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Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2018
Statement [LineItems] |
Summary of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement and Statement of Comprehensive Income/(Loss) | The table below details the effect of foreign currency derivatives in the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income / (Loss):
(in millions of Euros) |  | Notes |  |  | Year ended December 31, 2018 |  |  | Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
Derivatives that do not qualify for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other gains / (losses)—net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains / (losses) on foreign currency derivatives—net |  |  | 9 |  |  |  | 9 |  |  |  | (19 | ) |  |  | (46 | )
Unrealized (losses) / gains on foreign currency derivatives—net(A) |  |  | 9 |  |  |  | (1 | ) |  |  | 16 |  |  |  | 40 |
Derivatives that qualify for hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains / (losses) on foreign currency derivatives—net |  |  | 9 |  |  |  | 4 |  |  |  | 1 |  |  |  | — |
Unrealized (losses) / gains on foreign currency derivatives—net |  |  | 9 |  |  |  | (2 | ) |  |  | 1 |  |  |  | — |
Included in Other gains / (losses)—net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized (losses) / gains on foreign currency derivatives—net |  |  | 9 |  |  |  | (2 | ) |  |  | 3 |  |  |  | — |
Unrealized gains / (losses) on foreign currency derivatives—net |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |
Realized gains / (losses) in ineffective portion of derivatives |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |
Included in other comprehensive income / (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (losses) / gains on foreign currency derivatives—net |  |  |  |  |  |  | (23 | ) |  |  | 48 |  |  |  | (27 | )
(Losses) reclassified from cash flow hedge reserve to Consolidated Income Statement |  |  |  |  |  |  | (2 | ) |  |  | (2 | ) |  |  | — |
(A) | Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized.
Summary of Exposure to Financial Counterparties by Rating Type | The number of financial counterparties is tabulated below showing our exposure to the counterparty by rating type (Parent company ratings from Moody’s Investor Services):
|  | At December 31, 2018 |  |  | At December 31, 2017 |
| Number of financial counterparties(A) |  |  | Exposure (in millions of Euros) |  |  | Number of financial counterparties(A) |  |  | Exposure (in millions of Euros) |
Rated Aa or better |  |  | 2 |  |  |  | 22 |  |  |  | 3 |  |  |  | 52 |
Rated A |  |  | 8 |  |  |  | 110 |  |  |  | 12 |  |  |  | 224 |
Rated Baa |  |  | 2 |  |  |  | 4 |  |  |  | 3 |  |  |  | 19 |
Total |  |  | 12 |  |  |  | 136 |  |  |  | 18 |  |  |  | 295 |
(A) | Financial Counterparties for which the Group’s exposure is below €0.25 million have been excluded from the analysis.
Summary of Undiscounted Contractual Financial Assets and Financial Liabilities Values by Relevant Maturity Groupings | The tables below show undiscounted contractual financial assets and financial liabilities values by relevant maturity groupings based on the remaining periods from December 31, 2018 and December 31, 2017 respectively to the contractual maturity date.
|  | At December 31, 2018 |  |  | At December 31, 2017 |
| Less than 1 year |  |  | Between 1 - 5 years |  |  | Over 5 years |  |  | Less than 1 year |  |  | Between 1 - 5 years |  |  | Over 5 years |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt derivatives |  |  | 5 |  |  |  | 12 |  |  |  | — |  |  |  | 6 |  |  |  | 3 |  |  |  | — |
Net cash flows from derivative assets related to currencies and commodities |  |  | 22 |  |  |  | 12 |  |  |  | — |  |  |  | 59 |  |  |  | 15 |  |  |  | — |
Total |  |  | 27 |  |  |  | 24 |  |  |  | — |  |  |  | 65 |  |  |  | 18 |  |  |  | — |
|  | Notes |  |  | At December 31, 2018 |  |  | At December 31, 2017 |
| Less than 1 year |  |  | Between 1 - 5 years |  |  | After 5 years |  |  | Less than 1 year |  |  | Between 1 - 5 years |  |  | After 5 years |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings(A) |  |  |  |  |  |  | 6 |  |  |  | 315 |  |  |  | 1,754 |  |  |  | 67 |  |  |  | 318 |  |  |  | 1,692 |
Interest(B) |  |  |  |  |  |  | 114 |  |  |  | 422 |  |  |  | 173 |  |  |  | 103 |  |  |  | 421 |  |  |  | 264 |
Net debt derivatives |  |  |  |  |  |  | 3 |  |  |  | 4 |  |  |  | — |  |  |  | 3 |  |  |  | 10 |  |  |  | — |
Net cash flows from derivative liabilities related to currencies and commodities |  |  |  |  |  |  | 56 |  |  |  | 35 |  |  |  | — |  |  |  | 17 |  |  |  | 11 |  |  |  | — |
Trade payables and other (excludes deferred revenue and contract liabilities) |  |  | 20 |  |  |  | 900 |  |  |  | 18 |  |  |  | — |  |  |  | 920 |  |  |  | 20 |  |  |  | — |
Total |  |  |  |  |  |  | 1,079 |  |  |  | 794 |  |  |  | 1,927 |  |  |  | 1,110 |  |  |  | 780 |  |  |  | 1,956 |
(A) | Borrowings include the pan US ABL facility, which is considered short-term in nature and is included in the category “Less than 1 year” but exclude finance leases.
(B) | Interests disclosed are undiscounted forecast interest.
Currency risk [member] |
Statement [LineItems] |
Summary of Nominal Value of Derivatives | The following tables outline the nominal value (converted in millions of Euros at the closing rate) of derivatives for Constellium’s most significant foreign exchange exposures as at December 31, 2018.
Forward derivative sales |  | Maturity Year |  |  | Less than 1 year |  |  | Over 1 year |
USD/EUR |  |  | 2019-2024 |  |  |  | 519 |  |  |  | 276 |
EUR/CHF |  |  | 2019-2023 |  |  |  | 64 |  |  |  | 14 |
Other currencies |  |  | 2019-2020 |  |  |  | 17 |  |  |  | 1 |
Forward derivative purchases |  | Maturity Year |  |  | Less than 1 year |  |  | Over 1 year |
USD/EUR |  |  | 2019-2024 |  |  |  | 543 |  |  |  | 93 |
EUR/CHF |  |  | 2019-2024 |  |  |  | 118 |  |  |  | 62 |
EUR/CZK |  |  | 2019-2020 |  |  |  | 76 |  |  |  | 61 |
Other currencies |  |  | 2019 |  |  |  | 4 |  |  |  | — |
Summary of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement | The table below details the effect of foreign currency derivatives in the Consolidated Income Statement:
(in millions of Euros) |  | Year ended December 31, 2018 |  |  | Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Included in Finance costs—net |  |  |  |  |  |  |  |  |  |  |  |
Realized gains / (losses) on foreign currency derivatives—net |  |  | 5 |  |  |  | 31 |  |  |  | 15 |
Unrealized gains / (losses) on foreign currency derivatives—net |  |  | 23 |  |  |  | (110 | ) |  |  | 30 |
Total |  |  | 28 |  |  |  | (79 | ) |  |  | 45 |
Commodity price risk [member] |
Statement [LineItems] |
Summary of Nominal Value of Derivatives | At December 31, 2018, the nominal amount of commodity derivatives is as follows:
(in millions of Euros) |  | Maturity |  |  | Less than 1 year |  |  | Over 1 year |
Aluminium |  |  | 2019-2023 |  |  |  | 392 |  |  |  | 48 |
Premium |  |  | 2019-2021 |  |  |  | 10 |  |  |  | 4 |
Copper |  |  | 2019-2021 |  |  |  | 5 |  |  |  | 5 |
Silver |  |  | 2019-2020 |  |  |  | 9 |  |  |  | — |
Zinc |  |  | 2019-2021 |  |  |  | 8 |  |  |  | 17 |
Natural gas |  |  | 2019-2020 |  |  |  | 4 |  |  |  | 2 |
Summary of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement | The Group does not apply hedge accounting on commodity derivatives and therefore any mark-to-market movements are recognized in Other gains / (losses)—net.
(in millions of Euros) |  | Year ended December 31, 2018 |  |  | Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Included in Other gains / (losses)—net |  |  |  |  |  |  |  |  |  |  |  |
Realized gain / (loss) on commodity derivatives—net |  |  | 7 |  |  |  | 16 |  |  |  | (16 | )
Unrealized (loss) / gain on commodity derivatives—net |  |  | (83 | ) |  |  | 41 |  |  |  | 31 |
Non Us [member] |
Statement [LineItems] |
Summary of Impact on Profit and Equity (before tax effect) of a 10 % strengthening of the US Dollar versus the Euro | The largest exposures of the Group are related to the Euro/US Dollar exchange rate. The table below summarizes the impact on profit and Equity (before tax effect) of a 10% strengthening of the US Dollar versus the Euro for non US Dollar functional currency entities.
(in millions of Euros) |  | Effect on profit before tax |  |  | Effect on pretax equity |
Trade receivables |  |  | 5 |  |  |  | — |
Trade payables |  |  | (1 | ) |  |  | — |
Derivatives on commercial transaction(A) |  |  | 18 |  |  |  | (34 | )
Commercial transaction exposure |  |  | 22 |  |  |  | (34 | )
Cash in Bank and intercompany loans |  |  | 133 |  |  |  | — |
Borrowings |  |  | (150 | ) |  |  | — |
Derivatives on financing transaction |  |  | 17 |  |  |  | — |
Financing transaction exposure |  |  | — |  |  |  | — |
Total |  |  | 22 |  |  |  | (34 | )
(A) | Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized. The impact on pretax equity (€34 million) relates to derivatives hedging future sales spread from 2019 to 2022 which are designated as cash flow hedges.
USD [member] |
Statement [LineItems] |
Summary of Impact on Profit and Equity (before tax effect) of a 10 % strengthening of the US Dollar versus the Euro | The table below summarizes the impact on profit and Equity (before tax effect) of a 10% strengthening of the US Dollar versus the Euro (on average rate for profit before tax and closing rate for pretax equity) for US Dollar functional currency entities.
(in millions of Euros) |  | Effect on profit before tax |  |  | Effect on pretax equity |
10% strengthening US Dollar/Euro |  |  | (5 | ) |  |  | 7 |

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