SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	3.6		$	—	$	105.5		$	—		$	109.1
Receivables, net	119.6			—		716.0			—			835.6
Intercompany receivables	—			—		2,191.7			(2,191.7		)	—
Income taxes receivable	11.4			—		6.1			—			17.5
Inventories, net	160.2			—		515.4			—			675.6
Other current assets	223.7			—		7.3			(169.8		)	61.2
Total current assets	518.5			—		3,542.0			(2,361.5		)	1,699.0
Property, plant and equipment, net	551.8			—		2,987.6			—			3,539.4
Investment in subsidiaries	6,720.1			4,114.5		—			(10,834.6		)	—
Deferred income taxes	43.7			—		42.5			(46.8		)	39.4
Other assets	47.3			—		1,149.7			—			1,197.0
Long-term receivables—affiliates	—			1,531.8		—			(1,531.8		)	—
Intangible assets, net	0.3			5.7		559.1			—			565.1
Goodwill	—			966.3		1,154.0			—			2,120.3
Total assets	$	7,881.7		$	6,618.3	$	9,434.9		$	(14,774.7	)	$	9,160.2
Liabilities and Shareholders' Equity
Current liabilities:
Current installments of long-term debt	$	0.7		$	—	$	—		$	—		$	0.7
Accounts payable	62.0			—		639.7			(3.5		)	698.2
Intercompany payables	2,191.7			—		—			(2,191.7		)	—
Income taxes payable	2.3			—		13.7			—			16.0
Accrued liabilities	115.0			—		308.7			(167.6		)	256.1
Total current liabilities	2,371.7			—		962.1			(2,362.8		)	971.0
Long-term debt	1,352.2			1,952.2		230.3			—			3,534.7
Accrued pension liability	391.4			—		237.3			—			628.7
Deferred income taxes	—			4.1		541.1			(46.8		)	498.4
Long-term payables—affiliates	680.0			—		851.8			(1,531.8		)	—
Other liabilities	323.3			5.6		435.4			—			764.3
Total liabilities	5,118.6			1,961.9		3,258.0			(3,941.4		)	6,397.1
Commitments and contingencies
Shareholders' equity:
Common stock	167.2			—		14.6			(14.6		)	167.2
Additional paid-in capital	2,285.0			4,125.7		4,808.2			(8,933.9		)	2,285.0
Accumulated other comprehensive loss	(552.8		)	—		(4.8		)	4.8			(552.8		)
Retained earnings	863.7			530.7		1,358.9			(1,889.6		)	863.7
Total shareholders' equity	2,763.1			4,656.4		6,176.9			(10,833.3		)	2,763.1
Total liabilities and shareholders' equity	$	7,881.7		$	6,618.3	$	9,434.9		$	(14,774.7	)	$	9,160.2

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	57.1		$	—	$	161.3		$	—		$	218.4
Receivables, net	95.6			—		637.6			—			733.2
Intercompany receivables	—			—		2,093.2			(2,093.2		)	—
Income taxes receivable	11.7			—		6.3			(1.1		)	16.9
Inventories, net	155.4			—		527.2			—			682.6
Other current assets	206.2			—		5.3			(163.4		)	48.1
Total current assets	526.0			—		3,430.9			(2,257.7		)	1,699.2
Property, plant and equipment, net	544.4			—		3,031.4			—			3,575.8
Investment in subsidiaries	6,680.4			4,092.3		—			(10,772.7		)	—
Deferred income taxes	38.1			—		34.5			(36.2		)	36.4
Other assets	45.9			—		1,162.5			—			1,208.4
Long-term receivables—affiliates	—			2,132.1		—			(2,132.1		)	—
Intangible assets, net	0.3			5.7		572.5			—			578.5
Goodwill	—			966.3		1,153.7			—			2,120.0
Total assets	$	7,835.1		$	7,196.4	$	9,385.5		$	(15,198.7	)	$	9,218.3
Liabilities and Shareholders' Equity
Current liabilities:
Current installments of long-term debt	$	0.7		$	—	$	—		$	—		$	0.7
Accounts payable	83.2			—		590.0			(3.4		)	669.8
Intercompany payables	2,093.2			—		—			(2,093.2		)	—
Income taxes payable	—			—		10.5			(1.1		)	9.4
Accrued liabilities	117.7			—		318.1			(161.4		)	274.4
Total current liabilities	2,294.8			—		918.6			(2,259.1		)	954.3
Long-term debt	839.4			2,522.2		249.7			—			3,611.3
Accrued pension liability	406.7			—		229.2			—			635.9
Deferred income taxes	—			3.0		544.4			(36.2		)	511.2
Long-term payables—affiliates	1,250.0			—		882.1			(2,132.1		)	—
Other liabilities	290.5			5.6		455.8			—			751.9
Total liabilities	5,081.4			2,530.8		3,279.8			(4,427.4		)	6,464.6
Commitments and contingencies
Shareholders' equity:
Common stock	167.1			—		14.6			(14.6		)	167.1
Additional paid-in capital	2,280.9			4,125.7		4,808.2			(8,933.9		)	2,280.9
Accumulated other comprehensive loss	(484.6		)	—		(4.6		)	4.6			(484.6		)
Retained earnings	790.3			539.9		1,287.5			(1,827.4		)	790.3
Total shareholders' equity	2,753.7			4,665.6		6,105.7			(10,771.3		)	2,753.7
Total liabilities and shareholders' equity	$	7,835.1		$	7,196.4	$	9,385.5		$	(15,198.7	)	$	9,218.3

CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	27.5		$	—	$	141.0		$	—		$	168.5
Receivables, net	113.6			—		660.9			—			774.5
Intercompany receivables	—			1.6		1,976.8			(1,978.4		)	—
Income taxes receivable	21.7			0.7		6.9			(3.8		)	25.5
Inventories, net	181.3			—		475.0			—			656.3
Other current assets	182.1			3.4		4.4			(145.0		)	44.9
Total current assets	526.2			5.7		3,265.0			(2,127.2		)	1,669.7
Property, plant and equipment, net	509.2			—		3,150.0			—			3,659.2
Investment in subsidiaries	6,068.3			3,769.8		—			(9,838.1		)	—
Deferred income taxes	123.4			—		104.3			(115.0		)	112.7
Other assets	50.0			—		587.2			—			637.2
Long-term receivables—affiliates	—			2,227.6		—			(2,227.6		)	—
Intangible assets, net	0.4			5.7		609.3			—			615.4
Goodwill	—			966.3		1,152.7			—			2,119.0
Total assets	$	7,277.5		$	6,975.1	$	8,868.5		$	(14,307.9	)	$	8,813.2
Liabilities and Shareholders' Equity
Current liabilities:
Current installments of long-term debt	$	0.8		$	68.8	$	12.2		$	—		$	81.8
Accounts payable	48.6			—		590.1			(1.4		)	637.3
Intercompany payables	1,978.4			—		—			(1,978.4		)	—
Income taxes payable	—			—		11.9			(3.8		)	8.1
Accrued liabilities	130.7			—		272.5			(145.0		)	258.2
Total current liabilities	2,158.5			68.8		886.7			(2,128.6		)	985.4
Long-term debt	818.3			2,503.3		209.2			—			3,530.8
Accrued pension liability	437.9			—		189.6			—			627.5
Deferred income taxes	—			223.3		924.7			(115.0		)	1,033.0
Long-term payables—affiliates	1,301.6			—		926.0			(2,227.6		)	—
Other liabilities	289.6			6.5		68.8			—			364.9
Total liabilities	5,005.9			2,801.9		3,205.0			(4,471.2		)	6,541.6
Commitments and contingencies
Shareholders' equity:
Common stock	165.9			—		14.6			(14.6		)	165.9
Additional paid-in capital	2,253.7			4,125.7		4,808.2			(8,933.9		)	2,253.7
Accumulated other comprehensive loss	(502.1		)	—		(5.1		)	5.1			(502.1		)
Retained earnings	354.1			47.5		845.8			(893.3		)	354.1
Total shareholders' equity	2,271.6			4,173.2		5,663.5			(9,836.7		)	2,271.6
Total liabilities and shareholders' equity	$	7,277.5		$	6,975.1	$	8,868.5		$	(14,307.9	)	$	8,813.2

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	352.7		$	—		$	1,467.0		$	(109.4	)	$	1,710.3
Operating expenses:
Cost of goods sold	312.0			—			1,326.1			(109.4		)	1,528.7
Selling and administration	47.1			—			53.4			—			100.5
Restructuring charges	—			—			4.0			—			4.0
Acquisition-related costs	0.3			—			—			—			0.3
Other operating income	5.8			—			2.3			—			8.1
Operating (loss) income	(0.9		)	—			85.8			—			84.9
Earnings of non-consolidated affiliates	0.5			—			—			—			0.5
Equity income in subsidiaries	28.4			22.2			—			(50.6		)	—
Interest expense	17.0			41.3			6.9			(1.5		)	63.7
Interest income	1.0			—			0.9			(1.5		)	0.4
Non-operating pension income (expense)	6.7			—			(1.3		)	—			5.4
Income (loss) before taxes	18.7			(19.1		)	78.5			(50.6		)	27.5
Income tax (benefit) provision	(2.2		)	(9.9		)	18.7			—			6.6
Net income (loss)	$	20.9		$	(9.2	)	$	59.8		$	(50.6	)	$	20.9

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	314.8		$	—		$	1,360.4		$	(108.1	)	$	1,567.1
Operating expenses:
Cost of goods sold	279.6			—			1,226.0			(108.1		)	1,397.5
Selling and administration	45.8			—			47.1			—			92.9
Restructuring charges	—			—			8.2			—			8.2
Acquisition-related costs	7.0			—			—			—			7.0
Other operating (expense) income	(0.5		)	—			0.1			—			(0.4		)
Operating (loss) income	(18.1		)	—			79.2			—			61.1
Earnings of non-consolidated affiliates	0.5			—			—			—			0.5
Equity income in subsidiaries	22.5			35.1			—			(57.6		)	—
Interest expense	12.0			40.9			0.9			(1.4		)	52.4
Interest income	0.7			—			0.9			(1.4		)	0.2
Non-operating pension income (expense)	9.5			—			(1.0		)	—			8.5
Income (loss) before taxes	3.1			(5.8		)	78.2			(57.6		)	17.9
Income tax (benefit) provision	(6.6		)	(15.2		)	26.3			—			4.5
Net income	$	9.7		$	9.4		$	51.9		$	(57.6	)	$	13.4

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor		Eliminations			Total
Net income (loss)	$	20.9		$	(9.2	)	$	59.8	$	(50.6	)	$	20.9
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—			12.4		—			12.4
Unrealized losses on derivative contracts, net	(0.1		)	—			—		—			(0.1		)
Amortization of prior service costs and actuarial losses, net	5.4			—			—		—			5.4
Total other comprehensive income, net of tax	5.3			—			12.4		—			17.7
Comprehensive income (loss)	$	26.2		$	(9.2	)	$	72.2	$	(50.6	)	$	38.6

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor		Eliminations			Total
Net income	$	9.7		$	9.4	$	51.9	$	(57.6	)	$	13.4
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—		6.0		—			6.0
Unrealized losses on derivative contracts, net	(2.0		)	—		—		—			(2.0		)
Amortization of prior service costs and actuarial losses, net	3.7			—		0.2		—			3.9
Total other comprehensive income, net of tax	1.7			—		6.2		—			7.9
Comprehensive income	$	11.4		$	9.4	$	58.1	$	(57.6	)	$	21.3

Supplemental Guarantor Financial Information Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	69.3		$	—		$	11.6		$	—	$	80.9
Investing Activities
Capital expenditures	(41.7		)	—			(47.8		)	—		(89.5		)
Proceeds from disposition of property, plant and equipment	—			—			0.1			—		0.1
Net investing activities	(41.7		)	—			(47.7		)	—		(89.4		)
Financing Activities
Long-term debt:
Borrowings	550.0			—			0.3			—		550.3
Repayments	(20.2		)	(570.0		)	(19.7		)	—		(609.9		)
Stock options exercised	1.0			—			—			—		1.0
Dividends paid	(33.4		)	—			—			—		(33.4		)
Debt issuance costs	(8.5		)	—			—			—		(8.5		)
Intercompany financing activities	(570.0		)	570.0			—			—		—
Net financing activities	(81.1		)	—			(19.4		)	—		(100.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.3		)	—		(0.3		)
Net decrease in cash and cash equivalents	(53.5		)	—			(55.8		)	—		(109.3		)
Cash and cash equivalents, beginning of period	57.1			—			161.3			—		218.4
Cash and cash equivalents, end of period	$	3.6		$	—		$	105.5		$	—	$	109.1

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	59.6		$	—		$	40.3		$	—	$	99.9
Investing Activities
Capital expenditures	(24.1		)	—			(58.9		)	—		(83.0		)
Net investing activities	(24.1		)	—			(58.9		)	—		(83.0		)
Financing Activities
Long-term debt:
Borrowings	500.0			1,375.0			—			—		1,875.0
Repayments	(590.2		)	(1,282.5		)	—			—		(1,872.7		)
Stock options exercised	8.8			—			—			—		8.8
Dividends paid	(33.1		)	—			—			—		(33.1		)
Debt issuance costs	(8.3		)	(2.9		)	—			—		(11.2		)
Intercompany financing activities	89.6			(89.6		)	—			—		—
Net financing activities	(33.2		)	—			—			—		(33.2		)
Effect of exchange rate changes on cash and cash equivalents	—			—			0.3			—		0.3
Net increase (decrease) in cash and cash equivalents	2.3			—			(18.3		)	—		(16.0		)
Cash and cash equivalents, beginning of period	25.2			—			159.3			—		184.5
Cash and cash equivalents, end of period	$	27.5		$	—		$	141.0		$	—	$	168.5