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Condensed consolidating financial information (Tables) | 3 Months Ended
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Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Statements of Comprehensive Income (Loss) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 110.7 |  |  | $ | 185.5 |  |  | $ | — |  |  | $ | 296.2 |
Other customers | — |  |  | 157.5 |  |  | 0.8 |  |  | — |  |  | 158.3 |
Total net sales | — |  |  | 268.2 |  |  | 186.3 |  |  | — |  |  | 454.5 |
Cost of goods sold | — |  |  | 261.2 |  |  | 178.8 |  |  | — |  |  | 440.0 |
Gross profit | — |  |  | 7.0 |  |  | 7.5 |  |  | — |  |  | 14.5 |
Selling, general and administrative expenses | 10.0 |  |  | — |  |  | 0.7 |  |  | — |  |  | 10.7 |
Other operating expense - net | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Operating income (loss) | (10.0 | ) |  | 7.0 |  |  | 6.5 |  |  | — |  |  | 3.5 |
Interest expense | (5.1 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | (5.5 | )
Intercompany interest | 9.0 |  |  | 2.3 |  |  | (11.3 | ) |  | — |  |  | — |
Interest income | 0.2 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.5 |
Net gain (loss) on forward and derivative contracts | — |  |  | 0.3 |  |  | 0.4 |  |  | — |  |  | 0.7 |
Other income (expense) - net | 0.5 |  |  | — |  |  | (1.6 | ) |  | — |  |  | (1.1 | )
Income (loss) before income taxes and equity in earnings of joint ventures | (5.4 | ) |  | 9.2 |  |  | (5.7 | ) |  | — |  |  | (1.9 | )
Income tax (expense) benefit | (0.1 | ) |  | — |  |  | 1.1 |  |  | — |  |  | 1.0 |
Income (loss) before equity in earnings of joint ventures | (5.5 | ) |  | 9.2 |  |  | (4.6 | ) |  | — |  |  | (0.9 | )
Equity in earnings (loss) of joint ventures | 5.2 |  |  | (0.3 | ) |  | 0.6 |  |  | (4.9 | ) |  | 0.6 |
Net income (loss) | $ | (0.3 | ) |  | $ | 8.9 |  |  | $ | (4.0 | ) |  | $ | (4.9 | ) |  | $ | (0.3 | )
Other comprehensive income (loss) before income tax effect | 0.8 |  |  | 0.7 |  |  | 0.4 |  |  | (1.1 | ) |  | 0.8 |
Income tax effect | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Other comprehensive income (loss) | 0.4 |  |  | 0.7 |  |  | 0.4 |  |  | (1.1 | ) |  | 0.4 |
Total comprehensive income (loss) | $ | 0.1 |  |  | $ | 9.6 |  |  | $ | (3.6 | ) |  | $ | (6.0 | ) |  | $ | 0.1 |
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2017
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 131.1 |  |  | $ | 149.5 |  |  | $ | — |  |  | $ | 280.6 |
Other customers | — |  |  | 85.2 |  |  | — |  |  | — |  |  | 85.2 |
Total net sales | — |  |  | 216.3 |  |  | 149.5 |  |  | — |  |  | 365.8 |
Cost of goods sold | — |  |  | 213.8 |  |  | 135.1 |  |  | — |  |  | 348.9 |
Gross profit | — |  |  | 2.5 |  |  | 14.4 |  |  | — |  |  | 16.9 |
Selling, general and administrative expenses | 10.2 |  |  | — |  |  | 0.5 |  |  | — |  |  | 10.7 |
Other operating expense - net | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Operating income (loss) | (10.2 | ) |  | 2.5 |  |  | 12.9 |  |  | — |  |  | 5.2 |
Interest expense | (5.2 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | (5.6 | )
Intercompany interest | 9.0 |  |  | 2.1 |  |  | (11.1 | ) |  | — |  |  | — |
Interest income | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.2 |
Net gain (loss) on forward and derivative contracts | — |  |  | (15.8 | ) |  | (0.3 | ) |  | — |  |  | (16.1 | )
Other income (expense) - net | 0.8 |  |  | — |  |  | (0.4 | ) |  | — |  |  | 0.4 |
Income (loss) before income taxes and equity in earnings of joint ventures | (5.5 | ) |  | (11.6 | ) |  | 1.2 |  |  | — |  |  | (15.9 | )
Income tax (expense) benefit | 0.6 |  |  | 0.5 |  |  | (0.8 | ) |  | — |  |  | 0.3 |
Income (loss) before equity in earnings of joint ventures | (4.9 | ) |  | (11.1 | ) |  | 0.4 |  |  | — |  |  | (15.6 | )
Equity in earnings (loss) of joint ventures | (10.2 | ) |  | 0.8 |  |  | 0.5 |  |  | 9.4 |  |  | 0.5 |
Net income (loss) | $ | (15.1 | ) |  | $ | (10.3 | ) |  | $ | 0.9 |  |  | $ | 9.4 |  |  | $ | (15.1 | )
Other comprehensive income (loss) before income tax effect | 1.8 |  |  | 1.3 |  |  | 0.4 |  |  | (1.7 | ) |  | 1.8 |
Income tax effect | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Other comprehensive income (loss) | 0.7 |  |  | 1.3 |  |  | 0.4 |  |  | (1.7 | ) |  | 0.7 |
Total comprehensive income (loss) | $ | (14.4 | ) |  | $ | (9.0 | ) |  | $ | 1.3 |  |  | $ | 7.7 |  |  | $ | (14.4 | )
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet
As of March 31, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 8.5 |  |  | $ | (0.1 | ) |  | $ | 122.4 |  |  | $ | — |  |  | $ | 130.8 |
Restricted cash | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Accounts receivable - net | — |  |  | 83.2 |  |  | 0.2 |  |  | — |  |  | 83.4 |
Due from affiliates | — |  |  | 7.9 |  |  | 0.8 |  |  | — |  |  | 8.7 |
Inventories | 0.2 |  |  | 216.8 |  |  | 113.7 |  |  | — |  |  | 330.7 |
Prepaid and other current assets | 3.4 |  |  | 0.5 |  |  | 10.3 |  |  | — |  |  | 14.2 |
Total current assets | 12.1 |  |  | 309.1 |  |  | 247.4 |  |  | — |  |  | 568.6 |
Property, plant and equipment - net | 20.6 |  |  | 286.9 |  |  | 647.6 |  |  | — |  |  | 955.1 |
Investment in subsidiaries | 758.2 |  |  | 53.6 |  |  | — |  |  | (811.8 | ) |  | — |
Due from affiliates - long term | 546.1 |  |  | 339.6 |  |  | 9.4 |  |  | (895.1 | ) |  | — |
Other assets | 28.3 |  |  | 34.3 |  |  | 26.7 |  |  | (32.2 | ) |  | 57.1 |
TOTAL | $ | 1,365.3 |  |  | $ | 1,023.5 |  |  | $ | 931.1 |  |  | $ | (1,739.1 | ) |  | $ | 1,580.8 |
Accounts payable, trade | $ | 1.8 |  |  | $ | 55.3 |  |  | $ | 38.7 |  |  | $ | — |  |  | $ | 95.8 |
Due to affiliates | 0.7 |  |  | (0.5 | ) |  | 14.4 |  |  | — |  |  | 14.6 |
Accrued and other current liabilities | 20.2 |  |  | 16.6 |  |  | 31.2 |  |  | — |  |  | 68.0 |
Accrued employee benefits costs | 1.9 |  |  | 8.3 |  |  | 0.8 |  |  | — |  |  | 11.0 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 24.6 |  |  | 87.5 |  |  | 85.1 |  |  | — |  |  | 197.2 |
Senior notes payable | 248.3 |  |  | — |  |  | — |  |  | — |  |  | 248.3 |
Accrued pension benefits costs - less current portion | 39.2 |  |  | 17.9 |  |  | 12.5 |  |  | (32.2 | ) |  | 37.4 |
Accrued postretirement benefits costs - less current portion | 0.8 |  |  | 110.0 |  |  | 1.7 |  |  | — |  |  | 112.5 |
Due to affiliates - long term | 218.0 |  |  | 81.1 |  |  | 596.0 |  |  | (895.1 | ) |  | — |
Other liabilities | 4.0 |  |  | 28.1 |  |  | 22.4 |  |  | — |  |  | 54.5 |
Deferred taxes | — |  |  | 1.7 |  |  | 98.8 |  |  | — |  |  | 100.5 |
Total noncurrent liabilities | 510.3 |  |  | 238.8 |  |  | 731.4 |  |  | (927.3 | ) |  | 553.2 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 0.9 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 0.9 |
Other shareholders' equity | 829.5 |  |  | 697.2 |  |  | 114.5 |  |  | (811.7 | ) |  | 829.5 |
Total shareholders' equity | 830.4 |  |  | 697.2 |  |  | 114.6 |  |  | (811.8 | ) |  | 830.4 |
TOTAL | $ | 1,365.3 |  |  | $ | 1,023.5 |  |  | $ | 931.1 |  |  | $ | (1,739.1 | ) |  | $ | 1,580.8 |
Condensed Consolidating Balance Sheet
As of December 31, 2017
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 64.3 |  |  | $ | (0.1 | ) |  | $ | 103.0 |  |  | $ | — |  |  | $ | 167.2 |
Restricted cash | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Accounts receivable - net | — |  |  | 42.8 |  |  | 0.3 |  |  | — |  |  | 43.1 |
Due from affiliates | 0.1 |  |  | 10.3 |  |  | — |  |  | — |  |  | 10.4 |
Inventories | 0.2 |  |  | 205.1 |  |  | 112.2 |  |  | — |  |  | 317.5 |
Prepaid and other current assets | 3.3 |  |  | 0.8 |  |  | 10.6 |  |  | — |  |  | 14.7 |
Total current assets | 67.9 |  |  | 259.7 |  |  | 226.1 |  |  | — |  |  | 553.7 |
Property, plant and equipment - net | 19.4 |  |  | 295.8 |  |  | 656.7 |  |  | — |  |  | 971.9 |
Investment in subsidiaries | 751.8 |  |  | 54.0 |  |  | — |  |  | (805.8 | ) |  | — |
Due from affiliates - long term | 513.3 |  |  | 349.6 |  |  | 9.4 |  |  | (872.3 | ) |  | — |
Other assets | 28.0 |  |  | 34.1 |  |  | 25.9 |  |  | (32.0 | ) |  | 56.0 |
TOTAL | $ | 1,380.4 |  |  | $ | 993.2 |  |  | $ | 918.1 |  |  | $ | (1,710.1 | ) |  | $ | 1,581.6 |
Accounts payable, trade | $ | 6.3 |  |  | $ | 51.4 |  |  | $ | 32.2 |  |  | $ | — |  |  | $ | 89.9 |
Due to affiliates | 0.4 |  |  | 2.6 |  |  | 17.4 |  |  | — |  |  | 20.4 |
Accrued and other current liabilities | 16.0 |  |  | 19.3 |  |  | 26.1 |  |  | — |  |  | 61.4 |
Accrued employee benefits costs | 1.9 |  |  | 8.3 |  |  | 0.8 |  |  | — |  |  | 11.0 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 24.6 |  |  | 89.4 |  |  | 76.5 |  |  | — |  |  | 190.5 |
Senior notes payable | 248.2 |  |  | — |  |  | — |  |  | — |  |  | 248.2 |
Accrued pension benefits costs - less current portion | 39.5 |  |  | 18.3 |  |  | 13.1 |  |  | (32.0 | ) |  | 38.9 |
Accrued postretirement benefits costs - less current portion | 0.9 |  |  | 110.4 |  |  | 1.7 |  |  | — |  |  | 113.0 |
Other liabilities | 3.5 |  |  | 32.0 |  |  | 22.4 |  |  | — |  |  | 57.9 |
Due to affiliates - long term | 234.1 |  |  | 53.8 |  |  | 584.4 |  |  | (872.3 | ) |  | — |
Deferred taxes | — |  |  | 1.7 |  |  | 101.8 |  |  | — |  |  | 103.5 |
Total noncurrent liabilities | 526.2 |  |  | 216.2 |  |  | 723.4 |  |  | (904.3 | ) |  | 561.5 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 0.9 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 0.9 |
Other shareholders' equity | 828.7 |  |  | 687.6 |  |  | 118.1 |  |  | (805.7 | ) |  | 828.7 |
Total shareholders' equity | 829.6 |  |  | 687.6 |  |  | 118.2 |  |  | (805.8 | ) |  | 829.6 |
TOTAL | $ | 1,380.4 |  |  | $ | 993.2 |  |  | $ | 918.1 |  |  | $ | (1,710.1 | ) |  | $ | 1,581.6 |
Condensed Consolidating Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (26.8 | ) |  | $ | (26.8 | ) |  | $ | 20.6 |  |  | $ | — |  |  | $ | (33.0 | )
Purchase of property, plant and equipment | (1.5 | ) |  | (0.4 | ) |  | (1.6 | ) |  | — |  |  | (3.5 | )
Intercompany transactions | (23.8 | ) |  | — |  |  | — |  |  | 23.8 |  |  | — |
Net cash provided by (used in) investing activities | (25.3 | ) |  | (0.4 | ) |  | (1.6 | ) |  | 23.8 |  |  | (3.5 | )
Borrowings under revolving credit facilities | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Repayments under revolving credit facilities | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Issuance of common stock | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Intercompany transactions | (3.8 | ) |  | 27.2 |  |  | 0.4 |  |  | (23.8 | ) |  | — |
Net cash provided by (used in) financing activities | (3.7 | ) |  | 27.2 |  |  | 0.4 |  |  | (23.8 | ) |  | 0.1 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (55.8 | ) |  | — |  |  | 19.4 |  |  | — |  |  | (36.4 | )
Cash, cash equivalents and restricted cash, beginning of period | 64.3 |  |  | 0.7 |  |  | 103.0 |  |  | — |  |  | 168.0 |
Cash, cash equivalents and restricted cash, end of period | $ | 8.5 |  |  | $ | 0.7 |  |  | $ | 122.4 |  |  | $ | — |  |  | $ | 131.6 |
Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2017
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (1.1 | ) |  | $ | (21.8 | ) |  | $ | 11.6 |  |  | $ | — |  |  | $ | (11.3 | )
Purchase of property, plant and equipment | (4.4 | ) |  | (2.3 | ) |  | (2.3 | ) |  | — |  |  | (9.0 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 13.5 |  |  | — |  |  | 13.5 |
Intercompany transactions | 19.2 |  |  | 23.6 |  |  | (12.4 | ) |  | (30.4 | ) |  | — |
Net cash used in investing activities | 14.8 |  |  | 21.3 |  |  | (1.2 | ) |  | (30.4 | ) |  | 4.5 |
Borrowings under revolving credit facilities | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Repayments under revolving credit facilities | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Intercompany transactions | (11.2 | ) |  | 0.8 |  |  | (20.0 | ) |  | 30.4 |  |  | — |
Net cash provided by (used in) financing activities | (11.2 | ) |  | 0.8 |  |  | (20.0 | ) |  | 30.4 |  |  | — |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2.5 |  |  | 0.3 |  |  | (9.6 | ) |  | — |  |  | (6.8 | )
Cash, cash equivalents and restricted cash, beginning of period | 36.7 |  |  | 0.5 |  |  | 96.3 |  |  | — |  |  | 133.5 |
Cash, cash equivalents and restricted cash, end of period | $ | 39.2 |  |  | $ | 0.8 |  |  | $ | 86.7 |  |  | $ | — |  |  | $ | 126.7 |

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