|
|
|
|
|
|
|
Date Declared | Record Date | Payment Date | ||
March 13, 2017 | March 29, 2017 | April 5, 2017 | ||
May 24, 2017 | June 15, 2017 | July 5, 2017 | ||
July 28, 2017 | September 15, 2017 | October 5, 2017 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Charges Associated with Business Combinations | $ | 2.3 | $ | 5.0 | $ | 10.0 | $ | 15.4 | |||||||
Shutdown and Other Special Charges | 1.3 | 2.4 | 8.3 | 7.8 | |||||||||||
Total | $ | 3.6 | $ | 7.4 | $ | 18.3 | $ | 23.2 |
|
In millions | September 30, 2017 | December 31, 2016 | |||||
Finished Goods | $ | 240.3 | $ | 238.3 | |||
Work in Progress | 77.5 | 73.5 | |||||
Raw Materials | 214.0 | 187.2 | |||||
Supplies | 89.7 | 83.9 | |||||
Total | $ | 621.5 | $ | 582.9 |
|
In millions | Amounts Recognized as of Acquisition Date | Measurement Period Adjustments | Amounts Recognized as of Acquisition Dates (as adjusted) | ||||||||
Purchase Price | $ | 120.9 | $ | — | $ | 120.9 | |||||
Receivables, Net | 10.3 | — | 10.3 | ||||||||
Inventories, Net | 14.8 | 1.1 | 15.9 | ||||||||
Property, Plant and Equipment, Net | 5.3 | 7.0 | 12.3 | ||||||||
Intangible Assets, Net | — | 40.0 | 40.0 | ||||||||
Total Assets Acquired | 30.4 | 48.1 | 78.5 | ||||||||
Current Liabilities | 0.7 | 0.1 | 0.8 | ||||||||
Total Liabilities Assumed | 0.7 | 0.1 | 0.8 | ||||||||
Net Assets Acquired | 29.7 | 48.0 | 77.7 | ||||||||
Goodwill | 91.2 | (48.0 | ) | 43.2 | |||||||
Total Estimated Fair Value of Net Assets Acquired | $ | 120.9 | $ | — | $ | 120.9 |
|
In millions | September 30, 2017 | December 31, 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 4.79%, payable in 2021 | 425.0 | 425.0 | |||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.74% at September 30, 2017) payable through 2019 | 931.2 | 950.0 | |||||
Senior Secured Revolving Facilities with interest payable at floating rates (2.50% at September 30, 2017) payable in 2019 | 322.0 | 184.8 | |||||
Capital Lease Obligations | 30.6 | 17.9 | |||||
Other | 25.6 | 3.0 | |||||
Total Long-Term Debt | 2,284.4 | 2,130.7 | |||||
Less: Current Portion | 45.9 | 26.3 | |||||
2,238.5 | 2,104.4 | ||||||
Less: Unamortized Deferred Debt Issuance Costs | 13.3 | 15.9 | |||||
Total | $ | 2,225.2 | $ | 2,088.5 |
In millions | Total Commitments | Total Outstanding | Total Available | ||||||||
Senior Secured Domestic Revolving Credit Facility(a) | $ | 1,250.0 | $ | 262.0 | $ | 967.3 | |||||
Senior Secured International Revolving Credit Facility | 185.1 | 60.0 | 125.1 | ||||||||
Other International Facilities | 58.2 | 29.3 | 28.9 | ||||||||
Total | $ | 1,493.3 | $ | 351.3 | $ | 1,121.3 |
(a) | In accordance with its debt agreement, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $20.7 million as of September 30, 2017. These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2018 unless extended. |
|
Shares | Weighted Average Grant Date Fair Value Per Share | |||||
RSUs — Employees | 1,537,388 | $ | 13.34 | |||
Stock Awards — Board of Directors | 65,520 | $ | 13.43 |
|
Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Components of Net Periodic Cost: | |||||||||||||||||||||||||||||||
Service Cost | $ | 2.3 | $ | 2.5 | $ | 6.8 | $ | 7.4 | $ | 0.2 | $ | 0.2 | $ | 0.6 | $ | 0.6 | |||||||||||||||
Interest Cost | 10.7 | 10.7 | 31.9 | 33.1 | 0.3 | 0.3 | 1.0 | 1.0 | |||||||||||||||||||||||
Administrative Expenses | — | 0.2 | — | 0.7 | — | — | — | — | |||||||||||||||||||||||
Expected Return on Plan Assets | (16.1 | ) | (15.5 | ) | (48.0 | ) | (45.7 | ) | — | — | — | — | |||||||||||||||||||
Net Curtailment/Settlement Loss | — | 0.5 | — | 0.5 | — | — | — | — | |||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | 0.1 | 0.2 | 0.4 | 0.6 | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Actuarial Loss (Gain) | 1.6 | 7.7 | 4.8 | 19.6 | (0.5 | ) | (0.4 | ) | (1.6 | ) | (1.6 | ) | |||||||||||||||||||
Net Periodic (Benefit) Cost | $ | (1.4 | ) | $ | 6.3 | $ | (4.1 | ) | $ | 16.2 | $ | (0.1 | ) | $ | — | $ | (0.2 | ) | $ | (0.2 | ) |
|
Start | End | (In Millions) Notional Amount | Weighted Average Interest Rate |
2/1/2017 | 12/1/2017 | $450.0 | 0.89% |
12/01/2017 | 10/01/2018 | $250.0 | 1.16% |
In millions | |||
Balance at December 31, 2016 | $ | 7.5 | |
Reclassification to Earnings | (2.0 | ) | |
Current Period Change in Fair Value | (5.4 | ) | |
Balance at September 30, 2017 | $ | 0.1 |
|
|
|
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
NET SALES: | |||||||||||||||
Paperboard Mills | $ | 105.1 | $ | 95.6 | $ | 300.1 | $ | 293.9 | |||||||
Americas Paperboard Packaging | 833.2 | 821.5 | 2,438.7 | 2,416.9 | |||||||||||
Europe Paperboard Packaging | 152.6 | 142.1 | 431.0 | 435.3 | |||||||||||
Corporate/Other/Eliminations | 46.7 | 44.5 | 124.0 | 94.8 | |||||||||||
Total | $ | 1,137.6 | $ | 1,103.7 | $ | 3,293.8 | $ | 3,240.9 | |||||||
INCOME (LOSS) FROM OPERATIONS: | |||||||||||||||
Paperboard Mills | $ | (13.4 | ) | $ | (2.5 | ) | $ | (36.0 | ) | $ | (2.0 | ) | |||
Americas Paperboard Packaging | 101.3 | 100.7 | 281.2 | 314.1 | |||||||||||
Europe Paperboard Packaging | 10.2 | 6.9 | 26.2 | 25.3 | |||||||||||
Corporate and Other | (2.7 | ) | — | (12.9 | ) | (19.5 | ) | ||||||||
Total | $ | 95.4 | $ | 105.1 | $ | 258.5 | $ | 317.9 | |||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||||||
Paperboard Mills | $ | 39.5 | $ | 29.6 | $ | 101.3 | $ | 90.3 | |||||||
Americas Paperboard Packaging | 31.6 | 34.5 | 91.3 | 94.2 | |||||||||||
Europe Paperboard Packaging | 10.4 | 10.4 | 30.3 | 31.0 | |||||||||||
Corporate and Other | 5.5 | 3.7 | 14.3 | 8.6 | |||||||||||
Total | $ | 87.0 | $ | 78.2 | $ | 237.2 | $ | 224.1 |
|
In millions | Total Shareholders' Equity | ||
Balance at December 31, 2016 | $ | 1,056.5 | |
Net Income | 126.3 | ||
Other Comprehensive Income, Net of Tax | 44.6 | ||
Dividends Declared | (69.8 | ) | |
Repurchase of Common Stock | (58.4 | ) | |
Pre-2017 Excess Tax Benefit related to Share-Based Payments | 39.1 | ||
Compensation Expense Under Share-Based Plans | 5.5 | ||
Repurchase of Common Stock related to Share-Based Payments | (10.1 | ) | |
Balance at September 30, 2017 | $ | 1,133.7 |
|
In millions | Derivative Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Currency Translation Adjustment | Total | ||||||||||||||
Balance at December 31, 2016 | $ | (5.4 | ) | $ | (250.2 | ) | $ | 14.7 | $ | (146.7 | ) | $ | (387.6 | ) | |||||
Other Comprehensive (Loss) Income before Reclassifications | (3.3 | ) | — | — | 46.9 | 43.6 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(b) | (1.2 | ) | 3.3 | (1.1 | ) | — | 1.0 | ||||||||||||
Net Current-period Other Comprehensive (Loss) Income | (4.5 | ) | 3.3 | (1.1 | ) | 46.9 | 44.6 | ||||||||||||
Balance at September 30, 2017 | $ | (9.9 | ) | $ | (246.9 | ) | $ | 13.6 | $ | (99.8 | ) | $ | (343.0 | ) |
(a) | All amounts are net of income taxes. |
In millions | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||
Derivatives Instruments: | ||||||
Commodity Contracts | $ | (1.0 | ) | Cost of Sales | ||
Foreign Currency Contracts | (0.7 | ) | Other Expense (Income), Net | |||
Interest Rate Swap Agreements | (0.3 | ) | Interest Expense, Net | |||
(2.0 | ) | Total before Tax | ||||
0.8 | Tax Expense | |||||
$ | (1.2 | ) | Net of Tax | |||
Amortization of Defined Benefit Pension Plans: | ||||||
Prior Service Costs | $ | 0.4 | (c) | |||
Actuarial Losses | 4.8 | (c) | ||||
5.2 | Total before Tax | |||||
(1.9 | ) | Tax Benefit | ||||
$ | 3.3 | Net of Tax | ||||
Amortization of Postretirement Benefit Plans: | ||||||
Prior Service Credits | $ | (0.2 | ) | (c) | ||
Actuarial Gains | (1.6 | ) | (c) | |||
(1.8 | ) | Total before Tax | ||||
0.7 | Tax Expense | |||||
$ | (1.1 | ) | Net of Tax | |||
Total Reclassifications for the Period | $ | 1.0 |
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “Note 6 — Pensions and Other Postretirement Benefits"). |
|
Three Months Ended September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 911.0 | $ | 0.6 | $ | 308.7 | $ | (82.7 | ) | $ | 1,137.6 | ||||||||||
Cost of Sales | — | 756.4 | (0.3 | ) | 272.6 | (82.7 | ) | 946.0 | |||||||||||||||
Selling, General and Administrative | — | 68.8 | — | 21.8 | — | 90.6 | |||||||||||||||||
Other (Income) Expense, Net | — | (0.6 | ) | — | 2.6 | — | 2.0 | ||||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 2.5 | — | 1.1 | — | 3.6 | |||||||||||||||||
Income (Loss) from Operations | — | 83.9 | 0.9 | 10.6 | — | 95.4 | |||||||||||||||||
Interest Expense, Net | — | (21.5 | ) | — | (1.1 | ) | — | (22.6 | ) | ||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 62.4 | 0.9 | 9.5 | — | 72.8 | |||||||||||||||||
Income Tax (Expense) Benefit | — | (20.8 | ) | (1.5 | ) | (3.6 | ) | — | (25.9 | ) | |||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 41.6 | (0.6 | ) | 5.9 | — | 46.9 | ||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 47.3 | 5.7 | (0.8 | ) | — | (52.2 | ) | — | |||||||||||||||
Net Income (Loss) | $ | 47.3 | $ | 47.3 | $ | (1.4 | ) | $ | 6.3 | $ | (52.2 | ) | $ | 47.3 | |||||||||
Comprehensive Income (Loss) | $ | 58.2 | $ | 58.2 | $ | (1.5 | ) | $ | 24.6 | $ | (81.3 | ) | $ | 58.2 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 872.6 | $ | 27.1 | $ | 281.2 | $ | (77.2 | ) | $ | 1,103.7 | ||||||||||
Cost of Sales | — | 715.9 | 23.6 | 250.1 | (77.2 | ) | 912.4 | ||||||||||||||||
Selling, General and Administrative | — | 53.6 | 4.5 | 20.8 | — | 78.9 | |||||||||||||||||
Other (Income) Expense, Net | — | (1.5 | ) | — | 1.4 | — | (0.1 | ) | |||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 7.1 | — | 0.3 | — | 7.4 | |||||||||||||||||
Income (Loss) from Operations | — | 97.5 | (1.0 | ) | 8.6 | — | 105.1 | ||||||||||||||||
Interest Expense, Net | — | (19.0 | ) | — | (1.0 | ) | — | (20.0 | ) | ||||||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entity | — | 78.5 | (1.0 | ) | 7.6 | — | 85.1 | ||||||||||||||||
Income Tax (Expense) Benefit | — | (24.6 | ) | 0.7 | (4.1 | ) | — | (28.0 | ) | ||||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entity | — | 53.9 | (0.3 | ) | 3.5 | — | 57.1 | ||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 0.7 | — | 0.7 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 57.8 | 3.9 | 0.9 | — | (62.6 | ) | — | ||||||||||||||||
Net Income (Loss) | $ | 57.8 | $ | 57.8 | $ | 0.6 | $ | 4.2 | $ | (62.6 | ) | $ | 57.8 | ||||||||||
Comprehensive Income (Loss) | $ | 58.3 | $ | 58.3 | $ | (0.7 | ) | $ | (3.8 | ) | $ | (53.8 | ) | $ | 58.3 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 2,646.1 | $ | 50.1 | $ | 843.3 | $ | (245.7 | ) | $ | 3,293.8 | ||||||||||
Cost of Sales | — | 2,206.4 | 41.0 | 748.6 | (245.7 | ) | 2,750.3 | ||||||||||||||||
Selling, General and Administrative | — | 200.8 | 3.5 | 61.0 | — | 265.3 | |||||||||||||||||
Other (Income) Expense, Net | — | (5.9 | ) | 0.1 | 7.2 | — | 1.4 | ||||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 10.6 | — | 7.7 | — | 18.3 | |||||||||||||||||
Income from Operations | — | 234.2 | 5.5 | 18.8 | — | 258.5 | |||||||||||||||||
Interest Expense, Net | — | (63.2 | ) | — | (3.2 | ) | — | (66.4 | ) | ||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 171.0 | 5.5 | 15.6 | — | 192.1 | |||||||||||||||||
Income Tax Expense | — | (57.5 | ) | (3.2 | ) | (6.4 | ) | — | (67.1 | ) | |||||||||||||
Income before Equity Income of Unconsolidated Entity | — | 113.5 | 2.3 | 9.2 | — | 125.0 | |||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 126.3 | 12.8 | (5.3 | ) | — | (133.8 | ) | — | |||||||||||||||
Net Income (Loss) | $ | 126.3 | $ | 126.3 | $ | (3.0 | ) | $ | 10.5 | $ | (133.8 | ) | $ | 126.3 | |||||||||
Comprehensive Income (Loss) | $ | 170.9 | $ | 170.9 | $ | (23.5 | ) | $ | 69.8 | $ | (217.2 | ) | $ | 170.9 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 2,612.8 | $ | 72.4 | $ | 783.9 | $ | (228.2 | ) | $ | 3,240.9 | ||||||||||
Cost of Sales | — | 2,117.0 | 61.5 | 686.8 | (228.2 | ) | 2,637.1 | ||||||||||||||||
Selling, General and Administrative | — | 193.1 | 8.2 | 59.4 | — | 260.7 | |||||||||||||||||
Other (Income) Expense, Net | — | (4.1 | ) | — | 6.1 | — | 2.0 | ||||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 21.6 | — | 1.6 | — | 23.2 | |||||||||||||||||
Income from Operations | — | 285.2 | 2.7 | 30.0 | — | 317.9 | |||||||||||||||||
Interest Expense, Net | — | (52.1 | ) | — | (3.0 | ) | — | (55.1 | ) | ||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 233.1 | 2.7 | 27.0 | — | 262.8 | |||||||||||||||||
Income Tax Expense | — | (60.7 | ) | (1.0 | ) | (9.6 | ) | — | (71.3 | ) | |||||||||||||
Income before Equity Income of Unconsolidated Entity | — | 172.4 | 1.7 | 17.4 | — | 191.5 | |||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.6 | — | 1.6 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 193.1 | 20.7 | (2.6 | ) | — | (211.2 | ) | — | |||||||||||||||
Net Income (Loss) | $ | 193.1 | $ | 193.1 | $ | (0.9 | ) | $ | 19.0 | $ | (211.2 | ) | $ | 193.1 | |||||||||
Comprehensive Income (Loss) | $ | 156.4 | $ | 156.4 | $ | (4.1 | ) | $ | (22.0 | ) | $ | (130.3 | ) | $ | 156.4 |
September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 13.6 | $ | — | $ | 3.6 | $ | — | $ | 17.2 | |||||||||||
Receivables, Net | — | 237.3 | — | 301.7 | — | 539.0 | |||||||||||||||||
Inventories, Net | — | 414.6 | — | 206.9 | — | 621.5 | |||||||||||||||||
Intercompany | — | 1,153.8 | 204.2 | — | (1,358.0 | ) | — | ||||||||||||||||
Other Current Assets | — | 33.3 | — | 11.6 | — | 44.9 | |||||||||||||||||
Total Current Assets | — | 1,852.6 | 204.2 | 523.8 | (1,358.0 | ) | 1,222.6 | ||||||||||||||||
Property, Plant and Equipment, Net | — | 1,521.9 | 0.1 | 298.8 | — | 1,820.8 | |||||||||||||||||
Investment in Consolidated Subsidiaries | 1,533.8 | — | 15.6 | — | (1,549.4 | ) | — | ||||||||||||||||
Goodwill | — | 1,154.4 | — | 154.9 | — | 1,309.3 | |||||||||||||||||
Other Assets | — | 350.6 | — | 136.5 | — | 487.1 | |||||||||||||||||
Total Assets | $ | 1,533.8 | $ | 4,879.5 | $ | 219.9 | $ | 1,114.0 | $ | (2,907.4 | ) | $ | 4,839.8 | ||||||||||
LIABILITIES | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 45.3 | $ | — | $ | 4.3 | $ | — | $ | 49.6 | |||||||||||
Accounts Payable | — | 370.2 | — | 116.5 | — | 486.7 | |||||||||||||||||
Intercompany | 400.1 | — | — | 983.5 | (1,383.6 | ) | — | ||||||||||||||||
Other Accrued Liabilities | — | 212.5 | — | 68.6 | — | 281.1 | |||||||||||||||||
Total Current Liabilities | 400.1 | 628.0 | — | 1,172.9 | (1,383.6 | ) | 817.4 | ||||||||||||||||
Long-Term Debt | — | 2,142.6 | — | 82.6 | — | 2,225.2 | |||||||||||||||||
Deferred Income Tax Liabilities | — | 395.9 | — | 25.6 | — | 421.5 | |||||||||||||||||
Other Noncurrent Liabilities | — | 179.2 | — | 62.8 | — | 242.0 | |||||||||||||||||
EQUITY | |||||||||||||||||||||||
Total Equity | 1,133.7 | 1,533.8 | 219.9 | (229.9 | ) | (1,523.8 | ) | 1,133.7 | |||||||||||||||
Total Liabilities and Equity | $ | 1,533.8 | $ | 4,879.5 | $ | 219.9 | $ | 1,114.0 | $ | (2,907.4 | ) | $ | 4,839.8 |
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 | |||||||||||||||||
Intercompany | 306.4 | — | — | 913.0 | (1,219.4 | ) | — | ||||||||||||||||
Other Accrued Liabilities | — | 178.6 | 3.0 | 68.3 | — | 249.9 | |||||||||||||||||
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 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net Income (Loss) | $ | 126.3 | $ | 126.3 | $ | (3.0 | ) | $ | 10.5 | $ | (133.8 | ) | $ | 126.3 | |||||||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||||||
Depreciation and Amortization | — | 186.0 | 4.8 | 46.4 | — | 237.2 | |||||||||||||||||
Deferred Income Taxes | — | 48.0 | 3.1 | 0.1 | — | 51.2 | |||||||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (34.8 | ) | — | (4.8 | ) | — | (39.6 | ) | ||||||||||||||
Equity in Net Earnings of Subsidiaries | (126.3 | ) | (12.8 | ) | 5.3 | — | 133.8 | — | |||||||||||||||
Other, Net | — | (3.2 | ) | — | 0.1 | — | (3.1 | ) | |||||||||||||||
Changes in Operating Assets and Liabilities | — | 11.3 | (11.4 | ) | (65.4 | ) | — | (65.5 | ) | ||||||||||||||
Net Cash Provided by (Used in) Operating Activities | — | 320.8 | (1.2 | ) | (13.1 | ) | — | 306.5 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Capital Spending | — | (145.0 | ) | — | (40.8 | ) | — | (185.8 | ) | ||||||||||||||
Packaging Machinery Spending | — | (12.0 | ) | — | — | — | (12.0 | ) | |||||||||||||||
Acquisition of Business, Net of Cash Acquired | — | (120.9 | ) | — | — | — | (120.9 | ) | |||||||||||||||
Other, Net | 142.4 | (0.4 | ) | — | — | (142.4 | ) | (0.4 | ) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 142.4 | (278.3 | ) | — | (40.8 | ) | (142.4 | ) | (319.1 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Repurchase of Common Stock | (62.1 | ) | — | — | — | — | (62.1 | ) | |||||||||||||||
Payments on Debt | — | (18.8 | ) | — | — | — | (18.8 | ) | |||||||||||||||
Borrowings under Revolving Credit Facilities | — | 772.6 | — | 41.4 | — | 814.0 | |||||||||||||||||
Payments on Revolving Credit Facilities | — | (652.6 | ) | — | (43.2 | ) | — | (695.8 | ) | ||||||||||||||
Dividends Paid | (70.2 | ) | — | — | — | — | (70.2 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.1 | ) | — | — | — | — | (10.1 | ) | |||||||||||||||
Other, Net | — | (131.0 | ) | — | — | 142.4 | 11.4 | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (142.4 | ) | (29.8 | ) | — | (1.8 | ) | 142.4 | (31.6 | ) | |||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 2.3 | — | 2.3 | |||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | — | 12.7 | (1.2 | ) | (53.4 | ) | — | (41.9 | ) | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.9 | 1.2 | 57.0 | — | 59.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 13.6 | $ | — | $ | 3.6 | $ | — | $ | 17.2 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net Income (Loss) | $ | 193.1 | $ | 193.1 | $ | (0.9 | ) | $ | 19.0 | $ | (211.2 | ) | $ | 193.1 | |||||||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||||||
Depreciation and Amortization | — | 174.7 | 10.8 | 38.6 | — | 224.1 | |||||||||||||||||
Deferred Income Taxes | — | 51.8 | 0.8 | 2.5 | — | 55.1 | |||||||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (20.3 | ) | — | (4.0 | ) | — | (24.3 | ) | ||||||||||||||
Equity in Net Earnings of Subsidiaries | (193.1 | ) | (20.7 | ) | 2.6 | — | 211.2 | — | |||||||||||||||
Other, Net | — | 32.2 | — | 0.4 | — | 32.6 | |||||||||||||||||
Changes in Operating Assets and Liabilities | — | (27.2 | ) | (12.7 | ) | (46.4 | ) | — | (86.3 | ) | |||||||||||||
Net Cash Provided By Operating Activities | — | 383.6 | 0.6 | 10.1 | — | 394.3 | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Capital Spending | — | (208.5 | ) | — | (40.2 | ) | — | (248.7 | ) | ||||||||||||||
Packaging Machinery Spending | — | (9.7 | ) | — | — | — | (9.7 | ) | |||||||||||||||
Acquisition of Business, Net of Cash Acquired | — | (173.1 | ) | — | (158.8 | ) | — | (331.9 | ) | ||||||||||||||
Other, Net | 165.5 | (164.1 | ) | — | — | (5.5 | ) | (4.1 | ) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 165.5 | (555.4 | ) | — | (199.0 | ) | (5.5 | ) | (594.4 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Repurchase of Common Stock | (106.4 | ) | — | — | — | — | (106.4 | ) | |||||||||||||||
Payments on Debt | — | (18.8 | ) | — | — | — | (18.8 | ) | |||||||||||||||
Proceeds from Issuance of Debt | — | 300.0 | — | — | — | 300.0 | |||||||||||||||||
Borrowings under Revolving Credit Facilities | — | 955.9 | — | 57.4 | — | 1,013.3 | |||||||||||||||||
Payments on Revolving Credit Facilities | — | (887.7 | ) | — | (45.6 | ) | — | (933.3 | ) | ||||||||||||||
Debt Issuance Cost | — | (5.1 | ) | — | — | — | (5.1 | ) | |||||||||||||||
Dividends Paid | (48.5 | ) | — | — | — | — | (48.5 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.6 | ) | — | — | — | — | (10.6 | ) | |||||||||||||||
Other, Net | — | (166.0 | ) | — | 160.0 | 5.5 | (0.5 | ) | |||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (165.5 | ) | 178.3 | — | 171.8 | 5.5 | 190.1 | ||||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | — | 6.5 | 0.6 | (16.3 | ) | — | (9.2 | ) | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.1 | — | 54.8 | — | 54.9 | |||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 6.6 | $ | 0.6 | $ | 38.5 | $ | — | $ | 45.7 |
|
|
|
Date Declared | Record Date | Payment Date | ||
March 13, 2017 | March 29, 2017 | April 5, 2017 | ||
May 24, 2017 | June 15, 2017 | July 5, 2017 | ||
July 28, 2017 | September 15, 2017 | October 5, 2017 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Charges Associated with Business Combinations | $ | 2.3 | $ | 5.0 | $ | 10.0 | $ | 15.4 | |||||||
Shutdown and Other Special Charges | 1.3 | 2.4 | 8.3 | 7.8 | |||||||||||
Total | $ | 3.6 | $ | 7.4 | $ | 18.3 | $ | 23.2 |
|
In millions | September 30, 2017 | December 31, 2016 | |||||
Finished Goods | $ | 240.3 | $ | 238.3 | |||
Work in Progress | 77.5 | 73.5 | |||||
Raw Materials | 214.0 | 187.2 | |||||
Supplies | 89.7 | 83.9 | |||||
Total | $ | 621.5 | $ | 582.9 |
|
In millions | Amounts Recognized as of Acquisition Date | Measurement Period Adjustments | Amounts Recognized as of Acquisition Dates (as adjusted) | ||||||||
Purchase Price | $ | 120.9 | $ | — | $ | 120.9 | |||||
Receivables, Net | 10.3 | — | 10.3 | ||||||||
Inventories, Net | 14.8 | 1.1 | 15.9 | ||||||||
Property, Plant and Equipment, Net | 5.3 | 7.0 | 12.3 | ||||||||
Intangible Assets, Net | — | 40.0 | 40.0 | ||||||||
Total Assets Acquired | 30.4 | 48.1 | 78.5 | ||||||||
Current Liabilities | 0.7 | 0.1 | 0.8 | ||||||||
Total Liabilities Assumed | 0.7 | 0.1 | 0.8 | ||||||||
Net Assets Acquired | 29.7 | 48.0 | 77.7 | ||||||||
Goodwill | 91.2 | (48.0 | ) | 43.2 | |||||||
Total Estimated Fair Value of Net Assets Acquired | $ | 120.9 | $ | — | $ | 120.9 |
|
In millions | September 30, 2017 | December 31, 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 4.79%, payable in 2021 | 425.0 | 425.0 | |||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.74% at September 30, 2017) payable through 2019 | 931.2 | 950.0 | |||||
Senior Secured Revolving Facilities with interest payable at floating rates (2.50% at September 30, 2017) payable in 2019 | 322.0 | 184.8 | |||||
Capital Lease Obligations | 30.6 | 17.9 | |||||
Other | 25.6 | 3.0 | |||||
Total Long-Term Debt | 2,284.4 | 2,130.7 | |||||
Less: Current Portion | 45.9 | 26.3 | |||||
2,238.5 | 2,104.4 | ||||||
Less: Unamortized Deferred Debt Issuance Costs | 13.3 | 15.9 | |||||
Total | $ | 2,225.2 | $ | 2,088.5 |
In millions | Total Commitments | Total Outstanding | Total Available | ||||||||
Senior Secured Domestic Revolving Credit Facility(a) | $ | 1,250.0 | $ | 262.0 | $ | 967.3 | |||||
Senior Secured International Revolving Credit Facility | 185.1 | 60.0 | 125.1 | ||||||||
Other International Facilities | 58.2 | 29.3 | 28.9 | ||||||||
Total | $ | 1,493.3 | $ | 351.3 | $ | 1,121.3 |
(a) | In accordance with its debt agreement, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $20.7 million as of September 30, 2017. These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2018 unless extended. |
|
Shares | Weighted Average Grant Date Fair Value Per Share | |||||
RSUs — Employees | 1,537,388 | $ | 13.34 | |||
Stock Awards — Board of Directors | 65,520 | $ | 13.43 |
|
Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Components of Net Periodic Cost: | |||||||||||||||||||||||||||||||
Service Cost | $ | 2.3 | $ | 2.5 | $ | 6.8 | $ | 7.4 | $ | 0.2 | $ | 0.2 | $ | 0.6 | $ | 0.6 | |||||||||||||||
Interest Cost | 10.7 | 10.7 | 31.9 | 33.1 | 0.3 | 0.3 | 1.0 | 1.0 | |||||||||||||||||||||||
Administrative Expenses | — | 0.2 | — | 0.7 | — | — | — | — | |||||||||||||||||||||||
Expected Return on Plan Assets | (16.1 | ) | (15.5 | ) | (48.0 | ) | (45.7 | ) | — | — | — | — | |||||||||||||||||||
Net Curtailment/Settlement Loss | — | 0.5 | — | 0.5 | — | — | — | — | |||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | 0.1 | 0.2 | 0.4 | 0.6 | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Actuarial Loss (Gain) | 1.6 | 7.7 | 4.8 | 19.6 | (0.5 | ) | (0.4 | ) | (1.6 | ) | (1.6 | ) | |||||||||||||||||||
Net Periodic (Benefit) Cost | $ | (1.4 | ) | $ | 6.3 | $ | (4.1 | ) | $ | 16.2 | $ | (0.1 | ) | $ | — | $ | (0.2 | ) | $ | (0.2 | ) |
|
Start | End | (In Millions) Notional Amount | Weighted Average Interest Rate |
2/1/2017 | 12/1/2017 | $450.0 | 0.89% |
12/01/2017 | 10/01/2018 | $250.0 | 1.16% |
In millions | |||
Balance at December 31, 2016 | $ | 7.5 | |
Reclassification to Earnings | (2.0 | ) | |
Current Period Change in Fair Value | (5.4 | ) | |
Balance at September 30, 2017 | $ | 0.1 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
In millions | 2017 | 2016 | 2017 | 2016 | |||||||||||
NET SALES: | |||||||||||||||
Paperboard Mills | $ | 105.1 | $ | 95.6 | $ | 300.1 | $ | 293.9 | |||||||
Americas Paperboard Packaging | 833.2 | 821.5 | 2,438.7 | 2,416.9 | |||||||||||
Europe Paperboard Packaging | 152.6 | 142.1 | 431.0 | 435.3 | |||||||||||
Corporate/Other/Eliminations | 46.7 | 44.5 | 124.0 | 94.8 | |||||||||||
Total | $ | 1,137.6 | $ | 1,103.7 | $ | 3,293.8 | $ | 3,240.9 | |||||||
INCOME (LOSS) FROM OPERATIONS: | |||||||||||||||
Paperboard Mills | $ | (13.4 | ) | $ | (2.5 | ) | $ | (36.0 | ) | $ | (2.0 | ) | |||
Americas Paperboard Packaging | 101.3 | 100.7 | 281.2 | 314.1 | |||||||||||
Europe Paperboard Packaging | 10.2 | 6.9 | 26.2 | 25.3 | |||||||||||
Corporate and Other | (2.7 | ) | — | (12.9 | ) | (19.5 | ) | ||||||||
Total | $ | 95.4 | $ | 105.1 | $ | 258.5 | $ | 317.9 | |||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||||||
Paperboard Mills | $ | 39.5 | $ | 29.6 | $ | 101.3 | $ | 90.3 | |||||||
Americas Paperboard Packaging | 31.6 | 34.5 | 91.3 | 94.2 | |||||||||||
Europe Paperboard Packaging | 10.4 | 10.4 | 30.3 | 31.0 | |||||||||||
Corporate and Other | 5.5 | 3.7 | 14.3 | 8.6 | |||||||||||
Total | $ | 87.0 | $ | 78.2 | $ | 237.2 | $ | 224.1 |
|
In millions | Total Shareholders' Equity | ||
Balance at December 31, 2016 | $ | 1,056.5 | |
Net Income | 126.3 | ||
Other Comprehensive Income, Net of Tax | 44.6 | ||
Dividends Declared | (69.8 | ) | |
Repurchase of Common Stock | (58.4 | ) | |
Pre-2017 Excess Tax Benefit related to Share-Based Payments | 39.1 | ||
Compensation Expense Under Share-Based Plans | 5.5 | ||
Repurchase of Common Stock related to Share-Based Payments | (10.1 | ) | |
Balance at September 30, 2017 | $ | 1,133.7 |
|
In millions | Derivative Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Currency Translation Adjustment | Total | ||||||||||||||
Balance at December 31, 2016 | $ | (5.4 | ) | $ | (250.2 | ) | $ | 14.7 | $ | (146.7 | ) | $ | (387.6 | ) | |||||
Other Comprehensive (Loss) Income before Reclassifications | (3.3 | ) | — | — | 46.9 | 43.6 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(b) | (1.2 | ) | 3.3 | (1.1 | ) | — | 1.0 | ||||||||||||
Net Current-period Other Comprehensive (Loss) Income | (4.5 | ) | 3.3 | (1.1 | ) | 46.9 | 44.6 | ||||||||||||
Balance at September 30, 2017 | $ | (9.9 | ) | $ | (246.9 | ) | $ | 13.6 | $ | (99.8 | ) | $ | (343.0 | ) |
(a) | All amounts are net of income taxes. |
In millions | ||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||
Derivatives Instruments: | ||||||
Commodity Contracts | $ | (1.0 | ) | Cost of Sales | ||
Foreign Currency Contracts | (0.7 | ) | Other Expense (Income), Net | |||
Interest Rate Swap Agreements | (0.3 | ) | Interest Expense, Net | |||
(2.0 | ) | Total before Tax | ||||
0.8 | Tax Expense | |||||
$ | (1.2 | ) | Net of Tax | |||
Amortization of Defined Benefit Pension Plans: | ||||||
Prior Service Costs | $ | 0.4 | (c) | |||
Actuarial Losses | 4.8 | (c) | ||||
5.2 | Total before Tax | |||||
(1.9 | ) | Tax Benefit | ||||
$ | 3.3 | Net of Tax | ||||
Amortization of Postretirement Benefit Plans: | ||||||
Prior Service Credits | $ | (0.2 | ) | (c) | ||
Actuarial Gains | (1.6 | ) | (c) | |||
(1.8 | ) | Total before Tax | ||||
0.7 | Tax Expense | |||||
$ | (1.1 | ) | Net of Tax | |||
Total Reclassifications for the Period | $ | 1.0 |
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “Note 6 — Pensions and Other Postretirement Benefits"). |
|
Three Months Ended September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 911.0 | $ | 0.6 | $ | 308.7 | $ | (82.7 | ) | $ | 1,137.6 | ||||||||||
Cost of Sales | — | 756.4 | (0.3 | ) | 272.6 | (82.7 | ) | 946.0 | |||||||||||||||
Selling, General and Administrative | — | 68.8 | — | 21.8 | — | 90.6 | |||||||||||||||||
Other (Income) Expense, Net | — | (0.6 | ) | — | 2.6 | — | 2.0 | ||||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 2.5 | — | 1.1 | — | 3.6 | |||||||||||||||||
Income (Loss) from Operations | — | 83.9 | 0.9 | 10.6 | — | 95.4 | |||||||||||||||||
Interest Expense, Net | — | (21.5 | ) | — | (1.1 | ) | — | (22.6 | ) | ||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 62.4 | 0.9 | 9.5 | — | 72.8 | |||||||||||||||||
Income Tax (Expense) Benefit | — | (20.8 | ) | (1.5 | ) | (3.6 | ) | — | (25.9 | ) | |||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 41.6 | (0.6 | ) | 5.9 | — | 46.9 | ||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 47.3 | 5.7 | (0.8 | ) | — | (52.2 | ) | — | |||||||||||||||
Net Income (Loss) | $ | 47.3 | $ | 47.3 | $ | (1.4 | ) | $ | 6.3 | $ | (52.2 | ) | $ | 47.3 | |||||||||
Comprehensive Income (Loss) | $ | 58.2 | $ | 58.2 | $ | (1.5 | ) | $ | 24.6 | $ | (81.3 | ) | $ | 58.2 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 872.6 | $ | 27.1 | $ | 281.2 | $ | (77.2 | ) | $ | 1,103.7 | ||||||||||
Cost of Sales | — | 715.9 | 23.6 | 250.1 | (77.2 | ) | 912.4 | ||||||||||||||||
Selling, General and Administrative | — | 53.6 | 4.5 | 20.8 | — | 78.9 | |||||||||||||||||
Other (Income) Expense, Net | — | (1.5 | ) | — | 1.4 | — | (0.1 | ) | |||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 7.1 | — | 0.3 | — | 7.4 | |||||||||||||||||
Income (Loss) from Operations | — | 97.5 | (1.0 | ) | 8.6 | — | 105.1 | ||||||||||||||||
Interest Expense, Net | — | (19.0 | ) | — | (1.0 | ) | — | (20.0 | ) | ||||||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entity | — | 78.5 | (1.0 | ) | 7.6 | — | 85.1 | ||||||||||||||||
Income Tax (Expense) Benefit | — | (24.6 | ) | 0.7 | (4.1 | ) | — | (28.0 | ) | ||||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entity | — | 53.9 | (0.3 | ) | 3.5 | — | 57.1 | ||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 0.7 | — | 0.7 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 57.8 | 3.9 | 0.9 | — | (62.6 | ) | — | ||||||||||||||||
Net Income (Loss) | $ | 57.8 | $ | 57.8 | $ | 0.6 | $ | 4.2 | $ | (62.6 | ) | $ | 57.8 | ||||||||||
Comprehensive Income (Loss) | $ | 58.3 | $ | 58.3 | $ | (0.7 | ) | $ | (3.8 | ) | $ | (53.8 | ) | $ | 58.3 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 2,646.1 | $ | 50.1 | $ | 843.3 | $ | (245.7 | ) | $ | 3,293.8 | ||||||||||
Cost of Sales | — | 2,206.4 | 41.0 | 748.6 | (245.7 | ) | 2,750.3 | ||||||||||||||||
Selling, General and Administrative | — | 200.8 | 3.5 | 61.0 | — | 265.3 | |||||||||||||||||
Other (Income) Expense, Net | — | (5.9 | ) | 0.1 | 7.2 | — | 1.4 | ||||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 10.6 | — | 7.7 | — | 18.3 | |||||||||||||||||
Income from Operations | — | 234.2 | 5.5 | 18.8 | — | 258.5 | |||||||||||||||||
Interest Expense, Net | — | (63.2 | ) | — | (3.2 | ) | — | (66.4 | ) | ||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 171.0 | 5.5 | 15.6 | — | 192.1 | |||||||||||||||||
Income Tax Expense | — | (57.5 | ) | (3.2 | ) | (6.4 | ) | — | (67.1 | ) | |||||||||||||
Income before Equity Income of Unconsolidated Entity | — | 113.5 | 2.3 | 9.2 | — | 125.0 | |||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 126.3 | 12.8 | (5.3 | ) | — | (133.8 | ) | — | |||||||||||||||
Net Income (Loss) | $ | 126.3 | $ | 126.3 | $ | (3.0 | ) | $ | 10.5 | $ | (133.8 | ) | $ | 126.3 | |||||||||
Comprehensive Income (Loss) | $ | 170.9 | $ | 170.9 | $ | (23.5 | ) | $ | 69.8 | $ | (217.2 | ) | $ | 170.9 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
Net Sales | $ | — | $ | 2,612.8 | $ | 72.4 | $ | 783.9 | $ | (228.2 | ) | $ | 3,240.9 | ||||||||||
Cost of Sales | — | 2,117.0 | 61.5 | 686.8 | (228.2 | ) | 2,637.1 | ||||||||||||||||
Selling, General and Administrative | — | 193.1 | 8.2 | 59.4 | — | 260.7 | |||||||||||||||||
Other (Income) Expense, Net | — | (4.1 | ) | — | 6.1 | — | 2.0 | ||||||||||||||||
Business Combinations and Shutdown and Other Special Charges | — | 21.6 | — | 1.6 | — | 23.2 | |||||||||||||||||
Income from Operations | — | 285.2 | 2.7 | 30.0 | — | 317.9 | |||||||||||||||||
Interest Expense, Net | — | (52.1 | ) | — | (3.0 | ) | — | (55.1 | ) | ||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | — | 233.1 | 2.7 | 27.0 | — | 262.8 | |||||||||||||||||
Income Tax Expense | — | (60.7 | ) | (1.0 | ) | (9.6 | ) | — | (71.3 | ) | |||||||||||||
Income before Equity Income of Unconsolidated Entity | — | 172.4 | 1.7 | 17.4 | — | 191.5 | |||||||||||||||||
Equity Income of Unconsolidated Entity | — | — | — | 1.6 | — | 1.6 | |||||||||||||||||
Equity in Net Earnings of Subsidiaries | 193.1 | 20.7 | (2.6 | ) | — | (211.2 | ) | — | |||||||||||||||
Net Income (Loss) | $ | 193.1 | $ | 193.1 | $ | (0.9 | ) | $ | 19.0 | $ | (211.2 | ) | $ | 193.1 | |||||||||
Comprehensive Income (Loss) | $ | 156.4 | $ | 156.4 | $ | (4.1 | ) | $ | (22.0 | ) | $ | (130.3 | ) | $ | 156.4 |
September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 13.6 | $ | — | $ | 3.6 | $ | — | $ | 17.2 | |||||||||||
Receivables, Net | — | 237.3 | — | 301.7 | — | 539.0 | |||||||||||||||||
Inventories, Net | — | 414.6 | — | 206.9 | — | 621.5 | |||||||||||||||||
Intercompany | — | 1,153.8 | 204.2 | — | (1,358.0 | ) | — | ||||||||||||||||
Other Current Assets | — | 33.3 | — | 11.6 | — | 44.9 | |||||||||||||||||
Total Current Assets | — | 1,852.6 | 204.2 | 523.8 | (1,358.0 | ) | 1,222.6 | ||||||||||||||||
Property, Plant and Equipment, Net | — | 1,521.9 | 0.1 | 298.8 | — | 1,820.8 | |||||||||||||||||
Investment in Consolidated Subsidiaries | 1,533.8 | — | 15.6 | — | (1,549.4 | ) | — | ||||||||||||||||
Goodwill | — | 1,154.4 | — | 154.9 | — | 1,309.3 | |||||||||||||||||
Other Assets | — | 350.6 | — | 136.5 | — | 487.1 | |||||||||||||||||
Total Assets | $ | 1,533.8 | $ | 4,879.5 | $ | 219.9 | $ | 1,114.0 | $ | (2,907.4 | ) | $ | 4,839.8 | ||||||||||
LIABILITIES | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 45.3 | $ | — | $ | 4.3 | $ | — | $ | 49.6 | |||||||||||
Accounts Payable | — | 370.2 | — | 116.5 | — | 486.7 | |||||||||||||||||
Intercompany | 400.1 | — | — | 983.5 | (1,383.6 | ) | — | ||||||||||||||||
Other Accrued Liabilities | — | 212.5 | — | 68.6 | — | 281.1 | |||||||||||||||||
Total Current Liabilities | 400.1 | 628.0 | — | 1,172.9 | (1,383.6 | ) | 817.4 | ||||||||||||||||
Long-Term Debt | — | 2,142.6 | — | 82.6 | — | 2,225.2 | |||||||||||||||||
Deferred Income Tax Liabilities | — | 395.9 | — | 25.6 | — | 421.5 | |||||||||||||||||
Other Noncurrent Liabilities | — | 179.2 | — | 62.8 | — | 242.0 | |||||||||||||||||
EQUITY | |||||||||||||||||||||||
Total Equity | 1,133.7 | 1,533.8 | 219.9 | (229.9 | ) | (1,523.8 | ) | 1,133.7 | |||||||||||||||
Total Liabilities and Equity | $ | 1,533.8 | $ | 4,879.5 | $ | 219.9 | $ | 1,114.0 | $ | (2,907.4 | ) | $ | 4,839.8 |
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 | |||||||||||||||||
Intercompany | 306.4 | — | — | 913.0 | (1,219.4 | ) | — | ||||||||||||||||
Other Accrued Liabilities | — | 178.6 | 3.0 | 68.3 | — | 249.9 | |||||||||||||||||
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 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net Income (Loss) | $ | 126.3 | $ | 126.3 | $ | (3.0 | ) | $ | 10.5 | $ | (133.8 | ) | $ | 126.3 | |||||||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||||||
Depreciation and Amortization | — | 186.0 | 4.8 | 46.4 | — | 237.2 | |||||||||||||||||
Deferred Income Taxes | — | 48.0 | 3.1 | 0.1 | — | 51.2 | |||||||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (34.8 | ) | — | (4.8 | ) | — | (39.6 | ) | ||||||||||||||
Equity in Net Earnings of Subsidiaries | (126.3 | ) | (12.8 | ) | 5.3 | — | 133.8 | — | |||||||||||||||
Other, Net | — | (3.2 | ) | — | 0.1 | — | (3.1 | ) | |||||||||||||||
Changes in Operating Assets and Liabilities | — | 11.3 | (11.4 | ) | (65.4 | ) | — | (65.5 | ) | ||||||||||||||
Net Cash Provided by (Used in) Operating Activities | — | 320.8 | (1.2 | ) | (13.1 | ) | — | 306.5 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Capital Spending | — | (145.0 | ) | — | (40.8 | ) | — | (185.8 | ) | ||||||||||||||
Packaging Machinery Spending | — | (12.0 | ) | — | — | — | (12.0 | ) | |||||||||||||||
Acquisition of Business, Net of Cash Acquired | — | (120.9 | ) | — | — | — | (120.9 | ) | |||||||||||||||
Other, Net | 142.4 | (0.4 | ) | — | — | (142.4 | ) | (0.4 | ) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 142.4 | (278.3 | ) | — | (40.8 | ) | (142.4 | ) | (319.1 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Repurchase of Common Stock | (62.1 | ) | — | — | — | — | (62.1 | ) | |||||||||||||||
Payments on Debt | — | (18.8 | ) | — | — | — | (18.8 | ) | |||||||||||||||
Borrowings under Revolving Credit Facilities | — | 772.6 | — | 41.4 | — | 814.0 | |||||||||||||||||
Payments on Revolving Credit Facilities | — | (652.6 | ) | — | (43.2 | ) | — | (695.8 | ) | ||||||||||||||
Dividends Paid | (70.2 | ) | — | — | — | — | (70.2 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.1 | ) | — | — | — | — | (10.1 | ) | |||||||||||||||
Other, Net | — | (131.0 | ) | — | — | 142.4 | 11.4 | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (142.4 | ) | (29.8 | ) | — | (1.8 | ) | 142.4 | (31.6 | ) | |||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 2.3 | — | 2.3 | |||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | — | 12.7 | (1.2 | ) | (53.4 | ) | — | (41.9 | ) | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.9 | 1.2 | 57.0 | — | 59.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 13.6 | $ | — | $ | 3.6 | $ | — | $ | 17.2 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net Income (Loss) | $ | 193.1 | $ | 193.1 | $ | (0.9 | ) | $ | 19.0 | $ | (211.2 | ) | $ | 193.1 | |||||||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||||||
Depreciation and Amortization | — | 174.7 | 10.8 | 38.6 | — | 224.1 | |||||||||||||||||
Deferred Income Taxes | — | 51.8 | 0.8 | 2.5 | — | 55.1 | |||||||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (20.3 | ) | — | (4.0 | ) | — | (24.3 | ) | ||||||||||||||
Equity in Net Earnings of Subsidiaries | (193.1 | ) | (20.7 | ) | 2.6 | — | 211.2 | — | |||||||||||||||
Other, Net | — | 32.2 | — | 0.4 | — | 32.6 | |||||||||||||||||
Changes in Operating Assets and Liabilities | — | (27.2 | ) | (12.7 | ) | (46.4 | ) | — | (86.3 | ) | |||||||||||||
Net Cash Provided By Operating Activities | — | 383.6 | 0.6 | 10.1 | — | 394.3 | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Capital Spending | — | (208.5 | ) | — | (40.2 | ) | — | (248.7 | ) | ||||||||||||||
Packaging Machinery Spending | — | (9.7 | ) | — | — | — | (9.7 | ) | |||||||||||||||
Acquisition of Business, Net of Cash Acquired | — | (173.1 | ) | — | (158.8 | ) | — | (331.9 | ) | ||||||||||||||
Other, Net | 165.5 | (164.1 | ) | — | — | (5.5 | ) | (4.1 | ) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 165.5 | (555.4 | ) | — | (199.0 | ) | (5.5 | ) | (594.4 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Repurchase of Common Stock | (106.4 | ) | — | — | — | — | (106.4 | ) | |||||||||||||||
Payments on Debt | — | (18.8 | ) | — | — | — | (18.8 | ) | |||||||||||||||
Proceeds from Issuance of Debt | — | 300.0 | — | — | — | 300.0 | |||||||||||||||||
Borrowings under Revolving Credit Facilities | — | 955.9 | — | 57.4 | — | 1,013.3 | |||||||||||||||||
Payments on Revolving Credit Facilities | — | (887.7 | ) | — | (45.6 | ) | — | (933.3 | ) | ||||||||||||||
Debt Issuance Cost | — | (5.1 | ) | — | — | — | (5.1 | ) | |||||||||||||||
Dividends Paid | (48.5 | ) | — | — | — | — | (48.5 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.6 | ) | — | — | — | — | (10.6 | ) | |||||||||||||||
Other, Net | — | (166.0 | ) | — | 160.0 | 5.5 | (0.5 | ) | |||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (165.5 | ) | 178.3 | — | 171.8 | 5.5 | 190.1 | ||||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | — | 6.5 | 0.6 | (16.3 | ) | — | (9.2 | ) | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 0.1 | — | 54.8 | — | 54.9 | |||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 6.6 | $ | 0.6 | $ | 38.5 | $ | — | $ | 45.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|