Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Statements of Comprehensive Income (Loss)

The following summarized condensed consolidating statements of comprehensive income (loss) for the twelve months ended December 31, 2019, 2018 and 2017, condensed consolidating balance sheets as of December 31, 2019 and December 31, 2018 and the condensed consolidating statements of cash flows for the twelve months ended December 31, 2019, 2018 and 2017 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 year ended December 31, 2019
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments		Total Consolidated
NET SALES:
Related parties	$	—		$	566.5		$	625.1		$	—	$	1,191.6
Other customers	—			613.1			31.9			—		645.0
Total net sales	—			1,179.6			657.0			—		1,836.6
Cost of goods sold	—			1,182.4			678.1			—		1,860.5
Gross profit (loss)	—			(2.8		)	(21.1		)	—		(23.9		)
Selling, general and administrative expenses	25.9			16.3			5.2			—		47.4
Other operating expense - net	—			—			0.8			—		0.8
Operating income (loss)	(25.9		)	(19.1		)	(27.1		)	—		(72.1		)
Interest expense - term loan	(2.1		)	—			—			—		(2.1		)
Interest expense	(21.0		)	(1.7		)	(0.3		)	—		(23.0		)
Intercompany Interest	35.0			10.3			(45.3		)	—		—
Interest income	0.2			—			0.6			—		0.8
Net gain on forward and derivative contracts	12.0			1.4			(1.4		)	—		12.0
Other income (expense) - net	1.3			(2.8		)	0.4			—		(1.1		)
Income (loss) before income taxes and equity in earnings of joint ventures	(0.5		)	(11.9		)	(73.1		)	—		(85.5		)
Income tax (expense) benefit	1.2			1.4			5.8			—		8.4
Income (loss) before equity in earnings of joint ventures	0.7			(10.5		)	(67.3		)	—		(77.1		)
BHH impairment	—			—			(4.3		)	—		(4.3		)
Equity in earnings (loss) of joint ventures	(81.5		)	8.2			0.6			73.3		0.6
Net income (loss)	(80.8		)	(2.3		)	(71.0		)	73.3		(80.8		)
Other comprehensive income (loss) before income tax effect	(8.8		)	(3.2		)	(1.2		)	4.4		(8.8		)
Income tax effect	(1.0		)	—			—			—		(1.0		)
Other comprehensive income (loss)	(9.8		)	(3.2		)	(1.2		)	4.4		(9.8		)
Total comprehensive income (loss)	$	(90.6	)	$	(5.5	)	$	(72.2	)	$	77.7	$	(90.6	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments		Total Consolidated
NET SALES:
Related parties	$	—		$	453.6		$	750.9		$	—	$	1,204.5
Other customers	—			685.0			3.7			—		688.7
Total net sales	—			1,138.6			754.6			—		1,893.2
Cost of goods sold	—			1,169.2			746.9			—		1,916.1
Gross profit (loss)	—			(30.6		)	7.7			—		(22.9		)
Selling, general and administrative expenses	23.3			11.6			5.3			—		40.2
Helguvik (gains)	—			—			(4.5		)	—		(4.5		)
Other operating expense - net	—			—			0.4			—		0.4
Operating income (loss)	(23.3		)	(42.2		)	6.5			—		(59.0		)
Interest expense	(20.6		)	(1.6		)	(0.2		)	—		(22.4		)
Intercompany Interest	36.3			9.5			(45.8		)	—		—
Interest income	0.3			—			1.2			—		1.5
Net gain (loss) on forward and derivative contracts	1.3			1.4			3.6			—		6.3
Other income (expense) - net	2.1			(1.9		)	2.8			—		3.0
Income (loss) before income taxes and equity in earnings of joint ventures	(3.9		)	(34.8		)	(31.9		)	—		(70.6		)
Income tax (expense) benefit	2.6			—			(2.4		)	—		0.2
Income (loss) before equity in earnings of joint ventures	(1.3		)	(34.8		)	(34.3		)	—		(70.4		)
Equity in earnings (loss) of joint ventures	(64.9		)	0.6			4.2			64.3		4.2
Net income (loss)	(66.2		)	(34.2		)	(30.1		)	64.3		(66.2		)
Other comprehensive income before income tax effect	(5.5		)	(24.2		)	5.2			19.0		(5.5		)
Income tax effect	(1.5		)	—			—			—		(1.5		)
Other comprehensive income (loss)	(7.0		)	(24.2		)	5.2			19.0		(7.0		)
Total comprehensive income (loss)	$	(73.2	)	$	(58.4	)	$	(24.9	)	$	83.3	$	(73.2	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	547.5		$	650.6		$	—		$	1,198.1
Other customers	—			390.9			0.1			—			391.0
Total net sales	—			938.4			650.7			—			1,589.1
Cost of goods sold	—			885.5			572.3			—			1,457.8
Gross profit (loss)	—			52.9			78.4			—			131.3
Selling, general and administrative expenses	27.2			12.9			4.7			—			44.8
Helguvik impairment	—			—			(7.3		)	—			(7.3		)
Ravenswood losses	—			—			(5.5		)	—			(5.5		)
Other operating expense - net	—			—			2.1			—			2.1
Operating income (loss)	(27.2		)	40.0			84.4			—			97.2
Interest expense	(20.4		)	(1.6		)	(0.2		)	—			(22.2		)
Intercompany Interest	37.3			8.6			(45.9		)	—			—
Interest income	0.5			—			0.9			—			1.4
Net gain (loss) on forward and derivative contracts	—			(17.0		)	0.5			—			(16.5		)
Other income (expense) - net	0.2			0.4			(5.1		)	—			(4.5		)
Income (loss) before income taxes and equity in earnings of joint ventures	(9.6		)	30.4			34.6			—			55.4
Income tax (expense) benefit	0.5			0.9			(9.0		)	—			(7.6		)
Income (loss) before equity in earnings (loss) of joint ventures	(9.1		)	31.3			25.6			—			47.8
Equity in earnings (loss) of subsidiaries and joint ventures	57.7			2.7			0.8			(60.4		)	0.8
Net income	48.6			34.0			26.4			(60.4		)	48.6
Other comprehensive income before income tax effect	23.7			12.7			1.5			(14.2		)	23.7
Income tax effect	(1.5		)	—			0.0			0.0			(1.5		)
Other comprehensive income	22.2			12.7			1.5			(14.2		)	22.2
Total comprehensive income	$	70.8		$	46.7		$	27.9		$	(74.6	)	$	70.8

Condensed Consolidating Balance Sheet



Condensed Consolidating Balance Sheet
As of December 31, 2019
	The Company		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	0.3	$	0.1	$	38.5	$	—		$	38.9
Restricted cash	—		0.8		—		—			0.8
Accounts receivable - net	0.7		64.1		5.3		—			70.1
Due from affiliates	0.0		10.9		19.2		—			30.1
Inventories	—		205.5		115.1		—			320.6
Derivative assets	12.2		—		2.4		—			14.6
Prepaid and other current assets	3.0		2.8		6.4		—			12.2
Total current assets	16.2		284.2		186.9		—			487.3
Property, plant and equipment - net	17.2		334.8		597.2		—			949.2
Investment in subsidiaries	609.5		62.7		—		(672.2		)	—
Due from affiliates - long term	749.5		537.9		5.1		(1,292.0		)	0.5
Other assets	38.1		5.7		18.9		—			62.7
TOTAL	1,430.5		1,225.3		808.1		(1,964.2		)	1,499.7

Accounts payable, trade	2.3		66.2		28.6		—			97.1
Due to affiliates	—		2.2		30.7		—			32.9
Accrued and other current liabilities	23.5		27.3		14.7		—			65.5
Accrued employee benefits costs	1.9		7.7		0.8		—			10.4
Hawesville term loan - current	20.0		—		—		—			20.0
Industrial revenue bonds	—		7.8		—		—			7.8
Total current liabilities	47.7		111.2		74.8		—			233.7
Senior notes payable	249.2		—		—		—			249.2
Hawesville term loan - less current portion	20.0		—		—		—			20.0
Accrued pension benefits costs - less current portion	25.1		27.3		8.4		—			60.8
Accrued postretirement benefits costs - less current portion	1.1		97.8		1.8		—			100.7
Leases - right of use liabilities	5.5		0.4		16.9		—			22.8
Other liabilities	3.5		22.2		16.7		—			42.4
Due to affiliates - long term	403.4		315.9		572.7		(1,292.0		)	—
Deferred taxes	—		0.4		94.7		—			95.1
Total noncurrent liabilities	707.8		464.0		711.2		(1,292.0		)	591.0
Preferred stock	0.0		—		—		—			0.0
Common stock	1.0		0.0		0.1		(0.1		)	1.0
Other shareholders' equity	674.0		650.1		22.0		(672.1		)	674.0
Total shareholders' equity	675.0		650.1		22.1		(672.2		)	675.0
TOTAL	$	1,430.5	$	1,225.3	$	808.1	$	(1,964.2	)	$	1,499.7



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		0.0		$	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 year ended December 31, 2019
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(71.7	)	$	51.4		$	38.0		$	—		$	17.7
Purchase of property, plant and equipment	(0.7		)	(43.4		)	(15.5		)	—			(59.6		)
Proceeds from sale of joint venture	—			—			20.8			—			20.8
Intercompany transactions	43.4			(10.0		)	2.1			(35.5		)	—
Net cash provided by (used in) investing activities	42.7			(53.4		)	7.4			(35.5		)	(38.8		)
Borrowings under Hawesville term loan	40.0			—			—			—			40.0
Borrowings under revolving credit facilities	368.6			—			19.5			—			388.1
Repayments under revolving credit facilities	(387.8		)	—			(19.5		)	—			(407.3		)
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	8.1			2.1			(45.7		)	35.5			—
Net cash provided by (used in) financing activities	29.2			2.1			(45.7		)	35.5			21.1
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0.2			0.1			(0.3		)	—			—
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	$	0.3		$	0.9		$	38.5		$	—		$	39.7



Condensed Consolidating Statement of Cash Flows
For the year ended December 31, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(53.0	)	$	(19.5	)	$	3.4		$	—		$	(69.1	)
Purchase of property, plant and equipment	(4.4		)	(65.1		)	(13.5		)	—			(83.0		)
Proceeds from sale of property, plant and equipment	—			—			0.1			—			0.1
Intercompany transactions	21.6			54.7			2.2			(78.5		)	—
Net cash provided by (used in) investing activities	17.2			(10.4		)	(11.2		)	(78.5		)	(82.9		)
Borrowings under revolving credit facilities	120.1			—			—			—			120.1
Repayments under revolving credit facilities	(96.8		)	—			—			—			(96.8		)
Issuance of common stock	0.4			—			—			—			0.4
Intercompany transactions	(52.1		)	30.0			(56.4		)	78.5			—
Net cash provided by (used in) financing activities	(28.4		)	30.0			(56.4		)	78.5			23.7
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(64.2		)	0.1			(64.2		)	—			(128.3		)
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	$	0.1		$	0.8		$	38.8		$	—		$	39.7



Condensed Consolidating Statement of Cash Flows
For the year ended December 31, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by operating activities	$	(34.5	)	$	(7.0	)	$	96.0		$	(3.0	)	$	51.5
Purchase of property, plant and equipment	(10.9		)	(8.1		)	(12.8		)	—			(31.8		)
Proceeds from sale of property, plant and equipment	—			0.9			13.5			—			14.4
Intercompany transactions	75.6			6.2			(7.6		)	(74.2		)	—
Net cash used in investing activities	64.7			(1.0		)	(6.9		)	(74.2		)	(17.4		)
Borrowings under revolving credit facilities	1.3			—			—			—			1.3
Repayments under revolving credit facilities	(1.3		)	—			—			—			(1.3		)
Issuance of common stock	0.4			—			—			—			0.4
Intercompany transactions	(3.1		)	8.2			(82.3		)	77.2			—
Net cash used in financing activities	(2.7		)	8.2			(82.3		)	77.2			0.4
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	27.5			0.2			6.8			—			34.5
Cash, cash equivalents, and restricted cash, beginning of period	36.8			0.5			96.2			—			133.5
Cash, cash equivalents, and restricted cash, end of period	$	64.3		$	0.7		$	103.0		$	—		$	168.0