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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Statements of Comprehensive Income (Loss) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 147.9 |  |  | $ | 123.1 |  |  | $ | — |  |  | $ | 271.0 |
Other customers | — |  |  | 126.3 |  |  | 23.9 |  |  | — |  |  | 150.2 |
Total net sales | — |  |  | 274.2 |  |  | 147.0 |  |  | — |  |  | 421.2 |
Cost of goods sold | — |  |  | 281.0 |  |  | 135.4 |  |  | — |  |  | 416.4 |
Gross profit (loss) | — |  |  | (6.8 | ) |  | 11.6 |  |  | — |  |  | 4.8 |
Selling, general and administrative expenses | 8.4 |  |  | — |  |  | 0.5 |  |  | — |  |  | 8.9 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Operating income (loss) | (8.4 | ) |  | (6.8 | ) |  | 10.8 |  |  | — |  |  | (4.4 | )
Interest expense - term loan | (0.7 | ) |  | — |  |  | — |  |  | — |  |  | (0.7 | )
Interest expense | (5.1 | ) |  | (0.4 | ) |  | (0.5 | ) |  | — |  |  | (6.0 | )
Intercompany interest | 8.4 |  |  | 2.7 |  |  | (11.1 | ) |  | — |  |  | — |
Interest income | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net gain (loss) on forward and derivative contracts | 32.6 |  |  | 0.4 |  |  | (29.2 | ) |  | — |  |  | 3.8 |
Other income (expense) - net | 0.3 |  |  | (0.1 | ) |  | 1.5 |  |  | — |  |  | 1.7 |
Income (loss) before income taxes and equity in earnings of joint ventures | 27.1 |  |  | (4.2 | ) |  | (28.4 | ) |  | — |  |  | (5.5 | )
Income tax benefit (expense) | 0.5 |  |  | — |  |  | 2.3 |  |  | — |  |  | 2.8 |
Income (loss) before equity in earnings of joint ventures | 27.6 |  |  | (4.2 | ) |  | (26.1 | ) |  | — |  |  | (2.7 | )
Equity in earnings (loss) of joint ventures | (30.4 | ) |  | 0.5 |  |  | — |  |  | 29.9 |  |  | — |
Net income (loss) | (2.8 | ) |  | (3.7 | ) |  | (26.1 | ) |  | 29.9 |  |  | (2.7 | )
Other comprehensive income before income tax effect | 1.7 |  |  | 1.1 |  |  | 0.4 |  |  | (1.5 | ) |  | 1.7 |
Income tax effect | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Other comprehensive income | 1.4 |  |  | 1.1 |  |  | 0.4 |  |  | (1.5 | ) |  | 1.4 |
Total comprehensive income (loss) | $ | (1.4 | ) |  | $ | (2.6 | ) |  | $ | (25.7 | ) |  | $ | 28.4 |  |  | $ | (1.3 | )
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 152.5 |  |  | $ | 158.8 |  |  | $ | — |  |  | $ | 311.3 |
Other customers | — |  |  | 172.7 |  |  | 6.0 |  |  | — |  |  | 178.7 |
Total net sales | — |  |  | 325.2 |  |  | 164.8 |  |  | — |  |  | 490.0 |
Cost of goods sold | — |  |  | 327.2 |  |  | 175.6 |  |  | — |  |  | 502.8 |
Gross profit (loss) | — |  |  | (2.0 | ) |  | (10.8 | ) |  | — |  |  | (12.8 | )
Selling, general and administrative expenses | 14.1 |  |  | — |  |  | 0.6 |  |  | — |  |  | 14.7 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Operating income (loss) | (14.1 | ) |  | (2.0 | ) |  | (11.7 | ) |  | — |  |  | (27.8 | )
Interest expense | (5.4 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | (5.8 | )
Intercompany interest | 8.7 |  |  | 2.5 |  |  | (11.2 | ) |  | — |  |  | — |
Interest income | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Net gain (loss) on forward and derivative contracts | (4.7 | ) |  | 0.4 |  |  | (1.4 | ) |  | — |  |  | (5.7 | )
Other income (expense) - net | 0.8 |  |  | (0.5 | ) |  | 0.8 |  |  | — |  |  | 1.1 |
Income (loss) before income taxes and equity in earnings of joint ventures | (14.7 | ) |  | — |  |  | (23.3 | ) |  | — |  |  | (38.0 | )
Income tax (expense) benefit | 1.0 |  |  | — |  |  | 1.9 |  |  | — |  |  | 2.9 |
Income (loss) before equity in earnings of joint ventures | (13.7 | ) |  | — |  |  | (21.4 | ) |  | — |  |  | (35.1 | )
Equity in earnings (loss) of joint ventures | (20.9 | ) |  | 0.3 |  |  | 0.5 |  |  | 20.6 |  |  | 0.5 |
Net income (loss) | (34.6 | ) |  | 0.3 |  |  | (20.9 | ) |  | 20.6 |  |  | (34.6 | )
Other comprehensive income (loss) before income tax effect | 0.6 |  |  | 0.6 |  |  | 0.3 |  |  | (0.9 | ) |  | 0.6 |
Income tax effect | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Other comprehensive income | 0.3 |  |  | 0.6 |  |  | 0.3 |  |  | (0.9 | ) |  | 0.3 |
Total comprehensive income (loss) | $ | (34.3 | ) |  | $ | 0.9 |  |  | $ | (20.6 | ) |  | $ | 19.7 |  |  | $ | (34.3 | )
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet
As of March 31, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 82.5 |  |  | $ | 0.2 |  |  | $ | 64.9 |  |  | $ | — |  |  | $ | 147.6 |
Restricted cash | — |  |  | 1.8 |  |  | — |  |  | — |  |  | 1.8 |
Accounts receivable - net | 2.2 |  |  | 49.6 |  |  | 1.1 |  |  | — |  |  | 52.9 |
Due from affiliates | 7.5 |  |  | 9.6 |  |  | 0.7 |  |  | — |  |  | 17.8 |
Inventories | — |  |  | 187.9 |  |  | 129.7 |  |  | — |  |  | 317.6 |
Derivative Assets | 32.7 |  |  | — |  |  | — |  |  | — |  |  | 32.7 |
Prepaid and other current assets | 4.9 |  |  | 0.5 |  |  | 8.0 |  |  | — |  |  | 13.4 |
Total current assets | 129.8 |  |  | 249.6 |  |  | 204.4 |  |  | — |  |  | 583.8 |
Property, plant and equipment - net | 16.5 |  |  | 332.8 |  |  | 586.1 |  |  | — |  |  | 935.4 |
Investment in subsidiaries | 583.4 |  |  | 63.3 |  |  | — |  |  | (646.7 | ) |  | — |
Due from affiliates - long term | 734.3 |  |  | 570.0 |  |  | 5.1 |  |  | (1,304.3 | ) |  | 5.1 |
Other assets | 44.7 |  |  | 3.9 |  |  | 18.2 |  |  | — |  |  | 66.8 |
TOTAL | $ | 1,508.7 |  |  | $ | 1,219.6 |  |  | $ | 813.8 |  |  | $ | (1,951.0 | ) |  | $ | 1,591.1 |
Accounts payable, trade | $ | 3.8 |  |  | $ | 58.1 |  |  | $ | 25.2 |  |  | $ | — |  |  | $ | 87.1 |
Due to affiliates | — |  |  | 11.1 |  |  | 18.4 |  |  | — |  |  | 29.5 |
Accrued and other current liabilities | 17.1 |  |  | 18.4 |  |  | 15.1 |  |  | — |  |  | 50.6 |
Derivative Liabilities | 15.5 |  |  | — |  |  | 19.0 |  |  | — |  |  | 34.5 |
Accrued employee benefits costs | 1.9 |  |  | 7.7 |  |  | 0.8 |  |  | — |  |  | 10.4 |
Term loan - current | 20.0 |  |  | — |  |  | — |  |  | — |  |  | 20.0 |
U.S. Revolving credit facility | 45.0 |  |  | — |  |  | — |  |  | — |  |  | 45.0 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 103.3 |  |  | 103.1 |  |  | 78.5 |  |  | — |  |  | 284.9 |
Senior notes payable | 249.3 |  |  | — |  |  | — |  |  | — |  |  | 249.3 |
Term loan - less current portion | 15.0 |  |  | — |  |  | — |  |  | — |  |  | 15.0 |
Iceland Revolving credit facility | — |  |  | — |  |  | 45.0 |  |  | — |  |  | 45.0 |
Accrued pension benefits costs - less current portion | 24.8 |  |  | 26.8 |  |  | 7.7 |  |  | — |  |  | 59.3 |
Accrued postretirement benefits costs - less current portion | 1.0 |  |  | 97.3 |  |  | 1.8 |  |  | — |  |  | 100.1 |
Due to affiliates - long term | 432.2 |  |  | 320.2 |  |  | 551.9 |  |  | (1,304.3 | ) |  | — |
Other liabilities | 3.9 |  |  | 21.4 |  |  | 21.8 |  |  | — |  |  | 47.1 |
Leases - right of use liabilities | 5.4 |  |  | 0.1 |  |  | 16.4 |  |  | — |  |  | 21.9 |
Deferred taxes | — |  |  | 0.4 |  |  | 94.3 |  |  | — |  |  | 94.7 |
Total noncurrent liabilities | 731.6 |  |  | 466.2 |  |  | 738.9 |  |  | (1,304.3 | ) |  | 632.4 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 1.0 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 1.0 |
Other shareholders' equity | 672.8 |  |  | 650.3 |  |  | (3.7 | ) |  | (646.6 | ) |  | 672.8 |
Total shareholders' equity | 673.8 |  |  | 650.3 |  |  | (3.6 | ) |  | (646.7 | ) |  | 673.8 |
TOTAL | $ | 1,508.7 |  |  | $ | 1,219.6 |  |  | $ | 813.8 |  |  | $ | (1,951.0 | ) |  | $ | 1,591.1 |
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 | — |  |  | 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 | 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 Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (13.0 | ) |  | $ | 34.1 |  |  | $ | 13.5 |  |  | $ | — |  |  | $ | 34.6 |
Purchase of property, plant and equipment | (0.1 | ) |  | (5.6 | ) |  | (0.3 | ) |  | — |  |  | (6.0 | )
Proceeds from sale of property, plant, and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Intercompany transactions | 30.5 |  |  | (29.4 | ) |  | (0.1 | ) |  | (1.0 | ) |  | — |
Net cash provided by (used in) investing activities | 30.4 |  |  | (35.0 | ) |  | (0.3 | ) |  | (1.0 | ) |  | (5.9 | )
Repayments on term loan | (5.0 | ) |  | — |  |  | — |  |  | — |  |  | (5.0 | )
Borrowings under revolving credit facilities | 76.8 |  |  | — |  |  | 45.0 |  |  | — |  |  | 121.8 |
Repayments under revolving credit facilities | (35.8 | ) |  | — |  |  | — |  |  | — |  |  | (35.8 | )
Intercompany transactions | 28.9 |  |  | 1.9 |  |  | (31.8 | ) |  | 1.0 |  |  | — |
Net cash provided by (used in) financing activities | 64.9 |  |  | 1.9 |  |  | 13.2 |  |  | 1.0 |  |  | 81.0 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 82.3 |  |  | 1.0 |  |  | 26.4 |  |  | — |  |  | 109.7 |
Cash, cash equivalents and restricted cash, beginning of period | 0.2 |  |  | 1.0 |  |  | 38.5 |  |  | — |  |  | 39.7 |
Cash, cash equivalents and restricted cash, end of period | $ | 82.5 |  |  | $ | 2.0 |  |  | $ | 64.9 |  |  | $ | — |  |  | $ | 149.4 |
Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (17.6 | ) |  | $ | (5.3 | ) |  | $ | 1.4 |  |  | $ | — |  |  | $ | (21.5 | )
Purchase of property, plant and equipment | (0.6 | ) |  | (6.8 | ) |  | (3.2 | ) |  | — |  |  | (10.6 | )
Intercompany transactions | (15.2 | ) |  | (17.7 | ) |  | 0.1 |  |  | 32.8 |  |  | — |
Net cash provided by (used in) investing activities | (15.8 | ) |  | (24.5 | ) |  | (3.1 | ) |  | 32.8 |  |  | (10.6 | )
Borrowings under revolving credit facilities | 169.6 |  |  | — |  |  | — |  |  | — |  |  | 169.6 |
Repayments under revolving credit facilities | (157.6 | ) |  | — |  |  | — |  |  | — |  |  | (157.6 | )
Debt issuance costs | 3.4 |  |  | — |  |  | — |  |  | — |  |  | 3.4 |
Intercompany transactions | 17.8 |  |  | 29.9 |  |  | (14.9 | ) |  | (32.8 | ) |  | — |
Net cash provided by (used in) financing activities | 33.2 |  |  | 29.9 |  |  | (14.9 | ) |  | (32.8 | ) |  | 15.4 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (0.2 | ) |  | 0.1 |  |  | (16.6 | ) |  | — |  |  | (16.7 | )
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 | $ | (0.1 | ) |  | $ | 0.9 |  |  | $ | 22.2 |  |  | $ | — |  |  | $ | 23.0 |

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