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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2017
Segment Information  
Reconciliation of Segment Adjusted EBITDA from Continuing Operations

The following tables show segment revenues from external customers (there were no intersegment revenues) and Segment Adjusted EBITDA for the three and nine months ended September 30, 2017 and 2016, and reconciliations of Segment Adjusted EBITDA to net loss for each period presented. Segment Adjusted EBITDA presents only the financial performance of our segments and does not include the results of operations of Corporate and Other.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

(In millions)

    

RANA

    

RAEU

    

Corporate and
Other

    

Total

Revenues

 

$

213.0

 

$

119.8

 

$

 —

 

$

332.8

Segment Adjusted EBITDA

 

$

5.6

 

$

7.9

 

 

 

 

$

13.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2016

(In millions)

    

RANA

    

RAEU

    

Corporate and
Other

    

Total

Revenues

 

$

200.5

 

$

114.4

 

$

 —

 

$

314.9

Segment Adjusted EBITDA

 

$

9.0

 

$

7.9

 

 

 

 

$

16.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2017

(In millions)

    

RANA

    

RAEU

    

Corporate and

Other

    

Total

Revenues

 

$

673.0

 

$

347.1

 

$

 —

 

$

1,020.1

Segment Adjusted EBITDA

 

$

20.6

 

$

22.4

 

 

 

 

$

43.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2016

(In millions)

    

RANA

    

RAEU

    

Corporate and
Other

    

Total

Revenues

 

$

613.7

 

$

331.5

 

$

 —

 

$

945.2

Segment Adjusted EBITDA

 

$

36.5

 

$

19.6

 

 

 

 

$

56.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

(In millions)

    

2017

    

2016

    

2017

    

2016

Segment Adjusted EBITDA

 

$

13.5

 

$

16.9

 

$

43.0

 

$

56.1

Unrealized gains (losses) on derivative financial instruments

 

 

0.3

 

 

(0.6)

 

 

(0.1)

 

 

0.9

Segment depreciation and amortization

 

 

(11.8)

 

 

(11.3)

 

 

(33.4)

 

 

(36.6)

Amortization of inventories and supplies purchase accounting adjustments

 

 

 —

 

 

 —

 

 

 —

 

 

(0.9)

Corporate and Other selling, general and administrative expenses

 

 

(1.8)

 

 

(7.5)

 

 

(7.5)

 

 

(14.4)

Goodwill impairment

 

 

(33.6)

 

 

 —

 

 

(33.6)

 

 

 —

Other, net

 

 

(1.4)

 

 

(1.0)

 

 

(3.0)

 

 

(2.6)

Operating profit (loss)

 

 

(34.8)

 

 

(3.5)

 

 

(34.6)

 

 

2.5

Interest expense, net

 

 

(9.8)

 

 

(9.2)

 

 

(30.4)

 

 

(27.5)

Change in fair value of common stock warrant liability

 

 

0.9

 

 

1.9

 

 

3.2

 

 

2.6

Foreign exchange gains on intercompany loans

 

 

1.1

 

 

 —

 

 

3.3

 

 

1.0

Income from equity method investment

 

 

2.3

 

 

 —

 

 

2.9

 

 

 —

Other nonoperating expense, net

 

 

(0.2)

 

 

(0.5)

 

 

(0.5)

 

 

(0.3)

Income tax expense (benefit)

 

 

 —

 

 

0.5

 

 

(1.9)

 

 

(0.4)

Earnings from discontinued operations, net of income taxes

 

 

 —

 

 

 —

 

 

 —

 

 

0.1

Net loss

 

$

(40.5)

 

$

(10.8)

 

$

(58.0)

 

$

(22.0)

 

Summarized Balance Sheet Information of Reportable Segments

The following tables present summarized balance sheet information for each of our reportable segments and reconciliations to consolidated assets and liabilities as of September 30, 2017 and December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2017

 

December 31, 2016

(In millions)

    

RANA

    

RAEU

    

RANA

    

RAEU

Segment Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3.5

 

$

4.8

 

$

11.5

 

$

5.7

Trade accounts receivable, net

 

 

85.6

 

 

20.3

 

 

76.2

 

 

12.2

Financing receivable

 

 

 —

 

 

28.1

 

 

 —

 

 

28.4

Inventories

 

 

88.8

 

 

37.1

 

 

79.3

 

 

38.9

Prepaid expenses, supplies and other current assets

 

 

17.4

 

 

9.7

 

 

13.7

 

 

6.4

Total current assets

 

 

195.3

 

 

100.0

 

 

180.7

 

 

91.6

Property, plant and equipment, net

 

 

185.4

 

 

104.6

 

 

195.0

 

 

94.2

Equity method investment

 

 

7.9

 

 

 —

 

 

5.0

 

 

 —

Identifiable intangible assets, net

 

 

10.7

 

 

 —

 

 

12.5

 

 

 —

Goodwill

 

 

 —

 

 

9.7

 

 

33.6

 

 

8.6

Other noncurrent assets

 

 

6.0

 

 

3.2

 

 

5.0

 

 

3.5

Total segment assets

 

$

405.3

 

$

217.5

 

$

431.8

 

$

197.9

Segment Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Trade payables

 

$

75.2

 

$

45.9

 

$

73.8

 

$

41.8

Accrued liabilities

 

 

19.7

 

 

13.9

 

 

30.0

 

 

13.4

Total current liabilities

 

 

94.9

 

 

59.8

 

 

103.8

 

 

55.2

Accrued pension benefits

 

 

 —

 

 

47.5

 

 

 —

 

 

42.0

Environmental liabilities

 

 

11.1

 

 

 —

 

 

11.6

 

 

 —

Other noncurrent liabilities

 

 

4.8

 

 

1.8

 

 

4.5

 

 

1.8

Total segment liabilities

 

$

110.8

 

$

109.1

 

$

119.9

 

$

99.0

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31,

(In millions)

   

2017

   

2016

Assets:

 

 

 

 

 

 

Real Alloy North America

 

$

405.3

 

$

431.8

Real Alloy Europe

 

 

217.5

 

 

197.9

Cash and cash equivalents—Corporate and Other

 

 

4.5

 

 

9.9

Other unallocated assets

 

 

1.6

 

 

5.9

Total consolidated assets

 

$

628.8

 

$

645.5

Liabilities:

 

 

 

 

 

 

Real Alloy North America

 

$

110.8

 

$

119.9

Real Alloy Europe

 

 

109.1

 

 

99.0

Long-term debt, including amounts due within one year

 

 

392.7

 

 

356.5

Common stock warrant liability

 

 

1.2

 

 

4.4

Deferred income taxes, net

 

 

2.6

 

 

2.5

Other unallocated liabilities

 

 

3.5

 

 

3.8

Total consolidated liabilities

 

$

619.9

 

$

586.1