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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 147.4 |  |  | $ | 157.6 |  |  | $ | — |  |  | $ | 305.0 |
Other customers | — |  |  | 162.2 |  |  | 5.9 |  |  | — |  |  | 168.1 |
Total net sales | — |  |  | 309.6 |  |  | 163.5 |  |  | — |  |  | 473.1 |
Cost of goods sold | — |  |  | 306.0 |  |  | 171.2 |  |  | — |  |  | 477.2 |
Gross profit (loss) | — |  |  | 3.6 |  |  | (7.7 | ) |  | — |  |  | (4.1 | )
Selling, general and administrative expenses | 11.5 |  |  | — |  |  | 0.4 |  |  | — |  |  | 11.9 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Operating income (loss) | (11.5 | ) |  | 3.6 |  |  | (8.4 | ) |  | — |  |  | (16.3 | )
Interest expense - term loan | (0.6 | ) |  | — |  |  | — |  |  | — |  |  | (0.6 | )
Interest expense | (5.3 | ) |  | (0.4 | ) |  | (0.1 | ) |  | — |  |  | (5.8 | )
Intercompany interest | 8.7 |  |  | 2.5 |  |  | (11.2 | ) |  | — |  |  | — |
Interest income | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.2 |
Net gain (loss) on forward and derivative contracts | 4.8 |  |  | 0.3 |  |  | 1.0 |  |  | — |  |  | 6.1 |
Other income (expense) - net | — |  |  | (1.3 | ) |  | (0.4 | ) |  | — |  |  | (1.7 | )
Income (loss) before income taxes and equity in earnings of joint ventures | (3.8 | ) |  | 4.7 |  |  | (19.0 | ) |  | — |  |  | (18.1 | )
Income tax benefit (expense) | (0.1 | ) |  | — |  |  | 1.7 |  |  | — |  |  | 1.6 |
Income (loss) before equity in earnings of joint ventures | (3.9 | ) |  | 4.7 |  |  | (17.3 | ) |  | — |  |  | (16.5 | )
Loss on Sale of BHH | — |  |  | — |  |  | (4.3 | ) |  | — |  |  | (4.3 | )
Equity in earnings (loss) of joint ventures | (16.8 | ) |  | (0.6 | ) |  | 0.1 |  |  | 17.4 |  |  | 0.1 |
Net income (loss) | (20.7 | ) |  | 4.1 |  |  | (21.5 | ) |  | 17.4 |  |  | (20.7 | )
Other comprehensive income before income tax effect | 1.2 |  |  | 0.3 |  |  | 1.2 |  |  | (1.5 | ) |  | 1.2 |
Income tax effect | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Other comprehensive income | 1.0 |  |  | 0.3 |  |  | 1.2 |  |  | (1.5 | ) |  | 1.0 |
Total comprehensive income (loss) | $ | (19.7 | ) |  | $ | 4.4 |  |  | $ | (20.3 | ) |  | $ | 15.9 |  |  | $ | (19.7 | )
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 | 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 Balance Sheet |
Condensed Consolidating Balance Sheet
As of June 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 0.6 |  |  | $ | (0.1 | ) |  | $ | 25.2 |  |  | $ | — |  |  | $ | 25.7 |
Restricted cash | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Accounts receivable - net | — |  |  | 80.3 |  |  | 12.0 |  |  | — |  |  | 92.3 |
Due from affiliates | 0.1 |  |  | 21.1 |  |  | 0.2 |  |  | — |  |  | 21.4 |
Inventories | — |  |  | 209.5 |  |  | 129.7 |  |  | — |  |  | 339.2 |
Prepaid and other current assets | 11.0 |  |  | 0.7 |  |  | 10.5 |  |  | — |  |  | 22.2 |
Total current assets | 11.7 |  |  | 312.3 |  |  | 177.6 |  |  | — |  |  | 501.6 |
Property, plant and equipment - net | 19.1 |  |  | 315.9 |  |  | 616.5 |  |  | — |  |  | 951.5 |
Investment in subsidiaries | 634.8 |  |  | 54.2 |  |  | — |  |  | (689.0 | ) |  | — |
Leases - right of use assets | 6.0 |  |  | 1.0 |  |  | 17.3 |  |  | — |  |  | 24.3 |
Due from affiliates - long term | 902.9 |  |  | 666.1 |  |  | 7.0 |  |  | (1,576.0 | ) |  | — |
Other assets | 31.8 |  |  | 2.0 |  |  | 4.1 |  |  | — |  |  | 37.9 |
TOTAL | $ | 1,606.3 |  |  | $ | 1,351.5 |  |  | $ | 822.5 |  |  | $ | (2,265.0 | ) |  | $ | 1,515.3 |
Accounts payable, trade | $ | 2.2 |  |  | $ | 69.3 |  |  | $ | 26.8 |  |  | $ | — |  |  | $ | 98.3 |
Due to affiliates | 0.3 |  |  | — |  |  | 13.2 |  |  | — |  |  | 13.5 |
Accrued and other current liabilities | 21.1 |  |  | 20.4 |  |  | 14.4 |  |  | — |  |  | 55.9 |
Accrued employee benefits costs | 1.9 |  |  | 8.3 |  |  | 0.8 |  |  | — |  |  | 11.0 |
Term loan - current | 10.0 |  |  | — |  |  | — |  |  | — |  |  | 10.0 |
Revolving credit facility | 8.1 |  |  | — |  |  | — |  |  | — |  |  | 8.1 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 43.6 |  |  | 105.8 |  |  | 55.2 |  |  | — |  |  | 204.6 |
Senior notes payable | 248.9 |  |  | — |  |  | — |  |  | — |  |  | 248.9 |
Term loan - less current portion | 30.0 |  |  | — |  |  | — |  |  | — |  |  | 30.0 |
Accrued pension benefits costs - less current portion | 22.5 |  |  | 20.7 |  |  | 5.8 |  |  | — |  |  | 49.0 |
Accrued postretirement benefits costs - less current portion | 1.2 |  |  | 98.7 |  |  | 1.6 |  |  | — |  |  | 101.5 |
Due to affiliates - long term | 539.1 |  |  | 466.0 |  |  | 570.9 |  |  | (1,576.0 | ) |  | — |
Other liabilities | 6.0 |  |  | 22.0 |  |  | 19.9 |  |  | — |  |  | 47.9 |
Leases - right of use liabilities | 5.8 |  |  | 0.3 |  |  | 17.4 |  |  | — |  |  | 23.5 |
Deferred taxes | (0.2 | ) |  | 1.8 |  |  | 98.9 |  |  | — |  |  | 100.5 |
Total noncurrent liabilities | 853.3 |  |  | 609.5 |  |  | 714.5 |  |  | (1,576.0 | ) |  | 601.3 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 1.0 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 1.0 |
Other shareholders' equity | 708.4 |  |  | 636.2 |  |  | 52.7 |  |  | (688.9 | ) |  | 708.4 |
Total shareholders' equity | 709.4 |  |  | 636.2 |  |  | 52.8 |  |  | (689.0 | ) |  | 709.4 |
TOTAL | $ | 1,606.3 |  |  | $ | 1,351.5 |  |  | $ | 822.5 |  |  | $ | (2,265.0 | ) |  | $ | 1,515.3 |
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 six months ended June 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (35.6 | ) |  | $ | (1.1 | ) |  | $ | 11.1 |  |  | $ | — |  |  | $ | (25.6 | )
Purchase of property, plant and equipment | (0.6 | ) |  | (12.2 | ) |  | (10.5 | ) |  | — |  |  | (23.3 | )
Proceeds from sale of joint venture | — |  |  | — |  |  | 10.5 |  |  | — |  |  | 10.5 |
Intercompany transactions | (22.2 | ) |  | (33.6 | ) |  | 0.2 |  |  | 55.6 |  |  | — |
Net cash provided by (used in) investing activities | (22.8 | ) |  | (45.8 | ) |  | 0.2 |  |  | 55.6 |  |  | (12.8 | )
Borrowings under term loan | 40.0 |  |  | — |  |  | — |  |  | — |  |  | 40.0 |
Borrowings under revolving credit facilities | 288.2 |  |  | — |  |  | — |  |  | — |  |  | 288.2 |
Repayments under revolving credit facilities | (303.3 | ) |  | — |  |  | — |  |  | — |  |  | (303.3 | )
Other short term borrowings | 3.4 |  |  | — |  |  | — |  |  | — |  |  | 3.4 |
Repayment on other short term borrowings | (3.4 | ) |  | — |  |  | — |  |  | — |  |  | (3.4 | )
Issuance of common stock | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Intercompany transactions | 33.7 |  |  | 46.8 |  |  | (24.9 | ) |  | (55.6 | ) |  | — |
Net cash provided by (used in) financing activities | 58.9 |  |  | 46.8 |  |  | (24.9 | ) |  | (55.6 | ) |  | 25.2 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 0.5 |  |  | (0.1 | ) |  | (13.6 | ) |  | — |  |  | (13.2 | )
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 | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | 25.2 |  |  | $ | — |  |  | $ | 26.5 |
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 |

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