GRAPHIC PACKAGING HOLDING CO, 10-Q filed on 7/26/2017
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2017
Jul. 24, 2017
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
GRAPHIC PACKAGING HOLDING CO 
 
Entity Central Index Key
0001408075 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 30, 2017 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2017 
 
Document Fiscal Period Focus
Q2 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
309,902,721 
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]
 
 
 
 
Net Sales
$ 1,094.7 
$ 1,103.2 
$ 2,156.2 
$ 2,137.2 
Cost of Sales
917.8 
898.4 
1,804.3 
1,724.7 
Selling, General and Administrative
83.6 
92.7 
174.7 
181.8 
Other (Income) Expense, Net
(0.4)
1.2 
(0.6)
2.1 
Business Combinations and Other Special Charges
6.1 
5.3 
14.7 
15.8 
Income from Operations
87.6 
105.6 
163.1 
212.8 
Interest Expense, Net
(22.5)
(18.2)
(43.8)
(35.1)
Income before Income Taxes and Equity Income of Unconsolidated Entity
65.1 
87.4 
119.3 
177.7 
Income Tax Expense
(23.6)
(10.1)
(41.2)
(43.3)
Income before Equity Income of Unconsolidated Entity
41.5 
77.3 
78.1 
134.4 
Equity Income of Unconsolidated Entity
0.5 
0.5 
0.9 
0.9 
Net Income
$ 42.0 
$ 77.8 
$ 79.0 
$ 135.3 
Net Income Per Share - Basic and Diluted (in dollars per share)
$ 0.14 
$ 0.24 
$ 0.25 
$ 0.42 
Cash dividends declared (in dollars per share)
$ 0.075 
$ 0.05 
$ 0.15 
$ 0.10 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net Income
$ 42.0 
$ 77.8 
$ 79.0 
$ 135.3 
Other Comprehensive (Loss) Income, Net of Tax:
 
 
 
 
Derivative Instruments
(2.0)
5.0 
(3.9)
3.0 
Pension and Postretirement Benefit Plans
0.8 
(23.3)
1.5 
(20.7)
Currency Translation Adjustment
17.2 
(25.5)
36.1 
(19.5)
Total Other Comprehensive Income (Loss), Net of Tax
16.0 
(43.8)
33.7 
(37.2)
Total Comprehensive Income
$ 58.0 
$ 34.0 
$ 112.7 
$ 98.1 
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Current Assets:
 
 
Cash and Cash Equivalents
$ 12.5 
$ 59.1 
Receivables, Net
493.6 
426.8 
Inventories, Net
600.2 
582.9 
Other Current Assets
45.7 
46.1 
Total Current Assets
1,152.0 
1,114.9 
Property, Plant and Equipment, Net
1,813.5 
1,751.9 
Goodwill
1,266.4 
1,260.3 
Intangible Assets, Net
423.7 
445.3 
Other Assets
35.8 
31.0 
Total Assets
4,691.4 
4,603.4 
Current Liabilities:
 
 
Short-Term Debt and Current Portion of Long-Term Debt
47.5 
63.4 
Accounts Payable
465.3 
466.5 
Compensation and Employee Benefits
105.8 
107.3 
Other Accrued Liabilities
150.7 
142.6 
Total Current Liabilities
769.3 
779.8 
Long-Term Debt
2,165.7 
2,088.5 
Deferred Income Tax Liabilities
400.7 
408.0 
Accrued Pension and Postretirement Benefits
185.5 
202.5 
Other Noncurrent Liabilities
73.5 
68.1 
SHAREHOLDERS’ EQUITY
 
 
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 310,108,823 and 313,533,785 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
3.1 
3.1 
Capital in Excess of Par Value
1,677.0 
1,709.0 
Accumulated Deficit
(229.5)
(268.0)
Accumulated Other Comprehensive Loss
(353.9)
(387.6)
Total Shareholders' Equity
1,096.7 
1,056.5 
Total Liabilities and Shareholders' Equity
$ 4,691.4 
$ 4,603.4 
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Jun. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]
 
 
Preferred stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred stock, shares authorized (in shares)
100,000,000 
100,000,000 
Preferred stock, shares issued (in shares)
Preferred stock, shares outstanding (in shares)
Common stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
1,000,000,000 
1,000,000,000 
Common stock, shares issued (in shares)
310,108,823 
313,533,785 
Common stock, shares outstanding (in shares)
310,108,823 
313,533,785 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
$ 79.0 
$ 135.3 
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
150.2 
145.9 
Deferred Income Taxes
30.7 
31.8 
Amount of Postretirement Expense Less Than Funding
(15.4)
(2.1)
Other, Net
(4.5)
24.2 
Changes in Operating Assets and Liabilities
(74.9)
(88.1)
Net Cash Provided by (Used in) Operating Activities
165.1 
247.0 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
(135.8)
(179.4)
Packaging Machinery Spending
(8.7)
(6.6)
Acquisition of Businesses, Net of Cash Acquired
(328.9)
Other, Net
(2.3)
(2.8)
Net Cash Used in Investing Activities
(146.8)
(517.7)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
(59.6)
(79.7)
Payments on Debt
(12.5)
(12.5)
Borrowings under Revolving Credit Facilities
502.3 
843.3 
Payments on Revolving Credit Facilities
(449.0)
(454.5)
Repurchase of Common Stock related to Share-Based Payments
(10.0)
(10.4)
Dividends Paid
(46.9)
(32.4)
Other, Net
9.1 
(0.3)
Net Cash (Used In) Provided by Financing Activities
(66.6)
253.5 
Effect of Exchange Rate Changes on Cash
1.7 
1.0 
Net Decrease in Cash and Cash Equivalents
(46.6)
(16.2)
Cash and Cash Equivalents at Beginning of Period
59.1 
54.9 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 12.5 
$ 38.7 
General Information
General Information
GENERAL INFORMATION

Nature of Business and Basis of Presentation

Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company operates on a global basis and is one of the largest producers of folding cartons in the United States ("U.S.") and holds leading market positions in coated unbleached kraft paperboard ("CUK") and coated-recycled paperboard ("CRB").

The Company’s customers include many of the world’s most widely recognized companies and brands with prominent market positions in beverage, food and other consumer products. The Company strives to provide its customers with packaging solutions designed to deliver marketing and performance benefits at a competitive cost by capitalizing on its low-cost paperboard mills and converting plants, its proprietary carton and packaging designs, and its commitment to quality and service.

GPHC conducts no significant business and has no independent assets or operations other than its ownership of all of Graphic Packaging International, Inc.'s ("GPII") outstanding common stock.

The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation.

In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year end Condensed Consolidated Balance Sheet data was derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with GPHC’s Form 10-K for the year ended December 31, 2016. In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.

For a summary of the Company’s significant accounting policies, please refer to GPHC’s Form 10-K for the year ended December 31, 2016.

Accounts Receivable and Allowances

The Company has entered into agreements for the purchasing and servicing of receivables to sell, on a revolving basis, certain trade accounts receivable to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification"). During the first six months of 2017, the Company sold and derecognized approximately $683 million of receivables, collected approximately $644 million on behalf of the financial institution, and received approximately $30 million in funding from the financial institutions, resulting in deferred proceeds of approximately $38 million as of June 30, 2017. During the same period of 2016, the Company sold and derecognized approximately $623 million of receivables, collected approximately $560 million on behalf of the financial institution, and received funding of approximately $84 million by the financial institution, resulting in deferred proceeds of approximately $31 million as of June 30, 2016. Cash proceeds related to the sales are included in cash from operating activities in the Condensed Consolidated Statements of Cash Flows in the Changes in Operating Assets and Liabilities line item. The loss on sale is not material and is included in Other (Income) Expense, Net line item on the Condensed Consolidated Statement of Operations.

The Company has also entered into various factoring and supply chain financing arrangements which also qualify for sale accounting in accordance with the Transfers and Servicing topic of the FASB Codification. For the six months ended June 30, 2017 and 2016, the Company sold receivables of approximately $34 million and $19 million, respectively, related to these factoring arrangements.

Receivables sold under all programs subject to continuing involvement, which consist principally of collection services, at June 30, 2017 and December 31, 2016, were approximately $415 million and $376 million, respectively.

Capital Allocation Plan

On March 13, 2017 and May 24, 2017, the Company's board of directors declared a regular quarterly dividend of $0.075 per share of common stock paid on April 5, 2017 and July 5, 2017 to shareholders of record as of March 29, 2017 and June 15, 2017, respectively.

On January 10, 2017, the Company's board of directors authorized an additional share repurchase program to allow the Company to purchase up to $250 million of the Company's issued and outstanding shares of common stock through open market purchases, privately negotiated transactions and Rule 10b5-1 plans (the "2017 share repurchase program"). The original $250 million share repurchase program was authorized on February 4, 2015 (the "2015 share repurchase program"). During the first six months of 2017, the Company repurchased 4,268,299 shares at an aggregate average price of $13.09, including 1,440,697 shares repurchased under the 2015 share repurchase program thereby completing that program. The Company repurchased 6,555,073 shares at an average price of $12.51 during the six months ended June 30, 2016 under the 2015 share repurchase program. As of June 30, 2017, the Company has approximately $213 million available for additional repurchases under the 2017 share repurchase program.

Business Combinations and Other Special Charges

The following table summarizes the transactions recorded in Business Combinations and Other Special Charges in the Condensed Consolidated Statements of Operations:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
In millions
2017
 
2016
 
2017
 
2016
Charges Associated with Business Combinations
$
5.4

 
$
5.3

 
$
9.3

 
$
10.4

Other Special Charges
0.7

 

 
5.4

 
5.4

Total
$
6.1

 
$
5.3

 
$
14.7

 
$
15.8



On April 29, 2016, the Company acquired Colorpak Limited ("Colorpak"), a leading folding carton supplier in Australia and New Zealand. Colorpak operates three folding carton facilities that convert paperboard into folding cartons for the food, beverage and consumer product markets. The folding carton facilities are located in Melbourne, Australia, Sydney, Australia and Auckland, New Zealand.

On March 31, 2016, the Company acquired substantially all of the assets of Metro Packaging & Imaging, Inc. ("Metro"), a single converting facility located in Wayne, New Jersey.

On February 16, 2016, the Company acquired Walter G. Anderson, Inc., ("WG Anderson") a premier folding carton manufacturer with a focus on store branded food and consumer product markets. WG Anderson operates two world-class sheet-fed folding carton converting facilities located in Hamel, Minnesota and Newton, Iowa.

On January 5, 2016, the Company acquired G-Box, S.A. de C.V., ("G-Box"). The acquisition includes two folding carton converting facilities located in Monterrey, Mexico and Tijuana, Mexico that service the food, beverage, and consumer products markets.

Charges associated with these acquisitions are reflected in Charges Associated with Business Combinations in the above table.

For more information regarding the above acquisitions see "Note 3 - Acquisitions."

Adoption of New Accounting Standards

Effective January 1, 2017 the Company adopted Accounting Standards Update ("ASU") No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. In the first quarter of 2017, the Company recorded a discrete benefit of approximately $2 million related to the excess benefit associated with share based payments to employees. The remaining $39 million of previously unrecognized excess tax benefits, which were prohibited from recognition due to net operating loss carryforwards, were recognized in accumulated deficit. The Company is continuing its practice of estimating forfeitures and recording cash paid for withholding taxes as a financing activity.

Effective January 1, 2017 the Company adopted ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This amendment replaced the method of measuring inventories at lower of cost or market with a lower of cost and net realizable value method. The adoption had no impact on the Company's financial position, results of operations and cash flows.

Accounting Standards Not Yet Adopted

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718); Scope of Modification Accounting. The amendments in this ASU provide guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the value, vesting conditions or classification of the award changes, modification accounting will apply. The guidance is effective for annual periods beginning after December 15, 2017. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, result of operations and cash flows.

In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715); Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments to this ASU require the service cost component of net periodic benefit cost be reported in the same income statement line or lines as other compensation costs for employees. The other components of net periodic benefit cost are required to be reported separately from service costs and outside a subtotal of income from operations. Only the service cost component is eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017. The amendments should be applied retrospectively for the income statement presentations and prospectively for the capitalization of service costs. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, result of operations and cash flows.

In January 2017, the FASB issued ASU No. 2017-04 Intangibles - Goodwill and Other (Topic 350); Simplifying the Test for Goodwill Impairment which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment model. Step 2 measures a goodwill impairment loss by comparing the implied value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity would recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized is limited to the amount of goodwill allocated to that reporting unit. The guidance is effective for annual periods beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this ASU provide guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments are effective for annual periods beginning after December 15, 2017 and will be applied prospectively.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU provides guidance to clarify how certain cash receipts and payments should be presented in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted. The updated guidance requires a retrospective adoption method. The Company is evaluating the impact of adoption of this standard on the Company's statement of cash flows.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU require an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is evaluating the impact of adoption on the Company's financial position, results of operation and cash flows.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Adoption of ASU No. 2014-09 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard but not before the original effective date of December 15, 2016, and can be applied using a full retrospective or modified retrospective approach. The Company is adopting this standard in the first quarter of fiscal 2018 and currently expects to use the modified retrospective approach. The Company has formed an implementation team including representatives from finance, sales, and legal to assist in the assessment and implementation of this standard. The Company considered whether the adoption may require acceleration of revenue for products produced by the Company without an alternative use. The Company has initially determined that in the majority of its contracts, an enforceable right of payment does not exist for products produced but not yet shipped; therefore acceleration of revenue would not be required. The Company is continuing its evaluation of all aspects of the standard, and currently does not believe the adoption of the standard will have a material impact on the Company's financial position, results of operations and cash flows.
Inventories, Net
Inventories, Net
INVENTORIES, NET

Inventories, Net by major class:
In millions
June 30, 2017
 
December 31, 2016
Finished Goods
$
244.0

 
$
238.3

Work in Progress
66.0

 
73.5

Raw Materials
202.5

 
187.2

Supplies
87.7

 
83.9

Total
$
600.2

 
$
582.9

Acquisitions
Acquisitions
ACQUISITIONS

As disclosed in "Note 1 - General Information," the Company acquired Colorpak, Metro, WG Anderson, and G-Box, which are referred to collectively as the "2016 Acquisitions" and, except for Colorpak, are included in the Americas Paperboard Packaging Segment.

The Company paid approximately $333 million, net of cash acquired, for the 2016 Acquisitions using existing cash and borrowings under its revolving line of credit, and assumed debt of approximately $31 million.
Debt
Debt
DEBT

For more information regarding the Company’s debt, see “Note 5 Debt” of the Notes to Consolidated Financial Statements of the Company’s 2016 Form 10-K.

Long-Term Debt is composed of the following:
In millions
June 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 4.94%, 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 (2.55% at June 30, 2017) payable through 2019
937.5

 
950.0

Senior Secured Revolving Facilities with interest payable at floating rates (2.45% at June 30, 2017) payable in 2019
253.4

 
184.8

Capital Lease Obligations
31.1

 
17.9

Other
22.6

 
3.0

Total Long-Term Debt
2,219.6

 
2,130.7

Less: Current Portion
39.7

 
26.3

 
2,179.9

 
2,104.4

Less: Unamortized Deferred Debt Issuance Costs
14.2

 
15.9

Total
$
2,165.7

 
$
2,088.5



At June 30, 2017, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:

In millions
Total
Commitments
 
Total
Outstanding
 
Total Available
Senior Secured Domestic Revolving Credit Facility(a)
$
1,250.0

 
$
203.2

 
$
1,025.8

Senior Secured International Revolving Credit Facility
179.8

 
50.2


129.6

Other International Facilities
57.3

 
30.4

 
26.9

Total
$
1,487.1

 
$
283.8

 
$
1,182.3


(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 $21.0 million as of June 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 mid-2018 unless extended.

The Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024 (the “Indentures”) limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indenture, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities.

As of June 30, 2017, the Company was in compliance with the covenants in the Credit Agreement and the Indentures.
Stock Incentive Plans
Stock Incentive Plans
STOCK INCENTIVE PLANS

The Company has one active equity compensation plan from which new grants may be made, the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan (the “2014 Plan”). Under the 2014 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other types of stock-based and cash awards. Awards under the 2014 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from the Company’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award.

Stock Awards, Restricted Stock and Restricted Stock Units

Under the 2014 Plan, all RSUs generally vest and become payable in three years from date of grant. RSUs granted to employees generally contain either performance conditions based on various financial targets or service requirements that must be met for the shares to vest. Stock awards granted to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date.
Data concerning RSUs and stock awards granted in the first six months of 2017 is as follows:
 
Shares
 
Weighted Average
Grant Date Fair
Value Per Share
RSUs — Employees
1,529,177

 
$
13.34

Stock Awards — Board of Directors
65,520

 
$
13.43



During the six months ended June 30, 2017 and 2016, $0.9 million and $11.4 million, respectively, were charged to compensation expense for stock incentive plans.
During the six months ended June 30, 2017 and 2016, approximately 1.0 million and 1.6 million shares were issued, respectively. The shares issued were primarily related to RSUs granted during 2014 and 2013, respectively.
Pensions and Other Postretirement Benefits
Pensions and Other Postretirement Benefits
PENSIONS AND OTHER POSTRETIREMENT BENEFITS

The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employee's compensation.

Pension and Postretirement Expense

The pension and postretirement expenses related to the Company’s plans consisted of the following:

 
Pension Benefits
 
Postretirement Health Care Benefits
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
Six Months Ended
 
June 30,
 
June 30,
 
June 30,
June 30,
In millions
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Components of Net Periodic Cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Cost
$
1.9

 
$
2.4

 
$
4.5

 
$
4.9

 
$
0.2

 
$
0.2

 
$
0.4

 
$
0.4

Interest Cost
10.6

 
11.3

 
21.2

 
22.4

 
0.4

 
0.4

 
0.7

 
0.7

Administrative Expenses

 
0.2

 

 
0.5

 

 

 

 

Expected Return on Plan Assets
(15.9
)
 
(15.1
)
 
(31.9
)
 
(30.2
)
 

 

 

 

Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Prior Service Cost (Credit)
0.2

 
0.2

 
0.3

 
0.4

 

 

 
(0.1
)
 
(0.1
)
Actuarial Loss (Gain)
1.5

 
7.1

 
3.2

 
11.9

 
(0.6
)
 
(0.7
)
 
(1.1
)
 
(1.2
)
Net Periodic (Benefit) Cost
$
(1.7
)
 
$
6.1

 
$
(2.7
)
 
$
9.9

 
$

 
$
(0.1
)
 
$
(0.1
)
 
$
(0.2
)


Employer Contributions

The Company made contributions of $11.4 million and $11.5 million to its pension plans during the first six months of 2017 and 2016, respectively. The Company expects to make contributions of $30 million to $40 million for the full year 2017. During 2016, the Company made $51.4 million of contributions to its pension plans.

The Company made postretirement health care benefit payments of $1.2 million and $0.3 million during the first six months of 2017 and 2016, respectively. The Company estimates its postretirement health care benefit payments for the full year 2017 to be approximately $3 million. During 2016, the Company made postretirement health care benefit payments of $2.1 million.
Financial Instruments and Fair Value Measurement
Financial Instruments and Fair Value Measurement
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts, and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in the related hedged exposure.

For more information regarding the Company’s financial instruments and fair value measurement, see “Note 9 — Financial Instruments, Derivatives and Hedging Activities” and Note 10 — Fair Value Measurement” of the Notes to Consolidated Financial Statements of the Company’s 2016 Form 10-K.

Interest Rate Risk

The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facility. Changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense, Net as interest is incurred on amounts outstanding under the term loan facility. The following table summarizes the Company's current interest rate swap positions for each period presented as of June 30, 2017:

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%




Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. During the first six months of 2017 and 2016, there were no amounts of ineffectiveness related to changes in the fair value of interest rate swap agreements. Additionally, there were no amounts excluded from the measure of effectiveness.

Commodity Risk

To manage risks associated with future variability in cash flows and price risk attributable to purchases of natural gas, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss, the resulting gain or loss reclassified into Cost of Sales concurrently with the recognition of the commodity consumed, and the ineffective portion of the swap contracts’ change in fair value recognized immediately in earnings. The Company has hedged approximately 50% and 23% of its expected natural gas usage for the remainder of 2017 and 2018, respectively.

During the first six months of 2017 and 2016, there were minimal amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness.

Foreign Currency Risk

The Company enters into forward exchange contracts to manage risks associated with foreign currency transactions and future variability of cash flows arising from those transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and gains/losses related to these contracts are recognized in Other (Income) Expense, Net or Net Sales, when appropriate.

At June 30, 2017, multiple forward exchange contracts existed that expire on various dates through the remainder of 2017. Those purchased forward exchange contracts outstanding at June 30, 2017 and December 31, 2016, when aggregated and measured in U.S. dollars at contractual rates at June 30, 2017 and December 31, 2016, had notional amounts totaling $26.2 million and $55.9 million, respectively.

No amounts were reclassified to earnings during the first six months of 2017 or during 2016 in connection with forecasted transactions that were considered probable of not occurring and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness.


Derivatives not Designated as Hedges

The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivables resulting from sales transactions denominated in foreign currencies in order to manage risks associated with variability in cash flows that may be adversely affected by changes in exchange rates. At June 30, 2017 and December 31, 2016, multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at June 30, 2017 and December 31, 2016, when aggregated and measured in U.S. dollars at exchange rates at June 30, 2017 and December 31, 2016, had net notional amounts totaling $72.2 million and $68.1 million, respectively. Unrealized gains and losses resulting from these contracts are recognized in Other (Income) Expense, Net and approximately offset corresponding recognized but unrealized gains and losses on the remeasurement of these accounts receivable.


Fair Value of Financial Instruments

The Company’s derivative instruments are carried at fair value. The Company has determined that the inputs to the valuation of these derivative instruments are Level 2 in the fair value hierarchy. Level 2 inputs are defined as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. The Company uses valuation techniques based on discounted cash flow analyses, which reflect the terms of the derivatives and use observable market-based inputs, including forward rates, and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers.

As of June 30, 2017, the Company had a gross derivative asset of $2.2 million and a gross derivative liability of $1.1 million, related to interest rate, foreign currency and commodity contracts. As of June 30, 2017, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on evaluation of the Company’s counterparties’ credit risks.

The fair values of the Company’s other financial assets and liabilities at June 30, 2017 and December 31, 2016 approximately equal the carrying values reported on the Condensed Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company’s Long-Term Debt (excluding capital leases and deferred financing fees) was $2,231.0 million and $2,132.7 million as compared to the carrying amounts of $2,188.5 million and $2,112.8 million as of June 30, 2017 and December 31, 2016, respectively. The fair value of the Company’s Total Debt, including the Senior Notes, are based on quoted market prices (Level 2 inputs). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from independent pricing service providers.


The following is a rollforward of pre-tax Accumulated Other Comprehensive Loss pertaining to derivative instruments:
In millions
 
Balance at December 31, 2016
$
7.5

Reclassification to Earnings
(1.3
)
Current Period Change in Fair Value
(5.1
)
Balance at June 30, 2017
$
1.1



At June 30, 2017, the Company expects to reclassify approximately $0.8 million of gains in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions.
Income Taxes
Income Taxes
INCOME TAXES

During the six months ended June 30, 2017, the Company recognized Income Tax Expense of $41.2 million on Income before Income Taxes and Equity Income of Unconsolidated Entity of $119.3 million. The effective tax rate for the six months ended June 30, 2017 is lower than the statutory rate due to the mix and levels of earnings between foreign and domestic tax jurisdictions. In addition, the Company recorded a discrete benefit of approximately $2 million during the six months ended June 30, 2017 related to the excess benefit associated with share based payments to employees that vested during the period in accordance with the new guidance in ASU No. 2016-09, Compensation-Stock Compensation (Topic 718), which requires entities to recognize all income tax effects of excess tax benefits and tax deficiencies in the income statement during the period in which the awards vest or are settled.

During the six months ended June 30, 2016, the Company recognized Income Tax Expense of $43.3 million on Income before Income Taxes and Equity Income of Unconsolidated Entity of $177.7 million. The effective tax rate for the six months ended June 30, 2016 was significantly lower than the statutory rate due to an agreement executed with the Internal Revenue Service. As a result of this agreement, the Company amended its 2011 and 2012 U.S. federal and state tax returns and utilized previously expired net operating loss carryforwards. The Company recorded a discrete benefit during the second quarter of $22.4 million to reflect the changes as a reduction in its net long-term deferred tax liability. The effective tax rate for the six months ended June 30, 2016 was also different from the statutory rate due to the mix and levels of earnings between foreign and domestic tax jurisdictions as well as other discrete items recorded during the quarter.

As of December 31, 2016, the Company had approximately $351 million of Net Operating Losses (“NOLs”) for U.S. federal income tax purposes which may be used to offset future taxable income.  During the three months ended March 31, 2017, the Company adopted ASU 2016-09 and as a result recorded additional federal and state NOLs of approximately $107 million that were generated through excess tax benefit deductions claimed on the Company’s 2011-2016 U.S. federal income tax returns and were previously prohibited from being recognized. The Company recognized the cumulative federal and state income tax effects of these previously unrecognized NOLs in accumulated deficit in accordance with ASU No. 2016-09. The Company will utilize NOLs during 2017 and expects to have approximately $280 million to $330 million of NOLs remaining at December 31, 2017.  Based on these NOLs and other tax benefits, the Company does not expect to be a meaningful U.S. federal cash taxpayer until 2019.
Segment Information
Segment Information
SEGMENT INFORMATION

Effective January 5, 2017, the consumer product and beverage operating segments (previously combined into the Americas Paperboard Packaging reporting segment) were reorganized and combined into an Americas Converting operating segment (Americas Paperboard Packaging reportable segment). As part of this reorganization, Australia, which was previously included as part of the Americas Paperboard Packaging reporting segment, is now an operating segment and included in Corporate/Other/Elimination. Prior periods have been recast.

The Company has three reportable segments as follows:

Paperboard Mills includes the seven North American paperboard mills which produce primarily CUK and CRB. The majority of the paperboard is consumed internally to produce paperboard packaging for the Americas and Europe Paperboard Packaging segments. The remaining paperboard is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represent the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments.
     
Americas Paperboard Packaging includes paperboard packaging folding cartons sold primarily to Consumer Packaged Goods ("CPG") companies serving the food, beverage, and consumer product markets in the Americas.

Europe Paperboard Packaging includes paperboard packaging folding cartons sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe.
     
The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs.

These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in "Note 1 - General Information."

Segment information is as follows:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
In millions
2017
 
2016
 
2017
 
2016
NET SALES:
 
 
 
 
 
 
 
Paperboard Mills
$
96.9

 
$
97.2

 
$
195.0

 
$
198.3

Americas Paperboard Packaging
812.7

 
819.0

 
1,605.5

 
1,595.4

Europe Paperboard Packaging
138.7

 
148.9

 
278.4

 
293.2

Corporate/Other/Eliminations
46.4

 
38.1

 
77.3

 
50.3

Total
$
1,094.7

 
$
1,103.2

 
$
2,156.2

 
$
2,137.2

 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS:
 
 
 
 
 
 
 
Paperboard Mills
$
(10.3
)
 
$
1.7

 
$
(22.6
)
 
$
0.5

Americas Paperboard Packaging
90.5

 
99.9

 
179.9

 
213.4

Europe Paperboard Packaging
9.0

 
9.3

 
16.0

 
18.4

Corporate and Other
(1.6
)
 
(5.3
)
 
(10.2
)
 
(19.5
)
Total
$
87.6

 
$
105.6

 
$
163.1

 
$
212.8

 
 
 
 
 
 
 
 
DEPRECIATION AND AMORTIZATION:
 
 
 
 
 
 
 
Paperboard Mills
$
31.2

 
$
29.6

 
$
61.8

 
$
60.7

Americas Paperboard Packaging
29.5

 
32.4

 
59.7

 
59.7

Europe Paperboard Packaging
10.1

 
10.5

 
19.9

 
20.6

Corporate and Other
4.4

 
2.7

 
8.8

 
4.9

Total
$
75.2

 
$
75.2

 
$
150.2

 
$
145.9



For more information regarding the Company’s business segments, see “Note 14 — Business Segment and Geographic Area Information” of the Notes to Consolidated Financial Statements of the Company’s 2016 Form 10-K.
Earnings Per Share
Earnings Per Share
EARNINGS PER SHARE
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
In millions, except per share data
2017
 
2016
 
2017
 
2016
Net Income
$
42.0

 
$
77.8

 
$
79.0

 
$
135.3

Weighted Average Shares:
 
 
 
 
 
 
 
Basic
310.7


322.1


311.8


323.3

Dilutive Effect of RSUs
0.4

 
0.4

 
0.7

 
0.8

Diluted
311.1


322.5


312.5


324.1

Income Per Share — Basic
$
0.14

 
$
0.24

 
$
0.25

 
$
0.42

 Income Per Share — Diluted
$
0.14

 
$
0.24

 
$
0.25

 
$
0.42

Equity
Equity
EQUITY

The following is a summary of the changes in total equity for the six months ended June 30, 2017:

In millions
Total Shareholders' Equity
Balance at December 31, 2016
$
1,056.5

Net Income
79.0

Other Comprehensive Income, Net of Tax
33.7

Dividends Declared
(46.6
)
Repurchase of Common Stock
(55.9
)
Pre-2017 Excess Tax Benefit related to Share-Based Payments
39.1

Compensation Expense Under Share-Based Plans
0.9

Repurchase of Common Stock related to Share-Based Payments
(10.0
)
Balance at June 30, 2017
$
1,096.7

Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
The following represents changes in Accumulated Other Comprehensive (Loss) Income by each component of other comprehensive income for the six months ended June 30, 2017 (a):
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
(3.1
)
 

 

 
36.1

 
33.0

Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(b)
(0.8
)
 
2.2

 
(0.7
)
 

 
0.7

Net Current-period Other Comprehensive (Loss) Income
(3.9
)
 
2.2

 
(0.7
)
 
36.1

 
33.7

Balance at June 30, 2017
$
(9.3
)
 
$
(248.0
)
 
$
14.0

 
$
(110.6
)
 
$
(353.9
)

(a) 
All amounts are net of income taxes.
(b) See following table for details about these reclassifications.


The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the six months ended June 30, 2017:

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
 
(0.6
)
 
Other (Income) Expense, Net
Interest Rate Swap Agreements
 
0.3

 
Interest Expense, Net
 
 
(1.3
)
 
Total before Tax
 
 
0.5

 
Tax Benefit
 
 
$
(0.8
)
 
Net of Tax
 
 
 
 
 
Amortization of Defined Benefit Pension Plans:
 
 
 
 
Prior Service Costs
 
$
0.3

(c) 
 
Actuarial Losses
 
3.2

(c) 
 
 
 
3.5

 
Total before Tax
 
 
(1.3
)
 
Tax Benefit
 
 
$
2.2

 
Net of Tax
 
 
 
 
 
Amortization of Postretirement Benefit Plans:
 
 
 
 
Prior Service Credits
 
$
(0.1
)
(c) 
 
Actuarial Gains
 
(1.1
)
(c) 
 
 
 
(1.2
)
 
Total before Tax
 
 
0.5

 
Tax Expense
 
 
$
(0.7
)
 
Net of Tax
 
 
 
 
 
Total Reclassifications for the Period
 
$
0.7

 
 
 

(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").
Guarantor Condensed Consolidating Financial Statements
Guarantor Condensed Consolidating Financial Statements
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
These consolidating financial statements reflect GPHC (“the Parent”); GPII (the "Subsidiary Issuer"); and the Subsidiary Guarantors, which consist of all material 100% owned subsidiaries of GPII other than its foreign subsidiaries; and the nonguarantor subsidiaries (herein referred to as “Nonguarantor Subsidiaries”). The Nonguarantor Subsidiaries include all of GPII's foreign subsidiaries and immaterial domestic subsidiaries. Separate complete financial statements of the Subsidiary Guarantors are not presented because the guarantors are jointly and severally, fully and unconditionally liable under the guarantees.



 
Three Months Ended June 30, 2017
In millions
Parent
 
Subsidiary Issuer
 
Combined Guarantor Subsidiaries
 
Combined Nonguarantor Subsidiaries
 
Consolidating Eliminations
 
Consolidated
Net Sales
$

 
$
889.9

 
$
12.5

 
$
272.0

 
$
(79.7
)
 
$
1,094.7

Cost of Sales

 
744.6

 
10.5

 
242.4

 
(79.7
)
 
917.8

Selling, General and Administrative

 
63.1

 
0.8

 
19.7

 

 
83.6

Other (Income) Expense, Net

 
(2.6
)
 

 
2.2

 

 
(0.4
)
Business Combinations and Other Special Charges

 
2.3

 

 
3.8

 

 
6.1

Income from Operations

 
82.5

 
1.2

 
3.9

 

 
87.6

Interest Expense, Net

 
(21.3
)
 

 
(1.2
)
 

 
(22.5
)
Income before Income Taxes and Equity Income of Unconsolidated Entity

 
61.2

 
1.2

 
2.7

 

 
65.1

Income Tax Expense

 
(21.8
)
 
(0.5
)
 
(1.3
)
 

 
(23.6
)
Income before Equity Income of Unconsolidated Entities

 
39.4

 
0.7

 
1.4

 

 
41.5

Equity Income of Unconsolidated Entity

 

 

 
0.5

 

 
0.5

Equity in Net Earnings of Subsidiaries
42.0

 
2.6

 
(1.1
)
 

 
(43.5
)
 

Net Income (Loss)
$
42.0

 
$
42.0

 
$
(0.4
)
 
$
1.9

 
$
(43.5
)
 
$
42.0

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
58.0

 
$
58.0

 
$
(43.2
)
 
$
24.4

 
$
(39.2
)
 
$
58.0




 
Three Months Ended June 30, 2016
In millions
Parent
 
Subsidiary Issuer
 
Combined Guarantor Subsidiaries
 
Combined Nonguarantor Subsidiaries
 
Consolidating Eliminations
 
Consolidated
Net Sales
$

 
$
874.2

 
$
29.2

 
$
271.4

 
$
(71.6
)
 
$
1,103.2

Cost of Sales

 
709.7

 
25.2

 
235.1

 
(71.6
)
 
898.4

Selling, General and Administrative

 
69.4

 
3.0

 
20.3

 

 
92.7

Other (Income) Expense, Net

 
(1.0
)
 

 
2.2

 

 
1.2

Business Combinations and Other Special Charges

 
4.0

 

 
1.3

 

 
5.3

Income from Operations

 
92.1

 
1.0

 
12.5

 

 
105.6

Interest Expense, Net

 
(17.2
)
 

 
(1.0
)
 

 
(18.2
)
Income before Income Taxes and Equity Income of Unconsolidated Entity

 
74.9

 
1.0

 
11.5

 

 
87.4

Income Tax Expense

 
(4.5
)
 
(0.6
)
 
(5.0
)
 

 
(10.1
)
Income before Equity Income of Unconsolidated Entity

 
70.4

 
0.4

 
6.5

 

 
77.3

Equity Income of Unconsolidated Entity

 

 

 
0.5

 

 
0.5

Equity in Net Earnings of Subsidiaries
77.8

 
7.4

 
(0.9
)
 

 
(84.3
)
 

Net Income (Loss)
$
77.8

 
$
77.8

 
$
(0.5
)
 
$
7.0

 
$
(84.3
)
 
$
77.8

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
34.0

 
$
34.0

 
$
(2.4
)
 
$
(31.2
)
 
$
(0.4
)
 
$
34.0





 
Six Months Ended June 30, 2017
In millions
Parent
 
Subsidiary Issuer
 
Combined Guarantor Subsidiaries
 
Combined Nonguarantor Subsidiaries
 
Consolidating Eliminations
 
Consolidated
Net Sales
$

 
$
1,735.1

 
$
49.5

 
$
534.6

 
$
(163.0
)
 
$
2,156.2

Cost of Sales

 
1,450.0

 
41.3

 
476.0

 
(163.0
)
 
1,804.3

Selling, General and Administrative

 
132.0

 
3.5

 
39.2

 

 
174.7

Other (Income) Expense, Net

 
(5.3
)
 
0.1

 
4.6

 

 
(0.6
)
Business Combinations and Other Special Charges

 
8.1

 

 
6.6

 

 
14.7

Income from Operations

 
150.3

 
4.6

 
8.2

 

 
163.1

Interest Expense, Net

 
(41.7
)
 

 
(2.1
)
 

 
(43.8
)
Income before Income Taxes and Equity Income of Unconsolidated Entity

 
108.6

 
4.6

 
6.1

 

 
119.3

Income Tax Expense

 
(36.7
)
 
(1.7
)
 
(2.8
)
 

 
(41.2
)
Income before Equity Income of Unconsolidated Entity

 
71.9

 
2.9

 
3.3

 

 
78.1

Equity Income of Unconsolidated Entity

 

 

 
0.9

 

 
0.9

Equity in Net Earnings of Subsidiaries
79.0

 
7.1

 
(4.5
)
 

 
(81.6
)
 

Net Income (Loss)
$
79.0

 
$
79.0

 
$
(1.6
)
 
$
4.2

 
$
(81.6
)
 
$
79.0

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
112.7

 
$
112.7

 
$
(22.0
)
 
$
45.2

 
$
(135.9
)
 
$
112.7



 
Six Months Ended June 30, 2016
In millions
Parent
 
Subsidiary Issuer
 
Combined Guarantor Subsidiaries
 
Combined Nonguarantor Subsidiaries
 
Consolidating Eliminations
 
Consolidated
Net Sales
$

 
$
1,740.2

 
$
45.3

 
$
502.7

 
$
(151.0
)
 
$
2,137.2

Cost of Sales

 
1,401.1

 
37.9

 
436.7

 
(151.0
)
 
1,724.7

Selling, General and Administrative

 
139.5

 
3.7

 
38.6

 

 
181.8

Other (Income) Expense, Net

 
(2.6
)
 

 
4.7

 

 
2.1

Business Combinations and Other Special Charges

 
14.5

 

 
1.3

 

 
15.8

Income from Operations

 
187.7

 
3.7

 
21.4

 

 
212.8

Interest Expense, Net

 
(33.1
)
 

 
(2.0
)
 

 
(35.1
)
Income before Income Taxes and Equity Income of Unconsolidated Entity

 
154.6

 
3.7

 
19.4

 

 
177.7

Income Tax Expense

 
(36.1
)
 
(1.7
)
 
(5.5
)
 

 
(43.3
)
Income before Equity Income of Unconsolidated Entity

 
118.5

 
2.0

 
13.9

 

 
134.4

Equity Income of Unconsolidated Entity

 

 

 
0.9

 

 
0.9

Equity in Net Earnings of Subsidiaries
135.3

 
16.8

 
(3.5
)
 

 
(148.6
)
 

Net Income (Loss)
$
135.3

 
$
135.3

 
$
(1.5
)
 
$
14.8

 
$
(148.6
)
 
$
135.3

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
98.1

 
$
98.1

 
$
(3.4
)
 
$
(18.2
)
 
$
(76.5
)
 
$
98.1


 
June 30, 2017
In millions
Parent
 
Subsidiary
Issuer
 
Combined
Guarantor
Subsidiaries
 
Combined
Nonguarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$

 
$
0.5

 
$

 
$
12.0

 
$

 
$
12.5

Receivables, Net

 
233.4

 

 
260.2

 

 
493.6

Inventories, Net

 
411.8

 

 
188.4

 

 
600.2

Intercompany

 
999.4

 
205.6

 

 
(1,205.0
)
 

Other Current Assets

 
33.8

 

 
11.9

 

 
45.7

Total Current Assets

 
1,678.9

 
205.6

 
472.5

 
(1,205.0
)
 
1,152.0

Property, Plant and Equipment, Net

 
1,531.5

 
0.1

 
281.9

 

 
1,813.5

Investment in Consolidated Subsidiaries
1,475.6

 

 
16.2

 

 
(1,491.8
)
 

Goodwill

 
1,154.4

 

 
112.0

 

 
1,266.4

Other Assets

 
361.4

 

 
98.1

 

 
459.5

Total Assets
$
1,475.6

 
$
4,726.2

 
$
221.9

 
$
964.5

 
$
(2,696.8
)
 
$
4,691.4

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
$

 
$
39.1

 
$

 
$
8.4

 
$

 
$
47.5

Accounts Payable

 
350.6

 

 
114.7

 

 
465.3

Intercompany
378.9

 

 

 
875.4

 
(1,254.3
)
 

Interest Payable

 
13.3

 

 
0.1

 

 
13.4

Other Accrued Liabilities

 
184.7

 
0.5

 
57.9

 

 
243.1

Total Current Liabilities
378.9

 
587.7

 
0.5

 
1,056.5

 
(1,254.3
)
 
769.3

Long-Term Debt

 
2,090.8

 

 
74.9

 

 
2,165.7

Deferred Income Tax Liabilities

 
375.4

 

 
25.3

 

 
400.7

Other Noncurrent Liabilities

 
196.7

 

 
62.3

 

 
259.0

 
 
 
 
 
 
 
 
 
 
 
 
EQUITY
 
 
 
 
 
 
 
 
 
 
 
Total Equity
1,096.7

 
1,475.6

 
221.4

 
(254.5
)
 
(1,442.5
)
 
1,096.7

Total Liabilities and Equity
$
1,475.6

 
$
4,726.2

 
$
221.9

 
$
964.5

 
$
(2,696.8
)
 
$
4,691.4



 
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


 
Six Months Ended June 30, 2017
In millions
Parent
 
Subsidiary
Issuer
 
Combined
Guarantor
Subsidiaries
 
Combined
Nonguarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
79.0

 
$
79.0

 
$
(1.6
)
 
$
4.2

 
$
(81.6
)
 
$
79.0

Non-cash Items Included in Net Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization

 
117.1

 
4.8

 
28.3

 

 
150.2

Deferred Income Taxes

 
30.7

 
1.6

 
(1.6
)
 

 
30.7

Amount of Postretirement Expense Less Than Funding

 
(12.5
)
 

 
(2.9
)
 

 
(15.4
)
Equity in Net Earnings of Subsidiaries
(79.0
)
 
(7.1
)
 
4.5

 

 
81.6

 

Other, Net

 
(5.0
)
 

 
0.5

 

 
(4.5
)
Changes in Operating Assets and Liabilities

 
(28.0
)
 
(10.5
)
 
(36.4
)
 

 
(74.9
)
Net Cash Provided by (Used in) Operating Activities

 
174.2

 
(1.2
)
 
(7.9
)
 

 
165.1

 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Capital Spending

 
(104.9
)
 

 
(30.9
)
 

 
(135.8
)
Packaging Machinery Spending

 
(8.7
)
 

 

 

 
(8.7
)
Other, Net
116.5

 
(2.3
)
 

 

 
(116.5
)
 
(2.3
)
Net Cash Provided by (Used in) Investing Activities
116.5

 
(115.9
)
 

 
(30.9
)
 
(116.5
)
 
(146.8
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock
(59.6
)
 

 

 

 

 
(59.6
)
Payments on Debt

 
(12.5
)
 

 

 

 
(12.5
)
Borrowings under Revolving Credit Facilities

 
491.2

 

 
11.1

 

 
502.3

Payments on Revolving Credit Facilities

 
(430.0
)
 

 
(19.0
)
 

 
(449.0
)
Dividends Paid
(46.9
)
 

 

 

 

 
(46.9
)
Repurchase of Common Stock related to Share-Based Payments
(10.0
)
 

 

 

 

 
(10.0
)
Other, Net

 
(107.4
)
 

 

 
116.5

 
9.1

Net Cash (Used in) Provided by Financing Activities
(116.5
)
 
(58.7
)
 

 
(7.9
)
 
116.5

 
(66.6
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash

 

 

 
1.7

 

 
1.7

 
 
 
 
 
 
 
 
 
 
 
 
Net Decrease in Cash and Cash Equivalents

 
(0.4
)
 
(1.2
)
 
(45.0
)
 

 
(46.6
)
Cash and Cash Equivalents at Beginning of Period

 
0.9

 
1.2

 
57.0

 

 
59.1

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$

 
$
0.5

 
$

 
$
12.0

 
$

 
$
12.5


 
Six Months Ended June 30, 2016
In millions
Parent
 
Subsidiary
Issuer
 
Combined
Guarantor
Subsidiaries
 
Combined
Nonguarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
135.3

 
$
135.3

 
$
(1.5
)
 
$
14.8

 
$
(148.6
)
 
$
135.3

Non-cash Items Included in Net Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization

 
117.0

 
5.3

 
23.6

 

 
145.9

Deferred Income Taxes

 
29.6

 
1.6

 
0.6

 

 
31.8

Amount of Postretirement Expense Greater (Less) Than Funding

 
0.7

 

 
(2.8
)
 

 
(2.1
)
Equity in Net Earnings of Subsidiaries
(135.3
)
 
(16.8
)
 
3.5

 

 
148.6

 

Other, Net

 
25.0

 

 
(0.8
)
 

 
24.2

Changes in Operating Assets and Liabilities

 
(51.0
)
 
(5.3
)
 
(31.8
)
 

 
(88.1
)
Net Cash Provided By Operating Activities

 
239.8

 
3.6

 
3.6

 

 
247.0

 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Capital Spending

 
(147.6
)
 

 
(31.8
)
 

 
(179.4
)
Packaging Machinery Spending

 
(6.6
)
 

 

 

 
(6.6
)
Acquisition of Business, Net of Cash Acquired

 
(169.5
)
 

 
(159.4
)
 

 
(328.9
)
Other, Net
122.5

 
(163.4
)
 

 

 
38.1

 
(2.8
)
Net Cash Provided by (Used in) Investing Activities
122.5

 
(487.1
)
 

 
(191.2
)
 
38.1

 
(517.7
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock
(79.7
)
 

 

 

 

 
(79.7
)
Payments on Debt

 
(12.5
)
 

 

 

 
(12.5
)
Borrowings under Revolving Credit Facilities

 
799.7

 

 
43.6

 

 
843.3

Payments on Revolving Credit Facilities

 
(417.2
)
 

 
(37.3
)
 

 
(454.5
)
Dividends Paid
(32.4
)
 

 

 

 

 
(32.4
)
Repurchase of Common Stock related to Share-Based Payments
(10.4
)
 

 

 

 

 
(10.4
)
Other, Net

 
(122.8
)
 

 
160.6

 
(38.1
)
 
(0.3
)
Net Cash (Used in) Provided by Financing Activities
(122.5
)
 
247.2

 

 
166.9

 
(38.1
)
 
253.5

 
 
 
 
 
 
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash

 

 

 
1.0

 

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
Net (Decrease) Increase in Cash and Cash Equivalents

 
(0.1
)
 
3.6

 
(19.7
)
 

 
(16.2
)
Cash and Cash Equivalents at Beginning of Period

 
0.1

 

 
54.8

 

 
54.9

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$

 
$

 
$
3.6

 
$
35.1

 
$

 
$
38.7

Subsequent Event (Notes)
Subsequent Events [Text Block]
SUBSEQUENT EVENTS

On July 10, 2017, the Company completed the acquisition of substantially all the assets of Carton Craft Corporation and its affiliate Lithocraft, Inc. The acquisition includes two folding carton converting facilities located in New Albany, Indiana, focused on the production of paperboard-based air filter frames and folding cartons.
General Information (Policies)
The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation.
In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year end Condensed Consolidated Balance Sheet data was derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with GPHC’s Form 10-K for the year ended December 31, 2016.
In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.
Adoption of New Accounting Standards

Effective January 1, 2017 the Company adopted Accounting Standards Update ("ASU") No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. In the first quarter of 2017, the Company recorded a discrete benefit of approximately $2 million related to the excess benefit associated with share based payments to employees. The remaining $39 million of previously unrecognized excess tax benefits, which were prohibited from recognition due to net operating loss carryforwards, were recognized in accumulated deficit. The Company is continuing its practice of estimating forfeitures and recording cash paid for withholding taxes as a financing activity.

Effective January 1, 2017 the Company adopted ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This amendment replaced the method of measuring inventories at lower of cost or market with a lower of cost and net realizable value method. The adoption had no impact on the Company's financial position, results of operations and cash flows.

Accounting Standards Not Yet Adopted

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718); Scope of Modification Accounting. The amendments in this ASU provide guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the value, vesting conditions or classification of the award changes, modification accounting will apply. The guidance is effective for annual periods beginning after December 15, 2017. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, result of operations and cash flows.

In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715); Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments to this ASU require the service cost component of net periodic benefit cost be reported in the same income statement line or lines as other compensation costs for employees. The other components of net periodic benefit cost are required to be reported separately from service costs and outside a subtotal of income from operations. Only the service cost component is eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017. The amendments should be applied retrospectively for the income statement presentations and prospectively for the capitalization of service costs. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, result of operations and cash flows.

In January 2017, the FASB issued ASU No. 2017-04 Intangibles - Goodwill and Other (Topic 350); Simplifying the Test for Goodwill Impairment which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment model. Step 2 measures a goodwill impairment loss by comparing the implied value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity would recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized is limited to the amount of goodwill allocated to that reporting unit. The guidance is effective for annual periods beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this ASU provide guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments are effective for annual periods beginning after December 15, 2017 and will be applied prospectively.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU provides guidance to clarify how certain cash receipts and payments should be presented in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted. The updated guidance requires a retrospective adoption method. The Company is evaluating the impact of adoption of this standard on the Company's statement of cash flows.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU require an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is evaluating the impact of adoption on the Company's financial position, results of operation and cash flows.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Adoption of ASU No. 2014-09 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard but not before the original effective date of December 15, 2016, and can be applied using a full retrospective or modified retrospective approach. The Company is adopting this standard in the first quarter of fiscal 2018 and currently expects to use the modified retrospective approach. The Company has formed an implementation team including representatives from finance, sales, and legal to assist in the assessment and implementation of this standard. The Company considered whether the adoption may require acceleration of revenue for products produced by the Company without an alternative use. The Company has initially determined that in the majority of its contracts, an enforceable right of payment does not exist for products produced but not yet shipped; therefore acceleration of revenue would not be required. The Company is continuing its evaluation of all aspects of the standard, and currently does not believe the adoption of the standard will have a material impact on the Company's financial position, results of operations and cash flows.
General Information (Tables)
Schedule of Restructuring and Other Special Charges
The following table summarizes the transactions recorded in Business Combinations and Other Special Charges in the Condensed Consolidated Statements of Operations:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
In millions
2017
 
2016
 
2017
 
2016
Charges Associated with Business Combinations
$
5.4

 
$
5.3

 
$
9.3

 
$
10.4

Other Special Charges
0.7

 

 
5.4

 
5.4

Total
$
6.1

 
$
5.3

 
$
14.7

 
$
15.8

Inventories, Net (Tables)
Inventories, Net by major class
Inventories, Net by major class:
In millions
June 30, 2017
 
December 31, 2016
Finished Goods
$
244.0

 
$
238.3

Work in Progress
66.0

 
73.5

Raw Materials
202.5

 
187.2

Supplies
87.7

 
83.9

Total
$
600.2

 
$
582.9

Debt (Tables)
Long-Term Debt is composed of the following:
In millions
June 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 4.94%, 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 (2.55% at June 30, 2017) payable through 2019
937.5

 
950.0

Senior Secured Revolving Facilities with interest payable at floating rates (2.45% at June 30, 2017) payable in 2019
253.4

 
184.8

Capital Lease Obligations
31.1

 
17.9

Other
22.6

 
3.0

Total Long-Term Debt
2,219.6

 
2,130.7

Less: Current Portion
39.7

 
26.3

 
2,179.9

 
2,104.4

Less: Unamortized Deferred Debt Issuance Costs
14.2

 
15.9

Total
$
2,165.7

 
$
2,088.5

At June 30, 2017, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:

In millions
Total
Commitments
 
Total
Outstanding
 
Total Available
Senior Secured Domestic Revolving Credit Facility(a)
$
1,250.0

 
$
203.2

 
$
1,025.8

Senior Secured International Revolving Credit Facility
179.8

 
50.2


129.6

Other International Facilities
57.3

 
30.4

 
26.9

Total
$
1,487.1

 
$
283.8

 
$
1,182.3


(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 $21.0 million as of June 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 mid-2018 unless extended.
Stock Incentive Plans (Tables)
Data concerning RSUs and stock awards granted
Data concerning RSUs and stock awards granted in the first six months of 2017 is as follows:
 
Shares
 
Weighted Average
Grant Date Fair
Value Per Share
RSUs — Employees
1,529,177

 
$
13.34

Stock Awards — Board of Directors
65,520

 
$
13.43

Pensions and Other Postretirement Benefits (Tables)
Schedule of pension and postretirement expenses
The pension and postretirement expenses related to the Company’s plans consisted of the following:

 
Pension Benefits
 
Postretirement Health Care Benefits
 
Three Months Ended
 
Six Months Ended
 
Three Months Ended
Six Months Ended
 
June 30,
 
June 30,
 
June 30,
June 30,
In millions
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Components of Net Periodic Cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Cost
$
1.9

 
$
2.4

 
$
4.5

 
$
4.9

 
$
0.2

 
$
0.2

 
$
0.4

 
$
0.4

Interest Cost
10.6

 
11.3

 
21.2

 
22.4

 
0.4

 
0.4

 
0.7

 
0.7

Administrative Expenses

 
0.2

 

 
0.5

 

 

 

 

Expected Return on Plan Assets
(15.9
)
 
(15.1
)
 
(31.9
)
 
(30.2
)
 

 

 

 

Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Prior Service Cost (Credit)
0.2

 
0.2

 
0.3

 
0.4

 

 

 
(0.1
)
 
(0.1
)
Actuarial Loss (Gain)
1.5

 
7.1

 
3.2

 
11.9

 
(0.6
)
 
(0.7
)
 
(1.1
)
 
(1.2
)
Net Periodic (Benefit) Cost
$
(1.7
)
 
$
6.1

 
$
(2.7
)
 
$
9.9

 
$

 
$
(0.1
)
 
$
(0.1
)
 
$
(0.2
)
Financial Instruments and Fair Value Measurement (Tables)
The following table summarizes the Company's current interest rate swap positions for each period presented as of June 30, 2017:

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%
The following is a rollforward of pre-tax Accumulated Other Comprehensive Loss pertaining to derivative instruments:
In millions
 
Balance at December 31, 2016
$
7.5

Reclassification to Earnings
(1.3
)
Current Period Change in Fair Value
(5.1
)
Balance at June 30, 2017
$
1.1

Segment Information (Tables)
Schedule of Segment Information
Segment information is as follows:

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
In millions
2017
 
2016
 
2017
 
2016
NET SALES:
 
 
 
 
 
 
 
Paperboard Mills
$
96.9

 
$
97.2

 
$
195.0

 
$
198.3

Americas Paperboard Packaging
812.7

 
819.0

 
1,605.5

 
1,595.4

Europe Paperboard Packaging
138.7

 
148.9

 
278.4

 
293.2

Corporate/Other/Eliminations
46.4

 
38.1

 
77.3

 
50.3

Total
$
1,094.7

 
$
1,103.2

 
$
2,156.2

 
$
2,137.2

 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS:
 
 
 
 
 
 
 
Paperboard Mills
$
(10.3
)
 
$
1.7

 
$
(22.6
)
 
$
0.5

Americas Paperboard Packaging
90.5

 
99.9

 
179.9

 
213.4

Europe Paperboard Packaging
9.0

 
9.3

 
16.0

 
18.4

Corporate and Other
(1.6
)
 
(5.3
)
 
(10.2
)
 
(19.5
)
Total
$
87.6

 
$
105.6

 
$
163.1

 
$
212.8

 
 
 
 
 
 
 
 
DEPRECIATION AND AMORTIZATION:
 
 
 
 
 
 
 
Paperboard Mills
$
31.2

 
$
29.6

 
$
61.8

 
$
60.7

Americas Paperboard Packaging
29.5

 
32.4

 
59.7

 
59.7

Europe Paperboard Packaging
10.1

 
10.5

 
19.9

 
20.6

Corporate and Other
4.4

 
2.7

 
8.8

 
4.9

Total
$
75.2

 
$
75.2

 
$
150.2

 
$
145.9



Earnings Per Share (Tables)
Schedule of earnings per share
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
In millions, except per share data
2017
 
2016
 
2017
 
2016
Net Income
$
42.0

 
$
77.8

 
$
79.0

 
$
135.3

Weighted Average Shares:
 
 
 
 
 
 
 
Basic
310.7


322.1


311.8


323.3

Dilutive Effect of RSUs
0.4

 
0.4

 
0.7

 
0.8

Diluted
311.1


322.5


312.5


324.1

Income Per Share — Basic
$
0.14

 
$
0.24

 
$
0.25

 
$
0.42

 Income Per Share — Diluted
$
0.14

 
$
0.24

 
$
0.25

 
$
0.42

Equity (Tables)
Summary of Changes in Total Equity
The following is a summary of the changes in total equity for the six months ended June 30, 2017:

In millions
Total Shareholders' Equity
Balance at December 31, 2016
$
1,056.5

Net Income
79.0

Other Comprehensive Income, Net of Tax
33.7

Dividends Declared
(46.6
)
Repurchase of Common Stock
(55.9
)
Pre-2017 Excess Tax Benefit related to Share-Based Payments
39.1

Compensation Expense Under Share-Based Plans
0.9

Repurchase of Common Stock related to Share-Based Payments
(10.0
)
Balance at June 30, 2017
$
1,096.7

Accumulated Other Comprehensive (Loss) Income (Tables)
The following represents changes in Accumulated Other Comprehensive (Loss) Income by each component of other comprehensive income for the six months ended June 30, 2017 (a):
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
(3.1
)
 

 

 
36.1

 
33.0

Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income(b)
(0.8
)
 
2.2

 
(0.7
)
 

 
0.7

Net Current-period Other Comprehensive (Loss) Income
(3.9
)
 
2.2

 
(0.7
)
 
36.1

 
33.7

Balance at June 30, 2017
$
(9.3
)
 
$
(248.0
)
 
$
14.0

 
$
(110.6
)
 
$
(353.9
)

(a) 
All amounts are net of income taxes.
(b) See following table for details about these reclassifications.
The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the six months ended June 30, 2017:

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
 
(0.6
)
 
Other (Income) Expense, Net
Interest Rate Swap Agreements
 
0.3

 
Interest Expense, Net
 
 
(1.3
)
 
Total before Tax
 
 
0.5

 
Tax Benefit
 
 
$
(0.8
)
 
Net of Tax
 
 
 
 
 
Amortization of Defined Benefit Pension Plans:
 
 
 
 
Prior Service Costs
 
$
0.3

(c) 
 
Actuarial Losses
 
3.2

(c) 
 
 
 
3.5

 
Total before Tax
 
 
(1.3
)
 
Tax Benefit
 
 
$
2.2

 
Net of Tax
 
 
 
 
 
Amortization of Postretirement Benefit Plans:
 
 
 
 
Prior Service Credits
 
$
(0.1
)
(c) 
 
Actuarial Gains
 
(1.1
)
(c) 
 
 
 
(1.2
)
 
Total before Tax
 
 
0.5

 
Tax Expense
 
 
$
(0.7
)
 
Net of Tax
 
 
 
 
 
Total Reclassifications for the Period
 
$
0.7

 
 
 

(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").
Guarantor Condensed Consolidating Financial Statements (Tables)

 
Three Months Ended June 30, 2017
In millions
Parent
 
Subsidiary Issuer
 
Combined Guarantor Subsidiaries
 
Combined Nonguarantor Subsidiaries
 
Consolidating Eliminations
 
Consolidated
Net Sales
$

 
$
889.9

 
$
12.5

 
$
272.0

 
$
(79.7
)
 
$
1,094.7

Cost of Sales

 
744.6

 
10.5

 
242.4

 
(79.7
)
 
917.8

Selling, General and Administrative

 
63.1

 
0.8

 
19.7

 

 
83.6

Other (Income) Expense, Net

 
(2.6
)
 

 
2.2

 

 
(0.4
)
Business Combinations and Other Special Charges

 
2.3

 

 
3.8

 

 
6.1

Income from Operations

 
82.5

 
1.2

 
3.9

 

 
87.6

Interest Expense, Net

 
(21.3
)
 

 
(1.2
)
 

 
(22.5
)
Income before Income Taxes and Equity Income of Unconsolidated Entity

 
61.2

 
1.2

 
2.7

 

 
65.1

Income Tax Expense

 
(21.8
)
 
(0.5
)
 
(1.3
)
 

 
(23.6
)
Income before Equity Income of Unconsolidated Entities

 
39.4

 
0.7

 
1.4

 

 
41.5

Equity Income of Unconsolidated Entity

 

 

 
0.5

 

 
0.5

Equity in Net Earnings of Subsidiaries
42.0

 
2.6

 
(1.1
)
 

 
(43.5
)
 

Net Income (Loss)
$
42.0

 
$
42.0

 
$
(0.4
)
 
$
1.9

 
$
(43.5
)
 
$
42.0

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
58.0

 
$
58.0

 
$
(43.2
)
 
$
24.4

 
$
(39.2
)
 
$
58.0




 
Three Months Ended June 30, 2016
In millions
Parent
 
Subsidiary Issuer
 
Combined Guarantor Subsidiaries
 
Combined Nonguarantor Subsidiaries
 
Consolidating Eliminations
 
Consolidated
Net Sales
$

 
$
874.2

 
$
29.2

 
$
271.4

 
$
(71.6
)
 
$
1,103.2

Cost of Sales

 
709.7

 
25.2

 
235.1

 
(71.6
)
 
898.4

Selling, General and Administrative

 
69.4

 
3.0

 
20.3

 

 
92.7

Other (Income) Expense, Net

 
(1.0
)
 

 
2.2

 

 
1.2

Business Combinations and Other Special Charges

 
4.0

 

 
1.3

 

 
5.3

Income from Operations

 
92.1

 
1.0

 
12.5

 

 
105.6

Interest Expense, Net

 
(17.2
)
 

 
(1.0
)
 

 
(18.2
)
Income before Income Taxes and Equity Income of Unconsolidated Entity

 
74.9

 
1.0

 
11.5

 

 
87.4

Income Tax Expense

 
(4.5
)
 
(0.6
)
 
(5.0
)
 

 
(10.1
)
Income before Equity Income of Unconsolidated Entity

 
70.4

 
0.4

 
6.5

 

 
77.3

Equity Income of Unconsolidated Entity

 

 

 
0.5

 

 
0.5

Equity in Net Earnings of Subsidiaries
77.8

 
7.4

 
(0.9
)
 

 
(84.3
)
 

Net Income (Loss)
$
77.8

 
$
77.8

 
$
(0.5
)
 
$
7.0

 
$
(84.3
)
 
$
77.8

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
34.0

 
$
34.0

 
$
(2.4
)
 
$
(31.2
)
 
$
(0.4
)
 
$
34.0





 
June 30, 2017
In millions
Parent
 
Subsidiary
Issuer
 
Combined
Guarantor
Subsidiaries
 
Combined
Nonguarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$

 
$
0.5

 
$

 
$
12.0

 
$

 
$
12.5

Receivables, Net

 
233.4

 

 
260.2

 

 
493.6

Inventories, Net

 
411.8

 

 
188.4

 

 
600.2

Intercompany

 
999.4

 
205.6

 

 
(1,205.0
)
 

Other Current Assets

 
33.8

 

 
11.9

 

 
45.7

Total Current Assets

 
1,678.9

 
205.6

 
472.5

 
(1,205.0
)
 
1,152.0

Property, Plant and Equipment, Net

 
1,531.5

 
0.1

 
281.9

 

 
1,813.5

Investment in Consolidated Subsidiaries
1,475.6

 

 
16.2

 

 
(1,491.8
)
 

Goodwill

 
1,154.4

 

 
112.0

 

 
1,266.4

Other Assets

 
361.4

 

 
98.1

 

 
459.5

Total Assets
$
1,475.6

 
$
4,726.2

 
$
221.9

 
$
964.5

 
$
(2,696.8
)
 
$
4,691.4

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
$

 
$
39.1

 
$

 
$
8.4

 
$

 
$
47.5

Accounts Payable

 
350.6

 

 
114.7

 

 
465.3

Intercompany
378.9

 

 

 
875.4

 
(1,254.3
)
 

Interest Payable

 
13.3

 

 
0.1

 

 
13.4

Other Accrued Liabilities

 
184.7

 
0.5

 
57.9

 

 
243.1

Total Current Liabilities
378.9

 
587.7

 
0.5

 
1,056.5

 
(1,254.3
)
 
769.3

Long-Term Debt

 
2,090.8

 

 
74.9

 

 
2,165.7

Deferred Income Tax Liabilities

 
375.4

 

 
25.3

 

 
400.7

Other Noncurrent Liabilities

 
196.7

 

 
62.3

 

 
259.0

 
 
 
 
 
 
 
 
 
 
 
 
EQUITY
 
 
 
 
 
 
 
 
 
 
 
Total Equity
1,096.7

 
1,475.6

 
221.4

 
(254.5
)
 
(1,442.5
)
 
1,096.7

Total Liabilities and Equity
$
1,475.6

 
$
4,726.2

 
$
221.9

 
$
964.5

 
$
(2,696.8
)
 
$
4,691.4



 
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

 
Six Months Ended June 30, 2017
In millions
Parent
 
Subsidiary
Issuer
 
Combined
Guarantor
Subsidiaries
 
Combined
Nonguarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
79.0

 
$
79.0

 
$
(1.6
)
 
$
4.2

 
$
(81.6
)
 
$
79.0

Non-cash Items Included in Net Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization

 
117.1

 
4.8

 
28.3

 

 
150.2

Deferred Income Taxes

 
30.7

 
1.6

 
(1.6
)
 

 
30.7

Amount of Postretirement Expense Less Than Funding

 
(12.5
)
 

 
(2.9
)
 

 
(15.4
)
Equity in Net Earnings of Subsidiaries
(79.0
)
 
(7.1
)
 
4.5

 

 
81.6

 

Other, Net

 
(5.0
)
 

 
0.5

 

 
(4.5
)
Changes in Operating Assets and Liabilities

 
(28.0
)
 
(10.5
)
 
(36.4
)
 

 
(74.9
)
Net Cash Provided by (Used in) Operating Activities

 
174.2

 
(1.2
)
 
(7.9
)
 

 
165.1

 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Capital Spending

 
(104.9
)
 

 
(30.9
)
 

 
(135.8
)
Packaging Machinery Spending

 
(8.7
)
 

 

 

 
(8.7
)
Other, Net
116.5

 
(2.3
)
 

 

 
(116.5
)
 
(2.3
)
Net Cash Provided by (Used in) Investing Activities
116.5

 
(115.9
)
 

 
(30.9
)
 
(116.5
)
 
(146.8
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock
(59.6
)
 

 

 

 

 
(59.6
)
Payments on Debt

 
(12.5
)
 

 

 

 
(12.5
)
Borrowings under Revolving Credit Facilities

 
491.2

 

 
11.1

 

 
502.3

Payments on Revolving Credit Facilities

 
(430.0
)
 

 
(19.0
)
 

 
(449.0
)
Dividends Paid
(46.9
)
 

 

 

 

 
(46.9
)
Repurchase of Common Stock related to Share-Based Payments
(10.0
)
 

 

 

 

 
(10.0
)
Other, Net

 
(107.4
)
 

 

 
116.5

 
9.1

Net Cash (Used in) Provided by Financing Activities
(116.5
)
 
(58.7
)
 

 
(7.9
)
 
116.5

 
(66.6
)
 
 
 
 
 
 
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash

 

 

 
1.7

 

 
1.7

 
 
 
 
 
 
 
 
 
 
 
 
Net Decrease in Cash and Cash Equivalents

 
(0.4
)
 
(1.2
)
 
(45.0
)
 

 
(46.6
)
Cash and Cash Equivalents at Beginning of Period

 
0.9

 
1.2

 
57.0

 

 
59.1

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$

 
$
0.5

 
$

 
$
12.0

 
$

 
$
12.5


 
Six Months Ended June 30, 2016
In millions
Parent
 
Subsidiary
Issuer
 
Combined
Guarantor
Subsidiaries
 
Combined
Nonguarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
$
135.3

 
$
135.3

 
$
(1.5
)
 
$
14.8

 
$
(148.6
)
 
$
135.3

Non-cash Items Included in Net Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization

 
117.0

 
5.3

 
23.6

 

 
145.9

Deferred Income Taxes

 
29.6

 
1.6

 
0.6

 

 
31.8

Amount of Postretirement Expense Greater (Less) Than Funding

 
0.7

 

 
(2.8
)
 

 
(2.1
)
Equity in Net Earnings of Subsidiaries
(135.3
)
 
(16.8
)
 
3.5

 

 
148.6

 

Other, Net

 
25.0

 

 
(0.8
)
 

 
24.2

Changes in Operating Assets and Liabilities

 
(51.0
)
 
(5.3
)
 
(31.8
)
 

 
(88.1
)
Net Cash Provided By Operating Activities

 
239.8

 
3.6

 
3.6

 

 
247.0

 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Capital Spending

 
(147.6
)
 

 
(31.8
)
 

 
(179.4
)
Packaging Machinery Spending

 
(6.6
)
 

 

 

 
(6.6
)
Acquisition of Business, Net of Cash Acquired

 
(169.5
)
 

 
(159.4
)
 

 
(328.9
)
Other, Net
122.5

 
(163.4
)
 

 

 
38.1

 
(2.8
)
Net Cash Provided by (Used in) Investing Activities
122.5

 
(487.1
)
 

 
(191.2
)
 
38.1

 
(517.7
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock
(79.7
)
 

 

 

 

 
(79.7
)
Payments on Debt

 
(12.5
)
 

 

 

 
(12.5
)
Borrowings under Revolving Credit Facilities

 
799.7

 

 
43.6

 

 
843.3

Payments on Revolving Credit Facilities

 
(417.2
)
 

 
(37.3
)
 

 
(454.5
)
Dividends Paid
(32.4
)
 

 

 

 

 
(32.4
)
Repurchase of Common Stock related to Share-Based Payments
(10.4
)
 

 

 

 

 
(10.4
)
Other, Net

 
(122.8
)
 

 
160.6

 
(38.1
)
 
(0.3
)
Net Cash (Used in) Provided by Financing Activities
(122.5
)
 
247.2

 

 
166.9

 
(38.1
)
 
253.5

 
 
 
 
 
 
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash

 

 

 
1.0

 

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
Net (Decrease) Increase in Cash and Cash Equivalents

 
(0.1
)
 
3.6

 
(19.7
)
 

 
(16.2
)
Cash and Cash Equivalents at Beginning of Period

 
0.1

 

 
54.8

 

 
54.9

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$

 
$

 
$
3.6

 
$
35.1

 
$

 
$
38.7

General Information (Details) (USD $)
0 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended
May 24, 2017
Mar. 13, 2017
Jan. 1, 2017
Feb. 10, 2017
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Jan. 10, 2017
Dec. 31, 2016
Feb. 4, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Pre-2017 Excess Tax Benefit related to Share-Based Payments
 
 
$ 39,100,000 
 
 
 
$ 2,000,000 
 
 
 
 
Receivables sold and derecognized
 
 
 
 
683,000,000 
623,000,000 
683,000,000 
623,000,000 
 
 
 
Amount collected on behalf of financial institution
 
 
 
 
644,000,000 
560,000,000 
644,000,000 
560,000,000 
 
 
 
Amount funded by financial institution
 
 
 
 
30,000,000 
84,000,000 
30,000,000 
84,000,000 
 
 
 
Amount of deferred proceeds
 
 
 
 
38,000,000 
31,000,000 
38,000,000 
31,000,000 
 
 
 
Receivables sold
 
 
 
 
 
 
34,000,000 
19,000,000 
 
 
 
Amount transferred subject to continuing involvement
 
 
 
 
415,000,000 
 
415,000,000 
 
 
376,000,000 
 
Dividends declared (in dollars per share)
$ 0.075 
$ 0.075 
 
 
$ 0.075 
$ 0.05 
$ 0.15 
$ 0.10 
 
 
 
Share repurchase program, authorized amount
 
 
 
 
 
 
 
 
250,000,000 
 
250,000,000 
Shares repurchased (in shares)
 
 
 
1,440,697 
 
 
4,268,299 
6,555,073 
 
 
 
Shares repurchased, average price (in dollars per share)
 
 
 
 
 
 
$ 13.09 
$ 12.51 
 
 
 
Stock repurchase program, remaining authorized repurchase amount
 
 
 
 
213,000,000 
 
213,000,000 
 
 
 
 
Business Combinations [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Charges Associated with Business Combinations
 
 
 
 
5,400,000 
5,300,000 
9,300,000 
10,400,000 
 
 
 
Other Special Charges
 
 
 
 
700,000 
5,400,000 
5,400,000 
 
 
 
Business Combinations and Other Special Charges
 
 
 
 
$ 6,100,000 
$ 5,300,000 
$ 14,700,000 
$ 15,800,000 
 
 
 
Inventories, Net (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]
 
 
Finished Goods
$ 244.0 
$ 238.3 
Work in Progress
66.0 
73.5 
Raw Materials
202.5 
187.2 
Supplies
87.7 
83.9 
Total Inventories
$ 600.2 
$ 582.9 
Acquisitions - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]
 
Payments to Acquire Businesses, Net of Cash Acquired
$ 333 
Business Combination, Consideration Transferred, Liabilities Incurred
$ 31 
Debt - Long-Term Debt (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Debt Instrument [Line Items]
 
 
Long-term Debt
$ 2,188.5 
$ 2,112.8 
Capital Lease Obligations
31.1 
17.9 
Other
22.6 
3.0 
Total Long-Term Debt
2,219.6 
2,130.7 
Less: Current Portion
39.7 
26.3 
Long-term Debt, Gross and Capital Lease Obligations
2,179.9 
2,104.4 
Less: Unamortized Deferred Debt Issuance Costs
14.2 
15.9 
Total
2,165.7 
2,088.5 
Senior Notes |
Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.19%, payable in 2024
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
300.0 
300.0 
Stated interest rate
4.125% 
4.125% 
Effective interest rate
4.19% 
4.20% 
Senior Notes |
Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.94%, payable in 2022
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
250.0 
250.0 
Stated interest rate
4.875% 
4.875% 
Effective interest rate
4.94% 
4.94% 
Senior Notes |
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.79%, payable in 2021
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
425.0 
425.0 
Stated interest rate
4.75% 
4.75% 
Effective interest rate
4.79% 
4.79% 
Term Loan
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
937.5 
950.0 
Effective interest rate
2.55% 
 
Revolving Credit Facility
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt
$ 253.4 
$ 184.8 
Interest rate at period end
2.45% 
 
Debt - Revolving Credit Facilities (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Line of Credit Facility [Line Items]
 
Total Commitments
$ 1,487.1 
Total Outstanding
283.8 
Total Available
1,182.3 
Standby letters of credit issued
21.0 
Senior Secured Domestic Revolving Credit Facility
 
Line of Credit Facility [Line Items]
 
Total Commitments
1,250.0 
Total Outstanding
203.2 
Total Available
1,025.8 
Senior Secured International Revolving Credit Facility
 
Line of Credit Facility [Line Items]
 
Total Commitments
179.8 
Total Outstanding
50.2 
Total Available
129.6 
Other International Facilities
 
Line of Credit Facility [Line Items]
 
Total Commitments
57.3 
Total Outstanding
30.4 
Total Available
$ 26.9 
Stock Incentive Plans - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
compensation_plan
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Number of active equity compensation plans
 
Recognized share-based compensation expense
$ 0.9 
$ 11.4 
Share-based compensation issued (in shares)
1.0 
1.6 
RSUs
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Award vesting period
3 years 
 
Stock Incentive Plans - Data Concerning RSUs Granted (Details) (USD $)
6 Months Ended
Jun. 30, 2017
Employees |
RSUs
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Grants during period (in shares)
1,529,177 
Weighted Average Grant Date Fair Value Per Share (in dollars per share)
$ 13.34 
Director [Member] |
Stock Compensation Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Grants during period (in shares)
65,520 
Weighted Average Grant Date Fair Value Per Share (in dollars per share)
$ 13.43 
Pensions and Other Postretirement Benefits - Pension and Postretirement Expenses (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Pension Benefits
 
 
 
 
Components of Net Periodic Cost:
 
 
 
 
Service Cost
$ 1.9 
$ 2.4 
$ 4.5 
$ 4.9 
Interest Cost
10.6 
11.3 
21.2 
22.4 
Administrative Expenses
0.2 
0.5 
Expected Return on Plan Assets
(15.9)
(15.1)
(31.9)
(30.2)
Amortization:
 
 
 
 
Prior Service Cost (Credit)
0.2 
0.2 
0.3 
0.4 
Actuarial Loss (Gain)
1.5 
7.1 
3.2 
11.9 
Net Periodic (Benefit) Cost
(1.7)
6.1 
(2.7)
9.9 
Postretirement Health Care Benefits
 
 
 
 
Components of Net Periodic Cost:
 
 
 
 
Service Cost
0.2 
0.2 
0.4 
0.4 
Interest Cost
0.4 
0.4 
0.7 
0.7 
Administrative Expenses
Expected Return on Plan Assets
Amortization:
 
 
 
 
Prior Service Cost (Credit)
(0.1)
(0.1)
Actuarial Loss (Gain)
(0.6)
(0.7)
(1.1)
(1.2)
Net Periodic (Benefit) Cost
$ 0 
$ (0.1)
$ (0.1)
$ (0.2)
Pensions and Other Postretirement Benefits - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Pension Benefit Plans
 
 
 
Employer Contributions
 
 
 
Company's contributions to its pension plans
$ 11.4 
$ 11.5 
$ 51.4 
Pension Benefit Plans |
Minimum
 
 
 
Employer Contributions
 
 
 
Expected contributions
30 
 
 
Pension Benefit Plans |
Maximum
 
 
 
Employer Contributions
 
 
 
Expected contributions
40 
 
 
Postretirement Health Care Benefits
 
 
 
Employer Contributions
 
 
 
Benefit payments made
1.2 
0.3 
2.1 
Expected benefit payments
$ 3 
 
 
Financial Instruments and Fair Value Measurement - Interest Rate Risk (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Interest Swap Position One
 
Derivative [Line Items]
 
Notional amount of derivative
$ 450.0 
Weighted Average Interest Rate
0.89% 
Interest Swap Position Two
 
Derivative [Line Items]
 
Notional amount of derivative
$ 250.0 
Weighted Average Interest Rate
1.16% 
Financial Instruments and Fair Value Measurement - Additional Information (Details) (USD $)
6 Months Ended 6 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2017
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Interest Rate Swap
Jun. 30, 2016
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Interest Rate Swap
Jun. 30, 2017
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Commodity Contracts
Jun. 30, 2016
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Commodity Contracts
Jun. 30, 2017
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Forward Exchange Contract
Jun. 30, 2016
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Forward Exchange Contract
Dec. 31, 2016
Derivative Contracts Designated as Hedging Instruments
Instruments in a Cash Flow Hedging Relationship
Forward Exchange Contract
Jun. 30, 2017
Derivative Contracts Not Designated as Hedging Instruments
Maximum
Dec. 31, 2016
Derivative Contracts Not Designated as Hedging Instruments
Maximum
Jun. 30, 2017
Derivative Contracts Not Designated as Hedging Instruments
Forward Exchange Contract
Dec. 31, 2016
Derivative Contracts Not Designated as Hedging Instruments
Forward Exchange Contract
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts excluded from the measure of effectiveness
 
 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
 
 
 
 
 
Amount of ineffectiveness related to changes in the fair value of derivatives
 
 
 
 
 
 
 
 
 
Percentage of expected natural gas usage hedged, current year
 
 
 
 
50.00% 
 
 
 
 
 
 
 
 
Percentage of Expected Natural Gas Usage Hedged In Next Fiscal Year
 
 
 
 
23.00% 
 
 
 
 
 
 
 
 
Notional amount of derivative
 
 
 
 
 
 
26,200,000 
 
55,900,000 
 
 
72,200,000 
68,100,000 
Amounts forecasted and reclassified into earnings no longer probable
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward exchange contract, term
 
 
 
 
 
 
 
 
 
3 months 
3 months 
 
 
Gross derivative asset
2,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Derivative Liability
1,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, fair value
2,231,000,000 
2,132,700,000 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, carrying value
2,188,500,000 
2,112,800,000 
 
 
 
 
 
 
 
 
 
 
 
Anticipated reclassification of loss to earnings in the next twelve months
$ 800,000 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Instruments and Fair Value Measurement - Pretax Derivative Accumulated Other Comprehensive Loss (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward]
 
Beginning balance
$ 7.5 
Reclassification to Earnings
(1.3)
Current Period Change in Fair Value
(5.1)
Ending balance
$ 1.1 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended 6 Months Ended
Jan. 1, 2017
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Domestic Tax Authority
Jun. 30, 2017
Minimum
Jun. 30, 2017
Maximum
Jun. 30, 2017
Retained Earnings [Member]
Income Tax Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
Income Tax Expense
 
$ (23.6)
$ (10.1)
$ (41.2)
$ (43.3)
 
 
 
 
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities
 
65.1 
87.4 
119.3 
177.7 
 
 
 
 
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount
 
 
(22.4)
 
 
 
 
 
 
Discrete tax benefit, reduction of long-term deferred tax liability
(39.1)
 
 
(2.0)
 
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
 
 
 
 
 
Net operating loss carryforward
 
 
 
 
 
$ 351 
$ 280 
$ 330 
$ 107 
Segment Information - Additional Disclosures (Details)
6 Months Ended
Jun. 30, 2017
segment
paperboard_mill
Segment Reporting [Abstract]
 
Number of reportable segments
Number of North American paperboard mills
Segment Information - Schedule of Segment Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
$ 1,094.7 
$ 1,103.2 
$ 2,156.2 
$ 2,137.2 
Income (Loss) from Operations
87.6 
105.6 
163.1 
212.8 
Depreciation and Amortization
75.2 
75.2 
150.2 
145.9 
Corporate/Other/Eliminations
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
46.4 
38.1 
77.3 
50.3 
Income (Loss) from Operations
(1.6)
(5.3)
(10.2)
(19.5)
Depreciation and Amortization
4.4 
2.7 
8.8 
4.9 
Paperboard Mills |
Operating Segments
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
96.9 
97.2 
195.0 
198.3 
Income (Loss) from Operations
(10.3)
1.7 
(22.6)
0.5 
Depreciation and Amortization
31.2 
29.6 
61.8 
60.7 
Americas Paperboard Packaging |
Operating Segments
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
812.7 
819.0 
1,605.5 
1,595.4 
Income (Loss) from Operations
90.5 
99.9 
179.9 
213.4 
Depreciation and Amortization
29.5 
32.4 
59.7 
59.7 
Europe Paperboard Packaging |
Operating Segments
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
138.7 
148.9 
278.4 
293.2 
Income (Loss) from Operations
9.0 
9.3 
16.0 
18.4 
Depreciation and Amortization
$ 10.1 
$ 10.5 
$ 19.9 
$ 20.6 
Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Earnings Per Share [Abstract]
 
 
 
 
Net Income
$ 42.0 
$ 77.8 
$ 79.0 
$ 135.3 
Weighted Average Shares:
 
 
 
 
Basic (shares)
310.7 
322.1 
311.8 
323.3 
Dilutive effect of RSUs (shares)
0.4 
0.4 
0.7 
0.8 
Diluted (shares)
311.1 
322.5 
312.5 
324.1 
Income Per Share - Basic (in dollars per share)
$ 0.14 
$ 0.24 
$ 0.25 
$ 0.42 
Income Per Share - Diluted (in dollars per share)
$ 0.14 
$ 0.24 
$ 0.25 
$ 0.42 
Equity (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended 6 Months Ended
Jan. 1, 2017
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
Beginning balance
$ 1,056.5 
 
 
$ 1,056.5 
 
Net Income
 
42.0 
77.8 
79.0 
135.3 
Other Comprehensive Income, Net of Tax
 
16.0 
(43.8)
33.7 
(37.2)
Dividends Declared
 
 
 
(46.6)
 
Repurchase of Common Stock
 
 
 
(55.9)
 
Pre-2017 Excess Tax Benefit related to Share-Based Payments
39.1 
 
 
2.0 
 
Compensation Expense Under Share-Based Plans
 
 
 
0.9 
 
Repurchase of Common Stock related to Share-Based Payments
 
 
 
(10.0)
 
Ending balance
 
$ 1,096.7 
 
$ 1,096.7 
 
Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in AOCI (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Beginning balance
 
 
$ (387.6)
 
Other Comprehensive (Loss) Income before Reclassifications
 
 
33.0 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
0.7 
 
Total Other Comprehensive Income (Loss), Net of Tax
16.0 
(43.8)
33.7 
(37.2)
Ending balance
(353.9)
 
(353.9)
 
Derivative Instruments
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Beginning balance
 
 
(5.4)
 
Other Comprehensive (Loss) Income before Reclassifications
 
 
(3.1)
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
(0.8)
 
Total Other Comprehensive Income (Loss), Net of Tax
 
 
(3.9)
 
Ending balance
(9.3)
 
(9.3)
 
Currency Translation Adjustment
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Beginning balance
 
 
(146.7)
 
Other Comprehensive (Loss) Income before Reclassifications
 
 
36.1 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
 
Total Other Comprehensive Income (Loss), Net of Tax
 
 
36.1 
 
Ending balance
(110.6)
 
(110.6)
 
Pension and Postretirement Benefit Plans |
Pension Benefit Plans
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Beginning balance
 
 
(250.2)
 
Other Comprehensive (Loss) Income before Reclassifications
 
 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
2.2 
 
Total Other Comprehensive Income (Loss), Net of Tax
 
 
2.2 
 
Ending balance
(248.0)
 
(248.0)
 
Pension and Postretirement Benefit Plans |
Postretirement Benefit Plans
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Beginning balance
 
 
14.7 
 
Other Comprehensive (Loss) Income before Reclassifications
 
 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
(0.7)
 
Total Other Comprehensive Income (Loss), Net of Tax
 
 
(0.7)
 
Ending balance
$ 14.0 
 
$ 14.0 
 
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of AOCI (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Cost of Sales
$ 917.8 
$ 898.4 
$ 1,804.3 
$ 1,724.7 
Other (Income) Expense, Net
(0.4)
1.2 
(0.6)
2.1 
Income before Income Taxes and Equity Income of Unconsolidated Entities
(65.1)
(87.4)
(119.3)
(177.7)
Income Tax Expense
23.6 
10.1 
41.2 
43.3 
Income Loss Before Equity Income Of Unconsolidated Entities
41.5 
77.3 
78.1 
134.4 
Reclassification out of Accumulated Other Comprehensive Income
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Income Loss Before Equity Income Of Unconsolidated Entities
 
 
(0.7)
 
Reclassification out of Accumulated Other Comprehensive Income |
Derivative Instruments
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Income before Income Taxes and Equity Income of Unconsolidated Entities
 
 
(1.3)
 
Income Tax Expense
 
 
0.5 
 
Income Loss Before Equity Income Of Unconsolidated Entities
 
 
0.8 
 
Reclassification out of Accumulated Other Comprehensive Income |
Derivative Instruments |
Commodity Contracts
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Cost of Sales
 
 
(1.0)
 
Reclassification out of Accumulated Other Comprehensive Income |
Derivative Instruments |
Foreign Currency Contracts
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Other (Income) Expense, Net
 
 
(0.6)
 
Reclassification out of Accumulated Other Comprehensive Income |
Derivative Instruments |
Interest Rate Swap Agreements
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Interest Expense, Net
 
 
0.3 
 
Reclassification out of Accumulated Other Comprehensive Income |
Accumulated Defined Benefit Plans Adjustment |
Pension Benefit Plans
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Prior Service Costs (Credits)
 
 
0.3 
 
Actuarial (Losses) Gains
 
 
3.2 
 
Income before Income Taxes and Equity Income of Unconsolidated Entities
 
 
3.5 
 
Income Tax Expense
 
 
(1.3)
 
Income Loss Before Equity Income Of Unconsolidated Entities
 
 
(2.2)
 
Reclassification out of Accumulated Other Comprehensive Income |
Accumulated Defined Benefit Plans Adjustment |
Postretirement Benefit Plans
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Prior Service Costs (Credits)
 
 
(0.1)
 
Actuarial (Losses) Gains
 
 
(1.1)
 
Income before Income Taxes and Equity Income of Unconsolidated Entities
 
 
(1.2)
 
Income Tax Expense
 
 
0.5 
 
Income Loss Before Equity Income Of Unconsolidated Entities
 
 
$ 0.7 
 
Guarantor Condensed Consolidating Financial Statements - Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Parent's ownership percentage
100.00% 
 
100.00% 
 
Net Sales
$ 1,094.7 
$ 1,103.2 
$ 2,156.2 
$ 2,137.2 
Cost of Sales
917.8 
898.4 
1,804.3 
1,724.7 
Selling, General and Administrative
83.6 
92.7 
174.7 
181.8 
Other (Income) Expense, Net
(0.4)
1.2 
(0.6)
2.1 
Business Combinations and Other Special Charges
6.1 
5.3 
14.7 
15.8 
Income from Operations
87.6 
105.6 
163.1 
212.8 
Interest Expense, Net
(22.5)
(18.2)
(43.8)
(35.1)
Income before Income Taxes and Equity Income of Unconsolidated Entity
65.1 
87.4 
119.3 
177.7 
Income Tax (Expense) Benefit
(23.6)
(10.1)
(41.2)
(43.3)
Income before Equity Income of Unconsolidated Entities
41.5 
77.3 
78.1 
134.4 
Equity Income of Unconsolidated Entity
0.5 
0.5 
0.9 
0.9 
Equity in Net Earnings of Subsidiaries
Net Income (Loss)
42.0 
77.8 
79.0 
135.3 
Comprehensive Income (Loss)
58.0 
34.0 
112.7 
98.1 
Reportable Legal Entities |
Parent
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net Sales
Cost of Sales
Selling, General and Administrative
Other (Income) Expense, Net
Business Combinations and Other Special Charges
Income from Operations
Interest Expense, Net
Income before Income Taxes and Equity Income of Unconsolidated Entity
Income Tax (Expense) Benefit
Income before Equity Income of Unconsolidated Entities
Equity Income of Unconsolidated Entity
Equity in Net Earnings of Subsidiaries
42.0 
77.8 
79.0 
135.3 
Net Income (Loss)
42.0 
77.8 
79.0 
135.3 
Comprehensive Income (Loss)
58.0 
34.0 
112.7 
98.1 
Reportable Legal Entities |
Subsidiary Issuer
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net Sales
889.9 
874.2 
1,735.1 
1,740.2 
Cost of Sales
744.6 
709.7 
1,450.0 
1,401.1 
Selling, General and Administrative
63.1 
69.4 
132.0 
139.5 
Other (Income) Expense, Net
(2.6)
(1.0)
(5.3)
(2.6)
Business Combinations and Other Special Charges
2.3 
4.0 
8.1 
14.5 
Income from Operations
82.5 
92.1 
150.3 
187.7 
Interest Expense, Net
(21.3)
(17.2)
(41.7)
(33.1)
Income before Income Taxes and Equity Income of Unconsolidated Entity
61.2 
74.9 
108.6 
154.6 
Income Tax (Expense) Benefit
(21.8)
(4.5)
(36.7)
(36.1)
Income before Equity Income of Unconsolidated Entities
39.4 
70.4 
71.9 
118.5 
Equity Income of Unconsolidated Entity
Equity in Net Earnings of Subsidiaries
2.6 
7.4 
7.1 
16.8 
Net Income (Loss)
42.0 
77.8 
79.0 
135.3 
Comprehensive Income (Loss)
58.0 
34.0 
112.7 
98.1 
Reportable Legal Entities |
Combined Guarantor Subsidiaries
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net Sales
12.5 
29.2 
49.5 
45.3 
Cost of Sales
10.5 
25.2 
41.3 
37.9 
Selling, General and Administrative
0.8 
3.0 
3.5 
3.7 
Other (Income) Expense, Net
0.1 
Business Combinations and Other Special Charges
Income from Operations
1.2 
1.0 
4.6 
3.7 
Interest Expense, Net
Income before Income Taxes and Equity Income of Unconsolidated Entity
1.2 
1.0 
4.6 
3.7 
Income Tax (Expense) Benefit
(0.5)
(0.6)
(1.7)
(1.7)
Income before Equity Income of Unconsolidated Entities
0.7 
0.4 
2.9 
2.0 
Equity Income of Unconsolidated Entity
Equity in Net Earnings of Subsidiaries
(1.1)
(0.9)
(4.5)
(3.5)
Net Income (Loss)
(0.4)
(0.5)
(1.6)
(1.5)
Comprehensive Income (Loss)
(43.2)
(2.4)
(22.0)
(3.4)
Reportable Legal Entities |
Combined Nonguarantor Subsidiaries
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net Sales
272.0 
271.4 
534.6 
502.7 
Cost of Sales
242.4 
235.1 
476.0 
436.7 
Selling, General and Administrative
19.7 
20.3 
39.2 
38.6 
Other (Income) Expense, Net
2.2 
2.2 
4.6 
4.7 
Business Combinations and Other Special Charges
3.8 
1.3 
6.6 
1.3 
Income from Operations
3.9 
12.5 
8.2 
21.4 
Interest Expense, Net
(1.2)
(1.0)
(2.1)
(2.0)
Income before Income Taxes and Equity Income of Unconsolidated Entity
2.7 
11.5 
6.1 
19.4 
Income Tax (Expense) Benefit
(1.3)
(5.0)
(2.8)
(5.5)
Income before Equity Income of Unconsolidated Entities
1.4 
6.5 
3.3 
13.9 
Equity Income of Unconsolidated Entity
0.5 
0.5 
0.9 
0.9 
Equity in Net Earnings of Subsidiaries
Net Income (Loss)
1.9 
7.0 
4.2 
14.8 
Comprehensive Income (Loss)
24.4 
(31.2)
45.2 
(18.2)
Consolidating Eliminations
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net Sales
(79.7)
(71.6)
(163.0)
(151.0)
Cost of Sales
(79.7)
(71.6)
(163.0)
(151.0)
Selling, General and Administrative
Other (Income) Expense, Net
Business Combinations and Other Special Charges
Income from Operations
Interest Expense, Net
Income before Income Taxes and Equity Income of Unconsolidated Entity
Income Tax (Expense) Benefit
Income before Equity Income of Unconsolidated Entities
Equity Income of Unconsolidated Entity
Equity in Net Earnings of Subsidiaries
(43.5)
(84.3)
(81.6)
(148.6)
Net Income (Loss)
(43.5)
(84.3)
(81.6)
(148.6)
Comprehensive Income (Loss)
$ (39.2)
$ (0.4)
$ (135.9)
$ (76.5)
Guarantor Condensed Consolidating Financial Statements - Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Current Assets:
 
 
 
 
Cash and Cash Equivalents
$ 12.5 
$ 59.1 
$ 38.7 
$ 54.9 
Receivables, Net
493.6 
426.8 
 
 
Inventories, Net
600.2 
582.9 
 
 
Intercompany
 
 
Other Current Assets
45.7 
46.1 
 
 
Total Current Assets
1,152.0 
1,114.9 
 
 
Property, Plant and Equipment, Net
1,813.5 
1,751.9 
 
 
Investment in Consolidated Subsidiaries
 
 
Goodwill
1,266.4 
1,260.3 
 
 
Other Assets
459.5 
476.3 
 
 
Total Assets
4,691.4 
4,603.4 
 
 
Current Liabilities:
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
47.5 
63.4 
 
 
Accounts Payable
465.3 
466.5 
 
 
Intercompany
 
 
Interest Payable
13.4 
15.4 
 
 
Other Accrued Liabilities
243.1 
234.5 
 
 
Total Current Liabilities
769.3 
779.8 
 
 
Long-Term Debt
2,165.7 
2,088.5 
 
 
Deferred Income Tax Liabilities
400.7 
408.0 
 
 
Other Noncurrent Liabilities
259.0 
270.6 
 
 
EQUITY
 
 
 
 
Total Equity
1,096.7 
1,056.5 
 
 
Total Liabilities and Shareholders' Equity
4,691.4 
4,603.4 
 
 
Reportable Legal Entities |
Parent
 
 
 
 
Current Assets:
 
 
 
 
Cash and Cash Equivalents
Receivables, Net
 
 
Inventories, Net
 
 
Intercompany
 
 
Other Current Assets
 
 
Total Current Assets
 
 
Property, Plant and Equipment, Net
 
 
Investment in Consolidated Subsidiaries
1,475.6 
1,362.9 
 
 
Goodwill
 
 
Other Assets
 
 
Total Assets
1,475.6 
1,362.9 
 
 
Current Liabilities:
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
 
 
Accounts Payable
 
 
Intercompany
378.9 
306.4 
 
 
Interest Payable
 
 
Other Accrued Liabilities
 
 
Total Current Liabilities
378.9 
306.4 
 
 
Long-Term Debt
 
 
Deferred Income Tax Liabilities
 
 
Other Noncurrent Liabilities
 
 
EQUITY
 
 
 
 
Total Equity
1,096.7 
1,056.5 
 
 
Total Liabilities and Shareholders' Equity
1,475.6 
1,362.9 
 
 
Reportable Legal Entities |
Subsidiary Issuer
 
 
 
 
Current Assets:
 
 
 
 
Cash and Cash Equivalents
0.5 
0.9 
0.1 
Receivables, Net
233.4 
183.7 
 
 
Inventories, Net
411.8 
403.8 
 
 
Intercompany
999.4 
1,077.5 
 
 
Other Current Assets
33.8 
36.4 
 
 
Total Current Assets
1,678.9 
1,702.3 
 
 
Property, Plant and Equipment, Net
1,531.5 
1,435.8 
 
 
Investment in Consolidated Subsidiaries
 
 
Goodwill
1,154.4 
1,098.9 
 
 
Other Assets
361.4 
314.8 
 
 
Total Assets
4,726.2 
4,551.8 
 
 
Current Liabilities:
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
39.1 
26.0 
 
 
Accounts Payable
350.6 
354.3 
 
 
Intercompany
 
 
Interest Payable
13.3 
15.4 
 
 
Other Accrued Liabilities
184.7 
163.2 
 
 
Total Current Liabilities
587.7 
558.9 
 
 
Long-Term Debt
2,090.8 
2,042.4 
 
 
Deferred Income Tax Liabilities
375.4 
342.1 
 
 
Other Noncurrent Liabilities
196.7 
245.5 
 
 
EQUITY
 
 
 
 
Total Equity
1,475.6 
1,362.9 
 
 
Total Liabilities and Shareholders' Equity
4,726.2 
4,551.8 
 
 
Reportable Legal Entities |
Combined Guarantor Subsidiaries
 
 
 
 
Current Assets:
 
 
 
 
Cash and Cash Equivalents
1.2 
3.6 
Receivables, Net
10.1 
 
 
Inventories, Net
16.1 
 
 
Intercompany
205.6 
73.3 
 
 
Other Current Assets
 
 
Total Current Assets
205.6 
100.7 
 
 
Property, Plant and Equipment, Net
0.1 
64.1 
 
 
Investment in Consolidated Subsidiaries
16.2 
12.3 
 
 
Goodwill
55.5 
 
 
Other Assets
65.6 
 
 
Total Assets
221.9 
298.2 
 
 
Current Liabilities:
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
 
 
Accounts Payable
8.5 
 
 
Intercompany
 
 
Interest Payable
 
 
Other Accrued Liabilities
0.5 
3.0 
 
 
Total Current Liabilities
0.5 
11.5 
 
 
Long-Term Debt
 
 
Deferred Income Tax Liabilities
43.3 
 
 
Other Noncurrent Liabilities
 
 
EQUITY
 
 
 
 
Total Equity
221.4 
243.4 
 
 
Total Liabilities and Shareholders' Equity
221.9 
298.2 
 
 
Reportable Legal Entities |
Combined Nonguarantor Subsidiaries
 
 
 
 
Current Assets:
 
 
 
 
Cash and Cash Equivalents
12.0 
57.0 
35.1 
54.8 
Receivables, Net
260.2 
233.0 
 
 
Inventories, Net
188.4 
163.0 
 
 
Intercompany
 
 
Other Current Assets
11.9 
9.7 
 
 
Total Current Assets
472.5 
462.7 
 
 
Property, Plant and Equipment, Net
281.9 
252.0 
 
 
Investment in Consolidated Subsidiaries
 
 
Goodwill
112.0 
105.9 
 
 
Other Assets
98.1 
95.9 
 
 
Total Assets
964.5 
916.5 
 
 
Current Liabilities:
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
8.4 
37.4 
 
 
Accounts Payable
114.7 
103.7 
 
 
Intercompany
875.4 
913.0 
 
 
Interest Payable
0.1 
 
 
Other Accrued Liabilities
57.9 
68.3 
 
 
Total Current Liabilities
1,056.5 
1,122.4 
 
 
Long-Term Debt
74.9 
46.1 
 
 
Deferred Income Tax Liabilities
25.3 
22.6 
 
 
Other Noncurrent Liabilities
62.3 
25.1 
 
 
EQUITY
 
 
 
 
Total Equity
(254.5)
(299.7)
 
 
Total Liabilities and Shareholders' Equity
964.5 
916.5 
 
 
Consolidating Eliminations
 
 
 
 
Current Assets:
 
 
 
 
Cash and Cash Equivalents
Receivables, Net
 
 
Inventories, Net
 
 
Intercompany
(1,205.0)
(1,150.8)
 
 
Other Current Assets
 
 
Total Current Assets
(1,205.0)
(1,150.8)
 
 
Property, Plant and Equipment, Net
 
 
Investment in Consolidated Subsidiaries
(1,491.8)
(1,375.2)
 
 
Goodwill
 
 
Other Assets
 
 
Total Assets
(2,696.8)
(2,526.0)
 
 
Current Liabilities:
 
 
 
 
Short-Term Debt and Current Portion of Long-Term Debt
 
 
Accounts Payable
 
 
Intercompany
(1,254.3)
(1,219.4)
 
 
Interest Payable
 
 
Other Accrued Liabilities
 
 
Total Current Liabilities
(1,254.3)
(1,219.4)
 
 
Long-Term Debt
 
 
Deferred Income Tax Liabilities
 
 
Other Noncurrent Liabilities
 
 
EQUITY
 
 
 
 
Total Equity
(1,442.5)
(1,306.6)
 
 
Total Liabilities and Shareholders' Equity
$ (2,696.8)
$ (2,526.0)
 
 
Guarantor Condensed Consolidating Financial Statements - Statements of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
$ 79.0 
$ 135.3 
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
150.2 
145.9 
Deferred Income Taxes
30.7 
31.8 
Amount of Postretirement Expense Less Than Funding
(15.4)
(2.1)
Equity in Net Earnings of Subsidiaries
Other, Net
(4.5)
24.2 
Changes in Operating Assets and Liabilities
(74.9)
(88.1)
Net Cash Provided by (Used in) Operating Activities
165.1 
247.0 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
(135.8)
(179.4)
Packaging Machinery Spending
(8.7)
(6.6)
Acquisition of Businesses, Net of Cash Acquired
(328.9)
Other, Net
(2.3)
(2.8)
Net Cash Provided by (Used in) Investing Activities
(146.8)
(517.7)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
(59.6)
(79.7)
Payments on Debt
(12.5)
(12.5)
Borrowings under Revolving Credit Facilities
502.3 
843.3 
Payments on Revolving Credit Facilities
(449.0)
(454.5)
Dividends Paid
(46.9)
(32.4)
Repurchase of Common Stock related to Share-Based Payments
(10.0)
(10.4)
Other, Net
9.1 
(0.3)
Net Cash (Used in) Provided by Financing Activities
(66.6)
253.5 
Effect of Exchange Rate Changes on Cash
1.7 
1.0 
Net Decrease in Cash and Cash Equivalents
(46.6)
(16.2)
Cash and Cash Equivalents at Beginning of Period
59.1 
54.9 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
12.5 
38.7 
Reportable Legal Entities |
Parent
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
79.0 
135.3 
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
Deferred Income Taxes
Amount of Postretirement Expense Less Than Funding
Equity in Net Earnings of Subsidiaries
(79.0)
(135.3)
Other, Net
Changes in Operating Assets and Liabilities
Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
Packaging Machinery Spending
Acquisition of Businesses, Net of Cash Acquired
 
Other, Net
116.5 
122.5 
Net Cash Provided by (Used in) Investing Activities
116.5 
122.5 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
(59.6)
(79.7)
Payments on Debt
Borrowings under Revolving Credit Facilities
Payments on Revolving Credit Facilities
Dividends Paid
(46.9)
(32.4)
Repurchase of Common Stock related to Share-Based Payments
(10.0)
(10.4)
Other, Net
Net Cash (Used in) Provided by Financing Activities
(116.5)
(122.5)
Effect of Exchange Rate Changes on Cash
Net Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
CASH AND CASH EQUIVALENTS AT END OF PERIOD
Reportable Legal Entities |
Subsidiary Issuer
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
79.0 
135.3 
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
117.1 
117.0 
Deferred Income Taxes
30.7 
29.6 
Amount of Postretirement Expense Less Than Funding
(12.5)
0.7 
Equity in Net Earnings of Subsidiaries
(7.1)
(16.8)
Other, Net
(5.0)
25.0 
Changes in Operating Assets and Liabilities
(28.0)
(51.0)
Net Cash Provided by (Used in) Operating Activities
174.2 
239.8 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
(104.9)
(147.6)
Packaging Machinery Spending
(8.7)
(6.6)
Acquisition of Businesses, Net of Cash Acquired
 
(169.5)
Other, Net
(2.3)
(163.4)
Net Cash Provided by (Used in) Investing Activities
(115.9)
(487.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
Payments on Debt
(12.5)
(12.5)
Borrowings under Revolving Credit Facilities
491.2 
799.7 
Payments on Revolving Credit Facilities
(430.0)
(417.2)
Dividends Paid
Repurchase of Common Stock related to Share-Based Payments
Other, Net
(107.4)
(122.8)
Net Cash (Used in) Provided by Financing Activities
(58.7)
247.2 
Effect of Exchange Rate Changes on Cash
Net Decrease in Cash and Cash Equivalents
(0.4)
(0.1)
Cash and Cash Equivalents at Beginning of Period
0.9 
0.1 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
0.5 
Reportable Legal Entities |
Combined Guarantor Subsidiaries
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
(1.6)
(1.5)
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
4.8 
5.3 
Deferred Income Taxes
1.6 
1.6 
Amount of Postretirement Expense Less Than Funding
Equity in Net Earnings of Subsidiaries
4.5 
3.5 
Other, Net
Changes in Operating Assets and Liabilities
(10.5)
(5.3)
Net Cash Provided by (Used in) Operating Activities
(1.2)
3.6 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
Packaging Machinery Spending
Acquisition of Businesses, Net of Cash Acquired
 
Other, Net
Net Cash Provided by (Used in) Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
Payments on Debt
Borrowings under Revolving Credit Facilities
Payments on Revolving Credit Facilities
Dividends Paid
Repurchase of Common Stock related to Share-Based Payments
Other, Net
Net Cash (Used in) Provided by Financing Activities
Effect of Exchange Rate Changes on Cash
Net Decrease in Cash and Cash Equivalents
(1.2)
3.6 
Cash and Cash Equivalents at Beginning of Period
1.2 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
3.6 
Reportable Legal Entities |
Combined Nonguarantor Subsidiaries
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
4.2 
14.8 
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
28.3 
23.6 
Deferred Income Taxes
(1.6)
0.6 
Amount of Postretirement Expense Less Than Funding
(2.9)
(2.8)
Equity in Net Earnings of Subsidiaries
Other, Net
0.5 
(0.8)
Changes in Operating Assets and Liabilities
(36.4)
(31.8)
Net Cash Provided by (Used in) Operating Activities
(7.9)
3.6 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
(30.9)
(31.8)
Packaging Machinery Spending
Acquisition of Businesses, Net of Cash Acquired
 
(159.4)
Other, Net
Net Cash Provided by (Used in) Investing Activities
(30.9)
(191.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
Payments on Debt
Borrowings under Revolving Credit Facilities
11.1 
43.6 
Payments on Revolving Credit Facilities
(19.0)
(37.3)
Dividends Paid
Repurchase of Common Stock related to Share-Based Payments
Other, Net
160.6 
Net Cash (Used in) Provided by Financing Activities
(7.9)
166.9 
Effect of Exchange Rate Changes on Cash
1.7 
1.0 
Net Decrease in Cash and Cash Equivalents
(45.0)
(19.7)
Cash and Cash Equivalents at Beginning of Period
57.0 
54.8 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
12.0 
35.1 
Consolidating Eliminations
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net Income
(81.6)
(148.6)
Non-cash Items Included in Net Income:
 
 
Depreciation and Amortization
Deferred Income Taxes
Amount of Postretirement Expense Less Than Funding
Equity in Net Earnings of Subsidiaries
81.6 
148.6 
Other, Net
Changes in Operating Assets and Liabilities
Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Capital Spending
Packaging Machinery Spending
Acquisition of Businesses, Net of Cash Acquired
 
Other, Net
(116.5)
38.1 
Net Cash Provided by (Used in) Investing Activities
(116.5)
38.1 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Repurchase of Common Stock
Payments on Debt
Borrowings under Revolving Credit Facilities
Payments on Revolving Credit Facilities
Dividends Paid
Repurchase of Common Stock related to Share-Based Payments
Other, Net
116.5 
(38.1)
Net Cash (Used in) Provided by Financing Activities
116.5 
(38.1)
Effect of Exchange Rate Changes on Cash
Net Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 0 
$ 0 
Subsequent Event Subsequent Event (Details) (Subsequent Event [Member])
0 Months Ended
Jul. 10, 2017
Subsequent Event [Member]
 
Subsequent Event [Line Items]
 
Business Combination, Folding Carton Facilities Acquired, Number