Revision of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The revision to the accompanying unaudited condensed consolidated statement of operations, condensed consolidated statement of comprehensive, condensed consolidated balance sheet, condensed consolidated statement of stockholders’ equity, and condensed consolidated statement of cash flows are as follows.

Condensed Consolidated Statement of Operations

	Three Months Ended September 30, 2021
	As Reported		Effect of Revision		Revised
	(In millions, except per share amounts)
Net sales	$	545.3	$	—	$	545.3
Operating costs and expenses:
Cost of sales (exclusive of items shown separately below)	446.5		—		446.5
Selling, general and administrative expense	5.2		—		5.2
Depreciation and amortization	13.5		—		13.5
Other expense, net	8.7		—		8.7
Total operating costs and expenses	473.9		—		473.9
Operating income	71.4		—		71.4
Total non-operating expense, net	14.1		—		14.1
Income before income taxes	57.3		—		57.3
Income tax provision	14.7		0.1		14.8
Net income	$	42.6	$	(0.1)	$	42.5
EPS of common stock
Basic EPS	$	0.53	$	—	$	0.53
Diluted EPS	$	0.52	$	(0.01)	$	0.51
Weighted average shares of common stock outstanding, basic	79.9		—		79.9
Weighted average shares of common stock outstanding, diluted	82.3		—		82.3

Condensed Consolidated Statement of Comprehensive Income

	Three Months Ended September 30, 2021
	As Reported		Effect of Revision		Revised
	(In millions)
Net income	$	42.6	$	(0.1)	$	42.5
Other comprehensive income:
Amortization of actuarial losses, net of income taxes	11.5		—		11.5
Comprehensive income	$	54.1	$	(0.1)	$	54.0

Condensed Consolidated Statement of Operations

	Nine Months Ended September 30, 2021
	As Reported		Effect of Revision		Revised
	(In millions, except per share amounts)
Net sales	$	1,598.3	$	—	$	1,598.3
Operating costs and expenses:
Cost of sales (exclusive of items shown separately below)	1,310.6		—		1,310.6
Selling, general and administrative expense	27.8		—		27.8
Depreciation and amortization	44.4		—		44.4
Other expense, net	24.0		—		24.0
Total operating costs and expenses	1,406.8		—		1,406.8
Operating income	191.5		—		191.5
Total non-operating expense, net	49.5		—		49.5
Income before income taxes	142.0		—		142.0
Income tax provision	36.3		0.1		36.4
Net income	$	105.7	$	(0.1)	$	105.6
EPS of common stock
Basic EPS	$	1.33	$	—	$	1.33
Diluted EPS	$	1.29	$	—	$	1.29
Weighted average shares of common stock outstanding, basic	79.0		—		79.0
Weighted average shares of common stock outstanding, diluted	81.5		—		81.5

Condensed Consolidated Statement of Comprehensive Income

	Nine Months Ended September 30, 2021
	As Reported		Effect of Revision		Revised
	(In millions)
Net income	$	105.7	$	(0.1)	$	105.6
Other comprehensive income:
Amortization of actuarial losses, net of income taxes	34.5		—		34.5
Comprehensive income	$	140.2	$	(0.1)	$	140.1

Condensed Consolidated Balance Sheet

	As of December 31, 2021
	As Reported		Adjustments		As Revised
	(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$	700.4	$	—	$	700.4
Restricted cash	3.0		—		3.0
Marketable securities	10.6		—		10.6
Accounts receivable, net	60.6		—		60.6
Contract assets	354.2		—		354.2
Other current assets, net	107.8		(8.3)		99.5
Total Current Assets	1,236.6		(8.3)		1,228.3
Noncurrent Assets
Right-of-use assets	52.6		—		52.6
Property, plant and equipment, net	421.1		—		421.1
Recoverable environmental remediation costs	226.2		—		226.2
Deferred income taxes	57.5		(1.9)		55.6
Goodwill	161.4		—		161.4
Intangible assets	34.9		—		34.9
Other noncurrent assets, net	243.3		—		243.3
Total Noncurrent Assets	1,197.0		(1.9)		1,195.1
Total Assets	$	2,433.6	$	(10.2)	$	2,423.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	166.7	$	—	$	166.7
Accounts payable	132.2		—		132.2
Reserves for environmental remediation costs	37.7		—		37.7
Contract liabilities	366.5		—		366.5
Other current liabilities	172.7		—		172.7
Total Current Liabilities	875.8		—		875.8
Noncurrent Liabilities
Long-term debt	294.6		—		294.6
Reserves for environmental remediation costs	258.7		—		258.7
Pension benefits	255.9		—		255.9
Operating lease liabilities	41.3		—		41.3
Other noncurrent liabilities	173.8		—		173.8
Total Noncurrent Liabilities	1,024.3		—		1,024.3
Total Liabilities	1,900.1		—		1,900.1
Commitments and contingencies (Note 8)
Stockholders’ Equity
Common stock	8.0		—		8.0
Other capital	599.0		(20.9)		578.1
Treasury stock at cost	(64.4)		—		(64.4)
Retained earnings	91.9		10.7		102.6
Accumulated other comprehensive loss, net of income taxes	(101.0)		—		(101.0)
Total Stockholders’ Equity	533.5		(10.2)		523.3
Total Liabilities and Stockholders’ Equity	$	2,433.6	$	(10.2)	$	2,423.4

Condensed Consolidated Statements of Stockholders’ Equity

	Three and Nine Months Ended September 30, 2021
	As Reported		Adjustments		As Revised
	(In millions)
Common stock	$	8.0	$	—	$	8.0
Other capital	596.0		(20.9)		575.1
Treasury stock	(64.4)		—		(64.4)
Retained earnings	53.8		7.7		61.5
Accumulated other comprehensive loss	(193.1)		—		(193.1)
Total stockholders' equity	$	400.3	$	(13.2)	$	387.1

Condensed Consolidated Statement of Cash Flows

	Nine Months Ended September 30, 2021
	As Reported		Adjustments		As Revised
	(In millions)
Operating Activities
Net income	$	105.7	$	(0.1)	$	105.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44.4		—		44.4
Amortization of debt discount and deferred financing costs	4.5		—		4.5
Stock-based compensation	10.6		—		10.6
Retirement benefits, net	10.2		—		10.2
Loss on debt	10.5		—		10.5
Other, net	(0.9)		—		(0.9)
Changes in assets and liabilities:
Accounts receivable, net	(9.6)		—		(9.6)
Contract assets	(39.1)		—		(39.1)
Other current assets, net	15.3		3.8		19.1
Recoverable environmental remediation costs	(1.8)		—		(1.8)
Other noncurrent assets	16.9		—		16.9
Accounts payable	(2.8)		—		(2.8)
Contract liabilities	(65.0)		—		(65.0)
Other current liabilities	2.9		—		2.9
Deferred income taxes	—		(3.7)		(3.7)
Reserves for environmental remediation costs	2.7		—		2.7
Other noncurrent liabilities and other	(9.1)				(9.1)
Net Cash Provided by Operating Activities	95.4		—		95.4
Investing Activities
Net Cash Used in Investing Activities	(19.2)		—		(19.2)
Financing Activities
Net Cash Used in Financing Activities	(600.8)		—		(600.8)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(524.6)		—		(524.6)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	1,152.5		—		1,152.5
Cash, Cash Equivalents and Restricted Cash at End of Year	$	627.9	$	—	$	627.9