TIMKENSTEEL CORP, 10-K filed on 3/2/2015
Annual Report
Document and Entity Information Document (USD $)
12 Months Ended
Dec. 31, 2014
Jan. 31, 2015
Jun. 30, 2014
Document Information [Line Items]
 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2014 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Entity Registrant Name
TimkenSteel Corporation 
 
 
Entity Central Index Key
0001598428 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Non-accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
44,746,411 
 
Entity Well-known Seasoned Issuer
No 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 0 
Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Net sales
$ 1,674.2 
$ 1,380.9 
$ 1,728.7 
Cost of products sold
1,400.4 
1,157.7 
1,389.8 
Gross Profit
273.8 
223.2 
338.9 
Selling, general and administrative expenses
112.1 
91.8 
103.5 
Impairment charges
1.2 
0.6 
0 
Operating Income
160.5 
130.8 
235.4 
Interest expense
0.9 
0.2 
0.3 
Other expense, net
1.4 
3.0 
0.8 
Income Before Income Taxes
158.2 
127.6 
234.3 
Provision for income taxes
53.8 
38.1 
79.1 
Net Income
$ 104.4 
$ 89.5 
$ 155.2 
Basic earnings per share
$ 2.29 
$ 1.96 
$ 3.39 
Diluted earnings per share
$ 2.27 
$ 1.94 
$ 3.36 
Dividends per share
$ 0.28 
$ 0.00 
$ 0.00 
Consolidated Statements of Comprehensive Income Statement (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Net Income
$ 104.4 
$ 89.5 
$ 155.2 
Foreign currency translation adjustments
(1.2)
0.2 
0.9 
Pension and postretirement liability adjustment
(58.6)
0 
0 
Other comprehensive income (loss), net of tax
(59.8)
0.2 
0.9 
Comprehensive Income, net of tax
$ 44.6 
$ 89.7 
$ 156.1 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Cash and cash equivalents
$ 34.5 
$ 0 
Accounts receivable, net of allowances
167.1 
122.7 
Accounts receivable due from related party
0 
26.7 
Inventories, net
293.8 
227.0 
Deferred income taxes
20.3 
1.7 
Prepaid expenses
28.0 
0.8 
Other current assets
7.6 
4.2 
Total Current Assets
551.3 
383.1 
Property, Plant and Equipment, Net
771.9 
664.8 
Pension assets
8.0 
0 
Intangible assets, net
30.3 
29.0 
Other non-current assets
2.6 
1.9 
Total Other Assets
40.9 
30.9 
Total Assets
1,364.1 
1,078.8 
Accounts payable, trade
120.2 
86.4 
Accounts payable due to related party
0 
17.7 
Salaries, wages and benefits
49.1 
37.6 
Accrued pension and postretirement cost
17.8 
0 
Income taxes payable
0.3 
0 
Other current liabilities
38.1 
13.2 
Total Current Liabilities
225.5 
154.9 
Long-term debt
185.2 
30.2 
Accrued pension and postretirement cost
119.1 
0 
Deferred income taxes
75.1 
86.1 
Other non-current liabilities
11.1 
6.8 
Total Non-Current Liabilities
390.5 
123.1 
Commitments and contingencies
0 
0 
Preferred shares, no par value; authorized 10.0 million shares, none issued
0 
0 
Common shares, no par value; authorized 200.0 million shares; issued 2014 - 45.7 million shares; 2013 - 0.0 shares
0 
0 
Additional paid-in capital
1,050.7 
0 
Net parent investment
0 
801.2 
Retained earnings
29.4 
0 
Treasury shares
(34.7)
0 
Accumulated other comprehensive loss
(297.3)
(0.4)
Total Equity
748.1 
800.8 
Total Liabilities and Equity
$ 1,364.1 
$ 1,078.8 
Consolidated Balance Sheets Parenthetical (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Allowances for accounts receivable
$ 0.2 
$ 0.2 
Company preferred stock, no par vale, authorized
10,000,000 
0 
Company common stock, no par vale, authorized
200,000,000 
0 
Common Stock, Shares, Issued
45,700,000 
0 
Consolidated Statements of Changes in Equity Statement (USD $)
In Millions
Total
Additional Paid-in Capital [Member]
Net Parent Investment [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011
$ 662.2 
$ 0 
$ 663.7 
$ 0 
$ 0 
$ (1.5)
Net Income
155.2 
0 
155.2 
0 
0 
0 
Pension and postretirement liability adjustment
0 
 
 
 
 
 
Foreign currency translation adjustments
0.9 
0 
0 
0 
0 
0.9 
Stock-based compensation expense
2.6 
0 
2.6 
0 
0 
0 
Net transfer (to)/from Parent and affiliates
(121.1)
0 
(121.1)
0 
0 
0 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012
699.8 
0 
700.4 
0 
0 
(0.6)
Net Income
89.5 
0 
89.5 
0 
0 
0 
Pension and postretirement liability adjustment
0 
 
 
 
 
 
Foreign currency translation adjustments
0.2 
0 
0 
0 
0 
0.2 
Stock-based compensation expense
2.8 
0 
2.8 
0 
0 
0 
Net transfer (to)/from Parent and affiliates
8.5 
0 
8.5 
0 
0 
0 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013
800.8 
0 
801.2 
0 
0 
(0.4)
Net Income
104.4 
0 
62.3 
42.1 
0 
0 
Pension and postretirement liability adjustment
(58.6)
   
0 
0 
0 
(58.6)
Foreign currency translation adjustments
(1.2)
0 
0 
0 
0 
(1.2)
Stock-based compensation expense
6.0 
4.0 
2.0 
0 
0 
0 
Dividends – $0.28 per share
(12.7)
0 
0 
(12.7)
0 
0 
Net transfer (to)/from Parent and affiliates
(62.0)
9.2 
165.9 
0 
0 
(237.1)
Reclassification of net parent investment to additional paid-in capital
0 
1,031.4 
(1,031.4)
0 
0 
0 
Settlement of Assets and Liabilities from Timken
(9.2)
 
 
 
 
 
Stock option exercise activity
6.1 
6.1 
0 
0 
0 
0 
Purchase of Treasury Stock
(30.6)
0 
0 
0 
(30.6)
0 
Adjustments Related to Tax Withholding for Share-based Compensation
(4.1)
0 
0 
0 
(4.1)
0 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014
$ 748.1 
$ 1,050.7 
$ 0 
$ 29.4 
$ (34.7)
$ (297.3)
Consolidated Statement of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Statement of Cash Flows [Abstract]
 
 
 
Net Income
$ 104.4 
$ 89.5 
$ 155.2 
Depreciation and amortization
58.0 
50.0 
46.2 
Impairment charges
1.2 
0.6 
0 
Loss on sale or disposal of assets
1.4 
3.2 
0.8 
Deferred income taxes
1.4 
16.0 
7.1 
Stock-based compensation expense
6.0 
2.8 
2.6 
Pension and other postretirement expense
14.9 
0 
0 
Pension and other postretirement contributions and payments
(20.7)
0 
0 
Accounts receivable, including due from related party
(17.7)
(11.8)
102.3 
Inventories, net
(66.8)
29.2 
44.9 
Accounts payable, including due to related party
16.2 
(8.1)
(50.2)
Other accrued expenses
26.2 
3.2 
(11.3)
Prepaid expenses
(27.6)
0.3 
(0.1)
Other, net
(3.0)
0.2 
(0.9)
Net Cash Provided (Used) by Operating Activities
93.9 
175.1 
296.6 
Capital expenditures
(129.6)
(182.8)
(167.2)
Proceeds from disposals of property, plant and equipment
0 
0.2 
0.3 
Other
0 
1.0 
0.1 
Net Cash Used by Investing Activities
(129.6)
(183.6)
(167.0)
Cash dividends paid to shareholders
(12.7)
0 
0 
Purchase of treasury shares
(34.7)
0 
0 
Proceeds from exercise of stock options
(5.8)
0 
0 
Payment on long-term debt
(30.2)
0 
(8.5)
Proceeds from issuance of debt
185.2 
0 
0 
Dividend paid to The Timken Company
50.0 
0 
0 
Net transfers (to)/from Timken and affiliates
3.8 
8.5 
(121.1)
Cash received from Timken for settlement of separation
3.0 
0 
0 
Net Cash Provided (Used) by Financing Activities
70.2 
8.5 
(129.6)
Effect of exchange rate changes on cash
0 
0 
0 
Increase (Decrease) In Cash and Cash Equivalents
34.5 
0 
0 
Cash and cash equivalents at beginning of year
0 
0 
0 
Cash and cash equivalents at beginning of year
$ 34.5 
$ 0 
$ 0 
Basis of Presentation
Basis of Presentation and Significant Accounting Policies [Text Block]
Basis of Presentation
TimkenSteel Corporation (TimkenSteel) became an independent company as a result of the distribution on June 30, 2014 by The Timken Company (Timken) of 100 percent of the outstanding common shares of TimkenSteel to Timken shareholders. Each Timken shareholder of record as of the close of business on June 23, 2014 received one TimkenSteel common share for every two Timken common shares held as of the Record Date.
On July 1, 2014, TimkenSteel common shares began regular-way trading on the New York Stock Exchange under the ticker symbol “TMST.”
TimkenSteel manufactures alloy steel, as well as carbon and micro-alloy steel, with an annual melt capacity of approximately two million tons. TimkenSteel’s portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing and precision steel components. In addition, TimkenSteel supplies machining and thermal treatment services and manages raw material recycling programs, which are used as a feeder system for TimkenSteel’s operations.
Prior to the spinoff on June 30, 2014, TimkenSteel operated as a reportable segment of Timken. The accompanying Consolidated Financial Statements for periods prior to the separation have been prepared from Timken’s historical accounting records and are presented on a stand-alone basis as if the operations had been conducted independently from Timken. Accordingly, Timken and its subsidiaries’ net investment in these operations is shown as net parent investment in lieu of stockholder’s equity in the Consolidated Financial Statements. The Consolidated Financial Statements for periods prior to the separation include the historical results of operations, assets and liabilities of the legal entities that are considered to comprise TimkenSteel. The historical results of operations, financial position, and cash flows of TimkenSteel presented in the Consolidated Financial Statements for periods prior to the separation may not be indicative of what they would have been had TimkenSteel actually been a separate stand-alone entity during such periods, nor are they necessarily indicative of TimkenSteel’s future results of operations, financial position and cash flows.
Significant Accounting Policies
Significant Accounting Policies [Text Block]
Significant Accounting Policies
Basis of Combination:
The Consolidated Financial Statements include the combined assets, liabilities, revenues and expenses related to TimkenSteel as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. All significant intercompany accounts and transactions within TimkenSteel have been eliminated in the preparation of the Consolidated Financial Statements. All significant intercompany transactions with Timken prior to the spinoff are deemed to have been paid in the period the cost was incurred.
Revenue Recognition:
TimkenSteel recognizes revenue when title passes to the customer, which includes related party sales to Timken and its subsidiaries for the periods prior to spinoff. This occurs at the shipping point except for goods sold by certain foreign entities and certain exported goods, where title passes when the goods reach their destination. Selling prices are fixed based on purchase orders or contractual arrangements. Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold in the Consolidated Statements of Income.
Cash Equivalents:
TimkenSteel considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Allowance for Doubtful Accounts:
TimkenSteel maintains an allowance for doubtful accounts, which represents an estimate of the losses expected from the accounts receivable portfolio, to reduce accounts receivable to their net realizable value. The allowance is based upon historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. TimkenSteel extends credit to customers satisfying pre-defined credit criteria. TimkenSteel believes it has limited concentration of credit risk due to the diversity of its customer base.
Inventories, Net:
Inventories are valued at the lower of cost or market. The majority of TimkenSteel’s domestic inventories are valued by the last-in, first-out (LIFO) method. The remaining inventories, including manufacturing supplies inventory as well as international (outside the United States) inventories are valued by the first-in, first-out (FIFO), average cost or specific identification methods.
Property, Plant and Equipment, Net:
Property, plant and equipment, net are valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed principally by the straight-line method based upon the estimated useful lives of the assets. The useful lives are approximately 30 years for buildings and three to 20 years for machinery and equipment.
Intangible Assets, Net:
Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from three to 20 years. Indefinite-lived intangible assets not subject to amortization are tested for impairment at least annually. TimkenSteel performs its annual impairment test as of October 1 after the annual forecasting process is completed. Furthermore, indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with accounting rules related to goodwill and other intangible assets.
In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 350-40, “Internal-Use Software”, (ASC 350-40), TimkenSteel capitalizes certain costs incurred for computer software developed or obtained for internal use. TimkenSteel capitalizes substantially all external costs and qualifying internal costs related to the purchase and implementation of software projects used for business operations. Capitalized software costs primarily include purchased software and external consulting fees. Capitalized software projects are amortized over the estimated useful lives of the software. Historically, TimkenSteel inappropriately reported capitalized software as a component of property, plant and equipment. Capitalized software amounting to $17.8 million at December 31, 2013 was reclassified from property, plant and equipment, net to intangibles assets, net to conform to ASC 350-40 and the current year presentation. This immaterial classification misstatement had no impact on total assets as of December 31, 2013.
Long-lived Asset Impairment:
Long-lived assets (including tangible assets and intangible assets subject to amortization) are reviewed for impairment when events or changes in circumstances have occurred indicating that the carrying value of the assets may not be recoverable.
TimkenSteel tests recoverability of long-lived assets at the lowest level for which there are identifiable cash flows that are independent from the cash flows of other assets. TimkenSteel reviews product lines, plants, and subsidiaries, as well as individual assets for impairment. Assets and asset groups held and used are measured for recoverability by comparing the carrying amount of the asset or asset group to the sum of future undiscounted net cash flows expected to be generated by the asset or asset group.
Assumptions and estimates about future values and remaining useful lives of TimkenSteel’s long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends and internal factors such as changes in TimkenSteel’s business strategy and internal forecasts.
If an asset or asset group is considered to be impaired, the impairment loss that would be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. To determine fair value, TimkenSteel would use internal cash flow estimates discounted at an appropriate interest rate, third party appraisals, as appropriate, and/or market prices of similar assets, when available.
TimkenSteel recorded a $0.3 million write-off of certain capitalized costs related to a discontinued real estate transaction in 2014. In 2013, TimkenSteel recorded a write-down of $0.6 million related to the discontinued use of certain machinery and equipment. There were no impairments recognized for the year ended December 31, 2012.
Product Warranties:
TimkenSteel accrues liabilities for warranties based upon specific claim incidents in accordance with accounting rules relating to contingent liabilities. Should TimkenSteel become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. TimkenSteel has no significant warranty claims for the years ended December 31, 2014, 2013 and 2012.
Income Taxes:
For the periods ending prior to and on June 30, 2014, income taxes, as presented herein, attribute current and deferred income taxes of Timken to the TimkenSteel stand-alone financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed by the FASB ASC Topic 740, “Accounting for Income Taxes” (ASC 740). Accordingly, the TimkenSteel income tax provision was prepared following the “separate return method.” The separate return method applies ASC 740 to the stand-alone financial statements of each member of the consolidated group as if the group member were a separate taxpayer and a stand-alone enterprise. As a result, actual tax transactions included in the financial statements of Timken may not be included in the Consolidated Financial Statements of TimkenSteel. Similarly, the tax treatment of certain items reflected in the Consolidated Financial Statements of TimkenSteel may not be reflected in the financial statements and tax returns of Timken; therefore, such items as alternative minimum tax, net operating losses, credit carryforwards, and valuation allowances may exist in the stand-alone financial statements that may or may not exist in Timken’s financial statements.
Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. TimkenSteel recognizes valuation allowances against deferred tax assets by tax jurisdiction when it is more likely than not that such assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with ASC 740. TimkenSteel recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.
In general, the taxable income (loss) of various steel entities was included in Timken’s consolidated tax returns, where applicable, in jurisdictions around the world. As such, separate income tax returns were not prepared for any entities of TimkenSteel. Consequently, income taxes currently payable are deemed to have been remitted to Timken, in cash, in the period the liability arose and income taxes currently receivable are deemed to have been received from Timken in the period that a refund could have been recognized by TimkenSteel had TimkenSteel been a separate taxpayer. Accrued U.S. federal, state and certain foreign current income tax balances, including penalties and interest, are treated as being settled without payment as of the end of each year. Therefore, the settlement of the current income tax liability without payment is treated as a Parent contribution and is included in net transfer (to)/from Timken and affiliates in the accompanying Consolidated Statements of Changes in Equity.
Following the spinoff on June 30, 2014, TimkenSteel accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the 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. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. TimkenSteel recognizes deferred tax assets to the extent that TimkenSteel believes these assets are more likely than not to be realized. In making such a determination, TimkenSteel considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If TimkenSteel determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, TimkenSteel would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. TimkenSteel records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) TimkenSteel determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, TimkenSteel recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
TimkenSteel recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Income. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheets.
Foreign Currency Translation:
Assets and liabilities of subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are reflected as a separate component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions are included in the Consolidated Statements of Income. TimkenSteel realized foreign currency exchange losses of $1.1 million in 2014, $0.1 million in 2013 and $0.4 million in 2012.
Net Parent Investment:
Prior to the spinoff, Timken’s net investment in TimkenSteel was presented as net parent investment in lieu of stockholder’s equity. The Consolidated Statements of Changes in Equity included net cash transfers and other property transfers between Timken and TimkenSteel. Timken performed cash management and other treasury related functions on a centralized basis for nearly all of its legal entities, which included TimkenSteel. The net parent investment account included assets and liabilities incurred by Timken on behalf of TimkenSteel such as accrued liabilities related to corporate allocations including administrative expenses for legal, accounting, treasury, information technology, human resources and other services. Other assets and liabilities recorded by Timken, whose related income and expense had been pushed down to TimkenSteel, were also included in net parent investment.
All intercompany transactions effected through net parent investment in the accompanying Consolidated Balance Sheets were considered cash receipts and payments and are reflected in financing activities in the accompanying Consolidated Statements of Cash Flows.
The following table is a reconciliation of the amounts presented in the Consolidated Statements of Changes in Equity as net transfer (to)/from Timken and affiliates and the amounts presented as net transfers from/(to) Timken and affiliates on the Consolidated Statements of Cash Flows.
 
Year Ended
 
December 31, 2014
Net transfer (to)/from Timken and affiliates - Equity

($62.0
)
Dividend paid to Timken
50.0

Net transfer of (assets) and liabilities from Timken
25.0

Settlement of (assets) and liabilities with Timken
(9.2
)
Net transfers from/(to) Timken and affiliates - Cash Flow

$3.8



Pension and Other Postretirement Benefits:
TimkenSteel recognizes an overfunded status or underfunded status (i.e., the difference between the fair value of plan assets and the benefit obligations) as either an asset or a liability for its defined benefit pension and postretirement benefit plans on the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of tax. The adjustment to accumulated other comprehensive loss represents the current year net unrecognized actuarial gains and losses and unrecognized prior service costs. These amounts will be recognized in future periods as net periodic benefit cost.
Prior to the spinoff, certain of TimkenSteel’s employees participated in defined benefit pension and other postretirement benefit plans sponsored by Timken and accounted for by Timken in accordance with accounting guidance for defined benefit pension and other postretirement benefit plans. Expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate and other shared functional personnel.
Stock-Based Compensation:
TimkenSteel recognizes stock-based compensation expense based on the grant date fair value of the stock-based awards over their required vesting period on a straight-line basis, whether the award was granted with graded or cliff vesting. Stock options are issued with an exercise price equal to the opening market price of TimkenSteel common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The fair value of stock-based awards that will settle in TimkenSteel common shares, other than stock options, is based on the opening market price of TimkenSteel common shares on the grant date. The fair values of stock-based awards that will settle in cash are remeasured at each reporting period until settlement of the awards.
Derivative Instruments:
TimkenSteel recognizes all derivatives on the Consolidated Balance Sheets at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Forward contracts on various foreign currencies may be entered into in order to manage the foreign currency exchange rate risk on forecasted revenue denominated in foreign currencies. Other forward exchange contracts on various foreign currencies may be entered into in order to manage the foreign currency exchange rate risk associated with certain of TimkenSteel’s commitments denominated in foreign currencies.
As of December 31, 2014 and 2013, TimkenSteel had foreign currency forward contracts with a fair value of less than $0.1 million based on level 2 inputs.
Research and Development:
Expenditures for TimkenSteel research and development amounted to $8.5 million, $9.4 million and $11.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and were recorded as a component of selling, general and administrative expenses in the Consolidated Statements of Income. These expenditures may fluctuate from year to year depending on special projects and the needs of TimkenSteel and its customers.
Recent Accounting Pronouncements:
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The adoption of ASU 2014-15 did not affect the results of operations and financial condition of TimkenSteel.
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides guidance for revenue recognition. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. This ASU will supersede the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard will be effective for TimkenSteel in the first quarter of fiscal year 2017. Early adoption is not permitted. TimkenSteel is currently evaluating the impact of the adoption of this accounting standard update on its results of operations and financial condition.
Use of Estimates:
The preparation of these Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. These estimates and assumptions are reviewed and updated regularly to reflect recent experience.
Inventories
Inventory Disclosure [Text Block]
Inventories
The components of inventories, net as of December 31, 2014 and 2013 were as follows:
 
December 31,
 
2014
 
2013
Inventories, net:
 
 
 
Manufacturing supplies

$38.5

 

$32.8

Raw materials
56.8

 
42.9

Work in process
110.3

 
81.6

Finished products
91.1

 
71.6

Subtotal
296.7

 
228.9

Allowance for surplus and obsolete inventory
(2.9
)
 
(1.9
)
Total Inventories, net

$293.8

 

$227.0



Inventories are valued at the lower of cost or market, with approximately 65% valued by the LIFO method and the remaining inventories, including manufacturing supplies inventory as well as international (outside the United States) inventories are valued by the FIFO, average cost or specific identification methods.
If all inventories had been valued on the FIFO method, inventories would have been $86.7 million and $79.0 million greater at December 31, 2014 and 2013, respectively. TimkenSteel recognized an increase in its LIFO reserve of $7.7 million during 2014 in cost of products sold compared to an increase of $1.5 million during 2013. The increase in the LIFO reserve recognized during 2014 was due to higher costs, particularly scrap steel costs.
Property, Plant and Equipment
Property, Plant and Equipment Disclosure [Text Block]
Property, Plant and Equipment
The components of property, plant and equipment, net as of December 31, 2014 and 2013 were as follows:
 
December 31,
 
2014
 
2013
Property, Plant and Equipment, net:
 
 
 
Land and buildings

$292.4

 

$250.3

Machinery and equipment
1,183.0

 
1,125.2

Construction-in-progress
288.3

 
213.3

Subtotal
1,763.7

 
1,588.8

Less allowances for depreciation
(991.8
)
 
(924.0
)
Property, Plant and Equipment, net

$771.9

 

$664.8



Total depreciation expense was $50.8 million, $47.1 million and $43.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. In conjunction with the spinoff, property, plant and equipment, including its related allowance for depreciation, was transferred from Timken to TimkenSteel in the second quarter of 2014.
Prior to the spinoff, TimkenSteel capitalized interest allocated from Timken related to construction projects was $5.7 million, $10.8 million, and $4.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. TimkenSteel recorded additional capitalized interest of $1.2 million related to its borrowings subsequent to the separation from Timken on June 30, 2014.
Intangible Assets
Intangible Assets Disclosure [Text Block]
Intangible Assets
The components of intangible assets, net as of December 31, 2014 and 2013 were as follows:
 
December 31, 2014
 
December 31, 2013
 
Gross Carrying Amount
 
 Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
 Accumulated Amortization
 
Net Carrying Amount
Intangible Assets Subject to Amortization:
 
 
 
 
 
 
 
 
 
 
 
Customer relationships

$6.8

 

$2.4

 

$4.4

 

$6.8

 

$2.0

 

$4.8

Technology use
9.0

 
4.1

 
4.9

 
9.0

 
3.5

 
5.5

Capitalized software
50.6

 
29.6

 
21.0

 
41.2

 
23.4

 
17.8

 
66.4

 
36.1

 
30.3

 
57.0

 
28.9

 
28.1

Intangible Assets not Subject to Amortization:
 
 
 
 
 
 
 
 
 
 
 
Tradename
—

 
—

 
—

 
0.9

 
—

 
0.9

 
—

 
—

 
—

 
0.9

 
—

 
0.9

Total Intangible Assets

$66.4

 

$36.1

 

$30.3

 

$57.9

 

$28.9

 

$29.0



Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from five to 20 years. Amortization expense for intangible assets for the years ended December 31, 2014, 2013 and 2012 was $7.2 million, $2.9 million and $3.2 million, respectively.
In the fourth quarter of 2014, TimkenSteel made a final determination to discontinue the use of a tradename acquired in 2008, resulting in an impairment charge of $0.9 million, attributable to the Energy & Distribution segment, to reduce the asset to its estimated fair value of zero.
Financing Arrangements
Debt Disclosure [Text Block]
Financing Arrangements
The components of long-term debt as of December 31, 2014 and 2013 were as follows:
 
December 31,
 
2014
 
2013
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.04% as of December 31, 2014)

$12.2

 

$12.2

Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.04% as of December 31, 2014)
9.5

 
9.5

Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.04% as of December 31, 2014)
8.5

 
8.5

Revolving credit facility, due 2019 (LIBOR plus applicable spread)
155.0

 
—

Total Long-Term Debt

$185.2

 

$30.2



Credit Facility
On June 30, 2014, TimkenSteel entered into a credit facility with JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, as Syndication Agent, Bank of America, N.A. and HSBC Bank USA, National Association as Co-Documentation Agents and the other lenders and arrangers party thereto. The credit facility has a term of five years through June 30, 2019 and provides for a committed revolving credit line of up to $300.0 million. The credit facility includes an expansion option allowing TimkenSteel to request additional commitments of up to $150.0 million, in term loans or revolving credit commitments, subject to certain conditions and approvals as set forth in the credit agreement. The credit agreement provides a $50.0 million sublimit for multicurrency loans, a $50.0 million sublimit for letters of credit and a $30.0 million sublimit for swing line loans.
The credit facility may be used for working capital and asset renewal and acquisition and is secured by a first priority lien on substantially all of the assets of TimkenSteel and its subsidiaries.
TimkenSteel is required to maintain a certain capitalization ratio and interest coverage ratio as well as minimum liquidity balances as set forth in the credit agreement. As of December 31, 2014, TimkenSteel was in compliance with these ratios and liquidity requirements, as well as the additional covenants contained in the credit agreement. The credit agreement also provides the lenders with the ability to reduce the credit line amount, even if TimkenSteel is in compliance with all conditions of the credit agreement, upon a material adverse change to the business, properties, assets, financial condition or results of operations of TimkenSteel. Subject to certain limited exceptions, the credit agreement contains a number of restrictions that limit TimkenSteel’s ability to incur additional indebtedness, pledge its assets as security, guarantee obligations of third parties, make investments, undergo a merger or consolidation, dispose of assets, or materially change its line of business, among other things. In addition, the credit agreement includes a cross-default provision whereby an event of default under other debt obligations, as defined in the credit agreement, will be considered an event of default under the credit agreement.
Borrowings under the credit facility bear interest based on the daily balance outstanding at LIBOR (with no rate floor), plus an applicable margin (varying from 1.25% to 2.25%) or, in certain cases, an alternate base rate (based on certain lending institutions’ Prime Rate or as otherwise specified in the credit agreement, with no rate floor), plus an applicable margin (varying from 0.25% to 1.25%). The credit facility also carries a commitment fee equal to the unused borrowings multiplied by an applicable margin (varying from 0.20% to 0.40%). The applicable margins are calculated quarterly and vary based on TimkenSteel’s consolidated capitalization ratio as set forth in the credit agreement. TimkenSteel borrowed $155.0 million under the credit facility to fund capital expenditures, to pay a $50.0 million dividend to Timken in connection with the spinoff, to repurchase shares at a cost of $30.6 million, to purchase shares withheld for taxes $4.1 million, to fund cash dividends of $12.7 million paid to shareholders and to fund TimkenSteel’s operations. The interest rate under the revolving credit facility was 1.75% as of December 31, 2014. The amount available under the credit facility as of December 31, 2014 was $144.5 million.
Revenue Refunding Bonds
On June 1, 2014, Timken purchased in lieu of redemption the State of Ohio Water Development Revenue Refunding Bonds (Water Bonds), State of Ohio Air Quality Development Revenue Refunding Bonds (Air Quality Bonds) and State of Ohio Pollution Control Revenue Refunding Bonds (Pollution Control Bonds) (collectively, the Bonds). Pursuant to an Assignment and Assumption Agreement dated June 24, 2014 (the Assignment) between Timken and TimkenSteel, Timken assigned all of its right, title and interest in and to the loan agreements and the notes associated with the Bonds to, and these obligations were assumed by, TimkenSteel. Additionally, replacement letters of credit were issued for the Water Bonds and the Pollution Control Bonds. The Bonds were remarketed on June 24, 2014 (the Remarketing Date) in connection with the conversion of the interest rate mode for the Bonds to the weekly rate and the delivery of the replacement letters of credit, as applicable. TimkenSteel is responsible for payment of the interest and principal associated with the Bonds subsequent to the Remarketing Date. As a result of the purchase and remarketing of the Bonds, TimkenSteel recorded a loss on debt extinguishment of $0.7 million during the second quarter of 2014 related to the write-off of original deferred financing costs, which is reflected as interest expense in the Consolidated Statements of Income.
All of TimkenSteel’s long-term debt is variable-rate debt and, as a result, the carrying value of this debt is a reasonable estimate of fair value as interest rates on these borrowings approximate current market rates, which is considered a Level 2 input. For the year ended December 31, 2014, interest paid, net of amounts capitalized, was $0.2 million. Prior to the spinoff, interest payments related to TimkenSteel were made by Timken.
In addition, as part of a settlement with the IRS, in 2012 TimkenSteel redeemed half of the balance outstanding on the variable rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033, totaling $8.5 million, and agreed to redeem the remaining balance of $8.5 million on December 31, 2022. As part of the settlement, the IRS agreed to allow these bonds to remain tax-exempt during the period they are outstanding.
Leases
TimkenSteel leases a variety of real property and equipment. Rent expense under operating leases amounted to $9.2 million, $8.4 million and $8.2 million in 2014, 2013 and 2012, respectively. As of December 31, 2014, future minimum lease payments for noncancelable operating leases totaled $20.2 million and are payable as follows: 2015-$8.3 million; 2016-$5.9 million; 2017-$3.3 million; 2018-$1.8 million and 2019-$0.9 million. TimkenSteel has no significant lease commitments after 2019.
Accumulated Other Comprehensive Loss
Comprehensive Income (Loss) Note [Text Block]
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 by component are as follows:
 
Foreign Currency Translation Adjustments
 
Pension and Postretirement Liability Adjustments
 
Total
Balance at December 31, 2012

($0.6
)
 

$—

 

($0.6
)
Other comprehensive income before reclassifications, before tax
0.2

 
—

 
0.2

Income tax benefit
—

 
—

 
—

Net current period other comprehensive income, net of tax
0.2

 
—

 
0.2

Balance at December 31, 2013

($0.4
)
 

$—

 

($0.4
)
 
 
 
 
 
 
Net transfer from Timken
(3.2
)
 
(233.9
)
 
(237.1
)
Other comprehensive loss before reclassifications, before tax
(1.2
)
 
(109.3
)
 
(110.5
)
Amounts reclassified from accumulated other comprehensive loss, before income tax
—

 
19.2

 
19.2

Income tax benefit
—

 
31.5

 
31.5

Net current period other comprehensive loss, net of tax
(1.2
)
 
(58.6
)
 
(59.8
)
Balance at December 31, 2014

($4.8
)
 

($292.5
)
 

($297.3
)
The reclassification of the pension and postretirement liability adjustment was included in costs of products sold and selling, general and administrative expenses in the Consolidated Statements of Income. These components are included in the computation of pension and postretirement net periodic benefit cost. Refer to Note 8 — “Retirement and Postretirement Benefit Plans” for further details.
Retirement and Postretirement Benefits
Pension and Other Postretirement Benefits Disclosure [Text Block]
Retirement and Postretirement Benefit Plans
Defined Benefit Pensions
Prior to the spinoff, eligible TimkenSteel employees, including certain employees in foreign countries, participated in the following Timken-sponsored plans: The Timken Company Pension Plan; The Timken-Latrobe-MPB-Torrington Retirement Plan; and the Timken UK Pension Scheme. During 2014, the assets and liabilities of these pension plans related to TimkenSteel employees and retirees were transferred to pension plans sponsored by TimkenSteel as follows: TimkenSteel Corporation Retirement Plan; TimkenSteel Corporation Bargaining Unit Pension Plan and the TimkenSteel UK Pension Scheme. Plan assets of $1,193.6 million, benefit plan obligations of $1,134.8 million and accumulated other comprehensive losses of $361.8 million ($228.9 million, net of tax) were recorded by TimkenSteel related to these plans. The amounts recorded related to the transfer to TimkenSteel plans were remeasured as of the date of transfer, which included updated valuation assumptions, as appropriate.
Pension benefits earned are generally based on years of service and compensation during active employment. TimkenSteel’s funding policy is consistent with the funding requirements of applicable laws and regulations. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for the various asset classes. The expected rate of return for the investment portfolio is based on expected rates of return for various asset classes, as well as historical asset class and fund performance.
Postretirement Benefits
Prior to the spinoff, eligible retirees of TimkenSteel and their dependents were provided health care and life insurance benefits from the following Timken-sponsored plans: The Timken Company Bargaining Unit Welfare Benefit Plan for Retirees and The Timken Company Welfare Plan for Retirees. During 2014, the assets and liabilities of these postretirement plans related to TimkenSteel employees and retirees were transferred to postretirement plans sponsored by TimkenSteel as follows: TimkenSteel Corporation Bargaining Unit Welfare Benefit Plan for Retirees and TimkenSteel Corporation Welfare Benefit Plan for Retirees. Plan assets of $130.1 million, benefit plan obligations of $232.2 million and accumulated other comprehensive losses of $8.2 million ($5.0 million, net of tax) were recorded by TimkenSteel related to these plans. The amounts recorded related to the transfer to TimkenSteel plans were remeasured as of the date of transfer, which included updated valuation assumptions, as appropriate.
The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans for 2014:
Change in benefit obligation:
Pension
 
Postretirement
Benefit obligation as of December 31, 2013

$—

 

$—

Service cost
10.2

 
1.1

Interest cost
33.3

 
6.5

Actuarial (gains) losses
131.2

 
16.4

Employee contributions
—

 
—

Benefits paid
(44.2
)
 
(12.9
)
Liabilities assumed from separation
1,134.8

 
232.2

Foreign currency translation adjustment
(7.8
)
 
—

Benefit obligation as of December 31, 2014

$1,257.5

 

$243.3

Change in plan assets:
Pension
 
Postretirement
Fair value of plan assets as of December 31, 2013

$—

 

$—

Actual return on plan assets
87.5

 
5.0

Employee contributions
—

 
—

Company contributions / payments
0.3

 
20.4

Benefits paid
(44.2
)
 
(12.9
)
Assets received from separation
1,193.6

 
130.1

Foreign currency translation adjustment
(7.9
)
 
—

Fair value of plan assets as of December 31, 2014
1,229.3

 
142.6

Funded status as of December 31, 2014

($28.2
)
 

($100.7
)
 
 
 
 
Accumulated Benefit Obligation

$1,218.7

 

$243.3


Amounts recognized on the balance sheet at December 31, 2014, for TimkenSteel’s pension and postretirement benefit plans include:
 
Pension
 
Postretirement
Non-current assets

$8.0

 

$—

Current liabilities
(0.4
)
 
(17.4
)
Non-current liabilities
(35.8
)
 
(83.3
)
 

($28.2
)
 

($100.7
)

Included in accumulated other comprehensive loss at December 31, 2014, were the following before-tax amounts that had not been recognized in net periodic benefit cost:
 
Pension
 
Postretirement
Unrecognized net actuarial loss

$433.8

 

$20.0

Unrecognized prior service cost
2.7

 
3.4

 

$436.5

 

$23.4


The change in plan assets and benefit obligations before tax recognized in accumulated other comprehensive loss for the year ended December 31, 2014 was as follows:
 
Pension
 
Postretirement
Net actuarial loss

$94.7

 

$15.8

Recognized net actuarial loss
(18.1
)
 
—

Recognized prior service cost
(0.5
)
 
(0.6
)
Net transfer from Timken
361.8

 
8.2

Foreign currency translation adjustment
(1.4
)
 
—

 

$436.5

 

$23.4

Amounts expected to be amortized from accumulated other comprehensive loss and included in total net periodic benefit cost during the year ended December 31, 2015, are as follows:
 
Pension
 
Postretirement
Net actuarial loss

$32.8

 

$0.1

Prior service cost
0.6

 
1.1

 

$33.4

 

$1.2


The weighted-average assumptions used in determining benefit obligation as of December 31, 2014 were as follows:
Assumptions:
Pension
 
Postretirement
Discount rate
4.21
%
 
4.05
%
Future compensation assumption
3.09
%
 
n/a

The weighted-average assumptions used in determining benefit cost for the year ended December 31, 2014 were as follows:
Assumptions:
Pension
 
Postretirement
Discount rate
4.65
%
 
4.33
%
Future compensation assumption
3.11
%
 
n/a

Expected long-term return on plan assets
7.23
%
 
5.00
%

The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same period that benefit payments will be required to be made. The expected rate of return on plan assets assumption is based on the weighted-average expected return on the various asset classes in the plans’ portfolio. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. At December 31, 2014, a new mortality table was used for purposes of determining TimkenSteel's mortality assumption that contributed to an increase in projected benefit obligations of approximately $75 million.
For measurement purposes, TimkenSteel assumed a weighted-average annual rate of increase in the per capita cost (health care cost trend rate) of 7.00% for 2015, declining gradually to 5.00% in 2023 and thereafter for medical and prescription drug benefits, and 9.00% for 2015, declining gradually to 5.00% in 2031 and thereafter for HMO benefits. A one percentage point increase in the assumed health care cost trend rate would have increased the 2014 postretirement benefit obligation by $3.5 million and increased the total service and interest cost components by $0.1 million. A one percentage point decrease would have decreased the 2014 postretirement benefit obligation by $3.1 million and decreased the total service and interest cost components by $0.1 million.
The components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows:
 
Pension
 
Postretirement
 
Years Ended December 31,
 
Years Ended December 31,
Components of net periodic benefit cost:
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost

$10.2

 

$—

 

$—

 

$1.1

 

$—

 

$—

Interest cost
33.3

 
—

 
—

 
6.5

 
—

 
—

Expected return on plan assets
(51.0
)
 
—

 
—

 
(4.4
)
 
—

 
—

Amortization of prior service cost
0.5

 
—

 
—

 
0.6

 
—

 
—

Amortization of net actuarial loss
18.1

 
—

 
—

 
—

 
—

 
—

Allocated benefit cost from Timken
5.2

 
23.8

 
19.0

 
2.2

 
6.4

 
9.0

Net Periodic Benefit Cost

$16.3

 

$23.8

 

$19.0

 

$6.0

 

$6.4



$9.0



As disclosed above, prior to the spinoff, employees of TimkenSteel participated in various retirement and postretirement benefits sponsored by The Timken Company. Because Timken provided these benefits to eligible employees and retirees of TimkenSteel, the costs to participating employees of TimkenSteel in these plans were reflected in the Consolidated Financial Statements, while the related assets and liabilities were retained by Timken. Expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate and other shared functional personnel. All cost allocations related to the various retirement benefit plans have been deemed paid by TimkenSteel to Timken in the period in which the cost was recorded in the Consolidated Statements of Income as a component of cost of products sold and selling, general and administrative expenses. Allocated benefit cost from Timken were funded through intercompany transactions, which were reflected within the net parent investment on the Consolidated Balance Sheets.
TimkenSteel recognizes its overall responsibility to ensure that the assets of its various defined benefit pension plans are managed effectively and prudently and in compliance with its policy guidelines and all applicable laws. Preservation of capital is important; however, TimkenSteel also recognizes that appropriate levels of risk are necessary to allow its investment managers to achieve satisfactory long-term results consistent with the objectives and the fiduciary character of the pension funds. Asset allocations are established in a manner consistent with projected plan liabilities, benefit payments and expected rates of return for various asset classes. The expected rate of return for the investment portfolios is based on expected rates of return for various asset classes, as well as historical asset class and fund performance. The target allocations for plan assets are 32% equity securities, 54% debt securities and 14% in all other types of investments.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 -
Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
Level 3 -
Unobservable inputs for the asset or liability.
The following table presents the fair value hierarchy for those investments of TimkenSteel’s pension assets measured at fair value on a recurring basis as of December 31, 2014:
 
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
Cash and cash equivalents

$51.8


$0.5


$51.3


$—

Government and agency securities
298.9

283.7

15.2

—

Corporate bonds - investment grade
133.8

—

133.8

—

Equity securities - U.S. companies
80.4

80.4

—

—

Equity securities - international companies
70.1

70.1

—

—

Common collective funds - domestic equities
52.6

—

52.6

—

Common collective funds - international equities
93.3

—

93.3

—

Common collective funds - fixed income
240.3

—

240.3

—

Common collective funds - other
20.6

—

20.6

—

Mutual funds - real estate
34.2

34.2

—

—

Mutual funds - other
40.0

—

40.0

—

Real estate partnerships
56.3

—

56.3

—

Risk parity (1)
57.0

—

57.0

—

Total Assets

$1,229.3


$468.9


$760.4


$—

(1) Investments in multi-asset risk parity strategy funds with holdings in domestic and international debt and equity securities, commodities, real estate, and derivative investments.

The following table presents the fair value hierarchy for those investments of TimkenSteel’s postretirement assets measured at fair value on a recurring basis as of December 31, 2014:
 
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
Cash and cash equivalents

$2.2


$—


$2.2


$—

Common collective funds - domestic equities
21.9

—

21.9

—

Common collective funds - international equities
11.0

—

11.0

—

Common collective funds - fixed income
93.4

—

93.4

—

Risk parity (1)
14.1

—

14.1

—

Total Assets

$142.6


$—


$142.6


$—

(1) Investments in multi-asset risk parity strategy funds with holdings in domestic and international debt and equity securities, commodities, real estate, and derivative investments.

Future benefit payments are expected to be as follows:
 
 
 
Postretirement
Benefit Payments:
Pension
 
Gross
 
Medicare Part D Subsidy Receipts
2015

$74.2

 

$21.2

 

$0.9

2016
75.6

 
20.7

 
0.9

2017
75.7

 
20.0

 
1.0

2018
83.8

 
19.5

 
1.1

2019
76.6

 
18.7

 
1.2

2020-2024
383.7

 
81.9

 
6.8

Earnings Per Share
Earnings Per Share [Text Block]
Earnings Per Share
On June 30, 2014, approximately 45.4 million TimkenSteel common shares were distributed to Timken shareholders in conjunction with the spinoff. Basic earnings per share are computed based upon the weighted average number of common shares outstanding. Diluted earnings per share are computed based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, the weighted average shares outstanding as of June 30, 2014 was assumed to be outstanding as of the beginning of each period presented prior to the spinoff in the calculation of basic weighted average shares. In addition, for the dilutive weighted average share calculations, the dilutive securities outstanding at June 30, 2014 were assumed to be also outstanding at each of the periods presented prior to the spinoff. For the years ended December 31, 2014, 2013 and 2012, 0.1 million, 0.2 million and 0.2 million of equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive. Treasury stock is excluded from the denominator in calculating both basic and diluted earnings per share.
The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012:
 
Years Ended December 31,
 
2014
 
2013
 
2012
Numerator:
 
 
 
 
 
Net income for basic and diluted earnings per share

$104.4

 

$89.5

 

$155.2

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average shares outstanding, basic
45,541,705

 
45,729,624

 
45,729,624

Dilutive effect of stock-based awards
502,438

 
519,883

 
519,883

Weighted average shares outstanding, diluted
46,044,143

 
46,249,507

 
46,249,507

 
 
 
 
 
 
Basic earnings per share

$2.29

 

$1.96

 

$3.39

Diluted earnings per share

$2.27

 

$1.94

 

$3.36

Stock Based Compensation
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation
Description of the Plan
Prior to the spinoff, employees of TimkenSteel were eligible to participate in The Timken Company Long-Term Incentive Plan (Timken LTIP Plan) and The Timken Company 2011 Long-Term Incentive Plan (Timken 2011 Plan) and were eligible to receive Timken stock-based awards including stock options, restricted share awards and performance-based restricted share units. Effective June 30, 2014, TimkenSteel employees and non-employee directors began participating in the TimkenSteel Corporation 2014 Equity and Incentive Compensation Plan (TimkenSteel 2014 Plan).
The TimkenSteel 2014 Plan authorizes the Compensation Committee of the TimkenSteel Board of Directors to grant non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted shares, restricted share unit awards, performance shares, performance units, deferred shares and common shares) and cash awards to TimkenSteel employees and non-employee directors. No more than 6.75 million TimkenSteel common shares may be delivered under the TimkenSteel 2014 Plan. The TimkenSteel 2014 Plan contains fungible share counting mechanics, which generally means that awards other than stock options and stock appreciation rights will be counted against the aggregate share limit as 2.46 common shares for every one common share that is actually issued or transferred under such awards. This means, for example, that if all awards made under the TimkenSteel 2014 Plan consisted of restricted stock awards, only approximately 2.7 million common shares could be issued in settlement of such awards with the 6.75 million common shares authorized by the TimkenSteel 2014 Plan. The TimkenSteel 2014 Plan authorized up to 3.0 million common shares for use in granting “replacement awards” to current holders of Timken equity awards under Timken’s equity compensation plans at the time of the spinoff. As of December 31, 2014, approximately 4.1 million shares of TimkenSteel common stock remained available for grants under the TimkenSteel 2014 Plan.
In connection with the spinoff, stock compensation awards granted under the Timken LTIP Plan and the Timken 2011 Plan were adjusted as follows:
•
Vested and unvested stock options were adjusted so that the grantee holds options to purchase both Timken and TimkenSteel common shares.
•
The adjustment to the Timken and TimkenSteel stock options, when combined, were intended to generally preserve the intrinsic value of each original option grant and the ratio of the exercise price to the fair market value of Timken common shares on June 30, 2014.
•
Unvested restricted stock awards were replaced with adjusted, substitute awards for restricted shares or units, as applicable, of Timken and TimkenSteel common shares. The new awards of restricted stock were intended to generally preserve the intrinsic value of the original award determined as of June 30, 2014.
•
Vesting periods of awards were unaffected by the adjustment and substitution.

Awards granted in connection with the adjustment of awards originally issued under the Timken LTIP Plan and the Timken 2011 Plan are referred to as replacement awards under the TimkenSteel 2014 Plan and, as noted above, reduce the maximum number of TimkenSteel common shares available for delivery under the TimkenSteel 2014 Plan. TimkenSteel records compensation expense for both TimkenSteel and Timken common shares for awards held by TimkenSteel employees only.
The following table provides the significant assumptions used to calculate the grant date fair market values of options granted using a Black-Scholes option pricing method:
 
2014
Subsequent to Spinoff
 
2014
Prior to Spinoff
 
2013
 
2012
Weighted-average fair value per option
$18.43
 
$23.17
 
$21.17
 
$20.16
Risk-free interest rate
1.78%
 
1.80%
 
1.09%
 
1.15%
Dividend yield
1.22%
 
1.75%
 
2.29%
 
1.94%
Expected stock volatility
47.00%
 
50.35%
 
50.66%
 
50.00%
Expected life - years
6
 
6
 
6
 
6

The expected life of stock option awards granted is based on historical data and represents the period of time that options granted are expected to be held prior to exercise. In the absence of adequate stock price history of TimkenSteel common stock, expected volatility related to stock option awards granted subsequent to the spinoff is based on the historical volatility of a selected group of peer companies’ stock. Prior to the spin, volatility was calculated using the historical volatility of Timken stock. Expected annual dividends per share are estimated using the most recent dividend payment per share as of the grant date. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.

The following summarizes TimkenSteel stock option activity from June 30, 2014 to December 31, 2014:
 
Number of Shares
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value (millions)
Outstanding as of June 30, 2014
1,859,312


$26.31

 
 
Granted
10,620


$46.08

 
 
Exercised
(330,033
)

$18.13

 
 
Canceled, forfeited or expired
(18,847
)

$32.54

 
 
Outstanding as of December 31, 2014
1,521,052


$28.15

6.43
$13.60
Options expected to vest
637,623


$33.26

8.11
$2.50
Options exercisable
801,327


$23.59

4.80
$10.80
Stock options presented in this table represent TimkenSteel awards only, including those held by Timken employees.
The total intrinsic value of stock options exercised during the period from June 30, 2014 to December 31, 2014 was $9.7 million. Cash proceeds from the exercise of stock options were $5.8 million. The tax benefit from stock option exercises was $0.3 million.
The following summarizes TimkenSteel stock-settled restricted share award activity from June 30, 2014 to December 31, 2014:
 
Number of Shares
Weighted Average Grant Date Fair Value
Outstanding as of June 30, 2014
342,080


$31.94

Granted
34,370


$37.98

Vested
(16,429
)

$44.35

Canceled or expired
(67,763
)

$31.54

Outstanding as of December 31, 2014
292,258


$32.04

Restricted share awards presented in this table represent TimkenSteel awards only, including those held by Timken employees.
The adjustment of the stock compensation awards occurred in conjunction with the distribution of TimkenSteel common shares to Timken shareholders in the June 30, 2014 after-market distribution. Outstanding restricted share awards include restricted shares, restricted shares units, performance-based restricted shares and deferred shares that will settle in common shares. Outstanding restricted shares and restricted share units generally cliff-vest after three years or vest in 25% increments annually beginning on the first anniversary of the date of grant. Performance-based restricted shares vest based on achievement of specified performance objectives.
TimkenSteel recognized stock-based compensation expense of $6.0 million ($3.8 million after tax), $2.8 million ($1.8 million after tax) and $2.6 million ($1.6 million after tax) for the years ended December 31, 2014, 2013 and 2012, respectively, related to stock option awards and stock-settled restricted share awards. 2014 compensation expense includes the recognition of $0.3 million of incremental compensation expense in the second quarter of 2014 resulting from the adjustment and substitution of stock-settled awards.
As of December 31, 2014, unrecognized compensation cost related to stock option awards and stock-settled restricted shares was $11.2 million, which is expected to be recognized over a weighted average period of 1.5 years. The calculations of unamortized expense and weighted-average periods include awards based on both TimkenSteel and Timken stock awards held by TimkenSteel employees.
Certain restricted stock units, including performance-based restricted stock units, are settled in cash and were adjusted and substituted as described above. TimkenSteel accrued $5.3 million and $1.5 million as of December 31, 2014 and 2013, respectively, which was included in salaries, wages and benefits, and other non-current liabilities on the Consolidated Balance Sheets.
Segment Information
Segment Reporting Disclosure [Text Block]
Segment Information
TimkenSteel operates and reports financial results for two segments: Industrial & Mobile and Energy & Distribution. These segments represent the level at which the chief operating decision maker (CODM) reviews the financial performance of TimkenSteel and makes operating decisions. Segment earnings before interest and taxes (EBIT) is the measure of profit and loss that the CODM uses to evaluate the financial performance of TimkenSteel and is the basis for resource allocation, performance reviews and compensation. For these reasons, TimkenSteel believes that Segment EBIT represents the most relevant measure of segment profit and loss. The CODM may exclude certain charges or gains from EBIT, such as corporate charges and other special charges, to arrive at a Segment EBIT that is a more meaningful measure of profit and loss upon which to base operating decisions. TimkenSteel defines Segment EBIT margin as Segment EBIT as a percentage of net sales.
TimkenSteel changed the method by which certain costs and expenses are allocated to its reportable segments beginning with the third quarter of 2014. The change reflects a refinement of its internal reporting to align with the way management now makes operating decisions and manages the growth and profitability of its business as an independent company subsequent to the spinoff from Timken. This change corresponds with management’s current approach to allocating costs and resources and assessing the performance of its segments. TimkenSteel reports segment information in accordance with the provisions of FASB ASC 280, “Segment Reporting.” There has been no change in the total consolidated financial condition or results of operations previously reported as a result of the change in its segment cost structure. All periods presented have been adjusted to reflect this change.
Industrial & Mobile
The Industrial & Mobile segment is a leading provider of high-quality air-melted alloy steel bars, tubes, precision components and value-added services. For the industrial market sector, TimkenSteel sells to original equipment manufacturers including agriculture, construction, machinery, military, mining, power generation and rail. For the mobile market sector, TimkenSteel sells to automotive customers including light-vehicle, medium-truck and heavy-truck applications. Products in this segment are in applications, including engine, transmission and driveline components, large hydraulic system components, military ordnance, mining and construction drilling applications and other types of equipment.
Energy & Distribution
The Energy & Distribution segment is a leading provider of high-quality air-melted alloy steel bars, seamless tubes and value-added services such as thermal treatment and machining. The Energy & Distribution segment offers unique steel chemistries in various product configurations to improve customers’ performance in demanding drilling, completion and production activities. Application of TimkenSteel’s engineered material solutions can be found in both offshore and land-based drilling rig activities. Vertical and horizontal drilling and completion applications include high strength drill string components and specialized completion tools that enable hydraulic fracturing for shale gas and oil. Distribution channel activity also is conducted through this segment. Distribution channel activity constitutes direct sales of steel bars and seamless mechanical tubes to distributors. TimkenSteel authorized service centers enable TimkenSteel to collaborate with various independent service centers to deliver differentiated solutions for end users.
 
Years Ended December 31,
 
2014
 
2013
 
2012
Net Sales:
 
 
 
 
 
Industrial & Mobile

$962.0

 

$865.0

 

$1,014.1

Energy & Distribution
712.2

 
515.9

 
714.6

 

$1,674.2

 

$1,380.9

 

$1,728.7

Segment EBIT:
 
 
 
 
 
Industrial & Mobile

$79.8

 

$83.9

 

$102.0

Energy & Distribution
98.8

 
58.6

 
128.9

Total Segment EBIT

$178.6

 

$142.5

 

$230.9

Unallocated (1) 
(19.5
)
 
(14.7
)
 
3.7

Interest expense
(0.9
)
 
(0.2
)
 
(0.3
)
Income Before Income Taxes

$158.2

 

$127.6

 

$234.3

(1) Unallocated are costs associated with strategy, corporate development, tax, treasury, legal, internal audit, LIFO and general administration expenses.

Energy & Distribution intersegment sales to the Industrial & Mobile segment were $1.5 million, $1.7 million and $1.7 million for the years ended December 31, 2014, 2013 and 2012, respectively.
 
Years Ended December 31,
 
2014
 
2013
 
2012
Capital Expenditures:
 
 
 
 
 
Industrial & Mobile

$59.6

 

$83.5

 

$92.8

Energy & Distribution
70.0

 
99.3

 
74.4

 

$129.6

 

$182.8

 

$167.2

Depreciation and Amortization:
 
 
 
 
 
Industrial & Mobile

$27.8

 

$22.1

 

$24.2

Energy & Distribution
30.2

 
27.9

 
22.0

 

$58.0

 

$50.0

 

$46.2

 
December 31,
 
2014
 
2013
Assets Employed at Year-end:
 
 
 
Industrial & Mobile
700.1

 
585.9

Energy & Distribution
750.7

 
571.9

Unallocated (2)
(86.7
)
 
(79.0
)
 

$1,364.1

 

$1,078.8

(2) Unallocated assets are costs associated with LIFO.
Geographic Information
TimkenSteel changed the method by which it reports net sales by geographic area during the year ended December 31, 2014. The change reflects a refinement of its internal reporting to align with the way management now makes operating decisions and manages the growth and profitability of its business as an independent company subsequent to the spinoff from Timken. Net sales by geographic area are now reported by the country in which the customer is domiciled. All periods present have been adjusted to reflect this change. There has been no change in the total consolidated financial condition or results of operations previously reported as a result of the change in the determination of geographic information.
Long-lived assets include property, plant and equipment and intangible assets subject to amortization. Long-lived assets by geographic area are reported by the location of the TimkenSteel subsidiary to which the asset is attributed.
 
Years Ended December 31,
 
2014
 
2013
 
2012
Net Sales:
 
 
 
 
 
United States

$1,514.9

 

$1,244.4

 

$1,567.4

Foreign
159.3

 
136.5

 
161.3

 

$1,674.2

 

$1,380.9

 

$1,728.7

 
December 31,
 
2014
 
2013
Long-lived Assets:
 
 
 
United States

$801.6

 

$693.6

Foreign
0.6

 
0.2

 

$802.2

 

$693.8

Income Taxes
Income Tax Disclosure [Text Block]
Income Tax Provision
As previously discussed in Note 2 — “Significant Accounting Policies”, although TimkenSteel was historically included in the consolidated income tax returns of The Timken Company, TimkenSteel’s income taxes are computed and reported herein under the “separate return method” for periods ending prior to and on June 30, 2014. Use of the separate return method may result in differences when the sum of the amounts allocated to standalone tax provisions are compared with amounts presented in the Consolidated Financial Statements. In that event, the related deferred tax assets and liabilities could be significantly different from those presented herein. Certain tax attributes, such as net operating loss carryforwards that were actually reflected in Timken’s Consolidated Financial Statements may or may not exist at the standalone level for TimkenSteel. Following the spinoff on June 30, 2014, TimkenSteel’s income taxes are computed and reported herein under the asset and liability method under ASC 740. Prior to the June 30, 2014 spinoff transaction from Timken, TimkenSteel was included in Timken’s income tax returns for all applicable years. TimkenSteel anticipates an adjustment of income taxes payable under the tax sharing agreement between Timken and TimkenSteel upon the filing of Timken’s consolidated U.S. federal and state income tax returns for the period prior to June 30, 2014. When the income tax payable adjustments are finalized with Timken for the pre-June 30, 2014 period based on filed tax returns, TimkenSteel will adjust its additional paid-in capital as necessary.
Income from operations before income taxes, based on geographic location of the operations to which such earnings are attributable, is provided below.
 
Years Ended December 31,
 
2014
 
2013
 
2012
United States

$155.0

 

$125.9

 

$231.9

Non-United States
3.2

 
1.7

 
2.4

Income from operations before income taxes

$158.2

 

$127.6

 

$234.3



The provision for income taxes consisted of the following:
 
Years Ended December 31,
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
Federal

$32.3

 

$18.5

 

$65.6

State and local
5.3

 
3.5

 
5.4

Foreign
0.5

 
0.1

 
1.0

 

$38.1

 

$22.1

 

$72.0

Deferred:
 
 
 
 
 
Federal

$17.6

 

$15.5

 

$6.8

State and local
(1.9
)
 
0.5

 
0.2

Foreign
—

 
—

 
0.1

 
15.7

 
16.0

 
7.1

United States and foreign tax expense on income

$53.8

 

$38.1

 

$79.1


Tax payments made by Timken, related to TimkenSteel, for the six months ended June 30, 2014 and for the year ended December 31, 2013 and December 31, 2012 were $35.2 million, $22.1 million and $72.0 million, respectively. Income taxes currently payable prior to the spinoff are deemed to have been remitted to Timken, in cash, in the period the liability arose and income taxes currently receivable are deemed to have been received from Timken in the period that a refund could have been recognized by TimkenSteel had TimkenSteel been a separate taxpayer.
Tax payments made by TimkenSteel for the six months ended December 31, 2014 were $27.9 million and $0.4 million for U.S. federal and state payments and foreign payments, respectively. At December 31, 2014, TimkenSteel had refundable overpayments of federal income taxes of approximately $25.0 million. TimkenSteel recorded that receivable as a component of prepaid expenses on the Consolidated Balance Sheets.
The reconciliation between TimkenSteel’s effective tax rate on income from continuing operations and the statutory tax rate is as follows:
 
Years Ended December 31,
 
2014
 
2013
 
2012
Income tax at the U.S. federal statutory rate

$55.4

 

$44.6

 

$82.0

Adjustments:
 
 
 
 
 
State and local income taxes, net of federal tax benefit
2.1

 
2.5

 
3.7

Foreign losses without current tax benefits
—

 
—

 
0.5

Foreign earnings taxed at different rates including tax holidays
(0.2
)
 
(0.3
)
 
0.3

U.S. domestic manufacturing deduction
(3.2
)
 
(2.3
)
 
(6.4
)
U.S. research tax credit
(0.6
)
 
(0.5
)
 
(0.6
)
Accruals and settlements related to tax audits
—

 
(6.1
)
 
—

Other items, net
0.3

 
0.2

 
(0.4
)
Provision for income taxes

$53.8

 

$38.1

 

$79.1

Effective income tax rate
34.0
%
 
29.9
%
 
33.8
%
Income tax expense includes U.S. and international income taxes. Except as required under U.S. tax law, U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the United States. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. Undistributed earnings of foreign subsidiaries that are invested indefinitely outside of the United States were $1.5 million, $6.4 million and $9.0 million at December 31, 2014, 2013 and 2012, respectively. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable because of the complexities of the hypothetical calculation.
The effect of temporary differences giving rise to deferred tax assets and liabilities at December 31, 2014 and 2013 was as follows:
 
December 31,
 
2014
 
2013
Deferred tax assets:
 
 
 
Pension and other postretirement benefits

$52.7

 

$—

Other employee benefit accruals
17.2

 
5.2

Tax loss carryforwards
18.1

 
14.1

Intangible assets
3.0

 
3.1

Other, net
1.7

 
8.3

Deferred tax assets subtotal

$92.7

 

$30.7

Valuation allowances
(11.7
)
 
(14.1
)
Deferred tax assets
80.8

 
16.6

Deferred tax liabilities:
 
 
 
Depreciation

($131.9
)
 

($93.4
)
Inventory
(3.7
)
 
(7.6
)
Deferred tax liabilities subtotal
(135.6
)
 
(101.0
)
Net deferred tax liabilities

($54.8
)
 

($84.4
)
As of December 31, 2014, TimkenSteel had loss carryforwards in the U.S. and various non-U.S. jurisdictions with tax benefits totaling $18.1 million having various expiration dates. TimkenSteel has provided valuation allowances of $11.7 million against these carryforwards. The majority of the non-U.S. loss carryforwards represent local country net operating losses for branches of TimkenSteel or entities treated as branches of TimkenSteel under U.S. tax law. Tax benefits have been recorded for these losses in the United States. The related local country net operating loss carryforwards are offset fully by valuation allowances.
As of December 31, 2014, TimkenSteel had no total gross unrecognized tax benefits, and no amounts which represented unrecognized tax benefits that would favorably impact TimkenSteel’s effective income tax rate in any future periods if such benefits were recognized. As of December 31, 2014, TimkenSteel does not anticipate a change in its unrecognized tax positions during the next 12 months. TimkenSteel had no accrued interest and penalties related to uncertain tax positions as of December 31, 2014. TimkenSteel records interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2013, TimkenSteel had $0.7 million of total gross unrecognized tax benefits. Included in this amount was $0.4 million, which represented the amount of unrecognized tax benefits that would favorably impact TimkenSteel’s effective income tax rate in any future periods if such benefits were recognized. TimkenSteel had accrued $0.1 million of interest and penalties related to uncertain tax positions as of December 31, 2013. TimkenSteel records interest and penalties related to uncertain tax positions as a component of income tax expense.
The reconciliation of TimkenSteel’s total gross unrecognized tax benefits is as follows:
 
Years Ended December 31,
 
2014
 
2013
 
2012
Beginning balance, January 1

$0.7

 

$8.0

 

$8.0

Tax positions related to prior years:
 
 
 
 
 
Additions
—

 
0.3

 
0.1

Reductions
(0.7
)
 
(6.0
)
 
(0.1
)
Settlements
—

 
(1.6
)
 
—

Ending balance, December 31

$—

 

$0.7

 

$8.0

As of December 31, 2014, Timken is subject to examination by the IRS for tax years 2006 to the present. Timken also is subject to tax examination in various U.S. state and local tax jurisdictions for tax years 2006 to the present. Timken also is subject to tax examination in various foreign tax jurisdictions, including Mexico for tax years 2007 to the present, China for tax years 2010 to the present and the United Kingdom for tax years 2011 to the present. TimkenSteel is subject to examination by the IRS for the period June 30, 2014 through December 31, 2014. TimkenSteel also is subject to tax examinations in various foreign tax jurisdictions, including Mexico, China, Poland, Singapore, and the United Kingdom for the period June 30, 2014 through December 31, 2014.
Contingencies
Contingencies Disclosure [Text Block]
Contingencies
TimkenSteel has a number of loss exposures that are incurred in the ordinary course of business such as environmental claims, product liability claims, product warranty claims, litigation and accounts receivable reserves. Establishing loss reserves for these matters requires management’s estimate and judgment with regards to risk exposure and ultimate liability or realization. These loss reserves are reviewed periodically and adjustments are made to reflect the most recent facts and circumstances.
Environmental Matters
From time to time, TimkenSteel may be a party to lawsuits, claims or other proceedings related to environmental matters and/or may receive notices of potential violations of environmental laws and regulations from the U.S. Environmental Protection Agency and similar state or local authorities. TimkenSteel recorded reserves for such environmental matters as other current liabilities on the Consolidated Balance Sheets. There were no amounts accrued as of December 31, 2013 and 2012. Accruals related to such environmental matters represent management’s best estimate of the fees and costs associated with these matters. Although it is not possible to predict with certainty the outcome of such matters, management believes that their ultimate dispositions, should not have a material adverse effect on TimkenSteel’s financial position, cash flows, or results of operations.
 
2014
Balance at December 31, 2013

$—

Expenses
1.5

Payments
(0.2
)
Balance at December 31, 2014

$1.3

Significant Accounting Policies (Policies)
Business Combinations Policy [Policy Text Block] 
Basis of Combination:
The Consolidated Financial Statements include the combined assets, liabilities, revenues and expenses related to TimkenSteel as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. All significant intercompany accounts and transactions within TimkenSteel have been eliminated in the preparation of the Consolidated Financial Statements. All significant intercompany transactions with Timken prior to the spinoff are deemed to have been paid in the period the cost was incurred.
Revenue Recognition, Policy [Policy Text Block] 
Revenue Recognition:
TimkenSteel recognizes revenue when title passes to the customer, which includes related party sales to Timken and its subsidiaries for the periods prior to spinoff. This occurs at the shipping point except for goods sold by certain foreign entities and certain exported goods, where title passes when the goods reach their destination. Selling prices are fixed based on purchase orders or contractual arrangements. Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold in the Consolidated Statements of Income.
Cash and Cash Equivalents, Policy [Policy Text Block] 
Cash Equivalents:
TimkenSteel considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] 
Allowance for Doubtful Accounts:
TimkenSteel maintains an allowance for doubtful accounts, which represents an estimate of the losses expected from the accounts receivable portfolio, to reduce accounts receivable to their net realizable value. The allowance is based upon historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. TimkenSteel extends credit to customers satisfying pre-defined credit criteria. TimkenSteel believes it has limited concentration of credit risk due to the diversity of its customer base.
Inventory, Policy [Policy Text Block] 
Inventories, Net:
Inventories are valued at the lower of cost or market. The majority of TimkenSteel’s domestic inventories are valued by the last-in, first-out (LIFO) method. The remaining inventories, including manufacturing supplies inventory as well as international (outside the United States) inventories are valued by the first-in, first-out (FIFO), average cost or specific identification methods.
Property, Plant and Equipment, Policy [Policy Text Block] 
Property, Plant and Equipment, Net:
Property, plant and equipment, net are valued at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred. The provision for depreciation is computed principally by the straight-line method based upon the estimated useful lives of the assets. The useful lives are approximately 30 years for buildings and three to 20 years for machinery and equipment.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] 
Intangible Assets, Net:
Intangible assets subject to amortization are amortized on a straight-line method over their legal or estimated useful lives, with useful lives ranging from three to 20 years. Indefinite-lived intangible assets not subject to amortization are tested for impairment at least annually. TimkenSteel performs its annual impairment test as of October 1 after the annual forecasting process is completed. Furthermore, indefinite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with accounting rules related to goodwill and other intangible assets.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] 
Long-lived Asset Impairment:
Long-lived assets (including tangible assets and intangible assets subject to amortization) are reviewed for impairment when events or changes in circumstances have occurred indicating that the carrying value of the assets may not be recoverable.
TimkenSteel tests recoverability of long-lived assets at the lowest level for which there are identifiable cash flows that are independent from the cash flows of other assets. TimkenSteel reviews product lines, plants, and subsidiaries, as well as individual assets for impairment. Assets and asset groups held and used are measured for recoverability by comparing the carrying amount of the asset or asset group to the sum of future undiscounted net cash flows expected to be generated by the asset or asset group.
Assumptions and estimates about future values and remaining useful lives of TimkenSteel’s long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends and internal factors such as changes in TimkenSteel’s business strategy and internal forecasts.
If an asset or asset group is considered to be impaired, the impairment loss that would be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. To determine fair value, TimkenSteel would use internal cash flow estimates discounted at an appropriate interest rate, third party appraisals, as appropriate, and/or market prices of similar assets, when available.
Standard Product Warranty, Policy [Policy Text Block] 
Product Warranties:
TimkenSteel accrues liabilities for warranties based upon specific claim incidents in accordance with accounting rules relating to contingent liabilities. Should TimkenSteel become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly. TimkenSteel has no significant warranty claims for the years ended December 31, 2014, 2013 and 2012.
Income Tax, Policy [Policy Text Block] 
Income Taxes:
For the periods ending prior to and on June 30, 2014, income taxes, as presented herein, attribute current and deferred income taxes of Timken to the TimkenSteel stand-alone financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed by the FASB ASC Topic 740, “Accounting for Income Taxes” (ASC 740). Accordingly, the TimkenSteel income tax provision was prepared following the “separate return method.” The separate return method applies ASC 740 to the stand-alone financial statements of each member of the consolidated group as if the group member were a separate taxpayer and a stand-alone enterprise. As a result, actual tax transactions included in the financial statements of Timken may not be included in the Consolidated Financial Statements of TimkenSteel. Similarly, the tax treatment of certain items reflected in the Consolidated Financial Statements of TimkenSteel may not be reflected in the financial statements and tax returns of Timken; therefore, such items as alternative minimum tax, net operating losses, credit carryforwards, and valuation allowances may exist in the stand-alone financial statements that may or may not exist in Timken’s financial statements.
Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. TimkenSteel recognizes valuation allowances against deferred tax assets by tax jurisdiction when it is more likely than not that such assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with ASC 740. TimkenSteel recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.
In general, the taxable income (loss) of various steel entities was included in Timken’s consolidated tax returns, where applicable, in jurisdictions around the world. As such, separate income tax returns were not prepared for any entities of TimkenSteel. Consequently, income taxes currently payable are deemed to have been remitted to Timken, in cash, in the period the liability arose and income taxes currently receivable are deemed to have been received from Timken in the period that a refund could have been recognized by TimkenSteel had TimkenSteel been a separate taxpayer. Accrued U.S. federal, state and certain foreign current income tax balances, including penalties and interest, are treated as being settled without payment as of the end of each year. Therefore, the settlement of the current income tax liability without payment is treated as a Parent contribution and is included in net transfer (to)/from Timken and affiliates in the accompanying Consolidated Statements of Changes in Equity.
Following the spinoff on June 30, 2014, TimkenSteel accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the 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. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. TimkenSteel recognizes deferred tax assets to the extent that TimkenSteel believes these assets are more likely than not to be realized. In making such a determination, TimkenSteel considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If TimkenSteel determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, TimkenSteel would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. TimkenSteel records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) TimkenSteel determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, TimkenSteel recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
TimkenSteel recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Income. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheets.
Foreign Currency Transactions and Translations Policy [Policy Text Block] 
Foreign Currency Translation:
Assets and liabilities of subsidiaries are translated at the rate of exchange in effect on the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The related translation adjustments are reflected as a separate component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions are included in the Consolidated Statements of Income. TimkenSteel realized foreign currency exchange losses of $1.1 million in 2014, $0.1 million in 2013 and $0.4 million in 2012.
Parent Equity [Policy Text Block] 
Net Parent Investment:
Prior to the spinoff, Timken’s net investment in TimkenSteel was presented as net parent investment in lieu of stockholder’s equity. The Consolidated Statements of Changes in Equity included net cash transfers and other property transfers between Timken and TimkenSteel. Timken performed cash management and other treasury related functions on a centralized basis for nearly all of its legal entities, which included TimkenSteel. The net parent investment account included assets and liabilities incurred by Timken on behalf of TimkenSteel such as accrued liabilities related to corporate allocations including administrative expenses for legal, accounting, treasury, information technology, human resources and other services. Other assets and liabilities recorded by Timken, whose related income and expense had been pushed down to TimkenSteel, were also included in net parent investment.
All intercompany transactions effected through net parent investment in the accompanying Consolidated Balance Sheets were considered cash receipts and payments and are reflected in financing activities in the accompanying Consolidated Statements of Cash Flows.
Pension and Other Postretirement Plans, Policy [Policy Text Block] 
Pension and Other Postretirement Benefits:
TimkenSteel recognizes an overfunded status or underfunded status (i.e., the difference between the fair value of plan assets and the benefit obligations) as either an asset or a liability for its defined benefit pension and postretirement benefit plans on the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of tax. The adjustment to accumulated other comprehensive loss represents the current year net unrecognized actuarial gains and losses and unrecognized prior service costs. These amounts will be recognized in future periods as net periodic benefit cost.
Prior to the spinoff, certain of TimkenSteel’s employees participated in defined benefit pension and other postretirement benefit plans sponsored by Timken and accounted for by Timken in accordance with accounting guidance for defined benefit pension and other postretirement benefit plans. Expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate and other shared functional personnel.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] 
Stock-Based Compensation:
TimkenSteel recognizes stock-based compensation expense based on the grant date fair value of the stock-based awards over their required vesting period on a straight-line basis, whether the award was granted with graded or cliff vesting. Stock options are issued with an exercise price equal to the opening market price of TimkenSteel common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The fair value of stock-based awards that will settle in TimkenSteel common shares, other than stock options, is based on the opening market price of TimkenSteel common shares on the grant date. The fair values of stock-based awards that will settle in cash are remeasured at each reporting period until settlement of the awards.
Derivatives, Policy [Policy Text Block] 
Derivative Instruments:
TimkenSteel recognizes all derivatives on the Consolidated Balance Sheets at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Forward contracts on various foreign currencies may be entered into in order to manage the foreign currency exchange rate risk on forecasted revenue denominated in foreign currencies. Other forward exchange contracts on various foreign currencies may be entered into in order to manage the foreign currency exchange rate risk associated with certain of TimkenSteel’s commitments denominated in foreign currencies.
Research and Development Expense, Policy [Policy Text Block] 
Research and Development:
Expenditures for TimkenSteel research and development amounted to $8.5 million, $9.4 million and $11.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and were recorded as a component of selling, general and administrative expenses in the Consolidated Statements of Income. These expenditures may fluctuate from year to year depending on special projects and the needs of TimkenSteel and its customers.
New Accounting Pronouncements, Policy [Policy Text Block] 
Recent Accounting Pronouncements:
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The adoption of ASU 2014-15 did not affect the results of operations and financial condition of TimkenSteel.
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which provides guidance for revenue recognition. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. This ASU will supersede the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard will be effective for TimkenSteel in the first quarter of fiscal year 2017. Early adoption is not permitted. TimkenSteel is currently evaluating the impact of the adoption of this accounting standard update on its results of operations and financial condition.
Use of Estimates, Policy [Policy Text Block] 
Use of Estimates:
The preparation of these Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. These estimates and assumptions are reviewed and updated regularly to reflect recent experience.
Significant Accounting Policies (Tables)
Reconciliation of Settlements with Timken [Table Text Block]
The following table is a reconciliation of the amounts presented in the Consolidated Statements of Changes in Equity as net transfer (to)/from Timken and affiliates and the amounts presented as net transfers from/(to) Timken and affiliates on the Consolidated Statements of Cash Flows.
 
Year Ended
 
December 31, 2014
Net transfer (to)/from Timken and affiliates - Equity

($62.0
)
Dividend paid to Timken
50.0

Net transfer of (assets) and liabilities from Timken
25.0

Settlement of (assets) and liabilities with Timken
(9.2
)
Net transfers from/(to) Timken and affiliates - Cash Flow

$3.8

Inventories (Tables)
Schedule of Inventory, Current [Table Text Block]
The components of inventories, net as of December 31, 2014 and 2013 were as follows:
 
December 31,
 
2014
 
2013
Inventories, net:
 
 
 
Manufacturing supplies

$38.5

 

$32.8

Raw materials
56.8

 
42.9

Work in process
110.3

 
81.6

Finished products
91.1

 
71.6

Subtotal
296.7

 
228.9

Allowance for surplus and obsolete inventory
(2.9
)
 
(1.9
)
Total Inventories, net

$293.8

 

$227.0

Property, Plant and Equipment (Tables)
Property, Plant and Equipment [Table Text Block]
The components of property, plant and equipment, net as of December 31, 2014 and 2013 were as follows:
 
December 31,
 
2014
 
2013
Property, Plant and Equipment, net:
 
 
 
Land and buildings

$292.4

 

$250.3

Machinery and equipment
1,183.0

 
1,125.2

Construction-in-progress
288.3

 
213.3

Subtotal
1,763.7

 
1,588.8

Less allowances for depreciation
(991.8
)
 
(924.0
)
Property, Plant and Equipment, net

$771.9

 

$664.8

Intangible Assets (Tables)
Schedule of Finite and Indefinite Lived Intangible Assets by Major Class [Table Text Block]
The components of intangible assets, net as of December 31, 2014 and 2013 were as follows:
 
December 31, 2014
 
December 31, 2013
 
Gross Carrying Amount
 
 Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
 Accumulated Amortization
 
Net Carrying Amount
Intangible Assets Subject to Amortization:
 
 
 
 
 
 
 
 
 
 
 
Customer relationships

$6.8

 

$2.4

 

$4.4

 

$6.8

 

$2.0

 

$4.8

Technology use
9.0

 
4.1

 
4.9

 
9.0

 
3.5

 
5.5

Capitalized software
50.6

 
29.6

 
21.0

 
41.2

 
23.4

 
17.8

 
66.4

 
36.1

 
30.3

 
57.0

 
28.9

 
28.1

Intangible Assets not Subject to Amortization:
 
 
 
 
 
 
 
 
 
 
 
Tradename
—

 
—

 
—

 
0.9

 
—

 
0.9

 
—

 
—

 
—

 
0.9

 
—

 
0.9

Total Intangible Assets

$66.4

 

$36.1

 

$30.3

 

$57.9

 

$28.9

 

$29.0

Financing Arrangements (Tables)
Long-term debt
The components of long-term debt as of December 31, 2014 and 2013 were as follows:
 
December 31,
 
2014
 
2013
Variable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.04% as of December 31, 2014)

$12.2

 

$12.2

Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.04% as of December 31, 2014)
9.5

 
9.5

Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.04% as of December 31, 2014)
8.5

 
8.5

Revolving credit facility, due 2019 (LIBOR plus applicable spread)
155.0

 
—

Total Long-Term Debt

$185.2

 

$30.2

Accumulated Other Comprehensive Loss (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Changes in accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 by component are as follows:
 
Foreign Currency Translation Adjustments
 
Pension and Postretirement Liability Adjustments
 
Total
Balance at December 31, 2012

($0.6
)
 

$—

 

($0.6
)
Other comprehensive income before reclassifications, before tax
0.2

 
—

 
0.2

Income tax benefit
—

 
—

 
—

Net current period other comprehensive income, net of tax
0.2

 
—

 
0.2

Balance at December 31, 2013

($0.4
)
 

$—

 

($0.4
)
 
 
 
 
 
 
Net transfer from Timken
(3.2
)
 
(233.9
)
 
(237.1
)
Other comprehensive loss before reclassifications, before tax
(1.2
)
 
(109.3
)
 
(110.5
)
Amounts reclassified from accumulated other comprehensive loss, before income tax
—

 
19.2

 
19.2

Income tax benefit
—

 
31.5

 
31.5

Net current period other comprehensive loss, net of tax
(1.2
)
 
(58.6
)
 
(59.8
)
Balance at December 31, 2014

($4.8
)
 

($292.5
)
 

($297.3
)
Retirement and Postretirement Benefits (Tables)
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] 
The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans for 2014:
Change in benefit obligation:
Pension
 
Postretirement
Benefit obligation as of December 31, 2013

$—

 

$—

Service cost
10.2

 
1.1

Interest cost
33.3

 
6.5

Actuarial (gains) losses
131.2

 
16.4

Employee contributions
—

 
—

Benefits paid
(44.2
)
 
(12.9
)
Liabilities assumed from separation
1,134.8

 
232.2

Foreign currency translation adjustment
(7.8
)
 
—

Benefit obligation as of December 31, 2014

$1,257.5

 

$243.3

Change in plan assets:
Pension
 
Postretirement
Fair value of plan assets as of December 31, 2013

$—

 

$—

Actual return on plan assets
87.5

 
5.0

Employee contributions
—

 
—

Company contributions / payments
0.3

 
20.4

Benefits paid
(44.2
)
 
(12.9
)
Assets received from separation
1,193.6

 
130.1

Foreign currency translation adjustment
(7.9
)
 
—

Fair value of plan assets as of December 31, 2014
1,229.3

 
142.6

Funded status as of December 31, 2014

($28.2
)
 

($100.7
)
 
 
 
 
Accumulated Benefit Obligation

$1,218.7

 

$243.3

Schedule of Amounts Recognized in Balance Sheet [Table Text Block] 
Amounts recognized on the balance sheet at December 31, 2014, for TimkenSteel’s pension and postretirement benefit plans include:
 
Pension
 
Postretirement
Non-current assets

$8.0

 

$—

Current liabilities
(0.4
)
 
(17.4
)
Non-current liabilities
(35.8
)
 
(83.3
)
 

($28.2
)
 

($100.7
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] 
Included in accumulated other comprehensive loss at December 31, 2014, were the following before-tax amounts that had not been recognized in net periodic benefit cost:
 
Pension
 
Postretirement
Unrecognized net actuarial loss

$433.8

 

$20.0

Unrecognized prior service cost
2.7

 
3.4

 

$436.5

 

$23.4

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] 
The change in plan assets and benefit obligations before tax recognized in accumulated other comprehensive loss for the year ended December 31, 2014 was as follows:
 
Pension
 
Postretirement
Net actuarial loss

$94.7

 

$15.8

Recognized net actuarial loss
(18.1
)
 
—

Recognized prior service cost
(0.5
)
 
(0.6
)
Net transfer from Timken
361.8

 
8.2

Foreign currency translation adjustment
(1.4
)
 
—

 

$436.5

 

$23.4

Amounts expected to be amortized from accumulated other comprehensive loss and included in total net periodic benefit cost during the year ended December 31, 2015, are as follows:
 
Pension
 
Postretirement
Net actuarial loss

$32.8

 

$0.1

Prior service cost
0.6

 
1.1

 

$33.4

 

$1.2

Schedule of Assumptions Used [Table Text Block] 
The weighted-average assumptions used in determining benefit obligation as of December 31, 2014 were as follows:
Assumptions:
Pension
 
Postretirement
Discount rate
4.21
%
 
4.05
%
Future compensation assumption
3.09
%
 
n/a

The weighted-average assumptions used in determining benefit cost for the year ended December 31, 2014 were as follows:
Assumptions:
Pension
 
Postretirement
Discount rate
4.65
%
 
4.33
%
Future compensation assumption
3.11
%
 
n/a

Expected long-term return on plan assets
7.23
%
 
5.00
%
Schedule of Net Benefit Costs [Table Text Block] 
The components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows:
 
Pension
 
Postretirement
 
Years Ended December 31,
 
Years Ended December 31,
Components of net periodic benefit cost:
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost

$10.2

 

$—

 

$—

 

$1.1

 

$—

 

$—

Interest cost
33.3

 
—

 
—

 
6.5

 
—

 
—

Expected return on plan assets
(51.0
)
 
—

 
—

 
(4.4
)
 
—

 
—

Amortization of prior service cost
0.5

 
—

 
—

 
0.6

 
—

 
—

Amortization of net actuarial loss
18.1

 
—

 
—

 
—

 
—

 
—

Allocated benefit cost from Timken
5.2

 
23.8

 
19.0

 
2.2

 
6.4

 
9.0

Net Periodic Benefit Cost

$16.3

 

$23.8

 

$19.0

 

$6.0

 

$6.4



$9.0

Schedule of Allocation of Plan Assets [Table Text Block] 
The following table presents the fair value hierarchy for those investments of TimkenSteel’s pension assets measured at fair value on a recurring basis as of December 31, 2014:
 
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
Cash and cash equivalents

$51.8


$0.5


$51.3


$—

Government and agency securities
298.9

283.7

15.2

—

Corporate bonds - investment grade
133.8

—

133.8

—

Equity securities - U.S. companies
80.4

80.4

—

—

Equity securities - international companies
70.1

70.1

—

—

Common collective funds - domestic equities
52.6

—

52.6

—

Common collective funds - international equities
93.3

—

93.3

—

Common collective funds - fixed income
240.3

—

240.3

—

Common collective funds - other
20.6

—

20.6

—

Mutual funds - real estate
34.2

34.2

—

—

Mutual funds - other
40.0

—

40.0

—

Real estate partnerships
56.3

—

56.3

—

Risk parity (1)
57.0

—

57.0

—

Total Assets

$1,229.3


$468.9


$760.4


$—

(1) Investments in multi-asset risk parity strategy funds with holdings in domestic and international debt and equity securities, commodities, real estate, and derivative investments.

The following table presents the fair value hierarchy for those investments of TimkenSteel’s postretirement assets measured at fair value on a recurring basis as of December 31, 2014:
 
Total
Level 1
Level 2
Level 3
Assets:
 
 
 
 
Cash and cash equivalents

$2.2


$—


$2.2


$—

Common collective funds - domestic equities
21.9

—

21.9

—

Common collective funds - international equities
11.0

—

11.0

—

Common collective funds - fixed income
93.4

—

93.4

—

Risk parity (1)
14.1

—

14.1

—

Total Assets

$142.6


$—


$142.6


$—

(1) Investments in multi-asset risk parity strategy funds with holdings in domestic and international debt and equity securities, commodities, real estate, and derivative investments.
Schedule of Expected Benefit Payments [Table Text Block] 
Future benefit payments are expected to be as follows:
 
 
 
Postretirement
Benefit Payments:
Pension
 
Gross
 
Medicare Part D Subsidy Receipts
2015

$74.2

 

$21.2

 

$0.9

2016
75.6

 
20.7

 
0.9

2017
75.7

 
20.0

 
1.0

2018
83.8

 
19.5

 
1.1

2019
76.6

 
18.7

 
1.2

2020-2024
383.7

 
81.9

 
6.8


Defined Contribution Plan
Prior to the spinoff, substantially all of TimkenSteel’s employees in the United States and employees at certain foreign locations participated in defined contribution retirement and savings plans sponsored by Timken. TimkenSteel recorded expense primarily related to employer matching contributions to these defined contribution plans of $4.7 million in 2014, $3.8 million in 2013 and $3.9 million in 2012.
Earnings Per Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012:
 
Years Ended December 31,
 
2014
 
2013
 
2012
Numerator:
 
 
 
 
 
Net income for basic and diluted earnings per share

$104.4

 

$89.5

 

$155.2

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average shares outstanding, basic
45,541,705

 
45,729,624

 
45,729,624

Dilutive effect of stock-based awards
502,438

 
519,883

 
519,883

Weighted average shares outstanding, diluted
46,044,143

 
46,249,507

 
46,249,507

 
 
 
 
 
 
Basic earnings per share

$2.29

 

$1.96

 

$3.39

Diluted earnings per share

$2.27

 

$1.94

 

$3.36

Segment Information (Tables)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] 
 
Years Ended December 31,
 
2014
 
2013
 
2012
Net Sales:
 
 
 
 
 
Industrial & Mobile

$962.0

 

$865.0

 

$1,014.1

Energy & Distribution
712.2

 
515.9

 
714.6

 

$1,674.2

 

$1,380.9

 

$1,728.7

Segment EBIT:
 
 
 
 
 
Industrial & Mobile

$79.8

 

$83.9

 

$102.0

Energy & Distribution
98.8

 
58.6

 
128.9

Total Segment EBIT

$178.6

 

$142.5

 

$230.9

Unallocated (1) 
(19.5
)
 
(14.7
)
 
3.7

Interest expense
(0.9
)
 
(0.2
)
 
(0.3
)
Income Before Income Taxes

$158.2

 

$127.6

 

$234.3

(1) Unallocated are costs associated with strategy, corporate development, tax, treasury, legal, internal audit, LIFO and general administration expenses.
Schedule of Segment Reporting Information, by Segment [Table Text Block] 
 
Years Ended December 31,
 
2014
 
2013
 
2012
Capital Expenditures:
 
 
 
 
 
Industrial & Mobile

$59.6

 

$83.5

 

$92.8

Energy & Distribution
70.0

 
99.3

 
74.4

 

$129.6

 

$182.8

 

$167.2

Depreciation and Amortization:
 
 
 
 
 
Industrial & Mobile

$27.8

 

$22.1

 

$24.2

Energy & Distribution
30.2

 
27.9

 
22.0

 

$58.0

 

$50.0

 

$46.2

 
December 31,
 
2014
 
2013
Assets Employed at Year-end:
 
 
 
Industrial & Mobile
700.1

 
585.9

Energy & Distribution
750.7

 
571.9

Unallocated (2)
(86.7
)
 
(79.0
)
 

$1,364.1

 

$1,078.8

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] 
 
Years Ended December 31,
 
2014
 
2013
 
2012
Net Sales:
 
 
 
 
 
United States

$1,514.9

 

$1,244.4

 

$1,567.4

Foreign
159.3

 
136.5

 
161.3

 

$1,674.2

 

$1,380.9

 

$1,728.7

 
December 31,
 
2014
 
2013
Long-lived Assets:
 
 
 
United States

$801.6

 

$693.6

Foreign
0.6

 
0.2

 

$802.2

 

$693.8

Income Taxes (Tables)
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] 
Income from operations before income taxes, based on geographic location of the operations to which such earnings are attributable, is provided below.
 
Years Ended December 31,
 
2014
 
2013
 
2012
United States

$155.0

 

$125.9

 

$231.9

Non-United States
3.2

 
1.7

 
2.4

Income from operations before income taxes

$158.2

 

$127.6

 

$234.3

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] 
The provision for income taxes consisted of the following:
 
Years Ended December 31,
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
Federal

$32.3

 

$18.5

 

$65.6

State and local
5.3

 
3.5

 
5.4

Foreign
0.5

 
0.1

 
1.0

 

$38.1

 

$22.1

 

$72.0

Deferred:
 
 
 
 
 
Federal

$17.6

 

$15.5

 

$6.8

State and local
(1.9
)
 
0.5

 
0.2

Foreign
—

 
—

 
0.1

 
15.7

 
16.0

 
7.1

United States and foreign tax expense on income

$53.8

 

$38.1

 

$79.1

Contingencies (Tables)
Schedule of Loss Contingencies by Contingency [Table Text Block]
 
2014
Balance at December 31, 2013

$—

Expenses
1.5

Payments
(0.2
)
Balance at December 31, 2014

$1.3

Schedule II (Tables)
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
Schedule II-Valuation and Qualifying Accounts
Allowance for uncollectible accounts:
2014
2013
2012
Balance at Beginning of Period

$0.2


$1.1


$2.4

Additions:
 
 
 
Charged to Costs and Expenses (1)
—

(0.9
)
(0.9
)
Deductions (2)
—

—

(0.4
)
Balance at End of Period

$0.2


$0.2


$1.1

 
 
 
 
Allowance for surplus and obsolete inventory:
2014
2013
2012
Balance at Beginning of Period

$1.9


$1.5


$1.6

Additions:
 
 
 
Charged to Costs and Expenses (3)
1.6

1.7

1.0

Deductions (4)
(0.6
)
(1.3
)
(1.1
)
Balance at End of Period

$2.9


$1.9


$1.5

 
 
 
 
Valuation allowance on deferred tax assets:
2014
2013
2012
Balance at Beginning of Period

$14.1


$14.7


$16.2

Additions:
 
 
 
Charged to Costs and Expenses (5)
—

—

0.2

Charged to Other Accounts (6)
—

0.2

0.6

Deductions (7)
(2.4
)
(0.8
)
(2.3
)
Balance at End of Period

$11.7


$14.1


$14.7

Significant Accounting Policies (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Intangible Asset Useful Life Minimum
3 years 
 
 
Intangible Asset Useful Life Maximum
20 years 
 
 
Impairment charges
$ 1.2 
$ 0.6 
$ 0 
Foreign Currency Transaction Gain (Loss), before Tax
1.1 
0.1 
0.4 
Net transfer (to)/from Parent and affiliates
(62.0)
8.5 
(121.1)
Dividend paid to The Timken Company
50.0 
0 
0 
Business Combination, Consideration Transferred, Other
25.0 
 
 
Settlement of Assets and Liabilities from Timken
(9.2)
 
 
Net transfers (to)/from Timken and affiliates
3.8 
8.5 
(121.1)
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
0.1 
0.1 
 
Research and Development Expense
8.5 
9.4 
11.2 
Finite-Lived Intangible Assets, Net
30.3 
28.1 
 
Building [Member]
 
 
 
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
30 years 
 
 
Machinery and Equipment [Member]
 
 
 
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Impairment charges
 
0.6 
 
Machinery and Equipment [Member] |
Minimum [Member]
 
 
 
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
3 years 
 
 
Machinery and Equipment [Member] |
Maximum [Member]
 
 
 
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
20 years 
 
 
Real Estate [Member]
 
 
 
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Impairment charges
0.3 
 
 
Computer Software, Intangible Asset [Member]
 
 
 
Schedule of Significant Accounting Policies [Line Items]
 
 
 
Finite-Lived Intangible Assets, Net
$ 21.0 
$ 17.8 
 
Inventories (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Inventory [Line Items]
 
 
Manufacturing supplies
$ 38.5 
$ 32.8 
Raw materials
56.8 
42.9 
Work in process
110.3 
81.6 
Finished products
91.1 
71.6 
Subtotal
296.7 
228.9 
Allowance for surplus and obsolete inventory
(2.9)
(1.9)
Total Inventories, net
$ 293.8 
$ 227.0 
Inventories (Details 2) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Inventory [Line Items]
 
 
Percentage of LIFO Inventory
65.00% 
 
Inventory, LIFO Reserve
$ 86.7 
$ 79.0 
Approximate Amount Expected to be Recognized in LIFO Expense by End of Year
$ 7.7 
$ 1.5 
Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
Land and buildings
$ 292.4 
$ 250.3 
Machinery and equipment
1,183.0 
1,125.2 
Construction-in-progress
288.3 
213.3 
Subtotal
1,763.7 
1,588.8 
Less allowances for depreciation
(991.8)
(924.0)
Property, Plant and Equipment, net
$ 771.9 
$ 664.8 
Property, Plant and Equipment (Details 2) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Dec. 31, 2014
Jun. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Property, Plant and Equipment [Line Items]
 
 
 
 
 
Depreciation
 
 
$ 50.8 
$ 47.1 
$ 43.0 
Interest Costs Capitalized
$ 1.2 
$ 5.7 
 
$ 10.8 
$ 4.5 
Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
 
 
 
Finite-Lived Intangible Assets, Gross
$ 66.4 
$ 57.0 
 
Finite-Lived Intangible Assets, Accumulated Amortization
36.1 
28.9 
 
Finite-Lived Intangible Assets, Net
30.3 
28.1 
 
Indefinite-Lived Intangible Assets (Excluding Goodwill)
0 
0.9 
 
Intangible Assets, Gross
66.4 
57.9 
 
Intangible Assets, Net
30.3 
29.0 
 
Amortization of Intangible Assets
7.2 
2.9 
3.2 
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)
0.9 
 
 
Minimum [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Intangible Asset Useful Life
5 years 
 
 
Maximum [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Intangible Asset Useful Life
20 years 
 
 
Customer Relationships [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Finite-Lived Intangible Assets, Gross
6.8 
6.8 
 
Finite-Lived Intangible Assets, Accumulated Amortization
2.4 
2.0 
 
Finite-Lived Intangible Assets, Net
4.4 
4.8 
 
Technology Use [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Finite-Lived Intangible Assets, Gross
9.0 
9.0 
 
Finite-Lived Intangible Assets, Accumulated Amortization
4.1 
3.5 
 
Finite-Lived Intangible Assets, Net
4.9 
5.5 
 
Computer Software, Intangible Asset [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Finite-Lived Intangible Assets, Gross
50.6 
41.2 
 
Finite-Lived Intangible Assets, Accumulated Amortization
29.6 
23.4 
 
Finite-Lived Intangible Assets, Net
21.0 
17.8 
 
Trade Names [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Indefinite-Lived Trade Names
$ 0 
$ 0.9 
 
Financing Arrangements (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
Long-term debt
$ 185.2 
$ 30.2 
Revolving Credit Facility [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
155.0 
0 
State of Ohio Water Development Revenue Refunding Bonds [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
12.2 
12.2 
State of Ohio Air Quality Development Revenue Refunding Bonds [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
9.5 
9.5 
State of Ohio Pollution Control Revenue Refunding Bonds [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt
$ 8.5 
$ 8.5 
Financing Arrangements (Details 2) (USD $)
In Millions, unless otherwise specified
0 Months Ended 12 Months Ended
Jun. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Debt Instrument [Line Items]
 
 
 
 
Line of Credit Facility, Expiration Date
Jun. 30, 2019 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
$ 300.0 
 
 
Line of Credit Facility, Expansion Option to Request Additional Commitments
 
150.0 
 
 
Long-term Debt
 
155.0 
 
 
Payments of Dividends
 
12.7 
0 
0 
Treasury Stock, Shares, Acquired
 
30.6 
 
 
Dividend paid to The Timken Company
 
50.0 
0 
0 
Adjustments Related to Tax Withholding for Share-based Compensation
 
4.1 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
 
144.5 
 
 
Gains (Losses) on Extinguishment of Debt
 
0.7 
 
 
Interest Paid, Net
 
0.2 
 
 
Repayments of Long-term Debt
 
30.2 
0 
8.5 
Long-term Debt
 
185.2 
30.2 
 
Minimum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Line of Credit Facility, Commitment Fee Percentage
0.20% 
 
 
 
Maximum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Line of Credit Facility, Commitment Fee Percentage
0.40% 
 
 
 
London Interbank Offered Rate (LIBOR) [Member] |
Minimum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
1.25% 
 
 
 
London Interbank Offered Rate (LIBOR) [Member] |
Maximum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
2.25% 
 
 
 
Prime Rate [Member] |
Minimum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
0.25% 
 
 
 
Prime Rate [Member] |
Maximum [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
1.25% 
 
 
 
Multicurrency Loans [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases
 
50.0 
 
 
Letter of Credit [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases
 
50.0 
 
 
Swingline Loan [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases
 
30.0 
 
 
Revolving Credit Facility [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
1.75% 
 
 
Long-term Debt
 
155.0 
0 
 
State of Ohio Pollution Control Revenue Refunding Bonds [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Repayments of Long-term Debt
 
 
 
8.5 
Long-term Debt
 
$ 8.5 
$ 8.5 
 
Financing Arrangements (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating Expenses [Abstract]
 
 
 
Operating Leases, Rent Expense
$ 9.2 
$ 8.4 
$ 8.2 
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
 
 
 
Operating Leases, Future Minimum Payments Due
20.2 
 
 
Operating Leases, Future Minimum Payments Due, Next Twelve Months
8.3 
 
 
Operating Leases, Future Minimum Payments, Due in Two Years
5.9 
 
 
Operating Leases, Future Minimum Payments, Due in Three Years
3.3 
 
 
Operating Leases, Future Minimum Payments, Due in Four Years
1.8 
 
 
Operating Leases, Future Minimum Payments, Due in Five Years
0.9 
 
 
Operating Leases, Future Minimum Payments, Due Thereafter
$ 0 
 
 
Accumulated Other Comprehensive Loss (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (0.4)
$ (0.6)
 
Net transfer from Timken
(237.1)
 
 
Other comprehensive income before reclassifications, before income tax
(110.5)
0.2 
 
Amounts reclassified from accumulated other comprehensive income, before income tax
19.2 
 
 
Income tax benefit
31.5 
0 
 
Net current period other comprehensive income, net of income tax
(59.8)
0.2 
0.9 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(297.3)
(0.4)
(0.6)
Accumulated Translation Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(0.4)
(0.6)
 
Net transfer from Timken
(3.2)
 
 
Other comprehensive income before reclassifications, before income tax
(1.2)
0.2 
 
Amounts reclassified from accumulated other comprehensive income, before income tax
0 
 
 
Income tax benefit
0 
0 
 
Net current period other comprehensive income, net of income tax
(1.2)
0.2 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
(4.8)
(0.4)
 
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
0 
0 
 
Net transfer from Timken
(233.9)
 
 
Other comprehensive income before reclassifications, before income tax
(109.3)
0 
 
Amounts reclassified from accumulated other comprehensive income, before income tax
19.2 
 
 
Income tax benefit
31.5 
0 
 
Net current period other comprehensive income, net of income tax
(58.6)
0 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax
$ (292.5)
$ 0 
 
Retirement and Postretirement Benefits (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Pension Plan [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation as of December 31, 2013
$ 0 
 
 
Service cost
10.2 
0 
0 
Interest cost
33.3 
0 
0 
Actuarial (gains) losses
131.2 
 
 
Employee contributions
0 
 
 
Benefits paid
(44.2)
 
 
Liabilities assumed from separation
1,134.8 
 
 
Foreign currency translation adjustment
(7.8)
 
 
Benefit obligation as of December 31, 2014
1,257.5 
0 
 
Other Postretirement Benefit Plan [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation as of December 31, 2013
0 
 
 
Service cost
1.1 
0 
0 
Interest cost
6.5 
0 
0 
Actuarial (gains) losses
16.4 
 
 
Employee contributions
0 
 
 
Benefits paid
(12.9)
 
 
Liabilities assumed from separation
232.2 
 
 
Foreign currency translation adjustment
0 
 
 
Benefit obligation as of December 31, 2014
$ 243.3 
$ 0 
 
Retirement and Postretirement Benefits (Details 1) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Pension Plan [Member]
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
Fair value of plan assets as of December 31, 2013
$ 0 
Actual return on plan assets
87.5 
Employee contributions
0 
Company contributions / payments
0.3 
Benefits paid
(44.2)
Assets received from separation
1,193.6 
Foreign currency translation adjustment
(7.9)
Fair value of plan assets as of December 31, 2013
1,229.3 
Funded status as of December 31, 2014
(28.2)
Accumulated Benefit Obligation
1,218.7 
Liabilities assumed from separation
1,134.8 
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax
361.8 
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, Net of Tax
228.9 
Other Postretirement Benefit Plan [Member]
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
Fair value of plan assets as of December 31, 2013
0 
Actual return on plan assets
5.0 
Employee contributions
0 
Company contributions / payments
20.4 
Benefits paid
(12.9)
Assets received from separation
130.1 
Foreign currency translation adjustment
0 
Fair value of plan assets as of December 31, 2013
142.6 
Funded status as of December 31, 2014
(100.7)
Accumulated Benefit Obligation
243.3 
Liabilities assumed from separation
232.2 
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax
8.2 
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, Net of Tax
$ 5.0 
Retirement and Postretirement Benefits (Details 2) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
 
 
 
Non-current assets
$ 8.0 
$ 0 
 
Current liabilities
(17.8)
0 
 
Non-current liabilities
(119.1)
0 
 
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
 
 
 
Foreign currency translation adjustments
1.2 
(0.2)
(0.9)
Pension Plan [Member]
 
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
 
 
 
Non-current assets
8.0 
 
 
Current liabilities
(0.4)
 
 
Non-current liabilities
(35.8)
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
(28.2)
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
 
 
 
Unrecognized net actuarial loss (gain)
433.8 
 
 
Unrecognized prior service cost (credit)
2.7 
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax
436.5 
 
 
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
 
 
 
Net actuarial (gain) loss
94.7 
 
 
Recognized net actuarial loss
(18.1)
 
 
Recognized prior service cost
(0.5)
 
 
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax
361.8 
 
 
Foreign currency translation adjustments
(1.4)
 
 
Defined Benefit Plan, Amounts Recognized In Other Comprehensive Income (Loss), before Tax
436.5 
 
 
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract]
 
 
 
Net actuarial loss (gain)
32.8 
 
 
Prior service cost (credit)
0.6 
 
 
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year
33.4 
 
 
Other Postretirement Benefit Plan [Member]
 
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
 
 
 
Non-current assets
0 
 
 
Current liabilities
(17.4)
 
 
Non-current liabilities
(83.3)
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
(100.7)
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
 
 
 
Unrecognized net actuarial loss (gain)
20.0 
 
 
Unrecognized prior service cost (credit)
3.4 
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax
23.4 
 
 
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
 
 
 
Net actuarial (gain) loss
15.8 
 
 
Recognized net actuarial loss
0 
 
 
Recognized prior service cost
(0.6)
 
 
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss) Assumed from Separation, before Tax
8.2 
 
 
Foreign currency translation adjustments
0 
 
 
Defined Benefit Plan, Amounts Recognized In Other Comprehensive Income (Loss), before Tax
23.4 
 
 
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract]
 
 
 
Net actuarial loss (gain)
0.1 
 
 
Prior service cost (credit)
1.1 
 
 
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year
$ 1.2 
 
 
Retirement and Postretirement Benefits (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Defined Benefit Plan, Change in Projected Benefit Obligation due to Mortality Rate Assumption
$ 75 
Pension Plan [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Discount rate
4.21% 
Future compensation assumption
3.09% 
Discount rate
4.65% 
Future compensation assumption
3.11% 
Expected long-term return on plan assets
7.23% 
2015
75.6 
Other Postretirement Benefit Plan [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Discount rate
4.05% 
Discount rate
4.33% 
Expected long-term return on plan assets
5.00% 
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation
3.5 
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components
0.1 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation
3.1 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components
0.1 
2015
$ 20.7 
Defined Benefit Plan, Medical and Prescription Drug Benefits [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year
7.00% 
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate
5.00% 
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate
2023 
Defined Benefit Plans, HMO Benefits [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year
9.00% 
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate
5.00% 
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate
2031 
Equity Securities [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Defined Benefit Plan, Target Plan Asset Allocations
32.00% 
Debt Securities [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Defined Benefit Plan, Target Plan Asset Allocations
54.00% 
Risk Parity [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Defined Benefit Plan, Target Plan Asset Allocations
14.00% 
Retirement and Postretirement Benefits (Details 4) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Pension Plan [Member]
 
 
 
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
 
 
 
Service cost
$ 10.2 
$ 0 
$ 0 
Interest cost
33.3 
0 
0 
Expected return on plan assets
(51.0)
0 
0 
Amortization of prior service cost
0.5 
0 
0 
Amortization of net actuarial loss
18.1 
0 
0 
Allocated benefit cost from Timken
5.2 
23.8 
19.0 
Net periodic benefit cost
16.3 
23.8 
19.0 
Other Postretirement Benefit Plan [Member]
 
 
 
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
 
 
 
Service cost
1.1 
0 
0 
Interest cost
6.5 
0 
0 
Expected return on plan assets
(4.4)
0 
0 
Amortization of prior service cost
0.6 
0 
0 
Amortization of net actuarial loss
0 
0 
0 
Allocated benefit cost from Timken
2.2 
6.4 
9.0 
Net periodic benefit cost
$ 6.0 
$ 6.4 
$ 9.0 
Retirement and Postretirement Benefits (Details 5) (Pension Plan [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 1,229.3 
$ 0 
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
468.9 
 
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
760.4 
 
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Cash and Cash Equivalents [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
51.8 
 
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0.5 
 
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
51.3 
 
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
US Treasury and Government [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
298.9 
 
US Treasury and Government [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
283.7 
 
US Treasury and Government [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
15.2 
 
US Treasury and Government [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Corporate Debt Securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
133.8 
 
Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
133.8 
 
Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Equity Securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
80.4 
 
Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
80.4 
 
Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Equity Securities - International Companies [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
70.1 
 
Equity Securities - International Companies [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
70.1 
 
Equity Securities - International Companies [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Equity Securities - International Companies [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - Domestic Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
52.6 
 
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
52.6 
 
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - International Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
93.3 
 
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
93.3 
 
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - Fixed Income [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
240.3 
 
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
240.3 
 
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - Other [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
20.6 
 
Common Collective Funds - Other [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Common Collective Funds - Other [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
20.6 
 
Common Collective Funds - Other [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Real Estate Partnerships [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
56.3 
 
Real Estate Partnerships [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Real Estate Partnerships [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
56.3 
 
Real Estate Partnerships [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Mutual Funds - Real Estate [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
34.2 
 
Mutual Funds - Real Estate [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
34.2 
 
Mutual Funds - Real Estate [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Mutual Funds - Real Estate [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 0 
 
Retirement and Postretirement Benefits (Details 6) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 1,229.3 
$ 0 
Pension Plan [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
468.9 
 
Pension Plan [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
760.4 
 
Pension Plan [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Cash and Cash Equivalents [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
51.8 
 
Pension Plan [Member] |
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0.5 
 
Pension Plan [Member] |
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
51.3 
 
Pension Plan [Member] |
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
US Treasury and Government [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
298.9 
 
Pension Plan [Member] |
US Treasury and Government [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
283.7 
 
Pension Plan [Member] |
US Treasury and Government [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
15.2 
 
Pension Plan [Member] |
US Treasury and Government [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Corporate Debt Securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
133.8 
 
Pension Plan [Member] |
Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
133.8 
 
Pension Plan [Member] |
Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Equity Securities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
80.4 
 
Pension Plan [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
80.4 
 
Pension Plan [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Equity Securities - International Companies [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
70.1 
 
Pension Plan [Member] |
Equity Securities - International Companies [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
70.1 
 
Pension Plan [Member] |
Equity Securities - International Companies [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Equity Securities - International Companies [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - Domestic Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
52.6 
 
Pension Plan [Member] |
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
52.6 
 
Pension Plan [Member] |
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - International Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
93.3 
 
Pension Plan [Member] |
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
93.3 
 
Pension Plan [Member] |
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - Fixed Income [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
240.3 
 
Pension Plan [Member] |
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
240.3 
 
Pension Plan [Member] |
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - Other [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
20.6 
 
Pension Plan [Member] |
Common Collective Funds - Other [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Common Collective Funds - Other [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
20.6 
 
Pension Plan [Member] |
Common Collective Funds - Other [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Mutual Funds - Real Estate [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
34.2 
 
Pension Plan [Member] |
Mutual Funds - Real Estate [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
34.2 
 
Pension Plan [Member] |
Mutual Funds - Real Estate [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Mutual Funds - Real Estate [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Mutual Funds - Other Mutual Funds [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
40.0 
 
Pension Plan [Member] |
Mutual Funds - Other Mutual Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Mutual Funds - Other Mutual Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
40.0 
 
Pension Plan [Member] |
Mutual Funds - Other Mutual Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Real Estate Partnerships [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
56.3 
 
Pension Plan [Member] |
Real Estate Partnerships [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Real Estate Partnerships [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
56.3 
 
Pension Plan [Member] |
Real Estate Partnerships [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Pension Plan [Member] |
Risk Parity [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
57.0 1
 
Pension Plan [Member] |
Risk Parity [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 1
 
Pension Plan [Member] |
Risk Parity [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
57.0 1
 
Pension Plan [Member] |
Risk Parity [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 1
 
Other Postretirement Benefit Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
142.6 
0 
Other Postretirement Benefit Plan [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
142.6 
 
Other Postretirement Benefit Plan [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Cash and Cash Equivalents [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2.2 
 
Other Postretirement Benefit Plan [Member] |
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2.2 
 
Other Postretirement Benefit Plan [Member] |
Cash and Cash Equivalents [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Domestic Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
21.9 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
21.9 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Domestic Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - International Equities [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - International Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Fixed Income [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
93.4 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
93.4 
 
Other Postretirement Benefit Plan [Member] |
Common Collective Funds - Fixed Income [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
 
Other Postretirement Benefit Plan [Member] |
Risk Parity [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
14.1 1
 
Other Postretirement Benefit Plan [Member] |
Risk Parity [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 1
 
Other Postretirement Benefit Plan [Member] |
Risk Parity [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
14.1 1
 
Other Postretirement Benefit Plan [Member] |
Risk Parity [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 0 1
 
Retirement and Postretirement Benefits (Details 7) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Pension Plan [Member]
 
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
 
2015
$ 74.2 
2016
75.6 
2017
75.7 
2018
83.8 
2019
76.6 
2020-2024
383.7 
Other Postretirement Benefit Plan [Member]
 
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
 
2015
21.2 
2016
20.7 
2017
20.0 
2018
19.5 
2019
18.7 
2020-2024
81.9 
Prescription Drug Subsidy Receipts, Fiscal Year Maturity [Abstract]
 
2015
0.9 
2016
0.9 
2017
1.0 
2018
1.1 
2019
1.2 
2020-2024
$ 6.8 
Retirement and Postretirement Benefits (Details 8) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Defined Contribution Plan, Cost Recognized
$ 4.7 
$ 3.8 
$ 3.9 
Earnings Per Share (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
Stock Issued During Period, Shares, New Issues
45,400,000 
 
 
Anti-dilutive Shares
100,000 
200,000 
200,000 
Net income for basic and diluted earnings per share
$ 104.4 
$ 89.5 
$ 155.2 
Weighted average shares outstanding, basic
45,541,705 
45,729,624 
45,729,624 
Dilutive effect of stock-based awards
502,438 
519,883 
519,883 
Weighted average shares outstanding, diluted
46,044,143 
46,249,507 
46,249,507 
Basic earnings per share
$ 2.29 
$ 1.96 
$ 3.39 
Diluted earnings per share
$ 2.27 
$ 1.94 
$ 3.36 
Stock Based Compensation (Details)
6 Months Ended 12 Months Ended
Dec. 31, 2014
Jun. 30, 2014
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
 
 
 
 
Weighted-average fair value per option
$ 18.43 
$ 23.17 
$ 21.17 
$ 20.16 
Risk-free interest rate
1.78% 
1.80% 
1.09% 
1.15% 
Dividend yield
1.22% 
1.75% 
2.29% 
1.94% 
Expected stock volatility
47.00% 
50.35% 
50.66% 
50.00% 
Expected life - years
6 years 
6 years 
6 years 
6 years 
Stock Based Compensation (Details 2) (USD $)
In Millions, except Share data, unless otherwise specified
6 Months Ended
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Outstanding as of June 30, 2014
1,859,312 
Options, Outstanding, Weighted Average Exercise Price, June 30, 2014
$ 26.31 
Options, Grants in Period
10,620 
Options, Grants in Period, Weighted Average Exercise Price
$ 46.08 
Options, Exercises in Period
(330,033)
Options, Exercises in Period, Weighted Average Exercise Price
$ 18.13 
Options, Forfeitures and Expirations in Period
(18,847)
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price
$ 32.54 
Outstanding as of December 31, 2014
1,521,052 
Options, Outstanding, Weighted Average Exercise Price, December 31, 2014
$ 28.15 
Options, Vested and Expected to Vest, Outstanding, Number
637,623 
Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
$ 33.26 
Options, Exercisable, Number
801,327 
Options, Exercisable, Weighted Average Exercise Price
$ 23.59 
Options, Outstanding, Weighted Average Remaining Contractual Term
6 years 5 months 5 days 
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term
8 years 1 month 10 days 
Options, Exercisable, Weighted Average Remaining Contractual Term
4 years 9 months 19 days 
Options, Outstanding, Intrinsic Value
$ 13.6 
Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
2.5 
Options, Exercisable, Intrinsic Value
$ 10.8 
Stock Based Compensation (Details 3) (Restricted Stock [Member], USD $)
6 Months Ended
Dec. 31, 2014
Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Restricted Stock, Outstanding at June 30, 2014
342,080 
Weighted Average Fair Value at Grant Date, June 30, 2014
$ 31.94 
Granted During the Period
34,370 
Granted During the Period, Weighted Average Fair Value
$ 37.98 
Vested During the Period
(16,429)
Vested During the Period, Weighted Average Fair Value
$ 44.35 
Canceled or Expired During the Period
(67,763)
Canceled or Expired During the Period, Weighted Average Fair Value
$ 31.54 
Restricted Stock, Outstanding at December 31. 2014
292,258 
Weighted Average Fair Value at Grant Date, December 31, 2014
$ 32.04 
Stock Based Compensation (Details Textual) (USD $)
In Millions, except Share data, unless otherwise specified
6 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of Shares Authorized
6,750,000 
6,750,000 
 
 
Fungible Shares per Common Share
2.46 
2.46 
 
 
Number of Shares Authorized, Replacement Awards
3,000,000 
3,000,000 
 
 
Number of Shares Available for Grant
4,100,000 
4,100,000 
 
 
Intrinsic Value of Stock Options Exercised
$ 9.7 
 
 
 
Proceeds from exercise of stock options
5.8 
5.8 
0 
0 
Tax Benefit Realized from Exercise of Stock Options
0.3 
 
 
 
Allocated Share-based Compensation Expense
 
6.0 
2.8 
2.6 
Share-based Compensation Expense, Net of Tax
 
3.8 
1.8 
1.6 
Incremental Compensation Expense
 
0.3 
 
 
Unrecognized Compensation Expense
11.2 
11.2 
 
 
Unrecognized Compensation Expense, Weighted Average Period to be Recognized
 
1 year 6 months 
 
 
Restricted Stock Liability, Current and Noncurrent
$ 5.3 
$ 5.3 
$ 1.5 
 
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of Shares Authorized
2,700,000 
2,700,000 
 
 
Segment Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
Net sales
$ 1,674.2 
$ 1,380.9 
$ 1,728.7 
Segment EBIT
178.6 
142.5 
230.9 
Interest Expense
(0.9)
(0.2)
(0.3)
Income Before Income Taxes
158.2 
127.6 
234.3 
Segment Reporting Information, Intersegment Sales
1.5 
1.7 
1.7 
Segment Assets
1,364.1 
1,078.8 
 
Capital expenditures
129.6 
182.8 
167.2 
Depreciation and amortization
58.0 
50.0 
46.2 
Long-Lived Assets
802.2 
693.8 
 
Industrial & Mobile [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
962.0 
865.0 
1,014.1 
Segment EBIT
79.8 
83.9 
102.0 
Segment Assets
700.1 
585.9 
 
Capital expenditures
59.6 
83.5 
92.8 
Depreciation and amortization
27.8 
22.1 
24.2 
Energy & Distribution [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
712.2 
515.9 
714.6 
Segment EBIT
98.8 
58.6 
128.9 
Segment Assets
750.7 
571.9 
 
Capital expenditures
70.0 
99.3 
74.4 
Depreciation and amortization
30.2 
27.9 
22.0 
Unallocated [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Segment EBIT
19.5 1
14.7 1
(3.7)1
Segment Assets
(86.7)
(79.0)
 
United States [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
1,514.9 
1,244.4 
1,567.4 
Long-Lived Assets
801.6 
693.6 
 
Foreign [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
159.3 
136.5 
161.3 
Long-Lived Assets
$ 0.6 
$ 0.2 
 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Contingency [Line Items]
 
 
 
United States
$ 155.0 
$ 125.9 
$ 231.9 
Non-United States
3.2 
1.7 
2.4 
Income Before Income Taxes
$ 158.2 
$ 127.6 
$ 234.3 
Income Taxes (Details 2) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Contingency [Line Items]
 
 
 
 
Federal
 
$ 32.3 
$ 18.5 
$ 65.6 
State and local
 
5.3 
3.5 
5.4 
Foreign
 
0.5 
0.1 
1.0 
Current Income Tax Expense (Benefit)
 
38.1 
22.1 
72.0 
Federal
 
17.6 
15.5 
6.8 
State and local
 
(1.9)
0.5 
0.2 
Foreign
 
0 
0 
0.1 
Deferred Income Tax Expense (Benefit)
 
15.7 
16.0 
7.1 
Provision for income taxes
 
53.8 
38.1 
79.1 
Income Taxes Paid
 
35.2 
22.1 
72.0 
Federal and State Tax Payments Made by Parent
27.9 
 
 
 
Foreign Tax Payments Made by Parent
0.4 
 
 
 
Income Taxes Receivable, Current
$ 25.0 
$ 25.0 
 
 
Income Taxes (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Contingency [Line Items]
 
 
 
Income tax at the U.S. federal statutory rate
$ 55.4 
$ 44.6 
$ 82.0 
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount
2.1 
2.5 
3.7 
Foreign losses without current tax benefits
0 
0 
0.5 
Foreign earnings taxed at different rates including tax holidays
(0.2)
(0.3)
0.3 
U.S. domestic manufacturing deduction
(3.2)
(2.3)
(6.4)
U.S. research tax credit
(0.6)
(0.5)
(0.6)
Accruals and settlements related to tax audits
0 
(6.1)
0 
Other items, net
0.3 
0.2 
(0.4)
Provision for income taxes
53.8 
38.1 
79.1 
Effective income tax rate
34.00% 
29.90% 
33.80% 
Undistributed Earnings of Foreign Subsidiaries
$ 1.5 
$ 6.4 
$ 9.0 
Income Taxes (Details 4) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income Tax Contingency [Line Items]
 
 
 
 
Pension and other postretirement benefits
$ 52,700 
$ 0 
 
 
Other employee benefit accruals
17,200 
5,200 
 
 
Tax loss carryforwards
18,100 
14,100 
 
 
Intangible assets
3,000 
3,100 
 
 
Other, net
1,700 
8,300 
 
 
Deferred tax assets subtotal
92,700 
30,700 
 
 
Valuation allowances
(11,700)
(14,100)
 
 
Deferred tax assets, net
80,800 
16,600 
 
 
Depreciation
(131,900)
(93,400)
 
 
Inventory
(3,700)
(7,600)
 
 
Deferred tax liabilities subtotal
(135,600)
(101,000)
 
 
Net deferred tax liabilities
(54,800)
(84,400)
 
 
Operating Loss Carryforwards
18,100,000 
 
 
 
Operating Loss Carryforwards, Valuation Allowance
11,700,000 
 
 
 
Unrecognized Tax Benefits, Gross
0 
700,000 
8,000,000 
8,000,000 
Unrecognized Tax Benefits that Would Impact Effective Tax Rate
0 
400,000 
 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
$ 0 
$ 100,000 
 
 
Income Taxes (Details 5) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Tax Contingency [Line Items]
 
 
 
Beginning balance, January 1
$ 0.7 
$ 8.0 
$ 8.0 
Additions
0 
0.3 
0.1 
Reductions
(0.7)
(6.0)
(0.1)
Settlements
0 
(1.6)
0 
Ending balance, December 31
$ 0 
$ 0.7 
$ 8.0 
Contingencies (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Loss Contingencies [Line Items]
 
Balance at December 31, 2013
$ 0 
Expenses
1,500,000 
Payments
(200,000)
Balance at December 31, 2014
$ 1,300,000 
Schedule II (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Allowance for Doubtful Accounts [Member]
 
 
 
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
Balance at Beginning of Period
$ 0.2 
$ 1.1 
$ 2.4 
Charged to Costs and Expenses (1)
0 
(0.9)
(0.9)
Deductions (2)
0 
0 
(0.4)
Balance at End of Period
0.2 
0.2 
1.1 
Inventory Valuation and Obsolescence [Member]
 
 
 
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
Balance at Beginning of Period
1.9 
1.5 
1.6 
Charged to Costs and Expenses (1)
1.6 
1.7 
1.0 
Deductions (2)
(0.6)
(1.3)
(1.1)
Balance at End of Period
2.9 
1.9 
1.5 
Valuation Allowance of Deferred Tax Assets [Member]
 
 
 
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
Balance at Beginning of Period
14.1 
14.7 
16.2 
Charged to Costs and Expenses (1)
0 
0 
0.2 
Charged to Other Accounts (6)
0 
0.2 
0.6 
Deductions (2)
(2.4)
(0.8)
(2.3)
Balance at End of Period
$ 11.7 
$ 14.1 
$ 14.7