Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AK STEEL HOLDING CORP | |
Entity Central Index Key | 918,160 | |
Trading Symbol | AKS | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 177,835,786 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 1,689.4 | $ 1,530.8 | $ 3,440.3 | $ 2,914.3 |
Cost of products sold (exclusive of items shown separately below) | 1,579.2 | 1,416.9 | 3,187.8 | 2,752.5 |
Selling and administrative expenses (exclusive of items shown separately below) | 63.5 | 53.9 | 132.7 | 114.1 |
Depreciation | 55.7 | 48.5 | 111.1 | 97.2 |
Pension and OPEB expense (income) | (16.1) | (25) | (32.2) | (50.7) |
Total operating costs | 1,682.3 | 1,494.3 | 3,399.4 | 2,913.1 |
Operating profit | 7.1 | 36.5 | 40.9 | 1.2 |
Interest expense | 43.5 | 33.2 | 87.4 | 65.4 |
Impairment of Magnetation investment | 0 | 0 | (256.3) | 0 |
Other income (expense) | 1.5 | (3) | (15.2) | (4.9) |
Income (loss) before income taxes | (34.9) | 0.3 | (318) | (69.1) |
Income tax expense | 14.6 | 1.8 | 22.3 | 3.6 |
Net income (loss) | (49.5) | (1.5) | (340.3) | (72.7) |
Less: Net income attributable to noncontrolling interests | 14.5 | 15.6 | 30 | 30.5 |
Net income (loss) attributable to AK Steel Holding Corporation | $ (64) | $ (17.1) | $ (370.3) | $ (103.2) |
Basic and diluted earnings per share: | ||||
Net income (loss) attributable to AK Steel Holding Corporation common stockholders (in dollars per share) | $ (0.36) | $ (0.13) | $ (2.08) | $ (0.76) |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ (49.5) | $ (1.5) | $ (340.3) | $ (72.7) |
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation gain (loss) | 1.2 | (0.1) | (2) | (0.1) |
Cash flow hedges: | ||||
Gains (losses) arising in period | (1.5) | (8.8) | (19.5) | (6.9) |
Reclassification of losses (gains) to net income (loss) | 9.3 | (1.3) | 27.2 | (4) |
Pension and OPEB plans: | ||||
Gains (losses) arising in period | 0 | 0 | 0 | (5.3) |
Reclassification of prior service cost (credits) included in net income (loss) | (15) | (17.2) | (30.1) | (34.5) |
Reclassification of losses (gains) included in net income (loss) | 8.2 | 0.2 | 16.4 | (0.6) |
Other comprehensive income (loss), before tax | 2.2 | (27.2) | (8) | (51.4) |
Income tax expense related to items of comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 2.2 | (27.2) | (8) | (51.4) |
Comprehensive income (loss) | (47.3) | (28.7) | (348.3) | (124.1) |
Less: Comprehensive income attributable to noncontrolling interests | 14.5 | 15.6 | 30 | 30.5 |
Comprehensive income (loss) attributable to AK Steel Holding Corporation | $ (61.8) | $ (44.3) | $ (378.3) | $ (154.6) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 75 | $ 70.2 |
Accounts receivable, net | 567.5 | 644.3 |
Inventory, net | 1,156.5 | 1,172.1 |
Deferred tax assets, current | 57.5 | 67.7 |
Other current assets | 57.8 | 71.4 |
Total current assets | 1,914.3 | 2,025.7 |
Property, plant and equipment | 6,419.1 | 6,388.4 |
Accumulated depreciation | (4,283.6) | (4,175.2) |
Property, plant and equipment, net | 2,135.5 | 2,213.2 |
Other non-current assets: | ||
Investments in affilates | 76.3 | 388.7 |
Other non-current assets | 209.3 | 230.9 |
TOTAL ASSETS | 4,335.4 | 4,858.5 |
Current liabilities: | ||
Accounts payable | 761.8 | 803.1 |
Accrued liabilities | 225.4 | 266.5 |
Current portion of pension and other postretirement benefit obligations | 63.7 | 55.6 |
Total current liabilities | 1,050.9 | 1,125.2 |
Non-current liabilities: | ||
Long-term debt | 2,442.5 | 2,452.5 |
Pension and other postretirement benefit obligations | 1,174.2 | 1,225.3 |
Other non-current liabilities | 130.8 | 132.5 |
TOTAL LIABILITIES | 4,798.4 | 4,935.5 |
Equity (deficit): | ||
Common stock, authorized 300,000,000 shares of $0.01 par value each; issued 178,195,288 and 177,362,600 shares in 2015 and 2014; outstanding 177,812,475 and 177,215,816 shares in 2015 and 2014 | 1.8 | 1.8 |
Additional paid-in capital | 2,265 | 2,259.1 |
Treasury stock, common shares at cost, 382,813 and 146,784 shares in 2015 and 2014 | (2) | (1) |
Accumulated deficit | (2,918.3) | (2,548) |
Accumulated other comprehensive loss | (212.4) | (204.4) |
Total stockholders' equity (deficit) | (865.9) | (492.5) |
Noncontrolling interests | 402.9 | 415.5 |
TOTAL EQUITY (DEFICIT) | (463) | (77) |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 4,335.4 | 4,858.5 |
Variable Interest Entity, Primary Beneficiary [Member] | SunCoke Middletown [Member] | ||
Current assets: | ||
Cash and cash equivalents | 21 | 18.2 |
Inventory, net | 19.3 | 29.6 |
Property, plant and equipment | 420.7 | 420.1 |
Accumulated depreciation | (50.4) | (43.3) |
Other assets (liabilities), net | 0.1 | (0.3) |
Current liabilities: | ||
Accounts payable | 9.6 | 10.6 |
Equity (deficit): | ||
Noncontrolling interests | 401.1 | 413.7 |
Variable Interest Entity, Primary Beneficiary [Member] | Other Variable Interest Entities [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1.2 | 1 |
Property, plant and equipment | 11.4 | 11.4 |
Accumulated depreciation | (9.3) | (9.3) |
Other assets (liabilities), net | 0.5 | 0.6 |
Equity (deficit): | ||
Noncontrolling interests | $ 1.8 | $ 1.8 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) Parentheticals - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 178,195,288 | 177,362,600 |
Common Stock, Shares, Outstanding | 177,812,475 | 177,215,816 |
Treasury Stock, Shares | 382,813 | 146,784 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (340.3) | $ (72.7) |
Depreciation | 111.1 | 97.2 |
Amortization | 12.5 | 10.8 |
Impairment of Magnetation investment | 256.3 | 0 |
Deferred income taxes | 20.7 | 2.5 |
Pension and OPEB expense (income) | (32.2) | (50.7) |
Contributions to pension trust | (1) | (112.4) |
Other postretirement benefit payments | (22.2) | (34.7) |
Other operating items, net | 26.4 | (3.5) |
Net cash flows from operating activities | 83.9 | (331.1) |
Cash flows from investing activities: | ||
Capital investments | (49.7) | (27.6) |
Investments in Magnetation joint venture | 0 | (45) |
Proceeds from sale of equity investee | 25 | 0 |
Other investing items, net | 1.3 | 6.9 |
Net cash flows from investing activities | (23.4) | (65.7) |
Cash flows from financing activities: | ||
Net borrowings (payments) under credit facility | (10) | 440 |
Redemption of long-term debt | (2.2) | (0.4) |
Debt issuance costs | 0 | (3.3) |
SunCoke Middletown distributions to noncontrolling interest owners | (42.6) | (28.9) |
Other financing items, net | (0.9) | (1.1) |
Net cash flows from financing activities | (55.7) | 406.3 |
Net increase (decrease) in cash and cash equivalents | 4.8 | 9.5 |
Cash and cash equivalents, beginning of period | 70.2 | 45.3 |
Cash and cash equivalents, end of period | 75 | 54.8 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Cash flows from operating activities: | ||
Depreciation | 103.9 | 90.1 |
Changes in working capital | 43.5 | (162.4) |
Cash flows from investing activities: | ||
Capital investments | (48.9) | (27.3) |
Variable Interest Entity, Primary Beneficiary [Member] | SunCoke Middletown [Member] | ||
Cash flows from operating activities: | ||
Depreciation | 7.2 | 7.1 |
Changes in working capital | 9.1 | (5.2) |
Net cash flows from operating activities | 46.1 | 32.6 |
Cash flows from investing activities: | ||
Capital investments | (0.8) | (0.3) |
Cash flows from financing activities: | ||
SunCoke Middletown distributions to noncontrolling interest owners | (42.6) | $ (28.9) |
Cash and cash equivalents, beginning of period | 18.2 | |
Cash and cash equivalents, end of period | $ 21 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2013 | $ 192.7 | $ 1.5 | $ 2,079.2 | $ (174) | $ (2,451.1) | $ 323.4 | $ 413.7 |
Net income (loss) | (72.7) | (103.2) | 30.5 | ||||
Retirement of treasury stock | 0 | (0.1) | (173.9) | 174 | |||
Share-based compensation | 5.6 | 5.6 | |||||
Purchase of treasury stock | (1) | (1) | |||||
Change in accumulated other comprehensive income (loss) | (51.4) | (51.4) | |||||
Net distributions to noncontrolling interests | (28.9) | (28.9) | |||||
Balance at Jun. 30, 2014 | 44.3 | 1.4 | 1,910.9 | (1) | (2,554.3) | 272 | 415.3 |
Balance at Dec. 31, 2014 | (77) | 1.8 | 2,259.1 | (1) | (2,548) | (204.4) | 415.5 |
Net income (loss) | (340.3) | (370.3) | 30 | ||||
Share-based compensation | 5.9 | 5.9 | |||||
Purchase of treasury stock | (1) | (1) | |||||
Change in accumulated other comprehensive income (loss) | (8) | (8) | |||||
Net distributions to noncontrolling interests | (42.6) | (42.6) | |||||
Balance at Jun. 30, 2015 | $ (463) | $ 1.8 | $ 2,265 | $ (2) | $ (2,918.3) | $ (212.4) | $ 402.9 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of the management of AK Steel Holding Corporation (“AK Holding”) and its wholly-owned subsidiary, AK Steel Corporation (“AK Steel”, and together with AK Holding, the “Company”), the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of the Company as of June 30, 2015 and December 31, 2014 , the results of its operations for the three and six months ended June 30, 2015 and 2014 , and its cash flows for the six months ended June 30, 2015 and 2014 . The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2014 , included in the Company’s Form 10‑K for the year ended December 31, 2014 . |
Acquisition of Dearborn (Notes)
Acquisition of Dearborn (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition of Dearborn | Acquisition of Dearborn On September 16, 2014 , the Company acquired Severstal Dearborn, LLC (“Dearborn”) from Severstal Columbus Holdings, LLC (“Severstal”). The assets acquired from Severstal included the integrated steelmaking assets located in Dearborn, Michigan (“Dearborn Works”), the Mountain State Carbon, LLC (“Mountain State Carbon”) cokemaking facility located in Follansbee, West Virginia, and interests in joint ventures that process flat-rolled steel products. The Company acquired Dearborn to increase scale and enhance its ability to serve customers, further its automotive strategy, strengthen its carbon steelmaking footprint and achieve additional operational flexibility. In addition, the Company acquired highly modernized and upgraded steelmaking equipment and facilities and the opportunity to achieve significant cost-based synergies. Immediately after the acquisition, Dearborn was merged with and into AK Steel. The final cash purchase price was $690.3 , net of cash acquired. The purchase price allocation is preliminary and is subject to the completion of several items, including consideration of final valuations for property, plant and equipment. During the second quarter of 2015, the Company sold its 50.0% equity interest in Double Eagle Steel Coating Company (“Double Eagle”) for $25.0 in cash. The sale resolves a dispute with the other equity interest holder over the fair market value of the Company’s interest in Double Eagle, which the Company acquired through its purchase of Dearborn Works. In July 2015, the Company received approximately $25.0 from DTE Electric Company (“DTE”) to resolve a favorable administrative decision that concluded Dearborn Works had been overcharged for electricity for several years prior to the Company’s acquisition of that facility. Both of these matters resolved disputes that existed at the time of the Company’s acquisition of Dearborn Works. The preliminary purchase price allocation shown below has been adjusted to reflect the updated estimates in value of these matters. Neither the proceeds from AK Steel’s sale of its equity interest in Double Eagle nor the proceeds from DTE will have a material impact, individually or in the aggregate, on the Company’s results of operations for 2015 or the consolidated balance sheet at December 31, 2014. A summary of the preliminary purchase price allocation for the fair value of the assets acquired and the obligations assumed at the date of the acquisition is presented below. Accounts receivable $ 181.1 Inventory 362.6 Other current assets 3.6 Property, plant and equipment 444.5 Investment in affiliates 72.5 Total assets acquired 1,064.3 Accounts payable (201.4 ) Accrued liabilities (32.8 ) Other postretirement benefit obligations (128.2 ) Other non-current liabilities (11.6 ) Total liabilities assumed (374.0 ) Purchase price, net of cash acquired $ 690.3 Assuming the acquisition had been completed at the beginning of 2014 , unaudited pro forma net sales and operating profit (loss) for the six months ended June 30, 2014 was $3,926.6 and $(974.5) , respectively, including charges for fixed asset impairments of $1,005.1 recorded by Severstal prior to the acquisition. This selected unaudited pro forma consolidated financial data is included only for the purpose of illustration and does not necessarily indicate what the operating results would have been if the acquisition had been completed at the beginning of 2014 . Moreover, this information does not indicate what the Company’s future operating results will be. |
Inventories (Notes)
Inventories (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories June 30, December 31, Finished and semi-finished $ 1,099.3 $ 1,053.4 Raw materials 380.8 494.2 Total cost 1,480.1 1,547.6 Adjustment to state inventories at LIFO value (323.6 ) (375.5 ) Inventory, net $ 1,156.5 $ 1,172.1 |
Investments in Affiliates (Note
Investments in Affiliates (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliates | Investments in Affiliates The Company has investments in several businesses accounted for using the equity method of accounting. Cost of products sold includes $1.8 and $2.9 for the three months ended June 30, 2015 and 2014 , respectively, and $3.6 and $5.1 for the six months ended June 30, 2015 and 2014 , respectively, for the Company’s share of income of equity investees other than Magnetation LLC (“Magnetation”). The Company’s share of income (loss) related to Magnetation is included in other income (expense) and was $(2.5) for the three months ended June 30, 2014 , and $(16.3) and $(3.8) for the six months ended June 30, 2015 and 2014 , respectively. The results of operations for the three months ended June 30, 2015, do not include any losses of Magnetation as the basis in the Magnetation investment had been reduced to zero as of March 31, 2015 and AK Steel has no further investment commitments to Magnetation. Summarized financial statement data for all investees is presented below. The financial results for acquired joint ventures are only included for the period since the acquisition and the financial results for Magnetation are only included through March 31, 2015 since it is unlikely that AK Steel will retain its equity interest as a result of Magnetation’s bankruptcy. Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 2015 2014 2015 2014 Revenue $ 76.4 $ 85.3 $ 208.0 $ 157.7 Gross profit 21.4 23.6 28.3 48.1 Net income (loss) 5.8 5.0 (18.8 ) 10.5 Magnetation As of March 31, 2015, the Company concluded that its 49.9% equity interest in Magnetation was fully impaired and therefore recorded a non-cash impairment charge of $256.3 for the quarter ended March 31, 2015. Key factors that affected the Company’s conclusion that an other-than-temporary impairment had occurred as of March 31, 2015, included (i) the significant market decline in global iron ore pellet pricing during the first quarter of 2015 and resulting negative cash flow effects on Magnetation’s results; (ii) a less favorable longer-term forecast of iron ore prices and resulting cash flow outlook for Magnetation; (iii) the likely loss of the Company’s equity interest in Magnetation in the event of a bankruptcy filing; and (iv) Magnetation’s existing capital structure and the inability of Magnetation to raise additional capital from third parties or the equity holders. Prior to March 31, 2015, the Company believed that the fair value of the Company’s interest in Magnetation exceeded its carrying amount and that despite near-term temporary pressures on liquidity, long-term cash flow projections of Magnetation were sufficient to allow the Company to recover its investment in Magnetation. During the quarter ended March 31, 2015, the near-term liquidity issues faced by Magnetation intensified due to a combination of an approximate 20% decline in the daily IODEX index and substantially lower IODEX futures pricing toward the end of the quarter, a slower-than-expected ramp-up of operations of the pellet plant and resulting lower sales levels, payments due for construction overruns on the pellet and third concentrate plants, and higher-than-expected start-up and operating costs. Although Magnetation accomplished several actions in late 2014 and early 2015 to increase its liquidity, such liquidity enhancements and other cost reduction initiatives did not increase liquidity sufficiently in light of the significant market decline in iron ore pricing during the first quarter of 2015. Based on the outlook for iron ore prices at March 31, 2015, the Company concluded that prices could remain suppressed for the near future and that, if this outlook were accurate, it raised questions about the ability of Magnetation to operate profitably. In March 2015, Magnetation began discussions with certain debt holders in order to seek a solution to its liquidity issues. AK Steel also participated in those discussions but no acceptable restructuring was agreed upon. On May 5, 2015 , Magnetation and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Minnesota. Magnetation’s outstanding indebtedness is non-recourse to AK Steel. The Company is not required to make any additional capital contributions or other future investments in Magnetation and has not guaranteed any obligations of Magnetation. Because the Company considers it unlikely that it will retain its equity interest in Magnetation as a result of Magnetation’s bankruptcy, it does not expect to record any further impact in its financial statements from its equity investment in Magnetation. |
Income Taxes (Notes)
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes recorded through June 30, 2015 and 2014 , were estimated using the discrete method. Current year income taxes are based on the actual year-to-date pre-tax loss through June 30, 2015 , as well as the related change in the valuation allowance on deferred tax assets. The Company is unable to estimate the annual effective tax rate for 2015 with sufficient precision for purposes of the effective tax rate method, which requires consideration of a projection of full-year income and the expected change in the valuation allowance. The estimated annual effective tax rate method was not reliable due to its sensitivity to small changes to forecasted annual pre-tax earnings and the effect of the Company’s valuation allowance, which create results with significant variations in the customary relationship between income tax expense and pre-tax income for the interim periods. As a result, the Company determined that the use of the discrete method is more appropriate than the annual effective tax rate method. The Company has estimated the change in valuation allowances required based on the year-to-date pre-tax loss and the change in value of the identified tax-planning strategy, which is determined based on year-to-date LIFO income. Included in income tax expense are non-cash charges of $23.4 and $144.7 , respectively, for the three and six months ended June 30, 2015 , for changes in the valuation allowance on the Company’s deferred tax assets, compared to $7.4 and $39.1 , respectively, in the three and six months ended June 30, 2014 . |
Long-term Debt and Other Financ
Long-term Debt and Other Financing (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Financing | Long-term Debt and Other Financing The Company’s debt balances were as follows: June 30, December 31, Credit Facility $ 595.0 $ 605.0 8.75% Senior Secured Notes due December 2018 380.0 380.0 5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%) 150.0 150.0 7.625% Senior Notes due May 2020 529.8 529.8 7.625% Senior Notes due October 2021 427.5 430.0 8.375% Senior Notes due April 2022 290.2 290.2 Industrial Revenue Bonds due 2020 through 2028 99.3 99.3 Unamortized debt (discount) premium, net (29.3 ) (31.8 ) Total long-term debt $ 2,442.5 $ 2,452.5 During the six months ended June 30, 2015 , the Company was in compliance with all the terms and conditions of its debt agreements. Credit Facility The Company has a $1.5 billion asset-backed revolving credit facility (the “Credit Facility”), which expires in March 2019 and is guaranteed by AK Steel’s parent company, AK Holding, and by two 100%-owned subsidiaries of AK Steel. The Credit Facility contains common restrictions, including limitations on, among other things, distributions and dividends, acquisitions and investments, indebtedness, liens and affiliate transactions. The Credit Facility requires the maintenance of a minimum fixed charge coverage ratio of one to one if availability under the Credit Facility is less than $150.0 . Availability is calculated as the lesser of the Credit Facility commitment or the Company’s eligible collateral after advance rates, less, in either case, outstanding revolver borrowings and letters of credit. The Company’s obligations under its Credit Facility are secured by its inventory and accounts receivable, and availability under the Credit Facility fluctuates monthly based on the varying levels of eligible collateral. The Credit Facility includes a separate “first-in, last-out”, or “FILO” tranche, which allows the Company to maximize its eligible collateral at higher advance rates. At June 30, 2015 , the Company’s eligible collateral, after application of applicable advance rates, was $1,415.3 . As of June 30, 2015 , there were outstanding Credit Facility borrowings of $595.0 . Availability as of June 30, 2015 was further reduced by $73.3 of outstanding letters of credit, resulting in remaining availability of $747.0 . Senior Unsecured Notes During the second quarter of 2015, the Company repurchased an aggregate principal amount of $2.5 of the 7.625% Senior Notes due October 2021 in a private, unsolicited, open market transaction. This repurchase was completed at a discount to the senior unsecured notes’ par value and the Company recognized a gain on the repurchase of $0.4 for the quarter ended June 30, 2015. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The Company provides noncontributory pension and various healthcare and life insurance benefits to most employees and retirees. The Company has contributed $24.1 to the master pension trust during 2015 , completing its required contributions for the year. Of this total, $1.0 was contributed in the first half of 2015 and the remaining $23.1 was contributed in July. The Company does not expect to make any additional contributions during 2015 . Based on current funding projections, no contributions to the master pension trust are required for 2016 and 2017, though future funding projections could be affected by differences between expected and actual returns on plan assets, actuarial data and assumptions relating to plan participants, the interest rate used to measure the pension obligations and changes to regulatory funding requirements. Net periodic benefit cost (income) for pension and other postretirement benefits was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pension Benefits Service cost $ 0.5 $ 0.3 $ 1.1 $ 0.7 Interest cost 32.5 36.3 65.0 73.0 Expected return on assets (49.7 ) (50.7 ) (99.4 ) (101.4 ) Amortization of prior service cost 1.1 1.1 2.2 2.1 Amortization of (gain) loss 7.8 0.6 15.6 0.1 Net periodic benefit cost (income) $ (7.8 ) $ (12.4 ) $ (15.5 ) $ (25.5 ) Other Postretirement Benefits Service cost $ 1.8 $ 1.0 $ 3.6 $ 2.0 Interest cost 5.6 5.1 11.2 10.1 Amortization of prior service cost (credit) (16.1 ) (18.3 ) (32.3 ) (36.6 ) Amortization of (gain) loss 0.4 (0.4 ) 0.8 (0.7 ) Net periodic benefit cost (income) $ (8.3 ) $ (12.6 ) $ (16.7 ) $ (25.2 ) |
Environmental and Legal Conting
Environmental and Legal Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental and Legal Contingencies | Environmental and Legal Contingencies Environmental Contingencies AK Steel and its predecessors have been conducting steel manufacturing and related operations since 1900. Although the Company believes its operating practices have been consistent with prevailing industry standards during this time, hazardous materials may have been released in the past at one or more operating sites or third-party sites, including operating sites that the Company no longer owns. To the extent reasonably estimable, the Company has estimated potential remediation expenditures for those sites where future remediation efforts are probable based on identified conditions, regulatory requirements or contractual obligations arising from the sale of a business or facility. In the case of sites involving governmentally-required investigations, an estimate of potential remediation expenditures is typically made only after the investigation is complete and the nature and scope of the remediation is better understood. In general, the material components of these accruals include the costs associated with investigations, delineations, risk assessments, remedial work, governmental response and oversight costs, site monitoring, and preparation of reports to the appropriate environmental agencies. Liabilities recorded on the Company’s Condensed Consolidated Balance Sheets for such estimated probable costs relating to environmental matters are presented below: June 30, December 31, Accrued liabilities $ 10.4 $ 17.6 Other non-current liabilities 34.3 32.7 The ultimate costs to the Company with respect to each site cannot be predicted with certainty because of the evolving nature of the investigation and remediation process. Rather, to develop the estimates of the probable costs, the Company must make certain assumptions. The most significant of these assumptions relate to the nature and scope of the work that will be necessary to investigate and remediate a particular site and the cost of that work. Other significant assumptions include the cleanup technology that will be used, whether and to what extent any other parties will participate in paying the investigation and remediation costs, reimbursement of past response and future oversight costs by governmental agencies, and the reaction of the governing environmental agencies to the proposed work plans. Costs of future expenditures are not discounted to their present value. To the extent that the Company has been able to reasonably estimate its future liabilities, the Company does not believe that there is a reasonable possibility that a loss or losses exceeding the amounts accrued will be incurred in connection with the environmental matters discussed below that would, either individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. However, since amounts recognized in the consolidated financial statements in accordance with accounting principles generally accepted in the United States exclude potential losses that are not probable or that may not be currently estimable, the ultimate costs of these environmental proceedings may be higher than those currently recorded in the Company’s consolidated financial statements. Except as expressly noted below, the Company does not currently anticipate any material effect on the Company’s consolidated financial position, results of operations or cash flows as a result of its compliance with current environmental regulations. Moreover, because all domestic steel producers operate under the same set of federal environmental regulations, the Company does not believe that it is disadvantaged relative to its domestic competitors by the need to comply with these regulations. Some foreign competitors may benefit from less stringent environmental requirements in the countries in which they produce, resulting in lower compliance costs and providing those foreign competitors with a cost advantage on their products. Pursuant to the Resource Conservation and Recovery Act (“RCRA”), which governs the treatment, handling and disposal of hazardous waste, the United States Environmental Protection Agency (“EPA”) and authorized state environmental agencies may conduct inspections of RCRA-regulated facilities to identify areas where there have been releases of hazardous waste or hazardous constituents into the environment and may order the facilities to take corrective action to remediate such releases. AK Steel’s major steelmaking facilities are subject to RCRA inspections by environmental regulators. While the Company cannot predict the future actions of these regulators, it is possible that they may identify conditions in future inspections of these facilities which they believe require corrective action. Under authority conferred by the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), the EPA and state environmental authorities have conducted site investigations at certain of AK Steel’s facilities and other third-party facilities, portions of which previously may have been used for disposal of materials that are currently subject to regulation. The results of these investigations are still pending, and AK Steel could be directed to expend funds for remedial activities at the former disposal areas. Because of the uncertain status of these investigations, however, the Company cannot reliably predict whether or when such expenditures might be required, their magnitude or the timeframe during which these potential costs would be incurred. As previously reported, on July 27, 2001, AK Steel received a Special Notice Letter from the EPA requesting that AK Steel agree to conduct a Remedial Investigation/Feasibility Study (“RI/FS”) and enter into an administrative order on consent pursuant to Section 122 of CERCLA regarding the former Hamilton Plant located in New Miami, Ohio. The Hamilton Plant ceased operations in 1990, and all of its former structures have been demolished and removed. Although AK Steel did not believe that a site-wide RI/FS was necessary or appropriate, in April 2002 it entered into a mutually agreed-upon administrative order on consent to perform such an investigation and study of the Hamilton Plant site. The site-wide investigation portion of the RI/FS has been submitted. A supplemental study was completed in 2014. AK Steel currently has accrued $0.7 for the remaining cost of the RI/FS. Until the RI/FS is completed, AK Steel cannot reliably estimate the additional costs, if any, associated with any potentially required remediation of the site or the timeframe during which these potential costs would be incurred. As previously reported, on September 30, 1998, AK Steel’s predecessor, Armco Inc., received an order from the EPA under Section 3013 of RCRA requiring it to develop a plan for investigation of eight areas of Mansfield Works that allegedly could be sources of contamination. A site investigation began in November 2000 and is continuing. AK Steel cannot reliably estimate at this time how long it will take to complete this site investigation. AK Steel currently has accrued approximately $1.1 for the projected cost of the study at Mansfield Works. Until the site investigation is completed, AK Steel cannot reliably estimate the additional costs, if any, associated with any potentially required remediation of the site or the timeframe during which these potential costs would be incurred. As previously noted, on September 26, 2012, the EPA issued an order under Section 3013 of RCRA requiring the Company to develop a plan for investigation of four areas at AK Steel’s Ashland Works Coke Plant. A Sampling and Analysis Plan (“SAP”) was submitted to the EPA on October 25, 2012, revised most recently on May 29, 2014 and approved by the EPA on June 27, 2014. Phase I of the SAP was completed and a report was submitted to EPA on December 23, 2014. AK Steel cannot reliably estimate at this time how long it will take to complete the site investigation. AK Steel currently has accrued approximately $0.5 for the projected cost of the investigation. Until the site investigation is completed, AK Steel cannot reliably estimate the additional costs, if any, associated with any potentially required remediation of the site or the timeframe during which these potential costs would be incurred. As previously reported, on August 3, 2011, September 29, 2011, and June 28, 2012, the EPA issued Notice of Violations (“NOV”) with respect to the coke plant at AK Steel’s Middletown Works alleging violations of pushing and combustion stack limits. The Company is investigating these claims and is working with the EPA to attempt to resolve them. AK Steel believes it will reach a settlement in this matter, but it cannot be certain that a settlement will be reached and cannot reliably estimate at this time how long it will take to reach a settlement or what all of its terms might be. AK Steel will vigorously contest any claims which cannot be resolved through a settlement. Until it has reached a settlement with the EPA or the claims that are the subject of the NOVs are otherwise resolved, AK Steel cannot reliably estimate the costs, if any, associated with any potentially required operational changes at the battery or the timeframe over which any potential costs would be incurred. As previously reported, on July 15, 2009, AK Steel and the Pennsylvania Department of Environmental Protection (“PADEP”) entered into a Consent Order and Agreement (the “Consent Order”) to resolve an alleged unpermitted discharge of wastewater from the closed Hillside Landfill at the former Ambridge Works. Under the terms of the Consent Order, AK Steel paid a penalty and also agreed to implement various corrective actions, including an investigation of the area where activities were conducted regarding the landfill, submission of a plan to collect and treat surface waters and seep discharges, and upon approval from PADEP, implementation of that plan. The Company has accrued approximately $2.5 for the current phase of remedial work required under the Consent Order. However, the design plan for this phase has not yet been approved. The Company currently estimates that the remaining work required for this phase will be completed in 2018, but that estimated timeframe is subject to the potential for delays, such as delays due to work plan approval and/or permitting delays. As previously reported, on June 29, 2000, the United States filed a complaint on behalf of the EPA against AK Steel in the U.S. District Court for the Southern District of Ohio, Case No. C-1-00530, for alleged violations of the Clean Air Act, the Clean Water Act and RCRA at the Middletown Works. Subsequently, the State of Ohio, the Sierra Club and the National Resources Defense Council intervened. On May 15, 2006, a Consent Decree in Partial Resolution of Pending Claims (the “Consent Decree”) was entered by the court. Under the Consent Decree, the Company paid a civil penalty and performed a supplemental environmental project to remove ozone-depleting refrigerants from certain equipment. The Company further agreed to undertake a comprehensive RCRA facility investigation at its Middletown Works and, as appropriate, complete a corrective measures study. In accordance with the Consent Decree, the Company also was required to implement certain RCRA corrective action interim measures to address polychlorinated biphenyls (“PCBs”) in sediments and soils relating to Dicks Creek and certain other specified surface waters, adjacent floodplain areas and other previously identified geographic areas. The Company has completed the remedial activity at Dicks Creek, but continues to work on the RCRA facility investigation and certain interim measures. The Company currently has accrued approximately $16.1 for the cost of known work required under the Consent Decree for the RCRA facility investigation and remaining interim measures. As previously reported, on October 17, 2012, the EPA issued an NOV and Notice of Intent to File a Civil Administrative Complaint to AK Steel’s Mansfield Works alleging violations of RCRA primarily relating to the Company’s management of electric arc furnace dust at the facility. The Company is investigating these claims and is working with the EPA to attempt to resolve them. The NOV proposed a civil penalty of approximately $0.3 . However, on March 23, 2015, the EPA reduced its penalty demand to $0.1 . AK Steel believes it will reach a settlement in this matter, but it cannot be certain that a settlement will be reached and cannot reliably estimate at this time how long it will take to reach a settlement or what all of its terms might be. AK Steel will vigorously contest any claims which cannot be resolved through a settlement. As previously reported, on May 12, 2014, the Michigan Department of Environmental Quality (“MDEQ”) issued to Dearborn Works (then a part of Dearborn) an Air Permit to Install No. 182-05C (the “PTI”) to increase the emission limits for the blast furnace and other emission sources. The PTI was issued as a correction to a prior permit to install based on information that was not available during the prior permitting process. On July 10, 2014, the South Dearborn Environmental Improvement Association (“SDEIA”), Detroiters Working for Environmental Justice, Original United Citizens of Southwest Detroit and the Sierra Club filed a Claim of Appeal of the PTI in the State of Michigan Wayne County Circuit, Case No. 14-008887-AA. Appellants and the MDEQ stipulated to the intervention of Dearborn (now AK Steel) in this action as an additional appellee. The appellants allege multiple deficiencies with the permit and the permitting process. On October 9, 2014, the appellants filed a Motion for Peremptory Reversal of the MDEQ’s decision to issue the PTI. AK Steel believes that the MDEQ issued this permit properly in compliance with applicable law and will vigorously contest this appeal. On October 17, 2014, AK Steel filed a motion to dismiss the appeal of SDEIA. Additionally, on December 15, 2014, AK Steel filed a motion to dismiss the appeal for lack of jurisdiction. The hearing on all three motions occurred on February 12, 2015. At the conclusion of the hearing, all three motions were denied. On March 18, 2015, AK Steel filed an application for leave to appeal to the Michigan Court of Appeals seeking to overturn the decision of the Circuit Court denying its motion to dismiss for lack of jurisdiction. Until the appeal is resolved, AK Steel cannot determine what the ultimate permit limits will be. Until the permit limits are determined and final, AK Steel cannot reliably estimate the costs, if any, which it will incur in the event that the permit limits are changed as a result of the appeal. Nor can it determine if such costs will be material or the timeframe over which any potential costs would be incurred. As previously reported, on August 21, 2014, the SDEIA filed a Complaint under the Michigan Environmental Protection Act (“MEPA”) in the State of Michigan, Wayne County Circuit Case No. 14-010875-CE. The plaintiffs allege that the air emissions from the Dearborn Works are impacting the air, water and other natural resources, as well as the public trust in such resources. The plaintiffs are requesting, among other requested relief, that the court assess the limitations in the PTI to determine their sufficiency. On October 15, 2014, the court ordered a stay of the proceedings until a final order is issued in Wayne County Circuit Court Case No. 14-008887-AA (discussed above). Upon resumption, AK Steel will vigorously contest these claims. Until the claims that are the subject of this Complaint are resolved, AK Steel cannot reliably estimate the costs, if any, associated with the claims or the timeframe over which any potential costs would be incurred. As previously reported, between 2008 and 2014, MDEQ and the EPA issued multiple NOVs to Dearborn Works covering a wide range of alleged environmental violations, mostly regarding the Clean Air Act. AK Steel has reached a tentative settlement with the United States Department of Justice and MDEQ resolving the alleged violations contained in the NOVs. However, this settlement still must be approved by the court in a decision not subject to appeal before the settlement will become final. AK Steel cannot reliably estimate at this time whether the settlement will ultimately be approved by the court or whether it will incur any costs or fines in the event that the settlement is not approved. AK Steel will vigorously contest any claims that cannot be resolved through a settlement. As previously reported, on April 9, 2014, SDEIA sent a Notice of Intent to Sue under the Clean Air Act to Dearborn with respect to Dearborn Works. On June 18, 2014, SDEIA filed a complaint under the citizen enforcement action provisions of the Clean Air Act against Dearborn in the United States District Court for the Eastern District of Michigan, Case No. 2:14-cv-12387-GER-PJK. The complaint alleges violations nearly identical to those alleged in the NOVs arising under the Clean Air Act that were issued to Dearborn Works by MDEQ and the EPA between 2008 and 2013 and are the subject of ongoing settlement negotiations. On August 29, 2014, AK Steel moved to dismiss many of the counts in the complaint. On October 9, 2014, plaintiff filed an amended complaint which removed two of the counts in the original complaint. AK Steel filed an answer to plaintiff’s amended complaint on October 24, 2014. AK Steel refiled its motion for partial dismissal and that motion is still pending before the court. AK Steel will vigorously contest these claims. Until the claims that are the subject of the amended complaint are resolved, AK Steel cannot reliably estimate the costs, if any, associated with the claims or the timeframe over which any potential costs would be incurred. As previously reported, on April 27, 2000, MDEQ issued a RCRA Corrective Action Order No. 111-04-00-07E to Rouge Steel Company and Ford Motor Company for the property that includes the Dearborn Works. The Corrective Action Order has been amended five times. Dearborn became a party to the Corrective Action Order via an amendment dated January 24, 2004, as a result of becoming the successor-in-interest to Rouge Steel Company for certain matters. AK Steel is the successor to Dearborn by virtue of its recent acquisition of Dearborn. The Corrective Action Order requires the site-wide investigation and where appropriate, remediation, of the facility. The site investigation and remediation is ongoing. AK Steel cannot reliably estimate at this time how long it will take to complete this site investigation and remediation. To date, Ford Motor Company has incurred most of the costs of the investigation and remediation due to its prior ownership of the steelmaking operations at Dearborn Works. Until the site investigation is completed, AK Steel cannot reliably estimate the additional costs to it, if any, associated with any potentially required remediation of the site or the timeframe during which these potential costs would be incurred. As previously reported, on August 29, 2013, the West Virginia Department of Environmental Protection (“WVDEP”) issued to Mountain State Carbon a renewal National Pollution Discharge Elimination System (“NPDES”) permit for wastewater discharge from the facility to the Ohio River. The new NPDES permit included numerous new, and more stringent, effluent limitations. On October 7, 2013, Mountain State Carbon appealed the permit to the Environmental Quality Board, Appeal No. 13-25-EQB. AK Steel believes it has the potential to reach a settlement in this matter, but it cannot be certain that a settlement will be reached or reliably estimate at this time how long it will take to reach a settlement or the terms of such a settlement. AK Steel will vigorously contest any claims which cannot be resolved through a settlement. Until it has reached a settlement with WVDEP or the issues that are the subject of the appeal are otherwise resolved, AK Steel cannot determine what the ultimate permit limits will be. Until the permit limits are determined and final, AK Steel cannot reliably estimate the costs, if any, which it will incur in the event that the permit limits are changed as a result of the appeal. Nor can it determine if such costs will be material or the timeframe over which any potential costs would be incurred. In addition to the foregoing matters, AK Steel is or may be involved in proceedings with various regulatory authorities that may require AK Steel to pay fines, comply with more rigorous standards or other requirements or incur capital and operating expenses for environmental compliance. The Company believes that the ultimate disposition of the proceedings will not have, individually or in the aggregate, a material adverse effect on its consolidated financial condition, results of operations or cash flows. Legal Contingencies As previously reported, since 1990, AK Steel (or its predecessor, Armco Inc.) has been named as a defendant in numerous lawsuits alleging personal injury as a result of exposure to asbestos. The great majority of these lawsuits have been filed on behalf of people who claim to have been exposed to asbestos while visiting the premises of a current or former AK Steel facility. The majority of asbestos cases pending in which AK Steel is a defendant do not include a specific dollar claim for damages. In the cases that do include specific dollar claims for damages, the complaint typically includes a monetary claim for compensatory damages and a separate monetary claim in an equal amount for punitive damages, and does not attempt to allocate the total monetary claim among the various defendants. Information on asbestos cases pending at June 30, 2015 , is presented below: Asbestos Cases Pending at June 30, 2015 Cases with specific dollar claims for damages: Claims up to $0.2 111 Claims above $0.2 to $5.0 6 Claims above $5.0 to $15.0 2 Claims above $15.0 to $20.0 2 Claims above $20.0 to $30.5 1 Total claims with specific dollar claims for damages (a) 122 Cases without a specific dollar claim for damages 267 Total asbestos cases pending 389 (a) Involve a total of 2,322 plaintiffs and 16,337 defendants In each case, the amount described is per plaintiff against all of the defendants, collectively. Thus, it usually is not possible at the outset of a case to determine the specific dollar amount of a claim against AK Steel. In fact, it usually is not even possible at the outset to determine which of the plaintiffs actually will pursue a claim against AK Steel. Typically, that can only be determined through written interrogatories or other discovery after a case has been filed. Thus, in a case involving multiple plaintiffs and multiple defendants, AK Steel initially only accounts for the lawsuit as one claim against it. After AK Steel has determined through discovery whether a particular plaintiff will pursue a claim against it, it makes an appropriate adjustment to statistically account for that specific claim. It has been AK Steel’s experience to date that only a small percentage of asbestos plaintiffs ultimately identify AK Steel as a target defendant from whom they actually seek damages and most of these claims ultimately are either dismissed or settled for a small fraction of the damages initially claimed. Set forth below is a chart showing the number of new claims filed (accounted for as described above), the number of pending claims disposed of (i.e., settled or otherwise dismissed), and the approximate net amount of dollars paid on behalf of AK Steel in settlement of asbestos-related claims in the three and six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 New Claims Filed 8 11 24 24 Pending Claims Disposed Of 15 14 32 28 Total Amount Paid in Settlements $ 0.3 $ 0.2 $ 0.4 $ 0.5 Since the onset of asbestos claims against AK Steel in 1990, five asbestos claims against it have proceeded to trial in four separate cases. All five concluded with a verdict in favor of AK Steel. AK Steel intends to continue to vigorously defend the asbestos claims asserted against it. Based upon its present knowledge, and the factors set forth above, the Company believes it is unlikely that the resolution in the aggregate of the asbestos claims against AK Steel will have a materially adverse effect on the Company’s consolidated results of operations, cash flows or financial condition. However, predictions as to the outcome of pending litigation, particularly claims alleging asbestos exposure, are subject to substantial uncertainties. These uncertainties include (1) the significantly variable rate at which new claims may be filed, (2) the effect of bankruptcies of other companies currently or historically defending asbestos claims, (3) the uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, (4) the type and severity of the disease alleged to be suffered by each claimant, and (5) the potential for enactment of legislation affecting asbestos litigation. As previously reported, in September and October 2008 and again in July 2010, several companies filed purported class actions in the United States District Court for the Northern District of Illinois against nine steel manufacturers, including AK Holding. The case numbers for these actions are 08CV5214, 08CV5371, 08CV5468, 08CV5633, 08CV5700, 08CV5942, 08CV6197 and 10CV04236. On December 28, 2010, another action, case number 32,321, was filed in state court in the Circuit Court for Cocke County, Tennessee. The defendants removed the Tennessee case to federal court and in March 2012 it was transferred to the Northern District of Illinois. The plaintiffs in the various pending actions are companies which claim to have purchased steel products, directly or indirectly, from one or more of the defendants and they purport to file the actions on behalf of all persons and entities who purchased steel products for delivery or pickup in the United States from any of the named defendants at any time from at least as early as January 2005. The complaints allege that the defendant steel producers have conspired in violation of antitrust laws to restrict output and to fix, raise, stabilize and maintain artificially high prices with respect to steel products in the United States. In March 2014, AK Holding reached an agreement with the direct purchaser plaintiffs to tentatively settle the claims asserted against AK Holding, subject to certain court approvals set forth below. Pursuant to that settlement, AK Holding agreed to pay $5.8 to the plaintiff class of direct purchasers in exchange for a complete release of all claims from the members of that class. AK Holding continues to believe that the claims asserted against it lack any merit, but it elected to enter into the settlement in order to avoid the ongoing expense of defending itself in this protracted and expensive antitrust litigation. Notice of the proposed settlement was provided to members of the settlement class. After receipt of such notice, several class members elected to opt out of the class settlement. Following a fairness hearing, on October 21, 2014 the Court entered an order and judgment approving the settlement and dismissing all of the direct plaintiffs’ claims against the Company with prejudice as to the settlement class. The Company recorded a charge during the first quarter of 2014 in the amount of the tentative settlement with the direct purchaser plaintiff class and has paid that amount into an escrow account. At this stage, the Company does not have adequate information available to determine that a loss is probable or to reliably or accurately estimate its potential loss, if any, with respect to the remaining indirect purchaser plaintiff class members and any direct purchaser class members that have opted out of the class (hereinafter collectively referred to as the “Remaining Plaintiff Class Members”). Because the Company has been unable to determine that a potential loss in this case with respect to the Remaining Plaintiff Class Members is probable or estimable, it has not recorded an accrual related to this matter for them. In the event that the Company’s assumptions used to evaluate whether a loss in this matter is either probable or estimable with respect to the Remaining Plaintiff Class Members prove to be incorrect or change in future periods, the Company may be required to record a charge for their claims at a later date. As previously reported, on January 20, 2010, ArcelorMittal France and ArcelorMittal Atlantique et Lorraine (collectively “ArcelorMittal”) filed an action in the United States District Court for the District of Delaware, Case No. 10-050-SLR against AK Steel, Dearborn, and Wheeling-Nisshin Inc., who is indemnified by Dearborn in this action. AK Steel is the successor to Dearborn by virtue of its recent acquisition of Dearborn. By virtue of its responsibility as a successor-in-interest to Dearborn and an indemnitor of Wheeling-Nisshin Inc, AK Steel now has complete responsibility for the defense of this action. The three named defendants thus are collectively referred to hereafter as “AK Steel,” though the precise claims against each separate defendant may vary. The complaint alleges that AK Steel is infringing the claims of U.S. Patent No. 6,296,805 (the “Patent”) in making pre-coated cold-rolled boron steel sheet and seeks injunctive relief and unspecified compensatory damages. AK Steel filed an answer in which it denied ArcelorMittal’s claims and raised various affirmative defenses. AK Steel also filed counterclaims against ArcelorMittal for a declaratory judgment that AK Steel is not infringing the Patent and that the Patent is invalid. Subsequently, the trial court bifurcated the issues of liability and damages. The case proceeded with a trial to a jury on the issue of liability during the week of January 15, 2011. The jury returned a verdict that AK Steel did not infringe the Patent and that the Patent was invalid. Judgment subsequently was entered in favor of AK Steel. ArcelorMittal filed an appeal with the United States Court of Appeals for the Federal Circuit. On November 30, 2012, the court of appeals issued a decision reversing certain findings related to claim construction and the validity of the Patent and remanded the case to the trial court for further proceedings. On January 30, 2013, ArcelorMittal filed a motion for rehearing with the court of appeals. On March 20, 2013, the court of appeals denied ArcelorMittal’s motion for rehearing. The case then was remanded to the trial court for further proceedings. On April 16, 2013, pursuant to a petition previously filed by ArcelorMittal and ArcelorMittal USA LLC, the U.S. Patent and Trademark Office reissued the Patent as U.S. Reissue Patent RE44,153 (the “Reissued Patent”). Also on April 16, 2013, ArcelorMittal filed a second action against the defendants in the United States District Court for the District of Delaware, Case Nos. 1:13-cv-00685 and 1:13-cv-00686 (collectively the “Second Action”). The complaint filed in the Second Action alleges that AK Steel is infringing the claims of the Reissued Patent and seeks injunctive relief and unspecified compensatory damages. On April 23, 2013, AK Steel filed a motion to dismiss key elements of the complaint filed in the Second Action. In addition, the parties briefed related non-infringement and claims construction issues in the original action. On October 25, 2013, the district court granted summary judgment in favor of AK Steel, confirming that AK Steel’s product does not infringe the original Patent or the Reissued Patent. The court further ruled that ArcelorMittal’s Reissued Patent was invalid due to ArcelorMittal’s deliberate violation of a statutory prohibition on broadening a patent through reissue more than two years after the original Patent was granted and that the original Patent had been surrendered when the Reissued Patent was issued and thus is no longer in effect. Final Judgment was entered on October 31, 2013. On November 6, 2013, ArcelorMittal filed a motion to clarify or, in the alternative, to alter or amend the October 31, 2013 judgment. The defendants opposed the motion. On December 5, 2013, the court issued a memorandum and order denying the motion and entering final judgment in favor of defendants, including AK Steel, and against ArcelorMittal, specifically ruling that a |
Share-based Compensation (Notes
Share-based Compensation (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation AK Holding’s Stock Incentive Plan permits the granting of nonqualified stock option, restricted stock, performance share and restricted stock unit awards to Directors, officers and other employees of the Company. The following table summarizes information about share-based compensation expense, which the Company has estimated will be $8.7 for 2015 : Three Months Ended June 30, Six Months Ended June 30, Share-based Compensation Expense 2015 2014 2015 2014 Stock options $ 0.3 $ 0.3 $ 1.5 $ 1.3 Restricted stock 0.5 0.4 2.6 2.3 Restricted stock units issued to Directors 0.3 0.2 0.6 0.5 Performance shares 0.6 0.7 1.2 1.5 Total share-based compensation expense $ 1.7 $ 1.6 $ 5.9 $ 5.6 The Company granted stock options on 861,500 shares during the six months ended June 30, 2015 , with a weighted-average fair value of $2.41 per share of stock option. There have been 2,733 options exercised in 2015 . The Company granted restricted stock awards of 862,300 shares during the six months ended June 30, 2015 , at a weighted-average fair value of $4.10 per share. The total intrinsic value of restricted stock awards that vested (i.e., restrictions lapsed) during the six months ended June 30, 2015 was $2.9 . The Company granted performance share awards of 890,700 shares during the six months ended June 30, 2015 , with a weighted-average fair value of $3.09 per share. |
Comprehensive Income (Loss) (No
Comprehensive Income (Loss) (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The details of other comprehensive income (loss), net of tax, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency translation Balance at beginning of period $ (2.2 ) $ 4.7 $ 1.0 $ 4.7 Other comprehensive income (loss): Foreign currency translation gain (loss) 1.2 (0.1 ) (2.0 ) (0.1 ) Balance at end of period $ (1.0 ) $ 4.6 $ (1.0 ) $ 4.6 Cash flow hedges Balance at beginning of period $ (32.3 ) $ 17.5 $ (32.2 ) $ 18.3 Other comprehensive income (loss): Gains (losses) arising in period (1.5 ) (8.8 ) (19.5 ) (6.9 ) Income tax expense — — — — Gains (losses) arising in period, net of tax (1.5 ) (8.8 ) (19.5 ) (6.9 ) Reclassification of losses (gains) to net income (loss)—commodity contracts (a) 9.3 (1.3 ) 27.2 (4.0 ) Income tax expense — — — — Net amount of reclassification of losses (gains) to net income (loss) 9.3 (1.3 ) 27.2 (4.0 ) Total other comprehensive income (loss), net of tax 7.8 (10.1 ) 7.7 (10.9 ) Balance at end of period $ (24.5 ) $ 7.4 $ (24.5 ) $ 7.4 Unrealized holding gains (losses) on securities Balance at beginning of period $ 0.4 $ 0.4 $ 0.4 $ 0.4 Other comprehensive income (loss): Unrealized holding gains arising in period — — — — Income tax expense — — — — Unrealized holding gains (losses) arising in period, net of tax — — — — Balance at end of period $ 0.4 $ 0.4 $ 0.4 $ 0.4 Pension and OPEB plans Balance at beginning of period $ (180.5 ) $ 276.6 $ (173.6 ) $ 300.0 Other comprehensive income (loss): Gains (losses) arising in period — — — (5.3 ) Income tax expense — — — — Gains (losses) arising in period, net of tax — — — (5.3 ) Reclassification to net income (loss): Prior service costs (credits) (b) (15.0 ) (17.2 ) (30.1 ) (34.5 ) Actuarial (gains) losses (b) 8.2 0.2 16.4 (0.6 ) Subtotal (6.8 ) (17.0 ) (13.7 ) (35.1 ) Income tax expense — — — — Amount of reclassification to net income (loss), net of tax (6.8 ) (17.0 ) (13.7 ) (35.1 ) Total other comprehensive income (loss), net of tax (6.8 ) (17.0 ) (13.7 ) (40.4 ) Balance at end of period $ (187.3 ) $ 259.6 $ (187.3 ) $ 259.6 (a) Amounts are included in cost of products sold on the Condensed Consolidated Statements of Operations. (b) Amounts are included in pension and OPEB expense (income) on the Condensed Consolidated Statements of Operations. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Earnings per share are calculated using the “two-class” method. Under the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. The sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders is divided by the weighted-average number of common shares outstanding during the period. The restricted stock granted by AK Holding is entitled to non-forfeitable dividends, if declared, and meets the criteria of a participating security. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) attributable to AK Steel Holding Corporation $ (64.0 ) $ (17.1 ) $ (370.3 ) $ (103.2 ) Less: distributed earnings to common stockholders and holders of certain stock compensation awards — — — — Undistributed earnings (loss) $ (64.0 ) $ (17.1 ) $ (370.3 ) $ (103.2 ) Common stockholders earnings—basic and diluted: Distributed earnings to common stockholders $ — $ — $ — $ — Undistributed earnings (loss) to common stockholders (63.8 ) (17.0 ) (369.0 ) (102.8 ) Common stockholders earnings (loss)—basic and diluted $ (63.8 ) $ (17.0 ) $ (369.0 ) $ (102.8 ) Common shares outstanding (weighted-average shares in millions): Common shares outstanding for basic earnings per share 177.2 136.2 177.1 136.2 Effect of exchangeable debt — — — — Effect of dilutive stock-based compensation — — — — Common shares outstanding for diluted earnings per share 177.2 136.2 177.1 136.2 Basic and diluted earnings per share: Distributed earnings $ — $ — $ — $ — Undistributed earnings (loss) (0.36 ) (0.13 ) (2.08 ) (0.76 ) Basic and diluted earnings (loss) per share $ (0.36 ) $ (0.13 ) $ (2.08 ) $ (0.76 ) Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect 2.5 8.3 2.5 8.2 |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract] | |
Variable Interest Entities | Variable Interest Entities SunCoke Middletown The Company purchases all of the coke and electrical power generated from the Middletown Coke Company, LLC (“SunCoke Middletown”), an affiliate of SunCoke Energy, Inc., under long-term supply agreements. SunCoke Middletown is deemed to be a variable interest entity because the Company has committed to purchase all of the expected production from the facility through at least 2031 and the Company has been determined to be the primary beneficiary. Thus, the financial results of SunCoke Middletown are required to be consolidated with the results of the Company, even though the Company has no ownership interest in SunCoke Middletown. Included in the Consolidated Statements of Operations was income before taxes related to SunCoke Middletown of $14.6 and $15.6 for the three months ended June 30, 2015 and 2014 , respectively, and of $30.0 and $30.6 for the six months ended June 30, 2015 and 2014 , respectively. Vicksmetal/Armco Associates The Company owns a 50% interest in Vicksmetal/Armco Associates (“VAA”), a joint venture with Vicksmetal Company, which is owned by Sumitomo Corporation. VAA slits electrical steel primarily for AK Steel, though also for third parties. AK Steel has determined that VAA meets the definition of a variable interest entity and the financial results of VAA are consolidated with the results of the Company, as the primary beneficiary. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. The hierarchy of those valuation approaches is classified into three levels based on the reliability of inputs as follows: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs are inputs, other than quoted prices, that are directly or indirectly observable for the asset or liability. Level 2 inputs include model-generated values that rely on inputs either directly observed or readily-derived from available market data sources, such as Bloomberg or other news and data vendors. They include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic factors. Common/collective trusts are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. The determination of net asset value for these trusts includes market pricing of the underlying assets as well as broker quotes and other valuation techniques that represent fair value. If the Company has the ability to redeem its investment in the respective alternative investment at the net asset value with no significant restrictions on the redemption at the consolidated balance sheet date, the Company has categorized the alternative investment as a Level 2 measurement in the fair value hierarchy. Fair values of the Company’s commodity derivative contracts and foreign currency forward contracts are generated using forward prices that are derived from observable futures prices relating to the respective commodity or currency from sources such as the New York Mercantile Exchange (NYMEX) or the London Metal Exchange (LME). In cases where the derivative is an option contract (including caps, floors and collars), the Company’s valuations reflect adjustments made to valuations generated by the derivatives’ counterparty. After validating that the counterparty’s assumptions relating to implied volatilities are in line with an independent source for these implied volatilities, the Company discounts these model-generated future values with discount factors designed to reflect the credit quality of the party obligated to pay under the derivative contract. Differing discount rates are applied to different contracts as a function of differing maturities and different counterparties. As of June 30, 2015 , a spread over benchmark rates of less than 1% was used for derivatives valued as assets and less than 2% for derivatives valued as liabilities. The Company has estimated the fair value of long-term debt based upon quoted market prices for the same or similar issues or on the current interest rates available to the Company for debt of similar terms and maturities. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. This level of categorization is not applicable to the Company’s valuations on a normal recurring basis other than for an immaterial portion of its pension assets. The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: June 30, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total Assets measured at fair value Cash and cash equivalents $ 75.0 $ — $ 75.0 $ 70.2 $ — $ 70.2 Other current assets: Foreign exchange contracts — 0.5 0.5 — 1.2 1.2 Commodity hedge contracts — 1.7 1.7 — 3.6 3.6 Other non-current assets: Available for sale investments—cash and cash equivalents 3.3 — 3.3 3.3 — 3.3 Commodity hedge contracts — 0.6 0.6 — 1.8 1.8 Assets measured at fair value $ 78.3 $ 2.8 $ 81.1 $ 73.5 $ 6.6 $ 80.1 Liabilities measured at fair value Accrued liabilities—commodity hedge contracts $ — $ (30.2 ) $ (30.2 ) $ — $ (36.2 ) $ (36.2 ) Other non-current liabilities—commodity hedge contracts — (7.3 ) (7.3 ) — (5.7 ) (5.7 ) Liabilities measured at fair value $ — $ (37.5 ) $ (37.5 ) $ — $ (41.9 ) $ (41.9 ) Liabilities measured at other than fair value Long-term debt, including current portions: Fair value $ — $ (2,265.3 ) $ (2,265.3 ) $ — $ (2,478.3 ) $ (2,478.3 ) Carrying amount — (2,442.5 ) (2,442.5 ) — (2,452.5 ) (2,452.5 ) The carrying amounts of the Company’s other financial instruments do not differ materially from their estimated fair values at June 30, 2015 and December 31, 2014 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company is subject to fluctuations of exchange rates on a portion of intercompany receivables that are denominated in foreign currencies and uses forward currency contracts to manage exposures to certain of these currency price fluctuations. These contracts have not been designated as hedges for accounting purposes and gains or losses are reported in earnings on a current basis in other income (expense). The Company is exposed to fluctuations in market prices of raw materials and energy sources, as well as to the effect of market prices on the sale of certain commodity steel (hot roll carbon steel coils). The Company may use cash-settled commodity price swaps and options (including collars) to hedge the market risk associated with the purchase of certain of its raw materials and energy requirements and the sale of hot roll carbon steel coils. With respect to input commodities, these derivatives are typically used for a portion of the Company’s natural gas, nickel, iron ore, zinc and electricity requirements. The Company’s hedging strategy is designed to mitigate the effect on earnings from the price volatility of these various commodity exposures. Independent of any hedging activities, price changes in any of these commodity markets could negatively affect operating costs or selling prices. All commodity derivatives are marked to market and recognized as an asset or liability at fair value. The effective gains and losses for commodity derivatives designated as cash flow hedges of forecasted purchases of raw materials and energy sources are recorded in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets and reclassified into cost of products sold in the same period as the earnings recognition of the associated underlying transaction. Gains and losses on these designated derivatives arising from either hedge ineffectiveness or related to components excluded from the assessment of effectiveness are recognized in current earnings under cost of products sold. All gains or losses from derivatives for which hedge accounting treatment has not been elected are also reported in earnings on a current basis in net sales or cost of products sold. The Company had the following outstanding commodity price swaps and options and forward foreign exchange contracts: Commodity June 30, December 31, Nickel (in lbs) 314,500 259,300 Natural gas (in MMBTUs) 28,285,000 33,992,500 Zinc (in lbs) 55,496,200 61,800,000 Iron ore (in metric tons) 2,475,000 2,335,000 Electricity (in MWHs) 1,298,500 1,182,800 Hot roll carbon steel coils (in short tons) 6,000 15,000 Foreign exchange contracts (in euros) € 39,575,000 € 23,675,000 The following table presents the fair value of derivative instruments in the Condensed Consolidated Balance Sheets: Asset (liability) June 30, December 31, Derivatives designated as hedging instruments: Other current assets—commodity contracts $ 0.9 $ 2.1 Other noncurrent assets—commodity contracts 0.6 1.8 Accrued liabilities—commodity contracts (28.2 ) (32.0 ) Other non-current liabilities—commodity contracts (7.3 ) (5.7 ) Derivatives not designated as hedging instruments: Other current assets: Foreign exchange contracts 0.5 1.2 Commodity contracts 0.8 1.5 Accrued liabilities—commodity contracts (2.0 ) (4.2 ) The Company’s derivative contracts contain collateral funding requirements. The Company has master netting arrangements with its counterparties giving it the right to offset amounts owed under the derivative instruments and the collateral. The Company does not offset derivative assets and liabilities or collateral in its Condensed Consolidated Balance Sheets. The Company has recorded in other current assets $11.0 of collateral to counterparties under collateral funding arrangements as of June 30, 2015 . The following table presents gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, Gain (loss) 2015 2014 2015 2014 Derivatives designated as cash flow hedges— Commodity contracts: Reclassified from accumulated other comprehensive income into cost of products sold (effective portion) $ (9.3 ) $ 1.3 $ (27.2 ) $ 4.0 Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing) (1.1 ) (0.7 ) (14.1 ) (0.7 ) Derivatives not designated as hedging instruments: Foreign exchange contracts—recognized in other income (expense) (2.8 ) 0.2 (1.4 ) 0.9 Commodity contracts: Recognized in net sales 0.5 (0.6 ) 1.8 (4.2 ) Recognized in cost of products sold 0.9 (19.4 ) (1.5 ) (19.2 ) The following table lists the amount of gains (losses) before tax expected to be reclassified into cost of products sold within the next twelve months for the Company’s existing commodity contracts that qualify for hedge accounting, as well as the period of time over which the Company is hedging its exposure to the volatility in future cash flows: Commodity Hedge Settlement Dates Gains (losses) Natural gas July 2015 to December 2016 $ (10.3 ) Zinc July 2015 to December 2016 (4.7 ) Electricity July 2015 to December 2016 (1.2 ) Iron ore July 2015 to February 2017 (16.2 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table presents the net cash paid (received) during the period for interest, net of capitalized interest, and income taxes: Six Months Ended June 30, 2015 2014 Net cash paid (received) during the period for: Interest, net of capitalized interest $ 82.4 $ 59.1 Income taxes 0.1 0.4 Included in net cash flows from operations was cash provided by SunCoke Middletown of $46.1 and $32.6 for the six months ended June 30, 2015 and 2014 , respectively. Consolidated cash and cash equivalents at June 30, 2015 and December 31, 2014 , includes $21.0 and $18.2 , respectively, of cash and cash equivalents of SunCoke Middletown. There are no compensating balance arrangements or legal restrictions on the cash and cash equivalents of SunCoke Middletown, however, it is not available for the Company’s use. The Company had non-cash capital investments during the six months ended June 30, 2015 and 2014 , that had not been paid as of the end of the respective period. These amounts are included in accounts payable and accrued liabilities and have been excluded from the Condensed Consolidated Statements of Cash Flows. The Company also granted restricted stock to certain employees and restricted stock units to directors under the Stock Incentive Plan. The amounts of non-cash investing and financing activities were as follows: Six Months Ended June 30, 2015 2014 Capital investments $ 24.3 $ 6.6 Issuance of restricted stock and restricted stock units 3.8 3.7 |
Union Contracts (Notes)
Union Contracts (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Union Contracts [Abstract] | |
Union Contracts | Union Contracts On May 7, 2015, members of the United Auto Workers, Local 4104 , ratified a four-year labor agreement covering approximately 150 hourly production and maintenance employees at the Company’s Zanesville Works. The new agreement took effect on May 20, 2015 , and runs through May 31, 2019 . The Company has no other expiring labor contracts in 2015. An agreement with the United Auto Workers, Local 3462 , which represents approximately 340 employees at the Company’s Coshocton Works, is scheduled to expire on March 31, 2016 . |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) , during the second quarter of 2014. Topic 606 affects virtually all aspects of an entity’s revenue recognition, including determining the measurement of revenue and the timing of when it is recognized for the transfer of goods or services to customers. In July 2015, the Financial Accounting Standards Board approved a one-year deferral of the effective date, which would make Topic 606 effective for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the effect of the adoption of Topic 606 on its financial position and results of operations. The Financial Accounting Standards Board issued Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), during the first quarter of 2015. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for annual reporting periods beginning after December 15, 2015, unless early adoption is elected. The Company is currently evaluating the effect of the adoption of ASU 2015-02 on its financial position and results of operations. |
Supplemental Guarantor Informat
Supplemental Guarantor Information (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | Supplemental Guarantor Information AK Steel’s 8.75% Senior Secured Notes due December 2018, 7.625% Senior Notes due May 2020, 7.625% Senior Notes due October 2021, 8.375% Senior Notes due April 2022 (collectively, the “Senior Notes”) and 5.00% Exchangeable Senior Notes due November 2019 (the “Exchangeable Notes”) are governed by indentures entered into by AK Holding and its 100%-owned subsidiary, AK Steel. Under the terms of the Senior Notes indentures, AK Holding and two guarantor subsidiaries each fully and unconditionally, jointly and severally, guarantee the payment of interest, principal and premium, if any, on each of the notes comprising the Senior Notes. With respect to the Exchangeable Notes, under the terms of that indenture AK Holding fully and unconditionally, jointly and severally, guarantees the payment of interest, principal and premium, if any, on such notes. AK Holding is the sole guarantor of the Exchangeable Notes. The presentation of the supplemental guarantor information reflects all investments in subsidiaries under the equity method of accounting. Net income (loss) of the subsidiaries accounted for under the equity method is therefore reflected in their parents’ investment accounts. The principal elimination entries eliminate investments in subsidiaries and inter-company balances and transactions. The following supplemental condensed consolidating financial statements present information about AK Holding, AK Steel, the guarantor subsidiaries of the Senior Notes and the other non-guarantor subsidiaries. Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2015 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 1,639.3 $ 65.0 $ 136.1 $ (151.0 ) $ 1,689.4 Cost of products sold (exclusive of items shown separately below) — 1,556.2 42.2 108.7 (127.9 ) 1,579.2 Selling and administrative expenses (exclusive of items shown separately below) 1.4 65.4 2.7 6.5 (12.5 ) 63.5 Depreciation — 48.5 1.0 6.2 — 55.7 Pension and OPEB expense (income) — (16.1 ) — — — (16.1 ) Total operating costs 1.4 1,654.0 45.9 121.4 (140.4 ) 1,682.3 Operating profit (loss) (1.4 ) (14.7 ) 19.1 14.7 (10.6 ) 7.1 Interest expense — 43.0 — 0.5 — 43.5 Other income (expense) — (1.6 ) 1.6 1.5 — 1.5 Income (loss) before income taxes (1.4 ) (59.3 ) 20.7 15.7 (10.6 ) (34.9 ) Income tax expense (benefit) — 10.3 8.2 0.5 (4.4 ) 14.6 Equity in net income (loss) of subsidiaries (62.6 ) 7.0 — — 55.6 — Net income (loss) (64.0 ) (62.6 ) 12.5 15.2 49.4 (49.5 ) Less: Net income attributable to noncontrolling interests — — — 14.5 — 14.5 Net income (loss) attributable to AK Steel Holding Corporation (64.0 ) (62.6 ) 12.5 0.7 49.4 (64.0 ) Other comprehensive income (loss) 2.2 2.2 — 1.2 (3.4 ) 2.2 Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (61.8 ) $ (60.4 ) $ 12.5 $ 1.9 $ 46.0 $ (61.8 ) Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 1,483.1 $ 72.3 $ 133.2 $ (157.8 ) $ 1,530.8 Cost of products sold (exclusive of items shown separately below) — 1,404.1 51.9 105.3 (144.4 ) 1,416.9 Selling and administrative expenses (exclusive of items shown separately below) 1.0 53.8 2.9 7.1 (10.9 ) 53.9 Depreciation — 42.3 1.0 5.2 — 48.5 Pension and OPEB expense (income) — (25.0 ) — — — (25.0 ) Total operating costs 1.0 1,475.2 55.8 117.6 (155.3 ) 1,494.3 Operating profit (loss) (1.0 ) 7.9 16.5 15.6 (2.5 ) 36.5 Interest expense — 32.5 — 0.7 — 33.2 Other income (expense) — (3.9 ) 1.7 (0.8 ) — (3.0 ) Income (loss) before income taxes (1.0 ) (28.5 ) 18.2 14.1 (2.5 ) 0.3 Income tax expense (benefit) — (4.7 ) 7.9 (0.4 ) (1.0 ) 1.8 Equity in net income (loss) of subsidiaries (16.1 ) 7.7 — — 8.4 — Net income (loss) (17.1 ) (16.1 ) 10.3 14.5 6.9 (1.5 ) Less: Net income attributable to noncontrolling interests — — — 15.6 — 15.6 Net income (loss) attributable to AK Steel Holding Corporation (17.1 ) (16.1 ) 10.3 (1.1 ) 6.9 (17.1 ) Other comprehensive income (loss) (27.2 ) (27.2 ) — (0.1 ) 27.3 (27.2 ) Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (44.3 ) $ (43.3 ) $ 10.3 $ (1.2 ) $ 34.2 $ (44.3 ) Condensed Consolidated Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2015 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 3,341.8 $ 130.8 $ 260.5 $ (292.8 ) $ 3,440.3 Cost of products sold (exclusive of items shown separately below) — 3,165.6 87.0 203.8 (268.6 ) 3,187.8 Selling and administrative expenses (exclusive of items shown separately below) 3.1 136.2 5.7 13.1 (25.4 ) 132.7 Depreciation — 96.9 2.0 12.2 — 111.1 Pension and OPEB expense (income) — (32.2 ) — — — (32.2 ) Total operating costs 3.1 3,366.5 94.7 229.1 (294.0 ) 3,399.4 Operating profit (loss) (3.1 ) (24.7 ) 36.1 31.4 1.2 40.9 Interest expense — 86.4 — 1.0 — 87.4 Impairment of Magnetation investment — — — (256.3 ) — (256.3 ) Other income (expense) — (4.2 ) 3.2 (14.2 ) — (15.2 ) Income (loss) before income taxes (3.1 ) (115.3 ) 39.3 (240.1 ) 1.2 (318.0 ) Income tax expense (benefit) — 11.8 15.7 (5.6 ) 0.4 22.3 Equity in net income (loss) of subsidiaries (367.2 ) (240.1 ) — — 607.3 — Net income (loss) (370.3 ) (367.2 ) 23.6 (234.5 ) 608.1 (340.3 ) Less: Net income attributable to noncontrolling interests — — — 30.0 — 30.0 Net income (loss) attributable to AK Steel Holding Corporation (370.3 ) (367.2 ) 23.6 (264.5 ) 608.1 (370.3 ) Other comprehensive income (loss) (8.0 ) (8.0 ) — (2.0 ) 10.0 (8.0 ) Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (378.3 ) $ (375.2 ) $ 23.6 $ (266.5 ) $ 618.1 $ (378.3 ) Condensed Consolidated Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 2,798.2 $ 140.1 $ 258.0 $ (282.0 ) $ 2,914.3 Cost of products sold (exclusive of items shown separately below) — 2,708.0 101.5 204.6 (261.6 ) 2,752.5 Selling and administrative expenses (exclusive of items shown separately below) 2.6 112.7 5.7 14.6 (21.5 ) 114.1 Depreciation — 84.8 2.0 10.4 — 97.2 Pension and OPEB expense (income) — (50.7 ) — — — (50.7 ) Total operating costs 2.6 2,854.8 109.2 229.6 (283.1 ) 2,913.1 Operating profit (loss) (2.6 ) (56.6 ) 30.9 28.4 1.1 1.2 Interest expense — 64.2 — 1.2 — 65.4 Other income (expense) — (7.7 ) 3.3 (0.5 ) — (4.9 ) Income (loss) before income taxes (2.6 ) (128.5 ) 34.2 26.7 1.1 (69.1 ) Income tax expense (benefit) — (9.3 ) 13.7 (1.2 ) 0.4 3.6 Equity in net income (loss) of subsidiaries (100.6 ) 18.6 — — 82.0 — Net income (loss) (103.2 ) (100.6 ) 20.5 27.9 82.7 (72.7 ) Less: Net income attributable to noncontrolling interests — — — 30.5 — 30.5 Net income (loss) attributable to AK Steel Holding Corporation (103.2 ) (100.6 ) 20.5 (2.6 ) 82.7 (103.2 ) Other comprehensive income (loss) (51.4 ) (51.4 ) — (0.1 ) 51.5 (51.4 ) Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (154.6 ) $ (152.0 ) $ 20.5 $ (2.7 ) $ 134.2 $ (154.6 ) Condensed Consolidated Balance Sheets June 30, 2015 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company ASSETS Current assets: Cash and cash equivalents $ — $ 27.9 $ — $ 47.1 $ — $ 75.0 Accounts receivable, net — 535.6 27.9 39.6 (35.6 ) 567.5 Inventory, net — 1,073.8 26.8 62.9 (7.0 ) 1,156.5 Deferred tax assets, current — 57.3 — 0.2 — 57.5 Other current assets 0.3 54.1 0.3 3.1 — 57.8 Total current assets 0.3 1,748.7 55.0 152.9 (42.6 ) 1,914.3 Property, plant and equipment — 5,721.7 99.3 598.1 — 6,419.1 Accumulated depreciation — (4,135.7 ) (73.8 ) (74.1 ) — (4,283.6 ) Property, plant and equipment, net — 1,586.0 25.5 524.0 — 2,135.5 Other non-current assets: Investments in affiliates — 42.7 — 33.6 — 76.3 Investment in subsidiaries (3,393.3 ) 1,369.5 — — 2,023.8 — Inter-company accounts 2,527.1 (3,518.1 ) 1,376.4 (422.7 ) 37.3 — Other non-current assets — 116.0 33.0 60.3 — 209.3 TOTAL ASSETS $ (865.9 ) $ 1,344.8 $ 1,489.9 $ 348.1 $ 2,018.5 $ 4,335.4 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Accounts payable $ — $ 724.8 $ 5.8 $ 32.2 $ (1.0 ) $ 761.8 Accrued liabilities — 206.3 2.8 16.3 — 225.4 Current portion of pension and other postretirement benefit obligations — 63.4 — 0.3 — 63.7 Total current liabilities — 994.5 8.6 48.8 (1.0 ) 1,050.9 Non-current liabilities: Long-term debt — 2,442.5 — — — 2,442.5 Pension and other postretirement benefit obligations — 1,170.7 — 3.5 — 1,174.2 Other non-current liabilities — 130.4 — 0.4 — 130.8 TOTAL LIABILITIES — 4,738.1 8.6 52.7 (1.0 ) 4,798.4 Equity (deficit): Total stockholders’ equity (deficit) (865.9 ) (3,393.3 ) 1,481.3 (107.5 ) 2,019.5 (865.9 ) Noncontrolling interests — — — 402.9 — 402.9 TOTAL EQUITY (DEFICIT) (865.9 ) (3,393.3 ) 1,481.3 295.4 2,019.5 (463.0 ) TOTAL LIABILITIES AND EQUITY (DEFICIT) $ (865.9 ) $ 1,344.8 $ 1,489.9 $ 348.1 $ 2,018.5 $ 4,335.4 Condensed Consolidated Balance Sheets December 31, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company ASSETS Current assets: Cash and cash equivalents $ — $ 28.5 $ 0.5 $ 41.2 $ — $ 70.2 Accounts receivable, net — 606.2 27.6 37.3 (26.8 ) 644.3 Inventory, net — 1,080.5 26.2 73.5 (8.1 ) 1,172.1 Deferred tax assets, current — 67.5 — 0.2 — 67.7 Other current assets 0.3 67.9 0.2 3.0 — 71.4 Total current assets 0.3 1,850.6 54.5 155.2 (34.9 ) 2,025.7 Property, plant and equipment — 5,695.8 97.3 595.3 — 6,388.4 Accumulated depreciation — (4,040.8 ) (71.8 ) (62.6 ) — (4,175.2 ) Property, plant and equipment, net — 1,655.0 25.5 532.7 — 2,213.2 Other non-current assets: Investments in affiliates — 84.5 — 304.2 — 388.7 Investment in subsidiaries (2,970.9 ) 1,582.4 — — 1,388.5 — Inter-company accounts 2,478.1 (3,420.4 ) 1,325.5 (412.4 ) 29.2 — Other non-current assets — 137.4 33.0 60.5 — 230.9 TOTAL ASSETS $ (492.5 ) $ 1,889.5 $ 1,438.5 $ 640.2 $ 1,382.8 $ 4,858.5 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Accounts payable $ — $ 754.9 $ 6.9 $ 42.0 $ (0.7 ) $ 803.1 Accrued liabilities — 244.6 3.0 18.9 — 266.5 Current portion of pension and other postretirement benefit obligations — 55.3 — 0.3 — 55.6 Total current liabilities — 1,054.8 9.9 61.2 (0.7 ) 1,125.2 Non-current liabilities: Long-term debt — 2,452.5 — — — 2,452.5 Pension and other postretirement benefit obligations — 1,221.3 — 4.0 — 1,225.3 Other non-current liabilities — 131.8 — 0.7 — 132.5 TOTAL LIABILITIES — 4,860.4 9.9 65.9 (0.7 ) 4,935.5 Equity (deficit): Total stockholders’ equity (deficit) (492.5 ) (2,970.9 ) 1,428.6 158.8 1,383.5 (492.5 ) Noncontrolling interests — — — 415.5 — 415.5 TOTAL EQUITY (DEFICIT) (492.5 ) (2,970.9 ) 1,428.6 574.3 1,383.5 (77.0 ) TOTAL LIABILITIES AND EQUITY (DEFICIT) $ (492.5 ) $ 1,889.5 $ 1,438.5 $ 640.2 $ 1,382.8 $ 4,858.5 Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2015 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 ) $ 14.9 $ 22.9 $ 40.4 $ 8.2 $ 83.9 Cash flows from investing activities: Capital investments — (45.7 ) (1.6 ) (2.4 ) — (49.7 ) Proceeds from sale of equity investee — 25.0 — — — 25.0 Other investing items, net — 1.3 — — — 1.3 Net cash flows from investing activities — (19.4 ) (1.6 ) (2.4 ) — (23.4 ) Cash flows from financing activities: Net borrowings (payments) under credit facility — (10.0 ) — — — (10.0 ) Redemption of long-term debt — (2.2 ) — — — (2.2 ) Inter-company activity 3.5 16.0 (21.8 ) 10.5 (8.2 ) — SunCoke Middletown distributions to noncontrolling interest owners — — — (42.6 ) — (42.6 ) Other financing items, net (1.0 ) 0.1 — — — (0.9 ) Net cash flows from financing activities 2.5 3.9 (21.8 ) (32.1 ) (8.2 ) (55.7 ) Net increase (decrease) in cash and cash equivalents — (0.6 ) (0.5 ) 5.9 — 4.8 Cash and equivalents, beginning of period — 28.5 0.5 41.2 — 70.2 Cash and equivalents, end of period $ — $ 27.9 $ — $ 47.1 $ — $ 75.0 Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net cash flows from operating activities $ (2.0 ) $ (375.3 ) $ 15.6 $ 26.3 $ 4.3 $ (331.1 ) Cash flows from investing activities: Capital investments — (16.7 ) (1.3 ) (9.6 ) — (27.6 ) Investments in Magnetation joint venture — — — (45.0 ) — (45.0 ) Other investing items, net — 7.2 — (0.3 ) — 6.9 Net cash flows from investing activities — (9.5 ) (1.3 ) (54.9 ) — (65.7 ) Cash flows from financing activities: Net borrowings under credit facility — 440.0 — — — 440.0 Redemption of long-term debt — (0.4 ) — — — (0.4 ) Debt issuance costs — (3.3 ) — — — (3.3 ) Inter-company activity 3.0 (49.2 ) (14.1 ) 64.6 (4.3 ) — SunCoke Middletown distributions to noncontrolling interest owners — — — (28.9 ) — (28.9 ) Other financing items, net (1.0 ) (0.1 ) — — — (1.1 ) Net cash flows from financing activities 2.0 387.0 (14.1 ) 35.7 (4.3 ) 406.3 Net increase (decrease) in cash and cash equivalents — 2.2 0.2 7.1 — 9.5 Cash and equivalents, beginning of period — 16.8 — 28.5 — 45.3 Cash and equivalents, end of period $ — $ 19.0 $ 0.2 $ 35.6 $ — $ 54.8 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy | In the opinion of the management of AK Steel Holding Corporation (“AK Holding”) and its wholly-owned subsidiary, AK Steel Corporation (“AK Steel”, and together with AK Holding, the “Company”), the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of the Company as of June 30, 2015 and December 31, 2014 , the results of its operations for the three and six months ended June 30, 2015 and 2014 , and its cash flows for the six months ended June 30, 2015 and 2014 . The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2014 , included in the Company’s Form 10‑K for the year ended December 31, 2014 . |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Earnings per share are calculated using the “two-class” method. Under the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. The sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders is divided by the weighted-average number of common shares outstanding during the period. The restricted stock granted by AK Holding is entitled to non-forfeitable dividends, if declared, and meets the criteria of a participating security. |
Acquisition of Dearborn Prelimi
Acquisition of Dearborn Preliminary Purchase Price Allocation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | A summary of the preliminary purchase price allocation for the fair value of the assets acquired and the obligations assumed at the date of the acquisition is presented below. Accounts receivable $ 181.1 Inventory 362.6 Other current assets 3.6 Property, plant and equipment 444.5 Investment in affiliates 72.5 Total assets acquired 1,064.3 Accounts payable (201.4 ) Accrued liabilities (32.8 ) Other postretirement benefit obligations (128.2 ) Other non-current liabilities (11.6 ) Total liabilities assumed (374.0 ) Purchase price, net of cash acquired $ 690.3 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Detail of inventories | June 30, December 31, Finished and semi-finished $ 1,099.3 $ 1,053.4 Raw materials 380.8 494.2 Total cost 1,480.1 1,547.6 Adjustment to state inventories at LIFO value (323.6 ) (375.5 ) Inventory, net $ 1,156.5 $ 1,172.1 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | Summarized financial statement data for all investees is presented below. The financial results for acquired joint ventures are only included for the period since the acquisition and the financial results for Magnetation are only included through March 31, 2015 since it is unlikely that AK Steel will retain its equity interest as a result of Magnetation’s bankruptcy. Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 2015 2014 2015 2014 Revenue $ 76.4 $ 85.3 $ 208.0 $ 157.7 Gross profit 21.4 23.6 28.3 48.1 Net income (loss) 5.8 5.0 (18.8 ) 10.5 |
Long-term Debt and Other Fina31
Long-term Debt and Other Financing (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company’s debt balances were as follows: June 30, December 31, Credit Facility $ 595.0 $ 605.0 8.75% Senior Secured Notes due December 2018 380.0 380.0 5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%) 150.0 150.0 7.625% Senior Notes due May 2020 529.8 529.8 7.625% Senior Notes due October 2021 427.5 430.0 8.375% Senior Notes due April 2022 290.2 290.2 Industrial Revenue Bonds due 2020 through 2028 99.3 99.3 Unamortized debt (discount) premium, net (29.3 ) (31.8 ) Total long-term debt $ 2,442.5 $ 2,452.5 |
Pension and Other Postretirem32
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | Net periodic benefit cost (income) for pension and other postretirement benefits was as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pension Benefits Service cost $ 0.5 $ 0.3 $ 1.1 $ 0.7 Interest cost 32.5 36.3 65.0 73.0 Expected return on assets (49.7 ) (50.7 ) (99.4 ) (101.4 ) Amortization of prior service cost 1.1 1.1 2.2 2.1 Amortization of (gain) loss 7.8 0.6 15.6 0.1 Net periodic benefit cost (income) $ (7.8 ) $ (12.4 ) $ (15.5 ) $ (25.5 ) Other Postretirement Benefits Service cost $ 1.8 $ 1.0 $ 3.6 $ 2.0 Interest cost 5.6 5.1 11.2 10.1 Amortization of prior service cost (credit) (16.1 ) (18.3 ) (32.3 ) (36.6 ) Amortization of (gain) loss 0.4 (0.4 ) 0.8 (0.7 ) Net periodic benefit cost (income) $ (8.3 ) $ (12.6 ) $ (16.7 ) $ (25.2 ) |
Environmental and Legal Conti33
Environmental and Legal Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrual of Liabilities Related to Environmental Loss Contingencies | Liabilities recorded on the Company’s Condensed Consolidated Balance Sheets for such estimated probable costs relating to environmental matters are presented below: June 30, December 31, Accrued liabilities $ 10.4 $ 17.6 Other non-current liabilities 34.3 32.7 |
Schedule of Information on Pending Asbestos Cases | Information on asbestos cases pending at June 30, 2015 , is presented below: Asbestos Cases Pending at June 30, 2015 Cases with specific dollar claims for damages: Claims up to $0.2 111 Claims above $0.2 to $5.0 6 Claims above $5.0 to $15.0 2 Claims above $15.0 to $20.0 2 Claims above $20.0 to $30.5 1 Total claims with specific dollar claims for damages (a) 122 Cases without a specific dollar claim for damages 267 Total asbestos cases pending 389 (a) Involve a total of 2,322 plaintiffs and 16,337 defendants |
Schedule of Number of New Asbestos Claims Filed, Number of Pending Asbestos Claims Disposed, And Amount Paid in Settlements | Set forth below is a chart showing the number of new claims filed (accounted for as described above), the number of pending claims disposed of (i.e., settled or otherwise dismissed), and the approximate net amount of dollars paid on behalf of AK Steel in settlement of asbestos-related claims in the three and six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 New Claims Filed 8 11 24 24 Pending Claims Disposed Of 15 14 32 28 Total Amount Paid in Settlements $ 0.3 $ 0.2 $ 0.4 $ 0.5 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule about share-based compensation expense | The following table summarizes information about share-based compensation expense, which the Company has estimated will be $8.7 for 2015 : Three Months Ended June 30, Six Months Ended June 30, Share-based Compensation Expense 2015 2014 2015 2014 Stock options $ 0.3 $ 0.3 $ 1.5 $ 1.3 Restricted stock 0.5 0.4 2.6 2.3 Restricted stock units issued to Directors 0.3 0.2 0.6 0.5 Performance shares 0.6 0.7 1.2 1.5 Total share-based compensation expense $ 1.7 $ 1.6 $ 5.9 $ 5.6 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Net of T ax | The details of other comprehensive income (loss), net of tax, are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency translation Balance at beginning of period $ (2.2 ) $ 4.7 $ 1.0 $ 4.7 Other comprehensive income (loss): Foreign currency translation gain (loss) 1.2 (0.1 ) (2.0 ) (0.1 ) Balance at end of period $ (1.0 ) $ 4.6 $ (1.0 ) $ 4.6 Cash flow hedges Balance at beginning of period $ (32.3 ) $ 17.5 $ (32.2 ) $ 18.3 Other comprehensive income (loss): Gains (losses) arising in period (1.5 ) (8.8 ) (19.5 ) (6.9 ) Income tax expense — — — — Gains (losses) arising in period, net of tax (1.5 ) (8.8 ) (19.5 ) (6.9 ) Reclassification of losses (gains) to net income (loss)—commodity contracts (a) 9.3 (1.3 ) 27.2 (4.0 ) Income tax expense — — — — Net amount of reclassification of losses (gains) to net income (loss) 9.3 (1.3 ) 27.2 (4.0 ) Total other comprehensive income (loss), net of tax 7.8 (10.1 ) 7.7 (10.9 ) Balance at end of period $ (24.5 ) $ 7.4 $ (24.5 ) $ 7.4 Unrealized holding gains (losses) on securities Balance at beginning of period $ 0.4 $ 0.4 $ 0.4 $ 0.4 Other comprehensive income (loss): Unrealized holding gains arising in period — — — — Income tax expense — — — — Unrealized holding gains (losses) arising in period, net of tax — — — — Balance at end of period $ 0.4 $ 0.4 $ 0.4 $ 0.4 Pension and OPEB plans Balance at beginning of period $ (180.5 ) $ 276.6 $ (173.6 ) $ 300.0 Other comprehensive income (loss): Gains (losses) arising in period — — — (5.3 ) Income tax expense — — — — Gains (losses) arising in period, net of tax — — — (5.3 ) Reclassification to net income (loss): Prior service costs (credits) (b) (15.0 ) (17.2 ) (30.1 ) (34.5 ) Actuarial (gains) losses (b) 8.2 0.2 16.4 (0.6 ) Subtotal (6.8 ) (17.0 ) (13.7 ) (35.1 ) Income tax expense — — — — Amount of reclassification to net income (loss), net of tax (6.8 ) (17.0 ) (13.7 ) (35.1 ) Total other comprehensive income (loss), net of tax (6.8 ) (17.0 ) (13.7 ) (40.4 ) Balance at end of period $ (187.3 ) $ 259.6 $ (187.3 ) $ 259.6 (a) Amounts are included in cost of products sold on the Condensed Consolidated Statements of Operations. (b) Amounts are included in pension and OPEB expense (income) on the Condensed Consolidated Statements of Operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per share | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) attributable to AK Steel Holding Corporation $ (64.0 ) $ (17.1 ) $ (370.3 ) $ (103.2 ) Less: distributed earnings to common stockholders and holders of certain stock compensation awards — — — — Undistributed earnings (loss) $ (64.0 ) $ (17.1 ) $ (370.3 ) $ (103.2 ) Common stockholders earnings—basic and diluted: Distributed earnings to common stockholders $ — $ — $ — $ — Undistributed earnings (loss) to common stockholders (63.8 ) (17.0 ) (369.0 ) (102.8 ) Common stockholders earnings (loss)—basic and diluted $ (63.8 ) $ (17.0 ) $ (369.0 ) $ (102.8 ) Common shares outstanding (weighted-average shares in millions): Common shares outstanding for basic earnings per share 177.2 136.2 177.1 136.2 Effect of exchangeable debt — — — — Effect of dilutive stock-based compensation — — — — Common shares outstanding for diluted earnings per share 177.2 136.2 177.1 136.2 Basic and diluted earnings per share: Distributed earnings $ — $ — $ — $ — Undistributed earnings (loss) (0.36 ) (0.13 ) (2.08 ) (0.76 ) Basic and diluted earnings (loss) per share $ (0.36 ) $ (0.13 ) $ (2.08 ) $ (0.76 ) Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect 2.5 8.3 2.5 8.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value assets and liabilities measured on a recurring basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: June 30, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total Assets measured at fair value Cash and cash equivalents $ 75.0 $ — $ 75.0 $ 70.2 $ — $ 70.2 Other current assets: Foreign exchange contracts — 0.5 0.5 — 1.2 1.2 Commodity hedge contracts — 1.7 1.7 — 3.6 3.6 Other non-current assets: Available for sale investments—cash and cash equivalents 3.3 — 3.3 3.3 — 3.3 Commodity hedge contracts — 0.6 0.6 — 1.8 1.8 Assets measured at fair value $ 78.3 $ 2.8 $ 81.1 $ 73.5 $ 6.6 $ 80.1 Liabilities measured at fair value Accrued liabilities—commodity hedge contracts $ — $ (30.2 ) $ (30.2 ) $ — $ (36.2 ) $ (36.2 ) Other non-current liabilities—commodity hedge contracts — (7.3 ) (7.3 ) — (5.7 ) (5.7 ) Liabilities measured at fair value $ — $ (37.5 ) $ (37.5 ) $ — $ (41.9 ) $ (41.9 ) Liabilities measured at other than fair value Long-term debt, including current portions: Fair value $ — $ (2,265.3 ) $ (2,265.3 ) $ — $ (2,478.3 ) $ (2,478.3 ) Carrying amount — (2,442.5 ) (2,442.5 ) — (2,452.5 ) (2,452.5 ) |
Derivative Instruments and He38
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding commodity price swaps and options and forward foreign exchange contracts | The Company had the following outstanding commodity price swaps and options and forward foreign exchange contracts: Commodity June 30, December 31, Nickel (in lbs) 314,500 259,300 Natural gas (in MMBTUs) 28,285,000 33,992,500 Zinc (in lbs) 55,496,200 61,800,000 Iron ore (in metric tons) 2,475,000 2,335,000 Electricity (in MWHs) 1,298,500 1,182,800 Hot roll carbon steel coils (in short tons) 6,000 15,000 Foreign exchange contracts (in euros) € 39,575,000 € 23,675,000 |
Fair value of derivative instruments in the Condensed Consolidated Balance Sheets | The following table presents the fair value of derivative instruments in the Condensed Consolidated Balance Sheets: Asset (liability) June 30, December 31, Derivatives designated as hedging instruments: Other current assets—commodity contracts $ 0.9 $ 2.1 Other noncurrent assets—commodity contracts 0.6 1.8 Accrued liabilities—commodity contracts (28.2 ) (32.0 ) Other non-current liabilities—commodity contracts (7.3 ) (5.7 ) Derivatives not designated as hedging instruments: Other current assets: Foreign exchange contracts 0.5 1.2 Commodity contracts 0.8 1.5 Accrued liabilities—commodity contracts (2.0 ) (4.2 ) |
Gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations | The following table presents gains (losses) on derivative instruments included in the Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, Gain (loss) 2015 2014 2015 2014 Derivatives designated as cash flow hedges— Commodity contracts: Reclassified from accumulated other comprehensive income into cost of products sold (effective portion) $ (9.3 ) $ 1.3 $ (27.2 ) $ 4.0 Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing) (1.1 ) (0.7 ) (14.1 ) (0.7 ) Derivatives not designated as hedging instruments: Foreign exchange contracts—recognized in other income (expense) (2.8 ) 0.2 (1.4 ) 0.9 Commodity contracts: Recognized in net sales 0.5 (0.6 ) 1.8 (4.2 ) Recognized in cost of products sold 0.9 (19.4 ) (1.5 ) (19.2 ) |
Amount of gains (losses) expected to be reclassified into earnings within the next twelve months | The following table lists the amount of gains (losses) before tax expected to be reclassified into cost of products sold within the next twelve months for the Company’s existing commodity contracts that qualify for hedge accounting, as well as the period of time over which the Company is hedging its exposure to the volatility in future cash flows: Commodity Hedge Settlement Dates Gains (losses) Natural gas July 2015 to December 2016 $ (10.3 ) Zinc July 2015 to December 2016 (4.7 ) Electricity July 2015 to December 2016 (1.2 ) Iron ore July 2015 to February 2017 (16.2 ) |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of cash flow, supplemental disclosures | The following table presents the net cash paid (received) during the period for interest, net of capitalized interest, and income taxes: Six Months Ended June 30, 2015 2014 Net cash paid (received) during the period for: Interest, net of capitalized interest $ 82.4 $ 59.1 Income taxes 0.1 0.4 |
Schedule of non-cash investing and financing activities | The amounts of non-cash investing and financing activities were as follows: Six Months Ended June 30, 2015 2014 Capital investments $ 24.3 $ 6.6 Issuance of restricted stock and restricted stock units 3.8 3.7 |
Supplemental Guarantor Inform40
Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Guarantor Information [Abstract] | |
Schedule of Condensed Comprehensive Income (Loss) | Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2015 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 1,639.3 $ 65.0 $ 136.1 $ (151.0 ) $ 1,689.4 Cost of products sold (exclusive of items shown separately below) — 1,556.2 42.2 108.7 (127.9 ) 1,579.2 Selling and administrative expenses (exclusive of items shown separately below) 1.4 65.4 2.7 6.5 (12.5 ) 63.5 Depreciation — 48.5 1.0 6.2 — 55.7 Pension and OPEB expense (income) — (16.1 ) — — — (16.1 ) Total operating costs 1.4 1,654.0 45.9 121.4 (140.4 ) 1,682.3 Operating profit (loss) (1.4 ) (14.7 ) 19.1 14.7 (10.6 ) 7.1 Interest expense — 43.0 — 0.5 — 43.5 Other income (expense) — (1.6 ) 1.6 1.5 — 1.5 Income (loss) before income taxes (1.4 ) (59.3 ) 20.7 15.7 (10.6 ) (34.9 ) Income tax expense (benefit) — 10.3 8.2 0.5 (4.4 ) 14.6 Equity in net income (loss) of subsidiaries (62.6 ) 7.0 — — 55.6 — Net income (loss) (64.0 ) (62.6 ) 12.5 15.2 49.4 (49.5 ) Less: Net income attributable to noncontrolling interests — — — 14.5 — 14.5 Net income (loss) attributable to AK Steel Holding Corporation (64.0 ) (62.6 ) 12.5 0.7 49.4 (64.0 ) Other comprehensive income (loss) 2.2 2.2 — 1.2 (3.4 ) 2.2 Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (61.8 ) $ (60.4 ) $ 12.5 $ 1.9 $ 46.0 $ (61.8 ) Condensed Consolidated Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 1,483.1 $ 72.3 $ 133.2 $ (157.8 ) $ 1,530.8 Cost of products sold (exclusive of items shown separately below) — 1,404.1 51.9 105.3 (144.4 ) 1,416.9 Selling and administrative expenses (exclusive of items shown separately below) 1.0 53.8 2.9 7.1 (10.9 ) 53.9 Depreciation — 42.3 1.0 5.2 — 48.5 Pension and OPEB expense (income) — (25.0 ) — — — (25.0 ) Total operating costs 1.0 1,475.2 55.8 117.6 (155.3 ) 1,494.3 Operating profit (loss) (1.0 ) 7.9 16.5 15.6 (2.5 ) 36.5 Interest expense — 32.5 — 0.7 — 33.2 Other income (expense) — (3.9 ) 1.7 (0.8 ) — (3.0 ) Income (loss) before income taxes (1.0 ) (28.5 ) 18.2 14.1 (2.5 ) 0.3 Income tax expense (benefit) — (4.7 ) 7.9 (0.4 ) (1.0 ) 1.8 Equity in net income (loss) of subsidiaries (16.1 ) 7.7 — — 8.4 — Net income (loss) (17.1 ) (16.1 ) 10.3 14.5 6.9 (1.5 ) Less: Net income attributable to noncontrolling interests — — — 15.6 — 15.6 Net income (loss) attributable to AK Steel Holding Corporation (17.1 ) (16.1 ) 10.3 (1.1 ) 6.9 (17.1 ) Other comprehensive income (loss) (27.2 ) (27.2 ) — (0.1 ) 27.3 (27.2 ) Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (44.3 ) $ (43.3 ) $ 10.3 $ (1.2 ) $ 34.2 $ (44.3 ) Condensed Consolidated Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2015 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 3,341.8 $ 130.8 $ 260.5 $ (292.8 ) $ 3,440.3 Cost of products sold (exclusive of items shown separately below) — 3,165.6 87.0 203.8 (268.6 ) 3,187.8 Selling and administrative expenses (exclusive of items shown separately below) 3.1 136.2 5.7 13.1 (25.4 ) 132.7 Depreciation — 96.9 2.0 12.2 — 111.1 Pension and OPEB expense (income) — (32.2 ) — — — (32.2 ) Total operating costs 3.1 3,366.5 94.7 229.1 (294.0 ) 3,399.4 Operating profit (loss) (3.1 ) (24.7 ) 36.1 31.4 1.2 40.9 Interest expense — 86.4 — 1.0 — 87.4 Impairment of Magnetation investment — — — (256.3 ) — (256.3 ) Other income (expense) — (4.2 ) 3.2 (14.2 ) — (15.2 ) Income (loss) before income taxes (3.1 ) (115.3 ) 39.3 (240.1 ) 1.2 (318.0 ) Income tax expense (benefit) — 11.8 15.7 (5.6 ) 0.4 22.3 Equity in net income (loss) of subsidiaries (367.2 ) (240.1 ) — — 607.3 — Net income (loss) (370.3 ) (367.2 ) 23.6 (234.5 ) 608.1 (340.3 ) Less: Net income attributable to noncontrolling interests — — — 30.0 — 30.0 Net income (loss) attributable to AK Steel Holding Corporation (370.3 ) (367.2 ) 23.6 (264.5 ) 608.1 (370.3 ) Other comprehensive income (loss) (8.0 ) (8.0 ) — (2.0 ) 10.0 (8.0 ) Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (378.3 ) $ (375.2 ) $ 23.6 $ (266.5 ) $ 618.1 $ (378.3 ) Condensed Consolidated Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net sales $ — $ 2,798.2 $ 140.1 $ 258.0 $ (282.0 ) $ 2,914.3 Cost of products sold (exclusive of items shown separately below) — 2,708.0 101.5 204.6 (261.6 ) 2,752.5 Selling and administrative expenses (exclusive of items shown separately below) 2.6 112.7 5.7 14.6 (21.5 ) 114.1 Depreciation — 84.8 2.0 10.4 — 97.2 Pension and OPEB expense (income) — (50.7 ) — — — (50.7 ) Total operating costs 2.6 2,854.8 109.2 229.6 (283.1 ) 2,913.1 Operating profit (loss) (2.6 ) (56.6 ) 30.9 28.4 1.1 1.2 Interest expense — 64.2 — 1.2 — 65.4 Other income (expense) — (7.7 ) 3.3 (0.5 ) — (4.9 ) Income (loss) before income taxes (2.6 ) (128.5 ) 34.2 26.7 1.1 (69.1 ) Income tax expense (benefit) — (9.3 ) 13.7 (1.2 ) 0.4 3.6 Equity in net income (loss) of subsidiaries (100.6 ) 18.6 — — 82.0 — Net income (loss) (103.2 ) (100.6 ) 20.5 27.9 82.7 (72.7 ) Less: Net income attributable to noncontrolling interests — — — 30.5 — 30.5 Net income (loss) attributable to AK Steel Holding Corporation (103.2 ) (100.6 ) 20.5 (2.6 ) 82.7 (103.2 ) Other comprehensive income (loss) (51.4 ) (51.4 ) — (0.1 ) 51.5 (51.4 ) Comprehensive income (loss) attributable to AK Steel Holding Corporation $ (154.6 ) $ (152.0 ) $ 20.5 $ (2.7 ) $ 134.2 $ (154.6 ) |
Schedule of Condensed Balance Sheet | Condensed Consolidated Balance Sheets June 30, 2015 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company ASSETS Current assets: Cash and cash equivalents $ — $ 27.9 $ — $ 47.1 $ — $ 75.0 Accounts receivable, net — 535.6 27.9 39.6 (35.6 ) 567.5 Inventory, net — 1,073.8 26.8 62.9 (7.0 ) 1,156.5 Deferred tax assets, current — 57.3 — 0.2 — 57.5 Other current assets 0.3 54.1 0.3 3.1 — 57.8 Total current assets 0.3 1,748.7 55.0 152.9 (42.6 ) 1,914.3 Property, plant and equipment — 5,721.7 99.3 598.1 — 6,419.1 Accumulated depreciation — (4,135.7 ) (73.8 ) (74.1 ) — (4,283.6 ) Property, plant and equipment, net — 1,586.0 25.5 524.0 — 2,135.5 Other non-current assets: Investments in affiliates — 42.7 — 33.6 — 76.3 Investment in subsidiaries (3,393.3 ) 1,369.5 — — 2,023.8 — Inter-company accounts 2,527.1 (3,518.1 ) 1,376.4 (422.7 ) 37.3 — Other non-current assets — 116.0 33.0 60.3 — 209.3 TOTAL ASSETS $ (865.9 ) $ 1,344.8 $ 1,489.9 $ 348.1 $ 2,018.5 $ 4,335.4 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Accounts payable $ — $ 724.8 $ 5.8 $ 32.2 $ (1.0 ) $ 761.8 Accrued liabilities — 206.3 2.8 16.3 — 225.4 Current portion of pension and other postretirement benefit obligations — 63.4 — 0.3 — 63.7 Total current liabilities — 994.5 8.6 48.8 (1.0 ) 1,050.9 Non-current liabilities: Long-term debt — 2,442.5 — — — 2,442.5 Pension and other postretirement benefit obligations — 1,170.7 — 3.5 — 1,174.2 Other non-current liabilities — 130.4 — 0.4 — 130.8 TOTAL LIABILITIES — 4,738.1 8.6 52.7 (1.0 ) 4,798.4 Equity (deficit): Total stockholders’ equity (deficit) (865.9 ) (3,393.3 ) 1,481.3 (107.5 ) 2,019.5 (865.9 ) Noncontrolling interests — — — 402.9 — 402.9 TOTAL EQUITY (DEFICIT) (865.9 ) (3,393.3 ) 1,481.3 295.4 2,019.5 (463.0 ) TOTAL LIABILITIES AND EQUITY (DEFICIT) $ (865.9 ) $ 1,344.8 $ 1,489.9 $ 348.1 $ 2,018.5 $ 4,335.4 Condensed Consolidated Balance Sheets December 31, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company ASSETS Current assets: Cash and cash equivalents $ — $ 28.5 $ 0.5 $ 41.2 $ — $ 70.2 Accounts receivable, net — 606.2 27.6 37.3 (26.8 ) 644.3 Inventory, net — 1,080.5 26.2 73.5 (8.1 ) 1,172.1 Deferred tax assets, current — 67.5 — 0.2 — 67.7 Other current assets 0.3 67.9 0.2 3.0 — 71.4 Total current assets 0.3 1,850.6 54.5 155.2 (34.9 ) 2,025.7 Property, plant and equipment — 5,695.8 97.3 595.3 — 6,388.4 Accumulated depreciation — (4,040.8 ) (71.8 ) (62.6 ) — (4,175.2 ) Property, plant and equipment, net — 1,655.0 25.5 532.7 — 2,213.2 Other non-current assets: Investments in affiliates — 84.5 — 304.2 — 388.7 Investment in subsidiaries (2,970.9 ) 1,582.4 — — 1,388.5 — Inter-company accounts 2,478.1 (3,420.4 ) 1,325.5 (412.4 ) 29.2 — Other non-current assets — 137.4 33.0 60.5 — 230.9 TOTAL ASSETS $ (492.5 ) $ 1,889.5 $ 1,438.5 $ 640.2 $ 1,382.8 $ 4,858.5 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Accounts payable $ — $ 754.9 $ 6.9 $ 42.0 $ (0.7 ) $ 803.1 Accrued liabilities — 244.6 3.0 18.9 — 266.5 Current portion of pension and other postretirement benefit obligations — 55.3 — 0.3 — 55.6 Total current liabilities — 1,054.8 9.9 61.2 (0.7 ) 1,125.2 Non-current liabilities: Long-term debt — 2,452.5 — — — 2,452.5 Pension and other postretirement benefit obligations — 1,221.3 — 4.0 — 1,225.3 Other non-current liabilities — 131.8 — 0.7 — 132.5 TOTAL LIABILITIES — 4,860.4 9.9 65.9 (0.7 ) 4,935.5 Equity (deficit): Total stockholders’ equity (deficit) (492.5 ) (2,970.9 ) 1,428.6 158.8 1,383.5 (492.5 ) Noncontrolling interests — — — 415.5 — 415.5 TOTAL EQUITY (DEFICIT) (492.5 ) (2,970.9 ) 1,428.6 574.3 1,383.5 (77.0 ) TOTAL LIABILITIES AND EQUITY (DEFICIT) $ (492.5 ) $ 1,889.5 $ 1,438.5 $ 640.2 $ 1,382.8 $ 4,858.5 |
Schedule of Condensed Cash Flow Statement | Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2015 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 ) $ 14.9 $ 22.9 $ 40.4 $ 8.2 $ 83.9 Cash flows from investing activities: Capital investments — (45.7 ) (1.6 ) (2.4 ) — (49.7 ) Proceeds from sale of equity investee — 25.0 — — — 25.0 Other investing items, net — 1.3 — — — 1.3 Net cash flows from investing activities — (19.4 ) (1.6 ) (2.4 ) — (23.4 ) Cash flows from financing activities: Net borrowings (payments) under credit facility — (10.0 ) — — — (10.0 ) Redemption of long-term debt — (2.2 ) — — — (2.2 ) Inter-company activity 3.5 16.0 (21.8 ) 10.5 (8.2 ) — SunCoke Middletown distributions to noncontrolling interest owners — — — (42.6 ) — (42.6 ) Other financing items, net (1.0 ) 0.1 — — — (0.9 ) Net cash flows from financing activities 2.5 3.9 (21.8 ) (32.1 ) (8.2 ) (55.7 ) Net increase (decrease) in cash and cash equivalents — (0.6 ) (0.5 ) 5.9 — 4.8 Cash and equivalents, beginning of period — 28.5 0.5 41.2 — 70.2 Cash and equivalents, end of period $ — $ 27.9 $ — $ 47.1 $ — $ 75.0 Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2014 AK Holding AK Steel Guarantor Subsidiaries of the Senior Notes Other Non-Guarantor Subsidiaries Eliminations Consolidated Company Net cash flows from operating activities $ (2.0 ) $ (375.3 ) $ 15.6 $ 26.3 $ 4.3 $ (331.1 ) Cash flows from investing activities: Capital investments — (16.7 ) (1.3 ) (9.6 ) — (27.6 ) Investments in Magnetation joint venture — — — (45.0 ) — (45.0 ) Other investing items, net — 7.2 — (0.3 ) — 6.9 Net cash flows from investing activities — (9.5 ) (1.3 ) (54.9 ) — (65.7 ) Cash flows from financing activities: Net borrowings under credit facility — 440.0 — — — 440.0 Redemption of long-term debt — (0.4 ) — — — (0.4 ) Debt issuance costs — (3.3 ) — — — (3.3 ) Inter-company activity 3.0 (49.2 ) (14.1 ) 64.6 (4.3 ) — SunCoke Middletown distributions to noncontrolling interest owners — — — (28.9 ) — (28.9 ) Other financing items, net (1.0 ) (0.1 ) — — — (1.1 ) Net cash flows from financing activities 2.0 387.0 (14.1 ) 35.7 (4.3 ) 406.3 Net increase (decrease) in cash and cash equivalents — 2.2 0.2 7.1 — 9.5 Cash and equivalents, beginning of period — 16.8 — 28.5 — 45.3 Cash and equivalents, end of period $ — $ 19.0 $ 0.2 $ 35.6 $ — $ 54.8 |
Acquisition of Dearborn (Detail
Acquisition of Dearborn (Details) - USD ($) $ in Millions | Sep. 16, 2014 | Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||||
Proceeds from sale of equity investee | $ 25 | $ 0 | |||
Severstal Dearborn [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 690.3 | ||||
Accounts receivable | 181.1 | ||||
Inventory | 362.6 | ||||
Other current assets | 3.6 | ||||
Property, plant and equipment | 444.5 | ||||
Investment in affilates | 72.5 | ||||
Total assets acquired | 1,064.3 | ||||
Accounts payable | (201.4) | ||||
Accrued liabilities | (32.8) | ||||
Other postretirement benefit obligations | (128.2) | ||||
Other non-current liabilities | (11.6) | ||||
Total liabilities assumed | (374) | ||||
Purchase price, net of cash acquired | $ 690.3 | ||||
Business Acquisition, Pro Forma Revenue | 3,926.6 | ||||
Business Acquisition, Pro Forma Operating Profit (Loss) | (974.5) | ||||
Business Combination Pro Forma Asset Impairment Charge | $ 1,005.1 | ||||
Double Eagle Steel Coating Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Proceeds from sale of equity investee | $ 25 | ||||
Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Loss Contingency, Damages Awarded, Value | $ 25 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished and semi-finished | $ 1,099.3 | $ 1,053.4 |
Raw materials | 380.8 | 494.2 |
Total cost | 1,480.1 | 1,547.6 |
Adjustment to state inventories at LIFO value | (323.6) | (375.5) |
Inventory, net | $ 1,156.5 | $ 1,172.1 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Impairment of Magnetation investment | $ 0 | $ 0 | $ 256.3 | $ 0 | |
Revenue | 76.4 | 85.3 | 208 | 157.7 | |
Gross profit | 21.4 | 23.6 | 28.3 | 48.1 | |
Net income (loss) | $ 5.8 | 5 | $ (18.8) | 10.5 | |
Iron Ore [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Spot Commodities, Price Increase (Decrease), Percentage | (20.00%) | ||||
Magnetation LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 49.90% | 49.90% | |||
Impairment of Magnetation investment | $ 256.3 | ||||
Cost of Sales [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income (Loss) from Equity Method Investments | $ 1.8 | 2.9 | $ 3.6 | 5.1 | |
Other Nonoperating Income (Expense) [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income (Loss) from Equity Method Investments | $ (2.5) | $ (16.3) | $ (3.8) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Valuation allowance charge | $ 23.4 | $ 7.4 | $ 144.7 | $ 39.1 |
Long-term Debt and Other Fina45
Long-term Debt and Other Financing (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Unamortized debt (discount) premium, net | $ (29.3) | $ (31.8) |
Total long-term debt | 2,442.5 | 2,452.5 |
Senior Secured Notes Due December 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 380 | $ 380 |
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% |
Exchangeable Senior Notes Due November 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 150 | $ 150 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Debt Instrument, Interest Rate, Effective Percentage | 10.80% | 10.80% |
Senior Notes Due May 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 529.8 | $ 529.8 |
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | 7.625% |
Senior Notes Due October 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 427.5 | $ 430 |
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | 7.625% |
Debt Instrument, Repurchased Face Amount | $ 2.5 | |
Gain (Loss) on Repurchase of Debt Instrument | 0.4 | |
Senior Notes Due April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 290.2 | $ 290.2 |
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | 8.375% |
Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 99.3 | $ 99.3 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility | $ 595 | $ 605 |
Long-term Debt and Other Fina46
Long-term Debt and Other Financing (Details2) - Revolving Credit Facility [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Line of Credit Facility, Expiration Date | Mar. 31, 2019 | |
Minimum amount of borrowing capacity for a fixed charge coverage ratio applies | $ 150,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | 1,415,300,000 | |
Outstanding borrowings on revolving credit facility | 595,000,000 | $ 605,000,000 |
Letters of credit, outstanding | 73,300,000 | |
Line of credit facility, remaining borrowing capacity | $ 747,000,000 |
Pension and Other Postretirem47
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | ||
Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Pension plan contributions | $ 1 | $ 112.4 | ||||
Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Pension plan contributions | 1 | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 0 | |||||
Defined Benefit Plans, Estimated Future Employer Contributions, Year Two | $ 0 | 0 | ||||
Net periodic benefit cost (income) [Abstract] | ||||||
Service cost | 0.5 | $ 0.3 | 1.1 | 0.7 | ||
Interest cost | 32.5 | 36.3 | 65 | 73 | ||
Expected return on assets | (49.7) | (50.7) | (99.4) | (101.4) | ||
Amortization of prior service cost (credit) | 1.1 | 1.1 | 2.2 | 2.1 | ||
Amortization of (gain) loss | 7.8 | 0.6 | 15.6 | 0.1 | ||
Net periodic benefit cost (income) | (7.8) | (12.4) | (15.5) | (25.5) | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||
Net periodic benefit cost (income) [Abstract] | ||||||
Service cost | 1.8 | 1 | 3.6 | 2 | ||
Interest cost | 5.6 | 5.1 | 11.2 | 10.1 | ||
Amortization of prior service cost (credit) | (16.1) | (18.3) | (32.3) | (36.6) | ||
Amortization of (gain) loss | 0.4 | (0.4) | 0.8 | (0.7) | ||
Net periodic benefit cost (income) | $ (8.3) | $ (12.6) | $ (16.7) | $ (25.2) | ||
Subsequent Event [Member] | Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Pension plan contributions | $ 23.1 | $ 24.1 |
Environmental and Legal Conti48
Environmental and Legal Contingencies (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued liabilities | $ 10.4 | $ 17.6 |
Other non-current liabilities | $ 34.3 | $ 32.7 |
Environmental and Legal Conti49
Environmental and Legal Contingencies (Details 2) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 23, 2015 | Oct. 17, 2012 |
Hamilton Plant [Member] | |||
Site Contingency [Line Items] | |||
Site contingency accrual, undiscounted amount | $ 0.7 | ||
Mansfield OH Works [Member] | |||
Site Contingency [Line Items] | |||
Site contingency accrual, undiscounted amount | 1.1 | ||
Proposed civil penalty related to environmental issue | $ 0.1 | $ 0.3 | |
Ashland coke plant [Member] | |||
Site Contingency [Line Items] | |||
Site contingency accrual, undiscounted amount | 0.5 | ||
Ambridge Works [Member] | |||
Site Contingency [Line Items] | |||
Site contingency accrual, undiscounted amount | 2.5 | ||
Middletown Works RCRA Site [Member] | |||
Site Contingency [Line Items] | |||
Site contingency accrual, undiscounted amount | $ 16.1 |
Environmental and Legal Conti50
Environmental and Legal Contingencies (Details 3) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)claims-lawsuits | Jun. 30, 2014USD ($)claims-lawsuits | Jun. 30, 2015USD ($)plaintiffsdefendantsclaims-lawsuits | Jun. 30, 2014USD ($)claims-lawsuits | ||
Asbestos Claims With Specific Dollar Claim For Damages [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | [1] | 122 | 122 | ||
Claims with specific dollar claims for damages [Abstract] | |||||
Asbestos Lawsuits Pending With Dollars Number Of Plaintiffs | plaintiffs | 2,322 | ||||
Asbestos Lawsuits Pending With Dollars Number Of Defendants | defendants | 16,337 | ||||
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims up to $0.2 [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 111 | 111 | |||
Claims with specific dollar claims for damages [Abstract] | |||||
Amount claimed per plaintiff, lower range | $ 0 | ||||
Amount claimed per plaintiff, upper range | $ 200,000 | ||||
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims above $0.2 to $5.0 [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 6 | 6 | |||
Claims with specific dollar claims for damages [Abstract] | |||||
Amount claimed per plaintiff, lower range | $ 200,000 | ||||
Amount claimed per plaintiff, upper range | $ 5,000,000 | ||||
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims above $5.0 to $15.0 [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 2 | 2 | |||
Claims with specific dollar claims for damages [Abstract] | |||||
Amount claimed per plaintiff, lower range | $ 5,000,000 | ||||
Amount claimed per plaintiff, upper range | $ 15,000,000 | ||||
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims above $15.0 to $20.0 [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 2 | 2 | |||
Claims with specific dollar claims for damages [Abstract] | |||||
Amount claimed per plaintiff, lower range | $ 15,000,000 | ||||
Amount claimed per plaintiff, upper range | $ 20,000,000 | ||||
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims above $20.0 to $30.5 [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 1 | 1 | |||
Claims with specific dollar claims for damages [Abstract] | |||||
Amount claimed per plaintiff, lower range | $ 20,000,000 | ||||
Amount claimed per plaintiff, upper range | $ 30,500,000 | ||||
Asbestos Claims Without Specific Dollar Claim For Damages [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 267 | 267 | |||
Asbestos Issue [Member] | |||||
Information on pending asbestos cases [Line Items] | |||||
Number of asbestos cases pending | claims-lawsuits | 389 | 389 | |||
Claims with specific dollar claims for damages [Abstract] | |||||
Loss Contingency, New Claims Filed, Number | claims-lawsuits | 8 | 11 | 24 | 24 | |
Loss Contingency, Claims Settled and Dismissed, Number | claims-lawsuits | 15 | 14 | 32 | 28 | |
Amounts paid in asbestos settlements | $ 300,000 | $ 200,000 | $ 400,000 | $ 500,000 | |
[1] | Involve a total of 2,322 plaintiffs and 16,337 defendants |
Environmental and Legal Conti51
Environmental and Legal Contingencies (Details 4) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2015 | |
Double Eagle Steel Coating Company [Member] | ||
Loss Contingencies [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Antitrust Case [Member] | ||
Loss Contingencies [Line Items] | ||
Payments for Legal Settlements | $ 5.8 |
Share-based Compensation (Detai
Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated share-based compensation expense | $ 8.7 | $ 8.7 | ||
Share-based Compensation Expense [Abstract] | ||||
Share-based Compensation Expense | 1.7 | $ 1.6 | $ 5.9 | $ 5.6 |
Number of options granted (in shares) | 861,500 | |||
Weighted-average grant-date fair value per share of options granted (dollars per share) | $ 2.41 | |||
Number of options exercised (in shares) | 2,733 | |||
Stock Options [Member] | ||||
Share-based Compensation Expense [Abstract] | ||||
Share-based Compensation Expense | 0.3 | 0.3 | $ 1.5 | 1.3 |
Restricted Stock [Member] | ||||
Share-based Compensation Expense [Abstract] | ||||
Share-based Compensation Expense | 0.5 | 0.4 | $ 2.6 | 2.3 |
Number of shares granted (in shares) | 862,300 | |||
Weighted average grant date fair value, granted (dollars per share) | $ 4.10 | |||
Intrinsic value of shares vested/restrictions lapsed during the period | $ 2.9 | |||
Restricted Stock Units Issued to Directors [Member] | ||||
Share-based Compensation Expense [Abstract] | ||||
Share-based Compensation Expense | 0.3 | 0.2 | 0.6 | 0.5 |
Performance Share Awards [Member] | ||||
Share-based Compensation Expense [Abstract] | ||||
Share-based Compensation Expense | $ 0.6 | $ 0.7 | $ 1.2 | $ 1.5 |
Number of shares granted (in shares) | 890,700 | |||
Weighted average grant date fair value, granted (dollars per share) | $ 3.09 |
Comprehensive Income (Loss) (De
Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Foreign Currency Translation [Abstract] | |||||
Balance at beginning of period | $ (2.2) | $ 4.7 | $ 1 | $ 4.7 | |
Other comprehensive income (loss): | |||||
Foreign currency translation gain (loss) | 1.2 | (0.1) | (2) | (0.1) | |
Balance at end of period | (1) | 4.6 | (1) | 4.6 | |
Cash flow hedges | |||||
Balance at beginning of period | (32.3) | 17.5 | (32.2) | 18.3 | |
Other comprehensive income (loss): | |||||
Gains (losses) arising in period | (1.5) | (8.8) | (19.5) | (6.9) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1.5) | (8.8) | (19.5) | (6.9) | |
Reclassification of losses (gains) to net income (loss) | 9.3 | (1.3) | 27.2 | (4) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0 | 0 | 0 | |
Net amount of reclassification of losses (gains) to net income (loss) | 9.3 | (1.3) | 27.2 | (4) | |
Total other comprehensive income (loss), net of tax | 7.8 | (10.1) | 7.7 | (10.9) | |
Balance at end of period | (24.5) | 7.4 | (24.5) | 7.4 | |
Unrealized holding gains (losses) on securities | |||||
Balance at beginning of period | 0.4 | 0.4 | 0.4 | 0.4 | |
Other comprehensive income (loss): | |||||
Unrealized holding gains (losses) arising in period | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | 0 | 0 | 0 | |
Balance at end of period | 0.4 | 0.4 | 0.4 | 0.4 | |
Pension and OPEB plans | |||||
Balance at beginning of period | (180.5) | 276.6 | (173.6) | 300 | |
Other comprehensive income (loss): | |||||
Gains (losses) arising in period | 0 | 0 | 0 | (5.3) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 0 | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | 0 | (5.3) | |
Reclassification to net income (loss): | |||||
Reclassification of prior service cost (credits) included in net income (loss) | (15) | (17.2) | (30.1) | (34.5) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 8.2 | 0.2 | 16.4 | (0.6) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (6.8) | (17) | (13.7) | (35.1) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 0 | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | (6.8) | (17) | (13.7) | (35.1) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (6.8) | (17) | (13.7) | (40.4) | |
Balance at end of period | (187.3) | 259.6 | (187.3) | 259.6 | |
Cost of Sales [Member] | Other Contract [Member] | |||||
Other comprehensive income (loss): | |||||
Reclassification of losses (gains) to net income (loss) | [1] | 9.3 | (1.3) | 27.2 | (4) |
Pension and OPEB Expense (Income) [Member] | |||||
Reclassification to net income (loss): | |||||
Reclassification of prior service cost (credits) included in net income (loss) | [2] | (15) | (17.2) | (30.1) | (34.5) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | [2] | $ 8.2 | $ 0.2 | $ 16.4 | $ (0.6) |
[1] | Amounts are included in cost of products sold on the Condensed Consolidated Statements of Operations. | ||||
[2] | Amounts are included in pension and OPEB expense (income) on the Condensed Consolidated Statements of Operations. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to AK Steel Holding Corporation | $ (64) | $ (17.1) | $ (370.3) | $ (103.2) |
Less: distributed earnings to common stockholders and holders of certain stock compensation awards | 0 | 0 | 0 | 0 |
Undistributed Earnings Attributable To Parent | (64) | (17.1) | (370.3) | (103.2) |
Common stockholders earnings - basic [Abstract] | ||||
Distributed earnings to common stockholders - basic | 0 | 0 | 0 | 0 |
Undistributed earnings (loss) to common stockholders - basic | (63.8) | (17) | (369) | (102.8) |
Common stockholders earnings (loss) - basic | (63.8) | (17) | (369) | (102.8) |
Common stockholders earnings - diluted [Abstract] | ||||
Distributed earnings to common stockholders - diluted | 0 | 0 | 0 | 0 |
Undistributed earnings (loss) to common stockholders - diluted | (63.8) | (17) | (369) | (102.8) |
Common stockholders earnings (loss) - diluted | $ (63.8) | $ (17) | $ (369) | $ (102.8) |
Common shares outstanding (weighted-average shares in millions) [Abstract] | ||||
Common shares outstanding for basic earnings per share (in shares) | 177.2 | 136.2 | 177.1 | 136.2 |
Effect of exchangeable debt (in shares) | 0 | 0 | 0 | 0 |
Effect of dilutive stock-based compensation (in shares) | 0 | 0 | 0 | 0 |
Common shares outstanding for diluted earnings per share (in shares) | 177.2 | 136.2 | 177.1 | 136.2 |
Basic earnings per share [Abstract] | ||||
Distributed earnings - basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Undistributed earnings (loss) - basic (in dollars per share) | (0.36) | (0.13) | (2.08) | (0.76) |
Basic earnings (loss) per share (in dollars per share) | (0.36) | (0.13) | (2.08) | (0.76) |
Diluted earnings per share [Abstract] | ||||
Distributed earnings - diluted (in dollars per share) | 0 | 0 | 0 | 0 |
Undistributed earnings (loss) - diluted (in dollars per share) | (0.36) | (0.13) | (2.08) | (0.75) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.36) | $ (0.13) | $ (2.08) | $ (0.75) |
Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect (in shares) | 2.5 | 8.3 | 2.5 | 8.2 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Variable Interest Entity [Line Items] | ||||
Income (loss) before income taxes | $ (34.9) | $ 0.3 | $ (318) | $ (69.1) |
SunCoke Middletown [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, ownership percentage (in hundredths) | 0.00% | |||
Income (loss) before income taxes | $ 14.6 | $ 15.6 | $ 30 | $ 30.6 |
Vicksmetal Armco Associates [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, ownership percentage (in hundredths) | 50.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Liabilities measured at fair value | ||
Debt Instrument, Fair Value Disclosure | $ (2,265.3) | $ (2,478.3) |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities measured at fair value | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities measured at fair value | ||
Debt Instrument, Fair Value Disclosure | (2,265.3) | (2,478.3) |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Liabilities measured at fair value | ||
Debt Instrument, Fair Value Disclosure | (2,442.5) | (2,452.5) |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities measured at fair value | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities measured at fair value | ||
Debt Instrument, Fair Value Disclosure | (2,442.5) | (2,452.5) |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value | ||
Assets measured at fair value | 81.1 | 80.1 |
Liabilities measured at fair value | ||
Liabilities measured at fair value | (37.5) | (41.9) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Assets measured at fair value | 78.3 | 73.5 |
Liabilities measured at fair value | ||
Liabilities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Assets measured at fair value | 2.8 | 6.6 |
Liabilities measured at fair value | ||
Liabilities measured at fair value | (37.5) | (41.9) |
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member] | ||
Assets measured at fair value | ||
Cash and cash equivalents | 75 | 70.2 |
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Cash and cash equivalents | 75 | 70.2 |
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | ||
Assets measured at fair value | ||
Foreign exchange contracts - current | 0.5 | 1.2 |
Commodity hedge contracts - current | 1.7 | 3.6 |
Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Foreign exchange contracts - current | 0 | 0 |
Commodity hedge contracts - current | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Foreign exchange contracts - current | 0.5 | 1.2 |
Commodity hedge contracts - current | 1.7 | 3.6 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | ||
Assets measured at fair value | ||
Available for sale investments-cash and cash equivalents | 3.3 | 3.3 |
Commodity hedge contracts - noncurrent | 0.6 | 1.8 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value | ||
Available for sale investments-cash and cash equivalents | 3.3 | 3.3 |
Commodity hedge contracts - noncurrent | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value | ||
Available for sale investments-cash and cash equivalents | 0 | 0 |
Commodity hedge contracts - noncurrent | 0.6 | 1.8 |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | ||
Liabilities measured at fair value | ||
Commodity hedge contracts - current | (30.2) | (36.2) |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities measured at fair value | ||
Commodity hedge contracts - current | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities measured at fair value | ||
Commodity hedge contracts - current | (30.2) | (36.2) |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities measured at fair value | ||
Commodity hedge contracts - noncurrent | (7.3) | (5.7) |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities measured at fair value | ||
Commodity hedge contracts - noncurrent | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities measured at fair value | ||
Commodity hedge contracts - noncurrent | $ (7.3) | $ (5.7) |
Assets [Member] | Maximum [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Benchmark interest rates for contracts (in hundredths) | 1.00% | |
Liability [Member] | Maximum [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Benchmark interest rates for contracts (in hundredths) | 2.00% |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2015EUR (€)MMBTUTMWtlb | Dec. 31, 2014EUR (€)MMBTUTMWtlb | |
Natural Gas [Member] | |||
Derivative [Line Items] | |||
Beginning Settlement Date | Jul. 1, 2015 | ||
Ending Settlement Date | Dec. 31, 2016 | ||
Gains (losses) expected to be reclassified into cost of products sold within the next twelve months | $ (10.3) | ||
Zinc [Member] | |||
Derivative [Line Items] | |||
Beginning Settlement Date | Jul. 1, 2015 | ||
Ending Settlement Date | Dec. 31, 2016 | ||
Gains (losses) expected to be reclassified into cost of products sold within the next twelve months | $ (4.7) | ||
Iron Ore [Member] | |||
Derivative [Line Items] | |||
Beginning Settlement Date | Jul. 1, 2015 | ||
Ending Settlement Date | Feb. 28, 2017 | ||
Gains (losses) expected to be reclassified into cost of products sold within the next twelve months | $ (16.2) | ||
Electricity [Member] | |||
Derivative [Line Items] | |||
Beginning Settlement Date | Jul. 1, 2015 | ||
Ending Settlement Date | Dec. 31, 2016 | ||
Gains (losses) expected to be reclassified into cost of products sold within the next twelve months | $ (1.2) | ||
Commodity Contract [Member] | Nickel [Member] | |||
Derivative [Line Items] | |||
Nonmonetary Notional Amount of Derivatives | lb | 314,500 | 259,300 | |
Commodity Contract [Member] | Natural Gas [Member] | |||
Derivative [Line Items] | |||
Nonmonetary Notional Amount of Derivatives | MMBTU | 28,285,000 | 33,992,500 | |
Commodity Contract [Member] | Zinc [Member] | |||
Derivative [Line Items] | |||
Nonmonetary Notional Amount of Derivatives | lb | 55,496,200 | 61,800,000 | |
Commodity Contract [Member] | Iron Ore [Member] | |||
Derivative [Line Items] | |||
Nonmonetary Notional Amount of Derivatives | t | 2,475,000 | 2,335,000 | |
Commodity Contract [Member] | Electricity [Member] | |||
Derivative [Line Items] | |||
Nonmonetary Notional Amount of Derivatives | MW | 1,298,500 | 1,182,800 | |
Commodity Contract [Member] | Hot Roll Carbon Steel Coils [Member] | |||
Derivative [Line Items] | |||
Nonmonetary Notional Amount of Derivatives | T | 6,000 | 15,000 | |
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | € | € 39,575,000 | € 23,675,000 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 11 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 0.9 | $ 2.1 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Noncurrent | 0.6 | 1.8 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | (28.2) | (32) |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Noncurrent | (7.3) | (5.7) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 0.5 | 1.2 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 0.8 | 1.5 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ (2) | $ (4.2) |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities (Details 3) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0.5 | $ (0.6) | $ 1.8 | $ (4.2) |
Other Income [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2.8) | 0.2 | (1.4) | 0.9 |
Cost of Products Sold [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0.9 | (19.4) | (1.5) | (19.2) |
Cash Flow Hedging [Member] | Cost of Products Sold [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassified from accumulated other comprehensive income (loss) into income (effective portion) | (9.3) | 1.3 | (27.2) | 4 |
Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing) | $ (1.1) | $ (0.7) | $ (14.1) | $ (0.7) |
Supplemental Cash Flow Inform60
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental cash flow, net cash paid (received) during the period for: [Abstract] | ||||
Interest, net of capitalized interest | $ 82.4 | $ 59.1 | ||
Income taxes | 0.1 | 0.4 | ||
Net Cash Provided by (Used in) Operating Activities | 83.9 | (331.1) | ||
Cash and Cash Equivalents, at Carrying Value | 75 | 54.8 | $ 70.2 | $ 45.3 |
Supplemental cash flow, noncash investing and financing activities [Abstract] | ||||
Capital investments | 24.3 | 6.6 | ||
Restricted Stock and Restricted Stock Units [Member] | ||||
Supplemental cash flow, noncash investing and financing activities [Abstract] | ||||
Issuance of restricted stock and restricted stock units | 3.8 | 3.7 | ||
Variable Interest Entity, Primary Beneficiary [Member] | SunCoke Middletown [Member] | ||||
Supplemental cash flow, net cash paid (received) during the period for: [Abstract] | ||||
Net Cash Provided by (Used in) Operating Activities | 46.1 | $ 32.6 | ||
Cash and Cash Equivalents, at Carrying Value | $ 21 | $ 18.2 |
Union Contracts (Details)
Union Contracts (Details) | Jun. 30, 2015employees |
Zanesville Works [Member] | |
Concentration Risk [Line Items] | |
Entity Number of Employees | 150 |
Coshocton, OH Works [Member] | |
Concentration Risk [Line Items] | |
Entity Number of Employees | 340 |
Supplemental Guarantor Inform62
Supplemental Guarantor Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net sales | $ 1,689.4 | $ 1,530.8 | $ 3,440.3 | $ 2,914.3 | ||
Cost of products sold (exclusive of items shown separately below) | 1,579.2 | 1,416.9 | 3,187.8 | 2,752.5 | ||
Selling and administrative expenses (exclusive of items shown separately below) | 63.5 | 53.9 | 132.7 | 114.1 | ||
Depreciation | 55.7 | 48.5 | 111.1 | 97.2 | ||
Pension and OPEB expense (income) | (16.1) | (25) | (32.2) | (50.7) | ||
Total operating costs | 1,682.3 | 1,494.3 | 3,399.4 | 2,913.1 | ||
Operating profit (loss) | 7.1 | 36.5 | 40.9 | 1.2 | ||
Interest expense | 43.5 | 33.2 | 87.4 | 65.4 | ||
Impairment of Magnetation investment | 0 | 0 | (256.3) | 0 | ||
Other income (expense) | 1.5 | (3) | (15.2) | (4.9) | ||
Income (loss) before income taxes | (34.9) | 0.3 | (318) | (69.1) | ||
Income tax expense (benefit) | 14.6 | 1.8 | 22.3 | 3.6 | ||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||
Net income (loss) | (49.5) | (1.5) | (340.3) | (72.7) | ||
Less: Net income attributable to noncontrolling interests | 14.5 | 15.6 | 30 | 30.5 | ||
Net income (loss) attributable to AK Steel Holding Corporation | (64) | (17.1) | (370.3) | (103.2) | ||
Other comprehensive income (loss) | 2.2 | (27.2) | (8) | (51.4) | ||
Comprehensive income (loss) attributable to AK Steel Holding Corporation | (61.8) | (44.3) | (378.3) | (154.6) | ||
Current assets: | ||||||
Cash and cash equivalents | 75 | 54.8 | 70.2 | 45.3 | $ 70.2 | $ 45.3 |
Accounts receivable, net | 567.5 | 644.3 | ||||
Inventory, net | 1,156.5 | 1,172.1 | ||||
Deferred tax assets, current | 57.5 | 67.7 | ||||
Other current assets | 57.8 | 71.4 | ||||
Total current assets | 1,914.3 | 2,025.7 | ||||
Property, plant and equipment | 6,419.1 | 6,388.4 | ||||
Accumulated depreciation | (4,283.6) | (4,175.2) | ||||
Property, plant and equipment, net | 2,135.5 | 2,213.2 | ||||
Other non-current assets: | ||||||
Investments in affilates | 76.3 | 388.7 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Inter-company accounts | 0 | 0 | ||||
Other non-current assets | 209.3 | 230.9 | ||||
TOTAL ASSETS | 4,335.4 | 4,858.5 | ||||
Current liabilities: | ||||||
Accounts payable | 761.8 | 803.1 | ||||
Accrued liabilities | 225.4 | 266.5 | ||||
Current portion of pension and other postretirement benefit obligations | 63.7 | 55.6 | ||||
Total current liabilities | 1,050.9 | 1,125.2 | ||||
Non-current liabilities: | ||||||
Long-term debt | 2,442.5 | 2,452.5 | ||||
Pension and other postretirement benefit obligations | 1,174.2 | 1,225.3 | ||||
Other non-current liabilities | 130.8 | 132.5 | ||||
TOTAL LIABILITIES | 4,798.4 | 4,935.5 | ||||
Total stockholders' equity (deficit) | (865.9) | (492.5) | ||||
Noncontrolling interests | 402.9 | 415.5 | ||||
TOTAL EQUITY (DEFICIT) | (463) | 44.3 | (77) | 192.7 | ||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 4,335.4 | 4,858.5 | ||||
Condensed Consolidated Statements of Cash Flows [Abstract] | ||||||
Net cash flows from operating activities | 83.9 | (331.1) | ||||
Cash flows from investing activities: | ||||||
Capital investments | (49.7) | (27.6) | ||||
Investments in Magnetation joint venture | 0 | (45) | ||||
Proceeds from sale of equity investee | 25 | 0 | ||||
Other investing items, net | 1.3 | 6.9 | ||||
Net cash flows from investing activities | (23.4) | (65.7) | ||||
Cash flows from financing activities: | ||||||
Net borrowings (payments) under credit facility | (10) | 440 | ||||
Redemption of long-term debt | (2.2) | (0.4) | ||||
Debt issuance costs | 0 | (3.3) | ||||
Inter-company activity | 0 | 0 | ||||
SunCoke Middletown distributions to noncontrolling interest owners | (42.6) | (28.9) | ||||
Other financing items, net | (0.9) | (1.1) | ||||
Net cash flows from financing activities | (55.7) | 406.3 | ||||
Net increase (decrease) in cash and cash equivalents | 4.8 | 9.5 | ||||
Cash and cash equivalents, beginning of period | 70.2 | 45.3 | ||||
Cash and cash equivalents, end of period | 75 | 54.8 | 75 | 54.8 | ||
AK Holding [Member] | ||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Cost of products sold (exclusive of items shown separately below) | 0 | 0 | 0 | 0 | ||
Selling and administrative expenses (exclusive of items shown separately below) | 1.4 | 1 | 3.1 | 2.6 | ||
Depreciation | 0 | 0 | 0 | 0 | ||
Pension and OPEB expense (income) | 0 | 0 | 0 | 0 | ||
Total operating costs | 1.4 | 1 | 3.1 | 2.6 | ||
Operating profit (loss) | (1.4) | (1) | (3.1) | (2.6) | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Impairment of Magnetation investment | 0 | |||||
Other income (expense) | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | (1.4) | (1) | (3.1) | (2.6) | ||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ||
Equity in net income (loss) of subsidiaries | (62.6) | (16.1) | (367.2) | (100.6) | ||
Net income (loss) | (64) | (17.1) | (370.3) | (103.2) | ||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to AK Steel Holding Corporation | (64) | (17.1) | (370.3) | (103.2) | ||
Other comprehensive income (loss) | 2.2 | (27.2) | (8) | (51.4) | ||
Comprehensive income (loss) attributable to AK Steel Holding Corporation | (61.8) | (44.3) | (378.3) | (154.6) | ||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||||
Inventory, net | 0 | 0 | ||||
Deferred tax assets, current | 0 | 0 | ||||
Other current assets | 0.3 | 0.3 | ||||
Total current assets | 0.3 | 0.3 | ||||
Property, plant and equipment | 0 | 0 | ||||
Accumulated depreciation | 0 | 0 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Other non-current assets: | ||||||
Investments in affilates | 0 | 0 | ||||
Investment in subsidiaries | (3,393.3) | (2,970.9) | ||||
Inter-company accounts | 2,527.1 | 2,478.1 | ||||
Other non-current assets | 0 | 0 | ||||
TOTAL ASSETS | (865.9) | (492.5) | ||||
Current liabilities: | ||||||
Accounts payable | 0 | 0 | ||||
Accrued liabilities | 0 | 0 | ||||
Current portion of pension and other postretirement benefit obligations | 0 | 0 | ||||
Total current liabilities | 0 | 0 | ||||
Non-current liabilities: | ||||||
Long-term debt | 0 | 0 | ||||
Pension and other postretirement benefit obligations | 0 | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
TOTAL LIABILITIES | 0 | 0 | ||||
Total stockholders' equity (deficit) | (865.9) | (492.5) | ||||
Noncontrolling interests | 0 | 0 | ||||
TOTAL EQUITY (DEFICIT) | (865.9) | (492.5) | ||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | (865.9) | (492.5) | ||||
Condensed Consolidated Statements of Cash Flows [Abstract] | ||||||
Net cash flows from operating activities | (2.5) | (2) | ||||
Cash flows from investing activities: | ||||||
Capital investments | 0 | 0 | ||||
Investments in Magnetation joint venture | 0 | |||||
Proceeds from sale of equity investee | 0 | |||||
Other investing items, net | 0 | 0 | ||||
Net cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities: | ||||||
Net borrowings (payments) under credit facility | 0 | 0 | ||||
Redemption of long-term debt | 0 | 0 | ||||
Debt issuance costs | 0 | |||||
Inter-company activity | 3.5 | 3 | ||||
SunCoke Middletown distributions to noncontrolling interest owners | 0 | 0 | ||||
Other financing items, net | (1) | (1) | ||||
Net cash flows from financing activities | 2.5 | 2 | ||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | 0 | 0 | ||||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 | ||
AK Steel [Member] | ||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net sales | 1,639.3 | 1,483.1 | 3,341.8 | 2,798.2 | ||
Cost of products sold (exclusive of items shown separately below) | 1,556.2 | 1,404.1 | 3,165.6 | 2,708 | ||
Selling and administrative expenses (exclusive of items shown separately below) | 65.4 | 53.8 | 136.2 | 112.7 | ||
Depreciation | 48.5 | 42.3 | 96.9 | 84.8 | ||
Pension and OPEB expense (income) | (16.1) | (25) | (32.2) | (50.7) | ||
Total operating costs | 1,654 | 1,475.2 | 3,366.5 | 2,854.8 | ||
Operating profit (loss) | (14.7) | 7.9 | (24.7) | (56.6) | ||
Interest expense | 43 | 32.5 | 86.4 | 64.2 | ||
Impairment of Magnetation investment | 0 | |||||
Other income (expense) | (1.6) | (3.9) | (4.2) | (7.7) | ||
Income (loss) before income taxes | (59.3) | (28.5) | (115.3) | (128.5) | ||
Income tax expense (benefit) | 10.3 | (4.7) | 11.8 | (9.3) | ||
Equity in net income (loss) of subsidiaries | 7 | 7.7 | (240.1) | 18.6 | ||
Net income (loss) | (62.6) | (16.1) | (367.2) | (100.6) | ||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to AK Steel Holding Corporation | (62.6) | (16.1) | (367.2) | (100.6) | ||
Other comprehensive income (loss) | 2.2 | (27.2) | (8) | (51.4) | ||
Comprehensive income (loss) attributable to AK Steel Holding Corporation | (60.4) | (43.3) | (375.2) | (152) | ||
Current assets: | ||||||
Cash and cash equivalents | 27.9 | 19 | 28.5 | 16.8 | 28.5 | 16.8 |
Accounts receivable, net | 535.6 | 606.2 | ||||
Inventory, net | 1,073.8 | 1,080.5 | ||||
Deferred tax assets, current | 57.3 | 67.5 | ||||
Other current assets | 54.1 | 67.9 | ||||
Total current assets | 1,748.7 | 1,850.6 | ||||
Property, plant and equipment | 5,721.7 | 5,695.8 | ||||
Accumulated depreciation | (4,135.7) | (4,040.8) | ||||
Property, plant and equipment, net | 1,586 | 1,655 | ||||
Other non-current assets: | ||||||
Investments in affilates | 42.7 | 84.5 | ||||
Investment in subsidiaries | 1,369.5 | 1,582.4 | ||||
Inter-company accounts | (3,518.1) | (3,420.4) | ||||
Other non-current assets | 116 | 137.4 | ||||
TOTAL ASSETS | 1,344.8 | 1,889.5 | ||||
Current liabilities: | ||||||
Accounts payable | 724.8 | 754.9 | ||||
Accrued liabilities | 206.3 | 244.6 | ||||
Current portion of pension and other postretirement benefit obligations | 63.4 | 55.3 | ||||
Total current liabilities | 994.5 | 1,054.8 | ||||
Non-current liabilities: | ||||||
Long-term debt | 2,442.5 | 2,452.5 | ||||
Pension and other postretirement benefit obligations | 1,170.7 | 1,221.3 | ||||
Other non-current liabilities | 130.4 | 131.8 | ||||
TOTAL LIABILITIES | 4,738.1 | 4,860.4 | ||||
Total stockholders' equity (deficit) | (3,393.3) | (2,970.9) | ||||
Noncontrolling interests | 0 | 0 | ||||
TOTAL EQUITY (DEFICIT) | (3,393.3) | (2,970.9) | ||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 1,344.8 | 1,889.5 | ||||
Condensed Consolidated Statements of Cash Flows [Abstract] | ||||||
Net cash flows from operating activities | 14.9 | (375.3) | ||||
Cash flows from investing activities: | ||||||
Capital investments | (45.7) | (16.7) | ||||
Investments in Magnetation joint venture | 0 | |||||
Proceeds from sale of equity investee | 25 | |||||
Other investing items, net | 1.3 | 7.2 | ||||
Net cash flows from investing activities | (19.4) | (9.5) | ||||
Cash flows from financing activities: | ||||||
Net borrowings (payments) under credit facility | (10) | 440 | ||||
Redemption of long-term debt | (2.2) | (0.4) | ||||
Debt issuance costs | (3.3) | |||||
Inter-company activity | 16 | (49.2) | ||||
SunCoke Middletown distributions to noncontrolling interest owners | 0 | 0 | ||||
Other financing items, net | 0.1 | (0.1) | ||||
Net cash flows from financing activities | 3.9 | 387 | ||||
Net increase (decrease) in cash and cash equivalents | (0.6) | 2.2 | ||||
Cash and cash equivalents, beginning of period | 28.5 | 16.8 | ||||
Cash and cash equivalents, end of period | 27.9 | 19 | 27.9 | 19 | ||
Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net sales | 65 | 72.3 | 130.8 | 140.1 | ||
Cost of products sold (exclusive of items shown separately below) | 42.2 | 51.9 | 87 | 101.5 | ||
Selling and administrative expenses (exclusive of items shown separately below) | 2.7 | 2.9 | 5.7 | 5.7 | ||
Depreciation | 1 | 1 | 2 | 2 | ||
Pension and OPEB expense (income) | 0 | 0 | 0 | 0 | ||
Total operating costs | 45.9 | 55.8 | 94.7 | 109.2 | ||
Operating profit (loss) | 19.1 | 16.5 | 36.1 | 30.9 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Impairment of Magnetation investment | 0 | |||||
Other income (expense) | 1.6 | 1.7 | 3.2 | 3.3 | ||
Income (loss) before income taxes | 20.7 | 18.2 | 39.3 | 34.2 | ||
Income tax expense (benefit) | 8.2 | 7.9 | 15.7 | 13.7 | ||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||
Net income (loss) | 12.5 | 10.3 | 23.6 | 20.5 | ||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to AK Steel Holding Corporation | 12.5 | 10.3 | 23.6 | 20.5 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to AK Steel Holding Corporation | 12.5 | 10.3 | 23.6 | 20.5 | ||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0.2 | 0.5 | 0 | 0.5 | 0 |
Accounts receivable, net | 27.9 | 27.6 | ||||
Inventory, net | 26.8 | 26.2 | ||||
Deferred tax assets, current | 0 | 0 | ||||
Other current assets | 0.3 | 0.2 | ||||
Total current assets | 55 | 54.5 | ||||
Property, plant and equipment | 99.3 | 97.3 | ||||
Accumulated depreciation | (73.8) | (71.8) | ||||
Property, plant and equipment, net | 25.5 | 25.5 | ||||
Other non-current assets: | ||||||
Investments in affilates | 0 | 0 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Inter-company accounts | 1,376.4 | 1,325.5 | ||||
Other non-current assets | 33 | 33 | ||||
TOTAL ASSETS | 1,489.9 | 1,438.5 | ||||
Current liabilities: | ||||||
Accounts payable | 5.8 | 6.9 | ||||
Accrued liabilities | 2.8 | 3 | ||||
Current portion of pension and other postretirement benefit obligations | 0 | 0 | ||||
Total current liabilities | 8.6 | 9.9 | ||||
Non-current liabilities: | ||||||
Long-term debt | 0 | 0 | ||||
Pension and other postretirement benefit obligations | 0 | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
TOTAL LIABILITIES | 8.6 | 9.9 | ||||
Total stockholders' equity (deficit) | 1,481.3 | 1,428.6 | ||||
Noncontrolling interests | 0 | 0 | ||||
TOTAL EQUITY (DEFICIT) | 1,481.3 | 1,428.6 | ||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 1,489.9 | 1,438.5 | ||||
Condensed Consolidated Statements of Cash Flows [Abstract] | ||||||
Net cash flows from operating activities | 22.9 | 15.6 | ||||
Cash flows from investing activities: | ||||||
Capital investments | (1.6) | (1.3) | ||||
Investments in Magnetation joint venture | 0 | |||||
Proceeds from sale of equity investee | 0 | |||||
Other investing items, net | 0 | 0 | ||||
Net cash flows from investing activities | (1.6) | (1.3) | ||||
Cash flows from financing activities: | ||||||
Net borrowings (payments) under credit facility | 0 | 0 | ||||
Redemption of long-term debt | 0 | 0 | ||||
Debt issuance costs | 0 | |||||
Inter-company activity | (21.8) | (14.1) | ||||
SunCoke Middletown distributions to noncontrolling interest owners | 0 | 0 | ||||
Other financing items, net | 0 | 0 | ||||
Net cash flows from financing activities | (21.8) | (14.1) | ||||
Net increase (decrease) in cash and cash equivalents | (0.5) | 0.2 | ||||
Cash and cash equivalents, beginning of period | 0.5 | 0 | ||||
Cash and cash equivalents, end of period | 0 | 0.2 | 0 | 0.2 | ||
Other Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net sales | 136.1 | 133.2 | 260.5 | 258 | ||
Cost of products sold (exclusive of items shown separately below) | 108.7 | 105.3 | 203.8 | 204.6 | ||
Selling and administrative expenses (exclusive of items shown separately below) | 6.5 | 7.1 | 13.1 | 14.6 | ||
Depreciation | 6.2 | 5.2 | 12.2 | 10.4 | ||
Pension and OPEB expense (income) | 0 | 0 | 0 | 0 | ||
Total operating costs | 121.4 | 117.6 | 229.1 | 229.6 | ||
Operating profit (loss) | 14.7 | 15.6 | 31.4 | 28.4 | ||
Interest expense | 0.5 | 0.7 | 1 | 1.2 | ||
Impairment of Magnetation investment | (256.3) | |||||
Other income (expense) | 1.5 | (0.8) | (14.2) | (0.5) | ||
Income (loss) before income taxes | 15.7 | 14.1 | (240.1) | 26.7 | ||
Income tax expense (benefit) | 0.5 | (0.4) | (5.6) | (1.2) | ||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||
Net income (loss) | 15.2 | 14.5 | (234.5) | 27.9 | ||
Less: Net income attributable to noncontrolling interests | 14.5 | 15.6 | 30 | 30.5 | ||
Net income (loss) attributable to AK Steel Holding Corporation | 0.7 | (1.1) | (264.5) | (2.6) | ||
Other comprehensive income (loss) | 1.2 | (0.1) | (2) | (0.1) | ||
Comprehensive income (loss) attributable to AK Steel Holding Corporation | 1.9 | (1.2) | (266.5) | (2.7) | ||
Current assets: | ||||||
Cash and cash equivalents | 47.1 | 35.6 | 41.2 | 28.5 | 41.2 | 28.5 |
Accounts receivable, net | 39.6 | 37.3 | ||||
Inventory, net | 62.9 | 73.5 | ||||
Deferred tax assets, current | 0.2 | 0.2 | ||||
Other current assets | 3.1 | 3 | ||||
Total current assets | 152.9 | 155.2 | ||||
Property, plant and equipment | 598.1 | 595.3 | ||||
Accumulated depreciation | (74.1) | (62.6) | ||||
Property, plant and equipment, net | 524 | 532.7 | ||||
Other non-current assets: | ||||||
Investments in affilates | 33.6 | 304.2 | ||||
Investment in subsidiaries | 0 | 0 | ||||
Inter-company accounts | (422.7) | (412.4) | ||||
Other non-current assets | 60.3 | 60.5 | ||||
TOTAL ASSETS | 348.1 | 640.2 | ||||
Current liabilities: | ||||||
Accounts payable | 32.2 | 42 | ||||
Accrued liabilities | 16.3 | 18.9 | ||||
Current portion of pension and other postretirement benefit obligations | 0.3 | 0.3 | ||||
Total current liabilities | 48.8 | 61.2 | ||||
Non-current liabilities: | ||||||
Long-term debt | 0 | 0 | ||||
Pension and other postretirement benefit obligations | 3.5 | 4 | ||||
Other non-current liabilities | 0.4 | 0.7 | ||||
TOTAL LIABILITIES | 52.7 | 65.9 | ||||
Total stockholders' equity (deficit) | (107.5) | 158.8 | ||||
Noncontrolling interests | 402.9 | 415.5 | ||||
TOTAL EQUITY (DEFICIT) | 295.4 | 574.3 | ||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 348.1 | 640.2 | ||||
Condensed Consolidated Statements of Cash Flows [Abstract] | ||||||
Net cash flows from operating activities | 40.4 | 26.3 | ||||
Cash flows from investing activities: | ||||||
Capital investments | (2.4) | (9.6) | ||||
Investments in Magnetation joint venture | (45) | |||||
Proceeds from sale of equity investee | 0 | |||||
Other investing items, net | 0 | (0.3) | ||||
Net cash flows from investing activities | (2.4) | (54.9) | ||||
Cash flows from financing activities: | ||||||
Net borrowings (payments) under credit facility | 0 | 0 | ||||
Redemption of long-term debt | 0 | 0 | ||||
Debt issuance costs | 0 | |||||
Inter-company activity | 10.5 | 64.6 | ||||
SunCoke Middletown distributions to noncontrolling interest owners | (42.6) | (28.9) | ||||
Other financing items, net | 0 | 0 | ||||
Net cash flows from financing activities | (32.1) | 35.7 | ||||
Net increase (decrease) in cash and cash equivalents | 5.9 | 7.1 | ||||
Cash and cash equivalents, beginning of period | 41.2 | 28.5 | ||||
Cash and cash equivalents, end of period | 47.1 | 35.6 | 47.1 | 35.6 | ||
Eliminations [Member] | ||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net sales | (151) | (157.8) | (292.8) | (282) | ||
Cost of products sold (exclusive of items shown separately below) | (127.9) | (144.4) | (268.6) | (261.6) | ||
Selling and administrative expenses (exclusive of items shown separately below) | (12.5) | (10.9) | (25.4) | (21.5) | ||
Depreciation | 0 | 0 | 0 | 0 | ||
Pension and OPEB expense (income) | 0 | 0 | 0 | 0 | ||
Total operating costs | (140.4) | (155.3) | (294) | (283.1) | ||
Operating profit (loss) | (10.6) | (2.5) | 1.2 | 1.1 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Impairment of Magnetation investment | 0 | |||||
Other income (expense) | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | (10.6) | (2.5) | 1.2 | 1.1 | ||
Income tax expense (benefit) | (4.4) | (1) | 0.4 | 0.4 | ||
Equity in net income (loss) of subsidiaries | 55.6 | 8.4 | 607.3 | 82 | ||
Net income (loss) | 49.4 | 6.9 | 608.1 | 82.7 | ||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to AK Steel Holding Corporation | 49.4 | 6.9 | 608.1 | 82.7 | ||
Other comprehensive income (loss) | (3.4) | 27.3 | 10 | 51.5 | ||
Comprehensive income (loss) attributable to AK Steel Holding Corporation | 46 | 34.2 | 618.1 | 134.2 | ||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | $ 0 |
Accounts receivable, net | (35.6) | (26.8) | ||||
Inventory, net | (7) | (8.1) | ||||
Deferred tax assets, current | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Total current assets | (42.6) | (34.9) | ||||
Property, plant and equipment | 0 | 0 | ||||
Accumulated depreciation | 0 | 0 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Other non-current assets: | ||||||
Investments in affilates | 0 | 0 | ||||
Investment in subsidiaries | 2,023.8 | 1,388.5 | ||||
Inter-company accounts | 37.3 | 29.2 | ||||
Other non-current assets | 0 | 0 | ||||
TOTAL ASSETS | 2,018.5 | 1,382.8 | ||||
Current liabilities: | ||||||
Accounts payable | (1) | (0.7) | ||||
Accrued liabilities | 0 | 0 | ||||
Current portion of pension and other postretirement benefit obligations | 0 | 0 | ||||
Total current liabilities | (1) | (0.7) | ||||
Non-current liabilities: | ||||||
Long-term debt | 0 | 0 | ||||
Pension and other postretirement benefit obligations | 0 | 0 | ||||
Other non-current liabilities | 0 | 0 | ||||
TOTAL LIABILITIES | (1) | (0.7) | ||||
Total stockholders' equity (deficit) | 2,019.5 | 1,383.5 | ||||
Noncontrolling interests | 0 | 0 | ||||
TOTAL EQUITY (DEFICIT) | 2,019.5 | 1,383.5 | ||||
TOTAL LIABILITIES AND EQUITY (DEFICIT) | 2,018.5 | $ 1,382.8 | ||||
Condensed Consolidated Statements of Cash Flows [Abstract] | ||||||
Net cash flows from operating activities | 8.2 | 4.3 | ||||
Cash flows from investing activities: | ||||||
Capital investments | 0 | 0 | ||||
Investments in Magnetation joint venture | 0 | |||||
Proceeds from sale of equity investee | 0 | |||||
Other investing items, net | 0 | 0 | ||||
Net cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities: | ||||||
Net borrowings (payments) under credit facility | 0 | 0 | ||||
Redemption of long-term debt | 0 | 0 | ||||
Debt issuance costs | 0 | |||||
Inter-company activity | (8.2) | (4.3) | ||||
SunCoke Middletown distributions to noncontrolling interest owners | 0 | 0 | ||||
Other financing items, net | 0 | 0 | ||||
Net cash flows from financing activities | (8.2) | (4.3) | ||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | 0 | 0 | ||||
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 | $ 0 | ||
Senior Secured Notes Due December 2018 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% | ||||
Senior Notes Due May 2020 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | 7.625% | ||||
Senior Notes Due October 2021 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.625% | 7.625% | ||||
Senior Notes Due April 2022 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | 8.375% | ||||
Exchangeable Senior Notes Due November 2019 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |