Condensed consolidating financial information (Tables)

3 Months Ended

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