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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 116.4 |  |  | $ | 119.4 |  |  | $ | — |  |  | $ | 235.8 |
Other customers | — |  |  | 125.7 |  |  | 31.4 |  |  | — |  |  | 157.1 |
Total net sales | — |  |  | 242.1 |  |  | 150.8 |  |  | — |  |  | 392.9 |
Cost of goods sold | — |  |  | 273.3 |  |  | 146.7 |  |  | — |  |  | 420.0 |
Gross profit (loss) | — |  |  | (31.2) |  |  | 4.1 |  |  | — |  |  | (27.1) |
Selling, general and administrative expenses | 10.6 |  |  | — |  |  | 0.4 |  |  | — |  |  | 11.0 |
Other operating (income) expense - net | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (0.2) |
Operating income (loss) | (10.6) |  |  | (31.2) |  |  | 3.9 |  |  | — |  |  | (37.9) |
Interest expense - Hawesville term loan | (0.4) |  |  | — |  |  | — |  |  | — |  |  | (0.4) |
Interest expense | (8.3) |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | (9.1) |
Intercompany interest | 8.1 |  |  | 2.8 |  |  | (10.9) |  |  | — |  |  | — |
Interest income | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net gain (loss) on forward and derivative contracts | (10.0) |  |  | 0.4 |  |  | 0.2 |  |  | — |  |  | (9.4) |
Loss on early extinguishment of debt | (1.2) |  |  | — |  |  | — |  |  | — |  |  | (1.2) |
Other income (expense) - net | (0.1) |  |  | 0.2 |  |  | (0.1) |  |  | — |  |  | 0.0 |
Income (loss) before income taxes and equity in earnings of joint ventures | (22.5) |  |  | (28.2) |  |  | (7.2) |  |  | — |  |  | (57.9) |
Income tax benefit (expense) | 0.0 |  |  | — |  |  | (0.3) |  |  | — |  |  | (0.3) |
Income (loss) before equity in earnings of joint ventures | (22.5) |  |  | (28.2) |  |  | (7.5) |  |  | — |  |  | (58.2) |
Equity in earnings (loss) of joint ventures | (35.7) |  |  | 0.8 |  |  | — |  |  | 34.9 |  |  | — |
Net income (loss) | (58.2) |  |  | (27.4) |  |  | (7.5) |  |  | 34.9 |  |  | (58.2) |
Other comprehensive income before income tax effect | 1.3 |  |  | 0.8 |  |  | 0.4 |  |  | (1.2) |  |  | 1.3 |
Income tax effect | (0.2) |  |  | — |  |  | — |  |  | — |  |  | (0.2) |
Other comprehensive income | 1.1 |  |  | 0.8 |  |  | 0.4 |  |  | (1.2) |  |  | 1.1 |
Total comprehensive income (loss) | $ | (57.1) |  |  | $ | (26.6) |  |  | $ | (7.1) |  |  | $ | 33.7 |  |  | $ | (57.1) |
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 - Hawesville 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 (expense) benefit | 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 (loss) 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 nine months ended September 30, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 420.5 |  |  | $ | 371.9 |  |  | $ | — |  |  | $ | 792.4 |
Other customers | — |  |  | 343.5 |  |  | 80.1 |  |  | — |  |  | 423.6 |
Total net sales | — |  |  | 764.0 |  |  | 452.0 |  |  | — |  |  | 1,216.0 |
Cost of goods sold | — |  |  | 820.6 |  |  | 430.7 |  |  | — |  |  | 1,251.3 |
Gross profit (loss) | — |  |  | (56.6) |  |  | 21.3 |  |  | — |  |  | (35.3) |
Selling, general and administrative expenses | 30.5 |  |  | — |  |  | 1.2 |  |  | — |  |  | 31.7 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Operating income (loss) | (30.5) |  |  | (56.6) |  |  | 19.8 |  |  | — |  |  | (67.3) |
Interest expense - Hawesville term loan | (1.6) |  |  | — |  |  | — |  |  | — |  |  | (1.6) |
Interest expense | (18.8) |  |  | (1.2) |  |  | (1.0) |  |  | — |  |  | (21.0) |
Intercompany interest | 24.6 |  |  | 8.2 |  |  | (32.8) |  |  | — |  |  | — |
Interest income | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.6 |
Net gain (loss) on forward and derivative contracts | 20.7 |  |  | 1.1 |  |  | (23.7) |  |  | — |  |  | (1.9) |
Loss on early extinguishment of debt | (1.2) |  |  | — |  |  | — |  |  | — |  |  | (1.2) |
Other income (expense) - net | — |  |  | 0.9 |  |  | 2.1 |  |  | — |  |  | 3.0 |
Income (loss) before income taxes and equity in earnings of joint ventures | (6.5) |  |  | (47.6) |  |  | (35.3) |  |  | — |  |  | (89.4) |
Income tax benefit (expense) | 1.0 |  |  | — |  |  | 0.6 |  |  | — |  |  | 1.6 |
Income (loss) before equity in earnings of joint ventures | (5.5) |  |  | (47.6) |  |  | (34.7) |  |  | — |  |  | (87.8) |
Equity in earnings (loss) of joint ventures | (82.3) |  |  | 3.1 |  |  | — |  |  | 79.2 |  |  | 0.0 |
Net income (loss) | (87.8) |  |  | (44.5) |  |  | (34.7) |  |  | 79.2 |  |  | (87.8) |
Other comprehensive income before income tax effect | 4.1 |  |  | 2.3 |  |  | 1.3 |  |  | (3.6) |  |  | 4.1 |
Income tax effect | (0.8) |  |  | — |  |  | — |  |  | — |  |  | (0.8) |
Other comprehensive income | 3.3 |  |  | 2.3 |  |  | 1.3 |  |  | (3.6) |  |  | 3.3 |
Total comprehensive income (loss) | $ | (84.5) |  |  | $ | (42.2) |  |  | $ | (33.4) |  |  | $ | 75.6 |  |  | $ | (84.5) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2019
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
NET SALES: |  |  |  |  |  |  |  |  |
Related parties | $ | — |  |  | $ | 432.8 |  |  | $ | 465.9 |  |  | $ | — |  |  | $ | 898.7 |
Other customers | — |  |  | 479.1 |  |  | 23.4 |  |  | — |  |  | 502.5 |
Total net sales | — |  |  | 911.9 |  |  | 489.3 |  |  | — |  |  | 1,401.2 |
Cost of goods sold | — |  |  | 921.5 |  |  | 510.3 |  |  | — |  |  | 1,431.8 |
Gross profit (loss) | — |  |  | (9.6) |  |  | (21.0) |  |  | — |  |  | (30.6) |
Selling, general and administrative expenses | 36.9 |  |  | — |  |  | 1.3 |  |  | — |  |  | 38.2 |
Other operating (income) expense - net | — |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Operating income (loss) | (36.9) |  |  | (9.6) |  |  | (22.7) |  |  | — |  |  | (69.2) |
Interest expense - Hawesville term loan | (1.3) |  |  | — |  |  | — |  |  | — |  |  | (1.3) |
Interest expense | (15.9) |  |  | (1.2) |  |  | (0.2) |  |  | — |  |  | (17.3) |
Intercompany interest | 26.2 |  |  | 7.6 |  |  | (33.8) |  |  | — |  |  | — |
Interest income | 0.2 |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.6 |
Net gain (loss) on forward and derivative contracts | 10.3 |  |  | 1.0 |  |  | (0.6) |  |  | — |  |  | 10.7 |
Other income (expense) - net | 0.9 |  |  | (2.0) |  |  | (0.5) |  |  | — |  |  | (1.6) |
Income (loss) before income taxes and equity in earnings of joint ventures | (16.5) |  |  | (4.2) |  |  | (57.4) |  |  | — |  |  | (78.1) |
Income tax benefit (expense) | 1.6 |  |  | — |  |  | 4.1 |  |  | — |  |  | 5.7 |
Income (loss) before equity in earnings of joint ventures | (14.9) |  |  | (4.2) |  |  | (53.3) |  |  | — |  |  | (72.4) |
Loss on sale of BHH | — |  |  | — |  |  | (4.3) |  |  | — |  |  | (4.3) |
Equity in earnings (loss) of joint ventures | (61.1) |  |  | 3.1 |  |  | 0.7 |  |  | 58.0 |  |  | 0.7 |
Net income (loss) | (76.0) |  |  | (1.1) |  |  | (56.9) |  |  | 58.0 |  |  | (76.0) |
Other comprehensive income before income tax effect | 2.8 |  |  | 1.6 |  |  | 2.0 |  |  | (3.6) |  |  | 2.8 |
Income tax effect | (0.8) |  |  | — |  |  | — |  |  | — |  |  | (0.8) |
Other comprehensive income | 2.0 |  |  | 1.6 |  |  | 2.0 |  |  | (3.6) |  |  | 2.0 |
Total comprehensive income (loss) | $ | (74.0) |  |  | $ | 0.5 |  |  | $ | (54.9) |  |  | $ | 54.4 |  |  | $ | (74.0) |
Condensed Consolidating Balance Sheets |
Condensed Consolidating Balance Sheets
As of September 30, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Cash & cash equivalents | $ | 3.1 |  |  | $ | 0.2 |  |  | $ | 78.1 |  |  | $ | — |  |  | $ | 81.4 |
Restricted cash | — |  |  | 1.8 |  |  | 1.9 |  |  | — |  |  | 3.7 |
Accounts receivable - net | 1.7 |  |  | 46.8 |  |  | 2.1 |  |  | — |  |  | 50.6 |
Due from affiliates | — |  |  | 4.5 |  |  | 10.5 |  |  | — |  |  | 15.0 |
Inventories | — |  |  | 178.3 |  |  | 89.2 |  |  | — |  |  | 267.5 |
Derivative Assets | 9.8 |  |  | — |  |  | 0.8 |  |  | — |  |  | 10.6 |
Prepaid and other current assets | 4.1 |  |  | 1.9 |  |  | 8.5 |  |  | — |  |  | 14.5 |
Total current assets | 18.7 |  |  | 233.5 |  |  | 191.1 |  |  | — |  |  | 443.3 |
Property, plant and equipment - net | 14.8 |  |  | 319.8 |  |  | 565.1 |  |  | — |  |  | 899.7 |
Investment in subsidiaries | 533.8 |  |  | 65.9 |  |  | — |  |  | (599.7) |  |  | — |
Due from affiliates - less current portion | 768.7 |  |  | 584.5 |  |  | 3.4 |  |  | (1,355.3) |  |  | 1.3 |
Other assets | 38.0 |  |  | 4.2 |  |  | 18.9 |  |  | — |  |  | 61.1 |
TOTAL | $ | 1,374.0 |  |  | $ | 1,207.9 |  |  | $ | 778.5 |  |  | $ | (1,955.0) |  |  | $ | 1,405.4 |
Accounts payable, trade | $ | 3.2 |  |  | $ | 59.4 |  |  | $ | 23.0 |  |  | $ | — |  |  | $ | 85.6 |
Due to affiliates | 1.6 |  |  | 1.3 |  |  | — |  |  | — |  |  | 2.9 |
Accrued and other current liabilities | 23.8 |  |  | 22.3 |  |  | 23.4 |  |  | — |  |  | 69.5 |
Accrued employee benefits costs | 1.9 |  |  | 7.7 |  |  | 0.8 |  |  | — |  |  | 10.4 |
Hawesville term loan - current | 20.0 |  |  | — |  |  | — |  |  | — |  |  | 20.0 |
U.S revolving credit facility | 5.0 |  |  | — |  |  | — |  |  | — |  |  | 5.0 |
Industrial revenue bonds | — |  |  | 7.8 |  |  | — |  |  | — |  |  | 7.8 |
Total current liabilities | 55.5 |  |  | 98.5 |  |  | 47.2 |  |  | — |  |  | 201.2 |
Senior notes payable | 242.8 |  |  | — |  |  | — |  |  | — |  |  | 242.8 |
Hawesville term loan - less current portion | 5.0 |  |  | — |  |  | — |  |  | — |  |  | 5.0 |
Iceland revolving credit facility | — |  |  | — |  |  | 45.0 |  |  | — |  |  | 45.0 |
Accrued pension benefits costs - less current portion | 23.9 |  |  | 25.4 |  |  | 6.7 |  |  | — |  |  | 56.0 |
Accrued postretirement benefits costs - less current portion | 1.0 |  |  | 96.0 |  |  | 1.8 |  |  | — |  |  | 98.8 |
Due to affiliates - long term | 439.8 |  |  | 352.1 |  |  | 563.4 |  |  | (1,355.3) |  |  | — |
Other liabilities | 7.5 |  |  | 24.4 |  |  | 14.3 |  |  | — |  |  | 46.2 |
Leases - right of use liabilities | 6.1 |  |  | 0.0 |  |  | 17.3 |  |  | — |  |  | 23.4 |
Deferred taxes | — |  |  | 0.4 |  |  | 94.2 |  |  | — |  |  | 94.6 |
Total noncurrent liabilities | 726.1 |  |  | 498.3 |  |  | 742.7 |  |  | (1,355.3) |  |  | 611.8 |
Preferred stock | 0.0 |  |  | — |  |  | — |  |  | — |  |  | 0.0 |
Common stock | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 1.0 |
Other shareholders' equity | 591.4 |  |  | 611.1 |  |  | (11.4) |  |  | (599.7) |  |  | 591.4 |
Total shareholders' equity | 592.4 |  |  | 611.1 |  |  | (11.4) |  |  | (599.7) |  |  | 592.4 |
TOTAL | $ | 1,374.0 |  |  | $ | 1,207.9 |  |  | $ | 778.5 |  |  | $ | (1,955.0) |  |  | $ | 1,405.4 |
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 |
Condensed Consolidating Statements of Cash Flows
For the nine months ended September 30, 2020
| The Company |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Total Consolidated
Net cash provided by (used in) operating activities | $ | (26.1) |  |  | $ | 21.3 |  |  | $ | 38.1 |  |  | $ | — |  |  | $ | 33.3 |
Purchase of property, plant and equipment | (0.8) |  |  | (9.3) |  |  | (1.4) |  |  | — |  |  | (11.5) |
Proceeds from sale of property, plant, and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Intercompany transactions | 14.9 |  |  | (38.3) |  |  | 1.8 |  |  | 21.6 |  |  | — |
Net cash provided by (used in) investing activities | 14.1 |  |  | (47.6) |  |  | 0.5 |  |  | 21.6 |  |  | (11.4) |
Repayment of debt | (250.0) |  |  | — |  |  | — |  |  | — |  |  | (250.0) |
Proceeds from issuance of debt | 243.8 |  |  | — |  |  | — |  |  | — |  |  | 243.8 |
Repayments on Hawesville term loan | (15.0) |  |  | — |  |  | — |  |  | — |  |  | (15.0) |
Borrowings under revolving credit facilities | 128.6 |  |  | — |  |  | 45.0 |  |  | — |  |  | 173.6 |
Repayments under revolving credit facilities | (127.6) |  |  | — |  |  | — |  |  | — |  |  | (127.6) |
Debt issuance costs | (1.1) |  |  | — |  |  | — |  |  | — |  |  | (1.1) |
Debt retirement costs | (0.2) |  |  | — |  |  | — |  |  | — |  |  | (0.2) |
Intercompany transactions | 36.3 |  |  | 27.4 |  |  | (42.1) |  |  | (21.6) |  |  | — |
Net cash provided by (used in) financing activities | 14.8 |  |  | 27.4 |  |  | 2.9 |  |  | (21.6) |  |  | 23.5 |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2.8 |  |  | 1.1 |  |  | 41.5 |  |  | — |  |  | 45.4 |
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 | $ | 3.1 |  |  | $ | 2.0 |  |  | $ | 80.0 |  |  | $ | — |  |  | $ | 85.1 |
Condensed Consolidating Statements 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) |
Borrowing under Hawesville 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 |

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