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Condensed Guarantor and Non-Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2018
Guarantor and Non-Guarantor Financial Statement [Abstract] |
Condensed Financial Statements | CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) March 31, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 131.7 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | 135.0 |
Short-term investments |  | — |  |  | 83.8 |  |  | — |  |  | — |  |  | 83.8 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | — |  |  | 178.5 |  |  | 6.8 |  |  | — |  |  | 185.3 |
Intercompany loans receivable |  | 99.9 |  |  | 0.1 |  |  | 0.6 |  |  | (100.6 | ) |  | — |
Other |  | — |  |  | 17.6 |  |  | 0.6 |  |  | — |  |  | 18.2 |
Contract assets |  | — |  |  | 57.5 |  |  | — |  |  | — |  |  | 57.5 |
Inventories |  | — |  |  | 166.5 |  |  | 10.3 |  |  | — |  |  | 176.8 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 25.2 |  |  | 0.4 |  |  | — |  |  | 25.7 |
Total current assets |  | 100.0 |  |  | 660.9 |  |  | 22.0 |  |  | (100.6 | ) |  | 682.3 |
Investments in and advances to subsidiaries |  | 1,034.5 |  |  | 49.0 |  |  | — |  |  | (1,083.5 | ) |  | — |
Property, plant and equipment, net |  | — |  |  | 548.8 |  |  | 29.9 |  |  | — |  |  | 578.7 |
Long-term intercompany loans receivable |  | — |  |  | — |  |  | 12.4 |  |  | (12.4 | ) |  | — |
Deferred tax assets, net |  | — |  |  | 59.0 |  |  | — |  |  | 4.7 |  |  | 63.7 |
Intangible assets, net |  | — |  |  | 24.6 |  |  | — |  |  | — |  |  | 24.6 |
Goodwill |  | — |  |  | 18.8 |  |  | — |  |  | — |  |  | 18.8 |
Other assets |  | — |  |  | 37.3 |  |  | — |  |  | — |  |  | 37.3 |
Total |  | $ | 1,134.5 |  |  | $ | 1,398.4 |  |  | $ | 64.3 |  |  | $ | (1,191.8 | ) |  | $ | 1,405.4 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 2.7 |  |  | $ | 109.0 |  |  | $ | 8.5 |  |  | $ | — |  |  | $ | 120.2 |
Intercompany loans payable |  | — |  |  | 100.5 |  |  | 0.1 |  |  | (100.6 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 27.2 |  |  | 1.5 |  |  | — |  |  | 28.7 |
Other accrued liabilities |  | 8.4 |  |  | 27.4 |  |  | 1.4 |  |  | (1.6 | ) |  | 35.6 |
Total current liabilities |  | 11.1 |  |  | 264.1 |  |  | 11.5 |  |  | (102.2 | ) |  | 184.5 |
Net liabilities of Salaried VEBA |  | — |  |  | 31.9 |  |  | — |  |  | — |  |  | 31.9 |
Deferred tax liabilities |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Long-term intercompany loans payable |  | — |  |  | 12.4 |  |  | — |  |  | (12.4 | ) |  | — |
Long-term liabilities |  | — |  |  | 59.1 |  |  | 2.2 |  |  | — |  |  | 61.3 |
Long-term debt |  | 369.8 |  |  | — |  |  | — |  |  | — |  |  | 369.8 |
Total liabilities |  | 380.9 |  |  | 367.5 |  |  | 18.0 |  |  | (114.6 | ) |  | 651.8 |
Total stockholders' equity |  | 753.6 |  |  | 1,030.9 |  |  | 46.3 |  |  | (1,077.2 | ) |  | 753.6 |
Total |  | $ | 1,134.5 |  |  | $ | 1,398.4 |  |  | $ | 64.3 |  |  | $ | (1,191.8 | ) |  | $ | 1,405.4 |
CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) December 31, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 48.4 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 51.1 |
Short-term investments |  | — |  |  | 183.7 |  |  | — |  |  | — |  |  | 183.7 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | — |  |  | 160.1 |  |  | 4.9 |  |  | — |  |  | 165.0 |
Intercompany receivables |  | 22.8 |  |  | 0.1 |  |  | 0.7 |  |  | (23.6 | ) |  | — |
Other |  | — |  |  | 14.7 |  |  | 0.8 |  |  | — |  |  | 15.5 |
Inventories |  | — |  |  | 198.7 |  |  | 9.2 |  |  | — |  |  | 207.9 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 32.9 |  |  | 0.4 |  |  | — |  |  | 33.4 |
Total current assets |  | 22.9 |  |  | 638.6 |  |  | 18.7 |  |  | (23.6 | ) |  | 656.6 |
Investments in and advances to subsidiaries |  | 1,097.7 |  |  | 48.2 |  |  | — |  |  | (1,145.9 | ) |  | — |
Property, plant and equipment, net |  | — |  |  | 541.2 |  |  | 30.2 |  |  | — |  |  | 571.4 |
Long-term intercompany receivables |  | — |  |  | — |  |  | 12.4 |  |  | (12.4 | ) |  | — |
Deferred tax assets, net |  | — |  |  | 67.3 |  |  | — |  |  | 4.7 |  |  | 72.0 |
Intangible assets, net |  | — |  |  | 25.0 |  |  | — |  |  | — |  |  | 25.0 |
Goodwill |  | — |  |  | 18.8 |  |  | — |  |  | — |  |  | 18.8 |
Other assets |  | — |  |  | 41.4 |  |  | — |  |  | — |  |  | 41.4 |
Total |  | $ | 1,120.6 |  |  | $ | 1,380.5 |  |  | $ | 61.3 |  |  | $ | (1,177.2 | ) |  | $ | 1,385.2 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1.9 |  |  | $ | 81.4 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 90.0 |
Intercompany payable |  | — |  |  | 23.5 |  |  | 0.1 |  |  | (23.6 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 41.0 |  |  | 1.6 |  |  | — |  |  | 42.6 |
Other accrued liabilities |  | 2.8 |  |  | 46.2 |  |  | 1.0 |  |  | (9.5 | ) |  | 40.5 |
Total current liabilities |  | 4.7 |  |  | 192.1 |  |  | 9.4 |  |  | (33.1 | ) |  | 173.1 |
Net liabilities of Salaried VEBA |  | — |  |  | 31.9 |  |  | — |  |  | — |  |  | 31.9 |
Deferred tax liabilities |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Long-term intercompany payable |  | — |  |  | 12.4 |  |  | — |  |  | (12.4 | ) |  | — |
Long-term liabilities |  | — |  |  | 58.0 |  |  | 2.0 |  |  | — |  |  | 60.0 |
Long-term debt |  | 369.6 |  |  | — |  |  | — |  |  | — |  |  | 369.6 |
Total liabilities |  | 374.3 |  |  | 294.4 |  |  | 15.7 |  |  | (45.5 | ) |  | 638.9 |
Total stockholders' equity |  | 746.3 |  |  | 1,086.1 |  |  | 45.6 |  |  | (1,131.7 | ) |  | 746.3 |
Total |  | $ | 1,120.6 |  |  | $ | 1,380.5 |  |  | $ | 61.3 |  |  | $ | (1,177.2 | ) |  | $ | 1,385.2 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Quarter Ended March 31, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 377.9 |  |  | $ | 32.5 |  |  | $ | (22.4 | ) |  | $ | 388.0 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 309.4 |  |  | 29.1 |  |  | (21.8 | ) |  | 316.7 |
Depreciation and amortization |  | — |  |  | 9.9 |  |  | 0.6 |  |  | — |  |  | 10.5 |
Selling, general, administrative, research and development |  | 1.1 |  |  | 21.3 |  |  | 1.9 |  |  | (0.7 | ) |  | 23.6 |
Other operating charges, net |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total costs and expenses |  | 1.1 |  |  | 340.7 |  |  | 31.6 |  |  | (22.5 | ) |  | 350.9 |
Operating (loss) income |  | (1.1 | ) |  | 37.2 |  |  | 0.9 |  |  | 0.1 |  |  | 37.1 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (5.2 | ) |  | (0.5 | ) |  | — |  |  | 0.1 |  |  | (5.6 | )
Other income, net |  | — |  |  | 0.1 |  |  | 0.1 |  |  | (0.1 | ) |  | 0.1 |
(Loss) income before income taxes |  | (6.3 | ) |  | 36.8 |  |  | 1.0 |  |  | 0.1 |  |  | 31.6 |
Income tax provision |  | — |  |  | (7.1 | ) |  | (0.3 | ) |  | 1.5 |  |  | (5.9 | )
Earnings in equity of subsidiaries |  | 32.0 |  |  | 0.7 |  |  | — |  |  | (32.7 | ) |  | — |
Net income |  | $ | 25.7 |  |  | $ | 30.4 |  |  | $ | 0.7 |  |  | $ | (31.1 | ) |  | $ | 25.7 |
Comprehensive income |  | $ | 17.4 |  |  | $ | 22.1 |  |  | $ | 0.7 |  |  | $ | (22.8 | ) |  | $ | 17.4 |
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, excluding depreciation and amortization and other items 1 |  | — |  |  | 257.5 |  |  | 25.3 |  |  | (20.1 | ) |  | 262.7 |
Depreciation and amortization |  | — |  |  | 9.0 |  |  | 0.6 |  |  | — |  |  | 9.6 |
Selling, general, administrative, research and development 2 |  | 0.9 |  |  | 20.9 |  |  | 2.4 |  |  | (0.5 | ) |  | 23.7 |
Total costs and expenses |  | 0.9 |  |  | 287.4 |  |  | 28.3 |  |  | (20.6 | ) |  | 296.0 |
Operating (loss) income |  | (0.9 | ) |  | 59.4 |  |  | 1.0 |  |  | (0.2 | ) |  | 59.3 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest (expense) income |  | (5.7 | ) |  | 0.1 |  |  | — |  |  | — |  |  | (5.6 | )
Other income, net |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
(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 |
____________________
1 | See Note 4 for discussion of our adoption of ASU 2017-12 and the related reclassification of amounts previously presented in the Statements of Consolidated Income within Unrealized loss (gain) on derivative instruments and now included within Cost of products sold, excluding depreciation and amortization and other items.
2 | See Note 1 for discussion of our adoption of ASU 2017-07 and the related reclassification of amounts previously presented in the Statements of Consolidated Income within Selling, general, administrative, research and development and now included within Other (expense) income.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Quarter Ended March 31, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 99.7 |  |  | $ | 25.6 |  |  | $ | 0.8 |  |  | $ | (100.0 | ) |  | $ | 26.1 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (19.4 | ) |  | (0.3 | ) |  | — |  |  | (19.7 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 100.3 |  |  | — |  |  | — |  |  | 100.3 |
Intercompany loans receivable |  | (77.1 | ) |  | — |  |  | 0.1 |  |  | 77.0 |  |  | — |
Net cash (used in) provided by investing activities |  | (77.1 | ) |  | 80.9 |  |  | (0.2 | ) |  | 77.0 |  |  | 80.6 |
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 |  | (6.9 | ) |  | — |  |  | — |  |  | — |  |  | (6.9 | )
Repurchase of common stock |  | (5.7 | ) |  | — |  |  | — |  |  | — |  |  | (5.7 | )
Cash dividends paid to Parent |  | — |  |  | (100.0 | ) |  | — |  |  | 100.0 |  |  | — |
Cash dividends and dividend equivalents paid |  | (10.0 | ) |  | — |  |  | — |  |  | — |  |  | (10.0 | )
Intercompany loans payable |  | — |  |  | 77.0 |  |  | — |  |  | (77.0 | ) |  | — |
Net cash used in financing activities |  | (22.6 | ) |  | (23.2 | ) |  | — |  |  | 23.0 |  |  | (22.8 | )
Net increase in cash, cash equivalents and restricted cash during the period |  | — |  |  | 83.3 |  |  | 0.6 |  |  | — |  |  | 83.9 |
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 |  | $ | — |  |  | $ | 144.6 |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 148.2 |
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 |

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- Definition Guarantor and Non-Guarantor Financial Statement [Abstract] + References No definition available. + Details
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