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OPERATING SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of operating segments [abstract] |
Schedule of Segment Revenue |
|  | Year ended December 31,
|  | 2021 |  | 2020 |  | 2019
(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
P&ARP |  | 3,698 |  | (10) |  | 3,688 |  | 2,734 |  | (9) |  | 2,725 |  | 3,149 |  | (10) |  | 3,139
A&T |  | 1,142 |  | (40) |  | 1,102 |  | 1,025 |  | (23) |  | 1,002 |  | 1,462 |  | (42) |  | 1,420
AS&I |  | 1,383 |  | (21) |  | 1,362 |  | 1,167 |  | (11) |  | 1,156 |  | 1,351 |  | (3) |  | 1,348
Total |  | 6,223 |  | (71) |  | 6,152 |  | 4,926 |  | (43) |  | 4,883 |  | 5,962 |  | (55) |  | 5,907
Schedule of Segment Adjusted EBITDA and reconciliation of Adjusted EBITDA to Net Income |
|  |  |  | Year ended December 31,
(in millions of Euros) |  | Notes |  | 2021 |  | 2020 |  | 2019
P&ARP |  |  |  | 344 |  | 291 |  | 273
A&T |  |  |  | 111 |  | 106 |  | 204
AS&I |  |  |  | 142 |  | 88 |  | 106
H&C |  |  |  | (16) |  | (20) |  | (21)
Adjusted EBITDA |  |  |  | 581 |  | 465 |  | 562
Metal price lag (A) |  |  |  | 187 |  | (8) |  | (46)
Start-up and development costs (B) |  |  |  | — |  | (5) |  | (11)
Bowling Green one-time cost related to the acquisition (C) |  |  |  | — |  | — |  | (5)
Share based compensation costs |  | 29 |  | (15) |  | (15) |  | (16)
(Losses) / gains on pension plan amendments (D) |  | 22 |  | (32) |  | (2) |  | 1
Depreciation and amortization |  | 15, 16 |  | (267) |  | (259) |  | (256)
Impairment of assets |  | 15, 16 |  | — |  | (43) |  | —
Restructuring costs |  | 8 |  | (3) |  | (13) |  | (4)
Unrealized gains on derivatives |  |  |  | 35 |  | 16 |  | 33
Unrealized exchange gains from the remeasurement of monetary assets and liabilities – net |  | 8 |  | 1 |  | 1 |  | —
Losses on disposal |  | 8 |  | (3) |  | (4) |  | (3)
Other (E) |  |  |  | — |  | (8) |  | —
Income from operations |  |  |  | 484 |  | 125 |  | 255
Finance costs - net |  | 10 |  | (167) |  | (159) |  | (175)
Share of income of joint-ventures |  |  |  | — |  | — |  | 2
Income / (loss) before tax |  |  |  | 317 |  | (34) |  | 82
Income tax (expense) / benefit |  | 11 |  | (55) |  | 17 |  | (18)
Net income / (loss) |  |  |  | 262 |  | (17) |  | 64
(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 year. (B)Start-up and development costs, for the years ended December 31, 2020 and 2019, were related to new projects in our AS&I operating segment. (C)Bowling Green one-time costs related to the acquisition, for the year ended December 31, 2019, was the non-cash reversal of the inventory step-up. (D)In the year ended December 31, 2021, the group recognized a loss of €31 million from past service cost following an adverse decision of the Fourth Circuit Court in the dispute between Constellium Rolled Products Ravenswood, LLC and the United Steelworkers Local Union 5668 over the transfer of certain participants in the Constellium Rolled Products Ravenswood Retiree Medical and Life Insurance Plan to a third-party health network (see Note 22.6). (E)Other, for the year ended December 31, 2020, included €2 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 €6 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 |
|  | Year ended December 31,
(in millions of Euros) |  | 2021 |  | 2020 |  | 2019
P&ARP |  | (94) |  | (73) |  | (96)
A&T |  | (70) |  | (45) |  | (72)
AS&I |  | (62) |  | (61) |  | (97)
H&C |  | (6) |  | (3) |  | (6)
Capital expenditures |  | (232) |  | (182) |  | (271)
Schedule of Segment Assets |
|  | At December 31,
(in millions of Euros) |  | 2021 |  | 2020
P&ARP |  | 2,108 |  | 1,733
A&T |  | 948 |  | 765
AS&I |  | 738 |  | 668
H&C |  | 451 |  | 274
Segment assets |  | 4,245 |  | 3,440
Deferred income tax assets |  | 162 |  | 193
Cash and cash equivalents |  | 147 |  | 439
Other financial assets |  | 70 |  | 57
Total Assets |  | 4,624 |  | 4,129

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