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Condensed Guarantor and Non-Guarantor Financial Information Condensed Guarantor and Non-Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2017
Condensed Guarantor and Non Guarantor Financial Statements Text Block [Abstract] |
Condensed Financial Statements [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) March 31, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 29.7 |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 34.4 |
Short-term investments |  | — |  |  | 195.5 |  |  | — |  |  | — |  |  | 195.5 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables – net |  | — |  |  | 151.5 |  |  | 5.5 |  |  | — |  |  | 157.0 |
Intercompany loans receivable |  | 85.8 |  |  | 0.1 |  |  | 0.6 |  |  | (86.5 | ) |  | — |
Other |  | — |  |  | 10.9 |  |  | 0.9 |  |  | — |  |  | 11.8 |
Inventories |  | — |  |  | 199.7 |  |  | 8.0 |  |  | (4.2 | ) |  | 203.5 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 33.5 |  |  | 0.4 |  |  | — |  |  | 34.0 |
Total current assets |  | 85.9 |  |  | 620.9 |  |  | 20.1 |  |  | (90.7 | ) |  | 636.2 |
Investments in and advances to subsidiaries |  | 1,059.1 |  |  | 40.5 |  |  | — |  |  | (1,099.6 | ) |  | — |
Property, plant and equipment – net |  | — |  |  | 504.9 |  |  | 30.9 |  |  | — |  |  | 535.8 |
Long-term intercompany loans receivable |  | 33.6 |  |  | — |  |  | 4.2 |  |  | (37.8 | ) |  | — |
Deferred tax assets – net |  | — |  |  | 136.0 |  |  | — |  |  | 4.8 |  |  | 140.8 |
Intangible assets – net |  | — |  |  | 26.0 |  |  | — |  |  | — |  |  | 26.0 |
Goodwill |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | 37.2 |
Other assets |  | — |  |  | 37.1 |  |  | — |  |  | — |  |  | 37.1 |
Total |  | $ | 1,178.6 |  |  | $ | 1,402.6 |  |  | $ | 55.2 |  |  | $ | (1,223.3 | ) |  | $ | 1,413.1 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 2.7 |  |  | $ | 76.1 |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | 84.4 |
Intercompany loans payable |  | — |  |  | 86.4 |  |  | 0.1 |  |  | (86.5 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 27.8 |  |  | 1.3 |  |  | — |  |  | 29.1 |
Other accrued liabilities |  | 8.4 |  |  | 34.4 |  |  | 0.1 |  |  | (2.5 | ) |  | 40.4 |
Total current liabilities |  | 11.1 |  |  | 224.7 |  |  | 7.1 |  |  | (89.0 | ) |  | 153.9 |
Net liabilities of Salaried VEBA |  | — |  |  | 28.3 |  |  | — |  |  | — |  |  | 28.3 |
Deferred tax liabilities |  | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Long-term intercompany loans payable |  | — |  |  | 37.8 |  |  | — |  |  | (37.8 | ) |  | — |
Long-term liabilities |  | — |  |  | 57.4 |  |  | 2.7 |  |  | — |  |  | 60.1 |
Long-term debt |  | 368.9 |  |  | — |  |  | — |  |  | — |  |  | 368.9 |
Total liabilities |  | 380.0 |  |  | 348.2 |  |  | 13.1 |  |  | (126.8 | ) |  | 614.5 |
Total stockholders' equity |  | 798.6 |  |  | 1,054.4 |  |  | 42.1 |  |  | (1,096.5 | ) |  | 798.6 |
Total |  | $ | 1,178.6 |  |  | $ | 1,402.6 |  |  | $ | 55.2 |  |  | $ | (1,223.3 | ) |  | $ | 1,413.1 |
CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) December 31, 2016
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 52.9 |  |  | $ | 2.3 |  |  | $ | — |  |  | $ | 55.2 |
Short-term investments |  | — |  |  | 231.0 |  |  | — |  |  | — |  |  | 231.0 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables – net |  | — |  |  | 133.1 |  |  | 4.6 |  |  | — |  |  | 137.7 |
Intercompany receivables |  | 85.8 |  |  | 0.1 |  |  | 0.6 |  |  | (86.5 | ) |  | — |
Other |  | — |  |  | 11.4 |  |  | 0.5 |  |  | — |  |  | 11.9 |
Inventories |  | — |  |  | 197.5 |  |  | 8.0 |  |  | (3.9 | ) |  | 201.6 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 18.0 |  |  | 0.9 |  |  | (0.5 | ) |  | 18.5 |
Total current assets |  | 85.9 |  |  | 644.0 |  |  | 16.9 |  |  | (90.9 | ) |  | 655.9 |
Investments in and advances to subsidiaries |  | 1,012.4 |  |  | 40.1 |  |  | — |  |  | (1,052.5 | ) |  | — |
Property, plant and equipment – net |  | — |  |  | 499.5 |  |  | 31.4 |  |  | — |  |  | 530.9 |
Long-term intercompany receivables |  | 80.2 |  |  | — |  |  | 4.9 |  |  | (85.1 | ) |  | — |
Deferred tax assets – net |  | — |  |  | 154.9 |  |  | — |  |  | 4.8 |  |  | 159.7 |
Intangible assets – net |  | — |  |  | 26.4 |  |  | — |  |  | — |  |  | 26.4 |
Goodwill |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | 37.2 |
Other assets |  | — |  |  | 33.4 |  |  | — |  |  | — |  |  | 33.4 |
Total |  | $ | 1,178.5 |  |  | $ | 1,435.5 |  |  | $ | 53.2 |  |  | $ | (1,223.7 | ) |  | $ | 1,443.5 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 2.2 |  |  | $ | 68.9 |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 75.8 |
Intercompany payable |  | — |  |  | 86.4 |  |  | 0.1 |  |  | (86.5 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 47.2 |  |  | 1.9 |  |  | — |  |  | 49.1 |
Other accrued liabilities |  | 2.9 |  |  | 52.6 |  |  | (0.7 | ) |  | (14.7 | ) |  | 40.1 |
Total current liabilities |  | 5.1 |  |  | 255.1 |  |  | 6.0 |  |  | (101.2 | ) |  | 165.0 |
Net liabilities of Salaried VEBA |  | — |  |  | 28.6 |  |  | — |  |  | — |  |  | 28.6 |
Deferred tax liabilities |  | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Long-term intercompany payable |  | — |  |  | 85.1 |  |  | — |  |  | (85.1 | ) |  | — |
Long-term liabilities |  | — |  |  | 70.5 |  |  | 2.7 |  |  | — |  |  | 73.2 |
Long-term debt |  | 368.7 |  |  | — |  |  | — |  |  | — |  |  | 368.7 |
Total liabilities |  | 373.8 |  |  | 439.3 |  |  | 12.0 |  |  | (186.3 | ) |  | 638.8 |
Total stockholders' equity |  | 804.7 |  |  | 996.2 |  |  | 41.2 |  |  | (1,037.4 | ) |  | 804.7 |
Total |  | $ | 1,178.5 |  |  | $ | 1,435.5 |  |  | $ | 53.2 |  |  | $ | (1,223.7 | ) |  | $ | 1,443.5 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Quarter Ended March 31, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 346.8 |  |  | $ | 29.3 |  |  | $ | (20.8 | ) |  | $ | 355.3 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 272.6 |  |  | 25.3 |  |  | (20.1 | ) |  | 277.8 |
Unrealized gain on derivative instruments |  | — |  |  | (15.1 | ) |  | — |  |  | — |  |  | (15.1 | )
Depreciation and amortization |  | — |  |  | 9.0 |  |  | 0.6 |  |  | — |  |  | 9.6 |
Selling, general, administrative, research and development: |  |  |  |  |  |  |  |  |  |
Selling, general, administrative, research and development |  | 0.9 |  |  | 20.9 |  |  | 2.4 |  |  | (0.5 | ) |  | 23.7 |
Net periodic postretirement benefit cost relating to Salaried VEBA |  | — |  |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
Gain on removal of Union VEBA net assets |  | — |  |  | (1.3 | ) |  | — |  |  | — |  |  | (1.3 | )
Total selling, general, administrative, research and development |  | 0.9 |  |  | 20.7 |  |  | 2.4 |  |  | (0.5 | ) |  | 23.5 |
Total costs and expenses |  | 0.9 |  |  | 287.2 |  |  | 28.3 |  |  | (20.6 | ) |  | 295.8 |
Operating (loss) income |  | (0.9 | ) |  | 59.6 |  |  | 1.0 |  |  | (0.2 | ) |  | 59.5 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest (expense) income |  | (5.7 | ) |  | 0.1 |  |  | — |  |  | — |  |  | (5.6 | )
Other income, net |  | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
(Loss) income before income taxes |  | (6.6 | ) |  | 60.3 |  |  | 1.0 |  |  | (0.2 | ) |  | 54.5 |
Income tax provision |  | — |  |  | (20.8 | ) |  | (0.2 | ) |  | 2.5 |  |  | (18.5 | )
Earnings in equity of subsidiaries |  | 42.6 |  |  | 0.6 |  |  | — |  |  | (43.2 | ) |  | — |
Net income |  | $ | 36.0 |  |  | $ | 40.1 |  |  | $ | 0.8 |  |  | $ | (40.9 | ) |  | $ | 36.0 |
Comprehensive income |  | $ | 37.3 |  |  | $ | 41.4 |  |  | $ | 0.8 |  |  | $ | (42.2 | ) |  | $ | 37.3 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Quarter Ended March 31, 2016
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 335.7 |  |  | $ | 26.4 |  |  | $ | (18.9 | ) |  | $ | 343.2 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 257.1 |  |  | 23.1 |  |  | (18.2 | ) |  | 262.0 |
Lower of cost or market inventory write-down |  | — |  |  | 4.9 |  |  | — |  |  | — |  |  | 4.9 |
Unrealized gain on derivative instruments |  | — |  |  | (4.0 | ) |  | — |  |  | — |  |  | (4.0 | )
Depreciation and amortization |  | — |  |  | 8.2 |  |  | 0.5 |  |  | — |  |  | 8.7 |
Selling, general, administrative, research and development: |  |  |  |  |  |  |  |  |  |
Selling, general, administrative, research and development |  | 0.8 |  |  | 23.6 |  |  | 2.2 |  |  | (0.5 | ) |  | 26.1 |
Net periodic postretirement benefit cost relating to Salaried VEBA |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Gain on removal of Union VEBA net assets |  | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Total selling, general, administrative, research and development |  | 0.8 |  |  | 24.3 |  |  | 2.2 |  |  | (0.5 | ) |  | 26.8 |
Total costs and expenses |  | 0.8 |  |  | 290.5 |  |  | 25.8 |  |  | (18.7 | ) |  | 298.4 |
Operating (loss) income |  | (0.8 | ) |  | 45.2 |  |  | 0.6 |  |  | (0.2 | ) |  | 44.8 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest (expense) income |  | (4.3 | ) |  | 0.6 |  |  | — |  |  | — |  |  | (3.7 | )
Other income, net |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
(Loss) income before income taxes |  | (5.1 | ) |  | 46.1 |  |  | 0.6 |  |  | (0.2 | ) |  | 41.4 |
Income tax provision |  | — |  |  | (16.9 | ) |  | (0.2 | ) |  | 2.0 |  |  | (15.1 | )
Earnings in equity of subsidiaries |  | 31.4 |  |  | 0.3 |  |  | — |  |  | (31.7 | ) |  | — |
Net income |  | $ | 26.3 |  |  | $ | 29.5 |  |  | $ | 0.4 |  |  | $ | (29.9 | ) |  | $ | 26.3 |
Comprehensive income |  | $ | 27.2 |  |  | $ | 30.3 |  |  | $ | 0.5 |  |  | $ | (30.8 | ) |  | $ | 27.2 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Quarter Ended March 31, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (0.3 | ) |  | $ | 2.6 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 4.1 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (14.7 | ) |  | (0.1 | ) |  | — |  |  | (14.8 | )
Purchase of available for sale securities |  | — |  |  | (74.7 | ) |  | — |  |  | — |  |  | (74.7 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 110.9 |  |  | — |  |  | — |  |  | 110.9 |
Intercompany loans receivable |  | 46.6 |  |  | — |  |  | 0.7 |  |  | (47.3 | ) |  | — |
Net cash provided by investing activities |  | 46.6 |  |  | 21.5 |  |  | 0.6 |  |  | (47.3 | ) |  | 21.4 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Repayment of capital lease |  | — |  |  | (0.2 | ) |  | — |  |  | — |  |  | (0.2 | )
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares |  | (4.4 | ) |  | — |  |  | — |  |  | — |  |  | (4.4 | )
Repurchase of common stock |  | (32.6 | ) |  | — |  |  | — |  |  | — |  |  | (32.6 | )
Cash dividends and dividend equivalents paid |  | (9.3 | ) |  | — |  |  | — |  |  | — |  |  | (9.3 | )
Intercompany loans payable |  | — |  |  | (47.3 | ) |  | — |  |  | 47.3 |  |  | — |
Net cash used in financing activities |  | (46.3 | ) |  | (47.5 | ) |  | — |  |  | 47.3 |  |  | (46.5 | )
Net (decrease) increase in cash, cash equivalents and restricted cash during the period |  | — |  |  | (23.4 | ) |  | 2.4 |  |  | — |  |  | (21.0 | )
Cash, cash equivalents and restricted cash at beginning of period |  | — |  |  | 65.1 |  |  | 2.6 |  |  | — |  |  | 67.7 |
Cash, cash equivalents and restricted cash at end of period |  | $ | — |  |  | $ | 41.7 |  |  | $ | 5.0 |  |  | $ | — |  |  | $ | 46.7 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Quarter Ended March 31, 2016
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities 1 |  | $ | 17.2 |  |  | $ | 201.4 |  |  | $ | 2.7 |  |  | $ | (200.0 | ) |  | $ | 21.3 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (25.3 | ) |  | (0.6 | ) |  | — |  |  | (25.9 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 20.0 |  |  | — |  |  | — |  |  | 20.0 |
Net cash used in investing activities |  | — |  |  | (5.3 | ) |  | (0.6 | ) |  | — |  |  | (5.9 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares |  | (2.7 | ) |  | — |  |  | — |  |  | — |  |  | (2.7 | )
Repurchase of common stock |  | (6.3 | ) |  | — |  |  | — |  |  | — |  |  | (6.3 | )
Cash dividends and dividend equivalents paid |  | (8.2 | ) |  | — |  |  | — |  |  | — |  |  | (8.2 | )
Cash dividends paid to Parent |  | — |  |  | (200.0 | ) |  | — |  |  | 200.0 |  |  | — |
Intercompany loan |  | — |  |  | 0.8 |  |  | (0.8 | ) |  | — |  |  | — |
Net cash used in financing activities |  | (17.2 | ) |  | (199.2 | ) |  | (0.8 | ) |  | 200.0 |  |  | (17.2 | )
Net (decrease) increase in cash, cash equivalents and restricted cash during the period |  | — |  |  | (3.1 | ) |  | 1.3 |  |  | — |  |  | (1.8 | )
Cash, cash equivalents and restricted cash at beginning of period |  | — |  |  | 83.0 |  |  | 0.7 |  |  | — |  |  | 83.7 |
Cash, cash equivalents and restricted cash at end of period |  | $ | — |  |  | $ | 79.9 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 81.9 |
________________
1 | The Guarantor Subsidiaries’ Net cash provided by operating activities reflects a decrease in current Intercompany receivables from the Parent and an increase in current Intercompany payable to the Parent related to the $200.0 million dividend made by the Guarantor Subsidiaries to the Parent. The dividend to the Parent and intercompany activity is eliminated within the consolidating adjustments.

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