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Condensed Guarantor and Non-Guarantor Financial Statements (Tables)
 9 Months Ended
Sep. 30, 2016
Guarantor and Non-Guarantor Financial Statement [Abstract]  
Schedule of Condensed Financial Statements
CONDENSED CONSOLIDATING BALANCE SHEET
(In millions of dollars)
September 30, 2016
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
69.2

 
$
3.7

 
$
—

 
$
72.9

Short-term investments
 
—

 
201.0

 
—

 
—

 
201.0

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade receivables – net
 
—

 
138.0

 
4.2

 
—

 
142.2

Intercompany loans receivable
 
82.1

 
0.1

 
0.6

 
(82.8
)
 
—

Other
 
—

 
5.6

 
1.7

 
—

 
7.3

Inventories
 
—

 
221.3

 
6.1

 
(3.8
)
 
223.6

Prepaid expenses and other current assets
 
0.2

 
10.4

 
0.4

 
(0.1
)
 
10.9

Total current assets
 
82.3

 
645.6

 
16.7

 
(86.7
)
 
657.9

Investments in and advances to subsidiaries
 
986.3

 
33.4

 
—

 
(1,019.7
)
 
—

Property, plant and equipment – net
 
—

 
487.0

 
31.6

 
—

 
518.6

Long-term intercompany loans receivable
 
123.5

 
4.4

 
7.3

 
(135.2
)
 
—

Deferred tax assets – net
 
—

 
164.0

 
—

 
6.9

 
170.9

Intangible assets – net
 
—

 
26.7

 
—

 
—

 
26.7

Goodwill
 
—

 
37.2

 
—

 
—

 
37.2

Other assets
 
—

 
22.0

 
0.1

 
—

 
22.1

Total
 
$
1,192.1

 
$
1,420.3

 
$
55.7

 
$
(1,234.7
)
 
$
1,433.4

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
1.0

 
$
62.9

 
$
5.7

 
$
—

 
$
69.6

Intercompany loans payable
 
—

 
82.7

 
0.1

 
(82.8
)
 
—

Accrued salaries, wages and related expenses
 
—

 
40.6

 
2.2

 
—

 
42.8

Other accrued liabilities
 
8.5

 
49.2

 
0.6

 
(11.6
)
 
46.7

Short-term capital leases
 
—

 
0.1

 
—

 
—

 
0.1

Total current liabilities
 
9.5

 
235.5

 
8.6

 
(94.4
)
 
159.2

Net liabilities of Salaried VEBA
 
—

 
18.2

 
—

 
—

 
18.2

Deferred tax liabilities
 
—

 
—

 
2.2

 
—

 
2.2

Long-term intercompany loans payable
 
—

 
130.8

 
4.4

 
(135.2
)
 
—

Long-term liabilities
 
—

 
65.2

 
6.0

 
—

 
71.2

Long-term debt
 
368.5

 
—

 
—

 
—

 
368.5

Total liabilities
 
378.0

 
449.7

 
21.2

 
(229.6
)
 
619.3

 
 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
814.1

 
970.6

 
34.5

 
(1,005.1
)
 
814.1

Total
 
$
1,192.1

 
$
1,420.3

 
$
55.7

 
$
(1,234.7
)
 
$
1,433.4


CONDENSED CONSOLIDATING BALANCE SHEET
(In millions of dollars)
December 31, 2015
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
72.2

 
$
0.3

 
$
—

 
$
72.5

Short-term investments
 
—

 
30.0

 
—

 
—

 
30.0

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade receivables – net
 
—

 
114.0

 
2.7

 
—

 
116.7

Intercompany receivables
 
—

 
111.2

 
1.1

 
(112.3
)
 
—

Other
 
—

 
3.8

 
2.3

 
—

 
6.1

Inventories
 
—

 
216.3

 
6.6

 
(3.3
)
 
219.6

Prepaid expenses and other current assets
 
0.2

 
56.2

 
1.7

 
(1.4
)
 
56.7

Total current assets
 
0.2

 
603.7

 
14.7

 
(117.0
)
 
501.6

Investments in and advances to subsidiaries
 
1,077.2

 
31.4

 
—

 
(1,108.6
)
 
—

Property, plant and equipment – net
 
—

 
464.3

 
31.1

 
—

 
495.4

Long-term intercompany receivables
 
—

 
—

 
3.1

 
(3.1
)
 
—

Deferred tax assets – net
 
—

 
156.3

 
—

 
7.0

 
163.3

Intangible assets – net
 
—

 
30.5

 
—

 
—

 
30.5

Goodwill
 
—

 
37.2

 
—

 
—

 
37.2

Other assets
 
—

 
19.5

 
0.1

 
—

 
19.6

Total
 
$
1,077.4

 
$
1,342.9

 
$
49.0

 
$
(1,221.7
)
 
$
1,247.6

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
0.5

 
$
73.6

 
$
2.6

 
$
—

 
$
76.7

Intercompany payable
 
106.5

 
14.8

 
4.0

 
(125.3
)
 
—

Accrued salaries, wages and related expenses
 
—

 
38.3

 
1.5

 
—

 
39.8

Other accrued liabilities
 
1.4

 
52.3

 
0.4

 
(1.4
)
 
52.7

Short-term capital leases
 
—

 
0.1

 
—

 
—

 
0.1

Total current liabilities
 
108.4

 
179.1

 
8.5

 
(126.7
)
 
169.3

Net liabilities of Salaried VEBA
 
—

 
19.0

 
—

 
—

 
19.0

Deferred tax liabilities
 
—

 
—

 
2.1

 
—

 
2.1

Long-term intercompany payable
 
—

 
3.1

 
—

 
(3.1
)
 
—

Long-term liabilities
 
—

 
81.3

 
6.2

 
—

 
87.5

Long-term debt
 
194.6

 
—

 
—

 
—

 
194.6

Total liabilities
 
303.0

 
282.5

 
16.8

 
(129.8
)
 
472.5

 
 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
774.4

 
1,060.4

 
32.2

 
(1,091.9
)
 
775.1

Total
 
$
1,077.4

 
$
1,342.9

 
$
49.0

 
$
(1,221.7
)
 
$
1,247.6


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(In millions of dollars)
Quarter Ended September 30, 2016
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
313.9

 
$
26.6

 
$
(19.9
)
 
$
320.6

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 
—

 
250.0

 
23.7

 
(19.0
)
 
254.7

Unrealized gain on derivative instruments
 
—

 
(2.0
)
 
—

 
—

 
(2.0
)
Depreciation and amortization
 
—

 
8.5

 
0.5

 
—

 
9.0

Selling, general, administrative, research and development:
 
 
 
 
 
 
 
 
 
 
Selling, general, administrative, research and development
 
0.9

 
24.0

 
1.3

 
(0.6
)
 
25.6

Net periodic postretirement benefit cost relating to Salaried VEBA
 
—

 
0.8

 
—

 
—

 
0.8

Total selling, general, administrative, research and development
 
0.9

 
24.8

 
1.3

 
(0.6
)
 
26.4

Other operating charges, net
 
—

 
2.7

 
—

 
—

 
2.7

Total costs and expenses
 
0.9

 
284.0

 
25.5

 
(19.6
)
 
290.8

Operating (loss) income
 
(0.9
)
 
29.9

 
1.1

 
(0.3
)
 
29.8

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest (expense) income
 
(5.7
)
 
0.1

 
—

 
0.1

 
(5.5
)
Other (expense) income, net
 
(0.1
)
 
0.1

 
0.1

 
(0.1
)
 
—

(Loss) income before income taxes
 
(6.7
)
 
30.1

 
1.2

 
(0.3
)
 
24.3

Income tax provision
 
—

 
(11.6
)
 
(0.3
)
 
2.5

 
(9.4
)
Earnings in equity of subsidiaries
 
21.6

 
0.7

 
—

 
(22.3
)
 
—

Net income
 
$
14.9

 
$
19.2

 
$
0.9

 
$
(20.1
)
 
$
14.9

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
16.0

 
$
20.3

 
$
0.9

 
$
(21.2
)
 
$
16.0


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(In millions of dollars)
Nine Months Ended September 30, 2016
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
976.9

 
$
80.6

 
$
(58.8
)
 
$
998.7

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 
—

 
753.1

 
70.3

 
(56.3
)
 
767.1

Lower of cost or market inventory write-down
 
—

 
4.9

 
—

 
—

 
4.9

Unrealized gain on derivative instruments
 
—

 
(16.9
)
 
—

 
—

 
(16.9
)
Depreciation and amortization
 
—

 
25.2

 
1.5

 
—

 
26.7

Selling, general, administrative, research and development:
 
 
 
 
 
 
 
 
 
 
Selling, general, administrative, research and development
 
3.3

 
71.4

 
6.5

 
(2.0
)
 
79.2

Net periodic postretirement benefit cost relating to Salaried VEBA
 
—

 
2.5

 
—

 
—

 
2.5

Gain on removal of Union VEBA net assets
 
—

 
(0.1
)
 
—

 
—

 
(0.1
)
Total selling, general, administrative, research and development
 
3.3

 
73.8

 
6.5

 
(2.0
)
 
81.6

Other operating charges, net
 
—

 
2.8

 
—

 
—

 
2.8

Total costs and expenses
 
3.3

 
842.9

 
78.3

 
(58.3
)
 
866.2

Operating (loss) income
 
(3.3
)
 
134.0

 
2.3

 
(0.5
)
 
132.5

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest (expense) income
 
(15.9
)
 
1.1

 
—

 
0.1

 
(14.7
)
Other (expense) income, net
 
(11.1
)
 
0.6

 
0.2

 
(0.1
)
 
(10.4
)
(Loss) income before income taxes
 
(30.3
)
 
135.7

 
2.5

 
(0.5
)
 
107.4

Income tax provision
 
—

 
(51.1
)
 
(0.7
)
 
11.6

 
(40.2
)
Earnings in equity of subsidiaries
 
97.5

 
1.3

 
—

 
(98.8
)
 
—

Net income
 
$
67.2

 
$
85.9

 
$
1.8

 
$
(87.7
)
 
$
67.2

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
70.1

 
$
88.7

 
$
1.9

 
$
(90.6
)
 
$
70.1

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME
(In millions of dollars)
Quarter Ended September 30, 2015
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
329.5

 
$
29.4

 
$
(22.5
)
 
$
336.4

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 
—

 
263.1

 
25.3

 
(21.1
)
 
267.3

Unrealized loss on derivative instruments
 
—

 
1.7

 
—

 
—

 
1.7

Depreciation and amortization
 
—

 
7.8

 
0.3

 
—

 
8.1

Selling, general, administrative, research and development:
 
 
 
 
 
 
 
 
 
 
Selling, general, administrative, research and development
 
0.9

 
18.4

 
2.4

 
(0.6
)
 
21.1

Net periodic postretirement benefit cost relating to Salaried VEBA
 
—

 
0.6

 
—

 
—

 
0.6

Gain on removal of Union VEBA net assets
 
—

 
(2.9
)
 
—

 
—

 
(2.9
)
Total selling, general, administrative, research and development
 
0.9

 
16.1

 
2.4

 
(0.6
)
 
18.8

Total costs and expenses
 
0.9

 
288.7

 
28.0

 
(21.7
)
 
295.9

Operating (loss) income
 
(0.9
)
 
40.8

 
1.4

 
(0.8
)
 
40.5

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(4.7
)
 
(0.3
)
 
—

 
0.1

 
(4.9
)
Other (expense) income, net
 
(0.6
)
 
2.2

 
(2.4
)
 
(0.1
)
 
(0.9
)
(Loss) income before income taxes
 
(6.2
)
 
42.7

 
(1.0
)
 
(0.8
)
 
34.7

Income tax (provision) benefit
 
—

 
(15.6
)
 
0.8

 
2.2

 
(12.6
)
Earnings (loss) in equity of subsidiaries
 
28.3

 
(1.0
)
 
—

 
(27.3
)
 
—

Net income (loss)
 
$
22.1

 
$
26.1

 
$
(0.2
)
 
$
(25.9
)
 
$
22.1

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
$
22.2

 
$
26.5

 
$
(0.5
)
 
$
(26.0
)
 
$
22.2


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME
(In millions of dollars)
Nine Months Ended September 30, 2015
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
1,051.2

 
$
97.6

 
$
(73.5
)
 
$
1,075.3

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Cost of products sold:
 
 
 
 
 
 
 
 
 
 
Cost of products sold, excluding depreciation and amortization and other items
 
—

 
848.9

 
85.8

 
(70.3
)
 
864.4

Unrealized loss on derivative instruments
 
—

 
7.7

 
—

 
—

 
7.7

Depreciation and amortization
 
—

 
23.3

 
0.9

 
—

 
24.2

Selling, general, administrative, research and development:
 
 
 
 
 
 
 
 
 
 
Selling, general, administrative, research and development
 
3.3

 
58.6

 
7.2

 
(1.7
)
 
67.4

Net periodic postretirement benefit cost relating to Salaried VEBA
 
—

 
1.8

 
—

 
—

 
1.8

Loss on removal of Union VEBA net assets
 
—

 
490.9

 
—

 
—

 
490.9

Total selling, general, administrative, research and development
 
3.3

 
551.3

 
7.2

 
(1.7
)
 
560.1

Total costs and expenses
 
3.3

 
1,431.2

 
93.9

 
(72.0
)
 
1,456.4

Operating (loss) income
 
(3.3
)
 
(380.0
)
 
3.7

 
(1.5
)
 
(381.1
)
Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(19.1
)
 
(1.1
)
 
—

 
0.3

 
(19.9
)
Other (expense) income, net
 
(0.6
)
 
3.0

 
(2.2
)
 
(0.3
)
 
(0.1
)
(Loss) income before income taxes
 
(23.0
)
 
(378.1
)
 
1.5

 
(1.5
)
 
(401.1
)
Income tax benefit
 
—

 
140.5

 
2.2

 
8.5

 
151.2

(Loss) earnings in equity of subsidiaries
 
(226.9
)
 
2.2

 
—

 
224.7

 
—

Net (loss) income
 
$
(249.9
)
 
$
(235.4
)
 
$
3.7

 
$
231.7

 
$
(249.9
)
 
 
 
 
 
 
 
 
 
 
 
Comprehensive (loss) income
 
$
(182.5
)
 
$
(167.8
)
 
$
3.5

 
$
164.3

 
$
(182.5
)





CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions of dollars)
Nine Months Ended September 30, 2016
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
189.7

 
$
108.4

 
$
8.5

 
$
(200.0
)
 
$
106.6

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
—

 
(55.6
)
 
(1.8
)
 
—

 
(57.4
)
Purchase of available for sale securities
 
—

 
(201.1
)
 
—

 
—

 
(201.1
)
Proceeds from disposition of available for sale securities
 
—

 
30.0

 
—

 
—

 
30.0

Intercompany loans receivable1
 
(205.6
)
 
106.0

 
(3.7
)
 
103.3

 
—

Net cash (used in) provided by investing activities
 
(205.6
)
 
(120.7
)
 
(5.5
)
 
103.3

 
(228.5
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of principal and redemption premium of 8.25% Senior Notes
 
(206.0
)
 
—

 
—

 
—

 
(206.0
)
Issuance of 5.875% Senior Notes
 
375.0

 
—

 
—

 
—

 
375.0

Cash paid for debt issuance costs
 
(6.8
)
 
—

 
—

 
—

 
(6.8
)
Proceeds from stock option exercises
 
1.0

 
—

 
—

 
—

 
1.0

Repayment of capital lease
 
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares
 
(2.8
)
 
—

 
—

 
—

 
(2.8
)
Repurchase of common stock
 
(13.6
)
 
—

 
—

 
—

 
(13.6
)
Cash dividends paid to stockholders
 
(24.4
)
 
—

 
—

 
—

 
(24.4
)
Cash dividends paid to Parent
 
—

 
(200.0
)
 
—

 
200.0

 
—

Intercompany loans payable1
 
(106.5
)
 
209.3

 
0.5

 
(103.3
)
 
—

Net cash provided by financing activities
 
15.9

 
9.3

 
0.4

 
96.7

 
122.3

Net (decrease) increase in cash and cash equivalents during the period
 
—

 
(3.0
)
 
3.4

 
—

 
0.4

Cash and cash equivalents at beginning of period
 
—

 
72.2

 
0.3

 
—

 
72.5

Cash and cash equivalents at end of period
 
$
—

 
$
69.2

 
$
3.7

 
$
—

 
$
72.9

________________
1 
As a result of the Parent's additional liquidity associated with the 5.875% Senior Notes (see Note 3), we classify all intercompany receivables and payables as Intercompany loans receivable and Intercompany loans payable, respectively, and therefore categorize changes in these balances within the investing and financing sections, respectively, of the Condensed Consolidating Statement of Cash Flows.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions of dollars)
Nine Months Ended September 30, 2015
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
250.2

 
$
(140.8
)
 
$
(0.5
)
 
$
—

 
$
108.9

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
—

 
(26.0
)
 
(12.4
)
 
—

 
(38.4
)
Purchase of available for sale securities
 
—

 
(0.5
)
 
—

 
—

 
(0.5
)
Proceeds from disposition of available for sale securities
 
—

 
84.0

 
—

 
—

 
84.0

Net cash provided by (used in) investing activities
 
—

 
57.5

 
(12.4
)
 
—

 
45.1

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of principal and redemption premium of 8.25% Senior Notes
 
(6.1
)
 
—

 
—

 
—

 
(6.1
)
Repayment of Convertible Notes
 
(175.0
)
 
—

 
—

 
—

 
(175.0
)
Proceeds from cash-settled call options related to repayment of Convertible Notes
 
94.9

 
—

 
—

 
—

 
94.9

Payment for conversion premium related to repayment of Convertible Notes
 
(94.9
)
 
—

 
—

 
—

 
(94.9
)
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
 
(3.0
)
 
—

 
—

 
—

 
(3.0
)
Repurchase of common stock
 
(45.1
)
 
—

 
—

 
—

 
(45.1
)
Cash dividend paid to stockholders
 
(21.0
)
 
—

 
—

 
—

 
(21.0
)
Intercompany loans payable
 
—

 
(13.5
)
 
13.5

 
—

 
—

Net cash (used in) provided by financing activities
 
(250.2
)
 
(12.4
)

13.5


—


(249.1
)
Net (decrease) increase in cash and cash equivalents during the period
 
—

 
(95.7
)
 
0.6

 
—

 
(95.1
)
Cash and cash equivalents at beginning of period
 
—

 
175.3

 
2.4

 
—

 
177.7

Cash and cash equivalents at end of period
 
$
—

 
$
79.6

 
$
3.0

 
$
—

 
$
82.6