|
|
|
|
|
|
|
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 |
|
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 |
|
|
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 |
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. |
|
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 |
|
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 | ) |
|
Start | End | (In Millions) Notional Amount | Weighted Average Interest Rate |
2/1/2017 | 12/1/2017 | $450.0 | 0.89% |
12/01/2017 | 10/01/2018 | $250.0 | 1.16% |
In millions | |||
Balance at December 31, 2016 | $ | 7.5 | |
Reclassification to Earnings | (1.3 | ) | |
Current Period Change in Fair Value | (5.1 | ) | |
Balance at June 30, 2017 | $ | 1.1 |
|
|
|
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 |
|
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 |
|
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. |
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"). |
|
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 |
|
|
|
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 |
|
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 |
|
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 |
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. |
|
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 |
|
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 | ) |
|
Start | End | (In Millions) Notional Amount | Weighted Average Interest Rate |
2/1/2017 | 12/1/2017 | $450.0 | 0.89% |
12/01/2017 | 10/01/2018 | $250.0 | 1.16% |
In millions | |||
Balance at December 31, 2016 | $ | 7.5 | |
Reclassification to Earnings | (1.3 | ) | |
Current Period Change in Fair Value | (5.1 | ) | |
Balance at June 30, 2017 | $ | 1.1 |
|
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 |
|
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 |
|
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. |
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"). |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|