Guarantor and Non-Guarantor Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Guarantor and Non-Guarantor Financial Statement [Abstract]

Schedule of Condensed Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2014

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	5.0	$	164.7	$	4.5	$	—		$	174.2
Short-term investments	—		127.2		—		—			127.2
Receivables:
Trade, less allowance for doubtful receivables	—		119.0		4.1		—			123.1
Intercompany receivables	—		26.1		0.7		(26.8		)	—
Other	—		5.1		5.9		—			11.0
Inventories	—		193.8		5.1		(0.8		)	198.1
Prepaid expenses and other current assets	87.5		47.6		0.4		—			135.5
Total current assets	92.5		683.5		20.7		(27.6		)	769.1
Investments in and advances to subsidiaries	1,505.4		28.1		—		(1,533.5		)	—
Property, plant, and equipment — net	—		425.9		15.5		—			441.4
Long-term intercompany receivables	—		—		16.2		(16.2		)	—
Net assets of VEBAs	—		422.2		—		—			422.2
Deferred tax assets — net	—		36.9		—		8.9			45.8
Intangible assets — net	—		32.9		—		—			32.9
Goodwill	—		37.2		—		—			37.2
Other assets	4.9		19.0		0.1		—			24.0
Total	$	1,602.8	$	1,685.7	$	52.5	$	(1,568.4	)	$	1,772.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	0.6	$	64.2	$	7.3	$	—		$	72.1
Intercompany payable	23.4		8.5		2.0		(33.9		)	—
Accrued salaries, wages, and related expenses	—		30.3		3.5		—			33.8
Other accrued liabilities	92.2		21.7		1.2		—			115.1
Current portion of long-term debt	167.9		—		—		—			167.9
Short-term capital lease	—		0.1		—		—			0.1
Total current liabilities	284.1		124.8		14.0		(33.9		)	389.0
Deferred tax liability	—		—		1.2		—			1.2
Long-term intercompany payable	—		16.2		—		(16.2		)	—
Long-term liabilities	—		52.7		11.0		—			63.7
Long-term debt	225.0		—		—		—			225.0
Total liabilities	509.1		193.7		26.2		(50.1		)	678.9
Total stockholders’ equity	1,093.7		1,492.0		26.3		(1,518.3		)	1,093.7
Total	$	1,602.8	$	1,685.7	$	52.5	$	(1,568.4	)	$	1,772.6

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 assets of VEBAs	—		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 STATEMENT OF COMPREHESIVE INCOME

Quarter Ended June 30, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	335.7		$	34.0		$	(25.6	)	$	344.1
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			270.8			29.7			(25.0		)	275.5
Unrealized gains on derivative instruments	—			(1.6		)	—			—			(1.6		)
Depreciation and amortization	—			7.5			0.2			—			7.7
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	1.2			18.5			2.9			(0.6		)	22.0
Net periodic pension benefit income relating to VEBAs	—			(6.1		)	—			—			(6.1		)
Total selling, administrative, research and development, and general	1.2			12.4			2.9			(0.6		)	15.9
Other operating charges, net	—			0.2			—			—			0.2
Total costs and expenses	1.2			289.3			32.8			(25.6		)	297.7
Operating (loss) income	(1.2		)	46.4			1.2			—			46.4
Other (expense) income:
Interest expense	(9.3		)	—			—			0.1			(9.2		)
Other income, net	0.4			0.8			0.7			(0.1		)	1.8
(Loss) income before income taxes	(10.1		)	47.2			1.9			—			39.0
Income tax (provision) benefit	—			(17.8		)	(0.5		)	3.8			(14.5		)
Earnings in equity of subsidiaries	34.6			1.4			—			(36.0		)	—
Net income	$	24.5		$	30.8		$	1.4		$	(32.2	)	$	24.5
Comprehensive income	$	26.6		$	33.0		$	1.3		$	(34.3	)	$	26.6

CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME

Six Months EndedJune 30, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	662.8		$	67.1		$	(50.7	)	$	679.2
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			549.7			58.1			(49.4		)	558.4
Unrealized gains on derivative instruments	—			(3.6		)	—			—			(3.6		)
Depreciation and amortization	—			14.6			0.5			—			15.1
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	2.2			35.1			6.2			(1.2		)	42.3
Net periodic pension benefit income relating to VEBAs	—			(11.7		)	—			—			(11.7		)
Total selling, administrative, research and development, and general	2.2			23.4			6.2			(1.2		)	30.6
Other operating charges, net	—			0.2			—			—			0.2
Total costs and expenses	2.2			584.3			64.8			(50.6		)	600.7
Operating (loss) income	(2.2		)	78.5			2.3			(0.1		)	78.5
Other (expense) income:
Interest expense	(18.6		)	0.4			—			0.2			(18.0		)
Other income, net	1.4			2.0			0.5			(0.2		)	3.7
(Loss) income before income taxes	(19.4		)	80.9			2.8			(0.1		)	64.2
Income tax (provision) benefit	—			(30.4		)	(0.8		)	7.3			(23.9		)
Earnings in equity of subsidiaries	59.7			1.8			—			(61.5		)	—
Net income	$	40.3		$	52.3		$	2.0		$	(54.3	)	$	40.3
Comprehensive income	$	43.3		$	55.2		$	2.1		$	(57.3	)	$	43.3

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

Quarter Ended June 30, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	324.7		$	29.6		$	(25.4	)	$	328.9
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			258.9			26.3			(23.7		)	261.5
Unrealized losses on derivative instruments	—			4.2			—			—			4.2
Depreciation and amortization	—			6.8			0.2			—			7.0
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	1.1			20.2			2.1			(1.6		)	21.8
Net periodic pension benefit income relating to VEBAs	—			(5.7		)	—			—			(5.7		)
Total selling, administrative, research and development, and general	1.1			14.5			2.1			(1.6		)	16.1
Total costs and expenses	1.1			284.4			28.6			(25.3		)	288.8
Operating (loss) income	(1.1		)	40.3			1.0			(0.1		)	40.1
Other (expense) income:
Interest expense	(9.0		)	—			—			—			(9.0		)
Other (expense) income, net	(0.9		)	0.3			(0.2		)	—			(0.8		)
(Loss) income before income taxes	(11.0		)	40.6			0.8			(0.1		)	30.3
Income tax (provision) benefit	—			(15.1		)	(0.7		)	4.1			(11.7		)
Earnings (losses) in equity of subsidiaries	29.6			(0.1		)	—			(29.5		)	—
Net income	$	18.6		$	25.4		$	0.1		$	(25.5	)	$	18.6
Comprehensive income	$	19.9		$	26.3		$	0.5		$	(26.8	)	$	19.9

CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME

Six Months EndedJune 30, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	656.5		$	60.0		$	(50.2	)	$	666.3
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			518.6			53.3			(46.8		)	525.1
Unrealized losses on derivative instruments	—			4.9			—			—			4.9
Depreciation and amortization	—			13.5			0.5			—			14.0
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	1.5			40.6			4.5			(3.1		)	43.5
Net periodic pension benefit income relating to VEBAs	—			(11.3		)	—			—			(11.3		)
Total selling, administrative, research and development, and general	1.5			29.3			4.5			(3.1		)	32.2
Total costs and expenses	1.5			566.3			58.3			(49.9		)	576.2
Operating (loss) income	(1.5		)	90.2			1.7			(0.3		)	90.1
Other (expense) income:
Interest expense	(18.1		)	(0.3		)	—			0.1			(18.3		)
Other (expense) income, net	(0.5		)	0.9			(0.1		)	(0.1		)	0.2
(Loss) income before income taxes	(20.1		)	90.8			1.6			(0.3		)	72.0
Income tax (provision) benefit	—			(34.1		)	6.5			7.7			(19.9		)
Earnings in equity of subsidiaries	72.2			7.7			—			(79.9		)	—
Net income	$	52.1		$	64.4		$	8.1		$	(72.5	)	$	52.1
Comprehensive income	$	54.6		$	66.1		$	8.9		$	(75.0	)	$	54.6

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months EndedJune 30, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	7.6		$	56.9		$	6.8		$	—	$	71.3
Cash flows from investing activities:
Capital expenditures	—			(29.4		)	(0.7		)	—		(30.1		)
Purchase of available for sale securities	—			(23.4		)	—			—		(23.4		)
Proceeds from disposition of available for sale securities	—			25.0			—			—		25.0
Net cash used in investing activities	—			(27.8		)	(0.7		)	—		(28.5		)
Cash flows from financing activities:
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			0.8			—			—		0.8
Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares	(2.4		)	—			—			—		(2.4		)
Repurchase of common stock	(23.7		)	—			—			—		(23.7		)
Cash dividend paid to stockholders	(12.8		)	—			—			—		(12.8		)
Intercompany loan	31.3			(22.9		)	(8.4		)	—		—
Net cash used in financing activities	(7.6		)	(22.1		)	(8.4		)	—		(38.1		)
Net increase (decrease) in cash and cash equivalents during the period	—			7.0			(2.3		)	—		4.7
Cash and cash equivalents at beginning of period	5.0			157.7			6.8			—		169.5
Cash and cash equivalents at end of period	$	5.0		$	164.7		$	4.5		$	—	$	174.2

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months EndedJune 30, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$	(14.4	)	$	60.4		$	2.9		$	—	$	48.9
Cash flows from investing activities:
Capital expenditures	—			(25.0		)	(1.0		)	—		(26.0		)
Purchase of available for sale securities	—			(98.2		)	—			—		(98.2		)
Proceeds from sale of available for sale securities	—			135.7			—			—		135.7
Change in restricted cash	—			0.7			—			—		0.7
Net cash provided by (used in) investing activities	—			13.2			(1.0		)	—		12.2
Cash flows from financing activities:
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			0.9			—			—		0.9
Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares	(2.2		)	—			—			—		(2.2		)
Repurchase of common stock	(39.9		)	—			—			—		(39.9		)
Cash dividend paid to stockholders	(11.6		)	—			—			—		(11.6		)
Intercompany loan	68.1			(64.8		)	(3.3		)	—		—
Net cash provided by (used in) financing activities	14.4			(63.9		)	(3.3		)	—		(52.8		)
Net increase (decrease) in cash and cash equivalents during the period	—			9.7			(1.4		)	—		8.3
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		$	275.7		$	1.0		$	—	$	281.7