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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 99.4 $ (227.5)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Gain) loss on derivative instruments (302.3) 160.6
OPEB curtailment gain, net (8.0) 0.0
Lower of cost or NRV inventory adjustment 46.5 0.0
Depreciation and amortization 57.5 62.4
Loss on early extinguishment of debt 0.0 24.7
Deferred tax provision (benefit) 52.3 (40.9)
Asset impairment 159.4 0.0
Other non-cash items -- net (12.5) 2.6
Change in operating assets and liabilities:    
Accounts receivable -- net 8.5 (27.6)
Due from affiliates (5.6) (1.7)
Inventories (4.1) (52.2)
Prepaid and other current assets 5.6 (4.8)
Accounts payable, trade (9.6) 46.7
Due to affiliates (34.0) 43.1
Accrued and other current liabilities 12.5 3.5
Ravenswood retiree medical settlement (2.0) (2.0)
Other -- net (6.4) 1.0
Net cash provided by (used in) operating activities 57.2 (12.1)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (70.2) (45.7)
Proceeds from sales of property, plant & equipment 0.1 0.0
Net cash used in investing activities (70.1) (45.7)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of Senior Notes due 2025 0.0 (250.0)
Early redemption and tender premiums paid 0.0 (18.1)
Proceeds from issuance of Senior Notes due 2028 0.0 250.0
Proceeds from issuance of Convertible Senior Notes 0.0 86.3
Repayments on Hawesville term loan 0.0 (15.0)
Borrowings under revolving credit facilities 910.2 644.2
Repayments under revolving credit facilities (910.4) (641.8)
Debt issuance costs (1.6) (7.5)
Purchases of capped calls related to Convertible Senior Notes 0.0 (5.7)
Borrowings under Grundartangi casthouse debt facility 40.0 0.0
Net cash provided by financing activities 38.2 42.4
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 25.3 (15.4)
Cash, cash equivalents and restricted cash, beginning of period 40.7 84.3
Cash, cash equivalents and restricted cash, end of period 66.0 68.9
Cash paid for:    
Interest 14.0 26.0
Taxes 1.9 0.0
Non-cash investing activities:    
Capital expenditures 1.1 6.1
Capitalized interest $ 3.4 $ 0.8