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Condensed Consolidating Financial Information (Tables)

9 Months Ended

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

X

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No definition available.

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X

- Definition

Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.

+ References

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

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- Definition

Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

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

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- Definition

Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

+ References

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

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