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Restatement of Previously Issued Financial Statements
 3 Months Ended
Mar. 31, 2012
Accounting Changes and Error Corrections [Abstract]  
Restatement of Previously Issued Financial Statements
Restatement of Previously Issued Consolidated Financial Statements

The Company accounts for the VEBAs as defined benefit postretirement plans with the current VEBA assets and future variable contributions and earnings thereon operating as a cap on the benefits to be paid. Subsequent to the issuance of the consolidated financial statements for the year ended December 31, 2010, the Company identified errors in the accuracy and completeness of the data previously provided by the Union VEBA. The Company determined that it had omitted certain deferred retirees from the Union VEBA's participant population and misinterpreted the benefit election of certain participants for the years ended December 31, 2009 and December 31, 2010. As a result of this omission and misinterpretation, the Company has restated the consolidated financial statements for the years ended December 31, 2009 and December 31, 2010 and each of the interim periods in 2010 and 2011 to reflect the full effects of these errors, which management believes are not material to its previously issued consolidated financial statements.

The following is a summary of the effects of the restatement on the Company's Statements of Consolidated Income, Statements of Comprehensive Income and Statements of Cash Flows for the quarter ended March 31, 2011 (in millions of dollars, except per share amounts):

 
 
 
 
 
 
 
Quarter ended March 31, 2011
 
Previously Reported
 
Adjustment
 
Restated
Statements of Consolidated Income:
 
 
 
 
 
Selling, administrative, research and development, and general
$
14.9

 
$
0.7

 
$
15.6

Total costs and expenses
302.1

 
0.7

 
302.8

Operating income
20.5

 
(0.7
)
 
19.8

Income before income taxes
17.7

 
(0.7
)
 
17.0

Income tax provision
(6.4
)
 
0.2

 
(6.2
)
Net income
$
11.3

 
$
(0.5
)
 
$
10.8

Earnings per common share, Basic:
 
 
 
 
 
Net income per share
$
0.59

 
$
(0.02
)
 
$
0.57

Earnings per common share, Diluted:
 
 
 
 
 
Net income per share
$
0.59

 
$
(0.02
)
 
$
0.57

 
 
 
 
 
 
Statements of Consolidated Comprehensive Income:1
 
 
 
 
 
Net income
$
11.3

 
$
(0.5
)
 
$
10.8

Other comprehensive income:
 
 
 
 
 
Reclassification adjustments:
 
 
 
 
 
  Less: amortization of net actuarial loss
—

 
0.1

 
0.1

  Less: amortization of prior service cost
—

 
1.0

 
1.0

  Less: tax impact on amortization of prior service cost
—

 
(0.4
)
 
(0.4
)
Other comprehensive (loss) income, net of tax
(0.3
)
 
0.7

 
0.4

Comprehensive income
$
11.0

 
$
0.2

 
$
11.2

 
 
 
 
 
 
Statements of Consolidated Cash Flows:
 
 
 
 
 
Net income
$
11.3

 
$
(0.5
)
 
$
10.8

Deferred income taxes
6.1

 
(0.3
)
 
5.8

Non-cash net periodic benefit income2
—

 
(1.5
)
 
(1.5
)
Other non-cash charges2
$
(2.2
)
 
$
2.3

 
$
0.1

______________________________
1  
Total comprehensive income and components of other comprehensive income (loss) were previously included in the Statement of Stockholders' Equity for interim reporting periods prior to 2012. The Company adopted ASU 2011-05 beginning with the annual period ended December 31, 2011 and presented the Statement of Comprehensive Income as its own separate statement. As such, the Previously Reported amounts in the tables above reflect the changes in the presentation.
2. 
Non-cash net periodic benefit cost was included within Other non-cash charges in the quarter ended March 31, 2011. Such amount has been reclassified from Other non-cash charges to conform to current period presentation.