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Condensed Consolidating Financial Information | 9 Months Ended
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Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Our 2021 Notes are guaranteed by each of our material existing and future domestic subsidiaries (the "Guarantor Subsidiaries"), except for Nordural US LLC, Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc. The Guarantor Subsidiaries are 100% owned by Century. All guarantees are full and unconditional; all guarantees are joint and several. These notes are not guaranteed by our foreign subsidiaries (such foreign subsidiaries, Nordural US LLC, Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc., collectively the “Non-Guarantor Subsidiaries”). We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances. The following summarized condensed consolidating statements of comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018, condensed consolidating balance sheets as of September 30, 2019 and 2018 and the condensed consolidating statements of cash flows for the nine months ended September 30, 2019 and 2018 present separate results for Century, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries, consolidating adjustments and total consolidated amounts.
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 132.9 |  |  | $ | 149.4 |  |  | $ | — |  |  | $ | 282.3 |
Other customers | — |  |  | 144.2 |  |  | 11.5 |  |  | — |  |  | 155.7 |
Total net sales | — |  |  | 277.1 |  |  | 160.9 |  |  | — |  |  | 438.0 |
Cost of goods sold | — |  |  | 288.3 |  |  | 163.4 |  |  | — |  |  | 451.7 |
Gross profit (loss) | — |  |  | (11.2 | ) |  | (2.5 | ) |  | — |  |  | (13.7 | )
Selling, general and administrative expenses | 11.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 11.6 |
Other operating (income) expense - net | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Operating income (loss) | (11.3 | ) |  | (11.2 | ) |  | (2.7 | ) |  | — |  |  | (25.2 | )
Interest expense - term loan | (0.8 | ) |  | — |  |  | — |  |  | — |  |  | (0.8 | )
Interest expense | (5.1 | ) |  | (0.4 | ) |  | (0.1 | ) |  | — |  |  | (5.6 | )
Intercompany interest | 8.8 |  |  | 2.6 |  |  | (11.4 | ) |  | — |  |  | — |
Interest income | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.2 |
Net gain (loss) on forward and derivative contracts | 10.2 |  |  | 0.3 |  |  | (0.2 | ) |  | — |  |  | 10.3 |
Other income (expense) - net | 0.1 |  |  | (0.1 | ) |  | (0.9 | ) |  | — |  |  | (0.9 | )
Income (loss) before income taxes and equity in earnings of joint ventures | 2.0 |  |  | (8.8 | ) |  | (15.2 | ) |  | — |  |  | (22.0 | )
Income tax benefit (expense) | 0.7 |  |  | — |  |  | 0.6 |  |  | — |  |  | 1.3 |
Income (loss) before equity in earnings of joint ventures | 2.7 |  |  | (8.8 | ) |  | (14.6 | ) |  | — |  |  | (20.7 | )
Equity in earnings (loss) of joint ventures | (23.4 | ) |  | 3.4 |  |  | (0.1 | ) |  | 20.1 |  |  | — |
Net income (loss) | (20.7 | ) |  | (5.4 | ) |  | (14.7 | ) |  | 20.1 |  |  | (20.7 | )
Other comprehensive income before income tax effect | 1.0 |  |  | 0.8 |  |  | 0.5 |  |  | (1.3 | ) |  | 1.0 |
Income tax effect | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Other comprehensive income | 0.7 |  |  | 0.8 |  |  | 0.5 |  |  | (1.3 | ) |  | 0.7 |
Total comprehensive income (loss) | $ | (20.0 | ) |  | $ | (4.6 | ) |  | $ | (14.2 | ) |  | $ | 18.8 |  |  | $ | (20.0 | )
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 110.8 |  |  | $ | 194.5 |  |  | $ | — |  |  | $ | 305.3 |
Other customers | — |  |  | 175.8 |  |  | 0.7 |  |  | — |  |  | 176.5 |
Total net sales | — |  |  | 286.6 |  |  | 195.2 |  |  | — |  |  | 481.8 |
Cost of goods sold | — |  |  | 301.5 |  |  | 192.1 |  |  | — |  |  | 493.6 |
Gross profit (loss) | — |  |  | (14.9 | ) |  | 3.1 |  |  | — |  |  | (11.8 | )
Selling, general and administrative expenses | 8.4 |  |  | — |  |  | 0.4 |  |  | — |  |  | 8.8 |
Helguvik (gains) losses | — |  |  | — |  |  | (4.5 | ) |  | — |  |  | (4.5 | )
Other operating (income) expense - net | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Operating income (loss) | (8.4 | ) |  | (14.9 | ) |  | 7.7 |  |  | — |  |  | (15.6 | )
Interest expense | (5.0 | ) |  | (0.4 | ) |  | (0.2 | ) |  | — |  |  | (5.6 | )
Intercompany interest | 9.3 |  |  | 2.4 |  |  | (11.7 | ) |  | — |  |  | — |
Interest income | 0.1 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.4 |
Net gain (loss) on forward and derivative contracts | (0.2 | ) |  | 0.4 |  |  | 0.6 |  |  | — |  |  | 0.8 |
Other income (expense) - net | — |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Income (loss) before income taxes and equity in earnings of joint ventures | (4.2 | ) |  | (12.5 | ) |  | (2.6 | ) |  | — |  |  | (19.3 | )
Income tax (expense) benefit | 0.5 |  |  | — |  |  | (2.2 | ) |  | — |  |  | (1.7 | )
Income (loss) before equity in earnings of joint ventures | (3.7 | ) |  | (12.5 | ) |  | (4.8 | ) |  | — |  |  | (21.0 | )
Equity in earnings (loss) of joint ventures | (16.6 | ) |  | 2.8 |  |  | 0.7 |  |  | 13.8 |  |  | 0.7 |
Net income (loss) | (20.3 | ) |  | (9.7 | ) |  | (4.1 | ) |  | 13.8 |  |  | (20.3 | )
Other comprehensive income (loss) before income tax effect | 0.5 |  |  | 0.5 |  |  | 0.4 |  |  | (0.9 | ) |  | 0.5 |
Income tax effect | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Other comprehensive income | 0.1 |  |  | 0.5 |  |  | 0.4 |  |  | (0.9 | ) |  | 0.1 |
Total comprehensive income (loss) | $ | (20.2 | ) |  | $ | (9.2 | ) |  | $ | (3.7 | ) |  | $ | 12.9 |  |  | $ | (20.2 | )
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 432.8 |  |  | $ | 465.9 |  |  | $ | — |  |  | $ | 898.7 |
Other customers | — |  |  | 479.1 |  |  | 23.4 |  |  | — |  |  | 502.5 |
Total net sales | — |  |  | 911.9 |  |  | 489.3 |  |  | — |  |  | 1,401.2 |
Cost of goods sold | — |  |  | 921.5 |  |  | 510.3 |  |  | — |  |  | 1,431.8 |
Gross profit (loss) | — |  |  | (9.6 | ) |  | (21.0 | ) |  | — |  |  | (30.6 | )
Selling, general and administrative expenses | 36.9 |  |  | — |  |  | 1.3 |  |  | — |  |  | 38.2 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Operating income (loss) | (36.9 | ) |  | (9.6 | ) |  | (22.7 | ) |  | — |  |  | (69.2 | )
Interest expense - term loan | (1.3 | ) |  | — |  |  | — |  |  | — |  |  | (1.3 | )
Interest expense | (15.9 | ) |  | (1.2 | ) |  | (0.2 | ) |  | — |  |  | (17.3 | )
Intercompany interest | 26.2 |  |  | 7.6 |  |  | (33.8 | ) |  | — |  |  | — |
Interest income | 0.2 |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.6 |
Net gain (loss) on forward and derivative contracts | 10.3 |  |  | 1.0 |  |  | (0.6 | ) |  | — |  |  | 10.7 |
Other income (expense) - net | 0.9 |  |  | (2.0 | ) |  | (0.5 | ) |  | — |  |  | (1.6 | )
Income (loss) before income taxes and equity in earnings of joint ventures | (16.5 | ) |  | (4.2 | ) |  | (57.4 | ) |  | — |  |  | (78.1 | )
Income tax benefit (expense) | 1.6 |  |  | — |  |  | 4.1 |  |  | — |  |  | 5.7 |
Income (loss) before equity in earnings of joint ventures | (14.9 | ) |  | (4.2 | ) |  | (53.3 | ) |  | — |  |  | (72.4 | )
Loss on sale of BHH | — |  |  | — |  |  | (4.3 | ) |  | — |  |  | (4.3 | )
Equity in earnings (loss) of joint ventures | (61.1 | ) |  | 3.1 |  |  | 0.7 |  |  | 58.0 |  |  | 0.7 |
Net income (loss) | (76.0 | ) |  | (1.1 | ) |  | (56.9 | ) |  | 58.0 |  |  | (76.0 | )
Other comprehensive income (loss) before income tax effect | 2.8 |  |  | 1.6 |  |  | 2.0 |  |  | (3.6 | ) |  | 2.8 |
Income tax effect | (0.8 | ) |  | — |  |  | — |  |  | — |  |  | (0.8 | )
Other comprehensive income | 2.0 |  |  | 1.6 |  |  | 2.0 |  |  | (3.6 | ) |  | 2.0 |
Total comprehensive income (loss) | $ | (74.0 | ) |  | $ | 0.5 |  |  | $ | (54.9 | ) |  | $ | 54.4 |  |  | $ | (74.0 | )
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 315.1 |  |  | $ | 569.1 |  |  | $ | — |  |  | $ | 884.2 |
Other customers | — |  |  | 519.1 |  |  | 3.0 |  |  | — |  |  | 522.1 |
Total net sales | — |  |  | 834.2 |  |  | 572.1 |  |  | — |  |  | 1,406.3 |
Cost of goods sold | — |  |  | 821.1 |  |  | 548.8 |  |  | — |  |  | 1,369.9 |
Gross profit | — |  |  | 13.1 |  |  | 23.3 |  |  | — |  |  | 36.4 |
Selling, general and administrative expenses | 29.8 |  |  | — |  |  | 1.7 |  |  | — |  |  | 31.5 |
Helguvik (gains) losses | — |  |  | — |  |  | (4.5 | ) |  | — |  |  | (4.5 | )
Other operating expense - net | — |  |  | — |  |  | 0.0 |  |  | — |  |  | 0.0 |
Operating income (loss) | (29.8 | ) |  | 13.1 |  |  | 26.1 |  |  | — |  |  | 9.4 |
Interest expense | (15.4 | ) |  | (1.2 | ) |  | (0.1 | ) |  | — |  |  | (16.7 | )
Intercompany interest | 27.4 |  |  | 7.0 |  |  | (34.4 | ) |  | — |  |  | — |
Interest income | 0.3 |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.3 |
Net gain (loss) on forward and derivative contracts | (0.2 | ) |  | 1.1 |  |  | 1.9 |  |  | — |  |  | 2.8 |
Other income (expense) - net | 0.6 |  |  | (0.2 | ) |  | 1.4 |  |  | — |  |  | 1.8 |
Income (loss) before income taxes and equity in earnings of joint ventures | (17.1 | ) |  | 19.8 |  |  | (4.1 | ) |  | — |  |  | (1.4 | )
Income tax benefit expense | 0.7 |  |  | — |  |  | (3.7 | ) |  | — |  |  | (3.0 | )
Income (loss) before equity in earnings of joint ventures | (16.4 | ) |  | 19.8 |  |  | (7.8 | ) |  | — |  |  | (4.4 | )
Equity in earnings (loss) of joint ventures | 15.2 |  |  | (0.3 | ) |  | 3.2 |  |  | (14.9 | ) |  | 3.2 |
Net income (loss) | (1.2 | ) |  | 19.5 |  |  | (4.6 | ) |  | (14.9 | ) |  | (1.2 | )
Other comprehensive income (loss) before income tax effect | 4.2 |  |  | 3.9 |  |  | 1.2 |  |  | (5.1 | ) |  | 4.2 |
Income tax effect | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Other comprehensive income | 3.1 |  |  | 3.9 |  |  | 1.2 |  |  | (5.1 | ) |  | 3.1 |
Total comprehensive income (loss) | $ | 1.9 |  |  | $ | 23.4 |  |  | $ | (3.4 | ) |  | $ | (20.0 | ) |  | $ | 1.9 |
Condensed Consolidating Balance Sheet
As of September 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 1.5 |  |  | $ | — |  |  | $ | 21.0 |  |  | $ | — |  |  | $ | 22.5 |
Restricted cash | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Accounts receivable - net | — |  |  | 70.6 |  |  | 11.3 |  |  | — |  |  | 81.9 |
Due from affiliates | — |  |  | 22.9 |  |  | 0.4 |  |  | — |  |  | 23.3 |
Inventories | — |  |  | 199.0 |  |  | 123.3 |  |  | — |  |  | 322.3 |
Prepaid and other current assets | 12.3 |  |  | 0.9 |  |  | 10.1 |  |  | — |  |  | 23.3 |
Total current assets | 13.8 |  |  | 294.2 |  |  | 166.1 |  |  | — |  |  | 474.1 |
Property, plant and equipment - net | 18.1 |  |  | 326.2 |  |  | 605.8 |  |  | — |  |  | 950.1 |
Investment in subsidiaries | 625.1 |  |  | 57.7 |  |  | — |  |  | (682.8 | ) |  | — |
Leases - right of use assets | 5.9 |  |  | 1.4 |  |  | 16.9 |  |  | — |  |  | 24.2 |
Due from affiliates - long term | 742.2 |  |  | 526.6 |  |  | 5.3 |  |  | (1,272.7 | ) |  | 1.4 |
Other assets | 35.4 |  |  | 4.2 |  |  | 2.4 |  |  | — |  |  | 42.0 |
TOTAL | $ | 1,440.5 |  |  | $ | 1,210.3 |  |  | $ | 796.5 |  |  | $ | (1,955.5 | ) |  | $ | 1,491.8 |
Accounts payable, trade | $ | 2.9 |  |  | $ | 86.3 |  |  | $ | 22.8 |  |  | $ | — |  |  | $ | 112.0 |
Due to affiliates | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accrued and other current liabilities | 26.7 |  |  | 25.1 |  |  | 14.3 |  |  | — |  |  | 66.1 |
Accrued employee benefits costs | 1.9 |  |  | 8.3 |  |  | 0.8 |  |  | — |  |  | 11.0 |
Term loan - current | 15.0 |  |  | — |  |  | — |  |  | — |  |  | 15.0 |
Revolving credit facility | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 46.9 |  |  | 127.5 |  |  | 37.9 |  |  | — |  |  | 212.3 |
Senior notes payable | 249.0 |  |  | — |  |  | — |  |  | — |  |  | 249.0 |
Term loan - less current portion | 25.0 |  |  | — |  |  | — |  |  | — |  |  | 25.0 |
Accrued pension benefits costs - less current portion | 22.3 |  |  | 20.7 |  |  | 5.4 |  |  | — |  |  | 48.4 |
Accrued postretirement benefits costs - less current portion | 1.0 |  |  | 98.6 |  |  | 1.6 |  |  | — |  |  | 101.2 |
Due to affiliates - long term | 395.2 |  |  | 295.4 |  |  | 582.1 |  |  | (1,272.7 | ) |  | — |
Other liabilities | 5.9 |  |  | 22.0 |  |  | 17.5 |  |  | — |  |  | 45.4 |
Leases - right of use liabilities | 5.6 |  |  | 0.2 |  |  | 16.1 |  |  | — |  |  | 21.9 |
Deferred taxes | (0.3 | ) |  | 1.8 |  |  | 97.2 |  |  | — |  |  | 98.7 |
Total noncurrent liabilities | 703.7 |  |  | 438.7 |  |  | 719.9 |  |  | (1,272.7 | ) |  | 589.6 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 1.0 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 1.0 |
Other shareholders' equity | 688.9 |  |  | 644.1 |  |  | 38.6 |  |  | (682.7 | ) |  | 688.9 |
Total shareholders' equity | 689.9 |  |  | 644.1 |  |  | 38.7 |  |  | (682.8 | ) |  | 689.9 |
TOTAL | $ | 1,440.5 |  |  | $ | 1,210.3 |  |  | $ | 796.5 |  |  | $ | (1,955.5 | ) |  | $ | 1,491.8 |
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
For the nine months ended September 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (57.1 | ) |  | $ | 45.0 |  |  | $ | 7.7 |  |  | $ | — |  |  | $ | (4.4 | )
Purchase of property, plant and equipment | (0.6 | ) |  | (26.4 | ) |  | (12.9 | ) |  | — |  |  | (39.9 | )
Proceeds from sale of joint venture | — |  |  | — |  |  | 10.5 |  |  | — |  |  | 10.5 |
Intercompany transactions | (9.3 | ) |  | (52.6 | ) |  | 2.0 |  |  | 59.9 |  |  | — |
Net cash provided by (used in) investing activities | (9.9 | ) |  | (79.0 | ) |  | (0.4 | ) |  | 59.9 |  |  | (29.4 | )
Borrowings under term loan | 40.0 |  |  | — |  |  | — |  |  | — |  |  | 40.0 |
Borrowings under revolving credit facilities | 295.1 |  |  | — |  |  | 19.5 |  |  | — |  |  | 314.6 |
Repayments under revolving credit facilities | (318.0 | ) |  | — |  |  | (19.5 | ) |  | — |  |  | (337.5 | )
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 | 51.0 |  |  | 34.0 |  |  | (25.1 | ) |  | (59.9 | ) |  | — |
Net cash provided by (used in) financing activities | 68.4 |  |  | 34.0 |  |  | (25.1 | ) |  | (59.9 | ) |  | 17.4 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1.4 |  |  | — |  |  | (17.8 | ) |  | — |  |  | (16.4 | )
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 | $ | 1.5 |  |  | $ | 0.8 |  |  | $ | 21.0 |  |  | $ | — |  |  | $ | 23.3 |
Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2018
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (51.2 | ) |  | $ | (0.5 | ) |  | $ | (7.3 | ) |  | $ | — |  |  | $ | (59.0 | )
Purchase of property, plant and equipment | (4.0 | ) |  | (38.9 | ) |  | (6.4 | ) |  | — |  |  | (49.3 | )
Intercompany transactions | 39.5 |  |  | 40.9 |  |  | (0.4 | ) |  | (80.0 | ) |  | — |
Net cash provided by (used in) investing activities | 35.5 |  |  | 2.0 |  |  | (6.8 | ) |  | (80.0 | ) |  | (49.3 | )
Borrowings under revolving credit facilities | 14.3 |  |  | — |  |  | — |  |  | — |  |  | 14.3 |
Issuance of common stock | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Intercompany transactions | (37.1 | ) |  | (1.7 | ) |  | (41.2 | ) |  | 80.0 |  |  | — |
Net cash provided by (used in) financing activities | (22.6 | ) |  | (1.7 | ) |  | (41.2 | ) |  | 80.0 |  |  | 14.5 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (38.3 | ) |  | (0.2 | ) |  | (55.3 | ) |  | — |  |  | (93.8 | )
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 | $ | 26.0 |  |  | $ | 0.5 |  |  | $ | 47.7 |  |  | $ | — |  |  | $ | 74.2 |

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