WESTROCK CO, 10-K filed on 11/25/2016
Annual Report
Document and Entity Information Document (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Nov. 4, 2016
Mar. 31, 2016
Entity Information [Line Items]
 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Sep. 30, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
FY 
 
 
Trading Symbol
WRK 
 
 
Entity Registrant Name
WestRock CO 
 
 
Entity Central Index Key
0001636023 
 
 
Current Fiscal Year End Date
--09-30 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
251,101,688 
 
Entity Public Float
 
 
$ 9,711 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Net sales
$ 14,171.8 
$ 11,124.8 
$ 9,895.1 
Cost of goods sold
11,413.2 
8,986.5 
7,961.5 
Gross profit
2,758.6 
2,138.3 
1,933.6 
Selling, general and administrative, excluding intangible amortization
1,379.4 
1,014.6 
889.7 
Selling, general and administrative intangible amortization
211.8 
118.9 
86.0 
Pension risk transfer expense
370.7 
0 
0 
Pension lump sum settlement and retiree medical curtailment, net
0 
11.5 
47.9 
Restructuring and other costs, net
366.4 
140.8 
55.6 
Operating profit
430.3 
852.5 
854.4 
Interest expense
(256.7)
(132.5)
(95.3)
Gain (loss) on extinguishment of debt
2.7 
(2.6)
0 
Interest income and other income (expense), net
58.6 
9.7 
2.4 
Equity in income of unconsolidated entities
9.7 
7.1 
8.8 
Income from continuing operations before income taxes
244.6 
734.2 
770.3 
Income tax expense
(89.8)
(233.0)
(286.5)
Income from continuing operations
154.8 
501.2 
483.8 
(Loss) income from discontinued operations (net of income tax benefit (expense) of $32.3, $(17.5) and $0)
(544.7)
10.6 
0 
Consolidated net (loss) income
(389.9)
511.8 
483.8 
Less: Net income attributable to noncontrolling interests
(6.4)
(4.7)
(4.1)
Net (loss) income attributable to common stockholders
$ (396.3)
$ 507.1 
$ 479.7 
Basic earnings per share from continuing operations
$ 0.60 
$ 2.92 
$ 3.34 
Basic (loss) earnings per share from discontinued operations
$ (2.16)
$ 0.05 
$ 0 
Basic (loss) earnings per share attributable to common stockholders
$ (1.56)
$ 2.97 
$ 3.34 
Diluted earnings per share from continuing operations
$ 0.59 
$ 2.87 
$ 3.29 
Diluted (loss) earnings per share from discontinued operations
$ (2.13)
$ 0.06 
$ 0.00 
Diluted (loss) earnings per share attributable to common stockholders
$ (1.54)
$ 2.93 
$ 3.29 
Cash dividends paid per share
$ 1.50 
$ 1.20 
$ 0.70 
Consolidated Statements of Income (Parenthetical Information) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Discontinued Operation, Tax Effect of Discontinued Operation
$ 32.3 
$ (17.5)
$ 0 
Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Consolidated net (loss) income
$ (389.9)
$ 511.8 
$ 483.8 
Other comprehensive (loss) income, net of tax:
 
 
 
Foreign currency translation gain (loss)
109.8 
(242.0)
(29.9)
Reclassification adjustment of net loss on foreign currency translation included in earnings
20.2 
0 
0 
Derivatives:
 
 
 
Deferred loss on cash flow hedges
(0.4)
(1.6)
0 
Reclassification adjustment of net loss on cash flow hedges included in earnings
1.2 
0.4 
0 
Defined benefit pension and other postretirement benefit plans:
 
 
 
Net actuarial loss arising during period
(224.6)
(52.6)
(212.8)
Amortization and settlement recognition of net actuarial loss, included in pension and postretirement cost(1)
236.5 1
30.3 
39.4 
Prior service credit (cost) arising during period
1.4 
(15.4)
7.6 
Amortization and curtailment recognition of prior service cost (credit), included in pension and postretirement cost
1.1 
(4.6)
(0.1)
Other comprehensive income (loss)
145.2 
(285.5)
(195.8)
Comprehensive (loss) income
(244.7)
226.3 
288.0 
Less: Comprehensive income attributable to noncontrolling interests
(5.7)
(3.9)
(3.1)
Comprehensive (loss) income attributable to common stockholders
$ (250.4)
$ 222.4 
$ 284.9 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Sep. 30, 2016
Sep. 30, 2015
Current Assets:
 
 
Cash and cash equivalents
$ 340.9 
$ 207.8 
Restricted cash
25.5 
7.3 
Accounts receivable (net of allowances of $36.5 and $29.5)
1,592.2 
1,575.4 
Inventories
1,638.2 
1,761.0 
Other current assets
315.8 
261.7 
Current assets of discontinued operations
0 
362.8 
Total current assets
3,912.6 
4,176.0 
Net property, plant and equipment, net
9,294.3 
9,159.8 
Goodwill
4,778.1 
4,647.1 
Intangibles, net
2,599.3 
2,794.9 
Restricted assets held by special purpose entities
1,293.8 
1,302.1 
Prepaid pension asset
257.8 
532.9 
Other assets
902.3 
503.9 
Long-term assets of discontinued operations
0 
2,255.7 
Assets
23,038.2 
25,372.4 
Current liabilities:
 
 
Current portion of debt
292.9 
63.7 
Accounts payable
1,054.4 
1,231.4 
Accrued compensation and benefits
405.9 
354.9 
Other current liabilities
429.8 
410.2 
Current liabilities of discontinued operations
0 
118.6 
Total current liabilities
2,183.0 
2,178.8 
Long-term debt due after one year
5,496.3 
5,558.2 
Pension liabilities, net of current portion
328.1 
316.0 
Postretirement benefit liabilities, net of current portion
140.0 
143.0 
Non-recourse liabilities held by special purpose entities
1,170.2 
1,179.6 
Deferred income taxes
3,130.7 
3,189.7 
Other long-term liabilities
746.2 
647.2 
Long-term liabilities of discontinued operations
0 
361.8 
Commitments and contingencies (Notes 12 and 18)
   
   
Redeemable noncontrolling interests
13.7 
14.2 
Equity:
 
 
Preferred stock, $0.01 par value; 30.0 million shares authorized; no shares outstanding
0 
0 
Common stock, $0.01 par value; 600.0 million shares authorized; 251.0 million and 257.0 million shares outstanding at September 30, 2016 and September 30, 2015, respectively
2.5 
2.6 
Capital in excess of par value
10,458.6 
10,767.8 
Retained earnings (deficit)
(105.9)
1,661.6 
Accumulated other comprehensive loss
(626.4)1
(780.2)1
Total stockholders’ equity
9,728.8 
11,651.8 
Noncontrolling interests
101.2 
132.1 
Total equity
9,830.0 
11,783.9 
Liabilities and Equity
$ 23,038.2 
$ 25,372.4 
Consolidated Balance Sheets (Parenthetical Information) (USD $)
In Millions, except Share data, unless otherwise specified
Sep. 30, 2016
Sep. 30, 2015
Allowance for Doubtful Accounts Receivable, Current
$ 36.5 
$ 29.5 
Preferred Stock, Par or Stated Value Per Share
$ 0.01 
$ 0.01 
Preferred Stock, Shares Authorized
30,000,000 
30,000,000 
Preferred Stock, Shares Outstanding
0 
0 
Class A Common Stock, par value
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized
600,000,000 
600,000,000 
Common Stock, Shares, Outstanding
251,000,000 
257,000,000 
Consolidated Statements of Equity (USD $)
In Millions, unless otherwise specified
Total
USD ($)
Common Stock [Member]
USD ($)
Capital in Excess of Par Value [Member]
USD ($)
Retained Earnings [Member]
USD ($)
Accumulated Other Comprehensive (Loss) Income [Member]
USD ($)
Noncontrolling Interests [Member]
USD ($)
MeadWestvaco [Member]
MeadWestvaco [Member]
Capital in Excess of Par Value [Member]
MeadWestvaco [Member]
Noncontrolling Interests [Member]
USD ($)
SP Fiber [Member]
Noncontrolling Interests [Member]
USD ($)
Smurfit Stone [Member]
Common Stock [Member]
USD ($)
Common Stock [Member]
MeadWestvaco [Member]
Balance at beginning of fiscal year at Sep. 30, 2013
 
 
 
$ 1,740.8 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2013
 
 
 
 
(300.6)
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 20131
 
 
 
 
 
0.5 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2013
 
 
2,871.4 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2013
 
0.7 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 20132
 
 
 
 
 
 
 
 
 
 
 
144.0 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares issued under restricted stock plan2
 
 
 
 
 
 
 
 
 
 
 
0.5 
 
Issuance of Class A common stock, net of stock received for minimum tax withholdings2 3
 
 
 
 
 
 
 
 
 
 
 
0.2 
 
Purchases of common stock2 4
 
 
 
 
 
 
 
 
 
 
 
(4.7)
 
Purchases of Common Stock Excluding Merger Related Purchases
236.3 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit from share-based plans
 
 
15.0 
 
 
 
 
 
 
 
 
 
 
Compensation expense under share-based plans
 
 
42.6 
 
 
 
 
 
 
 
 
 
 
Issuance of Class A common stock, net of stock received for minimum tax withholdings
 
0 
4.7 
(15.7)
 
 
 
 
 
 
 
 
 
Purchases of common stock (4)4
 
0 
(93.2)
(143.1)
 
 
 
 
 
 
 
(236.3)
 
Two-for-one stock split2
 
0.7 
(0.7)
 
 
 
 
 
 
 
 
 
 
Separation of Specialty Chemicals business
 
 
0 
0 
0 
0 1
 
 
 
 
 
 
 
Fair value of share-based awards issued in the Combination
 
 
0 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests assumed in merger1
 
 
 
 
 
0 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
479.7 
 
 
479.7 
 
 
 
 
 
 
 
 
 
Dividends declared (per share - $1.50, $1.20 and $0.70)5
 
 
 
(100.8)
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
195.8 
 
 
 
194.7 
0 1
 
 
 
 
 
 
 
Total Stockholders’ equity
4,306.8 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
(4.1)
 
 
 
 
0.5 1
 
 
 
 
 
 
 
Contributions1
 
 
 
 
 
0 
 
 
 
 
 
 
 
Distributions1
 
 
 
 
 
(0.4)
 
 
 
 
 
 
 
Sale of subsidiary shares from noncontrolling interest1
 
 
 
 
 
0 
 
 
 
 
 
 
 
Total equity
4,307.4 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2014
 
 
 
1,960.9 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2014
(495.3)6
 
 
 
(495.3)
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 20141
 
 
 
 
 
0.6 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2014
 
 
2,839.8 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2014
 
1.4 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 20142
 
 
 
 
 
 
 
 
 
 
 
140.0 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases of common stock2 4
 
 
 
 
 
 
 
 
 
 
 
(0.2)
 
Purchases of common stock (4)4
 
 
 
 
 
 
 
 
 
 
 
(8.7)
 
Net (loss) income attributable to common stockholders
125.1 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Dec. 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2014
 
 
 
1,960.9 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2014
(495.3)6
 
 
 
(495.3)
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 20141
 
 
 
 
 
0.6 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2014
 
 
2,839.8 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2014
 
1.4 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 20142
 
 
 
 
 
 
 
 
 
 
 
140.0 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares issued under restricted stock plan2
 
 
 
 
 
 
 
 
 
 
 
1.7 
 
Issuance of Class A common stock, net of stock received for minimum tax withholdings2 3 7
 
 
 
 
 
 
 
 
 
 
 
131.4 
 
Purchases of common stock2 4
 
 
 
 
 
 
 
 
 
 
 
(16.1)
 
Purchases of Common Stock Excluding Merger Related Purchases
336.7 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit from share-based plans
 
 
22.5 
 
 
 
 
 
 
 
 
 
 
Compensation expense under share-based plans
 
 
50.2 
 
 
 
 
 
 
 
 
 
 
Issuance of Class A common stock, net of stock received for minimum tax withholdings
 
1.3 7
8,084.1 7
(26.4)
 
 
 
 
 
 
 
 
 
Purchases of common stock (4)4
 
(0.1)
(439.7)
(564.7)
 
 
 
 
 
 
 
 
 
Two-for-one stock split
 
0 
0 
 
 
 
 
 
 
 
 
 
 
Separation of Specialty Chemicals business
 
 
0 
0 
0 
0 1
 
 
 
 
 
 
 
Noncontrolling interests assumed in merger1
 
 
 
 
 
 
 
 
159.3 
 
 
 
 
Net (loss) income attributable to common stockholders
507.1 
 
 
507.1 
 
 
 
 
 
 
 
 
 
Dividends declared (per share - $1.50, $1.20 and $0.70)5
 
 
 
(215.3)
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
285.5 
 
 
 
284.9 
(0.1)1
 
 
 
 
 
 
 
Total Stockholders’ equity
11,651.8 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
(4.7)
 
 
 
 
0.7 1
 
 
 
 
 
 
 
Contributions1
 
 
 
 
 
3.5 
 
 
 
 
 
 
 
Distributions1
 
 
 
 
 
(31.9)
 
 
 
 
 
 
 
Sale of subsidiary shares from noncontrolling interest1
 
 
 
 
 
0 
 
 
 
 
 
 
 
Total equity
11,783.9 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
 
 
 
 
 
 
 
 
 
 
0.3 
 
 
Balance at beginning of fiscal year at Sep. 30, 2015
1,661.6 
 
 
1,661.6 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2015
(780.2)6
 
 
 
(780.2)
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2015
132.1 
 
 
 
 
132.1 1
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2015
 
 
10,767.8 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2015
2.6 
2.6 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2015
257.0 
 
 
 
 
 
 
 
 
 
 
257.0 2
 
Balance at beginning of fiscal year at Jul. 01, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases of common stock
 
 
 
 
 
 
 
 
 
 
 
(5.4)
 
Purchases of common stock (4)
 
 
 
 
 
 
 
 
 
 
 
(328.0)
 
Common Stock, Capital Shares Reserved for Future Issuance
 
 
 
 
 
 
 
 
 
 
0.3 
 
 
Balance at end of fiscal year at Sep. 30, 20152
257.0 
 
 
 
 
 
 
 
 
 
 
257.0 
 
Balance at beginning of fiscal year at Sep. 30, 2015
(780.2)6
 
 
 
(780.2)
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2015
132.1 
 
 
 
 
132.1 1
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2015
1,661.6 
 
 
1,661.6 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2015
2.6 
2.6 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of fiscal year at Sep. 30, 2015
 
 
10,767.8 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares issued under restricted stock plan2
 
 
 
 
 
 
 
 
 
 
 
1.6 
 
Issuance of Class A common stock, net of stock received for minimum tax withholdings2 3
 
 
 
 
 
 
 
 
 
 
 
0.5 
 
Purchases of common stock2 4
 
 
 
 
 
 
 
 
 
 
 
(8.1)
 
Purchases of Common Stock Excluding Merger Related Purchases
 
 
 
 
 
 
 
 
 
 
 
335.3 
 
Income tax (expense) benefit from share-based plans
 
 
(15.5)
 
 
 
 
 
 
 
 
 
 
Compensation expense under share-based plans
 
 
76.0 
 
 
 
 
 
 
 
 
 
 
Issuance of Class A common stock, net of stock received for minimum tax withholdings
 
0 
13.9 
(0.8)
 
 
 
 
 
 
 
 
 
Purchases of common stock (4)4
 
(0.1)
(319.2)
(16.0)
 
 
 
 
 
 
 
 
 
Two-for-one stock split
 
0 
0 
 
 
 
 
 
 
 
 
 
 
Separation of Specialty Chemicals business
 
 
(64.4)
(970.2)
7.9 
(26.1)1
 
 
 
 
 
 
 
Fair value of share-based awards issued in the Combination
 
 
0 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests assumed in merger1
 
 
 
 
 
 
 
 
 
10.9 
 
 
 
Net (loss) income attributable to common stockholders
(396.3)
 
 
(396.3)
 
 
 
 
 
 
 
 
 
Dividends declared (per share - $1.50, $1.20 and $0.70)5
 
 
 
(384.2)
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
(145.2)
 
 
 
(145.9)
0 1
 
 
 
 
 
 
 
Total Stockholders’ equity
9,728.8 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
(6.4)
 
 
 
 
3.2 1
 
 
 
 
 
 
 
Contributions1
 
 
 
 
 
0 
 
 
 
 
 
 
 
Distributions1
 
 
 
 
 
(18.7)
 
 
 
 
 
 
 
Sale of subsidiary shares from noncontrolling interest1
 
 
 
 
 
(0.2)
 
 
 
 
 
 
 
Total equity
9,830.0 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
 
 
 
 
 
 
 
 
 
 
0.3 
 
 
Balance at beginning of fiscal year at Sep. 30, 2016
(105.9)
 
 
(105.9)
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2016
(626.4)6
 
 
 
(626.4)
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2016
101.2 
 
 
 
 
101.2 1
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2016
 
 
10,458.6 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2016
$ 2.5 
$ 2.5 
 
 
 
 
 
 
 
 
 
 
 
Balance at end of fiscal year at Sep. 30, 2016
251.0 
 
 
 
 
 
 
 
 
 
 
251.0 2
 
Consolidated Statements of Equity (Parenthetical Information) (USD $)
In Millions, except Per Share data, unless otherwise specified
0 Months Ended
Jul. 1, 2015
MeadWestvaco [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable
$ 8,075.8 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
131.2 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Operating activities:
 
 
 
Consolidated net (loss) income
$ (389.9)
$ 511.8 
$ 483.8 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
1,146.5 
740.8 
584.5 
Cost of real estate sold
87.7 
32.1 
0 
Deferred income tax (benefit) expense
(160.9)
161.4 
252.1 
Share-based compensation expense
75.7 
49.2 
42.6 
(Gain) loss on extinguishment of debt
(2.7)
2.6 
0 
(Gain) loss on disposal of plant, equipment and other, net
(6.5)
1.0 
0.3 
Equity in income of unconsolidated entities
(9.7)
(7.1)
(8.8)
Pension and other postretirement funding (more) than expense (income)
275.6 
(137.7)
(175.0)
Gain on Grupo Gondi investment
(12.1)
0 
0 
Cash surrender value increase in excess of premiums paid
(27.6)
0 
0 
Impairment adjustments
200.8 
6.9 
9.6 
Other non-cash items
(42.1)
(14.5)
(4.1)
Impairment of Specialty Chemicals goodwill and intangibles
579.4 
0 
0 
Change in operating assets and liabilities, net of acquisitions and divestitures:
 
 
 
Accounts receivable
36.6 
106.1 
67.3 
Inventories
50.6 
(27.2)
(80.5)
Other assets
(83.7)
(10.0)
(1.9)
Accounts payable
(197.1)
(38.4)
(11.6)
Income taxes
73.2 
(23.6)
1.9 
Accrued liabilities and other
94.6 
(149.8)
(8.4)
Net cash provided by operating activities
1,688.4 
1,203.6 
1,151.8 
Investing activities:
 
 
 
Capital expenditures
(796.7)
(585.5)
(534.2)
Cash (paid) received for purchase of businesses, net of cash acquired
(376.4)
3.7 
(474.4)
Debt purchased in connection with an acquisition
(36.5)
0 
0 
Cash received in merger
0 
265.7 
0 
Corporate-owned life insurance premium paid
(9.0)
0 
0 
Investment in unconsolidated entities
(179.9)
0 
0 
Return of capital from unconsolidated entities
5.7 
1.1 
7.0 
Cash received from affiliated entities
0 
3.5 
0 
Proceeds from sale of subsidiary and affiliates
10.2 
0 
6.8 
Proceeds from sale of property, plant and equipment
31.2 
28.8 
22.4 
Proceeds from property, plant and equipment insurance settlement
0 
0 
5.0 
Net cash used for investing activities
(1,351.4)
(282.7)
(967.4)
Financing activities:
 
 
 
Additions (repayments) to revolving credit facilities
125.5 
(48.1)
(52.1)
Additions to debt
1,511.8 
2,176.3 
663.8 
Repayments of debt
(1,073.3)
(1,587.5)
(465.1)
Other financing additions (repayments)
53.3 
(0.6)
3.8 
Debt issuance costs
(3.6)
(7.8)
(0.7)
Specialty Chemicals spin-off of net cash and trust funding
(105.0)
0 
0 
Issuances of common stock, net of related minimum tax withholdings
11.8 
(19.3)
(11.0)
Purchases of common stock
 
(336.7)
(236.3)
Purchases of common stock - merger related
0 
(667.8)
0 
Excess tax benefits from share-based compensation
0.3 
23.0 
15.1 
Repayments to unconsolidated entity
(2.3)
(0.3)
(2.0)
Cash dividends paid to stockholders
(380.7)
(214.5)
(101.1)
Cash distributions paid to noncontrolling interests
(33.5)
(34.7)
(2.5)
Net cash used for financing activities
(231.0)
(718.0)
(188.1)
Effect of exchange rate changes on cash and cash equivalents
6.6 
(7.2)
(0.1)
Increase (decrease) in cash and cash equivalents
112.6 
195.7 
(3.8)
Cash and cash equivalents from continuing operations, at beginning of period
207.8 
32.6 
36.4 
Cash and cash equivalents from discontinued operations, at beginning of period
20.5 
0 
0 
Balance of cash and cash equivalents at beginning of period
228.3 
32.6 
36.4 
Cash and cash equivalents from continuing operations, at end of period
340.9 
207.8 
32.6 
Cash and cash equivalents from discontinued operations, at end of period
0 
20.5 
0 
Balance of cash and cash equivalents at end of period
340.9 
228.3 
32.6 
Supplemental disclosure of cash flow information:
 
 
 
Income taxes, net of refunds
157.4 
89.3 
18.8 
Interest, net of amounts capitalized
229.9 
140.1 
86.9 
Common Stock [Member]
 
 
 
Financing activities:
 
 
 
Purchases of common stock
$ (335.3)
 
 
Consolidated Statements of Cash Flows (Parenthetical Information) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Noncash, Accounts Receivable
$ 34.7 
 
 
Total assets acquired
580.7 
16,001.1 
525.3 
Cash consideration, net of cash acquired
376.4 
0 
472.2 
Business Combination, Unreceived Working Capital or Escrow
(3.5)
0 
0 
Debt Purchased in Connection with Acquisition
36.5 
0 
0 
Stock issued in acquisition
0 
8,075.8 
0 
Fair value of share-based awards issued in the acquisition
0 
210.9 
0 
Total liabilities and noncontrolling interests assumed
171.3 
7,714.4 
53.1 
Debt assumed in acquisition
15.0 
2,152.9 
0.6 
Noncash, Inventories
25.8 
 
 
Noncash, Other Assets
86.3 
 
 
Noncash, Accounts Payable
(15.4)
 
 
Noncash, Income Taxes
(1.0)
 
 
Noncash, Accrued Liabilities and Other
(18.8)
 
 
Noncash, Investment in Unconsolidated Entities
(123.7)
 
 
Equity Method Investments
$ 328.9 
$ 60.2 
$ 27.3 
Description of Business and Summary of Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies [Text Block]
Description of Business and Summary of Significant Accounting Policies

Description of Business

Unless the context otherwise requires, “we”, “us”, “our”, “WestRock” and “the Company” refer to the business of WestRock Company, its wholly-owned subsidiaries and its partially-owned consolidated subsidiaries.

We are a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. We partner with our customers to provide differentiated paper and packaging solutions that help them win in the marketplace. Our team members support customers around the world from operating and business locations spanning North America, South America, Europe and Asia. We also develop real estate in the Charleston, SC region.

WestRock was formed on March 6, 2015 for the purpose of effecting the Combination and, prior to the Combination, did not conduct any activities other than those incidental to its formation and the matters contemplated by the Business Combination Agreement. On July 1, 2015, pursuant to the Business Combination Agreement, RockTenn and MWV completed a strategic combination of their respective businesses. RockTenn and MWV each became wholly-owned subsidiaries of WestRock. RockTenn was the accounting acquirer in the Combination. We believe the Combination has combined two industry leaders to create a premier global provider of consumer and corrugated packaging solutions. The Combination is described in “Note 6. Merger, Acquisitions and Investment”.

On May 15, 2016, WestRock completed the Separation. Ingevity is now an independent public company trading under the symbol “NGVT” on the New York Stock Exchange. With the completion of the Separation, we disposed of our former Specialty Chemicals segment in its entirety and ceased to consolidate its assets, liabilities and results of operations in our consolidated financial statements. Accordingly, we have presented the financial position and results of operations of our former Specialty Chemicals segment as discontinued operations in the accompanying consolidated financial statements for all periods presented. See “Note 7. Discontinued Operations” for more information.

Consolidation

The consolidated financial statements include our accounts and the accounts of our partially-owned consolidated subsidiaries. Equity investments in which we exercise significant influence but do not control and are not the primary beneficiary are accounted for using the equity method. Investments in which we are not able to exercise significant influence over the investee are accounted for under the cost method. Our equity and cost method investments are not significant either individually or in the aggregate. We have eliminated all significant intercompany accounts and transactions. See “Note 20. Segment Information” for our equity method investments.

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires us 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates, and the differences could be material.

The most significant accounting estimates inherent in the preparation of our consolidated financial statements include estimates to evaluate the recoverability of goodwill, intangibles and property, plant and equipment, to determine the useful lives of assets that are amortized or depreciated, and to measure income taxes, self-insured obligations, restructuring activities and allocate the purchase price of an acquired business to the fair value of acquired assets and liabilities. In addition, significant estimates form the basis for our reserves with respect to collectibility of accounts receivable, inventory valuations, pension benefits, deferred tax asset valuation allowances and certain benefits provided to current employees. Various assumptions and other factors underlie the determination of these significant estimates. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, and in some cases, actuarial techniques. We regularly evaluate these significant factors and make adjustments where facts and circumstances dictate.

Common Stock Split

On August 27, 2014, we effected a two-for-one stock split of RockTenn’s Common Stock in the form of a 100% stock dividend to shareholders of record as of August 12, 2014. All share and per share information prior to August 12, 2014 has been retroactively adjusted to reflect the stock split. We recorded the incremental par value of the newly issued shares with the offset to additional paid in capital.

Revenue Recognition

We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, our price to the buyer is fixed or determinable and collectibility is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership. The timing of revenue recognition is dependent on the location of title transfer which is normally either on the exit from our plants (i.e., shipping point) or on arrival at customers’ plants (i.e., destination point). We do not recognize revenue from transactions where we bill customers, but retain custody and title to these products until the date custody and title transfer. We do not have any significant multiple deliverable revenue arrangements.

We net, against our gross sales, provisions for discounts, returns, allowances, customer rebates and other adjustments. We account for such provisions during the same period in which we record the related revenues. We include in net sales any amounts related to shipping and handling that are billed to a customer.

Shipping and Handling Costs

We classify shipping and handling costs as a component of cost of goods sold.

Cash Equivalents

We consider all highly liquid investments that mature three months or less from the date of purchase to be cash equivalents. The carrying amounts we report in the consolidated balance sheets for cash and cash equivalents approximate fair market values. We place our cash and cash equivalents with large credit worthy banks, which limits the amount of our credit exposure.

Accounts Receivable and Allowances

We perform periodic evaluations of our customers’ financial condition and generally do not require collateral. The weighted average of our receivables collection is within 30 to 60 days. We sell certain receivables under our A/R Sales Agreement. We serve a diverse customer base primarily in North America, South America, Europe and Asia, and, therefore, have limited exposure from credit loss to any particular customer or industry segment.

We state accounts receivable at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, cash discounts and other adjustments. We do not discount accounts receivable because we generally collect accounts receivable over a relatively short time. We account for sales and other taxes that are imposed on and concurrent with individual revenue-producing transactions between a customer and us on a net basis which excludes the taxes from our net sales. We estimate our allowance for doubtful accounts based on our historical experience, current economic conditions and the credit worthiness of our customers. We charge off receivables when they are determined to be no longer collectible. In fiscal 2016, we recorded bad debt expense of $3.5 million. In fiscal 2015 we recorded a credit to bad debt expense of $2.4 million and in fiscal 2014 we recorded bad debt expense of $2.0 million.

The following table represents a summary of the changes in the reserve for allowance for doubtful accounts, returns and allowances and cash discounts for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
29.5

 
$
25.1

 
$
26.8

Reduction in sales and charges to costs and expenses
200.8

 
166.6

 
135.0

Deductions
(193.8
)
 
(162.2
)
 
(136.7
)
Balance at end of fiscal year
$
36.5

 
$
29.5

 
$
25.1


Inventories

We value substantially all U.S. inventories at the lower of cost or market, with cost determined on the LIFO basis. We value all other inventories at the lower of cost or market, with cost determined using methods that approximate cost computed on a FIFO basis. These other inventories represent primarily foreign inventories, spare parts inventories, dispensing inventories and certain inventoried supplies and aggregate to approximately 35% and 31% of FIFO cost of all inventory at September 30, 2016 and 2015, respectively.

Prior to the application of the LIFO method, our U.S. operating divisions use a variety of methods to estimate the FIFO cost of their finished goods inventories. Such methods include standard costs, or average costs computed by dividing the actual cost of goods manufactured by the tons produced and multiplying this amount by the tons of inventory on hand. Lastly, certain operations calculate a ratio, on a plant by plant basis, the numerator of which is the cost of goods sold and the denominator is net sales. This ratio is applied to the estimated sales value of the finished goods inventory. Variances and other unusual items are analyzed to determine whether it is appropriate to include those items in the value of inventory. Examples of variances and unusual items that are considered to be current period charges include, but are not limited to, abnormal production levels, freight, handling costs, and wasted materials (spoilage). Cost includes raw materials and supplies, direct labor, indirect labor related to the manufacturing process and depreciation and other factory overheads. Our inventoried spare parts are measured at average cost.

Property, Plant and Equipment

We state property, plant and equipment at cost. Cost includes major expenditures for improvements and replacements that extend useful lives, increase capacity, increase revenues or reduce costs. During fiscal 2016, 2015 and 2014, we capitalized interest of approximately $7.6 million, $4.0 million and $2.6 million, respectively. For financial reporting purposes, we provide depreciation and amortization primarily on a straight-line method generally over the estimated useful lives of the assets as follows:
Buildings and building improvements
 
15-40 years
Machinery and equipment
 
3-25 years
Transportation equipment
 
3-8 years


Generally, our machinery and equipment have estimated useful lives between 3 and 25 years; however, select portions of machinery and equipment primarily at our mills have estimated useful lives up to 44 years. Greater than 90% of the cost of our mill assets have lives of 25 years or less. Leasehold improvements are depreciated over the shorter of the asset life or the lease term, generally between 3 and 10 years.
 
Goodwill and Long-Lived Assets    

We review the carrying value of our goodwill annually at the beginning of the fourth quarter of each fiscal year, or more often if events or changes in circumstances indicate that the carrying amount may exceed fair value as set forth in ASC 350, “Intangibles — Goodwill and Other.” See “Note 7. Discontinued Operations” for information on the first quarter of fiscal 2016 goodwill impairment test and resulting charge. We test goodwill for impairment at the reporting unit level, which is an operating segment or one level below an operating segment, referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. The amount of goodwill acquired in a business combination that is assigned to one or more reporting units as of the acquisition date is the excess of the purchase price of the acquired businesses (or portion thereof) included in the reporting unit, over the fair value assigned to the individual assets acquired or liabilities assumed. Goodwill is assigned to the reporting unit(s) expected to benefit from the synergies of the combination even though other assets or liabilities of the acquired entity may not be assigned to that reporting unit. We determine recoverability by comparing the estimated fair value of the reporting unit to which the goodwill applies to the carrying value, including goodwill, of that reporting unit using a discounted cash flow model.

The goodwill impairment model is a two-step process. An amendment to ASC 350 became effective December 2011 that allows a qualitative assessment, prior to step one, to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. We did not attempt a qualitative assessment and moved directly to step one. In step one, we utilize the present value of expected net cash flows to determine the estimated fair value of our reporting units. This present value model requires management to estimate future net cash flows, the timing of these cash flows, and a discount rate (based on a weighted average cost of capital), which represents the time value of money and the inherent risk and uncertainty of the future cash flows. Factors that management must estimate when performing this step in the process include, among other items, sales volume, prices, inflation, discount rates, exchange rates, tax rates, anticipated synergies and productivity improvements resulting from acquisitions, capital expenditures and continuous improvement projects. The assumptions we use to estimate future cash flows are consistent with the assumptions that the reporting units use for internal planning purposes, updated to reflect current expectations. If we determine that the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If we determine that the carrying amount of the reporting unit exceeds its estimated fair value, we would complete step two of the impairment analysis. Step two involves determining the implied fair value of the reporting unit’s goodwill and comparing it to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, we recognize an impairment loss in an amount equal to that excess.

As a result of the fiscal 2015 Combination and the corresponding fair value accounting, several of our reporting units’ fair value exceeds their carrying value by a limited margin. During the fourth quarter of fiscal 2016, of reporting units that have goodwill, our Consumer Packaging and Brazil Corrugated reporting units had a fair value which exceeded their carrying value by less than 10%. If we had concluded that it was appropriate to increase the discount rate we used by 100 basis point to estimate the fair value of each reporting unit that has goodwill, the fair value for each of our reporting units would have continued to exceed its carrying value except for the Consumer Packaging and Brazil Corrugated reporting units. No events have occurred since the latest annual goodwill impairment assessment that would necessitate an interim goodwill impairment assessment.
 
We follow the provisions included in ASC 360, “Property, Plant and Equipment” in determining whether the carrying value of any of our long-lived assets, including amortizing intangibles other than goodwill, is impaired. The ASC 360 test is a three-step test for assets that are “held and used” as that term is defined by ASC 360. We determine whether indicators of impairment are present. We review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the long-lived asset might not be recoverable. If we determine that indicators of impairment are present, we determine whether the estimated undiscounted cash flows for the potentially impaired assets are less than the carrying value. This requires management to estimate future net cash flows through operations over the remaining useful life of the asset and its ultimate disposition. The assumptions we use to estimate future cash flows are consistent with the assumptions we use for internal planning purposes, updated to reflect current expectations. If our estimated undiscounted cash flows do not exceed the carrying value, we estimate the fair value of the asset and record an impairment charge if the carrying value is greater than the fair value of the asset. We estimate fair value using discounted cash flows, observable prices for similar assets, or other valuation techniques. We record assets classified as “held for sale” at the lower of their carrying value or estimated fair value less anticipated costs to sell.
 
Included in our long-lived assets are certain identifiable intangible assets. These intangible assets are amortized based on the approximate pattern in which the economic benefits are consumed or straight-line if the pattern was not reliably determinable. Estimated useful lives range from 1 to 40 years and have a weighted average life of approximately 17.9 years.

Our judgments regarding the existence of impairment indicators are based on legal factors, market conditions and operational performance. Future events could cause us to conclude that impairment indicators exist and that assets associated with a particular operation are impaired. Evaluating impairment also requires us to estimate future operating results and cash flows, which also require judgment by management. Any resulting impairment loss could have a material adverse impact on our financial condition and results of operations.

Restructuring

Our restructuring and other costs, net include primarily items such as restructuring portions of our operations, acquisition costs, integration costs and divestiture costs. We have restructured portions of our operations from time to time, have current restructuring initiatives taking place, and it is possible that we may engage in future restructuring activities. Identifying and calculating the cost to exit these operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities, including leases and other contractual obligations, and the adjustment of property, plant and equipment to net realizable value. We believe our estimates are reasonable, considering our knowledge of the industries we operate in, previous experience in exiting activities and valuations we may obtain from independent third parties. Although our estimates have been reasonably accurate in the past, significant judgment is required, and these estimates and assumptions may change as additional information becomes available and facts or circumstances change.

Business Combinations

From time to time, we may enter into business combinations. In accordance with ASC 805, “Business Combinations”, we generally recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree at their fair values as of the date of acquisition. We measure goodwill as the excess of consideration transferred, which we also measure at fair value, over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. The acquisition method of accounting requires us to make significant estimates and assumptions regarding the fair values of the elements of a business combination as of the date of acquisition, including the fair values of identifiable intangible assets, deferred tax asset valuation allowances, liabilities related to uncertain tax positions, contingent consideration and contingencies. This method also requires us to refine these estimates over a measurement period not to exceed one year to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. If we are required to retroactively adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with acquisitions, these adjustments could have a material impact on our financial condition and results of operations.

Significant estimates and assumptions in estimating the fair value of acquired technology, customer relationships, and other identifiable intangible assets include future cash flows that we expect to generate from the acquired assets. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, we could record impairment charges. In addition, we have estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If our estimates of the economic lives change, depreciation or amortization expenses could be increased or decreased, or the acquired asset could be impaired.

Fair Value of Financial Instruments and Nonfinancial Assets and Liabilities

We estimate fair values in accordance with ASC 820 “Fair Value Measurement.” We define fair value as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Financial instruments not recognized at fair value on a recurring or nonrecurring basis include cash and cash equivalents, accounts receivables, certain other current assets, short-term debt, accounts payable, certain other current liabilities and long-term debt. With the exception of long-term debt, the carrying amounts of these financial instruments approximate their fair values due to their short maturities. The fair values of our long-term debt are estimated using quoted market prices or are based on the discounted value of future cash flows. We disclose the fair value of long-term debt and our pension and postretirement assets and liabilities in “Note 10. Debt” and “Note 14. Retirement Plans”. We have, or from time to time may have, financial instruments recognized at fair value including Supplemental Plans that are nonqualified deferred compensation plans pursuant to which assets are invested primarily in mutual funds, interest rate derivatives, commodity derivatives or other similar class of assets or liabilities, the fair value of which are not significant. We measure the fair value of our mutual fund investments based on quoted prices in active markets, and our derivative contracts, if any, based on discounted cash flows. 

We measure certain nonfinancial assets and nonfinancial liabilities at fair value on a nonrecurring basis. These assets and liabilities include cost and equity method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in a merger or an acquisition or in a nonmonetary exchange, and property, plant and equipment and goodwill and other intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Given the nature of nonfinancial assets and liabilities, evaluating their fair value from the perspective of a market participant is inherently complex. Assumptions and estimates about future values can be affected by a variety of internal and external factors. Changes in these factors may require us to revise our estimates and could result in future impairment charges for goodwill and acquired intangible assets, or retroactively adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with business combinations. These adjustments could have a material impact on our financial condition and results of operations. We discuss fair values in more detail in “Note 11. Fair Value”.

Derivatives

We are exposed to interest rate risk, commodity price risk and foreign currency exchange risk. To manage these risks, from time to time and to varying degrees, we may enter into a variety of financial derivative transactions and certain physical commodity transactions that are determined to be derivatives. Interest rate swaps may be entered into to manage the interest rate risk associated with a portion of our outstanding debt. Interest rate swaps are either designated for accounting purposes as cash flow hedges of forecasted floating interest payments on variable rate debt or fair value hedges of fixed rate debt, or we may elect not to treat them as accounting hedges. Swaps or forward contracts on certain commodities may be entered into to manage the price risk associated with forecasted purchases or sales of those commodities. In addition, certain commodity financial derivative contracts and physical commodity contracts that are determined to be derivatives may not be designated as accounting hedges because either they do not meet the criteria for treatment as accounting hedges under ASC 815, “Derivatives and Hedging”, or we elect not to treat them as accounting hedges under ASC 815. We may also enter into forward contracts to manage our exposure to fluctuations in foreign currency rates with respect to transactions denominated in currencies such as Canadian dollars, the Euro or Brazilian Real.

Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the counterparties to the agreements. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets. We manage our exposure to counterparty credit risk through minimum credit standards, diversification of counterparties and procedures to monitor concentrations of credit risk. We may enter into financial derivative contracts that may contain credit-risk-related contingent features which could result in a counterparty requesting immediate payment or demanding immediate and ongoing full overnight collateralization on derivative instruments in net liability positions.

For financial derivative instruments that are designated as a cash flow hedge for accounting purposes, the effective portion of the gain or loss on the financial derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the forecasted transaction affects earnings. Gains and losses on the financial derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.

We have at times entered into interest rate swap agreements that effectively modified our exposure to interest rate risk by converting a portion of our interest payments on floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. These agreements typically involved the receipt of floating rate amounts in exchange for fixed interest rate payments over the life of the agreements without an exchange of the underlying principal amount.

At September 30, 2016, there were no foreign currency, interest rate or commodity derivatives outstanding. At September 30, 2015, the notional amount of foreign currency derivative instruments outstanding used to hedge inter-company loans was $90.2 million. These instruments were not designated as hedges.

Health Insurance

We are self-insured for the majority of our group health insurance costs. However, we seek to limit our health insurance costs by entering into certain stop loss insurance coverage. Due to mergers, acquisitions and other factors, we may have plans that do not include stop loss insurance. We calculate our group health insurance reserve on an undiscounted basis based on estimated reserve rates. We utilize claims lag data provided by our claims administrators to compute the required estimated reserve rate. We calculate our average monthly claims paid using the actual monthly payments during the trailing 12-month period. At that time, we also calculate our required reserve using the reserve rates discussed above. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our group health insurance costs.

Workers’ Compensation

We purchase large risk deductible workers’ compensation policies for the majority of our workers’ compensation liabilities that are subject to various deductibles to limit our exposure. We calculate our workers’ compensation reserves on an undiscounted basis based on estimated actuarially calculated development factors. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our workers' compensation costs.

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. All deferred tax assets and liabilities are classified as noncurrent in our consolidated balance sheet in accordance with ASU 2015-17. We adopted these provisions prospectively on December 31, 2015, and prior periods were not retrospectively adjusted.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, recent financial operations and their associated valuation allowances, if any. In the event we were to determine that we would be able to realize or not realize our deferred income tax assets in the future in their net recorded amount, we would make an adjustment to the valuation allowance, which would reduce or increase the provision for income taxes, respectively.

Certain provisions of ASC 740, “Income Taxes” provide that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold at the effective date to be recognized upon the adoption of these provisions and in subsequent periods. See “Note 13. Income Taxes.”

Pension and Other Postretirement Benefits

We account for pension and other postretirement benefits in accordance with ASC 715, “Compensation — Retirement Benefits”. Accordingly, we recognize the funded status of our pension plans as assets or liabilities in our consolidated balance sheets. The funded status is the difference between our projected benefit obligations and fair value of plan assets. The determination of our obligation and expense for pension and other postretirement benefits is dependent on our selection of certain assumptions used by actuaries in calculating such amounts. We describe these assumptions in “Note 14. Retirement Plans,” which include, among others, the discount rate, expected long-term rate of return on plan assets and rates of increase in compensation levels. As provided under ASC 715, we defer actual results that differ from our assumptions, i.e. actuarial gains and losses, and amortize the difference over future periods. Therefore, these differences generally affect our recognized expense and funding requirements in future periods. Actuarial gains and losses occur when actual experience differs from the estimates used to determine the components of net periodic pension cost and when certain assumptions used to determine the fair value of the plan assets or projected benefit obligation are updated, such as but not limited to, changes in the discount rate, plan amendments, differences between actual and expected returns on plan assets, mortality assumptions and plan remeasurement.

The amount of unrecognized actuarial gains and losses recognized in the current year’s operations is based on amortizing the unrecognized gains or losses for each plan that exceed the larger of 10% of the projected benefit obligation or the fair value of plan assets, also known as “the corridor”. The amount of unrecognized gain or loss that exceeds the corridor is amortized over the average future service of the plan participants or the average life expectancy of inactive plan participants for plans where all or almost all of the plan participants are inactive. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our pension and other postretirement benefit obligations and our future expense.
Share-Based Compensation

We recognize expense for share-based compensation plans based on the estimated fair value of the related awards in accordance with ASC 718, “Compensation — Stock Compensation”. Pursuant to our incentive stock plans, we can grant options and restricted stock, stock appreciation rights and restricted stock units to employees and our non-employee directors. The grants generally vest over a period of up to three years depending on the nature of the award, except for non-employee director grants, which typically vest over a period of up to one year. Our restricted stock grants to employees generally contain performance or market conditions that must be met in conjunction with a service requirement for the shares to vest. We charge compensation under the plan to earnings over each increment’s individual restriction period. See “Note 16. Share-Based Compensation” for additional information.
 
Asset Retirement Obligations

The Company accounts for asset retirement obligations in accordance with ASC 410, “Asset Retirement and Environmental Obligations”. A liability and an asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the related asset. Upon settlement of the liability, we will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. Our asset retirement obligations consist primarily of landfill closure and post-closure costs at certain of our mills. At September 30, 2016 and September 30, 2015, we had recorded liabilities of $78.9 million and $58.4 million, respectively. The increase in fiscal 2016 was primarily attributable to the refinement of asset retirement obligations during the measurement period associated with the Combination and liabilities associated with the SP Fiber Acquisition.

Repair and Maintenance Costs

We expense routine repair and maintenance costs as we incur them. We defer expenses we incur during planned major maintenance activities and recognize the expenses ratably over the shorter of the estimated interval until the next major maintenance activity or the life of the deferred item. This maintenance is generally performed every twelve to twenty-four months and has a significant impact on our results of operations in the period performed primarily due to lost production during the maintenance period.

Foreign Currency

We translate the assets and liabilities of our foreign operations from their functional currency into U.S. dollars at the rate of exchange in effect as of the balance sheet date. We reflect the resulting translation adjustments in equity. We translate the revenues and expenses of our foreign operations at a daily average rate prevailing for each month during the fiscal year. We include gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables, in the consolidated statements of operations. We recorded a loss on foreign currency transactions of $6.5 million in fiscal 2016, and we recorded a gain on foreign currency transactions of $2.9 million and $4.2 million in fiscal 2015 and 2014, respectively.

Environmental Remediation Costs

We accrue for losses associated with our environmental remediation obligations when it is probable that we have incurred a liability and the amount of the loss can be reasonably estimated. We generally recognize accruals for estimated losses from our environmental remediation obligations no later than completion of the remedial feasibility study and adjust such accruals as further information develops or circumstances change. We recognize recoveries of our environmental remediation costs from other parties as assets when we deem their receipt probable. See “Note 18. Commitments and Contingencies.”

New Accounting Standards - Recently Adopted
    
In September 2015, the FASB issued ASU 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments”, which amends certain provisions of ASC 805 “Business Combinations”. The ASU mandates that measurement-period adjustments be recorded by the acquirer in the period these amounts are determined, and eliminates the requirement to record them retrospectively. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, applied prospectively to open measurement periods. We adopted these provisions on October 1, 2016, and the adoption of these provisions did not have a material effect on our consolidated financial statements.
 
In May 2015, the FASB issued ASU 2015-07 “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The ASU amends ASC 820 “Fair Value Measurement” and eliminates the requirement to categorize within the fair value hierarchy investments for which fair value is measured using the net asset value (or its equivalent) practical expedient. Investments for which fair value is measured at net asset value per share using the practical expedient should not be categorized in the fair value hierarchy. However, disclosures on investments for which fair value is measured at net asset value as a practical expedient should continue to be disclosed to help users understand the nature and risks of the investments and whether the investments, if sold, are probable of being sold at amounts different from net asset value. The ASU is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. We adopted these provisions retrospectively as required to all prior periods presented on October 1, 2016, and the adoption of these provisions did not have a material effect on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-05 “Customers Accounting for Fees Paid in a Cloud Computing Arrangement”, which amends ASC 350 “Intangibles-Goodwill and Other Internal-Use Software”. The ASU requires entities to record a software license intangible asset if a hosting arrangement for internal-use software allows the entity to take possession of the software, and it is feasible that the entity can run the software on its own hardware, or contract a vendor to host the software. These provisions are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. We adopted these provisions on October 1, 2016, and the adoption of these provisions did not have a material effect on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-04 “Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. The ASU amends ASC 715 “Retirement Plans” and allows entities to use a practical expedient to measure defined benefit plan assets and obligations using a month-end that is closest to the entity’s fiscal year end, as well as the option to use the closest date to a significant event when plan assets and obligations are remeasured. These provisions are effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. We adopted these provisions on October 1, 2016, and the adoption of these provisions did not have a material effect on our consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02 “Consolidation-Amendments to the Consolidation Analysis”, which amends certain provisions of ASC 810 “Consolidation”. The amendment requires the consideration of additional criteria in (i) the analysis and determination of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities and (ii) primary beneficiary determinations. The ASU also eliminates certain fees from the consolidation analysis of reporting entities that are involved with variable interest entities. The ASU is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. We adopted these provisions on October 1, 2016, and the adoption of these provisions did not have a material effect on our consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes”, which amends certain provisions of ASC 740 “Income Taxes”. The ASU requires that all deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. In addition, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowances also will be classified as noncurrent. The ASU is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2016. Early adoption was permitted for all companies in any interim or annual period. The guidance may be adopted on either a prospective or retrospective basis. We adopted these provisions prospectively on December 31, 2015, and prior periods were not retrospectively adjusted. The adoption did not have a material effect on our consolidated financial statements.

New Accounting Standards - Recently Issued

In August 2016, the FASB issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”, which amends the guidance in ASC 230, “Statement of Cash Flows”. The ASU clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows for following transactions: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, distributions received from equity method investees and beneficial interest in securitization transactions. The ASU also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance requires retrospective adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted and an entity that elects early adoption must adopt all of the amendments in the period. We expect to adopt these provisions on October 1, 2018, including interim periods subsequent to the date of adoption. We are evaluating the impact of these provisions.

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit losses: Measurement of Credit Losses on Financial Instruments”, which amends certain provisions of ASU 326, “Financial Instruments-Credit Loss”. The ASU changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held to maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. For available for sale debt securities with unrealized losses, entities will be required to measure credit losses in a manner similar to what they do today, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Additionally, entities will have to disclose significantly more information, including information used to track credit quality by year or origination for most financing receivables. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual periods, and will be applied as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period for which the guidance is effective. We expect to adopt these provisions on October 1, 2020, including interim periods subsequent to the date of adoption. We do not expect that the adoption of these provisions will have a material effect on our consolidated financial statements.

In May 2016, the FASB issued ASU 2016-12 “Revenue from Contracts with Customer, Narrow-Scope Improvements and Practical Expedients”, which amends its new revenue recognition guidance on transitioning to the new revenue recognition standard, collectibility, non-cash consideration and the presentation of sales and other similar taxes. The ASU clarifies that, for a contract to be considered completed at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP. The ASU also clarifies how an entity should evaluate the collectibility threshold and when an entity can recognize nonrefundable consideration received as revenue if an arrangement does not meet the standard’s contract criteria. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods, and can be applied using a full retrospective or modified retrospective approach. We expect to adopt these provisions on October 1, 2018, including interim periods subsequent to the date of adoption. We are evaluating the impact of these provisions.

In March 2016, the FASB issued ASU 2016-09 “Compensation - Stock Compensation: Improvements To Employee Share- Based Payment Accounting”, which amends certain provisions of ASU 718, “Compensation - Stock Compensation”. The ASU will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The provisions are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We expect to adopt these provisions on October 1, 2017, and based on our current stock compensation awards, the adoption is not expected to have a material effect on our consolidated financial statements.
 
In March 2016, the FASB issued ASU 2016-08 “Revenue from Contracts with Customer, Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” to clarify the principal versus agent guidance in its new revenue recognition standard. The amendments clarify how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service transactions. These provisions also clarify the indicators to determine when an entity is acting as a principal or an agent. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods, and can be applied using a full retrospective or modified retrospective approach. We expect to adopt these provisions on October 1, 2018, including interim periods subsequent to the date of adoption. We are evaluating the impact of these provisions.

In March 2016, the FASB issued ASU 2016-07 “Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting”, which amends certain provisions of ASU 323 “Investments-Equity Method and Joint Ventures”. The ASU eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for the equity method. The guidance will be applied prospectively and is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We expect to adopt these provisions on October 1, 2017, including interim periods subsequent to the date of adoption. We do not expect that the adoption of these provisions will have a material effect on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-05 “Derivatives and Hedging - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships”, which amends certain provisions of ASU 815 “Derivatives and Hedging”. The ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under ASC 815 does not, in and of itself, require de-designation of the instrument if all other hedge criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and can be adopted using a prospective or modified retrospective approach. Early adoption is permitted. We expect to adopt these provisions on October 1, 2017, including interim periods subsequent to the date of adoption, and do not expect that these provisions will have a material effect on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 “Leases”, which is codified in ASC 842 “Leases” and supersedes current lease guidance in ASC 840. These provisions require lessees to put a right-of-use asset and lease liability on their balance sheet for operating and financing leases that have a term of more than one year. Expense will be recognized in the income statement similar to current accounting guidance. For lessors, the ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. Entities will need to disclose qualitative and quantitative information about their leases, including characteristics and amounts recognized in the financial statements. These provisions are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We expect to adopt these provisions on October 1, 2019, including interim periods subsequent to the date of adoption. Entities are required to use a modified retrospective approach upon adoption to recognize and measure leases at the beginning of the earliest comparative period presented in the financial statements. We are evaluating the impact of these provisions.

In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory”, which amends certain provisions of ASC 330 “Inventory”. The ASU requires inventory to be measured at the lower of cost and net realizable value. These provisions do not apply to inventory that is measured using LIFO or the retail inventory method. These provisions apply to all other inventory, which includes inventory that is measured using FIFO or average cost. These provisions are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. We expect to adopt these provisions on October 1, 2017, including interim periods subsequent to the date of adoption, prospectively. Given that the majority of our inventory is measured using LIFO, we do not expect that the adoption of these provisions will have a material effect on our consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09 which is codified in ASC 606 “Revenue from Contracts with Customers” and supersedes both the revenue recognition requirement to ASC 605 “Revenue Recognition” and most industry-specific guidance. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised 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. To achieve that core principle, an entity should apply the five steps set forth in ASC 606. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 by one year. Therefore, these provisions are effective for annual reporting periods beginning after December 15, 2017 (October 1, 2018 for us), including interim periods within that annual period, and can be applied using a full retrospective or modified retrospective approach. We expect to adopt these provisions on October 1, 2018, including interim periods subsequent to the date of adoption. We are evaluating the impact of these provisions.
Earnings per Share
Earnings Per Share
Earnings per Share

Our restricted stock awards granted to non-employee directors are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as our Common Stock. As participating securities, we include these instruments in the earnings allocation in computing earnings per share under the two-class method described in ASC 260 “Earnings per Share.” The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in millions, except per share data):
 
 
September 30,
 
2016
 
2015
 
2014
Basic earnings per share:
 
 
 
 
 
Numerator:
 
 
 
 
 
Income from continuing operations
$
154.8

 
$
501.2

 
$
483.8

Less: Net income from continuing operations attributable to noncontrolling interest
(2.1
)
 
(3.3
)
 
(4.1
)
Income available to common stockholders, before discontinued operations
152.7

 
497.9

 
479.7

Less: Distributed and undistributed income available to participating securities
—

 
—

 
(0.1
)
Distributed and undistributed income attributable to common stockholders, before discontinued operations
152.7

 
497.9

 
479.6

(Loss) income from discontinued operations(1)
(549.0
)
 
9.2

 
—

Net (loss) income attributable to common stockholders
$
(396.3
)
 
$
507.1

 
$
479.6

Denominator:
 
 
 
 
 
Basic weighted average shares outstanding
254.0

 
170.6

 
143.6

 
 
 
 
 
 
Basic earnings per share from continuing operations
$
0.60

 
$
2.92

 
$
3.34

Basic (loss) earnings per share from discontinued operations
(2.16
)
 
0.05

 
—

Basic (loss) earnings per share attributable to common stockholders
$
(1.56
)
 
$
2.97

 
$
3.34

 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
Numerator:
 
 
 
 
 
Income from continuing operations
$
154.8

 
$
501.2

 
$
483.8

Less: Net income from continuing operations attributable to noncontrolling interest
(2.1
)
 
(3.3
)
 
(4.1
)
Income available to common stockholders, before discontinued operations
152.7

 
497.9

 
479.7

Less: Distributed and undistributed income available to participating securities
—

 
—

 
(0.1
)
Distributed and undistributed income (loss) attributable to common stockholders, before discontinued operations
152.7

 
497.9

 
479.6

(Loss) Income from discontinued operations(1)
(549.0
)
 
9.2

 
—

Net (loss) income attributable to common stockholders
$
(396.3
)
 
$
507.1

 
$
479.6

Denominator:
 
 
 
 
 
Basic weighted average shares outstanding
254.0

 
170.6

 
143.6

Effect of dilutive stock options and non-participating securities
3.9

 
2.7

 
2.4

Diluted weighted average shares outstanding
257.9

 
173.3

 
146.0

 
 
 
 
 
 
Diluted earnings per share from continuing operations
$
0.59

 
$
2.87

 
$
3.29

Diluted (loss) earnings per share from discontinued operations
(2.13
)
 
0.06

 
—

Diluted (loss) earnings per share attributable to common stockholders
$
(1.54
)
 
$
2.93

 
$
3.29


(1) 
Net of income attributable to noncontrolling interests of discontinued operations of $4.3 million and $1.4 million for the fiscal years ended September 30, 2016 and 2015.

Weighted average shares includes 0.3 million of reserved, but unissued shares at September 30, 2016 and 2015. These reserved shares will be distributed as claims are liquidated or resolved in accordance with the resolution of Smurfit-Stone bankruptcy claims.

Options and restricted stock in the amount of 1.6 million, 0.4 million and 0.5 million common shares in fiscal 2016, 2015 and 2014, respectively, were not included in computing diluted earnings per share because the effect would have been antidilutive. The dilutive impact of the remaining awards outstanding in each year were included in the effect of dilutive securities.
Other Comprehensive Income (Loss)
Comprehensive Income (Loss) Note
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income

The following table summarizes the changes in accumulated other comprehensive loss by component for the fiscal years ended September 30, 2016 and 2015 (in millions): 
 
Deferred Loss on Cash Flow Hedges
 
Defined Benefit Pension and Postretirement Plans
 
Foreign Currency Items
 
Total (1)
Balance at September 30, 2014
$
(0.2
)
 
$
(498.2
)
 
$
3.1

 
$
(495.3
)
Other comprehensive loss before reclassifications
(1.6
)
 
(67.6
)
 
(241.2
)
 
(310.4
)
Amounts reclassified from accumulated other comprehensive loss
0.4

 
25.1

 
—

 
25.5

Net current period other comprehensive loss
(1.2
)
 
(42.5
)
 
(241.2
)
 
(284.9
)
Balance at September 30, 2015
(1.4
)
 
(540.7
)
 
(238.1
)
 
(780.2
)
Other comprehensive (loss) income before reclassifications
(0.4
)
 
(222.2
)
 
109.9

 
(112.7
)
Amounts reclassified from accumulated other comprehensive loss(2)
1.2

 
237.2

 
20.2

 
258.6

Net current period other comprehensive income
0.8

 
15.0

 
130.1

 
145.9

 
 
 
 
 
 
 
 
Separation of Specialty Chemicals business
0.4

 
1.9

 
5.6

 
7.9

 
 
 
 
 
 
 
 
Balance at September 30, 2016
$
(0.2
)
 
$
(523.8
)
 
$
(102.4
)
 
$
(626.4
)

(1)     All amounts are net of tax and noncontrolling interest.
(2) 
Amounts reclasssified from accumulated other comprehensive loss for defined benefit pension and postretirement plans in fiscal 2016 includes the pension risk transfer expense, net of tax.


The following table summarizes the reclassifications out of accumulated other comprehensive loss by component for the fiscal years ended September 30, 2016 and 2015 (in millions):
 
Years Ended September 30,
 
2016
 
2015
 
Pretax
 
Tax
 
Net of Tax
 
Pretax
 
Tax
 
Net of Tax
Amortization of defined benefit pension and postretirement items: (1)
 
 
 
 
 
 
 
 
 
 
 
    Actuarial losses(2)(6)
$
(379.4
)
 
$
143.2

 
$
(236.2
)
 
$
(47.7
)
 
$
17.9

 
$
(29.8
)
    Prior service (costs) credits (2)
(1.7
)
 
0.7

 
(1.0
)
 
7.6

 
(2.9
)
 
4.7

Subtotal defined benefit plans
(381.1
)
 
143.9

 
(237.2
)
 
(40.1
)
 
15.0

 
(25.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments: (1)
 
 
 
 
 
 
 
 
 
 
 
Sale of foreign subsidiary (3)
(20.2
)
 
—

 
(20.2
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments: (1)
 
 
 
 
 
 
 
 
 
 
 
    Commodity currency cash flow hedges(4)
(1.5
)
 
0.5

 
(1.0
)
 
—

 
—

 
—

    Foreign currency cash flow hedges(5)
(0.4
)
 
0.2

 
(0.2
)
 
(0.7
)
 
0.3

 
(0.4
)
Subtotal derivative instruments
(1.9
)
 
0.7

 
(1.2
)
 
(0.7
)
 
0.3

 
(0.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
$
(403.2
)
 
$
144.6

 
$
(258.6
)
 
$
(40.8
)
 
$
15.3

 
$
(25.5
)

(1) 
Amounts in parentheses indicate charges to earnings. Amounts pertaining to noncontrolling interests are excluded.
(2) 
These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See “Note 14. Retirement Plans” for additional details.
(3) 
These accumulated other comprehensive income components are included interest income and other income (expense), net.
(4) 
These accumulated other comprehensive income components are included in cost of goods sold.
(5) 
These accumulated other comprehensive income components are included in net sales.
(6) 
Fiscal 2016 includes pension risk transfer expense.

A summary of the components of other comprehensive (loss) income, including the noncontrolling interest, for the years ended September 30, 2016, 2015 and 2014, is as follows (in millions):
 
Fiscal 2016
Pre-Tax
Amount
 
Tax
 
Net of Tax
Amount
Foreign currency translation gain
$
109.8

 
$
—

 
$
109.8

Deferred loss on cash flow hedges
(0.7
)
 
0.3

 
(0.4
)
Reclassification adjustment of net loss on cash flow hedges included in earnings
1.9

 
(0.7
)
 
1.2

Net actuarial loss arising during period
(354.0
)
 
129.4

 
(224.6
)
Amortization and settlement recognition of net actuarial loss(1)
379.7

 
(143.2
)
 
236.5

Prior service credit arising during the period
2.3

 
(0.9
)
 
1.4

Amortization of prior service cost
1.8

 
(0.7
)
 
1.1

Sale of foreign subsidiary
20.2

 
—

 
20.2

Consolidated other comprehensive income
161.0

 
(15.8
)
 
145.2

Less: Other comprehensive loss attributable to noncontrolling interests
0.7

 
—

 
0.7

Other comprehensive income attributable to common stockholders
$
161.7

 
$
(15.8
)
 
$
145.9

 
 
 
 
 
 
Fiscal 2015
Pre-Tax
Amount
 
Tax
 
Net of Tax
Amount
Foreign currency translation loss
$
(242.0
)
 
$
—

 
$
(242.0
)
Deferred loss on cash flow hedges
(2.6
)
 
1.0

 
(1.6
)
Reclassification adjustment of net loss on cash flow hedges included in earnings
0.7

 
(0.3
)
 
0.4

Net actuarial loss arising during period
(81.5
)
 
28.9

 
(52.6
)
Amortization and settlement recognition of net actuarial loss
48.1

 
(17.8
)
 
30.3

Prior service cost arising during period
(25.0
)
 
9.6

 
(15.4
)
Amortization of prior service credit
(7.5
)
 
2.9

 
(4.6
)
Consolidated other comprehensive loss
(309.8
)
 
24.3

 
(285.5
)
Less: Other comprehensive loss attributable to noncontrolling interests
0.6

 
—

 
0.6

Other comprehensive loss attributable to common stockholders
$
(309.2
)
 
$
24.3

 
$
(284.9
)
 
 
 
 
 
 
Fiscal 2014
Pre-Tax
Amount
 
Tax
 
Net of Tax
Amount
Foreign currency translation loss
$
(29.9
)
 
$
—

 
$
(29.9
)
Net actuarial loss arising during period
(333.3
)
 
120.5

 
(212.8
)
Amortization and settlement recognition of net actuarial loss
63.9

 
(24.5
)
 
39.4

Prior service credit arising during period
12.4

 
(4.8
)
 
7.6

Amortization of prior service credit
(0.2
)
 
0.1

 
(0.1
)
Consolidated other comprehensive loss
(287.1
)
 
91.3

 
(195.8
)
Less: Other comprehensive loss attributable to noncontrolling interests
1.1

 
—

 
1.1

Other comprehensive loss attributable to common stockholders
$
(286.0
)
 
$
91.3

 
$
(194.7
)


(1) 
Includes pension risk transfer expense.
Inventories
Inventories
Inventories

Inventories are as follows (in millions):
 
September 30,
 
2016
 
2015
Finished goods and work in process
$
800.6

 
$
859.7

Raw materials
535.7

 
652.3

Supplies and spare parts
335.7

 
322.4

Inventories at FIFO cost
1,672.0

 
1,834.4

LIFO reserve
(33.8
)
 
(73.4
)
Net inventories
$
1,638.2

 
$
1,761.0



It is impracticable to segregate the LIFO reserve between raw materials, finished goods and work in process. In fiscal 2016 and 2015, we reduced inventory quantities in some of our LIFO pools. This reduction results in a liquidation of LIFO inventory quantities generally carried at lower costs prevailing in prior years as compared with the cost of the purchases in the respective fiscal years, the effect of which typically decreases cost of goods sold. The impact of the liquidations in fiscal 2016 and 2015 was not significant. In fiscal 2014 we had no LIFO layer liquidations.

In fiscal 2013, we identified spare parts that were not recorded in inventory in the mills that were acquired in the Smurfit-Stone Acquisition. We initiated a project to systematically identify, count and value the spare parts from the containerboard mills. As a result, we recorded reductions of cost of goods sold of $6.7 million and $32.3 million in fiscal 2015 and fiscal 2014, respectively, for the incremental parts which we believe predominantly existed at the mills at the time of the acquisition since we were beyond the measurement period. We completed the project in fiscal 2015.

Property, Plant and Equipment (Notes)
Property, Plant and Equipment Disclosure [Text Block]
Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):    
 
September 30,
 
2016
 
2015
Property, plant and equipment at cost:
 
 
 
Land and buildings
$
2,307.9

 
$
2,245.2

Machinery and equipment
10,672.9

 
9,712.4

Forestlands and mineral rights
201.1

 
161.3

Transportation equipment
27.6

 
20.2

Leasehold improvements
62.4

 
59.1

 
13,271.9

 
12,198.2

Less accumulated depreciation and amortization
(3,977.6
)
 
(3,038.4
)
Net property, plant and equipment, net
$
9,294.3

 
$
9,159.8



Depreciation expense, excluding discontinued operations, for fiscal 2016, 2015 and 2014 was $848.9 million, $578.4 million and $481.7 million, respectively. See “Note 7. Discontinued Operations” for more information.
Acquisitions
Acquisitions
Merger, Acquisitions and Investment

Grupo Gondi Investment

On April 1, 2016, we completed the formation of a joint venture with Grupo Gondi in Mexico. We contributed $175.0 million in cash and the stock of an entity that owns three corrugated packaging facilities in Mexico in return for a 25.0% equity participation in the joint venture and options valued at approximately $0.3 billion. The joint venture operates paper machines, corrugated packaging and high graphic folding carton facilities across 13 production sites. The cash contribution will remain in the joint venture and will be available to support its growth. As the majority equity holder, Grupo Gondi will manage the joint venture and we will provide technical and commercial resources. We believe the joint venture will help grow our presence in the attractive Mexican market. As a result of the transaction, we recorded a pre-tax non-cash gain of $12.1 million included in “Interest income and other income (expense), net” on our Consolidated Statements of Operations. The transaction includes future put and call rights with respect to the respective parties’ ownership interest in the joint venture. We have included the financial results of the Grupo Gondi investment since the formation of the joint venture in our Corrugated Packaging segment, and are accounting for the investment on the equity method. We are in the process of analyzing third-party valuation of certain tangible and intangible assets; thus, the allocation of the purchase price used for equity accounting is preliminary and subject to revision.

Packaging Acquisition

On January 19, 2016, we completed the purchase of certain legal entities formerly owned by Cenveo Inc. The entities acquired provide value-added folding carton and litho-laminated display packaging solutions. The purchase price was $94.1 million, net of cash received of $1.7 million, a working capital settlement and an unreceived escrow receivable of $3.5 million expected to be received in fiscal 2017. The transaction is subject to an election under Section 338(h)(10) of the Code that will increase the U.S. tax basis in the acquired U.S. assets for an as yet to be determined amount. We believe the transaction has provided us with attractive and complementary customers, markets and facilities. We have included the financial results of the acquired entities since the date of the acquisition in our Consumer Packaging segment.

The purchase price allocation for the acquisition included $10.5 million of customer relationship intangible assets, $8.0 million of goodwill and $25.9 million of liabilities, including $1.3 million of debt. We are amortizing the customer relationship intangibles over estimated useful lives ranging from 9 to 15 years based on a straight-line basis because the amortization pattern was not reliably determinable. The fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and other synergies), and the assembled work force. We expect the goodwill and intangibles of the U.S. entities to be amortizable for income tax purposes. We are in the process of finalizing the estimated fair values of all assets acquired and liabilities assumed including, among other things, obtaining final third-party valuations of certain tangible and intangible assets as well as the fair value of certain contracts and the determination of certain tax balances; thus, the allocation of the purchase price is preliminary and subject to revision.

SP Fiber

On October 1, 2015, we acquired SP Fiber in a stock purchase. The transaction included the acquisition of mills located in Dublin, GA and Newberg, OR, which produce lightweight recycled containerboard and kraft and bag paper. The Newberg mill also produced newsprint. As part of the transaction, we also acquired SP Fiber's 48% interest in GPS. GPS is a joint venture providing steam to the Dublin mill and electricity to Georgia Power. The purchase price was $278.8 million, net of cash received of $9.2 million. In addition, we paid $36.5 million for debt owed by GPS and thereby own the majority of the debt issued by GPS.

The Dublin mill has helped balance the fiber mix of our mill system, including our ability to serve the increasing demand for lighter weight containerboard, and that the addition of kraft and bag paper has diversified our product offering. Subsequent to the transaction, we announced the permanent closure of the Newberg mill due to the decline in market conditions of the newsprint business and our need to balance supply and demand in our containerboard system. We determined GPS should be consolidated as a variable interest entity under ASC 810 “Consolidation”. Our evaluation concluded that WestRock is the primary beneficiary of GPS as WestRock has both the power and benefits as defined by ASC 810. We have included the financial results of SP Fiber and GPS since the date of the acquisition in our Corrugated Packaging segment.

The purchase price allocation for the acquisition included $13.5 million of customer relationship intangible assets, $52.4 million of goodwill, and $145.4 million of liabilities, including $13.7 million of debt primarily owed by GPS to third parties. We are amortizing the customer relationship intangibles over 20 years based on a straight-line basis because the amortization pattern was not reliably determinable. The fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and other synergies), the assembled work force of SP Fiber as well as due to establishing deferred taxes for the assets and liabilities acquired. The goodwill and intangibles will not be amortizable for income tax purposes.
The Combination

On July 1, 2015, pursuant to the Business Combination Agreement, RockTenn and MWV completed a strategic combination of their respective businesses. Pursuant to the Business Combination Agreement, RockTenn and MWV became wholly-owned subsidiaries of WestRock. RockTenn was the accounting acquirer. We believe the Combination combined two industry leaders to create a premier global provider of consumer and corrugated packaging solutions.

The consideration for the Combination was $8,286.7 million. In connection with the Combination, RockTenn shareholders received in the aggregate approximately 130.4 million shares of Common Stock and approximately $667.8 million in cash. At the effective time of the Combination, each share of common stock, par value $0.01 per share, of MWV issued and outstanding immediately prior to the effective time of the Combination was converted into the right to receive 0.78 shares of Common Stock. In the aggregate, MWV stockholders received approximately 131.2 million shares of our Common Stock (which includes shares issued under certain MWV equity awards that vested as a result of the Combination). Included in the consideration was approximately $210.9 million related to outstanding MWV equity awards that were replaced with WestRock equity awards with identical terms for pre-Combination service. The amount related to post-Combination service is being expensed over the remaining service period of the awards.

The following table summarizes the fair values of the assets acquired and liabilities assumed by major class of assets and liabilities as of the acquisition date, as well as adjustments made during fiscal 2016 (referred to as “measurement period adjustments”) (in millions):

 
Amounts Recognized as of the Acquisition Date
 
Measurement Period Adjustments (1)
 
Amounts Recognized as of Acquisition Date (as Adjusted) (2)
Cash and cash equivalents
$
265.7

 
$
—

 
$
265.7

Current assets, excluding cash and cash equivalents
1,858.8

 
(0.5
)
 
1,858.3

Property, plant and equipment
3,991.5

 
19.3

 
4,010.8

Prepaid pension asset
1,407.8

 
(9.9
)
 
1,397.9

Goodwill
3,817.3

 
44.7

 
3,862.0

Intangible assets
2,994.2

 
—

 
2,994.2

Restricted assets held by special purpose entities
1,302.0

 
—

 
1,302.0

Other long-term assets
363.8

 
18.0

 
381.8

Total assets acquired
16,001.1

 
71.6

 
16,072.7

 
 
 
 
 
 
Current portion of debt
62.3

 
74.8

 
137.1

Current liabilities
1,099.4

 
(45.6
)
 
1,053.8

Long-term debt due after one year
2,090.6

 
18.3

 
2,108.9

Non-recourse liabilities held by special purpose entities
1,181.0

 
—

 
1,181.0

Accrued pension and other long-term benefits
235.1

 
—

 
235.1

Deferred income tax liabilities
2,366.7

 
(11.0
)
 
2,355.7

Other long-term liabilities
520.0

 
35.1

 
555.1

Noncontrolling interest
159.3

 
—

 
159.3

Total liabilities and noncontrolling interest assumed
7,714.4

 
71.6

 
7,786.0

 
 
 
 
 
 
Net assets acquired (3)
$
8,286.7

 
$
—

 
$
8,286.7


(1) 
The measurement period adjustments recorded in fiscal 2016 did not have a significant impact on our consolidated statements of operations for fiscal 2016 or 2015. In addition, these adjustments did not have a significant impact on our consolidated balance sheet as of September 30, 2015. Therefore, we have recorded the cumulative impact in fiscal 2016 and have not retrospectively adjusted the comparative 2015 financial information presented herein.

(2) 
The measurement period adjustments were due primarily to refinements to third party appraisals and carrying amounts of certain assets and liabilities as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities, including any appraisal adjustments, analysis of the tax basis of acquired assets and liabilities, other tax adjustments and the classification of supplier financing arrangements. The net impact of the measurement period adjustments resulted in a net increase to goodwill.

(3) 
The net assets acquired include the Specialty Chemicals business which was separated from WestRock on May 15, 2016. See “Note 7. Discontinued Operations” for more information.

The fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced geographic reach of the combined organization, increased vertical integration and other synergistic opportunities), the assembled work force of MWV as well as due to establishing deferred tax liabilities for the assets and liabilities acquired. The goodwill and intangibles resulting from the acquisition will not be amortizable for tax purposes. See “Note 20. Segment Information” for the allocation of goodwill.

The following table summarizes the weighted average life and gross carrying amount relating to intangible assets recognized in the Combination, excluding goodwill (in millions):
 
 
Weighted Avg. Life
 
Gross Carrying Amount
Customer relationships
 
19.2
 
$
2,881.7

Patents
 
9.8
 
57.2

Trademarks
 
4.5
 
52.9

Favorable contracts
 
8.2
 
2.4

Total
 
18.8
 
$
2,994.2



None of the intangibles has significant residual value. The intangibles are expected to be amortized over estimated useful lives ranging from 1 to 20 years based on the approximate pattern in which the economic benefits are consumed or straight-line if the pattern was not reliably determinable.

The allocation of the consideration for the Combination also includes, among other things, $38.5 million of liabilities for unfavorable contracts which will be amortized over 1 to 9 years. In connection with purchase accounting, we increased the carrying value of the debt assumed by $364.5 million, including $18.3 million in the third quarter of fiscal 2016 to increase the carrying value of the debt assumed to fair value. The fair value adjustment will be amortized over the life of the instruments, ranging from 1 to 32 years.

The following unaudited pro forma information reflects our consolidated results of operations as if the Combination had taken place on October 1, 2013. The unaudited pro forma information is not necessarily indicative of the results of operations that we would have reported had the transaction actually occurred at the beginning of these periods nor is it necessarily indicative of future results. The unaudited pro forma financial information does not reflect the impact of future events that may occur after the Combination, including, but not limited to, anticipated costs savings from synergies or other operational improvements. The net sales have been adjusted to reflect the discontinued operations of the Specialty Chemicals business.
 
Year Ended September 30,
 
2015
 
2014
 
(Unaudited, in millions)
Net sales
$
14,347.0

 
$
14,342.7

Net income attributable to common stockholders
$
666.3

 
$
502.9



Fiscal 2015 revenues associated with the MWV operations received in the Combination since the closing date were $1,067.1 million. Disclosure of earnings associated with these operations since the closing date for fiscal 2015 is not practicable as it is not being operated as a standalone business.

The unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are (1) directly related to the business combination; (2) factually supportable; and (3) expect to have a continuing impact. These adjustments include, but are not limited to, the application of our accounting policies; elimination of related party transactions; depreciation and amortization related to fair value adjustments to property, plant and equipment and intangible assets including contracts assumed; and interest expense on acquisition related debt.

Unaudited pro forma earnings for fiscal 2015 were adjusted to exclude $126.7 million of acquisition related costs which primarily consist of advisory, legal, accounting, valuation, other professional or consulting fees and change in control related acceleration of share-based compensation, $71.6 million of inventory step-up expense, net of related LIFO impact and $2.6 million of loss on extinguishment of debt. The fiscal 2014 earnings have been adjusted to include the impact of the expenses noted above for fiscal 2015 in order to present the unaudited pro forma financial information as if the transaction had occurred on October 1, 2013, as well as $16.6 million of additional inventory step-up expense, net of expected related LIFO impact for items not sold at September 30, 2015. Included in earnings for fiscal 2015 are $75.5 million of integration related costs related to the Combination which primarily consist of severance and other employee costs and professional services.

AGI In-Store

On August 29, 2014, we acquired the stock of AGI In-Store, a manufacturer of permanent point-of-purchase displays and fixtures to the consumer products and retail industries. The purchase price was $69.9 million, net of cash acquired of $0.5 million and a working capital settlement. No debt was assumed. We acquired the AGI In-Store business to support our strategy to provide a more holistic portfolio of innovative in-store marketing solutions, including “store-within-a-store” displays, and we believe the acquisition has enhanced cross-selling opportunities and bolstered our growing retail presence. We have included the results of AGI In-Store’s operations since the date of the acquisition in our consolidated financial statements in our Consumer Packaging segment. The purchase price allocation for the acquisition included $26.0 million of customer relationship intangible assets, $13.2 million of goodwill and $5.9 million of liabilities. We are amortizing the customer relationship intangibles over 5 to 10.5 years on a straight-line basis because the amortization pattern was not reliably determinable. The fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and increased vertical integration) and the assembled work force of AGI In-Store. We made an election under section 338(h)(10) of the Code that increased the tax basis in the acquired assets. The goodwill and intangibles will be amortizable for income tax purposes.

Tacoma Mill

On May 16, 2014, we acquired certain assets and liabilities of the Tacoma Mill. The purchase price was $343.2 million including a working capital settlement. The purchase price was increased $2.6 million during the third quarter of fiscal 2015, which was primarily allocated to goodwill. We believe the Tacoma Mill, located in Tacoma, WA, is a strategic fit and the mill has improved our ability to satisfy West Coast customers and generate operating efficiencies across our containerboard system. We have included the results of the Tacoma Mill since the date of the acquisition in our consolidated financial statements in our Corrugated Packaging segment. The purchase price allocation for the acquisition included $22.6 million for the fair value of an electrical cogeneration contract asset, $14.6 million of customer relationship intangible assets, $31.4 million of goodwill and $28.7 million of liabilities. We are amortizing the electrical cogeneration contract asset over the contract life of 7.2 years and the customer relationship intangibles over 20 years based on a straight-line basis because the amortization pattern was not reliably determinable. The fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and synergies) and the assembled work force of the Tacoma mill. The goodwill and intangibles will be amortizable for income tax purposes.

NPG

On December 20, 2013, we acquired the stock of NPG, a specialty display company. The purchase price was $59.6 million, net of cash acquired of $1.7 million and a working capital settlement. We acquired the NPG business as we believe it is a strong strategic fit that has strengthened our displays business. We have included the results of NPG’s operations since the date of the acquisition in our consolidated financial statements in our Consumer Packaging segment. The final purchase price allocation for the acquisition included $14.5 million of customer relationship intangible assets, $27.9 million of goodwill and $19.5 million of liabilities including approximately $0.6 million in debt. We are amortizing the customer relationship intangibles over 9 years based on a straight-line basis because the amortization pattern was not reliably determinable. The fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and increased vertical integration) and the assembled work force of NPG. The goodwill and intangibles resulting from the acquisition will not be amortizable for tax purposes.
Discontinued Operations (Notes)
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations

On May 15, 2016, WestRock distributed 100% of the outstanding common stock, par value $0.01 per share, of Ingevity, then a wholly-owned subsidiary of WestRock, to WestRock’s shareholders of record as of the close of business on May 4, 2016 , with such shareholders receiving one share of Ingevity common stock for every six shares of Common Stock held as of such record date, and completed the Separation. Following the Separation, we do not beneficially own any shares of Ingevity common stock and Ingevity is now an independent public company trading under the symbol “NGVT” on the New York Stock Exchange. Upon the Separation, we disposed of the former Specialty Chemicals segment in its entirety and ceased to consolidate its assets, liabilities and results of operations in our consolidated financial statements. Accordingly, we have presented the financial position and results of operations of our former Specialty Chemicals segment as discontinued operations in the accompanying consolidated financial statements for all periods presented.

In connection with the Separation, we and Ingevity entered into a separation and distribution agreement as well as various other agreements that provide a framework for the relationships between the parties going forward, including among others a tax matters agreement, a lease and ground service agreement with respect to our Covington, Virginia facility, an intellectual property agreement, a crude tall oil and black liquor soap skimming supply agreement, a trust agreement, an employee matters agreement and a transition service agreement. These agreements provided for the allocation between us and Ingevity of assets, employees, liabilities and obligations attributable to periods prior to, at and after the Separation and govern certain relationships between us and Ingevity after the Separation.

Prior to the Separation, Ingevity, then a wholly-owned subsidiary of WestRock, borrowed $500.0 million in contemplation of the Separation. In addition, Ingevity assumed a $80.0 million, 7.67% capital lease obligation due January 15, 2027 owed to the city of Wickliffe, KY. In contemplation of the Separation, Ingevity funded a trust in the amount of $68.9 million to secure the balloon principal payment of the capital lease upon the lease’s maturity. We remain a co-obligor on the capital lease obligation, therefore, the capital lease assumed by Ingevity remains recorded in our consolidated financial statements in long-term debt. At the time of the Separation, we recorded a $108.2 million long-term asset for the estimated fair value of the future principal and interest payments on the capital lease obligation assumed by Ingevity. The long-term asset will reduce over the life of the lease with interest using the effective interest method. The $500.0 million of debt and the $68.9 million in the trust were assumed by Ingevity, and removed from our consolidated financial statements as part of our discontinued operations reporting.

The following table presents the financial results of Specialty Chemicals’ discontinued operations (in millions):
 
Fiscal Year Ended September 30,
 
2016
 
2015
Net sales
$
533.7

 
$
256.5

Cost of goods sold
387.5

 
184.0

Gross profit
146.2

 
72.5

Selling, general and administrative, excluding intangible amortization
65.6

 
27.4

Selling, general and administrative intangible amortization
28.8

 
11.5

Restructuring and other costs, net
49.5

 
6.6

Impairment of Specialty Chemicals goodwill and intangibles
579.4

 
—

Operating (loss) profit
(577.1
)
 
27.0

Interest income (expense) and other income (expense), net
0.1

 
1.1

(Loss) income from discontinued operations before income taxes
(577.0
)
 
28.1

Income tax benefit (expense)
32.3

 
(17.5
)
(Loss) income from discontinued operations
$
(544.7
)
 
$
10.6



Fiscal 2016 restructuring and other costs, net are primarily associated with costs incurred to support the Separation and consist primarily of advisory, legal, accounting and other professional fees. Additionally, restructuring and other costs, net include $10.0 million of costs associated with the closure of Ingevity’s Duque de Caxias facility in Brazil and other severance and share-based compensation expenses. Fiscal 2015 restructuring and other costs, net are primarily associated with costs incurred to support the Separation and consist primarily of advisory, legal, accounting and other professional fees.

In the first quarter of fiscal 2016, as part of our evaluation of whether events or changes in circumstances had occurred that would indicate whether it was more likely than not that the goodwill of our then-owned Specialty Chemicals reporting unit was impaired, we considered factors such as, but not limited to, macroeconomic conditions, industry and market considerations, and financial performance, including the planned revenue and earnings of the reporting unit. We concluded that an impairment indicator had occurred related to the goodwill of the Specialty Chemicals reporting unit and that the indicator was driven by market factors subsequent to the Combination.

Accordingly, we performed a “Step 1” goodwill impairment test where we updated the discounted cash flow analysis used to determine the reporting unit’s initial fair value on July, 1 2015. We also compared those results to the valuations performed by our investment bankers in connection with the planned separation of our Specialty Chemicals business. Based on the results of the impairment test and analysis, we concluded that the fair value of the Specialty Chemicals reporting unit was less than its carrying amount and began a “Step 2” goodwill impairment test to determine the amount of impairment loss, if any. As part of the analysis, we determined that the carrying value of the property, plant and equipment and intangibles, all of which have finite lives, on a “held and used” basis did not exceed the estimated undiscounted future cash flows.

In light of changing market conditions, expected revenue and earnings of the reporting unit, lower comparative market valuations for companies in Specialty Chemicals’ peer group and our preliminary “Step 2” test, we concluded that an impairment of the Specialty Chemicals reporting unit was probable and could be reasonably estimated. As a result, we recorded a pre-tax and after-tax non-cash goodwill impairment charge of $478.3 million. This amount is included in the line item “Loss from discontinued operations” in the Consolidated Statements of Operations. No tax benefit was recorded for the goodwill impairment.

Until the completion of the Separation, GAAP required us to assess impairment of the Specialty Chemicals’ long-lived assets using the “held and used” model which was based on undiscounted future cash flows. Under this model, if the expected cash flows over the life of the primary asset of the reporting unit were in excess of the carrying amount, then there would be no impairment. At the date of the Separation, we assessed Specialty Chemical’s assets for potential impairment using the “held for sale” model. This model compares the fair value of the disposal unit to its carrying value. If the fair value less cost to sell is lower than the carrying value an impairment loss would be recorded. At the date of the Separation, we evaluated Specialty Chemical’s intangibles, which consisted predominantly of customer list intangibles, for impairment. Our analysis at May 15, 2016, using the income approach (multi-period excess earnings method), indicated that there was a $101.1 million pre-tax non-cash impairment of our Specialty Chemicals customer relationships intangible. The impairment loss was recorded on the Separation and was included as a component of discontinued operations.
The following table presents the significant non-cash items and capital expenditures for Specialty Chemicals’ that are included in the Consolidated Statements of Cash Flows (in millions):
 
Fiscal Year Ended September 30,
 
2016
 
2015
Depreciation, depletion and amortization
$
57.2

 
$
22.0

Impairment of Specialty Chemicals goodwill and intangibles
$
579.4

 
$
—

Capital expenditures
$
(45.2
)
 
$
(28.6
)

Depreciation expense in fiscal 2016 and 2015 was $30.4 million and $11.4 million, respectively, and amortization expense in fiscal 2016 and 2015 was $26.8 million and $10.6 million, respectively.

The carrying value of the assets and liabilities of discontinued operations on the Consolidated Balance Sheet as of September 30, 2015 were as follows (in millions):
 
September 30,
2015
ASSETS
Cash and cash equivalents
$
20.5

Accounts receivable (net of allowance of $0.1)
114.6

Inventories
202.4

Other current assets
25.3

Total current assets of discontinued operations
$
362.8

 
 
Property, plant and equipment, net
$
436.9

Goodwill
1,047.4

Intangibles, net
757.3

Other non-current assets
14.1

Total non-current assets of discontinued operations
$
2,255.7

 
 
LIABILITIES
Current portion of debt
$
10.4

Accounts payable
72.4

Accrued compensation and benefits
3.1

Other current liabilities
32.7

Total current liabilities of discontinued operations

$
118.6

 
 
Long-term debt due after one year
$
0.1

Deferred income taxes
350.9

Other non-current liabilities
10.8

Total non-current liabilities of discontinued operations

$
361.8

Restructuring and Other Costs, Net
Restructuring and Other Costs, Net
Restructuring and Other Costs, Net

Summary of Restructuring and Other Initiatives

We recorded pre-tax restructuring and other costs, net, of $366.4 million, $140.8 million and $55.6 million for fiscal 2016, 2015 and 2014, respectively. Of these costs, $200.2 million, $13.4 million and $10.2 million were non-cash for fiscal 2016, 2015 and 2014, respectively. These amounts are not comparable since the timing and scope of the individual actions associated with each restructuring, acquisition or integration can vary. The restructuring and other costs, net, exclude the Specialty Chemicals costs which are included in discontinued operations. We discuss our restructuring and other costs, net in more detail below and those charged to discontinued operations in “Note 7. Discontinued Operations”.

When we close a facility, if necessary, we recognize an impairment charge primarily to reduce the carrying value of equipment or other property to their estimated fair value less cost to sell, and record charges for severance and other employee related costs. Any subsequent change in fair value less cost to sell prior to disposition is recognized as identified; however, no gain is recognized in excess of the cumulative loss previously recorded. At the time of each announced closure, we generally expect to record future charges for equipment relocation, facility carrying costs, costs to terminate a lease or contract before the end of its term and other employee related costs. Although specific circumstances vary, our strategy has generally been to consolidate our sales and operations into large well-equipped plants that operate at high utilization rates and take advantage of available capacity created by operational excellence initiatives. Therefore, we transfer a substantial portion of each plant’s assets and production to our other plants. We believe these actions have allowed us to more effectively manage our business.

While restructuring costs are not charged to our segments and, therefore, do not reduce segment income, we highlight the segment to which the charges relate. The following table presents a summary of restructuring and other charges, net, related to active restructuring and other initiatives that we incurred during the last three fiscal years, the cumulative recorded amount since we started the initiative, and our estimate of the total we expect to incur (in millions):
Related Segment
 
Period
 
Net Property,
Plant and
Equipment (a)
 
Severance
and Other
Employee
Related
Costs
 
Equipment
and Inventory
Relocation
Costs
 
Facility
Carrying
Costs
 
Other
Costs
 
Total
Corrugated
Packaging(b)
 
Fiscal 2016
 
$
184.5

 
$
17.4

 
$
0.3

 
$
18.9

 
$
9.1

 
$
230.2

 
Fiscal 2015
 
1.3

 
0.4

 
1.1

 
3.0

 
2.2

 
8.0

 
Fiscal 2014
 
8.9

 
0.9

 
3.3

 
5.2

 
4.1

 
22.4

 
Cumulative
 
226.4

 
46.8

 
8.0

 
33.9

 
22.7

 
337.8

 
Expected Total
 
226.4

 
46.8

 
8.9

 
38.4

 
24.2

 
344.7

Consumer Packaging(c)
 
Fiscal 2016
 
3.8

 
4.6

 
1.1

 
0.5

 
—

 
10.0

 
Fiscal 2015
 
0.9

 
1.8

 
0.5

 
0.9

 
0.3

 
4.4

 
Fiscal 2014
 
1.3

 
1.1

 
—

 
0.1

 
0.2

 
2.7

 
Cumulative
 
9.3

 
8.0

 
2.1

 
1.7

 
0.5

 
21.6

 
Expected Total
 
9.3

 
8.2

 
2.8

 
1.7

 
0.5

 
22.5

Land and Development(d)
 
Fiscal 2016
 
—

 
10.6

 
—

—

—

 
—

 
10.6

 
Fiscal 2015
 
—

 
—

 
—

 
—

 
—

 
—

 
Fiscal 2014
 
—

 
—

 
—

 
—

 
—

 
—

 
Cumulative
 
—

 
10.6

 
—

 
—

 
—

 
10.6

 
Expected Total
 
—

 
14.8

 
—

 
—

 
—

 
14.8

Other(e)
 
Fiscal 2016
 
1.2

 
1.5

 
—

 
—

 
112.9

 
115.6

 
Fiscal 2015
 
—

 
—

 
—

 
—

 
128.4

 
128.4

 
Fiscal 2014
 
—

 
—

 
—

 
—

 
30.5

 
30.5

 
Cumulative
 
1.2

 
1.5

 
—

 
—

 
387.1

 
389.8

 
Expected Total
 
1.2

 
1.5

 
—

 
—

 
387.1

 
389.8

Total
 
Fiscal 2016
 
$
189.5

 
$
34.1

 
$
1.4

 
$
19.4

 
$
122.0

 
$
366.4

 
Fiscal 2015
 
$
2.2

 
$
2.2

 
$
1.6

 
$
3.9

 
$
130.9

 
$
140.8

 
Fiscal 2014
 
$
10.2

 
$
2.0

 
$
3.3

 
$
5.3

 
$
34.8

 
$
55.6

 
Cumulative
 
$
236.9

 
$
66.9

 
$
10.1

 
$
35.6

 
$
410.3

 
$
759.8

 
Expected Total
 
$
236.9

 
$
71.3

 
$
11.7

 
$
40.1

 
$
411.8

 
$
771.8


(a) 
We have defined “Net property, plant and equipment” as used in this Note 8 to represent property, plant and equipment impairment losses, subsequent adjustments to fair value for assets classified as held for sale, subsequent (gains) or losses on sales of property, plant and equipment and related parts and supplies, and accelerated depreciation on such assets, if any.

(b) 
The Corrugated Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with the permanent closures of the Coshocton, OH and Uncasville, CT medium mills, the Newberg, OR containerboard and newsprint mill, the Vapi, India linerboard mill, restructuring activities at a corrugated container facility, restructuring activities at a recycling facility and on-going closure costs at previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one recycled collection facility and on-going closure costs at other previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2014 are primarily associated with the closure of one corrugated container plant, one collection facility and on-going closure costs and fair value adjustments for assets at previously closed facilities which were partially offset by gains on sale of previously closed facilities. The cumulative charges are primarily associated with the closure of the Coshocton, Uncasville, Newberg, Vapi and Matane, Quebec mills, cumulative closure of corrugated container plants and recycled collection facilities and gains and losses associated with the sale of closed facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.

(c) 
The Consumer Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with a folding carton and a merchandising displays facility, on-going closure costs at previously closed facilities that were partially offset by the gain on sale of the Cincinnati, OH specialty recycled paperboard mill. The Consumer Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one folding carton facility, one merchandising displays facility, and on-going closure costs at other previously closed facilities. The Consumer Packaging segment related charges in fiscal 2014 are primarily associated with our Cincinnati, OH specialty recycled paperboard mill and on-going closure costs for previously closed converting facilities. The cumulative charges primarily reflect our Cincinnati, OH specialty recycled paperboard mill, and cumulative closures of folding carton and merchandising display facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.

(d) 
The Land and Development segment related charges in fiscal 2016 and cumulative charges reflect severance and other employee costs related to personnel reductions in the segment.

(e) 
The expenses in the “Other” segment primarily reflect costs that we consider as related to Corporate that primarily consist of costs incurred as a result of the Combination, the Smurfit-Stone Acquisition, and other acquisition and divestiture expenses, excluding the Specialty Chemicals costs which are included in discontinued operations. The charges in the Net Property, Plant and Equipment column are for the write-off of leasehold improvements associated with the integration of the Combination. The pre-tax charges in the “Other” segment are summarized below (in millions):

 
Acquisition
Expense
 
Integration
Expenses
 
Other Expense
 (Income)
 
Total
Fiscal 2016
$
8.9

 
$
104.7

 
$
2.0

 
$
115.6

Fiscal 2015
44.4

 
84.3

 
(0.3
)
 
128.4

Fiscal 2014
7.5

 
23.0

 
—

 
30.5



Acquisition expenses include expenses associated with mergers, acquisitions and other business combinations, whether consummated or not, as well as litigation expenses associated with mergers, acquisitions and business combinations, net of recoveries. Acquisition expenses primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees. Integration expenses reflect primarily severance and other employee costs, professional services including work being performed to facilitate merger and acquisition integration, such as information systems integration costs, lease expense and other costs. Due to the complexity and duration of the integration activities associated with the Combination, the precise amount expected to be incurred has not been quantified in the “Expected Total” in the Summary of Restructuring and Other Costs, Net table above. We expect integration activities to continue during fiscal 2017.


The following table represents a summary of and the changes in the restructuring accrual, which is primarily composed of lease commitments, accrued severance and other employee costs, as well as a reconciliation of the restructuring accrual to the line item “Restructuring and other costs, net” on our Consolidated Statements of Operations for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Accrual at beginning of fiscal year
$
21.4

 
$
10.9

 
$
21.8

Accruals acquired in merger
—

 
2.9

 
—

Additional accruals
75.3

 
37.6

 
5.0

Payments
(51.9
)
 
(31.4
)
 
(14.1
)
Adjustment to accruals
—

 
1.4

 
(1.8
)
Accrual at end of fiscal year
$
44.8

 
$
21.4

 
$
10.9

Reconciliation of accruals and charges to restructuring and other costs, net:
 
 
 
 
 
2016
 
2015
 
2014
Additional accruals and adjustments to accruals (see table above)
$
75.3

 
$
39.0

 
$
3.2

Acquisition expenses
8.9

 
44.4

 
7.5

Integration expenses
69.1

 
49.2

 
23.4

Net property, plant and equipment
189.5

 
2.2

 
10.2

Severance and other employee costs
2.2

 
0.3

 
0.6

Equipment and inventory relocation costs
1.4

 
1.6

 
3.3

Facility carrying costs
19.5

 
3.9

 
5.3

Other expense
0.5

 
0.2

 
2.1

Total restructuring and other costs, net
$
366.4

 
$
140.8

 
$
55.6

Other Intangible Assets
Other Intangible Assets
Other Intangible Assets

The gross carrying amount and accumulated amortization relating to intangible assets, excluding goodwill, is as follows (in millions, except weighted avg. life): 
  
 
 
September 30,
 
 
 
2016
 
2015
 
Weighted
Avg. Life
(in years)
 
Gross  Carrying
Amount
 
Accumulated
Amortization
 
Gross  Carrying
Amount
 
Accumulated
Amortization
Customer relationships
18.1
 
$
3,094.4

 
$
(610.5
)
 
$
3,075.1

 
$
(414.1
)
Favorable contracts
9.1
 
48.9

 
(27.0
)
 
48.6

 
(22.1
)
Technology and patents
10.0
 
55.4

 
(14.9
)
 
55.5

 
(9.3
)
Trademarks and tradenames
17.8
 
65.0

 
(24.1
)
 
65.0

 
(16.1
)
Non-compete agreements
1.0
 
0.2

 
(0.1
)
 
—

 
—

License costs
8.2
 
23.5

 
(11.5
)
 
19.9

 
(7.6
)
Total
17.9
 
$
3,287.4

 
$
(688.1
)
 
$
3,264.1

 
$
(469.2
)


Intangible amortization expense, excluding discontinued operations, was $235.8 million, $131.1 million and $92.5 million during fiscal 2016, 2015 and 2014, respectively. The intangible amortization expense is primarily recorded as SG&A intangible amortization. See “Note 7. Discontinued Operations” for more information.

Estimated intangible asset amortization expense for the succeeding five fiscal years is as follows (in millions):
Fiscal 2017
$
213.4

Fiscal 2018
212.0

Fiscal 2019
210.5

Fiscal 2020
210.4

Fiscal 2021
162.8



Debt
Debt
Debt    

In connection with the Combination, the public bonds previously issued by WestRock RKT Company and WestRock MWV, LLC are guaranteed by WestRock and have cross-guarantees between the two companies. The IDBs associated with the capital lease obligations of WestRock MWV, LLC are guaranteed by WestRock. The public bonds are unsecured unsubordinated obligations that rank equally in right of payment with all of our existing and future unsecured unsubordinated obligations. The notes are effectively subordinated to any of our existing and future secured debt to the extent of the value of the assets securing such debt. At September 30, 2016, our Credit Facility, Farm Credit Facility and public bonds were unsecured.

The following were individual components of debt (in millions):
 
September 30, 2016
 
September 30, 2015
 
Carrying Value
 
Weighted Avg Interest Rate
 
Carrying Value
 
Weighted Avg Interest Rate
U.S. Dollar Denominated Fixed Rate Debt:
 
 
 
 
 
 
 
Notes due fiscal 2017 to 2022
$
1,651.0

 
3.9
%
 
$
1,672.2

 
3.8
%
Notes due fiscal 2023 to 2027
411.8

 
4.3
%
 
436.8

 
4.4
%
Notes due fiscal 2030 to 2033
987.5

 
4.7
%
 
1,002.8

 
4.6
%
Notes due fiscal 2037 to 2047
179.2

 
6.0
%
 
180.1

 
5.9
%
 
 
 
 
 
 
 
 
U.S. Dollar Denominated Floating Rate Debt:
 
 
 
 
 
 
 
Term loan facilities
2,195.7

 
1.8
%
 
1,794.7

 
1.4
%
Revolving credit and swing facilities
—

 
N/A

 
64.1

 
2.6
%
Receivables-backed financing facility
—

 
N/A

 
198.0

 
0.9
%
 
 
 
 
 
 
 
 
Capital lease obligations
184.4

 
4.2
%
 
165.8

 
5.7
%
 
 
 
 
 
 
 
 
Supplier financing and commercial card programs
106.0

 
N/A

 
3.2

 
N/A

 
 
 
 
 
 
 
 
International and other debt
73.6

 
7.3
%
 
104.2

 
7.4
%
Total debt
5,789.2

 
3.3
%
 
5,621.9

 
3.3
%
Less current portion of debt
292.9

 
 
 
63.7

 
 
Long-term debt due after one year
$
5,496.3

 
 
 
$
5,558.2

 
 


A portion of the debt classified as long-term, principally our Credit Facility and Receivables Facility, may be paid down earlier than scheduled at our discretion without penalty. Certain restrictive covenants govern our maximum availability under our credit facilities. We test and report our compliance with these covenants as required and were in compliance with all of our covenants at September 30, 2016. The carrying value of the Company’s debt includes the fair value step-up of debt acquired in mergers and acquisitions. At September 30, 2016, the unamortized fair market value step-up was $316.3 million, which will be amortized over a weighted average remaining life of 13.1 years. The weighted average interest rate also includes the fair value step up. Excluding the step-up, the weighted average interest rate on total debt was 4.2%. At September 30, 2016, we had $107.0 million of outstanding letters of credit not drawn upon. At September 30, 2016, we had approximately $2.6 billion of availability under our committed credit facilities and approximately $0.4 billion available under our uncommitted credit facilities. This liquidity, may be used to provide for ongoing working capital needs and for other general corporate purposes including acquisitions, dividends and stock repurchases. The estimated fair value of our debt was approximately $6.0 billion and $5.7 billion as of September 30, 2016 and September 30, 2015, respectively. The fair value of our long-term debt is primarily either based on quoted prices for those or similar instruments or approximate the carrying amount as the variable interest rates reprice frequently at observable current market rates and are categorized as level 2 within the fair value hierarchy. During fiscal 2016, 2015 and 2014 amortization of debt issuance costs charged to interest expense were $4.6 million, $9.3 million and $10.3 million, respectively.

Term Loan Facilities and Revolving Credit Facility

In connection with the Combination, on July 1, 2015, we entered into a credit agreement (the “Credit Agreement”) which provides for a 5-year senior unsecured term loan in an aggregate principal amount of $2.3 billion and a 5-year senior unsecured revolving credit facility in an aggregate committed principal amount of $2.0 billion (the “Credit Facility”). We drew $1.2 billion of the $2.3 billion unsecured term loan and $1.1 billion was available to be drawn on a delayed draw basis not later than April 1, 2016 in up to two separate draws. Certain proceeds of the Credit Facility were used to repay certain indebtedness of the Company’s subsidiaries at the time of the Combination, including the then existing RockTenn credit facility, and to pay fees and expenses incurred in connection with the Combination. The Credit Facility is unsecured and is guaranteed by WestRock’s wholly-owned subsidiaries WestRock RKT Company and WestRock MWV, LLC. On March 24, 2016, we drew $600.0 million of the then available $1.1 billion delayed draw term loan facility for general corporate purposes and the balance of the delayed draw term loan facility was terminated. On June 22, 2016, we pre-paid $200.0 million of amortization payments through the second quarter of fiscal 2018.

On July 1, 2016, we executed an option to extend the term of the 5-year senior unsecured revolving credit facility for one year beyond the original term. Approximately $1.82 billion of the original $2.0 billion aggregate committed principal amount has been extended to July 1, 2021, and the remainder will continue to mature on July 1, 2020. Up to $150 million under the revolving credit facility may be used for the issuance of letters of credit. In addition, up to $400 million of the revolving credit facility may be used to fund borrowings in non-U.S. dollar currencies including Canadian dollars, Euro and Pound Sterling. Additionally, the Company may request up to $200 million of the revolving credit facility to be allocated to a Mexican peso revolving credit facility.

At our option, loans issued under the Credit Facility will bear interest at either LIBOR or an alternate base rate, in each case plus an applicable interest rate margin. Loans will initially bear interest at LIBOR plus 1.125% per annum, in the case of LIBOR borrowings, or at the alternate base rate plus 0.125% per annum, in the alternative, and thereafter the interest rate will fluctuate between LIBOR plus 1.00% per annum and LIBOR plus 1.50% per annum (or between the alternate base rate plus 0.00% per annum and the alternate base rate plus 0.50% per annum), based upon the Company’s corporate credit ratings or the leverage ratio (as defined in the Credit Agreement) (whichever yields a lower applicable interest rate margin) at such time. In addition, the Company will be required to pay fees that will fluctuate between 0.125% per annum to 0.25% per annum on the unused amount of the revolving credit facility, based upon the Company’s corporate credit ratings or the leverage ratio (whichever yields a lower fee) at such time. Loans under the Credit Facility may be prepaid at any time without premium.

The Credit Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants, including: financial covenants (including maintenance of a maximum consolidated debt to capitalization ratio and a minimum consolidated interest coverage ratio, as defined in the Credit Agreement) and limitations on liens, additional indebtedness and asset sales and mergers. The Credit Agreement also contains usual and customary events of default, including: non-payment of principal, interest, fees and other amounts; material breach of a representation or warranty; default on other material debt; bankruptcy or insolvency; incurrence of certain material ERISA liabilities; material judgments; impairment of loan documentation; change of control; and material breach of obligations under securitization programs.

On July 1, 2015, three WestRock wholly-owned subsidiaries, RockTenn CP, LLC, a Delaware limited liability company, Rock-Tenn Converting Company, a Georgia corporation, and MeadWestvaco Virginia Corporation, a Delaware corporation, as borrowers, entered into a credit agreement (the “Farm Loan Credit Agreement”) with CoBank ACB, as administrative agent. The Farm Loan Credit Agreement provides for a 7-year senior unsecured term loan in an aggregate principal amount of $600 million (the “Farm Credit Facility”). The Farm Credit Facility is guaranteed by WestRock, RockTenn and MWV. At September 30, 2016, there was $600.0 million outstanding under this facility.

On December 1, 2015, we entered into a $200.0 million uncommitted and revolving line of credit with Sumitomo Mitsui Banking Corporation. The facility matures on December 1, 2016. At September 30, 2016, we had no amounts outstanding under this facility. On February 11, 2016, we entered into a $100.0 million uncommitted and revolving line of credit with the Bank of Tokyo-Mitsubishi UFJ, LTD. The facility matures on February 9, 2017. At September 30, 2016, we had no amounts outstanding under this facility. On March 4, 2016, we entered into a $100.0 million uncommitted and revolving line of credit with Cooperatieve Rabobank U.A., New York Branch. The facility matures on March 2, 2017. At September 30, 2016, we had no amounts outstanding under this facility.

Receivables-Backed Financing Facility

We have a $700 million Receivables Facility and on July 22, 2016 we executed an agreement to extend the maturity date from October 24, 2017 to July 22, 2019, and continued the size of the facility. The credit spread for the used portion of the facility increased from 0.70% to 0.85%. The Receivables Facility includes certain restrictions on what constitutes eligible receivables under the facility and allows for the exclusion of eligible receivables of specific obligors each calendar year subject to the following restrictions: (i) the aggregate of excluded receivables may not exceed 7.5% of eligible receivables under the Receivables Facility, and (ii) the excluded receivables of each obligor may not exceed 2.5% of the aggregate outstanding balance. The borrowing rate, which consists of a blend of the market rate for asset-backed commercial paper and the one month LIBOR rate plus a utilization fee, was 1.4% and 0.9% as of September 30, 2016 and September 30, 2015, respectively. The commitment fee for this facility was 0.25% and 0.25% as of September 30, 2016 and September 30, 2015, respectively. Borrowing availability under this facility is based on the eligible underlying accounts receivable and compliance with certain covenants. The agreement governing the Receivables Facility contains restrictions, including, among others, on the creation of certain liens on the underlying collateral. We test and report our compliance with these covenants monthly; we were in compliance with all of these covenants at September 30, 2016. At September 30, 2016 and September 30, 2015, we had $0.0 million and $198.0 million of our maximum available borrowings of $584.3 million and $555.4 million, respectively, outstanding under the Receivables Facility. The carrying amount of accounts receivable collateralizing the maximum available borrowings at September 30, 2016 was approximately $873.9 million. We have continuing involvement with the underlying receivables as we provide credit and collections services pursuant to the Receivables Facility agreement.

Public Bonds and Other Indebtedness

On September 30, 2016 the face value of our public bonds and capital lease obligations outstanding were $3.1 billion with a weighted average interest rate of 6.1%. The range of due dates on our public bonds are set forth in the table above, and our capital lease obligations are primarily due in fiscal 2026 to 2035. Our international debt is primarily in Brazil and India.

As of September 30, 2016, the aggregate maturities of debt, excluding capital lease obligations, for the succeeding five fiscal years and thereafter are as follows (in millions):
 
Fiscal 2017
$
283.8

Fiscal 2018
84.1

Fiscal 2019
766.9

Fiscal 2020
1,851.8

Fiscal 2021
—

Thereafter
2,339.2

Fair value of debt step-up, deferred financing costs and unamortized bond discounts
279.0

Total
$
5,604.8


As of September 30, 2016, $2.5 million of the fair value of debt step-up was current.

As of September 30, 2016, the aggregate maturities of capital lease obligations for the succeeding five fiscal years and thereafter are as follows (in millions):
 
Fiscal 2017
$
6.6

Fiscal 2018
5.3

Fiscal 2019
3.8

Fiscal 2020
3.2

Fiscal 2021
2.1

Thereafter
140.8

Fair value step-up
22.6

Total
$
184.4

Fair Value
Fair Value
Fair Value

Assets and Liabilities Measured or Disclosed at Fair Value

We estimate fair values in accordance with ASC 820 “Fair Value Measurement”. ASC 820 provides a framework for measuring fair value and expands disclosures required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and a hierarchy prioritizing the inputs to valuation techniques. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Additionally, ASC 820 defines levels within the hierarchy based on the availability of quoted prices for identical items in active markets, similar items in active or inactive markets and valuation techniques using observable and unobservable inputs. We incorporate credit valuation adjustments to reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in our fair value measurements.

We disclose the fair value of our pension and postretirement assets and liabilities in “Note 14. Retirement Plans” and the fair value of our long-term debt in “Note 10. Debt” herein. We have, or from time to time may have, various assets or liabilities whose fair value are not significant, such as supplemental retirement savings plans that are nonqualified deferred compensation plans pursuant to which assets are invested primarily in mutual funds, interest rate derivatives, commodity derivatives or other similar classes of assets or liabilities.

Accounts Receivable Sales Agreement

In fiscal 2014, we entered into an agreement (the “A/R Sales Agreement”) to sell to a third party financial institution all of the short term receivables generated from certain customer trade accounts, on a revolving basis, until the agreement is terminated by either party. Transfers under this agreement meet the requirements to be accounted for as sales in accordance with the “Transfers and Servicing” guidance in ASC 860. These customers are not included in the receivables-backed financing facility. Subsequently, on February 27, 2015, the A/R Sales Agreement was amended to increase the maximum outstanding balance of receivables sold to $300.0 million. On June 27, 2016, the A/R Sales Agreement was amended to increase the maximum outstanding balance of receivables sold to $400.0 million.

The following table represents a summary of the activity under the A/R Sales Agreement for fiscal 2016 and 2015 (in millions):
 
2016
 
2015
Receivable from financial institution at beginning of fiscal year
$
5.8

 
$
10.4

Receivables sold to the financial institution and derecognized
1,474.6

 
1,222.0

Receivables collected by financial institution
(1,367.2
)
 
(1,130.4
)
Cash proceeds from financial institution
(99.4
)
 
(96.2
)
Receivable from financial institution at September 30,
$
13.8

 
$
5.8



Cash proceeds related to the receivables sold are included in cash from operating activities in the consolidated statement of cash flows in the accounts receivable line item. The loss on sale is not material as it is currently less than 1% per annum of the receivables sold, and is recorded in interest income and other income (expense), net. Although the sales are made without recourse, we maintain continuing involvement with the sold receivables as we provide collections services related to the transferred assets. The associated servicing liability is not material given the high quality of the customers underlying the receivables and the anticipated short collection period.

Financial Instruments not Recognized at Fair Value

Financial instruments not recognized at fair value on a recurring or nonrecurring basis include cash and cash equivalents, accounts receivable, certain other current assets, short-term debt, accounts payable, certain other current liabilities, and long-term debt. With the exception of long-term debt, the carrying amounts of these financial instruments approximate their fair values due to their short maturities.

Fair Value of Nonfinancial Assets and Nonfinancial Liabilities

We measure certain nonfinancial assets and nonfinancial liabilities at fair value on a nonrecurring basis. These assets and liabilities include cost and equity method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property, plant and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. During fiscal 2016, we did not have any significant nonfinancial assets or nonfinancial liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition other than the goodwill impairment of our Specialty Chemicals reporting unit in the first quarter of fiscal 2016 and the intangible impairment in the Specialty Chemicals segment in the third quarter of fiscal 2016 at the Separation, each as discussed in “Note 7. Discontinued Operations”. At September 30, 2015, we did not have any significant nonfinancial assets or nonfinancial liabilities that were measured at fair value on a nonrecurring basis in periods subsequent to initial recognition.
Leases
Leases
Operating Leases

We lease certain manufacturing and warehousing facilities and equipment, primarily transportation equipment, under various operating leases. Some leases contain escalation clauses and provisions for lease renewal. As of September 30, 2016, future minimum lease payments under all noncancelable operating leases for the succeeding five fiscal years and thereafter are as follows (in millions):
 
Fiscal 2017
$
104.8

Fiscal 2018
89.2

Fiscal 2019
72.1

Fiscal 2020
58.9

Fiscal 2021
44.0

Thereafter
120.2

Total future minimum lease payments
$
489.2



Rental expense for the years ended September 30, 2016, 2015 and 2014 was approximately $199.3 million, $144.8 million and $112.3 million, respectively, including lease payments under cancelable leases and maintenance charges on transportation equipment.
Income Taxes
Tax Provision
Income Taxes    

The components of income from continuing operations before income taxes are as follows (in millions):
 
Year Ended September 30,
 
2016
 
2015
 
2014
United States
$
(25.1
)
 
$
571.3

 
$
665.2

Foreign
269.7

 
162.9

 
105.1

Income from continuing operations before income taxes
$
244.6

 
$
734.2

 
$
770.3



The loss from continuing operations in the U.S. in fiscal 2016 is primarily the result of the pension risk transfer expense and restructuring charges. We discuss these items in more detail in “Note 14. Retirement Plans” and “Note 8. Restructuring and Other Costs, Net”, respectively.

Income tax expense (benefit) from continuing operations consists of the following components (in millions):
 
Year Ended September 30,
 
2016
 
2015
 
2014
Current income taxes:
 
 
 
 
 
Federal
$
98.3

 
$
31.6

 
$
19.9

State
12.8

 
7.3

 
15.2

Foreign
87.0

 
38.6

 
(0.7
)
Total current expense
198.1

 
77.5

 
34.4

Deferred income taxes:
 
 
 
 
 
Federal
(131.5
)
 
157.8

 
201.8

State
6.9

 
(10.8
)
 
19.9

Foreign
16.3

 
8.5

 
30.4

Total deferred (benefit) expense
(108.3
)
 
155.5

 
252.1

Income tax expense
$
89.8

 
$
233.0

 
$
286.5



The differences between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows:
 
Year Ended September 30,
 
2016
 
2015
 
2014
Statutory federal tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
Foreign rate differential
(5.5
)
 
(1.6
)
 
(1.3
)
Adjustment and resolution of federal, state and foreign tax uncertainties
0.2

 
0.3

 
0.4

State taxes, net of federal benefit
4.9

 
1.2

 
2.0

Research and development and other tax credits, net of valuation allowances and reserves
(6.1
)
 
(0.1
)
 
0.1

Income attributable to noncontrolling interest
0.8

 
(0.4
)
 
(0.1
)
Domestic manufacturer’s deduction
(4.4
)
 
(2.6
)
 
(0.4
)
State of New York tax law change, net of valuation allowance
—

 
—

 
1.2

Change in valuation allowance
6.3

 
(0.8
)
 
0.7

Nondeductible transaction costs
0.4

 
1.0

 
—

Deconsolidation of Grupo Gondi joint venture
3.4

 
—

 
—

Nontaxable increased cash surrender value
(4.6
)
 
(0.1
)
 
(0.1
)
Withholding taxes
2.0

 
—

 
—

Brazilian net worth deduction
(2.0
)
 
(0.1
)
 
—

Other, net
6.3

 
(0.1
)
 
(0.3
)
Effective tax (benefit) rate
36.7
 %
 
31.7
 %
 
37.2
 %


The tax effects of temporary differences that give rise to deferred income tax assets and liabilities consist of the following (in millions):
 
 
September 30,
 
2016
 
2015
Deferred income tax assets:
 
 
 
Accruals and allowances
$
12.2

 
$
33.9

Employee related accruals and allowances
217.6

 
224.9

Pension obligations
15.5

 
—

State net operating loss carryforwards
82.3

 
92.7

State credit carryforwards, net of federal benefit
56.1

 
56.3

Federal tax credit carryforwards
185.1

 
213.8

Foreign net operating loss carryforwards
119.3

 
65.5

Restricted stock and options
94.9

 
63.1

Other
44.4

 
21.4

Total
827.4

 
771.6

Deferred income tax liabilities:
 
 
 
Property, plant and equipment
2,124.0

 
2,215.2

Deductible intangibles and goodwill
891.3

 
1,182.8

Inventory reserves
205.6

 
178.4

Deferred gain
432.1

 
444.1

Pension obligations
—

 
141.4

Basis difference in joint ventures
96.0

 
3.0

Other
1.0

 
1.0

Total
3,750.0

 
4,165.9

Valuation allowances
177.2

 
100.2

Net deferred income tax liability
$
3,099.8

 
$
3,494.5



Deferred taxes are recorded as follows in the consolidated balance sheet (in millions):
 
September 30,
 
2016
 
2015
Current deferred tax asset
$
—

 
$
13.2

Current deferred tax liability
—

 
9.8

Long-term deferred tax asset
30.9

 
42.7

Long-term deferred tax liability
3,130.7

 
3,540.6

Net deferred income tax liability
$
3,099.8

 
$
3,494.5



At September 30, 2015, long-term deferred tax liability in the table above included $350.9 million of deferred tax liabilities related to the Specialty Chemicals segment. The Specialty Chemicals tax liabilities were removed from our consolidated financial statements as part of the Separation.

At September 30, 2016 and September 30, 2015, we had gross federal net operating losses of approximately $85.3 million and $1.8 million, respectively. These loss carryforwards generally expire between fiscal 2029 and 2036.

In fiscal 2015, we utilized our remaining federal CBPC carryforwards, which were $138.6 million at September 30, 2014. At September 30, 2016 and September 30, 2015, we had alternative minimum tax credits of $185.1 million and $197.5 million, respectively. Under current tax law, the alternative minimum tax credit carryforwards do not expire. At September 30, 2015, we had various other federal credit carryforwards of $16.3 million.
At September 30, 2016 and September 30, 2015, we had gross state and local net operating losses, of approximately $1,899 million and $2,119 million, respectively. These loss carryforwards generally expire between fiscal 2017 and 2036. The tax effected values of these net operating losses are $82.3 million and $92.7 million at September 30, 2016 and 2015, respectively, exclusive of valuation allowances of $14.2 million and $10.4 million at September 30, 2016 and 2015, respectively.

At September 30, 2016 and September 30, 2015, gross net operating losses for foreign reporting purposes of approximately $448.7 million and $233.1 million, respectively, were available for carryforward. A majority of these loss carryforwards generally expire between fiscal 2017 and 2035, while a portion have an indefinite carryforward. The tax effected values of these net operating losses are $119.3 million and $65.5 million at September 30, 2016 and 2015, respectively, exclusive of valuation allowances of $92.5 million and $41.1 million at September 30, 2016 and 2015, respectively.

At September 30, 2016 and 2015, we had state tax credit carryforwards of $56.1 million and $56.3 million, respectively. These state tax credit carryforwards generally expire within 5 to 10 years; however, certain state credits can be carried forward indefinitely. Valuation allowances of $51.2 million and $48.7 million at September 30, 2016 and 2015, respectively, have been provided on these assets. These valuation allowances have been recorded due to uncertainty regarding our ability to generate sufficient taxable income in the appropriate taxing jurisdiction. On March 31, 2014, the State of New York enacted an income tax law which reduced the tax rate for qualified New York State manufacturers to zero percent effective for tax years beginning on or after January 1, 2014 and thereby rendered a previously recorded deferred tax asset related to a credit carryforward to no longer have any value. Therefore, a full valuation allowance was recorded against our New York state credit carryforwards as it is more likely than not that they will not be utilized.

The following table represents a summary of the valuation allowances against deferred tax assets for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
100.2

 
$
65.1

 
$
36.2

Charges to costs and expenses
24.8

 
2.7

 
31.7

Allowances related to purchase accounting(1)
63.0

 
40.0

 
—

Deductions
(10.8
)
 
(7.6
)
 
(2.8
)
Balance at end of fiscal year
$
177.2

 
$
100.2

 
$
65.1


(1) 
Adjustments in fiscal 2016 relate to the Combination and the SP Fiber Acquisition. Adjustments in fiscal 2015 relate to the Combination.

Consistent with prior years, we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly. However, we consider the unremitted earnings from all other foreign subsidiaries to be permanently reinvested. Accordingly, we have not provided for any incremental U.S. taxes that would be due upon the repatriation of these earnings.

As of September 30, 2016, we estimate our outside basis difference in foreign subsidiaries that are considered permanently reinvested to be approximately $1.9 billion. We have not provided for any incremental U.S. taxes that would be due upon the repatriation of those earnings. However, in the event of a distribution in the form of dividends or otherwise, we may be subject to incremental U.S. income taxes, subject to an adjustment for foreign tax credits, and withholding taxes payable to the foreign jurisdictions. As of September 30, 2016, the determination of the deferred tax liability is not practicable.

As of September 30, 2016 and 2015, the total amount of unrecognized tax benefits were approximately $166.8 million and $106.6 million, respectively, exclusive of interest and penalties. Of these balances, as of September 30, 2016 and 2015, if we were to prevail on all unrecognized tax benefits recorded, approximately $138.6 million and $98.6 million, respectively, would benefit the effective tax rate. We regularly evaluate, assess and adjust the related liabilities in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
106.6

 
$
36.5

 
$
21.3

Additions related to purchase accounting (1)
16.5

 
82.9

 
—

Additions for tax positions taken in current year
30.3

 
2.4

 
14.8

Additions (reductions) for tax positions taken in prior fiscal years
10.9

 
(3.7
)
 
1.0

Reductions due to settlement
(1.3
)
 
—

 
—

Additions (reductions) for currency translation adjustments
7.0

 
(11.5
)
 
—

Reductions as a result of a lapse of the applicable statute of limitations
(3.2
)
 
—

 
(0.6
)
Balance at end of fiscal year
$
166.8

 
$
106.6

 
$
36.5


(1) 
Adjustments in fiscal 2016 relate to the Combination and the SP Fiber Acquisition. Adjustments in fiscal 2015 relate to the Combination.

We recognize estimated interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of operations. As of September 30, 2016 and September 30, 2015, we had liabilities of $60.2 million and $47.4 million, respectively, related to estimated interest and penalties for unrecognized tax benefits. Our results of operations for the fiscal years ended September 30, 2016, 2015 and 2014 include expense of $7.4 million, expense of $2.9 million and income of $0.5 million, respectively, related to estimated interest and penalties with respect to the liability for unrecognized tax benefits. As of September 30, 2016, it is reasonably possible that our unrecognized tax benefits will decrease by up to $8 million in the next twelve months due to expiration of various statues of limitations.

We file federal, state and local income tax returns in the U.S. and various foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to fiscal 2009. While we believe our tax positions are appropriate, they are subject to audit or other modifications and there can be no assurance that any modifications will not materially and adversely affect our results of operations, financial condition or cash flows.
Retirement Plans
Retirement Plans
Retirement Plans

We have defined benefit pension plans and other postretirement benefit plans for certain U.S. and non-U.S. employees. Certain plans were frozen for salaried and non-union hourly employees at various times in the past, although some employees meeting certain criteria are still accruing benefits. In addition, under several labor contracts, we make payments, based on hours worked, into MEPP trusts established for the benefit of certain collective bargaining employees in facilities both inside and outside the U.S. We also have supplemental executive retirement plans and other non-qualified defined benefit pension plans that provide unfunded supplemental retirement benefits to certain of our current and former executives. The supplemental executive retirement plans provide for incremental pension benefits in excess of those offered in our principal pension plan. The other postretirement benefit plans provide certain health care and life insurance benefits for certain salaried and hourly employees who meet specified age and service requirements as defined by the plans.

In connection with the Combination, the Rock-Tenn Company Consolidated Pension Plan and MWV U.S. qualified defined benefit pension plans assigned the role of plan sponsor to WestRock. On July 2, 2015, WestRock merged the MWV U.S. qualified defined benefit pension plans into the Rock-Tenn Company Consolidated Pension Plan, and renamed the merged plan the WestRock Company Consolidated Pension Plan. Upon the merger, the terms and provisions of the legacy MWV plans were incorporated into the merged plan.

Additionally, on July 30, 2015, WestRock approved changes to freeze the WestRock Company Consolidated Pension Plan for the remaining U.S. salaried and non-union hourly employees, subject to certain grandfathering. Affected employees accrued a benefit through December 31, 2015, except for employees in the legacy MWV U.S. qualified defined benefit pension plans that met the criteria for grandfathering. Those employees meeting a minimum age of 50 and an aggregate age and service of 75 years or more as of December 31, 2015, are grandfathered and continue to accrue a benefit until December 31, 2020 or their termination date, if earlier. The WestRock retirement program for U.S. salaried and non-union hourly employees in place of the WestRock Company Consolidated Pension Plan is a defined contribution benefit.
The benefits under our defined benefit pension plans are based on either compensation or a combination of years of service and negotiated benefit levels, depending upon the plan. We allocate our pension assets to several investment management firms across a variety of investment styles. Our defined benefit Investment Committee meets at least four times a year with our investment advisors to review each management firm’s performance and monitors its compliance with its stated goals, our investment policy and applicable regulatory requirements in the U.S. and Canada.

We understand that investment returns are volatile. We believe that, by investing in a variety of asset classes and utilizing multiple investment management firms, we can create a portfolio that yields adequate returns with reduced volatility. Our qualified U.S. plans employ a liability matching strategy augmented with Treasury futures to generally fully hedge against interest rate risk. After we consulted with our actuary and investment advisors, we adopted the target allocations in the table that follows for our pension plans to produce the desired performance. These target allocations are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below target ranges or modify the allocations.

Target Allocations
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2016
 
2015
Equity investments
14
%
 
10
%
 
28
%
 
28
%
Fixed income investments
71
%
 
78
%
 
59
%
 
59
%
Short-term investments
1
%
 
1
%
 
1
%
 
1
%
Other investments
14
%
 
11
%
 
12
%
 
12
%
Total
100
%
 
100
%
 
100
%
 
100
%

Our asset allocations by asset category at September 30 were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2016
 
2015
Equity investments
15
%
 
9
%
 
29
%
 
28
%
Fixed income investments
66
%
 
77
%
 
59
%
 
59
%
Short-term investments
7
%
 
3
%
 
2
%
 
1
%
Other investments
12
%
 
11
%
 
10
%
 
12
%
Total
100
%
 
100
%
 
100
%
 
100
%

We manage our retirement plans in accordance with the provisions of ERISA as well as applicable legislation in Canada and other foreign countries. Our investment policy objectives include maximizing long-term returns at acceptable risk levels, diversifying among asset classes, as applicable, and among investment managers, as well as establishing certain risk parameters within asset classes. We have allocated our investments within the equity and fixed income asset classes to sub-asset classes designed to meet these objectives. In addition, our other investments support multi-strategy objectives.

In developing our weighted average expected rate of return on plan assets, we consulted with our investment advisors and evaluated criteria based on historical returns by asset class and long-term return expectations by asset class. We use a September 30 measurement date. We currently expect to contribute approximately $30 million to our U.S. and non-U.S. pension plans in fiscal 2017, primarily related to our Canadian plans. However, it is possible that our assumptions or legislation may change, actual market performance may vary or we may decide to contribute a different amount. Therefore, the amount we contribute may vary materially. The expense for MEPPs for collective bargaining employees generally equals the contributions for these plans.

The weighted average assumptions used to measure the benefit plan obligations at September 30, were:
 
Pension Plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
4.04%
 
3.08%
 
4.70%
 
3.89
%
Rate of compensation increase
3.00%
 
3.09%
 
2.50%
 
3.10
%

We determine the discount rate with the assistance of actuaries. At September 30, 2016, the discount rate for the U.S. pension plans was determined based on the yield on a theoretical portfolio of high-grade corporate bonds, and the discount rate for the non-U.S. plans was determined based on a yield curve developed by our actuary. The theoretical portfolio of high-grade corporate bonds used to select the September 30, 2016 discount rate for the U.S. pension plans includes bonds generally rated Aa- or better with at least $100 million outstanding par value and bonds that are non-callable (unless the bonds possess a “make whole” feature). The theoretical portfolio of bonds has cash flows that generally match our expected benefit payments in future years.

Our assumption regarding the future rate of compensation increases is reviewed periodically and is based on both our internal planning projections and recent history of actual compensation increases.

We typically review our expected long-term rate of return on plan assets periodically through an asset allocation study with either our actuary or investment advisor. In fiscal 2017, our expected rate of return used to determine net periodic benefit cost is 6.50% for our U.S. plans and 6.03% for our non-U.S. plans. Our 2017 expected rates of return are based on an analysis of our long-term expected rate of return and our current asset allocation.

On September 21, 2016, using plan assets we settled $2.5 billion in pension obligations of the WestRock Company Consolidated Pension Plan by purchasing group annuity contracts from Prudential. This transaction transferred payment responsibility to Prudential for retirement benefits owed to approximately 35,000 U.S. retirees and their beneficiaries. As a result of the transaction, we recorded a non-cash charge of $370.7 million pre-tax. The settlement reduced WestRock’s overall U.S. pension obligations and assets by approximately 40%. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Those plan participants not included in the transaction remain in the WestRock Company Consolidated Pension Plan, and responsibility for payment of the retirement benefits remains with WestRock.

During the first quarter of fiscal 2015, we partially settled obligations of one of our defined benefit pension plans through lump sum payments to certain eligible former employees who were not currently receiving a monthly benefit. Eligible former employees whose present value of future pension benefits exceeded a certain minimum threshold had the option to either voluntarily accept lump sum payments or to not accept the offer and continue to be entitled to their monthly benefit upon retirement. Former employees with an aggregate pension benefit obligation of $163.7 million accepted the offer. Lump sum payments of $135.1 million were made out of existing plan assets. The settlement resulted in a gain of $28.6 million that was more than offset by the loss on remeasurement of the pension benefit obligation of approximately $32.5 million due primarily to the impact of a lower discount rate and mortality table changes. As a result, we recorded a net $3.9 million loss to other comprehensive income. The settlement also resulted in a $20.0 million pre-tax non-cash charge to earnings, which is included in the line item “Pension lump sum settlement and retiree medical curtailment, net” on our Consolidated Statements of Operations. The impact of the settlement is included in the net periodic pension cost table below. As a result of the remeasurement, the pension benefit obligation increased $22.1 million due to changes in coverage for certain employees covered by the USW master agreement as discussed below, with an offset recorded to the unrecognized prior service cost component of other comprehensive income.

In the first quarter of fiscal 2015, we entered into a master agreement with the USW that applied to substantially all of our legacy RockTenn facilities where employees that they represent are employed. The agreement has a six year term and covers a number of specific items such as wages, medical coverage and certain other benefit programs. Individual facilities will continue to have local agreements for subjects not covered by the UWW master agreement and those agreements will continue to have staggered terms.

During the fourth quarter of fiscal 2014, we partially settled obligations of certain of our defined benefit pension plans through lump sum payments to certain eligible former employees who were not currently receiving a monthly benefit. Eligible former employees whose present value of future pension benefits exceeded a certain minimum threshold had the option to either voluntarily accept or not accept the offer and continue to be entitled to their monthly benefit upon retirement. Former employees with an aggregate pension benefit obligation of $248.8 million accepted the offer. Lump sum payments of $210.2 million were made out of existing plan assets. As a result of the settlement and remeasurement, we recorded a $38.6 million gain to other comprehensive income and a non-cash pre-tax charge to earnings of $47.9 million. The impact of the settlement is included in the change in benefit obligation, change in plan assets, net periodic pension cost and change in other comprehensive income tables that follow.

The following table shows the changes in benefit obligation and plan assets, and the plan’s funded status for the years ended September 30 (in millions):
 
 
Pension Plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Change in projected benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of fiscal year
$
6,122.3

 
$
865.1

 
$
3,606.5

 
$
964.1

Service cost
45.7

 
5.7

 
39.4

 
5.3

Interest cost
277.8

 
32.5

 
183.4

 
34.7

Amendments
1.4

 
—

 
26.5

 
—

Actuarial loss (gain)
664.2

 
70.8

 
(100.2
)
 
(1.7
)
Plan participant contributions
—

 
1.5

 
—

 
1.7

Special termination benefits
18.4

 
—

 
9.1

 
—

Benefits paid
(399.2
)
 
(57.5
)
 
(232.6
)
 
(59.6
)
Business combinations
9.9

 
(0.6
)
 
2,758.0

 
74.5

Curtailments
(2.7
)
 
(0.5
)
 
(31.9
)
 
—

Settlements
(2,484.6
)
 
(0.1
)
 
(135.9
)
 
—

Foreign currency rate changes
—

 
8.3

 
—

 
(153.9
)
Separation of Specialty Chemicals business
(21.5
)
 
—

 
—

 
—

Benefit obligation at end of fiscal year
$
4,231.7

 
$
925.2

 
$
6,122.3

 
$
865.1

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of fiscal year
$
6,481.6

 
$
711.8

 
$
2,676.2

 
$
802.5

Actual gain on plan assets
707.3

 
82.9

 
48.6

 
25.0

Employer contributions
16.1

 
31.4

 
110.6

 
32.1

Plan participant contributions
—

 
1.5

 
—

 
1.7

Benefits paid
(399.2
)
 
(57.5
)
 
(232.6
)
 
(59.6
)
Business combinations
—

 
—

 
4,014.7

 
41.5

Settlements
(2,484.6
)
 
(0.1
)
 
(135.9
)
 
—

Separation of Specialty Chemicals business
(19.7
)
 
—

 
—

 
—

Foreign currency rate changes
—

 
4.1

 
—

 
(131.4
)
Fair value of plan assets at end of fiscal year
$
4,301.5

 
$
774.1

 
$
6,481.6

 
$
711.8

Funded status
$
69.8

 
$
(151.1
)
 
$
359.3

 
$
(153.3
)
Amounts recognized in consolidated balance sheet:
 
 
 
 
 
 
 
Non-current assets
$
247.3

 
$
10.5

 
$
524.2

 
$
8.7

Other current liability
(9.9
)
 
(1.1
)
 
(9.8
)
 
(1.0
)
Accrued pension and other long-term benefits
(167.6
)
 
(160.5
)
 
(155.1
)
 
(161.0
)
Over (under) funded status at end of fiscal year
$
69.8

 
$
(151.1
)
 
$
359.3

 
$
(153.3
)


The U.S. pension plans were in a net over funded position at September 30, 2016. However, certain U.S. plans have benefit obligations in excess of plan assets. These plans have aggregate projected benefit obligations of $207.9 million, aggregate accumulated benefit obligations of $202.8 million, and aggregate fair value of plan assets of $32.1 million at September 30, 2016.
The accumulated benefit obligation of U.S. and non-U.S. pension plans was $5,112.0 million and $6,945.1 million at September 30, 2016 and 2015, respectively.

The pre-tax amounts in accumulated other comprehensive loss at September 30 not yet recognized as components of net periodic pension cost, including the noncontrolling interest, consist of (in millions): 
 
Pension Plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Net actuarial loss
$
633.4

 
$
195.8

 
$
686.5

 
$
170.8

Prior service cost
28.2

 
0.4

 
30.5

 
0.5

Total accumulated other comprehensive loss
$
661.6

 
$
196.2

 
$
717.0

 
$
171.3


       
The pre-tax amounts recognized in other comprehensive loss (income), including the noncontrolling interest, are as follows at September 30 (in millions): 
 
Pension Plans
 
2016
 
2015
 
2014
Net actuarial loss arising during period
$
355.4

 
$
85.9

 
$
335.2

Amortization and settlement recognition of net actuarial loss
(381.6
)
 
(49.2
)
 
(65.7
)
Prior service cost arising during period
1.5

 
26.4

 
0.9

Amortization of prior service cost
(3.9
)
 
(3.0
)
 
(1.2
)
Net other comprehensive (income) loss recognized
$
(28.6
)
 
$
60.1

 
$
269.2



The net periodic pension cost recognized in the consolidated statements of operations is comprised of the following for fiscal years ended (in millions):
 
 
Pension Plans
 
2016
 
2015
 
2014
Service cost
$
51.4

 
$
44.7

 
$
26.5

Interest cost
310.3

 
218.1

 
216.5

Expected return on plan assets
(412.3
)
 
(292.9
)
 
(252.9
)
Amortization of net actuarial loss
11.0

 
29.0

 
17.8

Amortization of prior service cost
3.9

 
3.0

 
1.2

Curtailment gain
(1.6
)
 
—

 
—

Settlement loss
370.7

 
20.2

 
47.9

Special termination benefits
18.4

 
9.1

 
—

Company defined benefit plan expense
351.8

 
31.2

 
57.0

Multiemployer and other plans
5.8

 
5.6

 
6.2

Net pension cost
$
357.6

 
$
36.8

 
$
63.2


The fiscal 2016 and 2015 special termination benefits were recorded to restructuring in connection with the Combination, and should be excluded from the calculation of pension funding more than expense.

Weighted-average assumptions used in the calculation of benefit plan expense for fiscal years ended:
 
Pension Plans
 
2016
 
2015
 
2014
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
4.70%
 
3.89
%
 
4.52
%
 
4.00
%
 
5.18
%
 
4.56
%
Rate of compensation increase
2.50%
 
3.10
%
 
2.54
%
 
3.00
%
 
2.15
%
 
3.12
%
Expected long-term rate of return on plan assets
5.88%
 
6.34
%
 
7.11
%
 
6.88
%
 
7.50
%
 
6.88
%


In fiscal 2016 and 2015, for our U.S. pension and postretirement plans, we considered the mortality tables from the Society of Actuaries and evaluated our mortality experience to establish mortality assumptions. Based on our experience and in consultation with our actuaries, we utilized the base RP-2014 mortality tables with a gender and job classification specific increase, and applied an improvement scale with generational improvements that is generally based on Social Security Administration analysis and assumptions. The increases for fiscal 2016 are 6% for white collar males, 10% for blue collar males, 12% for white collar females, and 19% for blue collar females. The increases for fiscal 2015 were 6% for all males, 13% for white collar females, and 19% for blue collar females. In fiscal 2016, 2015 and 2014 our Canadian pension and postretirement plans utilized the 2014 Private Sector Canadian Pensioners Mortality Table adjusted to reflect industry and our mortality experience and applied CPM Improvement Scale B with generational improvements. 

In fiscal 2014, for our U.S. pension and postretirement plans, we considered the new mortality tables from the Society of Actuaries and evaluated our mortality experience to establish mortality assumptions. Based on our experience and in consultation with our actuaries, we utilized the base RP-2000 mortality tables with a 5% increase, and applied Scale BB with generational improvements.
 
The estimated losses that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2017 are as follows (in millions):
 
 
Pension Plans
 
U.S. Plans
 
Non-U.S. Plans
Actuarial loss
$
18.3

 
$
9.1

Prior service cost
4.0

 
0.1

Total
$
22.3

 
$
9.2


 
Our projected estimated benefit payments (unaudited), which reflect expected future service, as appropriate, are as follows (in millions):
 
Pension Plans
 
U.S. Plans
 
Non-U.S. Plans
Fiscal 2017
$
195.8

 
$
56.7

Fiscal 2018
202.0

 
56.4

Fiscal 2019
209.3

 
56.4

Fiscal 2020
222.0

 
55.0

Fiscal 2021
211.3

 
54.4

Fiscal Years 2022 – 2026
1,171.0

 
263.7


 
The following tables summarize our pension plan assets measured at fair value on a recurring basis (at least annually) as of September 30, 2016 and September 30, 2015 (in millions):
 
September 30,
2016
 
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities:
 
 
 
 
 
 
 
U.S. equities(a)
$
193.9

 
$
192.7

 
$
1.2

 
$
—

Non-U.S. equities(a)
585.7

 
73.5

 
512.2

 
—

Hedged equities(a)
90.2

 
—

 
90.2

 
—

Fixed income securities:
 
 
 
 
 
 
 
U.S. government securities(b)
1,271.1

 
—

 
1,271.1

 
—

Non-U.S. government securities(c)
116.0

 
5.3

 
110.7

 
—

U.S. corporate bonds(c)
1,226.9

 
9.0

 
1,217.9

 
—

Non-U.S. corporate bonds(c)
366.3

 
6.4

 
359.9

 
—

Mortgage-backed securities(c)
2.4

 
—

 
2.4

 
—

Other fixed income(d)
317.9

 
—

 
317.9

 
—

Short-term investments(e)
302.1

 
302.1

 
—

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments(f)
544.0

 
—

 
215.2

 
328.8

Global multi-asset investments (g)
59.1

 
—

 
59.1

 
—

 
$
5,075.6

 
$
589.0

 
$
4,157.8

 
$
328.8



 
September 30, 2015
 
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities:
 
 
 
 
 
 
 
U.S. equities(a)
$
169.1

 
$
168.2

 
$
0.9

 
$
—

Non-U.S. equities(a)
532.2

 
79.3

 
452.9

 
—

Hedged equities(a)
82.6

 
—

 
82.6

 
—

Fixed income securities:
 
 
 
 
 
 
 
U.S. government securities(b)
1,791.4

 
—

 
1,791.4

 
—

Non-U.S. government securities(c)
176.1

 
4.5

 
171.6

 
—

U.S. corporate bonds(c)
2,435.2

 
8.1

 
2,427.0

 
0.1

Non-U.S. corporate bonds(c)
616.4

 
8.6

 
607.8

 
—

Mortgage-backed securities(c)
90.0

 
—

 
90.0

 
—

Other fixed income(d)
308.3

 
—

 
308.3

 
—

Short-term investments(e)
213.2

 
213.2

 
—

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments(f)
720.2

 
—

 
327.9

 
392.3

Global multi-asset investments (g)
58.7

 
—

 
58.7

 
—

 
$
7,193.4

 
$
481.9

 
$
6,319.1

 
$
392.4


(a) 
Equity securities are comprised of the following investment types: (i) common stock; (ii) preferred stock; (iii) equity exchange traded funds; (iv) hedged equity investments and (v) commingled equity funds. Level 1 investments in common and preferred stocks and exchange traded funds are valued using quoted market prices multiplied by the number of shares owned. The Level 2 hedged equity investment is a commingled fund that consists primarily of equity indexed investments which are hedged by options and also holds collateral in the form of short term treasury securities. The commingled fund investments are valued at the net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.

(b) 
U.S. government securities include treasury and agency debt. These investments are valued using broker quotes in an active market.

(c) 
The level 1 non-U.S. government securities investment is an exchange traded fund valued using quoted market prices. The level 1 U.S. corporate bonds category is primarily comprised of U.S. dollar denominated investment grade securities and valued using quoted market prices. Level 2 investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data. Level 2 commingled debt funds are valued at their net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.

(d) 
Other fixed income is comprised of municipal and asset-backed securities. Investments are valued utilizing a market approach that includes various valuation techniques and sources, such as broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads and/or other applicable reference data.

(e) 
Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in interest-bearing accounts.

(f) 
We maintain holdings in certain private equity partnerships and real estate investments that are considered to be level 3 in the fair value hierarchy. The private equity partnerships are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparisons technique include EBITDA multiples in other comparable third-party transactions, price to earnings ratios, liquidity, current operating results, as well as input from general partners and other pertinent information. Real estate investments are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparison technique include a combination of third party appraisals, replacement cost, and comparable market prices.

(g) 
The global multi-asset investment is a commingled fund with underlying investments that are diversified across multiple asset classes and include global equity, fixed income securities, commodities and derivative contracts. The commingled fund is valued at its net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled fund includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.

The following table summarizes the changes in our Level 3 pension plan assets for the years ended September 30, 2016 and 2015 (in millions): 
 
 
U.S. Corporate Bonds
 
Alternative
Investments
 
Total
Balance as of September 30, 2014
 
$
—

 
$
40.6

 
$
40.6

Purchases, sales, issuances, and settlements, net
 
0.1

 
341.8

 
341.9

Actual return on plan assets:
 
 
 
 
 
 
     Relating to instruments still held at end of year
 
—

 
(3.6
)
 
(3.6
)
     Relating to instruments sold during the year
 
—

 
13.5

 
13.5

Balance as of September 30, 2015
 
$
0.1

 
$
392.3

 
$
392.4

Purchases, sales, issuances, and settlements, net
 
(0.1
)
 
(45.2
)
 
(45.3
)
Actual return on plan assets:
 
 
 
 
 
 
     Relating to instruments still held at end of year
 
—

 
(16.5
)
 
(16.5
)
     Relating to instruments sold during the year
 
—

 
24.7

 
24.7

Transfers out of Level 3
 
—

 
(26.5
)
 
(26.5
)
Balance as of September 30, 2016
 
$
—

 
$
328.8

 
$
328.8



The Level 3 pension plan assets acquired in connection with the Combination in fiscal 2015 are included in the Purchases, sales, issuances, and settlements, net line in the table above. They are the primary reason for the increase in the Level 3 assets in fiscal 2015. Various alternative investments are subject to initial one-year lock-up restrictions with monthly or quarterly redemption requirements that include a specified notice period in order to liquidate. The transfer out of Level 3 in fiscal 2016 related to a change in lock-up restrictions applied to one investment.

Postretirement Plans

The postretirement benefit plans provide certain health care and life insurance benefits for certain salaried and hourly employees who meet specified age and service requirements as defined by the plans. During the first quarter of fiscal 2015, changes in retiree medical coverage for certain employees covered by the United Steelworkers master agreement resulted in the recognition of an estimated $8.1 million pre-tax non-cash curtailment gain included in the line item “Pension lump sum settlement and retiree medical curtailment, net” on our Consolidated Statements of Operations, which was subsequently adjusted in the third quarter of fiscal 2015 to $8.5 million. The aggregate postretirement benefit obligation decreased $0.6 million as a result of the curtailment.

The weighted average assumptions used to measure the benefit plan obligations at September 30 were:
 
Postretirement plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
4.04%
 
6.64
%
 
4.70%
 
6.84
%
Rate of compensation increase
N/A
 
3.14
%
 
N/A
 
3.10
%
The following table shows the changes in benefit obligation and plan assets, and the plan’s funded status for the years ended September 30 (in millions):
 
Postretirement Plans
 
2016
 
2015
Change in projected benefit obligation
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

Benefit obligation at beginning of fiscal year
$
109.5

 
$
51.6

 
$
66.0

 
$
47.1

Service cost
1.7

 
0.6

 
0.7

 
0.3

Interest cost
4.5

 
3.6

 
3.3

 
2.1

Amendments
(4.0
)
 
—

 
(1.1
)
 
(0.2
)
Actuarial (gain) loss
(6.3
)
 
5.0

 
(3.9
)
 
(0.5
)
Plan participant contributions
—

 
—

 
2.3

 
—

Benefits paid
(14.1
)
 
(2.5
)
 
(12.0
)
 
(2.2
)
Business combinations
—

 
—

 
54.2

 
16.0

Separation of Specialty Chemicals business
(0.6
)
 
—

 
—

 
—

Foreign currency rate changes
—

 
4.3

 
—

 
(11.0
)
Benefit obligation at end of fiscal year
$
90.7

 
$
62.6

 
$
109.5

 
$
51.6

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of fiscal year
$
—

 
$
—

 
$
—

 
$
—

Employer contributions
14.1

 
2.5

 
9.7

 
2.2

Plan participant contributions
—

 
—

 
2.3

 
—

Benefits paid
(14.1
)
 
(2.5
)
 
(12.0
)
 
(2.2
)
Fair value of plan assets at end of fiscal year
$
—

 
$
—

 
$
—

 
$
—

Funded Status
$
90.7

 
$
62.6

 
$
109.5

 
$
51.6

Amounts recognized in the consolidated balance sheet:
 
 
 
 
 
 
 
Other current liability
$
(10.4
)
 
$
(2.9
)
 
$
(15.4
)
 
$
(2.8
)
Accrued postretirement and other long-term benefits
(80.3
)
 
(59.7
)
 
(94.1
)
 
(48.8
)
Under funded status at end of fiscal year
$
(90.7
)
 
$
(62.6
)
 
$
(109.5
)
 
$
(51.6
)


The pre-tax amounts in accumulated other comprehensive loss (income) at September 30 not yet recognized as components of net periodic pension cost, including the noncontrolling interest, consist of (in millions):
 
 
Postretirement Plans
 
 
2016
 
2015
 
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Net actuarial (gain) loss
 
$
(24.9
)
 
$
4.1

 
$
(20.5
)
 
$
(0.8
)
Prior service credit
 
(14.9
)
 
(0.4
)
 
(13.2
)
 
(0.5
)
Total accumulated other comprehensive (income) loss
 
$
(39.8
)
 
$
3.7

 
$
(33.7
)
 
$
(1.3
)


The pre-tax amounts recognized in other comprehensive loss (income), including the noncontrolling interest, are as follows at September 30 (in millions):
 
 
Postretirement Plans
 
 
2016
 
2015
 
2014
Net actuarial gain arising during period
 
$
(1.4
)
 
$
(4.4
)
 
$
(1.9
)
Amortization and settlement recognition of net actuarial gain
 
1.9

 
1.1

 
1.8

Prior service credit arising during period
 
(3.8
)
 
(1.4
)
 
(13.3
)
Amortization or curtailment recognition of prior service credit
 
2.1

 
10.5

 
1.4

Net other comprehensive (income) loss recognized
 
$
(1.2
)
 
$
5.8

 
$
(12.0
)


The net periodic postretirement cost recognized in the consolidated statements of operations is comprised of the following for fiscal years ended (in millions):
 
 
Postretirement Plans
 
 
2016
 
2015
 
2014
Service cost
 
$
2.3

 
$
1.0

 
$
1.2

Interest cost
 
8.1

 
5.4

 
5.7

Amortization of net actuarial gain
 
(2.0
)
 
(1.1
)
 
(1.8
)
Amortization of prior service credit
 
(2.1
)
 
(2.0
)
 
(1.4
)
Curtailment gain
 
—

 
(8.5
)
 
—

Net postretirement cost
 
$
6.3

 
$
(5.2
)
 
$
3.7



The assumed health care cost trend rates used in measuring the APBO are as follows at September 30:
 
 
2016
U.S. Plans
 
 
Health care cost trend rate assumed for next year
 
7.02
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
4.50
%
Year the rate reaches the ultimate trend rate
 
2036

Non-U.S. Plans
 
 
Health care cost trend rate assumed for next year
 
7.71
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
6.44
%
Year the rate reaches the ultimate trend rate
 
2029



As of September 30, 2016, the effect of a 1% change in the assumed health care cost trend rate would increase the APBO by approximately $9 million and decrease the APBO by approximately $7 million, and would increase and decrease the annual net periodic postretirement benefit cost for 2016 by less than $1 million.

Weighted-average assumptions used in the calculation of benefit plan expense for fiscal years ended:
 
 
Postretirement Plans
 
 
2016
 
2015
 
2014
 
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
 
4.70%
 
6.84
%
 
4.52%
 
4.00
%
 
5.19
%
 
4.56
%
Rate of compensation increase
 
N/A
 
3.10
%
 
N/A
 
3.00
%
 
N/A

 
3.00
%


The estimated (gains) losses that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2017 are as follows (in millions):
 
Postretirement Plans
 
U.S. Plans
 
Non-U.S. Plans
Actuarial (gain) loss
$
(1.6
)
 
$
0.4

Prior service credit
(2.5
)
 
(0.1
)
Total
$
(4.1
)
 
$
0.3



Our projected estimated benefit payments (unaudited), which reflect expected future service, as appropriate, are as follows (in millions):
 
Postretirement Plans
 
U.S. Plans
 
Non-U.S. Plans
Fiscal 2017
$
10.3

 
$
2.9

Fiscal 2018
9.1

 
3.0

Fiscal 2019
8.7

 
3.1

Fiscal 2020
8.2

 
3.2

Fiscal 2021
7.8

 
3.3

Fiscal Years 2022 – 2026
32.2

 
18.0



Multiemployer Plans

We participate in several MEPPs that provide retirement benefits to certain union employees in accordance with various CBAs. Approximately 36% of our employees are covered by CBAs, of which approximately 4% are covered by CBAs that have expired and another 28% are covered by CBAs that expire within one year. Approximately 14% of our CBAs participate in the Pace Industry Union-Management Pension Fund. As one of many participating employers in these MEPPs, we are generally responsible, along with other participating employers, for any plan underfunding. Our contributions to a particular MEPP are established by the applicable CBAs; however, our required contributions may increase based on the funded status of a MEPP and legal requirements, such as those set forth in the Pension Act, which requires substantially underfunded MEPPs to implement a FIP or a RP to improve their funded status. Factors that could impact funded status of an MEPP include, without limitation, investment performance, changes in participant demographics, decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions.

A FIP or RP requires a particular MEPP to adopt measures to correct its underfunded status. These measures may include, but are not limited to, an increase in our contribution rate to the applicable CBA, a reallocation of the contributions already being made by participating employers for various benefits to individuals participating in the MEPP, and/or a reduction in the benefits to be paid to future and/or current retirees. In addition, the Pension Act requires that a 5% surcharge be levied on employer contributions for the first year commencing shortly after the date the employer receives notice that the MEPP is in critical status (also referred to as red status) and a 10% surcharge on each succeeding year until a CBA is in place with terms and conditions consistent with the RP. On January 1, 2016, the surcharge we pay for the Pace Industry Union-Management Pension Fund increased from 10% to 15%.

We could also be obligated to make future payments to MEPPs if we either cease to have an obligation to contribute to the MEPP or significantly reduce our contributions to the MEPP because we reduce the number of employees who are covered by the relevant MEPP for various reasons, including, but not limited to, layoffs or closures, assuming the MEPP has unfunded vested benefits. The amount of such payments (known as a complete or partial withdrawal liability) generally would equal our proportionate share of the MEPP’s unfunded vested benefits. We believe that certain of the MEPPs in which we participate have material unfunded vested benefits. Our share of the contributions in the Pace Industry Union-Management Pension Fund exceeded 5% of total plan contributions for certain plan years. Due to uncertainty regarding future factors that could trigger a withdrawal liability, as well as the absence of specific information regarding matters such as a MEPP's current financial situation, due in part, to delays in reporting, the potential withdrawal or bankruptcy of other contributing employers, the impact of future plan performance or the success of current and potential future funding improvement or rehabilitation plans to restore solvency to the plans, we are unable to determine with certainty the amount and timing of any future withdrawal liability, changes in future funding obligations, or the impact of increased contributions, including those that could be triggered by a mass withdrawal of other employers from a MEPP. The impact of increased contributions, future funding obligations or future withdrawal liabilities may be material to our results of operations, financial condition or cash flows. At September 30, 2016 and September 30, 2015, we had a withdrawal liability recorded of $49.0 million and $44.3 million, respectively. Contributions in the table below, for fiscal years 2016, 2015 and 2014 exclude $2.1 million, $0.7 million and $0.7 million, respectively, accrued related to withdrawal liabilities.

The following table lists our participation in our multiemployer and other plans that are individually significant for the years ended September 30 (in millions):
Pension Fund
EIN / Pension Plan Number
 
Pension Protection Act Zone Status
 
FIP / RP Status Pending / Implemented
 
Contributions (a)
 
Surcharge imposed?
 
Expiration CBA
 
 
 
2016
 
2015
 
 
 
2016
 
2015
 
2014
 
 
 
 
U.S. Multiemployer plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pace Industry Union-Management Pension Fund (b)
11-6166763 / 001
 
Red
 
Red
 
Implemented
 
$
3.3

 
$
3.3

 
$
3.5

 
Yes
 
3/22/16 to 5/11/2022
Other Funds
 
 
 
 
 
 
 
 
1.2

 
1.7

 
2.0

 
 
 
 
         Total Contributions:
 
 
 
 
 
 
 
 
$
4.5

 
$
5.0

 
$
5.5

 
 
 
 

(a) 
Contributions represent the amounts contributed to the plan during the fiscal year.
(b) 
Our contributions for fiscal 2015 and 2014 exceeded 5% of total plan contributions. Although the plan data for fiscal 2016 is not yet available, we would expect to continue to exceed 5% of total plan contributions.

Defined Contribution Plans

We have 401(k) and other defined contribution plans that cover certain of our U.S., Canadian and other international salaried union and nonunion hourly employees, generally subject to an initial waiting period. The 401(k) plans permit U.S. participants to make contributions by salary reduction pursuant to Section 401(k) of the Code. Due primarily to acquisitions, we have plans with varied terms. At September 30, 2016, our contributions may be up to 7.5% for U.S. salaried and non-union hourly employees, consisting of a match of up to 5% and an automatic employer contribution of 2.5%. Certain other employees who receive accruals under a defined benefit pension plan, as well as certain employees covered by CBAs, receive generally up to a 3.0% to 4.0% contribution to their 401(k) plan. During fiscal 2016, 2015 and 2014, we recorded expense of $86.5 million, $36.6 million and $34.3 million, respectively, related to the 401(k) plans and other defined contribution plans, including the automatic employer contribution. The increased expense in fiscal 2016 related to plan changes following the Combination.

Supplemental Retirement Plans

We have Supplemental Plans that are nonqualified deferred compensation plans. We intend to provide participants with an opportunity to supplement their retirement income through deferral of current compensation. Amounts deferred and payable under the Supplemental Plans are our unsecured obligations and rank equally with our other unsecured and unsubordinated indebtedness outstanding. Participants’ accounts are credited with investment gains and losses under the Supplemental Plans in accordance with the participant’s investment election or elections (or default election or elections) as in effect from time to time. At September 30, 2016, the Supplemental Plans had assets totaling $162.3 million that are recorded at market value, and liabilities of $161.1 million. The investment alternatives available under the Supplemental Plans are generally similar to investment alternatives available under 401(k) plans. The recorded amount for the current fiscal year and the preceding two fiscal years was not significant.
Shareholders' Equity
Shareholders' Equity
Stockholders’ Equity

Capitalization

Our capital stock consists solely of Common Stock. Holders of our Common Stock are entitled to one vote per share. Our certificate of incorporation also authorizes preferred stock, of which no shares have been issued. The terms and provisions of such shares will be determined by our board of directors upon any issuance of such shares in accordance with our certificate of incorporation.

Stock Repurchase Plan

In July 2015, our board of directors authorized a repurchase program of up to 40.0 million shares of our Common Stock, representing approximately 15% of our outstanding Common Stock as of July 1, 2015. The shares of our Common Stock may be repurchased over an indefinite period of time at the discretion of management. In fiscal 2016, we repurchased approximately 8.1 million shares of our Common Stock for an aggregate cost of $335.3 million. Subsequent to the authorization, in the fourth quarter of fiscal 2015, we repurchased approximately 5.4 million shares of our Common Stock for an aggregate cost of $328.0 million. Separately, as part of the Combination, RockTenn repurchased 10.5 million shares of RockTenn Common Stock for an aggregate cost of $667.8 million. Prior to the closing of the Combination and pursuant to the then existing RockTenn repurchase plan, in the first quarter of fiscal 2015, RockTenn repurchased 0.2 million shares of RockTenn Common Stock for an aggregate cost of $8.7 million and in fiscal 2014, it repurchased approximately 4.7 million shares of RockTenn Common Stock for an aggregate cost of $236.3 million. As of September 30, 2016, we had remaining authorization under our July 2015 repurchase program to purchase approximately 26.5 million shares of our Common Stock.
Share-Based Compensation
Stock Based Compensation
Share-Based Compensation

Share-based Compensation Plans                    

At our Annual Meeting of Stockholders held on February 2, 2016, our stockholders approved the 2016 Incentive Stock Plan and the ESPP Plan. The 2016 Incentive Stock Plan allows for the granting of options and restricted stock, SARs and restricted stock units to certain key employees and directors for the issuance of up to approximately 9.6 million shares of Common Stock. Adjusted for the Separation as discussed below, at September 30, 2016, approximately 7.9 million shares remained available for future grants. If all currently outstanding restricted stock awards granted with a performance condition recorded at target achieve the maximum award, shares available for future grant would be reduced by approximately 1.3 million million additional shares. The ESPP Plan provides for the purchase of shares by all of our eligible employees at a 15% discount and allows for the purchase of a total of up to approximately 2.5 million shares of Common Stock.

In connection with the Combination, WestRock assumed all RockTenn and MWV equity incentive plans. We issue nonqualified stock options and restricted stock to certain key employees and our directors pursuant to our RockTenn 2004 Incentive Stock Plan, as amended, and our MWV 2005 Performance Incentive Plan, as amended.

Our RockTenn 2004 Incentive Stock Plan allows for the granting of options and restricted stock, SARs and restricted stock units to certain key employees and directors for the issuance of approximately 15.8 million shares of Common Stock. At the time of the Combination all outstanding RockTenn awards were converted to WestRock awards with no conversion factor. Adjusted for the Separation as discussed below, at September 30, 2016, approximately 3.3 million shares remained available for the future grant of awards. If all currently outstanding restricted stock awards subject to performance criteria recorded at target achieve the maximum award, shares available for future grant would be reduced by approximately 0.9 million additional shares. However, we have determined that we will not make any new grants of awards pursuant to the RockTenn 2004 Incentive Stock Plan.

The MWV shares available for issuance, stock options, SARs and unvested restricted stock units outstanding at the time of the Combination under the MWV 2005 Performance Incentive Plan were converted into WestRock options, SARs and restricted stock units, as applicable, with respect to shares of our Common Stock using the conversion factor as described in the Business Combination Agreement. The number of shares available under this plan upon conversion was approximately 12.8 million shares. Adjusted for the Separation as discussed below, at September 30, 2016, approximately 8.7 million shares remained available for future grants. If all currently outstanding restricted stock awards granted with a performance condition recorded at target achieve the maximum award, shares available for future grant would be reduced by approximately 0.5 million additional shares. However, we have determined that we will not make any new grants of awards pursuant to the MWV 2005 Performance Incentive Plan.

In connection with the Smurfit-Stone Acquisition, we assumed the Smurfit-Stone equity incentive plan, which was renamed the Rock-Tenn Company (SSCC) Equity Incentive Plan. The shares available for issuance, stock options and unvested restricted stock units outstanding at the time of the Smurfit-Stone Acquisition, under the Smurfit-Stone plan were converted into shares of RockTenn Common Stock, options and restricted stock units, as applicable, using the conversion factor as described in the merger agreement. The number of shares available under this plan upon conversion was approximately 7.9 million shares. Adjusted for the Separation as discussed below, at September 30, 2016, approximately 5.9 million shares remained available for future grants exclusively to legacy Smurfit-Stone employees who have continued employment with WestRock; however, we have determined that we will not make any new grants of awards pursuant to the Rock-Tenn Company (SSCC) Equity Incentive Plan.

As part of the Separation, equity-based incentive awards were generally adjusted to maintain the intrinsic value of awards immediately prior to the Separation. The number of unvested restricted stock awards and unexercised stock options and SARs at the time of the Separation were increased by an exchange factor of approximately 1.12. In addition, the exercise price of unexercised stock options and SARs at the time of the Separation was converted to decrease the exercise price by an exchange factor of approximately 1.12. The share increases are reflected in the tables below on the line item “Adjustments due to Separation”. The weighted-average grant date fair value of adjustments is equal to the weighted-average grant date fair value of the awards outstanding at the date of the Separation, at their respective grant date, divided by a factor of approximately 1.12, and the weighted-average grant date fair value of the unvested restricted stock as of September 30, 2016 reflects the adjustments.

Our results of operations for the fiscal years ended September 30, 2016, 2015 and 2014 include share-based compensation expense of $75.7 million, $49.2 million and $42.6 million, respectively. The total income tax benefit in the results of operations in connection with share-based compensation was $29.2 million, $19.0 million and $16.8 million, for the fiscal years ended September 30, 2016, 2015 and 2014, respectively.

ASC 718 requires that the benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash flow. Excess tax benefits of approximately $0.3 million, $23.0 million and $15.1 million were included in cash used for financing activities in fiscal 2016, 2015 and 2014, respectively. Cash received from share-based payment arrangements for the fiscal years ended September 30, 2016, 2015 and 2014 was $33.9 million, $27.2 million and $6.9 million, respectively.

Equity Awards Issued in Connection with the Combination

Included in the fiscal 2015 merger consideration was approximately $210.9 million related to outstanding MWV equity awards that were replaced with WestRock equity awards with identical terms for pre-Combination service utilizing a 0.78 conversion factor. The amount related to post-Combination service will be expensed over the remaining service period of the awards. The primary components of the employee awards are discussed below.

Stock Options and Stock Appreciation Rights

Stock options granted under our plans generally have an exercise price equal to the closing market price on the date of the grant, generally vest in 3 years, in either one tranche or in approximately one-third increments, and have 10-year contractual terms. However, a portion of our grants are subject to earlier expense recognition due to retirement eligibility rules. Our stock option grants provide for accelerated vesting if there is a change in control (as defined in the applicable plan). However, the Compensation Committee of the board of directors has determined that effective with the fiscal 2013 grants, other than circumstances such as death and disability, grants will include a provision requiring both a change of control and termination of employment to accelerate vesting.

At the date of grant, we estimate the fair value of stock options granted using a Black-Scholes option pricing model. We use historical data to estimate option exercises and employee terminations in determining the expected term in years for stock options. Expected volatility is calculated based on the historical volatility of our stock, or a combination of the historical volatility of both RockTenn and MWV grants following the Combination. The risk-free interest rate is based on U.S. Treasury securities in effect at the date of the grant of the stock options. The dividend yield is estimated based on our historic annual dividend payments and current expectations for the future.

We applied the following weighted average assumptions to estimate the fair value of stock option grants made in the following periods, including the grants issued in connection with the Combination in fiscal 2015:
 
 
2016
 
2015
 
2014
Expected term in years
7.0

 
3.9

 
6.9

Expected volatility
38.3
%
 
21.9
%
 
43.9
%
Risk-free interest rate
1.6
%
 
2.4
%
 
2.1
%
Dividend yield
4.5
%
 
1.3
%
 
1.4
%


The reduction in the expected term and the expected volatility in fiscal 2015 were primarily the result of the shares issued in connection with the Combination and our expectations for expected term and expected volatility following the Combination.

The table below summarizes the changes in all stock options during the fiscal year ended September 30, 2016:
 
Stock
 Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 (in years)
 
Aggregate
Intrinsic
Value
(in millions)
Outstanding at September 30, 2015
7,189,654

 
$
33.19

 
 
 
 
Granted
1,251,560

 
33.39

 
 
 
 
Exercised
(1,225,230
)
 
30.75

 
 
 
 
Expired
(49,049
)
 
35.68

 
 
 
 
Forfeited
(31,984
)
 
37.60

 
 
 
 
Adjustment due to the Separation
930,865

 
 
 
 
 
 
Outstanding at September 30, 2016
8,065,816

 
$
29.73

 
5.1
 
$
156.6

Exercisable at September 30, 2016
6,389,188

 
$
28.46

 
4.1
 
$
130.9

Vested and expected to vest at September 30, 2016
8,027,460

 
$
29.71

 
5.1
 
$
156.0



The weighted average grant date fair value for options granted during the fiscal years ended September 30, 2016, 2015 and 2014 was $8.06, $28.78 and $20.74 per share, respectively. The aggregate intrinsic value of options exercised during the years ended September 30, 2016, 2015 and 2014 was $14.5 million, $25.1 million and $17.8 million, respectively.

As of September 30, 2016, there was $6.8 million of total unrecognized compensation cost related to nonvested stock options; that cost is expected to be recognized over a weighted average remaining vesting period of 1.9 years. We amortize these costs on a straight-line basis over the explicit service period.

As part of the Combination, we issued SARs to replace outstanding MWV SARs. The SARs were valued using the Black-Scholes option pricing model. We measure compensation expense related to the SAR awards at the end of each period. No additional SARs are presently expected to be issued.

The table below summarizes the changes in all SARs during the fiscal year ended September 30, 2016:
 
SARs
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 (in years)
 
Aggregate
Intrinsic
Value
(in millions)
Outstanding at September 30, 2015
86,419

 
$
28.98

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
(13,889
)
 
30.74

 
 
 
 
Expired
(14,742
)
 
24.29

 
 
 
 
Adjustment due to the Separation
8,183

 
 
 
 
 
 
Outstanding at September 30, 2016
65,971

 
$
26.07

 
4.0
 
$
1.5

Exercisable at September 30, 2016
65,971

 
$
26.07

 
4.0
 
$
1.5



The aggregate intrinsic value of SARs exercised during the year ended September 30, 2016 was $0.2 million.

Restricted Stock

Restricted stock is typically granted annually to non-employee directors and certain of our employees. Our non-employee director awards generally vest over a period of up to one year and are treated as issued and carry dividend and voting rights until they vest. The vesting provisions for our employees may vary from grant to grant; however, vesting generally is contingent upon meeting various service and/or performance or market goals including, but not limited to, achievement of various financial targets including Cash Flow Per Share and Cash Flow to Equity Ratio (each as defined in the award documents). Subject to the level of performance attained, the target award of some of the grants may be increased up to 200% of target or decreased to zero depending upon the terms of the individual grant. The employee grants generally vest over a period of 3 years. Our grants provide for accelerated vesting if there is a change in control (as defined in the applicable plan). However, the Compensation Committee of the board of directors has determined that effective with the fiscal 2013 grants, other than circumstances such as death and disability, the grants will include a provision requiring both a change of control and termination of employment to accelerate vesting. For certain employee grants, the grantee of the restricted stock is entitled to receive dividend equivalent units, but will forfeit the restricted award and dividend equivalents if the employee separates from the company during the vesting period or if predetermined goals are not accomplished.

The table below summarizes the changes in unvested restricted stock during the fiscal year ended September 30, 2016:
 
Shares/Units
 
Weighted
Average
Grant Date Fair
Value
Unvested at September 30, 2015
2,327,231

 
$
56.13

Granted
1,750,546

 
35.80

Vested
(1,589,761
)
 
49.54

Forfeited
(85,222
)
 
50.02

Adjustment due to the Separation
302,110

 
 
Unvested at September 30, 2016(1)
2,704,904

 
$
40.89



(1) 
Target awards with a performance condition, net of subsequent forfeitures, granted may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The awards are reflected in the table at the target award amount of 100%. Based on current facts and assumptions we are forecasting the performance of the grants to be attained at levels that would result in the issuance of approximately 1.9 million additional shares. However, it is possible that the performance attained may vary.

There was approximately $84.5 million of unrecognized compensation cost related to all unvested restricted shares as of September 30, 2016 that will be recognized over a weighted average remaining vesting period of 1.5 years.

The following table represents a summary of restricted stock vested in fiscal 2016, 2015 and 2014 (in millions, except shares):
 
2016
 
2015
 
2014
Shares of restricted stock vested
1,589,761

 
1,725,435

 
530,668

Aggregate fair value of restricted stock vested
$
57.5

 
$
110.4

 
$
28.8



The shares vested in 2016 reflect the vesting of the fiscal 2013 grant, with a cash flow to equity ratio performance condition that vested at maximum, certain shares assumed upon the combination with a performance and/or service condition, as well as other awards accelerated in connection with the Combination for certain former employees. The shares vested in fiscal 2015 primarily reflect the vesting of the fiscal 2012 grant, with a cash flow to equity ratio performance condition that vested at maximum, as well as other awards accelerated in connection with the Combination for certain former employees.

The following table represents a summary of restricted stock shares granted in fiscal 2016, 2015 and 2014 with terms defined in the applicable grant letters. The shares are not deemed to be issued and carry voting rights until the relevant conditions defined in the award documents have been met, unless otherwise noted.
 
2016
 
2015
 
2014
Shares of restricted stock granted to non-employee directors(1)
64,155

 
15,255

 
21,500

Shares of restricted stock granted to employees:
 
 
 
 
 
Shares granted for attainment of a performance condition at an amount in excess of target (2)
447,261

 
801,810

 
51,218

Shares granted with a service condition and a Cash Flow Per Share performance condition at target (3)
1,211,760

 
429,845

 
482,710

Shares granted with a service condition (4)
27,370

 
86,265

 
12,560

Shares granted with a service condition and a performance condition prorated upon the Combination (5)
—

 
64,323

 
—

Share of restricted stock assumed upon the Combination:
 
 
 
 
 
Shares granted with a service condition and a performance condition (6) (7)
—

 
650,685

 
—

Shares granted with a service condition (7)
—

 
327,005

 
—

Total restricted stock granted
1,750,546

 
2,375,188

 
567,988


(1) 
Non-employee director grants generally vest over a period of up to one year and are deemed issued on the grant date and have voting and dividend rights.

(2) 
Shares granted in the table above include shares subsequently issued for the level of performance attained in excess of target. Shares issued in fiscal 2016 for the fiscal 2013 Cash Flow to Equity Ratio were at 200% of target. Shares issued in fiscal 2015 for the fiscal 2012 Cash Flow to Equity Ratio were at 200% of target. Shares issued in fiscal 2016 and 2015 also include shares accelerated for terminated employees as a result of the Combination which were achieved at between 146.5% and 200% of target. Shares issued in fiscal 2014 for the fiscal 2011 Cash Flow to Equity Ratio were at between 110.56% and 115.29% of target.

(3) 
These employee grants vest over approximately three years and have adjustable ranges from 0-200% of target subject to the level of performance attained in the respective award agreement.

(4) 
These shares vest over approximately three to four years.

(5) 
As a result of the Combination, certain target awards granted to employees in fiscal 2015 were prorated with the employee receiving approximately 16.6% of the target award in accordance with the terms in the award document prior to the application of the performance adjustment. The performance period applicable to each award ended upon consummation of the Combination, and the performance goals were determined in accordance with the applicable grant letter to be attained at 146.5% of target.

(6) 
The performance period applicable to each award ended upon consummation of the Combination, and the performance goals were determined in accordance with the applicable grant letter to be attained at between 100% and 168% of target.

(7) 
These shares vest over approximately one to three years.

Expense is recognized on restricted stock grants on a straight-line basis over the explicit service period or for performance based grants over the explicit service period when we estimate that it is probable the performance conditions will be satisfied. Expense recognized on grants with a performance condition that affects how many shares are ultimately awarded is based on the number of shares expected to be awarded.

Employee Stock Purchase Plan

At our Annual Meeting of Stockholders held on February 2, 2016, our stockholders approved the ESPP Plan. Under the ESPP Plan, shares of Common Stock are reserved for purchase by our qualifying employees. The ESPP Plan allowed for the purchase of a total of approximately 2.5 million shares of Common Stock. During fiscal 2016, 2015 and 2014, including the then existing RockTenn Employee Stock Purchase Plan, employees purchased approximately 0.1 million, 0.1 million and 0.1 million shares, respectively, under the ESPP Plan. We recognized $0.4 million, $0.5 million and $0.8 million of expense for fiscal 2016, 2015 and 2014, respectively, related to the 15% discount on the purchase price allowed to employees. As of September 30, 2016, adjusted for the Separation, approximately 2.8 million shares of Common Stock remained available for purchase under the ESPP Plan.
Related Party Transactions
Related Party Transactions
Related Party Transactions

We sell products to affiliated companies. Net sales to the affiliated companies for the fiscal years ended September 30, 2016, 2015 and 2014 were approximately $346.6 million, $342.8 million and $367.3 million, respectively. Accounts receivable due from the affiliated companies at September 30, 2016 and 2015 was $59.4 million and $43.4 million, respectively, and was included in accounts receivable on our consolidated balance sheets.

Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
                    
Capital Additions

Estimated costs for future purchases of fixed assets that we are obligated to purchase as of September 30, 2016, total approximately $174 million.

Environmental and Other Matters

Environmental compliance requirements are a significant factor affecting our business. We employ manufacturing processes which result in various discharges, emissions and wastes. These processes are subject to numerous federal, state, local and international environmental laws and regulations, as well as the requirements of environmental permits and similar authorizations issued by various governmental authorities.

On January 31, 2013, the EPA published a set of four interrelated final rules establishing national air emissions standards for hazardous air pollutants from industrial, commercial and institutional boilers and process heaters, commonly known as “Boiler MACT.” For our boilers, Boiler MACT required compliance by January 31, 2016, unless a facility requested and received an extension. All of our mills that are subject to regulation under Boiler MACT met the January 31, 2016 compliance deadline, with the exception of those mills for which we obtained a compliance extension. We expect our mills that obtained an extension to be in compliance by their respective extension dates, none of which extend beyond January 31, 2017. On July 29, 2016, the U.S. Court of Appeals for the District of Columbia Circuit issued a ruling on the consolidated cases challenging Boiler MACT. The court vacated key portions of the rule, including emission limits for certain subcategories of solid fuel boilers, and remanded other issues to the EPA for further rulemaking. At this time, we cannot predict with certainty how the recent decision will impact our existing Boiler MACT strategies or whether we will incur additional costs to comply with any revised Boiler MACT standards.

In addition to Boiler MACT, we are subject to a number of other federal, state, local and international environmental rules that may impact our business, including the National Ambient Air Quality Standards for nitrogen oxide, sulfur dioxide, fine particulate matter and ozone for facilities in the U.S.

We are involved in various administrative proceedings relating to environmental matters that arise in the normal course of business, and may be involved in future matters. Although the ultimate outcome of such matters cannot be predicted with certainty and we cannot at this time estimate any reasonably possible losses based on available information, management does not believe that the currently expected outcome of any environmental proceedings and claims that are pending or threatened against us will have a material adverse effect on our results of operations, financial condition or cash flows.

CERCLA and Other Remediation Costs

We face potential liability under federal, state, local and international laws as a result of releases, or threatened releases, of hazardous substances into the environment from various sites owned and operated by third parties at which Company-generated wastes have allegedly been deposited. Generators of hazardous substances sent to off-site disposal locations at which environmental problems exist, as well as the owners of those sites and certain other classes of persons, are liable for response costs for the investigation and remediation of such sites under CERCLA and analogous laws. While joint and several liability is authorized under CERCLA, liability is typically shared with other PRPs and costs are commonly allocated according to relative amounts of waste deposited and other factors.

In addition, certain of our current or former locations are being investigated or remediated under various environmental laws and regulations. Based on information known to us and assumptions, we do not believe that the costs of these projects will have a material adverse effect on our results of operations, financial condition or cash flows. However, the discovery of contamination or the imposition of additional obligations at these or other sites in the future could result in additional costs.

On January 26, 2009, Smurfit-Stone and certain of its subsidiaries filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. Smurfit-Stone’s Canadian subsidiaries also filed to reorganize in Canada. We believe that matters relating to previously identified third party PRP sites and certain facilities formerly owned or operated by Smurfit-Stone have been or will be satisfied claims in the Smurfit-Stone bankruptcy proceedings. However, we may face additional liability for cleanup activity at sites that existed prior to bankruptcy discharge, but are not currently identified. Some of these liabilities may be satisfied from existing bankruptcy reserves.

We believe that we can assert claims for indemnification pursuant to existing rights we have under settlement and purchase agreements in connection with certain of our existing remediation sites. In addition, we believe that we have insurance coverage, subject to applicable deductibles/retentions, policy limits and other conditions, for certain environmental matters. However, there can be no assurance that we will be successful with respect to any claim regarding these insurance or indemnification rights or that, if we are successful, any amounts paid pursuant to the insurance or indemnification rights will be sufficient to cover all our costs and expenses. We also cannot predict with certainty whether we will be required to perform remediation projects at other locations, and it is possible that our remediation requirements and costs could increase materially in the future and exceed current reserves. In addition, we cannot currently assess with certainty the impact that future changes in cleanup standards or federal, state or other environmental laws, regulations or enforcement practices will have on our results of operations, financial condition or cash flows.

As of September 30, 2016, we had approximately $17.4 million reserved for environmental liabilities on an undiscounted basis, of which $8.6 million is included in other long-term liabilities and $8.8 million in other current liabilities, including amounts accrued in connection with environmental obligations relating to the manufacturing facilities that we have closed. We believe the liability for these matters was adequately reserved at September 30, 2016.

Climate Change

Certain jurisdictions in which we have manufacturing facilities or other investments have taken actions to address climate change. In the U.S., the EPA has issued the Clean Air Act permitting regulations applicable to certain facilities that emit GHG. The EPA also has promulgated a rule requiring certain industrial facilities that emit 25,000 metric tons or more of carbon dioxide equivalent per year to file an annual report of their emissions. While we have facilities subject to existing GHG permitting and reporting requirements, the impact of these requirements has not been material to date.
  
Additionally, the EPA has been working on a set of interrelated rulemakings aimed at cutting carbon emissions from power plants. On August 3, 2015, the EPA issued a final rule establishing GHG emission guidelines for existing electric utility generating units (known as the “Clean Power Plan”). On the same day, the EPA issued a second rule setting standards of performance for new, modified and reconstructed electric utility generating units. While these rules do not apply directly to the power generation facilities at our mills, they have the potential to increase the cost of purchased electricity for our manufacturing operations and change the treatment of certain types of biomass that are currently considered carbon neutral. On February 9, 2016, the U.S. Supreme Court issued a stay halting implementation of the Clean Power Plan until the pending legal challenges to the rule are resolved. A number of states subject to the Clean Power Plan have stopped working on their implementation strategies in light of this decision; however, certain states where we operate manufacturing facilities are continuing their efforts. We are carefully monitoring the state-level developments relating to this rule. Due to ongoing litigation and other uncertainties regarding these GHG regulations, including the potential impact of a new U.S. executive administration in 2017, their impact on us cannot be quantified with certainty at this time.

In addition to national efforts to regulate climate change, some U.S. states in which we have manufacturing operations are also taking measures to reduce GHG emissions, such as requiring GHG emissions reporting or the development of regional cap-and trade programs. California has enacted a cap-and-trade program that took effect in 2012, and includes enforceable compliance obligations that began on January 1, 2013. We do not have any manufacturing facilities that are subject to the cap-and-trade requirements in California; however, we are continuing to monitor the implementation of this program as well as proposed mandatory GHG reduction efforts in other states. Also, the Washington Department of Ecology has issued a final rule, known as the Clean Air Rule, which limits GHGs from facilities that have average annual carbon dioxide equivalent emissions equal to or exceeding 100,000 metric tons/year and proposes to begin GHG emissions reduction requirements for some regulated entities in 2017. Energy intensive and trade exposed facilities and transportation fuel importers, including our Tacoma, WA mill, are subject to regulation under this program. In September 2016, various groups filed lawsuits against the Washington Department of Ecology challenging the Clean Air Rule. We are carefully monitoring this litigation to assess its potential impact on our Tacoma operations.

In April 2016, the U.S. and over 170 other countries signed the Paris Agreement, which arose out of negotiations at the United Nation’s Conference of Parties (COP21) climate summit in December 2015. The Paris Agreement establishes a framework for reducing global GHG emissions. By signing the Paris Agreement, the U.S. made a non-binding commitment to reduce economy-wide GHG emissions by 26% to 28% below 2005 levels by 2025. Other countries in which we conduct business, including China, European Union member states and India, have set similar GHG reduction targets. The Paris Agreement came into force on October 3, 2016. Although, the Paris Agreement does not contain legally binding emissions reduction requirements and it is unclear if the new U.S. executive administration will seek to implement it, implementing legislation by ratifying governments to achieve their respective commitments may require industrial facilities, including our operations, to make process changes, incur capital expenditures and/or increase operating costs.

Several of our international facilities are located in countries that have already adopted GHG emissions trading schemes. For example, Quebec has become a member of the Western Climate Initiative, which is a collaboration among California and certain Canadian provinces that have joined together to create a cap-and-trade program to reduce GHG emissions. In 2009, Quebec adopted a target of reducing GHG emissions by 20% below 1990 levels by 2020. In 2011, Quebec issued a final regulation establishing a regional cap-and-trade program that required reductions in GHG emissions from covered emitters as of January 1, 2013. Our mill in Quebec is subject to these cap-and-trade requirements, although the direct impact of this regulation has not been material to date. Compliance with this program and other similar programs may require future expenditures to meet required GHG emission reduction requirements in future years.

The regulation of climate change continues to develop in the areas of the world where we conduct business. We have systems in place for tracking the GHG emissions from our energy-intensive facilities, and we carefully monitor developments in climate change laws, regulations and policies to assess the potential impact of such developments on our results of operations, financial condition, cash flows and disclosure obligations.

Litigation

In 2010, Smurfit-Stone was one of nine U.S. and Canadian containerboard producers named as defendants in a lawsuit, in the U.S. District Court of the Northern District of Illinois, alleging that these producers violated the Sherman Act by conspiring to limit the supply and fix the prices of containerboard from mid-2005 through November 8, 2010 (the “Antitrust Litigation”). Plaintiffs have since amended their complaint by alleging a class period from February 15, 2004 through November 8, 2010. RockTenn CP, LLC, as the successor to Smurfit-Stone, is a defendant with respect to the period after Smurfit-Stone’s discharge from bankruptcy on June 30, 2010 through November 8, 2010. The complaint seeks treble damages and costs, including attorney’s fees. In March 2015, the court granted the Plaintiffs’ motion for class certification and the class defendants, including us, appealed that decision. On August 4, 2016, the United States Court of Appeals for the Seventh Circuit affirmed the District Court’s decision regarding class certification. We believe the allegations are without merit and will defend this lawsuit vigorously. However, at this stage of the litigation, we are unable to predict the ultimate outcome or estimate a range of reasonably possible losses.

As with numerous other large industrial companies, we have been named a defendant in asbestos-related personal injury litigation. Typically, these suits also name many other corporate defendants. To date, the costs resulting from the litigation, including settlement costs, have not been significant. As of September 30, 2016, there were approximately 693 lawsuits. We believe that we have substantial insurance coverage, subject to applicable deductibles and policy limits, with respect to asbestos claims. We have valid defenses to these claims and intend to continue to defend them vigorously. Should the volume of litigation grow substantially, it is possible that we could incur significant costs resolving these cases. We believe that the resolution of pending litigation and proceedings is not expected to have a material adverse effect on our consolidated financial condition or liquidity. In any given period or periods, however, it is possible such proceedings or matters could have a material effect on the results of operations.

We are a defendant in a number of other lawsuits and claims arising out of the conduct of our business. While the ultimate results of such suits or other proceedings against us cannot be predicted with certainty, management believes the resolution of these matters will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Guarantees

We make certain guarantees in the course of conducting our operations, for compliance with certain laws and regulations, or in connection with certain business dispositions. The guarantees include items such as funding of net losses in proportion to our ownership share of certain joint ventures, debt guarantees related to certain unconsolidated entities acquired in acquisitions, indemnifications of lessors in certain facilities and equipment operating leases for items such as additional taxes being assessed due to a change in tax law, and, certain other agreements. We estimate the exposure for these matters could be up to $50 million. As of September 30, 2016, we have recorded $5.2 million for the estimated fair value of these guarantees. We are unable to estimate our maximum exposure under operating leases because it is dependent on potential changes in the tax law, however, we believe our exposure related to guarantees would not have a material impact on our results of operations, financial condition or cash flows.

Special Purpose Entities (Notes)
Special Purpose Entities [Text Block]
Special Purpose Entities    

Pursuant to a sale of certain large-tract forestlands in 2007, a special purpose entity MWV Timber Notes Holding, LLC (“MWV TN”) received, and WestRock assumed upon the Combination, an installment note receivable in the amount of $398.0 million (the “Timber Note”). The Timber Note does not require any principal payments until its maturity in October 2027 and bears interest at a rate approximating LIBOR. In addition, the Timber Note is supported by a bank-issued irrevocable letter of credit obtained by the buyer of the forestlands. The Timber Note is not subject to prepayment in whole or in part prior to maturity. The bank’s credit rating as of November 2016 was investment grade.

Using the Timber Note as collateral, MWV TN received $338.3 million in proceeds under a secured financing agreement with a bank. Under the terms of the agreement, the liability from this transaction is non-recourse to the Company and is payable from the Timber Note proceeds upon its maturity in October 2027. As a result, the Timber Note is not available to satisfy any obligations of WestRock. MWV TN can elect to prepay at any time the liability in whole or in part, however, given that the Timber Note is not prepayable, MWV TN expects to only repay the liability at maturity from the Timber Note proceeds.

The Timber Note and the secured financing liability were fair valued on the opening balance sheet in connection with the Combination. As of September 30, 2016, the Timber Note was $359.8 million and is included within restricted assets held by special purpose entities on the consolidated balance sheet and the secured financing liability was $320.1 million and is included within non-recourse liabilities held by special purpose entities on the consolidated balance sheet.

Pursuant to the sale of MWV’s remaining U.S. forestlands, which occurred on December 6, 2013, another special purpose entity MWV Timber Notes Holding Company II, LLC (“MWV TN II”) received, and WestRock assumed upon the Combination, an installment note receivable in the amount of $860.0 million (the “Installment Note”). The Installment Note does not require any principal payments until its maturity in December 2023 and bears interest at a fixed rate of 5.207%. However, at any time during a 180-day period following receipt by the borrower of notice from us that we intend to withhold our consent to any amendment or waiver of this Installment Note that was requested by the borrower and approved by any eligible assignees, the borrower may prepay the Installment Note in whole but not in part for cash at 100% of the principal, plus accrued but unpaid interest, breakage, or other similar amount if any. As of September 30, 2016, no event has occurred that would allow for the prepayment of the Installment Note. We monitor the credit quality of the borrower and receive quarterly compliance certificates. The borrower’s credit rating as of November 2016 was investment grade.

Using the Installment Note as collateral, MWV TN II received $774.0 million in proceeds under a secured financing agreement with a bank. Under the terms of the agreement, the liability from this transaction is non-recourse to the Company and is payable from the Installment Note proceeds upon its maturity in December 2023. As a result, the Installment Note is not available to satisfy any obligations of WestRock. MWV TN II can elect to prepay, at any time, the liability in whole or in part, with sufficient notice, but would avail itself of this provision only in the event the Installment Note was prepaid in whole or in part. The secured financing agreement however requires a mandatory repayment, up to the amount of cash received, if the Installment Note is prepaid in whole or in part.

The Installment Note and the secured financing liability were fair valued on the opening balance sheet in connection with the Combination. As of September 30, 2016, the Installment Note was $934.0 million and is included within restricted assets held by special purpose entities on the consolidated balance sheet and the secured financing liability was $850.1 million and is included within non-recourse liabilities held by special purpose entities on the consolidated balance sheet.
Segment Information
Segment Information
Segment Information

Subsequent to the Separation, we report our financial results of operations in the following three reportable segments: Corrugated Packaging, which consists of our containerboard mill and corrugated packaging operations, as well as our recycling operations; Consumer Packaging, which consists of consumer mills, folding carton, beverage, merchandising displays, home, health and beauty dispensing, and partition operations; and Land and Development, which develops and sells real estate primarily in the Charleston, SC region. Certain income and expenses are not allocated to our segments and, thus, the information that management uses to make operating decisions and assess performance does not reflect such amounts. Items not allocated are reported as non-allocated expenses or in other line items in the table below after segment income.

Some of our operations included in the segments are located in locations such as Canada, Mexico, South America, Europe and Asia. The table below reflects financial data of our foreign operations for each of the past three fiscal years (in millions, except percentages):
 
 
Years Ended September 30,
 
2016
 
2015
 
2014
Foreign net sales to unaffiliated customers
$
2,426.6

 
$
1,506.5

 
$
1,191.8

Foreign segment income
$
226.1

 
$
171.6

 
$
109.6

Foreign long-lived assets
$
1,341.5

 
$
1,228.0

 
$
379.6

Foreign operations as a percent of consolidated operations:
 
 
 
 
 
Foreign net sales to unaffiliated customers
17.1
%
 
13.5
%
 
12.0
%
Foreign segment income
18.4
%
 
16.0
%
 
10.5
%
Foreign long-lived assets
14.4
%
 
13.4
%
 
6.5
%


We evaluate performance and allocate resources based, in part, on profit from operations before income taxes, interest and other items. The accounting policies of the reportable segments are the same as those described in “Note 1. Description of Business and Summary of Significant Accounting Policies”. We account for intersegment sales at prices that approximate market prices. For segment reporting purposes, we include our equity in income of unconsolidated entities in segment income, as well as our investments in unconsolidated entities in segment identifiable assets, neither of which is material. Certain income and expenses are not allocated to our segments and, thus, the information that management uses to make operating decisions and assess performance does not reflect such amounts. Items not allocated are reported as non-allocated expenses or in other line items in the table below after segment income.

The following table shows selected operating data for our segments (in millions):
 
Years Ended September 30,
 
2016
 
2015
 
2014
Net sales (aggregate):
 
 
 
 
 
Corrugated Packaging
$
7,868.5

 
$
7,516.9

 
$
7,257.4

Consumer Packaging
6,388.1

 
3,740.1

 
2,818.5

Land and Development
119.8

 
45.0

 
—

Total
$
14,376.4

 
$
11,302.0

 
$
10,075.9

Less net sales (intersegment):
 
 
 
 
 
Corrugated Packaging
$
136.2

 
$
130.6

 
$
148.5

Consumer Packaging
68.4

 
46.6

 
32.3

Land and Development
—

 
—

 
—

Total
$
204.6

 
$
177.2

 
$
180.8

Net sales (unaffiliated customers):
 
 
 
 
 
Corrugated Packaging
$
7,732.3

 
$
7,386.3

 
$
7,108.9

Consumer Packaging
6,319.7

 
3,693.5

 
2,786.2

Land and Development
119.8

 
45.0

 
—

Total
$
14,171.8

 
$
11,124.8

 
$
9,895.1

Segment income:
 
 
 
 
 
Corrugated Packaging
$
739.9

 
$
806.7

 
$
728.0

Consumer Packaging
481.7

 
267.0

 
311.4

Land and Development
4.6

 
(3.4
)
 
—

Segment income
1,226.2

 
1,070.3

 
1,039.4

Pension risk transfer expense
(370.7
)
 
—

 
—

Pension lump sum settlement and retiree medical curtailment, net
—

 
(11.5
)
 
(47.9
)
Restructuring and other costs, net
(366.4
)
 
(140.8
)
 
(55.6
)
Non-allocated expenses
(49.1
)
 
(58.4
)
 
(72.7
)
Interest expense
(256.7
)
 
(132.5
)
 
(95.3
)
Gain (loss) on extinguishment of debt
2.7

 
(2.6
)
 
—

Interest income and other income (expense), net
58.6

 
9.7

 
2.4

Income from continuing operations before income taxes
$
244.6

 
$
734.2

 
$
770.3


Segment income in fiscal 2016 and 2015 was reduced by $8.1 million and $64.7 million, respectively, of expense for inventory stepped-up in purchase accounting, net of related LIFO impact. The Corrugated Packaging segment and Consumer Packaging segment in fiscal 2016 were reduced by $3.4 million and $4.7 million, respectively. The Corrugated Packaging and Consumer Packaging segment in fiscal 2015 were reduced by $2.2 million and $62.5 million, respectively.

The following table shows selected operating data for our segments (in millions):
 
Years Ended September 30,
 
2016
 
2015
 
2014
Identifiable assets:
 
 
 
 
 
Corrugated Packaging
$
10,046.0

 
$
9,467.3

 
$
8,701.3

Consumer Packaging
10,122.5

 
10,175.7

 
1,980.2

Land and Development
460.6

 
545.5

 
—

Assets of discontinued operations
—

 
2,618.5

 
—

Assets held for sale
52.3

 
10.2

 
22.6

Corporate
2,356.8

 
2,555.2

 
335.6

Total
$
23,038.2

 
$
25,372.4

 
$
11,039.7

 
 
 
 
 
 
Goodwill:
 
 
 
 
 
Corrugated Packaging
$
1,722.5

 
$
1,667.5

 
$
1,525.4

Consumer Packaging
3,055.6

 
2,979.6

 
401.0

Land and Development
—

 
—

 
—

Total
$
4,778.1

 
$
4,647.1

 
$
1,926.4

 
 
 
 
 
 
Depreciation and amortization:
 
 
 
 
 
Corrugated Packaging
$
576.2

 
$
496.6

 
$
464.0

Consumer Packaging
498.9

 
201.8

 
104.3

Land and Development
1.4

 
0.2

 
—

Discontinued operations
57.2

 
22.0

 
—

Corporate
12.8

 
20.2

 
16.2

Total
$
1,146.5

 
$
740.8

 
$
584.5

 
 
 
 
 
 
Capital expenditures:
 
 
 
 
 
Corrugated Packaging
$
490.1

 
$
378.4

 
$
410.6

Consumer Packaging
244.9

 
166.1

 
113.3

Discontinued operations
45.2

 
28.6

 
—

Corporate
16.5

 
12.4

 
10.3

Total
$
796.7

 
$
585.5

 
$
534.2

 
 
 
 
 
 
Investment in unconsolidated subsidiaries:
 
 
 
 
 
Corrugated Packaging
$
281.2

 
$
7.9

 
$
6.7

Consumer Packaging
22.2

 
21.3

 
20.6

Land and Development
28.6

 
31.0

 
—

Corporate
(3.1
)
 
—

 
—

Total
$
328.9

 
$
60.2

 
$
27.3



The increase in Corporate identifiable assets in fiscal 2015 is primarily due to the restricted assets held by special purpose entities, our prepaid pension asset and life insurance assets each associated with the Combination. The increase in the Corrugated Packaging segment’s investment in unconsolidated subsidiaries in fiscal 2016 is primarily related to the Grupo Gondi investment, and the Corporate investment in unconsolidated subsidiaries in fiscal 2016 primarily represents an entity that has losses guaranteed equally by the partners. The investment in Grupo Gondi that is included in the Corrugated Packaging segment’s investment in unconsolidated subsidiaries in fiscal 2016 exceeds our proportionate share of the underlying net assets by approximately $65.3 million. Approximately $56.2 million remains amortizable to expense in equity in income of unconsolidated entities over the estimated life of the underlying assets ranging from 10 to 15 years.

The changes in the carrying amount of goodwill for the fiscal years ended September 30, 2016, 2015 and 2014 are as follows (in millions):
 
Corrugated Packaging
 
Consumer
Packaging
 
Total
Balance as of October 1, 2013
 
 
 
 
 
Goodwill
$
1,499.9

 
$
405.0

 
$
1,904.9

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
1,499.9

 
362.2

 
1,862.1

Goodwill acquired
29.0

 
42.2

 
71.2

Translation adjustment
(3.5
)
 
(3.4
)
 
(6.9
)
Balance as of September 30, 2014
 
 
 
 
 
Goodwill
1,525.4

 
443.8

 
1,969.2

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
1,525.4

 
401.0

 
1,926.4

Goodwill acquired
183.3

 
2,586.5

 
2,769.8

Purchase price allocation adjustments
2.4

 
(1.1
)
 
1.3

Translation adjustment
(43.6
)
 
(6.8
)
 
(50.4
)
Balance as of September 30, 2015
 
 
 
 
 
Goodwill
1,667.5

 
3,022.4

 
4,689.9

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
1,667.5

 
2,979.6

 
4,647.1

Goodwill acquired
52.4

 
8.0

 
60.4

Goodwill disposed of
(24.0
)
 
—

 
(24.0
)
Purchase price allocation adjustments
(4.9
)
 
67.6

 
62.7

Translation adjustment
31.5

 
0.4

 
31.9

Balance as of September 30, 2016
 
 
 
 
 
Goodwill
1,722.5

 
3,098.4

 
4,820.9

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
$
1,722.5

 
$
3,055.6

 
$
4,778.1


The goodwill acquired in fiscal 2016 related to the SP Fiber Acquisition and the Packaging Acquisition. The goodwill disposed of in the Corrugated Packaging segment in fiscal 2016 relates to the disposal of a portion of the reporting unit in connection with the investment in the Grupo Gondi unconsolidated joint venture. The goodwill acquired in fiscal 2015 primarily relates to the Combination. The goodwill acquired in fiscal 2014 related to the acquisitions of the Tacoma Mill, NPG and AGI In-Store.
Financial Results by Quarter (Unaudited)
Financial Results by Quarter
Financial Results by Quarter (Unaudited)

Fiscal 2016
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In millions, except per share data)
Net sales
$
3,470.9

 
$
3,492.7

 
$
3,596.5

 
$
3,611.7

Gross profit
654.7

 
657.3

 
727.3

 
719.3

Pension risk transfer expense
—

 
—

 
—

 
370.7

Restructuring and other costs, net
162.8

 
111.1

 
43.1

 
49.4

Gain on extinguishment of debt
—

 
—

 
—

 
2.7

Income (loss) from continuing operations
30.4

 
58.4

 
152.4

 
(86.4
)
(Loss) income from discontinued operations, net of tax
(482.1
)
 
1.4

 
(58.7
)
 
(5.3
)
Consolidated net (loss) income
(451.7
)
 
59.8

 
93.7

 
(91.7
)
Net (loss) income attributable to common stockholders
(453.5
)
 
56.9

 
92.3

 
(92.0
)
Basic (loss) earnings per share from continuing operations
0.12

 
0.22

 
0.60

 
(0.34
)
Diluted (loss) earnings per share from continuing operations
0.12

 
0.22

 
0.59

 
(0.34
)
Basic (loss) earnings per share attributable to common stockholders
(1.76
)
 
0.22

 
0.37

 
(0.37
)
Diluted (loss) earnings per share attributable to common stockholders
(1.73
)
 
0.22

 
0.36

 
(0.37
)

 
Fiscal 2015
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In millions, except per share data)
Net sales
$
2,514.2

 
$
2,455.6

 
$
2,538.9

 
$
3,616.1

Gross profit
469.5

 
457.1

 
526.3

 
685.4

Pension lump sum settlement and retiree medical curtailment, net
11.9

 
—

 
(0.4
)
 
—

Restructuring and other costs, net
5.4

 
17.2

 
13.1

 
105.1

Loss on extinguishment of debt
—

 
—

 
—

 
(2.6
)
Income from continuing operations
125.6

 
110.4

 
157.9

 
107.3

Income from discontinued operations, net of tax
—

 
—

 
—

 
10.6

Consolidated net income
125.6

 
110.4

 
157.9

 
117.9

Net income attributable to common stockholders
125.1

 
109.8

 
156.4

 
115.8

Basic earnings per share from continuing operations
0.89

 
0.78

 
1.11

 
0.41

Diluted earnings per share from continuing operations
0.88

 
0.77

 
1.10

 
0.40

Basic earnings per share attributable to common stockholders
0.89

 
0.78

 
1.11

 
0.45

Diluted earnings per share attributable to common stockholders
0.88

 
0.77

 
1.10

 
0.44



We computed the interim earnings per common and common equivalent share amounts as if each quarter was a discrete period. As a result, the sum of the basic and diluted earnings per share by quarter will not necessarily total the annual basic and diluted earnings per share.

(Loss) income from discontinued operations in the first quarter of fiscal 2016 financial results by quarter (unaudited) table includes a pre-tax non-cash goodwill impairment charge of $478.3 million as a result of our evaluation of whether events or changes in circumstances had occurred that would indicate whether it was more likely than not that the goodwill of our then-owned Specialty Chemicals reporting unit was impaired. No tax benefit was recorded for the goodwill impairment. For additional information see “Note 7. Discontinued Operations”. Basic and diluted earnings per share attributable to common stockholders were decreased by approximately $1.86 and $1.83 per share, respectively.

(Loss) income from discontinued operations in the third quarter of fiscal 2016 financial results by quarter (unaudited) table includes a $101.1 million pre-tax non-cash impairment of our Specialty Chemicals customer relationships intangible that was evaluated at the time of the Separation. Basic and diluted earnings per share attributable to common stockholders were each decreased by approximately $0.27 per share. For additional information regarding the impairment charge or the Separation see “Note 7. Discontinued Operations” of the Notes to Consolidated Financial Statements.

Income from continuing operations in the fourth quarter of fiscal 2016 financial results by quarter (unaudited) table was decreased due to a non-cash charge of $370.7 million recorded on the line item “Pension risk transfer expense” on our Consolidated Statements of Operations as we settled $2.5 billion in pension obligations of the WestRock Company Consolidated Pension Plan. Basic and diluted earnings per share from continuing operations and basic and diluted earnings per share attributable to common stockholders were each decreased by approximately $0.91 per share. For additional information see “Note 14. Retirement Plans”.

During the first quarter of fiscal 2015, we partially settled obligations of one of our defined benefit pension plans through lump sum payments to certain eligible former employees who were not currently receiving a monthly benefit. Income from continuing operations before income taxes included a $20.0 million pre-tax non-cash charge to earnings. Additionally, in the first quarter of fiscal 2015, changes in retiree medical coverage for certain employees covered by the USW master agreement resulted in the recognition of an estimated $8.1 million pre-tax non-cash curtailment gain. The aforementioned items are recorded on the line item “Pension lump sum settlement and retiree medical curtailment, net” on our Consolidated Statements of Operations.Basic and diluted earnings per share from continuing operations and basic and diluted earnings per share attributable to common stockholders were each decreased by approximately $0.06 per share. For additional information see “Note 14. Retirement Plans”.

Income from continuing operations in the second quarter of fiscal 2015 financial results by quarter (unaudited) table was increased due to a reduction of cost of goods sold of $5.5 million pre-tax to record an additional value of spare parts at our containerboard mills acquired in the Smurfit-Stone Acquisition. Basic and diluted earnings per share from continuing operations and basic and diluted earnings per share attributable to common stockholders were increased by approximately $0.03 and $0.02 per share, respectively, during the second quarter of fiscal 2015 for the aforementioned items.

Income from continuing operations in the fourth quarter of fiscal 2015 financial results by quarter (unaudited) table was reduced due to the inclusion of $63.4 million pre-tax of acquisition inventory step-up expense net of related LIFO impact recorded in our segments as increased cost of goods sold. Basic and diluted earnings per share from continuing operations and basic and diluted earnings per share attributable to common stockholders were each decreased by approximately $0.16 per share. Income from discontinued operations in the fourth quarter of fiscal 2015 financial results by quarter (unaudited) table was reduced due to the inclusion of $8.2 million pre-tax of acquisition inventory step-up expense, net of related LIFO impact recorded in our former Specialty Chemicals segment as increased cost of goods sold. Basic and diluted earnings per share attributable to common stockholders were each decreased by approximately $0.18 per share during the fourth quarter of fiscal 2015 for these two inventory step-up expense items.
Subsequent Event
Subsequent Events [Text Block]
Subsequent Events (Unaudited)

Pension Settlement Offer

In September 2016, we committed to an offer to partially settle obligations of our U.S. defined benefit pension plans in the first quarter of fiscal 2017, through lump sum and annuity payments to certain eligible former employees who are not currently receiving a monthly benefit. Eligible former employees whose present value of future pension benefits exceed a certain minimum threshold can either voluntarily accept or not accept the offer and continue to be entitled to their monthly benefit upon retirement. Based on our experience and that of other companies implementing similar programs, our advisors estimate that former employees representing approximately $160 million to $200 million of aggregate pension benefit obligation will accept the pension settlement offer. Lump sum and/or annuity payments will be made out of existing plan assets and we expect the plan’s funded status to be materially unchanged as a result of the proposed transaction. However, depending upon the percentage of former employees that accept the offer, and whether or not settlement accounting is required, we might recognize a non-cash charge in the period in which the settlements occur. The amounts are estimates as they are subject to the percentage of former employees that accept the offer and other factors, such as, but not limited to, whether or not the plan is remeasured in the first quarter of fiscal 2017, changes in the discount rate and the actual return on plan assets since the September 30, 2016 measurement date.

Home Health and Beauty - Evaluation of Strategic Alternatives

In November 2016, we announced that our board of directors had authorized us to evaluate strategic alternatives for our Home Health and Beauty business. These alternatives include the potential sale of the business during fiscal 2017. In the event we sell the business for cash, we expect to use the sale proceeds in a manner that is consistent with our balanced capital allocation strategy.
Description of Business and Summary of Significant Accounting Policies (Policies)
Consolidation, Policy [Policy Text Block] 
Consolidation

The consolidated financial statements include our accounts and the accounts of our partially-owned consolidated subsidiaries. Equity investments in which we exercise significant influence but do not control and are not the primary beneficiary are accounted for using the equity method. Investments in which we are not able to exercise significant influence over the investee are accounted for under the cost method. Our equity and cost method investments are not significant either individually or in the aggregate. We have eliminated all significant intercompany accounts and transactions. See “Note 20. Segment Information” for our equity method investments.

Use of Estimates, Policy [Policy Text Block] 
Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires us 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates, and the differences could be material.

The most significant accounting estimates inherent in the preparation of our consolidated financial statements include estimates to evaluate the recoverability of goodwill, intangibles and property, plant and equipment, to determine the useful lives of assets that are amortized or depreciated, and to measure income taxes, self-insured obligations, restructuring activities and allocate the purchase price of an acquired business to the fair value of acquired assets and liabilities. In addition, significant estimates form the basis for our reserves with respect to collectibility of accounts receivable, inventory valuations, pension benefits, deferred tax asset valuation allowances and certain benefits provided to current employees. Various assumptions and other factors underlie the determination of these significant estimates. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, and in some cases, actuarial techniques. We regularly evaluate these significant factors and make adjustments where facts and circumstances dictate.
Stockholders' Equity, Policy [Policy Text Block] 
Common Stock Split

On August 27, 2014, we effected a two-for-one stock split of RockTenn’s Common Stock in the form of a 100% stock dividend to shareholders of record as of August 12, 2014. All share and per share information prior to August 12, 2014 has been retroactively adjusted to reflect the stock split. We recorded the incremental par value of the newly issued shares with the offset to additional paid in capital.

Revenue Recognition, Policy [Policy Text Block] 
Revenue Recognition

We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, our price to the buyer is fixed or determinable and collectibility is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership. The timing of revenue recognition is dependent on the location of title transfer which is normally either on the exit from our plants (i.e., shipping point) or on arrival at customers’ plants (i.e., destination point). We do not recognize revenue from transactions where we bill customers, but retain custody and title to these products until the date custody and title transfer. We do not have any significant multiple deliverable revenue arrangements.

We net, against our gross sales, provisions for discounts, returns, allowances, customer rebates and other adjustments. We account for such provisions during the same period in which we record the related revenues. We include in net sales any amounts related to shipping and handling that are billed to a customer.
Shipping and Handling Cost, Policy [Policy Text Block] 
Shipping and Handling Costs

We classify shipping and handling costs as a component of cost of goods sold.
Cash and Cash Equivalents, Policy [Policy Text Block] 
Cash Equivalents

We consider all highly liquid investments that mature three months or less from the date of purchase to be cash equivalents. The carrying amounts we report in the consolidated balance sheets for cash and cash equivalents approximate fair market values. We place our cash and cash equivalents with large credit worthy banks, which limits the amount of our credit exposure.
Receivables, Policy [Policy Text Block] 
Accounts Receivable and Allowances

We perform periodic evaluations of our customers’ financial condition and generally do not require collateral. The weighted average of our receivables collection is within 30 to 60 days. We sell certain receivables under our A/R Sales Agreement. We serve a diverse customer base primarily in North America, South America, Europe and Asia, and, therefore, have limited exposure from credit loss to any particular customer or industry segment.

We state accounts receivable at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, cash discounts and other adjustments. We do not discount accounts receivable because we generally collect accounts receivable over a relatively short time. We account for sales and other taxes that are imposed on and concurrent with individual revenue-producing transactions between a customer and us on a net basis which excludes the taxes from our net sales. We estimate our allowance for doubtful accounts based on our historical experience, current economic conditions and the credit worthiness of our customers. We charge off receivables when they are determined to be no longer collectible. In fiscal 2016, we recorded bad debt expense of $3.5 million. In fiscal 2015 we recorded a credit to bad debt expense of $2.4 million and in fiscal 2014 we recorded bad debt expense of $2.0 million.

The following table represents a summary of the changes in the reserve for allowance for doubtful accounts, returns and allowances and cash discounts for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
29.5

 
$
25.1

 
$
26.8

Reduction in sales and charges to costs and expenses
200.8

 
166.6

 
135.0

Deductions
(193.8
)
 
(162.2
)
 
(136.7
)
Balance at end of fiscal year
$
36.5

 
$
29.5

 
$
25.1


Inventory, Policy [Policy Text Block] 
Inventories

We value substantially all U.S. inventories at the lower of cost or market, with cost determined on the LIFO basis. We value all other inventories at the lower of cost or market, with cost determined using methods that approximate cost computed on a FIFO basis. These other inventories represent primarily foreign inventories, spare parts inventories, dispensing inventories and certain inventoried supplies and aggregate to approximately 35% and 31% of FIFO cost of all inventory at September 30, 2016 and 2015, respectively.

Prior to the application of the LIFO method, our U.S. operating divisions use a variety of methods to estimate the FIFO cost of their finished goods inventories. Such methods include standard costs, or average costs computed by dividing the actual cost of goods manufactured by the tons produced and multiplying this amount by the tons of inventory on hand. Lastly, certain operations calculate a ratio, on a plant by plant basis, the numerator of which is the cost of goods sold and the denominator is net sales. This ratio is applied to the estimated sales value of the finished goods inventory. Variances and other unusual items are analyzed to determine whether it is appropriate to include those items in the value of inventory. Examples of variances and unusual items that are considered to be current period charges include, but are not limited to, abnormal production levels, freight, handling costs, and wasted materials (spoilage). Cost includes raw materials and supplies, direct labor, indirect labor related to the manufacturing process and depreciation and other factory overheads. Our inventoried spare parts are measured at average cost.

Property, Plant and Equipment, Policy [Policy Text Block] 
Property, Plant and Equipment

We state property, plant and equipment at cost. Cost includes major expenditures for improvements and replacements that extend useful lives, increase capacity, increase revenues or reduce costs. During fiscal 2016, 2015 and 2014, we capitalized interest of approximately $7.6 million, $4.0 million and $2.6 million, respectively. For financial reporting purposes, we provide depreciation and amortization primarily on a straight-line method generally over the estimated useful lives of the assets as follows:
Buildings and building improvements
 
15-40 years
Machinery and equipment
 
3-25 years
Transportation equipment
 
3-8 years


Generally, our machinery and equipment have estimated useful lives between 3 and 25 years; however, select portions of machinery and equipment primarily at our mills have estimated useful lives up to 44 years. Greater than 90% of the cost of our mill assets have lives of 25 years or less. Leasehold improvements are depreciated over the shorter of the asset life or the lease term, generally between 3 and 10 years.
Goodwill and Intangible Assets, Policy [Policy Text Block] 
Goodwill and Long-Lived Assets    

We review the carrying value of our goodwill annually at the beginning of the fourth quarter of each fiscal year, or more often if events or changes in circumstances indicate that the carrying amount may exceed fair value as set forth in ASC 350, “Intangibles — Goodwill and Other.” See “Note 7. Discontinued Operations” for information on the first quarter of fiscal 2016 goodwill impairment test and resulting charge. We test goodwill for impairment at the reporting unit level, which is an operating segment or one level below an operating segment, referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. The amount of goodwill acquired in a business combination that is assigned to one or more reporting units as of the acquisition date is the excess of the purchase price of the acquired businesses (or portion thereof) included in the reporting unit, over the fair value assigned to the individual assets acquired or liabilities assumed. Goodwill is assigned to the reporting unit(s) expected to benefit from the synergies of the combination even though other assets or liabilities of the acquired entity may not be assigned to that reporting unit. We determine recoverability by comparing the estimated fair value of the reporting unit to which the goodwill applies to the carrying value, including goodwill, of that reporting unit using a discounted cash flow model.

The goodwill impairment model is a two-step process. An amendment to ASC 350 became effective December 2011 that allows a qualitative assessment, prior to step one, to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. We did not attempt a qualitative assessment and moved directly to step one. In step one, we utilize the present value of expected net cash flows to determine the estimated fair value of our reporting units. This present value model requires management to estimate future net cash flows, the timing of these cash flows, and a discount rate (based on a weighted average cost of capital), which represents the time value of money and the inherent risk and uncertainty of the future cash flows. Factors that management must estimate when performing this step in the process include, among other items, sales volume, prices, inflation, discount rates, exchange rates, tax rates, anticipated synergies and productivity improvements resulting from acquisitions, capital expenditures and continuous improvement projects. The assumptions we use to estimate future cash flows are consistent with the assumptions that the reporting units use for internal planning purposes, updated to reflect current expectations. If we determine that the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If we determine that the carrying amount of the reporting unit exceeds its estimated fair value, we would complete step two of the impairment analysis. Step two involves determining the implied fair value of the reporting unit’s goodwill and comparing it to the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, we recognize an impairment loss in an amount equal to that excess.

As a result of the fiscal 2015 Combination and the corresponding fair value accounting, several of our reporting units’ fair value exceeds their carrying value by a limited margin. During the fourth quarter of fiscal 2016, of reporting units that have goodwill, our Consumer Packaging and Brazil Corrugated reporting units had a fair value which exceeded their carrying value by less than 10%. If we had concluded that it was appropriate to increase the discount rate we used by 100 basis point to estimate the fair value of each reporting unit that has goodwill, the fair value for each of our reporting units would have continued to exceed its carrying value except for the Consumer Packaging and Brazil Corrugated reporting units. No events have occurred since the latest annual goodwill impairment assessment that would necessitate an interim goodwill impairment assessment.
 
We follow the provisions included in ASC 360, “Property, Plant and Equipment” in determining whether the carrying value of any of our long-lived assets, including amortizing intangibles other than goodwill, is impaired. The ASC 360 test is a three-step test for assets that are “held and used” as that term is defined by ASC 360. We determine whether indicators of impairment are present. We review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of the long-lived asset might not be recoverable. If we determine that indicators of impairment are present, we determine whether the estimated undiscounted cash flows for the potentially impaired assets are less than the carrying value. This requires management to estimate future net cash flows through operations over the remaining useful life of the asset and its ultimate disposition. The assumptions we use to estimate future cash flows are consistent with the assumptions we use for internal planning purposes, updated to reflect current expectations. If our estimated undiscounted cash flows do not exceed the carrying value, we estimate the fair value of the asset and record an impairment charge if the carrying value is greater than the fair value of the asset. We estimate fair value using discounted cash flows, observable prices for similar assets, or other valuation techniques. We record assets classified as “held for sale” at the lower of their carrying value or estimated fair value less anticipated costs to sell.
 
Included in our long-lived assets are certain identifiable intangible assets. These intangible assets are amortized based on the approximate pattern in which the economic benefits are consumed or straight-line if the pattern was not reliably determinable. Estimated useful lives range from 1 to 40 years and have a weighted average life of approximately 17.9 years.

Our judgments regarding the existence of impairment indicators are based on legal factors, market conditions and operational performance. Future events could cause us to conclude that impairment indicators exist and that assets associated with a particular operation are impaired. Evaluating impairment also requires us to estimate future operating results and cash flows, which also require judgment by management. Any resulting impairment loss could have a material adverse impact on our financial condition and results of operations.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] 

Restructuring

Our restructuring and other costs, net include primarily items such as restructuring portions of our operations, acquisition costs, integration costs and divestiture costs. We have restructured portions of our operations from time to time, have current restructuring initiatives taking place, and it is possible that we may engage in future restructuring activities. Identifying and calculating the cost to exit these operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities, including leases and other contractual obligations, and the adjustment of property, plant and equipment to net realizable value. We believe our estimates are reasonable, considering our knowledge of the industries we operate in, previous experience in exiting activities and valuations we may obtain from independent third parties. Although our estimates have been reasonably accurate in the past, significant judgment is required, and these estimates and assumptions may change as additional information becomes available and facts or circumstances change.
Business Combinations Policy [Policy Text Block] 

Business Combinations

From time to time, we may enter into business combinations. In accordance with ASC 805, “Business Combinations”, we generally recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree at their fair values as of the date of acquisition. We measure goodwill as the excess of consideration transferred, which we also measure at fair value, over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. The acquisition method of accounting requires us to make significant estimates and assumptions regarding the fair values of the elements of a business combination as of the date of acquisition, including the fair values of identifiable intangible assets, deferred tax asset valuation allowances, liabilities related to uncertain tax positions, contingent consideration and contingencies. This method also requires us to refine these estimates over a measurement period not to exceed one year to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. If we are required to retroactively adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with acquisitions, these adjustments could have a material impact on our financial condition and results of operations.

Significant estimates and assumptions in estimating the fair value of acquired technology, customer relationships, and other identifiable intangible assets include future cash flows that we expect to generate from the acquired assets. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, we could record impairment charges. In addition, we have estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If our estimates of the economic lives change, depreciation or amortization expenses could be increased or decreased, or the acquired asset could be impaired.

Fair Value of Financial Instruments, Policy [Policy Text Block] 

Fair Value of Financial Instruments and Nonfinancial Assets and Liabilities

We estimate fair values in accordance with ASC 820 “Fair Value Measurement.” We define fair value as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Financial instruments not recognized at fair value on a recurring or nonrecurring basis include cash and cash equivalents, accounts receivables, certain other current assets, short-term debt, accounts payable, certain other current liabilities and long-term debt. With the exception of long-term debt, the carrying amounts of these financial instruments approximate their fair values due to their short maturities. The fair values of our long-term debt are estimated using quoted market prices or are based on the discounted value of future cash flows. We disclose the fair value of long-term debt and our pension and postretirement assets and liabilities in “Note 10. Debt” and “Note 14. Retirement Plans”. We have, or from time to time may have, financial instruments recognized at fair value including Supplemental Plans that are nonqualified deferred compensation plans pursuant to which assets are invested primarily in mutual funds, interest rate derivatives, commodity derivatives or other similar class of assets or liabilities, the fair value of which are not significant. We measure the fair value of our mutual fund investments based on quoted prices in active markets, and our derivative contracts, if any, based on discounted cash flows. 

We measure certain nonfinancial assets and nonfinancial liabilities at fair value on a nonrecurring basis. These assets and liabilities include cost and equity method investments when they are deemed to be other-than-temporarily impaired, assets acquired and liabilities assumed in a merger or an acquisition or in a nonmonetary exchange, and property, plant and equipment and goodwill and other intangible assets that are written down to fair value when they are held for sale or determined to be impaired. Given the nature of nonfinancial assets and liabilities, evaluating their fair value from the perspective of a market participant is inherently complex. Assumptions and estimates about future values can be affected by a variety of internal and external factors. Changes in these factors may require us to revise our estimates and could result in future impairment charges for goodwill and acquired intangible assets, or retroactively adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with business combinations. These adjustments could have a material impact on our financial condition and results of operations. We discuss fair values in more detail in “Note 11. Fair Value”.

Derivatives, Policy [Policy Text Block] 
Derivatives

We are exposed to interest rate risk, commodity price risk and foreign currency exchange risk. To manage these risks, from time to time and to varying degrees, we may enter into a variety of financial derivative transactions and certain physical commodity transactions that are determined to be derivatives. Interest rate swaps may be entered into to manage the interest rate risk associated with a portion of our outstanding debt. Interest rate swaps are either designated for accounting purposes as cash flow hedges of forecasted floating interest payments on variable rate debt or fair value hedges of fixed rate debt, or we may elect not to treat them as accounting hedges. Swaps or forward contracts on certain commodities may be entered into to manage the price risk associated with forecasted purchases or sales of those commodities. In addition, certain commodity financial derivative contracts and physical commodity contracts that are determined to be derivatives may not be designated as accounting hedges because either they do not meet the criteria for treatment as accounting hedges under ASC 815, “Derivatives and Hedging”, or we elect not to treat them as accounting hedges under ASC 815. We may also enter into forward contracts to manage our exposure to fluctuations in foreign currency rates with respect to transactions denominated in currencies such as Canadian dollars, the Euro or Brazilian Real.

Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the counterparties to the agreements. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets. We manage our exposure to counterparty credit risk through minimum credit standards, diversification of counterparties and procedures to monitor concentrations of credit risk. We may enter into financial derivative contracts that may contain credit-risk-related contingent features which could result in a counterparty requesting immediate payment or demanding immediate and ongoing full overnight collateralization on derivative instruments in net liability positions.

For financial derivative instruments that are designated as a cash flow hedge for accounting purposes, the effective portion of the gain or loss on the financial derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the forecasted transaction affects earnings. Gains and losses on the financial derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.

We have at times entered into interest rate swap agreements that effectively modified our exposure to interest rate risk by converting a portion of our interest payments on floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. These agreements typically involved the receipt of floating rate amounts in exchange for fixed interest rate payments over the life of the agreements without an exchange of the underlying principal amount.

At September 30, 2016, there were no foreign currency, interest rate or commodity derivatives outstanding. At September 30, 2015, the notional amount of foreign currency derivative instruments outstanding used to hedge inter-company loans was $90.2 million. These instruments were not designated as hedges.
Health Care Costs, Policy [Policy Text Block] 
Health Insurance

We are self-insured for the majority of our group health insurance costs. However, we seek to limit our health insurance costs by entering into certain stop loss insurance coverage. Due to mergers, acquisitions and other factors, we may have plans that do not include stop loss insurance. We calculate our group health insurance reserve on an undiscounted basis based on estimated reserve rates. We utilize claims lag data provided by our claims administrators to compute the required estimated reserve rate. We calculate our average monthly claims paid using the actual monthly payments during the trailing 12-month period. At that time, we also calculate our required reserve using the reserve rates discussed above. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our group health insurance costs.
Workers Compensation, Policy [Policy Text Block] 

Workers’ Compensation

We purchase large risk deductible workers’ compensation policies for the majority of our workers’ compensation liabilities that are subject to various deductibles to limit our exposure. We calculate our workers’ compensation reserves on an undiscounted basis based on estimated actuarially calculated development factors. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our workers' compensation costs.

Income Tax, Policy [Policy Text Block] 

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. All deferred tax assets and liabilities are classified as noncurrent in our consolidated balance sheet in accordance with ASU 2015-17. We adopted these provisions prospectively on December 31, 2015, and prior periods were not retrospectively adjusted.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, recent financial operations and their associated valuation allowances, if any. In the event we were to determine that we would be able to realize or not realize our deferred income tax assets in the future in their net recorded amount, we would make an adjustment to the valuation allowance, which would reduce or increase the provision for income taxes, respectively.

Certain provisions of ASC 740, “Income Taxes” provide that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold at the effective date to be recognized upon the adoption of these provisions and in subsequent periods. See “Note 13. Income Taxes.”

Pension and Other Postretirement Plans, Policy [Policy Text Block] 
Pension and Other Postretirement Benefits

We account for pension and other postretirement benefits in accordance with ASC 715, “Compensation — Retirement Benefits”. Accordingly, we recognize the funded status of our pension plans as assets or liabilities in our consolidated balance sheets. The funded status is the difference between our projected benefit obligations and fair value of plan assets. The determination of our obligation and expense for pension and other postretirement benefits is dependent on our selection of certain assumptions used by actuaries in calculating such amounts. We describe these assumptions in “Note 14. Retirement Plans,” which include, among others, the discount rate, expected long-term rate of return on plan assets and rates of increase in compensation levels. As provided under ASC 715, we defer actual results that differ from our assumptions, i.e. actuarial gains and losses, and amortize the difference over future periods. Therefore, these differences generally affect our recognized expense and funding requirements in future periods. Actuarial gains and losses occur when actual experience differs from the estimates used to determine the components of net periodic pension cost and when certain assumptions used to determine the fair value of the plan assets or projected benefit obligation are updated, such as but not limited to, changes in the discount rate, plan amendments, differences between actual and expected returns on plan assets, mortality assumptions and plan remeasurement.

The amount of unrecognized actuarial gains and losses recognized in the current year’s operations is based on amortizing the unrecognized gains or losses for each plan that exceed the larger of 10% of the projected benefit obligation or the fair value of plan assets, also known as “the corridor”. The amount of unrecognized gain or loss that exceeds the corridor is amortized over the average future service of the plan participants or the average life expectancy of inactive plan participants for plans where all or almost all of the plan participants are inactive. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our pension and other postretirement benefit obligations and our future expense.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] 
Share-Based Compensation

We recognize expense for share-based compensation plans based on the estimated fair value of the related awards in accordance with ASC 718, “Compensation — Stock Compensation”. Pursuant to our incentive stock plans, we can grant options and restricted stock, stock appreciation rights and restricted stock units to employees and our non-employee directors. The grants generally vest over a period of up to three years depending on the nature of the award, except for non-employee director grants, which typically vest over a period of up to one year. Our restricted stock grants to employees generally contain performance or market conditions that must be met in conjunction with a service requirement for the shares to vest. We charge compensation under the plan to earnings over each increment’s individual restriction period. See “Note 16. Share-Based Compensation” for additional information.
Asset Retirement Obligations, Policy [Policy Text Block] 
Asset Retirement Obligations

The Company accounts for asset retirement obligations in accordance with ASC 410, “Asset Retirement and Environmental Obligations”. A liability and an asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the related asset. Upon settlement of the liability, we will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. Our asset retirement obligations consist primarily of landfill closure and post-closure costs at certain of our mills. At September 30, 2016 and September 30, 2015, we had recorded liabilities of $78.9 million and $58.4 million, respectively. The increase in fiscal 2016 was primarily attributable to the refinement of asset retirement obligations during the measurement period associated with the Combination and liabilities associated with the SP Fiber Acquisition.
Maintenance Cost, Policy [Policy Text Block] 
Repair and Maintenance Costs

We expense routine repair and maintenance costs as we incur them. We defer expenses we incur during planned major maintenance activities and recognize the expenses ratably over the shorter of the estimated interval until the next major maintenance activity or the life of the deferred item. This maintenance is generally performed every twelve to twenty-four months and has a significant impact on our results of operations in the period performed primarily due to lost production during the maintenance period.

Foreign Currency Transactions and Translations Policy [Policy Text Block] 

Foreign Currency

We translate the assets and liabilities of our foreign operations from their functional currency into U.S. dollars at the rate of exchange in effect as of the balance sheet date. We reflect the resulting translation adjustments in equity. We translate the revenues and expenses of our foreign operations at a daily average rate prevailing for each month during the fiscal year. We include gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables, in the consolidated statements of operations. We recorded a loss on foreign currency transactions of $6.5 million in fiscal 2016, and we recorded a gain on foreign currency transactions of $2.9 million and $4.2 million in fiscal 2015 and 2014, respectively.
Environmental Costs, Policy [Policy Text Block] 

Environmental Remediation Costs

We accrue for losses associated with our environmental remediation obligations when it is probable that we have incurred a liability and the amount of the loss can be reasonably estimated. We generally recognize accruals for estimated losses from our environmental remediation obligations no later than completion of the remedial feasibility study and adjust such accruals as further information develops or circumstances change. We recognize recoveries of our environmental remediation costs from other parties as assets when we deem their receipt probable. See “Note 18. Commitments and Contingencies.”
Description of Business and Summary of Significant Accounting Policies (Tables)
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] 
The following table represents a summary of the changes in the reserve for allowance for doubtful accounts, returns and allowances and cash discounts for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
29.5

 
$
25.1

 
$
26.8

Reduction in sales and charges to costs and expenses
200.8

 
166.6

 
135.0

Deductions
(193.8
)
 
(162.2
)
 
(136.7
)
Balance at end of fiscal year
$
36.5

 
$
29.5

 
$
25.1


Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] 
For financial reporting purposes, we provide depreciation and amortization primarily on a straight-line method generally over the estimated useful lives of the assets as follows:
Buildings and building improvements
 
15-40 years
Machinery and equipment
 
3-25 years
Transportation equipment
 
3-8 years
Earnings per Share (Tables)
Schedule of earnings per share, basic and diluted
The following table sets forth the computation of basic and diluted earnings per share under the two-class method (in millions, except per share data):
 
 
September 30,
 
2016
 
2015
 
2014
Basic earnings per share:
 
 
 
 
 
Numerator:
 
 
 
 
 
Income from continuing operations
$
154.8

 
$
501.2

 
$
483.8

Less: Net income from continuing operations attributable to noncontrolling interest
(2.1
)
 
(3.3
)
 
(4.1
)
Income available to common stockholders, before discontinued operations
152.7

 
497.9

 
479.7

Less: Distributed and undistributed income available to participating securities
—

 
—

 
(0.1
)
Distributed and undistributed income attributable to common stockholders, before discontinued operations
152.7

 
497.9

 
479.6

(Loss) income from discontinued operations(1)
(549.0
)
 
9.2

 
—

Net (loss) income attributable to common stockholders
$
(396.3
)
 
$
507.1

 
$
479.6

Denominator:
 
 
 
 
 
Basic weighted average shares outstanding
254.0

 
170.6

 
143.6

 
 
 
 
 
 
Basic earnings per share from continuing operations
$
0.60

 
$
2.92

 
$
3.34

Basic (loss) earnings per share from discontinued operations
(2.16
)
 
0.05

 
—

Basic (loss) earnings per share attributable to common stockholders
$
(1.56
)
 
$
2.97

 
$
3.34

 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
Numerator:
 
 
 
 
 
Income from continuing operations
$
154.8

 
$
501.2

 
$
483.8

Less: Net income from continuing operations attributable to noncontrolling interest
(2.1
)
 
(3.3
)
 
(4.1
)
Income available to common stockholders, before discontinued operations
152.7

 
497.9

 
479.7

Less: Distributed and undistributed income available to participating securities
—

 
—

 
(0.1
)
Distributed and undistributed income (loss) attributable to common stockholders, before discontinued operations
152.7

 
497.9

 
479.6

(Loss) Income from discontinued operations(1)
(549.0
)
 
9.2

 
—

Net (loss) income attributable to common stockholders
$
(396.3
)
 
$
507.1

 
$
479.6

Denominator:
 
 
 
 
 
Basic weighted average shares outstanding
254.0

 
170.6

 
143.6

Effect of dilutive stock options and non-participating securities
3.9

 
2.7

 
2.4

Diluted weighted average shares outstanding
257.9

 
173.3

 
146.0

 
 
 
 
 
 
Diluted earnings per share from continuing operations
$
0.59

 
$
2.87

 
$
3.29

Diluted (loss) earnings per share from discontinued operations
(2.13
)
 
0.06

 
—

Diluted (loss) earnings per share attributable to common stockholders
$
(1.54
)
 
$
2.93

 
$
3.29


(1) 
Net of income attributable to noncontrolling interests of discontinued operations of $4.3 million and $1.4 million for the fiscal years ended September 30, 2016 and 2015.
Other Comprehensive Income (Loss) (Tables)
Schedule of accumulated other comprehensive income (loss) 
The following table summarizes the changes in accumulated other comprehensive loss by component for the fiscal years ended September 30, 2016 and 2015 (in millions): 
 
Deferred Loss on Cash Flow Hedges
 
Defined Benefit Pension and Postretirement Plans
 
Foreign Currency Items
 
Total (1)
Balance at September 30, 2014
$
(0.2
)
 
$
(498.2
)
 
$
3.1

 
$
(495.3
)
Other comprehensive loss before reclassifications
(1.6
)
 
(67.6
)
 
(241.2
)
 
(310.4
)
Amounts reclassified from accumulated other comprehensive loss
0.4

 
25.1

 
—

 
25.5

Net current period other comprehensive loss
(1.2
)
 
(42.5
)
 
(241.2
)
 
(284.9
)
Balance at September 30, 2015
(1.4
)
 
(540.7
)
 
(238.1
)
 
(780.2
)
Other comprehensive (loss) income before reclassifications
(0.4
)
 
(222.2
)
 
109.9

 
(112.7
)
Amounts reclassified from accumulated other comprehensive loss(2)
1.2

 
237.2

 
20.2

 
258.6

Net current period other comprehensive income
0.8

 
15.0

 
130.1

 
145.9

 
 
 
 
 
 
 
 
Separation of Specialty Chemicals business
0.4

 
1.9

 
5.6

 
7.9

 
 
 
 
 
 
 
 
Balance at September 30, 2016
$
(0.2
)
 
$
(523.8
)
 
$
(102.4
)
 
$
(626.4
)

(1)     All amounts are net of tax and noncontrolling interest.
(2) 
Amounts reclasssified from accumulated other comprehensive loss for defined benefit pension and postretirement plans in fiscal 2016 includes the pension risk transfer expense, net of tax.


Schedule of other comprehensive income (loss) 
A summary of the components of other comprehensive (loss) income, including the noncontrolling interest, for the years ended September 30, 2016, 2015 and 2014, is as follows (in millions):
 
Fiscal 2016
Pre-Tax
Amount
 
Tax
 
Net of Tax
Amount
Foreign currency translation gain
$
109.8

 
$
—

 
$
109.8

Deferred loss on cash flow hedges
(0.7
)
 
0.3

 
(0.4
)
Reclassification adjustment of net loss on cash flow hedges included in earnings
1.9

 
(0.7
)
 
1.2

Net actuarial loss arising during period
(354.0
)
 
129.4

 
(224.6
)
Amortization and settlement recognition of net actuarial loss(1)
379.7

 
(143.2
)
 
236.5

Prior service credit arising during the period
2.3

 
(0.9
)
 
1.4

Amortization of prior service cost
1.8

 
(0.7
)
 
1.1

Sale of foreign subsidiary
20.2

 
—

 
20.2

Consolidated other comprehensive income
161.0

 
(15.8
)
 
145.2

Less: Other comprehensive loss attributable to noncontrolling interests
0.7

 
—

 
0.7

Other comprehensive income attributable to common stockholders
$
161.7

 
$
(15.8
)
 
$
145.9

 
 
 
 
 
 
Fiscal 2015
Pre-Tax
Amount
 
Tax
 
Net of Tax
Amount
Foreign currency translation loss
$
(242.0
)
 
$
—

 
$
(242.0
)
Deferred loss on cash flow hedges
(2.6
)
 
1.0

 
(1.6
)
Reclassification adjustment of net loss on cash flow hedges included in earnings
0.7

 
(0.3
)
 
0.4

Net actuarial loss arising during period
(81.5
)
 
28.9

 
(52.6
)
Amortization and settlement recognition of net actuarial loss
48.1

 
(17.8
)
 
30.3

Prior service cost arising during period
(25.0
)
 
9.6

 
(15.4
)
Amortization of prior service credit
(7.5
)
 
2.9

 
(4.6
)
Consolidated other comprehensive loss
(309.8
)
 
24.3

 
(285.5
)
Less: Other comprehensive loss attributable to noncontrolling interests
0.6

 
—

 
0.6

Other comprehensive loss attributable to common stockholders
$
(309.2
)
 
$
24.3

 
$
(284.9
)
 
 
 
 
 
 
Fiscal 2014
Pre-Tax
Amount
 
Tax
 
Net of Tax
Amount
Foreign currency translation loss
$
(29.9
)
 
$
—

 
$
(29.9
)
Net actuarial loss arising during period
(333.3
)
 
120.5

 
(212.8
)
Amortization and settlement recognition of net actuarial loss
63.9

 
(24.5
)
 
39.4

Prior service credit arising during period
12.4

 
(4.8
)
 
7.6

Amortization of prior service credit
(0.2
)
 
0.1

 
(0.1
)
Consolidated other comprehensive loss
(287.1
)
 
91.3

 
(195.8
)
Less: Other comprehensive loss attributable to noncontrolling interests
1.1

 
—

 
1.1

Other comprehensive loss attributable to common stockholders
$
(286.0
)
 
$
91.3

 
$
(194.7
)


(1) 
Includes pension risk transfer expense.

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] 
The following table summarizes the reclassifications out of accumulated other comprehensive loss by component for the fiscal years ended September 30, 2016 and 2015 (in millions):
 
Years Ended September 30,
 
2016
 
2015
 
Pretax
 
Tax
 
Net of Tax
 
Pretax
 
Tax
 
Net of Tax
Amortization of defined benefit pension and postretirement items: (1)
 
 
 
 
 
 
 
 
 
 
 
    Actuarial losses(2)(6)
$
(379.4
)
 
$
143.2

 
$
(236.2
)
 
$
(47.7
)
 
$
17.9

 
$
(29.8
)
    Prior service (costs) credits (2)
(1.7
)
 
0.7

 
(1.0
)
 
7.6

 
(2.9
)
 
4.7

Subtotal defined benefit plans
(381.1
)
 
143.9

 
(237.2
)
 
(40.1
)
 
15.0

 
(25.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments: (1)
 
 
 
 
 
 
 
 
 
 
 
Sale of foreign subsidiary (3)
(20.2
)
 
—

 
(20.2
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments: (1)
 
 
 
 
 
 
 
 
 
 
 
    Commodity currency cash flow hedges(4)
(1.5
)
 
0.5

 
(1.0
)
 
—

 
—

 
—

    Foreign currency cash flow hedges(5)
(0.4
)
 
0.2

 
(0.2
)
 
(0.7
)
 
0.3

 
(0.4
)
Subtotal derivative instruments
(1.9
)
 
0.7

 
(1.2
)
 
(0.7
)
 
0.3

 
(0.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
$
(403.2
)
 
$
144.6

 
$
(258.6
)
 
$
(40.8
)
 
$
15.3

 
$
(25.5
)

(1) 
Amounts in parentheses indicate charges to earnings. Amounts pertaining to noncontrolling interests are excluded.
(2) 
These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See “Note 14. Retirement Plans” for additional details.
(3) 
These accumulated other comprehensive income components are included interest income and other income (expense), net.
(4) 
These accumulated other comprehensive income components are included in cost of goods sold.
(5) 
These accumulated other comprehensive income components are included in net sales.
(6) 
Fiscal 2016 includes pension risk transfer expense.

Inventories (Tables)
Schedule of inventories
Inventories are as follows (in millions):
 
September 30,
 
2016
 
2015
Finished goods and work in process
$
800.6

 
$
859.7

Raw materials
535.7

 
652.3

Supplies and spare parts
335.7

 
322.4

Inventories at FIFO cost
1,672.0

 
1,834.4

LIFO reserve
(33.8
)
 
(73.4
)
Net inventories
$
1,638.2

 
$
1,761.0

Property, Plant and Equipment (Tables)
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consists of the following (in millions):    
 
September 30,
 
2016
 
2015
Property, plant and equipment at cost:
 
 
 
Land and buildings
$
2,307.9

 
$
2,245.2

Machinery and equipment
10,672.9

 
9,712.4

Forestlands and mineral rights
201.1

 
161.3

Transportation equipment
27.6

 
20.2

Leasehold improvements
62.4

 
59.1

 
13,271.9

 
12,198.2

Less accumulated depreciation and amortization
(3,977.6
)
 
(3,038.4
)
Net property, plant and equipment, net
$
9,294.3

 
$
9,159.8

Acquisitions (Tables)
Purchase price allocation, opening balance 
The following table summarizes the fair values of the assets acquired and liabilities assumed by major class of assets and liabilities as of the acquisition date, as well as adjustments made during fiscal 2016 (referred to as “measurement period adjustments”) (in millions):

 
Amounts Recognized as of the Acquisition Date
 
Measurement Period Adjustments (1)
 
Amounts Recognized as of Acquisition Date (as Adjusted) (2)
Cash and cash equivalents
$
265.7

 
$
—

 
$
265.7

Current assets, excluding cash and cash equivalents
1,858.8

 
(0.5
)
 
1,858.3

Property, plant and equipment
3,991.5

 
19.3

 
4,010.8

Prepaid pension asset
1,407.8

 
(9.9
)
 
1,397.9

Goodwill
3,817.3

 
44.7

 
3,862.0

Intangible assets
2,994.2

 
—

 
2,994.2

Restricted assets held by special purpose entities
1,302.0

 
—

 
1,302.0

Other long-term assets
363.8

 
18.0

 
381.8

Total assets acquired
16,001.1

 
71.6

 
16,072.7

 
 
 
 
 
 
Current portion of debt
62.3

 
74.8

 
137.1

Current liabilities
1,099.4

 
(45.6
)
 
1,053.8

Long-term debt due after one year
2,090.6

 
18.3

 
2,108.9

Non-recourse liabilities held by special purpose entities
1,181.0

 
—

 
1,181.0

Accrued pension and other long-term benefits
235.1

 
—

 
235.1

Deferred income tax liabilities
2,366.7

 
(11.0
)
 
2,355.7

Other long-term liabilities
520.0

 
35.1

 
555.1

Noncontrolling interest
159.3

 
—

 
159.3

Total liabilities and noncontrolling interest assumed
7,714.4

 
71.6

 
7,786.0

 
 
 
 
 
 
Net assets acquired (3)
$
8,286.7

 
$
—

 
$
8,286.7


(1) 
The measurement period adjustments recorded in fiscal 2016 did not have a significant impact on our consolidated statements of operations for fiscal 2016 or 2015. In addition, these adjustments did not have a significant impact on our consolidated balance sheet as of September 30, 2015. Therefore, we have recorded the cumulative impact in fiscal 2016 and have not retrospectively adjusted the comparative 2015 financial information presented herein.

(2) 
The measurement period adjustments were due primarily to refinements to third party appraisals and carrying amounts of certain assets and liabilities as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities, including any appraisal adjustments, analysis of the tax basis of acquired assets and liabilities, other tax adjustments and the classification of supplier financing arrangements. The net impact of the measurement period adjustments resulted in a net increase to goodwill.

(3) 
The net assets acquired include the Specialty Chemicals business which was separated from WestRock on May 15, 2016. See “Note 7. Discontinued Operations” for more information.

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination 
The following table summarizes the weighted average life and gross carrying amount relating to intangible assets recognized in the Combination, excluding goodwill (in millions):
 
 
Weighted Avg. Life
 
Gross Carrying Amount
Customer relationships
 
19.2
 
$
2,881.7

Patents
 
9.8
 
57.2

Trademarks
 
4.5
 
52.9

Favorable contracts
 
8.2
 
2.4

Total
 
18.8
 
$
2,994.2

Schedule of pro forma information related to acquisition 
The following unaudited pro forma information reflects our consolidated results of operations as if the Combination had taken place on October 1, 2013. The unaudited pro forma information is not necessarily indicative of the results of operations that we would have reported had the transaction actually occurred at the beginning of these periods nor is it necessarily indicative of future results. The unaudited pro forma financial information does not reflect the impact of future events that may occur after the Combination, including, but not limited to, anticipated costs savings from synergies or other operational improvements. The net sales have been adjusted to reflect the discontinued operations of the Specialty Chemicals business.
 
Year Ended September 30,
 
2015
 
2014
 
(Unaudited, in millions)
Net sales
$
14,347.0

 
$
14,342.7

Net income attributable to common stockholders
$
666.3

 
$
502.9

Discontinued Operations (Tables)
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following table presents the financial results of Specialty Chemicals’ discontinued operations (in millions):
 
Fiscal Year Ended September 30,
 
2016
 
2015
Net sales
$
533.7

 
$
256.5

Cost of goods sold
387.5

 
184.0

Gross profit
146.2

 
72.5

Selling, general and administrative, excluding intangible amortization
65.6

 
27.4

Selling, general and administrative intangible amortization
28.8

 
11.5

Restructuring and other costs, net
49.5

 
6.6

Impairment of Specialty Chemicals goodwill and intangibles
579.4

 
—

Operating (loss) profit
(577.1
)
 
27.0

Interest income (expense) and other income (expense), net
0.1

 
1.1

(Loss) income from discontinued operations before income taxes
(577.0
)
 
28.1

Income tax benefit (expense)
32.3

 
(17.5
)
(Loss) income from discontinued operations
$
(544.7
)
 
$
10.6

The following table presents the significant non-cash items and capital expenditures for Specialty Chemicals’ that are included in the Consolidated Statements of Cash Flows (in millions):
 
Fiscal Year Ended September 30,
 
2016
 
2015
Depreciation, depletion and amortization
$
57.2

 
$
22.0

Impairment of Specialty Chemicals goodwill and intangibles
$
579.4

 
$
—

Capital expenditures
$
(45.2
)
 
$
(28.6
)
The carrying value of the assets and liabilities of discontinued operations on the Consolidated Balance Sheet as of September 30, 2015 were as follows (in millions):
 
September 30,
2015
ASSETS
Cash and cash equivalents
$
20.5

Accounts receivable (net of allowance of $0.1)
114.6

Inventories
202.4

Other current assets
25.3

Total current assets of discontinued operations
$
362.8

 
 
Property, plant and equipment, net
$
436.9

Goodwill
1,047.4

Intangibles, net
757.3

Other non-current assets
14.1

Total non-current assets of discontinued operations
$
2,255.7

 
 
LIABILITIES
Current portion of debt
$
10.4

Accounts payable
72.4

Accrued compensation and benefits
3.1

Other current liabilities
32.7

Total current liabilities of discontinued operations

$
118.6

 
 
Long-term debt due after one year
$
0.1

Deferred income taxes
350.9

Other non-current liabilities
10.8

Total non-current liabilities of discontinued operations

$
361.8

Restructuring and Other Costs, Net (Tables)
Schedule of restructuring and other costs, net 
The following table presents a summary of restructuring and other charges, net, related to active restructuring and other initiatives that we incurred during the last three fiscal years, the cumulative recorded amount since we started the initiative, and our estimate of the total we expect to incur (in millions):
Related Segment
 
Period
 
Net Property,
Plant and
Equipment (a)
 
Severance
and Other
Employee
Related
Costs
 
Equipment
and Inventory
Relocation
Costs
 
Facility
Carrying
Costs
 
Other
Costs
 
Total
Corrugated
Packaging(b)
 
Fiscal 2016
 
$
184.5

 
$
17.4

 
$
0.3

 
$
18.9

 
$
9.1

 
$
230.2

 
Fiscal 2015
 
1.3

 
0.4

 
1.1

 
3.0

 
2.2

 
8.0

 
Fiscal 2014
 
8.9

 
0.9

 
3.3

 
5.2

 
4.1

 
22.4

 
Cumulative
 
226.4

 
46.8

 
8.0

 
33.9

 
22.7

 
337.8

 
Expected Total
 
226.4

 
46.8

 
8.9

 
38.4

 
24.2

 
344.7

Consumer Packaging(c)
 
Fiscal 2016
 
3.8

 
4.6

 
1.1

 
0.5

 
—

 
10.0

 
Fiscal 2015
 
0.9

 
1.8

 
0.5

 
0.9

 
0.3

 
4.4

 
Fiscal 2014
 
1.3

 
1.1

 
—

 
0.1

 
0.2

 
2.7

 
Cumulative
 
9.3

 
8.0

 
2.1

 
1.7

 
0.5

 
21.6

 
Expected Total
 
9.3

 
8.2

 
2.8

 
1.7

 
0.5

 
22.5

Land and Development(d)
 
Fiscal 2016
 
—

 
10.6

 
—

—

—

 
—

 
10.6

 
Fiscal 2015
 
—

 
—

 
—

 
—

 
—

 
—

 
Fiscal 2014
 
—

 
—

 
—

 
—

 
—

 
—

 
Cumulative
 
—

 
10.6

 
—

 
—

 
—

 
10.6

 
Expected Total
 
—

 
14.8

 
—

 
—

 
—

 
14.8

Other(e)
 
Fiscal 2016
 
1.2

 
1.5

 
—

 
—

 
112.9

 
115.6

 
Fiscal 2015
 
—

 
—

 
—

 
—

 
128.4

 
128.4

 
Fiscal 2014
 
—

 
—

 
—

 
—

 
30.5

 
30.5

 
Cumulative
 
1.2

 
1.5

 
—

 
—

 
387.1

 
389.8

 
Expected Total
 
1.2

 
1.5

 
—

 
—

 
387.1

 
389.8

Total
 
Fiscal 2016
 
$
189.5

 
$
34.1

 
$
1.4

 
$
19.4

 
$
122.0

 
$
366.4

 
Fiscal 2015
 
$
2.2

 
$
2.2

 
$
1.6

 
$
3.9

 
$
130.9

 
$
140.8

 
Fiscal 2014
 
$
10.2

 
$
2.0

 
$
3.3

 
$
5.3

 
$
34.8

 
$
55.6

 
Cumulative
 
$
236.9

 
$
66.9

 
$
10.1

 
$
35.6

 
$
410.3

 
$
759.8

 
Expected Total
 
$
236.9

 
$
71.3

 
$
11.7

 
$
40.1

 
$
411.8

 
$
771.8


(a) 
We have defined “Net property, plant and equipment” as used in this Note 8 to represent property, plant and equipment impairment losses, subsequent adjustments to fair value for assets classified as held for sale, subsequent (gains) or losses on sales of property, plant and equipment and related parts and supplies, and accelerated depreciation on such assets, if any.

(b) 
The Corrugated Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with the permanent closures of the Coshocton, OH and Uncasville, CT medium mills, the Newberg, OR containerboard and newsprint mill, the Vapi, India linerboard mill, restructuring activities at a corrugated container facility, restructuring activities at a recycling facility and on-going closure costs at previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one recycled collection facility and on-going closure costs at other previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2014 are primarily associated with the closure of one corrugated container plant, one collection facility and on-going closure costs and fair value adjustments for assets at previously closed facilities which were partially offset by gains on sale of previously closed facilities. The cumulative charges are primarily associated with the closure of the Coshocton, Uncasville, Newberg, Vapi and Matane, Quebec mills, cumulative closure of corrugated container plants and recycled collection facilities and gains and losses associated with the sale of closed facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.

(c) 
The Consumer Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with a folding carton and a merchandising displays facility, on-going closure costs at previously closed facilities that were partially offset by the gain on sale of the Cincinnati, OH specialty recycled paperboard mill. The Consumer Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one folding carton facility, one merchandising displays facility, and on-going closure costs at other previously closed facilities. The Consumer Packaging segment related charges in fiscal 2014 are primarily associated with our Cincinnati, OH specialty recycled paperboard mill and on-going closure costs for previously closed converting facilities. The cumulative charges primarily reflect our Cincinnati, OH specialty recycled paperboard mill, and cumulative closures of folding carton and merchandising display facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.

(d) 
The Land and Development segment related charges in fiscal 2016 and cumulative charges reflect severance and other employee costs related to personnel reductions in the segment.

(e) 
The expenses in the “Other” segment primarily reflect costs that we consider as related to Corporate that primarily consist of costs incurred as a result of the Combination, the Smurfit-Stone Acquisition, and other acquisition and divestiture expenses, excluding the Specialty Chemicals costs which are included in discontinued operations. The charges in the Net Property, Plant and Equipment column are for the write-off of leasehold improvements associated with the integration of the Combination. The pre-tax charges in the “Other” segment are summarized below (in millions):

 
Acquisition
Expense
 
Integration
Expenses
 
Other Expense
 (Income)
 
Total
Fiscal 2016
$
8.9

 
$
104.7

 
$
2.0

 
$
115.6

Fiscal 2015
44.4

 
84.3

 
(0.3
)
 
128.4

Fiscal 2014
7.5

 
23.0

 
—

 
30.5



Acquisition expenses include expenses associated with mergers, acquisitions and other business combinations, whether consummated or not, as well as litigation expenses associated with mergers, acquisitions and business combinations, net of recoveries. Acquisition expenses primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees. Integration expenses reflect primarily severance and other employee costs, professional services including work being performed to facilitate merger and acquisition integration, such as information systems integration costs, lease expense and other costs. Due to the complexity and duration of the integration activities associated with the Combination, the precise amount expected to be incurred has not been quantified in the “Expected Total” in the Summary of Restructuring and Other Costs, Net table above. We expect integration activities to continue during fiscal 2017.


Schedule of Restructuring and Other Costs Reserve By Type of Cost Text Block [Table Text Block] 
The following table represents a summary of and the changes in the restructuring accrual, which is primarily composed of lease commitments, accrued severance and other employee costs, as well as a reconciliation of the restructuring accrual to the line item “Restructuring and other costs, net” on our Consolidated Statements of Operations for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Accrual at beginning of fiscal year
$
21.4

 
$
10.9

 
$
21.8

Accruals acquired in merger
—

 
2.9

 
—

Additional accruals
75.3

 
37.6

 
5.0

Payments
(51.9
)
 
(31.4
)
 
(14.1
)
Adjustment to accruals
—

 
1.4

 
(1.8
)
Accrual at end of fiscal year
$
44.8

 
$
21.4

 
$
10.9

Reconciliation of accruals and charges to restructuring and other costs, net:
 
 
 
 
 
2016
 
2015
 
2014
Additional accruals and adjustments to accruals (see table above)
$
75.3

 
$
39.0

 
$
3.2

Acquisition expenses
8.9

 
44.4

 
7.5

Integration expenses
69.1

 
49.2

 
23.4

Net property, plant and equipment
189.5

 
2.2

 
10.2

Severance and other employee costs
2.2

 
0.3

 
0.6

Equipment and inventory relocation costs
1.4

 
1.6

 
3.3

Facility carrying costs
19.5

 
3.9

 
5.3

Other expense
0.5

 
0.2

 
2.1

Total restructuring and other costs, net
$
366.4

 
$
140.8

 
$
55.6

Schedule of Restructuring Costs Included in Other Costs [Table Text Block] 
The pre-tax charges in the “Other” segment are summarized below (in millions):

 
Acquisition
Expense
 
Integration
Expenses
 
Other Expense
 (Income)
 
Total
Fiscal 2016
$
8.9

 
$
104.7

 
$
2.0

 
$
115.6

Fiscal 2015
44.4

 
84.3

 
(0.3
)
 
128.4

Fiscal 2014
7.5

 
23.0

 
—

 
30.5



Acquisition expenses include expenses associated with mergers, acquisitions and other business combinations, whether consummated or not, as well as litigation expenses associated with mergers, acquisitions and business combinations, net of recoveries. Acquisition expenses primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees. Integration expenses reflect primarily severance and other employee costs, professional services including work being performed to facilitate merger and acquisition integration, such as information systems integration costs, lease expense and other costs. Due to the complexity and duration of the integration activities associated with the Combination, the precise amount expected to be incurred has not been quantified in the “Expected Total” in the Summary of Restructuring and Other Costs, Net table above. We expect integration activities to continue during fiscal 2017.


Other Intangible Assets (Tables)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
The gross carrying amount and accumulated amortization relating to intangible assets, excluding goodwill, is as follows (in millions, except weighted avg. life): 
  
 
 
September 30,
 
 
 
2016
 
2015
 
Weighted
Avg. Life
(in years)
 
Gross  Carrying
Amount
 
Accumulated
Amortization
 
Gross  Carrying
Amount
 
Accumulated
Amortization
Customer relationships
18.1
 
$
3,094.4

 
$
(610.5
)
 
$
3,075.1

 
$
(414.1
)
Favorable contracts
9.1
 
48.9

 
(27.0
)
 
48.6

 
(22.1
)
Technology and patents
10.0
 
55.4

 
(14.9
)
 
55.5

 
(9.3
)
Trademarks and tradenames
17.8
 
65.0

 
(24.1
)
 
65.0

 
(16.1
)
Non-compete agreements
1.0
 
0.2

 
(0.1
)
 
—

 
—

License costs
8.2
 
23.5

 
(11.5
)
 
19.9

 
(7.6
)
Total
17.9
 
$
3,287.4

 
$
(688.1
)
 
$
3,264.1

 
$
(469.2
)
Estimated intangible asset future amortization expense 
Estimated intangible asset amortization expense for the succeeding five fiscal years is as follows (in millions):
Fiscal 2017
$
213.4

Fiscal 2018
212.0

Fiscal 2019
210.5

Fiscal 2020
210.4

Fiscal 2021
162.8

Debt (Tables)
Components of debt 
The following were individual components of debt (in millions):
 
September 30, 2016
 
September 30, 2015
 
Carrying Value
 
Weighted Avg Interest Rate
 
Carrying Value
 
Weighted Avg Interest Rate
U.S. Dollar Denominated Fixed Rate Debt:
 
 
 
 
 
 
 
Notes due fiscal 2017 to 2022
$
1,651.0

 
3.9
%
 
$
1,672.2

 
3.8
%
Notes due fiscal 2023 to 2027
411.8

 
4.3
%
 
436.8

 
4.4
%
Notes due fiscal 2030 to 2033
987.5

 
4.7
%
 
1,002.8

 
4.6
%
Notes due fiscal 2037 to 2047
179.2

 
6.0
%
 
180.1

 
5.9
%
 
 
 
 
 
 
 
 
U.S. Dollar Denominated Floating Rate Debt:
 
 
 
 
 
 
 
Term loan facilities
2,195.7

 
1.8
%
 
1,794.7

 
1.4
%
Revolving credit and swing facilities
—

 
N/A

 
64.1

 
2.6
%
Receivables-backed financing facility
—

 
N/A

 
198.0

 
0.9
%
 
 
 
 
 
 
 
 
Capital lease obligations
184.4

 
4.2
%
 
165.8

 
5.7
%
 
 
 
 
 
 
 
 
Supplier financing and commercial card programs
106.0

 
N/A

 
3.2

 
N/A

 
 
 
 
 
 
 
 
International and other debt
73.6

 
7.3
%
 
104.2

 
7.4
%
Total debt
5,789.2

 
3.3
%
 
5,621.9

 
3.3
%
Less current portion of debt
292.9

 
 
 
63.7

 
 
Long-term debt due after one year
$
5,496.3

 
 
 
$
5,558.2

 
 
Schedule of aggregate maturities of debt 
As of September 30, 2016, the aggregate maturities of debt, excluding capital lease obligations, for the succeeding five fiscal years and thereafter are as follows (in millions):
 
Fiscal 2017
$
283.8

Fiscal 2018
84.1

Fiscal 2019
766.9

Fiscal 2020
1,851.8

Fiscal 2021
—

Thereafter
2,339.2

Fair value of debt step-up, deferred financing costs and unamortized bond discounts
279.0

Total
$
5,604.8


As of September 30, 2016, $2.5 million of the fair value of debt step-up was current.

As of September 30, 2016, the aggregate maturities of capital lease obligations for the succeeding five fiscal years and thereafter are as follows (in millions):
 
Fiscal 2017
$
6.6

Fiscal 2018
5.3

Fiscal 2019
3.8

Fiscal 2020
3.2

Fiscal 2021
2.1

Thereafter
140.8

Fair value step-up
22.6

Total
$
184.4

Fair Value (Tables)
Accounts Receivable Sales Agreement Rollforward [Table Text Block]
The following table represents a summary of the activity under the A/R Sales Agreement for fiscal 2016 and 2015 (in millions):
 
2016
 
2015
Receivable from financial institution at beginning of fiscal year
$
5.8

 
$
10.4

Receivables sold to the financial institution and derecognized
1,474.6

 
1,222.0

Receivables collected by financial institution
(1,367.2
)
 
(1,130.4
)
Cash proceeds from financial institution
(99.4
)
 
(96.2
)
Receivable from financial institution at September 30,
$
13.8

 
$
5.8

Leases (Tables)
Schedule of future minimum rental payments for operating leases
As of September 30, 2016, future minimum lease payments under all noncancelable operating leases for the succeeding five fiscal years and thereafter are as follows (in millions):
 
Fiscal 2017
$
104.8

Fiscal 2018
89.2

Fiscal 2019
72.1

Fiscal 2020
58.9

Fiscal 2021
44.0

Thereafter
120.2

Total future minimum lease payments
$
489.2

Income Taxes (Tables)
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] 
The components of income from continuing operations before income taxes are as follows (in millions):
 
Year Ended September 30,
 
2016
 
2015
 
2014
United States
$
(25.1
)
 
$
571.3

 
$
665.2

Foreign
269.7

 
162.9

 
105.1

Income from continuing operations before income taxes
$
244.6

 
$
734.2

 
$
770.3

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] 
Income tax expense (benefit) from continuing operations consists of the following components (in millions):
 
Year Ended September 30,
 
2016
 
2015
 
2014
Current income taxes:
 
 
 
 
 
Federal
$
98.3

 
$
31.6

 
$
19.9

State
12.8

 
7.3

 
15.2

Foreign
87.0

 
38.6

 
(0.7
)
Total current expense
198.1

 
77.5

 
34.4

Deferred income taxes:
 
 
 
 
 
Federal
(131.5
)
 
157.8

 
201.8

State
6.9

 
(10.8
)
 
19.9

Foreign
16.3

 
8.5

 
30.4

Total deferred (benefit) expense
(108.3
)
 
155.5

 
252.1

Income tax expense
$
89.8

 
$
233.0

 
$
286.5

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] 
The differences between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows:
 
Year Ended September 30,
 
2016
 
2015
 
2014
Statutory federal tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
Foreign rate differential
(5.5
)
 
(1.6
)
 
(1.3
)
Adjustment and resolution of federal, state and foreign tax uncertainties
0.2

 
0.3

 
0.4

State taxes, net of federal benefit
4.9

 
1.2

 
2.0

Research and development and other tax credits, net of valuation allowances and reserves
(6.1
)
 
(0.1
)
 
0.1

Income attributable to noncontrolling interest
0.8

 
(0.4
)
 
(0.1
)
Domestic manufacturer’s deduction
(4.4
)
 
(2.6
)
 
(0.4
)
State of New York tax law change, net of valuation allowance
—

 
—

 
1.2

Change in valuation allowance
6.3

 
(0.8
)
 
0.7

Nondeductible transaction costs
0.4

 
1.0

 
—

Deconsolidation of Grupo Gondi joint venture
3.4

 
—

 
—

Nontaxable increased cash surrender value
(4.6
)
 
(0.1
)
 
(0.1
)
Withholding taxes
2.0

 
—

 
—

Brazilian net worth deduction
(2.0
)
 
(0.1
)
 
—

Other, net
6.3

 
(0.1
)
 
(0.3
)
Effective tax (benefit) rate
36.7
 %
 
31.7
 %
 
37.2
 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] 
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities consist of the following (in millions):
 
 
September 30,
 
2016
 
2015
Deferred income tax assets:
 
 
 
Accruals and allowances
$
12.2

 
$
33.9

Employee related accruals and allowances
217.6

 
224.9

Pension obligations
15.5

 
—

State net operating loss carryforwards
82.3

 
92.7

State credit carryforwards, net of federal benefit
56.1

 
56.3

Federal tax credit carryforwards
185.1

 
213.8

Foreign net operating loss carryforwards
119.3

 
65.5

Restricted stock and options
94.9

 
63.1

Other
44.4

 
21.4

Total
827.4

 
771.6

Deferred income tax liabilities:
 
 
 
Property, plant and equipment
2,124.0

 
2,215.2

Deductible intangibles and goodwill
891.3

 
1,182.8

Inventory reserves
205.6

 
178.4

Deferred gain
432.1

 
444.1

Pension obligations
—

 
141.4

Basis difference in joint ventures
96.0

 
3.0

Other
1.0

 
1.0

Total
3,750.0

 
4,165.9

Valuation allowances
177.2

 
100.2

Net deferred income tax liability
$
3,099.8

 
$
3,494.5

Location of Deferred Taxes in Balance Sheet [Table Text Block] 
Deferred taxes are recorded as follows in the consolidated balance sheet (in millions):
 
September 30,
 
2016
 
2015
Current deferred tax asset
$
—

 
$
13.2

Current deferred tax liability
—

 
9.8

Long-term deferred tax asset
30.9

 
42.7

Long-term deferred tax liability
3,130.7

 
3,540.6

Net deferred income tax liability
$
3,099.8

 
$
3,494.5

Summary of Valuation Allowance [Table Text Block] 
The following table represents a summary of the valuation allowances against deferred tax assets for fiscal 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
100.2

 
$
65.1

 
$
36.2

Charges to costs and expenses
24.8

 
2.7

 
31.7

Allowances related to purchase accounting(1)
63.0

 
40.0

 
—

Deductions
(10.8
)
 
(7.6
)
 
(2.8
)
Balance at end of fiscal year
$
177.2

 
$
100.2

 
$
65.1


(1) 
Adjustments in fiscal 2016 relate to the Combination and the SP Fiber Acquisition. Adjustments in fiscal 2015 relate to the Combination
Summary of Income Tax Contingencies [Table Text Block] 
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
 
2016
 
2015
 
2014
Balance at beginning of fiscal year
$
106.6

 
$
36.5

 
$
21.3

Additions related to purchase accounting (1)
16.5

 
82.9

 
—

Additions for tax positions taken in current year
30.3

 
2.4

 
14.8

Additions (reductions) for tax positions taken in prior fiscal years
10.9

 
(3.7
)
 
1.0

Reductions due to settlement
(1.3
)
 
—

 
—

Additions (reductions) for currency translation adjustments
7.0

 
(11.5
)
 
—

Reductions as a result of a lapse of the applicable statute of limitations
(3.2
)
 
—

 
(0.6
)
Balance at end of fiscal year
$
166.8

 
$
106.6

 
$
36.5


(1) 
Adjustments in fiscal 2016 relate to the Combination and the SP Fiber Acquisition. Adjustments in fiscal 2015 relate to the Combination.

Retirement Plans (Tables)
Schedule of Target Allocation by Plan Assets [Table Text Block] 
Target Allocations
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2016
 
2015
Equity investments
14
%
 
10
%
 
28
%
 
28
%
Fixed income investments
71
%
 
78
%
 
59
%
 
59
%
Short-term investments
1
%
 
1
%
 
1
%
 
1
%
Other investments
14
%
 
11
%
 
12
%
 
12
%
Total
100
%
 
100
%
 
100
%
 
100
%
Schedule of Allocation of Plan Assets [Table Text Block] 
Our asset allocations by asset category at September 30 were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
2016
 
2015
 
2016
 
2015
Equity investments
15
%
 
9
%
 
29
%
 
28
%
Fixed income investments
66
%
 
77
%
 
59
%
 
59
%
Short-term investments
7
%
 
3
%
 
2
%
 
1
%
Other investments
12
%
 
11
%
 
10
%
 
12
%
Total
100
%
 
100
%
 
100
%
 
100
%
Schedule of Weighted-Average Assumptions Used [Table Text Block] 
The weighted average assumptions used to measure the benefit plan obligations at September 30, were:
 
Pension Plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
4.04%
 
3.08%
 
4.70%
 
3.89
%
Rate of compensation increase
3.00%
 
3.09%
 
2.50%
 
3.10
%
Weighted-average assumptions used in the calculation of benefit plan expense for fiscal years ended:
 
 
Postretirement Plans
 
 
2016
 
2015
 
2014
 
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
 
4.70%
 
6.84
%
 
4.52%
 
4.00
%
 
5.19
%
 
4.56
%
Rate of compensation increase
 
N/A
 
3.10
%
 
N/A
 
3.00
%
 
N/A

 
3.00
%
Weighted-average assumptions used in the calculation of benefit plan expense for fiscal years ended:
 
Pension Plans
 
2016
 
2015
 
2014
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
4.70%
 
3.89
%
 
4.52
%
 
4.00
%
 
5.18
%
 
4.56
%
Rate of compensation increase
2.50%
 
3.10
%
 
2.54
%
 
3.00
%
 
2.15
%
 
3.12
%
Expected long-term rate of return on plan assets
5.88%
 
6.34
%
 
7.11
%
 
6.88
%
 
7.50
%
 
6.88
%
The weighted average assumptions used to measure the benefit plan obligations at September 30 were:
 
Postretirement plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Discount rate
4.04%
 
6.64
%
 
4.70%
 
6.84
%
Rate of compensation increase
N/A
 
3.14
%
 
N/A
 
3.10
%
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] 
The pre-tax amounts in accumulated other comprehensive loss (income) at September 30 not yet recognized as components of net periodic pension cost, including the noncontrolling interest, consist of (in millions):
 
 
Postretirement Plans
 
 
2016
 
2015
 
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Net actuarial (gain) loss
 
$
(24.9
)
 
$
4.1

 
$
(20.5
)
 
$
(0.8
)
Prior service credit
 
(14.9
)
 
(0.4
)
 
(13.2
)
 
(0.5
)
Total accumulated other comprehensive (income) loss
 
$
(39.8
)
 
$
3.7

 
$
(33.7
)
 
$
(1.3
)
The pre-tax amounts in accumulated other comprehensive loss at September 30 not yet recognized as components of net periodic pension cost, including the noncontrolling interest, consist of (in millions): 
 
Pension Plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Net actuarial loss
$
633.4

 
$
195.8

 
$
686.5

 
$
170.8

Prior service cost
28.2

 
0.4

 
30.5

 
0.5

Total accumulated other comprehensive loss
$
661.6

 
$
196.2

 
$
717.0

 
$
171.3


       
Schedule of Changes in Benefit Obligations [Table Text Block] 
The following table shows the changes in benefit obligation and plan assets, and the plan’s funded status for the years ended September 30 (in millions):
 
Postretirement Plans
 
2016
 
2015
Change in projected benefit obligation
U.S. Plans

 
Non-U.S. Plans

 
U.S. Plans

 
Non-U.S. Plans

Benefit obligation at beginning of fiscal year
$
109.5

 
$
51.6

 
$
66.0

 
$
47.1

Service cost
1.7

 
0.6

 
0.7

 
0.3

Interest cost
4.5

 
3.6

 
3.3

 
2.1

Amendments
(4.0
)
 
—

 
(1.1
)
 
(0.2
)
Actuarial (gain) loss
(6.3
)
 
5.0

 
(3.9
)
 
(0.5
)
Plan participant contributions
—

 
—

 
2.3

 
—

Benefits paid
(14.1
)
 
(2.5
)
 
(12.0
)
 
(2.2
)
Business combinations
—

 
—

 
54.2

 
16.0

Separation of Specialty Chemicals business
(0.6
)
 
—

 
—

 
—

Foreign currency rate changes
—

 
4.3

 
—

 
(11.0
)
Benefit obligation at end of fiscal year
$
90.7

 
$
62.6

 
$
109.5

 
$
51.6

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of fiscal year
$
—

 
$
—

 
$
—

 
$
—

Employer contributions
14.1

 
2.5

 
9.7

 
2.2

Plan participant contributions
—

 
—

 
2.3

 
—

Benefits paid
(14.1
)
 
(2.5
)
 
(12.0
)
 
(2.2
)
Fair value of plan assets at end of fiscal year
$
—

 
$
—

 
$
—

 
$
—

Funded Status
$
90.7

 
$
62.6

 
$
109.5

 
$
51.6

Amounts recognized in the consolidated balance sheet:
 
 
 
 
 
 
 
Other current liability
$
(10.4
)
 
$
(2.9
)
 
$
(15.4
)
 
$
(2.8
)
Accrued postretirement and other long-term benefits
(80.3
)
 
(59.7
)
 
(94.1
)
 
(48.8
)
Under funded status at end of fiscal year
$
(90.7
)
 
$
(62.6
)
 
$
(109.5
)
 
$
(51.6
)
The following table shows the changes in benefit obligation and plan assets, and the plan’s funded status for the years ended September 30 (in millions):
 
 
Pension Plans
 
2016
 
2015
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Change in projected benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of fiscal year
$
6,122.3

 
$
865.1

 
$
3,606.5

 
$
964.1

Service cost
45.7

 
5.7

 
39.4

 
5.3

Interest cost
277.8

 
32.5

 
183.4

 
34.7

Amendments
1.4

 
—

 
26.5

 
—

Actuarial loss (gain)
664.2

 
70.8

 
(100.2
)
 
(1.7
)
Plan participant contributions
—

 
1.5

 
—

 
1.7

Special termination benefits
18.4

 
—

 
9.1

 
—

Benefits paid
(399.2
)
 
(57.5
)
 
(232.6
)
 
(59.6
)
Business combinations
9.9

 
(0.6
)
 
2,758.0

 
74.5

Curtailments
(2.7
)
 
(0.5
)
 
(31.9
)
 
—

Settlements
(2,484.6
)
 
(0.1
)
 
(135.9
)
 
—

Foreign currency rate changes
—

 
8.3

 
—

 
(153.9
)
Separation of Specialty Chemicals business
(21.5
)
 
—

 
—

 
—

Benefit obligation at end of fiscal year
$
4,231.7

 
$
925.2

 
$
6,122.3

 
$
865.1

Change in plan assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of fiscal year
$
6,481.6

 
$
711.8

 
$
2,676.2

 
$
802.5

Actual gain on plan assets
707.3

 
82.9

 
48.6

 
25.0

Employer contributions
16.1

 
31.4

 
110.6

 
32.1

Plan participant contributions
—

 
1.5

 
—

 
1.7

Benefits paid
(399.2
)
 
(57.5
)
 
(232.6
)
 
(59.6
)
Business combinations
—

 
—

 
4,014.7

 
41.5

Settlements
(2,484.6
)
 
(0.1
)
 
(135.9
)
 
—

Separation of Specialty Chemicals business
(19.7
)
 
—

 
—

 
—

Foreign currency rate changes
—

 
4.1

 
—

 
(131.4
)
Fair value of plan assets at end of fiscal year
$
4,301.5

 
$
774.1

 
$
6,481.6

 
$
711.8

Funded status
$
69.8

 
$
(151.1
)
 
$
359.3

 
$
(153.3
)
Amounts recognized in consolidated balance sheet:
 
 
 
 
 
 
 
Non-current assets
$
247.3

 
$
10.5

 
$
524.2

 
$
8.7

Other current liability
(9.9
)
 
(1.1
)
 
(9.8
)
 
(1.0
)
Accrued pension and other long-term benefits
(167.6
)
 
(160.5
)
 
(155.1
)
 
(161.0
)
Over (under) funded status at end of fiscal year
$
69.8

 
$
(151.1
)
 
$
359.3

 
$
(153.3
)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] 
The estimated losses that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2017 are as follows (in millions):
 
 
Pension Plans
 
U.S. Plans
 
Non-U.S. Plans
Actuarial loss
$
18.3

 
$
9.1

Prior service cost
4.0

 
0.1

Total
$
22.3

 
$
9.2

The estimated (gains) losses that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2017 are as follows (in millions):
 
Postretirement Plans
 
U.S. Plans
 
Non-U.S. Plans
Actuarial (gain) loss
$
(1.6
)
 
$
0.4

Prior service credit
(2.5
)
 
(0.1
)
Total
$
(4.1
)
 
$
0.3

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] 
The pre-tax amounts recognized in other comprehensive loss (income), including the noncontrolling interest, are as follows at September 30 (in millions): 
 
Pension Plans
 
2016
 
2015
 
2014
Net actuarial loss arising during period
$
355.4

 
$
85.9

 
$
335.2

Amortization and settlement recognition of net actuarial loss
(381.6
)
 
(49.2
)
 
(65.7
)
Prior service cost arising during period
1.5

 
26.4

 
0.9

Amortization of prior service cost
(3.9
)
 
(3.0
)
 
(1.2
)
Net other comprehensive (income) loss recognized
$
(28.6
)
 
$
60.1

 
$
269.2

s):
 
 
Postretirement Plans
 
 
2016
 
2015
 
 
U.S. Plans
 
Non-U.S. Plans
 
U.S. Plans
 
Non-U.S. Plans
Net actuarial (gain) loss
 
$
(24.9
)
 
$
4.1

 
$
(20.5
)
 
$
(0.8
)
Prior service credit
 
(14.9
)
 
(0.4
)
 
(13.2
)
 
(0.5
)
Total accumulated other comprehensive (income) loss
 
$
(39.8
)
 
$
3.7

 
$
(33.7
)
 
$
(1.3
)


The pre-tax amounts recognized in other comprehensive loss (income), including the noncontrolling interest, are as follows at September 30 (in millions):
 
 
Postretirement Plans
 
 
2016
 
2015
 
2014
Net actuarial gain arising during period
 
$
(1.4
)
 
$
(4.4
)
 
$
(1.9
)
Amortization and settlement recognition of net actuarial gain
 
1.9

 
1.1

 
1.8

Prior service credit arising during period
 
(3.8
)
 
(1.4
)
 
(13.3
)
Amortization or curtailment recognition of prior service credit
 
2.1

 
10.5

 
1.4

Net other comprehensive (income) loss recognized
 
$
(1.2
)
 
$
5.8

 
$
(12.0
)
Schedule of Net Benefit Costs [Table Text Block] 
The net periodic pension cost recognized in the consolidated statements of operations is comprised of the following for fiscal years ended (in millions):
 
 
Pension Plans
 
2016
 
2015
 
2014
Service cost
$
51.4

 
$
44.7

 
$
26.5

Interest cost
310.3

 
218.1

 
216.5

Expected return on plan assets
(412.3
)
 
(292.9
)
 
(252.9
)
Amortization of net actuarial loss
11.0

 
29.0

 
17.8

Amortization of prior service cost
3.9

 
3.0

 
1.2

Curtailment gain
(1.6
)
 
—

 
—

Settlement loss
370.7

 
20.2

 
47.9

Special termination benefits
18.4

 
9.1

 
—

Company defined benefit plan expense
351.8

 
31.2

 
57.0

Multiemployer and other plans
5.8

 
5.6

 
6.2

Net pension cost
$
357.6

 
$
36.8

 
$
63.2


The net periodic postretirement cost recognized in the consolidated statements of operations is comprised of the following for fiscal years ended (in millions):
 
 
Postretirement Plans
 
 
2016
 
2015
 
2014
Service cost
 
$
2.3

 
$
1.0

 
$
1.2

Interest cost
 
8.1

 
5.4

 
5.7

Amortization of net actuarial gain
 
(2.0
)
 
(1.1
)
 
(1.8
)
Amortization of prior service credit
 
(2.1
)
 
(2.0
)
 
(1.4
)
Curtailment gain
 
—

 
(8.5
)
 
—

Net postretirement cost
 
$
6.3

 
$
(5.2
)
 
$
3.7

Schedule of Health Care Cost Trend Rates [Table Text Block] 
The assumed health care cost trend rates used in measuring the APBO are as follows at September 30:
 
 
2016
U.S. Plans
 
 
Health care cost trend rate assumed for next year
 
7.02
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
4.50
%
Year the rate reaches the ultimate trend rate
 
2036

Non-U.S. Plans
 
 
Health care cost trend rate assumed for next year
 
7.71
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
6.44
%
Year the rate reaches the ultimate trend rate
 
2029

Schedule of Expected Benefit Payments [Table Text Block] 
Our projected estimated benefit payments (unaudited), which reflect expected future service, as appropriate, are as follows (in millions):
 
Pension Plans
 
U.S. Plans
 
Non-U.S. Plans
Fiscal 2017
$
195.8

 
$
56.7

Fiscal 2018
202.0

 
56.4

Fiscal 2019
209.3

 
56.4

Fiscal 2020
222.0

 
55.0

Fiscal 2021
211.3

 
54.4

Fiscal Years 2022 – 2026
1,171.0

 
263.7

Our projected estimated benefit payments (unaudited), which reflect expected future service, as appropriate, are as follows (in millions):
 
Postretirement Plans
 
U.S. Plans
 
Non-U.S. Plans
Fiscal 2017
$
10.3

 
$
2.9

Fiscal 2018
9.1

 
3.0

Fiscal 2019
8.7

 
3.1

Fiscal 2020
8.2

 
3.2

Fiscal 2021
7.8

 
3.3

Fiscal Years 2022 – 2026
32.2

 
18.0

Fair Value, Assets Measured on Recurring Basis [Table Text Block] 
The following tables summarize our pension plan assets measured at fair value on a recurring basis (at least annually) as of September 30, 2016 and September 30, 2015 (in millions):
 
September 30,
2016
 
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities:
 
 
 
 
 
 
 
U.S. equities(a)
$
193.9

 
$
192.7

 
$
1.2

 
$
—

Non-U.S. equities(a)
585.7

 
73.5

 
512.2

 
—

Hedged equities(a)
90.2

 
—

 
90.2

 
—

Fixed income securities:
 
 
 
 
 
 
 
U.S. government securities(b)
1,271.1

 
—

 
1,271.1

 
—

Non-U.S. government securities(c)
116.0

 
5.3

 
110.7

 
—

U.S. corporate bonds(c)
1,226.9

 
9.0

 
1,217.9

 
—

Non-U.S. corporate bonds(c)
366.3

 
6.4

 
359.9

 
—

Mortgage-backed securities(c)
2.4

 
—

 
2.4

 
—

Other fixed income(d)
317.9

 
—

 
317.9

 
—

Short-term investments(e)
302.1

 
302.1

 
—

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments(f)
544.0

 
—

 
215.2

 
328.8

Global multi-asset investments (g)
59.1

 
—

 
59.1

 
—

 
$
5,075.6

 
$
589.0

 
$
4,157.8

 
$
328.8



 
September 30, 2015
 
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Equity securities:
 
 
 
 
 
 
 
U.S. equities(a)
$
169.1

 
$
168.2

 
$
0.9

 
$
—

Non-U.S. equities(a)
532.2

 
79.3

 
452.9

 
—

Hedged equities(a)
82.6

 
—

 
82.6

 
—

Fixed income securities:
 
 
 
 
 
 
 
U.S. government securities(b)
1,791.4

 
—

 
1,791.4

 
—

Non-U.S. government securities(c)
176.1

 
4.5

 
171.6

 
—

U.S. corporate bonds(c)
2,435.2

 
8.1

 
2,427.0

 
0.1

Non-U.S. corporate bonds(c)
616.4

 
8.6

 
607.8

 
—

Mortgage-backed securities(c)
90.0

 
—

 
90.0

 
—

Other fixed income(d)
308.3

 
—

 
308.3

 
—

Short-term investments(e)
213.2

 
213.2

 
—

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments(f)
720.2

 
—

 
327.9

 
392.3

Global multi-asset investments (g)
58.7

 
—

 
58.7

 
—

 
$
7,193.4

 
$
481.9

 
$
6,319.1

 
$
392.4


(a) 
Equity securities are comprised of the following investment types: (i) common stock; (ii) preferred stock; (iii) equity exchange traded funds; (iv) hedged equity investments and (v) commingled equity funds. Level 1 investments in common and preferred stocks and exchange traded funds are valued using quoted market prices multiplied by the number of shares owned. The Level 2 hedged equity investment is a commingled fund that consists primarily of equity indexed investments which are hedged by options and also holds collateral in the form of short term treasury securities. The commingled fund investments are valued at the net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.

(b) 
U.S. government securities include treasury and agency debt. These investments are valued using broker quotes in an active market.

(c) 
The level 1 non-U.S. government securities investment is an exchange traded fund valued using quoted market prices. The level 1 U.S. corporate bonds category is primarily comprised of U.S. dollar denominated investment grade securities and valued using quoted market prices. Level 2 investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data. Level 2 commingled debt funds are valued at their net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.

(d) 
Other fixed income is comprised of municipal and asset-backed securities. Investments are valued utilizing a market approach that includes various valuation techniques and sources, such as broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads and/or other applicable reference data.

(e) 
Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in interest-bearing accounts.

(f) 
We maintain holdings in certain private equity partnerships and real estate investments that are considered to be level 3 in the fair value hierarchy. The private equity partnerships are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparisons technique include EBITDA multiples in other comparable third-party transactions, price to earnings ratios, liquidity, current operating results, as well as input from general partners and other pertinent information. Real estate investments are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparison technique include a combination of third party appraisals, replacement cost, and comparable market prices.

(g) 
The global multi-asset investment is a commingled fund with underlying investments that are diversified across multiple asset classes and include global equity, fixed income securities, commodities and derivative contracts. The commingled fund is valued at its net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled fund includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] 
The following table summarizes the changes in our Level 3 pension plan assets for the years ended September 30, 2016 and 2015 (in millions): 
 
 
U.S. Corporate Bonds
 
Alternative
Investments
 
Total
Balance as of September 30, 2014
 
$
—

 
$
40.6

 
$
40.6

Purchases, sales, issuances, and settlements, net
 
0.1

 
341.8

 
341.9

Actual return on plan assets:
 
 
 
 
 
 
     Relating to instruments still held at end of year
 
—

 
(3.6
)
 
(3.6
)
     Relating to instruments sold during the year
 
—

 
13.5

 
13.5

Balance as of September 30, 2015
 
$
0.1

 
$
392.3

 
$
392.4

Purchases, sales, issuances, and settlements, net
 
(0.1
)
 
(45.2
)
 
(45.3
)
Actual return on plan assets:
 
 
 
 
 
 
     Relating to instruments still held at end of year
 
—

 
(16.5
)
 
(16.5
)
     Relating to instruments sold during the year
 
—

 
24.7

 
24.7

Transfers out of Level 3
 
—

 
(26.5
)
 
(26.5
)
Balance as of September 30, 2016
 
$
—

 
$
328.8

 
$
328.8

Schedule Of Multiemployer Plans [Table Text Block] 
The following table lists our participation in our multiemployer and other plans that are individually significant for the years ended September 30 (in millions):
Pension Fund
EIN / Pension Plan Number
 
Pension Protection Act Zone Status
 
FIP / RP Status Pending / Implemented
 
Contributions (a)
 
Surcharge imposed?
 
Expiration CBA
 
 
 
2016
 
2015
 
 
 
2016
 
2015
 
2014
 
 
 
 
U.S. Multiemployer plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pace Industry Union-Management Pension Fund (b)
11-6166763 / 001
 
Red
 
Red
 
Implemented
 
$
3.3

 
$
3.3

 
$
3.5

 
Yes
 
3/22/16 to 5/11/2022
Other Funds
 
 
 
 
 
 
 
 
1.2

 
1.7

 
2.0

 
 
 
 
         Total Contributions:
 
 
 
 
 
 
 
 
$
4.5

 
$
5.0

 
$
5.5

 
 
 
 

(a) 
Contributions represent the amounts contributed to the plan during the fiscal year.
(b) 
Our contributions for fiscal 2015 and 2014 exceeded 5% of total plan contributions. Although the plan data for fiscal 2016 is not yet available, we would expect to continue to exceed 5% of total plan contributions.

Share-Based Compensation (Tables)
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] 
We applied the following weighted average assumptions to estimate the fair value of stock option grants made in the following periods, including the grants issued in connection with the Combination in fiscal 2015:
 
 
2016
 
2015
 
2014
Expected term in years
7.0

 
3.9

 
6.9

Expected volatility
38.3
%
 
21.9
%
 
43.9
%
Risk-free interest rate
1.6
%
 
2.4
%
 
2.1
%
Dividend yield
4.5
%
 
1.3
%
 
1.4
%
Summary of stock option and SAR activity 
The table below summarizes the changes in all SARs during the fiscal year ended September 30, 2016:
 
SARs
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 (in years)
 
Aggregate
Intrinsic
Value
(in millions)
Outstanding at September 30, 2015
86,419

 
$
28.98

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
(13,889
)
 
30.74

 
 
 
 
Expired
(14,742
)
 
24.29

 
 
 
 
Adjustment due to the Separation
8,183

 
 
 
 
 
 
Outstanding at September 30, 2016
65,971

 
$
26.07

 
4.0
 
$
1.5

Exercisable at September 30, 2016
65,971

 
$
26.07

 
4.0
 
$
1.5

The table below summarizes the changes in all stock options during the fiscal year ended September 30, 2016:
 
Stock
 Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 (in years)
 
Aggregate
Intrinsic
Value
(in millions)
Outstanding at September 30, 2015
7,189,654

 
$
33.19

 
 
 
 
Granted
1,251,560

 
33.39

 
 
 
 
Exercised
(1,225,230
)
 
30.75

 
 
 
 
Expired
(49,049
)
 
35.68

 
 
 
 
Forfeited
(31,984
)
 
37.60

 
 
 
 
Adjustment due to the Separation
930,865

 
 
 
 
 
 
Outstanding at September 30, 2016
8,065,816

 
$
29.73

 
5.1
 
$
156.6

Exercisable at September 30, 2016
6,389,188

 
$
28.46

 
4.1
 
$
130.9

Vested and expected to vest at September 30, 2016
8,027,460

 
$
29.71

 
5.1
 
$
156.0

Summary of restricted stock awards - vested, granted and changes 
The following table represents a summary of restricted stock shares granted in fiscal 2016, 2015 and 2014 with terms defined in the applicable grant letters. The shares are not deemed to be issued and carry voting rights until the relevant conditions defined in the award documents have been met, unless otherwise noted.
 
2016
 
2015
 
2014
Shares of restricted stock granted to non-employee directors(1)
64,155

 
15,255

 
21,500

Shares of restricted stock granted to employees:
 
 
 
 
 
Shares granted for attainment of a performance condition at an amount in excess of target (2)
447,261

 
801,810

 
51,218

Shares granted with a service condition and a Cash Flow Per Share performance condition at target (3)
1,211,760

 
429,845

 
482,710

Shares granted with a service condition (4)
27,370

 
86,265

 
12,560

Shares granted with a service condition and a performance condition prorated upon the Combination (5)
—

 
64,323

 
—

Share of restricted stock assumed upon the Combination:
 
 
 
 
 
Shares granted with a service condition and a performance condition (6) (7)
—

 
650,685

 
—

Shares granted with a service condition (7)
—

 
327,005

 
—

Total restricted stock granted
1,750,546

 
2,375,188

 
567,988


(1) 
Non-employee director grants generally vest over a period of up to one year and are deemed issued on the grant date and have voting and dividend rights.

(2) 
Shares granted in the table above include shares subsequently issued for the level of performance attained in excess of target. Shares issued in fiscal 2016 for the fiscal 2013 Cash Flow to Equity Ratio were at 200% of target. Shares issued in fiscal 2015 for the fiscal 2012 Cash Flow to Equity Ratio were at 200% of target. Shares issued in fiscal 2016 and 2015 also include shares accelerated for terminated employees as a result of the Combination which were achieved at between 146.5% and 200% of target. Shares issued in fiscal 2014 for the fiscal 2011 Cash Flow to Equity Ratio were at between 110.56% and 115.29% of target.

(3) 
These employee grants vest over approximately three years and have adjustable ranges from 0-200% of target subject to the level of performance attained in the respective award agreement.

(4) 
These shares vest over approximately three to four years.

(5) 
As a result of the Combination, certain target awards granted to employees in fiscal 2015 were prorated with the employee receiving approximately 16.6% of the target award in accordance with the terms in the award document prior to the application of the performance adjustment. The performance period applicable to each award ended upon consummation of the Combination, and the performance goals were determined in accordance with the applicable grant letter to be attained at 146.5% of target.

(6) 
The performance period applicable to each award ended upon consummation of the Combination, and the performance goals were determined in accordance with the applicable grant letter to be attained at between 100% and 168% of target.

(7) 
These shares vest over approximately one to three years.

The table below summarizes the changes in unvested restricted stock during the fiscal year ended September 30, 2016:
 
Shares/Units
 
Weighted
Average
Grant Date Fair
Value
Unvested at September 30, 2015
2,327,231

 
$
56.13

Granted
1,750,546

 
35.80

Vested
(1,589,761
)
 
49.54

Forfeited
(85,222
)
 
50.02

Adjustment due to the Separation
302,110

 
 
Unvested at September 30, 2016(1)
2,704,904

 
$
40.89



(1) 
Target awards with a performance condition, net of subsequent forfeitures, granted may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The awards are reflected in the table at the target award amount of 100%. Based on current facts and assumptions we are forecasting the performance of the grants to be attained at levels that would result in the issuance of approximately 1.9 million additional shares. However, it is possible that the performance attained may vary.

The following table represents a summary of restricted stock vested in fiscal 2016, 2015 and 2014 (in millions, except shares):
 
2016
 
2015
 
2014
Shares of restricted stock vested
1,589,761

 
1,725,435

 
530,668

Aggregate fair value of restricted stock vested
$
57.5

 
$
110.4

 
$
28.8



Segment Information (Tables)
Schedule of Revenue from External Customers, Segment Income and Long-Lived Assets, by Geographical Areas [Table Text Block] 
The table below reflects financial data of our foreign operations for each of the past three fiscal years (in millions, except percentages):
 
 
Years Ended September 30,
 
2016
 
2015
 
2014
Foreign net sales to unaffiliated customers
$
2,426.6

 
$
1,506.5

 
$
1,191.8

Foreign segment income
$
226.1

 
$
171.6

 
$
109.6

Foreign long-lived assets
$
1,341.5

 
$
1,228.0

 
$
379.6

Foreign operations as a percent of consolidated operations:
 
 
 
 
 
Foreign net sales to unaffiliated customers
17.1
%
 
13.5
%
 
12.0
%
Foreign segment income
18.4
%
 
16.0
%
 
10.5
%
Foreign long-lived assets
14.4
%
 
13.4
%
 
6.5
%
Certain operating data for segments 
The following table shows selected operating data for our segments (in millions):
 
Years Ended September 30,
 
2016
 
2015
 
2014
Net sales (aggregate):
 
 
 
 
 
Corrugated Packaging
$
7,868.5

 
$
7,516.9

 
$
7,257.4

Consumer Packaging
6,388.1

 
3,740.1

 
2,818.5

Land and Development
119.8

 
45.0

 
—

Total
$
14,376.4

 
$
11,302.0

 
$
10,075.9

Less net sales (intersegment):
 
 
 
 
 
Corrugated Packaging
$
136.2

 
$
130.6

 
$
148.5

Consumer Packaging
68.4

 
46.6

 
32.3

Land and Development
—

 
—

 
—

Total
$
204.6

 
$
177.2

 
$
180.8

Net sales (unaffiliated customers):
 
 
 
 
 
Corrugated Packaging
$
7,732.3

 
$
7,386.3

 
$
7,108.9

Consumer Packaging
6,319.7

 
3,693.5

 
2,786.2

Land and Development
119.8

 
45.0

 
—

Total
$
14,171.8

 
$
11,124.8

 
$
9,895.1

Segment income:
 
 
 
 
 
Corrugated Packaging
$
739.9

 
$
806.7

 
$
728.0

Consumer Packaging
481.7

 
267.0

 
311.4

Land and Development
4.6

 
(3.4
)
 
—

Segment income
1,226.2

 
1,070.3

 
1,039.4

Pension risk transfer expense
(370.7
)
 
—

 
—

Pension lump sum settlement and retiree medical curtailment, net
—

 
(11.5
)
 
(47.9
)
Restructuring and other costs, net
(366.4
)
 
(140.8
)
 
(55.6
)
Non-allocated expenses
(49.1
)
 
(58.4
)
 
(72.7
)
Interest expense
(256.7
)
 
(132.5
)
 
(95.3
)
Gain (loss) on extinguishment of debt
2.7

 
(2.6
)
 
—

Interest income and other income (expense), net
58.6

 
9.7

 
2.4

Income from continuing operations before income taxes
$
244.6

 
$
734.2

 
$
770.3


Segment income in fiscal 2016 and 2015 was reduced by $8.1 million and $64.7 million, respectively, of expense for inventory stepped-up in purchase accounting, net of related LIFO impact. The Corrugated Packaging segment and Consumer Packaging segment in fiscal 2016 were reduced by $3.4 million and $4.7 million, respectively. The Corrugated Packaging and Consumer Packaging segment in fiscal 2015 were reduced by $2.2 million and $62.5 million, respectively.

The following table shows selected operating data for our segments (in millions):
 
Years Ended September 30,
 
2016
 
2015
 
2014
Identifiable assets:
 
 
 
 
 
Corrugated Packaging
$
10,046.0

 
$
9,467.3

 
$
8,701.3

Consumer Packaging
10,122.5

 
10,175.7

 
1,980.2

Land and Development
460.6

 
545.5

 
—

Assets of discontinued operations
—

 
2,618.5

 
—

Assets held for sale
52.3

 
10.2

 
22.6

Corporate
2,356.8

 
2,555.2

 
335.6

Total
$
23,038.2

 
$
25,372.4

 
$
11,039.7

 
 
 
 
 
 
Goodwill:
 
 
 
 
 
Corrugated Packaging
$
1,722.5

 
$
1,667.5

 
$
1,525.4

Consumer Packaging
3,055.6

 
2,979.6

 
401.0

Land and Development
—

 
—

 
—

Total
$
4,778.1

 
$
4,647.1

 
$
1,926.4

 
 
 
 
 
 
Depreciation and amortization:
 
 
 
 
 
Corrugated Packaging
$
576.2

 
$
496.6

 
$
464.0

Consumer Packaging
498.9

 
201.8

 
104.3

Land and Development
1.4

 
0.2

 
—

Discontinued operations
57.2

 
22.0

 
—

Corporate
12.8

 
20.2

 
16.2

Total
$
1,146.5

 
$
740.8

 
$
584.5

 
 
 
 
 
 
Capital expenditures:
 
 
 
 
 
Corrugated Packaging
$
490.1

 
$
378.4

 
$
410.6

Consumer Packaging
244.9

 
166.1

 
113.3

Discontinued operations
45.2

 
28.6

 
—

Corporate
16.5

 
12.4

 
10.3

Total
$
796.7

 
$
585.5

 
$
534.2

 
 
 
 
 
 
Investment in unconsolidated subsidiaries:
 
 
 
 
 
Corrugated Packaging
$
281.2

 
$
7.9

 
$
6.7

Consumer Packaging
22.2

 
21.3

 
20.6

Land and Development
28.6

 
31.0

 
—

Corporate
(3.1
)
 
—

 
—

Total
$
328.9

 
$
60.2

 
$
27.3



The increase in Corporate identifiable assets in fiscal 2015 is primarily due to the restricted assets held by special purpose entities, our prepaid pension asset and life insurance assets each associated with the Combination. The increase in the Corrugated Packaging segment’s investment in unconsolidated subsidiaries in fiscal 2016 is primarily related to the Grupo Gondi investment, and the Corporate investment in unconsolidated subsidiaries in fiscal 2016 primarily represents an entity that has losses guaranteed equally by the partners. The investment in Grupo Gondi that is included in the Corrugated Packaging segment’s investment in unconsolidated subsidiaries in fiscal 2016 exceeds our proportionate share of the underlying net assets by approximately $65.3 million. Approximately $56.2 million remains amortizable to expense in equity in income of unconsolidated entities over the estimated life of the underlying assets ranging from 10 to 15 years.

Changes in carrying amount of goodwill 
The changes in the carrying amount of goodwill for the fiscal years ended September 30, 2016, 2015 and 2014 are as follows (in millions):
 
Corrugated Packaging
 
Consumer
Packaging
 
Total
Balance as of October 1, 2013
 
 
 
 
 
Goodwill
$
1,499.9

 
$
405.0

 
$
1,904.9

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
1,499.9

 
362.2

 
1,862.1

Goodwill acquired
29.0

 
42.2

 
71.2

Translation adjustment
(3.5
)
 
(3.4
)
 
(6.9
)
Balance as of September 30, 2014
 
 
 
 
 
Goodwill
1,525.4

 
443.8

 
1,969.2

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
1,525.4

 
401.0

 
1,926.4

Goodwill acquired
183.3

 
2,586.5

 
2,769.8

Purchase price allocation adjustments
2.4

 
(1.1
)
 
1.3

Translation adjustment
(43.6
)
 
(6.8
)
 
(50.4
)
Balance as of September 30, 2015
 
 
 
 
 
Goodwill
1,667.5

 
3,022.4

 
4,689.9

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
1,667.5

 
2,979.6

 
4,647.1

Goodwill acquired
52.4

 
8.0

 
60.4

Goodwill disposed of
(24.0
)
 
—

 
(24.0
)
Purchase price allocation adjustments
(4.9
)
 
67.6

 
62.7

Translation adjustment
31.5

 
0.4

 
31.9

Balance as of September 30, 2016
 
 
 
 
 
Goodwill
1,722.5

 
3,098.4

 
4,820.9

Accumulated impairment losses
—

 
(42.8
)
 
(42.8
)
 
$
1,722.5

 
$
3,055.6

 
$
4,778.1


The goodwill acquired in fiscal 2016 related to the SP Fiber Acquisition and the Packaging Acquisition. The goodwill disposed of in the Corrugated Packaging segment in fiscal 2016 relates to the disposal of a portion of the reporting unit in connection with the investment in the Grupo Gondi unconsolidated joint venture. The goodwill acquired in fiscal 2015 primarily relates to the Combination. The goodwill acquired in fiscal 2014 related to the acquisitions of the Tacoma Mill, NPG and AGI In-Store.
Financial Results by Quarter (Unaudited) (Tables)
Schedule of Quarterly Financial Information
Fiscal 2016
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In millions, except per share data)
Net sales
$
3,470.9

 
$
3,492.7

 
$
3,596.5

 
$
3,611.7

Gross profit
654.7

 
657.3

 
727.3

 
719.3

Pension risk transfer expense
—

 
—

 
—

 
370.7

Restructuring and other costs, net
162.8

 
111.1

 
43.1

 
49.4

Gain on extinguishment of debt
—

 
—

 
—

 
2.7

Income (loss) from continuing operations
30.4

 
58.4

 
152.4

 
(86.4
)
(Loss) income from discontinued operations, net of tax
(482.1
)
 
1.4

 
(58.7
)
 
(5.3
)
Consolidated net (loss) income
(451.7
)
 
59.8

 
93.7

 
(91.7
)
Net (loss) income attributable to common stockholders
(453.5
)
 
56.9

 
92.3

 
(92.0
)
Basic (loss) earnings per share from continuing operations
0.12

 
0.22

 
0.60

 
(0.34
)
Diluted (loss) earnings per share from continuing operations
0.12

 
0.22

 
0.59

 
(0.34
)
Basic (loss) earnings per share attributable to common stockholders
(1.76
)
 
0.22

 
0.37

 
(0.37
)
Diluted (loss) earnings per share attributable to common stockholders
(1.73
)
 
0.22

 
0.36

 
(0.37
)

 
Fiscal 2015
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In millions, except per share data)
Net sales
$
2,514.2

 
$
2,455.6

 
$
2,538.9

 
$
3,616.1

Gross profit
469.5

 
457.1

 
526.3

 
685.4

Pension lump sum settlement and retiree medical curtailment, net
11.9

 
—

 
(0.4
)
 
—

Restructuring and other costs, net
5.4

 
17.2

 
13.1

 
105.1

Loss on extinguishment of debt
—

 
—

 
—

 
(2.6
)
Income from continuing operations
125.6

 
110.4

 
157.9

 
107.3

Income from discontinued operations, net of tax
—

 
—

 
—

 
10.6

Consolidated net income
125.6

 
110.4

 
157.9

 
117.9

Net income attributable to common stockholders
125.1

 
109.8

 
156.4

 
115.8

Basic earnings per share from continuing operations
0.89

 
0.78

 
1.11

 
0.41

Diluted earnings per share from continuing operations
0.88

 
0.77

 
1.10

 
0.40

Basic earnings per share attributable to common stockholders
0.89

 
0.78

 
1.11

 
0.45

Diluted earnings per share attributable to common stockholders
0.88

 
0.77

 
1.10

 
0.44

Description of Business and Summary of Significant Accounting Policies (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 12 Months Ended
Aug. 27, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Foreign Currency Transaction Loss, after Tax
 
$ 6.5 
 
 
Stockholders' Equity Note, Stock Split, Conversion Ratio
2 
 
 
 
Provision (Benefit) for Doubtful Accounts
 
3.5 
(2.4)
2.0 
Percentage of FIFO Inventory
 
35.00% 
31.00% 
 
Interest Costs, Capitalized During Period
 
7.6 
4.0 
2.6 
Percentage of our mill assets as measured at cost with a life of 25 years or less
 
90.00% 
 
 
Finite-Lived Intangible Assets, Useful Life
 
17 years 11 months 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
3 years 
 
 
Asset Retirement Obligation
 
78.9 
58.4 
 
Foreign Currency Transaction Gain, after Tax
 
 
2.9 
4.2 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
 
Stock Dividend Rate, Class A Common Stock
100.00% 
 
 
 
Allowance for Doubtful Accounts [Member]
 
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
 
Balance at beginning of fiscal year
 
29.5 
25.1 
26.8 
Reduction in sales and charges to costs and expenses
 
200.8 
166.6 
135.0 
Deductions
 
(193.8)
(162.2)
(136.7)
Balance at end of fiscal year
 
36.5 
29.5 
25.1 
Minimum [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Accounts Receivable, Approximate Range Receivables Due, Days
 
30 days 
 
 
Finite-Lived Intangible Assets, Useful Life
 
1 year 
 
 
Minimum [Member] |
Building and Building Improvements [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
15 years 
 
 
Minimum [Member] |
Machinery and Equipment [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
3 years 
 
 
Minimum [Member] |
Transportation Equipment [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
3 years 
 
 
Minimum [Member] |
Leasehold Improvements [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
3 years 
 
 
Maximum [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Accounts Receivable, Approximate Range Receivables Due, Days
 
60 days 
 
 
Finite-Lived Intangible Assets, Useful Life
 
40 years 
 
 
Maximum [Member] |
Building and Building Improvements [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
40 years 
 
 
Maximum [Member] |
Machinery and Equipment [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
25 years 
 
 
Maximum [Member] |
Transportation Equipment [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
8 years 
 
 
Maximum [Member] |
Machinery and Equipment, Mills [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
44 years 
 
 
Maximum [Member] |
Cost of Our Mill Machinery and Equipment with a Life of 25 Years or Less
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
25 years 
 
 
Maximum [Member] |
Leasehold Improvements [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Property, Plant and Equipment, Useful Life
 
10 years 
 
 
Restricted Stock, Non-Employee Directors [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
1 year 
 
 
Foreign Exchange Contract [Member]
 
 
 
 
Description of Business and Summary of Significant Accounting Policies [Line Items]
 
 
 
 
Derivative, Notional Amount
 
 
$ 90.2 
 
Earnings per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2016
Smurfit Stone [Member]
Sep. 30, 2015
Smurfit Stone [Member]
May 27, 2011
Smurfit Stone [Member]
Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$ (86.4)
$ 152.4 
$ 58.4 
$ 30.4 
$ 107.3 
$ 157.9 
$ 110.4 
$ 125.6 
$ 154.8 
$ 501.2 
$ 483.8 
 
 
 
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
(2.1)
(3.3)
(4.1)
 
 
 
Income (Loss) from Continuing Operations Attributable to Parent
 
 
 
 
 
 
 
 
152.7 
497.9 
479.7 
 
 
 
Less: Distributed and undistributed income available to participating securities, Basic
 
 
 
 
 
 
 
 
0 
0 
(0.1)
 
 
 
Distributed and undistributed income attributable to common stockholders, before discontinued operations, Basic
 
 
 
 
 
 
 
 
152.7 
497.9 
479.6 
 
 
 
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
 
 
 
 
 
 
 
 
(549.0)
9.2 
0 
 
 
 
Net (loss) income attributable to common stockholders, Basic
 
 
 
 
 
 
 
 
(396.3)
507.1 
479.6 
 
 
 
Less: Distributed and undistributed income available to participating securities, Diluted
 
 
 
 
 
 
 
 
0 
0 
(0.1)
 
 
 
Distributed and undistributed income (loss) attributable to common stockholders, before discontinued operations, Diluted
 
 
 
 
 
 
 
 
152.7 
497.9 
479.6 
 
 
 
Net (loss) income attributable to common stockholders, Diluted
 
 
 
 
 
 
 
 
(396.3)
507.1 
479.6 
 
 
 
Basic weighted average shares outstanding
 
 
 
 
 
 
 
 
254.0 
170.6 
143.6 
 
 
 
Basic earnings per share from continuing operations
$ (0.34)
$ 0.60 
$ 0.22 
$ 0.12 
$ 0.41 
$ 1.11 
$ 0.78 
$ 0.89 
$ 0.60 
$ 2.92 
$ 3.34 
 
 
 
Basic (loss) earnings per share from discontinued operations
 
 
 
 
 
 
 
 
$ (2.16)
$ 0.05 
$ 0 
 
 
 
Basic earnings per share attributable to common stockholders
$ (0.37)
$ 0.37 
$ 0.22 
$ (1.76)
$ 0.45 
$ 1.11 
$ 0.78 
$ 0.89 
$ (1.56)
$ 2.97 
$ 3.34 
 
 
 
Effect of dilutive stock options and non-participating securities
 
 
 
 
 
 
 
 
3.9 
2.7 
2.4 
 
 
 
Diluted weighted average shares outstanding
 
 
 
 
 
 
 
 
257.9 
173.3 
146.0 
 
 
 
Diluted earnings per share from continuing operations
$ (0.34)
$ 0.59 
$ 0.22 
$ 0.12 
$ 0.40 
$ 1.10 
$ 0.77 
$ 0.88 
$ 0.59 
$ 2.87 
$ 3.29 
 
 
 
Diluted (loss) earnings per share from discontinued operations
 
 
 
 
 
 
 
 
$ (2.13)
$ 0.06 
$ 0.00 
 
 
 
Diluted (loss) earnings per share attributable to common stockholders
$ (0.37)
$ 0.36 
$ 0.22 
$ (1.73)
$ 0.44 
$ 1.10 
$ 0.77 
$ 0.88 
$ (1.54)
$ 2.93 
$ 3.29 
 
 
 
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
$ 4.3 
$ 1.4 
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
 
 
 
 
 
 
 
 
 
 
 
0.3 
0.3 
1.4 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
 
 
 
 
1.6 
0.4 
0.5 
 
 
 
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Balance at beginning of fiscal year
$ (780.2)1
$ (495.3)1
 
Other comprehensive (loss) income before reclassifications
(112.7)1
(310.4)1
 
Amounts reclassified from accumulated other comprehensive loss
258.6 1 2
25.5 1
 
Other comprehensive income (loss) attributable to common stockholders
145.9 1
(284.9)1
(194.7)
Separation of Specialty Chemicals business
7.9 1
 
 
Balance at end of fiscal year
(626.4)1
(780.2)1
(495.3)1
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Balance at beginning of fiscal year
(1.4)1
(0.2)1
 
Other comprehensive (loss) income before reclassifications
(0.4)1
(1.6)1
 
Amounts reclassified from accumulated other comprehensive loss
1.2 1 2
0.4 1
 
Other comprehensive income (loss) attributable to common stockholders
0.8 1
(1.2)1
 
Separation of Specialty Chemicals business
0.4 1
 
 
Balance at end of fiscal year
(0.2)1
(1.4)1
 
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Balance at beginning of fiscal year
(540.7)1
(498.2)1
 
Other comprehensive (loss) income before reclassifications
(222.2)1
(67.6)1
 
Amounts reclassified from accumulated other comprehensive loss
237.2 1 2
25.1 1
 
Other comprehensive income (loss) attributable to common stockholders
15.0 1
(42.5)1
 
Separation of Specialty Chemicals business
1.9 1
 
 
Balance at end of fiscal year
(523.8)1
(540.7)1
 
Accumulated Translation Adjustment [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
Balance at beginning of fiscal year
(238.1)1
3.1 1
 
Other comprehensive (loss) income before reclassifications
109.9 1
(241.2)1
 
Amounts reclassified from accumulated other comprehensive loss
20.2 1 2
0 1
 
Other comprehensive income (loss) attributable to common stockholders
130.1 1
(241.2)1
 
Separation of Specialty Chemicals business
5.6 1
 
 
Balance at end of fiscal year
$ (102.4)1
$ (238.1)1
 
Reclassification out of Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Amortization of net actuarial loss
$ (379.7)1
$ (48.1)
$ (63.9)
Amortization of net actuarial loss, Tax
143.2 1
17.8 
24.5 
Amortization of net actuarial loss, net of tax
(236.5)1
(30.3)
(39.4)
Amortization of prior service (cost) credit
(1.8)
7.5 
0.2 
Amortization of prior service credit (cost), Tax
0.7 
(2.9)
(0.1)
Amortization of prior service credit (cost), net of tax
(1.1)
4.6 
0.1 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax
20.2 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax
0 
 
 
Reclassification adjustment of net loss on foreign currency translation included in earnings
20.2 
0 
0 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Pre-Tax Amount
1.9 
0.7 
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Tax
(0.7)
(0.3)
 
Reclassification adjustment of net loss on cash flow hedges included in earnings
1.2 
0.4 
0 
Parent [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Amortization of net actuarial loss
(379.4)2 3 4
(47.7)2 3
 
Amortization of net actuarial loss, Tax
143.2 2 3 4
17.9 2 3
 
Amortization of net actuarial loss, net of tax
(236.2)2 3
(29.8)2 3
 
Amortization of prior service (cost) credit
(1.7)2 3
7.6 2 3
 
Amortization of prior service credit (cost), Tax
0.7 2 3
(2.9)2 3
 
Amortization of prior service credit (cost), net of tax
(1.0)2 3 4
4.7 2 3
 
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax
(381.1)3
(40.1)3
 
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax
143.9 3
15.0 3
 
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax
(237.2)3
(25.1)3
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax
(20.2)3 5
0 3 5
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax
0 3 5
0 3 5
 
Reclassification adjustment of net loss on foreign currency translation included in earnings
(20.2)3 5
0 3 5
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Pre-Tax Amount
(1.9)3
(0.7)3
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Tax
0.7 3
0.3 3
 
Reclassification adjustment of net loss on cash flow hedges included in earnings
(1.2)3
(0.4)3
 
Total Reclassifications From Other Comprehensive Income Before Tax
(403.2)3
(40.8)3
 
Total Reclassifications From Other Comprehensive Income Tax Portion
144.6 3
15.3 3
 
Total Reclassifications From Other Comprehensive Income Net Of Tax
(258.6)3
(25.5)3
 
Commodity Contract [Member] |
Parent [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Pre-Tax Amount
(1.5)3 6
0 3 6
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Tax
0.5 3 6
0 3 6
 
Reclassification adjustment of net loss on cash flow hedges included in earnings
(1.0)3 6
0 3 6
 
Foreign Exchange Contract [Member] |
Parent [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Pre-Tax Amount
(0.4)3 7
(0.7)3 7
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Tax
0.2 3 7
0.3 3 7
 
Reclassification adjustment of net loss on cash flow hedges included in earnings
$ (0.2)3 7
$ (0.4)3 7
 
Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Comprehensive Income
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss), before Tax
$ 109.8 
$ (242.0)
$ (29.9)
Net deferred loss on cash flow hedges, Pre-Tax Amount
(0.7)
(2.6)
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Pre-Tax Amount
1.9 
0.7 
 
Net actuarial gain (loss) arising during period, Pre-Tax Amount
(354.0)
(81.5)
(333.3)
Amortization and settlement recognition of net actuarial loss
379.7 1
48.1 
63.9 
Prior service (cost) credit arising during period, Pre-Tax Amount
2.3 
(25.0)
12.4 
Amortization of prior service cost (credit), Pre-Tax Amount
1.8 
(7.5)
(0.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax
20.2 
 
 
Consolidated other comprehensive income (loss), Pre-Tax Amount
161.0 
(309.8)
(287.1)
Less: Other comprehensive (income) loss attributable to noncontrolling interests, Pre-Tax Amount
0.7 
0.6 
1.1 
Other comprehensive income (loss) attributable to common stockholders, Pre-Tax Amount
161.7 
(309.2)
(286.0)
Foreign currency translation (loss) gain, Tax
0 
0 
0 
Net deferred loss on cash flow hedges, Tax
0.3 
1.0 
 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Tax
(0.7)
(0.3)
 
Net actuarial gain (loss) arising during period, Tax
129.4 
28.9 
120.5 
Amortization of net actuarial loss, Tax
(143.2)1
(17.8)
(24.5)
Other Comprehensive Income (Loss), Pension and Other Postretirement Plans, Net Prior Service (Cost) Credit Arising During Period, Tax
(0.9)
9.6 
(4.8)
Amortization of prior service cost (credit), Tax
(0.7)
2.9 
0.1 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax
0 
 
 
Consolidated other comprehensive income (loss), Tax
(15.8)
24.3 
91.3 
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Tax
0 
0 
0 
Other comprehensive income (loss) attributable to common stockholders, Tax
(15.8)
24.3 
91.3 
Foreign currency translation gain (loss), Net of Tax Amount
109.8 
(242.0)
(29.9)
Net deferred loss on cash flow hedges, Net of Tax Amount
(0.4)
(1.6)
0 
Reclassification adjustment of net loss on cash flow hedges included in earnings, Net of Tax Amount
1.2 
0.4 
0 
Net actuarial gain (loss) arising during period, Net of Tax Amount
(224.6)
(52.6)
(212.8)
Amortization of net actuarial loss, included in pension cost, Net of Tax Amount
236.5 1
30.3 
39.4 
Prior service credit (cost) arising during period, Net of Tax Amount
1.4 
(15.4)
7.6 
Amortization of prior service cost (credit), Net of Tax Amount
1.1 
(4.6)
(0.1)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax
(20.2)
0 
0 
Consolidated other comprehensive income (loss)
145.2 
(285.5)
(195.8)
Less: Other comprehensive (income) loss attributable to noncontrolling interests, Net of Tax Amount
0.7 
0.6 
1.1 
Other comprehensive income (loss) attributable to common stockholders
$ 145.9 2
$ (284.9)2
$ (194.7)
Inventories (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2016
Inventories [Abstract]
 
 
 
Finished goods and work in process
$ 859.7 
 
$ 800.6 
Raw materials
652.3 
 
535.7 
Supplies and spare parts
322.4 
 
335.7 
Inventories at FIFO cost
1,834.4 
 
1,672.0 
LIFO reserve
(73.4)
 
(33.8)
Net inventories
1,761.0 
 
1,638.2 
Gain Related to Spare Parts Identified Following Acquisition
$ 6.7 
$ 32.3 
 
Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Property, Plant and Equipment [Line Items]
 
 
 
Land and buildings
$ 2,307.9 
$ 2,245.2 
 
Machinery and equipment
10,672.9 
9,712.4 
 
Forestlands and mineral rights
201.1 
161.3 
 
Transportation equipment
27.6 
20.2 
 
Leasehold improvements
62.4 
59.1 
 
Property, plant and equipment, gross
13,271.9 
12,198.2 
 
Less accumulated depreciation and amortization
(3,977.6)
(3,038.4)
 
Net property, plant and equipment, net
9,294.3 
9,159.8 
 
Depreciation
$ 848.9 
$ 578.4 
$ 481.7 
Acquisitions (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended 0 Months Ended 1 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2016
Customer Relationships [Member]
Sep. 30, 2015
Customer Relationships [Member]
Sep. 30, 2016
Favorable Contracts [Member]
Sep. 30, 2015
Favorable Contracts [Member]
Sep. 30, 2016
Noncompete Agreements [Member]
Sep. 30, 2015
Noncompete Agreements [Member]
Sep. 30, 2016
Minimum [Member]
Sep. 30, 2016
Maximum [Member]
Apr. 1, 2016
Grupo Gondi Investment [Member]
Apr. 1, 2016
Grupo Gondi Investment [Member]
Jan. 19, 2016
Packaging Acquisition [Member]
Jan. 19, 2016
Packaging Acquisition [Member]
Jan. 19, 2016
Packaging Acquisition [Member]
Customer Relationships [Member]
Jan. 19, 2016
Packaging Acquisition [Member]
Minimum [Member]
Customer Relationships [Member]
Jan. 19, 2016
Packaging Acquisition [Member]
Maximum [Member]
Customer Relationships [Member]
Oct. 1, 2015
SP Fiber [Member]
Oct. 1, 2015
SP Fiber [Member]
Oct. 1, 2015
SP Fiber [Member]
Customer Relationships [Member]
Oct. 1, 2015
SP Fiber [Member]
Customer Relationships [Member]
Sep. 30, 2015
Pro Forma [Member]
Sep. 30, 2014
Pro Forma [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Sep. 30, 2015
MeadWestvaco [Member]
Sep. 30, 2014
MeadWestvaco [Member]
Jun. 30, 2016
MeadWestvaco [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Customer Relationships [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Customer Relationships [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Favorable Contracts [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Favorable Contracts [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Patents [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Patents [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Trademarks and Tradenames [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Trademarks and Tradenames [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Minimum [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Maximum [Member]
Jul. 1, 2016
MeadWestvaco [Member]
Amounts Recognized as of Acquisition Date (as adjusted) [Member]
Jul. 1, 2016
MeadWestvaco [Member]
Measurement Period Adjustments [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Amounts Recognized As of Acquisition Date [Member]
Aug. 29, 2014
A.G. Industries, Inc. [Member]
Aug. 29, 2014
A.G. Industries, Inc. [Member]
Aug. 29, 2014
A.G. Industries, Inc. [Member]
Customer Relationships [Member]
Aug. 29, 2014
A.G. Industries, Inc. [Member]
Minimum [Member]
Customer Relationships [Member]
Aug. 29, 2014
A.G. Industries, Inc. [Member]
Maximum [Member]
Customer Relationships [Member]
May 16, 2014
Simpson Tacoma Kraft Paper Mill [Member]
Jun. 30, 2015
Simpson Tacoma Kraft Paper Mill [Member]
May 16, 2014
Simpson Tacoma Kraft Paper Mill [Member]
May 16, 2014
Simpson Tacoma Kraft Paper Mill [Member]
Contract-Based Intangible Assets [Member]
May 16, 2014
Simpson Tacoma Kraft Paper Mill [Member]
Contract-Based Intangible Assets [Member]
May 16, 2014
Simpson Tacoma Kraft Paper Mill [Member]
Customer Relationships [Member]
May 16, 2014
Simpson Tacoma Kraft Paper Mill [Member]
Customer Relationships [Member]
Dec. 20, 2013
NPG Inc. [Member]
Dec. 20, 2013
NPG Inc. [Member]
Customer Relationships [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments to Acquire Interest in Joint Venture
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 175.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
3,611.7 
3,596.5 
3,492.7 
3,470.9 
 
3,616.1 
2,538.9 
2,455.6 
2,514.2 
14,171.8 
11,124.8 
9,895.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14,347.0 
14,342.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,286.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price Net of Cash Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94.1 
 
 
 
 
278.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
69.9 
 
 
 
 
 
343.2 
 
 
 
 
59.6 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price Net of Cash Acquired, Increase
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.6 
 
 
 
 
 
 
 
Payment for Debt Owed by GPS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
36.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unreceived Escrow Receivable Expected to be Received in Fiscal 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
130.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments for Repurchase of Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
667.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock Par Value Per Share of MeadWestvaco
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of MeadWestvaco Shares to WestRock Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
78.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Issued to MeadWestvaco Stockholders
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
131.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Purchase Price Allocation, Notes Payable and LT Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.3 
 
 
 
 
13.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.6 
 
Stock options assumed
0 
 
 
 
210.9 
210.9 
 
 
 
0 
210.9 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
210.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apr. 01, 2016 
 
Jan. 19, 2016 
 
 
 
 
Oct. 01, 2015 
 
 
 
 
 
Jul. 01, 2015 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 29, 2014 
 
 
 
 
May 16, 2014 
 
 
 
 
 
 
Dec. 20, 2013 
 
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.7 
 
 
 
 
9.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
265.7 1
0 2
265.7 
 
0.5 
 
 
 
 
 
 
 
 
 
 
1.7 
 
Current assets, net of cash received
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,858.3 1
(0.5)2
1,858.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant, and equipment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,010.8 1
19.3 2
3,991.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prepaid pension asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,397.9 1
(9.9)2
1,407.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
4,778.1 
 
 
 
4,647.1 
4,647.1 
 
 
 
4,778.1 
4,647.1 
 
 
 
 
 
 
 
 
 
 
 
 
8.0 
 
 
 
 
52.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,862.0 1
44.7 2
3,817.3 
 
13.2 
 
 
 
 
 
31.4 
 
 
 
 
27.9 
 
Intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,994.2 1
0 2
2,994.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted assets held by special purpose entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,302.0 1
0 2
1,302.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other long-term assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
381.8 1
18.0 2
363.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets acquired
580.7 
 
 
 
16,001.1 
16,001.1 
 
 
 
580.7 
16,001.1 
525.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16,072.7 1
71.6 2
16,001.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
137.1 1
74.8 2
62.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,053.8 1
(45.6)2
1,099.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt due after one year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,108.9 1
18.3 2
2,090.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-recourse liabilities held by special purpose entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,181.0 1
0 2
1,181.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued pension and other long-term benefits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
235.1 1
0 2
235.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income tax liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,355.7 1
(11.0)2
2,366.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other long-term liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
555.1 1
35.1 2
520.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase of subsidiary shares of noncontrolling interest, fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
159.3 1
0 2
159.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and noncontrolling interest assumed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,786.0 1
71.6 2
7,714.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,286.7 1 3
0 2 3
8,286.7 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25.9 
 
 
 
 
145.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.9 
 
 
 
 
 
28.7 
 
 
 
 
19.5 
 
Finite-Lived Intangible Assets, Useful Life
 
 
 
 
 
 
 
 
 
17 years 11 months 
 
 
18 years 1 month 
 
9 years 1 month 
 
1 year 0 months 
 
1 year 
40 years 
 
 
 
 
 
9 years 0 months 
15 years 0 months 
 
 
20 years 0 months 
 
 
 
18 years 9 months 
 
 
 
 
19 years 2 months 
 
8 years 2 months 
 
9 years 10 months 
 
4 years 6 months 
 
1 year 
20 years 
 
 
 
 
 
 
5 years 0 months 
10 years 6 months 
 
 
 
7 years 2 months 
 
20 years 0 months 
 
 
9 years 0 months 
Percent Ownership in GPS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
48.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unfavorable Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unfavorable Contracts, Useful Life, Minimum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unfavorable Contracts, Useful Life, Maximum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value step-up
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
364.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to Unamortized Fair Market Value Step-Up
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to Fair Value Debt Assumed in Business Combination, Amortization Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year 
32 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Carrying Amount
3,287.4 
 
 
 
3,264.1 
3,264.1 
 
 
 
3,287.4 
3,264.1 
 
3,094.4 
3,075.1 
48.9 
48.6 
0.2 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,994.2 
 
2,881.7 
 
2.4 
 
57.2 
 
52.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10.5 
 
 
 
 
 
13.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26.0 
 
 
 
 
 
 
22.6 
 
14.6 
 
14.5 
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual
 
 
 
 
1,067.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Nonrecurring Expense, Inventory Step Up
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
71.6 
71.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Nonrecurring Expense, Acquisition Related Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
126.7 
126.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Nonrecurring Expense, Loss on Extinguishment of Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.6 
2.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Nonrecurring Expense, Inventory Step Up-Unexpensed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Pro Forma Information, Integration Related Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
75.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
(92.0)
92.3 
56.9 
(453.5)
 
115.8 
156.4 
109.8 
125.1 
(396.3)
507.1 
479.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
666.3 
502.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investments
328.9 
 
 
 
60.2 
60.2 
 
 
 
328.9 
60.2 
27.3 
 
 
 
 
 
 
 
 
 
300.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-Tax Non-Cash Gain in Connection with Investment in Joint Venture
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 12.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended 3 Months Ended
Sep. 30, 2016
May 15, 2016
Sep. 30, 2015
May 15, 2016
Specialty Chemicals Business [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Dec. 31, 2015
Specialty Chemicals Business [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Sep. 30, 2016
Capital Lease Obligations [Member]
Sep. 30, 2016
Capital Lease Obligations [Member]
Secured Debt [Member]
Sep. 30, 2015
Capital Lease Obligations [Member]
Secured Debt [Member]
May 15, 2016
Capital Lease Obligations [Member]
Secured Debt [Member]
Specialty Chemicals Business [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Jun. 30, 2016
Customer Lists [Member]
Specialty Chemicals Business [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Goodwill, Impairment Loss
 
 
 
 
$ 478.3 
 
 
 
 
 
Borrowing in Contemplation of Separation of Business
 
 
 
500.0 
 
 
 
 
 
 
Long-term Debt
5,789.2 
 
5,621.9 
 
 
184.4 
184.4 
165.8 
80.0 
 
Debt Instrument, Interest Rate, Effective Percentage
 
 
 
 
 
 
 
 
7.67% 
 
Trust Funded By Company and Assumed by Ingevity to Secure the Principal Payment of Capital Lease Upon Maturity
 
68.9 
 
 
 
 
 
 
 
 
Long-Term Asset for the Estimated Fair Value of Principal and Interest Payments on Capital Lease Obligation Assumed By Ingevity
 
 
 
108.2 
 
 
 
 
 
 
Impairment of Intangible Assets (Excluding Goodwill)
 
 
 
 
 
 
 
 
 
$ 101.1 
Discontinued Operations Discontinued Operations (Income Statement Disclosures) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Income tax benefit (expense)
 
 
 
 
 
 
 
 
$ 32.3 
$ (17.5)
$ 0 
(Loss) income from discontinued operations (net of income tax benefit (expense) of $32.3, $(17.5) and $0)
(5.3)
(58.7)
1.4 
(482.1)
10.6 
0 
0 
0 
(544.7)
10.6 
0 
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] |
Specialty Chemicals Business [Member]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
533.7 
256.5 
 
Cost of goods sold
 
 
 
 
 
 
 
 
387.5 
184.0 
 
Gross profit
 
 
 
 
 
 
 
 
146.2 
72.5 
 
Selling, general and administrative, excluding intangible amortization
 
 
 
 
 
 
 
 
65.6 
27.4 
 
Selling, general and administrative intangible amortization
 
 
 
 
 
 
 
 
28.8 
11.5 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
49.5 
6.6 
 
Impairment of Specialty Chemicals goodwill and intangibles
 
 
 
 
 
 
 
 
579.4 
0 
 
Operating (loss) profit
 
 
 
 
 
 
 
 
(577.1)
27.0 
 
Interest income (expense) and other income (expense), net
 
 
 
 
 
 
 
 
0.1 
1.1 
 
(Loss) income from discontinued operations before income taxes
 
 
 
 
 
 
 
 
(577.0)
28.1 
 
Income tax benefit (expense)
 
 
 
 
 
 
 
 
32.3 
(17.5)
 
(Loss) income from discontinued operations (net of income tax benefit (expense) of $32.3, $(17.5) and $0)
 
 
 
 
 
 
 
 
(544.7)
10.6 
 
Costs Associated with the Closure of Brazil Facility and Other Severance and Stock-Based Compensation Expenses
 
 
 
 
 
 
 
 
$ 10.0 
 
 
Discontinued Operations Discontinued Operations (Depreciation, Amortization and Capital Expenditures) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Impairment of Specialty Chemicals goodwill and intangibles
$ 579.4 
$ 0 
$ 0 
Depreciation
848.9 
578.4 
481.7 
Finite-Lived Intangible Assets, Amortization Expense
235.8 
131.1 
92.5 
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] |
Specialty Chemicals Business [Member]
 
 
 
Depreciation, depletion and amortization
57.2 
22.0 
 
Impairment of Specialty Chemicals goodwill and intangibles
579.4 
0 
 
Capital expenditures
(45.2)
(28.6)
 
Depreciation
30.4 
11.4 
 
Finite-Lived Intangible Assets, Amortization Expense
$ 26.8 
$ 10.6 
 
Discontinued Operations Discontinued Operations (Balance Sheet Disclosures) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Cash and cash equivalents
$ 0 
$ 20.5 
$ 0 
$ 0 
Current assets of discontinued operations
0 
362.8 
 
 
Long-term assets of discontinued operations
0 
2,255.7 
 
 
Current liabilities of discontinued operations
0 
118.6 
 
 
Long-term liabilities of discontinued operations
0 
361.8 
 
 
Specialty Chemicals Business [Member] |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
 
 
 
 
Disposal Group, Including Discontinued Operation, Allowance for Doubtful Accounts Receivable, Current
 
0.1 
 
 
Cash and cash equivalents
 
20.5 
 
 
Accounts receivable (net of allowance of $0.1)
 
114.6 
 
 
Inventories
 
202.4 
 
 
Other current assets
 
25.3 
 
 
Current assets of discontinued operations
 
362.8 
 
 
Property, plant and equipment, net
 
436.9 
 
 
Goodwill
 
1,047.4 
 
 
Intangibles, net
 
757.3 
 
 
Other non-current assets
 
14.1 
 
 
Long-term assets of discontinued operations
 
2,255.7 
 
 
Current portion of debt
 
10.4 
 
 
Accounts payable
 
72.4 
 
 
Accrued compensation and benefits
 
3.1 
 
 
Other current liabilities
 
32.7 
 
 
Current liabilities of discontinued operations
 
118.6 
 
 
Long-term debt due after one year
 
0.1 
 
 
Deferred income taxes
 
350.9 
 
 
Other non-current liabilities
 
10.8 
 
 
Long-term liabilities of discontinued operations
 
$ 361.8 
 
 
Restructuring and Other Costs, Net (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
$ 49.4 
$ 43.1 
$ 111.1 
$ 162.8 
$ 105.1 
$ 13.1 
$ 17.2 
$ 5.4 
$ 366.4 
$ 140.8 
$ 55.6 
Acquisition Expense / (Income)
 
 
 
 
 
 
 
 
8.9 
44.4 
7.5 
Integration expenses
 
 
 
 
 
 
 
 
69.1 
49.2 
23.4 
Restructuring and Other Costs, Net, Noncash
 
 
 
 
 
 
 
 
200.2 
13.4 
10.2 
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
759.8 
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
771.8 
 
 
Net Property, Plant and Equipment [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
189.5 1
2.2 1
10.2 1
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
236.9 1
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
236.9 1
 
 
Employee severance and other EE costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
34.1 
2.2 
2.0 
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
66.9 
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
71.3 
 
 
Equipment and Inventory Relocation Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
1.4 
1.6 
3.3 
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
10.1 
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
11.7 
 
 
Facility Closing [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
19.4 
3.9 
5.3 
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
35.6 
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
40.1 
 
 
Other Costs Related to Restructuring and Other Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
122.0 
130.9 
34.8 
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
410.3 
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
411.8 
 
 
Other Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
115.6 
128.4 
30.5 
Acquisition Expense / (Income)
 
 
 
 
 
 
 
 
8.9 
44.4 
7.5 
Integration expenses
 
 
 
 
 
 
 
 
104.7 
84.3 
23.0 
Other Expense (Income)
 
 
 
 
 
 
 
 
2.0 
(0.3)
0 
Corrugated Packaging [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
230.2 2
8.0 2
22.4 2
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
337.8 2
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
344.7 2
 
 
Corrugated Packaging [Member] |
Net Property, Plant and Equipment [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
184.5 1 2
1.3 1 2
8.9 1 2
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
226.4 1 2
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
226.4 1 2
 
 
Corrugated Packaging [Member] |
Employee severance and other EE costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
17.4 2
0.4 2
0.9 2
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
46.8 2
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
46.8 2
 
 
Corrugated Packaging [Member] |
Equipment and Inventory Relocation Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0.3 2
1.1 2
3.3 2
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
8.0 2
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
8.9 2
 
 
Corrugated Packaging [Member] |
Facility Closing [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
18.9 2
3.0 2
5.2 2
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
33.9 2
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
38.4 2
 
 
Corrugated Packaging [Member] |
Other Costs Related to Restructuring and Other Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
9.1 2
2.2 2
4.1 2
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
22.7 2
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
24.2 2
 
 
Consumer Packaging [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
10.0 3
4.4 3
2.7 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
21.6 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
22.5 3
 
 
Consumer Packaging [Member] |
Net Property, Plant and Equipment [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
3.8 1 3
0.9 1 3
1.3 1 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
9.3 1 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
9.3 1 3
 
 
Consumer Packaging [Member] |
Employee severance and other EE costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
4.6 3
1.8 3
1.1 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
8.0 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
8.2 3
 
 
Consumer Packaging [Member] |
Equipment and Inventory Relocation Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
1.1 3
0.5 3
0 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
2.1 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
2.8 3
 
 
Consumer Packaging [Member] |
Facility Closing [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0.5 3
0.9 3
0.1 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
1.7 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
1.7 3
 
 
Consumer Packaging [Member] |
Other Costs Related to Restructuring and Other Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 3
0.3 3
0.2 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0.5 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0.5 3
 
 
Land and Development [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
10.6 3
0 3
0 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
10.6 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
14.8 3
 
 
Land and Development [Member] |
Net Property, Plant and Equipment [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 1 3
0 1 3
0 1 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0 1 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0 1 3
 
 
Land and Development [Member] |
Employee severance and other EE costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
10.6 3
0 3
0 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
10.6 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
14.8 3
 
 
Land and Development [Member] |
Equipment and Inventory Relocation Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 3
0 3
0 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0 3
 
 
Land and Development [Member] |
Facility Closing [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 3
0 3
0 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0 3
 
 
Land and Development [Member] |
Other Costs Related to Restructuring and Other Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 3
0 3
0 3
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0 3
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0 3
 
 
Corporate and Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
115.6 4
128.4 4
30.5 4
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
389.8 4
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
389.8 4
 
 
Corporate and Other [Member] |
Net Property, Plant and Equipment [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
1.2 1 4
0 1 4
0 1 4
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
1.2 1 4
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
1.2 1 4
 
 
Corporate and Other [Member] |
Employee severance and other EE costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
1.5 4
0 4
0 4
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
1.5 4
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
1.5 4
 
 
Corporate and Other [Member] |
Equipment and Inventory Relocation Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 4
0 4
0 4
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0 4
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0 4
 
 
Corporate and Other [Member] |
Facility Closing [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
0 4
0 4
0 4
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
0 4
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
0 4
 
 
Corporate and Other [Member] |
Other Costs Related to Restructuring and Other Costs [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
112.9 4
128.4 4
30.5 4
Restructuring and Related Cost, Cost Incurred to Date
 
 
 
 
 
 
 
 
387.1 4
 
 
Restructuring and Related Cost, Expected Cost
 
 
 
 
 
 
 
 
$ 387.1 4
 
 
[2] The Corrugated Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with the permanent closures of the Coshocton, OH and Uncasville, CT medium mills, the Newberg, OR containerboard and newsprint mill, the Vapi, India linerboard mill, restructuring activities at a corrugated container facility, restructuring activities at a recycling facility and on-going closure costs at previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one recycled collection facility and on-going closure costs at other previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2014 are primarily associated with the closure of one corrugated container plant, one collection facility and on-going closure costs and fair value adjustments for assets at previously closed facilities which were partially offset by gains on sale of previously closed facilities. The cumulative charges are primarily associated with the closure of the Coshocton, Uncasville, Newberg, Vapi and Matane, Quebec mills, cumulative closure of corrugated container plants and recycled collection facilities and gains and losses associated with the sale of closed facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.
[4] The expenses in the “Other” segment primarily reflect costs that we consider as related to Corporate that primarily consist of costs incurred as a result of the Combination, the Smurfit-Stone Acquisition, and other acquisition and divestiture expenses, excluding the Specialty Chemicals costs which are included in discontinued operations. The charges in the Net Property, Plant and Equipment column are for the write-off of leasehold improvements associated with the integration of the Combination. The pre-tax charges in the “Other” segment are summarized below (in millions): AcquisitionExpense IntegrationExpenses Other Expense (Income) TotalFiscal 2016$8.9 $104.7 $2.0 $115.6Fiscal 201544.4 84.3 (0.3) 128.4Fiscal 20147.5 23.0 — 30.5Acquisition expenses include expenses associated with mergers, acquisitions and other business combinations, whether consummated or not, as well as litigation expenses associated with mergers, acquisitions and business combinations, net of recoveries. Acquisition expenses primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees. Integration expenses reflect primarily severance and other employee costs, professional services including work being performed to facilitate merger and acquisition integration, such as information systems integration costs, lease expense and other costs. Due to the complexity and duration of the integration activities associated with the Combination, the precise amount expected to be incurred has not been quantified in the “Expected Total” in the Summary of Restructuring and Other Costs, Net table above. We expect integration activities to continue during fiscal 2017.
Restructuring and Other Costs, Net Restructuring Accrual (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 0 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Jul. 1, 2015
MeadWestvaco [Member]
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Other expense
 
 
 
 
 
 
 
 
$ 0.5 
$ 0.2 
$ 2.1 
 
Restructuring and Other Costs Reserve
44.8 
 
 
 
21.4 
 
 
 
44.8 
21.4 
10.9 
 
Restructuring and other costs, net
49.4 
43.1 
111.1 
162.8 
105.1 
13.1 
17.2 
5.4 
366.4 
140.8 
55.6 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
Accrual at beginning of fiscal year
 
 
 
21.4 
 
 
 
10.9 
21.4 
10.9 
21.8 
 
Accruals acquired in business combination
 
 
 
 
 
 
 
 
0 
 
0 
2.9 
Additional accruals
 
 
 
 
 
 
 
 
75.3 
37.6 
5.0 
 
Payments
 
 
 
 
 
 
 
 
(51.9)
(31.4)
(14.1)
 
Adjustment to accruals
 
 
 
 
 
 
 
 
0 
1.4 
(1.8)
 
Accrual at end of fiscal year
$ 44.8 
 
 
 
$ 21.4 
 
 
 
$ 44.8 
$ 21.4 
$ 10.9 
 
Restructuring and Other Costs, Net Restructuring Costs (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Additional accruals and adjustments to accruals (see table above)
 
 
 
 
 
 
 
 
$ 75.3 
$ 39.0 
$ 3.2 
Acquisition expenses
 
 
 
 
 
 
 
 
8.9 
44.4 
7.5 
Integration expenses
 
 
 
 
 
 
 
 
69.1 
49.2 
23.4 
Net property, plant and equipment
 
 
 
 
 
 
 
 
189.5 
2.2 
10.2 
Severance and other employee costs
 
 
 
 
 
 
 
 
2.2 
0.3 
0.6 
Equipment and inventory relocation costs
 
 
 
 
 
 
 
 
1.4 
1.6 
3.3 
Facility carrying costs
 
 
 
 
 
 
 
 
19.5 
3.9 
5.3 
Other expense
 
 
 
 
 
 
 
 
0.5 
0.2 
2.1 
Restructuring and other costs, net
49.4 
43.1 
111.1 
162.8 
105.1 
13.1 
17.2 
5.4 
366.4 
140.8 
55.6 
Corporate and Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
 
 
 
 
 
 
 
$ 115.6 1
$ 128.4 1
$ 30.5 1
[1] The expenses in the “Other” segment primarily reflect costs that we consider as related to Corporate that primarily consist of costs incurred as a result of the Combination, the Smurfit-Stone Acquisition, and other acquisition and divestiture expenses, excluding the Specialty Chemicals costs which are included in discontinued operations. The charges in the Net Property, Plant and Equipment column are for the write-off of leasehold improvements associated with the integration of the Combination. The pre-tax charges in the “Other” segment are summarized below (in millions): AcquisitionExpense IntegrationExpenses Other Expense (Income) TotalFiscal 2016$8.9 $104.7 $2.0 $115.6Fiscal 201544.4 84.3 (0.3) 128.4Fiscal 20147.5 23.0 — 30.5Acquisition expenses include expenses associated with mergers, acquisitions and other business combinations, whether consummated or not, as well as litigation expenses associated with mergers, acquisitions and business combinations, net of recoveries. Acquisition expenses primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees. Integration expenses reflect primarily severance and other employee costs, professional services including work being performed to facilitate merger and acquisition integration, such as information systems integration costs, lease expense and other costs. Due to the complexity and duration of the integration activities associated with the Combination, the precise amount expected to be incurred has not been quantified in the “Expected Total” in the Summary of Restructuring and Other Costs, Net table above. We expect integration activities to continue during fiscal 2017.
Other Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
17 years 11 months 
 
 
Gross Carrying Amount
$ 3,287.4 
$ 3,264.1 
 
Accumulated Amortization
(688.1)
(469.2)
 
Finite-Lived Intangible Assets, Amortization Expense
235.8 
131.1 
92.5 
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
 
 
 
Fiscal 2017
213.4 
 
 
Fiscal 2018
212.0 
 
 
Fiscal 2019
210.5 
 
 
Fiscal 2020
210.4 
 
 
Fiscal 2021
162.8 
 
 
Customer Relationships [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
18 years 1 month 
 
 
Gross Carrying Amount
3,094.4 
3,075.1 
 
Accumulated Amortization
(610.5)
(414.1)
 
Favorable Contracts [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
9 years 1 month 
 
 
Gross Carrying Amount
48.9 
48.6 
 
Accumulated Amortization
(27.0)
(22.1)
 
Technology and Patents [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
10 years 0 months 
 
 
Gross Carrying Amount
55.4 
55.5 
 
Accumulated Amortization
(14.9)
(9.3)
 
Trademarks and Trade Names [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
17 years 10 months 
 
 
Gross Carrying Amount
65.0 
65.0 
 
Accumulated Amortization
(24.1)
(16.1)
 
Noncompete Agreements [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
1 year 0 months 
 
 
Gross Carrying Amount
0.2 
0 
 
Accumulated Amortization
(0.1)
0 
 
Licensing Agreements [Member]
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Weighted Average Life
8 years 2 months 
 
 
Gross Carrying Amount
23.5 
19.9 
 
Accumulated Amortization
$ (11.5)
$ (7.6)
 
Debt (Details) (USD $)
12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Jul. 1, 2015
MeadWestvaco [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Maximum [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Minimum [Member]
Sep. 30, 2016
Revolver, Receivables Facility and Term Loan [Member]
Sep. 30, 2016
Uncommitted Credit Facilities [Member]
Sep. 30, 2016
Notes Due Fiscal 2017 to 2022 [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Notes Due Fiscal 2017 to 2022 [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Long-term Debt, Excluding Capital Lease Obligations [Member]
Sep. 30, 2016
Capital Lease Obligations [Member]
Sep. 30, 2016
Capital Lease Obligations [Member]
Secured Debt [Member]
Sep. 30, 2015
Capital Lease Obligations [Member]
Secured Debt [Member]
Sep. 30, 2016
Supplier Financing and Commercial Card Programs [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Supplier Financing and Commercial Card Programs [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Notes Due Fiscal 2023 to 2027 [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Notes Due Fiscal 2023 to 2027 [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Notes Due Fiscal 2030 to 2033 [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Notes Due Fiscal 2030 to 2033 [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Notes Due Fiscal 2037 to 2047 [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Notes Due Fiscal 2037 to 2047 [Member]
Unsecured Debt [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
Maximum [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
Minimum [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
LIBOR Based Borrowings [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
LIBOR Based Borrowings [Member]
Maximum [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
LIBOR Based Borrowings [Member]
Minimum [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
Base Rate [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
Base Rate [Member]
Maximum [Member]
Jul. 1, 2015
Credit Facility [Member]
Unsecured Debt [Member]
Base Rate [Member]
Minimum [Member]
Jul. 1, 2015
Revolving Credit Facility [Member]
Future Mexican Peso Sub-Facility [Member]
Jul. 1, 2015
Revolving Credit Facility [Member]
Letter of Credit [Member]
Jul. 1, 2015
Revolving Credit Facility [Member]
Canadian Dollar Borrowing [Member]
Jul. 1, 2015
Revolving Credit Facility [Member]
Unsecured Debt [Member]
Jul. 1, 2016
Revolving Credit Facility [Member]
Unsecured Debt [Member]
Jul. 1, 2015
Revolving Credit Facility [Member]
Unsecured Debt [Member]
Jun. 22, 2016
Term Loan Facility [Member]
Unsecured Debt [Member]
Jul. 1, 2015
Term Loan Facility [Member]
Unsecured Debt [Member]
Mar. 24, 2016
Term Loan Facility [Member]
Unsecured Debt [Member]
Jul. 1, 2015
Term Loan Facility [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Term Loan Facilities [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Term Loan Facilities [Member]
Unsecured Debt [Member]
Jul. 1, 2015
Farm Credit Facility [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Farm Credit Facility [Member]
Unsecured Debt [Member]
Jul. 1, 2015
Farm Credit Facility [Member]
Unsecured Debt [Member]
Sep. 30, 2016
Revolving Credit and Swing Facilities [Member]
Unsecured Debt [Member]
Sep. 30, 2015
Revolving Credit and Swing Facilities [Member]
Unsecured Debt [Member]
Jul. 22, 2016
Receivables Facility [Member]
Secured Debt [Member]
Sep. 15, 2014
Receivables Facility [Member]
Secured Debt [Member]
Sep. 30, 2016
Receivables Facility [Member]
Secured Debt [Member]
Jul. 22, 2016
Receivables Facility [Member]
Secured Debt [Member]
Sep. 30, 2015
Receivables Facility [Member]
Secured Debt [Member]
Sep. 30, 2016
International and Other Debt [Member]
Sep. 30, 2015
International and Other Debt [Member]
Sep. 30, 2016
Public Bonds and Capital Lease Obligations [Member]
Sep. 30, 2016
Unsecured Debt [Member]
Sumitomo Revolving Line of Credit [Member]
Dec. 1, 2015
Unsecured Debt [Member]
Sumitomo Revolving Line of Credit [Member]
Sep. 30, 2016
Unsecured Debt [Member]
Bank of Tokyo-Mitsubishi UFJ, LTD Line of Credit [Member]
Feb. 11, 2016
Unsecured Debt [Member]
Bank of Tokyo-Mitsubishi UFJ, LTD Line of Credit [Member]
Sep. 30, 2016
Unsecured Debt [Member]
Cooperatieve Rabobank U.A., New York Branch Revolving Line of Credit [Member]
Mar. 4, 2016
Unsecured Debt [Member]
Cooperatieve Rabobank U.A., New York Branch Revolving Line of Credit [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unamortized Fair Market Value Step-Up
$ 316,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unamortized Fair Market Value Step-Up, Weighted Average Remaining Life
13 years 1 month 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Interest Rate Excluding Fair Value Step-Up
4.20% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
5,789,200,000 
5,621,900,000 
 
 
 
 
 
 
1,651,000,000 
1,672,200,000 
5,604,800,000 
184,400,000 
184,400,000 
165,800,000 
106,000,000 
3,200,000 
411,800,000 
436,800,000 
987,500,000 
1,002,800,000 
179,200,000 
180,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,195,700,000 
1,794,700,000 
 
600,000,000 
 
0 
64,100,000 
 
 
0 
 
198,000,000 
73,600,000 
104,200,000 
 
 
 
 
 
 
 
Debt, Weighted Average Interest Rate
3.30% 
3.30% 
 
 
 
 
 
 
3.90% 
3.80% 
 
 
4.20% 
5.70% 
 
 
4.30% 
4.40% 
4.70% 
4.60% 
6.00% 
5.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.80% 
1.40% 
 
 
 
 
2.60% 
 
 
 
 
0.90% 
7.30% 
7.40% 
 
 
 
 
 
 
 
Current portion of debt
292,900,000 
63,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
0 
 
0 
 
Long-term debt due after one year
5,496,300,000 
5,558,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Financing Costs
4,600,000 
9,300,000 
10,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt
6,000,000,000 
5,700,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Effective Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.40% 
 
0.90% 
 
 
 
 
 
 
 
 
 
Credit Facility, maximum borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
 
 
 
2,000,000,000 
 
 
 
2,300,000,000 
 
 
 
 
600,000,000 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
100,000,000 
 
100,000,000 
Amount Drawn on Unsecured Term Loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,200,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount Which Can Be Drawn On A Delayed Draw Basis Not Later Than Nine Months After the Closing of the Credit Agreement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prepayment of Amortization Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount Drawn On Delayed Draw Term Loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
600,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Term, in Years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
 
 
 
5 years 
 
 
 
 
7 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Principal Amount Extended to July 1, 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,820,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capacity available for special purpose
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150,000,000 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding, amount
107,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, remaining borrowing capacity
 
 
 
 
 
 
2,600,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Applicable margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.125% 
1.50% 
1.00% 
0.125% 
0.50% 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.85% 
0.70% 
 
 
 
 
 
 
 
 
 
 
 
 
Facility commitment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.25% 
0.125% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Receivables backed financing, maximum borrowing amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
700,000,000 
 
 
 
 
 
 
 
 
 
 
Restriction on Exclusion of Eligible Receivables of Specific Obligors, Aggregate Maximum Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.50% 
 
 
 
 
 
 
 
 
 
 
Restriction on Exclusion of Eligible Receivables of Specific Obligors, Obligor Maximum Percentage of Aggregate Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.50% 
 
 
 
 
 
 
 
 
 
 
Asset Securitization Facility Commitment Fee Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.25% 
 
0.25% 
 
 
 
 
 
 
 
 
 
Debt Instrument, Maximum Borrowing Capacity, Amount
 
 
 
 
 
 
 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
584,300,000 
 
555,400,000 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,100,000,000 
 
 
 
 
 
 
Debt, Face Value, Weighted Average Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.10% 
 
 
 
 
 
 
Unamortized Fair Market Value Step-Up, Current
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and Leases Receivable, Collateral for Secured Borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
873,900,000 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2017
 
 
 
 
 
 
 
 
 
 
283,800,000 
6,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2018
 
 
 
 
 
 
 
 
 
 
84,100,000 
5,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2019
 
 
 
 
 
 
 
 
 
 
766,900,000 
3,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2020
 
 
 
 
 
 
 
 
 
 
1,851,800,000 
3,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2021
 
 
 
 
 
 
 
 
 
 
0 
2,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Thereafter
 
 
 
 
 
 
 
 
 
 
2,339,200,000 
140,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Debt Step-Up, Deferred Financing Costs and Unamortized Bond Discounts
 
 
 
 
 
 
 
 
 
 
279,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value step-up
 
 
 
$ 364,500,000 
 
 
 
 
 
 
 
$ 22,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to Fair Value Debt Assumed in Business Combination, Amortization Period
 
 
 
 
32 years 
1 year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Jun. 27, 2016
Feb. 27, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
Maximum Eligible Receivables That May Be Sold
 
 
$ 400.0 
$ 300.0 
Receivable from financial institution at beginning of fiscal year
5.8 
10.4 
 
 
Receivables sold to the financial institution and derecognized
1,474.6 
1,222.0 
 
 
Receivables collected by financial institution
(1,367.2)
(1,130.4)
 
 
Cash proceeds from financial institution
(99.4)
(96.2)
 
 
Receivable from financial institution at September 30,
$ 13.8 
$ 5.8 
 
 
Leases (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Operating Leased Assets [Line Items]
 
 
 
Fiscal 2017
$ 104.8 
 
 
Fiscal 2018
89.2 
 
 
Fiscal 2019
72.1 
 
 
Fiscal 2020
58.9 
 
 
Fiscal 2021
44.0 
 
 
Thereafter
120.2 
 
 
Total future minimum lease payments
489.2 
 
 
Rental expense
$ 199.3 
$ 144.8 
$ 112.3 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Deferred Tax Assets, Gross
$ 827.4 
$ 771.6 
 
Deferred income tax assets:
 
 
 
United States
(25.1)
571.3 
665.2 
Foreign
269.7 
162.9 
105.1 
Income from continuing operations before income taxes
244.6 
734.2 
770.3 
Deferred income taxes:
 
 
 
Total deferred
(160.9)
161.4 
252.1 
Provision (benefit) for income taxes
89.8 
233.0 
286.5 
Operating Loss Carryforwards
85.3 
1.8 
 
Foreign net operating loss carryforwards
119.3 
65.5 
 
Minimum [Member]
 
 
 
Operating loss carryforward expiration
Oct. 01, 2029 
 
 
Maximum [Member]
 
 
 
Operating loss carryforward expiration
Sep. 30, 2036 
 
 
Foreign Country [Member]
 
 
 
Deferred income taxes:
 
 
 
Operating Loss Carryforwards
448.7 
233.1 
 
Operating Loss Carryforwards, Valuation Allowance
92.5 
41.1 
 
Foreign net operating loss carryforwards
119.3 
65.5 
 
Foreign Country [Member] |
Minimum [Member]
 
 
 
Operating loss carryforward expiration
Oct. 01, 2017 
 
 
Foreign Country [Member] |
Maximum [Member]
 
 
 
Operating loss carryforward expiration
Sep. 30, 2035 
 
 
Continuing Operations [Member]
 
 
 
Current income taxes:
 
 
 
Federal
98.3 
31.6 
19.9 
State
12.8 
7.3 
15.2 
Foreign
87.0 
38.6 
(0.7)
Total current
198.1 
77.5 
34.4 
Deferred income taxes:
 
 
 
Federal
(131.5)
157.8 
201.8 
State
6.9 
(10.8)
19.9 
Foreign
16.3 
8.5 
30.4 
Total deferred
(108.3)
155.5 
252.1 
Provision (benefit) for income taxes
$ 89.8 
$ 233.0 
$ 286.5 
Income Taxes Effective Tax Rate Reconciliation (Details) (Continuing Operations [Member])
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Continuing Operations [Member]
 
 
 
Statutory federal tax rate
35.00% 
35.00% 
35.00% 
Foreign rate differential
(5.50%)
(1.60%)
(1.30%)
Adjustment and resolution of federal, state and foreign tax uncertainties
0.20% 
0.30% 
0.40% 
State taxes, net of federal benefit
4.90% 
1.20% 
2.00% 
Research and development and other tax credits, net of valuation allowances
(6.10%)
(0.10%)
0.10% 
Income attributable to noncontrolling interest
0.80% 
(0.40%)
(0.10%)
Domestic manufacturer’s deduction
(4.40%)
(2.60%)
(0.40%)
State of New York tax law change, net of valuation allowance
0.00% 
0.00% 
1.20% 
Change in valuation allowance
6.30% 
(0.80%)
0.70% 
Nondeductible transaction costs
0.40% 
1.00% 
0.00% 
Deconsolidation of Grupo Gondi joint venture
3.40% 
0.00% 
0.00% 
Nontaxable increased cash surrender value
(4.60%)
(0.10%)
(0.10%)
Withholding taxes
2.00% 
0.00% 
0.00% 
Brazilian net worth deduction
(2.00%)
(0.10%)
0.00% 
Other, net
6.30% 
(0.10%)
(0.30%)
Effective tax (benefit) rate
36.70% 
31.70% 
37.20% 
Income Taxes Deferred Taxes (Details) (USD $)
12 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2016
State and Local Jurisdiction [Member]
Sep. 30, 2015
State and Local Jurisdiction [Member]
Sep. 30, 2016
Foreign Country [Member]
Sep. 30, 2015
Foreign Country [Member]
Sep. 30, 2016
Minimum [Member]
Sep. 30, 2016
Minimum [Member]
State and Local Jurisdiction [Member]
Sep. 30, 2016
Minimum [Member]
Foreign Country [Member]
Sep. 30, 2016
Maximum [Member]
Sep. 30, 2016
Maximum [Member]
State and Local Jurisdiction [Member]
Sep. 30, 2016
Maximum [Member]
Foreign Country [Member]
Sep. 30, 2015
Cellulosic Biofuel Producer Credit [Member]
Sep. 30, 2016
Alternative Minimum Tax Credits [Member]
Sep. 30, 2015
Alternative Minimum Tax Credits [Member]
Sep. 30, 2015
Other Federal Credit Carryforwards [Member]
Sep. 30, 2015
Discontinued Operations [Member]
Deferred income tax assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accruals and allowances
$ 33,900,000 
$ 12,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee related accruals and allowances
224,900,000 
217,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations
0 
15,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State net operating loss carryforwards
92,700,000 
82,300,000 
82,300,000 
92,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
State credit carryforwards, net of federal benefit
56,300,000 
56,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal tax credit carryforwards
213,800,000 
185,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign net operating loss carryforwards
65,500,000 
119,300,000 
 
 
119,300,000 
65,500,000 
 
 
 
 
 
 
 
 
 
 
 
Restricted stock and options
63,100,000 
94,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
21,400,000 
44,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Gross
771,600,000 
827,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income tax liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment
2,215,200,000 
2,124,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deductible intangibles and goodwill
1,182,800,000 
891,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory reserves
178,400,000 
205,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred gain
444,100,000 
432,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations
141,400,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basis difference in joint ventures
3,000,000 
96,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
1,000,000 
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities, Gross
4,165,900,000 
3,750,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation allowances
100,200,000 
177,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net deferred income tax liability
3,494,500,000 
3,099,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current deferred tax asset
13,200,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current deferred tax liability
9,800,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term deferred tax asset
42,700,000 
30,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term deferred tax liability
3,189,700,000 
3,130,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
350,900,000 
Deferred Tax Liabilities Including Discontinued Operations, Net, Noncurrent
3,540,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Loss Carryforwards
1,800,000 
85,300,000 
1,899,000,000 
2,119,000,000 
448,700,000 
233,100,000 
 
 
 
 
 
 
 
 
 
 
 
Operating loss carryforward expiration
 
 
 
 
 
 
Oct. 01, 2029 
Oct. 01, 2017 
Oct. 01, 2017 
Sep. 30, 2036 
Sep. 30, 2036 
Sep. 30, 2035 
 
 
 
 
 
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions
3,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Loss Carryforwards, Valuation Allowance
 
 
14,200,000 
10,400,000 
92,500,000 
41,100,000 
 
 
 
 
 
 
 
 
 
 
 
Tax Credit Carryforward, Deferred Tax Asset
 
 
56,100,000 
56,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Operating Loss Carryforwards, State and Local
92,700,000 
82,300,000 
82,300,000 
92,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax credit carryforward
 
 
 
 
 
 
 
 
 
 
 
 
138,600,000 
185,100,000 
197,500,000 
16,300,000 
 
Tax credit carryforward, valuation allowance
 
 
51,200,000 
48,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Credit Carryforward, Years to Expiration
 
 
 
 
 
 
 
5 years 
 
 
10 years 
 
 
 
 
 
 
Undistributed Foreign Earnings
 
$ 1,900,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes Valuation Allowance Against Deferred Tax Assets (Details) (Valuation Allowance of Deferred Tax Assets [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Valuation Allowance of Deferred Tax Assets [Member]
 
 
 
Movement in Deferred Tax Asset Valuation Allowance [Roll Forward]
 
 
 
Balance at beginning of fiscal year
$ 100.2 
$ 65.1 
$ 36.2 
Charges to costs and expenses
24.8 
2.7 
31.7 
Allowances related to merger
63.0 1
40.0 1
0 
Deductions
(10.8)
(7.6)
(2.8)
Balance at end of fiscal year
$ 177.2 
$ 100.2 
$ 65.1 
Income Taxes Unrecognized Tax Benefit (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Unrecognized Tax Benefits that Would Impact Effective Tax Rate
$ 138.6 
$ 98.6 
 
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Balance at beginning of fiscal year
106.6 
36.5 
21.3 
Additions related to merger(1)
16.5 
82.9 
0 1
Additions for tax positions taken in current year
30.3 
2.4 
14.8 
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions
10.9 
 
1.0 
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions
 
(3.7)
 
Reductions due to settlements
(1.3)
0 
0 
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation
7.0 
 
 
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation
 
(11.5)
0 
Reductions as a result of a lapse of the applicable statute of limitations
(3.2)
0 
(0.6)
Balance at end of fiscal year
166.8 
106.6 
36.5 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
60.2 
47.4 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense
(7.4)
(2.9)
0.5 
Decrease in Unrecognized Tax Benefits is Reasonably Possible
$ 8 
 
 
Retirement Plans (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended
Jul. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Pension Plan [Member]
Sep. 30, 2015
Other Postretirement Benefit Plan [Member]
Sep. 30, 2016
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2015
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2016
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2015
Foreign Postretirement Benefit Plan [Member]
Dec. 31, 2014
Lump Sum Pension Settlement [Member]
Sep. 30, 2014
Lump Sum Pension Settlement [Member]
Sep. 30, 2016
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2016
Other Pension Plan, Postretirement or Supplemental Plans [Member]
Sep. 30, 2016
Equity Securities [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
Equity Securities [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
Equity Securities [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Equity Securities [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2016
Fixed Income Funds [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
Fixed Income Funds [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
Fixed Income Funds [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Fixed Income Funds [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2016
Short-term Investments [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
Short-term Investments [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
Short-term Investments [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Short-term Investments [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2016
Other Investments [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
Other Investments [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
Other Investments [Member]
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Other Investments [Member]
Domestic Pension Plan of Foreign Entity [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 Table White Collar Males
 
6.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Actuarial Gain (Loss)
 
 
 
 
 
$ (6.3)
$ (3.9)
$ 5.0 
$ (0.5)
$ (32.5)
$ 38.6 
$ 664.2 
$ (100.2)
$ 70.8 
$ (1.7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax
 
 
 
 
 
24.9 
20.5 
(4.1)
0.8 
(3.9)
 
(633.4)
(686.5)
(195.8)
(170.8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and other postretirement plans, assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and other postretirement plans, liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
161.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 Table Males
 
 
6.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum Age to Continue to Accrue Pension Plan Benefits
50 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Amount of Aggregate Pension Benefit Obligation Related to Partial Settlement
 
 
 
 
0.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation
 
 
 
 
 
 
 
 
 
 
 
207.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Investments
 
 
 
 
 
 
 
 
 
 
 
100.00% 
100.00% 
100.00% 
100.00% 
 
14.00% 
10.00% 
28.00% 
28.00% 
71.00% 
78.00% 
59.00% 
59.00% 
1.00% 
1.00% 
1.00% 
1.00% 
14.00% 
11.00% 
12.00% 
12.00% 
Defined Benefit Plan, Actual Plan Asset Allocations
 
 
 
 
 
 
 
 
 
 
 
100.00% 
100.00% 
100.00% 
100.00% 
 
15.00% 
9.00% 
29.00% 
28.00% 
66.00% 
77.00% 
59.00% 
59.00% 
7.00% 
3.00% 
2.00% 
1.00% 
12.00% 
11.00% 
10.00% 
12.00% 
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year
 
 
 
30 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain Recorded to Other Comprehensive Income Related to the Settlement and Remeasurement of Pension Offer
 
 
 
 
 
 
 
 
 
28.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Effect of Plan Amendment on Accumulated Benefit Obligation
 
 
 
 
 
 
 
 
 
22.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation
 
 
 
 
 
 
 
 
 
 
 
202.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
32.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate Age and Service to Continue to Accrue Pension Plan Benefits
75 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 tables white collar females
 
12.00% 
13.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 tables blue collar female
 
19.00% 
19.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Settlements, Benefit Obligation
 
 
 
 
 
 
 
 
 
163.7 
248.8 
2,484.6 
135.9 
0.1 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Settlements, Plan Assets
 
 
 
 
 
 
 
 
 
$ 135.1 
$ 210.2 
$ 2,484.6 
$ 135.9 
$ 0.1 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retirement Plans Assumptions (Details) (USD $)
0 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended
Sep. 21, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 21, 2016
Sep. 30, 2016
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
United States Pension Plan of US Entity [Member]
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2015
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2014
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2016
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2015
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2014
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2016
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2014
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2017
Scenario, Forecast [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2017
Scenario, Forecast [Member]
Domestic Pension Plan of Foreign Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage Reduction of Overall U.S. Pension Obligations and Assets in Connection with Settlement
 
 
 
 
 
 
 
 
40.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 Table White Collar Males
 
 
 
 
 
6.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 Table Males
 
 
 
 
 
 
6.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 Table Blue Collar Males
 
 
 
 
 
10.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2000 Mortality Tables
 
 
 
 
 
 
 
5.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate
 
 
 
 
 
 
 
 
 
4.04% 
4.70% 
 
4.04% 
4.70% 
 
6.64% 
6.84% 
 
3.08% 
3.89% 
 
 
 
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase
 
 
 
 
 
 
 
 
 
3.00% 
2.50% 
 
 
 
 
 
 
 
3.09% 
3.10% 
 
 
 
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets
 
 
 
 
 
 
 
 
 
5.88% 
7.11% 
7.50% 
 
 
 
 
 
 
6.34% 
6.88% 
6.88% 
6.50% 
6.03% 
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.14% 
3.10% 
 
 
 
 
 
 
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate
 
 
 
 
 
 
 
 
 
4.70% 
4.52% 
5.18% 
4.70% 
4.52% 
5.19% 
6.84% 
4.00% 
4.56% 
3.89% 
4.00% 
4.56% 
 
 
Adjustment to RP-2014 tables white collar females
 
 
 
 
 
12.00% 
13.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjustment to RP-2014 tables blue collar female
 
 
 
 
 
19.00% 
19.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Assumptions Used Caclulating Net Periodic Cost, Rate of Compensation Increase
 
 
 
 
 
 
 
 
 
2.50% 
2.54% 
2.15% 
 
 
 
3.10% 
3.00% 
3.00% 
3.10% 
3.00% 
3.12% 
 
 
Plan Assets Used to Settle Pension Obligations Plan by Purchasing Group Annuity Contracts from Prudential
 
 
 
 
 
 
 
 
$ 2,500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retirement Benefits Payment Responsibility Moved to Prudential Owed to U.S. Retirees and Their Beneficiaries, Number
 
 
 
 
 
 
 
 
35,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension risk transfer expense
$ 370,700,000 
$ 370,700,000 
$ 0 
$ 0 
$ 0 
$ 370,700,000 
$ 0 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retirement Plans Defined Benefit Plan Obligations (Details) (USD $)
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Assumptions Used, Minimum Outstanding Par Value of Bonds Used to Determine Future Discount Rate
$ 100,000,000 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Prepaid pension asset
257,800,000 
532,900,000 
 
Defined Benefit Plan, Accumulated Benefit Obligation
5,112,000,000 
6,945,100,000 
 
United States Postretirement Benefit Plan of US Entity [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation at beginning of fiscal year
109,500,000 
66,000,000 
 
Service cost
1,700,000 
700,000 
 
Interest cost
4,500,000 
3,300,000 
 
Amendments
(4,000,000)
(1,100,000)
 
Actuarial loss (gain)
(6,300,000)
(3,900,000)
 
Plan participant contributions
0 
2,300,000 
 
Benefits paid
(14,100,000)
(12,000,000)
 
Business combinations
0 
54,200,000 
 
Benefit obligation at end of fiscal year
90,700,000 
109,500,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
0 
Defined Benefit Plan, Contributions by Employer
14,100,000 
9,700,000 
 
Foreign currency rate changes
0 
0 
 
Net amount recognized
(90,700,000)
(109,500,000)
 
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities
(10,400,000)
(15,400,000)
 
Accrued pension and other long-term benefits
(80,300,000)
(94,100,000)
 
Defined Benefit Plan, Divestitures, Benefit Obligation
(600,000)
0 
 
Foreign Postretirement Benefit Plan [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation at beginning of fiscal year
51,600,000 
47,100,000 
 
Service cost
600,000 
300,000 
 
Interest cost
3,600,000 
2,100,000 
 
Amendments
0 
(200,000)
 
Actuarial loss (gain)
5,000,000 
(500,000)
 
Plan participant contributions
0 
0 
 
Benefits paid
(2,500,000)
(2,200,000)
 
Business combinations
0 
16,000,000 
 
Benefit obligation at end of fiscal year
62,600,000 
51,600,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
0 
Defined Benefit Plan, Contributions by Employer
2,500,000 
2,200,000 
 
Foreign currency rate changes
4,300,000 
(11,000,000)
 
Net amount recognized
(62,600,000)
(51,600,000)
 
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities
(2,900,000)
(2,800,000)
 
Accrued pension and other long-term benefits
(59,700,000)
(48,800,000)
 
Defined Benefit Plan, Divestitures, Benefit Obligation
0 
0 
 
United States Pension Plan of US Entity [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation at beginning of fiscal year
6,122,300,000 
3,606,500,000 
 
Service cost
45,700,000 
39,400,000 
 
Interest cost
277,800,000 
183,400,000 
 
Amendments
1,400,000 
26,500,000 
 
Actuarial loss (gain)
664,200,000 
(100,200,000)
 
Plan participant contributions
0 
0 
 
Defined Benefit Plan, Special Termination Benefits
18,400,000 
9,100,000 
 
Benefits paid
(399,200,000)
(232,600,000)
 
Business combinations
9,900,000 
2,758,000,000 
 
Curtailments
(2,700,000)
(31,900,000)
 
Settlements
(2,484,600,000)
(135,900,000)
 
Foreign currency rate changes
0 
0 
 
Benefit obligation at end of fiscal year
4,231,700,000 
6,122,300,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
4,301,500,000 
6,481,600,000 
2,676,200,000 
Actual gain on plan assets
707,300,000 
48,600,000 
 
Defined Benefit Plan, Contributions by Employer
16,100,000 
110,600,000 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
4,014,700,000 
 
Settlements
(2,484,600,000)
(135,900,000)
 
Defined Benefit Plan, Divestitures, Plan Assets
(19,700,000)
0 
 
Foreign currency rate changes
0 
0 
 
Net amount recognized
69,800,000 
359,300,000 
 
Prepaid pension asset
247,300,000 
524,200,000 
 
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities
(9,900,000)
(9,800,000)
 
Accrued pension and other long-term benefits
(167,600,000)
(155,100,000)
 
Defined Benefit Plan, Divestitures, Benefit Obligation
(21,500,000)
0 
 
Domestic Pension Plan of Foreign Entity [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation at beginning of fiscal year
865,100,000 
964,100,000 
 
Service cost
5,700,000 
5,300,000 
 
Interest cost
32,500,000 
34,700,000 
 
Amendments
0 
0 
 
Actuarial loss (gain)
70,800,000 
(1,700,000)
 
Plan participant contributions
1,500,000 
1,700,000 
 
Defined Benefit Plan, Special Termination Benefits
0 
0 
 
Benefits paid
(57,500,000)
(59,600,000)
 
Business combinations
(600,000)
74,500,000 
 
Curtailments
(500,000)
0 
 
Settlements
(100,000)
0 
 
Foreign currency rate changes
8,300,000 
(153,900,000)
 
Benefit obligation at end of fiscal year
925,200,000 
865,100,000 
 
Defined Benefit Plan, Fair Value of Plan Assets
774,100,000 
711,800,000 
802,500,000 
Actual gain on plan assets
82,900,000 
25,000,000 
 
Defined Benefit Plan, Contributions by Employer
31,400,000 
32,100,000 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
41,500,000 
 
Settlements
(100,000)
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
0 
0 
 
Foreign currency rate changes
4,100,000 
(131,400,000)
 
Net amount recognized
(151,100,000)
(153,300,000)
 
Prepaid pension asset
10,500,000 
8,700,000 
 
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities
(1,100,000)
(1,000,000)
 
Accrued pension and other long-term benefits
(160,500,000)
(161,000,000)
 
Defined Benefit Plan, Divestitures, Benefit Obligation
0 
0 
 
Other Postretirement Benefit Plan [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Service cost
2,300,000 
1,000,000 
1,200,000 
Interest cost
$ 8,100,000 
$ 5,400,000 
$ 5,700,000 
Retirement Plans Change in Fair Value of Plan Assets (Details) (Fair Value, Measurements, Recurring [Member], USD $)
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
$ 5,075,600,000 
$ 7,193,400,000 
 
Fair value of plan assets at end of fiscal year
5,075,600,000 
7,193,400,000 
 
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
589,000,000 
481,900,000 
 
Fair value of plan assets at end of fiscal year
589,000,000 
481,900,000 
 
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
4,157,800,000 
6,319,100,000 
 
Fair value of plan assets at end of fiscal year
4,157,800,000 
6,319,100,000 
 
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
328,800,000 
392,400,000 
40,600,000 
Fair value of plan assets at end of fiscal year
328,800,000 
392,400,000 
40,600,000 
US Equity Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
193,900,000 1
169,100,000 1
 
Fair value of plan assets at end of fiscal year
193,900,000 1
169,100,000 1
 
US Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
192,700,000 
168,200,000 
 
Fair value of plan assets at end of fiscal year
192,700,000 
168,200,000 
 
US Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
1,200,000 
900,000 
 
Fair value of plan assets at end of fiscal year
1,200,000 
900,000 
 
US Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Alternative Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
544,000,000 2
720,200,000 2
 
Fair value of plan assets at end of fiscal year
544,000,000 2
720,200,000 2
 
Alternative Investments [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 2
 
Fair value of plan assets at end of fiscal year
0 
0 2
 
Alternative Investments [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
215,200,000 
327,900,000 
 
Fair value of plan assets at end of fiscal year
215,200,000 
327,900,000 
 
Alternative Investments [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
328,800,000 
392,300,000 
 
Fair value of plan assets at end of fiscal year
328,800,000 
392,300,000 
 
Non US Equity Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
585,700,000 1
532,200,000 1
 
Fair value of plan assets at end of fiscal year
585,700,000 1
532,200,000 1
 
Non US Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
73,500,000 
79,300,000 
 
Fair value of plan assets at end of fiscal year
73,500,000 
79,300,000 
 
Non US Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
512,200,000 
452,900,000 
 
Fair value of plan assets at end of fiscal year
512,200,000 
452,900,000 
 
Non US Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 1
0 
 
Fair value of plan assets at end of fiscal year
0 1
0 
 
Hedged Equities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
90,200,000 1
82,600,000 1
 
Fair value of plan assets at end of fiscal year
90,200,000 1
82,600,000 1
 
Hedged Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Hedged Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
90,200,000 1
82,600,000 
 
Fair value of plan assets at end of fiscal year
90,200,000 1
82,600,000 
 
Hedged Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
US Government Debt Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
1,271,100,000 3
1,791,400,000 3
 
Fair value of plan assets at end of fiscal year
1,271,100,000 3
1,791,400,000 3
 
US Government Debt Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
US Government Debt Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
1,271,100,000 
1,791,400,000 
 
Fair value of plan assets at end of fiscal year
1,271,100,000 
1,791,400,000 
 
US Government Debt Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Foreign Government Debt Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
116,000,000 4
176,100,000 4
 
Fair value of plan assets at end of fiscal year
116,000,000 4
176,100,000 4
 
Foreign Government Debt Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
5,300,000 
4,500,000 
 
Fair value of plan assets at end of fiscal year
5,300,000 
4,500,000 
 
Foreign Government Debt Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
110,700,000 4
171,600,000 
 
Fair value of plan assets at end of fiscal year
110,700,000 4
171,600,000 
 
Foreign Government Debt Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
US Corporate Bonds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
1,226,900,000 4
2,435,200,000 4
 
Fair value of plan assets at end of fiscal year
1,226,900,000 4
2,435,200,000 4
 
US Corporate Bonds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
9,000,000 4
8,100,000 
 
Fair value of plan assets at end of fiscal year
9,000,000 4
8,100,000 
 
US Corporate Bonds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
1,217,900,000 
2,427,000,000 4
 
Fair value of plan assets at end of fiscal year
1,217,900,000 
2,427,000,000 4
 
US Corporate Bonds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
100,000 
 
Fair value of plan assets at end of fiscal year
0 
100,000 
 
Foreign Corporate Debt Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
366,300,000 4
616,400,000 4
 
Fair value of plan assets at end of fiscal year
366,300,000 4
616,400,000 4
 
Foreign Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
6,400,000 
8,600,000 
 
Fair value of plan assets at end of fiscal year
6,400,000 
8,600,000 
 
Foreign Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
359,900,000 
607,800,000 
 
Fair value of plan assets at end of fiscal year
359,900,000 
607,800,000 
 
Foreign Corporate Debt Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Mortgage Backed Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
2,400,000 4
90,000,000 4
 
Fair value of plan assets at end of fiscal year
2,400,000 4
90,000,000 4
 
Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
2,400,000 
90,000,000 
 
Fair value of plan assets at end of fiscal year
2,400,000 
90,000,000 
 
Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Other Fixed Income Securities [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
317,900,000 5
308,300,000 5
 
Fair value of plan assets at end of fiscal year
317,900,000 5
308,300,000 5
 
Other Fixed Income Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Other Fixed Income Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
317,900,000 5
308,300,000 
 
Fair value of plan assets at end of fiscal year
317,900,000 5
308,300,000 
 
Other Fixed Income Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 5
0 
 
Fair value of plan assets at end of fiscal year
0 5
0 
 
Short-term Investments [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
302,100,000 6
213,200,000 6
 
Fair value of plan assets at end of fiscal year
302,100,000 6
213,200,000 6
 
Short-term Investments [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
302,100,000 
213,200,000 
 
Fair value of plan assets at end of fiscal year
302,100,000 
213,200,000 
 
Short-term Investments [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Short-term Investments [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Global Multi-Asset Investment [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
59,100,000 7
58,700,000 7
 
Fair value of plan assets at end of fiscal year
59,100,000 7
58,700,000 7
 
Global Multi-Asset Investment [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
0 
0 
 
Global Multi-Asset Investment [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
59,100,000 
58,700,000 
 
Fair value of plan assets at end of fiscal year
59,100,000 
58,700,000 
 
Global Multi-Asset Investment [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Fair value of plan assets at beginning of fiscal year
0 
0 
 
Fair value of plan assets at end of fiscal year
$ 0 
$ 0 
 
[1] Equity securities are comprised of the following investment types: (i) common stock; (ii) preferred stock; (iii) equity exchange traded funds; (iv) hedged equity investments and (v) commingled equity funds. Level 1 investments in common and preferred stocks and exchange traded funds are valued using quoted market prices multiplied by the number of shares owned. The Level 2 hedged equity investment is a commingled fund that consists primarily of equity indexed investments which are hedged by options and also holds collateral in the form of short term treasury securities. The commingled fund investments are valued at the net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.
[2] We maintain holdings in certain private equity partnerships and real estate investments that are considered to be level 3 in the fair value hierarchy. The private equity partnerships are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparisons technique include EBITDA multiples in other comparable third-party transactions, price to earnings ratios, liquidity, current operating results, as well as input from general partners and other pertinent information. Real estate investments are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparison technique include a combination of third party appraisals, replacement cost, and comparable market prices.
[4] The level 1 non-U.S. government securities investment is an exchange traded fund valued using quoted market prices. The level 1 U.S. corporate bonds category is primarily comprised of U.S. dollar denominated investment grade securities and valued using quoted market prices. Level 2 investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data. Level 2 commingled debt funds are valued at their net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.
Retirement Plans Underfunded Status of Pension and Postretirement Plans (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation
$ 9 
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components
$ 1 
Retirement Plans Amounts in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive (Income) Loss (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2016
Pension Plan [Member]
Sep. 30, 2015
Pension Plan [Member]
Sep. 30, 2014
Pension Plan [Member]
Sep. 30, 2016
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2015
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2016
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2015
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2016
United States Pension Plan of US Entity [Member]
Sep. 30, 2015
United States Pension Plan of US Entity [Member]
Sep. 30, 2016
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2015
Domestic Pension Plan of Foreign Entity [Member]
Sep. 30, 2016
Other Postretirement Benefit Plan [Member]
Sep. 30, 2015
Other Postretirement Benefit Plan [Member]
Sep. 30, 2014
Other Postretirement Benefit Plan [Member]
Sep. 30, 2017
Scenario, Forecast [Member]
United States Postretirement Benefit Plan of US Entity [Member]
Sep. 30, 2017
Scenario, Forecast [Member]
Foreign Postretirement Benefit Plan [Member]
Sep. 30, 2017
Scenario, Forecast [Member]
United States Pension Plan of US Entity [Member]
Sep. 30, 2017
Scenario, Forecast [Member]
Domestic Pension Plan of Foreign Entity [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gain) loss
 
 
 
 
 
 
$ (24.9)
$ (20.5)
$ 4.1 
$ (0.8)
$ 633.4 
$ 686.5 
$ 195.8 
$ 170.8 
 
 
 
 
 
 
 
Prior service cost (credit)
 
 
 
 
 
 
(14.9)
(13.2)
(0.4)
(0.5)
28.2 
30.5 
0.4 
0.5 
 
 
 
 
 
 
 
Total accumulated other comprehensive loss (income)
 
 
 
 
 
 
(39.8)
(33.7)
3.7 
(1.3)
661.6 
717.0 
196.2 
171.3 
 
 
 
 
 
 
 
Net actuarial (gain) loss arising during period
354.0 
81.5 
333.3 
355.4 
85.9 
335.2 
 
 
 
 
 
 
 
 
(1.4)
(4.4)
(1.9)
 
 
 
 
Amortization and settlement recognition of net actuarial (loss) gain
(379.7)1
(48.1)
(63.9)
(381.6)
(49.2)
(65.7)
 
 
 
 
 
 
 
 
1.9 
1.1 
1.8 
 
 
 
 
Prior service cost (credit) arising during period
(2.3)
25.0 
(12.4)
1.5 
26.4 
0.9 
 
 
 
 
 
 
 
 
(3.8)
(1.4)
(13.3)
 
 
 
 
Amortization of prior service (cost) credit
(1.8)
7.5 
0.2 
(3.9)
(3.0)
(1.2)
 
 
 
 
 
 
 
 
2.1 
10.5 
1.4 
 
 
 
 
Net amount recognized in other comprehensive (income) loss
 
 
 
(28.6)
60.1 
269.2 
 
 
 
 
 
 
 
 
(1.2)
5.8 
(12.0)
 
 
 
 
Actuarial loss (gain)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1.6)
0.4 
18.3 
9.1 
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2.5)
(0.1)
4.0 
0.1 
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ (4.1)
$ 0.3 
$ 22.3 
$ 9.2 
Retirement Plans Amounts Recognized in Consolidated Statement of Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2014
Jun. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Pension Plan [Member]
 
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
Service cost
 
 
$ 51.4 
$ 44.7 
$ 26.5 
Interest cost
 
 
310.3 
218.1 
216.5 
Expected return on plan assets
 
 
(412.3)
(292.9)
(252.9)
Amortization of net actuarial loss (gain)
 
 
11.0 
29.0 
17.8 
Amortization of prior service cost (credit)
 
 
3.9 
3.0 
1.2 
Curtailment Gain
 
 
(1.6)
0 
0 
Settlement Loss
 
 
370.7 
20.2 
47.9 
Defined Benefit Plan, Special Termination Benefits
 
 
18.4 
9.1 
0 
Company defined benefit plan expense
 
 
351.8 
31.2 
57.0 
Multiemployer and other plans
 
 
5.8 
5.6 
6.2 
Net pension cost
 
 
357.6 
36.8 
63.2 
Other Postretirement Benefit Plan [Member]
 
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
Service cost
 
 
2.3 
1.0 
1.2 
Interest cost
 
 
8.1 
5.4 
5.7 
Amortization of net actuarial loss (gain)
 
 
(2.0)
(1.1)
(1.8)
Amortization of prior service cost (credit)
 
 
(2.1)
(2.0)
(1.4)
Curtailment Gain
(8.1)
(8.5)
0 
(8.5)
0 
Net pension cost
 
 
$ 6.3 
$ (5.2)
$ 3.7 
Retirement Plans Assumed Health Care Cost Trend Rates (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
 
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation
$ 7 
United States Pension Plan of US Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Health care cost trend rates assumed for next year
7.02% 
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.50% 
Year the rate reaches the ultimate trend rate
2036 
Domestic Pension Plan of Foreign Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Health care cost trend rates assumed for next year
7.71% 
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
6.44% 
Year the rate reaches the ultimate trend rate
2029 
Retirement Plans Weighted-average Assumptions (Details)
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Expected long-term rate of return on plan assets
5.88% 
7.11% 
7.50% 
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate
4.70% 
4.52% 
5.18% 
Defined Benefit Plan, Assumptions Used Caclulating Net Periodic Cost, Rate of Compensation Increase
2.50% 
2.54% 
2.15% 
United States Postretirement Benefit Plan of US Entity [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate
4.70% 
4.52% 
5.19% 
Domestic Pension Plan of Foreign Entity [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Expected long-term rate of return on plan assets
6.34% 
6.88% 
6.88% 
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate
3.89% 
4.00% 
4.56% 
Defined Benefit Plan, Assumptions Used Caclulating Net Periodic Cost, Rate of Compensation Increase
3.10% 
3.00% 
3.12% 
Retirement Plans Losses Amortized from Accumulated Other Comprehensive Loss into Net Periodic Benefit Cost (Details) (Scenario, Forecast [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2017
United States Pension Plan of US Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Actuarial loss (gain)
$ 18.3 
Prior service cost (credit)
4.0 
Total
22.3 
Domestic Pension Plan of Foreign Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Actuarial loss (gain)
9.1 
Prior service cost (credit)
0.1 
Total
$ 9.2 
Retirement Plans Projected Estimated Benefit Payments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2016
United States Postretirement Benefit Plan of US Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Fiscal 2017
$ 10.3 
Fiscal 2018
9.1 
Fiscal 2019
8.7 
Fiscal 2020
8.2 
Fiscal 2021
7.8 
Fiscal Years 2022 – 2026
32.2 
Foreign Postretirement Benefit Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Fiscal 2017
2.9 
Fiscal 2018
3.0 
Fiscal 2019
3.1 
Fiscal 2020
3.2 
Fiscal 2021
3.3 
Fiscal Years 2022 – 2026
18.0 
United States Pension Plan of US Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Fiscal 2017
195.8 
Fiscal 2018
202.0 
Fiscal 2019
209.3 
Fiscal 2020
222.0 
Fiscal 2021
211.3 
Fiscal Years 2022 – 2026
1,171.0 
Domestic Pension Plan of Foreign Entity [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Fiscal 2017
56.7 
Fiscal 2018
56.4 
Fiscal 2019
56.4 
Fiscal 2020
55.0 
Fiscal 2021
54.4 
Fiscal Years 2022 – 2026
$ 263.7 
Retirement Plans Pension Plan Assets Measured at Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 5,075,600,000 
$ 7,193,400,000 
 
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
589,000,000 
481,900,000 
 
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4,157,800,000 
6,319,100,000 
 
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
328,800,000 
392,400,000 
40,600,000 
US Equity Securities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
193,900,000 1
169,100,000 1
 
US Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
192,700,000 
168,200,000 
 
US Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
1,200,000 
900,000 
 
US Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Non US Equity Securities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
585,700,000 1
532,200,000 1
 
Non US Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
73,500,000 
79,300,000 
 
Non US Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
512,200,000 
452,900,000 
 
Non US Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 1
0 
 
Hedged Equities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
90,200,000 1
82,600,000 1
 
Hedged Equities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Hedged Equities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
90,200,000 1
82,600,000 
 
Hedged Equities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
US Government Debt Securities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
1,271,100,000 2
1,791,400,000 2
 
US Government Debt Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
US Government Debt Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
1,271,100,000 
1,791,400,000 
 
US Government Debt Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Non-US government securities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
116,000,000 3
176,100,000 3
 
Non-US government securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
5,300,000 
4,500,000 
 
Non-US government securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
110,700,000 3
171,600,000 
 
Non-US government securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
US Corporate Bonds [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
1,226,900,000 3
2,435,200,000 3
 
US Corporate Bonds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
9,000,000 3
8,100,000 
 
US Corporate Bonds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
1,217,900,000 
2,427,000,000 3
 
US Corporate Bonds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
100,000 
 
Non-US corporate bonds [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
366,300,000 3
616,400,000 3
 
Non-US corporate bonds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6,400,000 
8,600,000 
 
Non-US corporate bonds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
359,900,000 
607,800,000 
 
Non-US corporate bonds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Collateralized Mortgage Backed Securities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2,400,000 3
90,000,000 3
 
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2,400,000 
90,000,000 
 
Collateralized Mortgage Backed Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Fixed Income Securities [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
317,900,000 4
308,300,000 4
 
Other Fixed Income Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Fixed Income Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
317,900,000 4
308,300,000 
 
Other Fixed Income Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 4
0 
 
Short-term Investments [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
302,100,000 5
213,200,000 5
 
Short-term Investments [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
302,100,000 
213,200,000 
 
Short-term Investments [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Short-term Investments [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Alternative Investments [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
544,000,000 6
720,200,000 6
 
Alternative Investments [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 6
 
Alternative Investments [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
215,200,000 
327,900,000 
 
Alternative Investments [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
328,800,000 
392,300,000 
 
Global Multi-Asset Investment [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
59,100,000 7
58,700,000 7
 
Global Multi-Asset Investment [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Global Multi-Asset Investment [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
59,100,000 
58,700,000 
 
Global Multi-Asset Investment [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 0 
$ 0 
 
[1] Equity securities are comprised of the following investment types: (i) common stock; (ii) preferred stock; (iii) equity exchange traded funds; (iv) hedged equity investments and (v) commingled equity funds. Level 1 investments in common and preferred stocks and exchange traded funds are valued using quoted market prices multiplied by the number of shares owned. The Level 2 hedged equity investment is a commingled fund that consists primarily of equity indexed investments which are hedged by options and also holds collateral in the form of short term treasury securities. The commingled fund investments are valued at the net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.
[3] The level 1 non-U.S. government securities investment is an exchange traded fund valued using quoted market prices. The level 1 U.S. corporate bonds category is primarily comprised of U.S. dollar denominated investment grade securities and valued using quoted market prices. Level 2 investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and non-active markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data. Level 2 commingled debt funds are valued at their net asset value per share multiplied by the number of shares held. The determination of net asset value for the commingled funds includes market pricing of the underlying assets as well as broker quotes and other valuation techniques.
[6] We maintain holdings in certain private equity partnerships and real estate investments that are considered to be level 3 in the fair value hierarchy. The private equity partnerships are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparisons technique include EBITDA multiples in other comparable third-party transactions, price to earnings ratios, liquidity, current operating results, as well as input from general partners and other pertinent information. Real estate investments are commingled investments. Valuation techniques such as discounted cash flow and market based comparable analyses are used to determine fair value of the private equity investments. Unobservable inputs used for the discounted cash flow technique include projected future cash flows and the discount rate applied to present value those cash flows. Unobservable inputs used for the market based comparison technique include a combination of third party appraisals, replacement cost, and comparable market prices.
Retirement Plans Fair Value, Changes in Level 3 (Details) (Fair Value, Measurements, Recurring [Member], USD $)
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
Fair value of plan assets at end of fiscal year
$ 5,075,600,000 
$ 7,193,400,000 
Fair Value, Inputs, Level 3 [Member]
 
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
Fair value of plan assets at beginning of fiscal year
392,400,000 
40,600,000 
Purchases, sales, issuances and settlements, net
(45,300,000)
341,900,000 
Actual return on plan assets, relating to instruments still held at end of year
(16,500,000)
(3,600,000)
Actual return on plan assets, relating to instruments sold during the year
24,700,000 
13,500,000 
Transfers out of level 3
(26,500,000)
 
Fair value of plan assets at end of fiscal year
328,800,000 
392,400,000 
Fair Value, Inputs, Level 3 [Member] |
Alternative Investments [Member]
 
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
Fair value of plan assets at beginning of fiscal year
392,300,000 
40,600,000 
Purchases, sales, issuances and settlements, net
(45,200,000)
341,800,000 
Actual return on plan assets, relating to instruments still held at end of year
(16,500,000)
(3,600,000)
Actual return on plan assets, relating to instruments sold during the year
24,700,000 
13,500,000 
Transfers out of level 3
(26,500,000)
 
Fair value of plan assets at end of fiscal year
328,800,000 
392,300,000 
Fair Value, Inputs, Level 3 [Member] |
US Corporate Bonds [Member]
 
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
Fair value of plan assets at beginning of fiscal year
100,000 
0 
Purchases, sales, issuances and settlements, net
(100,000)
100,000 
Actual return on plan assets, relating to instruments still held at end of year
0 
0 
Actual return on plan assets, relating to instruments sold during the year
0 
0 
Transfers out of level 3
0 
 
Fair value of plan assets at end of fiscal year
$ 0 
$ 100,000 
Retirement Plans Schedule Of Multiemployer Plans (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Schedule Of Multiemployer Plans [Line Items]
 
 
 
Percentage of Employees Covered by Collective Bargaining Agreements
36.00% 
 
 
Percentage of Employees Working Under Expired Collective Bargaining Agreement
4.00% 
 
 
Percentage of Employees Covered By Collective Bargaining Agreements Expiring in One Year
28.00% 
 
 
Multiemployer Plan, Withdrawal Obligation
$ 49.0 
$ 44.3 
 
Multiemployer Plan, Accrual Related to a Partial Plan Withdrawal
2.1 
0.7 
0.7 
Multiemployer and Other Plans, Period Contributions
4.5 1
5.0 1
5.5 1
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components
1 
 
 
Other Funds [Member]
 
 
 
Schedule Of Multiemployer Plans [Line Items]
 
 
 
Multiemployer and Other Plans, Period Contributions
1.2 1
1.7 1
2.0 1
Pension Plan [Member] |
Pace Industry Union Management Pension Fund [Member]
 
 
 
Schedule Of Multiemployer Plans [Line Items]
 
 
 
Percentage of Employees Covered by Collective Bargaining Agreements
14.00% 
 
 
Entity Tax Identification Number
116166763 
 
 
Multiemployer Plan Number
001 
 
 
Multiemployer Plans, Certified Zone Status
Red 
Red 
 
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan
Implemented 
 
 
Multiemployer and Other Plans, Period Contributions
$ 3.3 1 2
$ 3.3 1 2
$ 3.5 1 2
Multiemployer Plans, Surcharge
Yes 
 
 
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, First
Mar. 22, 2016 
 
 
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, Last
May 11, 2022 
 
 
Contributions Exceed 5% of Total Plan Contributions
 
Yes 
Yes 
Retirement Plans Defined Contribution and Supplemental Plans (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined Contribution Plan Employer Contribution on Basic Salary, Employees Covered under a CBA, Maximum, Low End of Range
3.00% 
 
 
Defined Contribution Plan Employer Contribution on Basic Salary, Employees Covered under a CBA, Maximum, High End of Range
4.00% 
 
 
Defined Contribution Plan Employer Contribution on Basic Salary, Maximum, High End of Range
7.50% 
 
 
Defined Contribution Plan Employer Contribution on Basic Salary, Maximum Matching Contribution
5.00% 
 
 
Defined Contribution Plan Employer Contribution on Basic Salary, Automatic Matching Contribution
2.50% 
 
 
Defined Contribution Plan, Cost Recognized
$ 86.5 
$ 36.6 
$ 34.3 
Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Common Stock [Member]
Dec. 31, 2014
Common Stock [Member]
Sep. 30, 2016
Common Stock [Member]
Sep. 30, 2015
Common Stock [Member]
Sep. 30, 2014
Common Stock [Member]
Jul. 1, 2015
Common Stock [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Common Stock [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased
 
 
 
 
26.5 
 
 
40.0 
 
Purchases of common stock
 
 
5.4 
0.2 1 2
8.1 1 2
16.1 1 2
4.7 1 2
 
10.5 1 2
Purchases of Common Stock Excluding Merger Related Purchases
$ 336.7 
$ 236.3 
 
 
$ 335.3 
 
 
 
 
Treasury Stock, Value, Acquired, Par Value Method
 
 
$ 328.0 
$ 8.7 1
 
 
$ 236.3 1
 
$ 667.8 1
Share-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
May 15, 2016
Sep. 30, 2016
Stock Appreciation Rights (SARs) [Member]
Sep. 30, 2016
Restricted Stock, Target Awards [Member]
Sep. 30, 2016
Stock Options [Member]
Sep. 30, 2015
Stock Options [Member]
Sep. 30, 2014
Stock Options [Member]
Sep. 30, 2016
Restricted Stock [Member]
Jul. 1, 2015
MeadWestvaco [Member]
Sep. 30, 2016
WestRock 2016 Incentive Stock Plan [Member]
Feb. 2, 2016
WestRock 2016 Incentive Stock Plan [Member]
Sep. 30, 2016
WestRock 2016 Incentive Stock Plan [Member]
Restricted Stock Target Awards Potentially Issuable [Member]
Sep. 30, 2016
RockTenn 2004 Incentive Stock Plan, as Amended [Member]
Sep. 30, 2016
RockTenn 2004 Incentive Stock Plan, as Amended [Member]
Restricted Stock Target Awards Potentially Issuable [Member]
Sep. 30, 2016
MWV 2005 Performance Incentive Plan, as Amended [Member]
Jul. 1, 2015
MWV 2005 Performance Incentive Plan, as Amended [Member]
Sep. 30, 2016
MWV 2005 Performance Incentive Plan, as Amended [Member]
Restricted Stock Target Awards Potentially Issuable [Member]
Sep. 30, 2016
Smurfit-Stone Incentive Plan [Member]
May 27, 2011
Smurfit-Stone Incentive Plan [Member]
Sep. 30, 2016
Employee Stock Purchase Plan [Member]
Feb. 2, 2016
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Stock Appreciation Rights, Exercises in Period, Intrinsic Value
$ 0.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15.00% 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
 
 
 
 
 
 
 
 
 
 
 
 
9,600,000 
 
15,800,000 
 
 
12,800,000 
 
 
7,900,000 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
 
 
 
 
 
 
 
 
 
 
 
7,900,000 
 
1,300,000 
3,300,000 
900,000 
8,700,000 
 
500,000 
5,900,000 
 
2,800,000 
2,500,000 
Share-based Compensation Arrangement by Share-based Payment Award, Spin-off Adjustment, Conversion Factor
 
 
 
1.12 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allocated Share-based Compensation Expense
75.7 
49.2 
42.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
29.2 
19.0 
16.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected term (in years)
7 years 0 months 
3 years 11 months 
6 years 11 months 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected volatility
38.30% 
21.90% 
43.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-free rate
1.60% 
2.40% 
2.10% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected dividends
4.50% 
1.30% 
1.40% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Options [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares outstanding, beginning of fiscal year
 
 
 
 
86,419 
 
7,189,654 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares granted
 
 
 
 
0 
 
1,251,560 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares exercised
 
 
 
 
(13,889)
 
(1,225,230)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares expired
 
 
 
 
(14,742)
 
(49,049)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares forfeited
 
 
 
 
 
 
(31,984)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares outstanding, end of fiscal year
 
 
 
 
65,971 
 
8,065,816 
7,189,654 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, outstanding, beginning of period
 
 
 
 
$ 28.98 
 
$ 33.19 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, shares granted
 
 
 
 
$ 0.00 
 
$ 33.39 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, shares exercised
 
 
 
 
$ 30.74 
 
$ 30.75 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, shares expired
 
 
 
 
$ 24.29 
 
$ 35.68 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, shares forfeited
 
 
 
 
 
 
$ 37.60 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, outstanding, end of period
 
 
 
 
$ 26.07 
 
$ 29.73 
$ 33.19 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate Intrinsic Value, Outstanding at end of period
 
 
 
 
1.5 
 
156.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate Intrinsic Value, Exercisable at end of period
 
 
 
 
1.5 
 
130.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares, Exercisable at end of period
 
 
 
 
65,971 
 
6,389,188 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price, exercisable at end of period
 
 
 
 
$ 26.07 
 
$ 28.46 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Remaining Contractual Term, Outstanding at end of period
 
 
 
 
4 years 0 months 
 
5 years 1 month 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Remaining Contractual Term, Exercisable
 
 
 
 
4 years 0 months 
 
4 years 1 month 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number
 
 
 
 
 
 
8,027,460 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
 
 
 
 
 
 
$ 29.71 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term
 
 
 
 
 
 
5 years 1 month 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
 
 
 
 
 
 
156.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
 
 
 
 
 
 
$ 8.06 
$ 28.78 
$ 20.74 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate intrinsic value of options exercised
 
 
 
 
 
 
14.5 
25.1 
17.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
3 years 
 
 
 
 
3 years 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of share-based awards issued in the acquisition
0 
210.9 
0 
 
 
 
 
 
 
 
210.9 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of MeadWestvaco Shares to WestRock Shares
 
 
 
 
 
 
 
 
 
 
78.00% 
 
 
 
 
 
 
 
 
 
 
 
 
Excess tax benefits from share-based compensation
0.3 
23.0 
15.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options
33.9 
27.2 
6.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Contractual Term, Maximum
 
 
 
 
 
 
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized
 
 
 
 
 
 
$ 6.8 
 
 
$ 84.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Adjustment Due to Spin-Off of Business
 
 
 
 
8,183 
 
930,865 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-Based Compensation Restricted Stock (Details) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 12 Months Ended
Jul. 1, 2015
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Excess tax benefits from share-based compensation
 
$ 0.3 
$ 23.0 
$ 15.1 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
3 years 
 
 
Stock Options [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
3 years 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized
 
6.8 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
 
1 year 11 months 
 
 
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Performance Based Awards Reflected
 
100.00% 
 
 
Additional Shares Expected to Be Issued Based on Current Projection of Performance Target Levels
 
1,900,000 
 
 
Unvested, beginning of fiscal year
 
2,327,231 
 
 
Granted
 
1,750,546 
2,375,188 
567,988 
Vested
 
(1,589,761)
(1,725,435)
(530,668)
Forfeited
 
(85,222)
 
 
Unvested, end of fiscal year
 
2,704,904 1
2,327,231 
 
Unvested, Weighted Average Grant Date Fair Value, beginning of period
 
$ 56.13 
 
 
Weighted Average Grant Date Fair Value, Granted
 
$ 35.80 
 
 
Weighted Average Grant Date Fair Value, Vested
 
$ 49.54 
 
 
Weighted Average Grant Date Fair Value, Forfeited
 
$ 50.02 
 
 
Unvested, Weighted Average Grant Date Fair Value, end of period
 
$ 40.89 1
$ 56.13 
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized
 
84.5 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
 
1 year 6 months 
 
 
Aggregate fair value of vested restricted stock
 
$ 57.5 
$ 110.4 
$ 28.8 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Spin-Off of Business
 
302,110 
 
 
Restricted Stock, Non-Employee Directors [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
1 year 
 
 
Granted
 
64,155 2
15,255 2
21,500 2
Restricted Stock, Attainment of Performance Conditio in Excess of Target [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted
 
447,261 3
801,810 3
51,218 3
Restricted Stock, Service Condition and Cash Flow per Share Performance Condition at Target [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted
 
1,211,760 4
429,845 4
482,710 4
Restricted Stock, Target Awards [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Award Based on Level of Performance Attained, Maximum
 
200.00% 
 
 
Percentage of Award Based on Level of Performance Attained, Minimum
 
0.00% 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
3 years 
 
 
Restricted Stock, Target Awards, 2013 [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
 
200.00% 
 
 
Restricted Stock, Target Awards, 2012 [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
 
 
200.00% 
 
Restricted Stock with Service Condition [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted
 
27,370 5
86,265 5
12,560 5
Fiscal 2015 Grant Prorated Upon Combination [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
146.50% 
 
 
 
Granted
 
0 
64,323 6
0 
Proration Factor Applied to Grant Upon Combination
16.60% 
 
 
 
MeadWestvaco [Member] |
Restricted Stock, Service Condition and Performance Condition at Target [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted
650,685 7 8
0 
 
0 
MeadWestvaco [Member] |
Restricted Stock with Service Condition [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted
327,005 8
0 
 
0 
Minimum [Member] |
Restricted Stock Accelerated in Connection with the Combination [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
 
146.50% 
146.50% 
 
Minimum [Member] |
Restricted Stock, Fiscal 2011 Target Awards, Issued and Vested in 2014 [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
 
 
 
110.56% 
Minimum [Member] |
Restricted Stock with Service Condition [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
3 years 
 
 
Minimum [Member] |
MeadWestvaco [Member] |
Restricted Stock, Service Condition and Performance Condition at Target [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
100.00% 
 
 
 
Minimum [Member] |
MeadWestvaco [Member] |
Restricted Stock with Service Condition [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
1 year 
 
 
 
Maximum [Member] |
Restricted Stock Accelerated in Connection with the Combination [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
 
200.00% 
200.00% 
 
Maximum [Member] |
Restricted Stock, Fiscal 2011 Target Awards, Issued and Vested in 2014 [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
 
 
 
115.29% 
Maximum [Member] |
Restricted Stock with Service Condition [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
4 years 
 
 
Maximum [Member] |
MeadWestvaco [Member] |
Restricted Stock, Service Condition and Performance Condition at Target [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Percentage of Awarded Based on Performance Level Achieved
168.00% 
 
 
 
Maximum [Member] |
MeadWestvaco [Member] |
Restricted Stock with Service Condition [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
3 years 
 
 
 
RockTenn 2004 Incentive Stock Plan, as Amended [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
 
3,300,000 
 
 
RockTenn 2004 Incentive Stock Plan, as Amended [Member] |
Restricted Stock Target Awards Potentially Issuable [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
 
900,000 
 
 
Share-Based Compensation Employee Stock Purchase Plan (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Feb. 2, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based compensation expense
$ 75.7 
$ 49.2 
$ 42.6 
 
Employee Stock Purchase Plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date
15.00% 
 
 
 
Stock Issued During Period, Shares, Employee Stock Purchase Plans
0.1 
0.1 
0.1 
 
Share-based compensation expense
$ 0.4 
$ 0.5 
$ 0.8 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant
2.8 
 
 
2.5 
Related Party Transactions (Details) (Affiliated Entity [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Affiliated Entity [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Net sales to affiliated companies
$ 346.6 
$ 342.8 
$ 367.3 
Accounts receivable due from affiliated companies
$ 59.4 
$ 43.4 
 
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2016
Commitments and Contingencies [Line Items]
 
Accrual for Environmental Loss Contingencies
$ 17.4 
Guarantor Obligations, Maximum Exposure, Undiscounted
50 
Number of Lawsiuts the Company Has Been Named a Defendant in Asbestos-related Personal Injury Litigation
693 
Guarantor Obligations, Current Carrying Value
5.2 
Other Long Term Liabilities [Member]
 
Commitments and Contingencies [Line Items]
 
Accrual for Environmental Loss Contingencies
8.6 
Other Current Liabilities [Member]
 
Commitments and Contingencies [Line Items]
 
Accrual for Environmental Loss Contingencies
8.8 
Capital Addition Purchase Commitments [Member]
 
Commitments and Contingencies [Line Items]
 
Long-term Purchase Commitment, Estimated Amount
$ 174 
Special Purpose Entities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Installment Note [Member]
Sep. 30, 2016
MeadWestvaco [Member]
Timber Note [Member]
Dec. 31, 2007
MeadWestvaco [Member]
Timber Note [Member]
Sep. 30, 2016
MeadWestvaco [Member]
Installment Note [Member]
Dec. 6, 2013
MeadWestvaco [Member]
Installment Note [Member]
Sep. 30, 2016
MeadWestvaco [Member]
Secured Financing Liability, Maturity in December 2023 [Member]
Dec. 6, 2013
MeadWestvaco [Member]
Secured Financing Liability, Maturity in December 2023 [Member]
Sep. 30, 2016
MeadWestvaco [Member]
Secured Financing Liability, Maturity in October 2027 [Member]
Dec. 31, 2007
MeadWestvaco [Member]
Secured Financing Liability, Maturity in October 2027 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Notes Receivable Interest Rate
 
 
5.207% 
 
 
 
 
 
 
 
 
Restricted assets held by special purpose entities
$ 1,293.8 
$ 1,302.1 
 
$ 359.8 
$ 398.0 
$ 934.0 
$ 860.0 
 
 
 
 
Non-recourse liabilities held by special purpose entities
$ 1,170.2 
$ 1,179.6 
 
 
 
 
 
$ 850.1 
$ 774.0 
$ 320.1 
$ 338.3 
Segment Information (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Sep. 21, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2016
Land and Development [Member]
Sep. 30, 2015
Land and Development [Member]
Sep. 30, 2014
Land and Development [Member]
Sep. 30, 2016
Corrugated Packaging [Member]
Sep. 30, 2015
Corrugated Packaging [Member]
Sep. 30, 2014
Corrugated Packaging [Member]
Sep. 30, 2013
Corrugated Packaging [Member]
Sep. 30, 2015
Discontinued Operations [Member]
Sep. 30, 2016
Discontinued Operations [Member]
Sep. 30, 2015
Discontinued Operations [Member]
Sep. 30, 2014
Discontinued Operations [Member]
Sep. 30, 2016
Operating Segments [Member]
Sep. 30, 2015
Operating Segments [Member]
Sep. 30, 2014
Operating Segments [Member]
Sep. 30, 2013
Operating Segments [Member]
Sep. 30, 2016
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Sep. 30, 2015
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Sep. 30, 2014
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Sep. 30, 2016
Corporate Segment [Member]
Sep. 30, 2015
Corporate Segment [Member]
Sep. 30, 2014
Corporate Segment [Member]
Sep. 30, 2016
Consumer Packaging [Member]
Sep. 30, 2015
Consumer Packaging [Member]
Sep. 30, 2014
Consumer Packaging [Member]
Sep. 30, 2013
Consumer Packaging [Member]
Sep. 30, 2016
Operating Segments [Member]
Sep. 30, 2015
Operating Segments [Member]
Sep. 30, 2014
Operating Segments [Member]
Sep. 30, 2016
Operating Segments [Member]
Land and Development [Member]
Sep. 30, 2015
Operating Segments [Member]
Land and Development [Member]
Sep. 30, 2014
Operating Segments [Member]
Land and Development [Member]
Sep. 30, 2016
Operating Segments [Member]
Corrugated Packaging [Member]
Sep. 30, 2015
Operating Segments [Member]
Corrugated Packaging [Member]
Sep. 30, 2014
Operating Segments [Member]
Corrugated Packaging [Member]
Sep. 30, 2016
Operating Segments [Member]
Consumer Packaging [Member]
Sep. 30, 2015
Operating Segments [Member]
Consumer Packaging [Member]
Sep. 30, 2014
Operating Segments [Member]
Consumer Packaging [Member]
Sep. 30, 2016
Intersegment Eliminations [Member]
Sep. 30, 2015
Intersegment Eliminations [Member]
Sep. 30, 2014
Intersegment Eliminations [Member]
Sep. 30, 2016
Intersegment Eliminations [Member]
Land and Development [Member]
Sep. 30, 2015
Intersegment Eliminations [Member]
Land and Development [Member]
Sep. 30, 2014
Intersegment Eliminations [Member]
Land and Development [Member]
Sep. 30, 2016
Intersegment Eliminations [Member]
Corrugated Packaging [Member]
Sep. 30, 2015
Intersegment Eliminations [Member]
Corrugated Packaging [Member]
Sep. 30, 2014
Intersegment Eliminations [Member]
Corrugated Packaging [Member]
Sep. 30, 2016
Intersegment Eliminations [Member]
Consumer Packaging [Member]
Sep. 30, 2015
Intersegment Eliminations [Member]
Consumer Packaging [Member]
Sep. 30, 2014
Intersegment Eliminations [Member]
Consumer Packaging [Member]
Sep. 30, 2016
Corporate, Non-Segment [Member]
Sep. 30, 2015
Corporate, Non-Segment [Member]
Sep. 30, 2014
Corporate, Non-Segment [Member]
Apr. 1, 2016
Grupo Gondi Investment [Member]
Sep. 30, 2016
Grupo Gondi Investment [Member]
Corrugated Packaging [Member]
Sep. 30, 2016
Minimum [Member]
Grupo Gondi Investment [Member]
Corrugated Packaging [Member]
Sep. 30, 2016
Maximum [Member]
Grupo Gondi Investment [Member]
Corrugated Packaging [Member]
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 14,376.4 
$ 11,302.0 
$ 10,075.9 
$ 119.8 
$ 45.0 
$ 0 
$ 7,868.5 
$ 7,516.9 
$ 7,257.4 
$ 6,388.1 
$ 3,740.1 
$ 2,818.5 
$ 204.6 
$ 177.2 
$ 180.8 
$ 0 
$ 0 
$ 0 
$ 136.2 
$ 130.6 
$ 148.5 
$ 68.4 
$ 46.6 
$ 32.3 
 
 
 
 
 
 
 
Net sales
 
3,611.7 
3,596.5 
3,492.7 
3,470.9 
3,616.1 
2,538.9 
2,455.6 
2,514.2 
14,171.8 
11,124.8 
9,895.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14,171.8 
11,124.8 
9,895.1 
119.8 
45.0 
0 
7,732.3 
7,386.3 
7,108.9 
6,319.7 
3,693.5 
2,786.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information, Segment Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,226.2 
1,070.3 
1,039.4 
4.6 
(3.4)
0 
739.9 
806.7 
728.0 
481.7 
267.0 
311.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension risk transfer expense
(370.7)
(370.7)
0 
0 
0 
 
 
 
 
(370.7)
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(370.7)
0 
0 
 
 
 
 
Pension lump sum settlement expense
 
 
 
 
 
0 
0.4 
0 
(11.9)
0 
(11.5)
(47.9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
(11.5)
(47.9)
 
 
 
 
Restructuring and other costs, net
 
(49.4)
(43.1)
(111.1)
(162.8)
(105.1)
(13.1)
(17.2)
(5.4)
(366.4)
(140.8)
(55.6)
(10.6)1
0 1
0 1
(230.2)2
(8.0)2
(22.4)2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(10.0)1
(4.4)1
(2.7)1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-allocated expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(49.1)
(58.4)
(72.7)
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
(256.7)
(132.5)
(95.3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(256.7)
(132.5)
(95.3)
 
 
 
 
Gain (loss) on extinguishment of debt
 
2.7 
0 
0 
0 
(2.6)
0 
0 
0 
2.7 
(2.6)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.7 
(2.6)
0 
 
 
 
 
Interest income and other income (expense), net
 
 
 
 
 
 
 
 
 
58.6 
9.7 
2.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58.6 
9.7 
2.4 
 
 
 
 
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
 
244.6 
734.2 
770.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-Tax Inventory Step-Up
 
 
 
 
 
63.4 
 
 
 
8.1 
64.7 
 
 
 
 
3.4 
2.2 
 
 
8.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.7 
62.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
 
23,038.2 
 
 
 
25,372.4 
 
 
 
23,038.2 
25,372.4 
11,039.7 
460.6 
545.5 
0 
10,046.0 
9,467.3 
8,701.3 
 
2,618.5 
0 
2,618.5 
0 
 
 
 
 
52.3 
10.2 
22.6 
2,356.8 
2,555.2 
335.6 
10,122.5 
10,175.7 
1,980.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
4,778.1 
 
 
 
4,647.1 
 
 
 
4,778.1 
4,647.1 
 
0 
0 
0 
1,722.5 
1,667.5 
1,525.4 
1,499.9 
 
 
 
 
4,778.1 
4,647.1 
1,926.4 
1,862.1 
 
 
 
 
 
 
3,055.6 
2,979.6 
401.0 
362.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
 
1,146.5 
740.8 
584.5 
1.4 
0.2 
0 
576.2 
496.6 
464.0 
 
 
57.2 
22.0 
0 
 
 
 
 
 
 
 
12.8 
20.2 
16.2 
498.9 
201.8 
104.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
 
 
 
 
 
 
 
 
796.7 
585.5 
534.2 
 
 
 
490.1 
378.4 
410.6 
 
 
45.2 
28.6 
0 
 
 
 
 
 
 
 
16.5 
12.4 
10.3 
244.9 
166.1 
113.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investments
 
328.9 
 
 
 
60.2 
 
 
 
328.9 
60.2 
27.3 
28.6 
31.0 
0 
281.2 
7.9 
6.7 
 
 
 
 
 
 
 
 
 
 
 
 
(3.1)
0 
0 
22.2 
21.3 
20.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
300.0 
 
 
 
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65.3 
 
 
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Amortizable Portion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 56.2 
 
 
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Lives of Underlying Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10 years 
15 years 
[2] The Corrugated Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with the permanent closures of the Coshocton, OH and Uncasville, CT medium mills, the Newberg, OR containerboard and newsprint mill, the Vapi, India linerboard mill, restructuring activities at a corrugated container facility, restructuring activities at a recycling facility and on-going closure costs at previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one recycled collection facility and on-going closure costs at other previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2014 are primarily associated with the closure of one corrugated container plant, one collection facility and on-going closure costs and fair value adjustments for assets at previously closed facilities which were partially offset by gains on sale of previously closed facilities. The cumulative charges are primarily associated with the closure of the Coshocton, Uncasville, Newberg, Vapi and Matane, Quebec mills, cumulative closure of corrugated container plants and recycled collection facilities and gains and losses associated with the sale of closed facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.
Segment Information Segment Information, Geographical Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Revenues from External Customers, Segment Income and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 3,611.7 
$ 3,596.5 
$ 3,492.7 
$ 3,470.9 
$ 3,616.1 
$ 2,538.9 
$ 2,455.6 
$ 2,514.2 
$ 14,171.8 
$ 11,124.8 
$ 9,895.1 
Foreign Operations [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers, Segment Income and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
2,426.6 
1,506.5 
1,191.8 
Segment Reporting Information, Segment Income
 
 
 
 
 
 
 
 
226.1 
171.6 
109.6 
Long-Lived Assets
$ 1,341.5 
 
 
 
$ 1,228.0 
 
 
 
$ 1,341.5 
$ 1,228.0 
$ 379.6 
Segment Reporting Information, Percentage of Net Sales to Unaffiliated Customers
 
 
 
 
 
 
 
 
17.10% 
13.50% 
12.00% 
Segment Reporting Information, Percentage of Segment Income
 
 
 
 
 
 
 
 
18.40% 
16.00% 
10.50% 
Segment Reporting Information, Percentage of Long-Lived Assets
14.40% 
 
 
 
13.40% 
 
 
 
14.40% 
13.40% 
6.50% 
Segment Information Changes in Carrying Amount of Goodwill (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Goodwill [Roll Forward]
 
 
 
Goodwill, end of fiscal year
$ 4,778.1 
$ 4,647.1 
 
Operating Segments [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, Gross beginning of fiscal year
4,689.9 
1,969.2 
1,904.9 
Accumulated impairment losses, beginning of period
(42.8)
(42.8)
(42.8)
Goodwill, beginning of fiscal year
4,647.1 
1,926.4 
1,862.1 
Goodwill acquired
60.4 
2,769.8 
71.2 
Goodwill, Written off Related to Sale of Business Unit
(24.0)
 
 
Purchase price allocation adjustments
62.7 
1.3 
 
Translation adjustment
31.9 
(50.4)
(6.9)
Goodwill, Gross end of fiscal year
4,820.9 
4,689.9 
1,969.2 
Accumulated impairment losses, end of period
(42.8)
(42.8)
(42.8)
Goodwill, end of fiscal year
4,778.1 
4,647.1 
1,926.4 
Corrugated Packaging [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, Gross beginning of fiscal year
1,667.5 
1,525.4 
1,499.9 
Accumulated impairment losses, beginning of period
0 
0 
0 
Goodwill, beginning of fiscal year
1,667.5 
1,525.4 
1,499.9 
Goodwill acquired
52.4 
183.3 
29.0 
Goodwill, Written off Related to Sale of Business Unit
(24.0)
 
 
Purchase price allocation adjustments
(4.9)
2.4 
 
Translation adjustment
31.5 
(43.6)
(3.5)
Goodwill, Gross end of fiscal year
1,722.5 
1,667.5 
1,525.4 
Accumulated impairment losses, end of period
0 
0 
0 
Goodwill, end of fiscal year
1,722.5 
1,667.5 
1,525.4 
Consumer Packaging [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, Gross beginning of fiscal year
3,022.4 
443.8 
405.0 
Accumulated impairment losses, beginning of period
(42.8)
(42.8)
(42.8)
Goodwill, beginning of fiscal year
2,979.6 
401.0 
362.2 
Goodwill acquired
8.0 
2,586.5 
42.2 
Goodwill, Written off Related to Sale of Business Unit
0 
 
 
Purchase price allocation adjustments
67.6 
(1.1)
 
Translation adjustment
0.4 
(6.8)
(3.4)
Goodwill, Gross end of fiscal year
3,098.4 
3,022.4 
443.8 
Accumulated impairment losses, end of period
(42.8)
(42.8)
(42.8)
Goodwill, end of fiscal year
3,055.6 
2,979.6 
401.0 
Land and Development [Member]
 
 
 
Goodwill [Roll Forward]
 
 
 
Goodwill, end of fiscal year
$ 0 
$ 0 
$ 0 
Financial Results by Quarter (Unaudited) (Details) (USD $)
0 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended
Sep. 21, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Sep. 21, 2016
Sep. 30, 2015
Discontinued Operations [Member]
Sep. 30, 2016
Corrugated Packaging [Member]
Sep. 30, 2015
Corrugated Packaging [Member]
Sep. 30, 2014
Corrugated Packaging [Member]
Sep. 30, 2016
Consumer Packaging [Member]
Sep. 30, 2015
Consumer Packaging [Member]
Sep. 30, 2014
Consumer Packaging [Member]
Mar. 31, 2015
Smurfit Stone [Member]
Dec. 31, 2014
Lump Sum Pension Settlement [Member]
Sep. 30, 2014
Lump Sum Pension Settlement [Member]
Dec. 31, 2014
Other Postretirement Benefit Plan [Member]
Jun. 30, 2015
Other Postretirement Benefit Plan [Member]
Sep. 30, 2016
Other Postretirement Benefit Plan [Member]
Sep. 30, 2015
Other Postretirement Benefit Plan [Member]
Sep. 30, 2014
Other Postretirement Benefit Plan [Member]
Dec. 31, 2015
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Specialty Chemicals Business [Member]
Sep. 30, 2016
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Specialty Chemicals Business [Member]
Sep. 30, 2015
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Specialty Chemicals Business [Member]
Jun. 30, 2016
Customer Lists [Member]
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]
Specialty Chemicals Business [Member]
Net sales
 
$ 3,611,700,000 
$ 3,596,500,000 
$ 3,492,700,000 
$ 3,470,900,000 
$ 3,616,100,000 
$ 2,538,900,000 
$ 2,455,600,000 
$ 2,514,200,000 
$ 14,171,800,000 
$ 11,124,800,000 
$ 9,895,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
719,300,000 
727,300,000 
657,300,000 
654,700,000 
685,400,000 
526,300,000 
457,100,000 
469,500,000 
2,758,600,000 
2,138,300,000 
1,933,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension risk transfer expense
370,700,000 
370,700,000 
0 
0 
0 
 
 
 
 
370,700,000 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring and other costs, net
 
49,400,000 
43,100,000 
111,100,000 
162,800,000 
105,100,000 
13,100,000 
17,200,000 
5,400,000 
366,400,000 
140,800,000 
55,600,000 
 
 
230,200,000 1
8,000,000 1
22,400,000 1
10,000,000 2
4,400,000 2
2,700,000 2
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on extinguishment of debt
 
2,700,000 
0 
0 
0 
(2,600,000)
0 
0 
0 
2,700,000 
(2,600,000)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
(86,400,000)
152,400,000 
58,400,000 
30,400,000 
107,300,000 
157,900,000 
110,400,000 
125,600,000 
154,800,000 
501,200,000 
483,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from discontinued operations (net of income tax benefit (expense) of $32.3, $(17.5) and $0)
 
(5,300,000)
(58,700,000)
1,400,000 
(482,100,000)
10,600,000 
0 
0 
0 
(544,700,000)
10,600,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(544,700,000)
10,600,000 
 
Consolidated net income (loss)
 
(91,700,000)
93,700,000 
59,800,000 
(451,700,000)
117,900,000 
157,900,000 
110,400,000 
125,600,000 
(389,900,000)
511,800,000 
483,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
 
(92,000,000)
92,300,000 
56,900,000 
(453,500,000)
115,800,000 
156,400,000 
109,800,000 
125,100,000 
(396,300,000)
507,100,000 
479,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share from continuing operations
 
$ (0.34)
$ 0.60 
$ 0.22 
$ 0.12 
$ 0.41 
$ 1.11 
$ 0.78 
$ 0.89 
$ 0.60 
$ 2.92 
$ 3.34 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share from continuing operations
 
$ (0.34)
$ 0.59 
$ 0.22 
$ 0.12 
$ 0.40 
$ 1.10 
$ 0.77 
$ 0.88 
$ 0.59 
$ 2.87 
$ 3.29 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic (loss) earnings per share attributable to common stockholders
 
$ (0.37)
$ 0.37 
$ 0.22 
$ (1.76)
$ 0.45 
$ 1.11 
$ 0.78 
$ 0.89 
$ (1.56)
$ 2.97 
$ 3.34 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to Rock-Tenn Company shareholders
 
$ (0.37)
$ 0.36 
$ 0.22 
$ (1.73)
$ 0.44 
$ 1.10 
$ 0.77 
$ 0.88 
$ (1.54)
$ 2.93 
$ 3.29 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill, Impairment Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
478,300,000 
 
 
 
Defined Benefit Plan, Recognized Net (Gain) Loss Due to Settlements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20,000,000 
(47,900,000)
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Recognized Net (Gain) Loss Due to Curtailments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(8,100,000)
(8,500,000)
0 
(8,500,000)
0 
 
 
 
 
Plan Assets Used to Settle Pension Obligations Plan by Purchasing Group Annuity Contracts from Prudential
 
 
 
 
 
 
 
 
 
 
 
 
2,500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share, Estimated Increase (Decrease) Due to Specific Items Occurring During Quarter
 
 
 
 
$ (1.86)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share, Estimated Increase (Decrease) Due to Specific Items Occurring During Quarter
 
 
 
 
$ (1.83)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment of Intangible Assets (Excluding Goodwill)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101,100,000 
Basic and Diluted Earnings Per Share from Continuing Operations and Basic and Diluted Earnings Per Share, Estimated Increase (Decrease) Due to Specific Items Occurring During Quarter
 
$ (0.91)
 
 
 
$ (0.16)
 
 
$ (0.06)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-Tax Inventory Step-Up
 
 
 
 
 
63,400,000 
 
 
 
8,100,000 
64,700,000 
 
 
8,200,000 
3,400,000 
2,200,000 
 
4,700,000 
62,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions
 
 
 
 
 
 
 
 
 
 
3,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain Related to Spare Parts Identified Following Acquisition
 
 
 
 
 
 
 
 
 
 
$ (6,700,000)
$ (32,300,000)
 
 
 
 
 
 
 
 
$ (5,500,000)
 
 
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share from Continuing Operations and Basic Earnings Per Share, Estimated Increase (Decrease) Due to Specific Items Occurring During Quarter
 
 
 
 
 
 
 
$ 0.03 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share from Continuing Operations and Diluted Earnings Per Share, Estimated Increase (Decrease) Due to Specific Items Occurring During Quarter
 
 
 
 
 
 
 
$ 0.02 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic and Diluted Earnings Per Share, Estimated Increase (Decrease) Due to Specific Items Occurring During Quarter
 
 
$ (0.27)
 
 
$ (0.18)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[1] The Corrugated Packaging segment related charges in fiscal 2016 primarily reflect the charges associated with the permanent closures of the Coshocton, OH and Uncasville, CT medium mills, the Newberg, OR containerboard and newsprint mill, the Vapi, India linerboard mill, restructuring activities at a corrugated container facility, restructuring activities at a recycling facility and on-going closure costs at previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2015 are primarily associated with the closure of one recycled collection facility and on-going closure costs at other previously closed facilities. The Corrugated Packaging segment related charges in fiscal 2014 are primarily associated with the closure of one corrugated container plant, one collection facility and on-going closure costs and fair value adjustments for assets at previously closed facilities which were partially offset by gains on sale of previously closed facilities. The cumulative charges are primarily associated with the closure of the Coshocton, Uncasville, Newberg, Vapi and Matane, Quebec mills, cumulative closure of corrugated container plants and recycled collection facilities and gains and losses associated with the sale of closed facilities. We have transferred a substantial portion of each closed facility's production to our other facilities.
Subsequent Event (Details) (Subsequent Event [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2016
Minimum [Member]
 
Subsequent Event [Line Items]
 
Amount of Aggregate Pension Benefit Obligation for Former Employees Expected to Accept Pension Settlement Offer
$ 160 
Maximum [Member]
 
Subsequent Event [Line Items]
 
Amount of Aggregate Pension Benefit Obligation for Former Employees Expected to Accept Pension Settlement Offer
$ 200