XML 43 R35.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Guarantor and Non-Guarantor Financial Information (Tables)
9 Months Ended
Sep. 30, 2019
Guarantor and Non-Guarantor Financial Statement [Abstract]  
Condensed Financial Statements
CONDENSED CONSOLIDATING BALANCE SHEET
(In millions of dollars)
September 30, 2019
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
170.7

 
$
1.4

 
$
—

 
$
172.1

Short-term investments
 
—

 
25.3

 
—

 
—

 
25.3

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade receivables, net
 
—

 
183.2

 
4.9

 
—

 
188.1

Intercompany loans receivable
 
50.6

 
1.4

 
5.5

 
(57.5
)
 
—

Other
 
—

 
24.3

 
1.8

 
—

 
26.1

Contract assets
 
—

 
43.6

 
2.5

 
—

 
46.1

Inventories
 
—

 
183.1

 
9.4

 
—

 
192.5

Prepaid expenses and other current assets
 
0.3

 
17.7

 
0.4

 
—

 
18.4

Total current assets
 
50.9

 
649.3

 
25.9

 
(57.5
)
 
668.6

Investments in and advances to subsidiaries
 
1,081.4

 
95.7

 
0.2

 
(1,177.3
)
 
—

Property, plant and equipment, net
 
—

 
580.6

 
33.7

 
—

 
614.3

Operating lease assets
 
—

 
26.3

 
—

 
—

 
26.3

Long-term intercompany loans receivable
 
—

 
—

 
17.0

 
(17.0
)
 
—

Deferred tax assets, net
 
—

 
3.3

 
—

 
3.0

 
6.3

Intangible assets, net
 
—

 
22.6

 
7.7

 
—

 
30.3

Goodwill
 
—

 
18.7

 
25.3

 
—

 
44.0

Other assets
 
—

 
36.2

 
0.2

 
0.1

 
36.5

Total
 
$
1,132.3

 
$
1,432.7

 
$
110.0

 
$
(1,248.7
)
 
$
1,426.3

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
1.5

 
$
86.7

 
$
5.6

 
$
—

 
$
93.8

Intercompany loans payable
 
—

 
56.1

 
1.4

 
(57.5
)
 
—

Accrued salaries, wages and related expenses
 
—

 
30.3

 
1.6

 
—

 
31.9

Other accrued liabilities
 
8.3

 
46.1

 
0.5

 
(4.8
)
 
50.1

Total current liabilities
 
9.8

 
219.2

 
9.1

 
(62.3
)
 
175.8

Long-term portion of operating lease liabilities
 
—

 
25.6

 
—

 
—

 
25.6

Net liabilities of Salaried VEBA
 
—

 
32.8

 
—

 
—

 
32.8

Deferred tax liabilities
 
—

 
—

 
4.2

 
—

 
4.2

Long-term intercompany loans payable
 
—

 
17.0

 
—

 
(17.0
)
 
—

Long-term liabilities
 
—

 
61.8

 
3.6

 
—

 
65.4

Long-term debt
 
371.1

 
—

 
—

 
—

 
371.1

Total liabilities
 
380.9

 
356.4

 
16.9

 
(79.3
)
 
674.9

 
 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
751.4

 
1,076.3

 
93.1

 
(1,169.4
)
 
751.4

Total
 
$
1,132.3

 
$
1,432.7

 
$
110.0

 
$
(1,248.7
)
 
$
1,426.3

CONDENSED CONSOLIDATING BALANCE SHEET
(In millions of dollars)
December 31, 2018
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—

 
$
122.6

 
$
3.0

 
$
—

 
$
125.6

Short-term investments
 
—

 
36.7

 
—

 
—

 
36.7

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade receivables, net
 
—

 
174.0

 
5.8

 
—

 
179.8

Intercompany receivables
 
143.7

 
0.1

 
4.3

 
(148.1
)
 
—

Other
 
—

 
23.3

 
2.3

 
—

 
25.6

Contract assets
 
—

 
52.0

 
2.9

 
—

 
54.9

Inventories
 
—

 
203.0

 
12.1

 
—

 
215.1

Prepaid expenses and other current assets
 
0.1

 
18.4

 
0.4

 
—

 
18.9

Total current assets
 
143.8

 
630.1

 
30.8

 
(148.1
)
 
656.6

Investments in and advances to subsidiaries
 
974.7

 
94.9

 
0.2

 
(1,069.8
)
 
—

Property, plant and equipment, net
 
—

 
577.4

 
34.4

 
—

 
611.8

Long-term intercompany receivables
 
—

 
—

 
9.8

 
(9.8
)
 
—

Deferred tax assets, net
 
—

 
32.9

 
—

 
3.0

 
35.9

Intangible assets, net
 
—

 
23.6

 
8.8

 
—

 
32.4

Goodwill
 
—

 
18.8

 
25.2

 
—

 
44.0

Other assets
 
—

 
38.6

 
—

 
—

 
38.6

Total
 
$
1,118.5

 
$
1,416.3

 
$
109.2

 
$
(1,224.7
)
 
$
1,419.3

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
4.9

 
$
109.6

 
$
6.9

 
$
—

 
$
121.4

Intercompany payable
 
—

 
148.0

 
0.1

 
(148.1
)
 
—

Accrued salaries, wages and related expenses
 
—

 
38.3

 
1.8

 
—

 
40.1

Other accrued liabilities
 
2.8

 
46.7

 
0.8

 
(6.3
)
 
44.0

Total current liabilities
 
7.7

 
342.6

 
9.6

 
(154.4
)
 
205.5

Net liabilities of Salaried VEBA
 
—

 
32.4

 
—

 
—

 
32.4

Deferred tax liabilities
 
—

 
—

 
4.2

 
—

 
4.2

Long-term intercompany payable
 
—

 
9.8

 
—

 
(9.8
)
 
—

Long-term liabilities
 
—

 
63.3

 
3.1

 
—

 
66.4

Long-term debt
 
370.4

 
—

 
—

 
—

 
370.4

Total liabilities
 
378.1

 
448.1

 
16.9

 
(164.2
)
 
678.9

 
 
 
 
 
 
 
 
 
 
 
Total stockholders' equity
 
740.4

 
968.2

 
92.3

 
(1,060.5
)
 
740.4

Total
 
$
1,118.5

 
$
1,416.3

 
$
109.2

 
$
(1,224.7
)
 
$
1,419.3


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(In millions of dollars)
Quarter Ended September 30, 2019
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
365.2

 
$
25.6

 
$
(15.9
)
 
$
374.9

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

 
293.4

 
20.7

 
(15.5
)
 
298.6

Depreciation and amortization
 
—

 
11.3

 
1.0

 
—

 
12.3

Selling, general, administrative, research and development
 
1.5

 
19.6

 
2.6

 
(0.4
)
 
23.3

Total costs and expenses
 
1.5

 
324.3

 
24.3

 
(15.9
)
 
334.2

Operating (loss) income
 
(1.5
)
 
40.9

 
1.3

 
—

 
40.7

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(5.3
)
 
(0.6
)
 
—

 
0.1

 
(5.8
)
Other (expense) income, net
 
—

 
(0.8
)
 
0.1

 
(0.1
)
 
(0.8
)
(Loss) income before income taxes
 
(6.8
)
 
39.5

 
1.4

 
—

 
34.1

Income tax provision
 
—

 
(10.0
)
 
(0.4
)
 
1.7

 
(8.7
)
Earnings in equity of subsidiaries
 
32.2

 
1.0

 
—

 
(33.2
)
 
—

Net income
 
$
25.4

 
$
30.5

 
$
1.0

 
$
(31.5
)
 
$
25.4

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
24.5

 
$
29.6

 
$
1.0

 
$
(30.6
)
 
$
24.5



CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(In millions of dollars)
Quarter Ended September 30, 2018
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
385.9

 
$
33.7

 
$
(26.5
)
 
$
393.1

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

 
317.9

 
31.5

 
(26.1
)
 
323.3

Depreciation and amortization
 
—

 
10.5

 
0.5

 
—

 
11.0

Selling, general, administrative, research and development
 
1.0

 
22.8

 
0.5

 
(0.4
)
 
23.9

Total costs and expenses
 
1.0

 
351.2

 
32.5

 
(26.5
)
 
358.2

Operating (loss) income
 
(1.0
)
 
34.7

 
1.2

 
—

 
34.9

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(5.4
)
 
(0.4
)
 
—

 
0.1

 
(5.7
)
Other income, net
 
—

 
0.6

 
0.2

 
(0.1
)
 
0.7

(Loss) income before income taxes
 
(6.4
)
 
34.9

 
1.4

 
—

 
29.9

Income tax provision
 
—

 
(9.0
)
 
(0.8
)
 
1.6

 
(8.2
)
Earnings in equity of subsidiaries
 
28.1

 
0.6

 
—

 
(28.7
)
 
—

Net income
 
$
21.7

 
$
26.5

 
$
0.6

 
$
(27.1
)
 
$
21.7

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
20.9

 
$
25.7

 
$
0.6

 
$
(26.3
)
 
$
20.9


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(In millions of dollars)
Nine Months Ended September 30, 2019
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
1,117.8

 
$
78.2

 
$
(50.6
)
 
$
1,145.4

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

 
898.4

 
68.2

 
(49.4
)
 
917.2

Depreciation and amortization
 
—

 
33.3

 
3.0

 
—

 
36.3

Selling, general, administrative, research and development
 
4.0

 
67.4

 
5.5

 
(1.2
)
 
75.7

Other operating charges, net
 
—

 
0.1

 
—

 
—

 
0.1

Total costs and expenses
 
4.0

 
999.2

 
76.7

 
(50.6
)
 
1,029.3

Operating (loss) income
 
(4.0
)
 
118.6

 
1.5

 
—

 
116.1

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(15.9
)
 
(1.7
)
 
—

 
0.3

 
(17.3
)
Other (expense) income, net
 
—

 
(0.6
)
 
0.5

 
(0.3
)
 
(0.4
)
(Loss) income before income taxes
 
(19.9
)
 
116.3

 
2.0

 
—

 
98.4

Income tax provision
 
—

 
(30.0
)
 
(0.7
)
 
4.9

 
(25.8
)
Earnings in equity of subsidiaries
 
92.5

 
1.3

 
—

 
(93.8
)
 
—

Net income
 
$
72.6

 
$
87.6

 
$
1.3

 
$
(88.9
)
 
$
72.6

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
78.2

 
$
93.2

 
$
1.3

 
$
(94.5
)
 
$
78.2

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
(In millions of dollars)
Nine Months Ended September 30, 2018
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
 
$
—

 
$
1,168.5

 
$
103.3

 
$
(75.3
)
 
$
1,196.5

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

 
962.9

 
93.5

 
(73.0
)
 
983.4

Depreciation and amortization
 
—

 
30.8

 
1.6

 
—

 
32.4

Selling, general, administrative, research and development
 
3.7

 
67.8

 
4.7

 
(2.3
)
 
73.9

Other operating charges, net
 
—

 
0.1

 
—

 
—

 
0.1

Total costs and expenses
 
3.7

 
1,061.6

 
99.8

 
(75.3
)
 
1,089.8

Operating (loss) income
 
(3.7
)
 
106.9

 
3.5

 
—

 
106.7

Other (expense) income:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(15.9
)
 
(1.5
)
 
—

 
0.4

 
(17.0
)
Other income, net
 
—

 
0.4

 
0.3

 
(0.4
)
 
0.3

(Loss) income before income taxes
 
(19.6
)
 
105.8

 
3.8

 
—

 
90.0

Income tax provision
 
—

 
(25.3
)
 
(1.4
)
 
4.8

 
(21.9
)
Earnings in equity of subsidiaries
 
87.7

 
2.4

 
—

 
(90.1
)
 
—

Net income
 
$
68.1

 
$
82.9

 
$
2.4

 
$
(85.3
)
 
$
68.1

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
65.4

 
$
80.2

 
$
2.4

 
$
(82.6
)
 
$
65.4


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions of dollars)
Nine Months Ended September 30, 2019
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
 
$
(16.5
)
 
$
163.6

 
$
7.3

 
$
(0.5
)
 
$
153.9

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
—

 
(39.4
)
 
(1.3
)
 
—

 
(40.7
)
Purchase of available for sale securities
 
—

 
(56.3
)
 
—

 
—

 
(56.3
)
Purchase of equity securities
 
—

 
(0.7
)
 
—

 
—

 
(0.7
)
Proceeds from disposition of available for sale securities
 
—

 
68.2

 
—

 
—

 
68.2

Proceeds from disposal of property, plant and equipment
 
—

 
0.2

 
—

 
—

 
0.2

Intercompany loans receivable
 
93.1

 
(1.3
)
 
(8.4
)
 
(83.4
)
 
—

Net cash provided by (used in) investing activities
 
93.1

 
(29.3
)
 
(9.7
)
 
(83.4
)
 
(29.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of finance lease
 
—

 
(1.1
)
 
—

 
—

 
(1.1
)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares
 
(6.2
)
 
—

 
—

 
—

 
(6.2
)
Repurchase of common stock
 
(40.6
)
 
—

 
—

 
—

 
(40.6
)
Cash dividends paid to Parent
 
—

 
—

 
(0.5
)
 
0.5

 
—

Cash dividends and dividend equivalents paid
 
(29.8
)
 
—

 
—

 
—

 
(29.8
)
Intercompany loans payable
 
—

 
(84.7
)
 
1.3

 
83.4

 
—

Net cash (used in) provided by financing activities
 
(76.6
)
 
(85.8
)
 
0.8

 
83.9

 
(77.7
)
Net increase (decrease) in cash, cash equivalents and restricted cash during the period
 
—

 
48.5

 
(1.6
)
 
—

 
46.9

Cash, cash equivalents and restricted cash at beginning of period
 
—

 
136.3

 
3.3

 
—

 
139.6

Cash, cash equivalents and restricted cash at end of period
 
$
—

 
$
184.8

 
$
1.7

 
$
—

 
$
186.5

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions of dollars)
Nine Months Ended September 30, 2018
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
87.5

 
$
78.5

 
$
46.5

 
$
(100.0
)
 
$
112.5

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
—

 
(51.9
)
 
(1.2
)
 
—

 
(53.1
)
Purchase of available for sale securities
 
—

 
(111.9
)
 
—

 
—

 
(111.9
)
Purchase of equity securities
 
—

 
(0.9
)
 
—

 
—

 
(0.9
)
Proceeds from disposition of available for sale securities
 
—

 
208.7

 
—

 
—

 
208.7

Cash payment for acquisition of Imperial Machine & Tool Co., net of cash received
 
—

 
—

 
(43.3
)
 
—

 
(43.3
)
Proceeds from disposition of property, plant and equipment
 
—

 
0.6

 
—

 
—

 
0.6

Intercompany loans receivable
 
(20.2
)
 
(0.4
)
 
(1.1
)
 
21.7

 
—

Net cash (used in) provided by investing activities
 
(20.2
)
 
44.2

 
(45.6
)
 
21.7

 
0.1

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayment of finance lease
 
—

 
(0.5
)
 
—

 
—

 
(0.5
)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares
 
(6.9
)
 
—

 
—

 
—

 
(6.9
)
Repurchase of common stock
 
(31.9
)
 
—

 
—

 
—

 
(31.9
)
Cash dividends paid to Parent
 
—

 
(100.0
)
 
—

 
100.0

 
—

Cash dividends and dividend equivalents paid
 
(28.5
)
 
—

 
—

 
—

 
(28.5
)
Intercompany loans payable
 
—

 
21.4

 
0.3

 
(21.7
)
 
—

Net cash (used in) provided by financing activities
 
(67.3
)
 
(79.1
)

0.3


78.3


(67.8
)
Net increase in cash, cash equivalents and restricted cash during the period
 
—

 
43.6

 
1.2

 
—

 
44.8

Cash, cash equivalents and restricted cash at beginning of period
 
—

 
61.3

 
3.0

 
—

 
64.3

Cash, cash equivalents and restricted cash at end of period
 
$
—

 
$
104.9

 
$
4.2

 
$
—

 
$
109.1