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OPERATING SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2021
Disclosure of operating segments [abstract] |
OPERATING SEGMENT INFORMATION | NOTE 4 - OPERATING SEGMENT INFORMATION Packaging and Automotive Rolled Products (P&ARP) P&ARP supplies rolled aluminium products to the packaging market with canstock and closure stock for the beverage and food industry, foil stock for the flexible packaging market and to the automotive market with a number of technically sophisticated applications, such as automotive body sheet and heat exchanger materials. P&ARP operates four facilities in three countries and had approximately 3,900 employees at December 31, 2021. Aerospace and Transportation (A&T) A&T supplies rolled aluminium products and very limited volumes of extruded products to the aerospace market, as well as rolled products for transportation, industry and defense end-uses. A&T operates six facilities in three countries and had approximately 3,400 employees at December 31, 2021. Automotive Structures and Industry (AS&I) AS&I supplies hard and soft aluminium alloy extruded profiles for a range of high demand industry applications in the automotive, engineering, rail and other transportation end markets, and technologically advanced structural components to the automotive industry. AS&I operates nineteen facilities in ten countries and had approximately 4,600 employees at December 31, 2021. Holdings & Corporate (H&C) Holdings & Corporate includes the costs of our corporate support functions and our technology centers. Intersegment elimination Intersegment transactions are conducted on an arm’s length basis and reflect market prices. 4.1 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
4.2 Segment Adjusted EBITDA and reconciliation of Adjusted EBITDA to Net Income Constellium’s CODM measures the profitability and financial performance of its operating segments based on Adjusted EBITDA. Adjusted EBITDA is defined as income / (loss) from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation, amortization as adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange differences on transactions that do not qualify for hedge accounting, metal price lag, share-based compensation expense, effects of certain purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain incremental costs and other exceptional, unusual or generally non-recurring items.
|  |  |  | 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. 4.3 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)
4.4 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
4.5 Information about major customers Revenue in the P&ARP segment from sales to the Group’s largest customer w as €692 million and €492 million for the years ended December 31, 2021 and 2020, respectively, and no other single customer contributed 10% or more to the Group’s revenue for 2021 and 2020. No single customer contributed 10% or more to the Group's revenue for the year ended December 31, 2019.

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