Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Olin Corporation | ' | ' |
Entity Central Index Key | '0000074303 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,893,752,739 |
Entity Common Stock, Shares Outstanding | ' | 79,486,168 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $307.80 | $165.20 |
Receivables, net: | ' | ' |
Trade | 266.5 | 279.2 |
Other | 13.6 | 19.8 |
Income taxes receivable | 1.9 | 8.2 |
Inventories | 186.5 | 195.1 |
Current deferred income taxes | 50.4 | 61.3 |
Other current assets | 13.2 | 20.3 |
Total current assets | 839.9 | 749.1 |
Property, plant and equipment, net | 987.8 | 1,034.30 |
Prepaid pension costs | 1.7 | 2.1 |
Restricted cash | 4.2 | 11.9 |
Deferred income taxes | 9 | 9.1 |
Other assets | 213.1 | 224.1 |
Goodwill | 747.1 | 747.1 |
Total assets | 2,802.80 | 2,777.70 |
Current liabilities: | ' | ' |
Current installments of long-term debt | 12.6 | 23.6 |
Accounts payable | 148.7 | 174.3 |
Income taxes payable | 1.7 | 7.6 |
Accrued liabilities | 244.5 | 228.5 |
Total current liabilities | 407.5 | 434 |
Long-term debt | 678.4 | 690.1 |
Accrued pension liability | 115.4 | 164.3 |
Deferred income taxes | 117.6 | 110.4 |
Other liabilities | 382.8 | 380.5 |
Total liabilities | 1,701.70 | 1,779.30 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Commons stock, par value $1 per share: Authorized, 120.0 shares; Issued and outstanding, 79.4 shares (80.2 in 2012) | 79.4 | 80.2 |
Additional paid-in capital | 838.8 | 856.1 |
Accumulated other comprehensive loss | -365.1 | -371.3 |
Retained earnings | 548 | 433.4 |
Total shareholders' equity | 1,101.10 | 998.4 |
Total liabilities and shareholders' equity | $2,802.80 | $2,777.70 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Shareholders' Equity: | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 120 | 120 |
Common stock, issued (in shares) | 79.4 | 80.2 |
Common stock, outstanding (in shares) | 79.4 | 80.2 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Sales | $2,515 | $2,184.70 | $1,961.10 |
Operating expenses: | ' | ' | ' |
Cost of goods sold | 2,033.70 | 1,748 | 1,573.90 |
Selling and administration | 190 | 168.6 | 160.6 |
Restructuring charges | 5.5 | 8.5 | 10.7 |
Acquisition costs | 0 | 8.3 | 0.8 |
Other operating income | 0.7 | 7.6 | 8.8 |
Operating income | 286.5 | 258.9 | 223.9 |
Earnings of non-consolidated affiliates | 2.8 | 3 | 9.6 |
Interest expense | 38.6 | 26.4 | 30.4 |
Interest income | 0.6 | 1 | 1.2 |
Other (expense) income | -1.3 | -11.3 | 175.1 |
Income before taxes | 250 | 225.2 | 379.4 |
Income tax provision | 71.4 | 75.6 | 137.7 |
Net income | $178.60 | $149.60 | $241.70 |
Net income per common share: | ' | ' | ' |
Basic | $2.24 | $1.87 | $3.02 |
Diluted | $2.21 | $1.85 | $2.99 |
Average common shares outstanding: | ' | ' | ' |
Basic | 79.9 | 80.1 | 80 |
Diluted | 80.9 | 81 | 80.8 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $178.60 | $149.60 | $241.70 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -2.6 | 0.3 | 1.4 |
Unrealized (losses) gains on derivative contracts | -3.8 | 10 | -16.9 |
Pension and postretirement liability adjustments, net | -7.7 | -101.9 | -29 |
Amortization of prior service costs and actuarial losses | 20.3 | 14.5 | 12.1 |
Total other comprehensive income (loss), net of tax | 6.2 | -77.1 | -32.4 |
Comprehensive income | $184.80 | $72.50 | $209.30 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Millions, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | $830.30 | $79.60 | $842.30 | ($261.80) | $170.20 |
Balance (in shares) at Dec. 31, 2010 | ' | 79.6 | ' | ' | ' |
Net income | 241.7 | 0 | 0 | 0 | 241.7 |
Other comprehensive (loss) income | -32.4 | 0 | 0 | -32.4 | 0 |
Dividends paid: | ' | ' | ' | ' | ' |
Common stock ($0.80 per share) | -64 | 0 | 0 | 0 | -64 |
Common stock repurchased and retired | -4.2 | -0.2 | -4 | 0 | 0 |
Common stock repurchased and retired (in shares) | -0.2 | -0.2 | ' | ' | ' |
Common stock issued for: | ' | ' | ' | ' | ' |
Stock options exercised | 9.3 | 0.5 | 8.8 | 0 | 0 |
Stock options exercised (in shares) | 0.5 | 0.5 | ' | ' | ' |
Other Transactions | 3.8 | 0.2 | 3.6 | 0 | 0 |
Other Transactions (in shares) | ' | 0.2 | ' | ' | ' |
Stock-based compensation | 1.3 | 0 | 1.3 | 0 | 0 |
Balance at Dec. 31, 2011 | 985.8 | 80.1 | 852 | -294.2 | 347.9 |
Balance (in shares) at Dec. 31, 2011 | ' | 80.1 | ' | ' | ' |
Net income | 149.6 | 0 | 0 | 0 | 149.6 |
Other comprehensive (loss) income | -77.1 | 0 | 0 | -77.1 | 0 |
Dividends paid: | ' | ' | ' | ' | ' |
Common stock ($0.80 per share) | -64.1 | 0 | 0 | 0 | -64.1 |
Common stock repurchased and retired | -3.1 | -0.2 | -2.9 | 0 | 0 |
Common stock repurchased and retired (in shares) | -0.2 | -0.2 | ' | ' | ' |
Common stock issued for: | ' | ' | ' | ' | ' |
Stock options exercised | 1.4 | 0.1 | 1.3 | 0 | 0 |
Stock options exercised (in shares) | 0.1 | 0.1 | ' | ' | ' |
Other Transactions | 2.6 | 0.2 | 2.4 | 0 | 0 |
Other Transactions (in shares) | ' | 0.2 | ' | ' | ' |
Stock-based compensation | 3.3 | 0 | 3.3 | 0 | 0 |
Balance at Dec. 31, 2012 | 998.4 | 80.2 | 856.1 | -371.3 | 433.4 |
Balance (in shares) at Dec. 31, 2012 | ' | 80.2 | ' | ' | ' |
Net income | 178.6 | 0 | 0 | 0 | 178.6 |
Other comprehensive (loss) income | 6.2 | 0 | 0 | 6.2 | 0 |
Dividends paid: | ' | ' | ' | ' | ' |
Common stock ($0.80 per share) | -64 | 0 | 0 | 0 | -64 |
Common stock repurchased and retired | -36.2 | -1.5 | -34.7 | 0 | 0 |
Common stock repurchased and retired (in shares) | -1.5 | -1.5 | ' | ' | ' |
Common stock issued for: | ' | ' | ' | ' | ' |
Stock options exercised | 9.7 | 0.5 | 9.2 | 0 | 0 |
Stock options exercised (in shares) | 0.5 | 0.5 | ' | ' | ' |
Other Transactions | 3.2 | 0.2 | 3 | 0 | 0 |
Other Transactions (in shares) | ' | 0.2 | ' | ' | ' |
Stock-based compensation | 5.2 | 0 | 5.2 | 0 | 0 |
Balance at Dec. 31, 2013 | $1,101.10 | $79.40 | $838.80 | ($365.10) | $548 |
Balance (in shares) at Dec. 31, 2013 | ' | 79.4 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends paid (in dollars per share) | $0.80 | $0.80 | $0.80 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $178.60 | $149.60 | $241.70 |
Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities: | ' | ' | ' |
Gain on remeasurement of investment in SunBelt | 0 | 0 | -181.4 |
Earnings of non-consolidated affiliates | -2.8 | -3 | -9.6 |
Gain on disposition of non-consolidated affiliate | -6.5 | 0 | 0 |
Gains on disposition of property, plant and equipment | -0.4 | -2.1 | -6.2 |
Stock-based compensation | 8.8 | 6.2 | 5.8 |
Depreciation and amortization | 135.3 | 110.9 | 99.3 |
Deferred taxes | 12.4 | 42.5 | 92.6 |
Qualified pension plan contributions | -1 | -0.9 | -0.9 |
Qualified pension plan income | -24.1 | -24.8 | -26.4 |
Change in assets and liabilities: | ' | ' | ' |
Receivables | 18.9 | 1.2 | -26.2 |
Income taxes receivable/payable | 0.4 | 0.1 | 5 |
Inventories | 8.6 | 17.9 | -17 |
Other current assets | 0.7 | -0.1 | 0.6 |
Accounts payable and accrued liabilities | 1 | -0.7 | 15.6 |
Other assets | 1.3 | 0.3 | -0.2 |
Other noncurrent liabilities | -14.5 | -17.9 | 25.6 |
Other operating activities | 0.3 | 0 | -2.4 |
Net operating activities | 317 | 279.2 | 215.9 |
Investing Activities | ' | ' | ' |
Capital expenditures | -90.8 | -255.7 | -200.9 |
Business acquired in purchase transaction, net of cash acquired | 0 | -310.4 | -123.4 |
Proceeds from sale/leaseback of equipment | 35.8 | 4.4 | 3.2 |
Proceeds from disposition of property, plant and equipment | 4.6 | 8.6 | 7.9 |
Distributions from affiliated companies, net | 1.5 | 1.3 | 1.9 |
Restricted cash activity, net | 7.7 | 39.8 | 50.3 |
Other investing activities | -2.6 | -0.4 | 1.4 |
Net investing activities | -43.8 | -512.4 | -259.6 |
Financing Activities | ' | ' | ' |
Long-Term Debt Borrowings | 0 | 200 | 36 |
Long-Term Debt Repayments | -23.7 | -19.9 | -87.2 |
Earn out payment - SunBelt | -17.1 | -15.3 | 0 |
Common stock repurchased and retired | -36.2 | -3.1 | -4.2 |
Stock options exercised | 8.8 | 1.3 | 8.3 |
Excess tax benefits from stock-based compensation | 1.6 | 0.7 | 1 |
Dividends paid | -64 | -64.1 | -64 |
Deferred debt issuance costs | 0 | -6 | 0 |
Net financing activities | -130.6 | 93.6 | -110.1 |
Net increase (decrease) in cash and cash equivalents | 142.6 | -139.6 | -153.8 |
Cash and cash equivalents, beginning of year | 165.2 | 304.8 | 458.6 |
Cash and cash equivalents, end of year | 307.8 | 165.2 | 304.8 |
Cash paid for interest and income taxes: | ' | ' | ' |
Interest | 37.2 | 27.5 | 28.4 |
Income taxes, net of refunds | $61.30 | $28.40 | $41.50 |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
DESCRIPTION OF BUSINESS | ' |
DESCRIPTION OF BUSINESS | |
Olin Corporation is a Virginia corporation, incorporated in 1892. We are a manufacturer concentrated in three business segments: Chlor Alkali Products, Chemical Distribution and Winchester. Chlor Alkali Products, with nine U.S. manufacturing facilities and one Canadian manufacturing facility, produces chlorine and caustic soda, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. Chemical Distribution, with twenty-six owned and leased terminal facilities, manufactures bleach products and distributes caustic soda, bleach products, potassium hydroxide and hydrochloric acid. Winchester, with its principal manufacturing facilities in East Alton, IL and Oxford, MS, produces and distributes sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components and industrial cartridges. | |
On August 22, 2012, we acquired 100% of privately-held KA Steel, whose operating results are included in the accompanying financial statements since the date of the acquisition. For segment reporting purposes, KA Steel comprises the Chemical Distribution segment. KA Steel is one of the largest distributors of caustic soda in North America and manufactures and sells bleach in the Midwest. | |
On February 28, 2011, we acquired PolyOne’s 50% interest in the SunBelt Chlor Alkali Partnership, which we refer to as SunBelt. The SunBelt chlor alkali plant, which is located within our McIntosh, AL facility, has approximately 350,000 tons of membrane technology capacity. Previously, we had a 50% ownership interest in SunBelt, which was accounted for using the equity method of accounting. Accordingly, prior to the acquisition, we included only our share of SunBelt results in earnings of non-consolidated affiliates. Since the date of acquisition, SunBelt’s results are no longer included in earnings of non-consolidated affiliates but are consolidated in our accompanying financial statements. |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||
ACCOUNTING POLICIES | ' | |||||||||||||||||||||||||
ACCOUNTING POLICIES | ||||||||||||||||||||||||||
The preparation of the consolidated financial statements requires estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. Actual results could differ from those estimates. | ||||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||||
The consolidated financial statements include the accounts of Olin Corporation and all majority-owned subsidiaries. Investment in our affiliates are accounted for on the equity method. Accordingly, we include only our share of earnings or losses of these affiliates in consolidated net income. Certain reclassifications were made to prior year amounts to conform to the 2013 presentation. | ||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Revenues are recognized on sales of product at the time the goods are shipped and the risks of ownership have passed to the customer. Shipping and handling fees billed to customers are included in sales. Allowances for estimated returns, discounts and rebates are recognized when sales are recorded and are based on various market data, historical trends and information from customers. Actual returns, discounts and rebates have not been materially different from estimates. | ||||||||||||||||||||||||||
Cost of Goods Sold and Selling and Administration Expenses | ||||||||||||||||||||||||||
Cost of goods sold includes the costs of inventory sold, related purchasing, distribution and warehousing costs, costs incurred for shipping and handling, depreciation and amortization expense related to these activities and environmental remediation costs and recoveries. Selling and administration expenses include personnel costs associated with sales, marketing and administration, research and development, legal and legal-related costs, consulting and professional services fees, advertising expenses, depreciation expense related to these activities, foreign currency translation and other similar costs. | ||||||||||||||||||||||||||
Other Operating Income | ||||||||||||||||||||||||||
Other operating income consists of miscellaneous operating income items, which are related to our business activities, and gains (losses) on disposition of property, plant and equipment. | ||||||||||||||||||||||||||
Included in other operating income were the following: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
(Losses) gains on disposition of property, plant and equipment, net | $ | (1.1 | ) | $ | 2.1 | $ | 1.4 | |||||||||||||||||||
Amortization of 2007 gain on intangible asset sale (recognized through 2012) | — | 0.3 | 1.2 | |||||||||||||||||||||||
Gains on sale of land | — | — | 0.3 | |||||||||||||||||||||||
Gains on dispositions of former manufacturing facilities | 1.5 | — | 3.7 | |||||||||||||||||||||||
Gains on insurance recoveries | — | 4.9 | 1.9 | |||||||||||||||||||||||
Other | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||
Other operating income | $ | 0.7 | $ | 7.6 | $ | 8.8 | ||||||||||||||||||||
The gains on disposition of property, plant and equipment in 2012 and 2011 were primarily associated with the Charleston, TN conversion project, which was completed in the second half of 2012. The gain on insurance recoveries in 2012 was associated with business interruption related to an outage of one of our Chlor Alkali customers in the first half of 2012. The gains on insurance recoveries in 2011 related to our Oxford, MS and St. Gabriel, LA facilities. | ||||||||||||||||||||||||||
Other (Expense) Income | ||||||||||||||||||||||||||
Other (expense) income consists of non-operating income items which are not related to our primary business activities. Other (expense) income in 2013, 2012 and 2011 included $7.9 million, $11.5 million and $6.7 million, respectively, of expense for our earn out liability from the SunBelt acquisition. Other (expense) income in 2013 also included a gain of $6.5 million on the sale of our equity interest in a bleach joint venture. Other (expense) income in 2011 also included a pretax gain of $181.4 million as a result of remeasuring our previously held 50% equity interest in SunBelt. | ||||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||
The functional currency for our Canadian subsidiaries is the U.S. dollar; accordingly, gains and losses resulting from balance sheet translations are included in selling and administration. Other foreign affiliates’ balance sheet amounts are translated at the exchange rates in effect at year-end, and operations statement amounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are included in accumulated other comprehensive loss. | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||
All highly liquid investments, with a maturity of three months or less at the date of purchase, are considered to be cash equivalents. | ||||||||||||||||||||||||||
Short-Term Investments | ||||||||||||||||||||||||||
We classify our marketable securities as available-for-sale, which are reported at fair market value with unrealized gains and losses included in accumulated other comprehensive loss, net of applicable taxes. The fair value of marketable securities is determined by quoted market prices. Realized gains and losses on sales of investments, as determined on the specific identification method, and declines in value of securities judged to be other-than-temporary are included in other (expense) income in the consolidated statements of operations. Interest and dividends on all securities are included in interest income and other (expense) income, respectively. | ||||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable | ||||||||||||||||||||||||||
We evaluate the collectibility of accounts receivable based on a combination of factors. We estimate an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience. This estimate is periodically adjusted when we become aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in the overall aging of accounts receivable. While we have a large number of customers that operate in diverse businesses and are geographically dispersed, a general economic downturn in any of the industry segments in which we operate could result in higher than expected defaults, and, therefore, the need to revise estimates for the provision for doubtful accounts could occur. | ||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||
Inventories are valued at the lower of cost or market. The Chlor Alkali Products and Winchester segments inventory costs are determined principally by the dollar value last-in, first-out (LIFO) method of inventory accounting. The Chemical Distribution segment inventory costs are determined principally by the first-in, first-out (FIFO) method of inventory accounting. Cost for other inventories has been determined principally by the average-cost method (primarily operating supplies, spare parts and maintenance parts). Elements of costs in inventories include raw materials, direct labor and manufacturing overhead. | ||||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the historical cost and included in property, plant and equipment and are depreciated over the useful lives of the related assets. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Start-up costs are expensed as incurred. Expenditures for maintenance and repairs are charged to expense when incurred while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | ||||||||||||||||||||||||||
Property, plant and equipment are reviewed for impairment when conditions indicate that the carrying values of the assets may not be recoverable. Such impairment conditions include an extended period of idleness or a plan of disposal. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis at the lowest level for which identifiable cash flows exist. The amount of impairment loss, if any, is measured by the difference between the net book value of the assets and the estimated fair value of the related assets. | ||||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||
Restricted cash, which is restricted as to withdrawal or usage, is classified separately from cash and cash equivalents on our consolidated balance sheet. A portion of the proceeds of the bonds issued by Alabama, Mississippi and Tennessee, along with their accrued interest income, were required to remain with a trustee and were classified on our consolidated balance sheet as a noncurrent asset until such time as we request reimbursement of qualifying amounts used to fund capital projects in Alabama, Mississippi and Tennessee. As of December 31, 2013, there remained a $4.2 million restricted cash balance that is required to be used to fund capital projects in Mississippi. | ||||||||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||||||||
We record the fair value of an asset retirement obligation associated with the retirement of a tangible long-lived asset as a liability in the period incurred. The liability is measured at discounted fair value and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s useful life. Asset retirement obligations are reviewed annually in the fourth quarter and/or when circumstances or other events indicate that changes underlying retirement assumptions may have occurred. | ||||||||||||||||||||||||||
The activity of our asset retirement obligation was as follows: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Beginning balance | $ | 67.8 | $ | 67.9 | ||||||||||||||||||||||
Accretion | 3.3 | 4.8 | ||||||||||||||||||||||||
Spending | (11.3 | ) | (8.0 | ) | ||||||||||||||||||||||
Currency translation adjustments | (0.6 | ) | 0.2 | |||||||||||||||||||||||
KA Steel acquisition | — | 0.4 | ||||||||||||||||||||||||
Adjustments | 1.6 | 2.5 | ||||||||||||||||||||||||
Ending balance | $ | 60.8 | $ | 67.8 | ||||||||||||||||||||||
At December 31, 2013 and 2012, our consolidated balance sheets included an asset retirement obligation of $47.3 million and $46.5 million, respectively, which were classified as other noncurrent liabilities. | ||||||||||||||||||||||||||
In 2013, we had net adjustments that increased the asset retirement obligation by $1.6 million, which were primarily due to changes in the estimated timing of payments for certain assets. In 2012, we had net adjustments that increased the asset retirement obligation by $2.5 million, which were primarily comprised of increases in estimated costs for certain assets. | ||||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Accumulated other comprehensive loss consists of foreign currency translation adjustments, pension and postretirement liability adjustments, pension and postretirement amortization of prior service costs and actuarial losses and net unrealized (losses) gains on derivative contracts. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not provide for such taxes on undistributed earnings for foreign subsidiaries that have been permanently reinvested. | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
Goodwill is not amortized, but is reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. On January 1, 2012, we adopted ASU 2011-08 which permits entities to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. Circumstances that are considered as part of the qualitative assessment and could trigger the two-step impairment test include, but are not limited to: a significant adverse change in the business climate; a significant adverse legal judgment; adverse cash flow trends; an adverse action or assessment by a government agency; unanticipated competition; decline in our stock price; and a significant restructuring charge within a reporting unit. We define reporting units at the business segment level or one level below the business segment, which for our Chlor Alkali Products segment are the U.S. operations and Canadian operations. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit. Based upon our qualitative assessment, it is more likely than not that the fair value of our reporting units are greater than their carrying amounts as of December 31, 2013. No impairment charges were recorded for 2013, 2012 or 2011. | ||||||||||||||||||||||||||
In 2011, prior to the adoption of ASU 2011-08, we used a discounted cash flow approach to develop the estimated fair value of a reporting unit. Management judgment was required in developing the assumptions for the discounted cash flow model. We also corroborated our discounted cash flow analysis by evaluating a market-based approach that considers EBITDA multiples from a representative sample of comparable public companies in the chemical industry. An impairment would be recorded if the carrying amount exceeded the estimated fair value. | ||||||||||||||||||||||||||
The discount rate, profitability assumptions, terminal growth rate and cyclical nature of our chlor alkali business were the material assumptions utilized in the discounted cash flow model used to estimate the fair value of each reporting unit. The discount rate reflected a weighted-average cost of capital, which was calculated based on observable market data. Some of these data (such as the risk free or treasury rate and the pretax cost of debt) were based on the market data at a point in time. Other data (such as the equity risk premium) were based upon market data over time for a peer group of companies in the chemical manufacturing industry with a market capitalization premium added, as applicable. | ||||||||||||||||||||||||||
The discounted cash flow analysis required estimates, assumptions and judgments about future events. Our analysis used our internally generated long-range plan. Our discounted cash flow analysis used the assumptions in our long-range plan about terminal growth rates, forecasted capital expenditures and changes in future working capital requirements to determine the implied fair value of each reporting unit. The long-range plan reflects management judgment, supplemented by independent chemical industry analyses which provide multi-year chlor alkali industry operating and pricing forecasts. | ||||||||||||||||||||||||||
Given the economic environment and the uncertainties regarding the impact on our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, we may be required to record goodwill impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material. | ||||||||||||||||||||||||||
Changes in the carrying value of goodwill were as follows: | ||||||||||||||||||||||||||
Chlor Alkali Products | Chemical Distribution | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 627.4 | $ | — | $ | 627.4 | ||||||||||||||||||||
Acquisition activity | — | 119.7 | 119.7 | |||||||||||||||||||||||
Balance at December 31, 2012 | 627.4 | 119.7 | 747.1 | |||||||||||||||||||||||
Acquisition activity | — | — | — | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 627.4 | $ | 119.7 | $ | 747.1 | ||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||
Included in other assets were the following: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Investments in non-consolidated affiliates | $ | 21.6 | $ | 29.3 | ||||||||||||||||||||||
Intangible assets (less accumulated amortization of $28.0 million and $13.4 million, respectively) | 138.1 | 152.7 | ||||||||||||||||||||||||
Deferred debt issuance costs | 14.4 | 17.5 | ||||||||||||||||||||||||
Interest rate swaps | 5.9 | 8.3 | ||||||||||||||||||||||||
Other | 33.1 | 16.3 | ||||||||||||||||||||||||
Other assets | $ | 213.1 | $ | 224.1 | ||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Useful Lives | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | ||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Customers, customer contracts and relationships | (10-15 years) | $ | 152.9 | $ | (26.6 | ) | $ | 126.3 | $ | 152.9 | $ | (12.2 | ) | $ | 140.7 | |||||||||||
KA Steel trade name | (indefinite) | 10.9 | — | 10.9 | 10.9 | — | 10.9 | |||||||||||||||||||
Other | (4-10 years) | 2.3 | (1.4 | ) | 0.9 | 2.3 | (1.2 | ) | 1.1 | |||||||||||||||||
Total intangible assets | $ | 166.1 | $ | (28.0 | ) | $ | 138.1 | $ | 166.1 | $ | (13.4 | ) | $ | 152.7 | ||||||||||||
The August 22, 2012 valuation of identifiable intangible assets that were obtained from the KA Steel acquisition included $128.0 million associated with customers, customer contracts and relationships and are being amortized over ten years on a straight-line basis, $10.9 million associated with the KA Steel trade name, which management estimates to have an indefinite useful life, and $0.4 million associated with a favorable lease agreement that will be amortized over the remaining lease term (approximately four years) on a straight line basis. The February 28, 2011 valuation of identifiable intangible assets that were obtained from the SunBelt acquisition included $5.8 million associated with customers, customer contracts and relationships and are being amortized over fifteen years on a straight-line basis. The identifiable intangible assets obtained from the Pioneer acquisition included $19.0 million associated with customers, customer contracts and relationships and are being amortized over fifteen years on a straight-line basis and $1.2 million associated with internally developed and purchased software and was amortized over five years on a straight-line basis. Amortization expense was $14.6 million in 2013, $6.5 million in 2012 and $1.9 million in 2011. We estimate that amortization expense will be approximately $14.6 million in each of the next three years and approximately $14.5 million in both 2017 and 2018. Intangible assets are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. | ||||||||||||||||||||||||||
During 2012, we adopted ASU 2012-02 which permits entities to make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset’s fair value is less than its carrying amount before performing a quantitative impairment test. Circumstances that are considered as part of the qualitative assessment and could trigger a quantitative impairment test include, but are not limited to: a significant adverse change in the business climate; a significant adverse legal judgment including asset specific factors; adverse cash flow trends; an adverse action or assessment by a government agency; unanticipated competition; decline in our stock price; and a significant restructuring charge within a reporting unit. Based upon our qualitative assessment, it is more likely than not that the fair value of our indefinite-lived intangible asset is greater than its carrying amount as of December 31, 2013. No impairment of our intangible assets were recorded in 2013, 2012 or 2011. | ||||||||||||||||||||||||||
Environmental Liabilities and Expenditures | ||||||||||||||||||||||||||
Accruals (charges to income) for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based upon current law and existing technologies. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment and remediation efforts progress or additional technical or legal information becomes available. Environmental costs are capitalized if the costs increase the value of the property and/or mitigate or prevent contamination from future operations. | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Deferred taxes are provided for differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the value of the deferred tax assets will not be realized. | ||||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||||
We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. We use hedge accounting treatment for substantially all of our business transactions whose risks are covered using derivative instruments. The hedge accounting treatment provides for the deferral of gains or losses on derivative instruments until such time as the related transactions occur. | ||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||
Accounts receivable is the principal financial instrument which subjects us to a concentration of credit risk. Credit is extended based upon the evaluation of a customer’s financial condition and, generally, collateral is not required. Concentrations of credit risk with respect to receivables are somewhat limited due to our large number of customers, the diversity of these customers’ businesses and the geographic dispersion of such customers. The majority of our accounts receivable are derived from sales denominated in U.S. dollars. We maintain an allowance for doubtful accounts based upon the expected collectibility of all trade receivables. | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | ||||||||||||||||||||||||||
Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820, and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: | ||||||||||||||||||||||||||
Level 1 — Inputs were unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | ||||||||||||||||||||||||||
Level 2 — Inputs (other than quoted prices included in Level 1) were either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | ||||||||||||||||||||||||||
Level 3 — Inputs reflected management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration was given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | ||||||||||||||||||||||||||
Retirement-Related Benefits | ||||||||||||||||||||||||||
We account for our defined benefit pension plans and non-pension postretirement benefit plans using actuarial models required by ASC 715. These models use an attribution approach that generally spreads the financial impact of changes to the plan and actuarial assumptions over the average remaining service lives of the employees in the plan. Changes in liability due to changes in actuarial assumptions such as discount rate, rate of compensation increases and mortality, as well as annual deviations between what was assumed and what was experienced by the plan are treated as gains or losses. The principle underlying the required attribution approach is that employees render service over their average remaining service lives on a relatively smooth basis and, therefore, the accounting for benefits earned under the pension or non-pension postretirement benefits plans should follow the same relatively smooth pattern. Substantially all defined benefit pension plan participants are no longer accruing benefits; therefore, actuarial gains and losses are amortized based upon the remaining life expectancy of the inactive plan participants. For the years ended December 31, 2013 and 2012, the average remaining life expectancy of the inactive participants in the defined benefit pension plan was 18 years. | ||||||||||||||||||||||||||
One of the key assumptions for the net periodic pension calculation is the expected long-term rate of return on plan assets, used to determine the “market-related value of assets.” The “market-related value of assets” recognizes differences between the plan’s actual return and expected return over a five year period. The required use of an expected long-term rate of return on the market-related value of plan assets may result in a recognized pension income that is greater or less than the actual returns of those plan assets in any given year. Over time, however, the expected long-term returns are designed to approximate the actual long-term returns and, therefore, result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. As differences between actual and expected returns are recognized over five years, they subsequently generate gains and losses that are subject to amortization over the average remaining life expectancy of the inactive plan participants, as described in the preceding paragraph. | ||||||||||||||||||||||||||
We use long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns and inflation by reference to external sources to develop the expected long-term rate of return on plan assets as of December 31. | ||||||||||||||||||||||||||
The discount rate assumptions used for pension and non-pension postretirement benefit plan accounting reflect the rates available on high-quality fixed-income debt instruments on December 31 of each year. The rate of compensation increase is based upon our long-term plans for such increases. For retiree medical plan accounting, we review external data and our own historical trends for healthcare costs to determine the healthcare cost trend rates. | ||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||
We measure the cost of employee services received in exchange for an award of equity instruments, such as stock options, performance shares and restricted stock, based on the grant-date fair value of the award. This cost is recognized over the period during which an employee is required to provide service in exchange for the award, the requisite service period (usually the vesting period). An initial measurement is made of the cost of employee services received in exchange for an award of liability instruments based on its current fair value and the value of that award is subsequently remeasured at each reporting date through the settlement date. Changes in fair value of liability awards during the requisite service period are recognized as compensation cost over that period. | ||||||||||||||||||||||||||
The fair value of each option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Dividend yield | 3.44 | % | 3.65 | % | 4.32 | % | ||||||||||||||||||||
Risk-free interest rate | 1.35 | % | 1.36 | % | 3.05 | % | ||||||||||||||||||||
Expected volatility | 43 | % | 43 | % | 42 | % | ||||||||||||||||||||
Expected life (years) | 7 | 7 | 7 | |||||||||||||||||||||||
Grant fair value (per option) | $ | 7.05 | $ | 6.55 | $ | 5.48 | ||||||||||||||||||||
Exercise price | $ | 23.28 | $ | 21.92 | $ | 18.78 | ||||||||||||||||||||
Shares granted | 621,000 | 480,250 | 575,000 | |||||||||||||||||||||||
Dividend yield was based on a historical average. Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the options. Expected volatility was based on our historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. Expected life of the option grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate for future exercise patterns. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued ASU 2013-04, which amends ASC 405. This update clarifies how entities measure obligations resulting from joint and several liability arrangements. This update is effective for fiscal years beginning after December 15, 2013. This update will not have a material effect on our consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, which amends ASC 220. This update adds new disclosure requirements about reclassifications out of accumulated other comprehensive income including the effects of these reclassifications on net income. We adopted the provisions of ASU 2013-02 on January 1, 2013. This update did not have a material effect on our consolidated financial statements. | |
In July 2012, the FASB issued ASU 2012-02 which amends ASC 350. This update permits entities to make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset’s fair value is less than its carrying amount before performing a quantitative impairment test. If an entity concludes that it is not more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, it would not be required to perform the quantitative test for that asset. We adopted the provisions of ASU 2012-02 during 2012. This update did not have a material effect on our consolidated financial statements. | |
In September 2011, the FASB issued ASU 2011-08, which amends ASC 350. This update permits entities to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. If an entity concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it would not be required to perform the two-step impairment test for that reporting unit. We adopted the provisions of ASU 2011-08 on January 1, 2012. This update did not have a material effect on our consolidated financial statements. | |
During 2011, the FASB issued ASU 2011-05 and ASU 2011-12. These updates require entities to present items of net income and other comprehensive income either in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. We retrospectively adopted the provisions of ASU 2011-05 and ASU 2011-12 on January 1, 2012. These updates required modification of our consolidated financial statements presentation. These update did not have a material effect on our consolidated financial statements. | |
In May 2011, the FASB issued ASU 2011-04, which amends ASC 820. This update clarifies the existing guidance and amends the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. This update became effective for us on January 1, 2012. This update did not have a material effect on our consolidated financial statements. | |
In December 2010, the FASB issued ASU 2010-29, which amends ASC 805. This update clarified that an entity is required to disclose pro forma revenue and earnings as though the business combination that occurred during the current period had occurred as of the beginning of the comparable prior annual reporting period only. In addition, this standard expands the supplemental pro forma disclosures to include a description of the nature and amount of material nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. We adopted the provisions of ASU 2010-29 on January 1, 2011. The adoption of this update required additional disclosures for our acquisitions of KA Steel and the remaining 50% equity interest in SunBelt. This update did not have a material effect on our consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITION | ' | |||||||
ACQUISITIONS | ||||||||
KA Steel Acquisition | ||||||||
On August 22, 2012, we acquired 100% of privately-held KA Steel, on a debt free basis, for $336.6 million in cash, after receiving the final working capital adjustment of $1.9 million. As of the date of acquisition, KA Steel had cash and cash equivalents of $26.2 million. KA Steel is one of the largest distributors of caustic soda in North America and manufactures and sells bleach in the Midwest. | ||||||||
The acquisition was partially financed with proceeds from the $200.0 million of 2022 Notes sold on August 22, 2012 with a maturity date of August 15, 2022. Proceeds from the 2022 Notes were $196.0 million, after expenses of $4.0 million. | ||||||||
For segment reporting purposes, KA Steel comprises the Chemical Distribution segment. The KA Steel results of operations have been included in our consolidated results for the period subsequent to the effective date of the acquisition. Our results for the year ended December 31, 2012 include KA Steel sales of $156.3 million and $4.5 million of segment income, which includes depreciation and amortization expense of $5.5 million, primarily associated with the acquisition fair valuing of KA Steel. | ||||||||
The transaction has been accounted for using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. We finalized our purchase price allocation during the fourth quarter of 2012. The following table summarizes the allocation of the purchase price to KA Steel’s assets and liabilities: | ||||||||
August 22, | ||||||||
2012 | ||||||||
($ in millions) | ||||||||
Total current assets | $ | 128.1 | ||||||
Property, plant and equipment | 25.1 | |||||||
Deferred taxes | 1.6 | |||||||
Intangible assets | 139.3 | |||||||
Total assets acquired | 294.1 | |||||||
Total current liabilities | 64.2 | |||||||
Other liabilities | 10.4 | |||||||
Total liabilities assumed | 74.6 | |||||||
Net identifiable assets acquired | 219.5 | |||||||
Goodwill | 119.7 | |||||||
Fair value of net assets acquired | $ | 339.2 | ||||||
Supplemental Data | ||||||||
Cash paid | $ | 336.6 | ||||||
Olin trade accounts receivable from KA Steel | 2.6 | |||||||
Total fair value of consideration | $ | 339.2 | ||||||
Included in total current assets are cash and cash equivalents of $26.2 million and receivables of $63.1 million with a contracted value of $63.5 million. Included in other liabilities is an accrued contingent liability of $10.0 million for the withdrawal from a multi-employer defined benefit pension plan. | ||||||||
Based on final valuations, we allocated $128.0 million of the purchase price to intangible assets relating to customers, customer contracts and relationships, which management estimates to have a useful life of ten years, $10.9 million to intangible assets associated with the KA Steel trade name, which management estimates to have an indefinite useful life, and $0.4 million associated with a favorable lease agreement that will be amortized over the remaining life of the lease term (approximately four years) on a straight line basis. These identifiable intangible assets were included in other assets. Based on final valuations, $119.7 million was assigned to goodwill, all of which is deductible for tax purposes. The primary reasons for the acquisition and the principal factors that contributed to a KA Steel purchase price that resulted in the recognition of goodwill are the expanded capability to market and sell caustic soda, bleach, potassium hydroxide and hydrochloric acid, as well as the geographic diversification the KA Steel locations provide us, and the strengthened position in the industrial bleach segment. | ||||||||
Goodwill and the indefinite-lived trade name intangible asset recorded in the acquisition are not amortized but will be reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. | ||||||||
The following pro forma summary presents the condensed statement of income as if the acquisition of KA Steel had occurred on January 1, 2011 (unaudited). | ||||||||
Years Ended December 31, | ||||||||
2012 | 2011 | |||||||
($ in millions, except per share data) | ||||||||
Sales | $ | 2,462.60 | $ | 2,351.50 | ||||
Net income | 160.1 | 240 | ||||||
Net income per common share: | ||||||||
Basic | $ | 2 | $ | 3 | ||||
Diluted | $ | 1.98 | $ | 2.97 | ||||
The pro forma statements of income were prepared based on historical financial information and have been adjusted to give effect to pro forma adjustments that are (i) directly attributable to the transaction, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The pro forma statements of income use estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may differ significantly from this pro forma financial information. The pro forma information is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. The pro forma data reflect the application of the following adjustments: | ||||||||
• | Additional amortization expense related to the fair value of acquired identifiable intangible assets ($8.0 million and $12.4 million for the years ended December 31, 2012 and 2011, respectively). | |||||||
• | Additional depreciation expense related to the fair value adjustment to property, plant and equipment and conforming KA Steel’s useful lives to ours ($0.2 million and $0.3 million for the years ended December 31, 2012 and 2011, respectively). | |||||||
• | Increase in interest expense related to the 2022 Notes issued in conjunction with this acquisition ($7.1 million and $11.0 million for the years ended December 31, 2012 and 2011, respectively). | |||||||
• | Elimination of intersegment sales of caustic soda and bleach between KA Steel and Chlor Alkali Products at prices that approximate market ($23.2 million and $45.2 million for the years ended December 31, 2012 and 2011, respectively). | |||||||
• | Elimination of transaction costs incurred in 2012 that are directly related to the transaction, and do not have a continuing impact on our combined operating results ($8.3 million for the year ended December 31, 2012). | |||||||
In addition, the pro forma data reflect the tax effect of all of the above adjustments. The pro forma tax provision reflects an increase (decrease) of $1.1 million and $(6.0) million for the years ended December 31, 2012 and 2011, respectively, associated with the incremental pretax income, the fair value adjustments for acquired intangible assets and property, plant and equipment, and the interest expense of the 2022 Notes issued in conjunction with this acquisition, which reflects the marginal tax of the adjustments in the various jurisdictions where such adjustments occurred. | ||||||||
SunBelt Acquisition | ||||||||
On February 28, 2011, we acquired PolyOne’s 50% interest in SunBelt for $132.3 million in cash plus the assumption of a PolyOne guarantee related to the SunBelt Notes. With this acquisition, Olin owns 100% of SunBelt. The SunBelt chlor alkali plant, which is located within our McIntosh, AL facility, has approximately 350,000 tons of membrane technology capacity. We also agreed to a three year earn out, which has no guaranteed minimum or maximum, based on the performance of SunBelt. In addition, during the second quarter of 2011, we remitted to PolyOne $6.0 million, which represented 50% of distributable cash generated by SunBelt from January 1, 2011 through February 28, 2011. | ||||||||
Pursuant to a note purchase agreement dated December 22, 1997, SunBelt sold $97.5 million of Guaranteed Senior Secured Notes due 2017, Series O, and $97.5 million of Guaranteed Senior Secured Notes due 2017, Series G. The SunBelt Notes bear interest at a rate of 7.23% per annum, payable semi-annually in arrears on each June 22 and December 22. Beginning on December 22, 2002 and each year through 2017, SunBelt is required to repay $12.2 million of the SunBelt Notes, of which $6.1 million is attributable to the Series O Notes and of which $6.1 million is attributable to the Series G Notes. In conjunction with the acquisition, we consolidated the SunBelt Notes with a fair value of $87.3 million for the remaining principal balance of $85.3 million as of February 28, 2011. | ||||||||
We have guaranteed the Series O Notes, and PolyOne, our former SunBelt partner, has guaranteed the Series G Notes, in both cases pursuant to customary guaranty agreements. We have agreed to indemnify PolyOne for any payments or other costs under the guarantee in favor of the purchasers of the Series G Notes, to the extent any payments or other costs arise from a default or other breach under the SunBelt Notes. If SunBelt does not make timely payments on the SunBelt Notes, whether as a result of a failure to pay on a guarantee or otherwise, the holders of the SunBelt Notes may proceed against the assets of SunBelt for repayment. | ||||||||
From January 1, 2011 to February 28, 2011, we recorded $6.3 million of equity earnings of non-consolidated affiliates for our 50% ownership in SunBelt. The value of our investment in SunBelt was $(0.8) million. We remeasured our equity interest in SunBelt to fair value upon the close of the transaction. As a result, we recognized a pretax gain of $181.4 million, which was classified in other (expense) income in our consolidated statement of operations. In conjunction with this remeasurement, a discrete deferred tax expense of $76.0 million was recorded. | ||||||||
The transaction has been accounted for using the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. We finalized our purchase price allocation during the second quarter of 2011. The following table summarizes the final allocation of the purchase price to SunBelt’s assets and liabilities: | ||||||||
February 28, | ||||||||
2011 | ||||||||
($ in millions) | ||||||||
Total current assets | $ | 37.6 | ||||||
Property, plant and equipment | 87.4 | |||||||
Deferred income taxes | 0.4 | |||||||
Other assets | 5.8 | |||||||
Total assets acquired | 131.2 | |||||||
Total current liabilities | 42.7 | |||||||
Long-term debt | 75.1 | |||||||
Other liabilities | 27.6 | |||||||
Total liabilities assumed | 145.4 | |||||||
Less: Investment in SunBelt | (0.8 | ) | ||||||
Net liabilities assumed | (13.4 | ) | ||||||
Liabilities for uncertainties | 48.3 | |||||||
Gain on remeasurement of investment in SunBelt | (181.4 | ) | ||||||
Goodwill | 327.1 | |||||||
Fair value of total consideration | $ | 180.6 | ||||||
Included in total current assets are cash and cash equivalents of $8.9 million. Included in total current liabilities is $12.2 million of current installments of long-term debt. | ||||||||
Based on final valuations, we allocated $5.8 million of the purchase price to intangible assets relating to customers, customer contracts and relationships, which management estimates to have a useful life of fifteen years. These identifiable intangible assets were included in other assets. Based on final valuations, $327.1 million was assigned to goodwill. For tax purposes, $163.7 million of the goodwill is deductible. The goodwill represents the fair value of SunBelt that is in addition to the fair values of the other net assets acquired. The primary reason for the acquisition and the principal factors that contributed to a SunBelt purchase price that resulted in the recognition of goodwill is the strategic fit with our Chlor Alkali operations and SunBelt’s low cost membrane capacity. | ||||||||
For segment reporting purposes, SunBelt has been included in Chlor Alkali Products. The SunBelt results of operations have been included in our consolidated results for the period subsequent to the effective date of the acquisition. Our consolidated results for the year ended December 31, 2011 included $170.5 million of SunBelt sales and $27.2 million of additional SunBelt pretax income ($38.7 million included in Chlor Alkali Products segment income; less $0.8 million of acquisition costs, $4.0 million of interest expense and $6.7 million of expense for our earn out liability) on the 50% interest we acquired. The following pro forma summary presents the condensed statements of income as if the acquisition of SunBelt had occurred on January 1, 2011 (unaudited). | ||||||||
Year Ended December 31, | ||||||||
2011 | ||||||||
($ in millions, except per share data) | ||||||||
Sales | $ | 1,987.40 | ||||||
Net income | 140.6 | |||||||
Net income per common share: | ||||||||
Basic | $ | 1.76 | ||||||
Diluted | $ | 1.74 | ||||||
The pro forma statements of income were prepared based on historical financial information and have been adjusted to give effect to pro forma adjustments that are (i) directly attributable to the transaction, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The pro forma statements of income use estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may differ significantly from this pro forma financial information. The pro forma information does not reflect any cost savings that might be achieved from operating the business under a single owner and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. The pro forma data reflect the application of the following adjustments: | ||||||||
• | Elimination of the pretax gain resulting from the remeasurement of our previously held 50% equity interest in SunBelt, which is considered non-recurring ($181.4 million for the year ended December 31, 2011). | |||||||
• | Additional amortization expense related to the fair value of acquired identifiable intangible assets ($0.1 million for the year ended December 31, 2011). | |||||||
• | Reduction of depreciation expense related to the fair value adjustment to property, plant and equipment ($1.0 million for the year ended December 31, 2011). | |||||||
• | Reduction in interest expense as a result of increasing the carrying value of acquired debt obligations to its estimated fair value ($0.1 million for the year ended December 31, 2011). | |||||||
• | Additional accretion expense for the earn out liability that was recorded as a result of the acquisition ($0.4 million for the year ended December 31, 2011). | |||||||
• | Elimination of transaction costs incurred in 2011 that are directly related to the transaction, and do not have a continuing impact on our combined operating results ($0.8 million for the year ended December 31, 2011). | |||||||
In addition, the pro forma data reflect the tax effect of all of the above adjustments. The pro forma tax provision for the year ended December 31, 2011 reflects a reduction of $76.0 million related to the elimination of the gain resulting from the remeasurement of our previously held 50% equity interest in SunBelt. The pro forma tax provision reflects an increase of $2.3 million for the year ended December 31, 2011 associated with the incremental pretax income and the fair value adjustments for acquired intangible assets, property, plant and equipment and the SunBelt Notes, which reflects the marginal tax of the adjustments in the various jurisdictions where such adjustments occurred. |
RESTRUCTURING_CHARGE
RESTRUCTURING CHARGE | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
RESTRUCTURING CHARGE | ' | |||||||||||||||||||||||
RESTRUCTURING CHARGES | ||||||||||||||||||||||||
On December 9, 2010, our board of directors approved a plan to eliminate our use of mercury in the manufacture of chlor alkali products. Under the plan, the 260,000 tons of mercury cell capacity at our Charleston, TN facility was converted to 200,000 tons of membrane capacity capable of producing both potassium hydroxide and caustic soda. The board of directors also approved plans to reconfigure our Augusta, GA facility to manufacture bleach and distribute caustic soda, while discontinuing chlor alkali manufacturing at this site. We based our decision to convert and reconfigure on several factors. First, during 2009 and 2010 we had experienced a steady increase in the number of customers unwilling to accept our products manufactured using mercury cell technology. Second, there was federal legislation passed in 2008 governing the treatment of mercury that significantly limited our recycling options after December 31, 2012. We concluded that exiting mercury cell technology production after 2012 represented an unacceptable future cost risk. Further, the conversion of the Charleston, TN plant to membrane technology reduced the electricity usage per ECU produced by approximately 25%. The decision to reconfigure the Augusta, GA facility to manufacture bleach and distribute caustic soda removed the highest cost production capacity from our system. Mercury cell chlor alkali production at the Augusta, GA facility was discontinued at the end of September 2012 and the conversion at Charleston, TN was completed in the second half of 2012 with the successful start-up of two new membrane cell lines. These actions reduced our Chlor Alkali capacity by 160,000 tons. The completion of these projects eliminated our chlor alkali production using mercury cell technology. We recorded a pretax restructuring charge of $28.0 million associated with these actions in the fourth quarter of 2010. The restructuring charge included write-off of equipment and facility costs, acceleration of asset retirement obligations, employee severance and related benefit costs and lease and other contract termination costs. For the years ended December 31, 2013, 2012 and 2011, we recorded additional pretax restructuring charges of $3.7 million, $2.3 million and $2.8 million, respectively, for employee severance and related benefit costs, employee relocation, lease and other contract termination costs and facility exit costs related to these actions. We expect to incur additional restructuring charges through 2014 of approximately $2 million related to exiting the use of mercury cell technology in the chlor alkali manufacturing process. | ||||||||||||||||||||||||
On November 3, 2010, we announced that we made the decision to relocate the Winchester centerfire pistol and rifle ammunition manufacturing operations from East Alton, IL to Oxford, MS. This relocation, when completed, is forecast to reduce Winchester’s annual operating costs by approximately $35 million to $40 million. Consistent with this decision in 2010, we initiated an estimated $110 million five-year project, which includes approximately $80 million of capital spending. The capital spending was partially financed by $31 million of grants provided by the State of Mississippi and local governments. The full amount of these grants were received in 2011. We currently expect to complete this relocation by the end of 2016. We recorded a pretax restructuring charge of $6.2 million associated with these actions in the fourth quarter of 2010. The restructuring charge included employee severance and related benefit costs and a non-cash pension and other postretirement benefits curtailment charge. For the years ended December 31, 2013, 2012 and 2011, we recorded additional pretax restructuring charges of $1.8 million, $6.2 million and $7.0 million, respectively, for employee severance and related benefits costs, a non-cash pension curtailment charge, employee relocation costs and facility exit costs related to these actions. We expect to incur additional restructuring charges through 2016 of approximately $5 million related to the transfer of these operations. | ||||||||||||||||||||||||
The following table summarizes the 2013, 2012 and 2011 activity by major component of these 2010 restructuring actions and the remaining balances of accrued restructuring costs as of December 31, 2013: | ||||||||||||||||||||||||
Employee severance and job related benefits | Pension and other postretirement benefits curtailment | Lease and other contract termination costs | Employee relocation costs | Facility exit costs | Total | |||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Balance January 1, 2011 | $ | 6 | $ | — | $ | 1 | $ | — | $ | — | $ | 7 | ||||||||||||
2011 restructuring charges | 6.4 | 1.1 | — | 2.2 | 1 | 10.7 | ||||||||||||||||||
Amounts utilized | (1.1 | ) | (1.1 | ) | (0.2 | ) | (2.2 | ) | (1.0 | ) | (5.6 | ) | ||||||||||||
Balance at December 31, 2011 | 11.3 | — | 0.8 | — | — | 12.1 | ||||||||||||||||||
2012 restructuring charges | 4.1 | — | 0.1 | 2.2 | 2.1 | 8.5 | ||||||||||||||||||
Amounts utilized | (1.9 | ) | — | (0.5 | ) | (2.2 | ) | (2.1 | ) | (6.7 | ) | |||||||||||||
Balance at December 31, 2012 | 13.5 | — | 0.4 | — | — | 13.9 | ||||||||||||||||||
2013 restructuring charges (credits) | 0.4 | — | (0.4 | ) | 0.6 | 4.9 | 5.5 | |||||||||||||||||
Amounts utilized | (3.7 | ) | — | — | (0.6 | ) | (4.9 | ) | (9.2 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 10.2 | $ | — | $ | — | $ | — | $ | — | $ | 10.2 | ||||||||||||
The following table summarizes the cumulative restructuring charges of these 2010 restructuring actions by major component through December 31, 2013: | ||||||||||||||||||||||||
Chlor Alkali Products | Winchester | Total | ||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Write-off of equipment and facility | $ | 17.5 | $ | — | $ | 17.5 | ||||||||||||||||||
Employee severance and job related benefits | 4.7 | 12.2 | 16.9 | |||||||||||||||||||||
Facility exit costs | 13.2 | 1.4 | 14.6 | |||||||||||||||||||||
Pension and other postretirement benefits curtailment | — | 4.1 | 4.1 | |||||||||||||||||||||
Employee relocation costs | 0.7 | 4.4 | 5.1 | |||||||||||||||||||||
Lease and other contract termination costs | 0.7 | — | 0.7 | |||||||||||||||||||||
Total cumulative restructuring charges | $ | 36.8 | $ | 22.1 | $ | 58.9 | ||||||||||||||||||
As of December 31, 2013, we have incurred cash expenditures of $20.4 million and non-cash charges of $28.3 million related to these restructuring actions. The remaining balance of $10.2 million is expected to be paid out in 2014 through 2016. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
Basic and diluted income per share are computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share reflects the dilutive effect of stock-based compensation. | ||||||||||||
Years ended December 31, | ||||||||||||
Computation of Income per Share | 2013 | 2012 | 2011 | |||||||||
(In millions, except per share data) | ||||||||||||
Net income | $ | 178.6 | $ | 149.6 | $ | 241.7 | ||||||
Basic shares | 79.9 | 80.1 | 80 | |||||||||
Basic net income per share | $ | 2.24 | $ | 1.87 | $ | 3.02 | ||||||
Diluted shares: | ||||||||||||
Basic shares | 79.9 | 80.1 | 80 | |||||||||
Stock-based compensation | 1 | 0.9 | 0.8 | |||||||||
Diluted shares | 80.9 | 81 | 80.8 | |||||||||
Diluted net income per share | $ | 2.21 | $ | 1.85 | $ | 2.99 | ||||||
The computation of dilutive shares from stock-based compensation does not include 0.6 million, 1.0 million and 0.9 million shares in 2013, 2012 and 2011, respectively, as their effect would have been anti-dilutive. |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT
ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES | ' | |||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES | ||||||||||
Allowance for doubtful accounts receivable consisted of the following: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
($ in millions) | ||||||||||
Beginning balance | $ | 3.6 | $ | 3.2 | ||||||
Provisions charged | — | 0.7 | ||||||||
Write-offs, net of recoveries | (0.2 | ) | (0.3 | ) | ||||||
Ending balance | $ | 3.4 | $ | 3.6 | ||||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
INVENTORIES | ' | |||||||||
INVENTORIES | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
($ in millions) | ||||||||||
Supplies | $ | 40.5 | $ | 36.4 | ||||||
Raw materials | 76.5 | 70.5 | ||||||||
Work in process | 26.4 | 25.2 | ||||||||
Finished goods | 115.9 | 141 | ||||||||
259.3 | 273.1 | |||||||||
LIFO reserves | (72.8 | ) | (78.0 | ) | ||||||
Inventories, net | $ | 186.5 | $ | 195.1 | ||||||
In conjunction with the acquisition of KA Steel, we obtained inventories with a fair value of $36.4 million, as of August 22, 2012. Inventories valued using the LIFO method comprised 56% and 54% of the total inventories at December 31, 2013 and 2012, respectively. The replacement cost of our inventories would have been approximately $72.8 million and $78.0 million higher than that reported at December 31, 2013 and 2012, respectively. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||
December 31, | ||||||||||
Useful Lives | 2013 | 2012 | ||||||||
($ in millions) | ||||||||||
Land and improvements to land | 10-20 Years | $ | 156.2 | $ | 155.9 | |||||
Buildings and building equipment | 10-30 Years | 205 | 204.3 | |||||||
Machinery and equipment | 3-15 Years | 1,835.40 | 1,739.50 | |||||||
Leasehold improvements | 2.5 | 2.5 | ||||||||
Construction in progress | 47.8 | 96.1 | ||||||||
Property, plant and equipment | 2,246.90 | 2,198.30 | ||||||||
Accumulated depreciation | (1,259.1 | ) | (1,164.0 | ) | ||||||
Property, plant and equipment, net | $ | 987.8 | $ | 1,034.30 | ||||||
The weighted average useful life of machinery and equipment at December 31, 2013 was 10 years. Depreciation expense was $120.7 million, $104.4 million and $97.4 million for 2013, 2012 and 2011, respectively. Interest capitalized was $1.1 million, $7.4 million and $1.2 million for 2013, 2012 and 2011, respectively. Maintenance and repairs charged to operations amounted to $134.7 million, $124.4 million and $135.7 million in 2013, 2012 and 2011, respectively. | ||||||||||
The consolidated statements of cash flows for the years ended December 31, 2013, 2012 and 2011, included a $7.9 million, $17.4 million and $(23.7) million, respectively, increase (decrease) to capital expenditures, with the corresponding change to accounts payable and accrued liabilities, related to purchases of property, plant and equipment included in accounts payable at December 31, 2013, 2012 and 2011. | ||||||||||
During 2013, 2012 and 2011 we entered into sale/leaseback transactions for caustic soda barges and chlorine, caustic soda and bleach railcars and bleach trailers. In 2013, 2012 and 2011 we received proceeds from the sales of $35.8 million, $4.4 million and $3.2 million, respectively, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||
During 2013, assets of $4.2 million were acquired under capital leases and are included in machinery and equipment as of December 31, 2013. As of December 31, 2012, leased assets capitalized and included above are not significant. |
INVESTMENTSAFFILIATED_COMPANIE
INVESTMENTS-AFFILIATED COMPANIES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
INVESTMENTS-AFFILIATED COMPANIES | ' | |||||||||||
INVESTMENTS—AFFILIATED COMPANIES | ||||||||||||
Prior to the acquisition of SunBelt, we held a 50% ownership interest, which was accounted for using the equity method of accounting. | ||||||||||||
On November 16, 2007, we purchased for cash an $11.6 million equity interest in a bleach joint venture. As part of the investment we also entered into several commercial agreements, including agreements by which we would supply raw materials and services, and we would have marketing responsibility for bleach and caustic soda. During 2013, we sold our equity interest in the bleach joint venture which resulted in a gain of $6.5 million. As a result of the sale, as of December 31, 2013, we have recorded a long-term receivable of $15.6 million which is included within other assets on our consolidated balance sheet. | ||||||||||||
We hold a 9.1% limited partnership interest in Bay Gas Storage Company, Ltd. (Bay Gas), an Alabama limited partnership, in which EnergySouth, Inc. (EnergySouth), which was acquired in 2008 by Sempra Energy, is the general partner with interest of 90.9%. Bay Gas owns, leases and operates underground gas storage and related pipeline facilities, which are used to provide storage in the McIntosh, AL area and delivery of natural gas to EnergySouth customers. | ||||||||||||
The following table summarizes our investments in our non-consolidated equity affiliates: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
($ in millions) | ||||||||||||
Bay Gas | $ | 21.6 | $ | 19.5 | ||||||||
Bleach joint venture | — | 9.8 | ||||||||||
Investments in equity affiliates | $ | 21.6 | $ | 29.3 | ||||||||
The following table summarizes our equity earnings of non-consolidated affiliates: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
($ in millions) | ||||||||||||
SunBelt | $ | — | $ | — | $ | 6.3 | ||||||
Bay Gas | 2.1 | 2.4 | 2.4 | |||||||||
Bleach joint venture | 0.7 | 0.6 | 0.9 | |||||||||
Equity earnings of non-consolidated affiliates | $ | 2.8 | $ | 3 | $ | 9.6 | ||||||
We received net distributions from our non-consolidated affiliates of $1.5 million, $1.3 million and $1.9 million for 2013, 2012 and 2011, respectively. |
DEBT
DEBT | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Debt Instruments [Abstract] | ' | |||||||||
DEBT | ' | |||||||||
DEBT | ||||||||||
Credit Facility | ||||||||||
At December 31, 2013, we had $233.4 million available under our $265 million senior revolving credit facility because we had issued $31.6 million of letters of credit under a $110 million subfacility. The senior revolving credit facility also has a $50 million Canadian subfacility. The senior revolving credit facility will expire in April 2017. Under the senior revolving credit facility, we may select various floating rate borrowing options. The actual interest rate paid on borrowings under the senior revolving credit facility is based on a pricing grid which is dependent upon the leverage ratio as calculated under the terms of the facility at the end of the prior fiscal quarter. The facility includes various customary restrictive covenants, including restrictions related to the ratio of debt to earnings before interest expense, taxes, depreciation and amortization (leverage ratio) and the ratio of earnings before interest expense, taxes, depreciation and amortization to interest expense (coverage ratio). Compliance with these covenants is determined quarterly based on the operating cash flows for the last four quarters. We were in compliance with all covenants and restrictions under all our outstanding credit agreements as of December 31, 2013 and 2012, and no event of default had occurred that would permit the lenders under our outstanding credit agreements to accelerate the debt if not cured. In the future, our ability to generate sufficient operating cash flows, among other factors, will determine the amounts available to be borrowed under these facilities. As of December 31, 2013, there were no covenants or other restrictions that limited our ability to borrow. | ||||||||||
At December 31, 2013, we had total letters of credit of $36.8 million outstanding, of which $31.6 million were issued under our $265 million senior revolving credit facility. The letters of credit are used to support certain long-term debt, certain workers compensation insurance policies, certain plant closure and post-closure obligations and certain international pension funding requirements. | ||||||||||
Long-Term Debt | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Notes payable: | ($ in millions) | |||||||||
Variable-rate Go Zone bonds, due 2024 (1.42% and 1.72% at December 31, 2013 and 2012, respectively) | $ | 50 | $ | 50 | ||||||
Variable-rate Recovery Zone bonds, due 2024-2035 (1.42% and 1.72% at December 31, 2013 and 2012, respectively) | 103 | 103 | ||||||||
Variable-rate Industrial development and environmental improvement obligations due 2025 (0.22% and 0.26% at December 31, 2013 and 2012, respectively) | 2.9 | 2.9 | ||||||||
5.5%, due 2022 | 200 | 200 | ||||||||
6.5%, due 2013 | — | 11.4 | ||||||||
6.75%, due 2016 (includes interest rate swaps of $6.1 million and $8.4 million in 2013 and 2012, respectively) | 131.1 | 133.4 | ||||||||
7.23%, SunBelt Notes due 2013-2017 (includes unamortized fair value premium of $0.8 million and $1.1 million and interest rate swaps of $1.2 million and $1.8 million in 2013 and 2012, respectively) | 50.7 | 63.9 | ||||||||
8.875%, due 2019 (includes unamortized discount of $0.8 million in 2013 and $0.9 million in 2012) | 149.2 | 149.1 | ||||||||
Capital lease obligations | 4.1 | — | ||||||||
Total debt | 691 | 713.7 | ||||||||
Amounts due within one year | 12.6 | 23.6 | ||||||||
Total long-term debt | $ | 678.4 | $ | 690.1 | ||||||
In January 2013, we repaid the $11.4 million 2013 Notes, which became due. | ||||||||||
During 2013, assets of $4.2 million were acquired under capital leases with terms of 7 years. | ||||||||||
Pursuant to a note purchase agreement dated December 22, 1997, SunBelt sold $97.5 million of Guaranteed Senior Secured Notes due 2017, Series O, and $97.5 million of Guaranteed Senior Secured Notes due 2017, Series G. The SunBelt Notes bear interest at a rate of 7.23% per annum, payable semi-annually in arrears on each June 22 and December 22. Beginning on December 22, 2002 and each year through 2017, SunBelt is required to repay $12.2 million of the SunBelt Notes, of which $6.1 million is attributable to the Series O Notes and of which $6.1 million is attributable to the Series G Notes. In conjunction with the SunBelt acquisition, we consolidated the SunBelt Notes with a fair value of $87.3 million for the remaining principal balance of $85.3 million as of February 28, 2011. In December 2013, 2012 and 2011, $12.2 million was repaid on these SunBelt Notes. | ||||||||||
In August 2012, we sold $200.0 million of 2022 Notes with a maturity date of August 15, 2022. The 2022 Notes were issued at par value. Interest is paid semi-annually on February 15 and August 15. The acquisition of KA Steel was partially financed with proceeds of $196.0 million, after expense of $4.0 million, from the 2022 Notes. | ||||||||||
In June 2012, we redeemed $7.7 million of industrial revenue bonds due in 2017. We paid a premium of $0.2 million to the bond holders, which was included in interest expense. We also recognized a $0.2 million deferred gain in interest expense related to the interest rate swaps, which were terminated in March 2012, on these industrial revenue bonds. | ||||||||||
In December 2011, we repaid the $75.0 million 2011 Notes, which became due. | ||||||||||
In December 2010, we completed a financing of Recovery Zone tax-exempt bonds totaling $42.0 million due 2033. The bonds were issued by MS Finance pursuant to a trust indenture between MS Finance and U.S. Bank National Association, as trustee. The bonds were sold to PNC Bank, as administrative agent for itself and a syndicate of participating banks, in a private placement under a Credit and Funding Agreement dated December 1, 2010, between us and PNC Bank. Proceeds of the bonds were loaned by MS Finance to us under a loan agreement, whereby we are obligated to make loan payments to MS Finance sufficient to pay all debt service and expenses related to the bonds. Our obligations under the loan agreement and related note bear interest at a fluctuating rate based on LIBOR. The financial covenants in the credit agreement mirror those in our senior revolving credit facility. The bonds may be tendered to us (without premium) periodically beginning November 1, 2015. During December 2010, we drew $42.0 million of the bonds. The proceeds from the bonds are required to be used to fund capital project spending for the ongoing relocation of our Winchester centerfire ammunition manufacturing operations from East Alton, IL to Oxford, MS. As of December 31, 2013, $4.2 million of the proceeds remain with the trustee and are classified as a noncurrent asset on our consolidated balance sheet as restricted cash, until such time as we request reimbursement of qualifying amounts used for the Oxford, MS Winchester relocation. | ||||||||||
In October 2010, we completed a financing of tax-exempt bonds totaling $70.0 million due 2024. The bonds include $50.0 million of Go Zone and $20.0 million of Recovery Zone. The bonds were issued by the AL Authority pursuant to a trust indenture between the AL Authority and U.S. Bank National Association, as trustee. The bonds were sold to PNC Bank, as administrative agent for itself and a syndicate of participating banks, in a private placement under a Credit and Funding Agreement dated October 14, 2010, between us and PNC Bank. Proceeds of the bonds were loaned by the AL Authority to us under a loan agreement, whereby we are obligated to make loan payments to the AL Authority sufficient to pay all debt service and expenses related to the bonds. Our obligations under the loan agreement and related note bear interest at a fluctuating rate based on LIBOR. The financial covenants in the credit agreement mirror those in our senior revolving credit facility. The bonds may be tendered to us (without premium) periodically beginning November 1, 2015. We had the option to borrow up to the entire $70.0 million in a series of draw downs through December 31, 2011. We drew $36.0 million of the bonds in 2011 and $34.0 million in 2010. The proceeds from the bonds are required to be used to fund capital project spending at our McIntosh, AL facility and were fully utilized as of December 31, 2012. | ||||||||||
Annual maturities of long-term debt, including capital lease obligations, are $12.6 million in 2014, $12.6 million in 2015, $143.7 million in 2016, $14.6 million in 2017, $0.5 million in 2018 and a total of $507.0 million thereafter. | ||||||||||
We have entered into interest rate swaps, as disclosed below, whereby we agree to pay variable and fixed rates to a counterparty who, in turn, pays us fixed and variable rates. In all cases the underlying index for variable rates is the six-month LIBOR. Accordingly, payments are settled every six months and the terms of the swaps are the same as the underlying debt instruments. | ||||||||||
The following table reflects the swap activity related to certain debt obligations: | ||||||||||
Underlying Debt Instrument | Swap | Date of Swap | December 31, 2013 | |||||||
Amount | ||||||||||
($ in millions) | Olin Pays | |||||||||
Floating Rate: | ||||||||||
6.75%, due 2016 | $ | 65 | Mar-10 | 3.5 - 4.5% | (a) | |||||
6.75%, due 2016 | $ | 60 | Mar-10 | 3.5 - 4.5% | (a) | |||||
Olin Receives | ||||||||||
Floating Rate: | ||||||||||
6.75%, due 2016 | $ | 65 | Oct-11 | 3.5 - 4.5% | (a) | |||||
6.75%, due 2016 | $ | 60 | Oct-11 | 3.5 - 4.5% | (a) | |||||
(a) | Actual rate is set in arrears. We project the rate will fall within the range shown. | |||||||||
In March 2010, we entered into interest rate swaps on $125 million of our underlying fixed-rate debt obligations, whereby we agreed to pay variable rates to a counterparty who, in turn, pays us fixed rates. The counterparty to these agreements is Citibank. In October 2011, we entered into $125 million of interest rate swaps with equal and opposite terms as the $125 million variable interest rate swaps on the 2016 Notes. We have agreed to pay a fixed rate to a counterparty who, in turn, pays us variable rates. The counterparty to this agreement is also Citibank. The result was a gain of $11.0 million on the $125 million variable interest rate swaps, which will be recognized through 2016. As of December 31, 2013, $6.1 million of this gain was included in long-term debt. In October 2011, we de-designated our $125 million interest rate swaps that had previously been designated as fair value hedges. The $125 million variable interest rate swaps and the $125 million fixed interest rate swaps do not meet the criteria for hedge accounting. All changes in the fair value of these interest rate swaps are recorded currently in earnings. | ||||||||||
In 2001 and 2002, we entered into interest rate swaps on $75 million of our underlying fixed-rate debt obligations, whereby we agreed to pay variable rates to a counterparty who, in turn, paid us fixed rates. The counterparty to these agreements was Citibank. In January 2009, we entered into a $75 million fixed interest rate swap with equal and opposite terms as the $75 million variable interest rate swaps on the 2011 Notes. We agreed to pay a fixed rate to a counterparty who, in turn, paid us variable rates. The counterparty to this agreement was Bank of America. The result was a gain of $7.9 million on the $75 million variable interest rate swaps, which was recognized through 2011. In January 2009, we de-designated our $75 million interest rate swaps that had previously been designated as fair value hedges. The $75 million variable interest rate swaps and the $75 million fixed interest rate swap did not meet the criteria for hedge accounting. All changes in the fair value of these interest rate swaps were recorded currently in earnings. | ||||||||||
In June 2012, we terminated $73.1 million of interest rate swaps with Wells Fargo that had been entered into on the SunBelt Notes in May 2011. The result was a gain of $2.2 million which will be recognized through 2017. As of December 31, 2013, $1.2 million of this gain was included in long-term debt. | ||||||||||
Our loss in the event of nonperformance by these counterparties could be significant to our financial position and results of operations. These interest rate swaps reduced interest expense by $2.9 million, $3.4 million and $7.2 million for 2013, 2012 and 2011, respectively. The difference between interest paid and interest received is included as an adjustment to interest expense. |
PENSION_PLANS
PENSION PLANS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
PENSION PLANS | ' | |||||||||||||||||||||||
PENSION PLANS | ||||||||||||||||||||||||
Most of our employees participate in defined contribution pension plans. We provide a contribution to an individual retirement contribution account maintained with the CEOP primarily equal to 5% of the employee’s eligible compensation if such employee is less than age 45, and 7.5% of the employee’s eligible compensation if such employee is age 45 or older. The defined contribution pension plans expense was $15.4 million, $15.1 million and $14.6 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
A portion of our bargaining hourly employees continue to participate in our domestic defined benefit pension plans under a flat-benefit formula. Our funding policy for the defined benefit pension plans is consistent with the requirements of federal laws and regulations. Our foreign subsidiaries maintain pension and other benefit plans, which are consistent with statutory practices. Our defined benefit pension plan provides that if, within three years following a change of control of Olin, any corporate action is taken or filing made in contemplation of, among other things, a plan termination or merger or other transfer of assets or liabilities of the plan, and such termination, merger or transfer thereafter takes place, plan benefits would automatically be increased for affected participants (and retired participants) to absorb any plan surplus (subject to applicable collective bargaining requirements). | ||||||||||||||||||||||||
During the third quarter of 2012, the “Moving Ahead for Progress in the 21st Century Act” became law. The new law changes the mechanism for determining interest rates to be used for calculating minimum defined benefit pension plan funding requirements. Interest rates are determined using an average of rates for a 25-year period, which can have the effect of increasing the annual discount rate, reducing the defined benefit pension plan obligation, and potentially reducing or eliminating the minimum annual funding requirement. The new law also increased premiums paid to the PBGC. Based on our plan assumptions and estimates, we will not be required to make any cash contributions to the domestic qualified defined benefit pension plan at least through 2014 and under the new law may not be required to make any additional contributions for at least the next five years. | ||||||||||||||||||||||||
As part of the acquisition of KA Steel, as of December 31, 2013, we have recorded a contingent liability of $10.0 million for the withdrawal from a multi-employer defined benefit pension plan. | ||||||||||||||||||||||||
As of December 31, 2013, we have a $0.9 million liability associated with an agreement to withdraw our Henderson, NV chlor alkali hourly workforce from a multi-employer defined benefit pension plan. | ||||||||||||||||||||||||
Pension Obligations and Funded Status | ||||||||||||||||||||||||
Changes in the benefit obligation and plan assets were as follows: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Change in Benefit Obligation | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,070.80 | $ | 68.4 | $ | 2,139.20 | $ | 1,884.90 | $ | 64.5 | $ | 1,949.40 | ||||||||||||
Service cost | 2.8 | 0.6 | 3.4 | 2.8 | 0.7 | 3.5 | ||||||||||||||||||
Interest cost | 78.4 | 2.7 | 81.1 | 89.2 | 2.8 | 92 | ||||||||||||||||||
Actuarial (gain) loss | (107.7 | ) | (1.7 | ) | (109.4 | ) | 220.8 | 2.3 | 223.1 | |||||||||||||||
Benefits paid | (127.8 | ) | (3.5 | ) | (131.3 | ) | (126.9 | ) | (3.3 | ) | (130.2 | ) | ||||||||||||
Currency translation adjustments | — | (4.3 | ) | (4.3 | ) | — | 1.4 | 1.4 | ||||||||||||||||
Benefit obligation at end of year | $ | 1,916.50 | $ | 62.2 | $ | 1,978.70 | $ | 2,070.80 | $ | 68.4 | $ | 2,139.20 | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Change in Plan Assets | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Fair value of plans’ assets at beginning of year | $ | 1,912.50 | $ | 68.5 | $ | 1,981.00 | $ | 1,842.60 | $ | 64.3 | $ | 1,906.90 | ||||||||||||
Actual return on plans’ assets | 10.7 | 0.3 | 11 | 193 | 5.1 | 198.1 | ||||||||||||||||||
Employer contributions | 3.2 | 1.2 | 4.4 | 3.8 | 1 | 4.8 | ||||||||||||||||||
Benefits paid | (127.8 | ) | (3.5 | ) | (131.3 | ) | (126.9 | ) | (3.3 | ) | (130.2 | ) | ||||||||||||
Currency translation adjustments | — | (4.4 | ) | (4.4 | ) | — | 1.4 | 1.4 | ||||||||||||||||
Fair value of plans’ assets at end of year | $ | 1,798.60 | $ | 62.1 | $ | 1,860.70 | $ | 1,912.50 | $ | 68.5 | $ | 1,981.00 | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Funded Status | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Qualified plans | $ | (57.6 | ) | $ | 1.7 | $ | (55.9 | ) | $ | (93.5 | ) | $ | 2.1 | $ | (91.4 | ) | ||||||||
Non-qualified plans | (60.3 | ) | (1.8 | ) | (62.1 | ) | (64.8 | ) | (2.0 | ) | (66.8 | ) | ||||||||||||
Total funded status | $ | (117.9 | ) | $ | (0.1 | ) | $ | (118.0 | ) | $ | (158.3 | ) | $ | 0.1 | $ | (158.2 | ) | |||||||
Under ASC 715 we recorded an $8.9 million after-tax charge ($14.4 million pretax) to shareholders’ equity as of December 31, 2013 for our pension plans. This charge reflected unfavorable performance on plan assets during 2013, partially offset by a 60-basis point increase in the plans’ discount rate. In 2012, we recorded a $99.0 million after-tax charge ($162.0 million pretax) to shareholders’ equity as of December 31, 2012 for our pension plans. This charge reflected a 100-basis point decrease in the plans’ discount rate and an unfavorable actuarial assumption change related to mortality tables, partially offset by the favorable performance on plan assets during 2012. | ||||||||||||||||||||||||
The $109.4 million actuarial gain for 2013 was primarily due to a 60-basis point increase in the plans’ discount rate. The $223.1 million actuarial loss for 2012 was primarily due to a 100-basis point decrease in the plans’ discount rate and an unfavorable actuarial assumption charge related to mortality tables. | ||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consisted of: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
U.S. | Foreign | Total | U.S. | Foreign | Total | |||||||||||||||||||
Prepaid benefit cost | $ | — | $ | 1.7 | $ | 1.7 | $ | — | $ | 2.1 | $ | 2.1 | ||||||||||||
Accrued benefit in current liabilities | (14.2 | ) | (0.1 | ) | (14.3 | ) | (6.0 | ) | (0.1 | ) | (6.1 | ) | ||||||||||||
Accrued benefit in noncurrent liabilities | (103.7 | ) | (1.7 | ) | (105.4 | ) | (152.3 | ) | (1.9 | ) | (154.2 | ) | ||||||||||||
Accumulated other comprehensive loss | 540.9 | 20.7 | 561.6 | 557 | 19.9 | 576.9 | ||||||||||||||||||
Net balance sheet impact | $ | 423 | $ | 20.6 | $ | 443.6 | $ | 398.7 | $ | 20 | $ | 418.7 | ||||||||||||
At December 31, 2013 and 2012, the benefit obligation of non-qualified pension plans was $62.1 million and $66.8 million, respectively, and was included in the above pension benefit obligation. There were no plan assets for these non-qualified pension plans. Benefit payments for the non-qualified pension plans are expected to be as follows: 2014—$14.4 million; 2015—$9.9 million; 2016—$5.5 million; 2017—$4.8 million; and 2018—$3.0 million. Benefit payments for the qualified plans are projected to be as follows: 2014—$123.3 million; 2015—$118.2 million; 2016—$113.8 million; 2017—$109.8 million; and 2018—$106.2 million. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Projected benefit obligation | $ | 1,978.70 | $ | 2,139.20 | ||||||||||||||||||||
Accumulated benefit obligation | 1,968.90 | 2,125.80 | ||||||||||||||||||||||
Fair value of plan assets | 1,860.70 | 1,981.00 | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
Components of Net Periodic Benefit Income | 2013 | 2012 | 2011 | |||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Service cost | $ | 6.2 | $ | 6.1 | $ | 6.1 | ||||||||||||||||||
Interest cost | 81.1 | 92 | 94.2 | |||||||||||||||||||||
Expected return on plans’ assets | (137.5 | ) | (139.5 | ) | (139.5 | ) | ||||||||||||||||||
Amortization of prior service cost | 1.9 | 2.2 | 0.8 | |||||||||||||||||||||
Recognized actuarial loss | 27.8 | 18.1 | 14.8 | |||||||||||||||||||||
Curtailments | — | — | 1.1 | |||||||||||||||||||||
Net periodic benefit income | $ | (20.5 | ) | $ | (21.1 | ) | $ | (22.5 | ) | |||||||||||||||
Included in Other Comprehensive Loss (Pretax) | ||||||||||||||||||||||||
Liability adjustment | $ | 14.4 | $ | 162 | $ | 41.8 | ||||||||||||||||||
Amortization of prior service costs and actuarial losses | (29.7 | ) | (20.3 | ) | (16.7 | ) | ||||||||||||||||||
The defined benefit pension plans’ actuarial loss that will be recognized from accumulated other comprehensive loss into net periodic benefit income in 2014 will be approximately $22 million. | ||||||||||||||||||||||||
In June 2011, we recorded a curtailment charge of $1.1 million related to the ratification of a new five and one half year Winchester, East Alton, IL union labor agreement. This curtailment charge was included in restructuring charges. | ||||||||||||||||||||||||
The service cost and the amortization of prior service cost components of pension expense related to the employees of the operating segments are allocated to the operating segments based on their respective estimated census data. | ||||||||||||||||||||||||
Pension Plan Assumptions | ||||||||||||||||||||||||
Certain actuarial assumptions, such as discount rate and long-term rate of return on plan assets, have a significant effect on the amounts reported for net periodic benefit cost and accrued benefit obligation amounts. We use a measurement date of December 31 for our pension plans. | ||||||||||||||||||||||||
U.S. Pension Benefits | Foreign Pension Benefits | |||||||||||||||||||||||
Weighted Average Assumptions: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate—periodic benefit cost | 3.9 | % | 4.9 | % | 5.3 | % | 4.2 | % | 4.4 | % | 5.5 | % | ||||||||||||
Expected return on assets | 7.75 | % | 8 | % | 8.25 | % | 7.75 | % | 8 | % | 8 | % | ||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||
Discount rate—benefit obligation | 4.5 | % | 3.9 | % | 4.9 | % | 4.8 | % | 4.2 | % | 4.4 | % | ||||||||||||
The discount rate is based on a hypothetical yield curve represented by a series of annualized individual zero-coupon bond spot rates for maturities ranging from one-half to thirty years. The bonds used in the yield curve must have a rating of AA or better per Standard & Poor’s, be non-callable, and have at least $250 million par outstanding. The yield curve is then applied to the projected benefit payments from the plan. Based on these bonds and the projected benefit payment streams, the single rate that produces the same yield as the matching bond portfolio, rounded to the nearest quarter point, is used as the discount rate. | ||||||||||||||||||||||||
The long-term expected rate of return on plan assets represents an estimate of the long-term rate of returns on the investment portfolio consisting of equities, fixed income and alternative investments. We use long-term historical actual return information, the allocation mix of investments that comprise plan assets, and forecast estimates of long-term investment returns, including inflation rates, by reference to external sources. The historic rate of return on plan assets has been 9.9% for the last 5 years, 10.1% for the last 10 years and 8.6% for the last 15 years. The following rates of return by asset class were considered in setting the long-term rate of return assumption: | ||||||||||||||||||||||||
U.S. equities | 9% | to | 13% | |||||||||||||||||||||
Non-U.S. equities | 10% | to | 14% | |||||||||||||||||||||
Fixed income/cash | 5% | to | 9% | |||||||||||||||||||||
Alternative investments | 5% | to | 15% | |||||||||||||||||||||
Absolute return strategies | 8% | to | 12% | |||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
Our pension plan asset allocation at December 31, 2013 and 2012, by asset class was as follows: | ||||||||||||||||||||||||
Percentage of Plan Assets | ||||||||||||||||||||||||
Asset Class | 2013 | 2012 | ||||||||||||||||||||||
U.S. equities | 5 | % | 6 | % | ||||||||||||||||||||
Non-U.S. equities | 8 | % | 7 | % | ||||||||||||||||||||
Fixed income/cash | 51 | % | 53 | % | ||||||||||||||||||||
Alternative investments | 20 | % | 18 | % | ||||||||||||||||||||
Absolute return strategies | 16 | % | 16 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The Alternative Investments asset class includes hedge funds, real estate and private equity investments. The Alternative Investment class is intended to help diversify risk and increase returns by utilizing a broader group of assets. | ||||||||||||||||||||||||
Absolute Return Strategies further diversify the plan’s assets through the use of asset allocations that seek to provide a targeted rate of return over inflation. The investment managers allocate funds within asset classes that they consider to be undervalued in an effort to preserve gains in overvalued asset classes and to find opportunities in undervalued asset classes. | ||||||||||||||||||||||||
A master trust was established by our pension plan to accumulate funds required to meet benefit payments of our plan and is administered solely in the interest of our plan’s participants and their beneficiaries. The master trust’s investment horizon is long term. Its assets are managed by professional investment managers or invested in professionally managed investment vehicles. | ||||||||||||||||||||||||
Our pension plan maintains a portfolio of assets designed to achieve an appropriate risk adjusted return. The portfolio of assets is also structured to protect the funding level from the negative impacts of interest rate changes on the asset and liability values. This is accomplished by investing in a portfolio of assets with a maturity duration that approximately matches the duration of the plan liabilities. Risk is managed by diversifying assets across asset classes whose return patterns are not highly correlated, investing in passively and actively managed strategies and in value and growth styles, and by periodic rebalancing of asset classes, strategies and investment styles to objectively set targets. | ||||||||||||||||||||||||
As of December 31, 2013, the following target allocation and ranges have been set for each asset class: | ||||||||||||||||||||||||
Asset Class | Target Allocation | Target Range | ||||||||||||||||||||||
U.S. equities | 6 | % | 0-14 | |||||||||||||||||||||
Non-U.S. equities | 6 | % | 0-14 | |||||||||||||||||||||
Fixed income/cash | 61 | % | 48-80 | |||||||||||||||||||||
Alternative investments | 7 | % | 0-28 | |||||||||||||||||||||
Absolute return strategies | 20 | % | 30-Oct | |||||||||||||||||||||
We do have a small Canadian qualified defined benefit pension plan to which we made cash contributions of $1.0 million and $0.9 million in 2013 and 2012, respectively, and we anticipate approximately $1 million of cash contributions in 2014. | ||||||||||||||||||||||||
Determining which hierarchical level an asset or liability falls within requires significant judgment. The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2013: | ||||||||||||||||||||||||
Asset Class | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
In Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||
U.S. equities | $ | 83.2 | $ | 14.8 | $ | — | $ | 98 | ||||||||||||||||
Non-U.S. equities | 41.1 | 112.1 | — | 153.2 | ||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Cash | 53.9 | — | — | 53.9 | ||||||||||||||||||||
Government treasuries | — | 398.8 | 4.5 | 403.3 | ||||||||||||||||||||
Corporate debt instruments | 0.4 | 314.4 | 21.5 | 336.3 | ||||||||||||||||||||
Asset-backed securities | — | 152.3 | — | 152.3 | ||||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | — | — | 315.9 | 315.9 | ||||||||||||||||||||
Real estate funds | — | — | 35.7 | 35.7 | ||||||||||||||||||||
Private equity funds | — | — | 17.9 | 17.9 | ||||||||||||||||||||
Absolute return strategies | — | 275.5 | 18.7 | 294.2 | ||||||||||||||||||||
Total assets | $ | 178.6 | $ | 1,267.90 | $ | 414.2 | $ | 1,860.70 | ||||||||||||||||
The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2012: | ||||||||||||||||||||||||
Asset Class | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
In Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||
U.S. equities | $ | 94.8 | $ | 16.9 | $ | — | $ | 111.7 | ||||||||||||||||
Non-U.S. equities | 42.9 | 105.6 | — | 148.5 | ||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Cash | 38.2 | — | — | 38.2 | ||||||||||||||||||||
Government treasuries | — | 501.7 | 5.6 | 507.3 | ||||||||||||||||||||
Corporate debt instruments | 1.8 | 358 | 12.2 | 372 | ||||||||||||||||||||
Asset-backed securities | — | 141.9 | — | 141.9 | ||||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | — | — | 286.9 | 286.9 | ||||||||||||||||||||
Real estate funds | — | — | 38.2 | 38.2 | ||||||||||||||||||||
Private equity funds | — | — | 18.5 | 18.5 | ||||||||||||||||||||
Absolute return strategies | — | 277 | 40.8 | 317.8 | ||||||||||||||||||||
Total assets | $ | 177.7 | $ | 1,401.10 | $ | 402.2 | $ | 1,981.00 | ||||||||||||||||
U.S. equities—This class included actively and passively managed equity investments in common stock and commingled funds comprised primarily of large-capitalization stocks with value, core and growth strategies. | ||||||||||||||||||||||||
Non-U.S. equities—This class included actively managed equity investments in commingled funds comprised primarily of international large-capitalization stocks from both developed and emerging markets. | ||||||||||||||||||||||||
Fixed income and cash—This class included commingled funds comprised of debt instruments issued by the U.S. and Canadian Treasuries, U.S. Agencies, corporate debt instruments, asset- and mortgage-backed securities and cash. | ||||||||||||||||||||||||
Hedge fund of funds—This class included a hedge fund which invests in the following types of hedge funds: | ||||||||||||||||||||||||
Event driven hedge funds—This class included hedge funds that invest in securities to capture excess returns that are driven by market or specific company events including activist investment philosophies and the arbitrage of equity and private and public debt securities. | ||||||||||||||||||||||||
Market neutral hedge funds—This class included investments in U.S. and international equities and fixed income securities while maintaining a market neutral position in those markets. | ||||||||||||||||||||||||
Other hedge funds—This class primarily included long-short equity strategies and a global macro fund which invested in fixed income, equity, currency, commodity and related derivative markets. | ||||||||||||||||||||||||
At December 31, 2013 and 2012, the asset allocation included investment in approximately 20% event driven hedge funds, 35% market neutral hedge funds and 45% other hedge funds. | ||||||||||||||||||||||||
Real estate funds—This class included several funds that invest primarily in U.S. commercial real estate. | ||||||||||||||||||||||||
Private equity funds—This class included several private equity funds that invest primarily in infrastructure and U.S. power generation and transmission assets. | ||||||||||||||||||||||||
Absolute return strategies—This class included multiple strategies which use asset allocations that seek to provide a targeted rate of return over inflation. The investment managers allocate funds within asset classes that they consider to be undervalued in an effort to preserve gains in overvalued asset classes and to find opportunities in undervalued asset classes. At December 31, 2013, the asset allocation included investment in approximately 20% equities, 60% cash and fixed income and 20% alternative investments. At December 31, 2012, the asset allocation included investments in approximately 25% equities, 65% cash and fixed income and 10% alternative investments. | ||||||||||||||||||||||||
U.S. equities and non-U.S. equities are primarily valued at the net asset value provided by the independent administrator or custodian of the commingled fund. The net asset value is based on the value of the underlying equities, which are traded on an active market. U.S. equities are also valued at the closing price reported in an active market on which the individual securities are traded. Fixed income investments are primarily valued at the net asset value provided by the independent administrator or custodian of the fund. The net asset value is based on the underlying assets, which are valued using inputs such as the closing price reported, if traded on an active market, values derived from comparable securities of issuers with similar credit ratings, or under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for risks that may not be observable such as certain credit and liquidity risks. Alternative investments are primarily valued at the net asset value as determined by the independent administrator or custodian of the fund. The net asset value is based on the underlying investments, which are valued using inputs such as quoted market prices of identical instruments, discounted future cash flows, independent appraisals and market-based comparable data. Absolute return strategies are commingled funds which reflect the fair value of our ownership interest in these funds. The investments in these commingled funds include some or all of the above asset classes and are primarily valued at net asset values based on the underlying investments, which are valued consistent with the methodologies described above for each asset class. | ||||||||||||||||||||||||
The following table summarizes the activity for our defined benefit pension plans level 3 assets for the year ended December 31, 2013: | ||||||||||||||||||||||||
December 31, | Realized | Unrealized Gain/(Loss) Relating to Assets Held at Period End | Purchases, Sales, and Settlements | Transfers | 31-Dec-13 | |||||||||||||||||||
2012 | Gain/(Loss) | In/(Out) | ||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Government treasuries | $ | 5.6 | $ | 0.1 | $ | (1.1 | ) | $ | (0.1 | ) | $ | — | $ | 4.5 | ||||||||||
Corporate debt instruments | 12.2 | — | 1.3 | 8 | — | 21.5 | ||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | 286.9 | — | 29 | — | — | 315.9 | ||||||||||||||||||
Real estate funds | 38.2 | 1 | 1.9 | (5.4 | ) | — | 35.7 | |||||||||||||||||
Private equity funds | 18.5 | 0.8 | (0.5 | ) | (0.9 | ) | — | 17.9 | ||||||||||||||||
Absolute return strategies | 40.8 | 9.4 | (7.0 | ) | (24.5 | ) | — | 18.7 | ||||||||||||||||
Total level 3 assets | $ | 402.2 | $ | 11.3 | $ | 23.6 | $ | (22.9 | ) | $ | — | $ | 414.2 | |||||||||||
The following table summarizes the activity for our defined benefit pension plans level 3 assets for the year ended December 31, 2012: | ||||||||||||||||||||||||
December 31, 2011 | Realized | Unrealized Gain/(Loss) Relating to Assets Held at Period End | Purchases, Sales, and Settlements | Transfers | December 31, 2012 | |||||||||||||||||||
Gain/(Loss) | In/(Out) | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Government treasuries | $ | 5.5 | $ | — | $ | 0.5 | $ | (0.4 | ) | $ | — | $ | 5.6 | |||||||||||
Corporate debt instruments | 2.9 | 0.3 | 0.1 | 8.9 | — | 12.2 | ||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | 258.3 | — | 25.6 | 3 | — | 286.9 | ||||||||||||||||||
Real estate funds | 33.9 | 0.8 | 2.4 | 1.1 | — | 38.2 | ||||||||||||||||||
Private equity funds | 16.8 | — | 1.3 | 0.4 | — | 18.5 | ||||||||||||||||||
Absolute return strategies | 35.2 | — | 3 | 2.6 | — | 40.8 | ||||||||||||||||||
Total level 3 assets | $ | 352.6 | $ | 1.1 | $ | 32.9 | $ | 15.6 | $ | — | $ | 402.2 | ||||||||||||
POSTRETIREMENT_BENEFITS
POSTRETIREMENT BENEFITS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
POSTRETIREMENT BENEFITS Disclosure [Abstract] | ' | |||||||||||||||||||||||
POSTRETIREMENT BENEFITS | ' | |||||||||||||||||||||||
POSTRETIREMENT BENEFITS | ||||||||||||||||||||||||
We provide certain postretirement health care (medical) and life insurance benefits for eligible active and retired domestic employees. The health care plans are contributory with participants’ contributions adjusted annually based on medical rates of inflation and plan experience. We use a measurement date of December 31 for our postretirement plans. | ||||||||||||||||||||||||
Other Postretirement Benefits Obligations and Funded Status | ||||||||||||||||||||||||
Changes in the benefit obligation were as follows: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Change in Benefit Obligation | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 65.5 | $ | 9.5 | $ | 75 | $ | 63.3 | $ | 11.6 | $ | 74.9 | ||||||||||||
Service cost | 1.2 | 0.1 | 1.3 | 1.1 | 0.1 | 1.2 | ||||||||||||||||||
Interest cost | 2.2 | 0.4 | 2.6 | 2.7 | 0.4 | 3.1 | ||||||||||||||||||
Actuarial (gain) loss | (1.5 | ) | (0.4 | ) | (1.9 | ) | 7.4 | (2.5 | ) | 4.9 | ||||||||||||||
Benefits paid | (8.4 | ) | (0.4 | ) | (8.8 | ) | (9.0 | ) | (0.4 | ) | (9.4 | ) | ||||||||||||
Currency translation adjustments | — | (0.6 | ) | (0.6 | ) | — | 0.3 | 0.3 | ||||||||||||||||
Benefit obligation at end of year | $ | 59 | $ | 8.6 | $ | 67.6 | $ | 65.5 | $ | 9.5 | $ | 75 | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
U.S. | Foreign | Total | U.S. | Foreign | Total | |||||||||||||||||||
Funded status | $ | (59.0 | ) | $ | (8.6 | ) | $ | (67.6 | ) | $ | (65.5 | ) | $ | (9.5 | ) | $ | (75.0 | ) | ||||||
Under ASC 715 we recorded a $1.2 million after-tax benefit ($1.9 million pretax) to shareholders’ equity as of December 31, 2013 for our other postretirement plans. In 2012, we recorded a $2.9 million after-tax charge ($4.8 million pretax) to shareholders’ equity as of December 31, 2012 for our other postretirement plans. | ||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consisted of: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
U.S. | Foreign | Total | U.S. | Foreign | Total | |||||||||||||||||||
Accrued benefit in current liabilities | $ | (5.4 | ) | $ | (0.3 | ) | $ | (5.7 | ) | $ | (5.8 | ) | $ | (0.3 | ) | $ | (6.1 | ) | ||||||
Accrued benefit in noncurrent liabilities | (53.6 | ) | (8.3 | ) | (61.9 | ) | (59.7 | ) | (9.2 | ) | (68.9 | ) | ||||||||||||
Accumulated other comprehensive loss | 34.1 | (1.2 | ) | 32.9 | 39.2 | (0.8 | ) | 38.4 | ||||||||||||||||
Net balance sheet impact | $ | (24.9 | ) | $ | (9.8 | ) | $ | (34.7 | ) | $ | (26.3 | ) | $ | (10.3 | ) | $ | (36.6 | ) | ||||||
Years Ended December 31, | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | 2013 | 2012 | 2011 | |||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Service cost | $ | 1.3 | $ | 1.2 | $ | 1.3 | ||||||||||||||||||
Interest cost | 2.6 | 3.1 | 3.5 | |||||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||
Recognized actuarial loss | 3.7 | 3.2 | 3.2 | |||||||||||||||||||||
Net periodic benefit cost | $ | 7.5 | $ | 7.4 | $ | 7.8 | ||||||||||||||||||
Included in Other Comprehensive Loss (Pretax) | ||||||||||||||||||||||||
Liability adjustment | $ | (1.9 | ) | $ | 4.8 | $ | 5 | |||||||||||||||||
Amortization of prior service costs and actuarial losses | (3.6 | ) | (3.1 | ) | (3.0 | ) | ||||||||||||||||||
The other postretirement plans’ actuarial loss that will be recognized from accumulated other comprehensive loss into net periodic benefit cost in 2014 will be approximately $4 million. | ||||||||||||||||||||||||
The service cost and amortization of prior service cost components of postretirement benefit expense related to the employees of the operating segments are allocated to the operating segments based on their respective estimated census data. | ||||||||||||||||||||||||
Other Postretirement Benefits Plan Assumptions | ||||||||||||||||||||||||
Certain actuarial assumptions, such as discount rate, have a significant effect on the amounts reported for net periodic benefit cost and accrued benefit obligation amounts. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Weighted Average Assumptions: | 2013 | 2012 | 2011 | |||||||||||||||||||||
Discount rate—periodic benefit cost | 3.6 | % | 4.6 | % | 4.9 | % | ||||||||||||||||||
Discount rate—benefit obligation | 4.3 | % | 3.6 | % | 4.6 | % | ||||||||||||||||||
The discount rate is based on a hypothetical yield curve represented by a series of annualized individual zero-coupon bond spot rates for maturities ranging from one-half to thirty years. The bonds used in the yield curve must have a rating of AA or better per Standard & Poor’s, be non-callable, and have at least $250 million par outstanding. The yield curve is then applied to the projected benefit payments from the plan. Based on these bonds and the projected benefit payment streams, the single rate that produces the same yield as the matching bond portfolio, rounded to the nearest quarter point, is used as the discount rate. | ||||||||||||||||||||||||
We review external data and our own internal trends for healthcare costs to determine the healthcare cost for the post retirement benefit obligation. The assumed healthcare cost trend rates for pre-65 retirees were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Healthcare cost trend rate assumed for next year | 9 | % | 9 | % | ||||||||||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate rate | 2021 | 2020 | ||||||||||||||||||||||
For post-65 retirees, we provide a fixed dollar benefit, which is not subject to escalation. | ||||||||||||||||||||||||
Assumed healthcare cost trend rates have an effect on the amounts reported for the healthcare plans. A one-percentage-point change in assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
One-Percentage | One-Percentage | |||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Effect on total of service and interest costs | $ | 0.2 | $ | (0.2 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | 3.4 | (2.9 | ) | |||||||||||||||||||||
We expect to make payments of approximately $6 million for each of the next five years under the provisions of our other postretirement benefit plans. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
Years ended December 31, | ||||||||||||
Components of Income Before Taxes | 2013 | 2012 | 2011 | |||||||||
($ in millions) | ||||||||||||
Domestic | $ | 222.2 | $ | 189.9 | $ | 360.3 | ||||||
Foreign | 27.8 | 35.3 | 19.1 | |||||||||
Income before taxes | $ | 250 | $ | 225.2 | $ | 379.4 | ||||||
Components of Income Tax Provision | ||||||||||||
Current expense: | ||||||||||||
Federal | $ | 42.1 | $ | 16.9 | $ | 36.4 | ||||||
State | 9.4 | 4.3 | 5.7 | |||||||||
Foreign | 8.5 | 10.4 | 5.5 | |||||||||
60 | 31.6 | 47.6 | ||||||||||
Deferred | 11.4 | 44 | 90.1 | |||||||||
Income tax provision | $ | 71.4 | $ | 75.6 | $ | 137.7 | ||||||
The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate of 35% to the income before taxes. | ||||||||||||
Years ended December 31, | ||||||||||||
Effective Tax Rate Reconciliation (Percent) | 2013 | 2012 | 2011 | |||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign rate differential | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||
Domestic manufacturing/export tax incentive | (1.6 | ) | (1.0 | ) | (1.0 | ) | ||||||
Dividends paid to CEOP | (0.3 | ) | (0.4 | ) | (0.3 | ) | ||||||
State income taxes, net | 2.3 | 1.3 | 1.1 | |||||||||
Change in tax contingencies | (3.8 | ) | 0.5 | (1.1 | ) | |||||||
Change in valuation allowance | (2.1 | ) | 0.1 | 0.1 | ||||||||
Return to provision | (0.1 | ) | — | 0.5 | ||||||||
Remeasurement of deferred taxes | 0.1 | 0.7 | (1.3 | ) | ||||||||
Research tax credit | (0.8 | ) | — | — | ||||||||
Section 45O tax credit | — | (3.0 | ) | — | ||||||||
Australia dividend residual tax expense | — | 0.3 | — | |||||||||
Incremental tax effect of SunBelt remeasurement | — | — | 3.3 | |||||||||
Other, net | — | 0.2 | 0.1 | |||||||||
Effective tax rate | 28.6 | % | 33.6 | % | 36.3 | % | ||||||
The effective tax rate for 2013 included $11.4 million of benefit associated with the expiration of the statutes of limitations in federal and state jurisdictions, $8.3 million of benefit associated with reductions in valuation allowances on our capital loss carryforwards and $1.9 million of benefit associated with the Research Credit, which were partially offset by $1.8 million of expense associated with changes in tax contingencies and $1.3 million of expense associated with increases in valuation allowances on certain state tax credits carryforwards. The effective tax rate for 2012 included a benefit of $6.6 million associated with Section 45O that was claimed on our 2008 to 2012 U.S. federal income tax returns. | ||||||||||||
December 31, | ||||||||||||
Components of Deferred Tax Assets and Liabilities | 2013 | 2012 | ||||||||||
($ in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Pension and postretirement benefits | $ | 74.6 | $ | 93.3 | ||||||||
Environmental reserves | 60.2 | 60.5 | ||||||||||
Asset retirement obligations | 25.7 | 28.6 | ||||||||||
Accrued liabilities | 48.2 | 43.1 | ||||||||||
Tax credits | 13.3 | 10.8 | ||||||||||
Federal and state net operating losses | 7.2 | 6.7 | ||||||||||
Capital loss carryforward | 3 | 15.5 | ||||||||||
Other miscellaneous items | 10.7 | 5.3 | ||||||||||
Total deferred tax assets | 242.9 | 263.8 | ||||||||||
Valuation allowance | (13.4 | ) | (21.1 | ) | ||||||||
Net deferred tax assets | 229.5 | 242.7 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 182.5 | 178.9 | ||||||||||
Intangible amortization | 8.4 | 8.8 | ||||||||||
Inventory and prepaids | 3.1 | — | ||||||||||
Partnerships | 93.7 | 95 | ||||||||||
Total deferred tax liabilities | 287.7 | 282.7 | ||||||||||
Net deferred tax liability | $ | (58.2 | ) | $ | (40.0 | ) | ||||||
Realization of the net deferred tax assets, irrespective of indefinite-lived deferred tax liabilities, is dependent on future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing temporary differences and carryforwards. Although realization is not assured, we believe that it is more likely than not that the net deferred tax assets will be realized. | ||||||||||||
We completed the acquisition of KA Steel on August 22, 2012, with both parties agreeing to an election under Section 338(h)(10) of the U.S. IRC, which allows us to treat the transaction as an asset acquisition for U.S. federal income tax purposes. KA Steel did not carry forward any significant tax attributes. | ||||||||||||
At December 31, 2013, we had federal tax benefits of $0.7 million recorded associated with the expected future foreign tax credits generated by the deferred tax liabilities of our Canadian subsidiary. Realization of the tax benefits associated with such foreign tax credits is dependent upon reversal of Canadian temporary differences, future U.S. taxable income and future foreign source taxable income. We believe that it is more likely than not that the deferred tax benefits will be realized and no valuation allowance is necessary. | ||||||||||||
At December 31, 2013, we had a U.S. net operating loss carryforward (NOL) of approximately $3.0 million (representing $1.1 million of deferred tax assets), that will expire in years 2017 through 2020, if not utilized. The utilization of this NOL is limited under Section 382 of the U.S. IRC to $0.5 million in each year through 2020. We believe that it is more likely than not that the NOL will be realized and no valuation allowance is necessary. | ||||||||||||
At December 31, 2013, we had deferred state tax benefits of $1.7 million relating to state NOLs, which are available to offset future state taxable income through 2032. Due to uncertainties regarding realization of the tax benefits, a valuation allowance of $0.7 million has been applied against the deferred state tax benefits at December 31, 2013. | ||||||||||||
At December 31, 2013, we had deferred state tax benefits of $12.7 million relating to state tax credits, which are available to offset future state tax liabilities through 2027. Due to uncertainties regarding the realization of these state tax credits, a valuation allowance of $9.7 million has been applied against the deferred state tax credits at December 31, 2013. | ||||||||||||
At December 31, 2013, we had a capital loss carryforward of $7.6 million (representing $3.0 million of deferred tax assets) that is available to offset future consolidated capital gains that will expire in years 2014 through 2018 if not utilized. Due to uncertainties regarding the realization of the capital loss carryforward, a valuation allowance of $3.0 million has been applied against the deferred tax benefit at December 31, 2013. | ||||||||||||
The total amount of undistributed earnings of foreign subsidiaries was approximately $9.1 million at December 31, 2013. Deferred taxes are provided for earnings of non-U.S. affiliates when we plan to remit those earnings. A portion of the undistributed earnings have been permanently reinvested and for those earnings no deferred taxes have been provided. Deferred taxes have not been provided on the excess book basis in the shares of certain foreign subsidiaries because these basis differences are not expected to reverse in the foreseeable future. The undistributed earnings and excess book basis differences could reverse through a sale, receipt of dividends from the subsidiaries, as well as various other events. It is not practical to calculate the residual income tax that would result if these basis differences reversed due to the complexities of the tax law and the hypothetical nature of the calculations. | ||||||||||||
As of December 31, 2013, we had $34.5 million of gross unrecognized tax benefits, which would have a net $31.1 million impact on the effective tax rate, if recognized. As of December 31, 2012, we had $40.1 million of gross unrecognized tax benefits, which would have a net $38.4 million impact on the effective tax rate, if recognized. The change for 2013 primarily relates to the expiration of statue of limitations in domestic jurisdictions and settlement of ongoing audits, as well as additional gross unrecognized benefits for prior year tax positions. The change for 2012 primarily relates to additional gross unrecognized benefits for prior year and current year tax position, as well as the expiration of the statute of limitations in domestic jurisdictions and settlement of ongoing audits. The amounts of unrecognized tax benefits were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
($ in millions) | ||||||||||||
Beginning balance | $ | 40.1 | $ | 37.9 | ||||||||
Increase for prior year tax positions | 4.5 | 3.1 | ||||||||||
Reductions due to statute of limitations | (10.0 | ) | (0.3 | ) | ||||||||
Decrease for prior year tax positions | (0.1 | ) | (0.4 | ) | ||||||||
Increase for current year tax positions | — | 0.1 | ||||||||||
Decrease due to tax settlements | — | (0.3 | ) | |||||||||
Ending balance | $ | 34.5 | $ | 40.1 | ||||||||
We recognize interest and penalty expense related to unrecognized tax positions as a component of the income tax provision. As of December 31, 2013 and 2012, interest and penalties accrued were $2.8 million and $3.3 million, respectively. For 2013, 2012 and 2011, we recorded (benefit) expense related to interest and penalties of $(0.5) million, $0.5 million and $0.7 million, respectively. | ||||||||||||
As of December 31, 2013, we believe it is reasonably possible that our total amount of unrecognized tax benefits will decrease by approximately $3.8 million over the next twelve months. The anticipated reduction primarily relates to settlements with tax authorities and the expiration of federal, state and foreign statutes of limitation. | ||||||||||||
We operate primarily in North America and file income tax returns in numerous jurisdictions. Our tax returns are subject to examination by various federal, state and local tax authorities. Our U.S. federal income tax returns are under examination by the Internal Revenue Service (IRS) for tax years 2008, 2010 and 2011. Our Canadian federal income tax returns are under examination by Canada Revenue Authority (CRA) for tax years 2010 and 2011. Our Canadian provincial income tax returns are under examination by Quebec Revenue Authority for tax years 2008 to 2011. We believe we have adequately provided for all tax positions; however, amounts asserted by taxing authorities could be greater than our accrued position. For our primary tax jurisdictions, the tax years that remain subject to examination are as follows: | ||||||||||||
Tax Years | ||||||||||||
U.S. federal income tax | 2008; 2010 - 2012 | |||||||||||
U.S. state income tax | 2006 - 2012 | |||||||||||
Canadian federal income tax | 2009 - 2012 | |||||||||||
Canadian provincial income tax | 2008 - 2012 |
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ' | |||||||
ACCRUED LIABILITIES | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Included in accrued liabilities were the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
($ in millions) | ||||||||
Accrued compensation and payroll taxes | $ | 51.1 | $ | 49.6 | ||||
Accrued employee benefits | 35.3 | 28.3 | ||||||
Environmental (current portion only) | 18 | 21 | ||||||
Legal and professional costs | 23.4 | 21.8 | ||||||
Asset retirement obligation (current portion only) | 13.5 | 21.3 | ||||||
Earn out | 26.7 | 23.2 | ||||||
Other | 76.5 | 63.3 | ||||||
Accrued liabilities | $ | 244.5 | $ | 228.5 | ||||
CONTRIBUTING_EMPLOYEE_OWNERSHI
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' |
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN | ' |
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN | |
The CEOP is a defined contribution plan available to essentially all domestic employees. Company matching contributions are invested in the same investment allocation as the employee’s contribution. In 2013, 2012 and 2011 our matching contributions for eligible employees amounted to $5.2 million in each year. Effective February 1, 2011, we reinstated the match on all salaried and certain non-bargained hourly employees’ contributions, which had previously been suspended effective January 1, 2010. | |
Employees become vested in the value of the contributions we make to the CEOP according to a schedule based on service. After two years of service, participants are 25% vested. They vest in increments of 25% for each additional year and after five years of service, they are 100% vested in the value of the contributions that we have made to their accounts. | |
Employees may transfer any or all of the value of the investments, including Olin common stock, to any one or combination of investments available in the CEOP. Employees may transfer balances daily and may elect to transfer any percentage of the balance in the fund from which the transfer is made. However, when transferring out of a fund, employees are prohibited from trading out of the fund to which the transfer was made for seven calendar days. This limitation does not apply to trades into the money market fund or the Olin Common Stock Fund. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
Stock-based compensation expense was allocated to the operating segments for the portion related to employees whose compensation would be included in cost of goods sold with the remainder recognized in corporate/other. There were no significant capitalized stock-based compensation costs. Stock-based compensation granted includes stock options, performance stock awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
($ in millions) | |||||||||||||||||
Stock-based compensation | $ | 13.3 | $ | 8.4 | $ | 8.8 | |||||||||||
Mark-to-market adjustments | 4.2 | 0.9 | (0.5 | ) | |||||||||||||
Total expense | $ | 17.5 | $ | 9.3 | $ | 8.3 | |||||||||||
Stock Plans | |||||||||||||||||
Under the stock option and long-term incentive plans, options may be granted to purchase shares of our common stock at an exercise price not less than fair market value at the date of grant, and are exercisable for a period not exceeding ten years from that date. Stock options, restricted stock and performance shares typically vest over three years. We issue shares to settle stock options, restricted stock and share-based performance awards. In 2013, 2012 and 2011 long-term incentive awards included stock options, performance share awards and restricted stock. The stock option exercise price was set at the fair market value of common stock on the date of the grant, and the options have a ten-year term. | |||||||||||||||||
Stock option transactions were as follows: | |||||||||||||||||
Exercisable | |||||||||||||||||
Shares | Option Price | Weighted Average | Options | Weighted Average | |||||||||||||
Option Price | Exercise Price | ||||||||||||||||
Outstanding at January 1, 2013 | 4,060,790 | $14.28-23.78 | $ | 18.39 | 2,961,434 | $ | 18 | ||||||||||
Granted | 621,000 | 23.28 | 23.28 | ||||||||||||||
Exercised | (534,905 | ) | 14.28-23.78 | 16.72 | |||||||||||||
Canceled | (32,063 | ) | 15.35-23.28 | 20.57 | |||||||||||||
Outstanding at December 31, 2013 | 4,114,822 | $14.28-23.78 | $ | 19.33 | 3,011,702 | $ | 18.29 | ||||||||||
At December 31, 2013, the average exercise period for all outstanding and exercisable options was 66 months and 53 months, respectively. At December 31, 2013, the aggregate intrinsic value (the difference between the exercise price and market value) for outstanding options was $39.4 million and exercisable options was $31.9 million. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $4.2 million, $0.5 million and $4.2 million, respectively. | |||||||||||||||||
The total unrecognized compensation cost related to unvested stock options at December 31, 2013 was $4.1 million and was expected to be recognized over a weighted average period of 1.2 years. | |||||||||||||||||
The following table provides certain information with respect to stock options exercisable at December 31, 2013: | |||||||||||||||||
Range of | Options | Weighted Average | Options | Weighted Average | |||||||||||||
Exercise Prices | Exercisable | Exercise Price | Outstanding | Exercise Price | |||||||||||||
Under $16.00 | 1,039,677 | $ | 15.04 | 1,039,677 | $ | 15.04 | |||||||||||
$16.00 – $20.00 | 751,391 | $ | 17.85 | 932,041 | $ | 18.03 | |||||||||||
Over $20.00 | 1,220,634 | $ | 21.34 | 2,143,104 | $ | 21.98 | |||||||||||
3,011,702 | 4,114,822 | ||||||||||||||||
At December 31, 2013, common shares reserved for issuance and available for grant or purchase under the following plans consisted of: | |||||||||||||||||
Number of Shares | |||||||||||||||||
Stock Option Plans | Reserved for Issuance | Available for | |||||||||||||||
Grant or Purchase(1) | |||||||||||||||||
2000 long term incentive plan | 420,406 | 11,413 | |||||||||||||||
2003 long term incentive plan | 794,607 | 28,673 | |||||||||||||||
2006 long term incentive plan | 1,814,133 | 217,733 | |||||||||||||||
2009 long term incentive plan | 2,971,473 | 950,480 | |||||||||||||||
6,000,619 | 1,208,299 | ||||||||||||||||
1996 stock option plan (plan expired) | 34,602 | — | |||||||||||||||
Total under stock option plans | 6,035,221 | 1,208,299 | |||||||||||||||
Number of Shares | |||||||||||||||||
Stock Purchase Plans | Reserved for Issuance | Available for | |||||||||||||||
Grant or Purchase | |||||||||||||||||
1997 stock plan for non-employee directors | 590,043 | 173,766 | |||||||||||||||
Employee deferral plan | 46,110 | 45,629 | |||||||||||||||
Total under stock purchase plans | 636,153 | 219,395 | |||||||||||||||
-1 | All available to be issued as stock options, but includes a sub-limit for all types of stock awards of 1,208,299 shares. | ||||||||||||||||
Under the stock purchase plans, our non-employee directors may defer certain elements of their compensation into shares of our common stock based on fair market value of the shares at the time of deferral. Non-employee directors annually receive stock grants as a portion of their director compensation. Of the shares reserved under the stock purchase plans at December 31, 2013, 416,758 shares were committed. | |||||||||||||||||
Performance share awards are denominated in shares of our stock and are paid half in cash and half in stock. Payouts are based on Olin’s average annual return on capital over a three-year performance cycle in relation to the average annual return on capital over the same period among a portfolio of public companies which are selected in concert with outside compensation consultants. The expense associated with performance shares is recorded based on our estimate of our performance relative to the respective target. If an employee leaves the company before the end of the performance cycle, the performance shares may be prorated based on the number of months of the performance cycle worked and are settled in cash instead of half in cash and half in stock when the three-year performance cycle is completed. Performance share transactions were as follows: | |||||||||||||||||
To Settle in Cash | To Settle in Shares | ||||||||||||||||
Shares | Weighted Average Fair Value per Share | Shares | Weighted Average | ||||||||||||||
Fair Value per Share | |||||||||||||||||
Outstanding at January 1, 2013 | 245,167 | $ | 21.45 | 242,250 | $ | 19.22 | |||||||||||
Granted | 150,222 | 22.71 | 149,250 | 21.4 | |||||||||||||
Paid/Issued | (99,889 | ) | 21.45 | (96,000 | ) | 15.68 | |||||||||||
Converted from shares to cash | 3,611 | 20.26 | (3,611 | ) | 20.26 | ||||||||||||
Canceled | (2,889 | ) | 22.19 | (2,889 | ) | 21.99 | |||||||||||
Outstanding at December 31, 2013 | 296,222 | $ | 28.9 | 289,000 | $ | 21.48 | |||||||||||
Total vested at December 31, 2013 | 194,056 | $ | 28.9 | 186,833 | $ | 20.75 | |||||||||||
The summary of the status of our unvested performance shares to be settled in cash were as follows: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Fair Value per Share | |||||||||||||||||
Unvested at January 1, 2013 | 91,750 | $ | 21.45 | ||||||||||||||
Granted | 150,222 | 22.96 | |||||||||||||||
Vested | (136,917 | ) | 28.9 | ||||||||||||||
Canceled | (2,889 | ) | 22.19 | ||||||||||||||
Unvested at December 31, 2013 | 102,166 | $ | 28.9 | ||||||||||||||
At December 31, 2013, the liability recorded for performance shares to be settled in cash totaled $5.6 million. The total unrecognized compensation cost related to unvested performance shares at December 31, 2013 was $5.3 million and was expected to be recognized over a weighted average period of 1.2 years. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
During 2013, 2012 and 2011, we issued 0.5 million, 0.1 million, and 0.5 million shares, respectively, with a total value of $9.7 million, $1.4 million and $9.3 million, respectively, representing stock options exercised. | ||||||||||||||||
On July 21, 2011, our board of directors authorized a share repurchase program of up to 5 million shares of common stock that will terminate in three years for any of the remaining shares not yet repurchased. We purchased and retired 1.5 million, 0.2 million and 0.2 million shares in 2013, 2012 and 2011, respectively, under this program, at a cost of $36.2 million, $3.1 million and $4.2 million, respectively. As of December 31, 2013, we had purchased a total of 1.9 million shares under this program and 3.1 million shares remained authorized to be purchased. | ||||||||||||||||
We have registered an undetermined amount of securities with the SEC, so that, from time-to-time, we may issue debt securities, preferred stock and/or common stock and associated warrants in the public market under that registration statement. | ||||||||||||||||
The following table represents the activity included in accumulated other comprehensive loss: | ||||||||||||||||
Foreign | Unrealized | Pension and | Accumulated | |||||||||||||
Currency | Gains (Losses) | Postretirement | Other | |||||||||||||
Translation | on Derivative | Benefits | Comprehensive | |||||||||||||
Adjustment | Contracts | (net of taxes) | Loss | |||||||||||||
(net of taxes) | ||||||||||||||||
($ in millions) | ||||||||||||||||
Balance at January 1, 2011 | $ | 0.4 | $ | 11.6 | $ | (273.8 | ) | $ | (261.8 | ) | ||||||
Unrealized gains (losses) | 1.4 | (10.6 | ) | (29.0 | ) | (38.2 | ) | |||||||||
Reclassification adjustments into income | — | (6.3 | ) | 12.1 | 5.8 | |||||||||||
Balance at December 31, 2011 | 1.8 | (5.3 | ) | (290.7 | ) | (294.2 | ) | |||||||||
Unrealized gains (losses) | 0.3 | 6 | (101.9 | ) | (95.6 | ) | ||||||||||
Reclassification adjustments into income | — | 4 | 14.5 | 18.5 | ||||||||||||
Balance at December 31, 2012 | 2.1 | 4.7 | (378.1 | ) | (371.3 | ) | ||||||||||
Unrealized losses | (2.6 | ) | (4.7 | ) | (7.7 | ) | (15.0 | ) | ||||||||
Reclassification adjustments into income | — | 0.9 | 20.3 | 21.2 | ||||||||||||
Balance at December 31, 2013 | $ | (0.5 | ) | $ | 0.9 | $ | (365.5 | ) | $ | (365.1 | ) | |||||
Unrealized gains and losses on derivative contract (net of taxes) activity in other comprehensive income (loss) included reclassification adjustments into net income of gains and losses on commodity forward contract and are recognized into cost of goods sold. Unrealized gains and losses on derivative contract (net of taxes) activity in other comprehensive income (loss) included a deferred tax (benefit) provision for 2013, 2012 and 2011 of $(2.5) million, $6.4 million and $(10.7) million, respectively. | ||||||||||||||||
Pension and postretirement benefits (net of taxes) activity in other comprehensive income (loss) included the amortization of prior service costs and actuarial losses into net income and are recognized equally into cost of goods sold and selling and administrative expenses and pension and postretirement liability adjustments. Pension and postretirement benefits (net of taxes) activity in other comprehensive income (loss) included a deferred tax provision (benefit) for 2013, 2012 and 2011 of $8.2 million, $(56.0) million and $(10.2) million, respectively. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
SEGMENT INFORMATION | ' | |||||||||||
SEGMENT INFORMATION | ||||||||||||
We define segment results as income (loss) before interest expense, interest income, other operating income, other (expense) income and income taxes, and include the results of non-consolidated affiliates. Consistent with the guidance in ASC 280, we have determined it is appropriate to include the operating results of non-consolidated affiliates in the relevant segment financial results. Intersegment sales of $81.3 million and $18.1 million for the years ended December 31, 2013 and 2012, respectively, have been eliminated. These represent the sale of caustic soda, bleach, potassium hydroxide and hydrochloric acid between Chemical Distribution and Chlor Alkali Products, at prices that approximate market. Consistent with management’s monitoring of the operating segments, synergies realized of $11.8 million for the year ended December 31, 2013 have been transferred from the Chlor Alkali Products segment to the Chemical Distribution segment, representing incremental earnings on volumes sold of caustic soda, bleach, potassium hydroxide and hydrochloric acid. | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Sales: | ($ in millions) | |||||||||||
Chlor Alkali Products | $ | 1,412.30 | $ | 1,428.90 | $ | 1,389.10 | ||||||
Chemical Distribution | 406.4 | 156.3 | — | |||||||||
Winchester | 777.6 | 617.6 | 572 | |||||||||
Intersegment sales elimination | (81.3 | ) | (18.1 | ) | — | |||||||
Total sales | $ | 2,515.00 | $ | 2,184.70 | $ | 1,961.10 | ||||||
Income before taxes: | ||||||||||||
Chlor Alkali Products | $ | 203.8 | $ | 263.2 | $ | 245 | ||||||
Chemical Distribution | 9.7 | 4.5 | — | |||||||||
Winchester | 143.2 | 55.2 | 37.9 | |||||||||
Corporate/Other | (62.6 | ) | (51.8 | ) | (46.7 | ) | ||||||
Restructuring charges | (5.5 | ) | (8.5 | ) | (10.7 | ) | ||||||
Acquisition costs | — | (8.3 | ) | (0.8 | ) | |||||||
Other operating income | 0.7 | 7.6 | 8.8 | |||||||||
Interest expense | (38.6 | ) | (26.4 | ) | (30.4 | ) | ||||||
Interest income | 0.6 | 1 | 1.2 | |||||||||
Other (expense) income | (1.3 | ) | (11.3 | ) | 175.1 | |||||||
Income before taxes | $ | 250 | $ | 225.2 | $ | 379.4 | ||||||
Earnings of non-consolidated affiliates: | ||||||||||||
Chlor Alkali Products | $ | 2.8 | $ | 3 | $ | 9.6 | ||||||
Depreciation and amortization expense: | ||||||||||||
Chlor Alkali Products | $ | 102.1 | $ | 88.9 | $ | 85.6 | ||||||
Chemical Distribution | 15.4 | 5.5 | — | |||||||||
Winchester | 14.9 | 13.6 | 10.9 | |||||||||
Corporate/Other | 2.9 | 2.9 | 2.8 | |||||||||
Total depreciation and amortization expense | $ | 135.3 | $ | 110.9 | $ | 99.3 | ||||||
Capital spending: | ||||||||||||
Chlor Alkali Products | $ | 65.5 | $ | 221.3 | $ | 134.2 | ||||||
Chemical Distribution | 2.5 | 0.8 | — | |||||||||
Winchester | 21.2 | 32.1 | 63.9 | |||||||||
Corporate/Other | 1.6 | 1.5 | 2.8 | |||||||||
Total capital spending | $ | 90.8 | $ | 255.7 | $ | 200.9 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ($ in millions) | |||||||||||
Chlor Alkali Products | $ | 1,695.80 | $ | 1,781.80 | ||||||||
Chemical Distribution | 335.3 | 379.7 | ||||||||||
Winchester | 339.2 | 340.7 | ||||||||||
Corporate/Other | 432.5 | 275.5 | ||||||||||
Total assets | $ | 2,802.80 | $ | 2,777.70 | ||||||||
Investments—affiliated companies (at equity): | ||||||||||||
Chlor Alkali Products | $ | 21.6 | $ | 29.3 | ||||||||
Segment assets include only those assets which are directly identifiable to an operating segment. Assets of the corporate/other segment include primarily such items as cash and cash equivalents, deferred taxes, restricted cash and other assets. | ||||||||||||
Years ended December 31, | ||||||||||||
Geographic Data: | 2013 | 2012 | 2011 | |||||||||
Sales: | ($ in millions) | |||||||||||
United States | $ | 2,316.20 | $ | 1,970.50 | $ | 1,774.00 | ||||||
Foreign | 198.8 | 214.2 | 187.1 | |||||||||
Transfers between areas: | ||||||||||||
United States | 53.4 | 53.5 | 50 | |||||||||
Foreign | 109 | 85.5 | 95.3 | |||||||||
Eliminations | (162.4 | ) | (139.0 | ) | (145.3 | ) | ||||||
Total sales | $ | 2,515.00 | $ | 2,184.70 | $ | 1,961.10 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ($ in millions) | |||||||||||
United States | $ | 2,574.90 | $ | 2,520.80 | ||||||||
Foreign | 227.9 | 256.9 | ||||||||||
Total assets | $ | 2,802.80 | $ | 2,777.70 | ||||||||
Transfers between geographic areas are priced generally at prevailing market prices. Export sales from the United States to unaffiliated customers were $25.2 million, $25.1 million and $22.0 million in 2013, 2012 and 2011, respectively. |
ENVIRONMENTAL
ENVIRONMENTAL | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||
ENVIRONMENTAL | ' | |||||||||||
ENVIRONMENTAL | ||||||||||||
In the United States, the establishment and implementation of federal, state and local standards to regulate air, water and land quality affect substantially all of our manufacturing locations. Federal legislation providing for regulation of the manufacture, transportation, use and disposal of hazardous and toxic substances, and remediation of contaminated sites, has imposed additional regulatory requirements on industry, particularly the chemicals industry. In addition, implementation of environmental laws, such as the Resource Conservation and Recovery Act and the Clean Air Act, has required and will continue to require new capital expenditures and will increase plant operating costs. Our Canadian facility is governed by federal environmental laws administered by Environment Canada and by provincial environmental laws enforced by administrative agencies. Many of these laws are comparable to the U.S. laws described above. We employ waste minimization and pollution prevention programs at our manufacturing sites. | ||||||||||||
We are party to various governmental and private environmental actions associated with past manufacturing facilities and former waste disposal sites. Associated costs of investigatory and remedial activities are provided for in accordance with generally accepted accounting principles governing probability and the ability to reasonably estimate future costs. Our ability to estimate future costs depends on whether our investigatory and remedial activities are in preliminary or advanced stages. With respect to unasserted claims, we accrue liabilities for costs that, in our experience, we may incur to protect our interests against those unasserted claims. Our accrued liabilities for unasserted claims amounted to $2.5 million at December 31, 2013. With respect to asserted claims, we accrue liabilities based on remedial investigation, feasibility study, remedial action and OM&M expenses that, in our experience, we may incur in connection with the asserted claims. Required site OM&M expenses are estimated and accrued in their entirety for required periods not exceeding 30 years, which reasonably approximates the typical duration of long-term site OM&M. | ||||||||||||
Our liabilities for future environmental expenditures were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
($ in millions) | ||||||||||||
Beginning balance | $ | 146.5 | $ | 163.3 | ||||||||
Charges to income | 11.5 | 8.4 | ||||||||||
Remedial and investigatory spending | (12.4 | ) | (25.5 | ) | ||||||||
Currency translation adjustments | (1.0 | ) | 0.3 | |||||||||
Ending balance | $ | 144.6 | $ | 146.5 | ||||||||
At December 31, 2013 and 2012, our consolidated balance sheets included environmental liabilities of $126.6 million and $125.5 million, respectively, which were classified as other noncurrent liabilities. Our environmental liability amounts do not take into account any discounting of future expenditures or any consideration of insurance recoveries or advances in technology. These liabilities are reassessed periodically to determine if environmental circumstances have changed and/or remediation efforts and our estimate of related costs have changed. As a result of these reassessments, future charges to income may be made for additional liabilities. Of the $144.6 million included on our consolidated balance sheet at December 31, 2013 for future environmental expenditures, we currently expect to utilize $86.9 million of the reserve for future environmental expenditures over the next 5 years, $17.1 million for expenditures 6 to 10 years in the future, and $40.6 million for expenditures beyond 10 years in the future. | ||||||||||||
Our total estimated environmental liability at December 31, 2013 was attributable to 71 sites, 17 of which were USEPA NPL sites. Ten sites accounted for 78% of our environmental liability and, of the remaining 61 sites, no one site accounted for more than 3% of our environmental liability. At seven of the ten sites, part of the site is subject to a remedial investigation and another part is in the long-term OM&M stage. At two of these ten sites, a remedial investigation is being performed. The one remaining site is in long-term OM&M. All ten sites are either associated with past manufacturing operations or former waste disposal sites. None of the ten largest sites represents more than 21% of the liabilities reserved on our consolidated balance sheet at December 31, 2013 for future environmental expenditures. | ||||||||||||
Charges or credits to income for investigatory and remedial efforts were material to operating results in 2013, 2012 and 2011 and may be material to operating results in future years. | ||||||||||||
Environmental provisions charged (credited) to income, which are included in cost of goods sold, were as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
($ in millions) | ||||||||||||
Charges to income | $ | 11.5 | $ | 8.4 | $ | 19.3 | ||||||
Recoveries from third parties of costs incurred and expensed in prior periods | (1.3 | ) | (0.1 | ) | (11.4 | ) | ||||||
Total environmental expense | $ | 10.2 | $ | 8.3 | $ | 7.9 | ||||||
These charges relate primarily to remedial and investigatory activities associated with past manufacturing operations and former waste disposal sites. | ||||||||||||
Annual environmental-related cash outlays for site investigation and remediation are expected to range between approximately $15 million to $35 million over the next several years, which are expected to be charged against reserves recorded on our consolidated balance sheet. While we do not anticipate a material increase in the projected annual level of our environmental-related cash outlays, there is always the possibility that such an increase may occur in the future in view of the uncertainties associated with environmental exposures. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies, advances in technology, changes in environmental laws and regulations and their application, changes in regulatory authorities, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other PRPs, our ability to obtain contributions from other parties and the lengthy time periods over which site remediation occurs. It is possible that some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably to us, which could materially adversely affect our financial position or results of operations. At December 31, 2013, we estimate that it is reasonably possible that we may have additional contingent environmental liabilities of $40 million in addition to the amounts for which we have already recorded as a reserve. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
The following table summarizes our contractual commitments under non-cancelable operating leases and purchase contracts as of December 31, 2013: | ||||||||
Operating Leases | Purchase Commitments | |||||||
($ in millions) | ||||||||
2014 | $ | 52.8 | $ | 79.5 | ||||
2015 | 44.7 | 20.9 | ||||||
2016 | 39 | 2.9 | ||||||
2017 | 31.1 | — | ||||||
2018 | 25 | — | ||||||
Thereafter | 44.4 | — | ||||||
Total commitments | $ | 237 | $ | 103.3 | ||||
Our operating lease commitments are primarily for railroad cars but also include distribution, warehousing and office space and data processing and office equipment. Virtually none of our lease agreements contain escalation clauses or step rent provisions. Total rent expense charged to operations amounted to $64.2 million, $60.5 million and $53.8 million in 2013, 2012 and 2011, respectively (sublease income is not significant). The above purchase commitments include raw material, capital expenditure and utility purchasing commitments utilized in our normal course of business for our projected needs. | ||||||||
In conjunction with the St. Gabriel, LA conversion and expansion project, which was completed in the fourth quarter of 2009, we entered into a twenty-year brine and pipeline supply agreement with PetroLogistics. PetroLogistics installed, owns and operates, at its own expense, a pipeline supplying brine to the St. Gabriel, LA facility. Beginning November 2009, we are obligated to make a fixed annual payment over the life of the contract of $2.0 million for use of the pipeline, regardless of the amount of brine purchased. We also have a minimum usage requirement for brine of $8.4 million over the first five-year period of the contract. We have met or exceeded the minimum brine usage requirements since the inception of the contract. After the first five-year period, the contract contains a buy out provision exercisable by us for $12.0 million. | ||||||||
We, and our subsidiaries, are defendants in various legal actions (including proceedings based on alleged exposures to asbestos) incidental to our past and current business activities. At December 31, 2013 and 2012, our consolidated balance sheets included liabilities for these legal actions of $19.3 million and $15.2 million, respectively. These liabilities do not include costs associated with legal representation. Based on our analysis, and considering the inherent uncertainties associated with litigation, we do not believe that it is reasonably possible that these legal actions will materially adversely affect our financial position, cash flows or results of operations. | ||||||||
During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain contingency. In certain instances such as environmental projects, we are responsible for managing the cleanup and remediation of an environmental site. There exists the possibility of recovering a portion of these costs from other parties. We account for gain contingencies in accordance with the provisions of ASC 450 and therefore do not record gain contingencies and recognize income until it is earned and realizable. | ||||||||
For the year ended December 31, 2013, we recognized $11.0 million as a reduction of cost of goods sold related to a Chlor Alkali Products favorable contract settlement. Also for the year ended December 31, 2013, we recognized $13.9 million as a reduction of selling and administration expense related to the recovery of legacy legal costs. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||||||
We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. ASC 815 required an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. We use hedge accounting treatment for substantially all of our business transactions whose risks are covered using derivative instruments. In accordance with ASC 815, we designate commodity forward contracts as cash flow hedges of forecasted purchases of commodities and certain interest rate swaps as fair value hedges of fixed-rate borrowings. We do not enter into any derivative instruments for trading or speculative purposes. | |||||||||||||||||||||
Energy costs, including electricity used in our Chlor Alkali Products segment, and certain raw materials and energy costs, namely copper, lead, zinc, electricity and natural gas used primarily in our Winchester and Chemical Distribution segments, are subject to price volatility. Depending on market conditions, we may enter into futures contracts and put and call option contracts in order to reduce the impact of commodity price fluctuations. The majority of our commodity derivatives expire within one year. Those commodity contracts that extend beyond one year correspond with raw material purchases for long-term fixed-price sales contracts. | |||||||||||||||||||||
We enter into forward sales and purchase contracts to manage currency risk resulting from purchase and sale commitments denominated in foreign currencies (principally Canadian dollar and Australian dollar). All of the currency derivatives expire within one year and are for United States dollar equivalents. Our foreign currency forward contracts do not meet the criteria to qualify for hedge accounting. At December 31, 2013 and 2012, we had no forward contracts to buy or sell foreign currencies. | |||||||||||||||||||||
In March 2010, we entered into interest rate swaps on $125 million of our underlying fixed-rate debt obligations, whereby we agreed to pay variable rates to a counterparty who, in turn, pays us fixed rates. The counterparty to these agreements is Citibank. In October 2011, we entered into $125 million of interest rate swaps with equal and opposite terms as the $125 million variable interest rate swaps on the 2016 Notes. We have agreed to pay a fixed rate to a counterparty who, in turn, pays us variable rates. The counterparty to this agreement is also Citibank. The result was a gain of $11.0 million on the $125 million variable interest rate swaps, which will be recognized through 2016. As of December 31, 2013, $6.1 million of this gain was included in long-term debt. In October 2011, we de-designated our $125 million interest rate swaps that had previously been designated as fair value hedges. The $125 million variable interest rate swaps and the $125 million fixed interest rate swaps do not meet the criteria for hedge accounting. All changes in the fair value of these interest rate swaps are recorded currently in earnings. | |||||||||||||||||||||
In 2001 and 2002, we entered into interest rate swaps on $75 million of our underlying fixed-rate debt obligations, whereby we agreed to pay variable rates to a counterparty who, in turn, paid us fixed rates. The counterparty to these agreements was Citibank. In January 2009, we entered into a $75 million fixed interest rate swap with equal and opposite terms as the $75 million variable interest rate swaps on the 2011 Notes. We agreed to pay a fixed rate to a counterparty who, in turn, paid us variable rates. The counterparty to this agreement was Bank of America. The result was a gain of $7.9 million on the $75 million variable interest rate swaps, which was recognized through 2011. In January 2009, we de-designated our $75 million interest rate swaps that had previously been designated as fair value hedges. The $75 million variable interest rate swaps and the $75 million fixed interest rate swap did not meet the criteria for hedge accounting. All changes in the fair value of these interest rate swaps were recorded currently in earnings. | |||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
ASC 815 requires that all derivative instruments be recorded on the balance sheet at their fair value. For derivative instruments that are designated and qualify as a cash flow hedge, the change in fair value of the derivative is recognized as a component of other comprehensive income (loss) until the hedged item is recognized into earnings. Gains and losses on the derivatives representing hedge ineffectiveness are recognized currently in earnings. | |||||||||||||||||||||
We had the following notional amount of outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Copper | $ | 45.3 | $ | 53.6 | |||||||||||||||||
Zinc | 4.5 | 6.3 | |||||||||||||||||||
Lead | 22.8 | 48.3 | |||||||||||||||||||
Natural gas | 5.5 | 6 | |||||||||||||||||||
As of December 31, 2013, the counterparty to $54.0 million of these commodity forward contracts was Wells Fargo, a major financial institution, and the counterparty to $24.0 million of these commodity forward contracts is Citibank, a major financial institution. | |||||||||||||||||||||
We use cash flow hedges for certain raw material and energy costs such as copper, zinc, lead, electricity and natural gas to provide a measure of stability in managing our exposure to price fluctuations associated with forecasted purchases of raw materials and energy used in our manufacturing process. At December 31, 2013, we had open positions in futures contracts through 2018. If all open futures contracts had been settled on December 31, 2013, we would have recognized a pretax gain of $1.2 million. | |||||||||||||||||||||
If commodity prices were to remain at December 31, 2013 levels, approximately $0.7 million of deferred gains would be reclassified into earnings during the next twelve months. The actual effect on earnings will be dependent on actual commodity prices when the forecasted transactions occur. | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. We include the gain or loss on the hedged items (fixed-rate borrowings) in the same line item, interest expense, as the offsetting loss or gain on the related interest rate swaps. We had no interest rate swaps designated as fair value hedges as of December 31, 2013 and 2012. | |||||||||||||||||||||
In June 2012, we terminated $73.1 million of interest rate swaps with Wells Fargo that had been entered into on the SunBelt Notes in May 2011. The result was a gain of $2.2 million which will be recognized through 2017. As of December 31, 2013, $1.2 million of this gain was included in long-term debt. | |||||||||||||||||||||
In March 2012, Citibank terminated $7.7 million of interest rate swaps on our industrial revenue bonds due in 2017. The result was a gain of $0.2 million, which would have been recognized through 2017. In June 2012, the industrial revenue bonds were redeemed by us, and as a result, the remaining $0.2 million deferred gain was recognized in interest expense during 2012. | |||||||||||||||||||||
We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. These interest rate swaps are treated as fair value hedges. The accounting for gains and losses associated with changes in fair value of the derivative and the effect on the consolidated financial statements will depend on the hedge designation and whether the hedge is effective in offsetting changes in fair value of cash flows of the asset or liability being hedged. | |||||||||||||||||||||
Financial Statement Impacts | |||||||||||||||||||||
We present our derivative assets and liabilities in our consolidated balance sheets on a net basis. We net derivative assets and liabilities whenever we have a legally enforceable master netting agreement with the counterparty to our derivative contracts. We use these agreements to manage and substantially reduce our potential counterparty credit risk. | |||||||||||||||||||||
The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets. The table disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis before giving effect to master netting arrangements: | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
Derivatives Designated | Balance Sheet Location | 2013 | 2012 | Balance Sheet Location | 2013 | 2012 | |||||||||||||||
as Hedging Instruments | |||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||
Interest rate contracts | Other assets | $ | — | $ | — | Long-term debt | $ | 7.3 | $ | 10.2 | |||||||||||
Commodity contracts – gains | Other current assets | 3.6 | 9.6 | Accrued liabilities | — | — | |||||||||||||||
Commodity contracts – losses | Other current assets | (2.4 | ) | (2.1 | ) | Accrued liabilities | — | — | |||||||||||||
$ | 1.2 | $ | 7.5 | $ | 7.3 | $ | 10.2 | ||||||||||||||
Derivatives Not Designated | |||||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||||
Interest rate contracts – gains | Other assets | $ | 7.6 | $ | 11.9 | Other liabilities | $ | — | $ | — | |||||||||||
Interest rate contracts – losses | Other assets | (1.7 | ) | (3.6 | ) | Other liabilities | — | — | |||||||||||||
Commodity contracts – gains | Other current assets | 0.2 | 0.1 | Accrued liabilities | — | — | |||||||||||||||
Commodity contracts – losses | Other current assets | (0.1 | ) | — | Accrued liabilities | — | — | ||||||||||||||
$ | 6 | $ | 8.4 | $ | — | $ | — | ||||||||||||||
Total derivatives(1) | $ | 7.2 | $ | 15.9 | $ | 7.3 | $ | 10.2 | |||||||||||||
-1 | Does not include the impact of cash collateral received from or provided to counterparties. | ||||||||||||||||||||
The following table summarizes the effects of derivative instruments on our consolidated statements of operations: | |||||||||||||||||||||
Amount of Gain (Loss) | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | ||||||||||||||||||
Derivatives – Cash Flow Hedges | ($ in millions) | ||||||||||||||||||||
Recognized in other comprehensive loss (effective portion) | ——— | $ | (7.7 | ) | $ | 9.9 | $ | (17.3 | ) | ||||||||||||
Reclassified from accumulated other comprehensive loss into income (effective portion) | Cost of goods sold | $ | (1.4 | ) | $ | (6.5 | ) | $ | 10.3 | ||||||||||||
Derivatives – Fair Value Hedges | |||||||||||||||||||||
Interest rate contracts | Interest expense | $ | 2.9 | $ | 3.3 | $ | 6.7 | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
Interest rate contracts | Interest expense | $ | — | $ | 0.1 | $ | 0.5 | ||||||||||||||
Commodity contracts | Cost of goods sold | 0.4 | (2.1 | ) | (2.2 | ) | |||||||||||||||
$ | 0.4 | $ | (2.0 | ) | $ | (1.7 | ) | ||||||||||||||
Credit Risk and Collateral | |||||||||||||||||||||
By using derivative instruments, we are exposed to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract, our credit risk will equal the fair-value gain in a derivative. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes us, thus creating a repayment risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, assume no repayment risk. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. We monitor our positions and the credit ratings of our counterparties, and we do not anticipate non-performance by the counterparties. | |||||||||||||||||||||
Based on the agreements with our various counterparties, cash collateral is required to be provided when the net fair value of the derivatives, with the counterparty, exceed a specific threshold. If the threshold is exceeded, cash is either provided by the counterparty to us if the value of the derivatives is our asset, or cash is provided by us to the counterparty if the value of the derivatives is our liability. As of December 31, 2013 and 2012, the amount recognized in other current assets for cash collateral provided by counterparties to us were zero and $0.1 million, respectively. In all instances where we are party to a master netting agreement, we offset the receivable or payable recognized upon payment of cash collateral against the fair value amounts recognized for derivative instruments that have also been offset under such master netting agreements. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. We are required to separately disclose assets and liabilities measured at fair value on a recurring basis, from those measured at fair value on a nonrecurring basis. Nonfinancial assets measured at fair value on a nonrecurring basis are intangible assets and goodwill, which are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. Determining which hierarchical level an asset or liability falls within requires significant judgment. The following table summarizes the assets and liabilities measured at fair value in the consolidated balance sheets: | ||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in | Significant | Significant | Total | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
Assets | ($ in millions) | |||||||||||||||||||
Interest rate swaps | $ | — | $ | 5.9 | $ | — | $ | 5.9 | ||||||||||||
Commodity forward contracts | — | 1.3 | — | 1.3 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swaps | — | 7.3 | — | 7.3 | ||||||||||||||||
Earn out | — | — | 26.7 | 26.7 | ||||||||||||||||
Balance at December 31, 2012 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Interest rate swaps | $ | — | $ | 8.3 | $ | — | $ | 8.3 | ||||||||||||
Commodity forward contracts | 0.1 | 7.5 | — | 7.6 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swaps | — | 10.2 | — | 10.2 | ||||||||||||||||
Earn out | — | — | 42 | 42 | ||||||||||||||||
For the year ended December 31, 2013, there were no transfers into or out of Level 1 and Level 2. | ||||||||||||||||||||
The following table summarizes the activity for our earn out liability measured at fair value using Level 3 inputs: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Beginning balance | $ | 42 | $ | 49 | ||||||||||||||||
Settlements | (23.2 | ) | (18.5 | ) | ||||||||||||||||
Unrealized losses included in other (expense) income | 7.9 | 11.5 | ||||||||||||||||||
Ending balance | $ | 26.7 | $ | 42 | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||
The fair value of the interest rate swaps was included in other assets and long-term debt as of December 31, 2013 and 2012. These financial instruments were valued using the “income approach” valuation technique. This method used valuation techniques to convert future amounts to a single present amount. The measurement was based on the value indicated by current market expectations about those future amounts. We use interest rate swaps as a means of managing interest expense and floating interest rate exposure to optimal levels. | ||||||||||||||||||||
Commodity Forward Contracts | ||||||||||||||||||||
The fair value of the commodity forward contracts was classified in other current assets as of December 31, 2013 and 2012, with unrealized gains and losses included in accumulated other comprehensive loss, net of applicable taxes. These financial instruments were valued primarily based on prices and other relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for commodities. We use commodity forward contracts for certain raw materials and energy costs such as copper, zinc, lead and natural gas to provide a measure of stability in managing our exposure to price fluctuations. | ||||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||||
We had no fair value of foreign currency contracts as of December 31, 2013 and 2012. The gains and losses of foreign currency contracts were included in selling and administration expense as these financial instruments do not meet the criteria to qualify for hedge accounting. These financial instruments were valued primarily based on prices and other relevant information observable in market transactions involving identical or comparable assets or liabilities including both forward and spot prices for foreign currencies. We enter into forward sales and purchase contracts to manage currency risk resulting from purchase and sale commitments denominated in foreign currencies (principally Canadian dollar and Australian dollar). | ||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||
The carrying values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximated fair values due to the short-term maturities of these instruments. The fair value of our long-term debt was determined based on current market rates for debt of similar risk and maturities. The following table summarizes the fair value measurements of debt and the actual debt recorded on our balance sheets: | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Amount recorded | ||||||||||||||||
on balance sheets | ||||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 561.4 | $ | 153 | $ | 714.4 | $ | 691 | ||||||||||
Balance at December 31, 2012 | — | 605.1 | 153 | 758.1 | 713.7 | |||||||||||||||
Earn Out | ||||||||||||||||||||
The fair value of the earn out associated with the SunBelt acquisition was estimated using a probability-weighted discounted cash flow model. This fair value measurement is based on significant inputs not observed in the market. Key assumptions in determining the fair value of the earn out include the discount rate and cash flow projections. As of December 31, 2013, our consolidated balance sheet included $26.7 million recorded for the 2013 earn out liability, which is classified in accrued liabilities, and includes $14.8 million that was recognized as part of the original purchase price. | ||||||||||||||||||||
For the years ended December 31, 2013 and 2012, we paid $23.2 million and $18.5 million, respectively, for the earn out related to the 2012 and 2011 SunBelt performance. The earn out payments for 2013 and 2012 included $17.1 million and $15.3 million, respectively, that were recognized as part of the original purchase price. The $17.1 million and $15.3 million are included as a financing activity in the statement of cash flows. | ||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis as required by ASC 820. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012. At February 28, 2011, $180.6 million of assets were measured at fair value on a nonrecurring basis. We recognized a gain of $181.4 million for the year ended December 31, 2011 on our previously held investment in SunBelt, which had been accounted for under the equity method of accounting prior to the acquisition. We remeasured our equity interest in SunBelt of $(0.8) million based on our purchase of PolyOne’s 50% interest in SunBelt. We used Level 1 inputs for the cash payments and Level 3 inputs for the estimated earn out. |
OTHER_FINANCIAL_DATA
OTHER FINANCIAL DATA | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||||||
OTHER FINANCIAL DATA | ' | ||||||||||||||||||||
OTHER FINANCIAL DATA | |||||||||||||||||||||
Quarterly Data (Unaudited) | |||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||
2013 | First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Sales | $ | 630 | $ | 652.2 | $ | 670.7 | $ | 562.1 | $ | 2,515.00 | |||||||||||
Cost of goods sold | 504.4 | 531.1 | 528.5 | 469.7 | 2,033.70 | ||||||||||||||||
Net income | 40.5 | 43.7 | 69.7 | 24.7 | 178.6 | ||||||||||||||||
Net income per common share: | |||||||||||||||||||||
Basic | 0.5 | 0.54 | 0.87 | 0.31 | 2.24 | ||||||||||||||||
Diluted | 0.5 | 0.54 | 0.86 | 0.31 | 2.21 | ||||||||||||||||
Common dividends per share | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | ||||||||||||||||
Market price of common stock(1) | |||||||||||||||||||||
High | 25.42 | 26.05 | 25.17 | 29.52 | 29.52 | ||||||||||||||||
Low | 21.29 | 22.74 | 22.5 | 21.79 | 21.29 | ||||||||||||||||
2012 | First | Second Quarter | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | |||||||||||||||||||
Sales | $ | 507.2 | $ | 508.7 | $ | 581.2 | $ | 587.6 | $ | 2,184.70 | |||||||||||
Cost of goods sold | 392.9 | 391.4 | 475.8 | 487.9 | 1,748.00 | ||||||||||||||||
Net income | 38.7 | 47.6 | 28.7 | 34.6 | 149.6 | ||||||||||||||||
Net income per common share: | |||||||||||||||||||||
Basic | 0.48 | 0.59 | 0.36 | 0.43 | 1.87 | ||||||||||||||||
Diluted | 0.48 | 0.59 | 0.35 | 0.43 | 1.85 | ||||||||||||||||
Common dividends per share | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | ||||||||||||||||
Market price of common stock(1) | |||||||||||||||||||||
High | 23.46 | 22.24 | 23.48 | 22.32 | 23.48 | ||||||||||||||||
Low | 19.75 | 18.4 | 19.34 | 19.5 | 18.4 | ||||||||||||||||
-1 | NYSE composite transactions. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||
Basis of Presentation | ' | |||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||||
The consolidated financial statements include the accounts of Olin Corporation and all majority-owned subsidiaries. Investment in our affiliates are accounted for on the equity method. Accordingly, we include only our share of earnings or losses of these affiliates in consolidated net income. Certain reclassifications were made to prior year amounts to conform to the 2013 presentation. | ||||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||
Revenues are recognized on sales of product at the time the goods are shipped and the risks of ownership have passed to the customer. Shipping and handling fees billed to customers are included in sales. Allowances for estimated returns, discounts and rebates are recognized when sales are recorded and are based on various market data, historical trends and information from customers. Actual returns, discounts and rebates have not been materially different from estimates. | ||||||||||||||||||||||||||
Cost of Goods Sold and Selling and Administration Expenses | ' | |||||||||||||||||||||||||
Cost of Goods Sold and Selling and Administration Expenses | ||||||||||||||||||||||||||
Cost of goods sold includes the costs of inventory sold, related purchasing, distribution and warehousing costs, costs incurred for shipping and handling, depreciation and amortization expense related to these activities and environmental remediation costs and recoveries. Selling and administration expenses include personnel costs associated with sales, marketing and administration, research and development, legal and legal-related costs, consulting and professional services fees, advertising expenses, depreciation expense related to these activities, foreign currency translation and other similar costs. | ||||||||||||||||||||||||||
Other Operating Income | ' | |||||||||||||||||||||||||
Other Operating Income | ||||||||||||||||||||||||||
Other operating income consists of miscellaneous operating income items, which are related to our business activities, and gains (losses) on disposition of property, plant and equipment. | ||||||||||||||||||||||||||
Included in other operating income were the following: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
(Losses) gains on disposition of property, plant and equipment, net | $ | (1.1 | ) | $ | 2.1 | $ | 1.4 | |||||||||||||||||||
Amortization of 2007 gain on intangible asset sale (recognized through 2012) | — | 0.3 | 1.2 | |||||||||||||||||||||||
Gains on sale of land | — | — | 0.3 | |||||||||||||||||||||||
Gains on dispositions of former manufacturing facilities | 1.5 | — | 3.7 | |||||||||||||||||||||||
Gains on insurance recoveries | — | 4.9 | 1.9 | |||||||||||||||||||||||
Other | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||
Other operating income | $ | 0.7 | $ | 7.6 | $ | 8.8 | ||||||||||||||||||||
The gains on disposition of property, plant and equipment in 2012 and 2011 were primarily associated with the Charleston, TN conversion project, which was completed in the second half of 2012. The gain on insurance recoveries in 2012 was associated with business interruption related to an outage of one of our Chlor Alkali customers in the first half of 2012. The gains on insurance recoveries in 2011 related to our Oxford, MS and St. Gabriel, LA facilities. | ||||||||||||||||||||||||||
Other (Expense) Income | ' | |||||||||||||||||||||||||
Other (Expense) Income | ||||||||||||||||||||||||||
Other (expense) income consists of non-operating income items which are not related to our primary business activities. Other (expense) income in 2013, 2012 and 2011 included $7.9 million, $11.5 million and $6.7 million, respectively, of expense for our earn out liability from the SunBelt acquisition. Other (expense) income in 2013 also included a gain of $6.5 million on the sale of our equity interest in a bleach joint venture. Other (expense) income in 2011 also included a pretax gain of $181.4 million as a result of remeasuring our previously held 50% equity interest in SunBelt. | ||||||||||||||||||||||||||
Foreign Currency Translation | ' | |||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||||
The functional currency for our Canadian subsidiaries is the U.S. dollar; accordingly, gains and losses resulting from balance sheet translations are included in selling and administration. Other foreign affiliates’ balance sheet amounts are translated at the exchange rates in effect at year-end, and operations statement amounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are included in accumulated other comprehensive loss. | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||
All highly liquid investments, with a maturity of three months or less at the date of purchase, are considered to be cash equivalents. | ||||||||||||||||||||||||||
Short-Term Investments | ' | |||||||||||||||||||||||||
Short-Term Investments | ||||||||||||||||||||||||||
We classify our marketable securities as available-for-sale, which are reported at fair market value with unrealized gains and losses included in accumulated other comprehensive loss, net of applicable taxes. The fair value of marketable securities is determined by quoted market prices. Realized gains and losses on sales of investments, as determined on the specific identification method, and declines in value of securities judged to be other-than-temporary are included in other (expense) income in the consolidated statements of operations. Interest and dividends on all securities are included in interest income and other (expense) income, respectively. | ||||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable | ' | |||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable | ||||||||||||||||||||||||||
We evaluate the collectibility of accounts receivable based on a combination of factors. We estimate an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience. This estimate is periodically adjusted when we become aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in the overall aging of accounts receivable. While we have a large number of customers that operate in diverse businesses and are geographically dispersed, a general economic downturn in any of the industry segments in which we operate could result in higher than expected defaults, and, therefore, the need to revise estimates for the provision for doubtful accounts could occur. | ||||||||||||||||||||||||||
Inventories | ' | |||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||
Inventories are valued at the lower of cost or market. The Chlor Alkali Products and Winchester segments inventory costs are determined principally by the dollar value last-in, first-out (LIFO) method of inventory accounting. The Chemical Distribution segment inventory costs are determined principally by the first-in, first-out (FIFO) method of inventory accounting. Cost for other inventories has been determined principally by the average-cost method (primarily operating supplies, spare parts and maintenance parts). Elements of costs in inventories include raw materials, direct labor and manufacturing overhead. | ||||||||||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the historical cost and included in property, plant and equipment and are depreciated over the useful lives of the related assets. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Start-up costs are expensed as incurred. Expenditures for maintenance and repairs are charged to expense when incurred while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized. | ||||||||||||||||||||||||||
Property, plant and equipment are reviewed for impairment when conditions indicate that the carrying values of the assets may not be recoverable. Such impairment conditions include an extended period of idleness or a plan of disposal. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether impairment has occurred through the use of an undiscounted cash flow analysis at the lowest level for which identifiable cash flows exist. The amount of impairment loss, if any, is measured by the difference between the net book value of the assets and the estimated fair value of the related assets. | ||||||||||||||||||||||||||
Restricted Cash | ' | |||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||||
Restricted cash, which is restricted as to withdrawal or usage, is classified separately from cash and cash equivalents on our consolidated balance sheet. A portion of the proceeds of the bonds issued by Alabama, Mississippi and Tennessee, along with their accrued interest income, were required to remain with a trustee and were classified on our consolidated balance sheet as a noncurrent asset until such time as we request reimbursement of qualifying amounts used to fund capital projects in Alabama, Mississippi and Tennessee. As of December 31, 2013, there remained a $4.2 million restricted cash balance that is required to be used to fund capital projects in Mississippi. | ||||||||||||||||||||||||||
Asset Retirement Obligations | ' | |||||||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||||||||
We record the fair value of an asset retirement obligation associated with the retirement of a tangible long-lived asset as a liability in the period incurred. The liability is measured at discounted fair value and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s useful life. Asset retirement obligations are reviewed annually in the fourth quarter and/or when circumstances or other events indicate that changes underlying retirement assumptions may have occurred. | ||||||||||||||||||||||||||
The activity of our asset retirement obligation was as follows: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Beginning balance | $ | 67.8 | $ | 67.9 | ||||||||||||||||||||||
Accretion | 3.3 | 4.8 | ||||||||||||||||||||||||
Spending | (11.3 | ) | (8.0 | ) | ||||||||||||||||||||||
Currency translation adjustments | (0.6 | ) | 0.2 | |||||||||||||||||||||||
KA Steel acquisition | — | 0.4 | ||||||||||||||||||||||||
Adjustments | 1.6 | 2.5 | ||||||||||||||||||||||||
Ending balance | $ | 60.8 | $ | 67.8 | ||||||||||||||||||||||
At December 31, 2013 and 2012, our consolidated balance sheets included an asset retirement obligation of $47.3 million and $46.5 million, respectively, which were classified as other noncurrent liabilities. | ||||||||||||||||||||||||||
In 2013, we had net adjustments that increased the asset retirement obligation by $1.6 million, which were primarily due to changes in the estimated timing of payments for certain assets. In 2012, we had net adjustments that increased the asset retirement obligation by $2.5 million, which were primarily comprised of increases in estimated costs for certain assets. | ||||||||||||||||||||||||||
Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Accumulated other comprehensive loss consists of foreign currency translation adjustments, pension and postretirement liability adjustments, pension and postretirement amortization of prior service costs and actuarial losses and net unrealized (losses) gains on derivative contracts. We do not provide for U.S. income taxes on foreign currency translation adjustments since we do not provide for such taxes on undistributed earnings for foreign subsidiaries that have been permanently reinvested. | ||||||||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
Goodwill is not amortized, but is reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. On January 1, 2012, we adopted ASU 2011-08 which permits entities to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. Circumstances that are considered as part of the qualitative assessment and could trigger the two-step impairment test include, but are not limited to: a significant adverse change in the business climate; a significant adverse legal judgment; adverse cash flow trends; an adverse action or assessment by a government agency; unanticipated competition; decline in our stock price; and a significant restructuring charge within a reporting unit. We define reporting units at the business segment level or one level below the business segment, which for our Chlor Alkali Products segment are the U.S. operations and Canadian operations. For purposes of testing goodwill for impairment, goodwill has been allocated to these reporting units to the extent it relates to each reporting unit. Based upon our qualitative assessment, it is more likely than not that the fair value of our reporting units are greater than their carrying amounts as of December 31, 2013. No impairment charges were recorded for 2013, 2012 or 2011. | ||||||||||||||||||||||||||
In 2011, prior to the adoption of ASU 2011-08, we used a discounted cash flow approach to develop the estimated fair value of a reporting unit. Management judgment was required in developing the assumptions for the discounted cash flow model. We also corroborated our discounted cash flow analysis by evaluating a market-based approach that considers EBITDA multiples from a representative sample of comparable public companies in the chemical industry. An impairment would be recorded if the carrying amount exceeded the estimated fair value. | ||||||||||||||||||||||||||
The discount rate, profitability assumptions, terminal growth rate and cyclical nature of our chlor alkali business were the material assumptions utilized in the discounted cash flow model used to estimate the fair value of each reporting unit. The discount rate reflected a weighted-average cost of capital, which was calculated based on observable market data. Some of these data (such as the risk free or treasury rate and the pretax cost of debt) were based on the market data at a point in time. Other data (such as the equity risk premium) were based upon market data over time for a peer group of companies in the chemical manufacturing industry with a market capitalization premium added, as applicable. | ||||||||||||||||||||||||||
The discounted cash flow analysis required estimates, assumptions and judgments about future events. Our analysis used our internally generated long-range plan. Our discounted cash flow analysis used the assumptions in our long-range plan about terminal growth rates, forecasted capital expenditures and changes in future working capital requirements to determine the implied fair value of each reporting unit. The long-range plan reflects management judgment, supplemented by independent chemical industry analyses which provide multi-year chlor alkali industry operating and pricing forecasts. | ||||||||||||||||||||||||||
Given the economic environment and the uncertainties regarding the impact on our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, we may be required to record goodwill impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material. | ||||||||||||||||||||||||||
Changes in the carrying value of goodwill were as follows: | ||||||||||||||||||||||||||
Chlor Alkali Products | Chemical Distribution | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 627.4 | $ | — | $ | 627.4 | ||||||||||||||||||||
Acquisition activity | — | 119.7 | 119.7 | |||||||||||||||||||||||
Balance at December 31, 2012 | 627.4 | 119.7 | 747.1 | |||||||||||||||||||||||
Acquisition activity | — | — | — | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 627.4 | $ | 119.7 | $ | 747.1 | ||||||||||||||||||||
Other Assets | ' | |||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||
Included in other assets were the following: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Investments in non-consolidated affiliates | $ | 21.6 | $ | 29.3 | ||||||||||||||||||||||
Intangible assets (less accumulated amortization of $28.0 million and $13.4 million, respectively) | 138.1 | 152.7 | ||||||||||||||||||||||||
Deferred debt issuance costs | 14.4 | 17.5 | ||||||||||||||||||||||||
Interest rate swaps | 5.9 | 8.3 | ||||||||||||||||||||||||
Other | 33.1 | 16.3 | ||||||||||||||||||||||||
Other assets | $ | 213.1 | $ | 224.1 | ||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Useful Lives | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | ||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Customers, customer contracts and relationships | (10-15 years) | $ | 152.9 | $ | (26.6 | ) | $ | 126.3 | $ | 152.9 | $ | (12.2 | ) | $ | 140.7 | |||||||||||
KA Steel trade name | (indefinite) | 10.9 | — | 10.9 | 10.9 | — | 10.9 | |||||||||||||||||||
Other | (4-10 years) | 2.3 | (1.4 | ) | 0.9 | 2.3 | (1.2 | ) | 1.1 | |||||||||||||||||
Total intangible assets | $ | 166.1 | $ | (28.0 | ) | $ | 138.1 | $ | 166.1 | $ | (13.4 | ) | $ | 152.7 | ||||||||||||
The August 22, 2012 valuation of identifiable intangible assets that were obtained from the KA Steel acquisition included $128.0 million associated with customers, customer contracts and relationships and are being amortized over ten years on a straight-line basis, $10.9 million associated with the KA Steel trade name, which management estimates to have an indefinite useful life, and $0.4 million associated with a favorable lease agreement that will be amortized over the remaining lease term (approximately four years) on a straight line basis. The February 28, 2011 valuation of identifiable intangible assets that were obtained from the SunBelt acquisition included $5.8 million associated with customers, customer contracts and relationships and are being amortized over fifteen years on a straight-line basis. The identifiable intangible assets obtained from the Pioneer acquisition included $19.0 million associated with customers, customer contracts and relationships and are being amortized over fifteen years on a straight-line basis and $1.2 million associated with internally developed and purchased software and was amortized over five years on a straight-line basis. Amortization expense was $14.6 million in 2013, $6.5 million in 2012 and $1.9 million in 2011. We estimate that amortization expense will be approximately $14.6 million in each of the next three years and approximately $14.5 million in both 2017 and 2018. Intangible assets are reviewed for impairment annually in the fourth quarter and/or when circumstances or other events indicate that impairment may have occurred. | ||||||||||||||||||||||||||
During 2012, we adopted ASU 2012-02 which permits entities to make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset’s fair value is less than its carrying amount before performing a quantitative impairment test. Circumstances that are considered as part of the qualitative assessment and could trigger a quantitative impairment test include, but are not limited to: a significant adverse change in the business climate; a significant adverse legal judgment including asset specific factors; adverse cash flow trends; an adverse action or assessment by a government agency; unanticipated competition; decline in our stock price; and a significant restructuring charge within a reporting unit. Based upon our qualitative assessment, it is more likely than not that the fair value of our indefinite-lived intangible asset is greater than its carrying amount as of December 31, 2013. No impairment of our intangible assets were recorded in 2013, 2012 or 2011. | ||||||||||||||||||||||||||
Environmental Liabilities and Expenditures | ' | |||||||||||||||||||||||||
Environmental Liabilities and Expenditures | ||||||||||||||||||||||||||
Accruals (charges to income) for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based upon current law and existing technologies. These amounts, which are not discounted and are exclusive of claims against third parties, are adjusted periodically as assessment and remediation efforts progress or additional technical or legal information becomes available. Environmental costs are capitalized if the costs increase the value of the property and/or mitigate or prevent contamination from future operations. | ||||||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Deferred taxes are provided for differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to offset deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the value of the deferred tax assets will not be realized. | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||||
We are exposed to market risk in the normal course of our business operations due to our purchases of certain commodities, our ongoing investing and financing activities and our operations that use foreign currencies. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. We have established policies and procedures governing our management of market risks and the use of financial instruments to manage exposure to such risks. We use hedge accounting treatment for substantially all of our business transactions whose risks are covered using derivative instruments. The hedge accounting treatment provides for the deferral of gains or losses on derivative instruments until such time as the related transactions occur. | ||||||||||||||||||||||||||
Concentration of Credit Risk | ' | |||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||
Accounts receivable is the principal financial instrument which subjects us to a concentration of credit risk. Credit is extended based upon the evaluation of a customer’s financial condition and, generally, collateral is not required. Concentrations of credit risk with respect to receivables are somewhat limited due to our large number of customers, the diversity of these customers’ businesses and the geographic dispersion of such customers. The majority of our accounts receivable are derived from sales denominated in U.S. dollars. We maintain an allowance for doubtful accounts based upon the expected collectibility of all trade receivables. | ||||||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | ||||||||||||||||||||||||||
Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820, and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: | ||||||||||||||||||||||||||
Level 1 — Inputs were unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | ||||||||||||||||||||||||||
Level 2 — Inputs (other than quoted prices included in Level 1) were either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | ||||||||||||||||||||||||||
Level 3 — Inputs reflected management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration was given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | ||||||||||||||||||||||||||
Retirement-Related Benefits | ' | |||||||||||||||||||||||||
Retirement-Related Benefits | ||||||||||||||||||||||||||
We account for our defined benefit pension plans and non-pension postretirement benefit plans using actuarial models required by ASC 715. These models use an attribution approach that generally spreads the financial impact of changes to the plan and actuarial assumptions over the average remaining service lives of the employees in the plan. Changes in liability due to changes in actuarial assumptions such as discount rate, rate of compensation increases and mortality, as well as annual deviations between what was assumed and what was experienced by the plan are treated as gains or losses. The principle underlying the required attribution approach is that employees render service over their average remaining service lives on a relatively smooth basis and, therefore, the accounting for benefits earned under the pension or non-pension postretirement benefits plans should follow the same relatively smooth pattern. Substantially all defined benefit pension plan participants are no longer accruing benefits; therefore, actuarial gains and losses are amortized based upon the remaining life expectancy of the inactive plan participants. For the years ended December 31, 2013 and 2012, the average remaining life expectancy of the inactive participants in the defined benefit pension plan was 18 years. | ||||||||||||||||||||||||||
One of the key assumptions for the net periodic pension calculation is the expected long-term rate of return on plan assets, used to determine the “market-related value of assets.” The “market-related value of assets” recognizes differences between the plan’s actual return and expected return over a five year period. The required use of an expected long-term rate of return on the market-related value of plan assets may result in a recognized pension income that is greater or less than the actual returns of those plan assets in any given year. Over time, however, the expected long-term returns are designed to approximate the actual long-term returns and, therefore, result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. As differences between actual and expected returns are recognized over five years, they subsequently generate gains and losses that are subject to amortization over the average remaining life expectancy of the inactive plan participants, as described in the preceding paragraph. | ||||||||||||||||||||||||||
We use long-term historical actual return information, the mix of investments that comprise plan assets, and future estimates of long-term investment returns and inflation by reference to external sources to develop the expected long-term rate of return on plan assets as of December 31. | ||||||||||||||||||||||||||
The discount rate assumptions used for pension and non-pension postretirement benefit plan accounting reflect the rates available on high-quality fixed-income debt instruments on December 31 of each year. The rate of compensation increase is based upon our long-term plans for such increases. For retiree medical plan accounting, we review external data and our own historical trends for healthcare costs to determine the healthcare cost trend rates. | ||||||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||
We measure the cost of employee services received in exchange for an award of equity instruments, such as stock options, performance shares and restricted stock, based on the grant-date fair value of the award. This cost is recognized over the period during which an employee is required to provide service in exchange for the award, the requisite service period (usually the vesting period). An initial measurement is made of the cost of employee services received in exchange for an award of liability instruments based on its current fair value and the value of that award is subsequently remeasured at each reporting date through the settlement date. Changes in fair value of liability awards during the requisite service period are recognized as compensation cost over that period. | ||||||||||||||||||||||||||
The fair value of each option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Dividend yield | 3.44 | % | 3.65 | % | 4.32 | % | ||||||||||||||||||||
Risk-free interest rate | 1.35 | % | 1.36 | % | 3.05 | % | ||||||||||||||||||||
Expected volatility | 43 | % | 43 | % | 42 | % | ||||||||||||||||||||
Expected life (years) | 7 | 7 | 7 | |||||||||||||||||||||||
Grant fair value (per option) | $ | 7.05 | $ | 6.55 | $ | 5.48 | ||||||||||||||||||||
Exercise price | $ | 23.28 | $ | 21.92 | $ | 18.78 | ||||||||||||||||||||
Shares granted | 621,000 | 480,250 | 575,000 | |||||||||||||||||||||||
Dividend yield was based on a historical average. Risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the options. Expected volatility was based on our historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. Expected life of the option grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate for future exercise patterns. |
ACCOUNTING_POLICIES_Tables
ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||
Other Operating Income | ' | |||||||||||||||||||||||||
Included in other operating income were the following: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
(Losses) gains on disposition of property, plant and equipment, net | $ | (1.1 | ) | $ | 2.1 | $ | 1.4 | |||||||||||||||||||
Amortization of 2007 gain on intangible asset sale (recognized through 2012) | — | 0.3 | 1.2 | |||||||||||||||||||||||
Gains on sale of land | — | — | 0.3 | |||||||||||||||||||||||
Gains on dispositions of former manufacturing facilities | 1.5 | — | 3.7 | |||||||||||||||||||||||
Gains on insurance recoveries | — | 4.9 | 1.9 | |||||||||||||||||||||||
Other | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||
Other operating income | $ | 0.7 | $ | 7.6 | $ | 8.8 | ||||||||||||||||||||
Asset retirement obligation activity | ' | |||||||||||||||||||||||||
The activity of our asset retirement obligation was as follows: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Beginning balance | $ | 67.8 | $ | 67.9 | ||||||||||||||||||||||
Accretion | 3.3 | 4.8 | ||||||||||||||||||||||||
Spending | (11.3 | ) | (8.0 | ) | ||||||||||||||||||||||
Currency translation adjustments | (0.6 | ) | 0.2 | |||||||||||||||||||||||
KA Steel acquisition | — | 0.4 | ||||||||||||||||||||||||
Adjustments | 1.6 | 2.5 | ||||||||||||||||||||||||
Ending balance | $ | 60.8 | $ | 67.8 | ||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||
Changes in the carrying value of goodwill were as follows: | ||||||||||||||||||||||||||
Chlor Alkali Products | Chemical Distribution | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 627.4 | $ | — | $ | 627.4 | ||||||||||||||||||||
Acquisition activity | — | 119.7 | 119.7 | |||||||||||||||||||||||
Balance at December 31, 2012 | 627.4 | 119.7 | 747.1 | |||||||||||||||||||||||
Acquisition activity | — | — | — | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 627.4 | $ | 119.7 | $ | 747.1 | ||||||||||||||||||||
Other Assets | ' | |||||||||||||||||||||||||
Included in other assets were the following: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Investments in non-consolidated affiliates | $ | 21.6 | $ | 29.3 | ||||||||||||||||||||||
Intangible assets (less accumulated amortization of $28.0 million and $13.4 million, respectively) | 138.1 | 152.7 | ||||||||||||||||||||||||
Deferred debt issuance costs | 14.4 | 17.5 | ||||||||||||||||||||||||
Interest rate swaps | 5.9 | 8.3 | ||||||||||||||||||||||||
Other | 33.1 | 16.3 | ||||||||||||||||||||||||
Other assets | $ | 213.1 | $ | 224.1 | ||||||||||||||||||||||
Schedule of Intangible Assets by Major Class | ' | |||||||||||||||||||||||||
Intangible assets consisted of the following: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Useful Lives | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | ||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Customers, customer contracts and relationships | (10-15 years) | $ | 152.9 | $ | (26.6 | ) | $ | 126.3 | $ | 152.9 | $ | (12.2 | ) | $ | 140.7 | |||||||||||
KA Steel trade name | (indefinite) | 10.9 | — | 10.9 | 10.9 | — | 10.9 | |||||||||||||||||||
Other | (4-10 years) | 2.3 | (1.4 | ) | 0.9 | 2.3 | (1.2 | ) | 1.1 | |||||||||||||||||
Total intangible assets | $ | 166.1 | $ | (28.0 | ) | $ | 138.1 | $ | 166.1 | $ | (13.4 | ) | $ | 152.7 | ||||||||||||
Schedule of assumptions for the Black-Scholes option pricing model | ' | |||||||||||||||||||||||||
The fair value of each option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||
Dividend yield | 3.44 | % | 3.65 | % | 4.32 | % | ||||||||||||||||||||
Risk-free interest rate | 1.35 | % | 1.36 | % | 3.05 | % | ||||||||||||||||||||
Expected volatility | 43 | % | 43 | % | 42 | % | ||||||||||||||||||||
Expected life (years) | 7 | 7 | 7 | |||||||||||||||||||||||
Grant fair value (per option) | $ | 7.05 | $ | 6.55 | $ | 5.48 | ||||||||||||||||||||
Exercise price | $ | 23.28 | $ | 21.92 | $ | 18.78 | ||||||||||||||||||||
Shares granted | 621,000 | 480,250 | 575,000 | |||||||||||||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
KA Steel [Member] | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||
The following table summarizes the allocation of the purchase price to KA Steel’s assets and liabilities: | ||||||||
August 22, | ||||||||
2012 | ||||||||
($ in millions) | ||||||||
Total current assets | $ | 128.1 | ||||||
Property, plant and equipment | 25.1 | |||||||
Deferred taxes | 1.6 | |||||||
Intangible assets | 139.3 | |||||||
Total assets acquired | 294.1 | |||||||
Total current liabilities | 64.2 | |||||||
Other liabilities | 10.4 | |||||||
Total liabilities assumed | 74.6 | |||||||
Net identifiable assets acquired | 219.5 | |||||||
Goodwill | 119.7 | |||||||
Fair value of net assets acquired | $ | 339.2 | ||||||
Supplemental Data | ||||||||
Cash paid | $ | 336.6 | ||||||
Olin trade accounts receivable from KA Steel | 2.6 | |||||||
Total fair value of consideration | $ | 339.2 | ||||||
Pro forma summary | ' | |||||||
The following pro forma summary presents the condensed statement of income as if the acquisition of KA Steel had occurred on January 1, 2011 (unaudited). | ||||||||
Years Ended December 31, | ||||||||
2012 | 2011 | |||||||
($ in millions, except per share data) | ||||||||
Sales | $ | 2,462.60 | $ | 2,351.50 | ||||
Net income | 160.1 | 240 | ||||||
Net income per common share: | ||||||||
Basic | $ | 2 | $ | 3 | ||||
Diluted | $ | 1.98 | $ | 2.97 | ||||
SunBelt [Member] | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Summary of the final allocation of purchase price to SunBelt's assets and liabilities | ' | |||||||
The following table summarizes the final allocation of the purchase price to SunBelt’s assets and liabilities: | ||||||||
February 28, | ||||||||
2011 | ||||||||
($ in millions) | ||||||||
Total current assets | $ | 37.6 | ||||||
Property, plant and equipment | 87.4 | |||||||
Deferred income taxes | 0.4 | |||||||
Other assets | 5.8 | |||||||
Total assets acquired | 131.2 | |||||||
Total current liabilities | 42.7 | |||||||
Long-term debt | 75.1 | |||||||
Other liabilities | 27.6 | |||||||
Total liabilities assumed | 145.4 | |||||||
Less: Investment in SunBelt | (0.8 | ) | ||||||
Net liabilities assumed | (13.4 | ) | ||||||
Liabilities for uncertainties | 48.3 | |||||||
Gain on remeasurement of investment in SunBelt | (181.4 | ) | ||||||
Goodwill | 327.1 | |||||||
Fair value of total consideration | $ | 180.6 | ||||||
Pro forma summary | ' | |||||||
The following pro forma summary presents the condensed statements of income as if the acquisition of SunBelt had occurred on January 1, 2011 (unaudited). | ||||||||
Year Ended December 31, | ||||||||
2011 | ||||||||
($ in millions, except per share data) | ||||||||
Sales | $ | 1,987.40 | ||||||
Net income | 140.6 | |||||||
Net income per common share: | ||||||||
Basic | $ | 1.76 | ||||||
Diluted | $ | 1.74 | ||||||
RESTRUCTURING_CHARGE_Tables
RESTRUCTURING CHARGE (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Schedule of major components of the restructuring actions | ' | |||||||||||||||||||||||
The following table summarizes the 2013, 2012 and 2011 activity by major component of these 2010 restructuring actions and the remaining balances of accrued restructuring costs as of December 31, 2013: | ||||||||||||||||||||||||
Employee severance and job related benefits | Pension and other postretirement benefits curtailment | Lease and other contract termination costs | Employee relocation costs | Facility exit costs | Total | |||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Balance January 1, 2011 | $ | 6 | $ | — | $ | 1 | $ | — | $ | — | $ | 7 | ||||||||||||
2011 restructuring charges | 6.4 | 1.1 | — | 2.2 | 1 | 10.7 | ||||||||||||||||||
Amounts utilized | (1.1 | ) | (1.1 | ) | (0.2 | ) | (2.2 | ) | (1.0 | ) | (5.6 | ) | ||||||||||||
Balance at December 31, 2011 | 11.3 | — | 0.8 | — | — | 12.1 | ||||||||||||||||||
2012 restructuring charges | 4.1 | — | 0.1 | 2.2 | 2.1 | 8.5 | ||||||||||||||||||
Amounts utilized | (1.9 | ) | — | (0.5 | ) | (2.2 | ) | (2.1 | ) | (6.7 | ) | |||||||||||||
Balance at December 31, 2012 | 13.5 | — | 0.4 | — | — | 13.9 | ||||||||||||||||||
2013 restructuring charges (credits) | 0.4 | — | (0.4 | ) | 0.6 | 4.9 | 5.5 | |||||||||||||||||
Amounts utilized | (3.7 | ) | — | — | (0.6 | ) | (4.9 | ) | (9.2 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 10.2 | $ | — | $ | — | $ | — | $ | — | $ | 10.2 | ||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||||||||||||
The following table summarizes the cumulative restructuring charges of these 2010 restructuring actions by major component through December 31, 2013: | ||||||||||||||||||||||||
Chlor Alkali Products | Winchester | Total | ||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Write-off of equipment and facility | $ | 17.5 | $ | — | $ | 17.5 | ||||||||||||||||||
Employee severance and job related benefits | 4.7 | 12.2 | 16.9 | |||||||||||||||||||||
Facility exit costs | 13.2 | 1.4 | 14.6 | |||||||||||||||||||||
Pension and other postretirement benefits curtailment | — | 4.1 | 4.1 | |||||||||||||||||||||
Employee relocation costs | 0.7 | 4.4 | 5.1 | |||||||||||||||||||||
Lease and other contract termination costs | 0.7 | — | 0.7 | |||||||||||||||||||||
Total cumulative restructuring charges | $ | 36.8 | $ | 22.1 | $ | 58.9 | ||||||||||||||||||
As of December 31, 2013, we have incurred cash expenditures of $20.4 million and non-cash charges of $28.3 million related to these restructuring actions. The remaining balance of $10.2 million is expected to be paid out in 2014 through 2016. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and Diluted Earnings Per Share Table | ' | |||||||||||
Years ended December 31, | ||||||||||||
Computation of Income per Share | 2013 | 2012 | 2011 | |||||||||
(In millions, except per share data) | ||||||||||||
Net income | $ | 178.6 | $ | 149.6 | $ | 241.7 | ||||||
Basic shares | 79.9 | 80.1 | 80 | |||||||||
Basic net income per share | $ | 2.24 | $ | 1.87 | $ | 3.02 | ||||||
Diluted shares: | ||||||||||||
Basic shares | 79.9 | 80.1 | 80 | |||||||||
Stock-based compensation | 1 | 0.9 | 0.8 | |||||||||
Diluted shares | 80.9 | 81 | 80.8 | |||||||||
Diluted net income per share | $ | 2.21 | $ | 1.85 | $ | 2.99 | ||||||
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT1
ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||||
Allowance for Doubtful Accounts Receivable | ' | |||||||||
LLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES | ||||||||||
Allowance for doubtful accounts receivable consisted of the following: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
($ in millions) | ||||||||||
Beginning balance | $ | 3.6 | $ | 3.2 | ||||||
Provisions charged | — | 0.7 | ||||||||
Write-offs, net of recoveries | (0.2 | ) | (0.3 | ) | ||||||
Ending balance | $ | 3.4 | $ | 3.6 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
Inventories Table | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
($ in millions) | ||||||||||
Supplies | $ | 40.5 | $ | 36.4 | ||||||
Raw materials | 76.5 | 70.5 | ||||||||
Work in process | 26.4 | 25.2 | ||||||||
Finished goods | 115.9 | 141 | ||||||||
259.3 | 273.1 | |||||||||
LIFO reserves | (72.8 | ) | (78.0 | ) | ||||||
Inventories, net | $ | 186.5 | $ | 195.1 | ||||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Schedule of property, plant and equipment along with respective useful lives | ' | |||||||||
December 31, | ||||||||||
Useful Lives | 2013 | 2012 | ||||||||
($ in millions) | ||||||||||
Land and improvements to land | 10-20 Years | $ | 156.2 | $ | 155.9 | |||||
Buildings and building equipment | 10-30 Years | 205 | 204.3 | |||||||
Machinery and equipment | 3-15 Years | 1,835.40 | 1,739.50 | |||||||
Leasehold improvements | 2.5 | 2.5 | ||||||||
Construction in progress | 47.8 | 96.1 | ||||||||
Property, plant and equipment | 2,246.90 | 2,198.30 | ||||||||
Accumulated depreciation | (1,259.1 | ) | (1,164.0 | ) | ||||||
Property, plant and equipment, net | $ | 987.8 | $ | 1,034.30 | ||||||
INVESTMENTSAFFILIATED_COMPANIE1
INVESTMENTS-AFFILIATED COMPANIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investment in non-consolidated equity affiliates | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
($ in millions) | ||||||||||||
Bay Gas | $ | 21.6 | $ | 19.5 | ||||||||
Bleach joint venture | — | 9.8 | ||||||||||
Investments in equity affiliates | $ | 21.6 | $ | 29.3 | ||||||||
Summary of equity earnings of non-consolidated affiliates | ' | |||||||||||
The following table summarizes our equity earnings of non-consolidated affiliates: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
($ in millions) | ||||||||||||
SunBelt | $ | — | $ | — | $ | 6.3 | ||||||
Bay Gas | 2.1 | 2.4 | 2.4 | |||||||||
Bleach joint venture | 0.7 | 0.6 | 0.9 | |||||||||
Equity earnings of non-consolidated affiliates | $ | 2.8 | $ | 3 | $ | 9.6 | ||||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Debt Instruments [Abstract] | ' | |||||||||
Schedule of long-term debt | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Notes payable: | ($ in millions) | |||||||||
Variable-rate Go Zone bonds, due 2024 (1.42% and 1.72% at December 31, 2013 and 2012, respectively) | $ | 50 | $ | 50 | ||||||
Variable-rate Recovery Zone bonds, due 2024-2035 (1.42% and 1.72% at December 31, 2013 and 2012, respectively) | 103 | 103 | ||||||||
Variable-rate Industrial development and environmental improvement obligations due 2025 (0.22% and 0.26% at December 31, 2013 and 2012, respectively) | 2.9 | 2.9 | ||||||||
5.5%, due 2022 | 200 | 200 | ||||||||
6.5%, due 2013 | — | 11.4 | ||||||||
6.75%, due 2016 (includes interest rate swaps of $6.1 million and $8.4 million in 2013 and 2012, respectively) | 131.1 | 133.4 | ||||||||
7.23%, SunBelt Notes due 2013-2017 (includes unamortized fair value premium of $0.8 million and $1.1 million and interest rate swaps of $1.2 million and $1.8 million in 2013 and 2012, respectively) | 50.7 | 63.9 | ||||||||
8.875%, due 2019 (includes unamortized discount of $0.8 million in 2013 and $0.9 million in 2012) | 149.2 | 149.1 | ||||||||
Capital lease obligations | 4.1 | — | ||||||||
Total debt | 691 | 713.7 | ||||||||
Amounts due within one year | 12.6 | 23.6 | ||||||||
Total long-term debt | $ | 678.4 | $ | 690.1 | ||||||
Swap activity related to certain debt obligations | ' | |||||||||
Underlying Debt Instrument | Swap | Date of Swap | December 31, 2013 | |||||||
Amount | ||||||||||
($ in millions) | Olin Pays | |||||||||
Floating Rate: | ||||||||||
6.75%, due 2016 | $ | 65 | Mar-10 | 3.5 - 4.5% | (a) | |||||
6.75%, due 2016 | $ | 60 | Mar-10 | 3.5 - 4.5% | (a) | |||||
Olin Receives | ||||||||||
Floating Rate: | ||||||||||
6.75%, due 2016 | $ | 65 | Oct-11 | 3.5 - 4.5% | (a) | |||||
6.75%, due 2016 | $ | 60 | Oct-11 | 3.5 - 4.5% | (a) | |||||
PENSION_PLANS_Tables
PENSION PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in benefit obligation and plan assets | ' | |||||||||||||||||||||||
Changes in the benefit obligation and plan assets were as follows: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Change in Benefit Obligation | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 2,070.80 | $ | 68.4 | $ | 2,139.20 | $ | 1,884.90 | $ | 64.5 | $ | 1,949.40 | ||||||||||||
Service cost | 2.8 | 0.6 | 3.4 | 2.8 | 0.7 | 3.5 | ||||||||||||||||||
Interest cost | 78.4 | 2.7 | 81.1 | 89.2 | 2.8 | 92 | ||||||||||||||||||
Actuarial (gain) loss | (107.7 | ) | (1.7 | ) | (109.4 | ) | 220.8 | 2.3 | 223.1 | |||||||||||||||
Benefits paid | (127.8 | ) | (3.5 | ) | (131.3 | ) | (126.9 | ) | (3.3 | ) | (130.2 | ) | ||||||||||||
Currency translation adjustments | — | (4.3 | ) | (4.3 | ) | — | 1.4 | 1.4 | ||||||||||||||||
Benefit obligation at end of year | $ | 1,916.50 | $ | 62.2 | $ | 1,978.70 | $ | 2,070.80 | $ | 68.4 | $ | 2,139.20 | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Change in Plan Assets | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Fair value of plans’ assets at beginning of year | $ | 1,912.50 | $ | 68.5 | $ | 1,981.00 | $ | 1,842.60 | $ | 64.3 | $ | 1,906.90 | ||||||||||||
Actual return on plans’ assets | 10.7 | 0.3 | 11 | 193 | 5.1 | 198.1 | ||||||||||||||||||
Employer contributions | 3.2 | 1.2 | 4.4 | 3.8 | 1 | 4.8 | ||||||||||||||||||
Benefits paid | (127.8 | ) | (3.5 | ) | (131.3 | ) | (126.9 | ) | (3.3 | ) | (130.2 | ) | ||||||||||||
Currency translation adjustments | — | (4.4 | ) | (4.4 | ) | — | 1.4 | 1.4 | ||||||||||||||||
Fair value of plans’ assets at end of year | $ | 1,798.60 | $ | 62.1 | $ | 1,860.70 | $ | 1,912.50 | $ | 68.5 | $ | 1,981.00 | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Funded Status | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Qualified plans | $ | (57.6 | ) | $ | 1.7 | $ | (55.9 | ) | $ | (93.5 | ) | $ | 2.1 | $ | (91.4 | ) | ||||||||
Non-qualified plans | (60.3 | ) | (1.8 | ) | (62.1 | ) | (64.8 | ) | (2.0 | ) | (66.8 | ) | ||||||||||||
Total funded status | $ | (117.9 | ) | $ | (0.1 | ) | $ | (118.0 | ) | $ | (158.3 | ) | $ | 0.1 | $ | (158.2 | ) | |||||||
Amounts recognized in consolidated balance sheets | ' | |||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consisted of: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
U.S. | Foreign | Total | U.S. | Foreign | Total | |||||||||||||||||||
Prepaid benefit cost | $ | — | $ | 1.7 | $ | 1.7 | $ | — | $ | 2.1 | $ | 2.1 | ||||||||||||
Accrued benefit in current liabilities | (14.2 | ) | (0.1 | ) | (14.3 | ) | (6.0 | ) | (0.1 | ) | (6.1 | ) | ||||||||||||
Accrued benefit in noncurrent liabilities | (103.7 | ) | (1.7 | ) | (105.4 | ) | (152.3 | ) | (1.9 | ) | (154.2 | ) | ||||||||||||
Accumulated other comprehensive loss | 540.9 | 20.7 | 561.6 | 557 | 19.9 | 576.9 | ||||||||||||||||||
Net balance sheet impact | $ | 423 | $ | 20.6 | $ | 443.6 | $ | 398.7 | $ | 20 | $ | 418.7 | ||||||||||||
Schedule of projected and accumulated benefit obligation, and fair value of plan assets | ' | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Projected benefit obligation | $ | 1,978.70 | $ | 2,139.20 | ||||||||||||||||||||
Accumulated benefit obligation | 1,968.90 | 2,125.80 | ||||||||||||||||||||||
Fair value of plan assets | 1,860.70 | 1,981.00 | ||||||||||||||||||||||
Components of net periodic benefit income (loss) | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
Components of Net Periodic Benefit Income | 2013 | 2012 | 2011 | |||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Service cost | $ | 6.2 | $ | 6.1 | $ | 6.1 | ||||||||||||||||||
Interest cost | 81.1 | 92 | 94.2 | |||||||||||||||||||||
Expected return on plans’ assets | (137.5 | ) | (139.5 | ) | (139.5 | ) | ||||||||||||||||||
Amortization of prior service cost | 1.9 | 2.2 | 0.8 | |||||||||||||||||||||
Recognized actuarial loss | 27.8 | 18.1 | 14.8 | |||||||||||||||||||||
Curtailments | — | — | 1.1 | |||||||||||||||||||||
Net periodic benefit income | $ | (20.5 | ) | $ | (21.1 | ) | $ | (22.5 | ) | |||||||||||||||
Included in Other Comprehensive Loss (Pretax) | ||||||||||||||||||||||||
Liability adjustment | $ | 14.4 | $ | 162 | $ | 41.8 | ||||||||||||||||||
Amortization of prior service costs and actuarial losses | (29.7 | ) | (20.3 | ) | (16.7 | ) | ||||||||||||||||||
Assumptions used in calculations | ' | |||||||||||||||||||||||
U.S. Pension Benefits | Foreign Pension Benefits | |||||||||||||||||||||||
Weighted Average Assumptions: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate—periodic benefit cost | 3.9 | % | 4.9 | % | 5.3 | % | 4.2 | % | 4.4 | % | 5.5 | % | ||||||||||||
Expected return on assets | 7.75 | % | 8 | % | 8.25 | % | 7.75 | % | 8 | % | 8 | % | ||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||
Discount rate—benefit obligation | 4.5 | % | 3.9 | % | 4.9 | % | 4.8 | % | 4.2 | % | 4.4 | % | ||||||||||||
Schedule of Rate of Returns by Asset Class Considered in Setting Long-Term Rate of Return Assumption [Table Text Block] | ' | |||||||||||||||||||||||
The following rates of return by asset class were considered in setting the long-term rate of return assumption: | ||||||||||||||||||||||||
U.S. equities | 9% | to | 13% | |||||||||||||||||||||
Non-U.S. equities | 10% | to | 14% | |||||||||||||||||||||
Fixed income/cash | 5% | to | 9% | |||||||||||||||||||||
Alternative investments | 5% | to | 15% | |||||||||||||||||||||
Absolute return strategies | 8% | to | 12% | |||||||||||||||||||||
Pension plan asset allocation by asset class | ' | |||||||||||||||||||||||
Our pension plan asset allocation at December 31, 2013 and 2012, by asset class was as follows: | ||||||||||||||||||||||||
Percentage of Plan Assets | ||||||||||||||||||||||||
Asset Class | 2013 | 2012 | ||||||||||||||||||||||
U.S. equities | 5 | % | 6 | % | ||||||||||||||||||||
Non-U.S. equities | 8 | % | 7 | % | ||||||||||||||||||||
Fixed income/cash | 51 | % | 53 | % | ||||||||||||||||||||
Alternative investments | 20 | % | 18 | % | ||||||||||||||||||||
Absolute return strategies | 16 | % | 16 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Target allocation and ranges | ' | |||||||||||||||||||||||
Asset Class | Target Allocation | Target Range | ||||||||||||||||||||||
U.S. equities | 6 | % | 0-14 | |||||||||||||||||||||
Non-U.S. equities | 6 | % | 0-14 | |||||||||||||||||||||
Fixed income/cash | 61 | % | 48-80 | |||||||||||||||||||||
Alternative investments | 7 | % | 0-28 | |||||||||||||||||||||
Absolute return strategies | 20 | % | 30-Oct | |||||||||||||||||||||
Pension Plan Investments Measured At Fair Value [Text Block] | ' | |||||||||||||||||||||||
The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2013: | ||||||||||||||||||||||||
Asset Class | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
In Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||
U.S. equities | $ | 83.2 | $ | 14.8 | $ | — | $ | 98 | ||||||||||||||||
Non-U.S. equities | 41.1 | 112.1 | — | 153.2 | ||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Cash | 53.9 | — | — | 53.9 | ||||||||||||||||||||
Government treasuries | — | 398.8 | 4.5 | 403.3 | ||||||||||||||||||||
Corporate debt instruments | 0.4 | 314.4 | 21.5 | 336.3 | ||||||||||||||||||||
Asset-backed securities | — | 152.3 | — | 152.3 | ||||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | — | — | 315.9 | 315.9 | ||||||||||||||||||||
Real estate funds | — | — | 35.7 | 35.7 | ||||||||||||||||||||
Private equity funds | — | — | 17.9 | 17.9 | ||||||||||||||||||||
Absolute return strategies | — | 275.5 | 18.7 | 294.2 | ||||||||||||||||||||
Total assets | $ | 178.6 | $ | 1,267.90 | $ | 414.2 | $ | 1,860.70 | ||||||||||||||||
The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2012: | ||||||||||||||||||||||||
Asset Class | Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||
In Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||
U.S. equities | $ | 94.8 | $ | 16.9 | $ | — | $ | 111.7 | ||||||||||||||||
Non-U.S. equities | 42.9 | 105.6 | — | 148.5 | ||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Cash | 38.2 | — | — | 38.2 | ||||||||||||||||||||
Government treasuries | — | 501.7 | 5.6 | 507.3 | ||||||||||||||||||||
Corporate debt instruments | 1.8 | 358 | 12.2 | 372 | ||||||||||||||||||||
Asset-backed securities | — | 141.9 | — | 141.9 | ||||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | — | — | 286.9 | 286.9 | ||||||||||||||||||||
Real estate funds | — | — | 38.2 | 38.2 | ||||||||||||||||||||
Private equity funds | — | — | 18.5 | 18.5 | ||||||||||||||||||||
Absolute return strategies | — | 277 | 40.8 | 317.8 | ||||||||||||||||||||
Total assets | $ | 177.7 | $ | 1,401.10 | $ | 402.2 | $ | 1,981.00 | ||||||||||||||||
Summary of activity for defined benefit plan with significant unobservable inputs | ' | |||||||||||||||||||||||
The following table summarizes the activity for our defined benefit pension plans level 3 assets for the year ended December 31, 2013: | ||||||||||||||||||||||||
December 31, | Realized | Unrealized Gain/(Loss) Relating to Assets Held at Period End | Purchases, Sales, and Settlements | Transfers | 31-Dec-13 | |||||||||||||||||||
2012 | Gain/(Loss) | In/(Out) | ||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Government treasuries | $ | 5.6 | $ | 0.1 | $ | (1.1 | ) | $ | (0.1 | ) | $ | — | $ | 4.5 | ||||||||||
Corporate debt instruments | 12.2 | — | 1.3 | 8 | — | 21.5 | ||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | 286.9 | — | 29 | — | — | 315.9 | ||||||||||||||||||
Real estate funds | 38.2 | 1 | 1.9 | (5.4 | ) | — | 35.7 | |||||||||||||||||
Private equity funds | 18.5 | 0.8 | (0.5 | ) | (0.9 | ) | — | 17.9 | ||||||||||||||||
Absolute return strategies | 40.8 | 9.4 | (7.0 | ) | (24.5 | ) | — | 18.7 | ||||||||||||||||
Total level 3 assets | $ | 402.2 | $ | 11.3 | $ | 23.6 | $ | (22.9 | ) | $ | — | $ | 414.2 | |||||||||||
The following table summarizes the activity for our defined benefit pension plans level 3 assets for the year ended December 31, 2012: | ||||||||||||||||||||||||
December 31, 2011 | Realized | Unrealized Gain/(Loss) Relating to Assets Held at Period End | Purchases, Sales, and Settlements | Transfers | December 31, 2012 | |||||||||||||||||||
Gain/(Loss) | In/(Out) | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Fixed income / cash | ||||||||||||||||||||||||
Government treasuries | $ | 5.5 | $ | — | $ | 0.5 | $ | (0.4 | ) | $ | — | $ | 5.6 | |||||||||||
Corporate debt instruments | 2.9 | 0.3 | 0.1 | 8.9 | — | 12.2 | ||||||||||||||||||
Alternative investments | ||||||||||||||||||||||||
Hedge fund of funds | 258.3 | — | 25.6 | 3 | — | 286.9 | ||||||||||||||||||
Real estate funds | 33.9 | 0.8 | 2.4 | 1.1 | — | 38.2 | ||||||||||||||||||
Private equity funds | 16.8 | — | 1.3 | 0.4 | — | 18.5 | ||||||||||||||||||
Absolute return strategies | 35.2 | — | 3 | 2.6 | — | 40.8 | ||||||||||||||||||
Total level 3 assets | $ | 352.6 | $ | 1.1 | $ | 32.9 | $ | 15.6 | $ | — | $ | 402.2 | ||||||||||||
POSTRETIREMENT_BENEFITS_Tables
POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
POSTRETIREMENT BENEFITS Disclosure [Abstract] | ' | |||||||||||||||||||||||
Postretirement plan change in benefit obligation | ' | |||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
Change in Benefit Obligation | U.S. | Foreign | Total | U.S. | Foreign | Total | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 65.5 | $ | 9.5 | $ | 75 | $ | 63.3 | $ | 11.6 | $ | 74.9 | ||||||||||||
Service cost | 1.2 | 0.1 | 1.3 | 1.1 | 0.1 | 1.2 | ||||||||||||||||||
Interest cost | 2.2 | 0.4 | 2.6 | 2.7 | 0.4 | 3.1 | ||||||||||||||||||
Actuarial (gain) loss | (1.5 | ) | (0.4 | ) | (1.9 | ) | 7.4 | (2.5 | ) | 4.9 | ||||||||||||||
Benefits paid | (8.4 | ) | (0.4 | ) | (8.8 | ) | (9.0 | ) | (0.4 | ) | (9.4 | ) | ||||||||||||
Currency translation adjustments | — | (0.6 | ) | (0.6 | ) | — | 0.3 | 0.3 | ||||||||||||||||
Benefit obligation at end of year | $ | 59 | $ | 8.6 | $ | 67.6 | $ | 65.5 | $ | 9.5 | $ | 75 | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
U.S. | Foreign | Total | U.S. | Foreign | Total | |||||||||||||||||||
Funded status | $ | (59.0 | ) | $ | (8.6 | ) | $ | (67.6 | ) | $ | (65.5 | ) | $ | (9.5 | ) | $ | (75.0 | ) | ||||||
Amounts recognized in consolidated balance sheet | ' | |||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consisted of: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in millions) | ($ in millions) | |||||||||||||||||||||||
U.S. | Foreign | Total | U.S. | Foreign | Total | |||||||||||||||||||
Accrued benefit in current liabilities | $ | (5.4 | ) | $ | (0.3 | ) | $ | (5.7 | ) | $ | (5.8 | ) | $ | (0.3 | ) | $ | (6.1 | ) | ||||||
Accrued benefit in noncurrent liabilities | (53.6 | ) | (8.3 | ) | (61.9 | ) | (59.7 | ) | (9.2 | ) | (68.9 | ) | ||||||||||||
Accumulated other comprehensive loss | 34.1 | (1.2 | ) | 32.9 | 39.2 | (0.8 | ) | 38.4 | ||||||||||||||||
Net balance sheet impact | $ | (24.9 | ) | $ | (9.8 | ) | $ | (34.7 | ) | $ | (26.3 | ) | $ | (10.3 | ) | $ | (36.6 | ) | ||||||
Components of net periodic benefit cost | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | 2013 | 2012 | 2011 | |||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Service cost | $ | 1.3 | $ | 1.2 | $ | 1.3 | ||||||||||||||||||
Interest cost | 2.6 | 3.1 | 3.5 | |||||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||
Recognized actuarial loss | 3.7 | 3.2 | 3.2 | |||||||||||||||||||||
Net periodic benefit cost | $ | 7.5 | $ | 7.4 | $ | 7.8 | ||||||||||||||||||
Included in Other Comprehensive Loss (Pretax) | ||||||||||||||||||||||||
Liability adjustment | $ | (1.9 | ) | $ | 4.8 | $ | 5 | |||||||||||||||||
Amortization of prior service costs and actuarial losses | (3.6 | ) | (3.1 | ) | (3.0 | ) | ||||||||||||||||||
Schedule of actuarial assumption | ' | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Weighted Average Assumptions: | 2013 | 2012 | 2011 | |||||||||||||||||||||
Discount rate—periodic benefit cost | 3.6 | % | 4.6 | % | 4.9 | % | ||||||||||||||||||
Discount rate—benefit obligation | 4.3 | % | 3.6 | % | 4.6 | % | ||||||||||||||||||
Assumed healthcare cost trend rates | ' | |||||||||||||||||||||||
The assumed healthcare cost trend rates for pre-65 retirees were as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Healthcare cost trend rate assumed for next year | 9 | % | 9 | % | ||||||||||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate rate | 2021 | 2020 | ||||||||||||||||||||||
Effects of one percent change in the assumed health care cost trend rates | ' | |||||||||||||||||||||||
A one-percentage-point change in assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
One-Percentage | One-Percentage | |||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Effect on total of service and interest costs | $ | 0.2 | $ | (0.2 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | 3.4 | (2.9 | ) | |||||||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of income tax provision | ' | |||||||||||
Years ended December 31, | ||||||||||||
Components of Income Before Taxes | 2013 | 2012 | 2011 | |||||||||
($ in millions) | ||||||||||||
Domestic | $ | 222.2 | $ | 189.9 | $ | 360.3 | ||||||
Foreign | 27.8 | 35.3 | 19.1 | |||||||||
Income before taxes | $ | 250 | $ | 225.2 | $ | 379.4 | ||||||
Components of Income Tax Provision | ||||||||||||
Current expense: | ||||||||||||
Federal | $ | 42.1 | $ | 16.9 | $ | 36.4 | ||||||
State | 9.4 | 4.3 | 5.7 | |||||||||
Foreign | 8.5 | 10.4 | 5.5 | |||||||||
60 | 31.6 | 47.6 | ||||||||||
Deferred | 11.4 | 44 | 90.1 | |||||||||
Income tax provision | $ | 71.4 | $ | 75.6 | $ | 137.7 | ||||||
Effective tax rate reconciliation | ' | |||||||||||
The following table accounts for the difference between the actual tax provision and the amounts obtained by applying the statutory U.S. federal income tax rate of 35% to the income before taxes. | ||||||||||||
Years ended December 31, | ||||||||||||
Effective Tax Rate Reconciliation (Percent) | 2013 | 2012 | 2011 | |||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Foreign rate differential | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||
Domestic manufacturing/export tax incentive | (1.6 | ) | (1.0 | ) | (1.0 | ) | ||||||
Dividends paid to CEOP | (0.3 | ) | (0.4 | ) | (0.3 | ) | ||||||
State income taxes, net | 2.3 | 1.3 | 1.1 | |||||||||
Change in tax contingencies | (3.8 | ) | 0.5 | (1.1 | ) | |||||||
Change in valuation allowance | (2.1 | ) | 0.1 | 0.1 | ||||||||
Return to provision | (0.1 | ) | — | 0.5 | ||||||||
Remeasurement of deferred taxes | 0.1 | 0.7 | (1.3 | ) | ||||||||
Research tax credit | (0.8 | ) | — | — | ||||||||
Section 45O tax credit | — | (3.0 | ) | — | ||||||||
Australia dividend residual tax expense | — | 0.3 | — | |||||||||
Incremental tax effect of SunBelt remeasurement | — | — | 3.3 | |||||||||
Other, net | — | 0.2 | 0.1 | |||||||||
Effective tax rate | 28.6 | % | 33.6 | % | 36.3 | % | ||||||
Components of deferred tax assets and liabilities | ' | |||||||||||
December 31, | ||||||||||||
Components of Deferred Tax Assets and Liabilities | 2013 | 2012 | ||||||||||
($ in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Pension and postretirement benefits | $ | 74.6 | $ | 93.3 | ||||||||
Environmental reserves | 60.2 | 60.5 | ||||||||||
Asset retirement obligations | 25.7 | 28.6 | ||||||||||
Accrued liabilities | 48.2 | 43.1 | ||||||||||
Tax credits | 13.3 | 10.8 | ||||||||||
Federal and state net operating losses | 7.2 | 6.7 | ||||||||||
Capital loss carryforward | 3 | 15.5 | ||||||||||
Other miscellaneous items | 10.7 | 5.3 | ||||||||||
Total deferred tax assets | 242.9 | 263.8 | ||||||||||
Valuation allowance | (13.4 | ) | (21.1 | ) | ||||||||
Net deferred tax assets | 229.5 | 242.7 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 182.5 | 178.9 | ||||||||||
Intangible amortization | 8.4 | 8.8 | ||||||||||
Inventory and prepaids | 3.1 | — | ||||||||||
Partnerships | 93.7 | 95 | ||||||||||
Total deferred tax liabilities | 287.7 | 282.7 | ||||||||||
Net deferred tax liability | $ | (58.2 | ) | $ | (40.0 | ) | ||||||
Unrecognized tax benefits | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
($ in millions) | ||||||||||||
Beginning balance | $ | 40.1 | $ | 37.9 | ||||||||
Increase for prior year tax positions | 4.5 | 3.1 | ||||||||||
Reductions due to statute of limitations | (10.0 | ) | (0.3 | ) | ||||||||
Decrease for prior year tax positions | (0.1 | ) | (0.4 | ) | ||||||||
Increase for current year tax positions | — | 0.1 | ||||||||||
Decrease due to tax settlements | — | (0.3 | ) | |||||||||
Ending balance | $ | 34.5 | $ | 40.1 | ||||||||
Tax years subject to examination | ' | |||||||||||
For our primary tax jurisdictions, the tax years that remain subject to examination are as follows: | ||||||||||||
Tax Years | ||||||||||||
U.S. federal income tax | 2008; 2010 - 2012 | |||||||||||
U.S. state income tax | 2006 - 2012 | |||||||||||
Canadian federal income tax | 2009 - 2012 | |||||||||||
Canadian provincial income tax | 2008 - 2012 |
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Included in accrued liabilities were the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
($ in millions) | ||||||||
Accrued compensation and payroll taxes | $ | 51.1 | $ | 49.6 | ||||
Accrued employee benefits | 35.3 | 28.3 | ||||||
Environmental (current portion only) | 18 | 21 | ||||||
Legal and professional costs | 23.4 | 21.8 | ||||||
Asset retirement obligation (current portion only) | 13.5 | 21.3 | ||||||
Earn out | 26.7 | 23.2 | ||||||
Other | 76.5 | 63.3 | ||||||
Accrued liabilities | $ | 244.5 | $ | 228.5 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-based compensation expense | ' | ||||||||||||||||
Stock-based compensation expense was as follows: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
($ in millions) | |||||||||||||||||
Stock-based compensation | $ | 13.3 | $ | 8.4 | $ | 8.8 | |||||||||||
Mark-to-market adjustments | 4.2 | 0.9 | (0.5 | ) | |||||||||||||
Total expense | $ | 17.5 | $ | 9.3 | $ | 8.3 | |||||||||||
Stock Options Activity | ' | ||||||||||||||||
Stock option transactions were as follows: | |||||||||||||||||
Exercisable | |||||||||||||||||
Shares | Option Price | Weighted Average | Options | Weighted Average | |||||||||||||
Option Price | Exercise Price | ||||||||||||||||
Outstanding at January 1, 2013 | 4,060,790 | $14.28-23.78 | $ | 18.39 | 2,961,434 | $ | 18 | ||||||||||
Granted | 621,000 | 23.28 | 23.28 | ||||||||||||||
Exercised | (534,905 | ) | 14.28-23.78 | 16.72 | |||||||||||||
Canceled | (32,063 | ) | 15.35-23.28 | 20.57 | |||||||||||||
Outstanding at December 31, 2013 | 4,114,822 | $14.28-23.78 | $ | 19.33 | 3,011,702 | $ | 18.29 | ||||||||||
Stock Options Exercisable, Exercise Price Range | ' | ||||||||||||||||
The following table provides certain information with respect to stock options exercisable at December 31, 2013: | |||||||||||||||||
Range of | Options | Weighted Average | Options | Weighted Average | |||||||||||||
Exercise Prices | Exercisable | Exercise Price | Outstanding | Exercise Price | |||||||||||||
Under $16.00 | 1,039,677 | $ | 15.04 | 1,039,677 | $ | 15.04 | |||||||||||
$16.00 – $20.00 | 751,391 | $ | 17.85 | 932,041 | $ | 18.03 | |||||||||||
Over $20.00 | 1,220,634 | $ | 21.34 | 2,143,104 | $ | 21.98 | |||||||||||
3,011,702 | 4,114,822 | ||||||||||||||||
Common shares reserved and available for grant or purchase | ' | ||||||||||||||||
At December 31, 2013, common shares reserved for issuance and available for grant or purchase under the following plans consisted of: | |||||||||||||||||
Number of Shares | |||||||||||||||||
Stock Option Plans | Reserved for Issuance | Available for | |||||||||||||||
Grant or Purchase(1) | |||||||||||||||||
2000 long term incentive plan | 420,406 | 11,413 | |||||||||||||||
2003 long term incentive plan | 794,607 | 28,673 | |||||||||||||||
2006 long term incentive plan | 1,814,133 | 217,733 | |||||||||||||||
2009 long term incentive plan | 2,971,473 | 950,480 | |||||||||||||||
6,000,619 | 1,208,299 | ||||||||||||||||
1996 stock option plan (plan expired) | 34,602 | — | |||||||||||||||
Total under stock option plans | 6,035,221 | 1,208,299 | |||||||||||||||
Number of Shares | |||||||||||||||||
Stock Purchase Plans | Reserved for Issuance | Available for | |||||||||||||||
Grant or Purchase | |||||||||||||||||
1997 stock plan for non-employee directors | 590,043 | 173,766 | |||||||||||||||
Employee deferral plan | 46,110 | 45,629 | |||||||||||||||
Total under stock purchase plans | 636,153 | 219,395 | |||||||||||||||
Performance Shares Transactions | ' | ||||||||||||||||
Performance share transactions were as follows: | |||||||||||||||||
To Settle in Cash | To Settle in Shares | ||||||||||||||||
Shares | Weighted Average Fair Value per Share | Shares | Weighted Average | ||||||||||||||
Fair Value per Share | |||||||||||||||||
Outstanding at January 1, 2013 | 245,167 | $ | 21.45 | 242,250 | $ | 19.22 | |||||||||||
Granted | 150,222 | 22.71 | 149,250 | 21.4 | |||||||||||||
Paid/Issued | (99,889 | ) | 21.45 | (96,000 | ) | 15.68 | |||||||||||
Converted from shares to cash | 3,611 | 20.26 | (3,611 | ) | 20.26 | ||||||||||||
Canceled | (2,889 | ) | 22.19 | (2,889 | ) | 21.99 | |||||||||||
Outstanding at December 31, 2013 | 296,222 | $ | 28.9 | 289,000 | $ | 21.48 | |||||||||||
Total vested at December 31, 2013 | 194,056 | $ | 28.9 | 186,833 | $ | 20.75 | |||||||||||
Summary of Unvested Performance Shares | ' | ||||||||||||||||
The summary of the status of our unvested performance shares to be settled in cash were as follows: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Fair Value per Share | |||||||||||||||||
Unvested at January 1, 2013 | 91,750 | $ | 21.45 | ||||||||||||||
Granted | 150,222 | 22.96 | |||||||||||||||
Vested | (136,917 | ) | 28.9 | ||||||||||||||
Canceled | (2,889 | ) | 22.19 | ||||||||||||||
Unvested at December 31, 2013 | 102,166 | $ | 28.9 | ||||||||||||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Activity included in accumulated other comprehensive loss table | ' | |||||||||||||||
The following table represents the activity included in accumulated other comprehensive loss: | ||||||||||||||||
Foreign | Unrealized | Pension and | Accumulated | |||||||||||||
Currency | Gains (Losses) | Postretirement | Other | |||||||||||||
Translation | on Derivative | Benefits | Comprehensive | |||||||||||||
Adjustment | Contracts | (net of taxes) | Loss | |||||||||||||
(net of taxes) | ||||||||||||||||
($ in millions) | ||||||||||||||||
Balance at January 1, 2011 | $ | 0.4 | $ | 11.6 | $ | (273.8 | ) | $ | (261.8 | ) | ||||||
Unrealized gains (losses) | 1.4 | (10.6 | ) | (29.0 | ) | (38.2 | ) | |||||||||
Reclassification adjustments into income | — | (6.3 | ) | 12.1 | 5.8 | |||||||||||
Balance at December 31, 2011 | 1.8 | (5.3 | ) | (290.7 | ) | (294.2 | ) | |||||||||
Unrealized gains (losses) | 0.3 | 6 | (101.9 | ) | (95.6 | ) | ||||||||||
Reclassification adjustments into income | — | 4 | 14.5 | 18.5 | ||||||||||||
Balance at December 31, 2012 | 2.1 | 4.7 | (378.1 | ) | (371.3 | ) | ||||||||||
Unrealized losses | (2.6 | ) | (4.7 | ) | (7.7 | ) | (15.0 | ) | ||||||||
Reclassification adjustments into income | — | 0.9 | 20.3 | 21.2 | ||||||||||||
Balance at December 31, 2013 | $ | (0.5 | ) | $ | 0.9 | $ | (365.5 | ) | $ | (365.1 | ) | |||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Sales: | ($ in millions) | |||||||||||
Chlor Alkali Products | $ | 1,412.30 | $ | 1,428.90 | $ | 1,389.10 | ||||||
Chemical Distribution | 406.4 | 156.3 | — | |||||||||
Winchester | 777.6 | 617.6 | 572 | |||||||||
Intersegment sales elimination | (81.3 | ) | (18.1 | ) | — | |||||||
Total sales | $ | 2,515.00 | $ | 2,184.70 | $ | 1,961.10 | ||||||
Income before taxes: | ||||||||||||
Chlor Alkali Products | $ | 203.8 | $ | 263.2 | $ | 245 | ||||||
Chemical Distribution | 9.7 | 4.5 | — | |||||||||
Winchester | 143.2 | 55.2 | 37.9 | |||||||||
Corporate/Other | (62.6 | ) | (51.8 | ) | (46.7 | ) | ||||||
Restructuring charges | (5.5 | ) | (8.5 | ) | (10.7 | ) | ||||||
Acquisition costs | — | (8.3 | ) | (0.8 | ) | |||||||
Other operating income | 0.7 | 7.6 | 8.8 | |||||||||
Interest expense | (38.6 | ) | (26.4 | ) | (30.4 | ) | ||||||
Interest income | 0.6 | 1 | 1.2 | |||||||||
Other (expense) income | (1.3 | ) | (11.3 | ) | 175.1 | |||||||
Income before taxes | $ | 250 | $ | 225.2 | $ | 379.4 | ||||||
Earnings of non-consolidated affiliates: | ||||||||||||
Chlor Alkali Products | $ | 2.8 | $ | 3 | $ | 9.6 | ||||||
Depreciation and amortization expense: | ||||||||||||
Chlor Alkali Products | $ | 102.1 | $ | 88.9 | $ | 85.6 | ||||||
Chemical Distribution | 15.4 | 5.5 | — | |||||||||
Winchester | 14.9 | 13.6 | 10.9 | |||||||||
Corporate/Other | 2.9 | 2.9 | 2.8 | |||||||||
Total depreciation and amortization expense | $ | 135.3 | $ | 110.9 | $ | 99.3 | ||||||
Capital spending: | ||||||||||||
Chlor Alkali Products | $ | 65.5 | $ | 221.3 | $ | 134.2 | ||||||
Chemical Distribution | 2.5 | 0.8 | — | |||||||||
Winchester | 21.2 | 32.1 | 63.9 | |||||||||
Corporate/Other | 1.6 | 1.5 | 2.8 | |||||||||
Total capital spending | $ | 90.8 | $ | 255.7 | $ | 200.9 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ($ in millions) | |||||||||||
Chlor Alkali Products | $ | 1,695.80 | $ | 1,781.80 | ||||||||
Chemical Distribution | 335.3 | 379.7 | ||||||||||
Winchester | 339.2 | 340.7 | ||||||||||
Corporate/Other | 432.5 | 275.5 | ||||||||||
Total assets | $ | 2,802.80 | $ | 2,777.70 | ||||||||
Investments—affiliated companies (at equity): | ||||||||||||
Chlor Alkali Products | $ | 21.6 | $ | 29.3 | ||||||||
Segment geographic data | ' | |||||||||||
Years ended December 31, | ||||||||||||
Geographic Data: | 2013 | 2012 | 2011 | |||||||||
Sales: | ($ in millions) | |||||||||||
United States | $ | 2,316.20 | $ | 1,970.50 | $ | 1,774.00 | ||||||
Foreign | 198.8 | 214.2 | 187.1 | |||||||||
Transfers between areas: | ||||||||||||
United States | 53.4 | 53.5 | 50 | |||||||||
Foreign | 109 | 85.5 | 95.3 | |||||||||
Eliminations | (162.4 | ) | (139.0 | ) | (145.3 | ) | ||||||
Total sales | $ | 2,515.00 | $ | 2,184.70 | $ | 1,961.10 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ($ in millions) | |||||||||||
United States | $ | 2,574.90 | $ | 2,520.80 | ||||||||
Foreign | 227.9 | 256.9 | ||||||||||
Total assets | $ | 2,802.80 | $ | 2,777.70 | ||||||||
ENVIRONMENTAL_Tables
ENVIRONMENTAL (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||
Rollforward of environmental liabilities | ' | |||||||||||
Our liabilities for future environmental expenditures were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
($ in millions) | ||||||||||||
Beginning balance | $ | 146.5 | $ | 163.3 | ||||||||
Charges to income | 11.5 | 8.4 | ||||||||||
Remedial and investigatory spending | (12.4 | ) | (25.5 | ) | ||||||||
Currency translation adjustments | (1.0 | ) | 0.3 | |||||||||
Ending balance | $ | 144.6 | $ | 146.5 | ||||||||
Environmental Provisions Charged (Credited) to Income Table | ' | |||||||||||
Environmental provisions charged (credited) to income, which are included in cost of goods sold, were as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
($ in millions) | ||||||||||||
Charges to income | $ | 11.5 | $ | 8.4 | $ | 19.3 | ||||||
Recoveries from third parties of costs incurred and expensed in prior periods | (1.3 | ) | (0.1 | ) | (11.4 | ) | ||||||
Total environmental expense | $ | 10.2 | $ | 8.3 | $ | 7.9 | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Contractual commitments under non-cancelable operating leases and purchase contracts | ' | |||||||
The following table summarizes our contractual commitments under non-cancelable operating leases and purchase contracts as of December 31, 2013: | ||||||||
Operating Leases | Purchase Commitments | |||||||
($ in millions) | ||||||||
2014 | $ | 52.8 | $ | 79.5 | ||||
2015 | 44.7 | 20.9 | ||||||
2016 | 39 | 2.9 | ||||||
2017 | 31.1 | — | ||||||
2018 | 25 | — | ||||||
Thereafter | 44.4 | — | ||||||
Total commitments | $ | 237 | $ | 103.3 | ||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of derivative instruments | ' | ||||||||||||||||||||
We had the following notional amount of outstanding commodity forward contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Copper | $ | 45.3 | $ | 53.6 | |||||||||||||||||
Zinc | 4.5 | 6.3 | |||||||||||||||||||
Lead | 22.8 | 48.3 | |||||||||||||||||||
Natural gas | 5.5 | 6 | |||||||||||||||||||
Summary of location and fair value of derivative instruments on condensed balance sheets | ' | ||||||||||||||||||||
The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets. The table disaggregates our net derivative assets and liabilities into gross components on a contract-by-contract basis before giving effect to master netting arrangements: | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
Derivatives Designated | Balance Sheet Location | 2013 | 2012 | Balance Sheet Location | 2013 | 2012 | |||||||||||||||
as Hedging Instruments | |||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||
Interest rate contracts | Other assets | $ | — | $ | — | Long-term debt | $ | 7.3 | $ | 10.2 | |||||||||||
Commodity contracts – gains | Other current assets | 3.6 | 9.6 | Accrued liabilities | — | — | |||||||||||||||
Commodity contracts – losses | Other current assets | (2.4 | ) | (2.1 | ) | Accrued liabilities | — | — | |||||||||||||
$ | 1.2 | $ | 7.5 | $ | 7.3 | $ | 10.2 | ||||||||||||||
Derivatives Not Designated | |||||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||||
Interest rate contracts – gains | Other assets | $ | 7.6 | $ | 11.9 | Other liabilities | $ | — | $ | — | |||||||||||
Interest rate contracts – losses | Other assets | (1.7 | ) | (3.6 | ) | Other liabilities | — | — | |||||||||||||
Commodity contracts – gains | Other current assets | 0.2 | 0.1 | Accrued liabilities | — | — | |||||||||||||||
Commodity contracts – losses | Other current assets | (0.1 | ) | — | Accrued liabilities | — | — | ||||||||||||||
$ | 6 | $ | 8.4 | $ | — | $ | — | ||||||||||||||
Total derivatives(1) | $ | 7.2 | $ | 15.9 | $ | 7.3 | $ | 10.2 | |||||||||||||
-1 | Does not include the impact of cash collateral received from or provided to counterparties. | ||||||||||||||||||||
Summary of effects of derivative instruments on consolidated statements of operations | ' | ||||||||||||||||||||
The following table summarizes the effects of derivative instruments on our consolidated statements of operations: | |||||||||||||||||||||
Amount of Gain (Loss) | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
Location of Gain (Loss) | 2013 | 2012 | 2011 | ||||||||||||||||||
Derivatives – Cash Flow Hedges | ($ in millions) | ||||||||||||||||||||
Recognized in other comprehensive loss (effective portion) | ——— | $ | (7.7 | ) | $ | 9.9 | $ | (17.3 | ) | ||||||||||||
Reclassified from accumulated other comprehensive loss into income (effective portion) | Cost of goods sold | $ | (1.4 | ) | $ | (6.5 | ) | $ | 10.3 | ||||||||||||
Derivatives – Fair Value Hedges | |||||||||||||||||||||
Interest rate contracts | Interest expense | $ | 2.9 | $ | 3.3 | $ | 6.7 | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
Interest rate contracts | Interest expense | $ | — | $ | 0.1 | $ | 0.5 | ||||||||||||||
Commodity contracts | Cost of goods sold | 0.4 | (2.1 | ) | (2.2 | ) | |||||||||||||||
$ | 0.4 | $ | (2.0 | ) | $ | (1.7 | ) | ||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Activity summary of financial instruments measured at fair value using level 3 inputs | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Beginning balance | $ | 42 | $ | 49 | ||||||||||||||||
Settlements | (23.2 | ) | (18.5 | ) | ||||||||||||||||
Unrealized losses included in other (expense) income | 7.9 | 11.5 | ||||||||||||||||||
Ending balance | $ | 26.7 | $ | 42 | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes the assets and liabilities measured at fair value in the consolidated balance sheets: | ||||||||||||||||||||
Balance at December 31, 2013 | Quoted Prices in | Significant | Significant | Total | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||
Assets | ($ in millions) | |||||||||||||||||||
Interest rate swaps | $ | — | $ | 5.9 | $ | — | $ | 5.9 | ||||||||||||
Commodity forward contracts | — | 1.3 | — | 1.3 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swaps | — | 7.3 | — | 7.3 | ||||||||||||||||
Earn out | — | — | 26.7 | 26.7 | ||||||||||||||||
Balance at December 31, 2012 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Interest rate swaps | $ | — | $ | 8.3 | $ | — | $ | 8.3 | ||||||||||||
Commodity forward contracts | 0.1 | 7.5 | — | 7.6 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Interest rate swaps | — | 10.2 | — | 10.2 | ||||||||||||||||
Earn out | — | — | 42 | 42 | ||||||||||||||||
For the | ||||||||||||||||||||
Fair Value Of Debt Table [Table Text Block] | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Amount recorded | ||||||||||||||||
on balance sheets | ||||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | 561.4 | $ | 153 | $ | 714.4 | $ | 691 | ||||||||||
Balance at December 31, 2012 | — | 605.1 | 153 | 758.1 | 713.7 | |||||||||||||||
OTHER_FINANCIAL_DATA_Tables
OTHER FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||||||
Quarterly Data (Unaudited) | ' | ||||||||||||||||||||
2013 | First | Second | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Sales | $ | 630 | $ | 652.2 | $ | 670.7 | $ | 562.1 | $ | 2,515.00 | |||||||||||
Cost of goods sold | 504.4 | 531.1 | 528.5 | 469.7 | 2,033.70 | ||||||||||||||||
Net income | 40.5 | 43.7 | 69.7 | 24.7 | 178.6 | ||||||||||||||||
Net income per common share: | |||||||||||||||||||||
Basic | 0.5 | 0.54 | 0.87 | 0.31 | 2.24 | ||||||||||||||||
Diluted | 0.5 | 0.54 | 0.86 | 0.31 | 2.21 | ||||||||||||||||
Common dividends per share | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | ||||||||||||||||
Market price of common stock(1) | |||||||||||||||||||||
High | 25.42 | 26.05 | 25.17 | 29.52 | 29.52 | ||||||||||||||||
Low | 21.29 | 22.74 | 22.5 | 21.79 | 21.29 | ||||||||||||||||
2012 | First | Second Quarter | Third | Fourth | Year | ||||||||||||||||
Quarter | Quarter | Quarter | |||||||||||||||||||
Sales | $ | 507.2 | $ | 508.7 | $ | 581.2 | $ | 587.6 | $ | 2,184.70 | |||||||||||
Cost of goods sold | 392.9 | 391.4 | 475.8 | 487.9 | 1,748.00 | ||||||||||||||||
Net income | 38.7 | 47.6 | 28.7 | 34.6 | 149.6 | ||||||||||||||||
Net income per common share: | |||||||||||||||||||||
Basic | 0.48 | 0.59 | 0.36 | 0.43 | 1.87 | ||||||||||||||||
Diluted | 0.48 | 0.59 | 0.35 | 0.43 | 1.85 | ||||||||||||||||
Common dividends per share | 0.2 | 0.2 | 0.2 | 0.2 | 0.8 | ||||||||||||||||
Market price of common stock(1) | |||||||||||||||||||||
High | 23.46 | 22.24 | 23.48 | 22.32 | 23.48 | ||||||||||||||||
Low | 19.75 | 18.4 | 19.34 | 19.5 | 18.4 | ||||||||||||||||
DESCRIPTION_OF_BUSINESS_Detail
DESCRIPTION OF BUSINESS (Details) | Aug. 22, 2012 | Feb. 28, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Percentage of ownership in SunBelt prior to acquiring remaining 50% | ' | 50.00% |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 50.00% |
ACCOUNTING_POLICIES_Detail_Tex
ACCOUNTING POLICIES (Detail Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 22, 2012 | Aug. 31, 2007 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 22, 2013 | Dec. 31, 2013 | Aug. 22, 2012 | Aug. 31, 2007 | Dec. 31, 2013 |
Goodwill [Member] | Goodwill [Member] | Goodwill [Member] | Customers, customer contracts and relationships [Member] | Customers, customer contracts and relationships [Member] | Customers, customer contracts and relationships [Member] | Customers, customer contracts and relationships [Member] | Customers, customer contracts and relationships [Member] | Customers, customer contracts and relationships [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | |||||
KA Steel [Member] | KA Steel [Member] | Pioneer [Member] | Pioneer [Member] | SunBelt [Member] | SunBelt [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | Pioneer [Member] | Pioneer [Member] | |||||||||||
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense for earnout liability | $7.90 | $11.50 | $6.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Equity Investments | 6.5 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pretax gain on acquisition of SunBelt | ' | ' | 181.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in SunBelt prior to acquiring remaining 50% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of bond proceeds with trustee classified as noncurrent assets | 4.2 | 11.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligation non-current | 47.3 | 46.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Revision of Estimate | 1.6 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and Intangible Asset Impairment | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' |
Acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | 5.8 | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.9 | ' | ' | ' | ' |
Amortization period (in years) | ' | ' | ' | ' | ' | ' | ' | '10 years 0 months 0 days | ' | ' | '15 years 0 months 0 days | ' | '15 years 0 months 0 days | ' | ' | ' | ' | '4 years 0 months 0 days | ' | ' | '5 years 0 months 0 days |
Amortization expense | 14.6 | 6.5 | 1.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense expected in year one | 14.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense expected in year two | 14.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense expected in year three | 14.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense expected in year four | 14.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense expected in year five | $14.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average remaining life expectancy of the inactive participants in the defined benefit pension plan (in years) | 18 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACCOUNTING_POLICIES_Details_1
ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Operating Income [Abstract] | ' | ' | ' |
Gains on disposition of property, plant and equipment | ($1.10) | $2.10 | $1.40 |
Amortization of 2007 gain on intangible asset sale (recognized through 2012) | 0 | 0.3 | 1.2 |
Gains on sale of land | 0 | 0 | 0.3 |
Gains on Disposition of Former Manufacturing Facilities | 1.5 | 0 | 3.7 |
Gains on insurance recoveries | 0 | 4.9 | 1.9 |
Misc Other Operating Income | 0.3 | 0.3 | 0.3 |
Other operating income | $0.70 | $7.60 | $8.80 |
ACCOUNTING_POLICIES_Details_2
ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset retirement obligation [Roll Forward] | ' | ' |
Beginning balance | $67.80 | $67.90 |
Accretion | 3.3 | 4.8 |
Spending | -11.3 | -8 |
Currency translation adjustments | -0.6 | 0.2 |
Asset retirement obligation acquisition activity | 0 | 0.4 |
Adjustments | 1.6 | 2.5 |
Ending balance | $60.80 | $67.80 |
ACCOUNTING_POLICIES_Details_3
ACCOUNTING POLICIES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components of other assets [Abstract] | ' | ' |
Investments in non-consolidated affiliates | $21.60 | $29.30 |
Intangible Assets, Net (Excluding Goodwill) | 138.1 | 152.7 |
Deferred debt issuance costs | 14.4 | 17.5 |
Interest rate swaps | 5.9 | 8.3 |
Other | 33.1 | 16.3 |
Other assets | 213.1 | 224.1 |
Accumulated amortization | $28 | $13.40 |
ACCOUNTING_POLICIES_Details_4
ACCOUNTING POLICIES (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options granted vesting period (in years) | '3 years 0 months 0 days | ' | ' |
Black-Sholes assumptions [Abstract] | ' | ' | ' |
Dividend yield (in hundredths) | 3.44% | 3.65% | 4.32% |
Risk-free interest rate (in hundredths) | 1.35% | 1.36% | 3.05% |
Expected volatility (in hundredths) | 43.00% | 43.00% | 42.00% |
Expected life (years) | '7 years 0 months 0 days | '7 years 0 months 0 days | '7 years 0 months 0 days |
Grant fair value (in dollars per share) | $7.05 | $6.55 | $5.48 |
Exercise price (in dollars per share) | $23.28 | $21.92 | $18.78 |
Shares granted (in shares) | 621,000 | 480,250 | 575,000 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options granted vesting period (in years) | '3 years 0 months 0 days | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options granted vesting period (in years) | '1 year 0 months 0 days | ' | ' |
ACCOUNTING_POLICIES_Details_5
ACCOUNTING POLICIES (Details 5) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill | $747.10 | $747.10 | $627.40 |
Goodwill, Acquired During Period | 0 | 119.7 | ' |
Chlor Alkali Products [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill | 627.4 | 627.4 | 627.4 |
Goodwill, Acquired During Period | 0 | 0 | ' |
Chemical Distribution [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill | 119.7 | 119.7 | 0 |
Goodwill, Acquired During Period | $0 | $119.70 | ' |
ACCOUNTING_POLICIES_Details_6
ACCOUNTING POLICIES (Details 6) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ($28) | ($13.40) | ' |
Intangible Assets, Gross (Excluding Goodwill) | 166.1 | 166.1 | ' |
Intangible Assets, Net (Excluding Goodwill) | 138.1 | 152.7 | ' |
Customers, customer contracts and relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 152.9 | 152.9 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -26.6 | -12.2 | ' |
Finite-Lived Intangible Assets, Net | 126.3 | 140.7 | ' |
Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill and Intangible Asset Impairment | 0 | 0 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 10.9 | 10.9 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 2.3 | 2.3 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -1.4 | -1.2 | ' |
Finite-Lived Intangible Assets, Net | 0.9 | 1.1 | ' |
Goodwill [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill and Intangible Asset Impairment | $0 | $0 | $0 |
Minimum [Member] | Customers, customer contracts and relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '10 years 0 months 0 days | ' | ' |
Minimum [Member] | Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '4 years 0 months 0 days | ' | ' |
Maximum [Member] | Customers, customer contracts and relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '15 years 0 months 0 days | ' | ' |
Maximum [Member] | Other Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '10 years 0 months 0 days | ' | ' |
ACQUISITIONS_Details_Textuals
ACQUISITIONS (Details Textuals) (USD $) | 3 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 22, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2011 | Jun. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 22, 1997 | Dec. 31, 2013 | Dec. 22, 1997 | Dec. 31, 2013 | Dec. 22, 1997 | Aug. 22, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 22, 2013 | Dec. 31, 2013 | Aug. 22, 2012 | Aug. 22, 2012 | Dec. 31, 2013 | Aug. 22, 2012 |
2022 Notes [Member] | 2022 Notes [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | KA Steel [Member] | ||||||||||||||
T | Guaranteed Senior Secured Notes due 2017, Series O [Member] | Guaranteed Senior Secured Notes due 2017, Series O [Member] | Guaranteed Senior Secured Notes due 2017, Series G [Member] | Guaranteed Senior Secured Notes due 2017, Series G [Member] | Customers, customer contracts and relationships [Member] | Customers, customer contracts and relationships [Member] | Trademarks [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $132.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $336.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Price Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.5 | ' | 97.5 | 200 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.50% | ' | ' | ' | 7.23% | ' | 7.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Net Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | 562.1 | 670.7 | 652.2 | 630 | 587.6 | 581.2 | 508.7 | 507.2 | 2,515 | 2,184.70 | 1,961.10 | ' | ' | ' | ' | ' | ' | 170.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 225.2 | 379.4 | ' | ' | ' | ' | ' | ' | 27.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 135.3 | 110.9 | 99.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Contracted Receivables Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | 10 | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Asset, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years 0 months 0 days | ' | ' | '4 years 0 months 0 days | ' |
Goodwill | 747.1 | ' | ' | ' | 747.1 | ' | ' | ' | 747.1 | 747.1 | 627.4 | ' | ' | ' | ' | 327.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.9 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' | 0.4 |
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119.7 | ' | ' | 119.7 | ' | ' | ' | ' | ' |
Amortization Expense Fair Value Of Acquired Identifiable Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | 8 | 12.4 | ' | ' | ' | ' | ' | ' |
( Increase) Reduction of Depreciation Expense Fair Value Adjustment Property Plant And Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | 0.2 | 0.3 | ' | ' | ' | ' | ' | ' |
Increase in interest expense due to debt issuance for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.1 | 11 | ' | ' | ' | ' | ' | ' |
Eliminatation of intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.2 | 45.2 | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8.3 | 0.8 | ' | ' | ' | ' | ' | ' | 0.8 | ' | 0.8 | ' | ' | ' | ' | ' | ' | 8.3 | ' | ' | ' | ' | ' | ' | ' |
Reduction Of Interest Expense From Change Of Carrying Value Of Acquired Debt Obligations To Estimated Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Other Expense Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro Forma Increase (Decrease) Of Tax Provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | ' | ' | ' | ' | ' | ' | 1.1 | -6 | ' | ' | ' | ' | ' | ' |
Ownership Percentage Of entity After Acquistion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membrane Technology Capacity Of Plant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Cash Consideration For Acquistion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.2 | ' | ' | 6.1 | ' | 6.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of acquired debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total earnings of non-consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 3 | 9.6 | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | 21.6 | ' | ' | ' | 29.3 | ' | ' | ' | 21.6 | 29.3 | ' | ' | ' | ' | ' | -0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181.4 | ' | ' | ' | ' | 181.4 | ' | ' | ' | 181.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discrete Deferred Tax Expense Benefit Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aquiree Income Loss Before Acquisition Costs Interest Expense And Other Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquiree Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ExpenseForEarnOutLiability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Details_1
ACQUISITIONS (Details 1) (USD $) | 12 Months Ended | 8 Months Ended | 2 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 22, 2012 | Feb. 28, 2011 | Dec. 31, 2011 |
KA Steel [Member] | SunBelt [Member] | SunBelt [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets | ' | ' | ' | $128.10 | $37.60 | ' |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | 25.1 | 87.4 | ' |
Deferred taxes | ' | ' | ' | 1.6 | 0.4 | ' |
Intangible Asset Finite and Infinite Lived | ' | ' | ' | 139.3 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | ' | 5.8 | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | 294.1 | 131.2 | ' |
Business Acquisition, Purchase Price Allocation, Current Liabilities | ' | ' | ' | 64.2 | 42.7 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | 75.1 | ' |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | ' | ' | ' | 10.4 | 27.6 | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | 74.6 | 145.4 | ' |
Equity Method Investments | ' | 21.6 | 29.3 | ' | -0.8 | ' |
Net identifiable assets acquired | ' | ' | ' | 219.5 | -13.4 | ' |
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | ' | ' | ' | ' | 48.3 | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | -181.4 | ' | ' | ' | -181.4 | -181.4 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 627.4 | 747.1 | 747.1 | 119.7 | 327.1 | ' |
Fair value of net assets acquired | ' | ' | ' | 339.2 | 180.6 | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | 336.6 | 132.3 | ' |
Business Combination, Consideration Transferred, Other | ' | ' | ' | 2.6 | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | $339.20 | ' | ' |
ACQUISITIONS_Details_2
ACQUISITIONS (Details 2) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
KA Steel [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Pro Forma Revenue | $2,462.60 | $2,351.50 |
Business Acquisition, Pro Forma Net Income (Loss) | 160.1 | 240 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2 | $3 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.98 | $2.97 |
SunBelt [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | 1,987.40 |
Business Acquisition, Pro Forma Net Income (Loss) | ' | $140.60 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | $1.76 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | $1.74 |
RESTRUCTURING_CHARGE_Detail_Te
RESTRUCTURING CHARGE (Detail Textuals) (USD $) | 12 Months Ended | 38 Months Ended | 12 Months Ended | 38 Months Ended | 12 Months Ended | 38 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
T | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Minimum [Member] | Maximum [Member] | ||||||
Winchester Segment [Member] | Winchester Segment [Member] | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Previous mercury cell capacity tonnage at Charleston, TN facility (in tons) | ' | ' | ' | ' | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membrane capacity tonnage capacity at Charleston, TN facility (in tons) | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage reduction of electricity usage per ECU produced (in hundredths) | 25.00% | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tonnage reduction in chlor alkali manufacturing capacity (in tons) | ' | ' | ' | ' | ' | 160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $5.50 | $8.50 | $10.70 | $58.90 | ' | ' | $3.70 | $2.30 | $2.80 | $28 | $36.80 | $1.80 | $6.20 | $7 | $6.20 | $22.10 | ' | ' |
Additional restructuring and related expected cost | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Forecast to reduce Winchester's annual operating costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 40 |
Estimated five-year project cost for Winchester relocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | 110 | ' | ' |
Estimated capital spending for Winchester relocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | 80 | ' | ' |
Government Grants for Facility Relocation Capital Spending | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | 20.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Settled without Cash | ' | ' | ' | 28.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Restructuring Costs | $10.20 | $13.90 | $12.10 | $10.20 | $7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RESTRUCTURING_CHARGES_Details_
RESTRUCTURING CHARGES (Details 1) (USD $) | 12 Months Ended | 38 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Reserve | $10.20 | $13.90 | $12.10 | $10.20 | $7 |
Restructuring charges | 5.5 | 8.5 | 10.7 | 58.9 | ' |
Amounts utilized | -9.2 | -6.7 | -5.6 | ' | ' |
Employee Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Reserve | 10.2 | 13.5 | 11.3 | 10.2 | 6 |
Restructuring charges | 0.4 | 4.1 | 6.4 | 16.9 | ' |
Amounts utilized | -3.7 | -1.9 | -1.1 | ' | ' |
Pension and other postretirement benefits curtailment [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 1.1 | 4.1 | ' |
Amounts utilized | 0 | 0 | -1.1 | ' | ' |
Contract Termination [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Reserve | 0 | 0.4 | 0.8 | 0 | 1 |
Restructuring charges | -0.4 | 0.1 | 0 | 0.7 | ' |
Amounts utilized | 0 | -0.5 | -0.2 | ' | ' |
Employee Relocation [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 |
Restructuring charges | 0.6 | 2.2 | 2.2 | 5.1 | ' |
Amounts utilized | -0.6 | -2.2 | -2.2 | ' | ' |
Facility Exit Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 |
Restructuring charges | 4.9 | 2.1 | 1 | 14.6 | ' |
Amounts utilized | ($4.90) | ($2.10) | ($1) | ' | ' |
RESTRUCTURING_CHARGE_Details_2
RESTRUCTURING CHARGE (Details 2) (USD $) | 12 Months Ended | 38 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | $5.50 | $8.50 | $10.70 | ' | $58.90 |
Facility Closing [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 17.5 |
Employee Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | 0.4 | 4.1 | 6.4 | ' | 16.9 |
Facility Exit Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | 4.9 | 2.1 | 1 | ' | 14.6 |
Pension and other postretirement benefits curtailment [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | 0 | 0 | 1.1 | ' | 4.1 |
Employee Relocation [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | 0.6 | 2.2 | 2.2 | ' | 5.1 |
Contract Termination [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | -0.4 | 0.1 | 0 | ' | 0.7 |
Winchester Segment [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | 1.8 | 6.2 | 7 | 6.2 | 22.1 |
Winchester Segment [Member] | Facility Closing [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 0 |
Winchester Segment [Member] | Employee Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 12.2 |
Winchester Segment [Member] | Facility Exit Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 1.4 |
Winchester Segment [Member] | Pension and other postretirement benefits curtailment [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 4.1 |
Winchester Segment [Member] | Employee Relocation [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 4.4 |
Winchester Segment [Member] | Contract Termination [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 0 |
Chlor Alkali Products Segment [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | 3.7 | 2.3 | 2.8 | 28 | 36.8 |
Chlor Alkali Products Segment [Member] | Facility Closing [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 17.5 |
Chlor Alkali Products Segment [Member] | Employee Severance [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 4.7 |
Chlor Alkali Products Segment [Member] | Facility Exit Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 13.2 |
Chlor Alkali Products Segment [Member] | Pension and other postretirement benefits curtailment [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 0 |
Chlor Alkali Products Segment [Member] | Employee Relocation [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | 0.7 |
Chlor Alkali Products Segment [Member] | Contract Termination [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | ' | ' | $0.70 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Computation of Basic Income per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $24.70 | $69.70 | $43.70 | $40.50 | $34.60 | $28.70 | $47.60 | $38.70 | $178.60 | $149.60 | $241.70 |
Basic shares | ' | ' | ' | ' | ' | ' | ' | ' | 79.9 | 80.1 | 80 |
Basic net income per share (in dollars per share) | $0.31 | $0.87 | $0.54 | $0.50 | $0.43 | $0.36 | $0.59 | $0.48 | $2.24 | $1.87 | $3.02 |
Computation of Diluted Income per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | ' | ' | ' | ' | ' | ' | ' | ' | 79.9 | 80.1 | 80 |
Stock-based compensation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0.9 | 0.8 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 80.9 | 81 | 80.8 |
Diluted net income per share (in dollars per share) | $0.31 | $0.86 | $0.54 | $0.50 | $0.43 | $0.35 | $0.59 | $0.48 | $2.21 | $1.85 | $2.99 |
Antidilutive shares excluded from the computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 1 | 0.9 |
ALLOWANCE_FOR_DOUBTFUL_ACCOUNT2
ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLES (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance at beginning of period | $3.60 | $3.20 |
Provisions charged | 0 | 0.7 |
Write-offs, net of recoveries | -0.2 | -0.3 |
Balance at end of period | $3.40 | $3.60 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 22, 2012 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Supplies | $40.50 | $36.40 | ' |
Raw materials | 76.5 | 70.5 | ' |
Work in process | 26.4 | 25.2 | ' |
Finished goods | 115.9 | 141 | ' |
Inventory, Gross | 259.3 | 273.1 | ' |
LIFO reserves | -72.8 | -78 | ' |
Inventories | 186.5 | 195.1 | ' |
Percentage of inventory using the last-in, first-out (LIFO) method of inventory accounting (in hundredths) | 56.00% | 54.00% | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | $36.40 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | $2,246.90 | $2,198.30 | ' |
Accumulated depreciation | -1,259.10 | -1,164 | ' |
Property, plant and equipment, net | 987.8 | 1,034.30 | ' |
Weighted Average Useful Life of Machinery and Equipment | 10 | ' | ' |
Depreciation expense | 120.7 | 104.4 | 97.4 |
Interest capitalized | 1.1 | 7.4 | 1.2 |
Maintenance and repairs | 134.7 | 124.4 | 135.7 |
(Decrease) Increase in capital expenditures included in accounts payable and accrued liabilities | 7.9 | 17.4 | -23.7 |
Sale Leaseback Transaction, Gross Proceeds | 35.8 | 4.4 | 3.2 |
Capital Leased Assets, Gross | 4.2 | ' | ' |
Land and improvements to land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 156.2 | 155.9 | ' |
Land and improvements to land [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life (in years) | '20 years 0 months 0 days | ' | ' |
Land and improvements to land [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life (in years) | '10 years 0 months 0 days | ' | ' |
Building and building equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 205 | 204.3 | ' |
Building and building equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life (in years) | '30 years 0 months 0 days | ' | ' |
Building and building equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life (in years) | '10 years 0 months 0 days | ' | ' |
Machinery and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 1,835.40 | 1,739.50 | ' |
Machinery and equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life (in years) | '15 years 0 months 0 days | ' | ' |
Machinery and equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, useful life (in years) | '3 years 0 months 0 days | ' | ' |
Leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | 2.5 | 2.5 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment | $47.80 | $96.10 | ' |
INVESTMENTSAFFILIATED_COMPANIE2
INVESTMENTS-AFFILIATED COMPANIES (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 16, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | Bleach Joint Venture [Member] | Bleach Joint Venture [Member] | Bleach Joint Venture [Member] | Bleach Joint Venture [Member] | Bay Gas [Member] | Bay Gas [Member] | Bay Gas [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in SunBelt prior to acquiring remaining 50% | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Aggregate Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.60 | ' | ' | ' |
Gain (Loss) on Sale of Equity Investments | 6.5 | 0 | 0 | ' | ' | ' | ' | ' | 6.5 | ' | ' | ' | ' | ' | ' |
Receivable from the sale of an equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 15.6 | ' | ' | ' | ' | ' | ' |
Limited partner interest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.10% | ' | ' |
General partner interest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.90% | ' | ' |
Equity Method Investments | 21.6 | 29.3 | ' | ' | ' | ' | ' | ' | 0 | 9.8 | ' | ' | 21.6 | 19.5 | ' |
Total earnings of non-consolidated affiliates | 2.8 | 3 | 9.6 | ' | 0 | 0 | 6.3 | ' | 0.7 | 0.6 | 0.9 | ' | 2.1 | 2.4 | 2.4 |
Distributions from our non-consolidated affiliates | $1.50 | $1.30 | $1.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Detail_Textuals
DEBT (Detail Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 8 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Jan. 01, 2009 | Dec. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 22, 1997 | Dec. 31, 2013 | Dec. 22, 1997 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 22, 1997 | Aug. 22, 2012 |
Notes payable due 2013 [Member] | Notes payable due 2013 [Member] | Recovery Zone tax Exempt Bonds due 2033 [Member] | Recovery Zone tax Exempt Bonds due 2033 [Member] | Tax Exempt Bonds Go Zone due 2024 [Member] | Tax Exempt Bonds Recovery Zone due 2024 [Member] | Industrial Revenue Bond [Member] | SunBelt Notes [Member] | SunBelt Notes [Member] | SunBelt Notes [Member] | Notes payable due 2011 [Member] | Tax Exempt Bond [Member] | Tax Exempt Bond [Member] | Variable Interest Rate Swaps $75M [Member] | Variable Interest Rate Swaps $75M [Member] | Variable Interest Rate Swaps $125M [Member] | Variable Interest Rate Swaps $125M [Member] | Fixed Interest Rate Swaps 75M [Member] | Fixed Interest Rate Swaps $125M [Member] | SunBelt Notes [Member] | SunBelt Notes [Member] | Guaranteed Senior Secured Notes due 2017, Series G [Member] | Guaranteed Senior Secured Notes due 2017, Series G [Member] | Guaranteed Senior Secured Notes due 2017, Series O [Member] | Guaranteed Senior Secured Notes due 2017, Series O [Member] | SunBelt [Member] | SunBelt [Member] | SunBelt [Member] | KA Steel [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Senior Debt | $23.70 | $19.90 | $87.20 | $11.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Net Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196 |
Payments of Debt Issuance Costs | 0 | 6 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Underlying debt instrument [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Swap Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | 125 | ' | 75 | 125 | ' | 73.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain included in long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | 7.9 | 6.1 | 11 | ' | ' | 1.2 | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in interest expense due to interest rate swaps | 2.9 | 3.4 | 7.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of senior revolving credit facility | 265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available credit under senior revolving credit facility | 233.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of letters of credit issued under subfacility | 31.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subfacility of Senior Credit Facitility | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canadian Subfacility of Senior Credit Facility | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total letters of credit outstanding | 36.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | 691 | 713.7 | ' | 0 | 11.4 | 42 | ' | 50 | 20 | ' | 50.7 | 63.9 | ' | ' | ' | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | 4.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | 6.50% | 6.50% | ' | ' | ' | ' | ' | 7.23% | 7.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.23% | ' | 7.23% | ' |
Amounts due within one year | 12.6 | 23.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 678.4 | 690.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Drawings on notes | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of bond proceeds with trustee classified as noncurrent assets | 4.2 | 11.9 | ' | ' | ' | ' | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fair value premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leased Assets, Gross | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industrial revenue bond activity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of industrial revenue bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 12.2 | 12.2 | 12.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium paid to the bond holders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | 7.9 | 6.1 | 11 | ' | ' | 1.2 | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Repayment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of senior secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.5 | ' | 97.5 | ' | ' | ' | 200 |
Interest rate | ' | ' | ' | 6.50% | 6.50% | ' | ' | ' | ' | ' | 7.23% | 7.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.23% | ' | 7.23% | ' |
Required annual debt repayment for Series O and Series G notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | ' | 6.1 | ' | 12.2 | ' | ' | ' |
Fair value of acquired debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.3 | ' | ' |
Remaining principal balance of consolidated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.3 | ' | ' |
Redemption of industrial revenue bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 12.2 | 12.2 | 12.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected maturities of long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 12.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 12.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 143.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 14.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | $507 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Details_1
DEBT (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Notes payable | $691 | $713.70 | ' |
Capital Lease Obligations | 4.1 | 0 | ' |
Current installments of long-term debt | 12.6 | 23.6 | ' |
Total long-term debt | 678.4 | 690.1 | ' |
Variable -Rate Go Zone Bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 1.42% | 1.72% | ' |
Notes payable | 50 | 50 | ' |
Variable-Rate Recovery Zone Bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 1.42% | 1.72% | ' |
Notes payable | 103 | 103 | ' |
Industrial Development and Environmental Improvement Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 0.22% | 0.26% | ' |
Notes payable | 2.9 | 2.9 | ' |
2022 Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 5.50% | 5.50% | ' |
Notes payable | 200 | 200 | ' |
Notes payable due 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 6.50% | 6.50% | ' |
Notes payable | 0 | 11.4 | ' |
Notes payable due 2016 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 6.75% | 6.75% | ' |
Interest rate swap | 6.1 | 8.4 | ' |
Notes payable | 131.1 | 133.4 | ' |
Notes payable due 2019 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 8.88% | 8.88% | ' |
Unamortized discount | 0.8 | 0.9 | ' |
Notes payable | 149.2 | 149.1 | ' |
SunBelt Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Repayments of Debt | 12.2 | 12.2 | 12.2 |
Interest rate | 7.23% | 7.23% | ' |
Unamortized fair value premium | 0.8 | 1.1 | ' |
Interest rate swap | 1.2 | 1.8 | ' |
Notes payable | $50.70 | $63.90 | ' |
DEBT_Details_2
DEBT (Details 2) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Interest Rate Floating Swap Due 2016 65 [Member] | ' |
Debt Instrument [Line Items] | ' |
Derivative, Lower Variable Interest Rate Range | 3.50% |
Derivative, Notional Amount | $65 |
Derivative, Higher Variable Interest Rate Range | 4.50% |
Interest Rate Floating Swap Due 2016 60[Member] | ' |
Debt Instrument [Line Items] | ' |
Derivative, Lower Variable Interest Rate Range | 3.50% |
Derivative, Notional Amount | 60 |
Derivative, Higher Variable Interest Rate Range | 4.50% |
Interest Rate Fixed Swap Due 2016 65 [Member] | ' |
Debt Instrument [Line Items] | ' |
Derivative, Lower Variable Interest Rate Range | 3.50% |
Derivative, Notional Amount | 65 |
Derivative, Higher Variable Interest Rate Range | 4.50% |
Interest Rate Fixed Swap Due 2016 60 [Member] | ' |
Debt Instrument [Line Items] | ' |
Derivative, Lower Variable Interest Rate Range | 3.50% |
Derivative, Notional Amount | $60 |
Derivative, Higher Variable Interest Rate Range | 4.50% |
PENSION_PLANS_Detail_textuals
PENSION PLANS (Detail textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Contribution to an individual retirement account as a percentage of employee's eligible compensation under age 45 (in hundredths) | 5.00% | ' | ' |
Contribution to an individual retirement account as a percentage of employee's eligible compensation age 45 and older (in hundredths) | 7.50% | ' | ' |
Expenses of the defined contribution pension plans | $15.40 | $15.10 | $14.60 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | 10 | ' | ' |
Withdrawal from a multi-employer defined benefit pension plan | 0.9 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
After-tax charge to shareholders' equity | 8.9 | 99 | ' |
Pretax amount of after-tax (benefit) charge recorded in shareholders' equity | 14.4 | 162 | 41.8 |
Actuarial (gain) loss | -109.4 | 223.1 | ' |
Basis point increase (decrease) in the plans' discount rate reflected in charge to shareholders' equity | 60 | -100 | ' |
Defined Benefit Plan, Benefit Obligation | 1,978.70 | 2,139.20 | 1,949.40 |
Defined Benefit Plan, Amortization of Net Losses | 22 | ' | ' |
Defined Benefit Plan, Contributions by Employer | 1 | 0.9 | ' |
Projected benefit payments [Abstract] | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | -1.1 |
Par outstanding value of bonds used to determine the discount rate yield curve | 250 | ' | ' |
Historic rate of return on plan assets in the last 5 year period (in hundredths) | 9.90% | ' | ' |
Historic rate of return on plan assets in the last 10 year period (in hundredths) | 10.10% | ' | ' |
Historic rate of return on plan assets in the last 15 year period (in hundredths) | 8.60% | ' | ' |
Percentage of event driven hedge funds included in asset allocation (in hundredths) | 20.00% | 20.00% | ' |
Percentage of market neutral hedge funds included in asset allocation (in hundredths) | 35.00% | 35.00% | ' |
Percentage of other hedge funds investments included in asset allocation (in hundredths) | 45.00% | 45.00% | ' |
Percentage of equities investment included in asset allocation (in hundredths) | 20.00% | 25.00% | ' |
Percentage of cash and fixed income investment included in asset allocation (in hundredths) | 60.00% | 65.00% | ' |
Percentage of alternative investments included in asset allocation (in hundredths) | 20.00% | 10.00% | ' |
Qualified Pension Plan [Member] | ' | ' | ' |
Projected benefit payments [Abstract] | ' | ' | ' |
2014 | 123.3 | ' | ' |
2015 | 118.2 | ' | ' |
2016 | 113.8 | ' | ' |
2017 | 109.8 | ' | ' |
2018 | 106.2 | ' | ' |
Non-Qualified Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 62.1 | 66.8 | ' |
Projected benefit payments [Abstract] | ' | ' | ' |
2014 | 14.4 | ' | ' |
2015 | 9.9 | ' | ' |
2016 | 5.5 | ' | ' |
2017 | 4.8 | ' | ' |
2018 | 3 | ' | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial (gain) loss | -107.7 | 220.8 | ' |
Defined Benefit Plan, Benefit Obligation | 1,916.50 | 2,070.80 | 1,884.90 |
Projected benefit payments [Abstract] | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 0 | ' | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial (gain) loss | -1.7 | 2.3 | ' |
Defined Benefit Plan, Benefit Obligation | 62.2 | 68.4 | 64.5 |
Projected benefit payments [Abstract] | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $1 | ' | ' |
PENSION_PLANS_Details_1
PENSION PLANS (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | $2,139.20 | $1,949.40 | ' |
Service cost | 3.4 | 3.5 | ' |
Interest cost | 81.1 | 92 | 94.2 |
Actuarial (gain) loss | -109.4 | 223.1 | ' |
Benefits paid | -131.3 | -130.2 | ' |
Currency translation adjustments | -4.3 | 1.4 | ' |
Benefit obligation at end of year | 1,978.70 | 2,139.20 | 1,949.40 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plans' assets at beginning of year | 1,981 | 1,906.90 | ' |
Actual return on plans' assets | 11 | 198.1 | ' |
Employer contributions | 4.4 | 4.8 | ' |
Benefits paid | -131.3 | -130.2 | ' |
Currency translation adjustments | -4.4 | 1.4 | ' |
Fair value of plans' assets at end of year | 1,860.70 | 1,981 | 1,906.90 |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -118 | -158.2 | ' |
Qualified Pension Plan [Member] | ' | ' | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -55.9 | -91.4 | ' |
Non-Qualified Pension Plan [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at end of year | 62.1 | 66.8 | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -62.1 | -66.8 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 2,070.80 | 1,884.90 | ' |
Service cost | 2.8 | 2.8 | ' |
Interest cost | 78.4 | 89.2 | ' |
Actuarial (gain) loss | -107.7 | 220.8 | ' |
Benefits paid | -127.8 | -126.9 | ' |
Currency translation adjustments | 0 | 0 | ' |
Benefit obligation at end of year | 1,916.50 | 2,070.80 | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plans' assets at beginning of year | 1,912.50 | 1,842.60 | ' |
Actual return on plans' assets | 10.7 | 193 | ' |
Employer contributions | 3.2 | 3.8 | ' |
Benefits paid | -127.8 | -126.9 | ' |
Currency translation adjustments | 0 | 0 | ' |
Fair value of plans' assets at end of year | 1,798.60 | 1,912.50 | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -117.9 | -158.3 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Qualified Pension Plan [Member] | ' | ' | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -57.6 | -93.5 | ' |
United States Pension Plans of US Entity, Defined Benefit [Member] | Non-Qualified Pension Plan [Member] | ' | ' | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -60.3 | -64.8 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 68.4 | 64.5 | ' |
Service cost | 0.6 | 0.7 | ' |
Interest cost | 2.7 | 2.8 | ' |
Actuarial (gain) loss | -1.7 | 2.3 | ' |
Benefits paid | -3.5 | -3.3 | ' |
Currency translation adjustments | -4.3 | 1.4 | ' |
Benefit obligation at end of year | 62.2 | 68.4 | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plans' assets at beginning of year | 68.5 | 64.3 | ' |
Actual return on plans' assets | 0.3 | 5.1 | ' |
Employer contributions | 1.2 | 1 | ' |
Benefits paid | -3.5 | -3.3 | ' |
Currency translation adjustments | -4.4 | 1.4 | ' |
Fair value of plans' assets at end of year | 62.1 | 68.5 | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | -0.1 | 0.1 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Qualified Pension Plan [Member] | ' | ' | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | 1.7 | 2.1 | ' |
Foreign Pension Plans, Defined Benefit [Member] | Non-Qualified Pension Plan [Member] | ' | ' | ' |
Funded Status [Abstract] | ' | ' | ' |
Total funded status | ($1.80) | ($2) | ' |
PENSION_PLANS_Details_2
PENSION PLANS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Prepaid benefit cost | $1.70 | $2.10 |
Accrued benefit in current liabilities | -14.3 | -6.1 |
Accrued benefit in noncurrent liabilities | -105.4 | -154.2 |
Accumulated other comprehensive loss | 561.6 | 576.9 |
Net balance sheet impact | 443.6 | 418.7 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' |
Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Prepaid benefit cost | 0 | 0 |
Accrued benefit in current liabilities | -14.2 | -6 |
Accrued benefit in noncurrent liabilities | -103.7 | -152.3 |
Accumulated other comprehensive loss | 540.9 | 557 |
Net balance sheet impact | 423 | 398.7 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' |
Amounts Recognized in Balance Sheet [Abstract] | ' | ' |
Prepaid benefit cost | 1.7 | 2.1 |
Accrued benefit in current liabilities | -0.1 | -0.1 |
Accrued benefit in noncurrent liabilities | -1.7 | -1.9 |
Accumulated other comprehensive loss | 20.7 | 19.9 |
Net balance sheet impact | $20.60 | $20 |
PENSION_PLANS_Details_3
PENSION PLANS (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Projected benefit obligation | $1,978.70 | $2,139.20 |
Accumulated benefit obligation | 1,968.90 | 2,125.80 |
Fair value of plan assets | $1,860.70 | $1,981 |
PENSION_PLANS_Details_4
PENSION PLANS (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Net Periodic Benefit Income [Abstract] | ' | ' | ' |
Service cost | $6.20 | $6.10 | $6.10 |
Interest cost | 81.1 | 92 | 94.2 |
Expected return on plans' assets | -137.5 | -139.5 | -139.5 |
Amortization of prior service cost | 1.9 | 2.2 | 0.8 |
Recognized actuarial loss | 27.8 | 18.1 | 14.8 |
Curtailments | 0 | 0 | 1.1 |
Net periodic benefit income (cost) | -20.5 | -21.1 | -22.5 |
Included in Other Comprehensive Loss (Pretax) [Abstract] | ' | ' | ' |
Liability adjustment | 14.4 | 162 | 41.8 |
Amortization of prior service costs and actuarial losses | ($29.70) | ($20.30) | ($16.70) |
PENSION_PLANS_Details_5
PENSION PLANS (Details 5) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ' | ' | ' |
Weighted Average Assumptions [Abstract] | ' | ' | ' |
Discount rate-periodic benefit cost (in hundredths) | 3.90% | 4.90% | 5.30% |
Expected return on assets (in hundredths) | 7.75% | 8.00% | 8.25% |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% |
Discount rate-benefit obligation (in hundredths) | 4.50% | 3.90% | 4.90% |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Weighted Average Assumptions [Abstract] | ' | ' | ' |
Discount rate-periodic benefit cost (in hundredths) | 4.20% | 4.40% | 5.50% |
Expected return on assets (in hundredths) | 7.75% | 8.00% | 8.00% |
Rate of compensation increase (in hundredths) | 3.50% | 3.50% | 3.50% |
Discount rate-benefit obligation (in hundredths) | 4.80% | 4.20% | 4.40% |
PENSION_PLANS_Details_6
PENSION PLANS (Details 6) | 12 Months Ended |
Dec. 31, 2013 | |
Long-term rate of return assumption by asset class [Abstract] | ' |
U.S. equities, minimum (in hundredths) | 9.00% |
U.S. equities, maximum (in hundredths) | 13.00% |
Non-U.S. equities, minimum (in hundredths) | 10.00% |
Non-U.S. equities, maximum (in hundredths) | 14.00% |
Fixed income/cash, minimum (in hundredths) | 5.00% |
Fixed income/cash, maximum (in hundredths) | 9.00% |
Alternative investments, minimum (in hundredths) | 5.00% |
Alternative investments, maximum (in hundredths) | 15.00% |
Absolute return strategies, minimum (in hundredths) | 8.00% |
Absolute return strategies, maximum (in hundredths) | 12.00% |
PENSION_PLANS_Details_7
PENSION PLANS (Details 7) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
U.S. Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | 6.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 6.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 14.00% | ' |
Non-U.S. Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | 7.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 6.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 14.00% | ' |
Fixed Income / Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 51.00% | 53.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 61.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 48.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 80.00% | ' |
Alternative Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 18.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 7.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 28.00% | ' |
Absolute Return Strategies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 16.00% | 16.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 10.00% | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 30.00% | ' |
PENSION_PLANS_Details_8
PENSION PLANS (Details 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | $1,860.70 | $1,981 | $1,906.90 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 178.6 | 177.7 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 1,267.90 | 1,401.10 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 414.2 | 402.2 | ' |
U.S. Equity Securities [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 98 | 111.7 | ' |
U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 83.2 | 94.8 | ' |
U.S. Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 14.8 | 16.9 | ' |
U.S. Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Non-U.S. Equity Securities [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 153.2 | 148.5 | ' |
Non-U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 41.1 | 42.9 | ' |
Non-U.S. Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 112.1 | 105.6 | ' |
Non-U.S. Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 53.9 | 38.2 | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 53.9 | 38.2 | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
US Treasury Securities [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 403.3 | 507.3 | ' |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 398.8 | 501.7 | ' |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 4.5 | 5.6 | ' |
Corporate Debt Securities [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 336.3 | 372 | ' |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0.4 | 1.8 | ' |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 314.4 | 358 | ' |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 21.5 | 12.2 | ' |
Asset-backed Securities [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 152.3 | 141.9 | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 152.3 | 141.9 | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Hedge Funds, Equity [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 315.9 | 286.9 | ' |
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 315.9 | 286.9 | ' |
Real Estate [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 35.7 | 38.2 | ' |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 35.7 | 38.2 | ' |
Private Equity Funds [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 17.9 | 18.5 | ' |
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 17.9 | 18.5 | ' |
Absolute Return Strategies [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 294.2 | 317.8 | ' |
Absolute Return Strategies [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Absolute Return Strategies [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | 275.5 | 277 | ' |
Absolute Return Strategies [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined benefit pension plan assets [Abstract] | ' | ' | ' |
Fair value of plan assets | $18.70 | $40.80 | ' |
PENSION_PLANS_Details_9
PENSION PLANS (Details 9) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | $402.20 | $352.60 |
Realized Gain/(Loss) | 11.3 | 1.1 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | 23.6 | 32.9 |
Purchases, Sales, and Settlements | -22.9 | 15.6 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | 414.2 | 402.2 |
US Treasury Securities [Member] | ' | ' |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | 5.6 | 5.5 |
Realized Gain/(Loss) | 0.1 | 0 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | -1.1 | 0.5 |
Purchases, Sales, and Settlements | -0.1 | -0.4 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | 4.5 | 5.6 |
Corporate Debt Securities [Member] | ' | ' |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | 12.2 | 2.9 |
Realized Gain/(Loss) | 0 | 0.3 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | 1.3 | 0.1 |
Purchases, Sales, and Settlements | 8 | 8.9 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | 21.5 | 12.2 |
Hedge Funds, Equity [Member] | ' | ' |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | 286.9 | 258.3 |
Realized Gain/(Loss) | 0 | 0 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | 29 | 25.6 |
Purchases, Sales, and Settlements | 0 | 3 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | 315.9 | 286.9 |
Real Estate [Member] | ' | ' |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | 38.2 | 33.9 |
Realized Gain/(Loss) | 1 | 0.8 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | 1.9 | 2.4 |
Purchases, Sales, and Settlements | -5.4 | 1.1 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | 35.7 | 38.2 |
Private Equity Funds [Member] | ' | ' |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | 18.5 | 16.8 |
Realized Gain/(Loss) | 0.8 | 0 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | -0.5 | 1.3 |
Purchases, Sales, and Settlements | -0.9 | 0.4 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | 17.9 | 18.5 |
Absolute Return Strategies [Member] | ' | ' |
Assets measured with significant unobservable input [Roll Forward] | ' | ' |
Balance, Beginning Period | 40.8 | 35.2 |
Realized Gain/(Loss) | 9.4 | 0 |
Unrealized Gain/(Loss) Relating to Assets Held at Period End | -7 | 3 |
Purchases, Sales, and Settlements | -24.5 | 2.6 |
Transfers In/(Out) | 0 | 0 |
Balance, Ending Period | $18.70 | $40.80 |
POSTRETIREMENT_BENEFITS_Detail
POSTRETIREMENT BENEFITS (Detail Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amortization of Net Losses | $22 | ' | ' |
Shareholders' Equity Charges | ' | ' | ' |
Pretax amount of after-tax (benefit) charge recorded in shareholders' equity | 14.4 | 162 | 41.8 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Amortization of Net Losses | 4 | ' | ' |
Shareholders' Equity Charges | ' | ' | ' |
After-tax (benefit) charge to shareholders' equity for other postretirement plans | -1.2 | 2.9 | ' |
Pretax amount of after-tax (benefit) charge recorded in shareholders' equity | -1.9 | 4.8 | 5 |
Par outstanding value of non-callable zero coupon bond used to determine the hypothetical yield curve | 250 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 6 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | $6 | ' | ' |
POSTRETIREMENT_BENEFITS_Detail1
POSTRETIREMENT BENEFITS (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | $2,139.20 | $1,949.40 | ' |
Service cost | 3.4 | 3.5 | ' |
Interest cost | 81.1 | 92 | 94.2 |
Actuarial (gain) loss | -109.4 | 223.1 | ' |
Benefits paid | -131.3 | -130.2 | ' |
Currency translation adjustments | -4.3 | 1.4 | ' |
Benefit obligation at end of year | 1,978.70 | 2,139.20 | 1,949.40 |
Funded status | -118 | -158.2 | ' |
US Postretirement Plans [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 65.5 | 63.3 | ' |
Service cost | 1.2 | 1.1 | ' |
Interest cost | 2.2 | 2.7 | ' |
Actuarial (gain) loss | -1.5 | 7.4 | ' |
Benefits paid | -8.4 | -9 | ' |
Currency translation adjustments | 0 | 0 | ' |
Benefit obligation at end of year | 59 | 65.5 | ' |
Funded status | -59 | -65.5 | ' |
Foreign Plans [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 9.5 | 11.6 | ' |
Service cost | 0.1 | 0.1 | ' |
Interest cost | 0.4 | 0.4 | ' |
Actuarial (gain) loss | -0.4 | -2.5 | ' |
Benefits paid | -0.4 | -0.4 | ' |
Currency translation adjustments | -0.6 | 0.3 | ' |
Benefit obligation at end of year | 8.6 | 9.5 | ' |
Funded status | -8.6 | -9.5 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 75 | 74.9 | ' |
Service cost | 1.3 | 1.2 | 1.3 |
Interest cost | 2.6 | 3.1 | 3.5 |
Actuarial (gain) loss | -1.9 | 4.9 | ' |
Benefits paid | -8.8 | -9.4 | ' |
Currency translation adjustments | -0.6 | 0.3 | ' |
Benefit obligation at end of year | 67.6 | 75 | 74.9 |
Funded status | ($67.60) | ($75) | ' |
POSTRETIREMENT_BENEFITS_Detail2
POSTRETIREMENT BENEFITS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amounts recognized in consolidated balance sheet [Abstract] | ' | ' |
Accrued benefit in current liabilities | ($14.30) | ($6.10) |
Accrued benefit in noncurrent liabilities | -105.4 | -154.2 |
Accumulated other comprehensive loss | 561.6 | 576.9 |
Net balance sheet impact | 443.6 | 418.7 |
US Postretirement Plans [Member] | ' | ' |
Amounts recognized in consolidated balance sheet [Abstract] | ' | ' |
Accrued benefit in current liabilities | -5.4 | -5.8 |
Accrued benefit in noncurrent liabilities | -53.6 | -59.7 |
Accumulated other comprehensive loss | 34.1 | 39.2 |
Net balance sheet impact | -24.9 | -26.3 |
Foreign Plans [Member] | ' | ' |
Amounts recognized in consolidated balance sheet [Abstract] | ' | ' |
Accrued benefit in current liabilities | -0.3 | -0.3 |
Accrued benefit in noncurrent liabilities | -8.3 | -9.2 |
Accumulated other comprehensive loss | -1.2 | -0.8 |
Net balance sheet impact | -9.8 | -10.3 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Amounts recognized in consolidated balance sheet [Abstract] | ' | ' |
Accrued benefit in current liabilities | -5.7 | -6.1 |
Accrued benefit in noncurrent liabilities | -61.9 | -68.9 |
Accumulated other comprehensive loss | 32.9 | 38.4 |
Net balance sheet impact | ($34.70) | ($36.60) |
POSTRETIREMENT_BENEFITS_Detail3
POSTRETIREMENT BENEFITS (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $3.40 | $3.50 | ' |
Interest cost | 81.1 | 92 | 94.2 |
Amortization of prior service cost | 1.9 | 2.2 | 0.8 |
Net periodic benefit income (cost) | -20.5 | -21.1 | -22.5 |
Included in Other Comprehensive Loss (Pretax) [Abstract] | ' | ' | ' |
Liability adjustment | 14.4 | 162 | 41.8 |
Amortization of prior service costs and actuarial losses | -29.7 | -20.3 | -16.7 |
US Postretirement Plans [Member] | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 1.2 | 1.1 | ' |
Interest cost | 2.2 | 2.7 | ' |
Foreign Plans [Member] | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 0.1 | 0.1 | ' |
Interest cost | 0.4 | 0.4 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 1.3 | 1.2 | 1.3 |
Interest cost | 2.6 | 3.1 | 3.5 |
Amortization of prior service cost | -0.1 | -0.1 | -0.2 |
Recognized actuarial loss | 3.7 | 3.2 | 3.2 |
Net periodic benefit income (cost) | 7.5 | 7.4 | 7.8 |
Included in Other Comprehensive Loss (Pretax) [Abstract] | ' | ' | ' |
Liability adjustment | -1.9 | 4.8 | 5 |
Amortization of prior service costs and actuarial losses | ($3.60) | ($3.10) | ($3) |
POSTRETIREMENT_BENEFITS_Detail4
POSTRETIREMENT BENEFITS (Details 4) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Weighted Average Assumptions [Abstract] | ' | ' | ' |
Discount rate-periodic benefit cost (in hundredths) | 3.60% | 4.60% | 4.90% |
Discount rate-benefit obligation (in hundredths) | 4.30% | 3.60% | 4.60% |
POSTRETIREMENT_BENEFITS_Detail5
POSTRETIREMENT BENEFITS (Details 5) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Assumed healthcare cost trend rates [Abstract] | ' | ' |
Healthcare cost trend rate assumed for next year (in hundredths) | 9.00% | 9.00% |
Rate that the cost trend rate gradually declines to (in hundredths) | 5.00% | 5.00% |
Year that the rate reaches the ultimate rate | '2021 | '2020 |
POSTRETIREMENT_BENEFITS_Detail6
POSTRETIREMENT BENEFITS (Details 6) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
One-Percentage Point Increase [Abstract] | ' |
Effect of one percentage point increase on total of service and interest costs | $0.20 |
Effect of one percentage point increase on postretirement benefit obligation | 3.4 |
One-Percentage Point Decrease [Abstract] | ' |
Effect of one percentage point decrease on total of service and interest costs | -0.2 |
Effect of one percentage point decrease on postretirement benefit obligation | ($2.90) |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Benefit from expiration of statute of limitation | $11.40 | ' | ' |
Benefit from reduction in valuation allowance on capital loss carryforwards | 8.3 | ' | ' |
Benefit from Section 41 Research Credit | 1.9 | ' | ' |
Expense due to changes in Tax Contingency, Amount | 1.8 | ' | ' |
Expense associated with increase in valuation allowance on state tax credits | 1.3 | ' | ' |
Benefit From Section 45O Credit | ' | 6.6 | ' |
Federal tax benefits on future foreign tax credits | 0.7 | ' | ' |
Net operating loss carry-forward (NOL) | 3 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 7.2 | 6.7 | ' |
Operating loss carryforward limitation on use | 0.5 | ' | ' |
Deferred state tax benefits relating to net operating losses | 1.7 | ' | ' |
Deferred state tax benefits, operating loss carryforwards, valuation allowance | 0.7 | ' | ' |
State tax credit carryforward | 12.7 | ' | ' |
State tax credit carryforward valuation allowance | 9.7 | ' | ' |
Capital loss carry-forward | 7.6 | ' | ' |
Deferred Tax Assets, Capital Loss Carryforwards | 3 | 15.5 | ' |
Capital loss carry-forward valuation allowance | 3 | ' | ' |
Undistributed earnings of foreign subsidiaries | 9.1 | ' | ' |
Unrecognized tax benefits [Abstract] | ' | ' | ' |
Impact on the effective tax rate, if recognized | 31.1 | 38.4 | ' |
Unrecognized Tax Benefits | 34.5 | 40.1 | 37.9 |
Reasonable possibility that unrecognized tax benefits will decrease over next twelve months | 3.8 | ' | ' |
Interest and penalties accrued | 2.8 | 3.3 | ' |
Interest and penalties (benefit) expense | -0.5 | 0.5 | 0.7 |
United States [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $1.10 | ' | ' |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Income Before Taxes [Abstract] | ' | ' | ' |
Domestic income before taxes | $222.20 | $189.90 | $360.30 |
Foreign income before taxes | 27.8 | 35.3 | 19.1 |
Income before taxes | 250 | 225.2 | 379.4 |
Components of Income Tax Provision | ' | ' | ' |
Federal | 42.1 | 16.9 | 36.4 |
State | 9.4 | 4.3 | 5.7 |
Foreign | 8.5 | 10.4 | 5.5 |
Total current income tax expense | 60 | 31.6 | 47.6 |
Deferred expense [Abstract] | ' | ' | ' |
Deferred | 11.4 | 44 | 90.1 |
Income tax provision | $71.40 | $75.60 | $137.70 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Tax Rate Reconciliation (Percent) | ' | ' | ' |
Statutory federal tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Foreign rate differential (in hundredths) | -0.10% | -0.10% | -0.10% |
Domestic manufacturing/export tax incentive (in hundredths) | -1.60% | -1.00% | -1.00% |
Dividends paid to CEOP (in hundredths) | -0.30% | -0.40% | -0.30% |
State income taxes, net (in hundredths) | 2.30% | 1.30% | 1.10% |
Change in tax contingencies (in hundredths) | -3.80% | 0.50% | -1.10% |
Change in valuation allowance (in hundredths) | -2.10% | 0.10% | 0.10% |
Return to provision (in hundredths) | -0.10% | 0.00% | 0.50% |
Remeasurement of deferred taxes (in hundredths) | 0.10% | 0.70% | -1.30% |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | -0.80% | 0.00% | 0.00% |
EffectiveIncomeTaxRateReconciliationSection45OCredit | 0.00% | -3.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings | 0.00% | 0.30% | 0.00% |
Incremental tax effect of SunBelt remeasurement (in hundredths) | 0.00% | 0.00% | 3.30% |
Other, net (in hundredths) | 0.00% | 0.20% | 0.10% |
Effective tax rate (in hundredths) | 28.60% | 33.60% | 36.30% |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets [Abstract] | ' | ' |
Pension and postretirement benefits | $74.60 | $93.30 |
Environmental reserves | 60.2 | 60.5 |
Asset retirement obligations | 25.7 | 28.6 |
Accrued liabilities | 48.2 | 43.1 |
Tax credits | 13.3 | 10.8 |
Federal and state net operating losses | 7.2 | 6.7 |
Capital loss carryforward | 3 | 15.5 |
Other miscellaneous items | 10.7 | 5.3 |
Total deferred tax assets | 242.9 | 263.8 |
Valuation allowance | -13.4 | -21.1 |
Net deferred tax assets | 229.5 | 242.7 |
Deferred tax liabilities [Abstract] | ' | ' |
Property, plant and equipment | 182.5 | 178.9 |
Intangible amortization | 8.4 | 8.8 |
Inventory and prepaids | 3.1 | 0 |
Partnerships | 93.7 | 95 |
Total deferred tax liabilities | 287.7 | 282.7 |
Net deferred tax (liability) asset | ($58.20) | ($40) |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Balance at beginning of period | $40.10 | $37.90 |
Increases for prior year tax positions | 4.5 | 3.1 |
Reductions due to statute of limitations | -10 | -0.3 |
Decreases for prior year tax positions | -0.1 | -0.4 |
Increases for current year tax positions | 0 | 0.1 |
Decreases due to tax settlements | 0 | -0.3 |
Balance at end of period | $34.50 | $40.10 |
INCOME_TAXES_Details_5
INCOME TAXES (Details 5) | 12 Months Ended |
Dec. 31, 2013 | |
U.S Federal Income Tax [Member] | Early Range Maximum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2008 |
U.S Federal Income Tax [Member] | Late Range Minimum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2010 |
U.S Federal Income Tax [Member] | Late Range Maximum Member [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2012 |
U.S State Income Tax [Member] | Minimum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2006 |
U.S State Income Tax [Member] | Maximum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2012 |
Canadian Federal Income Tax [Member] | Minimum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2009 |
Canadian Federal Income Tax [Member] | Maximum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2012 |
Canadian Provincial Income Tax [Member] | Minimum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2008 |
Canadian Provincial Income Tax [Member] | Maximum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years | '2012 |
ACCRUED_LIABILITIES_Details
ACCRUED LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued compensation and payroll taxes | $51.10 | $49.60 |
Accrued employee benefits | 35.3 | 28.3 |
Environmental (current portion only) | 18 | 21 |
Legal and professional costs | 23.4 | 21.8 |
Asset retirement obligation (current portion only) | 13.5 | 21.3 |
Earn out | 26.7 | 23.2 |
Other | 76.5 | 63.3 |
Accrued liabilities | $244.50 | $228.50 |
CONTRIBUTING_EMPLOYEE_OWNERSHI1
CONTRIBUTING EMPLOYEE OWNERSHIP PLAN (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Employer matching contributions to employee ownership plan | $5.20 | $5.20 | $5.20 |
Initial vesting period (in years) | '2 | ' | ' |
Initial vesting period vested percentage | 25.00% | ' | ' |
Additional vesting percentage for each additional year of service | 25.00% | ' | ' |
Years of service for full vesting | '5 | ' | ' |
Vesting percentage after five years | 100.00% | ' | ' |
Number of days an employee is prohibited from trading out of the fund to which the transfer was made | '7 | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Detail Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option and long-term incentive plans, exercisable period (in years) | '10 years 0 months 0 days | ' | ' |
Stock options, restricted stock and performance shares vesting period (in years) | '3 years 0 months 0 days | ' | ' |
Performance share award cycle (in years) | 3 | ' | ' |
Liability recorded for performance shares to be settled in cash | $5.60 | ' | ' |
Average exercise period for outstanding options (in months) | '0 years 66 months 0 days | ' | ' |
Average exercise period for exercisable options (in months) | '0 years 53 months 0 days | ' | ' |
Aggregate intrinsic value for outstanding options | 39.4 | ' | ' |
Aggregate intrinsic value for exercisable options | 31.9 | ' | ' |
Total intrinsic value of options exercised | 4.2 | 0.5 | 4.2 |
Total unrecognized compensation, unvested | 4.1 | ' | ' |
Total unrecognized compensation, unvested, weighted average recognition period (in years) | '1 year 2 months 0 days | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation, unvested | $5.30 | ' | ' |
Total unrecognized compensation, unvested, weighted average recognition period (in years) | '0 years 14 months 0 days | ' | ' |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Allocated Share-based Compensation Expense | $13.30 | $8.40 | $8.80 |
Mark-to-market adjustments | 4.2 | 0.9 | -0.5 |
Total expense | $17.50 | $9.30 | $8.30 |
STOCKBASED_COMPENSATION_STOCKB
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options Activity [Rollforward] | ' | ' | ' |
Outstanding at January 1, 2013 (in shares) | 4,060,790 | ' | ' |
Granted (in shares) | 621,000 | 480,250 | 575,000 |
Exercised (in shares) | -500,000 | -100,000 | -500,000 |
Canceled (in shares) | -32,063 | ' | ' |
Outstanding, December 31, 2013 (in shares) | 4,114,822 | 4,060,790 | ' |
Option Price, outstanding, beginning of period, minimum | ' | $14.28 | ' |
Option price, outstanding, beginning of period, maximum (in dollars per share) | $23.78 | ' | ' |
Option price, granted (in dollars per share) | $23.28 | ' | ' |
Option price, exercised, minimum (in dollars per share) | $14.28 | ' | ' |
Option price exercised, maximum (in dollars per share) | $23.78 | ' | ' |
Option price, canceled, minimum (in dollars per share) | $15.35 | ' | ' |
Option price, canceled, maximum (in dollars per share) | $23.28 | ' | ' |
Option price, outstanding, minimum, end of period (in dollars per share) | $14.28 | ' | ' |
Option price, outstanding, maximum, end of period (in dollars per share) | $23.78 | ' | ' |
Weighted average option price, beginning of period (in dollars per share) | $18.39 | ' | ' |
Weighted average option price, granted (in dollars per share) | $23.28 | $21.92 | $18.78 |
Weighted average option price, exercised (in dollars per share) | $16.72 | ' | ' |
Weighted average option price, canceled (in dollars per share) | $20.57 | ' | ' |
Weighted average option price, outstanding, end of period (in dollars per share) | $19.33 | $18.39 | ' |
Options exercisable, beginning of period (in shares) | 2,961,434 | ' | ' |
Options exercisable, end of period (in shares) | 3,011,702 | 2,961,434 | ' |
Weighted average exercise price, exercisable , beginning of period (in dollars per share) | $18 | ' | ' |
Weighted average exercise price, exercisable, end of period (in dollars per share) | $18.29 | $18 | ' |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options exercisable (in shares) | 3,011,702 |
Options outstanding (in shares) | 4,114,822 |
Under $16 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, minimum, (in dollars per share) | $0 |
Range of exercise price, maximum, (in dollars per share) | $16 |
Options exercisable (in shares) | 1,039,677 |
Weighted average exercise price, exercisable (in dollars per share) | $15.04 |
Options outstanding (in shares) | 1,039,677 |
Weighted average exercise price, outstanding (in dollars per share) | $15.04 |
$16-$20[Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, minimum, (in dollars per share) | $16 |
Range of exercise price, maximum, (in dollars per share) | $20 |
Options exercisable (in shares) | 751,391 |
Weighted average exercise price, exercisable (in dollars per share) | $17.85 |
Options outstanding (in shares) | 932,041 |
Weighted average exercise price, outstanding (in dollars per share) | $18.03 |
Over $20 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, minimum, (in dollars per share) | $20 |
Options exercisable (in shares) | 1,220,634 |
Weighted average exercise price, exercisable (in dollars per share) | $21.34 |
Options outstanding (in shares) | 2,143,104 |
Weighted average exercise price, outstanding (in dollars per share) | $21.98 |
STOCKBASED_COMPENSATION_Detail3
STOCK-BASED COMPENSATION (Details 4) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Sub-limit for all types of stock awards included in available to be issued stock options (in shares) | 1,208,299 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 1,208,299 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 6,035,221 |
2000 Long Term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 11,413 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 420,406 |
2003 Long Term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 28,673 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 794,607 |
2006 Long Term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 217,733 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 1,814,133 |
2009 Long Term Incentive Plan[Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 950,480 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 2,971,473 |
Stock Option Plan 1996 (Plan Expired) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 0 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 34,602 |
Long Term Incentive Stock Option Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 6,000,619 |
Long Term Incentive Stock Option Plan Expired And Assumed [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 1,208,299 |
1997 Stock Plan For Non Employee Directors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 173,766 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 590,043 |
Employee deferral Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 45,629 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 46,110 |
Stock Purchase Plans [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant or purchase (in shares) | 219,395 |
Long Term Incentive Plan authorized additional shares reserved for issuance (in shares) | 636,153 |
Committed shares reserved under the stock purchase plans for non employee Directors | 416,758 |
STOCKBASED_COMPENSATION_Detail4
STOCK-BASED COMPENSATION (Details 5) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Unvested Performance Shares [Rollforward] | ' |
Unvested, beginning of period (in shares) | 91,750 |
Granted (in shares) | 150,222 |
Vested (in shares) | -136,917 |
Unvested, end of period (in shares) | 102,166 |
Weighted average fair value per share, beginning of period (in dollars per share) | $21.45 |
Weighted average fair value per share, granted (in dollars per share) | $22.96 |
Weighted average fair value, vested (in dollars per share) | $28.90 |
Weighted average fair value, end of period (in dollars per share) | $28.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -2,889 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $22.19 |
To Settle in Cash [Member] | ' |
Unvested Performance Shares [Rollforward] | ' |
Shares outstanding at January 1, 2013, performance shares (in shares) | 245,167 |
Granted, performance shares (in shares) | 150,222 |
Paid/Issued, performance shares (in shares) | -99,889 |
Performance shares converted to cash | 3,611 |
Canceled, performance shares (in shares) | -2,889 |
Shares outstanding at December 31, 2013, performance shares (in shares) | 296,222 |
Total vested, at December 31, 2013, performance shares (in shares) | 194,056 |
Weighted average fair value, outstanding, at January 1, 2013, performance shares (in dollars per share) | $21.45 |
Weighted average fair value, granted, performance shares (in dollars per share) | $22.71 |
Weighted average fair value, paid/issued, performance shares (in dollars per share) | $21.45 |
Weighted Average Fair Value Performance Shares Converted to Cash | $20.26 |
Weighted average fair value, canceled, performance shares (in dollars per share) | $22.19 |
Weighted average fair value, outstanding, at December 31, 2013, performance shares (in dollars per share) | $28.90 |
Weighted average fair value, total vested, at December 31, 2013, performance shares (in dollars per share) | $28.90 |
To Settle in Shares [Member] | ' |
Unvested Performance Shares [Rollforward] | ' |
Shares outstanding at January 1, 2013, performance shares (in shares) | 242,250 |
Granted, performance shares (in shares) | 149,250 |
Paid/Issued, performance shares (in shares) | -96,000 |
Performance shares converted to cash | -3,611 |
Canceled, performance shares (in shares) | -2,889 |
Shares outstanding at December 31, 2013, performance shares (in shares) | 289,000 |
Total vested, at December 31, 2013, performance shares (in shares) | 186,833 |
Weighted average fair value, outstanding, at January 1, 2013, performance shares (in dollars per share) | $19.22 |
Weighted average fair value, granted, performance shares (in dollars per share) | $21.40 |
Weighted average fair value, paid/issued, performance shares (in dollars per share) | $15.68 |
Weighted Average Fair Value Performance Shares Converted to Cash | $20.26 |
Weighted average fair value, canceled, performance shares (in dollars per share) | $21.99 |
Weighted average fair value, outstanding, at December 31, 2013, performance shares (in dollars per share) | $21.48 |
Weighted average fair value, total vested, at December 31, 2013, performance shares (in dollars per share) | $20.75 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | 29 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 21, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | 0.5 | 0.1 | 0.5 | ' | ' |
Total value of stock options exercised | $9.70 | $1.40 | $9.30 | ' | ' |
Authorized share repurchase program (in shares) | ' | ' | ' | ' | 5 |
Stock repurchase program period in force (in years) | ' | ' | ' | '3 years 0 months 0 days | ' |
Common stock repurchased and retired (in shares) | -1.5 | -0.2 | -0.2 | -1.9 | ' |
Value of common stock repurchased and retired | 36.2 | 3.1 | 4.2 | ' | ' |
Remaining shares authorized to be purchased (in shares) | 3.1 | ' | ' | 3.1 | ' |
Foreign currency translation adjustment [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 2.1 | 1.8 | 0.4 | ' | ' |
Unrealized gains (losses) | -2.6 | 0.3 | 1.4 | ' | ' |
Ending balance | -0.5 | 2.1 | 1.8 | -0.5 | ' |
Unrealized gains (losses) on derivative contracts (net of taxes) [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 4.7 | -5.3 | 11.6 | ' | ' |
Unrealized gains (losses) | -4.7 | 6 | -10.6 | ' | ' |
Reclassification adjustments into income | 0.9 | 4 | -6.3 | ' | ' |
Ending balance | 0.9 | 4.7 | -5.3 | 0.9 | ' |
Pension and postretirement benefits (net of taxes) [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | -378.1 | -290.7 | -273.8 | ' | ' |
Unrealized gains (losses) | -7.7 | -101.9 | -29 | ' | ' |
Reclassification adjustments into income | 20.3 | 14.5 | 12.1 | ' | ' |
Ending balance | -365.5 | -378.1 | -290.7 | -365.5 | ' |
Accumulated other comprehensive loss [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | -371.3 | -294.2 | -261.8 | ' | ' |
Unrealized gains (losses) | -15 | -95.6 | -38.2 | ' | ' |
Reclassification adjustments into income | 21.2 | 18.5 | 5.8 | ' | ' |
Ending balance | -365.1 | -371.3 | -294.2 | -365.1 | ' |
Deferred tax (benefit) provision on unrealized gains and losses on derivative contracts | -2.5 | 6.4 | -10.7 | ' | ' |
Deferred tax (benefit) provision on pension and postretirement benefits | $8.20 | ($56) | ($10.20) | ' | ' |
SEGMENT_INFORMATION_Details_1
SEGMENT INFORMATION (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | 38 Months Ended | 12 Months Ended | 38 Months Ended | 12 Months Ended | 38 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chlor Alkali Products Segment [Member] | Chemical Distribution [Member] | Chemical Distribution [Member] | Chemical Distribution [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Winchester Segment [Member] | Corporate/Other [Member] | Corporate/Other [Member] | Corporate/Other [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | Intersegment Elimination [Member] | |||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Synergies Transferred Between Segments | ' | ' | ' | ' | ' | ' | ' | ' | $11.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | 562.1 | 670.7 | 652.2 | 630 | 587.6 | 581.2 | 508.7 | 507.2 | 2,515 | 2,184.70 | 1,961.10 | ' | 1,412.30 | 1,428.90 | 1,389.10 | ' | ' | 406.4 | 156.3 | 0 | 777.6 | 617.6 | 572 | ' | ' | ' | ' | ' | -81.3 | -18.1 | 0 |
Income before taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes by segment | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 225.2 | 379.4 | ' | 203.8 | 263.2 | 245 | ' | ' | 9.7 | 4.5 | 0 | 143.2 | 55.2 | 37.9 | ' | ' | -62.6 | -51.8 | -46.7 | ' | ' | ' |
Restructuring charge | ' | ' | ' | ' | ' | ' | ' | ' | -5.5 | -8.5 | -10.7 | -58.9 | -3.7 | -2.3 | -2.8 | -28 | -36.8 | ' | ' | ' | -1.8 | -6.2 | -7 | -6.2 | -22.1 | ' | ' | ' | ' | ' | ' |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -8.3 | -0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 7.6 | 8.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -38.6 | -26.4 | -30.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 1 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -1.3 | -11.3 | 175.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings of non-consolidated affiliates [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total earnings of non-consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 3 | 9.6 | ' | 2.8 | 3 | 9.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 135.3 | 110.9 | 99.3 | ' | 102.1 | 88.9 | 85.6 | ' | ' | 15.4 | 5.5 | 0 | 14.9 | 13.6 | 10.9 | ' | ' | 2.9 | 2.9 | 2.8 | ' | ' | ' |
Capital spending [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital spending | ' | ' | ' | ' | ' | ' | ' | ' | 90.8 | 255.7 | 200.9 | ' | 65.5 | 221.3 | 134.2 | ' | ' | 2.5 | 0.8 | 0 | 21.2 | 32.1 | 63.9 | ' | ' | 1.6 | 1.5 | 2.8 | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 2,802.80 | ' | ' | ' | 2,777.70 | ' | ' | ' | 2,802.80 | 2,777.70 | ' | 2,802.80 | 1,695.80 | 1,781.80 | ' | ' | 1,695.80 | 335.3 | 379.7 | ' | 339.2 | 340.7 | ' | ' | 339.2 | 432.5 | 275.5 | ' | ' | ' | ' |
Investments-Affiliated Companies (at equity) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in non-consolidated affiliates | $21.60 | ' | ' | ' | $29.30 | ' | ' | ' | $21.60 | $29.30 | ' | $21.60 | $21.60 | $29.30 | ' | ' | $21.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEGMENT_INFORMATION_Details_2
SEGMENT INFORMATION (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales By Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $562.10 | $670.70 | $652.20 | $630 | $587.60 | $581.20 | $508.70 | $507.20 | $2,515 | $2,184.70 | $1,961.10 |
Total assets | 2,802.80 | ' | ' | ' | 2,777.70 | ' | ' | ' | 2,802.80 | 2,777.70 | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 25.2 | 25.1 | 22 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales By Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,316.20 | 1,970.50 | 1,774 |
Transfers between areas | ' | ' | ' | ' | ' | ' | ' | ' | 53.4 | 53.5 | 50 |
Total assets | 2,574.90 | ' | ' | ' | 2,520.80 | ' | ' | ' | 2,574.90 | 2,520.80 | ' |
Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales By Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 198.8 | 214.2 | 187.1 |
Transfers between areas | ' | ' | ' | ' | ' | ' | ' | ' | 109 | 85.5 | 95.3 |
Total assets | 227.9 | ' | ' | ' | 256.9 | ' | ' | ' | 227.9 | 256.9 | ' |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales By Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers between areas | ' | ' | ' | ' | ' | ' | ' | ' | ($162.40) | ($139) | ($145.30) |
SEGMENT_INFORMATION_Details_3
SEGMENT INFORMATION (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | $2,802.80 | $2,777.70 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | 2,574.90 | 2,520.80 |
Foreign [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | $227.90 | $256.90 |
ENVIRONMENTAL_Details_1
ENVIRONMENTAL (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accrued liabilities for unasserted claims | $2.50 | ' | ' |
Maximum period for required site OM and M expense accrual (in years) | '30 | ' | ' |
Accrual for environmental loss contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 146.5 | 163.3 | ' |
Charges to income | 11.5 | 8.4 | 19.3 |
Remedial and investigatory spending | -12.4 | -25.5 | ' |
Currency translation adjustments | -1 | 0.3 | ' |
Ending balance | 144.6 | 146.5 | 163.3 |
Reserves for environmental expenditures-noncurrent | 126.6 | 125.5 | ' |
Future environmental expenditures expected to be utilized over the next 5 years | 86.9 | ' | ' |
Future environmental expenditures expected to be utilized over the next 6 to 10 years | 17.1 | ' | ' |
Future environmental expenditures expected to be utilized beyond 10 years | 40.6 | ' | ' |
Number of sites included in the total estimated environmental liability | 71 | ' | ' |
Number of USEPA NPL sites | 17 | ' | ' |
Number of sites which constituted the largest portion of the environmental liability | 10 | ' | ' |
Percentage of environmental liability that the larger sites made up (in hundredths) | 78.00% | ' | ' |
Number of sites which constituted the smallest portion of the environmental liability | 61 | ' | ' |
Percentage of environmental liability any one of the smallest sites made up, maximum (in hundredths) | 3.00% | ' | ' |
Number of largest sites in which part of the site is subject to a remedial investigation and another part is in the long-term OM and M stage | 7 | ' | ' |
Number of largest sites in which a remedial investigation is being performed | 2 | ' | ' |
Number of largest sites which are in long-term OM and M | 1 | ' | ' |
Percentage of environmental liability any one of the largest sites made up., maximum (in hundredths) | 21.00% | ' | ' |
Possible additional contingent environmental liabilities | 40 | ' | ' |
Minimum [Member] | ' | ' | ' |
Expected annual environmental-related cash outlay for site investigation and remediation | 15 | ' | ' |
Maximum [Member] | ' | ' | ' |
Expected annual environmental-related cash outlay for site investigation and remediation | $35 | ' | ' |
ENVIRONMENTAL_Details_2
ENVIRONMENTAL (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Environmental Remediation Costs Recognized [Abstract] | ' | ' | ' |
Charges to income | $11.50 | $8.40 | $19.30 |
Recoveries from third parties of costs incurred and expensed in prior periods | -1.3 | -0.1 | -11.4 |
Total environmental expense (income) | $10.20 | $8.30 | $7.90 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Future minimum operating leases [Abstract] | ' | ' | ' |
2014 | $52.80 | ' | ' |
2015 | 44.7 | ' | ' |
2016 | 39 | ' | ' |
2017 | 31.1 | ' | ' |
2018 | 25 | ' | ' |
Thereafter | 44.4 | ' | ' |
Total operating leases | 237 | ' | ' |
Future minimum purchase commitments [Abstract] | ' | ' | ' |
2014 | 79.5 | ' | ' |
2015 | 20.9 | ' | ' |
2016 | 2.9 | ' | ' |
2017 | 0 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Total purchase commitments | 103.3 | ' | ' |
Total rent expense charged to operations | 64.2 | 60.5 | 53.8 |
Length of brine and pipeline purchase agreement with PetroLogistics (in years) | '20 | ' | ' |
Fixed annual payment over the life of the contract for the use of the pipeline | 2 | ' | ' |
Amount of the minimum usage requirement for brine over the first five-year period of the contract | 8.4 | ' | ' |
Amount of buy out provision exercisable by Company after first five-year period | 12 | ' | ' |
Legal action liabilities | 19.3 | 15.2 | ' |
Customer contract settlement | 11 | ' | ' |
Recovery of legacy legal costs | $13.90 | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details Textuals) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2009 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 |
Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts Sell [Member] | Forward Contracts Sell [Member] | Variable Interest Rate Swaps $75M [Member] | Variable Interest Rate Swaps $75M [Member] | Fixed Interest Rate Swap $75M [Member] | Variable Interest Rate Swaps $125M [Member] | Variable Interest Rate Swaps $125M [Member] | Fixed Interest Rate Swaps $125M [Member] | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $75 | ' | $75 | $125 | ' | $125 |
Deferred gain recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.9 | ' | 6.1 | 11 | ' |
Cash flow hedges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Amount with major counterparty | ' | 54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity forward contracts with Citibank | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedges Derivative Instruments at Fair Value, Net | ' | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value hedges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount on Discontinuation of Interest Rate Fair Value Hedge | ' | 73.1 | ' | 7.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 2.2 | 1.2 | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Redemption of Debt Instrument | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Credit Risk Related Contingent Features [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash collateral provided to us by counterparties | ' | $0 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Copper Commodity Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $45.30 | $53.60 |
Zinc Commodity Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 4.5 | 6.3 |
Lead Commodity Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 22.8 | 48.3 |
Natural Gas Commodity Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $5.50 | $6 |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $7.20 | $15.90 |
Derivative Liability, Fair Value, Gross Liability | 7.3 | 10.2 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1.2 | 7.5 |
Derivative Liability, Fair Value, Gross Liability | 7.3 | 10.2 |
Designated as Hedging Instrument [Member] | Interest Rate Contract Gains [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract Gains [Member] | Long-term Debt [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 7.3 | 10.2 |
Designated as Hedging Instrument [Member] | Commodity Contracts Gains [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Commodity Contracts Gains [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3.6 | 9.6 |
Designated as Hedging Instrument [Member] | Commodity Contracts Losses [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Commodity Contracts Losses [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | -2.4 | -2.1 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 6 | 8.4 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract Gains [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 7.6 | 11.9 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract Gains [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract Loss [Member] | Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | -1.7 | -3.6 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract Loss [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts Gains [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts Gains [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0.2 | 0.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts Losses [Member] | Accrued Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contracts Losses [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ($0.10) | $0 |
DERIVATIVE_FINANCIAL_INSTRUMEN5
DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($7.70) | $9.90 | ($17.30) |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0.4 | -2 | -1.7 |
Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1.4 | -6.5 | 10.3 |
Interest Expense [Member] | Fair Value Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 2.9 | 3.3 | 6.7 |
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 0 | 0.1 | 0.5 |
Commodity Contracts Gains [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $0.40 | ($2.10) | ($2.20) |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details Textuals) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 22, 2012 | Feb. 28, 2011 |
Fair Value Disclosure [Line Items] | ' | ' | ' | ' | ' |
Foreign Currency Contracts | $0 | $0 | ' | ' | ' |
Earn Out Liability SunBelt | 26.7 | ' | ' | ' | ' |
SunBelt Earn Out Liability Recognized in Original Purchase Price | 14.8 | ' | ' | ' | ' |
Total earn out payment SunBelt | 23.2 | 18.5 | ' | ' | ' |
Earn out payment - SunBelt | -17.1 | -15.3 | 0 | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' | ' | ' | 180.6 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | 0 | 0 | 181.4 | ' | ' |
Equity Method Investments | 21.6 | 29.3 | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 100.00% | 50.00% |
SunBelt [Member] | ' | ' | ' | ' | ' |
Fair Value Disclosure [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investments | ' | ' | ' | ' | ($0.80) |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | 50.00% |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap Asset Fair Value Disclosure | $5.90 | $8.30 |
Commodity Forward Contracts Asset Fair Value Disclosure | 1.3 | 7.6 |
Interest Rate Swap Liability Fair Value Disclosure | 7.3 | 10.2 |
Earn Out Liability Fair Value Disclosure | 26.7 | 42 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap Asset Fair Value Disclosure | 0 | 0 |
Commodity Forward Contracts Asset Fair Value Disclosure | 0 | 0.1 |
Interest Rate Swap Liability Fair Value Disclosure | 0 | 0 |
Earn Out Liability Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap Asset Fair Value Disclosure | 5.9 | 8.3 |
Commodity Forward Contracts Asset Fair Value Disclosure | 1.3 | 7.5 |
Interest Rate Swap Liability Fair Value Disclosure | 7.3 | 10.2 |
Earn Out Liability Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest Rate Swap Asset Fair Value Disclosure | 0 | 0 |
Commodity Forward Contracts Asset Fair Value Disclosure | 0 | 0 |
Interest Rate Swap Liability Fair Value Disclosure | 0 | 0 |
Earn Out Liability Fair Value Disclosure | $26.70 | $42 |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $26.70 | $42 | $49 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issuances, Settlements | -23.2 | -18.5 | ' |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Other Income | $7.90 | $11.50 | ' |
FAIR_VALUE_MEASUREMENTS_Detail3
FAIR VALUE MEASUREMENTS (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Long-term Debt, Fair Value | $714.40 | $758.10 |
Notes payable | 691 | 713.7 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Long-term Debt, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Long-term Debt, Fair Value | 561.4 | 605.1 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Long-term Debt, Fair Value | $153 | $153 |
OTHER_FINANCIAL_DATA_Details
OTHER FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $562.10 | $670.70 | $652.20 | $630 | $587.60 | $581.20 | $508.70 | $507.20 | $2,515 | $2,184.70 | $1,961.10 |
Cost of goods sold | 469.7 | 528.5 | 531.1 | 504.4 | 487.9 | 475.8 | 391.4 | 392.9 | 2,033.70 | 1,748 | 1,573.90 |
Net income | $24.70 | $69.70 | $43.70 | $40.50 | $34.60 | $28.70 | $47.60 | $38.70 | $178.60 | $149.60 | $241.70 |
Net income per common share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income per share (in dollars per share) | $0.31 | $0.87 | $0.54 | $0.50 | $0.43 | $0.36 | $0.59 | $0.48 | $2.24 | $1.87 | $3.02 |
Diluted net income per share (in dollars per share) | $0.31 | $0.86 | $0.54 | $0.50 | $0.43 | $0.35 | $0.59 | $0.48 | $2.21 | $1.85 | $2.99 |
Common dividends per share (in dollars per share) | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.80 | $0.80 | ' |
Market price of common stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High (in dollars per share) | $29.52 | $25.17 | $26.05 | $25.42 | $22.32 | $23.48 | $22.24 | $23.46 | $29.52 | $23.48 | ' |
Low (in dollars per share) | $21.79 | $22.50 | $22.74 | $21.29 | $19.50 | $19.34 | $18.40 | $19.75 | $21.29 | $18.40 | ' |