Condensed consolidating financial information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	93.6		$	189.1		$	—		$	282.7
Other customers	—			185.8			1.5			—			187.3
Total net sales	—			279.4			190.6			—			470.0
Cost of goods sold	—			258.5			177.8			—			436.3
Gross profit	—			20.9			12.8			—			33.7
Selling, general and administrative expenses	11.4			—			0.6			—			12.0
Other operating expense - net	—			—			0.2			—			0.2
Operating income (loss)	(11.4		)	20.9			12.0			—			21.5
Interest expense	(5.1		)	(0.4		)	(0.1		)	—			(5.6		)
Intercompany interest	9.0			2.3			(11.3		)	—			—
Interest income	0.1			—			0.4			—			0.5
Net gain (loss) on forward and derivative contracts	—			0.4			0.8			—			1.2
Other income (expense) - net	—			(0.1		)	2.2			—			2.1
Income (loss) before income taxes and equity in earnings of joint ventures	(7.4		)	23.1			4.0			—			19.7
Income tax (expense) benefit	0.3			—			(2.6		)	—			(2.3		)
Income (loss) before equity in earnings of joint ventures	(7.1		)	23.1			1.4			—			17.4
Equity in earnings (loss) of joint ventures	26.5			(2.7		)	2.0			(23.8		)	2.0
Net income (loss)	19.4			20.4			3.4			(23.8		)	19.4
Other comprehensive income (loss) before income tax effect	3.0			2.8			0.3			(3.1		)	3.0
Income tax effect	(0.4		)	—			—			—			(0.4		)
Other comprehensive income (loss)	2.6			2.8			0.3			(3.1		)	2.6
Total comprehensive income (loss)	$	22.0		$	23.2		$	3.7		$	(26.9	)	$	22.0




Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended June 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	134.8		$	161.5		$	—		$	296.3
Other customers	—			92.5			—			—			92.5
Total net sales	—			227.3			161.5			—			388.8
Cost of goods sold	—			220.5			145.8			—			366.3
Gross profit	—			6.8			15.7			—			22.5
Selling, general and administrative expenses	8.9			—			0.5			—			9.4
Other operating expense - net	—			—			0.2			—			0.2
Operating income (loss)	(8.9		)	6.8			15.0			—			12.9
Interest expense	(5.0		)	(0.4		)	(0.1		)	—			(5.5		)
Intercompany interest	9.2			2.1			(11.3		)	—			—
Interest income	0.0			0.0			0.3			—			0.3
Net gain (loss) on forward and derivative contracts	—			2.7			0.3			—			3.0
Other income (expense) - net	(0.1		)	0.1			(1.9		)	—			(1.9		)
Income (loss) before income taxes and equity in earnings of joint ventures	(4.8		)	11.3			2.3			—			8.8
Income tax (expense) benefit	0.6			(0.5		)	(1.5		)	—			(1.4		)
Income (loss) before equity in earnings of joint ventures	(4.2		)	10.8			0.8			—			7.4
Equity in earnings (loss) of joint ventures	11.3			1.7			(0.2		)	(13.1		)	(0.3		)
Net income (loss)	7.1			12.5			0.6			(13.1		)	7.1
Other comprehensive income (loss) before income tax effect	(0.1		)	(1.5		)	0.5			1.0			(0.1		)
Income tax effect	0.3			—			0.0			0.0			0.3
Other comprehensive income (loss)	0.2			(1.5		)	0.5			1.0			0.2
Total comprehensive income (loss)	$	7.3		$	11.0		$	1.1		$	(12.1	)	$	7.3




Condensed Consolidating Statements of Comprehensive Income (Loss)
For the six months ended June 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	204.4		$	374.6		$	—		$	579.0
Other customers	—			343.2			2.3			—			345.5
Total net sales	—			547.6			376.9			—			924.5
Cost of goods sold	—			519.6			356.6			—			876.2
Gross profit	—			28.0			20.3			—			48.3
Selling, general and administrative expenses	21.4			—			1.3			—			22.7
Other operating expense - net	—			—			0.6			—			0.6
Operating income (loss)	(21.4		)	28.0			18.4			—			25.0
Interest expense	(10.3		)	(0.8		)	(0.1		)	—			(11.2		)
Intercompany interest	18.1			4.6			(22.7		)	—			—
Interest income	0.2			—			0.7			—			0.9
Net gain (loss) on forward and derivative contracts	—			0.7			1.2			—			1.9
Other income (expense) - net	0.7			(0.2		)	0.8			—			1.3
Income (loss) before income taxes and equity in earnings of joint ventures	(12.7		)	32.3			(1.7		)	—			17.9
Income tax (expense) benefit	0.1			—			(1.5		)	—			(1.4		)
Income (loss) before equity in earnings of joint ventures	(12.6		)	32.3			(3.2		)	—			16.5
Equity in earnings (loss) of joint ventures	31.7			(3.1		)	2.6			(28.6		)	2.6
Net income (loss)	19.1			29.2			(0.6		)	(28.6		)	19.1
Other comprehensive income (loss) before income tax effect	3.8			3.5			0.8			(4.3		)	3.8
Income tax effect	(0.8		)	—			—			—			(0.8		)
Other comprehensive income (loss)	3.0			3.5			0.8			(4.3		)	3.0
Total comprehensive income (loss)	$	22.1		$	32.7		$	0.2		$	(32.9	)	$	22.1




Condensed Consolidating Statements of Comprehensive Income (Loss)
For the six months ended June 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	265.9		$	310.9		$	—		$	576.8
Other customers	—			177.7			0.1			—			177.8
Total net sales	—			443.6			311.0			—			754.6
Cost of goods sold	—			434.3			281.0			—			715.3
Gross profit	—			9.3			30.0			—			39.3
Selling, general and administrative expenses	19.1			—			1.0			—			20.1
Other operating expense - net	—			—			1.1			—			1.1
Operating income (loss)	(19.1		)	9.3			27.9			—			18.1
Interest expense	(10.2		)	(0.7		)	(0.1		)	—			(11.0		)
Intercompany interest	18.2			4.2			(22.4		)	—			—
Interest income	0.1			0.0			0.4			—			0.5
Net gain (loss) on forward and derivative contracts	—			(13.2		)	0.0			—			(13.2		)
Other income (expense) - net	0.7			0.2			(2.4		)	—			(1.5		)
Income (loss) before income taxes and equity in earnings of joint ventures	(10.3		)	(0.2		)	3.4			—			(7.1		)
Income tax (expense) benefit	1.1			—			(2.2		)	—			(1.1		)
Income (loss) before equity in earnings of joint ventures	(9.2		)	(0.2		)	1.2			—			(8.2		)
Equity in earnings (loss) of joint ventures	1.2			2.5			0.2			(3.7		)	0.2
Net income (loss)	(8.0		)	2.3			1.4			(3.7		)	(8.0		)
Other comprehensive income (loss) before income tax effect	1.6			(0.2		)	0.8			(0.6		)	1.6
Income tax effect	(0.7		)	—			0.1			(0.1		)	(0.7		)
Other comprehensive income (loss)	0.9			(0.2		)	0.9			(0.7		)	0.9
Total comprehensive income (loss)	$	(7.1	)	$	2.1		$	2.3		$	(4.4	)	$	(7.1	)

Condensed Consolidating Balance Sheet




Condensed Consolidating Balance Sheet
As of June 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	27.3		$	(0.1	)	$	96.8	$	—		$	124.0
Restricted cash	—			0.8			—		—			0.8
Accounts receivable - net	—			96.3			0.3		—			96.6
Due from affiliates	—			6.6			—		—			6.6
Inventories	0.2			223.5			139.3		—			363.0
Prepaid and other current assets	3.0			0.5			12.4		—			15.9
Total current assets	30.5			327.6			248.8		—			606.9
Property, plant and equipment - net	21.6			288.0			638.3		—			947.9
Investment in subsidiaries	788.0			50.9			—		(838.9		)	—
Due from affiliates - long term	513.9			333.4			9.9		(857.2		)	—
Other assets	28.7			34.6			31.2		(32.4		)	62.1
TOTAL	$	1,382.7		$	1,034.5		$	928.2	$	(1,728.5	)	$	1,616.9

Accounts payable, trade	$	2.0		$	70.3		$	51.7	$	—		$	124.0
Due to affiliates	0.8			—			1.8		—			2.6
Accrued and other current liabilities	15.9			19.2			29.3		—			64.4
Accrued employee benefits costs	1.9			8.3			0.8		—			11.0
Industrial revenue bonds	—			7.8			—		—			7.8
Total current liabilities	20.6			105.6			83.6		—			209.8
Senior notes payable	248.4			—			—		—			248.4
Accrued pension benefits costs - less current portion	38.6			17.6			11.9		(32.4		)	35.7
Accrued postretirement benefits costs - less current portion	0.8			107.6			1.6		—			110.0
Due to affiliates - long term	216.3			52.0			588.9		(857.2		)	—
Other liabilities	5.2			29.6			22.8		—			57.6
Deferred taxes	(0.3		)	1.8			100.8		—			102.3
Total noncurrent liabilities	509.0			208.6			726.0		(889.6		)	554.0
Preferred stock	0.0			—			—		—			0.0
Common stock	0.9			—			0.1		(0.1		)	0.9
Other shareholders' equity	852.2			720.3			118.5		(838.8		)	852.2
Total shareholders' equity	853.1			720.3			118.6		(838.9		)	853.1
TOTAL	$	1,382.7		$	1,034.5		$	928.2	$	(1,728.5	)	$	1,616.9




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 six months ended June 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(42.9	)	$	(2.9	)	$	15.4		$	—		$	(30.4	)
Purchase of property, plant and equipment	(4.2		)	(5.5		)	(3.3		)	—			(13.0		)
Intercompany transactions	17.2			10.2			(0.4		)	(27.0		)	—
Net cash provided by (used in) investing activities	13.0			4.7			(3.7		)	(27.0		)	(13.0		)
Issuance of common stock	0.2			—			—			—			0.2
Intercompany transactions	(7.3		)	(1.8		)	(17.9		)	27.0			—
Net cash provided by (used in) financing activities	(7.1		)	(1.8		)	(17.9		)	27.0			0.2
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(37.0		)	—			(6.2		)	—			(43.2		)
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	$	27.3		$	0.7		$	96.8		$	—		$	124.8




Condensed Consolidating Statement of Cash Flows
For the six months ended June 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(8.0	)	$	(25.9	)	$	37.0		$	—		$	3.1
Purchase of property, plant and equipment	(7.8		)	(5.0		)	(6.1		)	—			(18.9		)
Proceeds from sale of property, plant and equipment	—			—			13.6			—			13.6
Intercompany transactions	11.8			(27.9		)	(12.1		)	28.2			—
Net cash used in investing activities	4.0			(32.9		)	(4.6		)	28.2			(5.3		)
Borrowings under revolving credit facilities	0.7			—			—			—			0.7
Repayments under revolving credit facilities	(0.7		)	—			—			—			(0.7		)
Issuance of common stock	0.2			—			—			—			0.2
Intercompany transactions	(3.6		)	58.8			(27.0		)	(28.2		)	—
Net cash provided by (used in) financing activities	(3.4		)	58.8			(27.0		)	(28.2		)	0.2
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(7.4		)	0.0			5.4			—			(2.0		)
Cash, cash equivalents and restricted cash, beginning of period	36.8			0.5			96.2			—			133.5
Cash, cash equivalents and restricted cash, end of period	$	29.4		$	0.5		$	101.6		$	—		$	131.5