Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 17, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GRAPHIC PACKAGING HOLDING CO | ' |
Entity Central Index Key | '0001408075 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 326,943,150 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net Sales | $1,072.70 | $1,100.50 |
Cost of Sales | 885.7 | 917.6 |
Selling, General and Administrative | 100.9 | 99.2 |
Other Income, Net | -1.4 | -2.9 |
Restructuring and Other Special Charges | 7.8 | 1.4 |
Income from Operations | 79.7 | 85.2 |
Interest Expense, Net | -20.4 | -27.2 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 59.3 | 58 |
Income Tax Expense | -24.8 | -23.7 |
Income before Equity Income of Unconsolidated Entities | 34.5 | 34.3 |
Equity Income of Unconsolidated Entities | 0.3 | 0.3 |
Net Income | 34.8 | 34.6 |
Net Loss Attributable to Noncontrolling Interests | 0.4 | 0.3 |
Net Income Attributable to Graphic Packaging Holding Company | $35.20 | $34.90 |
Net Income Per Share Attributable to Graphic Packaging Holding Company— Basic (in dollars per share) | $0.11 | $0.10 |
Net Income Per Share Attributable to Graphic Packaging Holding Company— Diluted (in dollars per share) | $0.11 | $0.10 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $34.80 | $34.60 |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' |
Derivative Instruments | 0 | 2.3 |
Currency Translation Adjustment | 4.4 | -15.1 |
gpk_OtherComprehensiveIncomeLossNetOfTaxIncludingRedeemableNoncontrollingInterest | 4.1 | -7 |
Total Comprehensive Income | 38.9 | 27.6 |
Comprehensive Loss Attributable to Noncontrolling Interests | 0.3 | 0.3 |
Comprehensive Income Attributable to Graphic Packaging Holding Company | 39.2 | 27.9 |
Pension Benefit Plans | ' | ' |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' |
Pension and Postretirement Benefit Plans | 2.1 | 6 |
Postretirement Benefit Plans | ' | ' |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' |
Pension and Postretirement Benefit Plans | ($2.40) | ($0.20) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ||
Cash and Cash Equivalents | $34.70 | $52.20 | ||
Receivables, Net | 470.9 | 412.8 | ||
Inventories, Net | 578.1 | 557.1 | ||
Deferred Income Tax Assets | 171.4 | 171.3 | ||
Other Current Assets | 32.4 | 32.2 | ||
Assets Held for Sale | 6.7 | 6.6 | ||
Total Current Assets | 1,294.20 | 1,232.20 | ||
Property, Plant and Equipment, Net | 1,669.50 | 1,678.90 | ||
Goodwill | 1,078 | 1,125.40 | ||
Intangible Assets, Net | 438.6 | 467 | ||
Other Assets | 62.6 | 55.8 | ||
Total Assets | 4,542.90 | 4,559.30 | ||
Current Liabilities: | ' | ' | ||
Short-Term Debt and Current Portion of Long-Term Debt | 79 | 77.4 | ||
Accounts Payable | 419.2 | 428.3 | ||
Other Accrued Liabilities | 188.7 | 205.5 | ||
Total Current Liabilities | 686.9 | 711.2 | ||
Long-Term Debt | 2,132.20 | 2,176.20 | ||
Deferred Income Tax Liabilities | 351.5 | 329.9 | ||
Other Noncurrent Liabilities | 268.4 | 268.4 | ||
Redeemable Noncontrolling Interests | 11 | 11.3 | ||
SHAREHOLDERS’ EQUITY | ' | ' | ||
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 326,943,150 and 324,746,642 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 3.3 | 3.2 | ||
Capital in Excess of Par Value | 1,781.20 | 1,789.90 | ||
Accumulated Deficit | -507.4 | -542.6 | ||
Accumulated Other Comprehensive Loss | -184.2 | [1] | -188.2 | [1] |
Total Equity | 1,092.90 | 1,062.30 | ||
Total Liabilities and Equity | $4,542.90 | $4,559.30 | ||
[1] | All amounts are net-of-tax. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
EQUITY | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 326,943,150 | 324,746,642 |
Common stock, shares outstanding | 326,943,150 | 324,746,642 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $34.80 | $34.60 |
Non-cash Items Included in Net Income: | ' | ' |
Depreciation and Amortization | 67 | 65.4 |
Deferred Income Taxes | 23.2 | 19.5 |
Amount of Postretirement Expense Greater (Less) Than Funding | 0.5 | -0.7 |
Loss on the Sale of Assets | 5.9 | 0 |
Other, Net | 13.2 | 5.5 |
Changes in Operating Assets and Liabilities | -114.7 | -136.2 |
Net Cash Provided by (Used in) Operating Activities | 29.9 | -11.9 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | -59.3 | -32.9 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | -70.7 | 0 |
Other, Net | -0.5 | -0.8 |
Net Cash Provided by (Used in) Investing Activities | 10.9 | -33.7 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | -15.4 | -13 |
Borrowings under Revolving Credit Facilities | 267.3 | 409.7 |
Payments on Revolving Credit Facilities | -294.2 | -355.5 |
Repurchase of Common Stock related to Share-Based Payments | -15.8 | -10.9 |
Other, Net | -0.5 | 4.1 |
Net Cash (Used in) Provided by Financing Activities | -58.6 | 34.4 |
Effect of Exchange Rate Changes on Cash | 0.3 | -1.5 |
Net Decrease in Cash and Cash Equivalents | -17.5 | -12.7 |
Cash and Cash Equivalents at Beginning of Period | 52.2 | 51.5 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 34.7 | 38.8 |
Supplemental non-cash investing activities: | ' | ' |
Total Consideration Received from the Sale of Assets, Net of Selling Costs | 78.8 | ' |
Cash Proceeds Received from the Sale of Assets, Net of Selling Costs | 70.7 | 0 |
Non-cash Consideration Received from the Sale of Assets, Net of Selling Costs | $8.10 | ' |
General_Information
General Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
General Information | ' | |||||||
GENERAL INFORMATION | ||||||||
Nature of Business and Basis of Presentation | ||||||||
Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is the largest U.S. producer of folding cartons and holds a leading market position in coated unbleached kraft paperboard, coated-recycled boxboard and multi-wall bags. The Company’s customers include many of the most widely recognized companies and brands with prominent market positions in beverage, food, and other consumer products. The Company strives to provide its customers with packaging solutions designed to deliver marketing and performance benefits at a competitive cost by capitalizing on its low-cost paperboard mills and converting plants, its proprietary carton and packaging designs, and its commitment to quality and service. | ||||||||
GPHC and Graphic Packaging Corporation (“GPC”) conduct no significant business and have no independent assets or operations other than GPHC’s ownership of all of GPC’s outstanding common stock, and GPC’s ownership of all of the outstanding common stock of Graphic Packaging International, Inc. (“GPII”). | ||||||||
The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. | ||||||||
In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year end Condensed Consolidated Balance Sheet data was derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with GPHC’s Form 10-K for the year ended December 31, 2013. In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known. | ||||||||
For a summary of the Company’s significant accounting policies, please refer to GPHC’s Form 10-K for the year ended December 31, 2013. | ||||||||
Accounts Receivable and Allowances | ||||||||
The Company has entered into various factoring and supply chain financing arrangements, principally at the request of customers, which qualify for sale accounting in accordance with the Transfers and Servicing topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("the Codification"). For the periods ended March 31, 2014 and December 31, 2013, the Company had received incremental proceeds of approximately $19 million and $41 million, respectively, from the factoring arrangements. Amounts transferred subject to continuing involvement at March 31, 2014 and December 31, 2013 were approximately $2 million and $20 million, respectively. | ||||||||
Equity Secondary Offerings | ||||||||
During the first quarter of 2014, certain shareholders of the Company sold 30 million shares of common stock in a secondary public offering at $9.85 per share. The shares were sold by certain affiliates of TPG Capital, L.P. (the "TPG Entities"), Clayton, Dubilier & Rice Fund V Limited Partnership (the "CD&R Fund") and Old Town, S.A. ("Old Town"). As a result of these actions, the CD&R Fund and Old Town no longer hold shares of the Company. The TPG Entities and certain Coors family trusts and the Adolph Coors Foundation now hold approximately 13% of shares outstanding. | ||||||||
Restructuring and Other Special Charges | ||||||||
The following table summarizes the transactions recorded in Restructuring and Other Special Charges in the Consolidated Statements of Operations: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
In millions | 2014 | 2013 | ||||||
Loss on Sale of Assets | $ | 5.9 | $ | — | ||||
Charges Associated with Business Combinations | 1.6 | 0.8 | ||||||
Other Special Charges | 0.3 | 0.6 | ||||||
Total | $ | 7.8 | $ | 1.4 | ||||
On February 3, 2014, the Company completed the sale of its labels business. The financial impact of this transaction is reflected in Loss on Sale of Assets in the above table. Approximately $47 million of goodwill and $17 million of intangible assets were written off relating to the sale. The labels business was part of the Paperboard Packaging segment and accounted for approximately 1% of Consolidated Net Sales. | ||||||||
Adoption of New Accounting Standards | ||||||||
Effective January 1, 2014, the Company adopted revised guidance on the Income Taxes topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("the FASB Codification") which requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to the deferred tax asset for a net operating loss carryforward, or similar tax loss, or a tax credit carryforward. The adoption did not have any impact on the Company's financial position, results of operations or cash flows. | ||||||||
Effective January 1, 2014, the Company adopted Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in the ASU change the criteria for reporting discontinued operations and requires new disclosures for discontinued operations and for significant disposals of components of an entity that do not qualify for discontinued operations reporting. The adoption did not have an impact on the Company's financial position, results of operations or cash flows. |
Inventories_Net
Inventories, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories, Net | ' | |||||||
INVENTORIES, NET | ||||||||
Inventories, Net by major class: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Finished Goods | $ | 299.7 | $ | 288.3 | ||||
Work in Progress | 53.2 | 49.2 | ||||||
Raw Materials | 153.7 | 149.7 | ||||||
Supplies | 71.5 | 69.9 | ||||||
Total | $ | 578.1 | $ | 557.1 | ||||
Debt
Debt | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
DEBT | ||||||||||||
For more information regarding the Company’s debt, see “Note 5 — Debt” of the Notes to Consolidated Financial Statements of the Company’s 2013 Form 10-K. | ||||||||||||
Long-Term Debt is composed of the following: | ||||||||||||
In millions | March 31, | December 31, | ||||||||||
2014 | 2013 | |||||||||||
Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | $ | 247.4 | $ | 247.3 | ||||||||
Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | 425 | 425 | ||||||||||
Senior Secured Term Loan Facility with interest payable at various dates at floating rates (1.90% at March 31, 2014) payable through 2018 | 1,199.30 | 1,214.60 | ||||||||||
Senior Secured Revolving Facility with interest payable at floating rates (1.97% at March 31, 2014) payable in 2018 | 316.8 | 344.3 | ||||||||||
Capital Lease Obligations | 5.1 | 5.6 | ||||||||||
Other | 17.6 | 16.8 | ||||||||||
Total Debt | 2,211.20 | 2,253.60 | ||||||||||
Less: Short-Term Debt and Current Portion of Long-Term Debt | 79 | 77.4 | ||||||||||
Total Long-Term Debt | $ | 2,132.20 | $ | 2,176.20 | ||||||||
At March 31, 2014, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: | ||||||||||||
In millions | Total | Total | Total Available | |||||||||
Commitments | Outstanding | |||||||||||
Domestic Revolving Credit Facility (a) | $ | 1,000.00 | $ | 259.5 | $ | 714.1 | ||||||
International Facilities | 164.4 | 74.9 | 89.5 | |||||||||
Total | $ | 1,164.40 | $ | 334.4 | $ | 803.6 | ||||||
(a) | In accordance with its debt agreements, the Company’s availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $26.4 million as of March 31, 2014. These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2015 unless extended. | |||||||||||
The Credit Agreement and the indenture governing the 7.875% Senior Notes due 2018 and the 4.75% Senior Notes due 2021 (the “Indenture”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indenture, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, make dividend and other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indenture, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions, together with the highly leveraged nature of the Company, could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities. | ||||||||||||
Under the terms of the Credit Agreement, the Company must comply with a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. The Company's obligations under the Credit Agreement are secured by substantially all of the Company's domestic assets. | ||||||||||||
As of March 31, 2014, the Company was in compliance with the covenants in the Credit Agreement and the Indenture. |
Stock_Incentive_Plans
Stock Incentive Plans | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock Incentive Plans | ' | ||||||
STOCK INCENTIVE PLANS | |||||||
The Company has one active equity compensation plan from which new grants are made, the Graphic Packaging Holding Company Amended and Restated 2004 Stock and Incentive Compensation Plan (the “2004 Plan”). Awards granted under the 2004 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2004 Plan are from the Company’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. | |||||||
Stock Awards, Restricted Stock and Restricted Stock Units | |||||||
The Company’s 2004 Plan permits the grant of stock awards, restricted stock and restricted stock units (“RSUs”). Generally, all RSUs vest and become payable in three years from date of grant. RSUs granted to employees generally contain performance conditions based on various financial targets and service requirements that must be met for the shares to vest. Upon vesting, RSUs are payable in shares of common stock. Stock awards granted to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date. | |||||||
Data concerning RSUs granted in the first three months of 2014 is as follows: | |||||||
Shares in thousands | Shares | Weighted Average | |||||
Grant Date Fair | |||||||
Value Per Share | |||||||
RSUs — Employees | 2,095 | $ | 10.27 | ||||
During the three months ended March 31, 2014 and 2013, $4.1 million and $6.8 million, respectively, were charged to compensation expense for stock incentive plans. | |||||||
During the three months ended March 31, 2014 and 2013, approximately 2.2 million and 3.0 million shares were issued, respectively. The shares issued were primarily related to RSUs granted during 2011 and 2010, respectively. |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||||||
Pensions and Other Postretirement Benefits | ' | ||||||||||||||
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | |||||||||||||||
The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employees’ compensation. | |||||||||||||||
Pension and Postretirement Expense | |||||||||||||||
The pension and postretirement expenses related to the Company’s plans consisted of the following: | |||||||||||||||
Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||
Components of Net Periodic Cost: | |||||||||||||||
Service Cost | $ | 3.7 | $ | 4 | $ | 0.3 | $ | 0.4 | |||||||
Interest Cost | 14.5 | 13.1 | 0.6 | 0.5 | |||||||||||
Administrative Expenses | 0.2 | 0.2 | — | — | |||||||||||
Expected Return on Plan Assets | (20.0 | ) | (17.0 | ) | — | — | |||||||||
Amortization: | |||||||||||||||
Prior Service Cost (Credit) | 0.1 | 0.2 | (0.1 | ) | — | ||||||||||
Actuarial Loss (Gain) | 3 | 9.4 | (0.3 | ) | (0.3 | ) | |||||||||
Net Periodic Cost | $ | 1.5 | $ | 9.9 | $ | 0.5 | $ | 0.6 | |||||||
Employer Contributions | |||||||||||||||
The Company made contributions of $0.8 million and $10.7 million to its pension plans during the first three months of 2014 and 2013, respectively. The Company expects to make contributions of $40 to $60 million for the full year 2014. During 2013, the Company made $51.5 million of contributions to its pension plans. | |||||||||||||||
The Company made postretirement health care benefit payments of $0.7 million and $0.5 million during the first three months of 2014 and 2013, respectively. The Company estimates its postretirement health care benefit payments for the full year 2014 to be approximately $3 million. During 2013, the Company made postretirement health care benefit payments of $1.8 million. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurement Financial Instruments and Fair Value Measurement | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||
Financial Instruments and Fair Value Measurement | ' | |||
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT | ||||
The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts, and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Income. These changes in fair value will subsequently be reclassified to earnings. | ||||
For more information regarding the Company’s financial instruments and fair value measurement, see “Note 9 — Financial Instruments, Derivatives and Hedging Activities” and “Note 10 — Fair Value Measurement” of the Notes to Consolidated Financial Statements of the Company’s 2013 Form 10-K. | ||||
Interest Rate Risk | ||||
The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facility. The differential to be paid or received under these agreements is recognized as an adjustment to Interest Expense related to debt. At March 31, 2014 and December 31, 2013, the Company had interest rate swap agreements outstanding with a notional amount of $560 million. The swap agreements, under which the Company will pay fixed rates of 0.45% to 0.82% and receive one-month LIBOR rates, expire in April 2016. | ||||
Changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense, Net as interest is incurred on amounts outstanding under the term loan facility. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. | ||||
During the first three months of 2014 and 2013, there were minimal amounts of ineffectiveness related to changes in the fair value of interest rate swap agreements. Additionally, there were no amounts excluded from the measure of effectiveness. | ||||
Commodity Risk | ||||
To manage risks associated with future variability in cash flows and price risk attributable to certain commodity purchases, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss, and the resulting gain or loss is reclassified into Cost of Sales concurrently with the recognition of the commodity consumed. The ineffective portion of the swap contracts’ change in fair value would be recognized immediately in earnings. The Company has hedged 53% of its expected natural gas usage for 2014. | ||||
During the first three months of 2014 and 2013, there were minimal amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness. | ||||
Foreign Currency Risk | ||||
The Company enters into forward exchange contracts to manage risks associated with future variability in cash flows resulting from anticipated foreign currency transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and gains/losses related to these contracts are recognized in Other Income, Net when the anticipated transaction affects income. | ||||
At March 31, 2014, multiple forward exchange contracts existed that expire on various dates through 2014. Those purchased forward exchange contracts outstanding at March 31, 2014 and December 31, 2013, when aggregated and measured in U.S. dollars at contractual rates at March 31, 2014 and December 31, 2013 had notional amounts totaling $48.4 million and $65.3 million, respectively. | ||||
No amounts were reclassified to earnings during the first three months of 2014 or during 2013 in connection with forecasted transactions that were no longer considered probable of occurring, and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness. | ||||
Derivatives not Designated as Hedges | ||||
The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivable resulting from sales transactions denominated in foreign currencies in order to manage risks associated with foreign currency transactions adversely affected by changes in exchange rates. At March 31, 2014 and December 31, 2013, multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at March 31, 2014 and December 31, 2013, when aggregated and measured in U.S. dollars at exchange rates at March 31, 2014 and December 31, 2013, had net notional amounts totaling $27.8 million and $32.5 million, respectively. Unrealized gains and losses resulting from these contracts are recognized in Other Income, Net and approximately offset corresponding recognized but unrealized gains and losses on these accounts receivable. | ||||
Fair Value of Financial Instruments | ||||
The Company’s derivative instruments are carried at fair value. The Company has determined that the inputs to the valuation of these derivative instruments are level 2 in the fair value hierarchy. Level 2 inputs are defined as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. The Company uses valuation techniques based on discounted cash flow analyses, which reflect the terms of the derivatives and use observable market-based inputs, including forward rates and use market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers. | ||||
As of March 31, 2014 and December 31, 2013, the Company had a net derivative liability of $1.6 million and $2.2 million, respectively, primarily related to interest rate, foreign currency and commodity contracts. | ||||
As of March 31, 2014, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on evaluation of the Company’s counterparties’ credit risks. | ||||
The fair values of the Company’s other financial assets and liabilities at March 31, 2014 and December 31, 2013 approximately equal the carrying values reported on the Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company’s Long-Term Debt (excluding capital leases) was $2,224.1 million and $2,267.6 million as compared to the carrying amounts of $2,206.1 million and $2,248.0 million as of March 31, 2014 and December 31, 2013, respectively. The fair value of the Company’s Long-Term Debt, including the Senior Notes, are based on quoted market prices (Level 2 inputs). | ||||
The fair value of the Company's assets held for sale at March 31, 2014 and December 31, 2013 was $6.7 million and $6.6 million, respectively. The value is recorded at the lower of book value or fair value, less costs to sell. Fair value was determined using the market approach based on the value of similar assets (Level 3 inputs). | ||||
Accumulated Derivative Instruments (Loss) Income | ||||
The following is a rollforward of pre-tax Accumulated Derivative Instruments (Loss) Income which is included in the Company’s Condensed Consolidated Balance Sheets: | ||||
In millions | ||||
Balance at December 31, 2013 | $ | (1.3 | ) | |
Reclassification to Earnings | (1.0 | ) | ||
Current Period Change in Fair Value | 0.9 | |||
Balance at March 31, 2014 | $ | (1.4 | ) | |
At March 31, 2014, the Company expects to reclassify approximately $1.2 million of loss in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Redeemable Noncontrolling Interests | ' | |||
REDEEMABLE NONCONTROLLING INTERESTS | ||||
On December 8, 2011, the Company combined its multi-wall bag and specialty plastics packaging businesses with the kraft paper and multi-wall bag businesses of Delta Natural Kraft, LLC and Mid-America Packaging, LLC (collectively "DNK"), both wholly owned subsidiaries of Capital Five Investments, LLC ("CVI"). Under the terms of the transaction, the Company formed a new limited liability company, Graphic Flexible Packaging, LLC ("GFP") and contributed its ownership interests in multi-wall bag and specialty plastics packaging subsidiaries to it. CVI concurrently contributed its ownership interests in DNK to GFP. Neither party received cash consideration as part of the transaction. The Company owns approximately 87% of GFP and consolidates its results of operations. The remaining 13% of GFP is owned by CVI. CVI's noncontrolling interest in GFP is recorded as Redeemable Noncontrolling Interests in the Company's financial statements. | ||||
CVI has the right, at certain times, to require the Company to acquire their ownership interests in GFP at fair value based on third-party valuations. Since it is probable that the noncontrolling interests will become redeemable in the future, based on the passage of time, the noncontrolling interests subject to the put options are adjusted to their estimated redemption amounts each reporting period with a corresponding adjustment to Capital in Excess of Par Value. The adjustment to the carrying amount is determined after attribution of comprehensive income of the redeemable noncontrolling interests. The adjustment to the carrying amount does not impact net income or comprehensive income in the Company’s Condensed Consolidated Financial Statements and does not impact earnings per share since the shares of the redeemable noncontrolling interests are redeemable at fair value. For accounting purposes, the redemption value at which the redeemable noncontrolling interests is recorded on the Condensed Consolidated Balance Sheets cannot be less than the initial amount plus attribution of comprehensive income of the noncontrolling interest. At March 31, 2014, the book value of the redeemable noncontrolling interests was determined as follows: | ||||
In millions | ||||
Balance at December 31, 2013 | $ | 11.3 | ||
Net Loss Attributable to Redeemable Noncontrolling Interests | (0.4 | ) | ||
Other Comprehensive Income, Net of Tax | 0.1 | |||
Change in Fair Value of Redeemable Securities | — | |||
Balance at March 31, 2014 | $ | 11 | ||
The calculation of fair value (a Level 3 measurement) of the redeemable noncontrolling interest is determined by using a discounted cash flow analysis based on the Company's forecasts discounted using a weighed average cost of capital and market indicators of terminal year cash flows based upon a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
During the three months ended March 31, 2014, the Company recognized Income Tax Expense of $24.8 million on Income before Income Taxes and Equity Income of Unconsolidated Entities of $59.3 million. The effective tax rate for the three months ended March 31, 2014 was different than the statutory rate primarily due to the mix and levels between foreign and domestic earnings including losses in jurisdictions with full valuation allowances, as well as the impact of the writeoff of nondeductible goodwill in connection with the sale of the labels business and other discrete items. During the three months ended March 31, 2013, the Company recognized Income Tax Expense of $23.7 million on Income before Income Taxes and Equity Income of Unconsolidated Entities of $58.0 million. The effective tax rate for the three months ended March 31, 2013 was different than the statutory rate primarily due to the mix and levels between foreign and domestic earnings, including losses in jurisdictions with full valuation allowances, as well as the effects of certain discrete tax items. The Company has approximately $830 million of Net Operating Losses for U.S. federal income tax purposes, which are currently being used and may be used to offset future taxable income. |
Environmental_and_Legal_Matter
Environmental and Legal Matters | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Environmental and Legal Matters | ' |
ENVIRONMENTAL AND LEGAL MATTERS | |
Environmental Matters | |
The Company is subject to a broad range of foreign, federal, state and local environmental, health and safety laws and regulations, including those governing discharges to air, soil and water, the management, treatment and disposal of hazardous substances, solid waste and hazardous wastes, the investigation and remediation of contamination resulting from historical site operations and releases of hazardous substances, and the health and safety of employees. Compliance initiatives could result in significant costs, which could negatively impact the Company’s consolidated financial position, results of operations or cash flows. Any failure to comply with environmental or health and safety laws and regulations or any permits and authorizations required thereunder could subject the Company to fines, corrective action or other sanctions. | |
Some of the Company’s current and former facilities are the subject of environmental investigations and remediations resulting from historical operations and the release of hazardous substances or other constituents. Some current and former facilities have a history of industrial usage for which investigation and remediation obligations may be imposed in the future or for which indemnification claims may be asserted against the Company. Also, potential future closures or sales of facilities may necessitate further investigation and may result in future remediation at those facilities. | |
The Company has established reserves for those facilities or issues where a liability is probable and the costs are reasonably estimable. The Company believes that the amounts accrued for all of its loss contingencies, and the reasonably possible loss beyond the amounts accrued, are not material to the Company’s consolidated financial position, results of operations or cash flows. Currently, the Company expects to spend less than $10 million, in aggregate, during 2014 and 2015 to achieve compliance with the National Emission Standards for Hazardous Air Pollutants for units at major sources (known as "Boiler MACT"). The Company cannot estimate with certainty other future corrective compliance, investigation or remediation costs. Costs relating to historical usage that the Company considers to be reasonably possible of resulting in liability are not quantifiable at this time. The Company will continue to monitor environmental issues at each of its facilities, as well as regulatory developments, and will revise its accruals, estimates and disclosures relating to past, present and future operations, as additional information is obtained. | |
Legal Matters | |
The Company is a party to a number of lawsuits arising in the ordinary conduct of its business. Although the timing and outcome of these lawsuits cannot be predicted with certainty, the Company does not believe that disposition of these lawsuits will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | |||||||
Segment Information | ' | |||||||
SEGMENT INFORMATION | ||||||||
The Company reports its results in two reportable segments: paperboard packaging and flexible packaging. These segments are evaluated by the chief operating decision maker based primarily on Income from Operations as adjusted for depreciation and amortization. The Company’s reportable segments are based upon strategic business units that offer different products. The accounting policies of the reportable segments are the same as those described in GPHC’s Form 10-K for the year ended December 31, 2013. | ||||||||
The paperboard packaging segment is highly integrated and includes a system of mills and plants that produce a broad range of paperboard grades convertible into folding cartons. Folding cartons are used primarily to protect products, such as food, detergents, paper products, beverages, and health and beauty aids, while providing point of purchase advertising. The paperboard packaging reportable segment includes the design, manufacture and installation of packaging machinery related to the assembly of cartons, the production and sale of corrugated medium and kraft paper from paperboard mills in the U.S. As previously disclosed, the Company sold its labels business as of February 3, 2014 which was part of the paperboard packaging segment. | ||||||||
The flexible packaging segment produces kraft paper and converts kraft and specialty paper into products which include multi-wall bags, such as pasted valve, pinched bottom, sewn open mouth and woven polypropylene and coated paper. Coated paper products include institutional french fry packaging, barrier punch rollstock and freeze paper. Key end-markets include food and agriculture, building and industrial materials, chemicals, minerals and pet food. Flexible package paper is used in a wide range of consumer applications. | ||||||||
Segment information is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
In millions | 2014 | 2013 | ||||||
NET SALES: | ||||||||
Paperboard Packaging | $ | 941.8 | $ | 936.1 | ||||
Flexible Packaging | 130.9 | 164.4 | ||||||
Total | $ | 1,072.70 | $ | 1,100.50 | ||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||
Paperboard Packaging | $ | 100.2 | $ | 102.7 | ||||
Flexible Packaging | (4.5 | ) | (3.8 | ) | ||||
Corporate | (16.0 | ) | (13.7 | ) | ||||
Total | $ | 79.7 | $ | 85.2 | ||||
DEPRECIATION AND AMORTIZATION: | ||||||||
Paperboard Packaging | $ | 61 | $ | 58.4 | ||||
Flexible Packaging | 5.4 | 6.4 | ||||||
Corporate | 0.6 | 0.6 | ||||||
Total | $ | 67 | $ | 65.4 | ||||
For more information regarding the Company’s business segments, see “Note 16 — Business Segment and Geographic Area Information” of the Notes to Consolidated Financial Statements of the Company’s 2013 Form 10-K. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
EARNINGS PER SHARE | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
In millions, except per share data | 2014 | 2013 | ||||||
Net Income Attributable to Graphic Packaging Holding Company | $ | 35.2 | $ | 34.9 | ||||
Weighted Average Shares: | ||||||||
Basic | 327.6 | 348.1 | ||||||
Dilutive Effect of RSUs and Stock Awards | 2.7 | 2.3 | ||||||
Diluted | 330.3 | 350.4 | ||||||
Earnings Per Share — Basic | $ | 0.11 | $ | 0.1 | ||||
Earnings Per Share — Diluted | $ | 0.11 | $ | 0.1 | ||||
For the three months ended March 31, 2013, the potentially dilutive stock options excluded from the above calculation because the effect would have been anti-dilutive were 1,824,098. |
Equity
Equity | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Equity [Abstract] | ' | |||
Equity | ' | |||
EQUITY | ||||
The following is a summary of the changes in total equity for the three months ended March 31, 2014: | ||||
In millions | Graphic Packaging Holding Company Shareholders Equity (a) | |||
Balance at December 31, 2013 | $ | 1,062.30 | ||
Net Income | 35.2 | |||
Other Comprehensive Income, Net of Tax | 4 | |||
Compensation Expense Under Share-Based Plans | 4.1 | |||
Issuance of Common Stock, Net of Stock Repurchased for Tax Withholdings | (12.7 | ) | ||
Balance at March 31, 2014 | $ | 1,092.90 | ||
(a) Excludes amounts related to contingently redeemable noncontrolling interests which are separately classified outside of permanent equity in the mezzanine section of the Condensed Consolidated Balance Sheets. |
Other_Comprehensive_Loss_Incom
Other Comprehensive (Loss) Income | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Other Comprehensive (Loss) Income | ' | ||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||
The following represents changes in Accumulated Other Comprehensive (Loss) Income by each component of other comprehensive income for the three months ended March 31, 2014 (a): | |||||||||||||||||||
In millions | Derivatives Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Postemployment Benefit Plans | Currency Translation Adjustment | Total | |||||||||||||
Balance at December 31, 2013 | $ | (10.8 | ) | $ | (174.1 | ) | $ | 12.8 | $ | 0.5 | $ | (16.6 | ) | $ | (188.2 | ) | |||
Other Comprehensive Income (Loss) before Reclassifications | 0.6 | (0.7 | ) | (2.0 | ) | — | 4.4 | 2.3 | |||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) | (0.6 | ) | 2.7 | (0.4 | ) | — | — | 1.7 | |||||||||||
Net Current-period Other Comprehensive Income (Loss) | — | 2 | (2.4 | ) | — | 4.4 | 4 | ||||||||||||
Balance at March 31, 2014 | $ | (10.8 | ) | $ | (172.1 | ) | $ | 10.4 | $ | 0.5 | $ | (12.2 | ) | $ | (184.2 | ) | |||
(a) | All amounts are net-of-tax. | ||||||||||||||||||
(b) See following table for details about these reclassifications. | |||||||||||||||||||
The following represents reclassifications out of Accumulated Other Comprehensive Income for the three months ended March 31, 2014: | |||||||||||||||||||
In millions | |||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||
Derivatives Instruments: | |||||||||||||||||||
Commodity Contracts | $ | (1.6 | ) | Cost of Sales | |||||||||||||||
Foreign Currency Contracts | (0.2 | ) | Other Income, Net | ||||||||||||||||
Interest Rate Swap Agreements | 0.8 | Interest Expense, Net | |||||||||||||||||
(1.0 | ) | Total before Tax | |||||||||||||||||
0.4 | Tax Benefit | ||||||||||||||||||
$ | (0.6 | ) | Net of Tax | ||||||||||||||||
Amortization of Defined Benefit Pension Plans: | |||||||||||||||||||
Prior Service Costs | $ | 0.1 | (c) | ||||||||||||||||
Actuarial Losses | 3 | (c) | |||||||||||||||||
3.1 | Total before Tax | ||||||||||||||||||
(0.4 | ) | Tax Expense | |||||||||||||||||
$ | 2.7 | Net of Tax | |||||||||||||||||
Amortization of Postretirement Benefit Plans: | |||||||||||||||||||
Prior Service Credits | $ | (0.1 | ) | (c) | |||||||||||||||
Actuarial Gains | (0.3 | ) | (c) | ||||||||||||||||
(0.4 | ) | Total before Tax | |||||||||||||||||
— | Tax Expense | ||||||||||||||||||
$ | (0.4 | ) | Net of Tax | ||||||||||||||||
Total Reclassifications for the Period | $ | 1.7 | |||||||||||||||||
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “Note 6 — Pensions and Other Postretirement Benefits"). |
Guarantor_Condensed_Consolidat
Guarantor Condensed Consolidated Financial Statements | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements | ' | |||||||||||||||||||||||
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||||||
This disclosure is required because certain subsidiaries are guarantors of GPII's debt securities. These consolidating financial statements reflect GPHC and GPC (collectively the "Parent”); GPII, the Subsidiary Issuer; and the Subsidiary Guarantors, which consist of all material 100% owned subsidiaries of GPII other than its foreign subsidiaries; and the nonguarantor subsidiaries (herein referred to as “Nonguarantor Subsidiaries”). The Nonguarantor Subsidiaries include all of GPII's foreign subsidiaries and the subsidiaries of GFP. Separate complete financial statements of the Subsidiary Guarantors are not presented because the guarantors are jointly and severally, fully and unconditionally liable under the guarantees. | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||||||||
Net Sales | $ | — | $ | 818.1 | $ | 0.4 | $ | 300.2 | $ | (46.0 | ) | $ | 1,072.70 | |||||||||||
Cost of Sales | — | 659.5 | (0.3 | ) | 272.5 | (46.0 | ) | 885.7 | ||||||||||||||||
Selling, General and Administrative | — | 73.6 | 0.1 | 27.2 | — | 100.9 | ||||||||||||||||||
Other Income, Net | — | (0.7 | ) | — | (0.7 | ) | — | (1.4 | ) | |||||||||||||||
Restructuring and Other Special Charges | — | 0.3 | 5.9 | 1.6 | — | 7.8 | ||||||||||||||||||
Income (Loss) from Operations | — | 85.4 | (5.3 | ) | (0.4 | ) | — | 79.7 | ||||||||||||||||
Interest Expense, Net | — | (18.2 | ) | — | (2.2 | ) | — | (20.4 | ) | |||||||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 67.2 | (5.3 | ) | (2.6 | ) | — | 59.3 | ||||||||||||||||
Income Tax Expense (Benefit) | — | (28.0 | ) | 2 | 1.2 | — | (24.8 | ) | ||||||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 39.2 | (3.3 | ) | (1.4 | ) | — | 34.5 | ||||||||||||||||
Equity Income of Unconsolidated Entities | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Equity in Net Earnings of Subsidiaries | 34.8 | (4.4 | ) | (0.6 | ) | — | (29.8 | ) | — | |||||||||||||||
Net Income (Loss) | 34.8 | 34.8 | (3.9 | ) | (1.1 | ) | (29.8 | ) | 34.8 | |||||||||||||||
Net Loss Attributable to Noncontrolling Interests | 0.4 | 0.4 | — | — | (0.4 | ) | 0.4 | |||||||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 35.2 | $ | 35.2 | $ | (3.9 | ) | $ | (1.1 | ) | $ | (30.2 | ) | $ | 35.2 | |||||||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 39.2 | $ | 39.2 | $ | (3.8 | ) | $ | 4 | $ | (39.4 | ) | $ | 39.2 | ||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||||||||
Net Sales | $ | — | $ | 820.6 | $ | 15.3 | $ | 318.9 | $ | (54.3 | ) | $ | 1,100.50 | |||||||||||
Cost of Sales | — | 664.8 | 11.2 | 295.9 | (54.3 | ) | 917.6 | |||||||||||||||||
Selling, General and Administrative | — | 70.4 | 1.8 | 27 | — | 99.2 | ||||||||||||||||||
Other Income, Net | — | (1.0 | ) | — | (1.9 | ) | — | (2.9 | ) | |||||||||||||||
Restructuring and Other Special Charges | — | 0.6 | — | 0.8 | — | 1.4 | ||||||||||||||||||
Income (Loss) from Operations | — | 85.8 | 2.3 | (2.9 | ) | — | 85.2 | |||||||||||||||||
Interest Expense, Net | — | (24.8 | ) | — | (2.4 | ) | — | (27.2 | ) | |||||||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 61 | 2.3 | (5.3 | ) | — | 58 | |||||||||||||||||
Income Tax Expense | — | (20.4 | ) | (0.9 | ) | (2.4 | ) | — | (23.7 | ) | ||||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 40.6 | 1.4 | (7.7 | ) | — | 34.3 | |||||||||||||||||
Equity Income of Unconsolidated Entities | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Equity in Net Earnings of Subsidiaries | 34.6 | (6.0 | ) | (1.6 | ) | — | (27.0 | ) | — | |||||||||||||||
Net Income (Loss) | 34.6 | 34.6 | (0.2 | ) | (7.4 | ) | (27.0 | ) | 34.6 | |||||||||||||||
Net Loss Attributable to Noncontrolling Interests | 0.3 | 0.3 | — | — | (0.3 | ) | 0.3 | |||||||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 34.9 | $ | 34.9 | $ | (0.2 | ) | $ | (7.4 | ) | $ | (27.3 | ) | $ | 34.9 | |||||||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 27.9 | $ | 27.9 | $ | 1.6 | $ | (19.6 | ) | $ | (9.9 | ) | $ | 27.9 | ||||||||||
March 31, 2014 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | — | $ | — | $ | 34.7 | $ | — | $ | 34.7 | ||||||||||||
Receivables, Net | — | 282.1 | — | 188.8 | — | 470.9 | ||||||||||||||||||
Inventories, Net | — | 384 | — | 194.1 | — | 578.1 | ||||||||||||||||||
Intercompany | 50 | 522.5 | 70.7 | — | (643.2 | ) | — | |||||||||||||||||
Deferred Income Tax Assets | — | 171.9 | — | — | (0.5 | ) | 171.4 | |||||||||||||||||
Other Current Assets | — | 18.4 | — | 14 | — | 32.4 | ||||||||||||||||||
Assets Held for Sale | — | 6.7 | — | — | — | 6.7 | ||||||||||||||||||
Total Current Assets | 50 | 1,385.60 | 70.7 | 431.6 | (643.7 | ) | 1,294.20 | |||||||||||||||||
Property, Plant and Equipment, Net | — | 1,403.60 | 0.5 | 265.5 | (0.1 | ) | 1,669.50 | |||||||||||||||||
Investment in Consolidated Subsidiaries | 1,053.70 | — | 23.7 | — | (1,077.4 | ) | — | |||||||||||||||||
Goodwill | — | 1,043.20 | — | 34.8 | — | 1,078.00 | ||||||||||||||||||
Other Assets | — | 395.3 | — | 105.9 | — | 501.2 | ||||||||||||||||||
Total Assets | $ | 1,103.70 | $ | 4,227.70 | $ | 94.9 | $ | 837.8 | $ | (1,721.2 | ) | $ | 4,542.90 | |||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 62.6 | $ | — | $ | 16.4 | $ | — | $ | 79 | ||||||||||||
Accounts Payable | — | 302.4 | — | 116.8 | — | 419.2 | ||||||||||||||||||
Interest Payable | — | 22.1 | — | 0.1 | — | 22.2 | ||||||||||||||||||
Intercompany | — | 0.2 | 38.3 | 645.2 | (683.7 | ) | — | |||||||||||||||||
Other Accrued Liabilities | — | 127.9 | 0.3 | 38.3 | — | 166.5 | ||||||||||||||||||
Total Current Liabilities | — | 515.2 | 38.6 | 816.8 | (683.7 | ) | 686.9 | |||||||||||||||||
Long-Term Debt | — | 2,071.60 | — | 60.6 | — | 2,132.20 | ||||||||||||||||||
Deferred Income Tax Liabilities | — | 342.4 | — | 9.1 | — | 351.5 | ||||||||||||||||||
Other Noncurrent Liabilities | — | 233.8 | — | 34.6 | — | 268.4 | ||||||||||||||||||
Redeemable Noncontrolling Interests | 11 | 11 | — | — | (11.0 | ) | 11 | |||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,092.70 | 1,053.70 | 56.3 | (83.3 | ) | (1,026.5 | ) | 1,092.90 | ||||||||||||||||
Total Equity | 1,092.70 | 1,053.70 | 56.3 | (83.3 | ) | (1,026.5 | ) | 1,092.90 | ||||||||||||||||
Total Liabilities and Equity | $ | 1,103.70 | $ | 4,227.70 | $ | 94.9 | $ | 837.8 | $ | (1,721.2 | ) | $ | 4,542.90 | |||||||||||
31-Dec-13 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 1.3 | $ | — | $ | 50.9 | $ | — | $ | 52.2 | ||||||||||||
Receivables, Net | — | 218 | 7 | 187.8 | — | 412.8 | ||||||||||||||||||
Inventories, Net | — | 368 | 4.4 | 184.7 | — | 557.1 | ||||||||||||||||||
Deferred Income Tax Assets | — | 171.9 | — | — | (0.6 | ) | 171.3 | |||||||||||||||||
Intercompany | 59 | 595.5 | — | — | (654.5 | ) | — | |||||||||||||||||
Other Current Assets | — | 16.6 | — | 15.6 | — | 32.2 | ||||||||||||||||||
Assets Held for Sale | — | 6.6 | — | — | — | 6.6 | ||||||||||||||||||
Total Current Assets | 59 | 1,377.90 | 11.4 | 439 | (655.1 | ) | 1,232.20 | |||||||||||||||||
Property, Plant and Equipment, Net | — | 1,410.70 | 14.2 | 254.1 | (0.1 | ) | 1,678.90 | |||||||||||||||||
Investment in Consolidated Subsidiaries | 1,014.50 | — | 24.2 | — | (1,038.7 | ) | — | |||||||||||||||||
Goodwill | — | 1,043.20 | 47.2 | 35 | — | 1,125.40 | ||||||||||||||||||
Other Assets | — | 395.6 | 16.9 | 110.3 | — | 522.8 | ||||||||||||||||||
Total Assets | $ | 1,073.50 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,693.9 | ) | $ | 4,559.30 | |||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 62.7 | $ | — | $ | 14.7 | $ | — | $ | 77.4 | ||||||||||||
Accounts Payable | — | 303.1 | 5.6 | 119.6 | — | 428.3 | ||||||||||||||||||
Intercompany | — | — | 41.7 | 645.7 | (687.4 | ) | — | |||||||||||||||||
Other Accrued Liabilities | — | 157.5 | 0.9 | 47.1 | — | 205.5 | ||||||||||||||||||
Total Current Liabilities | — | 523.3 | 48.2 | 827.1 | (687.4 | ) | 711.2 | |||||||||||||||||
Long-Term Debt | — | 2,123.70 | — | 52.5 | — | 2,176.20 | ||||||||||||||||||
Deferred Income Tax Liabilities | — | 321.5 | — | 8.4 | — | 329.9 | ||||||||||||||||||
Other Noncurrent Liabilities | — | 233.1 | — | 35.3 | — | 268.4 | ||||||||||||||||||
Redeemable Noncontrolling Interests | 11.3 | 11.3 | — | — | (11.3 | ) | 11.3 | |||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,062.20 | 1,014.50 | 65.7 | (84.9 | ) | (995.2 | ) | 1,062.30 | ||||||||||||||||
Total Liabilities and Equity | $ | 1,073.50 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,693.9 | ) | $ | 4,559.30 | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income (Loss) | $ | 34.8 | $ | 34.8 | $ | (3.9 | ) | $ | (1.1 | ) | $ | (29.8 | ) | $ | 34.8 | |||||||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||||||||
Depreciation and Amortization | — | 57.5 | — | 9.5 | — | 67 | ||||||||||||||||||
Deferred Income Taxes | — | 25.8 | — | (2.6 | ) | — | 23.2 | |||||||||||||||||
Amount of Postretirement Expense Greater Than Funding | — | 0.3 | — | 0.2 | — | 0.5 | ||||||||||||||||||
Equity in Net Earnings of Subsidiaries | (34.8 | ) | 4.4 | 0.6 | — | 29.8 | — | |||||||||||||||||
Loss on the Sale of Assets | — | — | 5.9 | — | — | 5.9 | ||||||||||||||||||
Other, Net | — | 10.8 | 1.3 | 1.1 | — | 13.2 | ||||||||||||||||||
Changes in Operating Assets and Liabilities | — | (41.3 | ) | (74.6 | ) | (14.6 | ) | 15.8 | (114.7 | ) | ||||||||||||||
Net Cash Provided by (Used in) Operating Activities | — | 92.3 | (70.7 | ) | (7.5 | ) | 15.8 | 29.9 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital Spending | — | (41.2 | ) | — | (18.1 | ) | — | (59.3 | ) | |||||||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | — | — | 70.7 | — | — | 70.7 | ||||||||||||||||||
Other, Net | 15.8 | (0.5 | ) | — | — | (15.8 | ) | (0.5 | ) | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 15.8 | (41.7 | ) | 70.7 | (18.1 | ) | (15.8 | ) | 10.9 | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Payments on Debt | — | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||||||
Borrowings under Revolving Credit Facilities | — | 236.6 | — | 30.7 | — | 267.3 | ||||||||||||||||||
Payments on Revolving Credit Facilities | — | (273.1 | ) | — | (21.1 | ) | — | (294.2 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (15.8 | ) | — | — | — | — | (15.8 | ) | ||||||||||||||||
Other, Net | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (15.8 | ) | (51.9 | ) | — | 9.1 | — | (58.6 | ) | |||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (1.3 | ) | — | (16.2 | ) | — | (17.5 | ) | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 1.3 | — | 50.9 | — | 52.2 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | — | $ | 34.7 | $ | — | $ | 34.7 | ||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income (Loss) | $ | 34.6 | $ | 34.6 | $ | (0.2 | ) | $ | (7.4 | ) | $ | (27.0 | ) | $ | 34.6 | |||||||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||||||||
Depreciation and Amortization | — | 53.9 | 1 | 10.5 | — | 65.4 | ||||||||||||||||||
Deferred Income Taxes | — | 19.5 | — | — | — | 19.5 | ||||||||||||||||||
Amount of Postretirement Expense Greater (Less) Than Funding | — | 1 | (0.2 | ) | (1.5 | ) | — | (0.7 | ) | |||||||||||||||
Equity in Net Earnings of Subsidiaries | (34.6 | ) | 6 | 1.6 | — | 27 | — | |||||||||||||||||
Other, Net | — | 4.1 | — | 1.4 | — | 5.5 | ||||||||||||||||||
Changes in Operating Assets and Liabilities | — | (128.3 | ) | (2.2 | ) | (5.7 | ) | — | (136.2 | ) | ||||||||||||||
Net Cash Used in Operating Activities | — | (9.2 | ) | — | (2.7 | ) | — | (11.9 | ) | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital Spending | — | (29.5 | ) | — | (3.4 | ) | — | (32.9 | ) | |||||||||||||||
Other, Net | 6.2 | (0.8 | ) | — | — | (6.2 | ) | (0.8 | ) | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 6.2 | (30.3 | ) | — | (3.4 | ) | (6.2 | ) | (33.7 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Payments on Debt | — | (12.5 | ) | — | (0.5 | ) | — | (13.0 | ) | |||||||||||||||
Borrowings under Revolving Credit Facilities | — | 356.4 | — | 53.3 | — | 409.7 | ||||||||||||||||||
Payments on Revolving Credit Facilities | — | (303.7 | ) | — | (51.8 | ) | — | (355.5 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.9 | ) | — | — | — | — | (10.9 | ) | ||||||||||||||||
Other, Net | 4.7 | (6.6 | ) | — | (0.2 | ) | 6.2 | 4.1 | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (6.2 | ) | 33.6 | — | 0.8 | 6.2 | 34.4 | |||||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (5.9 | ) | — | (6.8 | ) | — | (12.7 | ) | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 5.9 | — | 45.6 | — | 51.5 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | — | $ | 38.8 | $ | — | $ | 38.8 | ||||||||||||
General_Information_Tables
General Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Schedule of Goodwill Impairment, Restructuring and Other Special Charges | ' | |||||||
The following table summarizes the transactions recorded in Restructuring and Other Special Charges in the Consolidated Statements of Operations: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
In millions | 2014 | 2013 | ||||||
Loss on Sale of Assets | $ | 5.9 | $ | — | ||||
Charges Associated with Business Combinations | 1.6 | 0.8 | ||||||
Other Special Charges | 0.3 | 0.6 | ||||||
Total | $ | 7.8 | $ | 1.4 | ||||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories, Net by major class | ' | |||||||
Inventories, Net by major class: | ||||||||
In millions | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Finished Goods | $ | 299.7 | $ | 288.3 | ||||
Work in Progress | 53.2 | 49.2 | ||||||
Raw Materials | 153.7 | 149.7 | ||||||
Supplies | 71.5 | 69.9 | ||||||
Total | $ | 578.1 | $ | 557.1 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||
Long-Term Debt is composed of the following: | ||||||||||||
In millions | March 31, | December 31, | ||||||||||
2014 | 2013 | |||||||||||
Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | $ | 247.4 | $ | 247.3 | ||||||||
Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | 425 | 425 | ||||||||||
Senior Secured Term Loan Facility with interest payable at various dates at floating rates (1.90% at March 31, 2014) payable through 2018 | 1,199.30 | 1,214.60 | ||||||||||
Senior Secured Revolving Facility with interest payable at floating rates (1.97% at March 31, 2014) payable in 2018 | 316.8 | 344.3 | ||||||||||
Capital Lease Obligations | 5.1 | 5.6 | ||||||||||
Other | 17.6 | 16.8 | ||||||||||
Total Debt | 2,211.20 | 2,253.60 | ||||||||||
Less: Short-Term Debt and Current Portion of Long-Term Debt | 79 | 77.4 | ||||||||||
Total Long-Term Debt | $ | 2,132.20 | $ | 2,176.20 | ||||||||
Schedule of Line of Credit Facilities | ' | |||||||||||
At March 31, 2014, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: | ||||||||||||
In millions | Total | Total | Total Available | |||||||||
Commitments | Outstanding | |||||||||||
Domestic Revolving Credit Facility (a) | $ | 1,000.00 | $ | 259.5 | $ | 714.1 | ||||||
International Facilities | 164.4 | 74.9 | 89.5 | |||||||||
Total | $ | 1,164.40 | $ | 334.4 | $ | 803.6 | ||||||
(a) | In accordance with its debt agreements, the Company’s availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $26.4 million as of March 31, 2014. These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2015 unless extended. |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
RSUs and Stock Awards Granted | ' | ||||||
Data concerning RSUs granted in the first three months of 2014 is as follows: | |||||||
Shares in thousands | Shares | Weighted Average | |||||
Grant Date Fair | |||||||
Value Per Share | |||||||
RSUs — Employees | 2,095 | $ | 10.27 | ||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||
The pension and postretirement expenses related to the Company’s plans consisted of the following: | |||||||||||||||
Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||
Components of Net Periodic Cost: | |||||||||||||||
Service Cost | $ | 3.7 | $ | 4 | $ | 0.3 | $ | 0.4 | |||||||
Interest Cost | 14.5 | 13.1 | 0.6 | 0.5 | |||||||||||
Administrative Expenses | 0.2 | 0.2 | — | — | |||||||||||
Expected Return on Plan Assets | (20.0 | ) | (17.0 | ) | — | — | |||||||||
Amortization: | |||||||||||||||
Prior Service Cost (Credit) | 0.1 | 0.2 | (0.1 | ) | — | ||||||||||
Actuarial Loss (Gain) | 3 | 9.4 | (0.3 | ) | (0.3 | ) | |||||||||
Net Periodic Cost | $ | 1.5 | $ | 9.9 | $ | 0.5 | $ | 0.6 | |||||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurement (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||
Cumulative Changes in Derivative Net Gain (Loss) Roll Forward | ' | |||
The following is a rollforward of pre-tax Accumulated Derivative Instruments (Loss) Income which is included in the Company’s Condensed Consolidated Balance Sheets: | ||||
In millions | ||||
Balance at December 31, 2013 | $ | (1.3 | ) | |
Reclassification to Earnings | (1.0 | ) | ||
Current Period Change in Fair Value | 0.9 | |||
Balance at March 31, 2014 | $ | (1.4 | ) |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Redeemable Noncontrolling Interest, Roll Forward | ' | |||
At March 31, 2014, the book value of the redeemable noncontrolling interests was determined as follows: | ||||
In millions | ||||
Balance at December 31, 2013 | $ | 11.3 | ||
Net Loss Attributable to Redeemable Noncontrolling Interests | (0.4 | ) | ||
Other Comprehensive Income, Net of Tax | 0.1 | |||
Change in Fair Value of Redeemable Securities | — | |||
Balance at March 31, 2014 | $ | 11 | ||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | |||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||
Segment information is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
In millions | 2014 | 2013 | ||||||
NET SALES: | ||||||||
Paperboard Packaging | $ | 941.8 | $ | 936.1 | ||||
Flexible Packaging | 130.9 | 164.4 | ||||||
Total | $ | 1,072.70 | $ | 1,100.50 | ||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||
Paperboard Packaging | $ | 100.2 | $ | 102.7 | ||||
Flexible Packaging | (4.5 | ) | (3.8 | ) | ||||
Corporate | (16.0 | ) | (13.7 | ) | ||||
Total | $ | 79.7 | $ | 85.2 | ||||
DEPRECIATION AND AMORTIZATION: | ||||||||
Paperboard Packaging | $ | 61 | $ | 58.4 | ||||
Flexible Packaging | 5.4 | 6.4 | ||||||
Corporate | 0.6 | 0.6 | ||||||
Total | $ | 67 | $ | 65.4 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share, Basic and Diluted | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
In millions, except per share data | 2014 | 2013 | ||||||
Net Income Attributable to Graphic Packaging Holding Company | $ | 35.2 | $ | 34.9 | ||||
Weighted Average Shares: | ||||||||
Basic | 327.6 | 348.1 | ||||||
Dilutive Effect of RSUs and Stock Awards | 2.7 | 2.3 | ||||||
Diluted | 330.3 | 350.4 | ||||||
Earnings Per Share — Basic | $ | 0.11 | $ | 0.1 | ||||
Earnings Per Share — Diluted | $ | 0.11 | $ | 0.1 | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Equity [Abstract] | ' | |||
Schedule of Stockholders Equity | ' | |||
The following is a summary of the changes in total equity for the three months ended March 31, 2014: | ||||
In millions | Graphic Packaging Holding Company Shareholders Equity (a) | |||
Balance at December 31, 2013 | $ | 1,062.30 | ||
Net Income | 35.2 | |||
Other Comprehensive Income, Net of Tax | 4 | |||
Compensation Expense Under Share-Based Plans | 4.1 | |||
Issuance of Common Stock, Net of Stock Repurchased for Tax Withholdings | (12.7 | ) | ||
Balance at March 31, 2014 | $ | 1,092.90 | ||
(a) Excludes amounts related to contingently redeemable noncontrolling interests which are separately classified outside of permanent equity in the mezzanine section of the Condensed Consolidated Balance Sheets. |
Other_Comprehensive_Loss_Incom1
Other Comprehensive (Loss) Income (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||||
The following represents changes in Accumulated Other Comprehensive (Loss) Income by each component of other comprehensive income for the three months ended March 31, 2014 (a): | |||||||||||||||||||
In millions | Derivatives Instruments | Pension Benefit Plans | Postretirement Benefit Plans | Postemployment Benefit Plans | Currency Translation Adjustment | Total | |||||||||||||
Balance at December 31, 2013 | $ | (10.8 | ) | $ | (174.1 | ) | $ | 12.8 | $ | 0.5 | $ | (16.6 | ) | $ | (188.2 | ) | |||
Other Comprehensive Income (Loss) before Reclassifications | 0.6 | (0.7 | ) | (2.0 | ) | — | 4.4 | 2.3 | |||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) | (0.6 | ) | 2.7 | (0.4 | ) | — | — | 1.7 | |||||||||||
Net Current-period Other Comprehensive Income (Loss) | — | 2 | (2.4 | ) | — | 4.4 | 4 | ||||||||||||
Balance at March 31, 2014 | $ | (10.8 | ) | $ | (172.1 | ) | $ | 10.4 | $ | 0.5 | $ | (12.2 | ) | $ | (184.2 | ) | |||
(a) | All amounts are net-of-tax. | ||||||||||||||||||
(b) See following table for details about these reclassifications. | |||||||||||||||||||
The following represents reclassifications out of Accumulated Other Comprehensive Income for the three months ended March 31, 2014: | |||||||||||||||||||
In millions | |||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||
Derivatives Instruments: | |||||||||||||||||||
Commodity Contracts | $ | (1.6 | ) | Cost of Sales | |||||||||||||||
Foreign Currency Contracts | (0.2 | ) | Other Income, Net | ||||||||||||||||
Interest Rate Swap Agreements | 0.8 | Interest Expense, Net | |||||||||||||||||
(1.0 | ) | Total before Tax | |||||||||||||||||
0.4 | Tax Benefit | ||||||||||||||||||
$ | (0.6 | ) | Net of Tax | ||||||||||||||||
Amortization of Defined Benefit Pension Plans: | |||||||||||||||||||
Prior Service Costs | $ | 0.1 | (c) | ||||||||||||||||
Actuarial Losses | 3 | (c) | |||||||||||||||||
3.1 | Total before Tax | ||||||||||||||||||
(0.4 | ) | Tax Expense | |||||||||||||||||
$ | 2.7 | Net of Tax | |||||||||||||||||
Amortization of Postretirement Benefit Plans: | |||||||||||||||||||
Prior Service Credits | $ | (0.1 | ) | (c) | |||||||||||||||
Actuarial Gains | (0.3 | ) | (c) | ||||||||||||||||
(0.4 | ) | Total before Tax | |||||||||||||||||
— | Tax Expense | ||||||||||||||||||
$ | (0.4 | ) | Net of Tax | ||||||||||||||||
Total Reclassifications for the Period | $ | 1.7 | |||||||||||||||||
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “Note 6 — Pensions and Other Postretirement Benefits"). |
Guarantor_Condensed_Consolidat1
Guarantor Condensed Consolidated Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Schedule of Guarantor Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||||||||
Net Sales | $ | — | $ | 818.1 | $ | 0.4 | $ | 300.2 | $ | (46.0 | ) | $ | 1,072.70 | |||||||||||
Cost of Sales | — | 659.5 | (0.3 | ) | 272.5 | (46.0 | ) | 885.7 | ||||||||||||||||
Selling, General and Administrative | — | 73.6 | 0.1 | 27.2 | — | 100.9 | ||||||||||||||||||
Other Income, Net | — | (0.7 | ) | — | (0.7 | ) | — | (1.4 | ) | |||||||||||||||
Restructuring and Other Special Charges | — | 0.3 | 5.9 | 1.6 | — | 7.8 | ||||||||||||||||||
Income (Loss) from Operations | — | 85.4 | (5.3 | ) | (0.4 | ) | — | 79.7 | ||||||||||||||||
Interest Expense, Net | — | (18.2 | ) | — | (2.2 | ) | — | (20.4 | ) | |||||||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 67.2 | (5.3 | ) | (2.6 | ) | — | 59.3 | ||||||||||||||||
Income Tax Expense (Benefit) | — | (28.0 | ) | 2 | 1.2 | — | (24.8 | ) | ||||||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 39.2 | (3.3 | ) | (1.4 | ) | — | 34.5 | ||||||||||||||||
Equity Income of Unconsolidated Entities | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Equity in Net Earnings of Subsidiaries | 34.8 | (4.4 | ) | (0.6 | ) | — | (29.8 | ) | — | |||||||||||||||
Net Income (Loss) | 34.8 | 34.8 | (3.9 | ) | (1.1 | ) | (29.8 | ) | 34.8 | |||||||||||||||
Net Loss Attributable to Noncontrolling Interests | 0.4 | 0.4 | — | — | (0.4 | ) | 0.4 | |||||||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 35.2 | $ | 35.2 | $ | (3.9 | ) | $ | (1.1 | ) | $ | (30.2 | ) | $ | 35.2 | |||||||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 39.2 | $ | 39.2 | $ | (3.8 | ) | $ | 4 | $ | (39.4 | ) | $ | 39.2 | ||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | ||||||||||||||||||
Net Sales | $ | — | $ | 820.6 | $ | 15.3 | $ | 318.9 | $ | (54.3 | ) | $ | 1,100.50 | |||||||||||
Cost of Sales | — | 664.8 | 11.2 | 295.9 | (54.3 | ) | 917.6 | |||||||||||||||||
Selling, General and Administrative | — | 70.4 | 1.8 | 27 | — | 99.2 | ||||||||||||||||||
Other Income, Net | — | (1.0 | ) | — | (1.9 | ) | — | (2.9 | ) | |||||||||||||||
Restructuring and Other Special Charges | — | 0.6 | — | 0.8 | — | 1.4 | ||||||||||||||||||
Income (Loss) from Operations | — | 85.8 | 2.3 | (2.9 | ) | — | 85.2 | |||||||||||||||||
Interest Expense, Net | — | (24.8 | ) | — | (2.4 | ) | — | (27.2 | ) | |||||||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 61 | 2.3 | (5.3 | ) | — | 58 | |||||||||||||||||
Income Tax Expense | — | (20.4 | ) | (0.9 | ) | (2.4 | ) | — | (23.7 | ) | ||||||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 40.6 | 1.4 | (7.7 | ) | — | 34.3 | |||||||||||||||||
Equity Income of Unconsolidated Entities | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Equity in Net Earnings of Subsidiaries | 34.6 | (6.0 | ) | (1.6 | ) | — | (27.0 | ) | — | |||||||||||||||
Net Income (Loss) | 34.6 | 34.6 | (0.2 | ) | (7.4 | ) | (27.0 | ) | 34.6 | |||||||||||||||
Net Loss Attributable to Noncontrolling Interests | 0.3 | 0.3 | — | — | (0.3 | ) | 0.3 | |||||||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 34.9 | $ | 34.9 | $ | (0.2 | ) | $ | (7.4 | ) | $ | (27.3 | ) | $ | 34.9 | |||||||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 27.9 | $ | 27.9 | $ | 1.6 | $ | (19.6 | ) | $ | (9.9 | ) | $ | 27.9 | ||||||||||
Schedule of Guarantor Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | — | $ | — | $ | 34.7 | $ | — | $ | 34.7 | ||||||||||||
Receivables, Net | — | 282.1 | — | 188.8 | — | 470.9 | ||||||||||||||||||
Inventories, Net | — | 384 | — | 194.1 | — | 578.1 | ||||||||||||||||||
Intercompany | 50 | 522.5 | 70.7 | — | (643.2 | ) | — | |||||||||||||||||
Deferred Income Tax Assets | — | 171.9 | — | — | (0.5 | ) | 171.4 | |||||||||||||||||
Other Current Assets | — | 18.4 | — | 14 | — | 32.4 | ||||||||||||||||||
Assets Held for Sale | — | 6.7 | — | — | — | 6.7 | ||||||||||||||||||
Total Current Assets | 50 | 1,385.60 | 70.7 | 431.6 | (643.7 | ) | 1,294.20 | |||||||||||||||||
Property, Plant and Equipment, Net | — | 1,403.60 | 0.5 | 265.5 | (0.1 | ) | 1,669.50 | |||||||||||||||||
Investment in Consolidated Subsidiaries | 1,053.70 | — | 23.7 | — | (1,077.4 | ) | — | |||||||||||||||||
Goodwill | — | 1,043.20 | — | 34.8 | — | 1,078.00 | ||||||||||||||||||
Other Assets | — | 395.3 | — | 105.9 | — | 501.2 | ||||||||||||||||||
Total Assets | $ | 1,103.70 | $ | 4,227.70 | $ | 94.9 | $ | 837.8 | $ | (1,721.2 | ) | $ | 4,542.90 | |||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 62.6 | $ | — | $ | 16.4 | $ | — | $ | 79 | ||||||||||||
Accounts Payable | — | 302.4 | — | 116.8 | — | 419.2 | ||||||||||||||||||
Interest Payable | — | 22.1 | — | 0.1 | — | 22.2 | ||||||||||||||||||
Intercompany | — | 0.2 | 38.3 | 645.2 | (683.7 | ) | — | |||||||||||||||||
Other Accrued Liabilities | — | 127.9 | 0.3 | 38.3 | — | 166.5 | ||||||||||||||||||
Total Current Liabilities | — | 515.2 | 38.6 | 816.8 | (683.7 | ) | 686.9 | |||||||||||||||||
Long-Term Debt | — | 2,071.60 | — | 60.6 | — | 2,132.20 | ||||||||||||||||||
Deferred Income Tax Liabilities | — | 342.4 | — | 9.1 | — | 351.5 | ||||||||||||||||||
Other Noncurrent Liabilities | — | 233.8 | — | 34.6 | — | 268.4 | ||||||||||||||||||
Redeemable Noncontrolling Interests | 11 | 11 | — | — | (11.0 | ) | 11 | |||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,092.70 | 1,053.70 | 56.3 | (83.3 | ) | (1,026.5 | ) | 1,092.90 | ||||||||||||||||
Total Equity | 1,092.70 | 1,053.70 | 56.3 | (83.3 | ) | (1,026.5 | ) | 1,092.90 | ||||||||||||||||
Total Liabilities and Equity | $ | 1,103.70 | $ | 4,227.70 | $ | 94.9 | $ | 837.8 | $ | (1,721.2 | ) | $ | 4,542.90 | |||||||||||
31-Dec-13 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 1.3 | $ | — | $ | 50.9 | $ | — | $ | 52.2 | ||||||||||||
Receivables, Net | — | 218 | 7 | 187.8 | — | 412.8 | ||||||||||||||||||
Inventories, Net | — | 368 | 4.4 | 184.7 | — | 557.1 | ||||||||||||||||||
Deferred Income Tax Assets | — | 171.9 | — | — | (0.6 | ) | 171.3 | |||||||||||||||||
Intercompany | 59 | 595.5 | — | — | (654.5 | ) | — | |||||||||||||||||
Other Current Assets | — | 16.6 | — | 15.6 | — | 32.2 | ||||||||||||||||||
Assets Held for Sale | — | 6.6 | — | — | — | 6.6 | ||||||||||||||||||
Total Current Assets | 59 | 1,377.90 | 11.4 | 439 | (655.1 | ) | 1,232.20 | |||||||||||||||||
Property, Plant and Equipment, Net | — | 1,410.70 | 14.2 | 254.1 | (0.1 | ) | 1,678.90 | |||||||||||||||||
Investment in Consolidated Subsidiaries | 1,014.50 | — | 24.2 | — | (1,038.7 | ) | — | |||||||||||||||||
Goodwill | — | 1,043.20 | 47.2 | 35 | — | 1,125.40 | ||||||||||||||||||
Other Assets | — | 395.6 | 16.9 | 110.3 | — | 522.8 | ||||||||||||||||||
Total Assets | $ | 1,073.50 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,693.9 | ) | $ | 4,559.30 | |||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 62.7 | $ | — | $ | 14.7 | $ | — | $ | 77.4 | ||||||||||||
Accounts Payable | — | 303.1 | 5.6 | 119.6 | — | 428.3 | ||||||||||||||||||
Intercompany | — | — | 41.7 | 645.7 | (687.4 | ) | — | |||||||||||||||||
Other Accrued Liabilities | — | 157.5 | 0.9 | 47.1 | — | 205.5 | ||||||||||||||||||
Total Current Liabilities | — | 523.3 | 48.2 | 827.1 | (687.4 | ) | 711.2 | |||||||||||||||||
Long-Term Debt | — | 2,123.70 | — | 52.5 | — | 2,176.20 | ||||||||||||||||||
Deferred Income Tax Liabilities | — | 321.5 | — | 8.4 | — | 329.9 | ||||||||||||||||||
Other Noncurrent Liabilities | — | 233.1 | — | 35.3 | — | 268.4 | ||||||||||||||||||
Redeemable Noncontrolling Interests | 11.3 | 11.3 | — | — | (11.3 | ) | 11.3 | |||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,062.20 | 1,014.50 | 65.7 | (84.9 | ) | (995.2 | ) | 1,062.30 | ||||||||||||||||
Total Liabilities and Equity | $ | 1,073.50 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,693.9 | ) | $ | 4,559.30 | |||||||||||
Schedule of Guarantor Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income (Loss) | $ | 34.8 | $ | 34.8 | $ | (3.9 | ) | $ | (1.1 | ) | $ | (29.8 | ) | $ | 34.8 | |||||||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||||||||
Depreciation and Amortization | — | 57.5 | — | 9.5 | — | 67 | ||||||||||||||||||
Deferred Income Taxes | — | 25.8 | — | (2.6 | ) | — | 23.2 | |||||||||||||||||
Amount of Postretirement Expense Greater Than Funding | — | 0.3 | — | 0.2 | — | 0.5 | ||||||||||||||||||
Equity in Net Earnings of Subsidiaries | (34.8 | ) | 4.4 | 0.6 | — | 29.8 | — | |||||||||||||||||
Loss on the Sale of Assets | — | — | 5.9 | — | — | 5.9 | ||||||||||||||||||
Other, Net | — | 10.8 | 1.3 | 1.1 | — | 13.2 | ||||||||||||||||||
Changes in Operating Assets and Liabilities | — | (41.3 | ) | (74.6 | ) | (14.6 | ) | 15.8 | (114.7 | ) | ||||||||||||||
Net Cash Provided by (Used in) Operating Activities | — | 92.3 | (70.7 | ) | (7.5 | ) | 15.8 | 29.9 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital Spending | — | (41.2 | ) | — | (18.1 | ) | — | (59.3 | ) | |||||||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | — | — | 70.7 | — | — | 70.7 | ||||||||||||||||||
Other, Net | 15.8 | (0.5 | ) | — | — | (15.8 | ) | (0.5 | ) | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 15.8 | (41.7 | ) | 70.7 | (18.1 | ) | (15.8 | ) | 10.9 | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Payments on Debt | — | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||||||
Borrowings under Revolving Credit Facilities | — | 236.6 | — | 30.7 | — | 267.3 | ||||||||||||||||||
Payments on Revolving Credit Facilities | — | (273.1 | ) | — | (21.1 | ) | — | (294.2 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (15.8 | ) | — | — | — | — | (15.8 | ) | ||||||||||||||||
Other, Net | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (15.8 | ) | (51.9 | ) | — | 9.1 | — | (58.6 | ) | |||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 0.3 | — | 0.3 | ||||||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (1.3 | ) | — | (16.2 | ) | — | (17.5 | ) | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 1.3 | — | 50.9 | — | 52.2 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | — | $ | 34.7 | $ | — | $ | 34.7 | ||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
In millions | Parent | Subsidiary | Combined | Combined | Consolidating | Consolidated | ||||||||||||||||||
Issuer | Guarantor | Nonguarantor | Eliminations | |||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income (Loss) | $ | 34.6 | $ | 34.6 | $ | (0.2 | ) | $ | (7.4 | ) | $ | (27.0 | ) | $ | 34.6 | |||||||||
Non-cash Items Included in Net Income (Loss): | ||||||||||||||||||||||||
Depreciation and Amortization | — | 53.9 | 1 | 10.5 | — | 65.4 | ||||||||||||||||||
Deferred Income Taxes | — | 19.5 | — | — | — | 19.5 | ||||||||||||||||||
Amount of Postretirement Expense Greater (Less) Than Funding | — | 1 | (0.2 | ) | (1.5 | ) | — | (0.7 | ) | |||||||||||||||
Equity in Net Earnings of Subsidiaries | (34.6 | ) | 6 | 1.6 | — | 27 | — | |||||||||||||||||
Other, Net | — | 4.1 | — | 1.4 | — | 5.5 | ||||||||||||||||||
Changes in Operating Assets and Liabilities | — | (128.3 | ) | (2.2 | ) | (5.7 | ) | — | (136.2 | ) | ||||||||||||||
Net Cash Used in Operating Activities | — | (9.2 | ) | — | (2.7 | ) | — | (11.9 | ) | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital Spending | — | (29.5 | ) | — | (3.4 | ) | — | (32.9 | ) | |||||||||||||||
Other, Net | 6.2 | (0.8 | ) | — | — | (6.2 | ) | (0.8 | ) | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 6.2 | (30.3 | ) | — | (3.4 | ) | (6.2 | ) | (33.7 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Payments on Debt | — | (12.5 | ) | — | (0.5 | ) | — | (13.0 | ) | |||||||||||||||
Borrowings under Revolving Credit Facilities | — | 356.4 | — | 53.3 | — | 409.7 | ||||||||||||||||||
Payments on Revolving Credit Facilities | — | (303.7 | ) | — | (51.8 | ) | — | (355.5 | ) | |||||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (10.9 | ) | — | — | — | — | (10.9 | ) | ||||||||||||||||
Other, Net | 4.7 | (6.6 | ) | — | (0.2 | ) | 6.2 | 4.1 | ||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (6.2 | ) | 33.6 | — | 0.8 | 6.2 | 34.4 | |||||||||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Net Decrease in Cash and Cash Equivalents | — | (5.9 | ) | — | (6.8 | ) | — | (12.7 | ) | |||||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 5.9 | — | 45.6 | — | 51.5 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | — | $ | 38.8 | $ | — | $ | 38.8 | ||||||||||||
General_Information_General_In
General Information General Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 03, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Significant business conducted between parent and subsidiary, amount | ' | $0 | ' | ' |
Independent assets among parent and subsidiary | ' | 0 | ' | ' |
Incremental proceeds received | ' | 19,000,000 | ' | 41,000,000 |
Amount transferred subject to continuing involvement | ' | 2,000,000 | ' | 20,000,000 |
Stock sold by shareholders in secondary public offering | ' | 30,000,000 | ' | ' |
Stock sold by shareholders in secondary public oering, price per share | ' | $9.85 | ' | ' |
Goodwill Impairment, Restructuring and Other Charges [Abstract] | ' | ' | ' | ' |
Loss on Sale of Assets | ' | 5,900,000 | 0 | ' |
Charges Associated with Business Combinations | ' | 1,600,000 | 800,000 | ' |
Other Special Charges | ' | 300,000 | 600,000 | ' |
Total | ' | 7,800,000 | 1,400,000 | ' |
Goodwill written off | 47,000,000 | ' | ' | ' |
Impairment of intangible assets (excluding goodwill) | $17,000,000 | ' | ' | ' |
Disposal Group, Percentage of Consolidated Net Sales | 1.00% | ' | ' | ' |
Following Secondary Public Offering [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Ownership percentage, selling stockholders | ' | 13.00% | ' | ' |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished Goods | $299.70 | $288.30 |
Work in Progress | 53.2 | 49.2 |
Raw Materials | 153.7 | 149.7 |
Supplies | 71.5 | 69.9 |
Total | $578.10 | $557.10 |
Debt_Narrative_Details
Debt Narrative (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Fixed Interest Rate, Percentage | 7.88% | 7.88% |
Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Fixed Interest Rate, Percentage | 4.75% | 4.75% |
Debt_LongTerm_Debt_Instruments
Debt Long-Term Debt Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Capital Lease Obligations | $5,100,000 | $5,600,000 |
Other | 17,600,000 | 16,800,000 |
Long-term Debt | 2,211,200,000 | 2,253,600,000 |
Less: current portion | 79,000,000 | 77,400,000 |
Total | 2,132,200,000 | 2,176,200,000 |
Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes payable | 247,400,000 | 247,300,000 |
Debt Instrument, Fixed Interest Rate, Percentage | 7.88% | 7.88% |
Debt Instrument, Maturity Date | 31-Dec-18 | 31-Dec-18 |
Debt instrument, aggregate principal amount | 250,000,000 | 250,000,000 |
Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes payable | 425,000,000 | 425,000,000 |
Debt Instrument, Fixed Interest Rate, Percentage | 4.75% | 4.75% |
Debt Instrument, Maturity Date | 31-Dec-21 | 31-Dec-21 |
Term Loan Facility | Senior Secured Term Loan Facility with interest payable at various dates at floating rates (1.90% at March 31, 2014) payable through 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured debt payable | 1,199,300,000 | 1,214,600,000 |
Debt Instrument, Variable Interest Rate, Percentage | 1.90% | 2.00% |
Debt Instrument, Maturity Date | 31-Dec-18 | 31-Dec-18 |
Line of Credit | Senior Secured Revolving Facility with interest payable at floating rates (1.97% at March 31, 2014) payable in 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured debt payable | $316,800,000 | $344,300,000 |
Debt Instrument, Variable Interest Rate, Percentage | 1.97% | 2.10% |
Debt Instrument, Maturity Date | 31-Dec-18 | 31-Dec-18 |
Debt_Credit_Facilities_Details
Debt Credit Facilities (Details) (USD $) | Mar. 31, 2014 | |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | |
Total Commitments | $1,164.40 | |
Total Outstanding | 334.4 | |
Total Available | 803.6 | |
Standby letters of credit issued | 26.4 | |
Revolving Credit Facility | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Commitments | 1,000 | [1] |
Total Outstanding | 259.5 | [1] |
Total Available | 714.1 | [1] |
International Facilities | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Commitments | 164.4 | |
Total Outstanding | 74.9 | |
Total Available | $89.50 | |
[1] | In accordance with its debt agreements, the Company’s availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $26.4 million as of March 31, 2014. These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2015 unless extended. |
Stock_Incentive_Plans_Narrativ
Stock Incentive Plans Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation, Number of plans | 1 | ' |
Recognized share-based compensation expense | $4.10 | $6.80 |
Share-based compensation, Shares issued upon vesting | 2.2 | 3 |
Restricted Stock Units (RSUs) [Member] | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation, Vesting period | '3 years | ' |
Stock_Incentive_Plans_RSUs_and
Stock Incentive Plans RSUs and Stock Awards Granted (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grants during period (in shares) | 2,095 |
Weighted Average Grant Date Fair Value Per Share | $10.27 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Pension Benefit Plans | ' | ' | ' |
Employer Contributions | ' | ' | ' |
Company's contributions to its pension plans | $0.80 | $10.70 | $51.50 |
Pension Benefit Plans | Minimum | ' | ' | ' |
Employer Contributions | ' | ' | ' |
Expected contributions in 2014 | 40 | ' | ' |
Pension Benefit Plans | Maximum | ' | ' | ' |
Employer Contributions | ' | ' | ' |
Expected contributions in 2014 | 60 | ' | ' |
Postretirement Health Care Benefits | ' | ' | ' |
Employer Contributions | ' | ' | ' |
Benefit payments made | 0.7 | 0.5 | 1.8 |
Expected benefit payments in 2014 | $3 | ' | ' |
Pensions_and_Other_Postretirem3
Pensions and Other Postretirement Benefits Net Periodic Cost (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Components of Net Periodic Cost: | ' | ' |
Service Cost | $3.70 | $4 |
Interest Cost | 14.5 | 13.1 |
Administrative Expenses | 0.2 | 0.2 |
Expected Return on Plan Assets | -20 | -17 |
Amortization: | ' | ' |
Prior Service Cost (Credit) | 0.1 | 0.2 |
Actuarial Loss (Gain) | 3 | 9.4 |
Net Periodic Cost | 1.5 | 9.9 |
Postretirement Health Care Benefits | ' | ' |
Components of Net Periodic Cost: | ' | ' |
Service Cost | 0.3 | 0.4 |
Interest Cost | 0.6 | 0.5 |
Administrative Expenses | 0 | 0 |
Expected Return on Plan Assets | 0 | 0 |
Amortization: | ' | ' |
Prior Service Cost (Credit) | -0.1 | 0 |
Actuarial Loss (Gain) | -0.3 | -0.3 |
Net Periodic Cost | $0.50 | $0.60 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurement Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Commodity Contracts | Commodity Contracts | Forward Exchange Contract | Forward Exchange Contract | Forward Exchange Contract | Forward Exchange Contract | Maximum | Maximum | |||
Instruments in a Cash Flow Hedging Relationship | Instruments in a Cash Flow Hedging Relationship | Instruments in a Cash Flow Hedging Relationship | Instruments in a Cash Flow Hedging Relationship | Instruments in a Cash Flow Hedging Relationship | Instruments in a Cash Flow Hedging Relationship | Instruments in a Cash Flow Hedging Relationship | |||||||
Derivative Contracts Designated as Hedging Instruments | Derivative Contracts Designated as Hedging Instruments | Derivative Contracts Designated as Hedging Instruments | Derivative Contracts Designated as Hedging Instruments | Derivative Contracts Designated as Hedging Instruments | Derivative Contracts Designated as Hedging Instruments | Derivative Contracts Designated as Hedging Instruments | |||||||
Interest Rate Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivative | ' | ' | $560,000,000 | ' | $560,000,000 | ' | ' | $27,800,000 | $32,500,000 | $48,400,000 | $65,300,000 | ' | ' |
Interest rate derivatives, Pay fixed, Lower rate | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate derivatives, Pay fixed, Higher rate | ' | ' | 0.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability | 1,600,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of expected natural gas usage hedged | ' | ' | ' | ' | ' | 53.00% | ' | ' | ' | ' | ' | ' | ' |
Amounts excluded from the measure of effectiveness | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' |
Foreign Currency Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified into earnings connected to forecasted transactions no longer considered probable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Amount of ineffectiveness related to changes in the fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Derivatives Not Designated as Hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency forward exchange contract, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '3 years |
Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | 2,224,100,000 | 2,267,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, carrying value | 2,206,100,000 | 2,248,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held for Sale | $6,700,000 | $6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurement Accumulated Derivative Instruments (Loss) Gain (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | ' |
Balance at beginning of period | ($1.30) |
Reclassification to earnings | -1 |
Current period change in fair value | 0.9 |
Balance at end of period | -1.4 |
Anticipated reclassification to earnings in the next twelve months | $1.20 |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests (Details) | Mar. 31, 2014 |
Redeemable Noncontrolling Interest [Line Items] | ' |
Parent's ownership percentage | 100.00% |
Graphic Flexible Packaging, LLC (GFP) | ' |
Redeemable Noncontrolling Interest [Line Items] | ' |
Parent's ownership percentage | 87.00% |
Graphic Flexible Packaging, LLC (GFP) | Capital Five Investments, LLC (CVI) | ' |
Redeemable Noncontrolling Interest [Line Items] | ' |
Ownership percentage by noncontrolling owners | 13.00% |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interests Roll Forward (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Redeemable Noncontrolling Interest [Roll Forward] | ' |
Balance at December 31, 2013 | $11.30 |
Net Loss Attributable to Redeemable Noncontrolling Interests | -0.4 |
Other Comprehensive Income, Net of Tax | -0.1 |
Change in Fair Value of Redeemable Securities | 0 |
Balance at March 31, 2014 | $11 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Line Items] | ' | ' |
Income Tax Expense | $24.80 | $23.70 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 59.3 | 58 |
United States | ' | ' |
Income Taxes [Line Items] | ' | ' |
Operating Loss Carryforwards | $830 | ' |
Segment_Information_Segment_Re
Segment Information Segment Reporting, by Segment (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
segments | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of reportable segments | 2 | ' |
Net Sales | $1,072.70 | $1,100.50 |
Income from Operations | 79.7 | 85.2 |
Depreciation and Amortization | 67 | 65.4 |
Paperboard Packaging | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 941.8 | 936.1 |
Income from Operations | 100.2 | 102.7 |
Depreciation and Amortization | 61 | 58.4 |
Flexible Packaging | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net Sales | 130.9 | 164.4 |
Income from Operations | -4.5 | -3.8 |
Depreciation and Amortization | 5.4 | 6.4 |
Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income from Operations | -16 | -13.7 |
Depreciation and Amortization | $0.60 | $0.60 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share Basic and Diluted (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net Income Attributable to Graphic Packaging Holding Company | $35.20 | $34.90 |
Weighted Average Shares: | ' | ' |
Basic (shares) | 327.6 | 348.1 |
Dilutive effect of RSUs and Stock Awards (shares) | 2.7 | 2.3 |
Diluted | 330.3 | 350.4 |
Earnings Per Share - Basic (in dollars per share) | $0.11 | $0.10 |
Earnings Per Share - Diluted (in dollars per share) | $0.11 | $0.10 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Securities Excluded from Computation (Details) | 3 Months Ended |
Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Antidilutive Securities Excluded from Calculation of Earnings Per Share | 1,824,098 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Balance at December 31, 2013 | $1,062.30 | |
Other Comprehensive Income, Net of Tax | 4 | [1] |
Balance at March 31, 2014 | 1,092.90 | |
Graphic Packaging Holding Company Shareholders Equity | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Balance at December 31, 2013 | 1,062.30 | [2] |
Net Income | 35.2 | [2] |
Other Comprehensive Income, Net of Tax | 4 | [2] |
Compensation Expense Under Share-Based Plans | 4.1 | [2] |
Issuance of Common Stock, Net of Stock Repurchased for Tax Withholdings | -12.7 | [2] |
Balance at March 31, 2014 | $1,092.90 | [2] |
[1] | All amounts are net-of-tax. | |
[2] | Excludes amounts related to contingently redeemable noncontrolling interests which are separately classified outside of permanent equity in the mezzanine section of the Condensed Consolidated Balance Sheets. |
Other_Comprehensive_Loss_Incom2
Other Comprehensive (Loss) Income AOCI By Component (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Total | ' | |
Balance at December 31, 2013 | ($188.20) | [1] |
Other Comprehensive Income (Loss) before Reclassifications | 2.3 | [1] |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 1.7 | [1],[2] |
Net Current-period Other Comprehensive Income (Loss) | 4 | [1] |
Balance at March 31, 2014 | -184.2 | [1] |
Derivatives Instruments | ' | |
Total | ' | |
Balance at December 31, 2013 | -10.8 | [1] |
Other Comprehensive Income (Loss) before Reclassifications | 0.6 | [1] |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | -0.6 | [1],[2] |
Net Current-period Other Comprehensive Income (Loss) | 0 | [1] |
Balance at March 31, 2014 | -10.8 | [1] |
Pension and Postretirement Benefit Plans | Pension Benefit Plans | ' | |
Total | ' | |
Balance at December 31, 2013 | -174.1 | [1] |
Other Comprehensive Income (Loss) before Reclassifications | -0.7 | [1] |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 2.7 | [1],[2] |
Net Current-period Other Comprehensive Income (Loss) | 2 | [1] |
Balance at March 31, 2014 | -172.1 | [1] |
Pension and Postretirement Benefit Plans | Postretirement Benefit Plans | ' | |
Total | ' | |
Balance at December 31, 2013 | 12.8 | [1] |
Other Comprehensive Income (Loss) before Reclassifications | -2 | [1] |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | -0.4 | [1],[2] |
Net Current-period Other Comprehensive Income (Loss) | -2.4 | [1] |
Balance at March 31, 2014 | 10.4 | [1] |
Postemployment Benefit Plans | ' | |
Total | ' | |
Balance at December 31, 2013 | 0.5 | [1] |
Other Comprehensive Income (Loss) before Reclassifications | 0 | [1] |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | [1],[2] |
Net Current-period Other Comprehensive Income (Loss) | 0 | [1] |
Balance at March 31, 2014 | 0.5 | [1] |
Currency Translation Adjustment | ' | |
Total | ' | |
Balance at December 31, 2013 | -16.6 | [1] |
Other Comprehensive Income (Loss) before Reclassifications | 4.4 | [1] |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | [1],[2] |
Net Current-period Other Comprehensive Income (Loss) | 4.4 | [1] |
Balance at March 31, 2014 | ($12.20) | [1] |
[1] | All amounts are net-of-tax. | |
[2] | See following table for details about these reclassifications. |
Other_Comprehensive_Loss_Incom3
Other Comprehensive (Loss) Income Reclassifications Out of AOCI (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Cost of Sales | ($885.70) | ($917.60) | |
Other Income, Net | 1.4 | 2.9 | |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 59.3 | 58 | |
Income Tax Expense (Benefit) | -24.8 | -23.7 | |
Net Income Attributable to Graphic Packaging Holding Company | 35.2 | 34.9 | |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Net Income Attributable to Graphic Packaging Holding Company | 1.7 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Income before Income Taxes and Equity Income of Unconsolidated Entities | -1 | ' | |
Income Tax Expense (Benefit) | 0.4 | ' | |
Net Income Attributable to Graphic Packaging Holding Company | -0.6 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Commodity Contracts | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Cost of Sales | -1.6 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Foreign Currency Contracts | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Other Income, Net | -0.2 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Interest Rate Swap Agreements | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Interest Expense, Net | 0.8 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | Pension Benefit Plans | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Prior Service Costs (Credits) | 0.1 | [1] | ' |
Actuarial (Losses) Gains | 3 | [1] | ' |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 3.1 | ' | |
Income Tax Expense (Benefit) | -0.4 | ' | |
Net Income Attributable to Graphic Packaging Holding Company | 2.7 | ' | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | Postretirement Benefit Plans | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Prior Service Costs (Credits) | -0.1 | [1] | ' |
Actuarial (Losses) Gains | -0.3 | [1] | ' |
Income before Income Taxes and Equity Income of Unconsolidated Entities | -0.4 | ' | |
Income Tax Expense (Benefit) | 0 | ' | |
Net Income Attributable to Graphic Packaging Holding Company | ($0.40) | ' | |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “Note 6 — Pensions and Other Postretirement Benefits"). |
Guarantor_Condensed_Consolidat2
Guarantor Condensed Consolidated Financial Statements Condensed Consolidating Statements of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Parent's ownership percentage | 100.00% | ' |
Net Sales | $1,072.70 | $1,100.50 |
Cost of Sales | 885.7 | 917.6 |
Selling, General and Administrative | 100.9 | 99.2 |
Other Income, Net | -1.4 | -2.9 |
Restructuring and Other Special Charges (Credits) | 7.8 | 1.4 |
Income from Operations | 79.7 | 85.2 |
Interest Expense, Net | -20.4 | -27.2 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 59.3 | 58 |
Income Tax Expense (Benefit) | -24.8 | -23.7 |
Income before Equity Income of Unconsolidated Entities | 34.5 | 34.3 |
Equity Income of Unconsolidated Entities | 0.3 | 0.3 |
Equity in Net Earnings of Subsidiaries | 0 | 0 |
Net Income | 34.8 | 34.6 |
Net Loss Attributable to Noncontrolling Interests | 0.4 | 0.3 |
Net Income Attributable to Graphic Packaging Holding Company | 35.2 | 34.9 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | 39.2 | 27.9 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Sales | 0 | 0 |
Cost of Sales | 0 | 0 |
Selling, General and Administrative | 0 | 0 |
Other Income, Net | 0 | 0 |
Restructuring and Other Special Charges (Credits) | 0 | 0 |
Income from Operations | 0 | 0 |
Interest Expense, Net | 0 | 0 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income before Equity Income of Unconsolidated Entities | 0 | 0 |
Equity Income of Unconsolidated Entities | 0 | 0 |
Equity in Net Earnings of Subsidiaries | 34.8 | 34.6 |
Net Income | 34.8 | 34.6 |
Net Loss Attributable to Noncontrolling Interests | 0.4 | 0.3 |
Net Income Attributable to Graphic Packaging Holding Company | 35.2 | 34.9 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | 39.2 | 27.9 |
Subsidiary Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Sales | 818.1 | 820.6 |
Cost of Sales | 659.5 | 664.8 |
Selling, General and Administrative | 73.6 | 70.4 |
Other Income, Net | -0.7 | -1 |
Restructuring and Other Special Charges (Credits) | 0.3 | 0.6 |
Income from Operations | 85.4 | 85.8 |
Interest Expense, Net | -18.2 | -24.8 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 67.2 | 61 |
Income Tax Expense (Benefit) | -28 | -20.4 |
Income before Equity Income of Unconsolidated Entities | 39.2 | 40.6 |
Equity Income of Unconsolidated Entities | 0 | 0 |
Equity in Net Earnings of Subsidiaries | -4.4 | -6 |
Net Income | 34.8 | 34.6 |
Net Loss Attributable to Noncontrolling Interests | 0.4 | 0.3 |
Net Income Attributable to Graphic Packaging Holding Company | 35.2 | 34.9 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | 39.2 | 27.9 |
Combined Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Sales | 0.4 | 15.3 |
Cost of Sales | -0.3 | 11.2 |
Selling, General and Administrative | 0.1 | 1.8 |
Other Income, Net | 0 | 0 |
Restructuring and Other Special Charges (Credits) | 5.9 | 0 |
Income from Operations | -5.3 | 2.3 |
Interest Expense, Net | 0 | 0 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | -5.3 | 2.3 |
Income Tax Expense (Benefit) | 2 | -0.9 |
Income before Equity Income of Unconsolidated Entities | -3.3 | 1.4 |
Equity Income of Unconsolidated Entities | 0 | 0 |
Equity in Net Earnings of Subsidiaries | -0.6 | -1.6 |
Net Income | -3.9 | -0.2 |
Net Loss Attributable to Noncontrolling Interests | 0 | 0 |
Net Income Attributable to Graphic Packaging Holding Company | -3.9 | -0.2 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | -3.8 | 1.6 |
Combined Nonguarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Sales | 300.2 | 318.9 |
Cost of Sales | 272.5 | 295.9 |
Selling, General and Administrative | 27.2 | 27 |
Other Income, Net | -0.7 | -1.9 |
Restructuring and Other Special Charges (Credits) | 1.6 | 0.8 |
Income from Operations | -0.4 | -2.9 |
Interest Expense, Net | -2.2 | -2.4 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | -2.6 | -5.3 |
Income Tax Expense (Benefit) | 1.2 | -2.4 |
Income before Equity Income of Unconsolidated Entities | -1.4 | -7.7 |
Equity Income of Unconsolidated Entities | 0.3 | 0.3 |
Equity in Net Earnings of Subsidiaries | 0 | 0 |
Net Income | -1.1 | -7.4 |
Net Loss Attributable to Noncontrolling Interests | 0 | 0 |
Net Income Attributable to Graphic Packaging Holding Company | -1.1 | -7.4 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | 4 | -19.6 |
Consolidating Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Sales | -46 | -54.3 |
Cost of Sales | -46 | -54.3 |
Selling, General and Administrative | 0 | 0 |
Other Income, Net | 0 | 0 |
Restructuring and Other Special Charges (Credits) | 0 | 0 |
Income from Operations | 0 | 0 |
Interest Expense, Net | 0 | 0 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Income before Equity Income of Unconsolidated Entities | 0 | 0 |
Equity Income of Unconsolidated Entities | 0 | 0 |
Equity in Net Earnings of Subsidiaries | -29.8 | -27 |
Net Income | -29.8 | -27 |
Net Loss Attributable to Noncontrolling Interests | -0.4 | -0.3 |
Net Income Attributable to Graphic Packaging Holding Company | -30.2 | -27.3 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | ($39.40) | ($9.90) |
Guarantor_Condensed_Consolidat3
Guarantor Condensed Consolidated Financial Statements Condensed Consolidating Balance Sheets (Unaudited) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
In Millions, unless otherwise specified | |||||
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | $34.70 | $52.20 | $38.80 | $51.50 | $51.50 |
Receivables, Net | 470.9 | 412.8 | ' | ' | ' |
Inventories, Net | 578.1 | 557.1 | ' | ' | ' |
Intercompany | 0 | 0 | ' | ' | ' |
Deferred Income Tax Assets | 171.4 | 171.3 | ' | ' | ' |
Other Current Assets | 32.4 | 32.2 | ' | ' | ' |
Assets Held-for-sale, Current | 6.7 | 6.6 | ' | ' | ' |
Total Current Assets | 1,294.20 | 1,232.20 | ' | ' | ' |
Property, Plant and Equipment, Net | 1,669.50 | 1,678.90 | ' | ' | ' |
Investment in Consolidated Subsidiaries | 0 | 0 | ' | ' | ' |
Goodwill | 1,078 | 1,125.40 | ' | ' | ' |
Other Assets | 501.2 | 522.8 | ' | ' | ' |
Total Assets | 4,542.90 | 4,559.30 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 79 | 77.4 | ' | ' | ' |
Accounts Payable | 419.2 | 428.3 | ' | ' | ' |
Interest Payable | 22.2 | ' | ' | ' | ' |
Intercompany | 0 | 0 | ' | ' | ' |
Other Accrued Liabilities | 166.5 | 205.5 | ' | ' | ' |
Total Current Liabilities | 686.9 | 711.2 | ' | ' | ' |
Long-Term Debt | 2,132.20 | 2,176.20 | ' | ' | ' |
Deferred Income Tax Liabilities | 351.5 | 329.9 | ' | ' | ' |
Other Noncurrent Liabilities | 268.4 | 268.4 | ' | ' | ' |
Redeemable Noncontrolling Interests | 11 | 11.3 | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' |
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,092.90 | 1,062.30 | ' | ' | ' |
Total Equity | 1,092.90 | 1,062.30 | ' | ' | ' |
Total Liabilities and Equity | 4,542.90 | 4,559.30 | ' | ' | ' |
Parent | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | ' |
Receivables, Net | 0 | 0 | ' | ' | ' |
Inventories, Net | 0 | 0 | ' | ' | ' |
Intercompany | 50 | 59 | ' | ' | ' |
Deferred Income Tax Assets | 0 | 0 | ' | ' | ' |
Other Current Assets | 0 | 0 | ' | ' | ' |
Assets Held-for-sale, Current | 0 | 0 | ' | ' | ' |
Total Current Assets | 50 | 59 | ' | ' | ' |
Property, Plant and Equipment, Net | 0 | 0 | ' | ' | ' |
Investment in Consolidated Subsidiaries | 1,053.70 | 1,014.50 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Other Assets | 0 | 0 | ' | ' | ' |
Total Assets | 1,103.70 | 1,073.50 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ' | ' | ' |
Accounts Payable | 0 | 0 | ' | ' | ' |
Interest Payable | 0 | ' | ' | ' | ' |
Intercompany | 0 | 0 | ' | ' | ' |
Other Accrued Liabilities | 0 | 0 | ' | ' | ' |
Total Current Liabilities | 0 | 0 | ' | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' | ' |
Deferred Income Tax Liabilities | 0 | 0 | ' | ' | ' |
Other Noncurrent Liabilities | 0 | 0 | ' | ' | ' |
Redeemable Noncontrolling Interests | 11 | 11.3 | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' |
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,092.70 | 1,062.20 | ' | ' | ' |
Total Equity | 1,092.70 | ' | ' | ' | ' |
Total Liabilities and Equity | 1,103.70 | 1,073.50 | ' | ' | ' |
Subsidiary Issuer | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 1.3 | 0 | 5.9 | ' |
Receivables, Net | 282.1 | 218 | ' | ' | ' |
Inventories, Net | 384 | 368 | ' | ' | ' |
Intercompany | 522.5 | 595.5 | ' | ' | ' |
Deferred Income Tax Assets | 171.9 | 171.9 | ' | ' | ' |
Other Current Assets | 18.4 | 16.6 | ' | ' | ' |
Assets Held-for-sale, Current | 6.7 | 6.6 | ' | ' | ' |
Total Current Assets | 1,385.60 | 1,377.90 | ' | ' | ' |
Property, Plant and Equipment, Net | 1,403.60 | 1,410.70 | ' | ' | ' |
Investment in Consolidated Subsidiaries | 0 | 0 | ' | ' | ' |
Goodwill | 1,043.20 | 1,043.20 | ' | ' | ' |
Other Assets | 395.3 | 395.6 | ' | ' | ' |
Total Assets | 4,227.70 | 4,227.40 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 62.6 | 62.7 | ' | ' | ' |
Accounts Payable | 302.4 | 303.1 | ' | ' | ' |
Interest Payable | 22.1 | ' | ' | ' | ' |
Intercompany | 0.2 | 0 | ' | ' | ' |
Other Accrued Liabilities | 127.9 | 157.5 | ' | ' | ' |
Total Current Liabilities | 515.2 | 523.3 | ' | ' | ' |
Long-Term Debt | 2,071.60 | 2,123.70 | ' | ' | ' |
Deferred Income Tax Liabilities | 342.4 | 321.5 | ' | ' | ' |
Other Noncurrent Liabilities | 233.8 | 233.1 | ' | ' | ' |
Redeemable Noncontrolling Interests | 11 | 11.3 | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' |
Total Graphic Packaging Holding Company Shareholders’ Equity | 1,053.70 | 1,014.50 | ' | ' | ' |
Total Equity | 1,053.70 | ' | ' | ' | ' |
Total Liabilities and Equity | 4,227.70 | 4,227.40 | ' | ' | ' |
Combined Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | ' |
Receivables, Net | 0 | 7 | ' | ' | ' |
Inventories, Net | 0 | 4.4 | ' | ' | ' |
Intercompany | 70.7 | 0 | ' | ' | ' |
Deferred Income Tax Assets | 0 | 0 | ' | ' | ' |
Other Current Assets | 0 | 0 | ' | ' | ' |
Assets Held-for-sale, Current | 0 | 0 | ' | ' | ' |
Total Current Assets | 70.7 | 11.4 | ' | ' | ' |
Property, Plant and Equipment, Net | 0.5 | 14.2 | ' | ' | ' |
Investment in Consolidated Subsidiaries | 23.7 | 24.2 | ' | ' | ' |
Goodwill | 0 | 47.2 | ' | ' | ' |
Other Assets | 0 | 16.9 | ' | ' | ' |
Total Assets | 94.9 | 113.9 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ' | ' | ' |
Accounts Payable | 0 | 5.6 | ' | ' | ' |
Interest Payable | 0 | ' | ' | ' | ' |
Intercompany | 38.3 | 41.7 | ' | ' | ' |
Other Accrued Liabilities | 0.3 | 0.9 | ' | ' | ' |
Total Current Liabilities | 38.6 | 48.2 | ' | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' | ' |
Deferred Income Tax Liabilities | 0 | 0 | ' | ' | ' |
Other Noncurrent Liabilities | 0 | 0 | ' | ' | ' |
Redeemable Noncontrolling Interests | 0 | 0 | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' |
Total Graphic Packaging Holding Company Shareholders’ Equity | 56.3 | 65.7 | ' | ' | ' |
Total Equity | 56.3 | ' | ' | ' | ' |
Total Liabilities and Equity | 94.9 | 113.9 | ' | ' | ' |
Combined Nonguarantor Subsidiaries | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 34.7 | 50.9 | 38.8 | 45.6 | ' |
Receivables, Net | 188.8 | 187.8 | ' | ' | ' |
Inventories, Net | 194.1 | 184.7 | ' | ' | ' |
Intercompany | 0 | 0 | ' | ' | ' |
Deferred Income Tax Assets | 0 | 0 | ' | ' | ' |
Other Current Assets | 14 | 15.6 | ' | ' | ' |
Assets Held-for-sale, Current | 0 | 0 | ' | ' | ' |
Total Current Assets | 431.6 | 439 | ' | ' | ' |
Property, Plant and Equipment, Net | 265.5 | 254.1 | ' | ' | ' |
Investment in Consolidated Subsidiaries | 0 | 0 | ' | ' | ' |
Goodwill | 34.8 | 35 | ' | ' | ' |
Other Assets | 105.9 | 110.3 | ' | ' | ' |
Total Assets | 837.8 | 838.4 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 16.4 | 14.7 | ' | ' | ' |
Accounts Payable | 116.8 | 119.6 | ' | ' | ' |
Interest Payable | 0.1 | ' | ' | ' | ' |
Intercompany | 645.2 | 645.7 | ' | ' | ' |
Other Accrued Liabilities | 38.3 | 47.1 | ' | ' | ' |
Total Current Liabilities | 816.8 | 827.1 | ' | ' | ' |
Long-Term Debt | 60.6 | 52.5 | ' | ' | ' |
Deferred Income Tax Liabilities | 9.1 | 8.4 | ' | ' | ' |
Other Noncurrent Liabilities | 34.6 | 35.3 | ' | ' | ' |
Redeemable Noncontrolling Interests | 0 | 0 | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' |
Total Graphic Packaging Holding Company Shareholders’ Equity | -83.3 | -84.9 | ' | ' | ' |
Total Equity | -83.3 | ' | ' | ' | ' |
Total Liabilities and Equity | 837.8 | 838.4 | ' | ' | ' |
Consolidating Eliminations | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | ' |
Receivables, Net | 0 | 0 | ' | ' | ' |
Inventories, Net | 0 | 0 | ' | ' | ' |
Intercompany | -643.2 | -654.5 | ' | ' | ' |
Deferred Income Tax Assets | -0.5 | -0.6 | ' | ' | ' |
Other Current Assets | 0 | 0 | ' | ' | ' |
Assets Held-for-sale, Current | 0 | 0 | ' | ' | ' |
Total Current Assets | -643.7 | -655.1 | ' | ' | ' |
Property, Plant and Equipment, Net | -0.1 | -0.1 | ' | ' | ' |
Investment in Consolidated Subsidiaries | -1,077.40 | -1,038.70 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Other Assets | 0 | 0 | ' | ' | ' |
Total Assets | -1,721.20 | -1,693.90 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ' | ' | ' |
Accounts Payable | 0 | 0 | ' | ' | ' |
Interest Payable | 0 | ' | ' | ' | ' |
Intercompany | -683.7 | -687.4 | ' | ' | ' |
Other Accrued Liabilities | 0 | 0 | ' | ' | ' |
Total Current Liabilities | -683.7 | -687.4 | ' | ' | ' |
Long-Term Debt | 0 | 0 | ' | ' | ' |
Deferred Income Tax Liabilities | 0 | 0 | ' | ' | ' |
Other Noncurrent Liabilities | 0 | 0 | ' | ' | ' |
Redeemable Noncontrolling Interests | -11 | -11.3 | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' |
Total Graphic Packaging Holding Company Shareholders’ Equity | -1,026.50 | -995.2 | ' | ' | ' |
Total Equity | -1,026.50 | ' | ' | ' | ' |
Total Liabilities and Equity | ($1,721.20) | ($1,693.90) | ' | ' | ' |
Guarantor_Condensed_Consolidat4
Guarantor Condensed Consolidated Financial Statements Condensed Consolidating Statements of Cash Flows (Unaudited) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $34.80 | $34.60 |
Depreciation and Amortization | 67 | 65.4 |
Deferred Income Taxes | 23.2 | 19.5 |
Amount of Postretirement Expense Greater Than Funding | 0.5 | -0.7 |
Equity in Net Earnings of Subsidiaries | 0 | 0 |
Loss on the Sale of Assets | 5.9 | 0 |
Other, Net | 13.2 | 5.5 |
Changes in Operating Assets and Liabilities | -114.7 | -136.2 |
Net Cash Provided by (Used in) Operating Activities | 29.9 | -11.9 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | -59.3 | -32.9 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | 70.7 | 0 |
Other, Net | -0.5 | -0.8 |
Net Cash Provided by (Used in) Investing Activities | 10.9 | -33.7 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | -15.4 | -13 |
Borrowings under Revolving Credit Facilities | 267.3 | 409.7 |
Payments on Revolving Credit Facilities | -294.2 | -355.5 |
Repurchase of Common Stock related to Share-Based Payments | -15.8 | -10.9 |
Other, Net | -0.5 | 4.1 |
Net Cash (Used in) Provided by Financing Activities | -58.6 | 34.4 |
Effect of Exchange Rate Changes on Cash | 0.3 | -1.5 |
Net Decrease in Cash and Cash Equivalents | -17.5 | -12.7 |
Cash and Cash Equivalents at Beginning of Period | 52.2 | 51.5 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 34.7 | 38.8 |
Parent | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | 34.8 | 34.6 |
Depreciation and Amortization | 0 | 0 |
Deferred Income Taxes | 0 | 0 |
Amount of Postretirement Expense Greater Than Funding | 0 | 0 |
Equity in Net Earnings of Subsidiaries | -34.8 | -34.6 |
Loss on the Sale of Assets | 0 | ' |
Other, Net | 0 | 0 |
Changes in Operating Assets and Liabilities | 0 | 0 |
Net Cash Provided by (Used in) Operating Activities | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | 0 | 0 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | ' |
Other, Net | 15.8 | 6.2 |
Net Cash Provided by (Used in) Investing Activities | 15.8 | 6.2 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | 0 | 0 |
Borrowings under Revolving Credit Facilities | 0 | 0 |
Payments on Revolving Credit Facilities | 0 | 0 |
Repurchase of Common Stock related to Share-Based Payments | -15.8 | -10.9 |
Other, Net | 0 | 4.7 |
Net Cash (Used in) Provided by Financing Activities | -15.8 | -6.2 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 0 |
Subsidiary Issuer | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | 34.8 | 34.6 |
Depreciation and Amortization | 57.5 | 53.9 |
Deferred Income Taxes | 25.8 | 19.5 |
Amount of Postretirement Expense Greater Than Funding | 0.3 | 1 |
Equity in Net Earnings of Subsidiaries | 4.4 | 6 |
Loss on the Sale of Assets | 0 | ' |
Other, Net | 10.8 | 4.1 |
Changes in Operating Assets and Liabilities | -41.3 | -128.3 |
Net Cash Provided by (Used in) Operating Activities | 92.3 | -9.2 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | -41.2 | -29.5 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | ' |
Other, Net | -0.5 | -0.8 |
Net Cash Provided by (Used in) Investing Activities | -41.7 | -30.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | -15.4 | -12.5 |
Borrowings under Revolving Credit Facilities | 236.6 | 356.4 |
Payments on Revolving Credit Facilities | -273.1 | -303.7 |
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 |
Other, Net | 0 | -6.6 |
Net Cash (Used in) Provided by Financing Activities | -51.9 | 33.6 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | -1.3 | -5.9 |
Cash and Cash Equivalents at Beginning of Period | 1.3 | 5.9 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 0 |
Combined Guarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | -3.9 | -0.2 |
Depreciation and Amortization | 0 | 1 |
Deferred Income Taxes | 0 | 0 |
Amount of Postretirement Expense Greater Than Funding | 0 | -0.2 |
Equity in Net Earnings of Subsidiaries | 0.6 | 1.6 |
Loss on the Sale of Assets | 5.9 | ' |
Other, Net | 1.3 | 0 |
Changes in Operating Assets and Liabilities | -74.6 | -2.2 |
Net Cash Provided by (Used in) Operating Activities | -70.7 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | 0 | 0 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | 70.7 | ' |
Other, Net | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | 70.7 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | 0 | 0 |
Borrowings under Revolving Credit Facilities | 0 | 0 |
Payments on Revolving Credit Facilities | 0 | 0 |
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 |
Other, Net | 0 | 0 |
Net Cash (Used in) Provided by Financing Activities | 0 | 0 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 0 |
Combined Nonguarantor Subsidiaries | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | -1.1 | -7.4 |
Depreciation and Amortization | 9.5 | 10.5 |
Deferred Income Taxes | -2.6 | 0 |
Amount of Postretirement Expense Greater Than Funding | 0.2 | -1.5 |
Equity in Net Earnings of Subsidiaries | 0 | 0 |
Loss on the Sale of Assets | 0 | ' |
Other, Net | 1.1 | 1.4 |
Changes in Operating Assets and Liabilities | -14.6 | -5.7 |
Net Cash Provided by (Used in) Operating Activities | -7.5 | -2.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | -18.1 | -3.4 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | ' |
Other, Net | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -18.1 | -3.4 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | 0 | -0.5 |
Borrowings under Revolving Credit Facilities | 30.7 | 53.3 |
Payments on Revolving Credit Facilities | -21.1 | -51.8 |
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 |
Other, Net | -0.5 | -0.2 |
Net Cash (Used in) Provided by Financing Activities | 9.1 | 0.8 |
Effect of Exchange Rate Changes on Cash | 0.3 | -1.5 |
Net Decrease in Cash and Cash Equivalents | -16.2 | -6.8 |
Cash and Cash Equivalents at Beginning of Period | 50.9 | 45.6 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 34.7 | 38.8 |
Consolidating Eliminations | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | -29.8 | -27 |
Depreciation and Amortization | 0 | 0 |
Deferred Income Taxes | 0 | 0 |
Amount of Postretirement Expense Greater Than Funding | 0 | 0 |
Equity in Net Earnings of Subsidiaries | 29.8 | 27 |
Loss on the Sale of Assets | 0 | ' |
Other, Net | 0 | 0 |
Changes in Operating Assets and Liabilities | 15.8 | 0 |
Net Cash Provided by (Used in) Operating Activities | 15.8 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital Spending | 0 | 0 |
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | ' |
Other, Net | -15.8 | -6.2 |
Net Cash Provided by (Used in) Investing Activities | -15.8 | -6.2 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payments on Debt | 0 | 0 |
Borrowings under Revolving Credit Facilities | 0 | 0 |
Payments on Revolving Credit Facilities | 0 | 0 |
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 |
Other, Net | 0 | 6.2 |
Net Cash (Used in) Provided by Financing Activities | 0 | 6.2 |
Effect of Exchange Rate Changes on Cash | 0 | 0 |
Net Decrease in Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $0 | $0 |