XML 87 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Restatement of Previously Issued Financial Statements | 6 Months Ended
--- | ---
Jun. 30, 2012
Accounting Changes and Error Corrections [Abstract] |
Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Consolidated Financial Statements The Company accounts for the VEBAs as defined benefit postretirement plans with the current VEBA assets and future variable contributions and earnings thereon operating as a cap on the benefits to be paid. Subsequent to the issuance of the consolidated financial statements for the year ended December 31, 2010, the Company identified errors in the accuracy and completeness of the data previously provided by the Union VEBA. The Company determined that it had omitted certain deferred retirees from the Union VEBA's participant population and misinterpreted the benefit election of certain participants for the years ended December 31, 2009 and December 31, 2010. As a result of this omission and misinterpretation, the Company has restated the consolidated financial statements for the years ended December 31, 2009 and December 31, 2010 and each of the interim periods in 2010 and 2011 to reflect the full effects of these errors, which management believes are not material to its previously issued consolidated financial statements. The following is a summary of the effects of the restatement on the Company's Statements of Consolidated Income, Statements of Comprehensive Income and Statements of Cash Flows for the quarter ended June 30, 2011 (in millions of dollars, except per share amounts):
| Quarter ended June 30, 2011
| Previously Reported |  | Adjustment |  | Restated
Statements of Consolidated Income: |  |  |  |  |
Selling, administrative, research and development, and general | $ | 17.3 |  |  | $ | 0.7 |  |  | $ | 18.0 |
Total costs and expenses | 323.4 |  |  | 0.7 |  |  | 324.1 |
Operating income | 15.4 |  |  | (0.7 | ) |  | 14.7 |
Income before income taxes | 7.6 |  |  | (0.7 | ) |  | 6.9 |
Income tax provision | (3.1 | ) |  | 0.3 |  |  | (2.8 | )
Net income | $ | 4.5 |  |  | $ | (0.4 | ) |  | $ | 4.1 |
Earnings per common share, Basic: |  |  |  |  |
Net income per share | $ | 0.24 |  |  | $ | (0.02 | ) |  | $ | 0.22 |
Earnings per common share, Diluted: |  |  |  |  |
Net income per share1 | $ | 0.24 |  |  | $ | (0.02 | ) |  | $ | 0.21 |
| Six months ended June 30, 2011
| Previously Reported |  | Adjustment |  | Restated
Statements of Consolidated Income: |  |  |  |  |
Selling, administrative, research and development, and general | $ | 32.2 |  |  | $ | 1.4 |  |  | $ | 33.6 |
Total costs and expenses | 625.5 |  |  | 1.4 |  |  | 626.9 |
Operating income | 35.9 |  |  | (1.4 | ) |  | 34.5 |
Income before income taxes | 25.3 |  |  | (1.4 | ) |  | 23.9 |
Income tax provision | (9.5 | ) |  | 0.5 |  |  | (9.0 | )
Net income | $ | 15.8 |  |  | $ | (0.9 | ) |  | $ | 14.9 |
Earnings per common share, Basic: |  |  |  |  |
Net income per share | $ | 0.83 |  |  | $ | (0.04 | ) |  | $ | 0.79 |
Earnings per common share, Diluted: |  |  |  |  |
Net income per share1 | $ | 0.83 |  |  | $ | (0.04 | ) |  | $ | 0.78 |
Statements of Consolidated Comprehensive Income:2 |  |  |  |  |
Net income | $ | 15.8 |  |  | $ | (0.9 | ) |  | $ | 14.9 |
Other comprehensive income: |  |  |  |  |
Reclassification adjustments: |  |  |  |  |
Amortization of net actuarial loss | — |  |  | 0.3 |  |  | 0.3 |
Less: tax impact on amortization of net actuarial loss | — |  |  | (0.1 | ) |  | (0.1 | )
Amortization of prior service cost | — |  |  | 2.1 |  |  | 2.1 |
Less: tax impact on amortization of prior service cost | — |  |  | (0.8 | ) |  | (0.8 | )
Other comprehensive (loss) income, net of tax | (0.3 | ) |  | 1.5 |  |  | 1.2 |
Comprehensive income | $ | 15.5 |  |  | $ | 0.6 |  |  | $ | 16.1 |
Statements of Consolidated Cash Flows: |  |  |  |  |
Net income | $ | 15.8 |  |  | $ | (0.9 | ) |  | $ | 14.9 |
Deferred income taxes | 8.7 |  |  | (0.5 | ) |  | 8.2 |
Non-cash net periodic benefit cost3 | (4.4 | ) |  | 1.4 |  |  | (3.0 | )
______________________________
1 | Beginning 2012, the Company presented diluted earnings per share under the treasury method because it became more dilutive than the diluted earnings per share under the two-class method. As such, restated diluted earnings per share for the quarter and six months ended June 30, 2011 were calculated based on the treasury method to conform to current period presentation. Previously reported diluted earnings per share for the quarter and six months ended June 30, 2011 are based on the two-class method. The "Adjustment" column reflects the difference between restated diluted earnings per share using the two-class method and the previously reported diluted earnings per share.
2 | Total comprehensive income and components of other comprehensive income (loss) were previously included in the Statement of Stockholders' Equity for interim reporting periods prior to 2012. The Company adopted ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, beginning with the annual period ended December 31, 2011 and presented the Statement of Comprehensive Income as its own separate statement. As such, the "Previously Reported" column reflects the changes in the presentation.
3 | Non-cash net periodic benefit cost was included within Other non-cash charges in the six months ended June 30, 2011. Such amount has been reclassified from Other non-cash charges to conform to current period presentation.

X
- Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration