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Quarterly Results of Operations (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Data

 

2017:

 

First (a)

 

 

Second (b)

 

 

Third (c)

 

 

Fourth (d)

 

 

Total

 

Net sales

 

$

1,536.5

 

 

$

1,584.0

 

 

$

1,640.1

 

 

$

1,684.3

 

 

$

6,444.9

 

Gross profit

 

 

338.5

 

 

 

364.6

 

 

 

397.3

 

 

 

371.7

 

 

 

1,472.2

 

Income from operations

 

 

203.1

 

 

 

233.8

 

 

 

242.3

 

 

 

252.0

 

 

 

931.2

 

Net income

 

 

117.4

 

 

 

143.2

 

 

 

139.1

 

 

 

268.9

 

 

 

668.6

 

Basic earnings per share

 

 

1.25

 

 

 

1.52

 

 

 

1.47

 

 

 

2.85

 

 

 

7.09

 

Diluted earnings per share

 

 

1.24

 

 

 

1.52

 

 

 

1.47

 

 

 

2.84

 

 

 

7.07

 

Stock price - high

 

 

96.87

 

 

 

113.52

 

 

 

119.43

 

 

 

121.38

 

 

 

121.38

 

Stock price - low

 

 

84.01

 

 

 

89.73

 

 

 

105.81

 

 

 

108.49

 

 

 

84.01

 

 

2016:

 

First (e)

 

 

Second (f)

 

 

Third (g)

 

 

Fourth (h)

 

 

Total

 

Net sales

 

$

1,401.0

 

 

$

1,417.4

 

 

$

1,484.0

 

 

$

1,476.6

 

 

$

5,779.0

 

Gross profit

 

 

299.0

 

 

 

320.1

 

 

 

329.5

 

 

 

327.1

 

 

$

1,275.7

 

Income from operations

 

 

180.8

 

 

 

200.2

 

 

 

206.4

 

 

 

192.9

 

 

 

780.3

 

Net income

 

 

103.7

 

 

 

115.9

 

 

 

119.4

 

 

 

110.6

 

 

 

449.6

 

Basic earnings per share

 

 

1.09

 

 

 

1.23

 

 

 

1.27

 

 

 

1.17

 

 

 

4.76

 

Diluted earnings per share

 

 

1.09

 

 

 

1.23

 

 

 

1.26

 

 

 

1.17

 

 

 

4.75

 

Stock price - high

 

 

62.67

 

 

 

71.31

 

 

 

82.77

 

 

 

88.41

 

 

 

88.41

 

Stock price - low

 

 

44.32

 

 

 

58.44

 

 

 

65.12

 

 

 

78.03

 

 

 

44.32

 

 

Note: The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding throughout the year.

(a)

Includes $0.6 million of charges related to the closure of corrugated products facilities and lump sum settlement of a multiemployer pension plan withdrawal liability for one of corrugated products facilities ($0.4 million after-tax or $0.1 per diluted share) and $0.2 million of charges related to TimBar Corporation and Columbus Container integration costs ($0.1 million after-tax or $0.0 per diluted share). Also includes $5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the February 2017 explosion at our DeRidder, Louisiana mill ($3.1 million after-tax or $0.03 per diluted share) and $2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico ($1.4 million after-tax or $0.01 per diluted share).

(b)

Includes $0.3 million of charges related to the closure of corrugated products facilities ($0.3 million after-tax or $0.0 per diluted share) and $0.2 million of charges related to TimBar Corporation and Columbus Container integration costs ($0.1 after-tax or $0.0 per diluted share).

(c)

Includes $0.9 million of charges related to the closure of corrugated products facilities, a paper administration facility, and a lump sum settlement of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities ($0.6 million after-tax or $0.01 per diluted share) and $0.5 million of charges related to the Sacramento Container acquisition and integration costs related to other recent acquisitions ($0.3 million after-tax or $0.0 per diluted share). Also includes $25.3 million of charges related to our determination to discontinue production of uncoated free sheet and coated one-side grades at the Wallula, Washington mill in the second quarter of 2018 and convert the No. 3 paper machine to a high-performance 100% virgin kraft linerboard machine ($15.5 million after-tax or $0.16 per diluted share) and $3.3 million of tax expense for the change in value of deferred taxes as a result of an internal legal entity consolidation that will simplify future operating activities ($0.04 per diluted share).

(d)

Includes $7.6 million of income primarily related to the sale of land corresponding to the closure of a corrugated products facility, partially offset by closure costs related to corrugated products facilities, a paper administration facility, and a corporate administration facility ($4.7 million after-tax or $0.05 per diluted share) and $0.9 million of charges related to the Sacramento Container acquisition and integration costs related to other recent acquisitions ($0.5 million after-tax or $0.01 per diluted share), and $8.0 million of charges related to our determination to discontinue production of uncoated free sheet and coated one-side grades at the Wallula, Washington mill in the second quarter of 2018 and convert the No. 3 paper machine to a high-performance 100% virgin kraft linerboard machine ($4.6 million after-tax or $0.05 per diluted share). Also includes $1.8 million of expense related to the write-off of deferred debt issuance costs in connection with the December 2017 debt refinancing ($1.1 million after-tax or $0.01 per diluted share), $2.0 million gain related to the expiration of a repurchase option corresponding to timberland previously sold ($1.2 million after-tax or 0.01 per diluted share), and $122.1 million of estimated income tax benefit related to the enactment in December 2017 of the Tax Cuts and Jobs Act (H.R.1) primarily for the re-measurement of our net deferred tax liability as a result of the reduction in the U.S. corporate income tax rate ($1.29 per diluted share).

(e)

Includes $2.8 million of charges related to the closure of a corrugated products facility and a paper products facility ($1.9 million after-tax or $0.02 per diluted share).

(f)

Includes $2.6 million of charges related to the closure of corrugated products facilities, a paper products facility, and a lump sum settlement of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities ($1.6 million after-tax or $0.02 per diluted share) and $0.3 million of charges related to the TimBar Corporation acquisition and integration ($0.2 million after-tax or $0.0 per diluted share).

(g)

Includes $2.0 million of charges related to the closure of a corrugated products facility and a paper products facility ($1.4 million after-tax or $0.02 per diluted share) and $2.9 million of charges related to the TimBar Corporation and Columbus Container acquisitions and integration ($1.9 million after-tax or $0.02 per diluted share).

(h)

Includes $4.5 million of charges related to the closure of a corrugated products facility and a paper products facility ($2.9 million after-tax or $0.03 per diluted share), $2.7 million of costs related to ceased production of softwood market pulp operations at our Wallula, Washington mill and the permanent shutdown of the No. 1 machine ($1.8 million after-tax or $0.02 per diluted share), and $1.2 million of charges related to the TimBar Corporation and Columbus Container acquisitions and integration ($0.8 million after-tax or $0.01 per diluted share).