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