Guarantor and Non-Guarantor Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Guarantor and Non-Guarantor Financial Statement [Abstract]

Schedule of Condensed Financial Statements

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	175.3	$	2.4	$	—		$	177.7
Short-term investments	—		114.0		—		—			114.0
Receivables:
Trade receivables — net	—		126.1		3.2		—			129.3
Intercompany receivables	204.2		4.0		0.9		(209.1		)	—
Other	—		5.6		5.3		—			10.9
Inventories	—		208.0		7.6		(0.9		)	214.7
Prepaid expenses and other current assets	85.1		93.1		0.4		—			178.6
Total current assets	289.3		726.1		19.8		(210.0		)	825.2
Investments in and advances to subsidiaries	1,209.2		32.5		—		(1,241.7		)	—
Property, plant and equipment — net	—		437.4		17.5		—			454.9
Long-term intercompany receivables	—		—		15.9		(15.9		)	—
Net assets of VEBAs	—		340.1		—		—			340.1
Deferred tax assets — net	—		23.8		—		7.1			30.9
Intangible assets — net	—		32.1		—		—			32.1
Goodwill	—		37.2		—		—			37.2
Other assets	4.4		18.8		0.1		—			23.3
Total	$	1,502.9	$	1,648.0	$	53.3	$	(1,460.5	)	$	1,743.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1.3	$	73.8	$	6.3	$	—		$	81.4
Intercompany payable	—		221.3		3.3		(224.6		)	—
Accrued salaries, wages and related expenses	—		36.5		3.1		—			39.6
Other accrued liabilities	88.2		43.8		0.8		—			132.8
Current portion of long-term debt	172.5		—		—		—			172.5
Short-term capital lease	—		0.1		—		—			0.1
Total current liabilities	262.0		375.5		13.5		(224.6		)	426.4
Net liability in respect of VEBA	—		17.2		—		—			17.2
Deferred tax liabilities	—		—		0.9		—			0.9
Long-term intercompany payable	—		15.9		—		(15.9		)	—
Long-term liabilities	—		50.3		8.0		—			58.3
Long-term debt	225.0		—		—		—			225.0
Total liabilities	487.0		458.9		22.4		(240.5		)	727.8
Total stockholders’ equity	1,015.9		1,189.1		30.9		(1,220.0		)	1,015.9
Total	$	1,502.9	$	1,648.0	$	53.3	$	(1,460.5	)	$	1,743.7

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 receivables — net	—		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 liabilities	—		—		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 COMPREHENSIVE INCOME (LOSS)

Year Ended December 31, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Net sales	$	—		$	1,323.4		$	133.9	$	(101.2	)	$	1,356.1
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			1,098.3			117.8		(98.6		)	1,117.5
Unrealized loss on derivative instruments	—			10.4			—		—			10.4
Depreciation and amortization	—			30.0			1.1		—			31.1
Selling, administrative, research and development and general:
Selling, administrative, research and development and general	4.1			69.7			9.9		(2.3		)	81.4
Net periodic pension benefit income relating to VEBAs	—			(23.7		)	—		—			(23.7		)
Total selling, administrative, research and development and general	4.1			46.0			9.9		(2.3		)	57.7
Other operating charges, net	—			1.5			—		—			1.5
Total costs and expenses	4.1			1,186.2			128.8		(100.9		)	1,218.2
Operating (loss) income	(4.1		)	137.2			5.1		(0.3		)	137.9
Other (expense) income:
Interest expense	(37.5		)	(0.6		)	—		0.6			(37.5		)
Other income (expense), net	3.7			3.2			0.4		(0.6		)	6.7
(Loss) income before income taxes	(37.9		)	139.8			5.5		(0.3		)	107.1
Income tax (provision) benefit	—			(50.2		)	0.8		14.1			(35.3		)
Earnings in equity of subsidiaries	109.7			6.0			—		(115.7		)	—
Net income	$	71.8		$	95.6		$	6.3	$	(101.9	)	$	71.8
Comprehensive (loss) income	$	(3.6	)	$	19.9		$	6.6	$	(26.5	)	$	(3.6	)

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:
Selling, administrative, research and development and general	3.8			70.1			8.9		(2.4		)	80.4
Net periodic pension benefit income relating to VEBAs	—			(22.5		)	—		—			(22.5		)
Total 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:
Selling, administrative, research and development and general	2.0			69.6			8.2			(5.7		)	74.1
Net periodic pension benefit income relating to VEBAs	—			(11.9		)	—			—			(11.9		)
Total 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 CASH FLOWS

Year Ended December 31, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	35.6		$	81.8		$	6.7		$	—	$	124.1
Cash flows from investing activities:
Capital expenditures	—			(56.4		)	(3.0		)	—		(59.4		)
Purchase of available for sale securities	—			(93.5		)	—			—		(93.5		)
Proceeds from disposition of available for sale securities	—			108.2			—			—		108.2
Net cash used in investing activities	—			(41.7		)	(3.0		)	—		(44.7		)
Cash flows from financing activities:
Payment of capital lease liability	—			(0.1		)	—			—		(0.1		)
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	(44.1		)	—			—			—		(44.1		)
Cash dividend paid to stockholders	(25.4		)	—			—			—		(25.4		)
Intercompany loan	31.3			(23.2		)	(8.1		)	—		—
Net cash used in financing activities	(40.6		)	(22.5		)	(8.1		)	—		(71.2		)
Net (decrease) increase in cash and cash equivalents during the period	(5.0		)	17.6			(4.4		)	—		8.2
Cash and cash equivalents at beginning of period	5.0			157.7			6.8			—		169.5
Cash and cash equivalents at end of period	$	—		$	175.3		$	2.4		$	—	$	177.7

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 activities1	$	(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:
Payment of capital lease liability	—			(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
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares	(2.5		)	—			—			—		(2.5		)
Repurchase of common stock	(78.3		)	—			—			—		(78.3		)
Cash dividend paid to stockholders	(23.0		)	—			—			—		(23.0		)
Cash dividend returned to the Company	0.6			—			—			—		0.6
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 (decrease) 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 activities	$	(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
Payment of capital lease liability	—			(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
Cancellation of shares 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