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Guarantor and Non-Guarantor Financial Statements (Tables)
9 Months Ended
Sep. 30, 2013
Guarantor and Non-Guarantor Financial Statement [Abstract]  
Schedule of Condensed Financial Statements
CONDENSED CONSOLIDATING BALANCE SHEET
September 30, 2013
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
5.0

 
$
217.1

 
$
2.5

 
$

 
$
224.6

Short-term investments
 

 
115.9

 

 

 
115.9

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade, less allowance for doubtful receivables
 

 
118.8

 
3.3

 

 
122.1

Intercompany receivables
 

 
0.1

 
0.2

 
(0.3
)
 

Other
 

 
1.7

 
12.8

 

 
14.5

Inventories
 

 
202.6

 
5.8

 
(0.5
)
 
207.9

Prepaid expenses and other current assets
 
0.2

 
66.0

 
1.4

 

 
67.6

Total current assets
 
5.2

 
722.2

 
26.0

 
(0.8
)
 
752.6

Investments in and advances to subsidiaries
 
1,399.8

 
20.8

 

 
(1,420.6
)
 

Property, plant, and equipment — net
 

 
397.8

 
13.9

 

 
411.7

Long-term intercompany receivables
 
85.1

 
1.6

 
8.5

 
(95.2
)
 

Net asset in respect of VEBA
 

 
385.7

 

 

 
385.7

Deferred tax assets — net
 

 
52.4

 

 
9.2

 
61.6

Intangible assets — net
 

 
34.1

 

 

 
34.1

Goodwill
 

 
37.2

 

 

 
37.2

Other assets
 
90.4

 
18.5

 
0.2

 

 
109.1

Total
 
$
1,580.5

 
$
1,670.3

 
$
48.6

 
$
(1,507.4
)
 
$
1,792.0

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$

 
$
65.8

 
$
5.5

 
$

 
$
71.3

Intercompany payable
 

 
10.5

 
0.1

 
(10.6
)
 

Accrued salaries, wages, and related expenses
 

 
35.4

 
3.6

 

 
39.0

Other accrued liabilities
 
10.1

 
29.6

 
1.2

 

 
40.9

Short-term capital lease
 

 
0.2

 

 

 
0.2

Total current liabilities
 
10.1

 
141.5

 
10.4

 
(10.6
)
 
151.4

Net liability in respect of VEBA
 

 
4.0

 

 

 
4.0

Deferred tax liability
 

 

 
1.1

 

 
1.1

Long-term intercompany payable
 

 
93.7

 
1.5

 
(95.2
)
 

Long-term liabilities
 
88.9

 
48.2

 
16.9

 

 
154.0

Long-term debt
 
386.4

 

 

 

 
386.4

Total liabilities
 
485.4

 
287.4

 
29.9

 
(105.8
)
 
696.9

 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
 
1,095.1

 
1,382.9

 
18.7

 
(1,401.6
)
 
1,095.1

Total
 
$
1,580.5

 
$
1,670.3

 
$
48.6

 
$
(1,507.4
)
 
$
1,792.0


CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
5.0

 
$
266.0

 
$
2.4

 
$

 
$
273.4

Short-term investments
 

 
85.0

 

 

 
85.0

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade, less allowance for doubtful receivables
 

 
121.5

 
2.3

 

 
123.8

Intercompany (payables) receivables
 

 
(10.3
)
 
0.4

 
9.9

 

Other
 

 
1.3

 
2.1

 

 
3.4

Inventories
 

 
178.7

 
7.3

 

 
186.0

Prepaid expenses and other current assets
 

 
68.1

 
2.0

 

 
70.1

Total current assets
 
5.0

 
710.3

 
16.5

 
9.9

 
741.7

Investments in and advances to subsidiaries
 
1,284.1

 
7.4

 

 
(1,291.5
)
 

Property, plant, and equipment — net
 

 
371.8

 
12.5

 

 
384.3

Long-term intercompany receivables
 
163.7

 
0.4

 
6.4

 
(170.5
)
 

Net asset in respect of VEBA
 

 
365.9

 

 

 
365.9

Deferred tax assets (liabilities) — net
 

 
93.4

 
(0.8
)
 
9.4

 
102.0

Intangible assets — net
 

 
35.4

 

 

 
35.4

Goodwill
 

 
37.2

 

 

 
37.2

Other assets
 
64.0

 
19.2

 
3.0

 
(0.2
)
 
86.0

Total
 
$
1,516.8

 
$
1,641.0

 
$
37.6

 
$
(1,442.9
)
 
$
1,752.5

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
0.1

 
$
56.5

 
$
5.9

 
$

 
$
62.5

Intercompany payable
 

 
0.3

 
0.2

 
(0.5
)
 

Accrued salaries, wages, and related expenses
 

 
36.7

 
2.6

 

 
39.3

Other accrued liabilities
 
3.5

 
47.8

 
0.5

 

 
51.8

Payable to affiliate
 

 
7.9

 

 

 
7.9

Short-term capital lease
 

 
0.1

 

 

 
0.1

Total current liabilities
 
3.6

 
149.3

 
9.2

 
(0.5
)
 
161.6

Net liability in respect of VEBA
 

 
5.3

 

 

 
5.3

Long-term intercompany payable
 

 
170.0

 
0.5

 
(170.5
)
 

Long-term liabilities
 
62.1

 
49.6

 
22.8

 

 
134.5

Long-term debt
 
380.3

 

 

 

 
380.3

Total liabilities
 
446.0

 
374.2

 
32.5

 
(171.0
)
 
681.7

 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
 
1,070.8

 
1,266.8

 
5.1

 
(1,271.9
)
 
1,070.8

Total
 
$
1,516.8

 
$
1,641.0

 
$
37.6

 
$
(1,442.9
)
 
$
1,752.5


CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME
Quarter Ended September 30, 2013
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$

 
$
315.1

 
$
29.1

 
$
(24.3
)
 
$
319.9

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 

 
255.8

 
26.8

 
(23.1
)
 
259.5

Unrealized gains on derivative instruments
 

 
(1.5
)
 

 

 
(1.5
)
Depreciation and amortization
 

 
6.6

 
0.3

 

 
6.9

Selling, administrative, research and development, and general
 
1.3

 
11.3

 
2.0

 
(1.2
)
 
13.4

Total costs and expenses
 
1.3

 
272.2

 
29.1

 
(24.3
)
 
278.3

Operating (loss) income
 
(1.3
)
 
42.9

 

 

 
41.6

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest (expense) income
 
(9.2
)
 
0.3

 

 
0.1

 
(8.8
)
Other income, net
 
2.2

 
0.5

 
0.4

 
(0.2
)
 
2.9

(Loss) income before income taxes
 
(8.3
)
 
43.7

 
0.4

 
(0.1
)
 
35.7

Income tax (provision) benefit
 

 
(18.0
)
 
4.4

 
3.3

 
(10.3
)
Earnings in equity of subsidiaries
 
33.7

 
4.8

 

 
(38.5
)
 

Net income
 
$
25.4

 
$
30.5

 
$
4.8

 
$
(35.3
)
 
$
25.4

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
26.0

 
$
31.4

 
$
4.5

 
$
(35.9
)
 
$
26.0

















CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME
Nine Months Ended September 30, 2013
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$

 
$
971.6

 
$
89.1

 
$
(74.5
)
 
$
986.2

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 

 
774.4

 
80.1

 
(69.9
)
 
784.6

Unrealized losses on derivative instruments
 

 
3.4

 

 

 
3.4

Depreciation and amortization
 

 
20.1

 
0.8

 

 
20.9

Selling, administrative, research and development, and general
 
2.8

 
40.6

 
6.5

 
(4.3
)
 
45.6

Total costs and expenses
 
2.8

 
838.5

 
87.4

 
(74.2
)
 
854.5

Operating (loss) income
 
(2.8
)
 
133.1

 
1.7

 
(0.3
)
 
131.7

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(27.3
)
 

 

 
0.2

 
(27.1
)
Other income, net
 
1.7

 
1.4

 
0.3

 
(0.3
)
 
3.1

(Loss) income before income taxes
 
(28.4
)
 
134.5

 
2.0

 
(0.4
)
 
107.7

Income tax (provision) benefit
 

 
(52.1
)
 
10.9

 
11.0

 
(30.2
)
Earnings in equity of subsidiaries
 
105.9

 
12.5

 

 
(118.4
)
 

Net income
 
$
77.5

 
$
94.9

 
$
12.9

 
$
(107.8
)
 
$
77.5

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
80.6

 
$
97.5

 
$
13.4

 
$
(110.9
)
 
$
80.6










CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
Quarter Ended September 30, 2012
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$

 
$
328.6

 
$
32.0

 
$
(25.1
)
 
$
335.5

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 

 
263.7

 
29.7

 
(24.5
)
 
268.9

Unrealized gains on derivative instruments
 

 
(12.3
)
 

 

 
(12.3
)
Depreciation and amortization
 

 
6.4

 
0.3

 

 
6.7

Selling, administrative, research and development, and general
 
0.4

 
14.0

 
2.1

 
(0.5
)
 
16.0

Total costs and expenses
 
0.4

 
271.8

 
32.1

 
(25.0
)
 
279.3

Operating (loss) income
 
(0.4
)
 
56.8

 
(0.1
)
 
(0.1
)
 
56.2

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(9.0
)
 
(0.2
)
 

 

 
(9.2
)
Other income, net
 

 
0.3

 
0.1

 

 
0.4

(Loss) income before income taxes
 
(9.4
)
 
56.9

 

 
(0.1
)
 
47.4

Income tax provision
 

 
(21.6
)
 
(0.6
)
 
4.0

 
(18.2
)
Earnings (losses) in equity of subsidiaries
 
38.6

 
(0.7
)
 

 
(37.9
)
 

Net income
 
$
29.2

 
$
34.6

 
$
(0.6
)
 
$
(34.0
)
 
$
29.2

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
30.1

 
$
36.0

 
$
(1.1
)
 
$
(34.9
)
 
$
30.1











CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME
Nine Months Ended September 30, 2012
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$

 
$
1,019.1

 
$
96.7

 
$
(69.7
)
 
$
1,046.1

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 

 
831.0

 
88.6

 
(68.2
)
 
851.4

Unrealized gains on derivative instruments
 

 
(15.3
)
 

 

 
(15.3
)
Depreciation and amortization
 

 
18.8

 
0.8

 

 
19.6

Selling, administrative, research and development, and general
 
1.7

 
45.2

 
2.8

 
(1.4
)
 
48.3

Other operating charges, net
 

 
0.1

 

 

 
0.1

Total costs and expenses
 
1.7

 
879.8

 
92.2

 
(69.6
)
 
904.1

Operating (loss) income
 
(1.7
)
 
139.3

 
4.5

 
(0.1
)
 
142.0

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(19.2
)
 
(0.6
)
 

 

 
(19.8
)
Other income, net
 
1.2

 
0.8

 
0.2

 

 
2.2

(Loss) income before income taxes
 
(19.7
)
 
139.5

 
4.7

 
(0.1
)
 
124.4

Income tax provision
 

 
(53.1
)
 
(2.0
)
 
7.4

 
(47.7
)
Earnings in equity of subsidiaries
 
96.4

 
2.6

 

 
(99.0
)
 

Net income
 
$
76.7

 
$
89.0

 
$
2.7

 
$
(91.7
)
 
$
76.7

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
80.2

 
$
92.9

 
$
2.3

 
$
(95.2
)
 
$
80.2
























CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Nine Months Ended September 30, 2013
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(15.6
)
 
$
102.8

 
$
3.4

 
$

 
$
90.6

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(44.8
)
 
(2.2
)
 

 
(47.0
)
Purchase of available for sale securities
 

 
(201.8
)
 

 

 
(201.8
)
Proceeds from disposition of available for sale securities
 

 
170.7

 

 

 
170.7

Change in restricted cash
 

 
0.7

 

 

 
0.7

Net cash used in investing activities
 

 
(75.2
)
 
(2.2
)
 

 
(77.4
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest
 

 
1.0

 

 

 
1.0

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares
 
(2.4
)
 

 

 

 
(2.4
)
Cash dividend paid to stockholders
 
(17.3
)
 

 

 

 
(17.3
)
Cash dividend returned to the Company
 
0.6

 

 

 

 
0.6

Repurchase of common stock
 
(43.9
)
 

 

 

 
(43.9
)
Intercompany loan
 
78.6

 
(77.5
)
 
(1.1
)
 

 

Net cash provided by (used in) financing activities
 
15.6

 
(76.5
)
 
(1.1
)
 

 
(62.0
)
Net (decrease) increase in cash and cash equivalents during the period
 

 
(48.9
)
 
0.1

 

 
(48.8
)
Cash and cash equivalents at beginning of period
 
5.0

 
266.0

 
2.4

 

 
273.4

Cash and cash equivalents at end of period
 
$
5.0

 
$
217.1

 
$
2.5

 
$

 
$
224.6

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Nine Months Ended September 30, 2012
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities1
 
$
(4.0
)
 
$
106.0

 
$
4.7

 
$

 
$
106.7

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(24.6
)
 
(1.1
)
 

 
(25.7
)
Purchase of available for sale securities
 

 
(80.0
)
 

 

 
(80.0
)
Change in restricted cash
 
6.9

 
0.3

 
(0.4
)
 

 
6.8

Net cash provided by (used in) investing activities
 
6.9

 
(104.3
)
 
(1.5
)
 

 
(98.9
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of capital lease
 

 
(0.1
)
 

 

 
(0.1
)
Proceeds from issuance of senior notes
 
225.0

 

 

 

 
225.0

Cash paid for financing costs
 
(6.6
)
 

 

 

 
(6.6
)
Repayment of promissory notes
 

 
(4.7
)
 

 

 
(4.7
)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest
 

 
1.3

 

 

 
1.3

Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares
 
(2.2
)
 

 

 

 
(2.2
)
Cash dividend paid to stockholders
 
(14.7
)
 

 

 

 
(14.7
)
Intercompany loan1
 
(204.4
)
 
208.8

 
(4.4
)
 

 

Net cash (used in) provided by financing activities
 
(2.9
)
 
205.3

 
(4.4
)
 

 
198.0

Net increase (decrease) in cash and cash equivalents during the period
 

 
207.0

 
(1.2
)
 

 
205.8

Cash and cash equivalents at beginning of period
 
5.0

 
43.0

 
1.8

 

 
49.8

Cash and cash equivalents at end of period
 
$
5.0

 
$
250.0

 
$
0.6

 
$

 
$
255.6

_____________
1 
The Company treats changes in long-term intercompany balances that relate to financing activities as cash flow from financing activities. In the above table, the Company has corrected the previous classification of the changes in such intercompany balances during the nine months ended September 30, 2012 from cash flows from operating activities to a separate line item in cash flows from financing activities captioned “Intercompany loan.” Management has concluded that the correction of these errors is immaterial.