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Restatement of Previously Issued Financial Statements
 12 Months Ended
Dec. 31, 2011
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements
Restatement of Previously Issued Consolidated Financial Statements

The Company accounts for the postretirement medical benefits to be paid by the VEBAs as defined benefit postretirement plans with the current VEBA assets and future variable contributions and earnings thereon operating as a cap on the benefits to be paid. Subsequent to the issuance of the consolidated financial statements for the year ended December 31, 2010, the Company identified errors in the accuracy and completeness of the data previously provided by the Union VEBA. The Company determined that it had omitted certain deferred retirees from the Union VEBA's participant population and misinterpreted the benefit election of certain participants for the years ended December 31, 2009 and December 31, 2010. As a result of this omission and misinterpretation, the Company has restated the consolidated financial statements for the years ended December 31, 2009 and December 31, 2010 and each of the interim periods in 2010 and 2011 to reflect the full effects of these errors, which management believes are not material to its previously issued consolidated financial statements.
 
The following is a summary of the effects of the restatement on the Company's Statements of Consolidated Income, Statements of Comprehensive (Loss) Income, Statements of Consolidated Stockholders' Equity and Statements of Cash Flows for the years ended December 31, 2010 and 2009 and Consolidated Balance Sheet as of December 31, 2010 (in millions of dollars, except per share amounts):
 
 
 
 
 
 
 
December 31, 2010
 
Previously Reported
 
Adjustment
 
Restated
Consolidated Balance Sheets:
 
 
 
 
 
Net asset in respect of VEBA(s)
$
195.7

 
$
(37.7
)
 
$
158.0

Deferred tax assets — net
231.1

 
14.2

 
245.3

Total assets
1,342.4

 
(23.5
)
 
1,318.9

Retained earnings
80.1

 
(2.1
)
 
78.0

Accumulated other comprehensive income (loss)
1.7

 
(21.4
)
 
(19.7
)
Total stockholders’ equity
912.2

 
(23.5
)
 
888.7

Total liabilities and equity
1,342.4

 
(23.5
)
 
1,318.9

 
 
 
 
 
 
 
Year ended December 31, 2010
 
Previously Reported
 
Adjustment
 
Restated
Statements of Consolidated Income:
 
 
 
 
 
Selling, administrative, research and development, and general
$
64.4

 
$
3.3

 
$
67.7

Total costs and expenses
1,034.7

 
3.3

 
1,038.0

Operating income
44.4

 
(3.3
)
 
41.1

Income before income taxes
28.4

 
(3.3
)
 
25.1

Income tax provision
(14.3
)
 
1.2

 
(13.1
)
Net income
14.1

 
(2.1
)
 
12.0

Earnings per common share, Basic:
 
 
 
 
 
Net income per share
$
0.72

 
$
(0.11
)
 
$
0.61

Earnings per common share, Diluted:
 
 
 
 
 
Net income per share
$
0.72

 
$
(0.11
)
 
$
0.61

 
 
 
 
 
 
Statements of Consolidated Comprehensive (Loss) Income:1
 
 
 
 
 
Net income
$
14.1

 
$
(2.1
)
 
$
12.0

Other comprehensive (loss) income:
 
 
 
 
 
Defined benefit pension plan and VEBAs
 
 
 
 
 
  Net actuarial gain arising during the period
11.4

 
14.1

 
25.5

  Tax impact on net actuarial gain
(4.4
)
 
(5.3
)
 
(9.7
)
Reclassification adjustments:
 
 
 
 
 
  Less: amortization of net actuarial loss
(0.4
)
 
1.1

 
0.7

  Less: tax impact on amortization of net actuarial loss
0.2

 
(0.4
)
 
(0.2
)
  Less: amortization of prior service cost
4.2

 
—

 
4.2

  Less: tax impact on amortization of prior service cost
(1.6
)
 
—

 
(1.6
)
Comprehensive income
23.1

 
7.4

 
30.5

 
 
 
 
 
 
Statements of Consolidated Stockholders' Equity:1
 
 
 
 
 
Net income
$
14.1

 
$
(2.1
)
 
$
12.0

Retained earnings
80.1

 
(2.1
)
 
78.0

Accumulated other comprehensive income (loss)
1.7

 
(21.4
)
 
(19.7
)
Total stockholders' equity
912.2

 
(23.5
)
 
888.7

 
 
 
 
 
 
Statements of Consolidated Cash Flows:
 
 
 
 
 
Net income
$
14.1

 
$
(2.1
)
 
$
12.0

Deferred income taxes
14.5

 
(1.2
)
 
13.3

Non-cash net periodic benefit cost2
—

 
5.1

 
5.1

Other non-cash changes in assets and liabilities2
1.0

 
(1.7
)
 
(0.7
)
 
 
 
 
 
 
 
Year ended December 31, 2009
 
Previously Reported
 
Adjustment
 
Restated
Statements of Consolidated Comprehensive (Loss) Income:1
 
 
 
 
 
Other comprehensive (loss) income:
 
 
 
 
 
Defined benefit pension plan and VEBAs
 
 
 
 
 
  Net actuarial gain arising during the period
$
114.6

 
$
(48.3
)
 
$
66.3

  Tax impact on net actuarial gain
(43.2
)
 
18.2

 
(25.0
)
  Prior service cost arising during the period
(32.4
)
 
(1.4
)
 
(33.8
)
  Tax impact on prior service cost
12.2

 
0.5

 
12.7

Comprehensive income
123.5

 
(30.9
)
 
92.6

 
 
 
 
 
 
Statements of Consolidated Stockholders' Equity:1
 
 
 
 
 
Accumulated other comprehensive loss
$
(7.3
)
 
$
(30.9
)
 
$
(38.2
)
Total stockholders' equity
901.2

 
(30.9
)
 
870.3

_______________________________
1  
Total comprehensive (loss) income and components of other comprehensive (loss) income were previously included in the Statement of Stockholders' Equity. In 2011, the Company presented the Statement of Comprehensive (Loss) Income as a separate statement in accordance with ASU 2011-05. As such, the Previously Reported amounts in the tables above reflect the changes in the presentation.
2 
Non-cash net periodic benefit cost was included within Other non-cash changes in assets and liabilities in 2010. Such amount has been reclassified from Other non-cash changes in assets and liabilities to conform to current period presentation.