Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Guarantor Condensed Consolidating Statements of Operations

	Year Ended December 31, 2019
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
Net Sales	$	5,176.4	$	—	$	1,414.5	$	(430.8)	$	6,160.1
Cost of Sales	4,281.9		(1.2)		1,217.6		(430.8)		5,067.5
Selling, General and Administrative	417.9		(2.4)		96.4		—		511.9
Other Expense, Net	1.7		—		7.5		—		9.2
Business Combinations and Shutdown and Other Special Charges, Net	18.3		—		19.6		—		37.9
Income from Operations	456.6		3.6		73.4		—		533.6
Nonoperating Pension and Postretirement Benefit (Expense) Income	(41.6)		—		2.1		—		(39.5)
Interest Expense, Net	(135.1)		—		(5.5)		—		(140.6)
Income before Income Taxes and Equity Income of Unconsolidated Entity	279.9		3.6		70.0		—		353.5
Income Tax Expense	(2.4)		(0.1)		(17.9)		—		(20.4)
Income before Equity Income of Unconsolidated Entities	277.5		3.5		52.1		—		333.1
Equity Income of Unconsolidated Entity	—		—		0.4		—		0.4
Equity in Net Earnings of Subsidiaries	56.0		(3.5)		—		(52.5)		—
Net Income (Loss)	333.5		—		52.5		(52.5)		333.5
Comprehensive Income (Loss)	$	350.6	$	1.1	$	71.0	$	(72.1)	$	350.6

	Year Ended December 31, 2018
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
Net Sales	$	5,010.0	$	—	$	1,365.2	$	(345.8)	$	6,029.4
Cost of Sales	4,223.9		(1.1)		1,200.0		(345.8)		5,077.0
Selling, General and Administrative	376.7		(2.7)		97.8		—		471.8
Other (Income) Expense, Net	(2.5)		—		9.7		—		7.2
Business Combinations and Shutdown and Other Special Charges, Net	14.4		—		0.5		—		14.9
Income from Operations	397.5		3.8		57.2		—		458.5
Nonoperating Pension and Postretirement Benefit Income	11.4		—		3.5		—		14.9
Interest Expense, Net	(117.9)		—		(5.8)		—		(123.7)
Loss on Modification or Extinguishment of Debt	(1.9)		—		—		—		(1.9)
Income before Income Taxes and Equity Income of Unconsolidated Entity	289.1		3.8		54.9		—		347.8
Income Tax Expense	(1.6)		(0.1)		(10.1)		—		(11.8)
Income before Equity Income of Unconsolidated Entity	287.5		3.7		44.8		—		336.0
Equity Income of Unconsolidated Entity	—		—		1.2		—		1.2
Equity in Net Earnings of Subsidiaries	49.7		(3.7)		—		(46.0)		—
Net Income (Loss)	337.2		—		46.0		(46.0)		337.2
Comprehensive Income (Loss)	$	278.7	$	0.1	$	(2.8)	$	2.7	$	278.7

	Year Ended December 31, 2017
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
Net Sales	$	3,510.0	$	48.5	$	1,169.6	$	(322.5)	$	4,405.6
Cost of Sales	2,945.9		40.7		1,032.0		(322.5)		3,696.1
Selling, General and Administrative	261.3		1.4		84.8		—		347.5
Other (Income) Expense, Net	(6.1)		0.1		9.0		—		3.0
Business Combinations and Shutdown and Other Special Charges, Net	19.4		—		11.7		—		31.1
Income from Operations	289.5		6.3		32.1		—		327.9
Nonoperating Pension and Postretirement Benefit Income	14.8		—		—		—		14.8
Interest Expense, Net	(84.9)		—		(4.8)		—		(89.7)
Income before Income Taxes and Equity Income of Unconsolidated Entity	219.4		6.3		27.3		—		253.0
Income Tax Benefit (Expense)	331.1		(3.5)		(5.9)		—		321.7
Income before Equity Income of Unconsolidated Entities	550.5		2.8		21.4		—		574.7
Equity Income of Unconsolidated Entity	—		—		1.7		—		1.7
Equity in Net Earnings of Subsidiaries	25.9		(6.1)		—		(19.8)		—
Net Income (Loss)	$	576.4	$	(3.3)	$	23.1	$	(19.8)	$	576.4
Comprehensive Income (Loss)	$	625.2	$	(26.0)	$	78.5	$	(52.5)	$	625.2

Schedule of Guarantor Condensed Consolidating Balance Sheets

	Year Ended December 31, 2019
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	59.4	$	—	$	89.3	$	—	$	148.7
Receivables, Net	154.0		—		346.2		—		500.2
Inventories, Net	843.6		—		252.3		—		1,095.9
Intercompany	781.4		203.0		—		(984.4)		—
Other Current Assets	29.7		—		20.4		—		50.1
Total Current Assets	1,868.1		203.0		708.2		(984.4)		1,794.9
Property, Plant and Equipment, Net	2,925.4		0.1		328.3		—		3,253.8
Investment in Consolidated Subsidiaries	203.1		15.5		—		(218.6)		—
Goodwill	1,299.8		—		177.2		—		1,477.0
Other Assets	536.9		—		214.1		—		751.0
Total Assets	$	6,833.3	$	218.6	$	1,427.8	$	(1,203.0)	$	7,276.7
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	40.6	$	—	$	9.8	$	—	$	50.4
Accounts Payable	571.4		—		144.7		—		716.1
Intercompany	—		—		1,137.4		(1,137.4)		—
Other Accrued Liabilities	315.0		—		95.0		—		410.0
Total Current Liabilities	927.0		—		1,386.9		(1,137.4)		1,176.5
Long-Term Debt	2,751.3		—		58.6		—		2,809.9
Deferred Income Tax Liabilities	4.8		—		22.9		—		27.7
Other Noncurrent Liabilities	293.6		—		112.4		—		406.0
MEMBER'S INTEREST
Total Member's Interest	2,856.6		218.6		(153.0)		(65.6)		2,856.6
Total Liabilities and Member's Interest	$	6,833.3	$	218.6	$	1,427.8	$	(1,203.0)	$	7,276.7

	Year Ended December 31, 2018
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	14.5	$	—	$	56.0	$	—	$	70.5
Receivables, Net	211.5		—		358.8		—		570.3
Inventories, Net	791.9		—		222.5		—		1,014.4
Intercompany	652.7		204.8		—		(857.5)		—
Other Current Assets	87.1		—		15.0		—		102.1
Total Current Assets	1,757.7		204.8		652.3		(857.5)		1,757.3
Property, Plant and Equipment, Net	2,925.4		0.1		314.2		—		3,239.7
Investment in Consolidated Subsidiaries	204.9		12.6		—		(217.5)		—
Goodwill	1,294.2		—		165.5		—		1,459.7
Other Assets	451.2		—		140.9		—		592.1
Total Assets	$	6,633.4	$	217.5	$	1,272.9	$	(1,075.0)	$	7,048.8
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	39.8	$	—	$	12.2	$	—	$	52.0
Accounts Payable	571.9		—		139.7		—		711.6
Intercompany	—		—		1,081.5		(1,081.5)		—
Other Accrued Liabilities	311.0		—		72.9		—		383.9
Total Current Liabilities	922.7		—		1,306.3		(1,081.5)		1,147.5
Long-Term Debt	2,807.5		—		97.6		—		2,905.1
Deferred Income Tax Liabilities	4.0		—		22.5		—		26.5
Other Noncurrent Liabilities	153.9		—		70.5		—		224.4
MEMBER'S INTEREST
Total Member's Interest	2,745.3		217.5		(224.0)		6.5		2,745.3
Total Liabilities and Member's Interest	$	6,633.4	$	217.5	$	1,272.9	$	(1,075.0)	$	7,048.8

Schedule of Guarantor Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2019
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	333.5	$	—	$	52.5	$	(52.5)	$	333.5
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	386.8		—		60.4		—		447.2
Deferred Income Taxes	0.8		—		5.0		—		5.8
Amount of Postretirement Expense Greater (Less) Than Funding	46.1		—		(4.6)		—		41.5
Equity in Net Earnings of Subsidiaries	(56.0)		3.5		—		52.5		—
Other, Net	19.9		—		(0.1)		—		19.8
Changes in Operating Assets and Liabilities	(97.8)		(3.5)		(84.9)		—		(186.2)
Net Cash Provided by Operating Activities	633.3		—		28.3		—		661.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(288.0)		—		(42.9)		—		(330.9)
Packaging Machinery Spending	(20.9)		—		(1.1)		—		(22.0)
Acquisition of Business, Net of Cash Acquired	(2.0)		—		(52.5)		—		(54.5)
Cash Receipts on Sold Receivables	251.8		—		91.8		—		343.6
Beneficial Interest Obtained in Exchange for Proceeds	(150.0)		—		(5.9)		—		(155.9)
Other, Net	(57.1)		—		—		52.5		(4.6)
Net Cash (Used in) Provided by Investing Activities	(266.2)		—		(10.6)		52.5		(224.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance or Modification of Debt	300.0		—		—		—		300.0
Payments on Debt	(36.5)		—		—		—		(36.5)
Borrowings under Revolving Credit Facilities	2,457.2		—		40.3		—		2,497.5
Payments on Revolving Credit Facilities	(2,786.2)		—		(78.9)		—		(2,865.1)
Membership Distribution	(248.5)		—		—		—		(248.5)
Debt Issuance Cost	(5.0)		—		—		—		(5.0)
Other, Net	(3.2)		—		52.5		(52.5)		(3.2)
Net Cash (Used in) Provided by Financing Activities	(322.2)		—		13.9		(52.5)		(360.8)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—		1.7		—		1.7
Net Increase in Cash and Cash Equivalents	44.9		—		33.3		—		78.2
Cash and Cash Equivalents at Beginning of Year	14.5		—		56.0		—		70.5
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	59.4	$	—	$	89.3	$	—	$	148.7

	Year Ended December 31, 2018
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	337.2	$	—	$	46.0	$	(46.0)	$	337.2
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	354.5		—		76.1		—		430.6
Deferred Income Taxes	0.1		—		(5.6)		—		(5.5)
Amount of Postretirement Expense Greater (Less) Than Funding	1.6		—		(6.3)		—		(4.7)
Gain on the Sale of Assets, net	(38.6)		—		—		—		(38.6)
Equity in Net Earnings of Subsidiaries	(49.7)		3.7		—		46.0		—
Other, Net	57.0		—		(0.3)		—		56.7
Changes in Operating Assets and Liabilities	(417.7)		(3.7)		(704.8)		—		(1,126.2)
Net Cash Provided by (Used In) Operating Activities	244.4		—		(594.9)		—		(350.5)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(349.9)		—		(28.9)		—		(378.8)
Packaging Machinery Spending	(11.0)		—		(5.4)		—		(16.4)
Acquisition of Business, Net of Cash Acquired	(88.3)		—		(1.1)		—		(89.4)
Cash Receipts on Sold Receivables	782.8		—		693.9		—		1,476.7
Beneficial Interest Obtained in Exchange for Proceeds	(320.0)		—		(25.5)		—		(345.5)
Proceeds Received from the Sale of Assets, Net of Selling Costs	49.4		—		—		—		49.4
Other, Net	(4.2)		—		(2.7)		—		(6.9)
Net Cash Provided by Investing Activities	58.8		—		630.3		—		689.1
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Debt	(152.4)		—		—		—		(152.4)
Borrowings under Revolving Credit Facilities	1,827.5		—		49.4		—		1,876.9
Payments on Revolving Credit Facilities	(1,717.3)		—		(70.2)		—		(1,787.5)
Debt Issuance Costs	(7.9)		—		—		—		(7.9)
Membership Distribution	(241.9)		—		—		—		(241.9)
Other, Net	2.1		—		—		—		2.1
Net Cash Used in Financing Activities	(289.9)		—		(20.8)		—		(310.7)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—		(1.5)		—		(1.5)
Net Increase in Cash and Cash Equivalents	13.3		—		13.1		—		26.4
Cash and Cash Equivalents at Beginning of Year	1.2		—		42.9		—		44.1
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	14.5	$	—	$	56.0	$	—	$	70.5

	Year Ended December 31, 2017
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	576.4	$	(3.3)	$	23.1	$	(19.8)	$	576.4
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Depreciation and Amortization	260.8		4.8		64.7		—		330.3
Deferred Income Taxes	(341.8)		(1.1)		(3.9)		—		(346.8)
Amount of Postretirement Expense Less Than Funding	(113.8)		—		(13.3)		—		(127.1)
Gain on the Sale of Assets, net	(3.7)		—		—		—		(3.7)
Equity in Net Earnings of Subsidiaries	(25.9)		6.1		—		19.8		—
Other, Net	7.5		—		(0.4)		—		7.1
Changes in Operating Assets and Liabilities	(382.9)		(7.7)		(261.4)		—		(652.0)
Net Cash Used in Operating Activities	(23.4)		(1.2)		(191.2)		—		(215.8)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(193.2)		—		(47.7)		—		(240.9)
Packaging Machinery Spending	(19.1)		—		(0.1)		—		(19.2)
Acquisition of Business, Net of Cash Acquired	(127.0)		—		(62.4)		—		(189.4)
Cash Receipts on Sold Receivables	565.7		—		240.4		—		806.1
Beneficial Interest Obtained in Exchange for Proceeds	(90.0)		—		(7.4)		—		(97.4)
Proceeds Received from the Sale of Assets, Net of Selling Costs	7.9		—		—		—		7.9
Other, Net	(15.5)		—		—		16.5		1.0
Net Cash Provided by Investing Activities	128.8		—		122.8		16.5		268.1
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Debt	(25.0)		—		—		—		(25.0)
Borrowings under Revolving Credit Facilities	1,103.4		—		99.5		—		1,202.9
Payments on Revolving Credit Facilities	(1,026.6)		—		(64.2)		—		(1,090.8)
Dividends Paid	(150.3)		—		—				(150.3)
Other, Net	(6.6)		—		16.5		(16.5)		(6.6)
Net Cash (Used in) Provided by Financing Activities	(105.1)		—		51.8		(16.5)		(69.8)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—		2.5		—		2.5
Net Increase (Decrease) in Cash and Cash Equivalents	0.3		(1.2)		(14.1)		—		(15.0)
Cash and Cash Equivalents at Beginning of Year	0.9		1.2		57.0		—		59.1
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.2	$	—	$	42.9	$	—	$	44.1