Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

(in millions)	Condensed Consolidating Balance Sheet As of June 30, 2015
	Parent		Issuer		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash	$	—	$	71.1	$	2.1	$	6.3	$	(1.1	)	$	78.4
Accounts receivable, net of allowance	—		2.8		146.9		15.1		—			164.8
Inventories	—		—		180.2		18.7		(3.3		)	195.6
Prepaid expenses and other current assets	—		12.8		8.7		0.8		—			22.3
Deferred income taxes	—		31.3		—		—		—			31.3
Income tax receivable	—		1.0		—		—		(0.4		)	0.6
Total current assets	—		119.0		337.9		40.9		(4.8		)	493.0
Property, plant and equipment, net	—		0.6		101.9		0.4		—			102.9
Investment in subsidiaries	55.2		822.9		23.0		—		(901.1		)	—
Intercompany accounts	—		—		492.3		—		(492.3		)	—
Goodwill	—		—		4.4		—		—			4.4
Intangible assets, net	—		—		0.6		—		—			0.6
Deferred income taxes	—		1.6		—		—		—			1.6
Other noncurrent assets	—		11.0		2.3		—		—			13.3
Total assets	$	55.2	$	955.1	$	962.4	$	41.3	$	(1,398.2	)	$	615.8
Liabilities and equity / (deficit)
Current liabilities:
Current maturities of long-term debt	$	—	$	—	$	1.0	$	—	$	—		$	1.0
Accounts payable	—		4.0		100.8		3.7		(4.4		)	104.1
Accrued liabilities	—		17.9		33.2		0.6		—			51.7
Accrued interest	—		3.2		—		—		—			3.2
Income tax payable	—		—		0.1		0.4		(0.4		)	0.1
Total current liabilities	—		25.1		135.1		4.7		(4.8		)	160.1
Long-term debt	—		375.0		4.3		—		—			379.3
Other noncurrent liabilities	—		25.3		0.1		—		—			25.4
Intercompany accounts	8.6		474.5		—		9.2		(492.3		)	—
Total liabilities	8.6		899.9		139.5		13.9		(497.1		)	564.8
Global Brass and Copper Holdings, Inc. stockholders’ equity / (deficit)	46.6		55.2		822.9		23.0		(901.1		)	46.6
Noncontrolling interest	—		—		—		4.4		—			4.4
Total equity / (deficit)	46.6		55.2		822.9		27.4		(901.1		)	51.0
Total liabilities and equity / (deficit)	$	55.2	$	955.1	$	962.4	$	41.3	$	(1,398.2	)	$	615.8

(in millions)	Condensed Consolidating Balance Sheet As of December 31, 2014
	Parent		Issuer		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash	$	—	$	37.6	$	3.8	$	4.6	$	(1.4	)	$	44.6
Accounts receivable, net of allowance	—		2.6		131.6		18.1		—			152.3
Inventories	—		—		173.5		15.8		(0.3		)	189.0
Prepaid expenses and other current assets	—		10.1		16.0		0.1		—			26.2
Deferred income taxes	—		30.1		—		—		—			30.1
Income tax receivable	—		8.4		—		—		(0.1		)	8.3
Total current assets	—		88.8		324.9		38.6		(1.8		)	450.5
Property, plant and equipment, net	—		0.7		102.4		0.4		—			103.5
Investment in joint venture	—		—		2.0		—		—			2.0
Investment in subsidiaries	29.8		752.5		23.1		—		(805.4		)	—
Intercompany accounts	—		—		419.3		—		(419.3		)	—
Goodwill	—		—		4.4		—		—			4.4
Intangible assets, net	—		—		0.6		—		—			0.6
Deferred income taxes	—		0.8		—		—		—			0.8
Other noncurrent assets	—		12.5		2.2		—		—			14.7
Total assets	$	29.8	$	855.3	$	878.9	$	39.0	$	(1,226.5	)	$	576.5
Liabilities and equity / (deficit)
Current liabilities:
Current maturities of long-term debt	$	—	$	—	$	1.0	$	—	$	—		$	1.0
Accounts payable	—		0.6		82.0		1.6		(1.7		)	82.5
Accrued liabilities	—		18.4		38.3		0.6		—			57.3
Accrued interest	—		3.2		—		—		—			3.2
Income tax payable	—		—		0.2		0.4		(0.1		)	0.5
Total current liabilities	—		22.2		121.5		2.6		(1.8		)	144.5
Long-term debt	—		375.0		4.8		—		—			379.8
Deferred income taxes	—		0.8		—		—		—			0.8
Other noncurrent liabilities	—		25.3		0.1		—		—			25.4
Intercompany accounts	8.2		402.2		—		8.9		(419.3		)	—
Total liabilities	8.2		825.5		126.4		11.5		(421.1		)	550.5
Global Brass and Copper Holdings, Inc. stockholders’ equity / (deficit)	21.6		29.8		752.5		23.1		(805.4		)	21.6
Noncontrolling interest	—		—		—		4.4		—			4.4
Total equity / (deficit)	21.6		29.8		752.5		27.5		(805.4		)	26.0
Total liabilities and equity / (deficit)	$	29.8	$	855.3	$	878.9	$	39.0	$	(1,226.5	)	$	576.5

(in millions)	Condensed Consolidating Balance Sheet As of June 30, 2014
	Parent		Issuer		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash	$	—	$	14.7	$	2.6	$	4.8	$	(2.7	)	$	19.4
Accounts receivable, net of allowance	—		2.7		177.9		15.0		—			195.6
Inventories	—		—		174.3		18.9		(0.9		)	192.3
Prepaid expenses and other current assets	—		12.8		12.4		0.5		—			25.7
Deferred income taxes	—		33.0		—		—		—			33.0
Income tax receivable	—		6.7		—		—		(0.4		)	6.3
Total current assets	—		69.9		367.2		39.2		(4.0		)	472.3
Property, plant and equipment, net	—		0.9		98.7		0.4		—			100.0
Investment in joint venture	—		—		2.8		—		—			2.8
Investment in subsidiaries	19.0		705.4		23.3		—		(747.7		)	—
Intercompany accounts	—		—		351.1		—		(351.1		)	—
Goodwill	—		—		4.4		—		—			4.4
Intangible assets, net	—		—		0.7		—		—			0.7
Deferred income taxes	—		2.9		—		—		—			2.9
Other noncurrent assets	—		13.9		1.9		—		—			15.8
Total assets	$	19.0	$	793.0	$	850.1	$	39.6	$	(1,102.8	)	$	598.9
Liabilities and equity / (deficit)
Current liabilities:
Current maturities of long-term debt	$	—	$	—	$	0.7	$	—	$	—		$	0.7
Accounts payable	—		1.2		107.5		2.5		(3.6		)	107.6
Accrued liabilities	—		17.8		31.0		0.5		—			49.3
Accrued interest	—		3.3		—		—		—			3.3
Income tax payable	—		—		0.1		0.3		(0.4		)	—
Total current liabilities	—		22.3		139.3		3.3		(4.0		)	160.9
Long-term debt	—		391.5		5.3		—		—			396.8
Other noncurrent liabilities	—		25.8		0.1		—		—			25.9
Intercompany accounts	7.9		334.4		—		8.8		(351.1		)	—
Total liabilities	7.9		774.0		144.7		12.1		(355.1		)	583.6
Global Brass and Copper Holdings, Inc. stockholders’ equity / (deficit)	11.1		19.0		705.4		23.3		(747.7		)	11.1
Noncontrolling interest	—		—		—		4.2		—			4.2
Total equity / (deficit)	11.1		19.0		705.4		27.5		(747.7		)	15.3
Total liabilities and equity / (deficit)	$	19.0	$	793.0	$	850.1	$	39.6	$	(1,102.8	)	$	598.9

Condensed Consolidating Statement of Operations

(in millions)	Condensed Consolidating Statement of Operations Three Months Ended June 30, 2015
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	—		$	398.9		$	23.3	$	(7.3	)	$	414.9
Cost of sales	—			1.0			350.2			20.7		(7.3		)	364.6
Gross profit (loss)	—			(1.0		)	48.7			2.6		—			50.3
Selling, general and administrative expenses	0.3			5.9			14.8			0.9		—			21.9
Operating income (loss)	(0.3		)	(6.9		)	33.9			1.7		—			28.4
Interest expense	—			9.8			0.1			—		—			9.9
Gain on sale of investment in joint venture	—			—			(6.3		)	—		—			(6.3		)
Other expense (income), net	—			—			(0.2		)	—		—			(0.2		)
Income (loss) before provision for (benefit from) income taxes and equity income	(0.3		)	(16.7		)	40.3			1.7		—			25.0
Provision for (benefit from) income taxes	(0.1		)	(5.1		)	12.6			0.5		—			7.9
Income (loss) before equity income	(0.2		)	(11.6		)	27.7			1.2		—			17.1
Equity income (loss), net of tax	17.3			28.9			1.2			—		(47.3		)	0.1
Net income (loss)	17.1			17.3			28.9			1.2		(47.3		)	17.2
Less: Net income attributable to noncontrolling interest	—			—			—			0.1		—			0.1
Net income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	17.1		$	17.3		$	28.9		$	1.1	$	(47.3	)	$	17.1

(in millions)	Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014
	Parent			Issuer			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	—		$	424.1	$	22.3	$	(5.9	)	$	440.5
Cost of sales	—			(1.4		)	383.3		20.3		(5.9		)	396.3
Gross profit (loss)	—			1.4			40.8		2.0		—			44.2
Selling, general and administrative expenses	0.3			4.9			14.0		0.7		—			19.9
Operating income (loss)	(0.3		)	(3.5		)	26.8		1.3		—			24.3
Interest expense	—			9.8			—		—		—			9.8
Other expense (income), net	—			0.1			—		—		—			0.1
Income (loss) before provision for (benefit from) income taxes and equity income	(0.3		)	(13.4		)	26.8		1.3		—			14.4
Provision for (benefit from) income taxes	(0.1		)	(5.2		)	10.3		0.5		—			5.5
Income (loss) before equity income	(0.2		)	(8.2		)	16.5		0.8		—			8.9
Equity income (loss), net of tax	9.2			17.4			0.9		—		(27.3		)	0.2
Net income (loss)	9.0			9.2			17.4		0.8		(27.3		)	9.1
Less: Net income attributable to noncontrolling interest	—			—			—		0.1		—			0.1
Net income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	9.0		$	9.2		$	17.4	$	0.7	$	(27.3	)	$	9.0

(in millions)	Condensed Consolidating Statement of Operations Six Months Ended June 30, 2015
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	785.6		$	45.0		$	(15.5	)	$	815.1
Cost of sales	—			2.4			693.1			40.9			(15.5		)	720.9
Gross profit (loss)	—			(2.4		)	92.5			4.1			—			94.2
Selling, general and administrative expenses	0.6			11.5			29.5			1.7			—			43.3
Operating income (loss)	(0.6		)	(13.9		)	63.0			2.4			—			50.9
Interest expense	—			19.7			0.2			—			—			19.9
Gain on sale of investment in joint venture	—			—			(6.3		)	—			—			(6.3		)
Other expense (income), net	—			0.1			—			(0.2		)	—			(0.1		)
Income (loss) before provision for (benefit from) income taxes and equity income	(0.6		)	(33.7		)	69.1			2.6			—			37.4
Provision for (benefit from) income taxes	(0.2		)	(11.1		)	22.8			0.9			—			12.4
Income (loss) before equity income	(0.4		)	(22.6		)	46.3			1.7			—			25.0
Equity income (loss), net of tax	25.6			48.2			1.9			—			(75.4		)	0.3
Net income (loss)	25.2			25.6			48.2			1.7			(75.4		)	25.3
Less: Net income attributable to noncontrolling interest	—			—			—			0.1			—			0.1
Net income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	25.2		$	25.6		$	48.2		$	1.6		$	(75.4	)	$	25.2

(in millions)	Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014
	Parent			Issuer			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	850.2	$	47.4		$	(13.3	)	$	884.3
Cost of sales	—			(0.6		)	767.3		43.1			(13.3		)	796.5
Gross profit (loss)	—			0.6			82.9		4.3			—			87.8
Selling, general and administrative expenses	0.6			9.2			27.4		1.5			—			38.7
Operating income (loss)	(0.6		)	(8.6		)	55.5		2.8			—			49.1
Interest expense	—			19.7			—		—			—			19.7
Other expense (income), net	—			0.2			0.1		(0.1		)	—			0.2
Income (loss) before provision for (benefit from) income taxes and equity income	(0.6		)	(28.5		)	55.4		2.9			—			29.2
Provision for (benefit from) income taxes	(0.2		)	(11.0		)	21.3		0.7			—			10.8
Income (loss) before equity income	(0.4		)	(17.5		)	34.1		2.2			—			18.4
Equity income (loss), net of tax	19.1			36.6			2.5		—			(57.7		)	0.5
Net income (loss)	18.7			19.1			36.6		2.2			(57.7		)	18.9
Less: Net income attributable to noncontrolling interest	—			—			—		0.2			—			0.2
Net income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	18.7		$	19.1		$	36.6	$	2.0		$	(57.7	)	$	18.7

Condensed Consolidating Statement of Comprehensive Income

(in millions)	Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2015
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	17.1		$	17.3		$	28.9		$	1.2		$	(47.3	)	$	17.2
Foreign currency translation adjustment, net of tax	(0.2		)	(0.2		)	(0.3		)	(0.2		)	0.7			(0.2		)
Comprehensive income (loss)	16.9			17.1			28.6			1.0			(46.6		)	17.0
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			0.1			—			0.1
Comprehensive income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	16.9		$	17.1		$	28.6		$	0.9		$	(46.6	)	$	16.9

(in millions)	Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2014
	Parent		Issuer		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income (loss)	$	9.0	$	9.2	$	17.4	$	0.8	$	(27.3	)	$	9.1
Foreign currency translation adjustment, net of tax	—		—		0.1		—		(0.1		)	—
Comprehensive income (loss)	9.0		9.2		17.5		0.8		(27.4		)	9.1
Less: Comprehensive income attributable to noncontrolling interest	—		—		—		0.1		—			0.1
Comprehensive income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	9.0	$	9.2	$	17.5	$	0.7	$	(27.4	)	$	9.0

(in millions)	Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2015
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	25.2		$	25.6		$	48.2		$	1.7		$	(75.4	)	$	25.3
Foreign currency translation adjustment, net of tax	(0.4		)	(0.4		)	(0.6		)	(0.4		)	1.5			(0.3		)
Comprehensive income (loss)	24.8			25.2			47.6			1.3			(73.9		)	25.0
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			0.2			—			0.2
Comprehensive income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	24.8		$	25.2		$	47.6		$	1.1		$	(73.9	)	$	24.8

(in millions)	Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2014
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	18.7		$	19.1		$	36.6		$	2.2		$	(57.7	)	$	18.9
Foreign currency translation adjustment, net of tax	(0.1		)	(0.1		)	(0.1		)	(0.2		)	0.4			(0.1		)
Comprehensive income (loss)	18.6			19.0			36.5			2.0			(57.3		)	18.8
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			0.2			—			0.2
Comprehensive income (loss) attributable to Global Brass and Copper Holdings, Inc.	$	18.6		$	19.0		$	36.5		$	1.8		$	(57.3	)	$	18.6

Condensed Consolidating Statement of Cash Flows

(in millions)	Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1.7		$	35.1		$	(1.6	)	$	2.4		$	(1.9	)	$	35.7
Cash flows from investing activities
Capital expenditures	—			—			(7.6		)	—			—			(7.6		)
Proceeds from sale of investment in joint venture	—			—			8.0						—			8.0
Net cash provided by (used in) investing activities	—			—			0.4			—			—			0.4
Cash flows from financing activities
Borrowings on ABL Facility	—			0.6			—			—			—			0.6
Payments on ABL Facility	—			(0.6		)	—			—			—			(0.6		)
Principal payments under capital lease obligation	—			—			(0.5		)	—			—			(0.5		)
Dividends paid	(1.6		)	(1.6		)	—			(0.6		)	2.2			(1.6		)
Distributions to noncontrolling interest owners	—			—			—			(0.2		)	—			(0.2		)
Proceeds from exercise of stock options	0.1			—			—			—			—			0.1
Excess tax benefit from share-based compensation	0.1			—			—			—			—			0.1
Share repurchases	(0.3		)	—			—			—			—			(0.3		)
Net cash provided by (used in) financing activities	(1.7		)	(1.6		)	(0.5		)	(0.8		)	2.2			(2.4		)
Effect of foreign currency exchange rates	—			—			—			0.1			—			0.1
Net increase (decrease) in cash	—			33.5			(1.7		)	1.7			0.3			33.8
Cash at beginning of period	—			37.6			3.8			4.6			(1.4		)	44.6
Cash at end of period	$	—		$	71.1		$	2.1		$	6.3		$	(1.1	)	$	78.4

(in millions)	Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014
	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	1.7		$	2.1		$	12.5		$	1.4		$	(4.3	)	$	13.4
Cash flows from investing activities
Capital expenditures	—			(0.1		)	(13.9		)	(0.1		)	—			(14.1		)
Proceed from sale of property, plant, and equipment							0.1						—			0.1
Net cash provided by (used in) investing activities	—			(0.1		)	(13.8		)	(0.1		)	—			(14.0		)
Cash flows from financing activities
Borrowings on ABL Facility	—			174.2			—			—			—			174.2
Payments on ABL Facility	—			(163.2		)	—			—			—			(163.2		)
Dividends paid	(1.6		)	(1.6		)	—			—			1.6			(1.6		)
Proceeds from exercise of stock options	0.1			—			—			—			—			0.1
Excess tax benefit from share-based compensation	0.2			—			—			—			—			0.2
Share repurchases	(0.4		)										—			(0.4		)
Net cash provided by (used in) financing activities	(1.7		)	9.4			—			—			1.6			9.3
Effect of foreign currency exchange rates	—			—			—			(0.1		)	—			(0.1		)
Net increase (decrease) in cash	—			11.4			(1.3		)	1.2			(2.7		)	8.6
Cash at beginning of period	—			3.3			3.9			3.6			—			10.8
Cash at end of period	$	—		$	14.7		$	2.6		$	4.8		$	(2.7	)	$	19.4