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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 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 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 Balance Sheet |
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 |
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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