Condensed Consolidating Financial Information (Tables)

3 Months Ended

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