| Debt
|
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|
|
|
|
|
Buildings | 40 years |
Land improvements | 15 years |
Machinery and equipment | 3 to 40 years |
Furniture and fixtures | 10 years |
Automobiles, trucks and tractors | 3 to 5 years |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||
In millions | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||
Customer Relationships | $ | 786.9 | $ | (377.2 | ) | $ | 409.7 | $ | 736.0 | $ | (321.0 | ) | $ | 415.0 | |||||
Patents, Trademarks, Licenses, and Leases | 130.2 | (103.4 | ) | 26.8 | 125.1 | (94.8 | ) | 30.3 | |||||||||||
Total | $ | 917.1 | $ | (480.6 | ) | $ | 436.5 | $ | 861.1 | $ | (415.8 | ) | $ | 445.3 |
In millions | Paperboard Mills | Americas Paperboard Packaging | Europe Paperboard Packaging | Corporate/Other(a) | Total | ||||||||||
Balance at December 31, 2015 | $ | 408.5 | $ | 698.3 | $ | 61.0 | $ | — | $ | 1,167.8 | |||||
Acquisition of Businesses | — | 98.8 | — | 14.1 | 112.9 | ||||||||||
Foreign Currency Effects | — | (7.7 | ) | (12.0 | ) | (0.7 | ) | (20.4 | ) | ||||||
Balance at December 31, 2016 | $ | 408.5 | $ | 789.4 | $ | 49.0 | $ | 13.4 | $ | 1,260.3 | |||||
Acquisition of Businesses | — | 51.4 | 6.3 | (2.3 | ) | 55.4 | |||||||||
Reallocation of Goodwill | — | (4.0 | ) | — | 4.0 | — | |||||||||
Foreign Currency Effects | — | 2.2 | 4.2 | 0.9 | 7.3 | ||||||||||
Balance at December 31, 2017 | $ | 408.5 | $ | 839.0 | $ | 59.5 | $ | 16.0 | $ | 1,323.0 |
(a) | Includes Australia operating segment. |
In millions | 2017 | 2016 | 2015 | ||||||
Net Charges Associated with Business Combinations | $ | 16.2 | $ | 21.2 | $ | 14.0 | |||
Shutdown and Other Special Charges | 18.6 | 15.9 | 6.1 | ||||||
(Gain) Loss on Sale of Assets | (3.7 | ) | — | 1.9 | |||||
Total | $ | 31.1 | $ | 37.1 | $ | 22.0 |
|
In millions | 2017 | 2016 | ||||
Trade | $ | 279.2 | $ | 370.0 | ||
Less: Allowance | (7.2 | ) | (6.7 | ) | ||
272.0 | 363.3 | |||||
Other (a) | 150.8 | 63.5 | ||||
Total | $ | 422.8 | $ | 426.8 |
(a) | Includes a receivable of approximately $102 million and $31 million for 2017 and 2016, respectively, from the financial institution under the purchasing and servicing of receivables agreements, which is a Level 3 fair value measurement. |
In millions | 2017 | 2016 | ||||
Finished Goods | $ | 240.5 | $ | 238.3 | ||
Work in Progress | 74.1 | 73.5 | ||||
Raw Materials | 229.4 | 187.2 | ||||
Supplies | 90.0 | 83.9 | ||||
Total | $ | 634.0 | $ | 582.9 |
In millions | 2017 | 2016 | ||||
Prepaid Assets | $ | 34.3 | $ | 34.1 | ||
Assets Held for Sale | 10.2 | 5.0 | ||||
Fair Value of Derivatives, current portion | 1.2 | 7.0 | ||||
Total | $ | 45.7 | $ | 46.1 |
In millions | 2017 | 2016 | ||||
Property, Plant and Equipment, at Cost: | ||||||
Land and Improvements | $ | 106.2 | $ | 105.9 | ||
Buildings | 431.9 | 404.1 | ||||
Machinery and Equipment (a) | 4,384.5 | 4,137.0 | ||||
Construction-in-Progress | 151.0 | 106.4 | ||||
5,073.6 | 4,753.4 | |||||
Less: Accumulated Depreciation (a) | (3,206.4 | ) | (3,001.5 | ) | ||
Total | $ | 1,867.2 | $ | 1,751.9 |
(a) | Includes gross assets under capital lease of $39.7 million and related accumulated depreciation of $7.4 million as of December 31, 2017 and gross assets under capital lease of $25.6 million and related accumulated depreciation of $5.0 million as of December 31, 2016. |
In millions | 2017 | 2016 | ||||
Deferred Debt Issuance Costs, Net of Amortization of $10.9 million and $9.3 million for 2017 and 2016, respectively | $ | 2.9 | $ | 4.5 | ||
Deferred Income Tax Assets | 6.8 | 3.2 | ||||
Pension Assets | 20.4 | 3.0 | ||||
Fair Value of Derivatives, noncurrent portion | — | 0.7 | ||||
Other | 36.3 | 19.6 | ||||
Total | $ | 66.4 | $ | 31.0 |
In millions | 2017 | 2016 | ||||
Dividends Payable | $ | 23.3 | $ | 23.6 | ||
Deferred Revenue | 11.6 | 11.4 | ||||
Accrued Customer Rebates | 15.5 | 8.0 | ||||
Fair Value of Derivatives, current portion | 1.2 | 0.8 | ||||
Other Accrued Taxes | 29.8 | 22.3 | ||||
Accrued Payables | 25.7 | 10.8 | ||||
Other | 38.2 | 50.3 | ||||
Total | $ | 145.3 | $ | 127.2 |
In millions | 2017 | 2016 | ||||
Deferred Revenue | $ | 6.6 | $ | 6.7 | ||
Multi-employer Plans | 29.0 | 30.4 | ||||
Workers Compensation Reserve | 10.9 | 10.7 | ||||
Accrued Build-to-Suit Obligation | 35.8 | — | ||||
Other | 22.4 | 20.3 | ||||
Total | $ | 104.7 | $ | 68.1 |
|
In millions | 2017 | 2016 | 2015 | ||||||
Receivables, Net | $ | 49.9 | $ | 25.5 | $ | (1.5 | ) | ||
Inventories, Net | (6.5 | ) | 10.5 | (19.7 | ) | ||||
Prepaid Expenses | 0.8 | (1.2 | ) | 0.1 | |||||
Other Assets | (32.8 | ) | 8.5 | (12.4 | ) | ||||
Accounts Payable | 27.0 | 4.3 | 12.7 | ||||||
Compensation and Employee Benefits | 3.5 | (21.7 | ) | (1.9 | ) | ||||
Income Taxes | 2.3 | 1.7 | 0.9 | ||||||
Interest Payable | (1.7 | ) | 5.0 | (1.1 | ) | ||||
Other Accrued Liabilities | 6.7 | 12.8 | (3.9 | ) | |||||
Other Noncurrent Liabilities | 14.2 | (6.9 | ) | 7.8 | |||||
Total | $ | 63.4 | $ | 38.5 | $ | (19.0 | ) |
In millions | 2017 | 2016 | 2015 | ||||||
Interest | $ | 81.8 | $ | 64.9 | $ | 60.9 | |||
Income Taxes | $ | 15.9 | $ | 14.5 | $ | 11.2 |
|
In millions | Amounts Recognized as of Acquisition Date | Measurement Period Adjustments | Amounts Recognized as of Acquisition Dates (as adjusted) | ||||||
Purchase Price | $ | 191.0 | $ | 1.5 | $ | 192.5 | |||
Assumed Debt | 14.0 | — | 14.0 | ||||||
Total Purchase Consideration | $ | 205.0 | $ | 1.5 | $ | 206.5 | |||
Cash and Cash Equivalents | $ | 3.1 | $ | — | $ | 3.1 | |||
Receivables, Net | 25.9 | — | 25.9 | ||||||
Inventories, Net | 29.9 | 1.1 | 31.0 | ||||||
Property, Plant and Equipment, Net | 32.6 | 21.9 | 54.5 | ||||||
Intangible Assets, Net(a) | — | 43.3 | 43.3 | ||||||
Other Assets | 0.5 | — | 0.5 | ||||||
Total Assets Acquired | 92.0 | 66.3 | 158.3 | ||||||
Current Liabilities | 3.7 | — | 3.7 | ||||||
Pension and Postretirement Benefits | 0.5 | — | 0.5 | ||||||
Deferred Tax Liabilities | — | 4.6 | 4.6 | ||||||
Other Noncurrent Liabilities | 0.7 | — | 0.7 | ||||||
Total Liabilities Assumed | 4.9 | 4.6 | 9.5 | ||||||
Net Assets Acquired | 87.1 | 61.7 | 148.8 | ||||||
Goodwill | 117.9 | (60.2 | ) | 57.7 | |||||
Total Estimated Fair Value of Net Assets Acquired | $ | 205.0 | $ | 1.5 | $ | 206.5 |
(a) | The weighted average life of Intangibles, Net, is 18 years. The Intangible Assets, Net were valued using the income approach and are a Level 3 fair value measurement. |
|
In millions | 2017 | 2016 | ||||
Short Term Borrowings | $ | 9.1 | $ | 37.1 | ||
Current Portion of Capital Lease Obligations | 2.2 | 1.3 | ||||
Current Portion of Long-Term Debt | 50.0 | 25.0 | ||||
Total | $ | 61.3 | $ | 63.4 |
In millions | 2017 | 2016 | ||||
Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.19%, payable in 2024 | $ | 300.0 | $ | 300.0 | ||
Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.93%, payable in 2022 | 250.0 | 250.0 | ||||
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.78%, payable in 2021 | 425.0 | 425.0 | ||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.84% at December 31, 2017) payable through 2019 | 925.0 | 950.0 | ||||
Senior Secured Revolving Credit Facilities with interest payable at floating rates (2.55% at December 31, 2017) payable in 2019 | 319.0 | 184.8 | ||||
Capital Lease Obligations | 30.0 | 17.9 | ||||
Other | 28.9 | 3.0 | ||||
Total Long-Term Debt | 2,277.9 | 2,130.7 | ||||
Less: Current Portion | 52.2 | 26.3 | ||||
2,225.7 | 2,104.4 | |||||
Less: Unamortized Deferred Debt Issuance Costs | 12.5 | 15.9 | ||||
Total | $ | 2,213.2 | $ | 2,088.5 |
In millions | |||
2018 | $ | 50.0 | |
2019 | 1,194.8 | ||
2020 | 20.7 | ||
2021 | 425.4 | ||
2022 | 250.6 | ||
After 2022 | 306.4 | ||
Total | $ | 2,247.9 |
Date | Document(a)(b) | Provision | Expiration |
March 2012 | Amended and Restated Credit Agreement | •$1.0 billion revolving credit facility •$1.0 billion amortizing term loan facility •LIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio | March 2017 |
December 2012 | Amendment No. 1 to Credit Agreement | •$300 million incremental term loan | March 2017 |
September 2013 | Amendment No. 2 to Credit Agreement | •Added €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio | September 2018 |
June 2014 | Amendment No. 3 to Credit Agreement | •Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) | September 2018 |
October 2014 | Second Amended and Restated Credit Agreement | •Increased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio | October 2019 |
In millions | Total Commitments | Total Outstanding | Total Available | ||||||
Senior Secured Domestic Revolving Credit Facility (a) | $ | 1,250.0 | $ | 218.8 | $ | 1,010.6 | |||
Senior Secured International Revolving Credit Facilities | 188.1 | 100.2 | 87.9 | ||||||
Other International Facilities | 67.5 | 38.0 | 29.5 | ||||||
Total | $ | 1,505.6 | $ | 357.0 | $ | 1,128.0 |
(a) | In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $20.6 million as of December 31, 2017. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire throughout 2018 unless extended. |
|
2017 | 2016 | 2015 | |||||||
RSUs — Employees | 1,547,049 | 1,891,335 | 1,751,823 | ||||||
Weighted-average grant date fair value | $ | 13.35 | $ | 11.20 | $ | 13.28 | |||
Stock Awards — Board of Directors | 65,520 | 59,880 | 54,120 | ||||||
Weighted-average grant date fair value | $ | 13.43 | $ | 13.36 | $ | 14.78 |
Shares | Weighted Average Grant Date Fair Value | ||||
Outstanding — December 31, 2014 | 7,613,698 | $ | 7.20 | ||
Granted | 1,751,823 | 13.28 | |||
Released | (3,657,373 | ) | 5.45 | ||
Forfeited | (268,560 | ) | 9.32 | ||
Outstanding — December 31, 2015 | 5,439,588 | $ | 10.22 | ||
Granted | 1,891,335 | 11.20 | |||
Released | (2,596,292 | ) | 7.29 | ||
Forfeited | (66,956 | ) | 12.74 | ||
Outstanding — December 31, 2016 | 4,667,675 | $ | 12.21 | ||
Granted | 1,547,049 | 13.35 | |||
Released | (1,720,327 | ) | 10.05 | ||
Forfeited | (622,463 | ) | 13.13 | ||
Outstanding — December 31, 2017 | 3,871,934 | $ | 13.10 |
|
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
In millions | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||
Components of Net Periodic Cost: | ||||||||||||||||||
Service Cost | $ | 8.2 | $ | 10.0 | $ | 12.8 | $ | 0.8 | $ | 0.8 | $ | 1.0 | ||||||
Interest Cost | 42.6 | 43.8 | 54.8 | 1.3 | 1.3 | 1.7 | ||||||||||||
Expected Return on Plan Assets | (64.1 | ) | (61.3 | ) | (74.4 | ) | — | — | — | |||||||||
Amortization: | ||||||||||||||||||
Prior Service Cost (Credit) | 0.5 | 0.8 | 0.7 | (0.3 | ) | (0.2 | ) | (0.3 | ) | |||||||||
Actuarial Loss (Gain) | 6.5 | 27.3 | 19.7 | (2.1 | ) | (2.1 | ) | (1.6 | ) | |||||||||
Net Curtailment/Settlement Loss | — | 1.0 | 1.5 | — | — | — | ||||||||||||
Other | 0.8 | 0.8 | 0.9 | — | — | — | ||||||||||||
Net Periodic (Benefit) Cost | $ | (5.5 | ) | $ | 22.4 | $ | 16.0 | $ | (0.3 | ) | $ | (0.2 | ) | $ | 0.8 |
Pension Benefits | Postretirement Benefits | |||||||||||
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||
Weighted Average Assumptions: | ||||||||||||
Discount Rate | 4.01 | % | 4.41 | % | 4.02 | % | 4.10 | % | 4.29 | % | 3.95 | % |
Rate of Increase in Future Compensation Levels | 1.45 | % | 1.49 | % | 1.45 | % | — | — | — | |||
Expected Long-Term Rate of Return on Plan Assets | 5.79 | % | 5.90 | % | 6.81 | % | — | — | — | |||
Initial Health Care Cost Trend Rate | — | — | — | 7.45 | % | 7.80 | % | 7.38 | % | |||
Ultimate Health Care Cost Trend Rate | — | — | — | 4.50 | % | 4.50 | % | 4.96 | % | |||
Ultimate Year | — | — | — | 2024 | 2024 | 2036 |
Pension Benefits | Postretirement Benefits | |||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | ||||||||
Change in Benefit Obligation: | ||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,279.0 | $ | 1,239.0 | $ | 40.6 | $ | 40.8 | ||||
Service Cost | 8.2 | 10.0 | 0.8 | 0.8 | ||||||||
Interest Cost | 42.6 | 43.8 | 1.3 | 1.3 | ||||||||
Actuarial Loss (Gain) | 76.4 | 79.3 | (3.4 | ) | (0.7 | ) | ||||||
Foreign Currency Exchange | 22.9 | (36.0 | ) | 0.1 | 0.1 | |||||||
Settlement/Curtailment (Gain) | (0.2 | ) | (3.8 | ) | — | 0.3 | ||||||
Benefits Paid | (62.7 | ) | (58.4 | ) | (2.2 | ) | (2.1 | ) | ||||
Acquisition | — | 4.1 | — | — | ||||||||
Other | 0.9 | 1.0 | 0.1 | 0.1 | ||||||||
Benefit Obligation at End of Year | $ | 1,367.1 | $ | 1,279.0 | $ | 37.3 | $ | 40.6 | ||||
Change in Plan Assets: | ||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,115.6 | $ | 1,038.9 | $ | — | $ | — | ||||
Actual Return on Plan Assets | 147.1 | 116.3 | — | — | ||||||||
Employer Contributions | 119.1 | 51.4 | 2.2 | 2.1 | ||||||||
Foreign Currency Exchange | 21.6 | (34.6 | ) | — | — | |||||||
Benefits Paid | (62.7 | ) | (58.4 | ) | (2.2 | ) | (2.1 | ) | ||||
Acquisition | — | 4.8 | — | — | ||||||||
Settlements | — | (2.9 | ) | — | — | |||||||
Other | — | 0.1 | — | — | ||||||||
Fair Value of Plan Assets at End of Year | $ | 1,340.7 | $ | 1,115.6 | $ | — | $ | — | ||||
Plan Assets Less than Projected Benefit Obligation | $ | (26.4 | ) | $ | (163.4 | ) | $ | (37.3 | ) | $ | (40.6 | ) |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||
Pension Assets | $ | 20.4 | $ | 3.0 | $ | — | $ | — | ||||
Accrued Pension and Postretirement Benefits Liability — Current | $ | (1.7 | ) | $ | (1.7 | ) | $ | (2.4 | ) | $ | (2.8 | ) |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | $ | (45.1 | ) | $ | (164.7 | ) | $ | (34.9 | ) | $ | (37.8 | ) |
Accumulated Other Comprehensive Income: | ||||||||||||
Net Actuarial Loss (Gain) | $ | 267.1 | $ | 277.8 | $ | (20.1 | ) | $ | (18.7 | ) | ||
Prior Service Cost (Credit) | $ | 0.7 | $ | 1.3 | $ | (0.8 | ) | $ | (1.1 | ) | ||
Weighted Average Calculations: | ||||||||||||
Discount Rate | 3.49 | % | 4.01 | % | 3.64 | % | 4.10 | % | ||||
Rates of Increase in Future Compensation Levels | 2.09 | % | 1.45 | % | — | — | ||||||
Initial Health Care Cost Trend Rate | — | — | 9.00 | % | 7.45 | % | ||||||
Ultimate Health Care Cost Trend Rate | — | — | 4.50 | % | 4.50 | % | ||||||
Ultimate Year | — | — | 2027 | 2024 |
Target | 2017 | 2016 | ||||
Cash | — | % | 2.4 | % | 1.3 | % |
Equity Securities | 46.6 | 11.2 | 40.0 | |||
Fixed Income Securities | 53.4 | 82.7 | 53.9 | |||
Other Investments | — | 3.7 | 4.8 | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Fair Value Measurements at December 31, 2017 | ||||||||||||
In millions | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Asset Category: | ||||||||||||
Cash (a) | $ | 32.2 | $ | 0.3 | $ | 31.9 | $ | — | ||||
Equity Securities: | ||||||||||||
Domestic (a) | 140.5 | 4.1 | 136.4 | — | ||||||||
Foreign (a) | 9.1 | 5.8 | 3.3 | — | ||||||||
Fixed Income Securities (a) | 1,108.6 | 16.1 | 1,092.5 | — | ||||||||
Other Investments: | ||||||||||||
Real estate | 10.4 | 9.6 | — | 0.8 | ||||||||
Diversified growth fund (b) | 39.9 | — | 39.9 | — | ||||||||
Total | $ | 1,340.7 | $ | 35.9 | $ | 1,304.0 | $ | 0.8 |
Fair Value Measurements at December 31, 2016 | ||||||||||||
In millions | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Asset Category: | ||||||||||||
Cash (a) | $ | 14.5 | $ | 0.3 | $ | 14.2 | $ | — | ||||
Equity Securities: | ||||||||||||
Domestic (a) | 340.2 | 68.7 | 271.5 | — | ||||||||
Foreign (a) | 107.0 | 55.5 | 51.5 | — | ||||||||
Fixed Income Securities (a) | 600.8 | 194.6 | 406.2 | — | ||||||||
Other Investments: | ||||||||||||
Real estate | 14.8 | 14.8 | — | — | ||||||||
Diversified growth fund (b) | 38.3 | — | 38.3 | — | ||||||||
Total | $ | 1,115.6 | $ | 333.9 | $ | 781.7 | $ | — |
(a) | The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. |
(b) | The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five year horizon. |
In millions | 2017 | 2016 | ||||
Balance at January 1, | $ | — | $ | 35.9 | ||
Transfers (Out) In | 0.8 | (35.9 | ) | |||
Return on Assets Held at December 31 | — | — | ||||
Balance at December 31, | $ | 0.8 | $ | — |
One Percentage Point | ||||||
In millions | Increase | Decrease | ||||
Health Care Cost Trend Rate Sensitivity: | ||||||
Effect on Total Interest and Service Cost Components | $ | 0.1 | $ | (0.1 | ) | |
Effect on Year-End Postretirement Benefit Obligation | $ | 1.9 | $ | (1.6 | ) |
In millions | Pension Plans | Postretirement Health Care Benefits | ||||
2018 | $ | 67.1 | $ | 2.4 | ||
2019 | 69.1 | 2.4 | ||||
2020 | 71.7 | 2.7 | ||||
2021 | 74.4 | 2.7 | ||||
2022 | 76.7 | 2.9 | ||||
2023— 2027 | 405.2 | 13.4 |
In millions | Pension Benefits | Postretirement Health Care Benefits | ||||
Recognition of Prior Service Cost | $ | 0.4 | $ | (0.3 | ) | |
Recognition of Actuarial Loss (Gain) | 5.6 | (1.8 | ) |
a. | Assets contributed to the multi-employers plan by one employer may be used to provide benefits to employees of other participating employers. |
b. | If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. |
c. | If a company chooses to stop participating in a multi-employer plan, a company may be required to pay that plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. |
Pension Protection Act Zone Status | Company Contributions (in millions) | ||||||||||||||
Multi-employer Pension Fund | EIN/Pension Plan Number | 2017 | 2016 | FIP/RP Status Implemented | 2017 | 2016 | 2015 | Surcharge Imposed | Expiration Date of Bargaining Agreement | ||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243/001 | Red | Red | Yes | $ | 0.1 | $ | 0.1 | $ | 0.1 | Yes | 7/31/2018 | |||
PACE Industry Union - Management Pension Fund(a) | 11-6166763/001 | Red | Red | Yes | 0.1 | 0.1 | — | Yes | 6/15/2018 | ||||||
Western Conference of Teamsters Pension Trust - Northwest Area(b) | 91-6145047/001 | Green | Green | No | — | — | 0.1 | No | 4/30/2017 | ||||||
Graphic Communications Conference of International Brotherhood of Teamster Pension Fund(a) | 52-6118568/001 | Red | Red | Yes | 0.3 | 0.2 | — | Yes | 5/01/2019 | ||||||
Total | $ | 0.5 | $ | 0.4 | $ | 0.2 |
|
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
U.S. | $ | 227.5 | $ | 290.0 | $ | 307.6 | |||
International | 25.5 | 29.4 | 51.7 | ||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | $ | 253.0 | $ | 319.4 | $ | 359.3 |
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
Current Benefit (Expense): | |||||||||
U.S. | $ | 0.7 | $ | (5.1 | ) | $ | (7.9 | ) | |
International | (9.2 | ) | (11.4 | ) | (12.5 | ) | |||
Total Current | $ | (8.5 | ) | $ | (16.5 | ) | $ | (20.4 | ) |
Deferred Benefit (Expense): | |||||||||
U.S. | 51.0 | (78.8 | ) | (110.6 | ) | ||||
International | 3.0 | 2.1 | 0.6 | ||||||
Total Deferred | $ | 54.0 | $ | (76.7 | ) | $ | (110.0 | ) | |
Income Tax Benefit (Expense) | $ | 45.5 | $ | (93.2 | ) | $ | (130.4 | ) |
Year Ended December 31, | |||||||||||||||||
In millions | 2017 | Percent | 2016 | Percent | 2015 | Percent | |||||||||||
Income Tax Expense at U.S. Statutory Rate | $ | (88.5 | ) | 35.0 | % | $ | (111.8 | ) | 35.0 | % | $ | (125.8 | ) | 35.0 | % | ||
U.S. State and Local Tax Expense | (8.7 | ) | 3.4 | (10.0 | ) | 3.2 | (11.4 | ) | 3.2 | ||||||||
IRS Agreement | — | — | 22.8 | (7.2 | ) | — | — | ||||||||||
Permanent Items | (2.7 | ) | 1.0 | (1.3 | ) | 0.5 | 1.7 | (0.5 | ) | ||||||||
U.S. Tax Reform | 138.0 | (54.5 | ) | — | — | — | — | ||||||||||
Change in Valuation Allowance due to Tax Reform | (2.0 | ) | 0.8 | — | — | — | — | ||||||||||
Change in Valuation Allowance | (3.5 | ) | 1.4 | 0.5 | (0.2 | ) | 1.8 | (0.5 | ) | ||||||||
International Tax Rate Differences | 3.2 | (1.3 | ) | 1.8 | (0.6 | ) | 2.4 | (0.7 | ) | ||||||||
Foreign Withholding Tax | (0.4 | ) | 0.2 | (0.2 | ) | 0.1 | (0.2 | ) | 0.1 | ||||||||
Change in Tax Rates | (3.0 | ) | 1.2 | 0.2 | (0.1 | ) | 1.0 | (0.3 | ) | ||||||||
U.S. Federal & State Tax Credits | 10.2 | (4.0 | ) | 3.5 | (1.1 | ) | 5.5 | (1.5 | ) | ||||||||
Uncertain Tax Positions | (0.3 | ) | 0.1 | 1.2 | (0.4 | ) | (3.7 | ) | 1.0 | ||||||||
Other | 3.2 | (1.3 | ) | 0.1 | — | (1.7 | ) | 0.5 | |||||||||
Income Tax Benefit (Expense) | $ | 45.5 | (18.0 | )% | $ | (93.2 | ) | 29.2 | % | $ | (130.4 | ) | 36.3 | % |
In millions | 2017 | 2016 | ||||
Deferred Income Tax Assets: | ||||||
Compensation Based Accruals | $ | 16.5 | $ | 20.1 | ||
Net Operating Loss Carryforwards | 114.9 | 165.3 | ||||
Postretirement Benefits | 25.6 | 88.0 | ||||
Tax Credits | 17.6 | 35.3 | ||||
Other | 45.9 | 55.4 | ||||
Valuation Allowance | (51.5 | ) | (45.5 | ) | ||
Total Deferred Income Tax Assets | $ | 169.0 | $ | 318.6 | ||
Deferred Income Tax Liabilities: | ||||||
Property, Plant and Equipment | (219.8 | ) | (334.6 | ) | ||
Goodwill | (192.0 | ) | (284.5 | ) | ||
Other Intangibles | (68.7 | ) | (99.6 | ) | ||
Other | (3.5 | ) | (4.7 | ) | ||
Net Noncurrent Deferred Income Tax Liabilities | $ | (484.0 | ) | $ | (723.4 | ) |
Net Deferred Income Tax Liability | $ | (315.0 | ) | $ | (404.8 | ) |
December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
Balance Beginning of Period | $ | 45.5 | $ | 44.8 | $ | 53.6 | |||
Charges to Costs and Expenses | 5.5 | 1.2 | — | ||||||
Additions (Deductions) | 0.5 | (0.5 | ) | (8.8 | ) | ||||
Balance at End of Period | $ | 51.5 | $ | 45.5 | $ | 44.8 |
In millions | |||
2024 | $ | 84.0 | |
2026 | 22.9 | ||
2027 | 93.0 | ||
2028 | 12.1 | ||
2029 | 114.6 | ||
Total | $ | 326.6 |
In millions | 2017 | 2016 | ||||
Balance at January 1, | $ | 10.1 | $ | 9.1 | ||
Additions for Tax Positions of Current Year | 0.6 | 1.5 | ||||
Additions for Tax Positions of Prior Years | 0.7 | 1.1 | ||||
Reductions for Tax Positions of Prior Years | (0.9 | ) | (1.6 | ) | ||
Balance at December 31, | $ | 10.5 | $ | 10.1 |
|
Start | End | (In Millions) Notional Amount | Weighted Average Interest Rate |
12/01/2017 | 10/01/2018 | $250.0 | 1.16% |
|
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | Location in Statement of Operations (Effective Portion) | Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | Location in Statement of Operations (Ineffective Portion) | Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Commodity Contracts | $ | 3.6 | $ | (5.0 | ) | Cost of Sales | $ | (1.2 | ) | $ | 12.5 | Cost of Sales | $ | (0.1 | ) | $ | (0.1 | ) | ||||
Foreign Currency Contracts | 3.1 | (1.4 | ) | Other Income, Net | (0.3 | ) | 0.5 | Other Income, Net | — | — | ||||||||||||
Interest Rate Swap Agreements | (1.0 | ) | 0.4 | Interest Expense, Net | (0.6 | ) | 2.0 | Interest Expense, Net | — | — | ||||||||||||
Total | $ | 5.7 | $ | (6.0 | ) | $ | (2.1 | ) | $ | 15.0 | $ | (0.1 | ) | $ | (0.1 | ) |
In millions | 2017 | 2016 | |||||
Foreign Currency Contracts | Other Expense, Net | $ | 9.7 | $ | 3.3 |
In millions | 2017 | 2016 | 2015 | ||||||
Balance at January 1 | $ | 7.5 | $ | (13.5 | ) | $ | (12.5 | ) | |
Reclassification to earnings | (2.1 | ) | 15.0 | 11.7 | |||||
Current period change in fair value | (5.7 | ) | 6.0 | (12.7 | ) | ||||
Balance at December 31 | $ | (0.3 | ) | $ | 7.5 | $ | (13.5 | ) |
|
Year Ended December 31, | |||||||||||||||||||||||||||||
2017 | 2016 | 2015 | |||||||||||||||||||||||||||
In millions | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (7.8 | ) | $ | 2.9 | $ | (4.9 | ) | $ | 21.0 | $ | (8.0 | ) | $ | 13.0 | $ | (1.0 | ) | $ | 0.3 | $ | (0.7 | ) | ||||||
Pension and Postretirement Benefit Plans | 12.3 | (3.5 | ) | 8.8 | 7.9 | (3.9 | ) | 4.0 | 40.0 | (13.2 | ) | 26.8 | |||||||||||||||||
Currency Translation Adjustment | 44.9 | — | 44.9 | (58.9 | ) | — | (58.9 | ) | (37.2 | ) | — | (37.2 | ) | ||||||||||||||||
Other Comprehensive Income (Loss) | $ | 49.4 | $ | (0.6 | ) | $ | 48.8 | $ | (30.0 | ) | $ | (11.9 | ) | $ | (41.9 | ) | $ | 1.8 | $ | (12.9 | ) | $ | (11.1 | ) |
December 31, | ||||||
In millions | 2017 | 2016 | ||||
Accumulated Derivative Instruments Loss | $ | (10.3 | ) | $ | (5.4 | ) |
Pension and Postretirement Benefit Plans | (226.7 | ) | (235.5 | ) | ||
Currency Translation Adjustment | (101.8 | ) | (146.7 | ) | ||
Accumulated Other Comprehensive Loss | $ | (338.8 | ) | $ | (387.6 | ) |
In millions | Derivatives Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Currency Translation Adjustments | Total | ||||||||||
Balance at December 31, 2016 | $ | (5.4 | ) | $ | (250.2 | ) | $ | 14.7 | $ | (146.7 | ) | $ | (387.6 | ) | |
Other Comprehensive (Loss) Income before Reclassifications | (3.6 | ) | 3.3 | 2.6 | 44.9 | 47.2 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) | (1.3 | ) | 4.4 | (1.5 | ) | — | 1.6 | ||||||||
Net Current-period Other Comprehensive (Loss) Income | (4.9 | ) | 7.7 | 1.1 | 44.9 | 48.8 | |||||||||
Balance at December 31, 2017 | $ | (10.3 | ) | $ | (242.5 | ) | $ | 15.8 | $ | (101.8 | ) | $ | (338.8 | ) |
(a) | All amounts are net-of-tax. |
In millions | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | ||||
Derivatives Instruments: | ||||||
Commodity Contracts | $ | (1.2 | ) | Cost of Sales | ||
Foreign Currency Contracts | (0.3 | ) | Other Expense, Net | |||
Interest Rate Swap Agreements | (0.6 | ) | Interest Expense, Net | |||
(2.1 | ) | Total before Tax | ||||
0.8 | Tax Expense | |||||
$ | (1.3 | ) | Net of Tax | |||
Amortization of Defined Benefit Pension Plans: | ||||||
Prior Service Costs | $ | 0.5 | (c) | |||
Actuarial Losses | 6.5 | (c) | ||||
7.0 | Total before Tax | |||||
(2.6 | ) | Tax Benefit | ||||
$ | 4.4 | Net of Tax | ||||
Amortization of Postretirement Benefit Plans: | ||||||
Prior Service Credits | $ | (0.3 | ) | (c) | ||
Actuarial Gains | (2.1 | ) | (c) | |||
(2.4 | ) | Total before Tax | ||||
0.9 | Tax Expense | |||||
$ | (1.5 | ) | Net of Tax | |||
Total Reclassifications for the Period | $ | 1.6 |
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
|
In millions | Capital Leases | Operating Leases | Total | ||||||
2018 | $ | 3.7 | $ | 42.9 | $ | 46.6 | |||
2019 | 3.4 | 32.8 | 36.2 | ||||||
2020 | 3.4 | 27.7 | 31.1 | ||||||
2021 | 3.3 | 22.5 | 25.8 | ||||||
2022 | 2.8 | 19.2 | 22.0 | ||||||
Thereafter | 24.5 | 26.3 | 50.8 | ||||||
Total Minimum Lease Payments | 41.1 | 171.4 | 212.5 | ||||||
Less: Amount Representing Interest | (11.1 | ) | — | (11.1 | ) | ||||
Present Value of Net Minimum Leases | $ | 30.0 | $ | 171.4 | $ | 201.4 |
In millions | |||
2018 | $ | 151.8 | |
2019 | 86.4 | ||
2020 | 43.0 | ||
2021 | 37.9 | ||
2022 | 38.0 | ||
Thereafter | 310.6 | ||
Total | $ | 667.7 |
|
|
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
NET SALES: | |||||||||
Paperboard Mills | $ | 399.7 | $ | 394.7 | $ | 480.5 | |||
Americas Paperboard Packaging | 3,243.6 | 3,193.1 | 3,012.1 | ||||||
Europe Paperboard Packaging | 593.1 | 569.9 | 603.9 | ||||||
Corporate/Other/Eliminations | 167.3 | 140.4 | 63.7 | ||||||
Total | $ | 4,403.7 | $ | 4,298.1 | $ | 4,160.2 | |||
INCOME (LOSS) FROM OPERATIONS: | |||||||||
Paperboard Mills(a) | $ | (35.0 | ) | $ | (3.7 | ) | $ | 17.1 | |
Americas Paperboard Packaging | 358.2 | 409.0 | 395.2 | ||||||
Europe Paperboard Packaging | 37.3 | 25.4 | 40.8 | ||||||
Corporate and Other(b) | (17.8 | ) | (34.7 | ) | (26.0 | ) | |||
Total | $ | 342.7 | $ | 396.0 | $ | 427.1 | |||
CAPITAL EXPENDITURES: | |||||||||
Paperboard Mills | $ | 111.4 | $ | 184.2 | $ | 145.0 | |||
Americas Paperboard Packaging | 98.8 | 45.9 | 49.7 | ||||||
Europe Paperboard Packaging | 17.3 | 37.1 | 39.9 | ||||||
Corporate and Other | 32.6 | 27.4 | 9.5 | ||||||
Total | $ | 260.1 | $ | 294.6 | $ | 244.1 | |||
DEPRECIATION AND AMORTIZATION: | |||||||||
Paperboard Mills | $ | 143.7 | $ | 120.3 | $ | 124.7 | |||
Americas Paperboard Packaging | 125.3 | 124.7 | 107.3 | ||||||
Europe Paperboard Packaging | 42.1 | 41.1 | 40.1 | ||||||
Corporate and Other | 19.2 | 13.2 | 8.4 | ||||||
Total | $ | 330.3 | $ | 299.3 | $ | 280.5 |
(a) | Includes accelerated depreciation related to shutdown of Santa Clara in 2017. |
(b) | Includes expenses related to acquisitions, integration activities and shutdown costs (excluding accelerated depreciation). |
December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
ASSETS AT DECEMBER 31: | |||||||||
Paperboard Mills | $ | 1,487.0 | $ | 1,496.1 | $ | 1,445.0 | |||
Americas Paperboard Packaging | 2,478.7 | 2,419.8 | 2,157.1 | ||||||
Europe Paperboard Packaging | 607.1 | 491.9 | 574.0 | ||||||
Corporate and Other | 290.2 | 195.6 | 80.0 | ||||||
Total | $ | 4,863.0 | $ | 4,603.4 | $ | 4,256.1 |
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
NET SALES: | |||||||||
Americas(a) | $ | 3,643.3 | $ | 3,601.7 | $ | 3,492.6 | |||
Europe | 593.1 | 569.9 | 603.9 | ||||||
Asia Pacific | 215.7 | 198.1 | 117.4 | ||||||
Corporate and Other | (48.4 | ) | (71.6 | ) | (53.7 | ) | |||
Total | $ | 4,403.7 | $ | 4,298.1 | $ | 4,160.2 |
In millions | 2017 | 2016 | 2015 | ||||||
ASSETS AT DECEMBER 31: | |||||||||
Americas(a) | $ | 4,046.4 | $ | 3,923.2 | $ | 3,590.4 | |||
Europe | 607.1 | 491.9 | 574.0 | ||||||
Asia Pacific | 209.5 | 188.3 | 91.7 | ||||||
Total | $ | 4,863.0 | $ | 4,603.4 | $ | 4,256.1 |
|
2017 | |||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total | ||||||||||
Statement of Operations Data: | |||||||||||||||
Net Sales | $ | 1,061.5 | $ | 1,094.7 | $ | 1,137.6 | $ | 1,109.9 | $ | 4,403.7 | |||||
Gross Profit | 175.0 | 176.9 | 191.6 | 176.0 | 719.5 | ||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | 8.6 | 6.1 | 3.6 | 12.8 | 31.1 | ||||||||||
Income from Operations | 75.5 | 87.6 | 95.4 | 84.2 | 342.7 | ||||||||||
Net Income | 37.0 | 42.0 | 47.3 | 173.9 | 300.2 | ||||||||||
Net Income Per Share — Basic | $ | 0.12 | $ | 0.14 | $ | 0.15 | $ | 0.56 | $ | 0.97 | |||||
Net Income Per Share — Diluted(a) | $ | 0.12 | $ | 0.14 | $ | 0.15 | $ | 0.56 | $ | 0.96 |
2016 | |||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total | ||||||||||
Statement of Operations Data: | |||||||||||||||
Net Sales | $ | 1,034.0 | $ | 1,103.2 | $ | 1,103.7 | $ | 1,057.2 | $ | 4,298.1 | |||||
Gross Profit | 207.7 | 204.8 | 191.3 | 188.1 | 791.9 | ||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | 10.5 | 5.3 | 7.4 | 13.9 | 37.1 | ||||||||||
Income from Operations | 107.2 | 105.6 | 105.1 | 78.1 | 396.0 | ||||||||||
Net Income | 57.5 | 77.8 | 57.8 | 34.9 | 228.0 | ||||||||||
Net Income Per Share — Basic | $ | 0.18 | $ | 0.24 | $ | 0.18 | $ | 0.11 | $ | 0.71 | |||||
Net Income Per Share — Diluted | $ | 0.18 | $ | 0.24 | $ | 0.18 | $ | 0.11 | $ | 0.71 |
|
Year Ended December 31, | |||||||||||||||||||||||||||||
2017 | 2016 | 2015 | |||||||||||||||||||||||||||
In millions | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (7.8 | ) | $ | 2.9 | $ | (4.9 | ) | $ | 21.0 | $ | (8.0 | ) | $ | 13.0 | $ | (1.0 | ) | $ | 0.3 | $ | (0.7 | ) | ||||||
Pension and Postretirement Benefit Plans | 12.3 | (3.5 | ) | 8.8 | 7.9 | (3.9 | ) | 4.0 | 40.0 | (13.2 | ) | 26.8 | |||||||||||||||||
Currency Translation Adjustment | 44.9 | — | 44.9 | (58.9 | ) | — | (58.9 | ) | (37.2 | ) | — | (37.2 | ) | ||||||||||||||||
Other Comprehensive Income (Loss) | $ | 49.4 | $ | (0.6 | ) | $ | 48.8 | $ | (30.0 | ) | $ | (11.9 | ) | $ | (41.9 | ) | $ | 1.8 | $ | (12.9 | ) | $ | (11.1 | ) |
December 31, | ||||||
In millions | 2017 | 2016 | ||||
Accumulated Derivative Instruments Loss | $ | (10.3 | ) | $ | (5.4 | ) |
Pension and Postretirement Benefit Plans | (226.7 | ) | (235.5 | ) | ||
Currency Translation Adjustment | (101.8 | ) | (146.7 | ) | ||
Accumulated Other Comprehensive Loss | $ | (338.8 | ) | $ | (387.6 | ) |
In millions | Derivatives Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Currency Translation Adjustments | Total | ||||||||||
Balance at December 31, 2016 | $ | (5.4 | ) | $ | (250.2 | ) | $ | 14.7 | $ | (146.7 | ) | $ | (387.6 | ) | |
Other Comprehensive (Loss) Income before Reclassifications | (3.6 | ) | 3.3 | 2.6 | 44.9 | 47.2 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) | (1.3 | ) | 4.4 | (1.5 | ) | — | 1.6 | ||||||||
Net Current-period Other Comprehensive (Loss) Income | (4.9 | ) | 7.7 | 1.1 | 44.9 | 48.8 | |||||||||
Balance at December 31, 2017 | $ | (10.3 | ) | $ | (242.5 | ) | $ | 15.8 | $ | (101.8 | ) | $ | (338.8 | ) |
(a) | All amounts are net-of-tax. |
In millions | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | ||||
Derivatives Instruments: | ||||||
Commodity Contracts | $ | (1.2 | ) | Cost of Sales | ||
Foreign Currency Contracts | (0.3 | ) | Other Expense, Net | |||
Interest Rate Swap Agreements | (0.6 | ) | Interest Expense, Net | |||
(2.1 | ) | Total before Tax | ||||
0.8 | Tax Expense | |||||
$ | (1.3 | ) | Net of Tax | |||
Amortization of Defined Benefit Pension Plans: | ||||||
Prior Service Costs | $ | 0.5 | (c) | |||
Actuarial Losses | 6.5 | (c) | ||||
7.0 | Total before Tax | |||||
(2.6 | ) | Tax Benefit | ||||
$ | 4.4 | Net of Tax | ||||
Amortization of Postretirement Benefit Plans: | ||||||
Prior Service Credits | $ | (0.3 | ) | (c) | ||
Actuarial Gains | (2.1 | ) | (c) | |||
(2.4 | ) | Total before Tax | ||||
0.9 | Tax Expense | |||||
$ | (1.5 | ) | Net of Tax | |||
Total Reclassifications for the Period | $ | 1.6 |
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
|
Year Ended December 31, 2017 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
Net Sales | $ | — | $ | 3,509.0 | $ | 50.6 | $ | 1,166.6 | $ | (322.5 | ) | $ | 4,403.7 | |||||
Cost of Sales | — | 2,934.0 | 40.7 | 1,032.0 | (322.5 | ) | 3,684.2 | |||||||||||
Selling, General and Administrative | — | 257.4 | 3.5 | 81.8 | — | 342.7 | ||||||||||||
Other (Income) Expense, Net | — | (6.1 | ) | 0.1 | 9.0 | — | 3.0 | |||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | — | 19.4 | — | 11.7 | — | 31.1 | ||||||||||||
Income from Operations | — | 304.3 | 6.3 | 32.1 | — | 342.7 | ||||||||||||
Interest Expense, Net | — | (84.9 | ) | — | (4.8 | ) | — | (89.7 | ) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 219.4 | 6.3 | 27.3 | — | 253.0 | ||||||||||||
Income Tax Benefit (Expense) | — | 54.9 | (3.5 | ) | (5.9 | ) | — | 45.5 | ||||||||||
Income before Equity Income of Unconsolidated Entity | — | 274.3 | 2.8 | 21.4 | — | 298.5 | ||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.7 | — | 1.7 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 300.2 | 25.9 | (6.1 | ) | — | (320.0 | ) | — | ||||||||||
Net Income (Loss) | 300.2 | 300.2 | (3.3 | ) | 23.1 | (320.0 | ) | 300.2 | ||||||||||
Comprehensive Income (Loss) | $ | 349.0 | $ | 349.0 | $ | (26.0 | ) | $ | 78.5 | $ | (401.5 | ) | $ | 349.0 |
Year Ended December 31, 2016 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
Net Sales | $ | — | $ | 3,462.5 | $ | 106.2 | $ | 1,051.3 | $ | (321.9 | ) | $ | 4,298.1 | |||||
Cost of Sales | — | 2,812.2 | 88.6 | 927.3 | (321.9 | ) | 3,506.2 | |||||||||||
Selling, General and Administrative | — | 264.4 | 11.2 | 80.1 | — | 355.7 | ||||||||||||
Other (Income) Expense, Net | — | (3.8 | ) | — | 6.9 | — | 3.1 | |||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | — | 32.9 | — | 4.2 | — | 37.1 | ||||||||||||
Income from Operations | — | 356.8 | 6.4 | 32.8 | — | 396.0 | ||||||||||||
Interest (Expense) Income, Net | — | (72.3 | ) | — | (4.3 | ) | — | (76.6 | ) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 284.5 | 6.4 | 28.5 | — | 319.4 | ||||||||||||
Income Tax Expense | — | (81.5 | ) | (2.6 | ) | (9.1 | ) | — | (93.2 | ) | ||||||||
Income before Equity Income of Unconsolidated Entity | — | 203.0 | 3.8 | 19.4 | — | 226.2 | ||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.8 | — | 1.8 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 228.0 | 25.0 | (6.1 | ) | — | (246.9 | ) | — | ||||||||||
Net Income (Loss) | 228.0 | 228.0 | (2.3 | ) | 21.2 | (246.9 | ) | 228.0 | ||||||||||
Comprehensive Income (Loss) | $ | 186.1 | $ | 186.1 | $ | 16.8 | $ | (65.7 | ) | $ | (137.2 | ) | $ | 186.1 |
Year Ended December 31, 2015 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
Net Sales | $ | — | $ | 3,363.6 | $ | 1.6 | $ | 1,037.2 | $ | (242.2 | ) | $ | 4,160.2 | |||||
Cost of Sales | — | 2,730.2 | (1.1 | ) | 884.2 | (242.2 | ) | 3,371.1 | ||||||||||
Selling, General and Administrative | — | 274.9 | 2.5 | 70.3 | — | 347.7 | ||||||||||||
Other (Income) Expense, Net | — | (10.7 | ) | — | 3.0 | — | (7.7 | ) | ||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | — | 6.1 | — | 15.9 | — | 22.0 | ||||||||||||
Income from Operations | — | 363.1 | 0.2 | 63.8 | — | 427.1 | ||||||||||||
Interest Expense, Net | — | (64.9 | ) | — | (2.9 | ) | — | (67.8 | ) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 298.2 | 0.2 | 60.9 | — | 359.3 | ||||||||||||
Income Tax Expense | — | (115.8 | ) | (0.2 | ) | (14.4 | ) | — | (130.4 | ) | ||||||||
Income before Equity Income of Unconsolidated Entity | — | 182.4 | — | 46.5 | — | 228.9 | ||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.2 | — | 1.2 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 230.1 | 47.7 | (1.3 | ) | — | (276.5 | ) | — | ||||||||||
Net Income (Loss) | $ | 230.1 | $ | 230.1 | $ | (1.3 | ) | $ | 47.7 | $ | (276.5 | ) | $ | 230.1 | ||||
Comprehensive Income (Loss) | $ | 219.0 | $ | 219.0 | $ | (5.9 | ) | $ | (2.7 | ) | $ | (210.4 | ) | $ | 219.0 |
Year Ended December 31, 2017 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current Assets: | ||||||||||||||||||
Cash and Cash Equivalents | $ | 23.3 | $ | 1.2 | $ | — | $ | 42.9 | $ | — | $ | 67.4 | ||||||
Receivables, Net | — | 82.9 | — | 339.9 | — | 422.8 | ||||||||||||
Inventories, Net | — | 417.8 | — | 216.2 | — | 634.0 | ||||||||||||
Intercompany | — | 1,232.0 | 204.3 | — | (1,436.3 | ) | — | |||||||||||
Other Current Assets | — | 33.6 | — | 12.1 | — | 45.7 | ||||||||||||
Total Current Assets | 23.3 | 1,767.5 | 204.3 | 611.1 | (1,436.3 | ) | 1,169.9 | |||||||||||
Property, Plant and Equipment, Net | — | 1,532.9 | 0.1 | 334.2 | — | 1,867.2 | ||||||||||||
Investment in Consolidated Subsidiaries | 1,711.9 | — | 13.0 | — | (1,724.9 | ) | — | |||||||||||
Goodwill | — | 1,154.8 | — | 168.2 | — | 1,323.0 | ||||||||||||
Other Assets | — | 362.1 | — | 140.8 | — | 502.9 | ||||||||||||
Total Assets | $ | 1,735.2 | $ | 4,817.3 | $ | 217.4 | $ | 1,254.3 | $ | (3,161.2 | ) | $ | 4,863.0 | |||||
LIABILITIES | ||||||||||||||||||
Current Liabilities: | ||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 51.5 | $ | — | $ | 9.8 | $ | — | $ | 61.3 | ||||||
Accounts Payable | — | 381.7 | — | 134.8 | — | 516.5 | ||||||||||||
Interest Payable | — | 14.3 | — | 0.6 | — | 14.9 | ||||||||||||
Intercompany | 420.0 | — | — | 1,033.1 | (1,453.1 | ) | — | |||||||||||
Other Accrued Liabilities | 23.3 | 166.5 | — | 68.9 | — | 258.7 | ||||||||||||
Total Current Liabilities | 443.3 | 614.0 | — | 1,247.2 | (1,453.1 | ) | 851.4 | |||||||||||
Long-Term Debt | — | 2,082.3 | — | 130.9 | — | 2,213.2 | ||||||||||||
Deferred Income Tax Liabilities | — | 295.0 | — | 26.8 | — | 321.8 | ||||||||||||
Other Noncurrent Liabilities | — | 114.1 | — | 70.6 | — | 184.7 | ||||||||||||
EQUITY | ||||||||||||||||||
Total Equity | 1,291.9 | 1,711.9 | 217.4 | (221.2 | ) | (1,708.1 | ) | 1,291.9 | ||||||||||
Total Liabilities and Equity | $ | 1,735.2 | $ | 4,817.3 | $ | 217.4 | $ | 1,254.3 | $ | (3,161.2 | ) | $ | 4,863.0 |
Year Ended December 31, 2016 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current Assets: | ||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 0.9 | $ | 1.2 | $ | 57.0 | $ | — | $ | 59.1 | ||||||
Receivables, Net | — | 183.7 | 10.1 | 233.0 | — | 426.8 | ||||||||||||
Inventories, Net | — | 403.8 | 16.1 | 163.0 | — | 582.9 | ||||||||||||
Intercompany | — | 1,077.5 | 73.3 | — | (1,150.8 | ) | — | |||||||||||
Other Current Assets | — | 36.4 | — | 9.7 | — | 46.1 | ||||||||||||
Total Current Assets | — | 1,702.3 | 100.7 | 462.7 | (1,150.8 | ) | 1,114.9 | |||||||||||
Property, Plant and Equipment, Net | — | 1,435.8 | 64.1 | 252.0 | — | 1,751.9 | ||||||||||||
Investment in Consolidated Subsidiaries | 1,362.9 | — | 12.3 | — | (1,375.2 | ) | — | |||||||||||
Goodwill | — | 1,098.9 | 55.5 | 105.9 | — | 1,260.3 | ||||||||||||
Other Assets | — | 314.8 | 65.6 | 95.9 | — | 476.3 | ||||||||||||
Total Assets | $ | 1,362.9 | $ | 4,551.8 | $ | 298.2 | $ | 916.5 | $ | (2,526.0 | ) | $ | 4,603.4 | |||||
LIABILITIES | ||||||||||||||||||
Current Liabilities: | ||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 26.0 | $ | — | $ | 37.4 | $ | — | $ | 63.4 | ||||||
Accounts Payable | — | 354.3 | 8.5 | 103.7 | — | 466.5 | ||||||||||||
Interest Payable | — | 15.4 | — | — | — | 15.4 | ||||||||||||
Intercompany | 306.4 | — | — | 913.0 | (1,219.4 | ) | — | |||||||||||
Other Accrued Liabilities | — | 163.2 | 3.0 | 68.3 | — | 234.5 | ||||||||||||
Total Current Liabilities | 306.4 | 558.9 | 11.5 | 1,122.4 | (1,219.4 | ) | 779.8 | |||||||||||
Long-Term Debt | — | 2,042.4 | — | 46.1 | — | 2,088.5 | ||||||||||||
Deferred Income Tax Liabilities | — | 342.1 | 43.3 | 22.6 | — | 408.0 | ||||||||||||
Other Noncurrent Liabilities | — | 245.5 | — | 25.1 | — | 270.6 | ||||||||||||
EQUITY | ||||||||||||||||||
Total Equity | 1,056.5 | 1,362.9 | 243.4 | (299.7 | ) | (1,306.6 | ) | 1,056.5 | ||||||||||
Total Liabilities and Equity | $ | 1,362.9 | $ | 4,551.8 | $ | 298.2 | $ | 916.5 | $ | (2,526.0 | ) | $ | 4,603.4 |
Year Ended December 31, 2017 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net Income (Loss) | $ | 300.2 | $ | 300.2 | $ | (3.3 | ) | $ | 23.1 | $ | (320.0 | ) | $ | 300.2 | ||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||
Depreciation and Amortization | — | 260.8 | 4.8 | 64.7 | — | 330.3 | ||||||||||||
Deferred Income Taxes | — | (49.0 | ) | (1.1 | ) | (3.9 | ) | — | (54.0 | ) | ||||||||
Amount of Postretirement Expense Less Than Funding | — | (113.8 | ) | — | (13.3 | ) | — | (127.1 | ) | |||||||||
Gain on the Sale of Assets, net | — | (3.7 | ) | — | — | — | (3.7 | ) | ||||||||||
Equity in Net Earnings of Subsidiaries | (300.2 | ) | (25.9 | ) | 6.1 | — | 320.0 | — | ||||||||||
Other, Net | — | 7.5 | — | (0.4 | ) | — | 7.1 | |||||||||||
Changes in Operating Assets and Liabilities | — | 99.5 | (7.7 | ) | (28.4 | ) | — | 63.4 | ||||||||||
Net Cash Provided by (Used In) Operating Activities | — | 475.6 | (1.2 | ) | 41.8 | — | 516.2 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital Spending | — | (193.2 | ) | — | (47.7 | ) | — | (240.9 | ) | |||||||||
Packaging Machinery Spending | — | (19.1 | ) | — | (0.1 | ) | — | (19.2 | ) | |||||||||
Acquisition of Business, Net of Cash Acquired | — | (127.0 | ) | — | (62.4 | ) | — | (189.4 | ) | |||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | — | 7.9 | — | — | — | 7.9 | ||||||||||||
Other, Net | 189.0 | (15.5 | ) | — | — | (172.5 | ) | 1.0 | ||||||||||
Net Cash Provided by (Used in) by Investing Activities | 189.0 | (346.9 | ) | — | (110.2 | ) | (172.5 | ) | (440.6 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Repurchase of Common Stock | (62.1 | ) | — | — | — | — | (62.1 | ) | ||||||||||
Payments on Debt | — | (25.0 | ) | — | — | — | (25.0 | ) | ||||||||||
Borrowings under Revolving Credit Facilities | — | 1,103.4 | — | 99.5 | — | 1,202.9 | ||||||||||||
Payments on Revolving Credit Facilities | — | (1,026.6 | ) | — | (64.2 | ) | — | (1,090.8 | ) | |||||||||
Dividends Paid | (93.4 | ) | — | — | — | — | (93.4 | ) | ||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.2 | ) | — | — | — | — | (10.2 | ) | ||||||||||
Other, Net | — | (180.2 | ) | — | 16.5 | 172.5 | 8.8 | |||||||||||
Net Cash (Used in) Provided by Financing Activities | (165.7 | ) | (128.4 | ) | — | 51.8 | 172.5 | (69.8 | ) | |||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 2.5 | — | 2.5 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 23.3 | 0.3 | (1.2 | ) | (14.1 | ) | — | 8.3 | ||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.9 | 1.2 | 57.0 | — | 59.1 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 23.3 | $ | 1.2 | $ | — | $ | 42.9 | $ | — | $ | 67.4 |
Year Ended December 31, 2016 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net Income (Loss) | $ | 228.0 | $ | 228.0 | $ | (2.3 | ) | $ | 21.2 | $ | (246.9 | ) | $ | 228.0 | ||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||
Depreciation and Amortization | — | 233.4 | 12.9 | 53.0 | — | 299.3 | ||||||||||||
Deferred Income Taxes | — | 77.5 | 1.7 | (2.5 | ) | — | 76.7 | |||||||||||
Amount of Postretirement Expense Less Than Funding | — | (25.8 | ) | — | (5.5 | ) | — | (31.3 | ) | |||||||||
Equity in Net Earnings of Subsidiaries | (228.0 | ) | (25.0 | ) | 6.1 | — | 246.9 | — | ||||||||||
Other, Net | — | 30.8 | — | (0.6 | ) | — | 30.2 | |||||||||||
Changes in Operating Assets and Liabilities | — | 44.9 | (17.2 | ) | 10.8 | — | 38.5 | |||||||||||
Net Cash Provided by Operating Activities | — | 563.8 | 1.2 | 76.4 | — | 641.4 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital Spending | — | (239.7 | ) | — | (38.9 | ) | — | (278.6 | ) | |||||||||
Package Machinery Spending | — | (9.4 | ) | — | (6.6 | ) | — | (16.0 | ) | |||||||||
Acquisition of Businesses, Net of Cash Acquired | — | (173.1 | ) | — | (159.6 | ) | — | (332.7 | ) | |||||||||
Other, Net | 240.6 | (166.0 | ) | — | — | (79.8 | ) | (5.2 | ) | |||||||||
Net Cash Provided by (Used in) Investing Activities | 240.6 | (588.2 | ) | — | (205.1 | ) | (79.8 | ) | (632.5 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Repurchase of Common Stock | (164.9 | ) | — | — | — | — | (164.9 | ) | ||||||||||
Proceeds from Issuance or Modification of Debt | — | 300.0 | — | — | — | 300.0 | ||||||||||||
Payments on Debt | — | (25.0 | ) | — | — | — | (25.0 | ) | ||||||||||
Borrowings under Revolving Credit Facilities | — | 1,136.0 | — | 64.0 | — | 1,200.0 | ||||||||||||
Payments on Revolving Credit Facilities | — | (1,143.5 | ) | — | (92.3 | ) | — | (1,235.8 | ) | |||||||||
Debt Issuance Costs | — | (5.3 | ) | — | — | — | (5.3 | ) | ||||||||||
Dividends Paid | (64.4 | ) | — | — | — | — | (64.4 | ) | ||||||||||
Repurchase of Common Stock related to Share-Based Payments | (11.3 | ) | — | — | — | — | (11.3 | ) | ||||||||||
Other, Net | — | (237.0 | ) | — | 160.8 | 79.8 | 3.6 | |||||||||||
Net Cash (Used in) Provided by Financing Activities | (240.6 | ) | 25.2 | — | 132.5 | 79.8 | (3.1 | ) | ||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||
Net Increase in Cash and Cash Equivalents | — | 0.8 | 1.2 | 2.2 | — | 4.2 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.1 | — | 54.8 | — | 54.9 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 0.9 | $ | 1.2 | $ | 57.0 | $ | — | $ | 59.1 |
Year Ended December 31, 2015 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net Income (Loss) | $ | 230.1 | $ | 230.1 | $ | (1.3 | ) | $ | 47.7 | $ | (276.5 | ) | $ | 230.1 | ||||
Non-cash Items Included in Net Income: | ||||||||||||||||||
Depreciation and Amortization | — | 239.2 | 0.1 | 41.2 | — | 280.5 | ||||||||||||
Deferred Income Taxes | — | 108.5 | — | 1.5 | — | 110.0 | ||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (31.4 | ) | — | (8.0 | ) | — | (39.4 | ) | |||||||||
Loss on the Sale of Assets, net | — | 1.9 | — | — | — | 1.9 | ||||||||||||
Equity in Net Earnings of Subsidiaries | (230.1 | ) | (47.7 | ) | 1.3 | — | 276.5 | — | ||||||||||
Other, Net | — | 31.6 | — | (6.5 | ) | — | 25.1 | |||||||||||
Changes in Operating Assets and Liabilities | 0.3 | (99.0 | ) | 0.3 | 79.4 | — | (19.0 | ) | ||||||||||
Net Cash Provided by Operating Activities | 0.3 | 433.2 | 0.4 | 155.3 | — | 589.2 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital Spending | — | (188.7 | ) | (0.4 | ) | (39.8 | ) | — | (228.9 | ) | ||||||||
Packaging Machinery Spending | — | (12.5 | ) | — | (2.7 | ) | — | (15.2 | ) | |||||||||
Acquisition of Businesses, Net of Cash Acquired | — | (131.1 | ) | — | (32.1 | ) | — | (163.2 | ) | |||||||||
Other, Net | 133.5 | 78.6 | — | 9.9 | (214.5 | ) | 7.5 | |||||||||||
Net Cash Provided by (Used in) Investing Activities | 133.5 | (253.7 | ) | (0.4 | ) | (64.7 | ) | (214.5 | ) | (399.8 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Repurchase of Common Stock | (63.0 | ) | — | — | — | — | (63.0 | ) | ||||||||||
Payments on Debt | — | (25.0 | ) | — | — | — | (25.0 | ) | ||||||||||
Borrowings under Revolving Credit Facilities | — | 831.3 | — | 71.7 | — | 903.0 | ||||||||||||
Payments on Revolving Credit Facilities | — | (852.9 | ) | — | (100.9 | ) | — | (953.8 | ) | |||||||||
Dividends Paid | (49.3 | ) | — | — | — | — | (49.3 | ) | ||||||||||
Repurchase of Common Stock Related to Share-Based Payments | (21.5 | ) | — | — | — | — | (21.5 | ) | ||||||||||
Other, Net | — | (134.8 | ) | — | (81.0 | ) | 214.5 | (1.3 | ) | |||||||||
Net Cash (Used in) Provided by Financing Activities | (133.8 | ) | (181.4 | ) | — | (110.2 | ) | 214.5 | (210.9 | ) | ||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (5.2 | ) | — | (5.2 | ) | ||||||||||
Net Decrease in Cash and Cash Equivalents | — | (1.9 | ) | — | (24.8 | ) | — | (26.7 | ) | |||||||||
Cash and Cash Equivalents at Beginning of Period | — | 2.0 | — | 79.6 | — | 81.6 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 0.1 | $ | — | $ | 54.8 | $ | — | $ | 54.9 |
|
|
Buildings | 40 years |
Land improvements | 15 years |
Machinery and equipment | 3 to 40 years |
Furniture and fixtures | 10 years |
Automobiles, trucks and tractors | 3 to 5 years |
|
Buildings | 40 years |
Land improvements | 15 years |
Machinery and equipment | 3 to 40 years |
Furniture and fixtures | 10 years |
Automobiles, trucks and tractors | 3 to 5 years |
In millions | 2017 | 2016 | ||||
Property, Plant and Equipment, at Cost: | ||||||
Land and Improvements | $ | 106.2 | $ | 105.9 | ||
Buildings | 431.9 | 404.1 | ||||
Machinery and Equipment (a) | 4,384.5 | 4,137.0 | ||||
Construction-in-Progress | 151.0 | 106.4 | ||||
5,073.6 | 4,753.4 | |||||
Less: Accumulated Depreciation (a) | (3,206.4 | ) | (3,001.5 | ) | ||
Total | $ | 1,867.2 | $ | 1,751.9 |
(a) | Includes gross assets under capital lease of $39.7 million and related accumulated depreciation of $7.4 million as of December 31, 2017 and gross assets under capital lease of $25.6 million and related accumulated depreciation of $5.0 million as of December 31, 2016. |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||
In millions | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||
Customer Relationships | $ | 786.9 | $ | (377.2 | ) | $ | 409.7 | $ | 736.0 | $ | (321.0 | ) | $ | 415.0 | |||||
Patents, Trademarks, Licenses, and Leases | 130.2 | (103.4 | ) | 26.8 | 125.1 | (94.8 | ) | 30.3 | |||||||||||
Total | $ | 917.1 | $ | (480.6 | ) | $ | 436.5 | $ | 861.1 | $ | (415.8 | ) | $ | 445.3 |
In millions | Paperboard Mills | Americas Paperboard Packaging | Europe Paperboard Packaging | Corporate/Other(a) | Total | ||||||||||
Balance at December 31, 2015 | $ | 408.5 | $ | 698.3 | $ | 61.0 | $ | — | $ | 1,167.8 | |||||
Acquisition of Businesses | — | 98.8 | — | 14.1 | 112.9 | ||||||||||
Foreign Currency Effects | — | (7.7 | ) | (12.0 | ) | (0.7 | ) | (20.4 | ) | ||||||
Balance at December 31, 2016 | $ | 408.5 | $ | 789.4 | $ | 49.0 | $ | 13.4 | $ | 1,260.3 | |||||
Acquisition of Businesses | — | 51.4 | 6.3 | (2.3 | ) | 55.4 | |||||||||
Reallocation of Goodwill | — | (4.0 | ) | — | 4.0 | — | |||||||||
Foreign Currency Effects | — | 2.2 | 4.2 | 0.9 | 7.3 | ||||||||||
Balance at December 31, 2017 | $ | 408.5 | $ | 839.0 | $ | 59.5 | $ | 16.0 | $ | 1,323.0 |
(a) | Includes Australia operating segment. |
In millions | 2017 | 2016 | 2015 | ||||||
Net Charges Associated with Business Combinations | $ | 16.2 | $ | 21.2 | $ | 14.0 | |||
Shutdown and Other Special Charges | 18.6 | 15.9 | 6.1 | ||||||
(Gain) Loss on Sale of Assets | (3.7 | ) | — | 1.9 | |||||
Total | $ | 31.1 | $ | 37.1 | $ | 22.0 |
|
In millions | 2017 | 2016 | ||||
Trade | $ | 279.2 | $ | 370.0 | ||
Less: Allowance | (7.2 | ) | (6.7 | ) | ||
272.0 | 363.3 | |||||
Other (a) | 150.8 | 63.5 | ||||
Total | $ | 422.8 | $ | 426.8 |
(a) | Includes a receivable of approximately $102 million and $31 million for 2017 and 2016, respectively, from the financial institution under the purchasing and servicing of receivables agreements, which is a Level 3 fair value measurement. |
In millions | 2017 | 2016 | ||||
Finished Goods | $ | 240.5 | $ | 238.3 | ||
Work in Progress | 74.1 | 73.5 | ||||
Raw Materials | 229.4 | 187.2 | ||||
Supplies | 90.0 | 83.9 | ||||
Total | $ | 634.0 | $ | 582.9 |
In millions | 2017 | 2016 | ||||
Prepaid Assets | $ | 34.3 | $ | 34.1 | ||
Assets Held for Sale | 10.2 | 5.0 | ||||
Fair Value of Derivatives, current portion | 1.2 | 7.0 | ||||
Total | $ | 45.7 | $ | 46.1 |
Buildings | 40 years |
Land improvements | 15 years |
Machinery and equipment | 3 to 40 years |
Furniture and fixtures | 10 years |
Automobiles, trucks and tractors | 3 to 5 years |
In millions | 2017 | 2016 | ||||
Property, Plant and Equipment, at Cost: | ||||||
Land and Improvements | $ | 106.2 | $ | 105.9 | ||
Buildings | 431.9 | 404.1 | ||||
Machinery and Equipment (a) | 4,384.5 | 4,137.0 | ||||
Construction-in-Progress | 151.0 | 106.4 | ||||
5,073.6 | 4,753.4 | |||||
Less: Accumulated Depreciation (a) | (3,206.4 | ) | (3,001.5 | ) | ||
Total | $ | 1,867.2 | $ | 1,751.9 |
(a) | Includes gross assets under capital lease of $39.7 million and related accumulated depreciation of $7.4 million as of December 31, 2017 and gross assets under capital lease of $25.6 million and related accumulated depreciation of $5.0 million as of December 31, 2016. |
In millions | 2017 | 2016 | ||||
Deferred Debt Issuance Costs, Net of Amortization of $10.9 million and $9.3 million for 2017 and 2016, respectively | $ | 2.9 | $ | 4.5 | ||
Deferred Income Tax Assets | 6.8 | 3.2 | ||||
Pension Assets | 20.4 | 3.0 | ||||
Fair Value of Derivatives, noncurrent portion | — | 0.7 | ||||
Other | 36.3 | 19.6 | ||||
Total | $ | 66.4 | $ | 31.0 |
In millions | 2017 | 2016 | ||||
Dividends Payable | $ | 23.3 | $ | 23.6 | ||
Deferred Revenue | 11.6 | 11.4 | ||||
Accrued Customer Rebates | 15.5 | 8.0 | ||||
Fair Value of Derivatives, current portion | 1.2 | 0.8 | ||||
Other Accrued Taxes | 29.8 | 22.3 | ||||
Accrued Payables | 25.7 | 10.8 | ||||
Other | 38.2 | 50.3 | ||||
Total | $ | 145.3 | $ | 127.2 |
In millions | 2017 | 2016 | ||||
Deferred Revenue | $ | 6.6 | $ | 6.7 | ||
Multi-employer Plans | 29.0 | 30.4 | ||||
Workers Compensation Reserve | 10.9 | 10.7 | ||||
Accrued Build-to-Suit Obligation | 35.8 | — | ||||
Other | 22.4 | 20.3 | ||||
Total | $ | 104.7 | $ | 68.1 |
|
In millions | 2017 | 2016 | 2015 | ||||||
Receivables, Net | $ | 49.9 | $ | 25.5 | $ | (1.5 | ) | ||
Inventories, Net | (6.5 | ) | 10.5 | (19.7 | ) | ||||
Prepaid Expenses | 0.8 | (1.2 | ) | 0.1 | |||||
Other Assets | (32.8 | ) | 8.5 | (12.4 | ) | ||||
Accounts Payable | 27.0 | 4.3 | 12.7 | ||||||
Compensation and Employee Benefits | 3.5 | (21.7 | ) | (1.9 | ) | ||||
Income Taxes | 2.3 | 1.7 | 0.9 | ||||||
Interest Payable | (1.7 | ) | 5.0 | (1.1 | ) | ||||
Other Accrued Liabilities | 6.7 | 12.8 | (3.9 | ) | |||||
Other Noncurrent Liabilities | 14.2 | (6.9 | ) | 7.8 | |||||
Total | $ | 63.4 | $ | 38.5 | $ | (19.0 | ) |
In millions | 2017 | 2016 | 2015 | ||||||
Interest | $ | 81.8 | $ | 64.9 | $ | 60.9 | |||
Income Taxes | $ | 15.9 | $ | 14.5 | $ | 11.2 |
|
In millions | Amounts Recognized as of Acquisition Date | Measurement Period Adjustments | Amounts Recognized as of Acquisition Dates (as adjusted) | ||||||
Purchase Price | $ | 191.0 | $ | 1.5 | $ | 192.5 | |||
Assumed Debt | 14.0 | — | 14.0 | ||||||
Total Purchase Consideration | $ | 205.0 | $ | 1.5 | $ | 206.5 | |||
Cash and Cash Equivalents | $ | 3.1 | $ | — | $ | 3.1 | |||
Receivables, Net | 25.9 | — | 25.9 | ||||||
Inventories, Net | 29.9 | 1.1 | 31.0 | ||||||
Property, Plant and Equipment, Net | 32.6 | 21.9 | 54.5 | ||||||
Intangible Assets, Net(a) | — | 43.3 | 43.3 | ||||||
Other Assets | 0.5 | — | 0.5 | ||||||
Total Assets Acquired | 92.0 | 66.3 | 158.3 | ||||||
Current Liabilities | 3.7 | — | 3.7 | ||||||
Pension and Postretirement Benefits | 0.5 | — | 0.5 | ||||||
Deferred Tax Liabilities | — | 4.6 | 4.6 | ||||||
Other Noncurrent Liabilities | 0.7 | — | 0.7 | ||||||
Total Liabilities Assumed | 4.9 | 4.6 | 9.5 | ||||||
Net Assets Acquired | 87.1 | 61.7 | 148.8 | ||||||
Goodwill | 117.9 | (60.2 | ) | 57.7 | |||||
Total Estimated Fair Value of Net Assets Acquired | $ | 205.0 | $ | 1.5 | $ | 206.5 |
(a) | The weighted average life of Intangibles, Net, is 18 years. The Intangible Assets, Net were valued using the income approach and are a Level 3 fair value measurement. |
|
In millions | 2017 | 2016 | ||||
Short Term Borrowings | $ | 9.1 | $ | 37.1 | ||
Current Portion of Capital Lease Obligations | 2.2 | 1.3 | ||||
Current Portion of Long-Term Debt | 50.0 | 25.0 | ||||
Total | $ | 61.3 | $ | 63.4 |
In millions | 2017 | 2016 | ||||
Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.19%, payable in 2024 | $ | 300.0 | $ | 300.0 | ||
Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.93%, payable in 2022 | 250.0 | 250.0 | ||||
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.78%, payable in 2021 | 425.0 | 425.0 | ||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.84% at December 31, 2017) payable through 2019 | 925.0 | 950.0 | ||||
Senior Secured Revolving Credit Facilities with interest payable at floating rates (2.55% at December 31, 2017) payable in 2019 | 319.0 | 184.8 | ||||
Capital Lease Obligations | 30.0 | 17.9 | ||||
Other | 28.9 | 3.0 | ||||
Total Long-Term Debt | 2,277.9 | 2,130.7 | ||||
Less: Current Portion | 52.2 | 26.3 | ||||
2,225.7 | 2,104.4 | |||||
Less: Unamortized Deferred Debt Issuance Costs | 12.5 | 15.9 | ||||
Total | $ | 2,213.2 | $ | 2,088.5 |
In millions | |||
2018 | $ | 50.0 | |
2019 | 1,194.8 | ||
2020 | 20.7 | ||
2021 | 425.4 | ||
2022 | 250.6 | ||
After 2022 | 306.4 | ||
Total | $ | 2,247.9 |
Date | Document(a)(b) | Provision | Expiration |
March 2012 | Amended and Restated Credit Agreement | •$1.0 billion revolving credit facility •$1.0 billion amortizing term loan facility •LIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio | March 2017 |
December 2012 | Amendment No. 1 to Credit Agreement | •$300 million incremental term loan | March 2017 |
September 2013 | Amendment No. 2 to Credit Agreement | •Added €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio | September 2018 |
June 2014 | Amendment No. 3 to Credit Agreement | •Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) | September 2018 |
October 2014 | Second Amended and Restated Credit Agreement | •Increased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio | October 2019 |
In millions | Total Commitments | Total Outstanding | Total Available | ||||||
Senior Secured Domestic Revolving Credit Facility (a) | $ | 1,250.0 | $ | 218.8 | $ | 1,010.6 | |||
Senior Secured International Revolving Credit Facilities | 188.1 | 100.2 | 87.9 | ||||||
Other International Facilities | 67.5 | 38.0 | 29.5 | ||||||
Total | $ | 1,505.6 | $ | 357.0 | $ | 1,128.0 |
(a) | In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $20.6 million as of December 31, 2017. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire throughout 2018 unless extended. |
|
2017 | 2016 | 2015 | |||||||
RSUs — Employees | 1,547,049 | 1,891,335 | 1,751,823 | ||||||
Weighted-average grant date fair value | $ | 13.35 | $ | 11.20 | $ | 13.28 | |||
Stock Awards — Board of Directors | 65,520 | 59,880 | 54,120 | ||||||
Weighted-average grant date fair value | $ | 13.43 | $ | 13.36 | $ | 14.78 |
Shares | Weighted Average Grant Date Fair Value | ||||
Outstanding — December 31, 2014 | 7,613,698 | $ | 7.20 | ||
Granted | 1,751,823 | 13.28 | |||
Released | (3,657,373 | ) | 5.45 | ||
Forfeited | (268,560 | ) | 9.32 | ||
Outstanding — December 31, 2015 | 5,439,588 | $ | 10.22 | ||
Granted | 1,891,335 | 11.20 | |||
Released | (2,596,292 | ) | 7.29 | ||
Forfeited | (66,956 | ) | 12.74 | ||
Outstanding — December 31, 2016 | 4,667,675 | $ | 12.21 | ||
Granted | 1,547,049 | 13.35 | |||
Released | (1,720,327 | ) | 10.05 | ||
Forfeited | (622,463 | ) | 13.13 | ||
Outstanding — December 31, 2017 | 3,871,934 | $ | 13.10 |
|
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
In millions | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||
Components of Net Periodic Cost: | ||||||||||||||||||
Service Cost | $ | 8.2 | $ | 10.0 | $ | 12.8 | $ | 0.8 | $ | 0.8 | $ | 1.0 | ||||||
Interest Cost | 42.6 | 43.8 | 54.8 | 1.3 | 1.3 | 1.7 | ||||||||||||
Expected Return on Plan Assets | (64.1 | ) | (61.3 | ) | (74.4 | ) | — | — | — | |||||||||
Amortization: | ||||||||||||||||||
Prior Service Cost (Credit) | 0.5 | 0.8 | 0.7 | (0.3 | ) | (0.2 | ) | (0.3 | ) | |||||||||
Actuarial Loss (Gain) | 6.5 | 27.3 | 19.7 | (2.1 | ) | (2.1 | ) | (1.6 | ) | |||||||||
Net Curtailment/Settlement Loss | — | 1.0 | 1.5 | — | — | — | ||||||||||||
Other | 0.8 | 0.8 | 0.9 | — | — | — | ||||||||||||
Net Periodic (Benefit) Cost | $ | (5.5 | ) | $ | 22.4 | $ | 16.0 | $ | (0.3 | ) | $ | (0.2 | ) | $ | 0.8 |
Pension Benefits | Postretirement Benefits | |||||||||||
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||
Weighted Average Assumptions: | ||||||||||||
Discount Rate | 4.01 | % | 4.41 | % | 4.02 | % | 4.10 | % | 4.29 | % | 3.95 | % |
Rate of Increase in Future Compensation Levels | 1.45 | % | 1.49 | % | 1.45 | % | — | — | — | |||
Expected Long-Term Rate of Return on Plan Assets | 5.79 | % | 5.90 | % | 6.81 | % | — | — | — | |||
Initial Health Care Cost Trend Rate | — | — | — | 7.45 | % | 7.80 | % | 7.38 | % | |||
Ultimate Health Care Cost Trend Rate | — | — | — | 4.50 | % | 4.50 | % | 4.96 | % | |||
Ultimate Year | — | — | — | 2024 | 2024 | 2036 |
Pension Benefits | Postretirement Benefits | |||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | ||||||||
Change in Benefit Obligation: | ||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,279.0 | $ | 1,239.0 | $ | 40.6 | $ | 40.8 | ||||
Service Cost | 8.2 | 10.0 | 0.8 | 0.8 | ||||||||
Interest Cost | 42.6 | 43.8 | 1.3 | 1.3 | ||||||||
Actuarial Loss (Gain) | 76.4 | 79.3 | (3.4 | ) | (0.7 | ) | ||||||
Foreign Currency Exchange | 22.9 | (36.0 | ) | 0.1 | 0.1 | |||||||
Settlement/Curtailment (Gain) | (0.2 | ) | (3.8 | ) | — | 0.3 | ||||||
Benefits Paid | (62.7 | ) | (58.4 | ) | (2.2 | ) | (2.1 | ) | ||||
Acquisition | — | 4.1 | — | — | ||||||||
Other | 0.9 | 1.0 | 0.1 | 0.1 | ||||||||
Benefit Obligation at End of Year | $ | 1,367.1 | $ | 1,279.0 | $ | 37.3 | $ | 40.6 | ||||
Change in Plan Assets: | ||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,115.6 | $ | 1,038.9 | $ | — | $ | — | ||||
Actual Return on Plan Assets | 147.1 | 116.3 | — | — | ||||||||
Employer Contributions | 119.1 | 51.4 | 2.2 | 2.1 | ||||||||
Foreign Currency Exchange | 21.6 | (34.6 | ) | — | — | |||||||
Benefits Paid | (62.7 | ) | (58.4 | ) | (2.2 | ) | (2.1 | ) | ||||
Acquisition | — | 4.8 | — | — | ||||||||
Settlements | — | (2.9 | ) | — | — | |||||||
Other | — | 0.1 | — | — | ||||||||
Fair Value of Plan Assets at End of Year | $ | 1,340.7 | $ | 1,115.6 | $ | — | $ | — | ||||
Plan Assets Less than Projected Benefit Obligation | $ | (26.4 | ) | $ | (163.4 | ) | $ | (37.3 | ) | $ | (40.6 | ) |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||||||||||
Pension Assets | $ | 20.4 | $ | 3.0 | $ | — | $ | — | ||||
Accrued Pension and Postretirement Benefits Liability — Current | $ | (1.7 | ) | $ | (1.7 | ) | $ | (2.4 | ) | $ | (2.8 | ) |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | $ | (45.1 | ) | $ | (164.7 | ) | $ | (34.9 | ) | $ | (37.8 | ) |
Accumulated Other Comprehensive Income: | ||||||||||||
Net Actuarial Loss (Gain) | $ | 267.1 | $ | 277.8 | $ | (20.1 | ) | $ | (18.7 | ) | ||
Prior Service Cost (Credit) | $ | 0.7 | $ | 1.3 | $ | (0.8 | ) | $ | (1.1 | ) | ||
Weighted Average Calculations: | ||||||||||||
Discount Rate | 3.49 | % | 4.01 | % | 3.64 | % | 4.10 | % | ||||
Rates of Increase in Future Compensation Levels | 2.09 | % | 1.45 | % | — | — | ||||||
Initial Health Care Cost Trend Rate | — | — | 9.00 | % | 7.45 | % | ||||||
Ultimate Health Care Cost Trend Rate | — | — | 4.50 | % | 4.50 | % | ||||||
Ultimate Year | — | — | 2027 | 2024 |
Target | 2017 | 2016 | ||||
Cash | — | % | 2.4 | % | 1.3 | % |
Equity Securities | 46.6 | 11.2 | 40.0 | |||
Fixed Income Securities | 53.4 | 82.7 | 53.9 | |||
Other Investments | — | 3.7 | 4.8 | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Fair Value Measurements at December 31, 2017 | ||||||||||||
In millions | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Asset Category: | ||||||||||||
Cash (a) | $ | 32.2 | $ | 0.3 | $ | 31.9 | $ | — | ||||
Equity Securities: | ||||||||||||
Domestic (a) | 140.5 | 4.1 | 136.4 | — | ||||||||
Foreign (a) | 9.1 | 5.8 | 3.3 | — | ||||||||
Fixed Income Securities (a) | 1,108.6 | 16.1 | 1,092.5 | — | ||||||||
Other Investments: | ||||||||||||
Real estate | 10.4 | 9.6 | — | 0.8 | ||||||||
Diversified growth fund (b) | 39.9 | — | 39.9 | — | ||||||||
Total | $ | 1,340.7 | $ | 35.9 | $ | 1,304.0 | $ | 0.8 |
Fair Value Measurements at December 31, 2016 | ||||||||||||
In millions | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||
Asset Category: | ||||||||||||
Cash (a) | $ | 14.5 | $ | 0.3 | $ | 14.2 | $ | — | ||||
Equity Securities: | ||||||||||||
Domestic (a) | 340.2 | 68.7 | 271.5 | — | ||||||||
Foreign (a) | 107.0 | 55.5 | 51.5 | — | ||||||||
Fixed Income Securities (a) | 600.8 | 194.6 | 406.2 | — | ||||||||
Other Investments: | ||||||||||||
Real estate | 14.8 | 14.8 | — | — | ||||||||
Diversified growth fund (b) | 38.3 | — | 38.3 | — | ||||||||
Total | $ | 1,115.6 | $ | 333.9 | $ | 781.7 | $ | — |
(a) | The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. |
(b) | The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five year horizon. |
In millions | 2017 | 2016 | ||||
Balance at January 1, | $ | — | $ | 35.9 | ||
Transfers (Out) In | 0.8 | (35.9 | ) | |||
Return on Assets Held at December 31 | — | — | ||||
Balance at December 31, | $ | 0.8 | $ | — |
One Percentage Point | ||||||
In millions | Increase | Decrease | ||||
Health Care Cost Trend Rate Sensitivity: | ||||||
Effect on Total Interest and Service Cost Components | $ | 0.1 | $ | (0.1 | ) | |
Effect on Year-End Postretirement Benefit Obligation | $ | 1.9 | $ | (1.6 | ) |
In millions | Pension Plans | Postretirement Health Care Benefits | ||||
2018 | $ | 67.1 | $ | 2.4 | ||
2019 | 69.1 | 2.4 | ||||
2020 | 71.7 | 2.7 | ||||
2021 | 74.4 | 2.7 | ||||
2022 | 76.7 | 2.9 | ||||
2023— 2027 | 405.2 | 13.4 |
In millions | Pension Benefits | Postretirement Health Care Benefits | ||||
Recognition of Prior Service Cost | $ | 0.4 | $ | (0.3 | ) | |
Recognition of Actuarial Loss (Gain) | 5.6 | (1.8 | ) |
Pension Protection Act Zone Status | Company Contributions (in millions) | ||||||||||||||
Multi-employer Pension Fund | EIN/Pension Plan Number | 2017 | 2016 | FIP/RP Status Implemented | 2017 | 2016 | 2015 | Surcharge Imposed | Expiration Date of Bargaining Agreement | ||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243/001 | Red | Red | Yes | $ | 0.1 | $ | 0.1 | $ | 0.1 | Yes | 7/31/2018 | |||
PACE Industry Union - Management Pension Fund(a) | 11-6166763/001 | Red | Red | Yes | 0.1 | 0.1 | — | Yes | 6/15/2018 | ||||||
Western Conference of Teamsters Pension Trust - Northwest Area(b) | 91-6145047/001 | Green | Green | No | — | — | 0.1 | No | 4/30/2017 | ||||||
Graphic Communications Conference of International Brotherhood of Teamster Pension Fund(a) | 52-6118568/001 | Red | Red | Yes | 0.3 | 0.2 | — | Yes | 5/01/2019 | ||||||
Total | $ | 0.5 | $ | 0.4 | $ | 0.2 |
|
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
U.S. | $ | 227.5 | $ | 290.0 | $ | 307.6 | |||
International | 25.5 | 29.4 | 51.7 | ||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | $ | 253.0 | $ | 319.4 | $ | 359.3 |
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
Current Benefit (Expense): | |||||||||
U.S. | $ | 0.7 | $ | (5.1 | ) | $ | (7.9 | ) | |
International | (9.2 | ) | (11.4 | ) | (12.5 | ) | |||
Total Current | $ | (8.5 | ) | $ | (16.5 | ) | $ | (20.4 | ) |
Deferred Benefit (Expense): | |||||||||
U.S. | 51.0 | (78.8 | ) | (110.6 | ) | ||||
International | 3.0 | 2.1 | 0.6 | ||||||
Total Deferred | $ | 54.0 | $ | (76.7 | ) | $ | (110.0 | ) | |
Income Tax Benefit (Expense) | $ | 45.5 | $ | (93.2 | ) | $ | (130.4 | ) |
Year Ended December 31, | |||||||||||||||||
In millions | 2017 | Percent | 2016 | Percent | 2015 | Percent | |||||||||||
Income Tax Expense at U.S. Statutory Rate | $ | (88.5 | ) | 35.0 | % | $ | (111.8 | ) | 35.0 | % | $ | (125.8 | ) | 35.0 | % | ||
U.S. State and Local Tax Expense | (8.7 | ) | 3.4 | (10.0 | ) | 3.2 | (11.4 | ) | 3.2 | ||||||||
IRS Agreement | — | — | 22.8 | (7.2 | ) | — | — | ||||||||||
Permanent Items | (2.7 | ) | 1.0 | (1.3 | ) | 0.5 | 1.7 | (0.5 | ) | ||||||||
U.S. Tax Reform | 138.0 | (54.5 | ) | — | — | — | — | ||||||||||
Change in Valuation Allowance due to Tax Reform | (2.0 | ) | 0.8 | — | — | — | — | ||||||||||
Change in Valuation Allowance | (3.5 | ) | 1.4 | 0.5 | (0.2 | ) | 1.8 | (0.5 | ) | ||||||||
International Tax Rate Differences | 3.2 | (1.3 | ) | 1.8 | (0.6 | ) | 2.4 | (0.7 | ) | ||||||||
Foreign Withholding Tax | (0.4 | ) | 0.2 | (0.2 | ) | 0.1 | (0.2 | ) | 0.1 | ||||||||
Change in Tax Rates | (3.0 | ) | 1.2 | 0.2 | (0.1 | ) | 1.0 | (0.3 | ) | ||||||||
U.S. Federal & State Tax Credits | 10.2 | (4.0 | ) | 3.5 | (1.1 | ) | 5.5 | (1.5 | ) | ||||||||
Uncertain Tax Positions | (0.3 | ) | 0.1 | 1.2 | (0.4 | ) | (3.7 | ) | 1.0 | ||||||||
Other | 3.2 | (1.3 | ) | 0.1 | — | (1.7 | ) | 0.5 | |||||||||
Income Tax Benefit (Expense) | $ | 45.5 | (18.0 | )% | $ | (93.2 | ) | 29.2 | % | $ | (130.4 | ) | 36.3 | % |
In millions | 2017 | 2016 | ||||
Deferred Income Tax Assets: | ||||||
Compensation Based Accruals | $ | 16.5 | $ | 20.1 | ||
Net Operating Loss Carryforwards | 114.9 | 165.3 | ||||
Postretirement Benefits | 25.6 | 88.0 | ||||
Tax Credits | 17.6 | 35.3 | ||||
Other | 45.9 | 55.4 | ||||
Valuation Allowance | (51.5 | ) | (45.5 | ) | ||
Total Deferred Income Tax Assets | $ | 169.0 | $ | 318.6 | ||
Deferred Income Tax Liabilities: | ||||||
Property, Plant and Equipment | (219.8 | ) | (334.6 | ) | ||
Goodwill | (192.0 | ) | (284.5 | ) | ||
Other Intangibles | (68.7 | ) | (99.6 | ) | ||
Other | (3.5 | ) | (4.7 | ) | ||
Net Noncurrent Deferred Income Tax Liabilities | $ | (484.0 | ) | $ | (723.4 | ) |
Net Deferred Income Tax Liability | $ | (315.0 | ) | $ | (404.8 | ) |
December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
Balance Beginning of Period | $ | 45.5 | $ | 44.8 | $ | 53.6 | |||
Charges to Costs and Expenses | 5.5 | 1.2 | — | ||||||
Additions (Deductions) | 0.5 | (0.5 | ) | (8.8 | ) | ||||
Balance at End of Period | $ | 51.5 | $ | 45.5 | $ | 44.8 |
In millions | |||
2024 | $ | 84.0 | |
2026 | 22.9 | ||
2027 | 93.0 | ||
2028 | 12.1 | ||
2029 | 114.6 | ||
Total | $ | 326.6 |
In millions | 2017 | 2016 | ||||
Balance at January 1, | $ | 10.1 | $ | 9.1 | ||
Additions for Tax Positions of Current Year | 0.6 | 1.5 | ||||
Additions for Tax Positions of Prior Years | 0.7 | 1.1 | ||||
Reductions for Tax Positions of Prior Years | (0.9 | ) | (1.6 | ) | ||
Balance at December 31, | $ | 10.5 | $ | 10.1 |
|
Start | End | (In Millions) Notional Amount | Weighted Average Interest Rate |
12/01/2017 | 10/01/2018 | $250.0 | 1.16% |
|
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | Location in Statement of Operations (Effective Portion) | Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | Location in Statement of Operations (Ineffective Portion) | Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Commodity Contracts | $ | 3.6 | $ | (5.0 | ) | Cost of Sales | $ | (1.2 | ) | $ | 12.5 | Cost of Sales | $ | (0.1 | ) | $ | (0.1 | ) | ||||
Foreign Currency Contracts | 3.1 | (1.4 | ) | Other Income, Net | (0.3 | ) | 0.5 | Other Income, Net | — | — | ||||||||||||
Interest Rate Swap Agreements | (1.0 | ) | 0.4 | Interest Expense, Net | (0.6 | ) | 2.0 | Interest Expense, Net | — | — | ||||||||||||
Total | $ | 5.7 | $ | (6.0 | ) | $ | (2.1 | ) | $ | 15.0 | $ | (0.1 | ) | $ | (0.1 | ) |
In millions | 2017 | 2016 | |||||
Foreign Currency Contracts | Other Expense, Net | $ | 9.7 | $ | 3.3 |
In millions | 2017 | 2016 | 2015 | ||||||
Balance at January 1 | $ | 7.5 | $ | (13.5 | ) | $ | (12.5 | ) | |
Reclassification to earnings | (2.1 | ) | 15.0 | 11.7 | |||||
Current period change in fair value | (5.7 | ) | 6.0 | (12.7 | ) | ||||
Balance at December 31 | $ | (0.3 | ) | $ | 7.5 | $ | (13.5 | ) |
|
Year Ended December 31, | |||||||||||||||||||||||||||||
2017 | 2016 | 2015 | |||||||||||||||||||||||||||
In millions | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (7.8 | ) | $ | 2.9 | $ | (4.9 | ) | $ | 21.0 | $ | (8.0 | ) | $ | 13.0 | $ | (1.0 | ) | $ | 0.3 | $ | (0.7 | ) | ||||||
Pension and Postretirement Benefit Plans | 12.3 | (3.5 | ) | 8.8 | 7.9 | (3.9 | ) | 4.0 | 40.0 | (13.2 | ) | 26.8 | |||||||||||||||||
Currency Translation Adjustment | 44.9 | — | 44.9 | (58.9 | ) | — | (58.9 | ) | (37.2 | ) | — | (37.2 | ) | ||||||||||||||||
Other Comprehensive Income (Loss) | $ | 49.4 | $ | (0.6 | ) | $ | 48.8 | $ | (30.0 | ) | $ | (11.9 | ) | $ | (41.9 | ) | $ | 1.8 | $ | (12.9 | ) | $ | (11.1 | ) |
December 31, | ||||||
In millions | 2017 | 2016 | ||||
Accumulated Derivative Instruments Loss | $ | (10.3 | ) | $ | (5.4 | ) |
Pension and Postretirement Benefit Plans | (226.7 | ) | (235.5 | ) | ||
Currency Translation Adjustment | (101.8 | ) | (146.7 | ) | ||
Accumulated Other Comprehensive Loss | $ | (338.8 | ) | $ | (387.6 | ) |
In millions | Derivatives Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Currency Translation Adjustments | Total | ||||||||||
Balance at December 31, 2016 | $ | (5.4 | ) | $ | (250.2 | ) | $ | 14.7 | $ | (146.7 | ) | $ | (387.6 | ) | |
Other Comprehensive (Loss) Income before Reclassifications | (3.6 | ) | 3.3 | 2.6 | 44.9 | 47.2 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) | (1.3 | ) | 4.4 | (1.5 | ) | — | 1.6 | ||||||||
Net Current-period Other Comprehensive (Loss) Income | (4.9 | ) | 7.7 | 1.1 | 44.9 | 48.8 | |||||||||
Balance at December 31, 2017 | $ | (10.3 | ) | $ | (242.5 | ) | $ | 15.8 | $ | (101.8 | ) | $ | (338.8 | ) |
(a) | All amounts are net-of-tax. |
|
In millions | Capital Leases | Operating Leases | Total | ||||||
2018 | $ | 3.7 | $ | 42.9 | $ | 46.6 | |||
2019 | 3.4 | 32.8 | 36.2 | ||||||
2020 | 3.4 | 27.7 | 31.1 | ||||||
2021 | 3.3 | 22.5 | 25.8 | ||||||
2022 | 2.8 | 19.2 | 22.0 | ||||||
Thereafter | 24.5 | 26.3 | 50.8 | ||||||
Total Minimum Lease Payments | 41.1 | 171.4 | 212.5 | ||||||
Less: Amount Representing Interest | (11.1 | ) | — | (11.1 | ) | ||||
Present Value of Net Minimum Leases | $ | 30.0 | $ | 171.4 | $ | 201.4 |
In millions | Capital Leases | Operating Leases | Total | ||||||
2018 | $ | 3.7 | $ | 42.9 | $ | 46.6 | |||
2019 | 3.4 | 32.8 | 36.2 | ||||||
2020 | 3.4 | 27.7 | 31.1 | ||||||
2021 | 3.3 | 22.5 | 25.8 | ||||||
2022 | 2.8 | 19.2 | 22.0 | ||||||
Thereafter | 24.5 | 26.3 | 50.8 | ||||||
Total Minimum Lease Payments | 41.1 | 171.4 | 212.5 | ||||||
Less: Amount Representing Interest | (11.1 | ) | — | (11.1 | ) | ||||
Present Value of Net Minimum Leases | $ | 30.0 | $ | 171.4 | $ | 201.4 |
In millions | |||
2018 | $ | 151.8 | |
2019 | 86.4 | ||
2020 | 43.0 | ||
2021 | 37.9 | ||
2022 | 38.0 | ||
Thereafter | 310.6 | ||
Total | $ | 667.7 |
|
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
NET SALES: | |||||||||
Paperboard Mills | $ | 399.7 | $ | 394.7 | $ | 480.5 | |||
Americas Paperboard Packaging | 3,243.6 | 3,193.1 | 3,012.1 | ||||||
Europe Paperboard Packaging | 593.1 | 569.9 | 603.9 | ||||||
Corporate/Other/Eliminations | 167.3 | 140.4 | 63.7 | ||||||
Total | $ | 4,403.7 | $ | 4,298.1 | $ | 4,160.2 | |||
INCOME (LOSS) FROM OPERATIONS: | |||||||||
Paperboard Mills(a) | $ | (35.0 | ) | $ | (3.7 | ) | $ | 17.1 | |
Americas Paperboard Packaging | 358.2 | 409.0 | 395.2 | ||||||
Europe Paperboard Packaging | 37.3 | 25.4 | 40.8 | ||||||
Corporate and Other(b) | (17.8 | ) | (34.7 | ) | (26.0 | ) | |||
Total | $ | 342.7 | $ | 396.0 | $ | 427.1 | |||
CAPITAL EXPENDITURES: | |||||||||
Paperboard Mills | $ | 111.4 | $ | 184.2 | $ | 145.0 | |||
Americas Paperboard Packaging | 98.8 | 45.9 | 49.7 | ||||||
Europe Paperboard Packaging | 17.3 | 37.1 | 39.9 | ||||||
Corporate and Other | 32.6 | 27.4 | 9.5 | ||||||
Total | $ | 260.1 | $ | 294.6 | $ | 244.1 | |||
DEPRECIATION AND AMORTIZATION: | |||||||||
Paperboard Mills | $ | 143.7 | $ | 120.3 | $ | 124.7 | |||
Americas Paperboard Packaging | 125.3 | 124.7 | 107.3 | ||||||
Europe Paperboard Packaging | 42.1 | 41.1 | 40.1 | ||||||
Corporate and Other | 19.2 | 13.2 | 8.4 | ||||||
Total | $ | 330.3 | $ | 299.3 | $ | 280.5 |
(a) | Includes accelerated depreciation related to shutdown of Santa Clara in 2017. |
(b) | Includes expenses related to acquisitions, integration activities and shutdown costs (excluding accelerated depreciation). |
December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
ASSETS AT DECEMBER 31: | |||||||||
Paperboard Mills | $ | 1,487.0 | $ | 1,496.1 | $ | 1,445.0 | |||
Americas Paperboard Packaging | 2,478.7 | 2,419.8 | 2,157.1 | ||||||
Europe Paperboard Packaging | 607.1 | 491.9 | 574.0 | ||||||
Corporate and Other | 290.2 | 195.6 | 80.0 | ||||||
Total | $ | 4,863.0 | $ | 4,603.4 | $ | 4,256.1 |
Year Ended December 31, | |||||||||
In millions | 2017 | 2016 | 2015 | ||||||
NET SALES: | |||||||||
Americas(a) | $ | 3,643.3 | $ | 3,601.7 | $ | 3,492.6 | |||
Europe | 593.1 | 569.9 | 603.9 | ||||||
Asia Pacific | 215.7 | 198.1 | 117.4 | ||||||
Corporate and Other | (48.4 | ) | (71.6 | ) | (53.7 | ) | |||
Total | $ | 4,403.7 | $ | 4,298.1 | $ | 4,160.2 |
In millions | 2017 | 2016 | 2015 | ||||||
ASSETS AT DECEMBER 31: | |||||||||
Americas(a) | $ | 4,046.4 | $ | 3,923.2 | $ | 3,590.4 | |||
Europe | 607.1 | 491.9 | 574.0 | ||||||
Asia Pacific | 209.5 | 188.3 | 91.7 | ||||||
Total | $ | 4,863.0 | $ | 4,603.4 | $ | 4,256.1 |
|
2017 | |||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total | ||||||||||
Statement of Operations Data: | |||||||||||||||
Net Sales | $ | 1,061.5 | $ | 1,094.7 | $ | 1,137.6 | $ | 1,109.9 | $ | 4,403.7 | |||||
Gross Profit | 175.0 | 176.9 | 191.6 | 176.0 | 719.5 | ||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | 8.6 | 6.1 | 3.6 | 12.8 | 31.1 | ||||||||||
Income from Operations | 75.5 | 87.6 | 95.4 | 84.2 | 342.7 | ||||||||||
Net Income | 37.0 | 42.0 | 47.3 | 173.9 | 300.2 | ||||||||||
Net Income Per Share — Basic | $ | 0.12 | $ | 0.14 | $ | 0.15 | $ | 0.56 | $ | 0.97 | |||||
Net Income Per Share — Diluted(a) | $ | 0.12 | $ | 0.14 | $ | 0.15 | $ | 0.56 | $ | 0.96 |
2016 | |||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total | ||||||||||
Statement of Operations Data: | |||||||||||||||
Net Sales | $ | 1,034.0 | $ | 1,103.2 | $ | 1,103.7 | $ | 1,057.2 | $ | 4,298.1 | |||||
Gross Profit | 207.7 | 204.8 | 191.3 | 188.1 | 791.9 | ||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | 10.5 | 5.3 | 7.4 | 13.9 | 37.1 | ||||||||||
Income from Operations | 107.2 | 105.6 | 105.1 | 78.1 | 396.0 | ||||||||||
Net Income | 57.5 | 77.8 | 57.8 | 34.9 | 228.0 | ||||||||||
Net Income Per Share — Basic | $ | 0.18 | $ | 0.24 | $ | 0.18 | $ | 0.11 | $ | 0.71 | |||||
Net Income Per Share — Diluted | $ | 0.18 | $ | 0.24 | $ | 0.18 | $ | 0.11 | $ | 0.71 |
|
December 31, | ||||||
In millions | 2017 | 2016 | ||||
Accumulated Derivative Instruments Loss | $ | (10.3 | ) | $ | (5.4 | ) |
Pension and Postretirement Benefit Plans | (226.7 | ) | (235.5 | ) | ||
Currency Translation Adjustment | (101.8 | ) | (146.7 | ) | ||
Accumulated Other Comprehensive Loss | $ | (338.8 | ) | $ | (387.6 | ) |
In millions | Derivatives Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Currency Translation Adjustments | Total | ||||||||||
Balance at December 31, 2016 | $ | (5.4 | ) | $ | (250.2 | ) | $ | 14.7 | $ | (146.7 | ) | $ | (387.6 | ) | |
Other Comprehensive (Loss) Income before Reclassifications | (3.6 | ) | 3.3 | 2.6 | 44.9 | 47.2 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) | (1.3 | ) | 4.4 | (1.5 | ) | — | 1.6 | ||||||||
Net Current-period Other Comprehensive (Loss) Income | (4.9 | ) | 7.7 | 1.1 | 44.9 | 48.8 | |||||||||
Balance at December 31, 2017 | $ | (10.3 | ) | $ | (242.5 | ) | $ | 15.8 | $ | (101.8 | ) | $ | (338.8 | ) |
(a) | All amounts are net-of-tax. |
In millions | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | ||||
Derivatives Instruments: | ||||||
Commodity Contracts | $ | (1.2 | ) | Cost of Sales | ||
Foreign Currency Contracts | (0.3 | ) | Other Expense, Net | |||
Interest Rate Swap Agreements | (0.6 | ) | Interest Expense, Net | |||
(2.1 | ) | Total before Tax | ||||
0.8 | Tax Expense | |||||
$ | (1.3 | ) | Net of Tax | |||
Amortization of Defined Benefit Pension Plans: | ||||||
Prior Service Costs | $ | 0.5 | (c) | |||
Actuarial Losses | 6.5 | (c) | ||||
7.0 | Total before Tax | |||||
(2.6 | ) | Tax Benefit | ||||
$ | 4.4 | Net of Tax | ||||
Amortization of Postretirement Benefit Plans: | ||||||
Prior Service Credits | $ | (0.3 | ) | (c) | ||
Actuarial Gains | (2.1 | ) | (c) | |||
(2.4 | ) | Total before Tax | ||||
0.9 | Tax Expense | |||||
$ | (1.5 | ) | Net of Tax | |||
Total Reclassifications for the Period | $ | 1.6 |
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
|
Year Ended December 31, 2017 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
Net Sales | $ | — | $ | 3,509.0 | $ | 50.6 | $ | 1,166.6 | $ | (322.5 | ) | $ | 4,403.7 | |||||
Cost of Sales | — | 2,934.0 | 40.7 | 1,032.0 | (322.5 | ) | 3,684.2 | |||||||||||
Selling, General and Administrative | — | 257.4 | 3.5 | 81.8 | — | 342.7 | ||||||||||||
Other (Income) Expense, Net | — | (6.1 | ) | 0.1 | 9.0 | — | 3.0 | |||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | — | 19.4 | — | 11.7 | — | 31.1 | ||||||||||||
Income from Operations | — | 304.3 | 6.3 | 32.1 | — | 342.7 | ||||||||||||
Interest Expense, Net | — | (84.9 | ) | — | (4.8 | ) | — | (89.7 | ) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 219.4 | 6.3 | 27.3 | — | 253.0 | ||||||||||||
Income Tax Benefit (Expense) | — | 54.9 | (3.5 | ) | (5.9 | ) | — | 45.5 | ||||||||||
Income before Equity Income of Unconsolidated Entity | — | 274.3 | 2.8 | 21.4 | — | 298.5 | ||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.7 | — | 1.7 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 300.2 | 25.9 | (6.1 | ) | — | (320.0 | ) | — | ||||||||||
Net Income (Loss) | 300.2 | 300.2 | (3.3 | ) | 23.1 | (320.0 | ) | 300.2 | ||||||||||
Comprehensive Income (Loss) | $ | 349.0 | $ | 349.0 | $ | (26.0 | ) | $ | 78.5 | $ | (401.5 | ) | $ | 349.0 |
Year Ended December 31, 2016 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
Net Sales | $ | — | $ | 3,462.5 | $ | 106.2 | $ | 1,051.3 | $ | (321.9 | ) | $ | 4,298.1 | |||||
Cost of Sales | — | 2,812.2 | 88.6 | 927.3 | (321.9 | ) | 3,506.2 | |||||||||||
Selling, General and Administrative | — | 264.4 | 11.2 | 80.1 | — | 355.7 | ||||||||||||
Other (Income) Expense, Net | — | (3.8 | ) | — | 6.9 | — | 3.1 | |||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | — | 32.9 | — | 4.2 | — | 37.1 | ||||||||||||
Income from Operations | — | 356.8 | 6.4 | 32.8 | — | 396.0 | ||||||||||||
Interest (Expense) Income, Net | — | (72.3 | ) | — | (4.3 | ) | — | (76.6 | ) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 284.5 | 6.4 | 28.5 | — | 319.4 | ||||||||||||
Income Tax Expense | — | (81.5 | ) | (2.6 | ) | (9.1 | ) | — | (93.2 | ) | ||||||||
Income before Equity Income of Unconsolidated Entity | — | 203.0 | 3.8 | 19.4 | — | 226.2 | ||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.8 | — | 1.8 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 228.0 | 25.0 | (6.1 | ) | — | (246.9 | ) | — | ||||||||||
Net Income (Loss) | 228.0 | 228.0 | (2.3 | ) | 21.2 | (246.9 | ) | 228.0 | ||||||||||
Comprehensive Income (Loss) | $ | 186.1 | $ | 186.1 | $ | 16.8 | $ | (65.7 | ) | $ | (137.2 | ) | $ | 186.1 |
Year Ended December 31, 2015 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
Net Sales | $ | — | $ | 3,363.6 | $ | 1.6 | $ | 1,037.2 | $ | (242.2 | ) | $ | 4,160.2 | |||||
Cost of Sales | — | 2,730.2 | (1.1 | ) | 884.2 | (242.2 | ) | 3,371.1 | ||||||||||
Selling, General and Administrative | — | 274.9 | 2.5 | 70.3 | — | 347.7 | ||||||||||||
Other (Income) Expense, Net | — | (10.7 | ) | — | 3.0 | — | (7.7 | ) | ||||||||||
Business Combinations and Shutdown and Other Special Charges, Net | — | 6.1 | — | 15.9 | — | 22.0 | ||||||||||||
Income from Operations | — | 363.1 | 0.2 | 63.8 | — | 427.1 | ||||||||||||
Interest Expense, Net | — | (64.9 | ) | — | (2.9 | ) | — | (67.8 | ) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 298.2 | 0.2 | 60.9 | — | 359.3 | ||||||||||||
Income Tax Expense | — | (115.8 | ) | (0.2 | ) | (14.4 | ) | — | (130.4 | ) | ||||||||
Income before Equity Income of Unconsolidated Entity | — | 182.4 | — | 46.5 | — | 228.9 | ||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.2 | — | 1.2 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 230.1 | 47.7 | (1.3 | ) | — | (276.5 | ) | — | ||||||||||
Net Income (Loss) | $ | 230.1 | $ | 230.1 | $ | (1.3 | ) | $ | 47.7 | $ | (276.5 | ) | $ | 230.1 | ||||
Comprehensive Income (Loss) | $ | 219.0 | $ | 219.0 | $ | (5.9 | ) | $ | (2.7 | ) | $ | (210.4 | ) | $ | 219.0 |
Year Ended December 31, 2017 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current Assets: | ||||||||||||||||||
Cash and Cash Equivalents | $ | 23.3 | $ | 1.2 | $ | — | $ | 42.9 | $ | — | $ | 67.4 | ||||||
Receivables, Net | — | 82.9 | — | 339.9 | — | 422.8 | ||||||||||||
Inventories, Net | — | 417.8 | — | 216.2 | — | 634.0 | ||||||||||||
Intercompany | — | 1,232.0 | 204.3 | — | (1,436.3 | ) | — | |||||||||||
Other Current Assets | — | 33.6 | — | 12.1 | — | 45.7 | ||||||||||||
Total Current Assets | 23.3 | 1,767.5 | 204.3 | 611.1 | (1,436.3 | ) | 1,169.9 | |||||||||||
Property, Plant and Equipment, Net | — | 1,532.9 | 0.1 | 334.2 | — | 1,867.2 | ||||||||||||
Investment in Consolidated Subsidiaries | 1,711.9 | — | 13.0 | — | (1,724.9 | ) | — | |||||||||||
Goodwill | — | 1,154.8 | — | 168.2 | — | 1,323.0 | ||||||||||||
Other Assets | — | 362.1 | — | 140.8 | — | 502.9 | ||||||||||||
Total Assets | $ | 1,735.2 | $ | 4,817.3 | $ | 217.4 | $ | 1,254.3 | $ | (3,161.2 | ) | $ | 4,863.0 | |||||
LIABILITIES | ||||||||||||||||||
Current Liabilities: | ||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 51.5 | $ | — | $ | 9.8 | $ | — | $ | 61.3 | ||||||
Accounts Payable | — | 381.7 | — | 134.8 | — | 516.5 | ||||||||||||
Interest Payable | — | 14.3 | — | 0.6 | — | 14.9 | ||||||||||||
Intercompany | 420.0 | — | — | 1,033.1 | (1,453.1 | ) | — | |||||||||||
Other Accrued Liabilities | 23.3 | 166.5 | — | 68.9 | — | 258.7 | ||||||||||||
Total Current Liabilities | 443.3 | 614.0 | — | 1,247.2 | (1,453.1 | ) | 851.4 | |||||||||||
Long-Term Debt | — | 2,082.3 | — | 130.9 | — | 2,213.2 | ||||||||||||
Deferred Income Tax Liabilities | — | 295.0 | — | 26.8 | — | 321.8 | ||||||||||||
Other Noncurrent Liabilities | — | 114.1 | — | 70.6 | — | 184.7 | ||||||||||||
EQUITY | ||||||||||||||||||
Total Equity | 1,291.9 | 1,711.9 | 217.4 | (221.2 | ) | (1,708.1 | ) | 1,291.9 | ||||||||||
Total Liabilities and Equity | $ | 1,735.2 | $ | 4,817.3 | $ | 217.4 | $ | 1,254.3 | $ | (3,161.2 | ) | $ | 4,863.0 |
Year Ended December 31, 2016 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
ASSETS | ||||||||||||||||||
Current Assets: | ||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 0.9 | $ | 1.2 | $ | 57.0 | $ | — | $ | 59.1 | ||||||
Receivables, Net | — | 183.7 | 10.1 | 233.0 | — | 426.8 | ||||||||||||
Inventories, Net | — | 403.8 | 16.1 | 163.0 | — | 582.9 | ||||||||||||
Intercompany | — | 1,077.5 | 73.3 | — | (1,150.8 | ) | — | |||||||||||
Other Current Assets | — | 36.4 | — | 9.7 | — | 46.1 | ||||||||||||
Total Current Assets | — | 1,702.3 | 100.7 | 462.7 | (1,150.8 | ) | 1,114.9 | |||||||||||
Property, Plant and Equipment, Net | — | 1,435.8 | 64.1 | 252.0 | — | 1,751.9 | ||||||||||||
Investment in Consolidated Subsidiaries | 1,362.9 | — | 12.3 | — | (1,375.2 | ) | — | |||||||||||
Goodwill | — | 1,098.9 | 55.5 | 105.9 | — | 1,260.3 | ||||||||||||
Other Assets | — | 314.8 | 65.6 | 95.9 | — | 476.3 | ||||||||||||
Total Assets | $ | 1,362.9 | $ | 4,551.8 | $ | 298.2 | $ | 916.5 | $ | (2,526.0 | ) | $ | 4,603.4 | |||||
LIABILITIES | ||||||||||||||||||
Current Liabilities: | ||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 26.0 | $ | — | $ | 37.4 | $ | — | $ | 63.4 | ||||||
Accounts Payable | — | 354.3 | 8.5 | 103.7 | — | 466.5 | ||||||||||||
Interest Payable | — | 15.4 | — | — | — | 15.4 | ||||||||||||
Intercompany | 306.4 | — | — | 913.0 | (1,219.4 | ) | — | |||||||||||
Other Accrued Liabilities | — | 163.2 | 3.0 | 68.3 | — | 234.5 | ||||||||||||
Total Current Liabilities | 306.4 | 558.9 | 11.5 | 1,122.4 | (1,219.4 | ) | 779.8 | |||||||||||
Long-Term Debt | — | 2,042.4 | — | 46.1 | — | 2,088.5 | ||||||||||||
Deferred Income Tax Liabilities | — | 342.1 | 43.3 | 22.6 | — | 408.0 | ||||||||||||
Other Noncurrent Liabilities | — | 245.5 | — | 25.1 | — | 270.6 | ||||||||||||
EQUITY | ||||||||||||||||||
Total Equity | 1,056.5 | 1,362.9 | 243.4 | (299.7 | ) | (1,306.6 | ) | 1,056.5 | ||||||||||
Total Liabilities and Equity | $ | 1,362.9 | $ | 4,551.8 | $ | 298.2 | $ | 916.5 | $ | (2,526.0 | ) | $ | 4,603.4 |
Year Ended December 31, 2017 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net Income (Loss) | $ | 300.2 | $ | 300.2 | $ | (3.3 | ) | $ | 23.1 | $ | (320.0 | ) | $ | 300.2 | ||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||
Depreciation and Amortization | — | 260.8 | 4.8 | 64.7 | — | 330.3 | ||||||||||||
Deferred Income Taxes | — | (49.0 | ) | (1.1 | ) | (3.9 | ) | — | (54.0 | ) | ||||||||
Amount of Postretirement Expense Less Than Funding | — | (113.8 | ) | — | (13.3 | ) | — | (127.1 | ) | |||||||||
Gain on the Sale of Assets, net | — | (3.7 | ) | — | — | — | (3.7 | ) | ||||||||||
Equity in Net Earnings of Subsidiaries | (300.2 | ) | (25.9 | ) | 6.1 | — | 320.0 | — | ||||||||||
Other, Net | — | 7.5 | — | (0.4 | ) | — | 7.1 | |||||||||||
Changes in Operating Assets and Liabilities | — | 99.5 | (7.7 | ) | (28.4 | ) | — | 63.4 | ||||||||||
Net Cash Provided by (Used In) Operating Activities | — | 475.6 | (1.2 | ) | 41.8 | — | 516.2 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital Spending | — | (193.2 | ) | — | (47.7 | ) | — | (240.9 | ) | |||||||||
Packaging Machinery Spending | — | (19.1 | ) | — | (0.1 | ) | — | (19.2 | ) | |||||||||
Acquisition of Business, Net of Cash Acquired | — | (127.0 | ) | — | (62.4 | ) | — | (189.4 | ) | |||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | — | 7.9 | — | — | — | 7.9 | ||||||||||||
Other, Net | 189.0 | (15.5 | ) | — | — | (172.5 | ) | 1.0 | ||||||||||
Net Cash Provided by (Used in) by Investing Activities | 189.0 | (346.9 | ) | — | (110.2 | ) | (172.5 | ) | (440.6 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Repurchase of Common Stock | (62.1 | ) | — | — | — | — | (62.1 | ) | ||||||||||
Payments on Debt | — | (25.0 | ) | — | — | — | (25.0 | ) | ||||||||||
Borrowings under Revolving Credit Facilities | — | 1,103.4 | — | 99.5 | — | 1,202.9 | ||||||||||||
Payments on Revolving Credit Facilities | — | (1,026.6 | ) | — | (64.2 | ) | — | (1,090.8 | ) | |||||||||
Dividends Paid | (93.4 | ) | — | — | — | — | (93.4 | ) | ||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.2 | ) | — | — | — | — | (10.2 | ) | ||||||||||
Other, Net | — | (180.2 | ) | — | 16.5 | 172.5 | 8.8 | |||||||||||
Net Cash (Used in) Provided by Financing Activities | (165.7 | ) | (128.4 | ) | — | 51.8 | 172.5 | (69.8 | ) | |||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 2.5 | — | 2.5 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 23.3 | 0.3 | (1.2 | ) | (14.1 | ) | — | 8.3 | ||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.9 | 1.2 | 57.0 | — | 59.1 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 23.3 | $ | 1.2 | $ | — | $ | 42.9 | $ | — | $ | 67.4 |
Year Ended December 31, 2016 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net Income (Loss) | $ | 228.0 | $ | 228.0 | $ | (2.3 | ) | $ | 21.2 | $ | (246.9 | ) | $ | 228.0 | ||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||
Depreciation and Amortization | — | 233.4 | 12.9 | 53.0 | — | 299.3 | ||||||||||||
Deferred Income Taxes | — | 77.5 | 1.7 | (2.5 | ) | — | 76.7 | |||||||||||
Amount of Postretirement Expense Less Than Funding | — | (25.8 | ) | — | (5.5 | ) | — | (31.3 | ) | |||||||||
Equity in Net Earnings of Subsidiaries | (228.0 | ) | (25.0 | ) | 6.1 | — | 246.9 | — | ||||||||||
Other, Net | — | 30.8 | — | (0.6 | ) | — | 30.2 | |||||||||||
Changes in Operating Assets and Liabilities | — | 44.9 | (17.2 | ) | 10.8 | — | 38.5 | |||||||||||
Net Cash Provided by Operating Activities | — | 563.8 | 1.2 | 76.4 | — | 641.4 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital Spending | — | (239.7 | ) | — | (38.9 | ) | — | (278.6 | ) | |||||||||
Package Machinery Spending | — | (9.4 | ) | — | (6.6 | ) | — | (16.0 | ) | |||||||||
Acquisition of Businesses, Net of Cash Acquired | — | (173.1 | ) | — | (159.6 | ) | — | (332.7 | ) | |||||||||
Other, Net | 240.6 | (166.0 | ) | — | — | (79.8 | ) | (5.2 | ) | |||||||||
Net Cash Provided by (Used in) Investing Activities | 240.6 | (588.2 | ) | — | (205.1 | ) | (79.8 | ) | (632.5 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Repurchase of Common Stock | (164.9 | ) | — | — | — | — | (164.9 | ) | ||||||||||
Proceeds from Issuance or Modification of Debt | — | 300.0 | — | — | — | 300.0 | ||||||||||||
Payments on Debt | — | (25.0 | ) | — | — | — | (25.0 | ) | ||||||||||
Borrowings under Revolving Credit Facilities | — | 1,136.0 | — | 64.0 | — | 1,200.0 | ||||||||||||
Payments on Revolving Credit Facilities | — | (1,143.5 | ) | — | (92.3 | ) | — | (1,235.8 | ) | |||||||||
Debt Issuance Costs | — | (5.3 | ) | — | — | — | (5.3 | ) | ||||||||||
Dividends Paid | (64.4 | ) | — | — | — | — | (64.4 | ) | ||||||||||
Repurchase of Common Stock related to Share-Based Payments | (11.3 | ) | — | — | — | — | (11.3 | ) | ||||||||||
Other, Net | — | (237.0 | ) | — | 160.8 | 79.8 | 3.6 | |||||||||||
Net Cash (Used in) Provided by Financing Activities | (240.6 | ) | 25.2 | — | 132.5 | 79.8 | (3.1 | ) | ||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||
Net Increase in Cash and Cash Equivalents | — | 0.8 | 1.2 | 2.2 | — | 4.2 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.1 | — | 54.8 | — | 54.9 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 0.9 | $ | 1.2 | $ | 57.0 | $ | — | $ | 59.1 |
Year Ended December 31, 2015 | ||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net Income (Loss) | $ | 230.1 | $ | 230.1 | $ | (1.3 | ) | $ | 47.7 | $ | (276.5 | ) | $ | 230.1 | ||||
Non-cash Items Included in Net Income: | ||||||||||||||||||
Depreciation and Amortization | — | 239.2 | 0.1 | 41.2 | — | 280.5 | ||||||||||||
Deferred Income Taxes | — | 108.5 | — | 1.5 | — | 110.0 | ||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (31.4 | ) | — | (8.0 | ) | — | (39.4 | ) | |||||||||
Loss on the Sale of Assets, net | — | 1.9 | — | — | — | 1.9 | ||||||||||||
Equity in Net Earnings of Subsidiaries | (230.1 | ) | (47.7 | ) | 1.3 | — | 276.5 | — | ||||||||||
Other, Net | — | 31.6 | — | (6.5 | ) | — | 25.1 | |||||||||||
Changes in Operating Assets and Liabilities | 0.3 | (99.0 | ) | 0.3 | 79.4 | — | (19.0 | ) | ||||||||||
Net Cash Provided by Operating Activities | 0.3 | 433.2 | 0.4 | 155.3 | — | 589.2 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Capital Spending | — | (188.7 | ) | (0.4 | ) | (39.8 | ) | — | (228.9 | ) | ||||||||
Packaging Machinery Spending | — | (12.5 | ) | — | (2.7 | ) | — | (15.2 | ) | |||||||||
Acquisition of Businesses, Net of Cash Acquired | — | (131.1 | ) | — | (32.1 | ) | — | (163.2 | ) | |||||||||
Other, Net | 133.5 | 78.6 | — | 9.9 | (214.5 | ) | 7.5 | |||||||||||
Net Cash Provided by (Used in) Investing Activities | 133.5 | (253.7 | ) | (0.4 | ) | (64.7 | ) | (214.5 | ) | (399.8 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Repurchase of Common Stock | (63.0 | ) | — | — | — | — | (63.0 | ) | ||||||||||
Payments on Debt | — | (25.0 | ) | — | — | — | (25.0 | ) | ||||||||||
Borrowings under Revolving Credit Facilities | — | 831.3 | — | 71.7 | — | 903.0 | ||||||||||||
Payments on Revolving Credit Facilities | — | (852.9 | ) | — | (100.9 | ) | — | (953.8 | ) | |||||||||
Dividends Paid | (49.3 | ) | — | — | — | — | (49.3 | ) | ||||||||||
Repurchase of Common Stock Related to Share-Based Payments | (21.5 | ) | — | — | — | — | (21.5 | ) | ||||||||||
Other, Net | — | (134.8 | ) | — | (81.0 | ) | 214.5 | (1.3 | ) | |||||||||
Net Cash (Used in) Provided by Financing Activities | (133.8 | ) | (181.4 | ) | — | (110.2 | ) | 214.5 | (210.9 | ) | ||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (5.2 | ) | — | (5.2 | ) | ||||||||||
Net Decrease in Cash and Cash Equivalents | — | (1.9 | ) | — | (24.8 | ) | — | (26.7 | ) | |||||||||
Cash and Cash Equivalents at Beginning of Period | — | 2.0 | — | 79.6 | — | 81.6 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 0.1 | $ | — | $ | 54.8 | $ | — | $ | 54.9 |
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