SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2020

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	109.7		$	—	$	84.8		$	—		$	194.5
Receivables, net	64.3			—		738.6			—			802.9
Intercompany receivables	—			—		3,080.9			(3,080.9		)	—
Income taxes receivable	9.7			—		10.2			—			19.9
Inventories, net	141.0			—		526.5			—			667.5
Other current assets	262.4			—		6.7			(214.6		)	54.5
Total current assets	587.1			—		4,447.7			(3,295.5		)	1,739.3
Property, plant and equipment, net	707.4			—		2,575.3			—			3,282.7
Operating lease assets, net	45.4			—		321.1			—			366.5
Investment in subsidiaries	7,035.4			4,322.4		—			(11,357.8		)	—
Deferred income taxes	23.6			—		39.9			(23.9		)	39.6
Other assets	19.3			—		1,186.0			—			1,205.3
Long-term receivables—affiliates	73.4			583.1		—			(656.5		)	—
Intangible assets, net	0.3			—		431.1			—			431.4
Goodwill	—			966.3		1,153.3			—			2,119.6
Total assets	$	8,491.9		$	5,871.8	$	10,154.4		$	(15,333.7	)	$	9,184.4
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	2.0		$	—	$	—		$	—		$	2.0
Accounts payable	2.4			—		672.3			(6.6		)	668.1
Intercompany payables	3,080.9			—		—			(3,080.9		)	—
Income taxes payable	0.1			—		7.3			—			7.4
Current operating lease liabilities	8.2			—		68.4			—			76.6
Accrued liabilities	193.9			—		829.3			(211.4		)	811.8
Total current liabilities	3,287.5			—		1,577.3			(3,298.9		)	1,565.9
Long-term debt	2,130.8			1,209.2		149.5			—			3,489.5
Operating lease liabilities	38.4			—		256.6			—			295.0
Accrued pension liability	480.1			—		297.9			—			778.0
Deferred income taxes	—			6.6		467.3			(24.0		)	449.9
Long-term payables—affiliates	—			—		656.5			(656.5		)	—
Other liabilities	266.0			5.6		45.4			—			317.0
Total liabilities	6,202.8			1,221.4		3,450.5			(3,979.4		)	6,895.3
Commitments and contingencies
Shareholders’ equity:
Common stock	157.8			—		14.6			(14.6		)	157.8
Additional paid-in capital	2,122.8			4,125.7		4,808.2			(8,933.9		)	2,122.8
Accumulated other comprehensive loss	(821.1		)	—		(13.6		)	13.6			(821.1		)
Retained earnings	829.6			524.7		1,894.7			(2,419.4		)	829.6
Total shareholders’ equity	2,289.1			4,650.4		6,703.9			(11,354.3		)	2,289.1
Total liabilities and shareholders’ equity	$	8,491.9		$	5,871.8	$	10,154.4		$	(15,333.7	)	$	9,184.4

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	11.6		$	—	$	209.3		$	—		$	220.9
Receivables, net	78.3			—		686.8			(4.7		)	760.4
Intercompany receivables	—			—		2,815.5			(2,815.5		)	—
Income taxes receivable	1.6			—		12.3			—			13.9
Inventories, net	157.1			—		538.6			—			695.7
Other current assets	231.4			—		0.2			(208.5		)	23.1
Total current assets	480.0			—		4,262.7			(3,028.7		)	1,714.0
Property, plant and equipment, net	699.0			—		2,624.8			—			3,323.8
Operating lease assets, net	47.4			—		330.4			—			377.8
Investment in subsidiaries	7,048.2			4,353.5		—			(11,401.7		)	—
Deferred income taxes	1.7			—		34.7			(1.1		)	35.3
Other assets	20.9			—		1,148.2			—			1,169.1
Long-term receivables—affiliates	73.4			605.8		—			(679.2		)	—
Intangible assets, net	0.3			—		447.8			—			448.1
Goodwill	—			966.3		1,153.4			—			2,119.7
Total assets	$	8,370.9		$	5,925.6	$	10,002.0		$	(15,110.7	)	$	9,187.8
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	2.1		$	—	$	—		$	—		$	2.1
Accounts payable	—			—		660.6			(8.7		)	651.9
Intercompany payables	2,815.5			—		—			(2,815.5		)	—
Income taxes payable	11.5			—		8.3			—			19.8
Current operating lease liabilities	8.2			—		71.1			—			79.3
Accrued liabilities	183.7			—		350.8			(205.4		)	329.1
Total current liabilities	3,021.0			—		1,090.8			(3,029.6		)	1,082.2
Long-term debt	2,130.0			1,208.7		—			—			3,338.7
Operating lease liabilities	40.4			—		263.0			—			303.4
Accrued pension liability	496.9			—		300.8			—			797.7
Deferred income taxes	—			6.5		449.2			(1.2		)	454.5
Long-term payables—affiliates	—			—		679.2			(679.2		)	—
Other liabilities	265.1			5.6		523.1			—			793.8
Total liabilities	5,953.4			1,220.8		3,306.1			(3,710.0		)	6,770.3
Commitments and contingencies
Shareholders' equity:
Common stock	157.7			—		14.6			(14.6		)	157.7
Additional paid-in capital	2,122.1			4,125.7		4,808.2			(8,933.9		)	2,122.1
Accumulated other comprehensive loss	(803.4		)	—		(6.5		)	6.5			(803.4		)
Retained earnings	941.1			579.1		1,879.6			(2,458.7		)	941.1
Total shareholders’ equity	2,417.5			4,704.8		6,695.9			(11,400.7		)	2,417.5
Total liabilities and shareholders’ equity	$	8,370.9		$	5,925.6	$	10,002.0		$	(15,110.7	)	$	9,187.8

CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	6.0		$	—	$	99.7		$	—		$	105.7
Receivables, net	99.0			—		709.3			—			808.3
Intercompany receivables	—			—		2,664.7			(2,664.7		)	—
Income taxes receivable	0.3			—		6.0			—			6.3
Inventories, net	172.3			—		545.2			—			717.5
Other current assets	235.7			—		3.5			(192.5		)	46.7
Total current assets	513.3			—		4,028.4			(2,857.2		)	1,684.5
Property, plant and equipment, net	674.0			—		2,759.5			—			3,433.5
Operating lease assets, net	48.9			—		226.2			—			275.1
Investment in subsidiaries	7,024.5			4,339.5		—			(11,364.0		)	—
Deferred income taxes	3.2			—		31.9			(3.4		)	31.7
Other assets	17.0			—		1,114.4			—			1,131.4
Long-term receivables—affiliates	—			1,169.9		—			(1,169.9		)	—
Intangible assets, net	0.3			—		493.9			—			494.2
Goodwill	—			966.3		1,153.2			—			2,119.5
Total assets	$	8,281.2		$	6,475.7	$	9,807.5		$	(15,394.5	)	$	9,169.9
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	1.1		$	—	$	125.0		$	—		$	126.1
Accounts payable	75.8			—		566.8			(5.6		)	637.0
Intercompany payables	2,664.7			—		—			(2,664.7		)	—
Income taxes payable	3.7			—		9.3			—			13.0
Current operating lease liabilities	8.0			—		61.4			—			69.4
Accrued liabilities	138.3			—		345.9			(189.8		)	294.4
Total current liabilities	2,891.6			—		1,108.4			(2,860.1		)	1,139.9
Long-term debt	1,370.3			1,696.9		—			—			3,067.2
Operating lease liabilities	42.0			—		164.0			—			206.0
Accrued pension liability	427.0			—		233.2			—			660.2
Deferred income taxes	—			6.1		523.2			(3.4		)	525.9
Long-term payables—affiliates	419.6			—		750.3			(1,169.9		)	—
Other liabilities	293.1			5.5		434.5			—			733.1
Total liabilities	5,443.6			1,708.5		3,213.6			(4,033.4		)	6,332.3
Commitments and contingencies
Shareholders' equity:
Common stock	164.9			—		14.6			(14.6		)	164.9
Additional paid-in capital	2,239.2			4,125.7		4,808.2			(8,933.9		)	2,239.2
Accumulated other comprehensive loss	(656.9		)	—		(8.1		)	8.1			(656.9		)
Retained earnings	1,090.4			641.5		1,779.2			(2,420.7		)	1,090.4
Total shareholders’ equity	2,837.6			4,767.2		6,593.9			(11,361.1		)	2,837.6
Total liabilities and shareholders’ equity	$	8,281.2		$	6,475.7	$	9,807.5		$	(15,394.5	)	$	9,169.9

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	353.3		$	—		$	1,201.8		$	(130.0	)	$	1,425.1
Operating expenses:
Cost of goods sold	333.6			—			1,170.6			(130.0		)	1,374.2
Selling and administration	39.9			—			56.8			—			96.7
Restructuring charges	—			—			1.7			—			1.7
Operating loss	(20.2		)	—			(27.3		)	—			(47.5		)
Equity loss in subsidiaries	(48.5		)	(31.1		)	—			79.6			—
Interest expense	32.4			30.6			3.1			(3.0		)	63.1
Interest income	2.1			—			1.0			(3.0		)	0.1
Non-operating pension income (expense)	6.5			—			(1.9		)	—			4.6
Loss before taxes	(92.5		)	(61.7		)	(31.3		)	79.6			(105.9		)
Income tax benefit	(12.5		)	(7.3		)	(6.1		)	—			(25.9		)
Net loss	$	(80.0	)	$	(54.4	)	$	(25.2	)	$	79.6		$	(80.0	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	332.8		$	—		$	1,327.7		$	(107.1	)	$	1,553.4
Operating expenses:
Cost of goods sold	304.1			—			1,150.3			(107.1		)	1,347.3
Selling and administration	51.8			—			55.2			—			107.0
Restructuring charges	1.4			—			2.6			—			4.0
Other operating (expense) income	(2.1		)	—			2.2			—			0.1
Operating (loss) income	(26.6		)	—			121.8			—			95.2
Equity income in subsidiaries	62.6			52.6			—			(115.2		)	—
Interest expense	17.4			36.1			5.2			(1.3		)	57.4
Interest income	0.6			—			0.9			(1.3		)	0.2
Non-operating pension income (expense)	5.4			—			(1.5		)	—			3.9
Other income	11.2			—			—			—			11.2
Income before taxes	35.8			16.5			116.0			(115.2		)	53.1
Income tax (benefit) provision	(5.9		)	(8.7		)	26.0			—			11.4
Net income	$	41.7		$	25.2		$	90.0		$	(115.2	)	$	41.7

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net loss	$	(80.0	)	$	(54.4	)	$	(25.2	)	$	79.6	$	(80.0	)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net	—			—			(9.0		)	—		(9.0		)
Unrealized losses on derivative contracts, net	(17.9		)	—			—			—		(17.9		)
Amortization of prior service costs and actuarial losses, net	7.9			—			1.3			—		9.2
Total other comprehensive loss, net of tax	(10.0		)	—			(7.7		)	—		(17.7		)
Comprehensive loss	$	(90.0	)	$	(54.4	)	$	(32.9	)	$	79.6	$	(97.7	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	41.7		$	25.2	$	90.0		$	(115.2	)	$	41.7
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	—			—		(8.3		)	—			(8.3		)
Unrealized losses on derivative contracts, net	(3.3		)	—		—			—			(3.3		)
Amortization of prior service costs and actuarial losses, net	5.1			—		0.6			—			5.7
Total other comprehensive income (loss), net of tax	1.8			—		(7.7		)	—			(5.9		)
Comprehensive income	$	43.5		$	25.2	$	82.3		$	(115.2	)	$	35.8

Supplemental Guarantor Financial Information Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	162.0		$	—	$	(209.9	)	$	—	$	(47.9	)
Investing Activities
Capital expenditures	(32.1		)	—		(63.8		)	—		(95.9		)
Net investing activities	(32.1		)	—		(63.8		)	—		(95.9		)
Financing Activities
Long-term debt:
Borrowings	75.0			—		150.0			—		225.0
Repayments	(75.4		)	—		—			—		(75.4		)
Stock options exercised	0.5			—		—			—		0.5
Dividends paid	(31.5		)	—		—			—		(31.5		)
Debt issuance costs	(0.4		)	—		—			—		(0.4		)
Net financing activities	(31.8		)	—		150.0			—		118.2
Effect of exchange rate changes on cash and cash equivalents	—			—		(0.8		)	—		(0.8		)
Net increase (decrease) in cash and cash equivalents	98.1			—		(124.5		)	—		(26.4		)
Cash and cash equivalents, beginning of period	11.6			—		209.3			—		220.9
Cash and cash equivalents, end of period	$	109.7		$	—	$	84.8		$	—	$	194.5

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	39.7		$	—		$	64.6		$	—	$	104.3
Investing Activities
Capital expenditures	(50.7		)	—			(51.5		)	—		(102.2		)
Proceeds from disposition of non-consolidated affiliate	20.0			—			—			—		20.0
Net investing activities	(30.7		)	—			(51.5		)	—		(82.2		)
Financing Activities
Long-term debt repayments	(0.2		)	(50.0		)	—			—		(50.2		)
Common stock repurchased and retired	(13.2		)	—			—			—		(13.2		)
Stock options exercised	1.4			—			—			—		1.4
Dividends paid	(33.0		)	—			—			—		(33.0		)
Intercompany financing activities	(50.0		)	50.0			—			—		—
Net financing activities	(95.0		)	—			—			—		(95.0		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.2		)	—		(0.2		)
Net (decrease) increase in cash and cash equivalents	(86.0		)	—			12.9			—		(73.1		)
Cash and cash equivalents, beginning of period	92.0			—			86.8			—		178.8
Cash and cash equivalents, end of period	$	6.0		$	—		$	99.7		$	—	$	105.7