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Guarantor and Non-Guarantor Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2015
Guarantor and Non-Guarantor Financial Statement [Abstract] |
Schedule of Condensed Financial Statements | CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) March 31, 2015
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 218.9 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 220.9 |
Short-term investments |  | — |  |  | 30.0 |  |  | — |  |  | — |  |  | 30.0 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables — net |  | — |  |  | 145.2 |  |  | 4.5 |  |  | — |  |  | 149.7 |
Intercompany receivables |  | 204.2 |  |  | 43.5 |  |  | 1.0 |  |  | (248.7 | ) |  | — |
Other |  | — |  |  | 4.3 |  |  | 4.5 |  |  | — |  |  | 8.8 |
Inventories |  | — |  |  | 213.3 |  |  | 5.7 |  |  | (1.0 | ) |  | 218.0 |
Prepaid expenses and other current assets |  | 95.0 |  |  | 100.4 |  |  | 0.4 |  |  | — |  |  | 195.8 |
Total current assets |  | 299.2 |  |  | 755.6 |  |  | 18.1 |  |  | (249.7 | ) |  | 823.2 |
Investments in and advances to subsidiaries |  | 997.5 |  |  | 33.9 |  |  | — |  |  | (1,031.4 | ) |  | — |
Property, plant and equipment — net |  | — |  |  | 436.8 |  |  | 21.3 |  |  | — |  |  | 458.1 |
Long-term intercompany receivables |  | — |  |  | — |  |  | 14.0 |  |  | (14.0 | ) |  | — |
Deferred tax assets — net |  | — |  |  | 154.6 |  |  | — |  |  | 7.1 |  |  | 161.7 |
Intangible assets — net |  | — |  |  | 31.7 |  |  | — |  |  | — |  |  | 31.7 |
Goodwill |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | 37.2 |
Other assets |  | 4.2 |  |  | 18.7 |  |  | 0.1 |  |  | — |  |  | 23.0 |
Total |  | $ | 1,300.9 |  |  | $ | 1,468.5 |  |  | $ | 53.5 |  |  | $ | (1,288.0 | ) |  | $ | 1,534.9 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 2.3 |  |  | $ | 74.8 |  |  | $ | 6.0 |  |  | $ | — |  |  | $ | 83.1 |
Intercompany payable |  | 39.3 |  |  | 211.3 |  |  | 3.5 |  |  | (254.1 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 30.6 |  |  | 3.0 |  |  | — |  |  | 33.6 |
Other accrued liabilities |  | 105.0 |  |  | 51.9 |  |  | 0.3 |  |  | — |  |  | 157.2 |
Current portion of long-term debt |  | 175.0 |  |  | — |  |  | — |  |  | — |  |  | 175.0 |
Total current liabilities |  | 321.6 |  |  | 368.6 |  |  | 12.8 |  |  | (254.1 | ) |  | 448.9 |
Net liabilities of Salaried VEBA |  | — |  |  | 16.8 |  |  | — |  |  | — |  |  | 16.8 |
Deferred tax liabilities |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Long-term intercompany payable |  | — |  |  | 14.0 |  |  | — |  |  | (14.0 | ) |  | — |
Long-term liabilities |  | — |  |  | 81.5 |  |  | 7.6 |  |  | — |  |  | 89.1 |
Long-term debt |  | 225.0 |  |  | — |  |  | — |  |  | — |  |  | 225.0 |
Total liabilities |  | 546.6 |  |  | 480.9 |  |  | 21.2 |  |  | (268.1 | ) |  | 780.6 |
Total stockholders’ equity |  | 754.3 |  |  | 987.6 |  |  | 32.3 |  |  | (1,019.9 | ) |  | 754.3 |
Total |  | $ | 1,300.9 |  |  | $ | 1,468.5 |  |  | $ | 53.5 |  |  | $ | (1,288.0 | ) |  | $ | 1,534.9 |
CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) 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 Union VEBA |  | — |  |  | 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 liabilities of Salaried 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 STATEMENT OF COMPREHESIVE (LOSS) INCOME (In millions of dollars) Quarter Ended March 31, 2015
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 363.4 |  |  | $ | 34.7 |  |  | $ | (26.4 | ) |  | $ | 371.7 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 296.4 |  |  | 31.6 |  |  | (25.7 | ) |  | 302.3 |
Unrealized loss on derivative instruments |  | — |  |  | 4.5 |  |  | — |  |  | — |  |  | 4.5 |
Depreciation and amortization |  | — |  |  | 7.7 |  |  | 0.3 |  |  | — |  |  | 8.0 |
Selling, general, administrative, research and development: |  |  |  |  |  |  |  |  |  |
Selling, general, administrative, research and development |  | 1.0 |  |  | 20.7 |  |  | 1.6 |  |  | (0.6 | ) |  | 22.7 |
Net periodic postretirement benefit cost relating to Salaried VEBA |  | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Loss on removal of Union VEBA net assets |  | — |  |  | 492.2 |  |  | — |  |  | — |  |  | 492.2 |
Total selling, general, administrative, research and development |  | 1.0 |  |  | 513.5 |  |  | 1.6 |  |  | (0.6 | ) |  | 515.5 |
Total costs and expenses |  | 1.0 |  |  | 822.1 |  |  | 33.5 |  |  | (26.3 | ) |  | 830.3 |
Operating (loss) income |  | (1.0 | ) |  | (458.7 | ) |  | 1.2 |  |  | (0.1 | ) |  | (458.6 | )
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (9.5 | ) |  | (0.5 | ) |  | — |  |  | 0.2 |  |  | (9.8 | )
Other (expense) income, net |  | — |  |  | 0.5 |  |  | 0.1 |  |  | (0.2 | ) |  | 0.4 |
(Loss) income before income taxes |  | (10.5 | ) |  | (458.7 | ) |  | 1.3 |  |  | (0.1 | ) |  | (468.0 | )
Income tax benefit |  | — |  |  | 171.9 |  |  | — |  |  | 3.9 |  |  | 175.8 |
(Loss) earnings in equity of subsidiaries |  | (281.7 | ) |  | 1.1 |  |  | — |  |  | 280.6 |  |  | — |
Net (loss) income |  | $ | (292.2 | ) |  | $ | (285.7 | ) |  | $ | 1.3 |  |  | $ | 284.4 |  |  | $ | (292.2 | )
Comprehensive (loss) income |  | $ | (225.3 | ) |  | $ | (218.9 | ) |  | $ | 1.4 |  |  | $ | 217.5 |  |  | $ | (225.3 | )
CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME (In millions of dollars) Quarter Ended March 31, 2014
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 327.1 |  |  | $ | 33.1 |  |  | $ | (25.1 | ) |  | $ | 335.1 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 278.9 |  |  | 28.4 |  |  | (24.4 | ) |  | 282.9 |
Unrealized gains on derivative instruments |  | — |  |  | (2.0 | ) |  | — |  |  | — |  |  | (2.0 | )
Depreciation and amortization |  | — |  |  | 7.1 |  |  | 0.3 |  |  | — |  |  | 7.4 |
Selling, general, administrative, research and development: |  |  |  |  |  |  |  |  |  |
Selling, general, administrative, research and development |  | 1.0 |  |  | 16.6 |  |  | 3.3 |  |  | (0.6 | ) |  | 20.3 |
Net periodic postretirement benefit income relating to VEBAs |  | — |  |  | (5.6 | ) |  | — |  |  | — |  |  | (5.6 | )
Total selling, general, administrative, research and development |  | 1.0 |  |  | 11.0 |  |  | 3.3 |  |  | (0.6 | ) |  | 14.7 |
Total costs and expenses |  | 1.0 |  |  | 295.0 |  |  | 32.0 |  |  | (25.0 | ) |  | 303.0 |
Operating (loss) income |  | (1.0 | ) |  | 32.1 |  |  | 1.1 |  |  | (0.1 | ) |  | 32.1 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest (expense) income |  | (9.3 | ) |  | 0.4 |  |  | — |  |  | 0.1 |  |  | (8.8 | )
Other income (expense), net |  | 1.0 |  |  | 1.2 |  |  | (0.2 | ) |  | (0.1 | ) |  | 1.9 |
(Loss) income before income taxes |  | (9.3 | ) |  | 33.7 |  |  | 0.9 |  |  | (0.1 | ) |  | 25.2 |
Income tax (provision) benefit |  | — |  |  | (12.6 | ) |  | (0.3 | ) |  | 3.5 |  |  | (9.4 | )
Earnings in equity of subsidiaries |  | 25.1 |  |  | 0.4 |  |  | — |  |  | (25.5 | ) |  | — |
Net income |  | $ | 15.8 |  |  | $ | 21.5 |  |  | $ | 0.6 |  |  | $ | (22.1 | ) |  | $ | 15.8 |
Comprehensive income |  | $ | 16.7 |  |  | $ | 22.2 |  |  | $ | 0.8 |  |  | $ | (23.0 | ) |  | $ | 16.7 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Quarter Ended March 31, 2015
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash provided (used) by operating activities |  | $ | 37.8 |  |  | $ | (32.7 | ) |  | $ | 2.3 |  |  | $ | — |  |  | $ | 7.4 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (6.7 | ) |  | (4.6 | ) |  | — |  |  | (11.3 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 84.0 |  |  | — |  |  | — |  |  | 84.0 |
Net cash provided by (used in) investing activities |  | — |  |  | 77.3 |  |  | (4.6 | ) |  | — |  |  | 72.7 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Repayment of capital lease |  | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest |  | — |  |  | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares |  | (2.5 | ) |  | — |  |  | — |  |  | — |  |  | (2.5 | )
Repurchase of common stock |  | (28.2 | ) |  | — |  |  | — |  |  | — |  |  | (28.2 | )
Cash dividend paid to stockholders |  | (7.1 | ) |  | — |  |  | — |  |  | — |  |  | (7.1 | )
Intercompany loan |  | — |  |  | (1.9 | ) |  | 1.9 |  |  | — |  |  | — |
Net cash (used in) provided by financing activities |  | (37.8 | ) |  | (1.0 | ) |  | 1.9 |  |  | — |  |  | (36.9 | )
Net increase (decrease) in cash and cash equivalents during the period |  | — |  |  | 43.6 |  |  | (0.4 | ) |  | — |  |  | 43.2 |
Cash and cash equivalents at beginning of period |  | — |  |  | 175.3 |  |  | 2.4 |  |  | — |  |  | 177.7 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 218.9 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 220.9 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Quarter Ended March 31, 2014
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (11.0 | ) |  | $ | 35.8 |  |  | $ | 2.3 |  |  | $ | — |  |  | $ | 27.1 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (15.4 | ) |  | — |  |  | — |  |  | (15.4 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 25.0 |  |  | — |  |  | — |  |  | 25.0 |
Net cash provided by investing activities |  | — |  |  | 9.6 |  |  | — |  |  | — |  |  | 9.6 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest |  | — |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares |  | (2.2 | ) |  | — |  |  | — |  |  | — |  |  | (2.2 | )
Repurchase of common stock |  | (12.7 | ) |  | — |  |  | — |  |  | — |  |  | (12.7 | )
Cash dividend paid to stockholders |  | (6.4 | ) |  | — |  |  | — |  |  | — |  |  | (6.4 | )
Intercompany loan |  | 32.3 |  |  | (29.5 | ) |  | (2.8 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | 11.0 |  |  | (28.8 | ) |  | (2.8 | ) |  | — |  |  | (20.6 | )
Net increase (decrease) in cash and cash equivalents during the period |  | — |  |  | 16.6 |  |  | (0.5 | ) |  | — |  |  | 16.1 |
Cash and cash equivalents at beginning of period |  | 5.0 |  |  | 157.7 |  |  | 6.8 |  |  | — |  |  | 169.5 |
Cash and cash equivalents at end of period |  | $ | 5.0 |  |  | $ | 174.3 |  |  | $ | 6.3 |  |  | $ | — |  |  | $ | 185.6 |

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