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Restatement of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2011
Accounting Changes and Error Corrections [Abstract] |
Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Consolidated Financial Statements T he Company accounts for the postretirement medical benefits to be paid by 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 (Loss) Income, Statements of Consolidated Stockholders' Equity and Statements of Cash Flows for the years ended December 31, 2010 and 2009 and Consolidated Balance Sheet as of December 31, 2010 (in millions of dollars, except per share amounts):
| December 31, 2010
| Previously Reported |  | Adjustment |  | Restated
Consolidated Balance Sheets: |  |  |  |  |
Net asset in respect of VEBA(s) | $ | 195.7 |  |  | $ | (37.7 | ) |  | $ | 158.0 |
Deferred tax assets — net | 231.1 |  |  | 14.2 |  |  | 245.3 |
Total assets | 1,342.4 |  |  | (23.5 | ) |  | 1,318.9 |
Retained earnings | 80.1 |  |  | (2.1 | ) |  | 78.0 |
Accumulated other comprehensive income (loss) | 1.7 |  |  | (21.4 | ) |  | (19.7 | )
Total stockholders’ equity | 912.2 |  |  | (23.5 | ) |  | 888.7 |
Total liabilities and equity | 1,342.4 |  |  | (23.5 | ) |  | 1,318.9 |
| Year ended December 31, 2010
| Previously Reported |  | Adjustment |  | Restated
Statements of Consolidated Income: |  |  |  |  |
Selling, administrative, research and development, and general | $ | 64.4 |  |  | $ | 3.3 |  |  | $ | 67.7 |
Total costs and expenses | 1,034.7 |  |  | 3.3 |  |  | 1,038.0 |
Operating income | 44.4 |  |  | (3.3 | ) |  | 41.1 |
Income before income taxes | 28.4 |  |  | (3.3 | ) |  | 25.1 |
Income tax provision | (14.3 | ) |  | 1.2 |  |  | (13.1 | )
Net income | 14.1 |  |  | (2.1 | ) |  | 12.0 |
Earnings per common share, Basic: |  |  |  |  |
Net income per share | $ | 0.72 |  |  | $ | (0.11 | ) |  | $ | 0.61 |
Earnings per common share, Diluted: |  |  |  |  |
Net income per share | $ | 0.72 |  |  | $ | (0.11 | ) |  | $ | 0.61 |
Statements of Consolidated Comprehensive (Loss) Income:1 |  |  |  |  |
Net income | $ | 14.1 |  |  | $ | (2.1 | ) |  | $ | 12.0 |
Other comprehensive (loss) income: |  |  |  |  |
Defined benefit pension plan and VEBAs |  |  |  |  |
Net actuarial gain arising during the period | 11.4 |  |  | 14.1 |  |  | 25.5 |
Tax impact on net actuarial gain | (4.4 | ) |  | (5.3 | ) |  | (9.7 | )
Reclassification adjustments: |  |  |  |  |
Less: amortization of net actuarial loss | (0.4 | ) |  | 1.1 |  |  | 0.7 |
Less: tax impact on amortization of net actuarial loss | 0.2 |  |  | (0.4 | ) |  | (0.2 | )
Less: amortization of prior service cost | 4.2 |  |  | — |  |  | 4.2 |
Less: tax impact on amortization of prior service cost | (1.6 | ) |  | — |  |  | (1.6 | )
Comprehensive income | 23.1 |  |  | 7.4 |  |  | 30.5 |
Statements of Consolidated Stockholders' Equity:1 |  |  |  |  |
Net income | $ | 14.1 |  |  | $ | (2.1 | ) |  | $ | 12.0 |
Retained earnings | 80.1 |  |  | (2.1 | ) |  | 78.0 |
Accumulated other comprehensive income (loss) | 1.7 |  |  | (21.4 | ) |  | (19.7 | )
Total stockholders' equity | 912.2 |  |  | (23.5 | ) |  | 888.7 |
Statements of Consolidated Cash Flows: |  |  |  |  |
Net income | $ | 14.1 |  |  | $ | (2.1 | ) |  | $ | 12.0 |
Deferred income taxes | 14.5 |  |  | (1.2 | ) |  | 13.3 |
Non-cash net periodic benefit cost 2 | — |  |  | 5.1 |  |  | 5.1 |
Other non-cash changes in assets and liabilities 2 | 1.0 |  |  | (1.7 | ) |  | (0.7 | )
| Year ended December 31, 2009
| Previously Reported |  | Adjustment |  | Restated
Statements of Consolidated Comprehensive (Loss) Income:1 |  |  |  |  |
Other comprehensive (loss) income: |  |  |  |  |
Defined benefit pension plan and VEBAs |  |  |  |  |
Net actuarial gain arising during the period | $ | 114.6 |  |  | $ | (48.3 | ) |  | $ | 66.3 |
Tax impact on net actuarial gain | (43.2 | ) |  | 18.2 |  |  | (25.0 | )
Prior service cost arising during the period | (32.4 | ) |  | (1.4 | ) |  | (33.8 | )
Tax impact on prior service cost | 12.2 |  |  | 0.5 |  |  | 12.7 |
Comprehensive income | 123.5 |  |  | (30.9 | ) |  | 92.6 |
Statements of Consolidated Stockholders' Equity:1 |  |  |  |  |
Accumulated other comprehensive loss | $ | (7.3 | ) |  | $ | (30.9 | ) |  | $ | (38.2 | )
Total stockholders' equity | 901.2 |  |  | (30.9 | ) |  | 870.3 |
_______________________________
1 | Total comprehensive (loss) income and components of other comprehensive (loss) income were previously included in the Statement of Stockholders' Equity. In 2011, the Company presented the Statement of Comprehensive (Loss) Income as a separate statement in accordance with ASU 2011-05. As such, the Previously Reported amounts in the tables above reflect the changes in the presentation.
2 | Non-cash net periodic benefit cost was included within Other non-cash changes in assets and liabilities in 2010. Such amount has been reclassified from Other non-cash changes in assets and liabilities to conform to current period presentation.

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- 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
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