XML 46 R34.htm IDEA: XBRL DOCUMENT
v3.19.1

Condensed Consolidating Financial Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Statements of Comprehensive Income (Loss) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 152.5 |  |  | $ | 158.8 |  |  | $ | — |  |  | $ | 311.3 |
Other customers | — |  |  | 172.7 |  |  | 6.0 |  |  | — |  |  | 178.7 |
Total net sales | — |  |  | 325.2 |  |  | 164.8 |  |  | — |  |  | 490.0 |
Cost of goods sold | — |  |  | 327.2 |  |  | 175.6 |  |  | — |  |  | 502.8 |
Gross profit (loss) | — |  |  | (2.0 | ) |  | (10.8 | ) |  | — |  |  | (12.8 | )
Selling, general and administrative expenses | 14.1 |  |  | — |  |  | 0.6 |  |  | — |  |  | 14.7 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Operating income (loss) | (14.1 | ) |  | (2.0 | ) |  | (11.7 | ) |  | — |  |  | (27.8 | )
Interest expense | (5.4 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | (5.8 | )
Intercompany interest | 8.7 |  |  | 2.5 |  |  | (11.2 | ) |  | — |  |  | — |
Interest income | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Net gain (loss) on forward and derivative contracts | (4.7 | ) |  | 0.4 |  |  | (1.4 | ) |  | — |  |  | (5.7 | )
Other income (expense) - net | 0.8 |  |  | (0.5 | ) |  | 0.8 |  |  | — |  |  | 1.1 |
Income (loss) before income taxes and equity in earnings of joint ventures | (14.7 | ) |  | — |  |  | (23.3 | ) |  | — |  |  | (38.0 | )
Income tax (expense) benefit | 1.0 |  |  | — |  |  | 1.9 |  |  | — |  |  | 2.9 |
Income (loss) before equity in earnings of joint ventures | (13.7 | ) |  | — |  |  | (21.4 | ) |  | — |  |  | (35.1 | )
Equity in earnings (loss) of joint ventures | (20.9 | ) |  | 0.3 |  |  | 0.5 |  |  | 20.6 |  |  | 0.5 |
Net income (loss) | (34.6 | ) |  | 0.3 |  |  | (20.9 | ) |  | 20.6 |  |  | (34.6 | )
Other comprehensive income (loss) before income tax effect | 0.6 |  |  | 0.6 |  |  | 0.3 |  |  | (0.9 | ) |  | 0.6 |
Income tax effect | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Other comprehensive income (loss) | 0.3 |  |  | 0.6 |  |  | 0.3 |  |  | (0.9 | ) |  | 0.3 |
Total comprehensive income (loss) | $ | (34.3 | ) |  | $ | 0.9 |  |  | $ | (20.6 | ) |  | $ | 19.7 |  |  | $ | (34.3 | )
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 (loss) | — |  |  | 7.0 |  |  | 7.5 |  |  | — |  |  | 14.5 |
Selling, general and administrative expenses | 10.0 |  |  | — |  |  | 0.7 |  |  | — |  |  | 10.7 |
Other operating (income) 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 Balance Sheet |
Condensed Consolidating Balance Sheet
As of March 31, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | (0.1 | ) |  | $ | 0.1 |  |  | $ | 22.2 |  |  |  |  |  | $ | 22.2 |
Restricted cash | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Accounts receivable - net | 0.1 |  |  | 90.5 |  |  | 0.3 |  |  | — |  |  | 90.9 |
Due from affiliates | — |  |  | 21.4 |  |  | 2.4 |  |  | — |  |  | 23.8 |
Inventories | — |  |  | 202.7 |  |  | 124.7 |  |  | — |  |  | 327.4 |
Prepaid and other current assets | 9.3 |  |  | 0.8 |  |  | 8.1 |  |  | — |  |  | 18.2 |
Total current assets | 9.3 |  |  | 316.3 |  |  | 157.7 |  |  | — |  |  | 483.3 |
Property, plant and equipment - net | 20.1 |  |  | 318.8 |  |  | 621.2 |  |  | — |  |  | 960.1 |
Investment in subsidiaries | 648.1 |  |  | 54.8 |  |  | — |  |  | (702.9 | ) |  | — |
Leases - right of use asset | 6.1 |  |  | 1.4 |  |  | 17.1 |  |  |  |  | 24.6 |
Due from affiliates - long term | 830.5 |  |  | 590.8 |  |  | 7.0 |  |  | (1,428.3 | ) |  | — |
Other assets | 30.3 |  |  | 2.1 |  |  | 30.0 |  |  | — |  |  | 62.4 |
TOTAL | $ | 1,544.4 |  |  | $ | 1,284.2 |  |  | $ | 833.0 |  |  | $ | (2,131.2 | ) |  | $ | 1,530.4 |
Accounts payable, trade | $ | 2.7 |  |  | $ | 85.0 |  |  | $ | 25.5 |  |  | $ | — |  |  | $ | 113.2 |
Due to affiliates | — |  |  | — |  |  | 3.1 |  |  | — |  |  | 3.1 |
Accrued and other current liabilities | 26.5 |  |  | 16.7 |  |  | 16.0 |  |  | — |  |  | 59.2 |
Accrued employee benefits costs | 1.9 |  |  | 8.3 |  |  | 0.8 |  |  | — |  |  | 11.0 |
Revolving credit facility | 35.3 |  |  | — |  |  | — |  |  | — |  |  | 35.3 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 66.4 |  |  | 117.8 |  |  | 45.4 |  |  | — |  |  | 229.6 |
Senior notes payable | 248.8 |  |  | — |  |  | — |  |  | — |  |  | 248.8 |
Accrued pension benefits costs - less current portion | 22.9 |  |  | 20.5 |  |  | 6.5 |  |  | — |  |  | 49.9 |
Accrued postretirement benefits costs - less current portion | 0.7 |  |  | 98.4 |  |  | 1.6 |  |  | — |  |  | 100.7 |
Due to affiliates - long term | 466.1 |  |  | 392.5 |  |  | 569.7 |  |  | (1,428.3 | ) |  | — |
Other liabilities | 5.9 |  |  | 22.7 |  |  | 19.8 |  |  | — |  |  | 48.4 |
Leases - right of use liabilities | 5.8 |  |  | 0.3 |  |  | 16.7 |  |  | — |  |  | 22.8 |
Deferred taxes | (0.3 | ) |  | 1.8 |  |  | 100.6 |  |  | — |  |  | 102.1 |
Total noncurrent liabilities | 749.9 |  |  | 536.2 |  |  | 714.9 |  |  | (1,428.3 | ) |  | 572.7 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 1.0 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 1.0 |
Other shareholders' equity | 727.1 |  |  | 630.2 |  |  | 72.6 |  |  | (702.8 | ) |  | 727.1 |
Total shareholders' equity | 728.1 |  |  | 630.2 |  |  | 72.7 |  |  | (702.9 | ) |  | 728.1 |
TOTAL | $ | 1,544.4 |  |  | $ | 1,284.2 |  |  | $ | 833.0 |  |  | $ | (2,131.2 | ) |  | $ | 1,530.4 |
Condensed Consolidating Balance Sheet
As of December 31, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 0.1 |  |  | $ | — |  |  | $ | 38.8 |  |  | $ | — |  |  | $ | 38.9 |
Restricted cash | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Accounts receivable - net | 0.5 |  |  | 81.8 |  |  | 0.2 |  |  | — |  |  | 82.5 |
Due from affiliates | — |  |  | 13.1 |  |  | 9.6 |  |  | — |  |  | 22.7 |
Inventories | — |  |  | 210.7 |  |  | 133.1 |  |  | — |  |  | 343.8 |
Prepaid and other current assets | 6.4 |  |  | 3.4 |  |  | 8.2 |  |  | — |  |  | 18.0 |
Total current assets | 7.0 |  |  | 309.8 |  |  | 189.9 |  |  | — |  |  | 506.7 |
Property, plant and equipment - net | 20.6 |  |  | 320.7 |  |  | 626.0 |  |  | — |  |  | 967.3 |
Investment in subsidiaries | 668.3 |  |  | 54.5 |  |  | — |  |  | (722.8 | ) |  | — |
Due from affiliates - long term | 751.7 |  |  | 517.6 |  |  | 7.2 |  |  | (1,276.5 | ) |  | — |
Other assets | 29.8 |  |  | 2.1 |  |  | 31.6 |  |  | — |  |  | 63.5 |
TOTAL | $ | 1,477.4 |  |  | $ | 1,204.7 |  |  | $ | 854.7 |  |  | $ | (1,999.3 | ) |  | $ | 1,537.5 |
Accounts payable, trade | $ | 3.7 |  |  | $ | 84.1 |  |  | $ | 31.6 |  |  | $ | — |  |  | $ | 119.4 |
Due to affiliates | — |  |  | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
Accrued and other current liabilities | 15.8 |  |  | 22.8 |  |  | 13.9 |  |  | — |  |  | 52.5 |
Accrued employee benefits costs | 1.9 |  |  | 8.3 |  |  | 0.8 |  |  | — |  |  | 11.0 |
Revolving credit facility | 23.3 |  |  | — |  |  | — |  |  | — |  |  | 23.3 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 44.7 |  |  | 123.0 |  |  | 56.6 |  |  | — |  |  | 224.3 |
Senior notes payable | 248.6 |  |  | — |  |  | — |  |  | — |  |  | 248.6 |
Accrued pension benefits costs - less current portion | 23.2 |  |  | 20.7 |  |  | 7.0 |  |  | — |  |  | 50.9 |
Accrued postretirement benefits costs - less current portion | 0.7 |  |  | 98.9 |  |  | 1.6 |  |  | — |  |  | 101.2 |
Other liabilities | 2.8 |  |  | 23.5 |  |  | 19.7 |  |  | — |  |  | 46.0 |
Due to affiliates - long term | 395.4 |  |  | 307.6 |  |  | 573.5 |  |  | (1,276.5 | ) |  | — |
Deferred taxes | (0.2 | ) |  | 1.8 |  |  | 102.7 |  |  | — |  |  | 104.3 |
Total noncurrent liabilities | 670.5 |  |  | 452.5 |  |  | 704.5 |  |  | (1,276.5 | ) |  | 551.0 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 1.0 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 1.0 |
Other shareholders' equity | 761.2 |  |  | 629.2 |  |  | 93.5 |  |  | (722.7 | ) |  | 761.2 |
Total shareholders' equity | 762.2 |  |  | 629.2 |  |  | 93.6 |  |  | (722.8 | ) |  | 762.2 |
TOTAL | $ | 1,477.4 |  |  | $ | 1,204.7 |  |  | $ | 854.7 |  |  | $ | (1,999.3 | ) |  | $ | 1,537.5 |
Condensed Consolidating Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (17.6 | ) |  | $ | (5.3 | ) |  | $ | 1.4 |  |  |  |  |  | $ | (21.5 | )
Purchase of property, plant and equipment | (0.6 | ) |  | (6.8 | ) |  | (3.2 | ) |  | — |  |  | (10.6 | )
Intercompany transactions | (15.2 | ) |  | (17.7 | ) |  | 0.1 |  |  | 32.8 |  |  | — |
Net cash provided by (used in) investing activities | (15.8 | ) |  | (24.5 | ) |  | (3.1 | ) |  | 32.8 |  |  | (10.6 | )
Borrowings under revolving credit facilities | 169.6 |  |  | — |  |  | — |  |  | — |  |  | 169.6 |
Repayments under revolving credit facilities | (157.6 | ) |  | — |  |  | — |  |  | — |  |  | (157.6 | )
Other short term borrowings | 3.4 |  |  | — |  |  | — |  |  | — |  |  | 3.4 |
Intercompany transactions | 17.8 |  |  | 29.9 |  |  | (14.9 | ) |  | (32.8 | ) |  | — |
Net cash provided by (used in) financing activities | 33.2 |  |  | 29.9 |  |  | (14.9 | ) |  | (32.8 | ) |  | 15.4 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (0.2 | ) |  | 0.1 |  |  | (16.6 | ) |  | — |  |  | (16.7 | )
Cash, cash equivalents and restricted cash, beginning of period | 0.1 |  |  | 0.8 |  |  | 38.8 |  |  | — |  |  | 39.7 |
Cash, cash equivalents and restricted cash, end of period | $ | (0.1 | ) |  | $ | 0.9 |  |  | $ | 22.2 |  |  | $ | — |  |  | $ | 23.0 |
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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_CondensedStatementOfComprehensiveIncomeTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration