Guarantor and Non-Guarantor Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Guarantor and Non-Guarantor Financial Statement [Abstract]

Schedule of Condensed Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	5.0	$	157.7	$	6.8	$	—		$	169.5
Short-term investments	—		129.5		—		—			129.5
Receivables:
Trade, less allowance for doubtful receivables	—		117.7		2.1		—			119.8
Intercompany receivables	—		0.1		0.2		(0.3		)	—
Other	—		5.3		8.1		—			13.4
Inventories	—		208.6		6.4		(0.6		)	214.4
Prepaid expenses and other current assets	0.1		43.7		0.4		—			44.2
Total current assets	5.1		662.6		24.0		(0.9		)	690.8
Investments in and advances to subsidiaries	1,437.9		26.5		—		(1,464.4		)	—
Property, plant, and equipment — net	—		414.0		15.3		—			429.3
Long-term intercompany receivables	31.3		1.6		9.5		(42.4		)	—
Net asset in respect of VEBA	—		406.0		—		—			406.0
Deferred tax assets — net	—		60.2		—		8.9			69.1
Intangible assets — net	—		33.7		—		—			33.7
Goodwill	—		37.2		—		—			37.2
Other assets	86.2		18.5		0.1		—			104.8
Total	$	1,560.5	$	1,660.3	$	48.9	$	(1,498.8	)	$	1,770.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1.1	$	56.3	$	5.5	$	—		$	62.9
Intercompany payable	—		13.9		0.1		(14.0		)	—
Accrued salaries, wages, and related expenses	—		39.3		3.4		—			42.7
Other accrued liabilities	3.5		39.9		1.4		—			44.8
Short-term capital lease	—		0.2		—		—			0.2
Total current liabilities	4.6		149.6		10.4		(14.0		)	150.6
Deferred tax liability	—		—		1.2		—			1.2
Long-term intercompany payable	—		40.7		1.7		(42.4		)	—
Long-term liabilities	83.2		52.0		11.2		—			146.4
Long-term debt	388.5		—		—		—			388.5
Total liabilities	476.3		242.3		24.5		(56.4		)	686.7
Total stockholders’ equity	1,084.2		1,418.0		24.4		(1,442.4		)	1,084.2
Total	$	1,560.5	$	1,660.3	$	48.9	$	(1,498.8	)	$	1,770.9

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 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 — 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 COMPREHENSIVE INCOME

Year Ended December 31, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Net sales	$	—		$	1,275.2		$	118.0	$	(95.7	)	$	1,297.5
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			1,026.0			105.7		(92.8		)	1,038.9
Unrealized gains on derivative instruments	—			(0.7		)	—		—			(0.7		)
Depreciation and amortization	—			27.0			1.1		—			28.1
Selling, administrative, research and development, and general	3.8			47.6			8.9		(2.4		)	57.9
Total costs and expenses	3.8			1,099.9			115.7		(95.2		)	1,124.2
Operating (loss) income	(3.8		)	175.3			2.3		(0.5		)	173.3
Other (expense) income:
Interest expense	(36.6		)	0.5			—		0.4			(35.7		)
Other income (expense), net	3.9			2.0			—		(0.3		)	5.6
(Loss) income before income taxes	(36.5		)	177.8			2.3		(0.4		)	143.2
Income tax (provision) benefit	—			(68.1		)	15.7		14.0			(38.4		)
Earnings in equity of subsidiaries	141.3			17.6			—		(158.9		)	—
Net income	$	104.8		$	127.3		$	18.0	$	(145.3	)	$	104.8
Comprehensive income	$	110.1		$	131.6		$	19.0	$	(150.6	)	$	110.1

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

Year Ended December 31, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	1,326.0		$	124.0		$	(89.9	)	$	1,360.1
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			1,090.0			110.2			(84.0		)	1,116.2
Unrealized loss on derivative instruments	—			(15.2		)	—			—			(15.2		)
Depreciation and amortization	—			25.5			1.0			—			26.5
Selling, administrative, research and development, and general	2.0			57.7			8.2			(5.7		)	62.2
Other operating charges, net	—			4.5			—			—			4.5
Total costs and expenses	2.0			1,162.5			119.4			(89.7		)	1,194.2
Operating (loss) income	(2.0		)	163.5			4.6			(0.2		)	165.9
Other (expense) income:
Interest expense	(28.2		)	(1.0		)	—			0.1			(29.1		)
Other income, net	0.8			1.5			0.6			(0.1		)	2.8
(Loss) income before income taxes	(29.4		)	164.0			5.2			(0.2		)	139.6
Income tax provision	—			(62.6		)	(2.3		)	11.1			(53.8		)
Earnings in equity of subsidiaries	115.2			2.6			—			(117.8		)	—
Net income	$	85.8		$	104.0		$	2.9		$	(106.9	)	$	85.8
Comprehensive income	$	144.8		$	164.0		$	1.9		$	(165.9	)	$	144.8

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

Year Ended December 31, 2011

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	1,264.5		$	133.6		$	(96.8	)	$	1,301.3
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			1,098.7			125.4			(95.1		)	1,129.0
Unrealized loss on derivative instruments	—			29.9			—			—			29.9
Restructuring benefits	—			(0.3		)	—			—			(0.3		)
Depreciation and amortization	—			24.3			0.9			—			25.2
Selling, administrative, research and development, and general	1.8			56.3			6.2			(1.6		)	62.7
Other operating charges (benefits), net	—			0.1			(0.3		)	—			(0.2		)
Total costs and expenses	1.8			1,209.0			132.2			(96.7		)	1,246.3
Operating (loss) income	(1.8		)	55.5			1.4			(0.1		)	55.0
Other (expense) income:
Interest expense	(16.2		)	(1.8		)	—			—			(18.0		)
Other income (expense), net	4.0			0.4			(0.1		)	—			4.3
(Loss) income before income taxes	(14.0		)	54.1			1.3			(0.1		)	41.3
Income tax provision	—			(21.8		)	(0.6		)	6.2			(16.2		)
Earnings in equity of subsidiaries	39.1			0.8			—			(39.9		)	—
Net income	$	25.1		$	33.1		$	0.7		$	(33.8	)	$	25.1
Comprehensive (loss) income	$	(40.2	)	$	(32.2	)	$	0.7		$	31.5		$	(40.2	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$	(29.2	)	$	131.7		$	9.2		$	—	$	111.7
Cash flows from investing activities:
Capital expenditures	—			(66.5		)	(3.9		)	—		(70.4		)
Purchase of available for sale securities	—			(227.8		)				—		(227.8		)
Proceeds from disposition of available for sale securities	—			183.1			—			—		183.1
Change in restricted cash	—			0.7			1.0			—		1.7
Net cash used in investing activities	—			(110.5		)	(2.9		)	—		(113.4		)
Cash flows from financing activities:
Repayment of capital lease	—			(0.1		)	—			—		(0.1		)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			1.1			—			—		1.1
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares	(2.5		)	—			—			—		(2.5		)
Cash dividend paid to stockholders	(23.0		)	—			—			—		(23.0		)
Cash dividend returned to the Company	0.6			—			—			—		0.6
Repurchase of common stock	(78.3		)	—			—			—		(78.3		)
Intercompany loan	132.4			(130.5		)	(1.9		)	—		—
Net cash provided by (used in) financing activities	29.2			(129.5		)	(1.9		)	—		(102.2		)
Net increase in cash and cash equivalents during the period	—			(108.3		)	4.4			—		(103.9		)
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		$	157.7		$	6.8		$	—	$	169.5

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash (used in) provided by operating activities1	$	(17.8	)	$	164.3		$	5.9		$	—	$	152.4
Cash flows from investing activities:
Capital expenditures	—			(42.6		)	(1.5		)	—		(44.1		)
Purchase of available for sale securities	—			(85.0		)	—			—		(85.0		)
Proceeds from disposal of property, plant and equipment	—			0.3			—			—		0.3
Change in restricted cash	6.9			0.4			(0.4		)	—		6.9
Net cash provided by (used in) investing activities	6.9			(126.9		)	(1.9		)	—		(121.9		)
Cash flows from financing activities:
Proceeds from issuance of Senior Notes	225.0			—			—			—		225.0
Repayment of capital lease	—			(0.1		)	—			—		(0.1		)
Repayment of promissory notes	—			(4.7		)	—			—		(4.7		)
Cash paid for financing costs	(6.6		)	—			—			—		(6.6		)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			1.3			—			—		1.3
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares	(2.2		)	—			—			—		(2.2		)
Cash dividend paid to stockholders	(19.6		)	—			—			—		(19.6		)
Intercompany loan	(185.7		)	189.1			(3.4		)	—		—
Net cash provided by (used in) financing activities	10.9			185.6			(3.4		)	—		193.1
Net increase in cash and cash equivalents during the period	—			223.0			0.6			—		223.6
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		$	266.0		$	2.4		$	—	$	273.4

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2011

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$	(10.2	)	$	71.9		$	1.1		$	—	$	62.8
Cash flows from investing activities:
Capital expenditures	—			(31.2		)	(1.3		)	—		(32.5		)
Purchase of available for sale securities	—			(0.3		)	—			—		(0.3		)
Proceeds from disposal of property, plant and equipment	—			—			0.7			—		0.7
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011)	—			(83.2		)	—			—		(83.2		)
Change in restricted cash	—			(1.0		)	—			—		(1.0		)
Net cash used in investing activities	—			(115.7		)	(0.6		)	—		(116.3		)
Cash flows from financing activities:
Repayment of capital lease	—			(0.1		)	—			—		(0.1		)
Repayment of promissory notes	—			(8.3		)	—			—		(8.3		)
Cash paid for financing costs	—			(2.1		)	—			—		(2.1		)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			0.2			—			—		0.2
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares	(3.1		)	—			—			—		(3.1		)
Cash dividend paid to stockholders	(18.9		)	—			—			—		(18.9		)
Intercompany loan	32.2			(32.5		)	0.3			—		—
Net cash provided (used in) by financing activities	10.2			(42.8		)	0.3			—		(32.3		)
Net (decrease) increase in cash and cash equivalents during the period	—			(86.6		)	0.8			—		(85.8		)
Cash and cash equivalents at beginning of period	5.0			129.6			1.0			—		135.6
Cash and cash equivalents at end of period	$	5.0		$	43.0		$	1.8		$	—	$	49.8