Guarantor Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Guarantor Condensed Consolidating Statements of Operations

	Three Months Ended September 30, 2016
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	872.6		$	27.1		$	281.2		$	(77.2	)	$	1,103.7
Cost of Sales	—		715.9			23.6			250.1			(77.2		)	912.4
Selling, General and Administrative	—		53.6			4.5			20.8			—			78.9
Other (Income) Expense, Net	—		(1.5		)	—			1.4			—			(0.1		)
Business Combinations and Other Special Charges	—		7.1			—			0.3			—			7.4
Income (Loss) from Operations	—		97.5			(1.0		)	8.6			—			105.1
Interest Expense, Net	—		(19.0		)	—			(1.0		)	—			(20.0		)
Income before Income Taxes and Equity Income of Unconsolidated Entity	—		78.5			(1.0		)	7.6			—			85.1
Income Tax (Expense) Benefit	—		(24.6		)	0.7			(4.1		)	—			(28.0		)
Income (Loss) before Equity Income of Unconsolidated Entities	—		53.9			(0.3		)	3.5			—			57.1
Equity Income of Unconsolidated Entity	—		—			—			0.7			—			0.7
Equity in Net Earnings of Subsidiaries	57.8		3.9			0.9			—			(62.6		)	—
Net Income (Loss)	$	57.8	$	57.8		$	0.6		$	4.2		$	(62.6	)	$	57.8
Comprehensive Income (Loss)	$	58.3	$	58.3		$	(0.7	)	$	(3.8	)	$	(53.8	)	$	58.3

	Three Months Ended September 30, 2015
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	856.5		$	0.4		$	268.7		$	(55.6	)	$	1,070.0
Cost of Sales	—		691.9			(0.3		)	232.1			(55.6		)	868.1
Selling, General and Administrative	—		66.2			(0.1		)	17.6			—			83.7
Other Income, Net	—		(2.4		)	—			2.6			—			0.2
Business Combinations and Other Special Charges	—		0.6			—			7.4			—			8.0
Income from Operations	—		100.2			0.8			9.0			—			110.0
Interest Expense, Net	—		(15.7		)	—			(0.8		)	—			(16.5		)
Income before Income Taxes and Equity Income of Unconsolidated Entity	—		84.5			0.8			8.2			—			93.5
Income Tax Expense	—		(30.6		)	(0.3		)	(2.7		)	—			(33.6		)
Income before Equity Income of Unconsolidated Entity	—		53.9			0.5			5.5			—			59.9
Equity Income of Unconsolidated Entity	—		—			—			0.3			—			0.3
Equity in Net Earnings of Subsidiaries	60.2		6.3			(1.3		)	—			(65.2		)	—
Net Income (Loss)	$	60.2	$	60.2		$	(0.8	)	$	5.8		$	(65.2	)	$	60.2
Comprehensive Income (Loss)	$	42.6	$	42.6		$	(2.9	)	$	(25.6	)	$	(14.1	)	$	42.6

	Nine Months Ended September 30, 2016
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	2,612.8		$	72.4		$	783.9		$	(228.2	)	$	3,240.9
Cost of Sales	—		2,117.0			61.5			686.8			(228.2		)	2,637.1
Selling, General and Administrative	—		193.1			8.2			59.4			—			260.7
Other (Income) Expense, Net	—		(4.1		)	—			6.1			—			2.0
Business Combinations and Other Special Charges	—		21.6			—			1.6			—			23.2
Income from Operations	—		285.2			2.7			30.0			—			317.9
Interest Expense, Net	—		(52.1		)	—			(3.0		)	—			(55.1		)
Income before Income Taxes and Equity Income of Unconsolidated Entity	—		233.1			2.7			27.0			—			262.8
Income Tax Expense	—		(60.7		)	(1.0		)	(9.6		)	—			(71.3		)
Income before Equity Income of Unconsolidated Entity	—		172.4			1.7			17.4			—			191.5
Equity Income of Unconsolidated Entity	—		—			—			1.6			—			1.6
Equity in Net Earnings of Subsidiaries	193.1		20.7			(2.6		)	—			(211.2		)	—
Net Income (Loss)	$	193.1	$	193.1		$	(0.9	)	$	19.0		$	(211.2	)	$	193.1
Comprehensive Income (Loss)	$	156.4	$	156.4		$	(4.1	)	$	(22.0	)	$	(130.3	)	$	156.4

	Nine Months Ended September 30, 2015
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	2,547.2		$	1.2		$	770.0		$	(183.1	)	$	3,135.3
Cost of Sales	—		2,066.1			(0.8		)	663.6			(183.1		)	2,545.8
Selling, General and Administrative	—		200.5			2.1			55.2			—			257.8
Other (Income) Expense, Net	—		(9.8		)	—			1.9			—			(7.9		)
Business Combinations and Other Special Charges	—		2.3			—			11.8			—			14.1
Income (Loss) from Operations	—		288.1			(0.1		)	37.5			—			325.5
Interest Expense, Net	—		(48.6		)	—			(2.6		)	—			(51.2		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—		239.5			(0.1		)	34.9			—			274.3
Income Tax (Expense) Benefit	—		(88.6		)	0.1			(13.8		)	—			(102.3		)
Income before Equity Income of Unconsolidated Entity	—		150.9			—			21.1			—			172.0
Equity Income of Unconsolidated Entity	—		—			—			0.9			—			0.9
Equity in Net Earnings of Subsidiaries	172.9		22.0			(0.3		)	—			(194.6		)	—
Net Income (Loss)	$	172.9	$	172.9		$	(0.3	)	$	22.0		$	(194.6	)	$	172.9
Comprehensive Income (Loss)	$	170.0	$	170.0		$	(4.3	)	$	(12.0	)	$	(153.7	)	$	170.0

Schedule of Guarantor Condensed Consolidating Balance Sheets

	September 30, 2016
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—	$	6.6	$	0.6	$	38.5		$	—		$	45.7
Receivables, Net	—		219.7		8.5		272.7			—			500.9
Inventories, Net	—		403.2		14.2		174.5			—			591.9
Intercompany	—		1,023.2		48.6		—			(1,071.8		)	—
Other Current Assets	—		26.9		—		13.2			(0.1		)	40.0
Total Current Assets	—		1,679.6		71.9		498.9			(1,071.9		)	1,178.5
Property, Plant and Equipment, Net	—		1,434.8		63.6		269.1			—			1,767.5
Investment in Consolidated Subsidiaries	1,333.2		—		14.2		—			(1,347.4		)	—
Goodwill	—		1,098.9		55.5		110.6			—			1,265.0
Other Assets	—		330.5		67.3		114.0			(0.7		)	511.1
Total Assets	$	1,333.2	$	4,543.8	$	272.5	$	992.6		$	(2,420.0	)	$	4,722.1
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	25.3	$	—	$	38.8		$	—		$	64.1
Accounts Payable	—		317.8		4.1		104.9			—			426.8
Intercompany	225.2		—		—		894.3			(1,119.5		)	—
Other Accrued Liabilities	—		171.2		2.6		67.4			(0.1		)	241.1
Total Current Liabilities	225.2		514.3		6.7		1,105.4			(1,119.6		)	732.0
Long-Term Debt	—		2,101.7		—		89.2			—			2,190.9
Deferred Income Tax Liabilities	—		297.8		43.3		29.4			—			370.5
Other Noncurrent Liabilities	—		296.8		—		24.6			(0.7		)	320.7
EQUITY
Total Equity	1,108.0		1,333.2		222.5		(256.0		)	(1,299.7		)	1,108.0
Total Liabilities and Equity	$	1,333.2	$	4,543.8	$	272.5	$	992.6		$	(2,420.0	)	$	4,722.1

	December 31, 2015
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—	$	0.1	$	—	$	54.8		$	—		$	54.9
Receivables, Net	—		217.0		—		206.9			—			423.9
Inventories, Net	—		408.8		—		148.3			—			557.1
Intercompany	—		656.4		21.6		—			(678.0		)	—
Other Current Assets	—		19.2		6.3		5.4			—			30.9
Total Current Assets	—		1,301.5		27.9		415.4			(678.0		)	1,066.8
Property, Plant and Equipment, Net	—		1,358.0		0.2		228.2			—			1,586.4
Investment in Consolidated Subsidiaries	1,176.8		—		15.2		—			(1,192.0		)	—
Goodwill	—		1,042.8		—		125.0			—			1,167.8
Other Assets	—		334.7		—		100.4			—			435.1
Total Assets	$	1,176.8	$	4,037.0	$	43.3	$	869.0		$	(1,870.0	)	$	4,256.1
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	25.5	$	—	$	11.1		$	—		$	36.6
Accounts Payable	—		342.8		—		115.1			—			457.9
Intercompany	75.1		—		—		808.8			(883.9		)	—
Other Accrued Liabilities	—		191.8		—		45.9			—			237.7
Total Current Liabilities	75.1		560.1		—		980.9			(883.9		)	732.2
Long-Term Debt	—		1,761.4		—		77.5			—			1,838.9
Deferred Income Tax Liabilities	—		249.2		—		17.5			—			266.7
Other Noncurrent Liabilities	—		289.5		—		27.1			—			316.6
EQUITY
Total Equity	1,101.7		1,176.8		43.3		(234.0		)	(986.1		)	1,101.7
Total Liabilities and Equity	$	1,176.8	$	4,037.0	$	43.3	$	869.0		$	(1,870.0	)	$	4,256.1

Schedule of Guarantor Condensed Consolidating Statements of Cash Flows

	Nine Months Ended September 30, 2016
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	193.1		$	193.1		$	(0.9	)	$	19.0		$	(211.2	)	$	193.1
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			174.7			10.8			38.6			—			224.1
Deferred Income Taxes	—			51.8			0.8			2.5			—			55.1
Amount of Postretirement Expense Less Than Funding	—			(20.3		)	—			(4.0		)	—			(24.3		)
Equity in Net Earnings of Subsidiaries	(193.1		)	(20.7		)	2.6			—			211.2			—
Other, Net	—			32.2			—			0.4			—			32.6
Changes in Operating Assets and Liabilities	—			(27.2		)	(12.7		)	(46.4		)	—			(86.3		)
Net Cash Provided by Operating Activities	—			383.6			0.6			10.1			—			394.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(208.5		)	—			(40.2		)	—			(248.7		)
Packaging Machinery Spending	—			(9.7		)	—			—			—			(9.7		)
Acquisition of Business, Net of Cash Acquired	—			(173.1		)	—			(158.8		)	—			(331.9		)
Other, Net	165.5			(164.1		)	—			—			(5.5		)	(4.1		)
Net Cash Provided by (Used in) Investing Activities	165.5			(555.4		)	—			(199.0		)	(5.5		)	(594.4		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(106.4		)	—			—			—			—			(106.4		)
Payments on Debt	—			(18.8		)	—			—			—			(18.8		)
Proceeds from the Issuance of Debt	—			300.0			—			—			—			300.0
Borrowings under Revolving Credit Facilities	—			955.9			—			57.4			—			1,013.3
Payments on Revolving Credit Facilities	—			(887.7		)	—			(45.6		)	—			(933.3		)
Debt Issuance Cost	—			(5.1		)	—			—			—			(5.1		)
Dividends Paid	(48.5		)	—			—			—			—			(48.5		)
Repurchase of Common Stock related to Share-Based Payments	(10.6		)	—			—			—			—			(10.6		)
Other, Net	—			(166.0		)	—			160.0			5.5			(0.5		)
Net Cash (Used in) Provided by Financing Activities	(165.5		)	178.3			—			171.8			5.5			190.1
Effect of Exchange Rate Changes on Cash	—			—			—			0.8			—			0.8
Net Increase (Decrease) in Cash and Cash Equivalents	—			6.5			0.6			(16.3		)	—			(9.2		)
Cash and Cash Equivalents at Beginning of Period	—			0.1			—			54.8			—			54.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	6.6		$	0.6		$	38.5		$	—		$	45.7

	Nine Months Ended September 30, 2015
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	172.9		$	172.9		$	(0.3	)	$	22.0		$	(194.6	)	$	172.9
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			176.4			1.4			35.0			—			212.8
Deferred Income Taxes	—			83.2			(0.3		)	7.2			—			90.1
Amount of Postretirement Expense Less Than Funding	—			(22.9		)	—			(5.9		)	—			(28.8		)
Equity in Net Earnings of Subsidiaries	(172.9		)	(22.0		)	0.3			—			194.6			—
Other, Net	—			22.4			—			(1.3		)	—			21.1
Changes in Operating Assets and Liabilities	—			(186.1		)	(0.9		)	69.9			—			(117.1		)
Net Cash Provided By Operating Activities	—			223.9			0.2			126.9			—			351.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(139.8		)	(0.2		)	(33.0		)	—			(173.0		)
Packaging Machinery Spending	—			(8.7		)	—			—			—			(8.7		)
Acquisition of Business, Net of Cash Acquired	—			—			—			(113.6		)	—			(113.6		)
Other, Net	77.2			(1.7		)	—			2.9			(77.2		)	1.2
Net Cash Provided by (Used in) Investing Activities	77.2			(150.2		)	(0.2		)	(143.7		)	(77.2		)	(294.1		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(23.0		)	—			—			—			—			(23.0		)
Payments on Debt	—			(18.7		)	—			—			—			(18.7		)
Borrowings under Revolving Credit Facilities	—			714.6			—			34.3			—			748.9
Payments on Revolving Credit Facilities	—			(646.8		)	—			(57.7		)	—			(704.5		)
Dividends Paid	(32.9		)	—			—			—			—			(32.9		)
Repurchase of Common Stock related to Share-Based Payments	(21.3		)	—			—			—			—			(21.3		)
Other, Net	—			(78.3		)	—			—			77.2			(1.1		)
Net Cash (Used in) Provided by Financing Activities	(77.2		)	(29.2		)	—			(23.4		)	77.2			(52.6		)
Effect of Exchange Rate Changes on Cash	—			—			—			(4.4		)	—			(4.4		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			44.5			—			(44.6		)	—			(0.1		)
Cash and Cash Equivalents at Beginning of Period	—			2.0			—			79.6			—			81.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	46.5		$	—		$	35.0		$	—		$	81.5