Condensed Consolidating Financial Information (Tables)

9 Months Ended

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