Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividend Declaration. On January 13, 2015, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.40 per common share, or approximately $7.1 (including dividend equivalents), which was paid on February 13, 2015 to stockholders of record at the close of business on January 23, 2015.

Anti-dilution Adjustments to Convertible Notes and Convertible Note Hedge Transactions. Following the open of business on January 21, 2015, the ex-dividend date for the Company's February 13, 2015 dividend, (a) the Convertible Notes' conversion rate increased slightly to 20.9664 shares per $1,000 principal amount of the Convertible Notes and the equivalent conversion price decreased slightly to $47.70 per share, (b) the Option Assets' exercise price decreased slightly to $47.70 per share and (c) the Warrants' exercise price decreased slightly to $60.57 per share.

Ratification of New Five-Year Labor Agreement with the USW. On January 28, 2015, union members at the Company's Newark, Ohio and Trentwood facilities ratified a new five-year labor agreement. The agreement affects approximately 900 union members and is effective on October 1, 2015 and extends through September 30, 2020. The new labor agreement also extends the term of the Director Designation Agreement that allows the USW to nominate candidates to the Company's board of directors through December 31, 2020. In addition, the Company's obligation for annual contribution payments, capped at $17.1 per year, to the Union VEBA will expire in September 2017. The Company is currently assessing the impact the expiration of the Union VEBA funding requirement will have on its consolidated financial statements.