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Accumulated Other Comprehensive Income [Line Items] | ||
Net unrealized gains on investments | $ 630,552 | $ 998,151 |
Net unrealized foreign exchange losses | (7,674) | (3,168) |
Net unrealized losses on derivative instruments | (153) | |
Total accumulated other comprehensive income | 541,721 | 912,421 |
Net Minimum Pension Liability [Member]
|
||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income (loss) related to defined benefit pension and other postretirement plans, net of tax | (81,656) | (83,537) |
Net Postretirement Benefit [Member]
|
||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income (loss) related to defined benefit pension and other postretirement plans, net of tax | $ 652 | $ 975 |
Investments (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Inmet Mining Corporation [Member]
|
Jul. 31, 2012
Fortescue [Member]
|
Jun. 30, 2012
Fortescue [Member]
|
Dec. 31, 2011
Fortescue [Member]
|
|
Schedule of Investments [Line Items] | ||||||||
Proceeds from sale of Fortescue common shares | $ 152,926,000 | |||||||
Net securities gain on sale of Fortescue common shares | 2,526,000 | 529,637,000 | 427,462,000 | 531,940,000 | 125,826,000 | |||
Shares of common stock owned | 11,042,413 | |||||||
Percentage of outstanding shares | 15.90% | |||||||
Investment in note receivable | 100,000,000 | |||||||
Percentage of iron ore revenue, net of government royalties, that is used to calculate interest on note | 4.00% | |||||||
Prepaid mining interest | 145,579,000 | 152,521,000 | ||||||
FMG note aggregate book value | 294,616,000 | 290,415,000 | ||||||
Payment from FMG of accrued interest | 105,128,000 | |||||||
Withholding taxes on interest | $ 11,681,000 |
Pension Plans And Postretirement Benefits (Schedule Of Pension Expense Related To Defined Benefit Pension Plans) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Pension Plans And Postretirement Benefits [Abstract] | ||||
Interest cost | $ 2,722 | $ 2,800 | $ 5,443 | $ 5,631 |
Expected return on plan assets | (2,073) | (1,397) | (4,146) | (2,808) |
Actuarial loss | 1,463 | 241 | 2,926 | 491 |
Net pension expense | $ 2,112 | $ 1,644 | $ 4,223 | $ 3,314 |
Inventory (Summary Of Inventory) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory [Abstract] | ||
Finished goods | $ 238,822 | $ 233,542 |
Work in process | 55,180 | 49,514 |
Raw materials, supplies and other | 46,435 | 71,522 |
Inventory, net | $ 340,437 | $ 354,578 |
Consolidated Statements Of Changes In Equity (USD $)
In Thousands |
Common Shares $1 Par Value [Member]
|
Additional Paid-In Capital [Member]
|
Accumulated Other Comprehensive Income [Member]
|
Retained Earnings [Member]
|
Subtotal [Member]
|
Noncontrolling Interest [Member]
|
Total
|
---|---|---|---|---|---|---|---|
Balance, at Dec. 31, 2010 | $ 243,808 | $ 1,542,964 | $ 1,687,363 | $ 3,482,623 | $ 6,956,758 | $ 6,623 | $ 6,963,381 |
Net income | 196,816 | 196,816 | 428 | 197,244 | |||
Other comprehensive loss, net of taxes | (372,620) | (372,620) | (372,620) | ||||
Contributions from noncontrolling interests | 598 | 598 | |||||
Distributions to noncontrolling interests | (4,369) | (4,369) | |||||
Change in interest in consolidated subsidiary | (1,624) | (1,624) | 1,474 | (150) | |||
Share-based compensation expense | 14,460 | 14,460 | 14,460 | ||||
Exercise of warrants to purchase common shares | 523 | (523) | |||||
Exercise of options to purchase common shares, including excess tax benefit | 246 | 6,844 | 7,090 | 7,090 | |||
Purchase of common shares for treasury | (4) | (151) | (155) | (155) | |||
Balance, at Jun. 30, 2011 | 244,573 | 1,561,970 | 1,314,743 | 3,679,439 | 6,800,725 | 4,754 | 6,805,479 |
Balance, at Dec. 31, 2011 | 244,583 | 1,570,684 | 912,421 | 3,446,708 | 6,174,396 | 3,865 | 6,178,261 |
Net income | 293,626 | 293,626 | (95) | 293,531 | |||
Other comprehensive loss, net of taxes | (370,700) | (370,700) | (370,700) | ||||
Contributions from noncontrolling interests | 129 | 129 | |||||
Distributions to noncontrolling interests | (2,431) | (2,431) | |||||
Change in interest in consolidated subsidiary | (1,388) | (1,388) | 1,388 | ||||
Change in fair value of redeemable noncontrolling interests | (10,990) | (10,990) | (10,990) | ||||
Share-based compensation expense | 7,339 | 7,339 | 7,339 | ||||
Balance, at Jun. 30, 2012 | $ 244,583 | $ 1,565,645 | $ 541,721 | $ 3,740,334 | $ 6,092,283 | $ 2,856 | $ 6,095,139 |