XML 46 R83.htm IDEA: XBRL DOCUMENT v2.4.0.6
Guarantor and Non-Guarantor Financial Statements Guarantor and Non-Guarantor Financial Statements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
May 23, 2012
Dec. 31, 2011
Current assets:        
Cash and cash equivalents $ 77.3 $ 55.9    
Trade, less allowance for doubtful receivables 130.1     98.9
Intercompany receivables 0     0
Other 1.3     1.2
Inventories 198.2     205.7
Prepaid expenses and other current assets 75.3     78.9
Total current assets 482.2     434.5
Investments in and advances to unconsolidated affiliates 0     0
Property, plant, and equipment - net 370.8     367.8
Long-term intercompany receivables 0     0
Net asset in respect of VEBA 213.4     144.7
Deferred tax assets - net 186.9     226.9
Intangible assets - net 36.8     37.2
Goodwill 37.2     37.2
Other assets 63.0     72.3
Total 1,390.3     1,320.6
Current liabilities:        
Accounts payable 65.4     62.2
Intercompany payable 0     0
Accrued salaries, wages, and related expenses 31.6     30.9
Other accrued liabilities 42.6     41.0
Payable to affiliate 22.4     14.4
Long-term debt-current portion 1.7     1.3
Total current liabilities 163.7     149.8
Net liability in respect of VEBA 20.4     20.6
Long-term Intercompany payable 0     0
Long-term liabilities 116.1     126.0
Cash convertible senior notes 149.8     148.0
Other long-term debt 3.0     3.4
Total liabilities 453.0     447.8
Total stockholders' equity 937.3     872.8
Total 1,390.3     1,320.6
CONDENSED STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME        
Net sales 365.4 322.6    
Costs and expenses:        
Cost of products sold, excluding depreciation, amortization, and other items 295.0 280.9    
Depreciation and amortization 6.3 6.3    
Selling, administrative, research and development, and general 17.9 15.6    
Total costs and expenses 319.2 302.8    
Operating income 46.2 19.8    
Other (expense) income:        
Interest expense (4.1) (4.5)    
Other income (expense), net 0.7 1.7    
Income before income taxes 42.8 17.0    
Income tax provision (16.3) (6.2)    
Earnings in equity of subsidiaries 0 0    
Net income 26.5 10.8 [1]    
Comprehensive income (loss) 27.6 11.2 [1]    
Cash flows from operating activities:        
Net cash provided by operating activities 35.0 15.8    
Cash flows from investing activities:        
Capital expenditures (9.0) (6.2)    
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011) 0 (83.2)    
Change in restricted cash 7.2 0    
Net cash used in investing activities (1.8) (89.4)    
Cash flows from financing activities:        
Repayment of promissory notes 0 (0.3)    
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest 1.3 0    
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares (2.1) (1.1)    
Cash dividend paid to stockholders (4.9) (4.7)    
Net cash used in financing activities (5.7) (6.1)    
Net increase (decrease) in cash and cash equivalents during the period 27.5 (79.7)    
Cash and cash equivalents at beginning of period 49.8 135.6    
Cash and cash equivalents at end of period 77.3 55.9    
Parent
       
Current assets:        
Cash and cash equivalents 5.0 5.0    
Trade, less allowance for doubtful receivables 0     0
Intercompany receivables 0     0
Other 0     0
Inventories 0     0
Prepaid expenses and other current assets 0     6.9
Total current assets 5.0     11.9
Investments in and advances to unconsolidated affiliates 1,111.9     1,036.9
Property, plant, and equipment - net 0     0
Long-term intercompany receivables 0     0
Net asset in respect of VEBA 0     0
Deferred tax assets - net 0     0
Intangible assets - net 0     0
Goodwill 0     0
Other assets 41.0     50.2
Total 1,157.9     1,099.0
Current liabilities:        
Accounts payable 0.1     0
Intercompany payable 0     0
Accrued salaries, wages, and related expenses 0     0
Other accrued liabilities 4.1     2.2
Payable to affiliate 0     0
Long-term debt-current portion 0     0
Total current liabilities 4.2     2.2
Net liability in respect of VEBA 0     0
Long-term Intercompany payable 22.0     22.0
Long-term liabilities 44.6     54.0
Cash convertible senior notes 149.8     148.0
Other long-term debt 0     0
Total liabilities 220.6     226.2
Total stockholders' equity 937.3     872.8
Total 1,157.9     1,099.0
CONDENSED STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME        
Net sales 0 0    
Costs and expenses:        
Cost of products sold, excluding depreciation, amortization, and other items 0 0    
Depreciation and amortization 0 0    
Selling, administrative, research and development, and general 0.5 0.4    
Total costs and expenses 0.5 0.4    
Operating income (0.5) (0.4)    
Other (expense) income:        
Interest expense (4.0) (3.8)    
Other income (expense), net 0.5 1.6    
Income before income taxes (4.0) (2.6)    
Income tax provision 0 0    
Earnings in equity of subsidiaries 30.5 13.4    
Net income 26.5 10.8    
Comprehensive income (loss) 27.6 11.2    
Cash flows from operating activities:        
Net cash provided by operating activities 0.1 5.8    
Cash flows from investing activities:        
Capital expenditures 0 0    
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011)   0    
Change in restricted cash 6.9      
Net cash used in investing activities 6.9 0    
Cash flows from financing activities:        
Repayment of promissory notes   0    
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest 0      
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares (2.1) (1.1)    
Cash dividend paid to stockholders (4.9) (4.7)    
Net cash used in financing activities (7.0) (5.8)    
Net increase (decrease) in cash and cash equivalents during the period 0 0    
Cash and cash equivalents at beginning of period 5.0 5.0    
Cash and cash equivalents at end of period 5.0 5.0    
Guarantor Subsidiaries
       
Condensed Financial Statements, Captions [Line Items]        
Ownership percentage of Guarantor Subsidiaries     100.00%  
Current assets:        
Cash and cash equivalents 71.6 50.5    
Trade, less allowance for doubtful receivables 125.8     96.0
Intercompany receivables 0     2.3
Other 0.9     0.8
Inventories 189.4     196.6
Prepaid expenses and other current assets 74.5     71.0
Total current assets 462.2     409.7
Investments in and advances to unconsolidated affiliates 7.3     5.8
Property, plant, and equipment - net 358.8     355.9
Long-term intercompany receivables 22.3     22.0
Net asset in respect of VEBA 213.4     144.7
Deferred tax assets - net 178.9     218.9
Intangible assets - net 36.8     37.2
Goodwill 37.2     37.2
Other assets 18.9     19.2
Total 1,335.8     1,250.6
Current liabilities:        
Accounts payable 57.0     57.1
Intercompany payable 2.9     0.2
Accrued salaries, wages, and related expenses 29.2     28.7
Other accrued liabilities 37.1     38.0
Payable to affiliate 22.4     14.4
Long-term debt-current portion 1.7     1.3
Total current liabilities 150.3     139.7
Net liability in respect of VEBA 20.4     20.6
Long-term Intercompany payable 2.5     2.5
Long-term liabilities 53.7     53.5
Cash convertible senior notes 0       
Other long-term debt 3.0     3.4
Total liabilities 229.9     219.7
Total stockholders' equity 1,105.9     1,030.9
Total 1,335.8     1,250.6
CONDENSED STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME        
Net sales 355.5 312.9    
Costs and expenses:        
Cost of products sold, excluding depreciation, amortization, and other items 287.4 272.6    
Depreciation and amortization 6.1 6.1    
Selling, administrative, research and development, and general 17.7 13.8    
Total costs and expenses 311.2 292.5    
Operating income 44.3 20.4    
Other (expense) income:        
Interest expense (0.1) (0.7)    
Other income (expense), net 0.2 0.1    
Income before income taxes 44.4 19.8    
Income tax provision (16.8) (7.0)    
Earnings in equity of subsidiaries 1.7 (0.6)    
Net income 29.3 12.2    
Comprehensive income (loss) 30.7 12.9    
Cash flows from operating activities:        
Net cash provided by operating activities 35.7 10.2    
Cash flows from investing activities:        
Capital expenditures (8.7) (5.8)    
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011)   (83.2)    
Change in restricted cash 0.3      
Net cash used in investing activities (8.4) (89.0)    
Cash flows from financing activities:        
Repayment of promissory notes   (0.3)    
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest 1.3      
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares 0 0    
Cash dividend paid to stockholders 0 0    
Net cash used in financing activities 1.3 (0.3)    
Net increase (decrease) in cash and cash equivalents during the period 28.6 (79.1)    
Cash and cash equivalents at beginning of period 43.0 129.6    
Cash and cash equivalents at end of period 71.6 50.5    
Non-Guarantor Subsidiaries
       
Current assets:        
Cash and cash equivalents 0.7 0.4    
Trade, less allowance for doubtful receivables 4.3     2.9
Intercompany receivables 2.9     0.2
Other 0.4     0.4
Inventories 8.8     9.1
Prepaid expenses and other current assets 0.8     1.0
Total current assets 17.9     15.4
Investments in and advances to unconsolidated affiliates 0     0
Property, plant, and equipment - net 12.0     11.9
Long-term intercompany receivables 2.5     2.5
Net asset in respect of VEBA 0     0
Deferred tax assets - net (0.6)     (0.6)
Intangible assets - net 0     0
Goodwill 0     0
Other assets 3.1     2.9
Total 34.9     32.1
Current liabilities:        
Accounts payable 8.3     5.1
Intercompany payable 0     2.3
Accrued salaries, wages, and related expenses 2.4     2.2
Other accrued liabilities 1.4     0.8
Payable to affiliate 0     0
Long-term debt-current portion 0     0
Total current liabilities 12.1     10.4
Net liability in respect of VEBA 0     0
Long-term Intercompany payable 0.3     0
Long-term liabilities 17.8     18.5
Cash convertible senior notes 0     0
Other long-term debt 0     0
Total liabilities 30.2     28.9
Total stockholders' equity 4.7     3.2
Total 34.9     32.1
CONDENSED STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME        
Net sales 32.6 35.0    
Costs and expenses:        
Cost of products sold, excluding depreciation, amortization, and other items 29.9 33.1    
Depreciation and amortization 0.2 0.2    
Selling, administrative, research and development, and general 0 1.9    
Total costs and expenses 30.1 35.2    
Operating income 2.5 (0.2)    
Other (expense) income:        
Interest expense 0 0    
Other income (expense), net 0 0    
Income before income taxes 2.5 (0.2)    
Income tax provision (0.7) (0.4)    
Earnings in equity of subsidiaries 0 0    
Net income 1.8 (0.6)    
Comprehensive income (loss) 1.5 (0.9)    
Cash flows from operating activities:        
Net cash provided by operating activities (0.8) (0.2)    
Cash flows from investing activities:        
Capital expenditures (0.3) (0.4)    
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011)   0    
Change in restricted cash 0      
Net cash used in investing activities (0.3) (0.4)    
Cash flows from financing activities:        
Repayment of promissory notes   0    
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest 0      
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares 0 0    
Cash dividend paid to stockholders 0 0    
Net cash used in financing activities 0 0    
Net increase (decrease) in cash and cash equivalents during the period (1.1) (0.6)    
Cash and cash equivalents at beginning of period 1.8 1.0    
Cash and cash equivalents at end of period 0.7 0.4    
Consolidating Adjustments
       
Current assets:        
Cash and cash equivalents 0 0    
Trade, less allowance for doubtful receivables 0     0
Intercompany receivables (2.9)     (2.5)
Other 0     0
Inventories 0     0
Prepaid expenses and other current assets 0     0
Total current assets (2.9)     (2.5)
Investments in and advances to unconsolidated affiliates (1,119.2)     (1,042.7)
Property, plant, and equipment - net 0     0
Long-term intercompany receivables (24.8)     (24.5)
Net asset in respect of VEBA 0     0
Deferred tax assets - net 8.6     8.6
Intangible assets - net 0     0
Goodwill 0     0
Other assets 0     0
Total (1,138.3)     (1,061.1)
Current liabilities:        
Accounts payable 0     0
Intercompany payable (2.9)     (2.5)
Accrued salaries, wages, and related expenses 0     0
Other accrued liabilities 0     0
Payable to affiliate 0     0
Long-term debt-current portion 0     0
Total current liabilities (2.9)     (2.5)
Net liability in respect of VEBA 0     0
Long-term Intercompany payable (24.8)     (24.5)
Long-term liabilities 0     0
Cash convertible senior notes 0     0
Other long-term debt 0     0
Total liabilities (27.7)     (27.0)
Total stockholders' equity (1,110.6)     (1,034.1)
Total (1,138.3)     (1,061.1)
CONDENSED STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME        
Net sales (22.7) (25.3)    
Costs and expenses:        
Cost of products sold, excluding depreciation, amortization, and other items (22.3) (24.8)    
Depreciation and amortization 0 0    
Selling, administrative, research and development, and general (0.3) (0.5)    
Total costs and expenses (22.6) (25.3)    
Operating income (0.1) 0    
Other (expense) income:        
Interest expense 0 0    
Other income (expense), net 0 0    
Income before income taxes (0.1) 0    
Income tax provision 1.2 1.2    
Earnings in equity of subsidiaries (32.2) (12.8)    
Net income (31.1) (11.6)    
Comprehensive income (loss) (32.2) (12.0)    
Cash flows from operating activities:        
Net cash provided by operating activities 0 0    
Cash flows from investing activities:        
Capital expenditures 0 0    
Cash payment for acquisition of manufacturing facility and related assets (net of $4.9 of cash received in connection with the acquisition in 2011)   0    
Change in restricted cash 0      
Net cash used in investing activities 0 0    
Cash flows from financing activities:        
Repayment of promissory notes   0    
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest 0      
Repurchase of common stock to cover employees' tax withholdings upon vesting of non-vested shares 0 0    
Cash dividend paid to stockholders 0 0    
Net cash used in financing activities 0 0    
Net increase (decrease) in cash and cash equivalents during the period 0 0    
Cash and cash equivalents at beginning of period 0 0    
Cash and cash equivalents at end of period 0 0    
Senior Notes [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Aggregate principal amount of notes     225.0  
Interest rate     8.25%  
[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.