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OPERATING SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2021
Disclosure of operating segments [abstract] |
Schedule of Segment Revenue |
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
(in millions of Euros) |  | Segment revenue |  | Inter-segment elimination |  | External revenue |  | Segment revenue |  | Inter-segment elimination |  | External revenue |  | Segment revenue |  | Inter-segment elimination |  | External revenue |  | Segment revenue |  | Inter-segment elimination |  | External revenue
P&ARP |  | 907 |  | (3) |  | 904 |  | 565 |  | (1) |  | 564 |  | 1,673 |  | (5) |  | 1,668 |  | 1,317 |  | (4) |  | 1,313
A&T |  | 287 |  | (13) |  | 274 |  | 250 |  | (3) |  | 247 |  | 532 |  | (24) |  | 508 |  | 609 |  | (13) |  | 596
AS&I |  | 345 |  | (5) |  | 340 |  | 222 |  | (2) |  | 220 |  | 695 |  | (12) |  | 683 |  | 564 |  | (5) |  | 559
Total |  | 1,539 |  | (21) |  | 1,518 |  | 1,037 |  | (6) |  | 1,031 |  | 2,900 |  | (41) |  | 2,859 |  | 2,490 |  | (22) |  | 2,468
Schedule of Segment Adjusted EBITDA and reconciliation of Adjusted EBITDA to Net Income |
|  |  |  | Three months ended June 30, |  | Six months ended June 30,
(in millions of Euros) |  | Notes |  | 2021 |  | 2020 |  | 2021 |  | 2020
P&ARP |  |  |  | 94 |  | 58 |  | 162 |  | 124
A&T |  |  |  | 42 |  | 31 |  | 61 |  | 83
AS&I |  |  |  | 41 |  | (1) |  | 79 |  | 33
H&C |  |  |  | (7) |  | (7) |  | (11) |  | (12)
Adjusted EBITDA |  |  |  | 170 |  | 81 |  | 291 |  | 228
Metal price lag (A) |  |  |  | 54 |  | (25) |  | 85 |  | (40)
Start-up and development costs (B) |  |  |  | — |  | (2) |  | — |  | (4)
Share based compensation costs |  |  |  | (3) |  | (5) |  | (7) |  | (8)
Losses on pension plan amendments |  | 18 |  | (2) |  | (2) |  | (2) |  | (2)
Depreciation and amortization |  | 12, 13 |  | (65) |  | (66) |  | (128) |  | (132)
Impairment of assets |  | 12, 13 |  | — |  | (5) |  | — |  | (5)
Restructuring costs |  | 5 |  | (2) |  | (11) |  | (3) |  | (11)
Unrealized gains / (losses) on derivatives |  |  |  | 16 |  | 43 |  | 44 |  | (10)
Unrealized exchange (losses) / gains from the remeasurement of monetary assets and liabilities – net |  | 5 |  | (1) |  | 1 |  | 1 |  | (1)
Other (C) |  |  |  | — |  | (10) |  | — |  | (10)
Income / (loss) from operations |  |  |  | 167 |  | (1) |  | 281 |  | 5
Finance costs - net |  | 7 |  | (37) |  | (42) |  | (92) |  | (87)
Income / (loss) before tax |  |  |  | 130 |  | (43) |  | 189 |  | (82)
Income tax (expense) / benefit |  | 8 |  | (22) |  | 11 |  | (33) |  | 19
Net income / (loss) |  |  |  | 108 |  | (32) |  | 156 |  | (63)
(A)Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium's Revenue are established and when aluminium purchase prices included in Cost of sales are established. The Group accounts for inventory using a weighted average price basis and this adjustment aims to remove the effect of volatility in LME prices. The calculation of the Group metal price lag adjustment is based on an internal standardized methodology calculated at each of Constellium’s manufacturing sites and is primarily calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of cost of sales, based on the quantity sold in the period. (B)Start-up and development costs, for the six months ended June 30, 2020 were related to new projects in our AS&I operating segment. (C)Other, in the six months ended June 30, 2020, included €5 million of procurement penalties and termination fees incurred because of the Group's inability to fulfill certain commitments due to the COVID-19 pandemic and a €5 million loss resulting from the discontinuation of hedge accounting for certain forecasted sales that were determined to be no longer expected to occur in light of the COVID-19 pandemic effects.
Schedule of Segment Capital Expenditures |
|  | Six months ended June 30,
(in millions of Euros) |  | 2021 |  | 2020
P&ARP |  | (27) |  | (38)
A&T |  | (21) |  | (25)
AS&I |  | (24) |  | (35)
H&C |  | (2) |  | (2)
Capital expenditures |  | (74) |  | (100)
Schedule of Segment Assets |
(in millions of Euros) |  | At June 30, 2021 |  | At December 31, 2020
P&ARP |  | 1,983 |  | 1,733
A&T |  | 857 |  | 765
AS&I |  | 698 |  | 668
H&C |  | 386 |  | 274
Segment assets |  | 3,924 |  | 3,440
Deferred income tax assets |  | 162 |  | 193
Cash and cash equivalents |  | 290 |  | 439
Other financial assets |  | 79 |  | 57
Total Assets |  | 4,455 |  | 4,129

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