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Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

The Company has filed a Registration Statement on Form S-3 (the "Universal Shelf Registration Statement") with the Securities and Exchange Commission pursuant to which the Company may, from time to time, offer an indeterminate amount of securities, which may include securities that are guaranteed by certain of the Company's subsidiaries. The condensed consolidated financial information below is presented herein pursuant to the Universal Shelf Registration Statement. We have not issued any debt securities pursuant to the Universal Shelf Registration Statement.

"Guarantor Subsidiaries" refers to all of our material domestic subsidiaries except for Nordural US LLC, Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc.  The Guarantor Subsidiaries are 100% owned by Century.  All guarantees will be full and unconditional; all guarantees will be joint and several.  Our foreign subsidiaries, together with Nordural US LLC, Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc., are collectively referred to as the “Non-Guarantor Subsidiaries”.  We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.

The following summarized condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019, condensed consolidating balance sheets as of June 30, 2020 and December 31, 2019 and the condensed consolidating statements of cash flows for the six months ended June 30, 2020 and 2019 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 three months ended June 30, 2020
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
NET SALES:
Related parties			$	—					$	156.2					$	129.4					$	—					$	285.6
Other customers			—						91.5						24.8						—						116.3
Total net sales			—						247.7						154.2						—						401.9
Cost of goods sold			—						266.3						148.6						—						414.9
Gross profit (loss)			—						(18.6)						5.6						—						(13.0)
Selling, general and administrative expenses			11.5						—						0.3						—						11.8
Other operating (income) expense - net			—						—						0.2						—						0.2
Operating income (loss)			(11.5)						(18.6)						5.1						—						(25.0)
Interest expense - term loan			(0.5)						—						—						—						(0.5)
Interest expense			(5.4)						(0.4)						(0.1)						—						(5.9)
Intercompany interest			8.1						2.7						(10.8)						—						—
Interest income			0.3						—						0.1						—						0.4
Net gain (loss) on forward and derivative contracts			(1.9)						0.3						5.3						—						3.7
Other income (expense) - net			(0.2)						0.8						0.7						—						1.3
Income (loss) before income taxes and equity in earnings of joint ventures			(11.1)						(15.2)						0.3						—						(26.0)
Income tax benefit (expense)			0.5						—						(1.4)						—						(0.9)
Income (loss) before equity in earnings of joint ventures			(10.6)						(15.2)						(1.1)						—						(26.9)
Equity in earnings (loss) of joint ventures			(16.3)						1.9						—						14.4						0.0
Net income (loss)			(26.9)						(13.3)						(1.1)						14.4						(26.9)
Other comprehensive income before income tax effect			1.0						0.4						0.5						(0.9)						1.0
Income tax effect			(0.3)						—						—						—						(0.3)
Other comprehensive income			0.7						0.4						0.5						(0.9)						0.7
Total comprehensive income (loss)			$	(26.2)					$	(12.9)					$	(0.6)					$	13.5					$	(26.2)

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended June 30, 2019
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
NET SALES:
Related parties			$	—					$	147.4					$	157.6					$	—					$	305.0
Other customers			—						162.2						5.9						—						168.1
Total net sales			—						309.6						163.5						—						473.1
Cost of goods sold			—						306.0						171.2						—						477.2
Gross profit (loss)			—						3.6						(7.7)						—						(4.1)
Selling, general and administrative expenses			11.5						—						0.4						—						11.9
Other operating (income) expense - net			—						—						0.3						—						0.3
Operating income (loss)			(11.5)						3.6						(8.4)						—						(16.3)
Interest expense - term loan			(0.6)						—						—						—						(0.6)
Interest expense			(5.3)						(0.4)						(0.1)						—						(5.8)
Intercompany interest			8.7						2.5						(11.2)						—						—
Interest income			0.1						—						0.1						—						0.2
Net gain (loss) on forward and derivative contracts			4.8						0.3						1.0						—						6.1
Other income (expense) - net			—						(1.3)						(0.4)						—						(1.7)
Income (loss) before income taxes and equity in earnings of joint ventures			(3.8)						4.7						(19.0)						—						(18.1)
Income tax (expense) benefit			(0.1)						—						1.7						—						1.6
Income (loss) before equity in earnings of joint ventures			(3.9)						4.7						(17.3)						—						(16.5)
Loss on Sale of BHH			—						—						(4.3)												(4.3)
Equity in earnings (loss) of joint ventures			(16.8)						(0.6)						0.1						17.4						0.1
Net income (loss)			(20.7)						4.1						(21.5)						17.4						(20.7)
Other comprehensive income (loss) before income tax effect			1.2						0.3						1.2						(1.5)						1.2
Income tax effect			(0.2)						—						—						—						(0.2)
Other comprehensive income			1.0						0.3						1.2						(1.5)						1.0
Total comprehensive income (loss)			$	(19.7)					$	4.4					$	(20.3)					$	15.9					$	(19.7)

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the six months ended June 30, 2020
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
NET SALES:
Related parties			$	—					$	304.1					$	252.5					$	—					$	556.6
Other customers			—						217.8						48.7						—						266.5
Total net sales			—						521.9						301.2						—						823.1
Cost of goods sold			—						547.3						284.0						—						831.3
Gross profit (loss)			—						(25.4)						17.2						—						(8.2)
Selling, general and administrative expenses			19.9						—						0.8						—						20.7
Other operating (income) expense - net			—						—						0.5						—						0.5
Operating income (loss)			(19.9)						(25.4)						15.9						—						(29.4)
Interest expense - term loan			(1.2)						—						—						—						(1.2)
Interest expense			(10.5)						(0.8)						(0.6)						—						(11.9)
Intercompany interest			16.5						5.4						(21.9)						—						—
Interest income			0.3						—						0.2						—						0.5
Net gain (loss) on forward and derivative contracts			30.7						0.7						(23.9)						—						7.5
Other income (expense) - net			0.2						0.6						2.2						—						3.0
Income (loss) before income taxes and equity in earnings of joint ventures			16.1						(19.5)						(28.1)						—						(31.5)
Income tax benefit (expense)			1.0						—						0.9						—						1.9
Income (loss) before equity in earnings of joint ventures			17.1						(19.5)						(27.2)						—						(29.6)
Equity in earnings (loss) of joint ventures			(46.7)						2.4						—						44.3						0.0
Net income (loss)			(29.6)						(17.1)						(27.2)						44.3						(29.6)
Other comprehensive income before income tax effect			2.7						1.5						0.9						(2.4)						2.7
Income tax effect			(0.6)						—						—						—						(0.6)
Other comprehensive income			2.1						1.5						0.9						(2.4)						2.1
Total comprehensive income (loss)			$	(27.5)					$	(15.6)					$	(26.3)					$	41.9					$	(27.5)

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the six months ended June 30, 2019
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
NET SALES:
Related parties			$	—					$	299.9					$	316.5					$	—					$	616.4
Other customers			—						334.9						11.9						—						346.8
Total net sales			—						634.8						328.4						—						963.2
Cost of goods sold			—						633.2						346.9						—						980.1
Gross profit (loss)			—						1.6						(18.5)						—						(16.9)
Selling, general and administrative expenses			25.6						—						1.0						—						26.6
Other operating (income) expense - net			—						—						0.6						—						0.6
Operating income (loss)			(25.6)						1.6						(20.1)						—						(44.1)
Interest expense - term loan			(0.6)						—						—						—						(0.6)
Interest expense			(10.8)						(0.8)						(0.1)						—						(11.7)
Intercompany interest			17.4						5.0						(22.4)						—						—
Interest income			0.1						—						0.3						—						0.4
Net gain (loss) on forward and derivative contracts			0.1						0.7						(0.4)						—						0.4
Other income (expense) - net			0.9						(1.9)						0.5						—						(0.5)
Income (loss) before income taxes and equity in earnings of joint ventures			(18.5)						4.6						(42.2)						—						(56.1)
Income tax benefit (expense)			0.9						—						3.5						—						4.4
Income (loss) before equity in earnings of joint ventures			(17.6)						4.6						(38.7)						—						(51.7)
Loss on sale of BHH			—						—						(4.3)						—						(4.3)
Equity in earnings (loss) of joint ventures			(37.7)						(0.3)						0.7						38.0						0.7
Net income (loss)			(55.3)						4.3						(42.3)						38.0						(55.3)
Other comprehensive income before income tax effect			1.8						0.9						1.5						(2.4)						1.8
Income tax effect			(0.5)						—						—						—						(0.5)
Other comprehensive income			1.3						0.9						1.5						(2.4)						1.3
Total comprehensive income (loss)			$	(54.0)					$	5.2					$	(40.8)					$	35.6					$	(54.0)

Condensed Consolidating Balance Sheets
As of June 30, 2020
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
Cash & cash equivalents			$	103.7					$	0.2					$	70.2					$	—					$	174.1
Restricted cash			—						1.8						1.9						—						3.7
Accounts receivable - net			3.6						31.4						0.9						—						35.9
Due from affiliates			1.9						7.5						0.4						—						9.8
Inventories			—						168.7						106.3						—						275.0
Derivative Assets			18.3						—						—						—						18.3
Prepaid and other current assets			4.5						1.0						9.1						—						14.6
Total current assets			132.0						210.6						188.8						—						531.4
Property, plant and equipment - net			15.7						327.7						575.6						—						919.0
Investment in subsidiaries			568.3						65.1						—						(633.4)						—
Due from affiliates - less current portion			736.2						599.6						5.3						(1,337.2)						3.9
Other assets			48.1						3.7						17.9						—						69.7
TOTAL			$	1,500.3					$	1,206.7					$	787.6					$	(1,970.6)					$	1,524.0
Accounts payable, trade			$	2.5					$	62.2					$	23.0					$	—					$	87.7
Due to affiliates			—						1.8						—						—						1.8
Accrued and other current liabilities			26.2						22.6						28.1						—						76.9
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			95.6						102.1						51.9						—						249.6
Senior notes payable			249.5						—						—						—						249.5
Term loan - less current portion			10.0						—						—						—						10.0
Iceland revolving credit facility			—						—						45.0						—						45.0
Accrued pension benefits costs - less current portion			24.4						26.0						7.3						—						57.7
Accrued postretirement benefits costs - less current portion			1.0						96.5						1.8						—						99.3
Due to affiliates - long term			459.5						320.0						557.7						(1,337.2)						—
Other liabilities			6.3						23.9						17.6						—						47.8
Leases - right of use liabilities			5.3						0.0						16.4						—						21.7
Deferred taxes			—						0.3						94.4						—						94.7
Total noncurrent liabilities			756.0						466.7						740.2						(1,337.2)						625.7
Preferred stock			0.0						—						—						—						0.0
Common stock			1.0						—						—						—						1.0
Other shareholders' equity			647.7						637.9						(4.5)						(633.4)						647.7
Total shareholders' equity			648.7						637.9						(4.5)						(633.4)						648.7
TOTAL			$	1,500.3					$	1,206.7					$	787.6					$	(1,970.6)					$	1,524.0

Condensed Consolidating Balance Sheets
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 Statements of Cash Flows
For the six months ended June 30, 2020
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
Net cash provided by (used in) operating activities			$	(21.6)					$	66.8					$	26.4					$	—					$	71.6
Purchase of property, plant and equipment			(0.5)						(8.3)						(0.8)						—						(9.6)
Proceeds from sale of property, plant, and equipment			—						—						0.1						—						0.1
Intercompany transactions			38.4						(56.3)						(0.2)						18.1						—
Net cash provided by (used in) investing activities			37.9						(64.6)						(0.9)						18.1						(9.5)
Repayments on term loan			(10.0)						—						—						—						(10.0)
Borrowings under revolving credit facilities			77.4						—						45.0						—						122.4
Repayments under revolving credit facilities			(36.4)						—						—						—						(36.4)
Intercompany transactions			56.1						(1.1)						(36.9)						(18.1)						—
Net cash provided by (used in) financing activities			87.1						(1.1)						8.1						(18.1)						76.0
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			103.4						1.1						33.6						—						138.1
Cash, cash equivalents and restricted cash, beginning of period			0.3						0.9						38.5						—						39.7
Cash, cash equivalents and restricted cash, end of period			$	103.7					$	2.0					$	72.1					$	—					$	177.8

Condensed Consolidating Statements of Cash Flows
For the six months ended June 30, 2019
			The Company						Combined Guarantor Subsidiaries						Combined Non-Guarantor Subsidiaries						Consolidating Adjustments						Total Consolidated
Net cash provided by (used in) operating activities			$	(35.6)					$	(1.1)					$	11.1					$	—					$	(25.6)
Purchase of property, plant and equipment			(0.6)						(12.2)						(10.5)						—						(23.3)
Proceeds from sale of joint venture			—						—						10.5						—						10.5
Intercompany transactions			(22.2)						(33.6)						0.2						55.6						—
Net cash provided by (used in) investing activities			(22.8)						(45.8)						0.2						55.6						(12.8)
Borrowing under term loan			40.0						—						—						—						40.0
Borrowings under revolving credit facilities			288.2						—						—						—						288.2
Repayments under revolving credit facilities			(303.3)						—						—						—						(303.3)
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			33.7						46.8						(24.9)						(55.6)						—
Net cash provided by (used in) financing activities			58.9						46.8						(24.9)						(55.6)						25.2
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			0.5						(0.1)						(13.6)						—						(13.2)
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			$	0.6					$	0.7					$	25.2					$	—					$	26.5

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- Definition

The entire disclosure for condensed financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph d
-Subparagraph 4
-Subsection 10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph c
-Subparagraph 4
-Subsection 10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph a
-Subsection 04

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph e
-Subparagraph 4
-Subsection 10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph f
-Subparagraph 4
-Subsection 10

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