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v3.19.1

Condensed Guarantor and Non-Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2019
Guarantor and Non-Guarantor Financial Statement [Abstract] |
Condensed Financial Statements | CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) March 31, 2019
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 111.2 |  |  | $ | 4.1 |  |  | $ | — |  |  | $ | 115.3 |
Short-term investments |  | — |  |  | 22.3 |  |  | — |  |  | — |  |  | 22.3 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | — |  |  | 190.3 |  |  | 5.5 |  |  | — |  |  | 195.8 |
Intercompany loans receivable |  | 106.7 |  |  | 0.3 |  |  | 4.4 |  |  | (111.4 | ) |  | — |
Other |  | — |  |  | 20.8 |  |  | 1.6 |  |  | — |  |  | 22.4 |
Contract assets |  | — |  |  | 53.8 |  |  | 4.6 |  |  | — |  |  | 58.4 |
Inventories |  | — |  |  | 220.0 |  |  | 13.9 |  |  | — |  |  | 233.9 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 22.5 |  |  | 0.4 |  |  | — |  |  | 23.0 |
Total current assets |  | 106.8 |  |  | 641.2 |  |  | 34.5 |  |  | (111.4 | ) |  | 671.1 |
Investments in and advances to subsidiaries |  | 1,021.3 |  |  | 95.5 |  |  | 0.2 |  |  | (1,117.0 | ) |  | — |
Property, plant and equipment, net |  | — |  |  | 576.9 |  |  | 34.0 |  |  | — |  |  | 610.9 |
Operating lease assets |  | — |  |  | 27.4 |  |  | — |  |  | — |  |  | 27.4 |
Long-term intercompany loans receivable |  | — |  |  | — |  |  | 7.2 |  |  | (7.2 | ) |  | — |
Deferred tax assets, net |  | — |  |  | 19.4 |  |  | — |  |  | 3.0 |  |  | 22.4 |
Intangible assets, net |  | — |  |  | 23.2 |  |  | 8.5 |  |  | — |  |  | 31.7 |
Goodwill |  | — |  |  | 18.7 |  |  | 25.3 |  |  | — |  |  | 44.0 |
Other assets |  | — |  |  | 40.3 |  |  | — |  |  | — |  |  | 40.3 |
Total |  | $ | 1,128.1 |  |  | $ | 1,442.6 |  |  | $ | 109.7 |  |  | $ | (1,232.6 | ) |  | $ | 1,447.8 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1.3 |  |  | $ | 115.6 |  |  | $ | 7.5 |  |  | $ | — |  |  | $ | 124.4 |
Intercompany loans payable |  | — |  |  | 111.3 |  |  | 0.1 |  |  | (111.4 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 26.5 |  |  | 1.7 |  |  | — |  |  | 28.2 |
Other accrued liabilities |  | 8.3 |  |  | 44.4 |  |  | 0.4 |  |  | (1.5 | ) |  | 51.6 |
Total current liabilities |  | 9.6 |  |  | 297.8 |  |  | 9.7 |  |  | (112.9 | ) |  | 204.2 |
Long-term portion of operating lease liabilities |  | — |  |  | 26.6 |  |  | — |  |  | — |  |  | 26.6 |
Net liabilities of Salaried VEBA |  | — |  |  | 32.5 |  |  | — |  |  | — |  |  | 32.5 |
Deferred tax liabilities |  | — |  |  | — |  |  | 4.2 |  |  | — |  |  | 4.2 |
Long-term intercompany loans payable |  | — |  |  | 7.2 |  |  | — |  |  | (7.2 | ) |  | — |
Long-term liabilities |  | — |  |  | 58.8 |  |  | 3.0 |  |  | — |  |  | 61.8 |
Long-term debt |  | 370.6 |  |  | — |  |  | — |  |  | — |  |  | 370.6 |
Total liabilities |  | 380.2 |  |  | 422.9 |  |  | 16.9 |  |  | (120.1 | ) |  | 699.9 |
Total stockholders' equity |  | 747.9 |  |  | 1,019.7 |  |  | 92.8 |  |  | (1,112.5 | ) |  | 747.9 |
Total |  | $ | 1,128.1 |  |  | $ | 1,442.6 |  |  | $ | 109.7 |  |  | $ | (1,232.6 | ) |  | $ | 1,447.8 |
CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) December 31, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 122.6 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 125.6 |
Short-term investments |  | — |  |  | 36.7 |  |  | — |  |  | — |  |  | 36.7 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | — |  |  | 174.0 |  |  | 5.8 |  |  | — |  |  | 179.8 |
Intercompany receivables |  | 143.7 |  |  | 0.1 |  |  | 4.3 |  |  | (148.1 | ) |  | — |
Other |  | — |  |  | 23.3 |  |  | 2.3 |  |  | — |  |  | 25.6 |
Contract assets |  | — |  |  | 52.0 |  |  | 2.9 |  |  | — |  |  | 54.9 |
Inventories |  | — |  |  | 203.0 |  |  | 12.1 |  |  | — |  |  | 215.1 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 18.4 |  |  | 0.4 |  |  | — |  |  | 18.9 |
Total current assets |  | 143.8 |  |  | 630.1 |  |  | 30.8 |  |  | (148.1 | ) |  | 656.6 |
Investments in and advances to subsidiaries |  | 974.7 |  |  | 94.9 |  |  | 0.2 |  |  | (1,069.8 | ) |  | — |
Property, plant and equipment, net |  | — |  |  | 577.4 |  |  | 34.4 |  |  | — |  |  | 611.8 |
Long-term intercompany receivables |  | — |  |  | — |  |  | 9.8 |  |  | (9.8 | ) |  | — |
Deferred tax assets, net |  | — |  |  | 32.9 |  |  | — |  |  | 3.0 |  |  | 35.9 |
Intangible assets, net |  | — |  |  | 23.6 |  |  | 8.8 |  |  | — |  |  | 32.4 |
Goodwill |  | — |  |  | 18.8 |  |  | 25.2 |  |  | — |  |  | 44.0 |
Other assets |  | — |  |  | 38.6 |  |  | — |  |  | — |  |  | 38.6 |
Total |  | $ | 1,118.5 |  |  | $ | 1,416.3 |  |  | $ | 109.2 |  |  | $ | (1,224.7 | ) |  | $ | 1,419.3 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 4.9 |  |  | $ | 109.6 |  |  | $ | 6.9 |  |  | $ | — |  |  | $ | 121.4 |
Intercompany payable |  | — |  |  | 148.0 |  |  | 0.1 |  |  | (148.1 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 38.3 |  |  | 1.8 |  |  | — |  |  | 40.1 |
Other accrued liabilities |  | 2.8 |  |  | 46.7 |  |  | 0.8 |  |  | (6.3 | ) |  | 44.0 |
Total current liabilities |  | 7.7 |  |  | 342.6 |  |  | 9.6 |  |  | (154.4 | ) |  | 205.5 |
Net liabilities of Salaried VEBA |  | — |  |  | 32.4 |  |  | — |  |  | — |  |  | 32.4 |
Deferred tax liabilities |  | — |  |  | — |  |  | 4.2 |  |  | — |  |  | 4.2 |
Long-term intercompany payable |  | — |  |  | 9.8 |  |  | — |  |  | (9.8 | ) |  | — |
Long-term liabilities |  | — |  |  | 63.3 |  |  | 3.1 |  |  | — |  |  | 66.4 |
Long-term debt |  | 370.4 |  |  | — |  |  | — |  |  | — |  |  | 370.4 |
Total liabilities |  | 378.1 |  |  | 448.1 |  |  | 16.9 |  |  | (164.2 | ) |  | 678.9 |
Total stockholders' equity |  | 740.4 |  |  | 968.2 |  |  | 92.3 |  |  | (1,060.5 | ) |  | 740.4 |
Total |  | $ | 1,118.5 |  |  | $ | 1,416.3 |  |  | $ | 109.2 |  |  | $ | (1,224.7 | ) |  | $ | 1,419.3 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Quarter Ended March 31, 2019
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 385.7 |  |  | $ | 28.9 |  |  | $ | (19.4 | ) |  | $ | 395.2 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 309.0 |  |  | 25.0 |  |  | (18.9 | ) |  | 315.1 |
Depreciation and amortization |  | — |  |  | 10.9 |  |  | 1.0 |  |  | — |  |  | 11.9 |
Selling, general, administrative, research and development |  | 1.1 |  |  | 22.2 |  |  | 2.4 |  |  | (0.5 | ) |  | 25.2 |
Total costs and expenses |  | 1.1 |  |  | 342.1 |  |  | 28.4 |  |  | (19.4 | ) |  | 352.2 |
Operating (loss) income |  | (1.1 | ) |  | 43.6 |  |  | 0.5 |  |  | — |  |  | 43.0 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (5.2 | ) |  | (0.6 | ) |  | — |  |  | 0.1 |  |  | (5.7 | )
Other expense, net |  | — |  |  | 0.3 |  |  | 0.3 |  |  | (0.1 | ) |  | 0.5 |
(Loss) income before income taxes |  | (6.3 | ) |  | 43.3 |  |  | 0.8 |  |  | — |  |  | 37.8 |
Income tax provision |  | — |  |  | (11.0 | ) |  | (0.3 | ) |  | 1.5 |  |  | (9.8 | )
Earnings in equity of subsidiaries |  | 34.3 |  |  | 0.5 |  |  | — |  |  | (34.8 | ) |  | — |
Net income |  | $ | 28.0 |  |  | $ | 32.8 |  |  | $ | 0.5 |  |  | $ | (33.3 | ) |  | $ | 28.0 |
Comprehensive income |  | $ | 37.7 |  |  | $ | 42.5 |  |  | $ | 0.5 |  |  | $ | (43.0 | ) |  | $ | 37.7 |
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 CASH FLOWS (In millions of dollars) Quarter Ended March 31, 2019
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (3.3 | ) |  | $ | 27.2 |  |  | $ | (1.1 | ) |  | $ | — |  |  | $ | 22.8 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (13.3 | ) |  | (0.3 | ) |  | — |  |  | (13.6 | )
Purchase of available for sale securities |  | — |  |  | (18.1 | ) |  | — |  |  | — |  |  | (18.1 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 32.7 |  |  | — |  |  | — |  |  | 32.7 |
Intercompany loans receivable |  | 37.0 |  |  | (0.2 | ) |  | 2.5 |  |  | (39.3 | ) |  | — |
Net cash provided by (used in) investing activities |  | 37.0 |  |  | 1.1 |  |  | 2.2 |  |  | (39.3 | ) |  | 1.0 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Repayment of finance lease |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | (0.3 | )
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares |  | (5.0 | ) |  | — |  |  | — |  |  | — |  |  | (5.0 | )
Repurchase of common stock |  | (18.5 | ) |  | — |  |  | — |  |  | — |  |  | (18.5 | )
Cash dividends and dividend equivalents paid |  | (10.2 | ) |  | — |  |  | — |  |  | — |  |  | (10.2 | )
Intercompany loans payable |  | — |  |  | (39.3 | ) |  | — |  |  | 39.3 |  |  | — |
Net cash used in financing activities |  | (33.7 | ) |  | (39.6 | ) |  | — |  |  | 39.3 |  |  | (34.0 | )
Net (decrease) increase in cash, cash equivalents and restricted cash during the period |  | — |  |  | (11.3 | ) |  | 1.1 |  |  | — |  |  | (10.2 | )
Cash, cash equivalents and restricted cash at beginning of period |  | — |  |  | 136.3 |  |  | 3.3 |  |  | — |  |  | 139.6 |
Cash, cash equivalents and restricted cash at end of period |  | $ | — |  |  | $ | 125.0 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 129.4 |
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 finance 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 |

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- Definition Guarantor and Non-Guarantor Financial Statement [Abstract] + References No definition available. + Details
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- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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