Condensed consolidating financial information (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	110.8		$	194.5		$	—		$	305.3
Other customers	—			175.8			0.7			—			176.5
Total net sales	—			286.6			195.2			—			481.8
Cost of goods sold	—			301.5			192.1			—			493.6
Gross profit (loss)	—			(14.9		)	3.1			—			(11.8		)
Selling, general and administrative expenses	8.4			—			0.4			—			8.8
Helguvik (gains) losses	—			—			(4.5		)	—			(4.5		)
Other operating (income) expense - net	—			—			(0.5		)	—			(0.5		)
Operating income (loss)	(8.4		)	(14.9		)	7.7			—			(15.6		)
Interest expense	(5.0		)	(0.4		)	(0.2		)	—			(5.6		)
Intercompany interest	9.3			2.4			(11.7		)	—			—
Interest income	0.1			—			0.3			—			0.4
Net gain (loss) on forward and derivative contracts	(0.2		)	0.4			0.6			—			0.8
Other income (expense) - net	—			—			0.7			—			0.7
Income (loss) before income taxes and equity in earnings of joint ventures	(4.2		)	(12.5		)	(2.6		)	—			(19.3		)
Income tax (expense) benefit	0.5			—			(2.2		)	—			(1.7		)
Income (loss) before equity in earnings of joint ventures	(3.7		)	(12.5		)	(4.8		)	—			(21.0		)
Equity in earnings (loss) of joint ventures	(16.6		)	2.8			0.7			13.8			0.7
Net income (loss)	(20.3		)	(9.7		)	(4.1		)	13.8			(20.3		)
Other comprehensive income (loss) before income tax effect	0.5			0.5			0.4			(0.9		)	0.5
Income tax effect	(0.4		)	—			—			—			(0.4		)
Other comprehensive income (loss)	0.1			0.5			0.4			(0.9		)	0.1
Total comprehensive income (loss)	$	(20.2	)	$	(9.2	)	$	(3.7	)	$	12.9		$	(20.2	)

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	138.2		$	161.0		$	—		$	299.2
Other customers	—			101.4			0.0			—			101.4
Total net sales	—			239.6			161.0			—			400.6
Cost of goods sold	—			220.7			138.5			—			359.2
Gross profit (loss)	—			18.9			22.5			—			41.4
Selling, general and administrative expenses	13.7			—			0.3			—			14.0
Ravenswood (gains) losses	—			—			(5.5		)	—			(5.5		)
Other operating (income) expense - net	—			—			0.4			—			0.4
Operating income (loss)	(13.7		)	18.9			27.3			—			32.5
Interest expense	(5.1		)	(0.4		)	0.0			—			(5.5		)
Intercompany interest	8.9			2.2			(11.1		)	—			—
Interest income	0.2			—			0.2			—			0.4
Net gain (loss) on forward and derivative contracts	—			(3.9		)	0.0			—			(3.9		)
Other income (expense) - net	—			0.0			0.4			—			0.4
Income (loss) before income taxes and equity in earnings of joint ventures	(9.7		)	16.8			16.8			—			23.9
Income tax (expense) benefit	0.0			—			(3.3		)	—			(3.3		)
Income (loss) before equity in earnings of joint ventures	(9.7		)	16.8			13.5			—			20.6
Equity in earnings (loss) of joint ventures	30.5			1.4			0.2			(31.9		)	0.2
Net income (loss)	20.8			18.2			13.7			(31.9		)	20.8
Other comprehensive income (loss) before income tax effect	1.4			1.0			0.3			(1.3		)	1.4
Income tax effect	(0.4		)	—			0.0			0.0			(0.4		)
Other comprehensive income (loss)	1.0			1.0			0.3			(1.3		)	1.0
Total comprehensive income (loss)	$	21.8		$	19.2		$	14.0		$	(33.2	)	$	21.8

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	315.1		$	569.1		$	—		$	884.2
Other customers	—			519.1			3.0			—			522.1
Total net sales	—			834.2			572.1			—			1,406.3
Cost of goods sold	—			821.1			548.8			—			1,369.9
Gross profit (loss)	—			13.1			23.3			—			36.4
Selling, general and administrative expenses	29.8			—			1.7			—			31.5
Helguvik (gains) losses	—			—			(4.5		)	—			(4.5		)
Other operating (income) expense - net	—			—			0.0			—			0.0
Operating income (loss)	(29.8		)	13.1			26.1			—			9.4
Interest expense	(15.4		)	(1.2		)	(0.1		)	—			(16.7		)
Intercompany interest	27.4			7.0			(34.4		)	—			—
Interest income	0.3			—			1.0			—			1.3
Net gain (loss) on forward and derivative contracts	(0.2		)	1.1			1.9			—			2.8
Other income (expense) - net	0.6			(0.2		)	1.4			—			1.8
Income (loss) before income taxes and equity in earnings of joint ventures	(17.1		)	19.8			(4.1		)	—			(1.4		)
Income tax (expense) benefit	0.7			—			(3.7		)	—			(3.0		)
Income (loss) before equity in earnings of joint ventures	(16.4		)	19.8			(7.8		)	—			(4.4		)
Equity in earnings (loss) of joint ventures	15.2			(0.3		)	3.2			(14.9		)	3.2
Net income (loss)	(1.2		)	19.5			(4.6		)	(14.9		)	(1.2		)
Other comprehensive income (loss) before income tax effect	4.2			3.9			1.2			(5.1		)	4.2
Income tax effect	(1.1		)	—			—			—			(1.1		)
Other comprehensive income (loss)	3.1			3.9			1.2			(5.1		)	3.1
Total comprehensive income (loss)	$	1.9		$	23.4		$	(3.4	)	$	(20.0	)	$	1.9

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	404.1		$	472.0		$	—		$	876.1
Other customers	—			279.1			0.0			—			279.1
Total net sales	—			683.2			472.0			—			1,155.2
Cost of goods sold	—			655.0			419.5			—			1,074.5
Gross profit (loss)	—			28.2			52.5			—			80.7
Selling, general and administrative expenses	32.8			—			1.2			—			34.0
Ravenswood (gains) losses	—			—			(5.5		)	—			(5.5		)
Other operating (income) expense - net	—			—			1.6			—			1.6
Operating income (loss)	(32.8		)	28.2			55.2			—			50.6
Interest expense	(15.3		)	(1.2		)	(0.1		)	—			(16.6		)
Intercompany interest	27.1			6.4			(33.5		)	—			—
Interest income	0.3			0.0			0.6			—			0.9
Net gain (loss) on forward and derivative contracts	—			(17.1		)	0.0			—			(17.1		)
Other income (expense) - net	0.7			0.2			(1.9		)	—			(1.0		)
Income (loss) before income taxes and equity in earnings of joint ventures	(20.0		)	16.5			20.3			—			16.8
Income tax (expense) benefit	1.1			—			(5.6		)	—			(4.5		)
Income (loss) before equity in earnings of joint ventures	(18.9		)	16.5			14.7			—			12.3
Equity in earnings (loss) of joint ventures	31.7			3.9			0.5			(35.6		)	0.5
Net income (loss)	12.8			20.4			15.2			(35.6		)	12.8
Other comprehensive income (loss) before income tax effect	3.1			0.8			1.2			(2.0		)	3.1
Income tax effect	(1.2		)	—			0.0			0.0			(1.2		)
Other comprehensive income (loss)	1.9			0.8			1.2			(2.0		)	1.9
Total comprehensive income (loss)	$	14.7		$	21.2		$	16.4		$	(37.6	)	$	14.7

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
As of September 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	26.0		$	(0.3	)	$	47.7	$	—		$	73.4
Restricted cash	—			0.8			—		—			0.8
Accounts receivable - net	0.1			90.9			0.4		—			91.4
Due from affiliates	—			17.5			3.0		—			20.5
Inventories	—			236.0			154.4		—			390.4
Prepaid and other current assets	0.6			0.7			12.6		—			13.9
Total current assets	26.7			345.6			218.1		—			590.4
Property, plant and equipment - net	21.1			309.7			630.7		—			961.5
Investment in subsidiaries	772.3			53.7			—		(826.0		)	—
Due from affiliates - long term	653.7			458.0			9.9		(1,121.6		)	—
Other assets	29.4			34.6			30.3		(32.5		)	61.8
TOTAL	$	1,503.2		$	1,201.6		$	889.0	$	(1,980.1	)	$	1,613.7
Accounts payable, trade	$	2.0		$	80.2		$	31.7	$	—		$	113.9
Due to affiliates	—			15.0			2.6		—			17.6
Accrued and other current liabilities	19.5			23.9			22.5		—			65.9
Accrued employee benefits costs	1.9			8.3			0.8		—			11.0
Revolving credit facility	14.3			—			—		—			14.3
Industrial revenue bonds	—			7.8			—		—			7.8
Total current liabilities	37.7			135.2			57.6		—			230.5
Senior notes payable	248.5			—			—		—			248.5
Accrued pension benefits costs - less current portion	38.3			17.2			11.2		(32.5		)	34.2
Accrued postretirement benefits costs - less current portion	0.8			106.7			1.6		—			109.1
Due to affiliates - long term	339.3			204.9			577.3		(1,121.5		)	—
Other liabilities	5.3			24.8			20.7		—			50.8
Deferred taxes	(0.2		)	1.7			105.6		—			107.1
Total noncurrent liabilities	632.0			355.3			716.4		(1,154.0		)	549.7
Preferred stock	0.0			—			—		—			0.0
Common stock	0.9			—			0.1		(0.1		)	0.9
Other shareholders' equity	832.6			711.1			114.9		(826.0		)	832.6
Total shareholders' equity	833.5			711.1			115.0		(826.1		)	833.5
TOTAL	$	1,503.2		$	1,201.6		$	889.0	$	(1,980.1	)	$	1,613.7

Condensed Consolidating Balance Sheet
As of December 31, 2017
	The Company		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	64.3	$	(0.1	)	$	103.0	$	—		$	167.2
Restricted cash	—		0.8			—		—			0.8
Accounts receivable - net	—		42.8			0.3		—			43.1
Due from affiliates	0.1		10.3			—		—			10.4
Inventories	0.2		205.1			112.2		—			317.5
Prepaid and other current assets	3.3		0.8			10.6		—			14.7
Total current assets	67.9		259.7			226.1		—			553.7
Property, plant and equipment - net	19.4		295.8			656.7		—			971.9
Investment in subsidiaries	751.8		54.0			—		(805.8		)	—
Due from affiliates - long term	513.3		349.6			9.4		(872.3		)	—
Other assets	28.0		34.1			25.9		(32.0		)	56.0
TOTAL	$	1,380.4	$	993.2		$	918.1	$	(1,710.1	)	$	1,581.6
Accounts payable, trade	$	6.3	$	51.4		$	32.2	$	—		$	89.9
Due to affiliates	0.4		2.6			17.4		—			20.4
Accrued and other current liabilities	16.0		19.3			26.1		—			61.4
Accrued employee benefits costs	1.9		8.3			0.8		—			11.0
Industrial revenue bonds	—		7.8			—		—			7.8
Total current liabilities	24.6		89.4			76.5		—			190.5
Senior notes payable	248.2		—			—		—			248.2
Accrued pension benefits costs - less current portion	39.5		18.3			13.1		(32.0		)	38.9
Accrued postretirement benefits costs - less current portion	0.9		110.4			1.7		—			113.0
Other liabilities	3.5		32.0			22.4		—			57.9
Due to affiliates - long term	234.1		53.8			584.4		(872.3		)	—
Deferred taxes	—		1.7			101.8		—			103.5
Total noncurrent liabilities	526.2		216.2			723.4		(904.3		)	561.5
Preferred stock	0.0		—			—		—			0.0
Common stock	0.9		—			0.1		(0.1		)	0.9
Other shareholders' equity	828.7		687.6			118.1		(805.7		)	828.7
Total shareholders' equity	829.6		687.6			118.2		(805.8		)	829.6
TOTAL	$	1,380.4	$	993.2		$	918.1	$	(1,710.1	)	$	1,581.6

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(51.2	)	$	(0.5	)	$	(7.3	)	$	—		$	(59.0	)
Purchase of property, plant and equipment	(4.0		)	(38.9		)	(6.4		)	—			(49.3		)
Intercompany transactions	39.5			40.9			(0.4		)	(80.0		)	—
Net cash provided by (used in) investing activities	35.5			2.0			(6.8		)	(80.0		)	(49.3		)
Revolving credit facility	14.3			—			—			—			14.3
Issuance of common stock	0.2			—			—			—			0.2
Intercompany transactions	(37.1		)	(1.7		)	(41.2		)	80.0			—
Net cash provided by (used in) financing activities	(22.6		)	(1.7		)	(41.2		)	80.0			14.5
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(38.3		)	(0.2		)	(55.3		)	—			(93.8		)
Cash, cash equivalents and restricted cash, beginning of period	64.3			0.7			103.0			—			168.0
Cash, cash equivalents and restricted cash, end of period	$	26.0		$	0.5		$	47.7		$	—		$	74.2

Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(25.5	)	$	14.3		$	61.6		$	—		$	50.4
Purchase of property, plant and equipment	(8.8		)	(5.9		)	(8.9		)	—			(23.6		)
Proceeds from sale of property, plant and equipment	—			0.9			13.6			—			14.5
Intercompany transactions	34.2			(26.0		)	(7.6		)	(0.6		)	—
Net cash provided by (used in) investing activities	25.4			(31.0		)	(2.9		)	(0.6		)	(9.1		)
Borrowings under revolving credit facilities	1.0			—			—			—			1.0
Repayments under revolving credit facilities	(1.0		)	—			—			—			(1.0		)
Issuance of common stock	0.3			—			—			—			0.3
Intercompany transactions	33.6			16.8			(51.0		)	0.6			—
Net cash provided by (used in) financing activities	33.9			16.8			(51.0		)	0.6			0.3
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	33.8			0.1			7.7			—			41.6
Cash, cash equivalents and restricted cash, beginning of period	36.8			0.5			96.2			—			133.5
Cash, cash equivalents and restricted cash, end of period	$	70.6		$	0.6		$	103.9		$	—		$	175.1