Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Guarantor Condensed Consolidating Statements of Operations

	Three Months Ended March 31, 2017
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	845.2		$	37.0		$	262.6		$	(83.3	)	$	1,061.5
Cost of Sales	—		705.4			30.8			233.6			(83.3		)	886.5
Selling, General and Administrative	—		68.9			2.7			19.5			—			91.1
Other (Income) Expense, Net	—		(2.7		)	0.1			2.4			—			(0.2		)
Business Combinations and Other Special Charges	—		5.8			—			2.8			—			8.6
Income from Operations	—		67.8			3.4			4.3			—			75.5
Interest Expense, Net	—		(20.4		)	—			(0.9		)	—			(21.3		)
Income before Income Taxes and Equity Income of Unconsolidated Entity	—		47.4			3.4			3.4			—			54.2
Income Tax Expense	—		(14.9		)	(1.2		)	(1.5		)	—			(17.6		)
Income before Equity Income of Unconsolidated Entities	—		32.5			2.2			1.9			—			36.6
Equity Income of Unconsolidated Entity	—		—			—			0.4			—			0.4
Equity in Net Earnings of Subsidiaries	37.0		4.5			(3.4		)	—			(38.1		)	—
Net Income (Loss)	$	37.0	$	37.0		$	(1.2	)	$	2.3		$	(38.1	)	$	37.0
Comprehensive Income (Loss)	$	54.7	$	54.7		$	21.2		$	20.8		$	(96.7	)	$	54.7

	Three Months Ended March 31, 2016
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	866.0		$	16.1		$	231.3		$	(79.4	)	$	1,034.0
Cost of Sales	—		691.4			12.7			201.6			(79.4		)	826.3
Selling, General and Administrative	—		70.1			0.7			18.3			—			89.1
Other (Income) Expense, Net	—		(1.6		)	—			2.5			—			0.9
Business Combinations and Other Special Charges	—		10.5			—			—			—			10.5
Income from Operations	—		95.6			2.7			8.9			—			107.2
Interest Expense, Net	—		(15.9		)	—			(1.0		)	—			(16.9		)
Income before Income Taxes and Equity Income of Unconsolidated Entity	—		79.7			2.7			7.9			—			90.3
Income Tax Expense	—		(31.6		)	(1.1		)	(0.5		)	—			(33.2		)
Income before Equity Income of Unconsolidated Entity	—		48.1			1.6			7.4			—			57.1
Equity Income of Unconsolidated Entity	—		—			—			0.4			—			0.4
Equity in Net Earnings of Subsidiaries	57.5		9.4			(2.6		)	—			(64.3		)	—
Net Income (Loss)	$	57.5	$	57.5		$	(1.0	)	$	7.8		$	(64.3	)	$	57.5
Comprehensive Income (Loss)	$	64.1	$	64.1		$	(1.0	)	$	13.0		$	(76.1	)	$	64.1

Schedule of Guarantor Condensed Consolidating Balance Sheets

	March 31, 2017
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—	$	6.1	$	0.9	$	30.4		$	—		$	37.4
Receivables, Net	—		197.0		10.4		245.6			—			453.0
Inventories, Net	—		411.5		18.6		173.0			—			603.1
Intercompany	—		1,102.4		87.3		—			(1,189.7		)	—
Other Current Assets	—		40.4		—		11.4			—			51.8
Total Current Assets	—		1,757.4		117.2		460.4			(1,189.7		)	1,145.3
Property, Plant and Equipment, Net	—		1,443.4		68.8		273.2			—			1,785.4
Investment in Consolidated Subsidiaries	1,417.6		—		15.1		—			(1,432.7		)	—
Goodwill	—		1,098.9		55.5		111.4			—			1,265.8
Other Assets	—		306.7		63.2		95.4			—			465.3
Total Assets	$	1,417.6	$	4,606.4	$	319.8	$	940.4		$	(2,622.4	)	$	4,661.8
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	32.3	$	—	$	36.7		$	—		$	69.0
Accounts Payable	—		327.6		10.1		109.3			—			447.0
Intercompany	336.8		—		—		882.3			(1,219.1		)	—
Interest Payable	—		18.3		—		0.1			—			18.4
Other Accrued Liabilities	—		161.7		1.8		59.5			—			223.0
Total Current Liabilities	336.8		539.9		11.9		1,087.9			(1,219.1		)	757.4
Long-Term Debt	—		2,130.4		—		53.4			—			2,183.8
Deferred Income Tax Liabilities	—		314.2		43.3		23.9			—			381.4
Other Noncurrent Liabilities	—		204.3		—		54.1			—			258.4
EQUITY
Total Equity	1,080.8		1,417.6		264.6		(278.9		)	(1,403.3		)	1,080.8
Total Liabilities and Equity	$	1,417.6	$	4,606.4	$	319.8	$	940.4		$	(2,622.4	)	$	4,661.8

	December 31, 2016
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—	$	0.9	$	1.2	$	57.0		$	—		$	59.1
Receivables, Net	—		183.7		10.1		233.0			—			426.8
Inventories, Net	—		403.8		16.1		163.0			—			582.9
Intercompany	—		1,077.5		73.3		—			(1,150.8		)	—
Other Current Assets	—		36.4		—		9.7			—			46.1
Total Current Assets	—		1,702.3		100.7		462.7			(1,150.8		)	1,114.9
Property, Plant and Equipment, Net	—		1,435.8		64.1		252.0			—			1,751.9
Investment in Consolidated Subsidiaries	1,362.9		—		12.3		—			(1,375.2		)	—
Goodwill	—		1,098.9		55.5		105.9			—			1,260.3
Other Assets	—		314.8		65.6		95.9			—			476.3
Total Assets	$	1,362.9	$	4,551.8	$	298.2	$	916.5		$	(2,526.0	)	$	4,603.4
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	26.0	$	—	$	37.4		$	—		$	63.4
Accounts Payable	—		354.3		8.5		103.7			—			466.5
Interest Payable	—		15.4		—		—			—			15.4
Intercompany	306.4		—		—		913.0			(1,219.4		)	—
Other Accrued Liabilities	—		163.2		3.0		68.3			—			234.5
Total Current Liabilities	306.4		558.9		11.5		1,122.4			(1,219.4		)	779.8
Long-Term Debt	—		2,042.4		—		46.1			—			2,088.5
Deferred Income Tax Liabilities	—		342.1		43.3		22.6			—			408.0
Other Noncurrent Liabilities	—		245.5		—		25.1			—			270.6
EQUITY
Total Equity	1,056.5		1,362.9		243.4		(299.7		)	(1,306.6		)	1,056.5
Total Liabilities and Equity	$	1,362.9	$	4,551.8	$	298.2	$	916.5		$	(2,526.0	)	$	4,603.4

Schedule of Guarantor Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31, 2017
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	37.0		$	37.0		$	(1.2	)	$	2.3		$	(38.1	)	$	37.0
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			57.6			3.6			13.8			—			75.0
Deferred Income Taxes	—			11.7			1.2			(1.0		)	—			11.9
Amount of Postretirement Expense Less Than Funding	—			(10.3		)	—			(1.6		)	—			(11.9		)
Equity in Net Earnings of Subsidiaries	(37.0		)	(4.5		)	3.4			—			38.1			—
Other, Net	—			3.0			—			1.1			—			4.1
Changes in Operating Assets and Liabilities	—			(55.7		)	(7.3		)	(24.7		)	—			(87.7		)
Net Cash Provided by (Used in) Operating Activities	—			38.8			(0.3		)	(10.1		)	—			28.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(47.7		)	—			(21.5		)	—			(69.2		)
Packaging Machinery Spending	—			(6.9		)	—			—			—			(6.9		)
Other, Net	73.7			(1.2		)	—			—			(73.7		)	(1.2		)
Net Cash Provided by (Used in) Investing Activities	73.7			(55.8		)	—			(21.5		)	(73.7		)	(77.3		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(40.1		)	—			—			—			—			(40.1		)
Payments on Debt	—			(6.3		)	—			—			—			(6.3		)
Borrowings under Revolving Credit Facilities	—			298.5			—			11.6			—			310.1
Payments on Revolving Credit Facilities	—			(198.5		)	—			(7.9		)	—			(206.4		)
Dividends Paid	(23.6		)	—			—			—			—			(23.6		)
Repurchase of Common Stock related to Share-Based Payments	(10.0		)	—			—			—			—			(10.0		)
Other, Net	—			(71.5		)	—			—			73.7			2.2
Net Cash (Used in) Provided by Financing Activities	(73.7		)	22.2			—			3.7			73.7			25.9
Effect of Exchange Rate Changes on Cash	—			—			—			1.3			—			1.3
Net Increase (Decrease) in Cash and Cash Equivalents	—			5.2			(0.3		)	(26.6		)	—			(21.7		)
Cash and Cash Equivalents at Beginning of Period	—			0.9			1.2			57.0			—			59.1
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	6.1		$	0.9		$	30.4		$	—		$	37.4

	Three Months Ended March 31, 2016
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	57.5		$	57.5		$	(1.0	)	$	7.8		$	(64.3	)	$	57.5
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			59.3			0.9			10.5			—			70.7
Deferred Income Taxes	—			29.3			1.0			(1.4		)	—			28.9
Amount of Postretirement Expense Less Than Funding	—			(5.4		)	—			(1.3		)	—			(6.7		)
Equity in Net Earnings of Subsidiaries	(57.5		)	(9.4		)	2.6			—			64.3			—
Other, Net	—			12.8			—			—			—			12.8
Changes in Operating Assets and Liabilities	—			(113.2		)	4.1			4.3			—			(104.8		)
Net Cash Provided By Operating Activities	—			30.9			7.6			19.9			—			58.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(80.0		)	—			(19.0		)	—			(99.0		)
Packaging Machinery Spending	—			(4.0		)	—			—			—			(4.0		)
Acquisition of Business, Net of Cash Acquired	—			(205.4		)	—			(83.1		)	—			(288.5		)
Other, Net	70.2			(84.6		)	0.1			—			12.9			(1.4		)
Net Cash Provided by (Used in) Investing Activities	70.2			(374.0		)	0.1			(102.1		)	12.9			(392.9		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(43.5		)	—			—			—			—			(43.5		)
Payments on Debt	—			(6.3		)	—			—			—			(6.3		)
Borrowings under Revolving Credit Facilities	—			528.9			—			23.6			—			552.5
Payments on Revolving Credit Facilities	—			(108.6		)	—			(13.8		)	—			(122.4		)
Dividends Paid	(16.3		)	—			—			—			—			(16.3		)
Repurchase of Common Stock related to Share-Based Payments	(10.4		)	—			—			—			—			(10.4		)
Other, Net	—			(42.2		)	—			54.8			(12.9		)	(0.3		)
Net Cash (Used in) Provided by Financing Activities	(70.2		)	371.8			—			64.6			(12.9		)	353.3
Effect of Exchange Rate Changes on Cash	—			—			—			1.9			—			1.9
Net Increase (Decrease) in Cash and Cash Equivalents	—			28.7			7.7			(15.7		)	—			20.7
Cash and Cash Equivalents at Beginning of Period	—			0.1			—			54.8			—			54.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	28.8		$	7.7		$	39.1		$	—		$	75.6