CONDENSED CONSOLIDATING BALANCE SHEET

(In millions of dollars)

March 31, 2017



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	29.7	$	4.7	$	—		$	34.4
Short-term investments	—		195.5		—		—			195.5
Receivables:
Trade receivables – net	—		151.5		5.5		—			157.0
Intercompany loans receivable	85.8		0.1		0.6		(86.5		)	—
Other	—		10.9		0.9		—			11.8
Inventories	—		199.7		8.0		(4.2		)	203.5
Prepaid expenses and other current assets	0.1		33.5		0.4		—			34.0
Total current assets	85.9		620.9		20.1		(90.7		)	636.2
Investments in and advances to subsidiaries	1,059.1		40.5		—		(1,099.6		)	—
Property, plant and equipment – net	—		504.9		30.9		—			535.8
Long-term intercompany loans receivable	33.6		—		4.2		(37.8		)	—
Deferred tax assets – net	—		136.0		—		4.8			140.8
Intangible assets – net	—		26.0		—		—			26.0
Goodwill	—		37.2		—		—			37.2
Other assets	—		37.1		—		—			37.1
Total	$	1,178.6	$	1,402.6	$	55.2	$	(1,223.3	)	$	1,413.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	2.7	$	76.1	$	5.6	$	—		$	84.4
Intercompany loans payable	—		86.4		0.1		(86.5		)	—
Accrued salaries, wages and related expenses	—		27.8		1.3		—			29.1
Other accrued liabilities	8.4		34.4		0.1		(2.5		)	40.4
Total current liabilities	11.1		224.7		7.1		(89.0		)	153.9
Net liabilities of Salaried VEBA	—		28.3		—		—			28.3
Deferred tax liabilities	—		—		3.3		—			3.3
Long-term intercompany loans payable	—		37.8		—		(37.8		)	—
Long-term liabilities	—		57.4		2.7		—			60.1
Long-term debt	368.9		—		—		—			368.9
Total liabilities	380.0		348.2		13.1		(126.8		)	614.5

Total stockholders' equity	798.6		1,054.4		42.1		(1,096.5		)	798.6
Total	$	1,178.6	$	1,402.6	$	55.2	$	(1,223.3	)	$	1,413.1

CONDENSED CONSOLIDATING BALANCE SHEET

(In millions of dollars)

December 31, 2016



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	52.9	$	2.3		$	—		$	55.2
Short-term investments	—		231.0		—			—			231.0
Receivables:
Trade receivables – net	—		133.1		4.6			—			137.7
Intercompany receivables	85.8		0.1		0.6			(86.5		)	—
Other	—		11.4		0.5			—			11.9
Inventories	—		197.5		8.0			(3.9		)	201.6
Prepaid expenses and other current assets	0.1		18.0		0.9			(0.5		)	18.5
Total current assets	85.9		644.0		16.9			(90.9		)	655.9
Investments in and advances to subsidiaries	1,012.4		40.1		—			(1,052.5		)	—
Property, plant and equipment – net	—		499.5		31.4			—			530.9
Long-term intercompany receivables	80.2		—		4.9			(85.1		)	—
Deferred tax assets – net	—		154.9		—			4.8			159.7
Intangible assets – net	—		26.4		—			—			26.4
Goodwill	—		37.2		—			—			37.2
Other assets	—		33.4		—			—			33.4
Total	$	1,178.5	$	1,435.5	$	53.2		$	(1,223.7	)	$	1,443.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	2.2	$	68.9	$	4.7		$	—		$	75.8
Intercompany payable	—		86.4		0.1			(86.5		)	—
Accrued salaries, wages and related expenses	—		47.2		1.9			—			49.1
Other accrued liabilities	2.9		52.6		(0.7		)	(14.7		)	40.1
Total current liabilities	5.1		255.1		6.0			(101.2		)	165.0
Net liabilities of Salaried VEBA	—		28.6		—			—			28.6
Deferred tax liabilities	—		—		3.3			—			3.3
Long-term intercompany payable	—		85.1		—			(85.1		)	—
Long-term liabilities	—		70.5		2.7			—			73.2
Long-term debt	368.7		—		—			—			368.7
Total liabilities	373.8		439.3		12.0			(186.3		)	638.8

Total stockholders' equity	804.7		996.2		41.2			(1,037.4		)	804.7
Total	$	1,178.5	$	1,435.5	$	53.2		$	(1,223.7	)	$	1,443.5

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:
Cost of products sold, excluding depreciation and amortization and other items	—			272.6			25.3			(20.1		)	277.8
Unrealized gain on derivative instruments	—			(15.1		)	—			—			(15.1		)
Depreciation and amortization	—			9.0			0.6			—			9.6
Selling, general, administrative, research and development:
Selling, general, administrative, research and development	0.9			20.9			2.4			(0.5		)	23.7
Net periodic postretirement benefit cost relating to Salaried VEBA	—			1.1			—			—			1.1
Gain on removal of Union VEBA net assets	—			(1.3		)	—			—			(1.3		)
Total selling, general, administrative, research and development	0.9			20.7			2.4			(0.5		)	23.5
Total costs and expenses	0.9			287.2			28.3			(20.6		)	295.8
Operating (loss) income	(0.9		)	59.6			1.0			(0.2		)	59.5
Other (expense) income:
Interest (expense) income	(5.7		)	0.1			—			—			(5.6		)
Other income, net	—			0.6			—			—			0.6
(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

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(In millions of dollars)

Quarter Ended March 31, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	335.7		$	26.4		$	(18.9	)	$	343.2
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			257.1			23.1			(18.2		)	262.0
Lower of cost or market inventory write-down	—			4.9			—			—			4.9
Unrealized gain on derivative instruments	—			(4.0		)	—			—			(4.0		)
Depreciation and amortization	—			8.2			0.5			—			8.7
Selling, general, administrative, research and development:
Selling, general, administrative, research and development	0.8			23.6			2.2			(0.5		)	26.1
Net periodic postretirement benefit cost relating to Salaried VEBA	—			0.8			—			—			0.8
Gain on removal of Union VEBA net assets	—			(0.1		)	—			—			(0.1		)
Total selling, general, administrative, research and development	0.8			24.3			2.2			(0.5		)	26.8
Total costs and expenses	0.8			290.5			25.8			(18.7		)	298.4
Operating (loss) income	(0.8		)	45.2			0.6			(0.2		)	44.8
Other (expense) income:
Interest (expense) income	(4.3		)	0.6			—			—			(3.7		)
Other income, net	—			0.3			—			—			0.3
(Loss) income before income taxes	(5.1		)	46.1			0.6			(0.2		)	41.4
Income tax provision	—			(16.9		)	(0.2		)	2.0			(15.1		)
Earnings in equity of subsidiaries	31.4			0.3			—			(31.7		)	—
Net income	$	26.3		$	29.5		$	0.4		$	(29.9	)	$	26.3

Comprehensive income	$	27.2		$	30.3		$	0.5		$	(30.8	)	$	27.2

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

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In millions of dollars)

Quarter Ended March 31, 2016



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash flows from operating activities:
Net cash provided by operating activities¹	$	17.2		$	201.4		$	2.7		$	(200.0	)	$	21.3
Cash flows from investing activities:
Capital expenditures	—			(25.3		)	(0.6		)	—			(25.9		)
Proceeds from disposition of available for sale securities	—			20.0			—			—			20.0
Net cash used in investing activities	—			(5.3		)	(0.6		)	—			(5.9		)
Cash flows from financing activities:
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares	(2.7		)	—			—			—			(2.7		)
Repurchase of common stock	(6.3		)	—			—			—			(6.3		)
Cash dividends and dividend equivalents paid	(8.2		)	—			—			—			(8.2		)
Cash dividends paid to Parent	—			(200.0		)	—			200.0			—
Intercompany loan	—			0.8			(0.8		)	—			—
Net cash used in financing activities	(17.2		)	(199.2		)	(0.8		)	200.0			(17.2		)
Net (decrease) increase in cash, cash equivalents and restricted cash during the period	—			(3.1		)	1.3			—			(1.8		)
Cash, cash equivalents and restricted cash at beginning of period	—			83.0			0.7			—			83.7
Cash, cash equivalents and restricted cash at end of period	$	—		$	79.9		$	2.0		$	—		$	81.9

________________


¹	The Guarantor Subsidiaries’ Net cash provided by operating activities reflects a decrease in current Intercompany receivables from the Parent and an increase in current Intercompany payable to the Parent related to the $200.0 million dividend made by the Guarantor Subsidiaries to the Parent. The dividend to the Parent and intercompany activity is eliminated within the consolidating adjustments.