Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Guarantor Condensed Consolidating Statements of Operations

	Three Months Ended March 31, 2020
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
Net Sales	$	1,350.3	$	—	$	379.3	$	(130.5)	$	1,599.1
Cost of Sales	1,081.4		(0.3)		327.7		(130.5)		1,278.3
Selling, General and Administrative	111.5		(0.7)		24.7		—		135.5
Other Expense, Net	1.9		—		4.6		—		6.5
Business Combinations and Shutdown and Other Special Charges, Net	16.1		—		2.6		—		18.7
Income from Operations	139.4		1.0		19.7		—		160.1
Nonoperating Pension and Postretirement (Expense) Benefit Income	(152.0)		—		0.4		—		(151.6)
Interest Expense, Net	(32.8)		—		(0.9)		—		(33.7)
Loss on Modification or Extinguishment of Debt	—		—		—		—		—
(Loss) Income before Income Taxes and Equity Income of Unconsolidated Entity	(45.4)		1.0		19.2		—		(25.2)
Income Tax Benefit (Expense)	2.8		(0.1)		(1.1)		—		1.6
(Loss) Income before Equity Income of Unconsolidated Entities	(42.6)		0.9		18.1		—		(23.6)
Equity Income of Unconsolidated Entity	—		—		0.1		—		0.1
Equity in Net Earnings of Subsidiaries	19.1		(0.9)		—		(18.2)		—
Net (Loss) Income	$	(23.5)	$	—	$	18.2	$	(18.2)	$	(23.5)
Comprehensive Income (Loss)	$	111.8	$	(5.1)	$	(99.1)	$	104.2	$	111.8

	Three Months Ended March 31, 2019
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
Net Sales	$	1,282.9	$	—	$	340.6	$	(117.6)	$	1,505.9
Cost of Sales	1,062.0		(0.3)		295.7		(117.6)		1,239.8
Selling, General and Administrative	101.1		(0.7)		24.1		—		124.5
Other (Income) Expense, Net	(2.9)		—		4.1		—		1.2
Business Combinations and Shutdown and Other Special Charges, Net	5.8		—		0.4		—		6.2
Income from Operations	116.9		1.0		16.3		—		134.2
Nonoperating Pension and Postretirement Benefit (Expense) Income	(0.6)		—		0.5		—		(0.1)
Interest Expense, Net	(33.6)		—		(1.4)		—		(35.0)
Loss on Modification or Extinguishment of Debt	—		—		—		—		—
Income before Income Taxes and Equity Income of Unconsolidated Entity	82.7		1.0		15.4		—		99.1
Income Tax Expense	(3.4)		—		(0.6)		—		(4.0)
Income before Equity Income of Unconsolidated Entities	79.3		1.0		14.8		—		95.1
Equity Income of Unconsolidated Entity	—		—		0.2		—		0.2
Equity in Net Earnings of Subsidiaries	16.0		(1.0)		—		(15.0)		—
Net Income (Loss)	$	95.3	$	—	$	15.0	$	(15.0)	$	95.3
Comprehensive Income (Loss)	$	101.4	$	0.3	$	22.9	$	(23.2)	$	101.4

Schedule of Guarantor Condensed Consolidating Balance Sheets

	March 31, 2020
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	50.3	$	—	$	59.9	$	—	$	110.2
Receivables, Net	179.3		—		440.2		—		619.5
Inventories, Net	874.3		—		268.7		—		1,143.0
Intercompany Receivables	871.1		204.4		—		(1,075.5)		—
Other Current Assets	38.8		—		20.4		—		59.2
Total Current Assets	2,013.8		204.4		789.2		(1,075.5)		1,931.9
Property, Plant and Equipment, Net	2,949.5		0.1		338.5		—		3,288.1
Investment in Consolidated Subsidiaries	204.5		9.0		—		(213.5)		—
Goodwill	1,299.8		—		163.4		—		1,463.2
Other Assets	550.0		—		205.7		—		755.7
Total Assets	$	7,017.6	$	213.5	$	1,496.8	$	(1,289.0)	$	7,438.9
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	40.7	$	—	$	8.4	$	—	$	49.1
Accounts Payable	506.2		—		119.5		—		625.7
Intercompany Payables	—		—		1,327.6		(1,327.6)		—
Other Accrued Liabilities	253.7		—		91.2		—		344.9
Total Current Liabilities	800.6		—		1,546.7		(1,327.6)		1,019.7
Long-Term Debt	3,355.3		—		79.2		—		3,434.5
Deferred Income Tax Liabilities	4.2		—		13.4		—		17.6
Other Noncurrent Liabilities	286.4		—		109.6		—		396.0
MEMBER'S INTEREST
Total Member's Interest	2,571.1		213.5		(252.1)		38.6		2,571.1
Total Liabilities and Member's Interest	$	7,017.6	$	213.5	$	1,496.8	$	(1,289.0)	$	7,438.9

	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 Receivables	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 Payables	—		—		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

Schedule of Guarantor Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2020
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$	(23.5)	$	—	$	18.2	$	(18.2)	$	(23.5)
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Depreciation and Amortization	97.3		—		16.3		—		113.6
Deferred Income Taxes	(3.1)		—		(4.5)		—		(7.6)
Amount of Postretirement Expense Greater (Less) Than Funding	155.1		—		(0.8)		—		154.3
Equity in Net Earnings of Subsidiaries	(19.1)		0.9		—		18.2		—
Other, Net	29.2		—		—		—		29.2
Changes in Operating Assets and Liabilities	(271.3)		(0.9)		(68.9)		—		(341.1)
Net Cash Used in Operating Activities	(35.4)		—		(39.7)		—		(75.1)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(122.2)		—		(24.4)		—		(146.6)
Packaging Machinery Spending	(5.3)		—		(1.2)		—		(6.5)
Acquisition of Business, Net of Cash Acquired	—		—		(42.1)		—		(42.1)
Cash Receipts on Sold Receivables	—		—		23.7		—		23.7
Beneficial Interest Obtained in Exchange for Proceeds	—		—		(3.3)		—		(3.3)
Other, Net	(43.1)		—		—		42.1		(1.0)
Net Cash (Used in) Provided by Investing Activities	(170.6)		—		(47.3)		42.1		(175.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Debt	(9.1)		—		—		—		(9.1)
Proceeds from the Issuance of Debt	450.0		—		—		—		450.0
Borrowings under Revolving Credit Facilities	1,154.2		—		24.3		—		1,178.5
Payments on Revolving Credit Facilities	(984.2)		—		(2.7)		—		(986.9)
Membership Distribution	(404.9)		—		—		—		(404.9)
Debt Issuance Cost	(6.4)		—		—		—		(6.4)
Other, Net	(2.7)		—		42.1		(42.1)		(2.7)
Net Cash Provided by (Used in) Financing Activities	196.9		—		63.7		(42.1)		218.5
Effect of Exchange Rate Changes on Cash	—		—		(6.1)		—		(6.1)
Net Decrease in Cash and Cash Equivalents	(9.1)		—		(29.4)		—		(38.5)
Cash and Cash Equivalents at Beginning of Period	59.4		—		89.3		—		148.7
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	50.3	$	—	$	59.9	$	—	$	110.2

	Three Months Ended March 31, 2019
In millions	Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries		Consolidating Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	95.3	$	—	$	15.0	$	(15.0)	$	95.3
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Depreciation and Amortization	99.0		—		18.1		—		117.1
Deferred Income Taxes	2.8		—		(2.9)		—		(0.1)
Amount of Postretirement Expense Greater (Less) Than Funding	3.3		—		(0.9)		—		2.4
Equity in Net Earnings of Subsidiaries	(16.0)		1.0		—		15.0		—
Other, Net	3.4		—		(0.1)		—		3.3
Changes in Operating Assets and Liabilities	(327.1)		(1.0)		(62.0)		—		(390.1)
Net Cash Used In Operating Activities	(139.3)		—		(32.8)		—		(172.1)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(56.7)		—		(16.3)		—		(73.0)
Packaging Machinery Spending	(6.0)		—		(1.0)		—		(7.0)
Acquisition of Business, Net of Cash Acquired	(2.0)		—		—		—		(2.0)
Cash Receipts on Sold Receivables	251.8		—		27.7		—		279.5
Beneficial Interest Obtained in Exchange for Proceeds	(150.0)		—		(3.3)		—		(153.3)
Other, Net	(1.0)		—		—		—		(1.0)
Net Cash Provided by Investing Activities	36.1		—		7.1		—		43.2
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Debt	(9.1)		—		—		—		(9.1)
Borrowings under Revolving Credit Facilities	747.5		—		27.7		—		775.2
Payments on Revolving Credit Facilities	(534.5)		—		(14.4)		—		(548.9)
Membership Distribution	(94.1)		—		—		—		(94.1)
Other, Net	(2.6)		—		—		—		(2.6)
Net Cash Provided by Financing Activities	107.2		—		13.3		—		120.5
Effect of Exchange Rate Changes on Cash	—		—		0.2		—		0.2
Net Increase (Decrease) in Cash and Cash Equivalents	4.0		—		(12.2)		—		(8.2)
Cash and Cash Equivalents at Beginning of Period	14.5		—		56.0		—		70.5
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	18.5	$	—	$	43.8	$	—	$	62.3