Condensed Consolidating Financial Information (Tables)

6 Months Ended

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