Guarantor and Non-Guarantor Financial Statements (Tables)

9 Months Ended

Sep. 30, 2014

Guarantor and Non-Guarantor Financial Statement [Abstract]

Schedule of Condensed Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2014

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	208.6	$	3.7	$	—		$	212.3
Short-term investments	—		100.1		—		—			100.1
Receivables:
Trade, less allowance for doubtful receivables	—		128.0		4.4		—			132.4
Intercompany receivables	—		34.0		1.0		(35.0		)	—
Other	—		5.1		5.3		—			10.4
Inventories	—		205.5		6.6		(0.8		)	211.3
Prepaid expenses and other current assets	100.1		55.9		0.4		—			156.4
Total current assets	100.1		737.2		21.4		(35.8		)	822.9
Investments in and advances to subsidiaries	1,531.5		29.6		—		(1,561.1		)	—
Property, plant, and equipment — net	—		426.9		16.0		—			442.9
Long-term intercompany receivables	—		—		16.5		(16.5		)	—
Net assets of VEBAs	—		430.3		—		—			430.3
Deferred tax assets — net	—		17.8		—		8.9			26.7
Intangible assets — net	—		32.5		—		—			32.5
Goodwill	—		37.2		—		—			37.2
Other assets	4.6		19.1		0.1		—			23.8
Total	$	1,636.2	$	1,730.6	$	54.0	$	(1,604.5	)	$	1,816.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	0.7	$	80.8	$	7.8	$	—		$	89.3
Intercompany payable	30.2		11.5		3.1		(44.8		)	—
Accrued salaries, wages, and related expenses	—		33.7		3.5		—			37.2
Other accrued liabilities	109.4		22.1		0.2		—			131.7
Current portion of long-term debt	170.2		—		—		—			170.2
Short-term capital lease	—		0.1		—		—			0.1
Total current liabilities	310.5		148.2		14.6		(44.8		)	428.5
Deferred tax liability	—		—		1.2		—			1.2
Long-term intercompany payable	—		16.5		—		(16.5		)	—
Long-term liabilities	—		50.7		10.2		—			60.9
Long-term debt	225.0		—		—		—			225.0
Total liabilities	535.5		215.4		26.0		(61.3		)	715.6
Total stockholders’ equity	1,100.7		1,515.2		28.0		(1,543.2		)	1,100.7
Total	$	1,636.2	$	1,730.6	$	54.0	$	(1,604.5	)	$	1,816.3

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 September 30, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	330.3		$	33.6		$	(25.0	)	$	338.9
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			274.7			29.8			(24.1		)	280.4
Unrealized gains on derivative instruments	—			3.6			—			—			3.6
Depreciation and amortization	—			7.7			0.3			—			8.0
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	0.9			17.2			1.7			(0.8		)	19.0
Net periodic pension benefit income relating to VEBAs	—			(6.0		)	—			—			(6.0		)
Total selling, administrative, research and development, and general	0.9			11.2			1.7			(0.8		)	13.0
Other operating charges, net	—			1.3			—			—			1.3
Total costs and expenses	0.9			298.5			31.8			(24.9		)	306.3
Operating (loss) income	(0.9		)	31.8			1.8			(0.1		)	32.6
Other (expense) income:
Interest expense	(9.4		)	(0.5		)	—			0.2			(9.7		)
Other income (expense), net	2.2			0.3			(0.1		)	(0.2		)	2.2
(Loss) income before income taxes	(8.1		)	31.6			1.7			(0.1		)	25.1
Income tax (provision) benefit	—			(11.9		)	(0.1		)	2.8			(9.2		)
Earnings in equity of subsidiaries	24.0			1.6			—			(25.6		)	—
Net income	$	15.9		$	21.3		$	1.6		$	(22.9	)	$	15.9
Comprehensive income	$	17.2		$	22.5		$	1.7		$	(24.2	)	$	17.2

CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME

Nine Months EndedSeptember 30, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	993.1		$	100.7		$	(75.7	)	$	1,018.1
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			824.4			87.9			(73.5		)	838.8
Depreciation and amortization	—			22.3			0.8			—			23.1
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	3.1			52.3			7.9			(2.0		)	61.3
Net periodic pension benefit income relating to VEBAs	—			(17.7		)	—			—			(17.7		)
Total selling, administrative, research and development, and general	3.1			34.6			7.9			(2.0		)	43.6
Other operating charges, net	—			1.5			—			—			1.5
Total costs and expenses	3.1			882.8			96.6			(75.5		)	907.0
Operating (loss) income	(3.1		)	110.3			4.1			(0.2		)	111.1
Other (expense) income:
Interest expense	(28.0		)	(0.1		)	—			0.4			(27.7		)
Other income, net	3.6			2.3			0.4			(0.4		)	5.9
(Loss) income before income taxes	(27.5		)	112.5			4.5			(0.2		)	89.3
Income tax (provision) benefit	—			(42.3		)	(0.9		)	10.1			(33.1		)
Earnings in equity of subsidiaries	83.7			3.4			—			(87.1		)	—
Net income	$	56.2		$	73.6		$	3.6		$	(77.2	)	$	56.2
Comprehensive income	$	60.5		$	77.7		$	3.8		$	(81.5	)	$	60.5

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE 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 losses on derivative instruments	—			(1.5		)	—		—			(1.5		)
Depreciation and amortization	—			6.6			0.3		—			6.9
Selling, administrative, research and development, and general
Selling, administrative, research and development, and general	1.3			16.9			2.0		(1.2		)	19.0
Net periodic pension benefit income relating to VEBAs	—			(5.6		)	—		—			(5.6		)
Total 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 EndedSeptember 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
Selling, administrative, research and development, and general	2.8			57.5			6.5		(4.3		)	62.5
Net periodic pension benefit income relating to VEBAs	—			(16.9		)	—		—			(16.9		)
Total 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 CASH FLOWS

Nine Months EndedSeptember 30, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	13.9		$	82.7		$	7.1		$	—	$	103.7
Cash flows from investing activities:
Capital expenditures	—			(38.1		)	(1.5		)	—		(39.6		)
Purchase of available for sale securities	—			(53.4		)	—			—		(53.4		)
Proceeds from disposition of available for sale securities	—			82.2			—			—		82.2
Change in restricted cash	—			(0.7		)	—			—		(0.7		)
Net cash used in investing activities	—			(10.0		)	(1.5		)	—		(11.5		)
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	(28.7		)	—			—			—		(28.7		)
Cash dividend paid to stockholders	(19.1		)	—			—			—		(19.1		)
Intercompany loan	31.3			(22.6		)	(8.7		)	—		—
Net cash used in financing activities	(18.9		)	(21.8		)	(8.7		)	—		(49.4		)
Net (decrease) increase in cash and cash equivalents during the period	(5.0		)	50.9			(3.1		)	—		42.8
Cash and cash equivalents at beginning of period	5.0			157.7			6.8			—		169.5
Cash and cash equivalents at end of period	$	—		$	208.6		$	3.7		$	—	$	212.3

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months EndedSeptember 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		)
Repurchase of common stock	(43.9		)	—			—			—		(43.9		)
Cash dividend paid to stockholders	(17.3		)	—			—			—		(17.3		)
Cash dividend returned to the Company	0.6			—			—			—		0.6
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