XML 67 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Supplementary Guarantor Information (Tables)
 12 Months Ended
Dec. 31, 2017
Supplemental Guarantor Information [Abstract]  
Condensed Statements of Comprehensive Income (Loss)
Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2017
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
Net sales
$
—

 
$
5,755.1

 
$
285.9

 
$
496.3

 
$
(456.8
)
 
$
6,080.5

Cost of products sold (exclusive of items shown separately below)
—

 
5,183.2

 
203.1

 
387.2

 
(413.8
)
 
5,359.7

Selling and administrative expenses (exclusive of items shown separately below)
3.7

 
283.5

 
13.5

 
26.9

 
(44.7
)
 
282.9

Depreciation
—

 
189.3

 
7.5

 
29.2

 
—

 
226.0

Pension and OPEB expense (income)
—

 
(64.4
)
 
—

 
—

 
—

 
(64.4
)
Charge (credit) for termination of pellet agreement and related transportation costs
—

 
(19.3
)
 
—

 
—

 
—

 
(19.3
)
Asset impairment charge
—

 
75.6

 
—

 
—

 
—

 
75.6

Total operating costs
3.7

 
5,647.9

 
224.1

 
443.3

 
(458.5
)
 
5,860.5

Operating profit (loss)
(3.7
)
 
107.2

 
61.8

 
53.0

 
1.7

 
220.0

Interest expense
—

 
150.3

 
—

 
2.0

 
—

 
152.3

Other income (expense)
—

 
(30.1
)
 
11.4

 
5.4

 
(3.8
)
 
(17.1
)
Income (loss) before income taxes
(3.7
)
 
(73.2
)
 
73.2

 
56.4

 
(2.1
)
 
50.6

Income tax expense (benefit)
—

 
(42.1
)
 
27.8

 
(1.8
)
 
(0.9
)
 
(17.0
)
Equity in net income (loss) of subsidiaries
9.9

 
41.0

 
—

 
—

 
(50.9
)
 
—

Net income (loss)
6.2

 
9.9

 
45.4

 
58.2

 
(52.1
)
 
67.6

Less: Net income attributable to noncontrolling interests
—

 
—

 
—

 
61.4

 
—

 
61.4

Net income (loss) attributable to AK Steel Holding Corporation
6.2

 
9.9

 
45.4

 
(3.2
)
 
(52.1
)
 
6.2

Other comprehensive income (loss)
23.5

 
23.5

 
—

 
4.7

 
(28.2
)
 
23.5

Comprehensive income (loss) attributable to AK Steel Holding Corporation
$
29.7

 
$
33.4

 
$
45.4

 
$
1.5

 
$
(80.3
)
 
$
29.7


Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2016
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
Net sales
$
—

 
$
5,681.0

 
$
250.9

 
$
411.5

 
$
(460.9
)
 
$
5,882.5

Cost of products sold (exclusive of items shown separately below)
—

 
5,005.4

 
176.1

 
299.4

 
(416.2
)
 
5,064.7

Selling and administrative expenses (exclusive of items shown separately below)
4.4

 
280.8

 
12.7

 
22.6

 
(43.3
)
 
277.2

Depreciation
—

 
187.8

 
7.0

 
21.8

 
—

 
216.6

Pension and OPEB expense (income) (exclusive of corridor charges shown below)
—

 
(43.8
)
 
—

 
—

 
—

 
(43.8
)
Pension and OPEB net corridor charge
—

 
43.1

 
—

 
—

 
—

 
43.1

Pension settlement charges
—

 
25.0

 
—

 
—

 
—

 
25.0

Charge (credit) for termination of pellet agreement and related transportation costs
—

 
69.5

 
—

 
—

 
—

 
69.5

Total operating costs
4.4

 
5,567.8

 
195.8

 
343.8

 
(459.5
)
 
5,652.3

Operating profit (loss)
(4.4
)
 
113.2

 
55.1

 
67.7

 
(1.4
)
 
230.2

Interest expense
—

 
162.3

 
—

 
1.6

 
—

 
163.9

Other income (expense)
—

 
(16.4
)
 
8.1

 
8.6

 
(5.2
)
 
(4.9
)
Income (loss) before income taxes
(4.4
)
 
(65.5
)
 
63.2

 
74.7

 
(6.6
)
 
61.4

Income tax expense (benefit)
—

 
(21.9
)
 
24.0

 
3.6

 
(2.5
)
 
3.2

Equity in net income (loss) of subsidiaries
(3.4
)
 
40.2

 
—

 
(0.7
)
 
(36.1
)
 
—

Net income (loss)
(7.8
)
 
(3.4
)
 
39.2

 
70.4

 
(40.2
)
 
58.2

Less: Net income attributable to noncontrolling interests
—

 
—

 
—

 
66.0

 
—

 
66.0

Net income (loss) attributable to AK Steel Holding Corporation
(7.8
)
 
(3.4
)
 
39.2

 
4.4

 
(40.2
)
 
(7.8
)
Other comprehensive income (loss)
123.7

 
123.7

 
—

 
(1.5
)
 
(122.2
)
 
123.7

Comprehensive income (loss) attributable to AK Steel Holding Corporation
$
115.9

 
$
120.3

 
$
39.2

 
$
2.9

 
$
(162.4
)
 
$
115.9


Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2015
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
Net sales
$
—

 
$
6,498.2

 
$
256.2

 
$
533.0

 
$
(594.5
)
 
$
6,692.9

Cost of products sold (exclusive of items shown separately below)
—

 
5,984.9

 
165.7

 
425.1

 
(543.7
)
 
6,032.0

Selling and administrative expenses (exclusive of items shown separately below)
4.9

 
270.4

 
13.1

 
22.6

 
(49.1
)
 
261.9

Depreciation
—

 
187.7

 
7.4

 
20.9

 
—

 
216.0

Pension and OPEB expense (income) (exclusive of corridor charges shown below)
—

 
(63.0
)
 
—

 
—

 
—

 
(63.0
)
Pension and OPEB net corridor charge
—

 
131.2

 
—

 
—

 
—

 
131.2

Charge for facility idling
—

 
28.1

 
—

 
—

 
—

 
28.1

Total operating costs
4.9

 
6,539.3

 
186.2

 
468.6

 
(592.8
)
 
6,606.2

Operating profit (loss)
(4.9
)
 
(41.1
)
 
70.0

 
64.4

 
(1.7
)
 
86.7

Interest expense
—

 
171.0

 
—

 
2.0

 
—

 
173.0

Impairment of Magnetation investment
—

 
—

 
—

 
(256.3
)
 
—

 
(256.3
)
Impairment of AFSG investment
—

 
—

 
—

 
(41.6
)
 
—

 
(41.6
)
Other income (expense)
—

 
6.4

 
6.6

 
(11.6
)
 
—

 
1.4

Income (loss) before income taxes
(4.9
)
 
(205.7
)
 
76.6

 
(247.1
)
 
(1.7
)
 
(382.8
)
Income tax expense (benefit)
—

 
39.6

 
29.1

 
(4.6
)
 
(0.7
)
 
63.4

Equity in net income (loss) of subsidiaries
(504.1
)
 
(258.8
)
 
—

 
0.6

 
762.3

 
—

Net income (loss)
(509.0
)
 
(504.1
)
 
47.5

 
(241.9
)
 
761.3

 
(446.2
)
Less: Net income attributable to noncontrolling interests
—

 
—

 
—

 
62.8

 
—

 
62.8

Net income (loss) attributable to AK Steel Holding Corporation
(509.0
)
 
(504.1
)
 
47.5

 
(304.7
)
 
761.3

 
(509.0
)
Other comprehensive income (loss)
17.2

 
17.2

 
—

 
(3.1
)
 
(14.1
)
 
17.2

Comprehensive income (loss) attributable to AK Steel Holding Corporation
$
(491.8
)
 
$
(486.9
)
 
$
47.5

 
$
(307.8
)
 
$
747.2

 
$
(491.8
)
Condensed Balance Sheets
Condensed Balance Sheets
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
14.5

 
$
7.2

 
$
16.3

 
$
—

 
$
38.0

Accounts receivable, net
—

 
432.4

 
33.2

 
65.4

 
(13.2
)
 
517.8

Inventory, net
—

 
998.1

 
51.3

 
108.3

 
(9.9
)
 
1,147.8

Other current assets
—

 
124.7

 
0.2

 
5.4

 
—

 
130.3

Total current assets
—

 
1,569.7

 
91.9

 
195.4

 
(23.1
)
 
1,833.9

Property, plant and equipment
—

 
6,004.0

 
181.5

 
646.3

 
—

 
6,831.8

Accumulated depreciation
—

 
(4,620.8
)
 
(94.8
)
 
(130.0
)
 
—

 
(4,845.6
)
Property, plant and equipment, net
—

 
1,383.2

 
86.7

 
516.3

 
—

 
1,986.2

Other non-current assets:
 
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
(3,297.1
)
 
1,843.2

 
—

 
67.5

 
1,386.4

 
—

Inter-company accounts
3,081.1

 
—

 
1,525.2

 
—

 
(4,606.3
)
 
—

Goodwill and intangible assets
—

 
—

 
32.8

 
273.9

 
—

 
306.7

Other non-current assets
—

 
124.8

 
0.2

 
44.3

 
—

 
169.3

TOTAL ASSETS
$
(216.0
)
 
$
4,920.9

 
$
1,736.8

 
$
1,097.4

 
$
(3,243.0
)
 
$
4,296.1

LIABILITIES AND EQUITY (DEFICIT)
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
623.3

 
$
17.9

 
$
50.9

 
$
(1.7
)
 
$
690.4

Accrued liabilities
—

 
228.2

 
7.8

 
34.5

 
—

 
270.5

Current portion of pension and other postretirement benefit obligations
—

 
39.7

 
—

 
0.4

 
—

 
40.1

Total current liabilities
—

 
891.2

 
25.7

 
85.8

 
(1.7
)
 
1,001.0

Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
2,110.1

 
—

 
—

 
—

 
2,110.1

Pension and other postretirement benefit obligations
—

 
890.8

 
—

 
3.4

 
—

 
894.2

Inter-company accounts
—

 
4,200.0

 
—

 
489.1

 
(4,689.1
)
 
—

Other non-current liabilities
—

 
125.9

 
1.0

 
34.7

 
—

 
161.6

TOTAL LIABILITIES
—

 
8,218.0

 
26.7

 
613.0

 
(4,690.8
)
 
4,166.9

Equity (deficit):
 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity (deficit)
(216.0
)
 
(3,297.1
)
 
1,710.1

 
139.2

 
1,447.8

 
(216.0
)
Noncontrolling interests
—

 
—

 
—

 
345.2

 
—

 
345.2

TOTAL EQUITY (DEFICIT)
(216.0
)
 
(3,297.1
)
 
1,710.1

 
484.4

 
1,447.8

 
129.2

TOTAL LIABILITIES AND EQUITY (DEFICIT)
$
(216.0
)
 
$
4,920.9

 
$
1,736.8

 
$
1,097.4

 
$
(3,243.0
)
 
$
4,296.1


Condensed Balance Sheets
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
147.9

 
$
4.4

 
$
20.9

 
$
—

 
$
173.2

Accounts receivable, net
—

 
400.4

 
30.3

 
19.6

 
(8.3
)
 
442.0

Inventory, net
—

 
1,038.1

 
45.3

 
42.0

 
(11.5
)
 
1,113.9

Other current assets
—

 
91.5

 
0.2

 
2.9

 
—

 
94.6

Total current assets
—

 
1,677.9

 
80.2

 
85.4

 
(19.8
)
 
1,823.7

Property, plant and equipment
—

 
5,857.9

 
175.9

 
535.2

 
—

 
6,569.0

Accumulated depreciation
—

 
(4,365.8
)
 
(87.2
)
 
(101.6
)
 
—

 
(4,554.6
)
Property, plant and equipment, net
—

 
1,492.1

 
88.7

 
433.6

 
—

 
2,014.4

Other non-current assets:
 
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
(3,227.1
)
 
1,406.2

 
—

 
67.5

 
1,753.4

 
—

Inter-company accounts
2,954.9

 
—

 
1,464.0

 
—

 
(4,418.9
)
 
—

Goodwill and intangible assets
—

 
—

 
32.8

 
—

 
—

 
32.8

Other non-current assets
—

 
126.0

 
0.2

 
38.9

 
—

 
165.1

TOTAL ASSETS
$
(272.2
)
 
$
4,702.2

 
$
1,665.9

 
$
625.4

 
$
(2,685.3
)
 
$
4,036.0

LIABILITIES AND EQUITY (DEFICIT)
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
557.7

 
$
16.7

 
$
15.0

 
$
0.5

 
$
589.9

Accrued liabilities
—

 
213.7

 
7.0

 
13.4

 
—

 
234.1

Current portion of pension and other postretirement benefit obligations
—

 
41.0

 
—

 
0.3

 
—

 
41.3

Total current liabilities
—

 
812.4

 
23.7

 
28.7

 
0.5

 
865.3

Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
1,816.6

 
—

 
—

 
—

 
1,816.6

Pension and other postretirement benefit obligations
—

 
1,090.4

 
—

 
3.3

 
—

 
1,093.7

Inter-company accounts
—

 
4,041.9

 
—

 
458.4

 
(4,500.3
)
 
—

Other non-current liabilities
—

 
146.7

 
1.6

 
0.1

 
—

 
148.4

TOTAL LIABILITIES
—

 
7,908.0

 
25.3

 
490.5

 
(4,499.8
)
 
3,924.0

EXCHANGEABLE NOTES EXCHANGE FEATURE
—

 
21.3

 
—

 
—

 
—

 
21.3

Equity (deficit):
 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity (deficit)
(272.2
)
 
(3,227.1
)
 
1,640.6

 
(228.0
)
 
1,814.5

 
(272.2
)
Noncontrolling interests
—

 
—

 
—

 
362.9

 
—

 
362.9

TOTAL EQUITY (DEFICIT)
(272.2
)
 
(3,227.1
)
 
1,640.6

 
134.9

 
1,814.5

 
90.7

TOTAL LIABILITIES AND EQUITY (DEFICIT)
$
(272.2
)
 
$
4,702.2

 
$
1,665.9

 
$
625.4

 
$
(2,685.3
)
 
$
4,036.0
Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
Net cash flows from operating activities
$
(2.5
)
 
$
67.3

 
$
73.3

 
$
61.7

 
$
(1.0
)
 
$
198.8

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital investments
—

 
(131.8
)
 
(5.6
)
 
(15.1
)
 
—

 
(152.5
)
Investment in acquired business, net of cash acquired
—

 
(360.4
)
 
—

 
—

 
—

 
(360.4
)
Other investing items, net
—

 
4.0

 
—

 
0.2

 
—

 
4.2

Net cash flows from investing activities
—

 
(488.2
)
 
(5.6
)
 
(14.9
)
 
—

 
(508.7
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under credit facility
—

 
450.0

 
—

 
—

 
—

 
450.0

Proceeds from issuance of long-term debt
—

 
680.0

 
—

 
—

 
—

 
680.0

Redemption of long-term debt
—

 
(848.4
)
 
—

 
—

 
—

 
(848.4
)
Debt issuance costs
—

 
(25.3
)
 
—

 
—

 
—

 
(25.3
)
Inter-company activity
5.0

 
31.2

 
(64.9
)
 
27.7

 
1.0

 
—

SunCoke Middletown distributions to noncontrolling interest owners
—

 
—

 
—

 
(79.1
)
 
—

 
(79.1
)
Other financing items, net
(2.5
)
 
—

 
—

 
—

 
—

 
(2.5
)
Net cash flows from financing activities
2.5

 
287.5

 
(64.9
)
 
(51.4
)
 
1.0

 
174.7

Net increase (decrease) in cash and cash equivalents
—

 
(133.4
)
 
2.8

 
(4.6
)
 
—

 
(135.2
)
Cash and equivalents, beginning of year
—

 
147.9

 
4.4

 
20.9

 
—

 
173.2

Cash and equivalents, end of year
$
—

 
$
14.5

 
$
7.2

 
$
16.3

 
$
—

 
$
38.0


Condensed Statements of Cash Flows
Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
Net cash flows from operating activities
$
(3.1
)
 
$
186.5

 
$
44.3

 
$
92.2

 
$
(15.3
)
 
$
304.6

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital investments
—

 
(116.0
)
 
(8.8
)
 
(2.8
)
 
—

 
(127.6
)
Other investing items, net
—

 
3.0

 
—

 
(0.7
)
 
—

 
2.3

Net cash flows from investing activities
—

 
(113.0
)
 
(8.8
)
 
(3.5
)
 
—

 
(125.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under credit facility
—

 
(550.0
)
 
—

 
—

 
—

 
(550.0
)
Proceeds from issuance of long-term debt
—

 
380.0

 
—

 
—

 
—

 
380.0

Redemption of long-term debt
—

 
(392.8
)
 
—

 
—

 
—

 
(392.8
)
Proceeds from issuance of common stock
600.4

 
—

 
—

 
—

 
—

 
600.4

Debt issuance costs
—

 
(20.4
)
 
—

 
—

 
—

 
(20.4
)
Inter-company activity
(602.4
)
 
630.5

 
(36.8
)
 
(6.6
)
 
15.3

 
—

SunCoke Middletown distributions to noncontrolling interest owners
—

 
—

 
—

 
(85.1
)
 
—

 
(85.1
)
Other financing items, net
5.1

 
0.1

 
—

 
—

 
—

 
5.2

Net cash flows from financing activities
3.1

 
47.4

 
(36.8
)
 
(91.7
)
 
15.3

 
(62.7
)
Net increase (decrease) in cash and cash equivalents
—

 
120.9

 
(1.3
)
 
(3.0
)
 
—

 
116.6

Cash and equivalents, beginning of year
—

 
27.0

 
5.7

 
23.9

 
—

 
56.6

Cash and equivalents, end of year
$
—

 
$
147.9

 
$
4.4

 
$
20.9

 
$
—

 
$
173.2


Condensed Statements of Cash Flows
Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
AK
Holding
 
AK
Steel
 
Guarantor Subsidiaries of the Senior Notes
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Company
Net cash flows from operating activities
$
(3.7
)
 
$
49.0

 
$
50.6

 
$
108.1

 
$
(3.7
)
 
$
200.3

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital investments
—

 
(85.0
)
 
(9.0
)
 
(5.0
)
 
—

 
(99.0
)
Proceeds from sale of equity investee
—

 
25.0

 
—

 
—

 
—

 
25.0

Proceeds from AFSG Holdings, Inc. distribution
—

 
—

 
—

 
14.0

 
—

 
14.0

Other investing items, net
—

 
12.5

 
—

 
—

 
—

 
12.5

Net cash flows from investing activities
—

 
(47.5
)
 
(9.0
)
 
9.0

 
—

 
(47.5
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) under credit facility
—

 
(55.0
)
 
—

 
—

 
—

 
(55.0
)
Redemption of long-term debt
—

 
(14.1
)
 
—

 
—

 
—

 
(14.1
)
Inter-company activity
4.7

 
66.1

 
(40.4
)
 
(34.1
)
 
3.7

 
—

SunCoke Middletown distributions to noncontrolling interest owners
—

 
—

 
—

 
(96.3
)
 
—

 
(96.3
)
Other financing items, net
(1.0
)
 
—

 
—

 
—

 
—

 
(1.0
)
Net cash flows from financing activities
3.7

 
(3.0
)
 
(40.4
)
 
(130.4
)
 
3.7

 
(166.4
)
Net increase (decrease) in cash and cash equivalents
—

 
(1.5
)
 
1.2

 
(13.3
)
 
—

 
(13.6
)
Cash and equivalents, beginning of year
—

 
28.5

 
4.5

 
37.2

 
—

 
70.2

Cash and equivalents, end of year
$
—

 
$
27.0

 
$
5.7

 
$
23.9

 
$
—

 
$
56.6