Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GRAPHIC PACKAGING HOLDING CO | ||
Entity Central Index Key | 1408075 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $3.80 | ||
Entity Common Stock, Shares Outstanding | 327,044,500 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Net Sales | $1,001.10 | $1,050 | $1,116.70 | $1,072.70 | $1,074.90 | $1,163 | $1,139.70 | $1,100.50 | $4,240.50 | $4,478.10 | $4,337.10 |
Cost of Sales | 3,453.30 | 3,752.50 | 3,617.50 | ||||||||
Selling, General and Administrative | 365.5 | 384.3 | 378.1 | ||||||||
Other Income, Net | -3.7 | -13.4 | -7.3 | ||||||||
Restructuring and Other Special Charges, Net | 11.9 | 6.8 | 171.1 | 7.8 | 18.2 | -14.8 | 8.3 | 1.4 | 197.6 | 13.1 | 26.4 |
Income from Operations | 88.7 | 112.3 | -52.9 | 79.7 | 63 | 105.7 | 87.7 | 85.2 | 227.8 | 341.6 | 322.4 |
Interest Expense, Net | -80.7 | -101.9 | -111.1 | ||||||||
Loss on Modification or Extinguishment of Debt | -14.4 | -27.1 | -11 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 132.7 | 212.6 | 200.3 | ||||||||
Income Tax Expense | -45.4 | -67.4 | -82.5 | ||||||||
Income before Equity Income of Unconsolidated Entities | 87.3 | 145.2 | 117.8 | ||||||||
Equity Income of Unconsolidated Entities | 1.7 | 1.5 | 2.3 | ||||||||
Net Income | 41.5 | 53 | -40.3 | 34.8 | 45.3 | 45.7 | 21.1 | 34.6 | 89 | 146.7 | 120.1 |
Net (Income) Loss Attributable to Noncontrolling Interests | 0.7 | -0.1 | 2.5 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | $41.50 | $53 | ($40) | $35.20 | $46 | $44.50 | $21.20 | $34.90 | $89.70 | $146.60 | $122.60 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic | $0.13 | $0.16 | ($0.12) | $0.11 | $0.27 | $0.42 | $0.31 | ||||
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted | $0.13 | $0.16 | ($0.12) | $0.11 | $0.13 | $0.13 | $0.06 | $0.10 | $0.27 | $0.42 | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $89 | $146.70 | $120.10 |
Other Comprehensive (Loss) Income, Net of Tax: | |||
Derivative Instruments | -6.9 | 3.2 | -0.6 |
Currency Translation Adjustment | -34 | -13.7 | 0.6 |
Postemployement Benefit Plans | -0.5 | 0 | 0 |
Total Other Comprehensive (Loss) Income, Net of Tax | -146.1 | 123.5 | -29.1 |
Total Comprehensive Income | -57.1 | 270.2 | 91 |
Comprehensive Loss (Income) Attributable to Noncontrolling Interests | 0.4 | -0.5 | 2.4 |
Comprehensive (Loss) Income Attributable to Graphic Packaging Holding Company | -56.7 | 269.7 | 93.4 |
Pension Benefit Plans | |||
Other Comprehensive (Loss) Income, Net of Tax: | |||
Pension and Postretirement Benefit Plans | -105.7 | 127.6 | -26.4 |
Postretirement Benefit Plans | |||
Other Comprehensive (Loss) Income, Net of Tax: | |||
Pension and Postretirement Benefit Plans | $1 | $6.40 | ($2.70) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and Cash Equivalents | $81.60 | $52.20 | ||
Receivables, Net | 408.3 | 412.8 | ||
Inventories, Net | 521.8 | 557.1 | ||
Deferred Income Tax Assets | 177.2 | 171.3 | ||
Other Current Assets | 32 | 38.8 | ||
Total Current Assets | 1,220.90 | 1,232.20 | ||
Property, Plant and Equipment, Net | 1,546.80 | 1,678.90 | ||
Goodwill | 1,118.10 | 1,125.40 | ||
Intangible Assets, Net | 385.6 | 467 | ||
Other Assets | 59.9 | 55.8 | ||
Total Assets | 4,331.30 | 4,559.30 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 32.2 | 77.4 | ||
Accounts Payable | 424.9 | 428.3 | ||
Compensation and Employee Benefits | 118.6 | 112.9 | ||
Interest Payable | 9.4 | 15.2 | ||
Other Accrued Liabilities | 91.6 | 77.4 | ||
Total Current Liabilities | 676.7 | 711.2 | ||
Long-Term Debt | 1,942.10 | 2,176.20 | ||
Deferred Income Tax Liabilities | 309.3 | 329.9 | ||
Accrued Pension and Postretirement Benefits | 312.8 | 198.2 | ||
Other Noncurrent Liabilities | 78.1 | 70.2 | ||
Commitments and Contingencies (Note 12) | ||||
Redeemable Noncontrolling Interests (Note 14) | 0 | 11.3 | ||
EQUITY | ||||
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized at December 31, 2014 and December 31, 2013; no shares issued or outstanding | 0 | 0 | ||
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized at December 31, 2014 and 2013, 327,044,500 and 324,746,642 shares issued and outstanding at December 31, 2014 and 2013, respectively | 3.3 | 3.2 | ||
Capital in Excess of Par Value | 1,796.50 | 1,789.90 | ||
Accumulated Deficit | -452.9 | -542.6 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -334.6 | [1] | -188.2 | [1] |
Total Equity | 1,012.30 | 1,062.30 | ||
Total Liabilities and Equity | $4,331.30 | $4,559.30 | ||
[1] | All amounts are net-of-tax. |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value (in usd per share) | $0.01 | $0.01 |
Preferred Stock Authorized | 100,000,000 | 100,000,000 |
Preferred Stock Issued | 0 | 0 |
Preferred Stock Outstanding | 0 | 0 |
Common Stock Par Value (in usd per share) | $0.01 | $0.01 |
Common Stock Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock Issued | 327,044,500 | 324,746,642 |
Common Stock Outstanding | 327,044,500 | 324,746,642 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Capital In Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
In Millions, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2011 | $1,166.70 | $3.90 | $2,177.50 | ($731.40) | ($282.10) | ($1.20) |
Beginning balance, shares at Dec. 31, 2011 | 389,474,786 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (Loss) Income | 122.6 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | -122.1 | -122.6 | 0.5 | |||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Derivative Instruments | -0.6 | -0.6 | ||||
Pension and Postretirement Benefit Plans | -29.2 | -29.2 | ||||
Currency Translation Adjustment | 0.6 | 0.6 | ||||
Currency translation adjustment | 0.6 | |||||
Repurchase of Common Stock, Shares | -49,180,327 | |||||
Repurchase of Common Stock, Value | -300 | -0.5 | -275.1 | -24.4 | ||
Investment in Subsidiaries | 3.1 | 3.1 | 0 | |||
Recognition of Stock-Based Compensation | 9.6 | 9.6 | ||||
Issuance of Shares for Stock-Based Awards, Shares | 4,239,580 | |||||
Issuance of Shares for Stock-Based Awards, Value | 0 | 0 | ||||
Ending balance at Dec. 31, 2012 | 972.3 | 3.4 | 1,915.10 | -633.2 | -311.3 | -1.7 |
Ending balance, shares at Dec. 31, 2012 | 344,534,039 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (Loss) Income | 146.6 | 146.6 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | 146.6 | |||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Derivative Instruments | 3.2 | 3.2 | ||||
Pension and Postretirement Benefit Plans | 133.5 | 133.5 | ||||
Currency Translation Adjustment | -13.7 | |||||
Currency translation adjustment | -13.6 | -13.6 | ||||
Repurchase of Common Stock, Shares | -23,866,348 | |||||
Repurchase of Common Stock, Value | -200 | -0.2 | -143.8 | -56 | ||
Investment in Subsidiaries | 0 | -1.7 | 1.7 | |||
Recognition of Stock-Based Compensation | 20.3 | 20.3 | ||||
Issuance of Shares for Stock-Based Awards, Shares | 4,078,951 | |||||
Issuance of Shares for Stock-Based Awards, Value | 0 | 0 | ||||
Ending balance at Dec. 31, 2013 | 1,062.30 | 3.2 | 1,789.90 | -542.6 | -188.2 | 0 |
Ending balance, shares at Dec. 31, 2013 | 324,746,642 | 324,746,642 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (Loss) Income | 89.7 | 89.7 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | 89.7 | |||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Derivative Instruments | -6.9 | -6.9 | ||||
Pension and Postretirement Benefit Plans | -105.5 | -105.5 | ||||
Currency Translation Adjustment | -34 | -34 | ||||
Currency translation adjustment | -34 | |||||
Investment in Subsidiaries | 1.5 | 1.5 | 0 | |||
Recognition of Stock-Based Compensation | 5.1 | 5.1 | ||||
Issuance of Shares for Stock-Based Awards, Shares | 2,297,858 | |||||
Issuance of Shares for Stock-Based Awards, Value | 0.1 | 0.1 | 0 | |||
Ending balance at Dec. 31, 2014 | $1,012.30 | $3.30 | $1,796.50 | ($452.90) | ($334.60) | $0 |
Ending balance, shares at Dec. 31, 2014 | 327,044,500 | 327,044,500 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $89 | $146.70 | $120.10 |
Non-cash Items Included in Net Income: | |||
Depreciation and Amortization | 270 | 277.4 | 266.8 |
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 4.6 | 4.5 | 7.5 |
Amortization of Deferred Debt Issuance Costs | 4.8 | 7 | 6.2 |
Deferred Income Taxes | 33.1 | 62.7 | 76 |
Amount of Postretirement Expense Less Than Funding | -46.3 | -12.4 | -14 |
Loss (Gain) on the Sale of Assets, net | 173.6 | -26.6 | 0 |
Impairment Charges/Asset Write-offs | 7 | 1.5 | 5.6 |
Other, Net | 31 | 19.5 | 17.5 |
Changes in Operating Assets and Liabilities, Net of Acquisitions and Dispositions (See Note 3) | -40.2 | -22.3 | -17.1 |
Net Cash Provided by Operating Activities | 526.6 | 458 | 468.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | -201.4 | -209.2 | -203.3 |
Proceeds from Government Grant | 26.9 | 0 | 0 |
Acquisition of Business | -190.7 | 0 | -118.1 |
Cash Acquired Related to Business Acquisitions | 16.9 | 0 | 13.1 |
Proceeds from Sales of Assets, Net of Selling Costs | 170.8 | 73.5 | 18.8 |
Other, Net | -5.7 | -8.7 | -4.5 |
Net Cash Used in Investing Activities | -183.2 | -144.4 | -294 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | -200 | -300 |
Proceeds from Issuance or Modification of Debt | 250 | 425 | 1,300 |
Retirement of Long-Term Debt | -247.7 | -425 | 0 |
Payments on Debt | -214.6 | -71.3 | -1,703.40 |
Borrowings under Revolving Credit Facilities | 1,957.90 | 1,729.20 | 1,367.20 |
Payments on Revolving Credit Facilities | -2,012.20 | -1,738 | -1,034.70 |
Redemption and Early Tender Premiums and Debt Issuance Costs | -16.8 | -29.9 | -27.7 |
Repurchase of Common Stock related to Share-Based Payments | -14.7 | -11.2 | -10.7 |
Other, Net | 10.7 | -10.1 | -13.2 |
Net Cash Used in Financing Activities | -308.8 | -311.1 | -396.1 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -5.2 | -1.8 | 1.2 |
Net Increase (Decrease) in Cash and Cash Equivalents | 29.4 | 0.7 | -220.3 |
Cash and Cash Equivalents at Beginning of Period | 52.2 | 51.5 | 271.8 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 81.6 | 52.2 | 51.5 |
Supplemental Cash Flow Information [Abstract] | |||
Total Consideration Received from the Sale of Assets | 181 | 83.2 | |
Non-cash Consideration Received from the Sales of Assets | $10.20 | $9.70 |
Nature_of_Business_and_Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Nature of Business and Summary of Significant Accounting Policies | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
Nature of Business | ||||||||||||||||||||
Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is the largest producer of folding cartons in the United States ("U.S.") and holds a leading market position in coated unbleached kraft paperboard and coated-recycled boxboard. The Company’s customers include some of the most widely recognized companies in the world. 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 customer service. | ||||||||||||||||||||
GPHC became a new publicly-traded parent company when, on March 10, 2008, the businesses of Graphic Packaging Corporation (“GPC”) and Altivity Packaging, LLC were combined through a series of transactions. | ||||||||||||||||||||
GPHC and 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"). | ||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | ||||||||||||||||||||
The Company’s Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. The accompanying Consolidated Financial Statements include the worldwide operations of the paperboard packaging segment which includes the paperboard packaging, packaging machinery, and containerboard businesses, and through June 30, 2014 the flexible packaging segment, which produced kraft paper and converted kraft, specialty paper and plastics into multi-wall, consumer and specialty retail bags and produced flexible packaging, and laminations. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. | ||||||||||||||||||||
The Company holds a 50% ownership interest in a joint venture called Rengo Riverwood Packaging, Ltd. (in Japan) which is accounted for using the equity method. | ||||||||||||||||||||
Prior to May 30, 2014, the Company held an 87% ownership interest in Graphic Flexible Packaging, LLC ("GFP"), which was consolidated in the Company's financial statements. On May 30, 2014, the Company acquired the remaining 13% of GFP. For more information see Note 14 - Redeemable Noncontrolling Interests. The noncontrolling interest is shown in the Company's financial statements. | ||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, pension benefits, retained insurable risks, slow-moving and obsolete inventory, allowance for doubtful accounts, useful lives for depreciation and amortization, future cash flows, discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples associated with impairment testing of goodwill and long-term assets, fair values related to the allocation of purchase price to property, plant and equipment and intangible assets in connection with business combinations, fair value of derivative financial instruments, deferred income tax assets and potential income tax assessments, and loss contingencies. | ||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||
Cash and cash equivalents include time deposits, certificates of deposit and other marketable securities with original maturities of three months or less. | ||||||||||||||||||||
Accounts Receivable and Allowances | ||||||||||||||||||||
Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the credit worthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. | ||||||||||||||||||||
The Company has entered into various factoring and supply chain financing arrangements, 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 years ended December 31, 2014 and 2013, the Company sold receivables under these programs totaling approximately $413 million and $290 million, respectively. | ||||||||||||||||||||
During the fourth quarter 2014, the Company also entered into an agreement for the purchasing and servicing of receivables (the “AR Sales Agreement”), to sell, on a revolving basis, certain trade accounts receivable balances to a third party financial institution. Transfers under this agreement also meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the FASB Codification. During the fourth quarter under the agreement, the Company sold and derecognized approximately $231 million of receivables, of which $125 million has been collected on behalf of the financial institution, $74 million has been funded by the financial institution, resulting in a $32 million receivable from the financial institution as of December 31, 2014. Cash proceeds related to the sales are included in cash from operating activities in the Consolidated Statements of Cash Flows in the Receivables, Net line item. The loss on sale in not material and is included in Other Income, Net line item. | ||||||||||||||||||||
Receivables sold under all programs subject to continuing involvement, which consists principally of collection services, were approximately $127 million and $20 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||
The Company’s cash, cash equivalents, and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. As of and for the years ended December 31, 2014 and 2013, no customer accounted for more than 10% of net sales. | ||||||||||||||||||||
Inventories | ||||||||||||||||||||
Inventories are stated at the lower of cost or market with cost determined principally by the first-in, first-out (“FIFO”) basis. Average cost basis is used to determine the cost of supply inventories and certain raw materials. Raw materials and consumables used in the production process such as wood chips and chemicals are valued at purchase cost on a FIFO basis upon receipt. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. | ||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. | ||||||||||||||||||||
Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $1.6 million, $3.5 million and $2.2 million in the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
The Company assesses its long-lived assets, including certain identifiable intangibles, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. To analyze recoverability, the Company projects future cash flows, undiscounted and before interest, over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. The impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets. The Company assesses the appropriateness of the useful life of its long-lived assets periodically. | ||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||
Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: | ||||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||
Land improvements | 15 years | |||||||||||||||||||
Machinery and equipment | 3 to 40 years | |||||||||||||||||||
Furniture and fixtures | 10 years | |||||||||||||||||||
Automobiles, trucks and tractors | 3 to 5 years | |||||||||||||||||||
Depreciation expense, including the depreciation expense of assets under capital leases, for 2014, 2013 and 2012 was $221.6 million, $232.5 million and $222.7 million, respectively. | ||||||||||||||||||||
Intangible assets with a determinable life are amortized on a straight-line or accelerated basis over their useful lives. The amortization expense for each intangible asset is recorded in the Consolidated Statements of Operations according to the nature of that asset. | ||||||||||||||||||||
Goodwill is the Company’s only intangible asset not subject to amortization at December 31, 2014 and 2013. The following table displays the intangible assets that continue to be subject to amortization and aggregate amortization expense as of December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
In millions | ||||||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer Relationships | $ | 579.5 | $ | (226.1 | ) | $ | 353.4 | $ | 670.6 | $ | (242.7 | ) | $ | 427.9 | ||||||
Patents, Trademarks and Licenses | 115.4 | (83.2 | ) | 32.2 | 118.7 | (79.6 | ) | 39.1 | ||||||||||||
Total | $ | 694.9 | $ | (309.3 | ) | $ | 385.6 | $ | 789.3 | $ | (322.3 | ) | $ | 467 | ||||||
The Company recorded amortization expense for the years ended December 31, 2014, 2013 and 2012 of $48.4 million, | ||||||||||||||||||||
$44.9 million and $44.1 million, respectively, relating to intangible assets subject to amortization. The Company expects amortization expense to be approximately $40 million for 2015 through 2016 and approximately $36 million for 2017 through 2019. | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The Company tests goodwill for impairment annually as of October 1, as well as whenever events or changes in circumstances suggest that the estimated fair value of a reporting unit may no longer exceed its carrying amount. | ||||||||||||||||||||
The Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. | ||||||||||||||||||||
Potential goodwill impairment is measured at the reporting unit level by comparing the reporting unit’s carrying amount including goodwill, to the fair value of the reporting unit. The estimated fair value of each reporting unit is determined by utilizing a discounted cash flow analysis based on the Company’s forecasts discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. If the carrying amount of a reporting unit exceeds its estimated fair value, goodwill is considered potentially impaired. In determining fair value, management relies on and considers a number of factors, including but not limited to, operating results, business plans, economic projections, forecasts including future cash flows, and market data and analysis, including market capitalization. The assumptions we use are based on what we believe a hypothetical market participant would use in estimating fair value. Fair value determinations are sensitive to changes in the factors described above. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. | ||||||||||||||||||||
The Company performed a quantitative impairment analysis of goodwill associated with each of our reporting units as of October 1, 2014 and concluded that the fair values were in excess of the carrying values of each of the reporting units and therefore goodwill was not impaired. | ||||||||||||||||||||
The following is a rollforward of goodwill by reportable segment: | ||||||||||||||||||||
In millions | Paperboard Packaging | Flexible Packaging | Total | |||||||||||||||||
Balance at December 31, 2012 | $ | 1,123.20 | $ | 15.8 | $ | 1,139.00 | ||||||||||||||
Disposal of Business | (3.4 | ) | (7.5 | ) | (10.9 | ) | ||||||||||||||
Foreign Currency Effects | (2.6 | ) | (0.1 | ) | (2.7 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 1,117.20 | $ | 8.2 | $ | 1,125.40 | ||||||||||||||
Disposal of Business | (47.2 | ) | (8.2 | ) | (55.4 | ) | ||||||||||||||
Acquisition of Business | 51.9 | — | 51.9 | |||||||||||||||||
Foreign Currency Effects | (3.8 | ) | — | (3.8 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 1,118.10 | $ | — | $ | 1,118.10 | ||||||||||||||
Retained Insurable Risks | ||||||||||||||||||||
It is the Company’s policy to self-insure or fund a portion of certain expected losses related to group health benefits and workers’ compensation claims. Provisions for expected losses are recorded based on the Company’s estimates, on an undiscounted basis, of the aggregate liabilities for known claims and estimated claims incurred but not reported. | ||||||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||||||
Asset retirement obligations are accounted for in accordance with the provisions of the Asset Retirement and Environmental Obligations topic of the FASB Codification. A liability and asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the asset. Upon settlement of the liability, we will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. | ||||||||||||||||||||
International Currency | ||||||||||||||||||||
The functional currency of the international subsidiaries is the local currency for the country in which the subsidiaries own their primary assets. The translation of the applicable currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. Any related translation adjustments are recorded directly to a separate component of Graphic Packaging Holding Company Shareholders’ Equity, unless there is a sale or substantially complete liquidation of the underlying foreign investments. | ||||||||||||||||||||
The Company pursues a currency hedging program which utilizes derivatives to reduce the impact of foreign currency exchange fluctuations on its consolidated financial results. Under this program, the Company has entered into forward exchange contracts in the normal course of business to hedge certain foreign currency denominated transactions. Realized and unrealized gains and losses on these forward contracts are included in the measurement of the basis of the related foreign currency transaction when recorded. | ||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||
The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, the Company’s price to the buyer is fixed or determinable and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership. | ||||||||||||||||||||
The timing of revenue recognition is largely dependent on the location of title transfer which is normally either at our plant (shipping point) or upon arrival at our customer’s plant (destination). The Company recognizes revenues on its annual and multi-year carton supply contracts as the shipment occurs in accordance with the title transfer discussed above. | ||||||||||||||||||||
Discounts and allowances are comprised of trade allowances and rebates, cash discounts and sales returns. Cash discounts and sales returns are estimated using historical experience. Trade allowances are based on the estimated obligations and historical experience. Customer rebates are determined based on contract terms and are recorded at the time of sale. | ||||||||||||||||||||
Shipping and Handling | ||||||||||||||||||||
The Company includes shipping and handling costs in Cost of Sales. | ||||||||||||||||||||
Research and Development | ||||||||||||||||||||
Research and development costs, which relate primarily to the development and design of new packaging machines and products and are recorded as a component of Selling, General and Administrative expenses, are expensed as incurred. Expenses for the years ended December 31, 2014, 2013 and 2012 were $14.9 million, $16.8 million and $16.1 million, respectively. | ||||||||||||||||||||
Restructuring and Other Special Charges, Net | ||||||||||||||||||||
The following table summarizes the transactions recorded in Restructuring and Other Special Charges in the Consolidated Statements of Operations as of December 31: | ||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||||||
Loss (Gain) on Sale or Closure of Certain Assets | $ | 180.1 | $ | (17.9 | ) | $ | 3 | |||||||||||||
Net Charges Associated with Business Combinations | 12.4 | 29.2 | 21.7 | |||||||||||||||||
Other Special Charges | 5.1 | 1.8 | 1.7 | |||||||||||||||||
Total | $ | 197.6 | $ | 13.1 | $ | 26.4 | ||||||||||||||
In connection with the Company's strategy to focus on core assets, on June 30, 2014, the Company completed the sale of its multi-wall bag business. The financial impact of this transaction is reflected in Loss (Gain) on Sale or Closure of Certain Assets in the above table. Approximately $263 million of assets were disposed of consisting of net working capital of $75 million, fixed assets of $104 million, goodwill of $8 million and intangible assets of $76 million. In 2013, the multi-wall bag business' net sales were approximately $440 million or approximately 10% of Consolidated Net Sales and were reported in the flexible packaging segment. Assets of approximately $27 million related to the facility that was previously part of the flexible packaging segment were retained by the Company. | ||||||||||||||||||||
On May 23, 2014, the Company completed its acquisition of Benson Box Holdings Limited ("Benson"), a leading food, beverage, and retail packaging company in the United Kingdom. Charges associated with the acquisition are reflected in Net Charges Associated with Business Combinations in the above table. For more information regarding the acquisition of Benson see Note 4 - Acquisitions. | ||||||||||||||||||||
On February 3, 2014, the Company completed the sale of its labels business. The financial impact of this transaction is reflected in Loss (Gain) on Sale or Closure of Certain 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. | ||||||||||||||||||||
On September 30, 2013, the Company completed the sale of certain assets related to the flexible plastics business and the sale of its uncoated-recycled board (“URB”) mill. The Company had previously announced the closure of its Brampton, Ontario facility which was also part of the flexible plastics business. This facility was sold in December 2013. Approximately $11 million of goodwill was written off relating to the sales. The financial impacts of these transactions are reflected as Loss (Gain) on Sale or Closure of Certain Assets in the above table. The flexible plastics business was part of the flexible packaging segment and the URB mill was part of the paperboard packaging segment, and in aggregate, accounted for approximately 2% of Consolidated Net Sales. | ||||||||||||||||||||
Equity Offerings and Repurchases | ||||||||||||||||||||
During the first and second quarters of 2014, certain shareholders of the Company sold approximately 30 million and 43.7 million shares of common stock in two secondary public offerings at $9.85 and $10.45 per share, respectively. The shares were sold by certain affiliates of TPG Capital, L.P. (the “TPG Entities”), certain Coors family trusts and the Adolph Coors Foundation (the “Coors Family Stockholders”), Clayton, Dubilier & Rice Fund V Limited Partnership (the “CD&R Fund”) and Old Town, S.A. (“Old Town”), (“Old Town”, and together with the TPG Entities, the Coors Family Stockholders, the Adolph Coors Foundation, and the CD&R Fund, the "Selling Stockholders"). Following the completion of the offering in the second quarter, these Selling Stockholders no longer hold shares of the common stock. | ||||||||||||||||||||
During 2013, the Selling Stockholders sold approximately 110.1 million shares of common stock in four separate secondary public offerings at prices ranging from $7.00 to $8.45 per share. In connection with one of the the offerings, the Company repurchased approximately 23.9 million shares at $8.38 per share resulting in aggregate purchase price of approximately $200 million. After these transactions, the shares outstanding held by the Selling Stockholders decreased from approximately 53% to approximately 23%. | ||||||||||||||||||||
During December of 2012, the Selling Stockholders sold 21.3 million shares of common stock in a secondary public offering at $6.10 per share. In connection with the offering, the Company also repurchased approximately $300 million or 49.2 million shares of its common stock from the Selling Stockholders at $6.10 per share. The shares outstanding held by the Selling Stockholders decreased from approximately 65% to approximately 53%. | ||||||||||||||||||||
Adoption of New Accounting Standards | ||||||||||||||||||||
Effective January 1, 2014, the Company adopted revised guidance on the Income Taxes topic of 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 impacted the presentation of the consolidated financial statements related to disposals in 2014. | ||||||||||||||||||||
Accounting Standards Not Yet Adopted | ||||||||||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. Adoption of ASU No. 2014-09 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU are effective for the annual reporting period beginning after December 15, 2016 and early adoption is not permitted. The Company is currently evaluating the impact of adoption on the Company's financial position, results of operations and cash flows. | ||||||||||||||||||||
On June 19, 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in the ASU clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. ASU 2014-12 is effective for all entities for annual periods beginning after December 15, 2015 and interim period within those annual periods and early adoption is permitted. The Company is currently evaluating the impact of adoption on the Company's financial position, results of operations and cash flows. |
Supplemental_Balance_Sheet_Dat
Supplemental Balance Sheet Data | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Balance Sheet Related Disclosures [Abstract] | |||||||
Supplemental Balance Sheet Data | SUPPLEMENTAL BALANCE SHEET DATA | ||||||
The following tables provide disclosure related to the components of certain line items included in our consolidated balance sheets. | |||||||
Receivables, Net: | |||||||
In millions | 2014 | 2013 | |||||
Trade | $ | 352.7 | $ | 396.7 | |||
Less: Allowance | (6.3 | ) | (5.3 | ) | |||
346.4 | 391.4 | ||||||
Other (1) | 61.9 | 21.4 | |||||
Total | $ | 408.3 | $ | 412.8 | |||
(1) Includes approximately $32 million receivable from financial institution per the AR Sales Agreement, which is a Level 1 fair value measurement. | |||||||
Inventories, Net by major class: | |||||||
In millions | 2014 | 2013 | |||||
Finished Goods | $ | 260.2 | $ | 288.3 | |||
Work in Progress | 52.9 | 49.2 | |||||
Raw Materials | 139 | 149.7 | |||||
Supplies | 69.7 | 69.9 | |||||
Total | $ | 521.8 | $ | 557.1 | |||
Other Current Assets: | |||||||
In millions | 2014 | 2013 | |||||
Prepaid Assets | $ | 30.1 | $ | 29.9 | |||
Assets Held for Sale | — | 6.6 | |||||
Fair Value of Derivatives, current portion | 1.9 | 2.3 | |||||
Total | $ | 32 | $ | 38.8 | |||
Property, Plant and Equipment, Net: | |||||||
In millions | 2014 | 2013 | |||||
Property, Plant and Equipment, at Cost: | |||||||
Land and Improvements | $ | 100.9 | $ | 114 | |||
Buildings | 378.3 | 405.8 | |||||
Machinery and Equipment (2) | 3,612.00 | 3,570.70 | |||||
Construction-in-Progress | 81.2 | 130.2 | |||||
4,172.40 | 4,220.70 | ||||||
Less: Accumulated Depreciation (2) | (2,625.6 | ) | (2,541.8 | ) | |||
Total | $ | 1,546.80 | $ | 1,678.90 | |||
(2) Includes gross assets under capital lease of $8.8 million and related accumulated depreciation of $3.4 million as of December 31, 2014 and gross assets under capital lease of $11.7 million and related accumulated depreciation of $2.3 million as of December 31, 2013. | |||||||
Other Assets: | |||||||
In millions | 2014 | 2013 | |||||
Deferred Debt Issuance Costs, Net of Amortization of $14.3 million and $9.5 million for 2014 and 2013, respectively | $ | 24.4 | $ | 24.3 | |||
Deferred Income Tax Assets | 7.4 | 8.9 | |||||
Pension Assets | 0.1 | 0.7 | |||||
Long-term Receivables | 10.2 | 9.1 | |||||
Other | 17.8 | 12.8 | |||||
Total | $ | 59.9 | $ | 55.8 | |||
Other Accrued Liabilities: | |||||||
In millions | 2014 | 2013 | |||||
Fair Value of Derivatives, current portion | $ | 15.5 | $ | 3.3 | |||
Deferred Revenue | 15.1 | 10.7 | |||||
Accrued Customer Rebates | 6.7 | 14.1 | |||||
Other | 54.3 | 49.3 | |||||
Total | $ | 91.6 | $ | 77.4 | |||
Other Noncurrent Liabilities: | |||||||
In millions | 2014 | 2013 | |||||
Deferred Revenue | $ | 5.7 | $ | 5.1 | |||
Multi-employer Plans | 30.9 | 25.4 | |||||
Workers Compensation Reserve | 12.9 | 12.7 | |||||
Other | 28.6 | 27 | |||||
Total | $ | 78.1 | $ | 70.2 | |||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions and dispositions: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Receivables, Net | $ | (25.5 | ) | $ | 49.3 | $ | 7.3 | |||
Inventories, Net | (50.4 | ) | (39.5 | ) | (23.9 | ) | ||||
Prepaid Expenses | 4.8 | (11.4 | ) | (0.2 | ) | |||||
Other Assets | 9.2 | (3.8 | ) | 4 | ||||||
Accounts Payable | 13.3 | (13.9 | ) | 6.8 | ||||||
Compensation and Employee Benefits | 9.6 | (20.8 | ) | 16.9 | ||||||
Income Taxes | 9 | 1.1 | (4.5 | ) | ||||||
Interest Payable | (7.4 | ) | 21.9 | (14.9 | ) | |||||
Other Accrued Liabilities | (6.3 | ) | (1.1 | ) | (8.7 | ) | ||||
Other Noncurrent Liabilities | 3.5 | (4.1 | ) | 0.1 | ||||||
Total | $ | (40.2 | ) | $ | (22.3 | ) | $ | (17.1 | ) | |
Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Interest | $ | 79.1 | $ | 89.6 | $ | 117.5 | ||||
Income Taxes | $ | 12.2 | $ | 12.1 | $ | 8.9 | ||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Acquisitions | ACQUISITIONS | |||||||||
On May 23, 2014, the Company acquired Benson. Under the terms of the transaction, the Company paid $190.7 million in an all cash transaction funded with existing cash and borrowings under the Company's revolving line of credit. Benson operated four folding carton facilities that converted approximately 80,000 tons of paperboard annually into folding cartons for the food, beverage and retail products industries. The acquisition and associated goodwill are included in the paperboard packaging segment. This transaction is herein referred to as the "Benson Acquisition". | ||||||||||
The purchase price of the Benson Acquisition has been allocated to the assets acquired and liabilities assumed based on the estimated fair values as of the purchase date. Management believes that the purchase price attributable to goodwill represents the benefits expected as a result of the acquisition, as the Benson Acquisition was made to continue to grow the European food and beverage business, to expand the Company's presence in store brand packaging and to further optimize the Company's supply chain footprint. The Company incurred and expensed transaction costs of $4.2 million related to the Benson Acquisition. Benson's net sales from the date of acquisition through December 31, 2014 were approximately $115 million. | ||||||||||
The Company does not expect the goodwill recorded to be deductible for tax purposes. The purchase price allocation is as follows: | ||||||||||
In millions | Amounts Recognized as of Acquisition Date | Measurement Period Adjustments | Amounts Recognized as of Acquisition Date (as adjusted) | |||||||
Purchase Price | $ | 190.7 | $ | — | $ | 190.7 | ||||
In millions | ||||||||||
Cash and Cash Equivalents | $ | 16.9 | $ | — | $ | 16.9 | ||||
Receivables | 43.4 | — | 43.4 | |||||||
Inventories | 16.2 | 1.5 | 17.7 | |||||||
Other Current Assets | 8.5 | 0.2 | 8.7 | |||||||
Property, Plant and Equipment | 25.5 | 18.3 | 43.8 | |||||||
Intangible Assets | — | 61.8 | 61.8 | |||||||
Total Assets Acquired | 110.5 | 81.8 | 192.3 | |||||||
Current Liabilities, Excluding Current Portion of Long-Term Debt | 36.1 | — | 36.1 | |||||||
Deferred Tax Liabilities | 1.1 | 16.3 | 17.4 | |||||||
Total Liabilities Assumed | 37.2 | 16.3 | 53.5 | |||||||
Net Assets Acquired | 73.3 | 65.5 | 138.8 | |||||||
Goodwill | 117.4 | (65.5 | ) | 51.9 | ||||||
Total Estimated Fair Value of Net Assets Acquired | $ | 190.7 | $ | — | $ | 190.7 | ||||
On December 31, 2012, the Company acquired Contego Cartons ("Contego"), a leading food and consumer product packaging company based in the United Kingdom. Under the terms of the transaction, the Company paid approximately $93 million and assumed debt of approximately $35 million in an all cash transaction funded with existing cash and debt under the Company's revolving line of credit. Contego operated four folding carton facilities that converted approximately 150,000 tons of paperboard annually into folding cartons for the food and consumer product industries. The acquisition and associated goodwill are included in the paperboard packaging segment. | ||||||||||
Also on December 31, 2012, the Company acquired A&R Carton’s Beer and Beverage packaging business in Europe ("A&R"). Under the terms of the transaction, the Company paid approximately $25 million in cash and assumed approximately $2 million in debt. The transaction was funded with existing cash and borrowings from the Company’s revolving line of credit. A&R included two manufacturing facilities that converted approximately 30,000 tons of paperboard annually. The acquisition and associated goodwill are included in the paperboard packaging segment. |
Debt
Debt | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Debt | DEBT | |||||||||
Short-Term Debt is comprised of the following: | ||||||||||
In millions | 2014 | 2013 | ||||||||
Short-Term Borrowings | $ | 5.6 | $ | 12.4 | ||||||
Current Portion of Capital Lease Obligations | 1.6 | 2.4 | ||||||||
Current Portion of Long-Term Debt | 25 | 62.6 | ||||||||
Total | $ | 32.2 | $ | 77.4 | ||||||
Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2014 and 2013 was 8.1% and 10.1%, respectively. | ||||||||||
Long-Term Debt is comprised of the following: | ||||||||||
In millions | 2014 | 2013 | ||||||||
Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | $ | — | $ | 247.3 | ||||||
Senior Notes with interest payable semi-annually at 4.875%, payable in 2022 | 250 | — | ||||||||
Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | 425 | 425 | ||||||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.7% at December 31, 2014) payable through 2019 | 1,000.00 | 1,214.60 | ||||||||
Senior Secured Revolving Credit Facilities with interest payable at floating rates (2.0% at December 31, 2014) payable in 2019 | 288.4 | 344.3 | ||||||||
Capital Lease Obligations | 3.1 | 5.6 | ||||||||
Other | 7.8 | 16.8 | ||||||||
1,974.30 | 2,253.60 | |||||||||
Less: Current Portion | 32.2 | 77.4 | ||||||||
Total | $ | 1,942.10 | $ | 2,176.20 | ||||||
Long-Term Debt maturities (excluding capital leases) are as follows: | ||||||||||
In millions | ||||||||||
2015 | $ | 30.6 | ||||||||
2016 | 25.8 | |||||||||
2017 | 25.7 | |||||||||
2018 | 50.5 | |||||||||
2019 | 1,163.60 | |||||||||
After 2019 | 675 | |||||||||
Total | $ | 1,971.20 | ||||||||
Senior Notes | ||||||||||
On April 2, 2013, the Company completed the issuance and sale of $425 million aggregated principal amount of its 4.75% Senior Notes due 2021. In connection with the new notes, the Company recorded deferred financing cost of approximately $7.2 million. | ||||||||||
During June of 2013, the Company redeemed 100% of the $425 million aggregated principal of its 9.5% Senior Notes due in 2017. The bonds were redeemed at a price of 104.75%. The early redemption premium, unamortized issue premium and discount, and unamortized deferred financing costs of $25.9 million are reflected as Loss on Modification or Extinguishment of Debt in the Company's Consolidated Statement of Operations. | ||||||||||
During November, 2014 the Company completed the issuance and sale of $250 million aggregate principal amount of 4.875% Notes due 2022. The Company also redeemed 100% of $250.0 million aggregate principal of its 7.875% Senior Notes due in 2018. The bonds were redeemed at a price of 103.94%. In conjunction with both of these transactions, $12.1 million of fees were expensed and are reflected as Loss on Modification or Extinguishment of Debt in the Company's Consolidated Statement of Operations. The remaining fees of $4.4 million will be deferred and amortized using the effective interest method until maturity. | ||||||||||
Credit Facilities | ||||||||||
The following describes the Senior Secured Term Loan and Revolving Credit Facilities: | ||||||||||
Date | Document(a) | Provision | Expiration | Accounting | ||||||
Mar-12 | Amended and Restated Credit Agreement | Ÿ$1.0 billion revolving credit facility Ÿ$1.0 billion amortizing term loan facility ŸLIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio | Mar-17 | ŸCharge of $8.9 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
Dec-12 | Amendment No. 1 to Credit Agreement | Ÿ$300 million incremental term loan | Mar-17 | ŸCharge of $2.1 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
ŸDeferred fees of $3.1 million will be amortized | ||||||||||
Sep-13 | Amendment No. 2 to Credit Agreement | ŸAdded €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio | Sep-18 | ŸCharge of $1.2 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
ŸDeferred fees of $2.2 million will be amortized | ||||||||||
Jun-14 | Amendment No. 3 to Credit Agreement | ŸIncreased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) | Sep-18 | ŸDeferred Fees of $0.2 million will be amortized | ||||||
Oct-14 | Second Amended and Restated Credit Agreement | ŸIncreased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio | Oct-19 | ŸCharge of $2.3 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
ŸDeferred fees of $2.4 million will be amortized | ||||||||||
(a) The Company's obligations under the Credit Agreement are secured by substantially all of the Company's domestic assets. | ||||||||||
At December 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 Commitments | Total Outstanding | Total Available | |||||||
Senior Secured Domestic Revolving Credit Facility (b) | $ | 1,250.00 | $ | 171.2 | $ | 1,054.00 | ||||
Senior Secured International Revolving Credit Facility | 187.9 | 117.2 | 70.7 | |||||||
Other International Facilities | 27.1 | 7.8 | 19.3 | |||||||
Total | $ | 1,465.00 | $ | 296.2 | $ | 1,144.00 | ||||
(b)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 $24.8 million as of December 31, 2014. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire through late-2015 unless extended. | ||||||||||
The Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021 and 4.875% Senior Notes due 2022 (the “Indentures”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make 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 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. | ||||||||||
As of December 31, 2014, the Company was in compliance with the covenants in the Credit Agreement and the Indentures. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Stock Incentive Plans | STOCK INCENTIVE PLANS | |||||||||
As of May 21, 2014, the Company has one active equity compensation plan under which new grants are made, the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan (the “2014 Plan”). Under the 2014 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU’s”) and other types of stock-based and cash awards. Prior to the approval of the 2014 Plan and the expiration of the Graphic Packaging Holding Company Amended and Restated 2004 Stock and Incentive Compensation Plan (the “2004 Plan”), the Company made all new grants under the 2004 Plan. Awards under the 2004 Plan and the 2014 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2004 Plan and 2014 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 Options | ||||||||||
The Company has not granted any stock options since 2004. As of December 31, 2014 and December 31, 2013, there are no options outstanding. | ||||||||||
A summary of option activity during the three years ended December 31, 2014 is as follows: | ||||||||||
Options | Weighted Average Exercise Price | |||||||||
Outstanding — December 31, 2011 | 5,181,917 | $ | 7.58 | |||||||
Exercised | (300,000 | ) | 1.56 | |||||||
Canceled | (2,130,754 | ) | 7.88 | |||||||
Outstanding — December 31, 2012 | 2,751,163 | $ | 8.01 | |||||||
Exercised | (1,756,629 | ) | 6.66 | |||||||
Canceled | (994,534 | ) | 10.4 | |||||||
Outstanding — December 31, 2013 | — | $ | — | |||||||
Exercised | — | — | ||||||||
Canceled | — | — | ||||||||
Outstanding — December 31, 2014 | — | $ | — | |||||||
During 2013 and 2012, the intrinsic value of options exercised was $2.1 million and $1.1 million, respectively. | ||||||||||
Stock Awards, Restricted Stock and Restricted Stock Units | ||||||||||
Under the 2014 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs and other types of stock-based and cash awards. 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. Since 2011, RSU's granted are payable solely in shares of common stock upon vesting. 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 and stock awards granted in the years ended December 31: | ||||||||||
2014 | 2013 | 2012 | ||||||||
RSUs — Employees | 2,153,885 | 3,335,039 | 3,793,045 | |||||||
Weighted-average grant date fair value | $ | 10.22 | $ | 7.34 | $ | 5.44 | ||||
Stock Awards — Board of Directors | 77,139 | 103,842 | 207,288 | |||||||
Weighted-average grant date fair value | $ | 10.5 | $ | 7.8 | $ | 5.21 | ||||
A summary of the changes in the number of unvested RSUs from December 31, 2011 to December 31, 2014 is presented below: | ||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||
Outstanding — December 31, 2011 | 16,758,851 | $ | 2.75 | |||||||
Granted | 3,793,045 | 5.44 | ||||||||
Released | (8,024,847 | ) | 1.09 | |||||||
Forfeited | (216,762 | ) | 4.53 | |||||||
Outstanding — December 31, 2012 | 12,310,287 | $ | 4.63 | |||||||
Granted | 3,335,039 | 7.34 | ||||||||
Released | (5,299,116 | ) | 3.94 | |||||||
Forfeited | (510,077 | ) | 5.94 | |||||||
Outstanding — December 31, 2013 | 9,836,133 | $ | 5.86 | |||||||
Granted | 2,153,885 | 10.22 | ||||||||
Released | (3,619,979 | ) | 5.18 | |||||||
Forfeited | (756,341 | ) | 7.45 | |||||||
Outstanding — December 31, 2014 | 7,613,698 | $ | 7.2 | |||||||
The initial value of the RSUs is based on the market value of the Company’s common stock on the date of grant. RSUs are recorded in Stockholders' Equity. The unrecognized expense at December 31, 2014 is approximately $24 million and is expected to be recognized over a weighted average period of 2 years. | ||||||||||
The value of stock awards granted to the Company's directors are based on the market value of the Company’s common stock on the date of grant. These awards are unrestricted on the date of grant. | ||||||||||
During 2014, 2013 and 2012, $18.7 million, $19.0 million and $27.8 million, respectively, were charged to compensation expense for stock incentive plans. Prior to 2011, RSUs granted were payable in cash and shares of common stock based on the proportion set forth in the grant agreement. During 2013 and 2012, cash payments for share-based liabilities were $13.3 million and $21.3 million, respectively. | ||||||||||
During 2014, 2013, and 2012, RSUs with an aggregate fair value of $38.1 million, $27.3 million and $20.7 million, respectively, vested and were paid out. Approximately two-thirds of the amounts paid out in 2013 and 2012, were payable in shares of common stock and one-third was payable in cash. The RSUs vested and paid out in 2014 were granted primarily during 2011. |
Postretirement_and_Other_Benef
Postretirement and Other Benefits | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | |||||||||||||||||||
Postretirement and Other Benefits | PENSIONS AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||
DEFINED BENEFIT PLANS | |||||||||||||||||||
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 both noncontributory and 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. | |||||||||||||||||||
Currently, the North American plans are closed to newly-hired salaried and non-union hourly employees. Effective July 1, 2011, the North American plans were frozen for most salaried and non-union hourly employees and replaced with a defined contribution plan. | |||||||||||||||||||
The U.K. and Canada defined benefit plans were frozen and replaced with a defined contribution plan. | |||||||||||||||||||
During the fourth quarter of 2014, the Company partially settled obligations of certain of its defined benefit pension plans though lump sum payments to certain term-vested employees who were not currently receiving a monthly benefit. Term-vested employees whose future pension benefits were below an established threshold had the option to either accept the lump sum offer or continue to be entitled to their future monthly benefit. The impact of acceptance reduced the projected benefit obligation by $42.0 million, required cash payment from existing plan assets of $40.2 million and resulted in a settlement charge of $0.8 million, all of which, are reflected in the following tables. | |||||||||||||||||||
Pension and Postretirement Expense | |||||||||||||||||||
The pension and postretirement expenses related to the Company’s plans consisted of the following: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
In millions | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Components of Net Periodic Cost: | |||||||||||||||||||
Service Cost | $ | 12.6 | $ | 16.3 | $ | 18.3 | $ | 1.2 | $ | 1.2 | $ | 1.2 | |||||||
Interest Cost | 57.9 | 52.2 | 51.1 | 2.2 | 2 | 2.3 | |||||||||||||
Expected Return on Plan Assets | (79.8 | ) | (68.0 | ) | (58.1 | ) | — | — | — | ||||||||||
Amortization: | |||||||||||||||||||
Prior Service Cost (Credit) | 0.7 | 0.7 | 0.7 | (0.3 | ) | (0.4 | ) | (0.2 | ) | ||||||||||
Actuarial Loss (Gain) | 13.2 | 36.1 | 30.1 | (1.0 | ) | (1.1 | ) | (1.4 | ) | ||||||||||
Net Curtailment/Settlement Loss | 0.8 | — | — | — | — | — | |||||||||||||
Special Termination Benefit | — | 1.2 | — | — | — | — | |||||||||||||
Other | 0.6 | 0.7 | 0.4 | — | — | (0.1 | ) | ||||||||||||
Net Periodic Cost | $ | 6 | $ | 39.2 | $ | 42.5 | $ | 2.1 | $ | 1.7 | $ | 1.8 | |||||||
Certain assumptions used in determining the pension and postretirement expenses were as follows: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Weighted Average Assumptions: | |||||||||||||||||||
Discount Rate | 4.86 | % | 4.2 | % | 4.85 | % | 4.74 | % | 3.97 | % | 4.74 | % | |||||||
Rate of Increase in Future Compensation Levels | 1.88 | % | 2.03 | % | 2.16 | % | — | — | — | ||||||||||
Expected Long-Term Rate of Return on Plan Assets | 7.69 | % | 7.6 | % | 7.9 | % | — | — | — | ||||||||||
Initial Health Care Cost Trend Rate | — | — | — | 7.5 | % | 9 | % | 8 | % | ||||||||||
Ultimate Health Care Cost Trend Rate | — | — | — | 4.77 | % | 4.5 | % | 5 | % | ||||||||||
Ultimate Year | — | — | — | 2027 | 2023 | 2018 | |||||||||||||
Funded Status | |||||||||||||||||||
The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31: | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,218.90 | $ | 1,288.90 | $ | 47.9 | $ | 56.4 | |||||||||||
Service Cost | 12.6 | 16.3 | 1.2 | 1.2 | |||||||||||||||
Interest Cost | 57.9 | 52.2 | 2.2 | 2 | |||||||||||||||
Actuarial Loss (Gain) | 189.1 | (91.4 | ) | (5.7 | ) | (8.3 | ) | ||||||||||||
Foreign Currency Exchange | (17.8 | ) | 3.4 | — | — | ||||||||||||||
Settlement/Curtailment Gain | (1.8 | ) | (0.3 | ) | — | — | |||||||||||||
Settlements | (40.2 | ) | — | — | — | ||||||||||||||
Benefits Paid | (52.5 | ) | (51.8 | ) | (2.2 | ) | (1.8 | ) | |||||||||||
Amendments | — | — | — | (1.8 | ) | ||||||||||||||
Other | 0.5 | 1.6 | 0.2 | 0.2 | |||||||||||||||
Benefit Obligation at End of Year | $ | 1,366.70 | $ | 1,218.90 | $ | 43.6 | $ | 47.9 | |||||||||||
Change in Plan Assets: | |||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,065.70 | $ | 921.3 | $ | — | $ | — | |||||||||||
Actual Return on Plan Assets | 82.9 | 142.1 | — | — | |||||||||||||||
Employer Contributions | 52.2 | 51.5 | 2.2 | 1.8 | |||||||||||||||
Foreign Currency Exchange | (15.3 | ) | 2.8 | — | — | ||||||||||||||
Benefits Paid | (52.5 | ) | (51.8 | ) | (2.2 | ) | (1.8 | ) | |||||||||||
Settlements | (40.2 | ) | — | — | — | ||||||||||||||
Other | — | (0.2 | ) | — | — | ||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,092.80 | $ | 1,065.70 | $ | — | $ | — | |||||||||||
Plan Assets Less than Projected Benefit Obligation | $ | (273.9 | ) | $ | (153.2 | ) | $ | (43.6 | ) | $ | (47.9 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||||||||||||||||
Pension Assets | $ | 0.1 | $ | 0.7 | $ | — | $ | — | |||||||||||
Accrued Pension and Postretirement Benefits Liability — Current | $ | (2.1 | ) | $ | (1.1 | ) | $ | (2.7 | ) | $ | (2.5 | ) | |||||||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | $ | (271.9 | ) | $ | (152.8 | ) | $ | (40.9 | ) | $ | (45.4 | ) | |||||||
Accumulated Other Comprehensive Income: | |||||||||||||||||||
Net Actuarial Loss (Gain) | $ | 322.7 | $ | 154.8 | $ | (16.5 | ) | $ | (11.9 | ) | |||||||||
Prior Service Cost (Credit) | $ | 2.9 | $ | 3.6 | $ | (1.9 | ) | $ | (2.2 | ) | |||||||||
Weighted Average Calculations: | |||||||||||||||||||
Discount Rate | 4.02 | % | 4.86 | % | 3.95 | % | 4.74 | % | |||||||||||
Rates of Increase in Future Compensation Levels | 1.45 | % | 1.88 | % | — | — | |||||||||||||
Initial Health Care Cost Trend Rate | — | — | 7.38 | % | 7.5 | % | |||||||||||||
Ultimate Health Care Cost Trend Rate | — | — | 4.96 | % | 4.77 | % | |||||||||||||
Ultimate Year | — | — | 2036 | 2027 | |||||||||||||||
Accumulated Benefit Obligation | |||||||||||||||||||
The accumulated benefit obligation, (“ABO”), for all defined benefit pension plans was $1,353.3 million and $1,207.4 million at December 31, 2014 and 2013, respectively. All of the Company’s defined benefit pension plans had an ABO in excess of plan assets at December 31, 2014 and 2013, except one of the U.K. plans as of December 31, 2014 and Canada as of December 31, 2013. | |||||||||||||||||||
Employer Contributions | |||||||||||||||||||
The Company made contributions of $52.2 million and $51.5 million to its pension plans during 2014 and 2013, respectively. The Company also made postretirement health care benefit payments of $2.2 million and $1.8 million during 2014 and 2013, respectively. For 2015, the Company expects to make contributions of $40 to $60 million to its pension plans and approximately $3 million to its postretirement health care plans. | |||||||||||||||||||
Pension Assets | |||||||||||||||||||
The Company’s overall investment strategy is to achieve a mix of investments for long-term growth and near-term benefit payments through diversification of asset types, fund strategies and fund managers. Investment risk is measured on an on-going basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. The plans invest in the following major asset categories: cash, equity securities, fixed income securities, real estate and diversified growth funds. At December 31, 2014 and 2013, pension investments did not include any direct investments in the Company’s stock or the Company’s debt. | |||||||||||||||||||
The weighted average allocation of plan assets and the target allocation by asset category is as follows: | |||||||||||||||||||
Target | 2014 | 2013 | |||||||||||||||||
Cash | 1 | % | 2.6 | % | 2.2 | % | |||||||||||||
Equity Securities | 52.2 | 51 | 52.7 | ||||||||||||||||
Fixed Income Securities | 40.3 | 39.9 | 38.6 | ||||||||||||||||
Other Investments | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
The plans’ investment in equity securities primarily includes investments in U.S. and international companies of varying sizes and industries. The strategy of these investments is to 1) exceed the return of an appropriate benchmark for such equity classes and 2) through diversification, reduce volatility while enhancing long term real growth. | |||||||||||||||||||
The plans’ investment in fixed income securities includes government bonds, investment grade bonds and non-investment grade bonds across a broad and diverse issuer base. The strategy of these investments is to provide income and stability and to diversify the fixed income exposure of the plan assets, thereby reducing volatility. | |||||||||||||||||||
The Company’s approach to developing the expected long-term rate of return on pension plan assets is based on fair values and combines an analysis of historical investment performance by asset class, the Company’s investment guidelines and current and expected economic fundamentals. | |||||||||||||||||||
The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2014 and 2013: | |||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
In millions | Total | ||||||||||||||||||
Asset Category: | |||||||||||||||||||
Cash (a) | $ | 28.8 | $ | 2.3 | $ | 26.5 | $ | — | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic (a) | 379.8 | 77.7 | 302.1 | — | |||||||||||||||
Foreign (a) | 177.7 | 62.8 | 114.9 | — | |||||||||||||||
Fixed Income Securities (a) | 436.3 | 169.1 | 267.2 | — | |||||||||||||||
Other Investments: | |||||||||||||||||||
Real estate (a) | 21.8 | — | 21.8 | — | |||||||||||||||
Diversified growth fund (b) | 48.4 | — | 48.4 | — | |||||||||||||||
Total | $ | 1,092.80 | $ | 311.9 | $ | 780.9 | $ | — | |||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||
In millions | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Asset Category: | |||||||||||||||||||
Cash (a) | $ | 23.8 | $ | 4.5 | $ | 19.3 | $ | — | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic (a) | 378 | 75.8 | 302.2 | — | |||||||||||||||
Foreign (a) | 183.1 | 64.7 | 118.4 | — | |||||||||||||||
Fixed Income Securities (a) | 411.3 | 261.8 | 149.5 | — | |||||||||||||||
Other Investments: | |||||||||||||||||||
Real estate (a) | 20.9 | — | 20.9 | — | |||||||||||||||
Diversified growth fund (b) | 48.6 | — | 48.6 | — | |||||||||||||||
Total | $ | 1,065.70 | $ | 406.8 | $ | 658.9 | $ | — | |||||||||||
(a) The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. | |||||||||||||||||||
(b) The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five year horizon. | |||||||||||||||||||
Postretirement Health Care Trend Rate Sensitivity | |||||||||||||||||||
Assumed health care cost trend rates affect the amounts reported for postretirement health care benefit plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on 2014 data: | |||||||||||||||||||
One Percentage Point | |||||||||||||||||||
In millions | Increase | Decrease | |||||||||||||||||
Health Care Cost Trend Rate Sensitivity: | |||||||||||||||||||
Effect on Total Interest and Service Cost Components | $ | 0.3 | $ | (0.2 | ) | ||||||||||||||
Effect on Year-End Postretirement Benefit Obligation | $ | 2.2 | $ | (1.9 | ) | ||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||
The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2024: | |||||||||||||||||||
In millions | Pension Plans | Postretirement Health Care Benefits | |||||||||||||||||
2015 | $ | 85.9 | $ | 2.7 | |||||||||||||||
2016 | 58.8 | 3 | |||||||||||||||||
2017 | 62.9 | 3.1 | |||||||||||||||||
2018 | 65.8 | 3.2 | |||||||||||||||||
2019 | 68.9 | 3.3 | |||||||||||||||||
2020— 2024 | 382.4 | 16.4 | |||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss Expected to Be Recognized in Net Periodic Benefit Costs in 2015 | |||||||||||||||||||
During 2015, amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows: | |||||||||||||||||||
Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||
In millions | |||||||||||||||||||
Recognition of Prior Service Cost | $ | 0.7 | $ | (0.3 | ) | ||||||||||||||
Recognition of Actuarial Loss (Gain) | 22 | (1.5 | ) | ||||||||||||||||
Multi-Employer Plans | |||||||||||||||||||
Certain of the Company’s employees participate in multi-employer plans that provide both pension and other postretirement health care benefits to employees under union-employer organization agreements. Expense related to ongoing participation in these plans for the years ended December 31, 2014 and 2013 was $2.8 million and $5.7 million, respectively. | |||||||||||||||||||
Estimated liabilities have been established related to the partial or complete withdrawal from certain multi-employment benefit plans for facilities which have been closed. At December 31, 2014, and December 31, 2013, the Company has $30.9 million and $25.4 million, respectively, recorded in Other Noncurrent Liabilities for these withdrawal liabilities which represents the Company's best estimate of the expected withdrawal liability. | |||||||||||||||||||
The Company's remaining participation in multi-employer pension plans consists of contributions to three plans under the terms contained in collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following ways: | |||||||||||||||||||
a. | Assets contributed to the multi-employers plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||
b. | If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. | ||||||||||||||||||
c. | If a company chooses to stop participating in a multi-employer plan, a company may be required to pay that plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. | ||||||||||||||||||
The Company recorded charges of $4.3 million and $1.5 million in 2014 and 2013, respectively, related to the sale of the multi-wall bag business for partial withdrawal from the Paper Industry Union - Pension Fund (“PIUMP”) and the complete withdrawal from the United Food and Commercial Workers International Union - Industry Pension Fund, respectively. There were no similar charges recorded for the year ended December 31, 2012. While it is not possible to quantify the potential impact of future actions, further reductions in participation or withdrawal from these multi-employer pension plans could have a material impact on the Company’s results of operations, financial position, or cash flows. | |||||||||||||||||||
The Company's participation in these plans for the year ended December 31, 2014, 2013 and 2012 is shown in the table below: | |||||||||||||||||||
Pension Protection Act Zone Status | Company Contributions (in millions) | ||||||||||||||||||
Multi-employer Pension Fund | EIN/Pension Plan Number | 2014 | 2013 | FIP/RP Status Implemented | 2014 | 2013 | 2012 | Surcharged Imposed | Expiration Date of Bargaining Agreement | ||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243/001 | Red | Red | Yes | $ | 0.1 | $ | 0.1 | $ | 0.1 | Yes | 7/31/18 | |||||||
PIUMP (1) | 11-6166763/001 | Red | Red | Yes | 0.3 | 0.4 | 0.5 | Yes | 9/30/14 | ||||||||||
Western Conference of Teamsters Pension Trust - Northwest Area | 91-6145047/001 | Green | Green | No | 0.1 | 0.1 | 0.1 | No | 4/30/17 | ||||||||||
Total | $ | 0.5 | $ | 0.6 | $ | 0.7 | |||||||||||||
(1) The facility associated with this plan was divested on June 30, 2014. | |||||||||||||||||||
The EIN Number column provides the Employer Identification Number (EIN). Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2014 and 2013 is for the plan's year-end at December 31, 2013 and December 31, 2012, respectively. The zone status is based on information that the Company receives from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "FIP/RP Status Implemented" column indicates plans for which a Financial Improvement Plan (FIP) or Rehabilitation Plan (RP) has been implemented. The Company's share of the contributions to these plans did not exceed 5% of total plan contributions for the most recent plan year. | |||||||||||||||||||
DEFINED CONTRIBUTION PLANS | |||||||||||||||||||
The Company provides defined contribution plans for certain eligible employees. The Company’s contributions to the plans are based upon employee contributions, a percentage of eligible compensation, and the Company’s annual operating results. Contributions to these plans for the years ended December 31, 2014, 2013 and 2012 were $28.9 million, $27.9 million and $23.7 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | INCOME TAXES | |||||||||||||||
The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entities consisted of the following: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||
U.S. | $ | 128 | $ | 252 | $ | 200.4 | ||||||||||
International | 4.7 | (39.4 | ) | (0.1 | ) | |||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | $ | 132.7 | $ | 212.6 | $ | 200.3 | ||||||||||
The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entities consisted of the following: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||
Current (Expense) Benefit: | ||||||||||||||||
U.S. | $ | (7.5 | ) | $ | (1.4 | ) | $ | (3.4 | ) | |||||||
International | (4.8 | ) | (3.3 | ) | (3.1 | ) | ||||||||||
Total Current | $ | (12.3 | ) | $ | (4.7 | ) | $ | (6.5 | ) | |||||||
Deferred (Expense) Benefit: | ||||||||||||||||
U.S. | (35.0 | ) | (65.3 | ) | (76.0 | ) | ||||||||||
International | 1.9 | 2.6 | — | |||||||||||||
Total Deferred | $ | (33.1 | ) | $ | (62.7 | ) | $ | (76.0 | ) | |||||||
Income Tax (Expense) | $ | (45.4 | ) | $ | (67.4 | ) | $ | (82.5 | ) | |||||||
A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entities at the federal statutory rate of 35% compared with the Company’s actual Income Tax (Expense) Benefit is as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
In millions | 2014 | Percent | 2013 | Percent | 2012 | Percent | ||||||||||
Income Tax Expense at U.S. Statutory Rate | $ | (46.4 | ) | 35 | % | $ | (74.4 | ) | 35 | % | $ | (70.1 | ) | 35 | % | |
U.S. State and Local Tax (Expense) Benefit | (5.9 | ) | 4.4 | (7.7 | ) | 3.6 | (6.3 | ) | 3.1 | |||||||
Goodwill Related to Dispositions | (8.6 | ) | 6.5 | — | — | — | — | |||||||||
Capital Loss on Subsidiary Stock | — | — | 5.4 | (2.6 | ) | — | — | |||||||||
Permanent Items | (4.7 | ) | 3.5 | (3.5 | ) | 1.7 | (3.4 | ) | 1.6 | |||||||
Change in Valuation Allowance | (5.1 | ) | 3.9 | (15.2 | ) | 7.2 | (1.8 | ) | 0.9 | |||||||
International Tax Rate Differences | 3.5 | (2.6 | ) | 2.9 | (1.4 | ) | 0.4 | (0.1 | ) | |||||||
Foreign Withholding Tax | (0.1 | ) | — | (0.4 | ) | 0.2 | (0.2 | ) | 0.1 | |||||||
Non taxable Excise Tax Credit Refunds | — | — | 29.4 | (13.8 | ) | — | — | |||||||||
Change in Tax Rates | 4.5 | (3.4 | ) | (3.6 | ) | 1.7 | — | — | ||||||||
U.S. Federal & State Research Credits | 20.1 | (15.1 | ) | — | — | — | — | |||||||||
Uncertain Tax Positions | (4.5 | ) | 3.4 | — | — | (0.1 | ) | 0.1 | ||||||||
Other | 1.8 | (1.4 | ) | (0.3 | ) | 0.1 | (1.0 | ) | 0.5 | |||||||
Income Tax (Expense) Benefit | $ | (45.4 | ) | 34.2 | % | $ | (67.4 | ) | 31.7 | % | $ | (82.5 | ) | 41.2 | % | |
During the fourth quarter of 2014, the Company completed a multi-year research credit study resulting in the establishment of deferred tax assets for U.S. federal and state research tax credit carryforwards of approximately $20.1 million, for the years ended December 31, 2011 through December 31, 2014. These research tax credit carryforwards have been reduced by $4.5 million in accordance with the measurement criteria of the Income Taxes topic of the FASB Codification. The Company also established a valuation allowance against certain state research credit carryforwards of approximately $5 million. | ||||||||||||||||
During 2013, the Company determined, based on additional guidance published by the Internal Revenue Service, that it is more likely than not that certain excise tax credit refunds received in 2009 are excludable from taxable income. As a result, the Company has amended its 2009 federal and state income tax returns which resulted in an increase in the overall net operating loss carryforward. | ||||||||||||||||
The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: | ||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||
Current Deferred Income Tax Assets: | ||||||||||||||||
Compensation Based Accruals | $ | 38.9 | $ | 33.5 | ||||||||||||
Current Portion of Net Operating Loss Carryforwards | 121.3 | 127.1 | ||||||||||||||
Other | 23 | 15.3 | ||||||||||||||
Valuation Allowance | (6.0 | ) | (4.6 | ) | ||||||||||||
Net Current Deferred Income Tax Assets | $ | 177.2 | $ | 171.3 | ||||||||||||
Noncurrent Deferred Income Tax Assets (Liabilities): | ||||||||||||||||
Net Operating Loss Carryforwards | $ | 189.1 | $ | 259.3 | ||||||||||||
Postretirement Benefits | 127.3 | 80.6 | ||||||||||||||
Tax Credits | 28.8 | 13.1 | ||||||||||||||
Other | 21.6 | 22.7 | ||||||||||||||
Valuation Allowance | (47.6 | ) | (47.5 | ) | ||||||||||||
Property, Plant and Equipment | (264.7 | ) | (258.2 | ) | ||||||||||||
Goodwill | (271.3 | ) | (270.3 | ) | ||||||||||||
Other Intangibles | (85.1 | ) | (120.7 | ) | ||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | (301.9 | ) | $ | (321.0 | ) | ||||||||||
Net Deferred Income Tax (Liability) Asset | $ | (124.7 | ) | $ | (149.7 | ) | ||||||||||
The Company has total deferred income tax assets, excluding valuation allowance, of $556.1 million and $567.5 million as of December 31, 2014 and 2013, respectively. The Company has total deferred income tax liabilities of $627.0 million and $665.1 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||
According to the Income Taxes topic of the FASB Codification, a valuation allowance is required to be established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The FASB Codification provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient pretax income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. The Company has evaluated the need to maintain a valuation allowance for deferred tax assets based on its assessment of whether it is more likely than not that deferred tax assets will be realized through the generation of future taxable income. Appropriate consideration was given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. | ||||||||||||||||
The Company reviewed its deferred income tax assets as of December 31, 2014 and 2013, respectively, and determined that it is more likely than not that a portion will not be realized. A valuation allowance of $53.6 million and $52.1 million at December 31, 2014 and 2013, respectively, is maintained on the deferred income tax assets for which the Company has determined that realization is not more likely than not. Of the total valuation allowance at December 31, 2014, $37.3 million relates to net deferred tax assets in certain foreign jurisdictions, $5.9 million relates to a deferred tax asset related to a U.S. federal capital loss carryforward, $5.0 million relates to research credit carryforwards in certain states, and the remaining $5.4 million relates to net operating losses in certain U.S. states. The need for a valuation allowance is made on a jurisdiction-by-jurisdiction basis. As of December 31, 2014, the Company concluded that due to cumulative pretax losses and the lack of sufficient future taxable income of the appropriate character, realization is less than more likely than not on the net deferred income tax assets related primarily to the Company’s Brazil, Canada, China, France, Spain and Germany operations. In addition, as of December 31, 2014, the Company has determined that realization of certain U.S. federal and state deferred balances is less than more likely than not. | ||||||||||||||||
The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2014, 2013, and 2012, respectively: | ||||||||||||||||
December 31, | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||
Balance Beginning of Period | $ | 52.1 | $ | 37.3 | $ | 37 | ||||||||||
Charges | 5.1 | 15.2 | 1.8 | |||||||||||||
Deductions | (3.6 | ) | (0.4 | ) | (1.5 | ) | ||||||||||
Balance at End of Period | $ | 53.6 | $ | 52.1 | $ | 37.3 | ||||||||||
The U.S. federal net operating loss carryforwards expire as follows: | ||||||||||||||||
In millions | ||||||||||||||||
2018 | $ | — | ||||||||||||||
2019 | 141.3 | |||||||||||||||
2021 | 141.2 | |||||||||||||||
2022 | 1.4 | |||||||||||||||
2023 | 67.9 | |||||||||||||||
2024 | 117.8 | |||||||||||||||
2026 | 22.9 | |||||||||||||||
2027 | 93 | |||||||||||||||
2028 | 12.2 | |||||||||||||||
2029 | 114.6 | |||||||||||||||
Total | $ | 712.3 | ||||||||||||||
U.S. state net operating loss carryforward amounts total $558.9 million and expire in various years through 2031. | ||||||||||||||||
International net operating loss carryforward amounts total $129.4 million, of which substantially all have no expiration date. | ||||||||||||||||
Tax Credit carryforwards total $28.8 million, of which approximately $8.7 million have no expiration date, and the remainder expire starting in 2016. | ||||||||||||||||
As of December 31, 2014, the Company has only provided for deferred U.S. income taxes on $5.4 million of undistributed earnings related to the Company's equity investment in the joint venture, Rengo Riverwood Packaging, Ltd. The Company has not provided for deferred U.S. income taxes on approximately $4.3 million of undistributed earnings of international subsidiaries because of its intention to indefinitely reinvest these earnings outside the U.S. The determination of the amount of the unrecognized deferred U.S. income tax liability on these unremitted earnings is not practicable because of the complexities associated with the hypothetical calculation. | ||||||||||||||||
Uncertain Tax Positions | ||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||
Balance at January 1, | $ | 7.4 | $ | 0.8 | ||||||||||||
Additions for Tax Positions of Current Year | 0.4 | — | ||||||||||||||
Additions for Tax Positions of Prior Years | 4.1 | 6.6 | ||||||||||||||
Reductions for Tax Positions of Prior Years | (6.7 | ) | — | |||||||||||||
Balance at December 31, | $ | 5.2 | $ | 7.4 | ||||||||||||
At December 31, 2014, $5.2 million of the total gross unrecognized tax benefits, if recognized, would affect the annual effective income tax rate. | ||||||||||||||||
The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within its global operations in Income Tax Expense. The Company did not have a significant accrual for the payment of interest and penalties at December 31, 2014 and 2013. | ||||||||||||||||
The Company does not anticipate that any of the total unrecognized tax benefits of $5.2 million could change within the next 12 months. | ||||||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local tax examinations for years before 2011 or non-U.S. income tax examinations for years before 2005. |
Financial_Instruments_Derivati
Financial Instruments, Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments, Derivatives and Hedging Activities | FINANCIAL INSTRUMENTS, DERIVATIVES AND HEDGING ACTIVITIES |
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 Loss. These changes in fair value will subsequently be reclassified to earnings. | |
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 the debt. At December 31, 2014, the Company had interest rate swap agreements with a notional amount of $560 million which expire in April 2016 under which the Company will pay fixed rates of 0.45% to 0.82% and receive one-month LIBOR rates. | |
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 (Loss). These changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense 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 2014 and 2013, there were minimal amounts of ineffectiveness. 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. The Company has hedged a portion of its expected usage for 2015 and 2016. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Other Comprehensive Income (Loss), and the resulting gain or loss is reclassified into Cost of Sales concurrently with the recognition of the commodity purchased. The ineffective portion of the swap contract’s change in fair value, if any, would be recognized immediately in earnings. | |
During 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. 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 Income (Loss), and gains/losses related to these contracts are recognized in Other Income, Net when the anticipated transaction affects income. | |
At December 31, 2014 and 2013, multiple forward exchange contracts existed that expire on various dates throughout the following year. Those purchased forward exchange contracts outstanding at December 31, 2014 and 2013, when aggregated and measured in U.S. dollars at contractual rates at December 31, 2014 and 2013, had notional amounts totaling $65.2 million and $65.3 million, respectively. | |
No amounts were reclassified to earnings during 2014 and 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 during 2014 and 2013. | |
Derivatives not Designated as Hedges | |
The Company enters into forward exchange contracts to effectively hedge substantially all of accounts receivable resulting from transactions denominated in foreign currencies in order to manage risks associated with foreign currency transactions adversely affected by changes in exchange rates. At December 31, 2014 and 2013, multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at December 31, 2014 and 2013, when aggregated and measured in U.S. dollars at exchange rates at December 31, 2014 and 2013, respectively, had net notional amounts totaling $34.5 million and $32.5 million. 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. | |
Foreign Currency Movement Effect | |
Net currency exchange gains included in determining Income from Operations for the years ended December 31, 2014, 2013 and 2012 were $1.4 million, $5.4 million and $1.1 million, respectively. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||
Fair Value Measurement | FAIR VALUE MEASUREMENT | ||||||||||||||||||||||
The Company follows the fair value guidance integrated into the Fair Value Measurements and Disclosures topic of the FASB Codification in regards to financial and nonfinancial assets and liabilities. Nonfinancial assets and nonfinancial liabilities include those measured at fair value in goodwill impairment testing, asset retirement obligations initially measured at fair value, and those assets and liabilities initially measured at fair value in a business combination. | |||||||||||||||||||||||
The FASB’s guidance defines fair value, establishes a framework for measuring fair value and expands the fair value disclosure requirements. The accounting guidance applies to accounting pronouncements that require or permit fair value measurements. It indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The guidance defines fair value based upon an exit price model, whereby fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance clarifies that fair value should be based on assumptions that market participants would use, including a consideration of non-performance risk. | |||||||||||||||||||||||
Valuation Hierarchy | |||||||||||||||||||||||
The Fair Value Measurements and Disclosures topic establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: | |||||||||||||||||||||||
Level 1 inputs — quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||||||||
Level 2 inputs — 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. | |||||||||||||||||||||||
Level 3 inputs — unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||||||||||
An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||||||||
The Company has determined that its financial assets and financial liabilities include derivative instruments which are carried at fair value and are valued using Level 2 inputs in the fair value hierarchy. The Company uses valuation techniques based on discounted cash flow analyses, which reflects the terms of the derivatives and uses observable market-based inputs, including forward rates and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers. | |||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||
As of December 31, 2014 and 2013 , the Company had a gross derivative liability of $15.5 million and $4.5 million respectively, and a gross derivative asset of $1.9 million and $2.3 million respectively, primarily related to interest rate, foreign currency and commodity contracts. | |||||||||||||||||||||||
As of December 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 December 31, 2014 and 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 $1,975.6 million and $2,267.6 million as compared to the carrying amounts of $1,971.2 million and $2,248.0 million as of December 31, 2014 and 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). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from independent pricing service providers. | |||||||||||||||||||||||
Effect of Derivative Instruments | |||||||||||||||||||||||
The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Consolidated Statements of Operations for the year ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | Location in Statement of Operations (Effective Portion) | Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | Location in Statement of Operations (Ineffective Portion) | Location in Statement of Operations (Ineffective Portion) | |||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Commodity Contracts | $ | 12.9 | $ | 0.2 | Cost of Sales | $ | (1.8 | ) | $ | 1.6 | Cost of Sales | $ | 0.5 | $ | (0.1 | ) | |||||||
Foreign Currency Contracts | (3.1 | ) | (2.8 | ) | Other Income, Net | (0.7 | ) | (2.2 | ) | Other Income, Net | — | — | |||||||||||
Interest Rate Swap Agreements | 2.2 | 0.7 | Interest Expense, Net | $ | 3.3 | 3.1 | Interest Expense, Net | — | — | ||||||||||||||
Total | $ | 12 | $ | (1.9 | ) | $ | 0.8 | $ | 2.5 | $ | 0.5 | $ | (0.1 | ) | |||||||||
The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||||||||
Foreign Currency Contracts | Other (Income) Expense, Net | $ | (5.4 | ) | $ | 0.9 | |||||||||||||||||
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 Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity as of December 31: | |||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||
Balance at January 1 | $ | (1.3 | ) | $ | (5.7 | ) | $ | (4.7 | ) | ||||||||||||||
Reclassification to earnings | 0.8 | 2.5 | 6 | ||||||||||||||||||||
Current period change in fair value | (12.0 | ) | 1.9 | (7.0 | ) | ||||||||||||||||||
Balance at December 31 | $ | (12.5 | ) | $ | (1.3 | ) | $ | (5.7 | ) | ||||||||||||||
At December 31, 2014, the Company expects to reclassify $9.5 million of pre-tax losses 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||||||
The changes in the components of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company are as follows: | ||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (11.2 | ) | $ | 4.3 | $ | (6.9 | ) | $ | 4.4 | $ | (1.2 | ) | $ | 3.2 | $ | (1.0 | ) | $ | 0.4 | $ | (0.6 | ) | |||||||
Currency Translation Adjustment | (34.7 | ) | 0.7 | (34.0 | ) | (13.9 | ) | 0.3 | (13.6 | ) | 0.3 | 0.3 | 0.6 | |||||||||||||||||
Pension Benefit Plans | (168.0 | ) | 62 | (106.0 | ) | 203.9 | (76.8 | ) | 127.1 | (41.4 | ) | 14.9 | (26.5 | ) | ||||||||||||||||
Postretirement Benefit Plans | 2.7 | (1.7 | ) | 1 | 9.5 | (3.1 | ) | 6.4 | (4.4 | ) | 1.7 | (2.7 | ) | |||||||||||||||||
Postemployment Benefit Plans | (0.5 | ) | — | (0.5 | ) | — | — | — | — | — | — | |||||||||||||||||||
Other Comprehensive Income (Loss) | $ | (211.7 | ) | $ | 65.3 | $ | (146.4 | ) | $ | 203.9 | $ | (80.8 | ) | $ | 123.1 | $ | (46.5 | ) | $ | 17.3 | $ | (29.2 | ) | |||||||
The balances of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: | ||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||||||||||||||
Accumulated Derivative Instruments Loss | $ | (17.7 | ) | $ | (10.8 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | (50.6 | ) | (16.6 | ) | ||||||||||||||||||||||||||
Pension Benefit Plans | (278.0 | ) | (172.0 | ) | ||||||||||||||||||||||||||
Postretirement Benefit Plans | 11.7 | 10.7 | ||||||||||||||||||||||||||||
Postemployment Benefit Plans | — | 0.5 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | (334.6 | ) | $ | (188.2 | ) | ||||||||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||||||||
The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 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 | ) | $ | (172.0 | ) | $ | 10.7 | $ | 0.5 | $ | (16.6 | ) | $ | (188.2 | ) | ||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | (7.4 | ) | (114.8 | ) | 1.8 | (0.5 | ) | (34.0 | ) | (154.9 | ) | |||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) | 0.5 | 8.8 | (0.8 | ) | — | — | 8.5 | |||||||||||||||||||||||
Net Current-period Other Comprehensive Income (Loss) | (6.9 | ) | (106.0 | ) | 1 | (0.5 | ) | (34.0 | ) | (146.4 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | (17.7 | ) | $ | (278.0 | ) | $ | 11.7 | $ | — | $ | (50.6 | ) | $ | (334.6 | ) | ||||||||||||||
(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 year ended December 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 | $ | (1.8 | ) | Cost of Sales | ||||||||||||||||||||||||||
Foreign Currency Contracts | (0.7 | ) | Other Income, Net | |||||||||||||||||||||||||||
Interest Rate Swap Agreements | 3.3 | Interest Expense, Net | ||||||||||||||||||||||||||||
0.8 | Total before Tax | |||||||||||||||||||||||||||||
(0.3 | ) | Tax Expense | ||||||||||||||||||||||||||||
$ | 0.5 | Net of Tax | ||||||||||||||||||||||||||||
Amortization of Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||
Prior Service Costs | $ | 0.7 | (c) | |||||||||||||||||||||||||||
Actuarial Losses | 13.2 | (c) | ||||||||||||||||||||||||||||
13.9 | Total before Tax | |||||||||||||||||||||||||||||
(5.1 | ) | Tax Expense | ||||||||||||||||||||||||||||
$ | 8.8 | Net of Tax | ||||||||||||||||||||||||||||
Amortization of Postretirement Benefit Plans: | ||||||||||||||||||||||||||||||
Prior Service Credits | $ | (0.3 | ) | (c) | ||||||||||||||||||||||||||
Actuarial Gains | (1.0 | ) | (c) | |||||||||||||||||||||||||||
(1.3 | ) | Total before Tax | ||||||||||||||||||||||||||||
0.5 | Tax Benefit | |||||||||||||||||||||||||||||
$ | (0.8 | ) | Net of Tax | |||||||||||||||||||||||||||
Total Reclassifications for the Period | $ | 8.5 | ||||||||||||||||||||||||||||
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||
The Company leases certain warehouse facilities, office space, data processing equipment and plant equipment under long-term, non-cancelable contracts that expire at various dates and are subject to renewal options and some leases contain escalation clauses. Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and the future minimum lease payments at December 31, 2014, are as follows: | ||||||||||
In millions | Capital Leases | Operating Leases | Total | |||||||
2015 | $ | 1.6 | $ | 30.1 | $ | 31.7 | ||||
2016 | 0.7 | 25 | 25.7 | |||||||
2017 | 0.5 | 17.8 | 18.3 | |||||||
2018 | 0.3 | 11.8 | 12.1 | |||||||
2019 | — | 8.8 | 8.8 | |||||||
Thereafter | — | 14.5 | 14.5 | |||||||
Total Minimum Lease Payments | 3.1 | 108 | 111.1 | |||||||
Less: Amount Representing Interest | (0.1 | ) | — | (0.1 | ) | |||||
Present Value of Net Minimum Leases | $ | 3 | $ | 108 | $ | 111 | ||||
Total rental expense was approximately $30 million, $36 million, and $33 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||
The Company has entered into other long-term contracts principally for the purchase of fiber and chip processing. The minimum purchase commitments extend beyond 2019. At December 31, 2014, total commitments under these contracts were as follows: | ||||||||||
In millions | ||||||||||
2015 | $ | 122.4 | ||||||||
2016 | 67 | |||||||||
2017 | 53.1 | |||||||||
2018 | 38 | |||||||||
2019 | 35.4 | |||||||||
Thereafter | 214.8 | |||||||||
Total | $ | 530.7 | ||||||||
Environmental_and_Legal_Matter
Environmental and Legal Matters | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental and Legal Matters | MENTAL 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 historic 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 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 $3 million during 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. Some costs relating to historic 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. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests | 12 Months Ended | |||
Dec. 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 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 interest in multi-wall bag and specialty plastics packaging subsidiaries to it. CVI concurrently contributed its ownership interest in DNK to GFP. Neither party received cash consideration as part of the transaction. The Company owned 87% of GFP and consolidated its results of operations with the remaining 13% of GFP owned by CVI. | ||||
On May 30, 2014, the Company acquired the remaining 13% of GFP from CVI. At December 31, 2014, the book value of the redeemable noncontrolling interests was determined as follows: | ||||
In millions | ||||
Balance at December 31, 2012 | $ | 10.8 | ||
Net Income Attributable to Redeemable Noncontrolling Interests | 0.1 | |||
Other Comprehensive Income | 0.4 | |||
Change in Fair Value of Redeemable Securities | — | |||
Balance at December 31, 2013 | $ | 11.3 | ||
Net Loss Attributable to Redeemable Noncontrolling Interests | (0.7 | ) | ||
Other Comprehensive Income | 0.3 | |||
Redemption of Noncontrolling Interest | (10.9 | ) | ||
Balance at December 31, 2014 | $ | — | ||
Prior to May 30, 2014, the calculation of fair value (a Level 3 measurement) of the redeemable noncontrolling interest was determined by using a discounted cash flow analysis based on the Company's forecasts discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. On June 30, 2014, the Company completed the sale of its multi-wall bag business. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Related Party Transactions | RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||
During the first and second quarters of 2014, the Selling Shareholders sold approximately 30 million and 43.7 million shares of common stock in secondary public offerings at $9.85 and $10.45 per share, respectively. Following the completion of the offering in the second quarter, the Selling Stockholders no longer hold shares of the Company's common stock. | |||||||||||||||||||||||||
During 2013, the Selling Stockholders sold approximately 110.1 million shares of common stock in four separate secondary public offerings at prices ranging from $7.00 to $8.45 per share. In connection with one of the the offerings, the Company repurchased approximately 23.9 million shares at $8.38 per share resulting in aggregate purchase price of approximately $200 million. After these transactions, the shares outstanding held by the Selling Stockholders decreased from approximately 53% to approximately 23%. | |||||||||||||||||||||||||
The beneficial ownership of the Company's common stock by the Selling Stockholders at December 31, 2014, 2013 and 2012 is as follows (unaudited): | |||||||||||||||||||||||||
TPG Entities | Coors Family Stockholders | CD&R Fund | Old Town | Total | |||||||||||||||||||||
Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | ||||||||||||||||
Balance at December 31, 2012 | 92,858,564 | 27 | % | 42,770,606 | 12.4 | % | 24,045,696 | 7 | % | 24,045,696 | 7 | % | 183,720,562 | 53.4 | % | ||||||||||
Secondary Offerings and Share Repurchases | (53,465,300 | ) | (25,623,722 | ) | (15,488,663 | ) | (15,488,663 | ) | (110,066,348 | ) | |||||||||||||||
Balance at December 31, 2013 | 39,393,264 | 12.1 | % | 17,146,884 | 5.3 | % | 8,557,033 | 2.6 | % | 8,557,033 | 2.6 | % | 73,654,214 | 22.6 | % | ||||||||||
Secondary Offerings | (39,393,264 | ) | — | (17,146,884 | ) | — | (8,557,033 | ) | — | (8,557,033 | ) | — | (73,654,214 | ) | |||||||||||
Balance at December 31, 2014 | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | ||||||||||
Business_Segment_and_Geographi
Business Segment and Geographic Area Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||
Business Segment and Geographic Area Information | S SEGMENT AND GEOGRAPHIC AREA INFORMATION | |||||||||
Prior to the sale of the multi-wall bag business on June 30, 2014, the Company reported its results in two reportable segments: paperboard packaging and flexible packaging. These segments were 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 above in Note 1 - Nature of Business and Summary of Significant Accounting Policies. As a result of the sale, the Company reevaluated its reportable segments and effective July 1, 2014, the Company reports its results in one reportable segment: paperboard packaging. Current and prior year results have been reclassified to include the remaining flexible packaging facility that was not sold and corporate in the paperboard packaging segment. | ||||||||||
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 and includes several operating segments that have been aggregated into one reportable segment. 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 as well as the production and sale of corrugated medium and kraft paper from paperboard mills in the U.S. As previously disclosed, the Company sold its URB Mill as of September 30, 2013 and labels business as of February 3, 2014, which were part of the paperboard packaging segment. | ||||||||||
The previously reported flexible packaging segment produced kraft paper and converted kraft and specialty paper into products which included multi-wall bags, such as pasted valve, pinched bottom, sewn open mouth and woven polypropylene, and coated paper. Coated paper products included institutional french fry packaging, barrier pouch rollstock and freezer paper. Key end-markets included food and agriculture, building and industrial materials, chemicals, minerals and pet food. Flexible packaging paper is used in a wide range of consumer applications. | ||||||||||
The Company did not have any one customer who accounted for 10% or more of the Company’s net sales during 2014, 2013 or 2012. | ||||||||||
Business segment information is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
NET SALES: | ||||||||||
Paperboard Packaging | $ | 4,024.90 | $ | 3,939.00 | $ | 3,715.10 | ||||
Flexible Packaging | 215.6 | 539.1 | 622 | |||||||
Total | $ | 4,240.50 | $ | 4,478.10 | $ | 4,337.10 | ||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||||
Paperboard Packaging | $ | 413.9 | $ | 354 | $ | 356.8 | ||||
Flexible Packaging (a) | (186.1 | ) | (12.4 | ) | (34.4 | ) | ||||
Total | $ | 227.8 | $ | 341.6 | $ | 322.4 | ||||
CAPITAL EXPENDITURES: | ||||||||||
Paperboard Packaging | $ | 195.8 | $ | 191.6 | $ | 187.5 | ||||
Flexible Packaging | 5.6 | 17.6 | 15.8 | |||||||
Total | $ | 201.4 | $ | 209.2 | $ | 203.3 | ||||
DEPRECIATION AND AMORTIZATION: | ||||||||||
Paperboard Packaging | $ | 259 | $ | 249.6 | $ | 235.7 | ||||
Flexible Packaging | 11 | 27.8 | 31.1 | |||||||
Total | $ | 270 | $ | 277.4 | $ | 266.8 | ||||
(a) Includes Loss on Sale of Assets of multi-wall bag business of $171.1 million in 2014. | ||||||||||
December 31, | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
ASSETS AT DECEMBER 31: | ||||||||||
Paperboard Packaging | $ | 4,331.30 | $ | 4,275.80 | $ | 4,284.90 | ||||
Flexible Packaging | — | 283.5 | 346.7 | |||||||
Total | $ | 4,331.30 | $ | 4,559.30 | $ | 4,631.60 | ||||
Business geographic area information is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
NET SALES: | ||||||||||
U.S./Canada | $ | 3,610.50 | $ | 3,973.60 | $ | 4,096.90 | ||||
Central/South America | 82.9 | 75.3 | 76.4 | |||||||
Europe | 592.5 | 462.5 | 170.6 | |||||||
Asia Pacific | 129.4 | 132.6 | 170.9 | |||||||
Eliminations (a) | (174.8 | ) | (165.9 | ) | (177.7 | ) | ||||
Total | $ | 4,240.50 | $ | 4,478.10 | $ | 4,337.10 | ||||
In millions | 2014 | 2013 | 2012 | |||||||
ASSETS AT DECEMBER 31: | ||||||||||
U.S./Canada | $ | 3,172.80 | $ | 3,862.00 | $ | 4,020.00 | ||||
Central/South America | 88 | 92 | 90.7 | |||||||
Europe | 991.2 | 529 | 434 | |||||||
Asia Pacific | 79.3 | 76.3 | 86.9 | |||||||
Total | $ | 4,331.30 | $ | 4,559.30 | $ | 4,631.60 | ||||
Notes: | ||||||||||
a. | Represents primarily the elimination of intergeographic sales between the Company’s U.S. and Europe, Asia Pacific and Central/South America operations. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||
Results of operations for the four quarters of 2014 and 2013 are shown below. | ||||||||||||||||
2014 | ||||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total(a) | |||||||||||
Statement of Operations Data: | ||||||||||||||||
Net Sales | $ | 1,072.70 | $ | 1,116.70 | $ | 1,050.00 | $ | 1,001.10 | $ | 4,240.50 | ||||||
Gross Profit | 187 | 213.1 | 202.4 | 184.7 | 787.2 | |||||||||||
Restructuring and Other Special Charges | 7.8 | 171.1 | 6.8 | 11.9 | 197.6 | |||||||||||
Income (Loss) from Operations | 79.7 | (52.9 | ) | 112.3 | 88.7 | 227.8 | ||||||||||
Net Income | 34.8 | (40.3 | ) | 53 | 41.5 | 89 | ||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 35.2 | (40.0 | ) | 53 | 41.5 | 89.7 | ||||||||||
Income Per Share Attributable to Graphic Packaging Holding Company — Basic | $ | 0.11 | $ | (0.12 | ) | $ | 0.16 | $ | 0.13 | $ | 0.27 | |||||
Income Per Share Attributable to Graphic Packaging Holding Company — Diluted | $ | 0.11 | $ | (0.12 | ) | $ | 0.16 | $ | 0.13 | $ | 0.27 | |||||
(a) May not cross foot due to rounding. | ||||||||||||||||
2013 | ||||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total | |||||||||||
Statement of Operations Data: | ||||||||||||||||
Net Sales | $ | 1,100.50 | $ | 1,139.70 | $ | 1,163.00 | $ | 1,074.90 | $ | 4,478.10 | ||||||
Gross Profit | 182.9 | 188.6 | 180.7 | 173.4 | 725.6 | |||||||||||
Restructuring and Other Special Charges (Credits) | 1.4 | 8.3 | (14.8 | ) | 18.2 | 13.1 | ||||||||||
Income from Operations | 85.2 | 87.7 | 105.7 | 63 | 341.6 | |||||||||||
Net Income | 34.6 | 21.1 | 45.7 | 45.3 | 146.7 | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 34.9 | 21.2 | 44.5 | 46 | 146.6 | |||||||||||
Income Per Share Attributable to Graphic Packaging Holding Company — Basic | $ | 0.1 | $ | 0.06 | $ | 0.13 | $ | 0.13 | $ | 0.42 | ||||||
Income Per Share Attributable to Graphic Packaging Holding Company — Diluted | $ | 0.1 | $ | 0.06 | $ | 0.13 | $ | 0.13 | $ | 0.42 | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||||
Year Ended December 31, | ||||||||||
In millions, except per share data | 2014 | 2013 | 2012 | |||||||
Net Income Attributable to Graphic Packaging Holding Company | $ | 89.7 | $ | 146.6 | $ | 122.6 | ||||
Weighted Average Shares: | ||||||||||
Basic | 328.6 | 347.3 | 393.4 | |||||||
Dilutive effect of RSUs and stock options | 1.9 | 2.4 | 2.8 | |||||||
Diluted | 330.5 | 349.7 | 396.2 | |||||||
Earnings Per Share — Basic | $ | 0.27 | $ | 0.42 | $ | 0.31 | ||||
Earnings Per Share — Diluted | $ | 0.27 | $ | 0.42 | $ | 0.31 | ||||
The following are the potentially dilutive securities excluded from the above calculation because the effect would have been anti-dilutive: | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Employee Stock Options | — | 773,542 | 2,346,818 | |||||||
Guarantor_Condensed_Consolidat
Guarantor Condensed Consolidated Financial Statements | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements [Abstract] | |||||||||||||||||||
Guarantor Consolidating Financial Statements | GUARANTOR CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||
This disclosure is required because certain subsidiaries are guarantors of GPII 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 operations 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. As of June 30, 2014, the assets retained from the sale of the multi-wall bag business that was previously part of the flexible packaging segment were transfered from Combined Nonguarantor Subsidiaries to Subsidiary Issuer, see Note 1 - Nature of Business and Summary of Significant Accounting Policies. | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
Net Sales | $ | — | $ | 3,422.50 | $ | 38 | $ | 1,028.40 | $ | (248.4 | ) | $ | 4,240.50 | ||||||
Cost of Sales | — | 2,747.20 | 36.5 | 918 | (248.4 | ) | 3,453.30 | ||||||||||||
Selling, General and Administrative | — | 303.7 | 2.1 | 59.7 | — | 365.5 | |||||||||||||
Other (Income) Expense, Net | — | (6.0 | ) | (0.7 | ) | 3 | — | (3.7 | ) | ||||||||||
Restructuring and Other Special Charges | — | 7.9 | 5.9 | 183.8 | — | 197.6 | |||||||||||||
Income (Loss) from Operations | — | 369.7 | (5.8 | ) | (136.1 | ) | — | 227.8 | |||||||||||
Interest Expense, Net | — | (74.1 | ) | — | (6.6 | ) | — | (80.7 | ) | ||||||||||
Loss on Modification or Extinguishment of Debt | — | (14.4 | ) | — | — | — | (14.4 | ) | |||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 281.2 | (5.8 | ) | (142.7 | ) | — | 132.7 | |||||||||||
Income Tax (Expense) Benefit | — | (103.8 | ) | (1.0 | ) | 59.4 | — | (45.4 | ) | ||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 177.4 | (6.8 | ) | (83.3 | ) | — | 87.3 | |||||||||||
Equity Income of Unconsolidated Entities | — | — | — | 1.7 | — | 1.7 | |||||||||||||
Equity in Net Earnings of Subsidiaries | 89 | (88.4 | ) | (0.6 | ) | — | — | — | |||||||||||
Net Income (Loss) | 89 | 89 | (7.4 | ) | (81.6 | ) | — | 89 | |||||||||||
Net Income Attributable to Noncontrolling Interests | 0.7 | 0.7 | — | — | (0.7 | ) | 0.7 | ||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 89.7 | $ | 89.7 | $ | (7.4 | ) | $ | (81.6 | ) | $ | (0.7 | ) | $ | 89.7 | ||||
Comprehensive Loss Attributable to Graphic Packaging Holding Company | $ | (56.7 | ) | $ | (56.7 | ) | $ | (17.6 | ) | $ | (135.5 | ) | $ | 209.8 | $ | (56.7 | ) | ||
Year Ended December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
Net Sales | $ | — | $ | 3,298.40 | $ | 94 | $ | 1,276.70 | $ | (191.0 | ) | $ | 4,478.10 | ||||||
Cost of Sales | — | 2,680.10 | 78.1 | 1,185.30 | (191.0 | ) | 3,752.50 | ||||||||||||
Selling, General and Administrative | — | 260.7 | 9 | 114.6 | — | 384.3 | |||||||||||||
Other Income, Net | — | (7.3 | ) | (0.3 | ) | (5.8 | ) | — | (13.4 | ) | |||||||||
Restructuring and Other Special Charges | — | 4.6 | — | 8.5 | — | 13.1 | |||||||||||||
Income (Loss) from Operations | — | 360.3 | 7.2 | (25.9 | ) | — | 341.6 | ||||||||||||
Interest Expense, Net | — | (91.5 | ) | — | (10.4 | ) | — | (101.9 | ) | ||||||||||
Loss on Modification or Extinguishment of Debt | — | (27.1 | ) | — | — | — | (27.1 | ) | |||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 241.7 | 7.2 | (36.3 | ) | — | 212.6 | ||||||||||||
Income Tax Expense | — | (63.0 | ) | (3.6 | ) | (0.8 | ) | — | (67.4 | ) | |||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 178.7 | 3.6 | (37.1 | ) | — | 145.2 | ||||||||||||
Equity Income (Loss) of Unconsolidated Entities | — | — | 2.2 | (0.7 | ) | — | 1.5 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 146.7 | (32.0 | ) | (2.0 | ) | — | (112.7 | ) | — | ||||||||||
Net Income (Loss) | 146.7 | 146.7 | 3.8 | (37.8 | ) | (112.7 | ) | 146.7 | |||||||||||
Net (Loss) Income Attributable to Noncontrolling Interests | (0.1 | ) | (0.1 | ) | — | — | 0.1 | (0.1 | ) | ||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 146.6 | $ | 146.6 | $ | 3.8 | $ | (37.8 | ) | $ | (112.6 | ) | $ | 146.6 | |||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 269.7 | $ | 269.7 | $ | 3.3 | $ | (45.6 | ) | $ | (227.4 | ) | $ | 269.7 | |||||
Year Ended December 31, 2012 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
Net Sales | $ | — | $ | 3,335.60 | $ | 93.9 | $ | 1,109.70 | $ | (202.1 | ) | $ | 4,337.10 | ||||||
Cost of Sales | — | 2,717.50 | 77.1 | 1,025.00 | (202.1 | ) | 3,617.50 | ||||||||||||
Selling, General and Administrative | — | 283.1 | 9.4 | 85.6 | — | 378.1 | |||||||||||||
Other (Income) Expense, Net | — | (6.4 | ) | 0.8 | (1.7 | ) | — | (7.3 | ) | ||||||||||
Restructuring and Other Special Charges | — | 11 | — | 15.4 | — | 26.4 | |||||||||||||
Income (Loss) from Operations | — | 330.4 | 6.6 | (14.6 | ) | — | 322.4 | ||||||||||||
Interest Expense, Net | — | (103.4 | ) | — | (7.7 | ) | — | (111.1 | ) | ||||||||||
Loss on Modification or Extinguishment of Debt | — | (11.0 | ) | — | — | — | (11.0 | ) | |||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 216 | 6.6 | (22.3 | ) | — | 200.3 | ||||||||||||
Income Tax (Expense) Benefit | — | (79.4 | ) | (3.4 | ) | 0.3 | — | (82.5 | ) | ||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 136.6 | 3.2 | (22.0 | ) | — | 117.8 | ||||||||||||
Equity Income of Unconsolidated Entities | — | — | 2.3 | — | — | 2.3 | |||||||||||||
Equity in Net Earnings of Subsidiaries | 120.1 | (16.5 | ) | (1.2 | ) | — | (102.4 | ) | — | ||||||||||
Net Income (Loss) | $ | 120.1 | $ | 120.1 | $ | 4.3 | $ | (22.0 | ) | $ | (102.4 | ) | $ | 120.1 | |||||
Net Loss (Income) Attributable to Noncontrolling Interests | 2.5 | 2.5 | — | — | (2.5 | ) | 2.5 | ||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 122.6 | $ | 122.6 | $ | 4.3 | $ | (22.0 | ) | $ | (104.9 | ) | $ | 122.6 | |||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 93.4 | $ | 93.4 | $ | 7.2 | $ | (15.6 | ) | $ | (85.0 | ) | $ | 93.4 | |||||
Year Ended December 31, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
ASSETS | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 2 | $ | 1.8 | $ | 77.8 | $ | — | $ | 81.6 | |||||||
Receivables, Net | — | 233.2 | 8.6 | 166.5 | — | 408.3 | |||||||||||||
Inventories, Net | — | 408.5 | 4.8 | 108.5 | — | 521.8 | |||||||||||||
Deferred Income Tax Assets | — | 176.9 | — | 0.3 | — | 177.2 | |||||||||||||
Intercompany | 54.5 | 337.5 | — | — | (392.0 | ) | — | ||||||||||||
Other Current Assets | — | 22 | 1.3 | 8.7 | — | 32 | |||||||||||||
Total Current Assets | 54.5 | 1,180.10 | 16.5 | 361.8 | (392.0 | ) | 1,220.90 | ||||||||||||
Property, Plant and Equipment, Net | — | 1,349.30 | 10.3 | 187.3 | (0.1 | ) | 1,546.80 | ||||||||||||
Investment in Consolidated Subsidiaries | 957.8 | — | 18.7 | — | (976.5 | ) | — | ||||||||||||
Goodwill | — | 1,043.10 | — | 75 | — | 1,118.10 | |||||||||||||
Other Assets | — | 372.9 | 15.4 | 57.2 | — | 445.5 | |||||||||||||
Total Assets | $ | 1,012.30 | $ | 3,945.40 | $ | 60.9 | $ | 681.3 | $ | (1,368.6 | ) | $ | 4,331.30 | ||||||
LIABILITIES | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 26.3 | $ | — | $ | 5.9 | $ | — | $ | 32.2 | |||||||
Accounts Payable | — | 316.3 | 2.7 | 105.9 | — | 424.9 | |||||||||||||
Interest Payable | — | 9.4 | — | — | — | 9.4 | |||||||||||||
Intercompany | — | — | 7.1 | 597.4 | (604.5 | ) | — | ||||||||||||
Other Accrued Liabilities | — | 165.7 | 2.7 | 41.8 | — | 210.2 | |||||||||||||
Total Current Liabilities | — | 517.7 | 12.5 | 751 | (604.5 | ) | 676.7 | ||||||||||||
Long-Term Debt | — | 1,822.20 | — | 119.9 | — | 1,942.10 | |||||||||||||
Deferred Income Tax Liabilities | — | 287.3 | 0.3 | 21.7 | — | 309.3 | |||||||||||||
Other Noncurrent Liabilities | — | 360.4 | — | 30.5 | — | 390.9 | |||||||||||||
EQUITY | |||||||||||||||||||
Total Equity | 1,012.30 | 957.8 | 48.1 | (241.8 | ) | (764.1 | ) | 1,012.30 | |||||||||||
Total Liabilities and Equity | $ | 1,012.30 | $ | 3,945.40 | $ | 60.9 | $ | 681.3 | $ | (1,368.6 | ) | $ | 4,331.30 | ||||||
Year Ended December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
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 | 59.1 | 595.5 | — | — | (654.6 | ) | — | ||||||||||||
Other Current Assets | — | 23.2 | — | 15.6 | — | 38.8 | |||||||||||||
Total Current Assets | 59.1 | 1,377.90 | 11.4 | 439 | (655.2 | ) | 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 | $ | 1,073.60 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,694.0 | ) | $ | 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 | |||||||||||||
Interest Payable | — | 15 | — | 0.2 | — | 15.2 | |||||||||||||
Intercompany | — | — | 41.7 | 645.7 | (687.4 | ) | — | ||||||||||||
Other Accrued Liabilities | — | 142.5 | 0.9 | 46.9 | — | 190.3 | |||||||||||||
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 | 1,062.30 | 1,014.50 | 65.7 | (84.9 | ) | (995.3 | ) | 1,062.30 | |||||||||||
Total Liabilities and Equity | $ | 1,073.60 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,694.0 | ) | $ | 4,559.30 | ||||||
Year Ended December 31, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net Income (Loss) | $ | 89 | $ | 89 | $ | (7.4 | ) | $ | (81.6 | ) | $ | — | $ | 89 | |||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||
Depreciation and Amortization | 224.8 | 2.3 | 42.9 | — | 270 | ||||||||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | — | 4.6 | — | — | — | 4.6 | |||||||||||||
Deferred Income Taxes | — | 91.5 | 1 | (59.4 | ) | — | 33.1 | ||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (43.7 | ) | — | (2.6 | ) | — | (46.3 | ) | ||||||||||
Loss on the Sale of Assets | — | — | 6.7 | 166.9 | — | 173.6 | |||||||||||||
Equity in Net Earnings of Subsidiaries | (89.0 | ) | 88.4 | 0.6 | — | — | — | ||||||||||||
Other, Net | — | 43.2 | — | (0.4 | ) | — | 42.8 | ||||||||||||
Changes in Operating Assets and Liabilities | — | (21.9 | ) | 5.6 | (39.9 | ) | 16 | (40.2 | ) | ||||||||||
Net Cash Provided by (Used in) Operating Activities | — | 475.9 | 8.8 | 25.9 | 16 | 526.6 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Capital Spending | — | (142.5 | ) | (5.5 | ) | (53.4 | ) | — | (201.4 | ) | |||||||||
Proceeds from Government Grant | — | 26.9 | — | — | — | 26.9 | |||||||||||||
Acquisition of Businesses | — | — | — | (190.7 | ) | — | (190.7 | ) | |||||||||||
Cash Acquired Related to Business Acquisitions | — | — | — | 16.9 | — | 16.9 | |||||||||||||
Proceeds for Sales of Assets, Net of Selling Cost | — | — | 70.7 | 100.1 | — | 170.8 | |||||||||||||
Other, Net | 15.7 | (5.7 | ) | 0.3 | — | (16.0 | ) | (5.7 | ) | ||||||||||
Net Cash Provided by (Used in) by Investing Activities | 15.7 | (121.3 | ) | 65.5 | (127.1 | ) | (16.0 | ) | (183.2 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Repurchase of Common Stock | — | — | — | — | — | — | |||||||||||||
Proceeds from Issuance or Modification of Debt | — | 250 | — | — | — | 250 | |||||||||||||
Retirement of Long-Term Debt | — | (247.7 | ) | — | — | — | (247.7 | ) | |||||||||||
Payments on Debt | — | (214.6 | ) | — | — | — | (214.6 | ) | |||||||||||
Borrowings under Revolving Credit Facilities | — | 1,825.20 | 0.9 | 131.8 | — | 1,957.90 | |||||||||||||
Payments on Revolving Credit Facilities | — | (1,950.0 | ) | (0.1 | ) | (62.1 | ) | — | (2,012.2 | ) | |||||||||
Debt Issuance Costs | — | (16.8 | ) | — | — | (16.8 | ) | ||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (14.7 | ) | — | — | — | — | (14.7 | ) | |||||||||||
Other, Net | (1.0 | ) | — | (70.7 | ) | 61 | — | (10.7 | ) | ||||||||||
Net Cash (Used in) Provided by Financing Activities | (15.7 | ) | (353.9 | ) | (69.9 | ) | 130.7 | — | (308.8 | ) | |||||||||
Effect of Exchange Rate Changes on Cash | — | — | (2.6 | ) | (2.6 | ) | — | (5.2 | ) | ||||||||||
Net Increase in Cash and Cash Equivalents | — | 0.7 | 1.8 | 26.9 | — | 29.4 | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 1.3 | — | 50.9 | — | 52.2 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 2 | $ | 1.8 | $ | 77.8 | $ | — | $ | 81.6 | |||||||
Year Ended December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net Income (Loss) | $ | 146.7 | $ | 146.7 | $ | 3.8 | $ | (37.8 | ) | $ | (112.7 | ) | $ | 146.7 | |||||
Non-cash Items Included in Net Income: | |||||||||||||||||||
Depreciation and Amortization | 223.7 | 4.1 | 49.6 | — | 277.4 | ||||||||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | — | — | 4.5 | — | — | 4.5 | |||||||||||||
Amortization of Deferred Debt Issuance Costs | — | — | 7 | — | — | 7 | |||||||||||||
Deferred Income Taxes | — | 65.3 | — | (2.6 | ) | — | 62.7 | ||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (7.2 | ) | — | (5.2 | ) | — | (12.4 | ) | ||||||||||
Impairment Charges/Asset Write-Offs | — | 3.5 | — | (2.0 | ) | — | 1.5 | ||||||||||||
Equity in Net Earnings of Subsidiaries | (146.7 | ) | 32 | 2 | — | 112.7 | — | ||||||||||||
Gain on the Sale of Assets | — | — | — | (26.6 | ) | — | (26.6 | ) | |||||||||||
Other, Net | — | 19.3 | — | 0.2 | — | 19.5 | |||||||||||||
Changes in Operating Assets and Liabilities | — | (38.7 | ) | (19.9 | ) | 48.4 | (12.1 | ) | (22.3 | ) | |||||||||
Net Cash Provided by Operating Activities | — | 444.6 | 1.5 | 24 | (12.1 | ) | 458 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Capital Spending | — | (181.4 | ) | (1.5 | ) | (26.3 | ) | — | (209.2 | ) | |||||||||
Proceeds from Sale of Assets, Net of Selling Costs | — | 0.3 | — | 73.2 | — | 73.5 | |||||||||||||
Other, Net | 211.2 | 64.5 | — | — | (284.4 | ) | (8.7 | ) | |||||||||||
Net Cash Provided by (Used in) Investing Activities | 211.2 | (116.6 | ) | (1.5 | ) | 46.9 | (284.4 | ) | (144.4 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Repurchase of Common Stock | (200.0 | ) | — | — | — | — | (200.0 | ) | |||||||||||
Proceeds from Issuance or Modification of Debt | — | 425 | — | — | — | 425 | |||||||||||||
Payments on Debt | — | (425.0 | ) | — | — | — | (425.0 | ) | |||||||||||
Borrowings under Revolving Credit Facilities | — | (60.4 | ) | — | (10.9 | ) | — | (71.3 | ) | ||||||||||
Payments on Revolving Credit Facilities | — | 1,502.70 | — | 226.5 | — | 1,729.20 | |||||||||||||
Payments on Revolving Credit Facilities | — | (1,532.5 | ) | — | (205.5 | ) | — | (1,738.0 | ) | ||||||||||
Debt Issuance Costs | — | (29.9 | ) | — | — | (29.9 | ) | ||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (11.2 | ) | — | — | — | — | (11.2 | ) | |||||||||||
Other, Net | — | (212.5 | ) | — | (73.9 | ) | 296.5 | 10.1 | |||||||||||
Net Cash (Used in) Provided by Financing Activities | (211.2 | ) | (332.6 | ) | — | (63.8 | ) | 296.5 | (311.1 | ) | |||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | — | (4.6 | ) | — | 5.3 | — | 0.7 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 5.9 | — | 45.6 | — | 51.5 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 1.3 | $ | — | $ | 50.9 | $ | — | $ | 52.2 | |||||||
Year Ended December 31, 2012 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net Income (Loss) | $ | 120.1 | $ | 120.1 | $ | 4.3 | $ | (22.0 | ) | $ | (102.4 | ) | $ | 120.1 | |||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||
Depreciation and Amortization | — | 224.8 | 4.2 | 37.8 | — | 266.8 | |||||||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | — | 7.5 | — | — | — | 7.5 | |||||||||||||
Amortization of Deferred Debt Issuance Costs | — | 6.2 | — | — | — | 6.2 | |||||||||||||
Deferred Income Taxes | — | 76 | — | — | — | 76 | |||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (12.0 | ) | — | (2.0 | ) | — | (14.0 | ) | ||||||||||
Impairment Charges/Asset Write-Offs | — | 5.4 | — | 0.2 | — | 5.6 | |||||||||||||
Equity in Net Earnings of Subsidiaries | (120.1 | ) | 16.5 | 1.2 | — | 102.4 | — | ||||||||||||
Other, Net | — | 23.3 | — | (5.8 | ) | — | 17.5 | ||||||||||||
Changes in Operating Assets and Liabilities | — | (12.6 | ) | (8.4 | ) | 3.9 | — | (17.1 | ) | ||||||||||
Net Cash Provided by Operating Activities | — | 455.2 | 1.3 | 12.1 | — | 468.6 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Capital Spending | — | (171.6 | ) | (1.3 | ) | (30.4 | ) | — | (203.3 | ) | |||||||||
Acquisition of Business | — | (118.1 | ) | — | — | — | (118.1 | ) | |||||||||||
Cash Acquired Related to Business Acquisition | — | — | — | 13.1 | — | 13.1 | |||||||||||||
Proceeds from Sale of Assets, Net of Selling Costs | — | 18.8 | — | — | — | 18.8 | |||||||||||||
Other, Net | 310.7 | (4.5 | ) | — | — | (310.7 | ) | (4.5 | ) | ||||||||||
Net Cash Used in Investing Activities | 310.7 | (275.4 | ) | (1.3 | ) | (17.3 | ) | (310.7 | ) | (294.0 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Repurchase of Common Stock | (300.0 | ) | — | — | — | — | (300.0 | ) | |||||||||||
Proceeds from Issuance or Modification of Debt | — | 1,300.00 | — | — | — | 1,300.00 | |||||||||||||
Payments on Debt | — | (1,703.4 | ) | — | — | — | (1,703.4 | ) | |||||||||||
Borrowings under Revolving Credit Facilities | — | 1,310.90 | — | 56.3 | — | 1,367.20 | |||||||||||||
Payments on Revolving Credit Facilities | — | (985.1 | ) | — | (49.6 | ) | — | (1,034.7 | ) | ||||||||||
Debt Issuance Costs | — | (27.7 | ) | — | — | — | (27.7 | ) | |||||||||||
Repurchase of Common Stock Related to Share-Based Payments | (10.7 | ) | — | — | — | — | (10.7 | ) | |||||||||||
Other, Net | — | (297.5 | ) | — | — | 310.7 | 13.2 | ||||||||||||
Net Cash Provided by (Used in) Financing Activities | (310.7 | ) | (402.8 | ) | — | 6.7 | 310.7 | (396.1 | ) | ||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 1.2 | — | 1.2 | |||||||||||||
Net Increase in Cash and Cash Equivalents | — | (223.0 | ) | — | 2.7 | — | (220.3 | ) | |||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 228.9 | — | 42.9 | — | 271.8 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 5.9 | $ | — | $ | 45.6 | $ | — | $ | 51.5 | |||||||
Other_Comprehensive_Income_Not
Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||||||
The changes in the components of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company are as follows: | ||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (11.2 | ) | $ | 4.3 | $ | (6.9 | ) | $ | 4.4 | $ | (1.2 | ) | $ | 3.2 | $ | (1.0 | ) | $ | 0.4 | $ | (0.6 | ) | |||||||
Currency Translation Adjustment | (34.7 | ) | 0.7 | (34.0 | ) | (13.9 | ) | 0.3 | (13.6 | ) | 0.3 | 0.3 | 0.6 | |||||||||||||||||
Pension Benefit Plans | (168.0 | ) | 62 | (106.0 | ) | 203.9 | (76.8 | ) | 127.1 | (41.4 | ) | 14.9 | (26.5 | ) | ||||||||||||||||
Postretirement Benefit Plans | 2.7 | (1.7 | ) | 1 | 9.5 | (3.1 | ) | 6.4 | (4.4 | ) | 1.7 | (2.7 | ) | |||||||||||||||||
Postemployment Benefit Plans | (0.5 | ) | — | (0.5 | ) | — | — | — | — | — | — | |||||||||||||||||||
Other Comprehensive Income (Loss) | $ | (211.7 | ) | $ | 65.3 | $ | (146.4 | ) | $ | 203.9 | $ | (80.8 | ) | $ | 123.1 | $ | (46.5 | ) | $ | 17.3 | $ | (29.2 | ) | |||||||
The balances of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: | ||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||||||||||||||
Accumulated Derivative Instruments Loss | $ | (17.7 | ) | $ | (10.8 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | (50.6 | ) | (16.6 | ) | ||||||||||||||||||||||||||
Pension Benefit Plans | (278.0 | ) | (172.0 | ) | ||||||||||||||||||||||||||
Postretirement Benefit Plans | 11.7 | 10.7 | ||||||||||||||||||||||||||||
Postemployment Benefit Plans | — | 0.5 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | (334.6 | ) | $ | (188.2 | ) | ||||||||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||||||||
The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 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 | ) | $ | (172.0 | ) | $ | 10.7 | $ | 0.5 | $ | (16.6 | ) | $ | (188.2 | ) | ||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | (7.4 | ) | (114.8 | ) | 1.8 | (0.5 | ) | (34.0 | ) | (154.9 | ) | |||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) | 0.5 | 8.8 | (0.8 | ) | — | — | 8.5 | |||||||||||||||||||||||
Net Current-period Other Comprehensive Income (Loss) | (6.9 | ) | (106.0 | ) | 1 | (0.5 | ) | (34.0 | ) | (146.4 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | (17.7 | ) | $ | (278.0 | ) | $ | 11.7 | $ | — | $ | (50.6 | ) | $ | (334.6 | ) | ||||||||||||||
(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 year ended December 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 | $ | (1.8 | ) | Cost of Sales | ||||||||||||||||||||||||||
Foreign Currency Contracts | (0.7 | ) | Other Income, Net | |||||||||||||||||||||||||||
Interest Rate Swap Agreements | 3.3 | Interest Expense, Net | ||||||||||||||||||||||||||||
0.8 | Total before Tax | |||||||||||||||||||||||||||||
(0.3 | ) | Tax Expense | ||||||||||||||||||||||||||||
$ | 0.5 | Net of Tax | ||||||||||||||||||||||||||||
Amortization of Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||
Prior Service Costs | $ | 0.7 | (c) | |||||||||||||||||||||||||||
Actuarial Losses | 13.2 | (c) | ||||||||||||||||||||||||||||
13.9 | Total before Tax | |||||||||||||||||||||||||||||
(5.1 | ) | Tax Expense | ||||||||||||||||||||||||||||
$ | 8.8 | Net of Tax | ||||||||||||||||||||||||||||
Amortization of Postretirement Benefit Plans: | ||||||||||||||||||||||||||||||
Prior Service Credits | $ | (0.3 | ) | (c) | ||||||||||||||||||||||||||
Actuarial Gains | (1.0 | ) | (c) | |||||||||||||||||||||||||||
(1.3 | ) | Total before Tax | ||||||||||||||||||||||||||||
0.5 | Tax Benefit | |||||||||||||||||||||||||||||
$ | (0.8 | ) | Net of Tax | |||||||||||||||||||||||||||
Total Reclassifications for the Period | $ | 8.5 | ||||||||||||||||||||||||||||
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On January 2, 2015, the Company acquired Rose City Printing and Packaging, Inc. through the purchase of all of the issued and outstanding stock of its parent company, Rose City Holding Company. Rose City Printing and Packaging, Inc. services food and beverage end markets and operates two folding carton converting facilities located in Gresham, OR and Vancouver, WA. On February 4, 2015, the Company completed the previously announced acquisition of certain assets of Cascades’ Norampac Division in Canada. Norampac operated three folding carton converting facilities located in Cobourg, Ontario, Mississauga, Ontario and Winnipeg, Manitoba along with a solid bleached sulfate (“SBS”) substitute mill located in Jonquiere, Quebec and a coated recycled board (“CRB”) mill located in East Angus, Quebec. The Company paid approximately $116 million for these acquisitions using existing cash and borrowings under its revolving line of credit. | |
On February 4, 2015, the Company’s board of directors authorized a share repurchase program to permit management to purchase up to $250.0 million of the Company’s issued and outstanding shares of common stock through open market purchases, privately negotiated transactions and Rule 10b5-1 plans. In addition, the board of directors declared a regular quarterly dividend, with the first dividend of $0.05 per share of common stock payable on April 5, 2015 to shareholders of record as of March 15, 2015. Both actions will be funded by existing cash and borrowings under the Company’s revolving line of credit. As of the date the board of directors made the dividend declaration and authorized the share repurchase program, the Company was not in default under the Credit Agreement and the Indentures and had a minimum of approximately $322 million under the restricted payment provisions of the borrowings available to pay the dividend and authorize the share repurchase program. |
Nature_of_Business_and_Summary1
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |||||||||||||||||||
The Company’s Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. The accompanying Consolidated Financial Statements include the worldwide operations of the paperboard packaging segment which includes the paperboard packaging, packaging machinery, and containerboard businesses, and through June 30, 2014 the flexible packaging segment, which produced kraft paper and converted kraft, specialty paper and plastics into multi-wall, consumer and specialty retail bags and produced flexible packaging, and laminations. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. | ||||||||||||||||||||
The Company holds a 50% ownership interest in a joint venture called Rengo Riverwood Packaging, Ltd. (in Japan) which is accounted for using the equity method. | ||||||||||||||||||||
Prior to May 30, 2014, the Company held an 87% ownership interest in Graphic Flexible Packaging, LLC ("GFP"), which was consolidated in the Company's financial statements. On May 30, 2014, the Company acquired the remaining 13% of GFP. For more information see Note 14 - Redeemable Noncontrolling Interests. The noncontrolling interest is shown in the Company's financial statements. | ||||||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, pension benefits, retained insurable risks, slow-moving and obsolete inventory, allowance for doubtful accounts, useful lives for depreciation and amortization, future cash flows, discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples associated with impairment testing of goodwill and long-term assets, fair values related to the allocation of purchase price to property, plant and equipment and intangible assets in connection with business combinations, fair value of derivative financial instruments, deferred income tax assets and potential income tax assessments, and loss contingencies. | ||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||||||||||
Cash and cash equivalents include time deposits, certificates of deposit and other marketable securities with original maturities of three months or less. | ||||||||||||||||||||
Accounts Receivable and Allowances | Accounts Receivable and Allowances | |||||||||||||||||||
Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the credit worthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. | ||||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | |||||||||||||||||||
The Company’s cash, cash equivalents, and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. As of and for the years ended December 31, 2014 and 2013, no customer accounted for more than 10% of net sales. | ||||||||||||||||||||
Inventories | Inventories | |||||||||||||||||||
Inventories are stated at the lower of cost or market with cost determined principally by the first-in, first-out (“FIFO”) basis. Average cost basis is used to determine the cost of supply inventories and certain raw materials. Raw materials and consumables used in the production process such as wood chips and chemicals are valued at purchase cost on a FIFO basis upon receipt. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. | ||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. | ||||||||||||||||||||
Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $1.6 million, $3.5 million and $2.2 million in the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
The Company assesses its long-lived assets, including certain identifiable intangibles, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. To analyze recoverability, the Company projects future cash flows, undiscounted and before interest, over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. The impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets. The Company assesses the appropriateness of the useful life of its long-lived assets periodically. | ||||||||||||||||||||
Depreciation and Amortization | Depreciation and Amortization | |||||||||||||||||||
Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: | ||||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||
Land improvements | 15 years | |||||||||||||||||||
Machinery and equipment | 3 to 40 years | |||||||||||||||||||
Furniture and fixtures | 10 years | |||||||||||||||||||
Automobiles, trucks and tractors | 3 to 5 years | |||||||||||||||||||
Depreciation expense, including the depreciation expense of assets under capital leases, for 2014, 2013 and 2012 was $221.6 million, $232.5 million and $222.7 million, respectively. | ||||||||||||||||||||
Intangible assets with a determinable life are amortized on a straight-line or accelerated basis over their useful lives. The amortization expense for each intangible asset is recorded in the Consolidated Statements of Operations according to the nature of that asset. | ||||||||||||||||||||
Goodwill is the Company’s only intangible asset not subject to amortization at December 31, 2014 and 2013. The following table displays the intangible assets that continue to be subject to amortization and aggregate amortization expense as of December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
In millions | ||||||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer Relationships | $ | 579.5 | $ | (226.1 | ) | $ | 353.4 | $ | 670.6 | $ | (242.7 | ) | $ | 427.9 | ||||||
Patents, Trademarks and Licenses | 115.4 | (83.2 | ) | 32.2 | 118.7 | (79.6 | ) | 39.1 | ||||||||||||
Total | $ | 694.9 | $ | (309.3 | ) | $ | 385.6 | $ | 789.3 | $ | (322.3 | ) | $ | 467 | ||||||
The Company recorded amortization expense for the years ended December 31, 2014, 2013 and 2012 of $48.4 million, | ||||||||||||||||||||
$44.9 million and $44.1 million, respectively, relating to intangible assets subject to amortization. The Company expects amortization expense to be approximately $40 million for 2015 through 2016 and approximately $36 million for 2017 through 2019. | ||||||||||||||||||||
Goodwill | Goodwill | |||||||||||||||||||
The Company tests goodwill for impairment annually as of October 1, as well as whenever events or changes in circumstances suggest that the estimated fair value of a reporting unit may no longer exceed its carrying amount. | ||||||||||||||||||||
The Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. | ||||||||||||||||||||
Potential goodwill impairment is measured at the reporting unit level by comparing the reporting unit’s carrying amount including goodwill, to the fair value of the reporting unit. The estimated fair value of each reporting unit is determined by utilizing a discounted cash flow analysis based on the Company’s forecasts discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. If the carrying amount of a reporting unit exceeds its estimated fair value, goodwill is considered potentially impaired. In determining fair value, management relies on and considers a number of factors, including but not limited to, operating results, business plans, economic projections, forecasts including future cash flows, and market data and analysis, including market capitalization. The assumptions we use are based on what we believe a hypothetical market participant would use in estimating fair value. Fair value determinations are sensitive to changes in the factors described above. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. | ||||||||||||||||||||
The Company performed a quantitative impairment analysis of goodwill associated with each of our reporting units as of October 1, 2014 and concluded that the fair values were in excess of the carrying values of each of the reporting units and therefore goodwill was not impaired. | ||||||||||||||||||||
The following is a rollforward of goodwill by reportable segment: | ||||||||||||||||||||
In millions | Paperboard Packaging | Flexible Packaging | Total | |||||||||||||||||
Balance at December 31, 2012 | $ | 1,123.20 | $ | 15.8 | $ | 1,139.00 | ||||||||||||||
Disposal of Business | (3.4 | ) | (7.5 | ) | (10.9 | ) | ||||||||||||||
Foreign Currency Effects | (2.6 | ) | (0.1 | ) | (2.7 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 1,117.20 | $ | 8.2 | $ | 1,125.40 | ||||||||||||||
Disposal of Business | (47.2 | ) | (8.2 | ) | (55.4 | ) | ||||||||||||||
Acquisition of Business | 51.9 | — | 51.9 | |||||||||||||||||
Foreign Currency Effects | (3.8 | ) | — | (3.8 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 1,118.10 | $ | — | $ | 1,118.10 | ||||||||||||||
Retained Insurable Risks | Retained Insurable Risks | |||||||||||||||||||
It is the Company’s policy to self-insure or fund a portion of certain expected losses related to group health benefits and workers’ compensation claims. Provisions for expected losses are recorded based on the Company’s estimates, on an undiscounted basis, of the aggregate liabilities for known claims and estimated claims incurred but not reported | ||||||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | |||||||||||||||||||
Asset retirement obligations are accounted for in accordance with the provisions of the Asset Retirement and Environmental Obligations topic of the FASB Codification. A liability and asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the asset. Upon settlement of the liability, we will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. | ||||||||||||||||||||
International Currency | International Currency | |||||||||||||||||||
The functional currency of the international subsidiaries is the local currency for the country in which the subsidiaries own their primary assets. The translation of the applicable currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. Any related translation adjustments are recorded directly to a separate component of Graphic Packaging Holding Company Shareholders’ Equity, unless there is a sale or substantially complete liquidation of the underlying foreign investments. | ||||||||||||||||||||
The Company pursues a currency hedging program which utilizes derivatives to reduce the impact of foreign currency exchange fluctuations on its consolidated financial results. Under this program, the Company has entered into forward exchange contracts in the normal course of business to hedge certain foreign currency denominated transactions. Realized and unrealized gains and losses on these forward contracts are included in the measurement of the basis of the related foreign currency transaction when recorded. | ||||||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||||||
The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, the Company’s price to the buyer is fixed or determinable and collectability is reasonably assured. Delivery is not considered to have occurred until the customer takes title and assumes the risks and rewards of ownership. | ||||||||||||||||||||
The timing of revenue recognition is largely dependent on the location of title transfer which is normally either at our plant (shipping point) or upon arrival at our customer’s plant (destination). The Company recognizes revenues on its annual and multi-year carton supply contracts as the shipment occurs in accordance with the title transfer discussed above. | ||||||||||||||||||||
Discounts and allowances are comprised of trade allowances and rebates, cash discounts and sales returns. Cash discounts and sales returns are estimated using historical experience. Trade allowances are based on the estimated obligations and historical experience. Customer rebates are determined based on contract terms and are recorded at the time of sale. | ||||||||||||||||||||
Shipping and Handling | Shipping and Handling | |||||||||||||||||||
The Company includes shipping and handling costs in Cost of Sales. | ||||||||||||||||||||
Research and Development | Research and Development | |||||||||||||||||||
Research and development costs, which relate primarily to the development and design of new packaging machines and products and are recorded as a component of Selling, General and Administrative expenses, are expensed as incurred. Expenses for the years ended December 31, 2014, 2013 and 2012 were $14.9 million, $16.8 million and $16.1 million, respectively. |
Nature_of_Business_and_Summary2
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Property, Plant and Equipment | Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: | |||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||
Land improvements | 15 years | |||||||||||||||||||
Machinery and equipment | 3 to 40 years | |||||||||||||||||||
Furniture and fixtures | 10 years | |||||||||||||||||||
Automobiles, trucks and tractors | 3 to 5 years | |||||||||||||||||||
Property, Plant and Equipment, Net: | ||||||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||||
Property, Plant and Equipment, at Cost: | ||||||||||||||||||||
Land and Improvements | $ | 100.9 | $ | 114 | ||||||||||||||||
Buildings | 378.3 | 405.8 | ||||||||||||||||||
Machinery and Equipment (2) | 3,612.00 | 3,570.70 | ||||||||||||||||||
Construction-in-Progress | 81.2 | 130.2 | ||||||||||||||||||
4,172.40 | 4,220.70 | |||||||||||||||||||
Less: Accumulated Depreciation (2) | (2,625.6 | ) | (2,541.8 | ) | ||||||||||||||||
Total | $ | 1,546.80 | $ | 1,678.90 | ||||||||||||||||
(2) Includes gross assets under capital lease of $8.8 million and related accumulated depreciation of $3.4 million as of December 31, 2014 and gross assets under capital lease of $11.7 million and related accumulated depreciation of $2.3 million as of December 31, 2013. | ||||||||||||||||||||
Finite-Lived Intangible Assets | The following table displays the intangible assets that continue to be subject to amortization and aggregate amortization expense as of December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
In millions | ||||||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer Relationships | $ | 579.5 | $ | (226.1 | ) | $ | 353.4 | $ | 670.6 | $ | (242.7 | ) | $ | 427.9 | ||||||
Patents, Trademarks and Licenses | 115.4 | (83.2 | ) | 32.2 | 118.7 | (79.6 | ) | 39.1 | ||||||||||||
Total | $ | 694.9 | $ | (309.3 | ) | $ | 385.6 | $ | 789.3 | $ | (322.3 | ) | $ | 467 | ||||||
Schedule of Goodwill | The following is a rollforward of goodwill by reportable segment: | |||||||||||||||||||
In millions | Paperboard Packaging | Flexible Packaging | Total | |||||||||||||||||
Balance at December 31, 2012 | $ | 1,123.20 | $ | 15.8 | $ | 1,139.00 | ||||||||||||||
Disposal of Business | (3.4 | ) | (7.5 | ) | (10.9 | ) | ||||||||||||||
Foreign Currency Effects | (2.6 | ) | (0.1 | ) | (2.7 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 1,117.20 | $ | 8.2 | $ | 1,125.40 | ||||||||||||||
Disposal of Business | (47.2 | ) | (8.2 | ) | (55.4 | ) | ||||||||||||||
Acquisition of Business | 51.9 | — | 51.9 | |||||||||||||||||
Foreign Currency Effects | (3.8 | ) | — | (3.8 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 1,118.10 | $ | — | $ | 1,118.10 | ||||||||||||||
Schedule of Goodwill Impairment, Restructuring and Other Special Charges (Credits) | The following table summarizes the transactions recorded in Restructuring and Other Special Charges in the Consolidated Statements of Operations as of December 31: | |||||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||||||
Loss (Gain) on Sale or Closure of Certain Assets | $ | 180.1 | $ | (17.9 | ) | $ | 3 | |||||||||||||
Net Charges Associated with Business Combinations | 12.4 | 29.2 | 21.7 | |||||||||||||||||
Other Special Charges | 5.1 | 1.8 | 1.7 | |||||||||||||||||
Total | $ | 197.6 | $ | 13.1 | $ | 26.4 | ||||||||||||||
Supplemental_Balance_Sheet_Dat1
Supplemental Balance Sheet Data (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Balance Sheet Related Disclosures [Abstract] | |||||||
Receivables, Net | The following tables provide disclosure related to the components of certain line items included in our consolidated balance sheets. | ||||||
Receivables, Net: | |||||||
In millions | 2014 | 2013 | |||||
Trade | $ | 352.7 | $ | 396.7 | |||
Less: Allowance | (6.3 | ) | (5.3 | ) | |||
346.4 | 391.4 | ||||||
Other (1) | 61.9 | 21.4 | |||||
Total | $ | 408.3 | $ | 412.8 | |||
(1) Includes approximately $32 million receivable from financial institution per the AR Sales Agreement, which is a Level 1 fair value measurement. | |||||||
Inventories, Net by major class | Inventories, Net by major class: | ||||||
In millions | 2014 | 2013 | |||||
Finished Goods | $ | 260.2 | $ | 288.3 | |||
Work in Progress | 52.9 | 49.2 | |||||
Raw Materials | 139 | 149.7 | |||||
Supplies | 69.7 | 69.9 | |||||
Total | $ | 521.8 | $ | 557.1 | |||
Other Current Assets | Other Current Assets: | ||||||
In millions | 2014 | 2013 | |||||
Prepaid Assets | $ | 30.1 | $ | 29.9 | |||
Assets Held for Sale | — | 6.6 | |||||
Fair Value of Derivatives, current portion | 1.9 | 2.3 | |||||
Total | $ | 32 | $ | 38.8 | |||
Property, Plant and Equipment, Net | Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: | ||||||
Buildings | 40 years | ||||||
Land improvements | 15 years | ||||||
Machinery and equipment | 3 to 40 years | ||||||
Furniture and fixtures | 10 years | ||||||
Automobiles, trucks and tractors | 3 to 5 years | ||||||
Property, Plant and Equipment, Net: | |||||||
In millions | 2014 | 2013 | |||||
Property, Plant and Equipment, at Cost: | |||||||
Land and Improvements | $ | 100.9 | $ | 114 | |||
Buildings | 378.3 | 405.8 | |||||
Machinery and Equipment (2) | 3,612.00 | 3,570.70 | |||||
Construction-in-Progress | 81.2 | 130.2 | |||||
4,172.40 | 4,220.70 | ||||||
Less: Accumulated Depreciation (2) | (2,625.6 | ) | (2,541.8 | ) | |||
Total | $ | 1,546.80 | $ | 1,678.90 | |||
(2) Includes gross assets under capital lease of $8.8 million and related accumulated depreciation of $3.4 million as of December 31, 2014 and gross assets under capital lease of $11.7 million and related accumulated depreciation of $2.3 million as of December 31, 2013. | |||||||
Other Assets | Other Assets: | ||||||
In millions | 2014 | 2013 | |||||
Deferred Debt Issuance Costs, Net of Amortization of $14.3 million and $9.5 million for 2014 and 2013, respectively | $ | 24.4 | $ | 24.3 | |||
Deferred Income Tax Assets | 7.4 | 8.9 | |||||
Pension Assets | 0.1 | 0.7 | |||||
Long-term Receivables | 10.2 | 9.1 | |||||
Other | 17.8 | 12.8 | |||||
Total | $ | 59.9 | $ | 55.8 | |||
Other Accrued Liabilities | Other Accrued Liabilities: | ||||||
In millions | 2014 | 2013 | |||||
Fair Value of Derivatives, current portion | $ | 15.5 | $ | 3.3 | |||
Deferred Revenue | 15.1 | 10.7 | |||||
Accrued Customer Rebates | 6.7 | 14.1 | |||||
Other | 54.3 | 49.3 | |||||
Total | $ | 91.6 | $ | 77.4 | |||
Other Noncurrent Liabilities | Other Noncurrent Liabilities: | ||||||
In millions | 2014 | 2013 | |||||
Deferred Revenue | $ | 5.7 | $ | 5.1 | |||
Multi-employer Plans | 30.9 | 25.4 | |||||
Workers Compensation Reserve | 12.9 | 12.7 | |||||
Other | 28.6 | 27 | |||||
Total | $ | 78.1 | $ | 70.2 | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions and dispositions: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Receivables, Net | $ | (25.5 | ) | $ | 49.3 | $ | 7.3 | |||
Inventories, Net | (50.4 | ) | (39.5 | ) | (23.9 | ) | ||||
Prepaid Expenses | 4.8 | (11.4 | ) | (0.2 | ) | |||||
Other Assets | 9.2 | (3.8 | ) | 4 | ||||||
Accounts Payable | 13.3 | (13.9 | ) | 6.8 | ||||||
Compensation and Employee Benefits | 9.6 | (20.8 | ) | 16.9 | ||||||
Income Taxes | 9 | 1.1 | (4.5 | ) | ||||||
Interest Payable | (7.4 | ) | 21.9 | (14.9 | ) | |||||
Other Accrued Liabilities | (6.3 | ) | (1.1 | ) | (8.7 | ) | ||||
Other Noncurrent Liabilities | 3.5 | (4.1 | ) | 0.1 | ||||||
Total | $ | (40.2 | ) | $ | (22.3 | ) | $ | (17.1 | ) | |
Cash paid for interest and cash paid, net of refunds, for income taxes | Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: | |||||||||
In millions | 2014 | 2013 | 2012 | |||||||
Interest | $ | 79.1 | $ | 89.6 | $ | 117.5 | ||||
Income Taxes | $ | 12.2 | $ | 12.1 | $ | 8.9 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Schedule of Purchase Price Allocation | ||||||||||
In millions | Amounts Recognized as of Acquisition Date | Measurement Period Adjustments | Amounts Recognized as of Acquisition Date (as adjusted) | |||||||
Purchase Price | $ | 190.7 | $ | — | $ | 190.7 | ||||
In millions | ||||||||||
Cash and Cash Equivalents | $ | 16.9 | $ | — | $ | 16.9 | ||||
Receivables | 43.4 | — | 43.4 | |||||||
Inventories | 16.2 | 1.5 | 17.7 | |||||||
Other Current Assets | 8.5 | 0.2 | 8.7 | |||||||
Property, Plant and Equipment | 25.5 | 18.3 | 43.8 | |||||||
Intangible Assets | — | 61.8 | 61.8 | |||||||
Total Assets Acquired | 110.5 | 81.8 | 192.3 | |||||||
Current Liabilities, Excluding Current Portion of Long-Term Debt | 36.1 | — | 36.1 | |||||||
Deferred Tax Liabilities | 1.1 | 16.3 | 17.4 | |||||||
Total Liabilities Assumed | 37.2 | 16.3 | 53.5 | |||||||
Net Assets Acquired | 73.3 | 65.5 | 138.8 | |||||||
Goodwill | 117.4 | (65.5 | ) | 51.9 | ||||||
Total Estimated Fair Value of Net Assets Acquired | $ | 190.7 | $ | — | $ | 190.7 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Schedule of Short-term Debt | Short-Term Debt is comprised of the following: | |||||||||
In millions | 2014 | 2013 | ||||||||
Short-Term Borrowings | $ | 5.6 | $ | 12.4 | ||||||
Current Portion of Capital Lease Obligations | 1.6 | 2.4 | ||||||||
Current Portion of Long-Term Debt | 25 | 62.6 | ||||||||
Total | $ | 32.2 | $ | 77.4 | ||||||
Schedule of Long-term Debt Instruments | Long-Term Debt is comprised of the following: | |||||||||
In millions | 2014 | 2013 | ||||||||
Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | $ | — | $ | 247.3 | ||||||
Senior Notes with interest payable semi-annually at 4.875%, payable in 2022 | 250 | — | ||||||||
Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | 425 | 425 | ||||||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.7% at December 31, 2014) payable through 2019 | 1,000.00 | 1,214.60 | ||||||||
Senior Secured Revolving Credit Facilities with interest payable at floating rates (2.0% at December 31, 2014) payable in 2019 | 288.4 | 344.3 | ||||||||
Capital Lease Obligations | 3.1 | 5.6 | ||||||||
Other | 7.8 | 16.8 | ||||||||
1,974.30 | 2,253.60 | |||||||||
Less: Current Portion | 32.2 | 77.4 | ||||||||
Total | $ | 1,942.10 | $ | 2,176.20 | ||||||
Schedule of Maturities of Long-term Debt | Long-Term Debt maturities (excluding capital leases) are as follows: | |||||||||
In millions | ||||||||||
2015 | $ | 30.6 | ||||||||
2016 | 25.8 | |||||||||
2017 | 25.7 | |||||||||
2018 | 50.5 | |||||||||
2019 | 1,163.60 | |||||||||
After 2019 | 675 | |||||||||
Total | $ | 1,971.20 | ||||||||
Schedule of Credit Facilities | ||||||||||
Date | Document(a) | Provision | Expiration | Accounting | ||||||
Mar-12 | Amended and Restated Credit Agreement | Ÿ$1.0 billion revolving credit facility Ÿ$1.0 billion amortizing term loan facility ŸLIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio | Mar-17 | ŸCharge of $8.9 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
Dec-12 | Amendment No. 1 to Credit Agreement | Ÿ$300 million incremental term loan | Mar-17 | ŸCharge of $2.1 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
ŸDeferred fees of $3.1 million will be amortized | ||||||||||
Sep-13 | Amendment No. 2 to Credit Agreement | ŸAdded €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio | Sep-18 | ŸCharge of $1.2 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
ŸDeferred fees of $2.2 million will be amortized | ||||||||||
Jun-14 | Amendment No. 3 to Credit Agreement | ŸIncreased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) | Sep-18 | ŸDeferred Fees of $0.2 million will be amortized | ||||||
Oct-14 | Second Amended and Restated Credit Agreement | ŸIncreased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio | Oct-19 | ŸCharge of $2.3 million recorded in Loss on Modification or Extinguishment of Debt | ||||||
ŸDeferred fees of $2.4 million will be amortized | ||||||||||
At December 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 Commitments | Total Outstanding | Total Available | |||||||
Senior Secured Domestic Revolving Credit Facility (b) | $ | 1,250.00 | $ | 171.2 | $ | 1,054.00 | ||||
Senior Secured International Revolving Credit Facility | 187.9 | 117.2 | 70.7 | |||||||
Other International Facilities | 27.1 | 7.8 | 19.3 | |||||||
Total | $ | 1,465.00 | $ | 296.2 | $ | 1,144.00 | ||||
(b)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 $24.8 million as of December 31, 2014. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire through late-2015 unless extended. |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||
Summary of Stock Option Activity | A summary of option activity during the three years ended December 31, 2014 is as follows: | |||||||||
Options | Weighted Average Exercise Price | |||||||||
Outstanding — December 31, 2011 | 5,181,917 | $ | 7.58 | |||||||
Exercised | (300,000 | ) | 1.56 | |||||||
Canceled | (2,130,754 | ) | 7.88 | |||||||
Outstanding — December 31, 2012 | 2,751,163 | $ | 8.01 | |||||||
Exercised | (1,756,629 | ) | 6.66 | |||||||
Canceled | (994,534 | ) | 10.4 | |||||||
Outstanding — December 31, 2013 | — | $ | — | |||||||
Exercised | — | — | ||||||||
Canceled | — | — | ||||||||
Outstanding — December 31, 2014 | — | $ | — | |||||||
RSUs and Stock Awards Granted | Data concerning RSUs and stock awards granted in the years ended December 31: | |||||||||
2014 | 2013 | 2012 | ||||||||
RSUs — Employees | 2,153,885 | 3,335,039 | 3,793,045 | |||||||
Weighted-average grant date fair value | $ | 10.22 | $ | 7.34 | $ | 5.44 | ||||
Stock Awards — Board of Directors | 77,139 | 103,842 | 207,288 | |||||||
Weighted-average grant date fair value | $ | 10.5 | $ | 7.8 | $ | 5.21 | ||||
Summary of Nonvested RSU Activity | A summary of the changes in the number of unvested RSUs from December 31, 2011 to December 31, 2014 is presented below: | |||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||
Outstanding — December 31, 2011 | 16,758,851 | $ | 2.75 | |||||||
Granted | 3,793,045 | 5.44 | ||||||||
Released | (8,024,847 | ) | 1.09 | |||||||
Forfeited | (216,762 | ) | 4.53 | |||||||
Outstanding — December 31, 2012 | 12,310,287 | $ | 4.63 | |||||||
Granted | 3,335,039 | 7.34 | ||||||||
Released | (5,299,116 | ) | 3.94 | |||||||
Forfeited | (510,077 | ) | 5.94 | |||||||
Outstanding — December 31, 2013 | 9,836,133 | $ | 5.86 | |||||||
Granted | 2,153,885 | 10.22 | ||||||||
Released | (3,619,979 | ) | 5.18 | |||||||
Forfeited | (756,341 | ) | 7.45 | |||||||
Outstanding — December 31, 2014 | 7,613,698 | $ | 7.2 | |||||||
Postretirement_and_Other_Benef1
Postretirement and Other Benefits (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 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 Benefits | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
In millions | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Components of Net Periodic Cost: | |||||||||||||||||||
Service Cost | $ | 12.6 | $ | 16.3 | $ | 18.3 | $ | 1.2 | $ | 1.2 | $ | 1.2 | |||||||
Interest Cost | 57.9 | 52.2 | 51.1 | 2.2 | 2 | 2.3 | |||||||||||||
Expected Return on Plan Assets | (79.8 | ) | (68.0 | ) | (58.1 | ) | — | — | — | ||||||||||
Amortization: | |||||||||||||||||||
Prior Service Cost (Credit) | 0.7 | 0.7 | 0.7 | (0.3 | ) | (0.4 | ) | (0.2 | ) | ||||||||||
Actuarial Loss (Gain) | 13.2 | 36.1 | 30.1 | (1.0 | ) | (1.1 | ) | (1.4 | ) | ||||||||||
Net Curtailment/Settlement Loss | 0.8 | — | — | — | — | — | |||||||||||||
Special Termination Benefit | — | 1.2 | — | — | — | — | |||||||||||||
Other | 0.6 | 0.7 | 0.4 | — | — | (0.1 | ) | ||||||||||||
Net Periodic Cost | $ | 6 | $ | 39.2 | $ | 42.5 | $ | 2.1 | $ | 1.7 | $ | 1.8 | |||||||
Schedule of Assumptions Used | Certain assumptions used in determining the pension and postretirement expenses were as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Weighted Average Assumptions: | |||||||||||||||||||
Discount Rate | 4.86 | % | 4.2 | % | 4.85 | % | 4.74 | % | 3.97 | % | 4.74 | % | |||||||
Rate of Increase in Future Compensation Levels | 1.88 | % | 2.03 | % | 2.16 | % | — | — | — | ||||||||||
Expected Long-Term Rate of Return on Plan Assets | 7.69 | % | 7.6 | % | 7.9 | % | — | — | — | ||||||||||
Initial Health Care Cost Trend Rate | — | — | — | 7.5 | % | 9 | % | 8 | % | ||||||||||
Ultimate Health Care Cost Trend Rate | — | — | — | 4.77 | % | 4.5 | % | 5 | % | ||||||||||
Ultimate Year | — | — | — | 2027 | 2023 | 2018 | |||||||||||||
Schedule of Net Funded Status | The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,218.90 | $ | 1,288.90 | $ | 47.9 | $ | 56.4 | |||||||||||
Service Cost | 12.6 | 16.3 | 1.2 | 1.2 | |||||||||||||||
Interest Cost | 57.9 | 52.2 | 2.2 | 2 | |||||||||||||||
Actuarial Loss (Gain) | 189.1 | (91.4 | ) | (5.7 | ) | (8.3 | ) | ||||||||||||
Foreign Currency Exchange | (17.8 | ) | 3.4 | — | — | ||||||||||||||
Settlement/Curtailment Gain | (1.8 | ) | (0.3 | ) | — | — | |||||||||||||
Settlements | (40.2 | ) | — | — | — | ||||||||||||||
Benefits Paid | (52.5 | ) | (51.8 | ) | (2.2 | ) | (1.8 | ) | |||||||||||
Amendments | — | — | — | (1.8 | ) | ||||||||||||||
Other | 0.5 | 1.6 | 0.2 | 0.2 | |||||||||||||||
Benefit Obligation at End of Year | $ | 1,366.70 | $ | 1,218.90 | $ | 43.6 | $ | 47.9 | |||||||||||
Change in Plan Assets: | |||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,065.70 | $ | 921.3 | $ | — | $ | — | |||||||||||
Actual Return on Plan Assets | 82.9 | 142.1 | — | — | |||||||||||||||
Employer Contributions | 52.2 | 51.5 | 2.2 | 1.8 | |||||||||||||||
Foreign Currency Exchange | (15.3 | ) | 2.8 | — | — | ||||||||||||||
Benefits Paid | (52.5 | ) | (51.8 | ) | (2.2 | ) | (1.8 | ) | |||||||||||
Settlements | (40.2 | ) | — | — | — | ||||||||||||||
Other | — | (0.2 | ) | — | — | ||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,092.80 | $ | 1,065.70 | $ | — | $ | — | |||||||||||
Plan Assets Less than Projected Benefit Obligation | $ | (273.9 | ) | $ | (153.2 | ) | $ | (43.6 | ) | $ | (47.9 | ) | |||||||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||||||||||||||||
Pension Assets | $ | 0.1 | $ | 0.7 | $ | — | $ | — | |||||||||||
Accrued Pension and Postretirement Benefits Liability — Current | $ | (2.1 | ) | $ | (1.1 | ) | $ | (2.7 | ) | $ | (2.5 | ) | |||||||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | $ | (271.9 | ) | $ | (152.8 | ) | $ | (40.9 | ) | $ | (45.4 | ) | |||||||
Accumulated Other Comprehensive Income: | |||||||||||||||||||
Net Actuarial Loss (Gain) | $ | 322.7 | $ | 154.8 | $ | (16.5 | ) | $ | (11.9 | ) | |||||||||
Prior Service Cost (Credit) | $ | 2.9 | $ | 3.6 | $ | (1.9 | ) | $ | (2.2 | ) | |||||||||
Weighted Average Calculations: | |||||||||||||||||||
Discount Rate | 4.02 | % | 4.86 | % | 3.95 | % | 4.74 | % | |||||||||||
Rates of Increase in Future Compensation Levels | 1.45 | % | 1.88 | % | — | — | |||||||||||||
Initial Health Care Cost Trend Rate | — | — | 7.38 | % | 7.5 | % | |||||||||||||
Ultimate Health Care Cost Trend Rate | — | — | 4.96 | % | 4.77 | % | |||||||||||||
Ultimate Year | — | — | 2036 | 2027 | |||||||||||||||
Schedule of Allocation of Plan Assets | The weighted average allocation of plan assets and the target allocation by asset category is as follows: | ||||||||||||||||||
Target | 2014 | 2013 | |||||||||||||||||
Cash | 1 | % | 2.6 | % | 2.2 | % | |||||||||||||
Equity Securities | 52.2 | 51 | 52.7 | ||||||||||||||||
Fixed Income Securities | 40.3 | 39.9 | 38.6 | ||||||||||||||||
Other Investments | 6.5 | 6.5 | 6.5 | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Schedule of Fair Value of Plan Assets | The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2014 and 2013: | ||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
In millions | Total | ||||||||||||||||||
Asset Category: | |||||||||||||||||||
Cash (a) | $ | 28.8 | $ | 2.3 | $ | 26.5 | $ | — | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic (a) | 379.8 | 77.7 | 302.1 | — | |||||||||||||||
Foreign (a) | 177.7 | 62.8 | 114.9 | — | |||||||||||||||
Fixed Income Securities (a) | 436.3 | 169.1 | 267.2 | — | |||||||||||||||
Other Investments: | |||||||||||||||||||
Real estate (a) | 21.8 | — | 21.8 | — | |||||||||||||||
Diversified growth fund (b) | 48.4 | — | 48.4 | — | |||||||||||||||
Total | $ | 1,092.80 | $ | 311.9 | $ | 780.9 | $ | — | |||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||
In millions | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
Asset Category: | |||||||||||||||||||
Cash (a) | $ | 23.8 | $ | 4.5 | $ | 19.3 | $ | — | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic (a) | 378 | 75.8 | 302.2 | — | |||||||||||||||
Foreign (a) | 183.1 | 64.7 | 118.4 | — | |||||||||||||||
Fixed Income Securities (a) | 411.3 | 261.8 | 149.5 | — | |||||||||||||||
Other Investments: | |||||||||||||||||||
Real estate (a) | 20.9 | — | 20.9 | — | |||||||||||||||
Diversified growth fund (b) | 48.6 | — | 48.6 | — | |||||||||||||||
Total | $ | 1,065.70 | $ | 406.8 | $ | 658.9 | $ | — | |||||||||||
(a) The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. | |||||||||||||||||||
(b) The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five year horizon. | |||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects on 2014 data: | ||||||||||||||||||
One Percentage Point | |||||||||||||||||||
In millions | Increase | Decrease | |||||||||||||||||
Health Care Cost Trend Rate Sensitivity: | |||||||||||||||||||
Effect on Total Interest and Service Cost Components | $ | 0.3 | $ | (0.2 | ) | ||||||||||||||
Effect on Year-End Postretirement Benefit Obligation | $ | 2.2 | $ | (1.9 | ) | ||||||||||||||
Schedule of Expected Benefit Payments | The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2024: | ||||||||||||||||||
In millions | Pension Plans | Postretirement Health Care Benefits | |||||||||||||||||
2015 | $ | 85.9 | $ | 2.7 | |||||||||||||||
2016 | 58.8 | 3 | |||||||||||||||||
2017 | 62.9 | 3.1 | |||||||||||||||||
2018 | 65.8 | 3.2 | |||||||||||||||||
2019 | 68.9 | 3.3 | |||||||||||||||||
2020— 2024 | 382.4 | 16.4 | |||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | During 2015, amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||
In millions | |||||||||||||||||||
Recognition of Prior Service Cost | $ | 0.7 | $ | (0.3 | ) | ||||||||||||||
Recognition of Actuarial Loss (Gain) | 22 | (1.5 | ) | ||||||||||||||||
Schedule of Multiemployer Plans | The Company's participation in these plans for the year ended December 31, 2014, 2013 and 2012 is shown in the table below: | ||||||||||||||||||
Pension Protection Act Zone Status | Company Contributions (in millions) | ||||||||||||||||||
Multi-employer Pension Fund | EIN/Pension Plan Number | 2014 | 2013 | FIP/RP Status Implemented | 2014 | 2013 | 2012 | Surcharged Imposed | Expiration Date of Bargaining Agreement | ||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-6044243/001 | Red | Red | Yes | $ | 0.1 | $ | 0.1 | $ | 0.1 | Yes | 7/31/18 | |||||||
PIUMP (1) | 11-6166763/001 | Red | Red | Yes | 0.3 | 0.4 | 0.5 | Yes | 9/30/14 | ||||||||||
Western Conference of Teamsters Pension Trust - Northwest Area | 91-6145047/001 | Green | Green | No | 0.1 | 0.1 | 0.1 | No | 4/30/17 | ||||||||||
Total | $ | 0.5 | $ | 0.6 | $ | 0.7 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entities consisted of the following: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||
U.S. | $ | 128 | $ | 252 | $ | 200.4 | ||||||||||
International | 4.7 | (39.4 | ) | (0.1 | ) | |||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | $ | 132.7 | $ | 212.6 | $ | 200.3 | ||||||||||
Schedule of Components of Income Tax (Expense) Benefit | The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entities consisted of the following: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||
Current (Expense) Benefit: | ||||||||||||||||
U.S. | $ | (7.5 | ) | $ | (1.4 | ) | $ | (3.4 | ) | |||||||
International | (4.8 | ) | (3.3 | ) | (3.1 | ) | ||||||||||
Total Current | $ | (12.3 | ) | $ | (4.7 | ) | $ | (6.5 | ) | |||||||
Deferred (Expense) Benefit: | ||||||||||||||||
U.S. | (35.0 | ) | (65.3 | ) | (76.0 | ) | ||||||||||
International | 1.9 | 2.6 | — | |||||||||||||
Total Deferred | $ | (33.1 | ) | $ | (62.7 | ) | $ | (76.0 | ) | |||||||
Income Tax (Expense) | $ | (45.4 | ) | $ | (67.4 | ) | $ | (82.5 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entities at the federal statutory rate of 35% compared with the Company’s actual Income Tax (Expense) Benefit is as follows: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
In millions | 2014 | Percent | 2013 | Percent | 2012 | Percent | ||||||||||
Income Tax Expense at U.S. Statutory Rate | $ | (46.4 | ) | 35 | % | $ | (74.4 | ) | 35 | % | $ | (70.1 | ) | 35 | % | |
U.S. State and Local Tax (Expense) Benefit | (5.9 | ) | 4.4 | (7.7 | ) | 3.6 | (6.3 | ) | 3.1 | |||||||
Goodwill Related to Dispositions | (8.6 | ) | 6.5 | — | — | — | — | |||||||||
Capital Loss on Subsidiary Stock | — | — | 5.4 | (2.6 | ) | — | — | |||||||||
Permanent Items | (4.7 | ) | 3.5 | (3.5 | ) | 1.7 | (3.4 | ) | 1.6 | |||||||
Change in Valuation Allowance | (5.1 | ) | 3.9 | (15.2 | ) | 7.2 | (1.8 | ) | 0.9 | |||||||
International Tax Rate Differences | 3.5 | (2.6 | ) | 2.9 | (1.4 | ) | 0.4 | (0.1 | ) | |||||||
Foreign Withholding Tax | (0.1 | ) | — | (0.4 | ) | 0.2 | (0.2 | ) | 0.1 | |||||||
Non taxable Excise Tax Credit Refunds | — | — | 29.4 | (13.8 | ) | — | — | |||||||||
Change in Tax Rates | 4.5 | (3.4 | ) | (3.6 | ) | 1.7 | — | — | ||||||||
U.S. Federal & State Research Credits | 20.1 | (15.1 | ) | — | — | — | — | |||||||||
Uncertain Tax Positions | (4.5 | ) | 3.4 | — | — | (0.1 | ) | 0.1 | ||||||||
Other | 1.8 | (1.4 | ) | (0.3 | ) | 0.1 | (1.0 | ) | 0.5 | |||||||
Income Tax (Expense) Benefit | $ | (45.4 | ) | 34.2 | % | $ | (67.4 | ) | 31.7 | % | $ | (82.5 | ) | 41.2 | % | |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: | |||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||
Current Deferred Income Tax Assets: | ||||||||||||||||
Compensation Based Accruals | $ | 38.9 | $ | 33.5 | ||||||||||||
Current Portion of Net Operating Loss Carryforwards | 121.3 | 127.1 | ||||||||||||||
Other | 23 | 15.3 | ||||||||||||||
Valuation Allowance | (6.0 | ) | (4.6 | ) | ||||||||||||
Net Current Deferred Income Tax Assets | $ | 177.2 | $ | 171.3 | ||||||||||||
Noncurrent Deferred Income Tax Assets (Liabilities): | ||||||||||||||||
Net Operating Loss Carryforwards | $ | 189.1 | $ | 259.3 | ||||||||||||
Postretirement Benefits | 127.3 | 80.6 | ||||||||||||||
Tax Credits | 28.8 | 13.1 | ||||||||||||||
Other | 21.6 | 22.7 | ||||||||||||||
Valuation Allowance | (47.6 | ) | (47.5 | ) | ||||||||||||
Property, Plant and Equipment | (264.7 | ) | (258.2 | ) | ||||||||||||
Goodwill | (271.3 | ) | (270.3 | ) | ||||||||||||
Other Intangibles | (85.1 | ) | (120.7 | ) | ||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | (301.9 | ) | $ | (321.0 | ) | ||||||||||
Net Deferred Income Tax (Liability) Asset | $ | (124.7 | ) | $ | (149.7 | ) | ||||||||||
Summary of Valuation Allowance | The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2014, 2013, and 2012, respectively: | |||||||||||||||
December 31, | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | |||||||||||||
Balance Beginning of Period | $ | 52.1 | $ | 37.3 | $ | 37 | ||||||||||
Charges | 5.1 | 15.2 | 1.8 | |||||||||||||
Deductions | (3.6 | ) | (0.4 | ) | (1.5 | ) | ||||||||||
Balance at End of Period | $ | 53.6 | $ | 52.1 | $ | 37.3 | ||||||||||
Summary of Operating Loss Carryforwards | The U.S. federal net operating loss carryforwards expire as follows: | |||||||||||||||
In millions | ||||||||||||||||
2018 | $ | — | ||||||||||||||
2019 | 141.3 | |||||||||||||||
2021 | 141.2 | |||||||||||||||
2022 | 1.4 | |||||||||||||||
2023 | 67.9 | |||||||||||||||
2024 | 117.8 | |||||||||||||||
2026 | 22.9 | |||||||||||||||
2027 | 93 | |||||||||||||||
2028 | 12.2 | |||||||||||||||
2029 | 114.6 | |||||||||||||||
Total | $ | 712.3 | ||||||||||||||
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||
Balance at January 1, | $ | 7.4 | $ | 0.8 | ||||||||||||
Additions for Tax Positions of Current Year | 0.4 | — | ||||||||||||||
Additions for Tax Positions of Prior Years | 4.1 | 6.6 | ||||||||||||||
Reductions for Tax Positions of Prior Years | (6.7 | ) | — | |||||||||||||
Balance at December 31, | $ | 5.2 | $ | 7.4 | ||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||
Effect of Derivative Instruments | The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Consolidated Statements of Operations for the year ended December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | Location in Statement of Operations (Effective Portion) | Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | Location in Statement of Operations (Ineffective Portion) | Location in Statement of Operations (Ineffective Portion) | |||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Commodity Contracts | $ | 12.9 | $ | 0.2 | Cost of Sales | $ | (1.8 | ) | $ | 1.6 | Cost of Sales | $ | 0.5 | $ | (0.1 | ) | |||||||
Foreign Currency Contracts | (3.1 | ) | (2.8 | ) | Other Income, Net | (0.7 | ) | (2.2 | ) | Other Income, Net | — | — | |||||||||||
Interest Rate Swap Agreements | 2.2 | 0.7 | Interest Expense, Net | $ | 3.3 | 3.1 | Interest Expense, Net | — | — | ||||||||||||||
Total | $ | 12 | $ | (1.9 | ) | $ | 0.8 | $ | 2.5 | $ | 0.5 | $ | (0.1 | ) | |||||||||
The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||
In millions | 2014 | 2013 | |||||||||||||||||||||
Foreign Currency Contracts | Other (Income) Expense, Net | $ | (5.4 | ) | $ | 0.9 | |||||||||||||||||
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 Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity as of December 31: | ||||||||||||||||||||||
In millions | 2014 | 2013 | 2012 | ||||||||||||||||||||
Balance at January 1 | $ | (1.3 | ) | $ | (5.7 | ) | $ | (4.7 | ) | ||||||||||||||
Reclassification to earnings | 0.8 | 2.5 | 6 | ||||||||||||||||||||
Current period change in fair value | (12.0 | ) | 1.9 | (7.0 | ) | ||||||||||||||||||
Balance at December 31 | $ | (12.5 | ) | $ | (1.3 | ) | $ | (5.7 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income (Loss) | The changes in the components of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company are as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (11.2 | ) | $ | 4.3 | $ | (6.9 | ) | $ | 4.4 | $ | (1.2 | ) | $ | 3.2 | $ | (1.0 | ) | $ | 0.4 | $ | (0.6 | ) | |||||||
Currency Translation Adjustment | (34.7 | ) | 0.7 | (34.0 | ) | (13.9 | ) | 0.3 | (13.6 | ) | 0.3 | 0.3 | 0.6 | |||||||||||||||||
Pension Benefit Plans | (168.0 | ) | 62 | (106.0 | ) | 203.9 | (76.8 | ) | 127.1 | (41.4 | ) | 14.9 | (26.5 | ) | ||||||||||||||||
Postretirement Benefit Plans | 2.7 | (1.7 | ) | 1 | 9.5 | (3.1 | ) | 6.4 | (4.4 | ) | 1.7 | (2.7 | ) | |||||||||||||||||
Postemployment Benefit Plans | (0.5 | ) | — | (0.5 | ) | — | — | — | — | — | — | |||||||||||||||||||
Other Comprehensive Income (Loss) | $ | (211.7 | ) | $ | 65.3 | $ | (146.4 | ) | $ | 203.9 | $ | (80.8 | ) | $ | 123.1 | $ | (46.5 | ) | $ | 17.3 | $ | (29.2 | ) | |||||||
Balance in Accumulated Other Comprehensive Income (Loss) | The balances of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: | |||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||||||||||||||
Accumulated Derivative Instruments Loss | $ | (17.7 | ) | $ | (10.8 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | (50.6 | ) | (16.6 | ) | ||||||||||||||||||||||||||
Pension Benefit Plans | (278.0 | ) | (172.0 | ) | ||||||||||||||||||||||||||
Postretirement Benefit Plans | 11.7 | 10.7 | ||||||||||||||||||||||||||||
Postemployment Benefit Plans | — | 0.5 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | (334.6 | ) | $ | (188.2 | ) | ||||||||||||||||||||||||
The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 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 | ) | $ | (172.0 | ) | $ | 10.7 | $ | 0.5 | $ | (16.6 | ) | $ | (188.2 | ) | ||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | (7.4 | ) | (114.8 | ) | 1.8 | (0.5 | ) | (34.0 | ) | (154.9 | ) | |||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) | 0.5 | 8.8 | (0.8 | ) | — | — | 8.5 | |||||||||||||||||||||||
Net Current-period Other Comprehensive Income (Loss) | (6.9 | ) | (106.0 | ) | 1 | (0.5 | ) | (34.0 | ) | (146.4 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | (17.7 | ) | $ | (278.0 | ) | $ | 11.7 | $ | — | $ | (50.6 | ) | $ | (334.6 | ) | ||||||||||||||
(a) | All amounts are net-of-tax. | |||||||||||||||||||||||||||||
(b) See following table for details about these reclassifications. | ||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following represents reclassifications out of Accumulated Other Comprehensive Income for the year ended December 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 | $ | (1.8 | ) | Cost of Sales | ||||||||||||||||||||||||||
Foreign Currency Contracts | (0.7 | ) | Other Income, Net | |||||||||||||||||||||||||||
Interest Rate Swap Agreements | 3.3 | Interest Expense, Net | ||||||||||||||||||||||||||||
0.8 | Total before Tax | |||||||||||||||||||||||||||||
(0.3 | ) | Tax Expense | ||||||||||||||||||||||||||||
$ | 0.5 | Net of Tax | ||||||||||||||||||||||||||||
Amortization of Defined Benefit Pension Plans: | ||||||||||||||||||||||||||||||
Prior Service Costs | $ | 0.7 | (c) | |||||||||||||||||||||||||||
Actuarial Losses | 13.2 | (c) | ||||||||||||||||||||||||||||
13.9 | Total before Tax | |||||||||||||||||||||||||||||
(5.1 | ) | Tax Expense | ||||||||||||||||||||||||||||
$ | 8.8 | Net of Tax | ||||||||||||||||||||||||||||
Amortization of Postretirement Benefit Plans: | ||||||||||||||||||||||||||||||
Prior Service Credits | $ | (0.3 | ) | (c) | ||||||||||||||||||||||||||
Actuarial Gains | (1.0 | ) | (c) | |||||||||||||||||||||||||||
(1.3 | ) | Total before Tax | ||||||||||||||||||||||||||||
0.5 | Tax Benefit | |||||||||||||||||||||||||||||
$ | (0.8 | ) | Net of Tax | |||||||||||||||||||||||||||
Total Reclassifications for the Period | $ | 8.5 | ||||||||||||||||||||||||||||
(c) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Future minimum rental payments, Capital and Operating leases | Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and the future minimum lease payments at December 31, 2014, are as follows: | |||||||||
In millions | Capital Leases | Operating Leases | Total | |||||||
2015 | $ | 1.6 | $ | 30.1 | $ | 31.7 | ||||
2016 | 0.7 | 25 | 25.7 | |||||||
2017 | 0.5 | 17.8 | 18.3 | |||||||
2018 | 0.3 | 11.8 | 12.1 | |||||||
2019 | — | 8.8 | 8.8 | |||||||
Thereafter | — | 14.5 | 14.5 | |||||||
Total Minimum Lease Payments | 3.1 | 108 | 111.1 | |||||||
Less: Amount Representing Interest | (0.1 | ) | — | (0.1 | ) | |||||
Present Value of Net Minimum Leases | $ | 3 | $ | 108 | $ | 111 | ||||
Long-term purchase commitments | At December 31, 2014, total commitments under these contracts were as follows: | |||||||||
In millions | ||||||||||
2015 | $ | 122.4 | ||||||||
2016 | 67 | |||||||||
2017 | 53.1 | |||||||||
2018 | 38 | |||||||||
2019 | 35.4 | |||||||||
Thereafter | 214.8 | |||||||||
Total | $ | 530.7 | ||||||||
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ||||
Schedule of Redeemable Noncontrolling Interests | ||||
In millions | ||||
Balance at December 31, 2012 | $ | 10.8 | ||
Net Income Attributable to Redeemable Noncontrolling Interests | 0.1 | |||
Other Comprehensive Income | 0.4 | |||
Change in Fair Value of Redeemable Securities | — | |||
Balance at December 31, 2013 | $ | 11.3 | ||
Net Loss Attributable to Redeemable Noncontrolling Interests | (0.7 | ) | ||
Other Comprehensive Income | 0.3 | |||
Redemption of Noncontrolling Interest | (10.9 | ) | ||
Balance at December 31, 2014 | $ | — | ||
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Schedule of Change in Beneficial Ownership | The beneficial ownership of the Company's common stock by the Selling Stockholders at December 31, 2014, 2013 and 2012 is as follows (unaudited): | ||||||||||||||||||||||||
TPG Entities | Coors Family Stockholders | CD&R Fund | Old Town | Total | |||||||||||||||||||||
Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | Number of Shares Beneficially Owned | Percent Owned | ||||||||||||||||
Balance at December 31, 2012 | 92,858,564 | 27 | % | 42,770,606 | 12.4 | % | 24,045,696 | 7 | % | 24,045,696 | 7 | % | 183,720,562 | 53.4 | % | ||||||||||
Secondary Offerings and Share Repurchases | (53,465,300 | ) | (25,623,722 | ) | (15,488,663 | ) | (15,488,663 | ) | (110,066,348 | ) | |||||||||||||||
Balance at December 31, 2013 | 39,393,264 | 12.1 | % | 17,146,884 | 5.3 | % | 8,557,033 | 2.6 | % | 8,557,033 | 2.6 | % | 73,654,214 | 22.6 | % | ||||||||||
Secondary Offerings | (39,393,264 | ) | — | (17,146,884 | ) | — | (8,557,033 | ) | — | (8,557,033 | ) | — | (73,654,214 | ) | |||||||||||
Balance at December 31, 2014 | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | ||||||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||
Schedule of Segment Reporting Information, by Segment | Business segment information is as follows: | |||||||||
Year Ended December 31, | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
NET SALES: | ||||||||||
Paperboard Packaging | $ | 4,024.90 | $ | 3,939.00 | $ | 3,715.10 | ||||
Flexible Packaging | 215.6 | 539.1 | 622 | |||||||
Total | $ | 4,240.50 | $ | 4,478.10 | $ | 4,337.10 | ||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||||
Paperboard Packaging | $ | 413.9 | $ | 354 | $ | 356.8 | ||||
Flexible Packaging (a) | (186.1 | ) | (12.4 | ) | (34.4 | ) | ||||
Total | $ | 227.8 | $ | 341.6 | $ | 322.4 | ||||
CAPITAL EXPENDITURES: | ||||||||||
Paperboard Packaging | $ | 195.8 | $ | 191.6 | $ | 187.5 | ||||
Flexible Packaging | 5.6 | 17.6 | 15.8 | |||||||
Total | $ | 201.4 | $ | 209.2 | $ | 203.3 | ||||
DEPRECIATION AND AMORTIZATION: | ||||||||||
Paperboard Packaging | $ | 259 | $ | 249.6 | $ | 235.7 | ||||
Flexible Packaging | 11 | 27.8 | 31.1 | |||||||
Total | $ | 270 | $ | 277.4 | $ | 266.8 | ||||
(a) Includes Loss on Sale of Assets of multi-wall bag business of $171.1 million in 2014. | ||||||||||
December 31, | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
ASSETS AT DECEMBER 31: | ||||||||||
Paperboard Packaging | $ | 4,331.30 | $ | 4,275.80 | $ | 4,284.90 | ||||
Flexible Packaging | — | 283.5 | 346.7 | |||||||
Total | $ | 4,331.30 | $ | 4,559.30 | $ | 4,631.60 | ||||
Schedule of Segment Reporting Information, by Geographical Areas | Business geographic area information is as follows: | |||||||||
Year Ended December 31, | ||||||||||
In millions | 2014 | 2013 | 2012 | |||||||
NET SALES: | ||||||||||
U.S./Canada | $ | 3,610.50 | $ | 3,973.60 | $ | 4,096.90 | ||||
Central/South America | 82.9 | 75.3 | 76.4 | |||||||
Europe | 592.5 | 462.5 | 170.6 | |||||||
Asia Pacific | 129.4 | 132.6 | 170.9 | |||||||
Eliminations (a) | (174.8 | ) | (165.9 | ) | (177.7 | ) | ||||
Total | $ | 4,240.50 | $ | 4,478.10 | $ | 4,337.10 | ||||
In millions | 2014 | 2013 | 2012 | |||||||
ASSETS AT DECEMBER 31: | ||||||||||
U.S./Canada | $ | 3,172.80 | $ | 3,862.00 | $ | 4,020.00 | ||||
Central/South America | 88 | 92 | 90.7 | |||||||
Europe | 991.2 | 529 | 434 | |||||||
Asia Pacific | 79.3 | 76.3 | 86.9 | |||||||
Total | $ | 4,331.30 | $ | 4,559.30 | $ | 4,631.60 | ||||
Notes: | ||||||||||
a. | Represents primarily the elimination of intergeographic sales between the Company’s U.S. and Europe, Asia Pacific and Central/South America operations. | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Results of Operations | Results of operations for the four quarters of 2014 and 2013 are shown below. | |||||||||||||||
2014 | ||||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total(a) | |||||||||||
Statement of Operations Data: | ||||||||||||||||
Net Sales | $ | 1,072.70 | $ | 1,116.70 | $ | 1,050.00 | $ | 1,001.10 | $ | 4,240.50 | ||||||
Gross Profit | 187 | 213.1 | 202.4 | 184.7 | 787.2 | |||||||||||
Restructuring and Other Special Charges | 7.8 | 171.1 | 6.8 | 11.9 | 197.6 | |||||||||||
Income (Loss) from Operations | 79.7 | (52.9 | ) | 112.3 | 88.7 | 227.8 | ||||||||||
Net Income | 34.8 | (40.3 | ) | 53 | 41.5 | 89 | ||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 35.2 | (40.0 | ) | 53 | 41.5 | 89.7 | ||||||||||
Income Per Share Attributable to Graphic Packaging Holding Company — Basic | $ | 0.11 | $ | (0.12 | ) | $ | 0.16 | $ | 0.13 | $ | 0.27 | |||||
Income Per Share Attributable to Graphic Packaging Holding Company — Diluted | $ | 0.11 | $ | (0.12 | ) | $ | 0.16 | $ | 0.13 | $ | 0.27 | |||||
(a) May not cross foot due to rounding. | ||||||||||||||||
2013 | ||||||||||||||||
In millions, except per share amounts | First | Second | Third | Fourth | Total | |||||||||||
Statement of Operations Data: | ||||||||||||||||
Net Sales | $ | 1,100.50 | $ | 1,139.70 | $ | 1,163.00 | $ | 1,074.90 | $ | 4,478.10 | ||||||
Gross Profit | 182.9 | 188.6 | 180.7 | 173.4 | 725.6 | |||||||||||
Restructuring and Other Special Charges (Credits) | 1.4 | 8.3 | (14.8 | ) | 18.2 | 13.1 | ||||||||||
Income from Operations | 85.2 | 87.7 | 105.7 | 63 | 341.6 | |||||||||||
Net Income | 34.6 | 21.1 | 45.7 | 45.3 | 146.7 | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 34.9 | 21.2 | 44.5 | 46 | 146.6 | |||||||||||
Income Per Share Attributable to Graphic Packaging Holding Company — Basic | $ | 0.1 | $ | 0.06 | $ | 0.13 | $ | 0.13 | $ | 0.42 | ||||||
Income Per Share Attributable to Graphic Packaging Holding Company — Diluted | $ | 0.1 | $ | 0.06 | $ | 0.13 | $ | 0.13 | $ | 0.42 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share, Basic and Diluted | ||||||||||
Year Ended December 31, | ||||||||||
In millions, except per share data | 2014 | 2013 | 2012 | |||||||
Net Income Attributable to Graphic Packaging Holding Company | $ | 89.7 | $ | 146.6 | $ | 122.6 | ||||
Weighted Average Shares: | ||||||||||
Basic | 328.6 | 347.3 | 393.4 | |||||||
Dilutive effect of RSUs and stock options | 1.9 | 2.4 | 2.8 | |||||||
Diluted | 330.5 | 349.7 | 396.2 | |||||||
Earnings Per Share — Basic | $ | 0.27 | $ | 0.42 | $ | 0.31 | ||||
Earnings Per Share — Diluted | $ | 0.27 | $ | 0.42 | $ | 0.31 | ||||
Antidilutive Securities Excluded from Calculation of Earnings Per Share | The following are the potentially dilutive securities excluded from the above calculation because the effect would have been anti-dilutive: | |||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Employee Stock Options | — | 773,542 | 2,346,818 | |||||||
Guarantor_Condensed_Consolidat1
Guarantor Condensed Consolidated Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Guarantor Condensed Consolidated Financial Statements [Abstract] | |||||||||||||||||||
Schedule of Guarantor Condensed Consolidating Statements of Operations | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
Net Sales | $ | — | $ | 3,422.50 | $ | 38 | $ | 1,028.40 | $ | (248.4 | ) | $ | 4,240.50 | ||||||
Cost of Sales | — | 2,747.20 | 36.5 | 918 | (248.4 | ) | 3,453.30 | ||||||||||||
Selling, General and Administrative | — | 303.7 | 2.1 | 59.7 | — | 365.5 | |||||||||||||
Other (Income) Expense, Net | — | (6.0 | ) | (0.7 | ) | 3 | — | (3.7 | ) | ||||||||||
Restructuring and Other Special Charges | — | 7.9 | 5.9 | 183.8 | — | 197.6 | |||||||||||||
Income (Loss) from Operations | — | 369.7 | (5.8 | ) | (136.1 | ) | — | 227.8 | |||||||||||
Interest Expense, Net | — | (74.1 | ) | — | (6.6 | ) | — | (80.7 | ) | ||||||||||
Loss on Modification or Extinguishment of Debt | — | (14.4 | ) | — | — | — | (14.4 | ) | |||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 281.2 | (5.8 | ) | (142.7 | ) | — | 132.7 | |||||||||||
Income Tax (Expense) Benefit | — | (103.8 | ) | (1.0 | ) | 59.4 | — | (45.4 | ) | ||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 177.4 | (6.8 | ) | (83.3 | ) | — | 87.3 | |||||||||||
Equity Income of Unconsolidated Entities | — | — | — | 1.7 | — | 1.7 | |||||||||||||
Equity in Net Earnings of Subsidiaries | 89 | (88.4 | ) | (0.6 | ) | — | — | — | |||||||||||
Net Income (Loss) | 89 | 89 | (7.4 | ) | (81.6 | ) | — | 89 | |||||||||||
Net Income Attributable to Noncontrolling Interests | 0.7 | 0.7 | — | — | (0.7 | ) | 0.7 | ||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 89.7 | $ | 89.7 | $ | (7.4 | ) | $ | (81.6 | ) | $ | (0.7 | ) | $ | 89.7 | ||||
Comprehensive Loss Attributable to Graphic Packaging Holding Company | $ | (56.7 | ) | $ | (56.7 | ) | $ | (17.6 | ) | $ | (135.5 | ) | $ | 209.8 | $ | (56.7 | ) | ||
Year Ended December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
Net Sales | $ | — | $ | 3,298.40 | $ | 94 | $ | 1,276.70 | $ | (191.0 | ) | $ | 4,478.10 | ||||||
Cost of Sales | — | 2,680.10 | 78.1 | 1,185.30 | (191.0 | ) | 3,752.50 | ||||||||||||
Selling, General and Administrative | — | 260.7 | 9 | 114.6 | — | 384.3 | |||||||||||||
Other Income, Net | — | (7.3 | ) | (0.3 | ) | (5.8 | ) | — | (13.4 | ) | |||||||||
Restructuring and Other Special Charges | — | 4.6 | — | 8.5 | — | 13.1 | |||||||||||||
Income (Loss) from Operations | — | 360.3 | 7.2 | (25.9 | ) | — | 341.6 | ||||||||||||
Interest Expense, Net | — | (91.5 | ) | — | (10.4 | ) | — | (101.9 | ) | ||||||||||
Loss on Modification or Extinguishment of Debt | — | (27.1 | ) | — | — | — | (27.1 | ) | |||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 241.7 | 7.2 | (36.3 | ) | — | 212.6 | ||||||||||||
Income Tax Expense | — | (63.0 | ) | (3.6 | ) | (0.8 | ) | — | (67.4 | ) | |||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 178.7 | 3.6 | (37.1 | ) | — | 145.2 | ||||||||||||
Equity Income (Loss) of Unconsolidated Entities | — | — | 2.2 | (0.7 | ) | — | 1.5 | ||||||||||||
Equity in Net Earnings of Subsidiaries | 146.7 | (32.0 | ) | (2.0 | ) | — | (112.7 | ) | — | ||||||||||
Net Income (Loss) | 146.7 | 146.7 | 3.8 | (37.8 | ) | (112.7 | ) | 146.7 | |||||||||||
Net (Loss) Income Attributable to Noncontrolling Interests | (0.1 | ) | (0.1 | ) | — | — | 0.1 | (0.1 | ) | ||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 146.6 | $ | 146.6 | $ | 3.8 | $ | (37.8 | ) | $ | (112.6 | ) | $ | 146.6 | |||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 269.7 | $ | 269.7 | $ | 3.3 | $ | (45.6 | ) | $ | (227.4 | ) | $ | 269.7 | |||||
Year Ended December 31, 2012 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
Net Sales | $ | — | $ | 3,335.60 | $ | 93.9 | $ | 1,109.70 | $ | (202.1 | ) | $ | 4,337.10 | ||||||
Cost of Sales | — | 2,717.50 | 77.1 | 1,025.00 | (202.1 | ) | 3,617.50 | ||||||||||||
Selling, General and Administrative | — | 283.1 | 9.4 | 85.6 | — | 378.1 | |||||||||||||
Other (Income) Expense, Net | — | (6.4 | ) | 0.8 | (1.7 | ) | — | (7.3 | ) | ||||||||||
Restructuring and Other Special Charges | — | 11 | — | 15.4 | — | 26.4 | |||||||||||||
Income (Loss) from Operations | — | 330.4 | 6.6 | (14.6 | ) | — | 322.4 | ||||||||||||
Interest Expense, Net | — | (103.4 | ) | — | (7.7 | ) | — | (111.1 | ) | ||||||||||
Loss on Modification or Extinguishment of Debt | — | (11.0 | ) | — | — | — | (11.0 | ) | |||||||||||
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | — | 216 | 6.6 | (22.3 | ) | — | 200.3 | ||||||||||||
Income Tax (Expense) Benefit | — | (79.4 | ) | (3.4 | ) | 0.3 | — | (82.5 | ) | ||||||||||
Income (Loss) before Equity Income of Unconsolidated Entities | — | 136.6 | 3.2 | (22.0 | ) | — | 117.8 | ||||||||||||
Equity Income of Unconsolidated Entities | — | — | 2.3 | — | — | 2.3 | |||||||||||||
Equity in Net Earnings of Subsidiaries | 120.1 | (16.5 | ) | (1.2 | ) | — | (102.4 | ) | — | ||||||||||
Net Income (Loss) | $ | 120.1 | $ | 120.1 | $ | 4.3 | $ | (22.0 | ) | $ | (102.4 | ) | $ | 120.1 | |||||
Net Loss (Income) Attributable to Noncontrolling Interests | 2.5 | 2.5 | — | — | (2.5 | ) | 2.5 | ||||||||||||
Net Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 122.6 | $ | 122.6 | $ | 4.3 | $ | (22.0 | ) | $ | (104.9 | ) | $ | 122.6 | |||||
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ | 93.4 | $ | 93.4 | $ | 7.2 | $ | (15.6 | ) | $ | (85.0 | ) | $ | 93.4 | |||||
Schedule of Guarantor Condensed Consolidating Balance Sheets | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
ASSETS | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | 2 | $ | 1.8 | $ | 77.8 | $ | — | $ | 81.6 | |||||||
Receivables, Net | — | 233.2 | 8.6 | 166.5 | — | 408.3 | |||||||||||||
Inventories, Net | — | 408.5 | 4.8 | 108.5 | — | 521.8 | |||||||||||||
Deferred Income Tax Assets | — | 176.9 | — | 0.3 | — | 177.2 | |||||||||||||
Intercompany | 54.5 | 337.5 | — | — | (392.0 | ) | — | ||||||||||||
Other Current Assets | — | 22 | 1.3 | 8.7 | — | 32 | |||||||||||||
Total Current Assets | 54.5 | 1,180.10 | 16.5 | 361.8 | (392.0 | ) | 1,220.90 | ||||||||||||
Property, Plant and Equipment, Net | — | 1,349.30 | 10.3 | 187.3 | (0.1 | ) | 1,546.80 | ||||||||||||
Investment in Consolidated Subsidiaries | 957.8 | — | 18.7 | — | (976.5 | ) | — | ||||||||||||
Goodwill | — | 1,043.10 | — | 75 | — | 1,118.10 | |||||||||||||
Other Assets | — | 372.9 | 15.4 | 57.2 | — | 445.5 | |||||||||||||
Total Assets | $ | 1,012.30 | $ | 3,945.40 | $ | 60.9 | $ | 681.3 | $ | (1,368.6 | ) | $ | 4,331.30 | ||||||
LIABILITIES | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | — | $ | 26.3 | $ | — | $ | 5.9 | $ | — | $ | 32.2 | |||||||
Accounts Payable | — | 316.3 | 2.7 | 105.9 | — | 424.9 | |||||||||||||
Interest Payable | — | 9.4 | — | — | — | 9.4 | |||||||||||||
Intercompany | — | — | 7.1 | 597.4 | (604.5 | ) | — | ||||||||||||
Other Accrued Liabilities | — | 165.7 | 2.7 | 41.8 | — | 210.2 | |||||||||||||
Total Current Liabilities | — | 517.7 | 12.5 | 751 | (604.5 | ) | 676.7 | ||||||||||||
Long-Term Debt | — | 1,822.20 | — | 119.9 | — | 1,942.10 | |||||||||||||
Deferred Income Tax Liabilities | — | 287.3 | 0.3 | 21.7 | — | 309.3 | |||||||||||||
Other Noncurrent Liabilities | — | 360.4 | — | 30.5 | — | 390.9 | |||||||||||||
EQUITY | |||||||||||||||||||
Total Equity | 1,012.30 | 957.8 | 48.1 | (241.8 | ) | (764.1 | ) | 1,012.30 | |||||||||||
Total Liabilities and Equity | $ | 1,012.30 | $ | 3,945.40 | $ | 60.9 | $ | 681.3 | $ | (1,368.6 | ) | $ | 4,331.30 | ||||||
Year Ended December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
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 | 59.1 | 595.5 | — | — | (654.6 | ) | — | ||||||||||||
Other Current Assets | — | 23.2 | — | 15.6 | — | 38.8 | |||||||||||||
Total Current Assets | 59.1 | 1,377.90 | 11.4 | 439 | (655.2 | ) | 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 | $ | 1,073.60 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,694.0 | ) | $ | 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 | |||||||||||||
Interest Payable | — | 15 | — | 0.2 | — | 15.2 | |||||||||||||
Intercompany | — | — | 41.7 | 645.7 | (687.4 | ) | — | ||||||||||||
Other Accrued Liabilities | — | 142.5 | 0.9 | 46.9 | — | 190.3 | |||||||||||||
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 | 1,062.30 | 1,014.50 | 65.7 | (84.9 | ) | (995.3 | ) | 1,062.30 | |||||||||||
Total Liabilities and Equity | $ | 1,073.60 | $ | 4,227.40 | $ | 113.9 | $ | 838.4 | $ | (1,694.0 | ) | $ | 4,559.30 | ||||||
Schedule of Guarantor Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net Income (Loss) | $ | 89 | $ | 89 | $ | (7.4 | ) | $ | (81.6 | ) | $ | — | $ | 89 | |||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||
Depreciation and Amortization | 224.8 | 2.3 | 42.9 | — | 270 | ||||||||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | — | 4.6 | — | — | — | 4.6 | |||||||||||||
Deferred Income Taxes | — | 91.5 | 1 | (59.4 | ) | — | 33.1 | ||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (43.7 | ) | — | (2.6 | ) | — | (46.3 | ) | ||||||||||
Loss on the Sale of Assets | — | — | 6.7 | 166.9 | — | 173.6 | |||||||||||||
Equity in Net Earnings of Subsidiaries | (89.0 | ) | 88.4 | 0.6 | — | — | — | ||||||||||||
Other, Net | — | 43.2 | — | (0.4 | ) | — | 42.8 | ||||||||||||
Changes in Operating Assets and Liabilities | — | (21.9 | ) | 5.6 | (39.9 | ) | 16 | (40.2 | ) | ||||||||||
Net Cash Provided by (Used in) Operating Activities | — | 475.9 | 8.8 | 25.9 | 16 | 526.6 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Capital Spending | — | (142.5 | ) | (5.5 | ) | (53.4 | ) | — | (201.4 | ) | |||||||||
Proceeds from Government Grant | — | 26.9 | — | — | — | 26.9 | |||||||||||||
Acquisition of Businesses | — | — | — | (190.7 | ) | — | (190.7 | ) | |||||||||||
Cash Acquired Related to Business Acquisitions | — | — | — | 16.9 | — | 16.9 | |||||||||||||
Proceeds for Sales of Assets, Net of Selling Cost | — | — | 70.7 | 100.1 | — | 170.8 | |||||||||||||
Other, Net | 15.7 | (5.7 | ) | 0.3 | — | (16.0 | ) | (5.7 | ) | ||||||||||
Net Cash Provided by (Used in) by Investing Activities | 15.7 | (121.3 | ) | 65.5 | (127.1 | ) | (16.0 | ) | (183.2 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Repurchase of Common Stock | — | — | — | — | — | — | |||||||||||||
Proceeds from Issuance or Modification of Debt | — | 250 | — | — | — | 250 | |||||||||||||
Retirement of Long-Term Debt | — | (247.7 | ) | — | — | — | (247.7 | ) | |||||||||||
Payments on Debt | — | (214.6 | ) | — | — | — | (214.6 | ) | |||||||||||
Borrowings under Revolving Credit Facilities | — | 1,825.20 | 0.9 | 131.8 | — | 1,957.90 | |||||||||||||
Payments on Revolving Credit Facilities | — | (1,950.0 | ) | (0.1 | ) | (62.1 | ) | — | (2,012.2 | ) | |||||||||
Debt Issuance Costs | — | (16.8 | ) | — | — | (16.8 | ) | ||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (14.7 | ) | — | — | — | — | (14.7 | ) | |||||||||||
Other, Net | (1.0 | ) | — | (70.7 | ) | 61 | — | (10.7 | ) | ||||||||||
Net Cash (Used in) Provided by Financing Activities | (15.7 | ) | (353.9 | ) | (69.9 | ) | 130.7 | — | (308.8 | ) | |||||||||
Effect of Exchange Rate Changes on Cash | — | — | (2.6 | ) | (2.6 | ) | — | (5.2 | ) | ||||||||||
Net Increase in Cash and Cash Equivalents | — | 0.7 | 1.8 | 26.9 | — | 29.4 | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 1.3 | — | 50.9 | — | 52.2 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 2 | $ | 1.8 | $ | 77.8 | $ | — | $ | 81.6 | |||||||
Year Ended December 31, 2013 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net Income (Loss) | $ | 146.7 | $ | 146.7 | $ | 3.8 | $ | (37.8 | ) | $ | (112.7 | ) | $ | 146.7 | |||||
Non-cash Items Included in Net Income: | |||||||||||||||||||
Depreciation and Amortization | 223.7 | 4.1 | 49.6 | — | 277.4 | ||||||||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | — | — | 4.5 | — | — | 4.5 | |||||||||||||
Amortization of Deferred Debt Issuance Costs | — | — | 7 | — | — | 7 | |||||||||||||
Deferred Income Taxes | — | 65.3 | — | (2.6 | ) | — | 62.7 | ||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (7.2 | ) | — | (5.2 | ) | — | (12.4 | ) | ||||||||||
Impairment Charges/Asset Write-Offs | — | 3.5 | — | (2.0 | ) | — | 1.5 | ||||||||||||
Equity in Net Earnings of Subsidiaries | (146.7 | ) | 32 | 2 | — | 112.7 | — | ||||||||||||
Gain on the Sale of Assets | — | — | — | (26.6 | ) | — | (26.6 | ) | |||||||||||
Other, Net | — | 19.3 | — | 0.2 | — | 19.5 | |||||||||||||
Changes in Operating Assets and Liabilities | — | (38.7 | ) | (19.9 | ) | 48.4 | (12.1 | ) | (22.3 | ) | |||||||||
Net Cash Provided by Operating Activities | — | 444.6 | 1.5 | 24 | (12.1 | ) | 458 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Capital Spending | — | (181.4 | ) | (1.5 | ) | (26.3 | ) | — | (209.2 | ) | |||||||||
Proceeds from Sale of Assets, Net of Selling Costs | — | 0.3 | — | 73.2 | — | 73.5 | |||||||||||||
Other, Net | 211.2 | 64.5 | — | — | (284.4 | ) | (8.7 | ) | |||||||||||
Net Cash Provided by (Used in) Investing Activities | 211.2 | (116.6 | ) | (1.5 | ) | 46.9 | (284.4 | ) | (144.4 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Repurchase of Common Stock | (200.0 | ) | — | — | — | — | (200.0 | ) | |||||||||||
Proceeds from Issuance or Modification of Debt | — | 425 | — | — | — | 425 | |||||||||||||
Payments on Debt | — | (425.0 | ) | — | — | — | (425.0 | ) | |||||||||||
Borrowings under Revolving Credit Facilities | — | (60.4 | ) | — | (10.9 | ) | — | (71.3 | ) | ||||||||||
Payments on Revolving Credit Facilities | — | 1,502.70 | — | 226.5 | — | 1,729.20 | |||||||||||||
Payments on Revolving Credit Facilities | — | (1,532.5 | ) | — | (205.5 | ) | — | (1,738.0 | ) | ||||||||||
Debt Issuance Costs | — | (29.9 | ) | — | — | (29.9 | ) | ||||||||||||
Repurchase of Common Stock related to Share-Based Payments | (11.2 | ) | — | — | — | — | (11.2 | ) | |||||||||||
Other, Net | — | (212.5 | ) | — | (73.9 | ) | 296.5 | 10.1 | |||||||||||
Net Cash (Used in) Provided by Financing Activities | (211.2 | ) | (332.6 | ) | — | (63.8 | ) | 296.5 | (311.1 | ) | |||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | — | (4.6 | ) | — | 5.3 | — | 0.7 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 5.9 | — | 45.6 | — | 51.5 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 1.3 | $ | — | $ | 50.9 | $ | — | $ | 52.2 | |||||||
Year Ended December 31, 2012 | |||||||||||||||||||
In millions | Parent | Subsidiary Issuer | Combined Guarantor Subsidiaries | Combined Nonguarantor Subsidiaries | Consolidating Eliminations | Consolidated | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net Income (Loss) | $ | 120.1 | $ | 120.1 | $ | 4.3 | $ | (22.0 | ) | $ | (102.4 | ) | $ | 120.1 | |||||
Non-cash Items Included in Net Income (Loss): | |||||||||||||||||||
Depreciation and Amortization | — | 224.8 | 4.2 | 37.8 | — | 266.8 | |||||||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | — | 7.5 | — | — | — | 7.5 | |||||||||||||
Amortization of Deferred Debt Issuance Costs | — | 6.2 | — | — | — | 6.2 | |||||||||||||
Deferred Income Taxes | — | 76 | — | — | — | 76 | |||||||||||||
Amount of Postretirement Expense Less Than Funding | — | (12.0 | ) | — | (2.0 | ) | — | (14.0 | ) | ||||||||||
Impairment Charges/Asset Write-Offs | — | 5.4 | — | 0.2 | — | 5.6 | |||||||||||||
Equity in Net Earnings of Subsidiaries | (120.1 | ) | 16.5 | 1.2 | — | 102.4 | — | ||||||||||||
Other, Net | — | 23.3 | — | (5.8 | ) | — | 17.5 | ||||||||||||
Changes in Operating Assets and Liabilities | — | (12.6 | ) | (8.4 | ) | 3.9 | — | (17.1 | ) | ||||||||||
Net Cash Provided by Operating Activities | — | 455.2 | 1.3 | 12.1 | — | 468.6 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Capital Spending | — | (171.6 | ) | (1.3 | ) | (30.4 | ) | — | (203.3 | ) | |||||||||
Acquisition of Business | — | (118.1 | ) | — | — | — | (118.1 | ) | |||||||||||
Cash Acquired Related to Business Acquisition | — | — | — | 13.1 | — | 13.1 | |||||||||||||
Proceeds from Sale of Assets, Net of Selling Costs | — | 18.8 | — | — | — | 18.8 | |||||||||||||
Other, Net | 310.7 | (4.5 | ) | — | — | (310.7 | ) | (4.5 | ) | ||||||||||
Net Cash Used in Investing Activities | 310.7 | (275.4 | ) | (1.3 | ) | (17.3 | ) | (310.7 | ) | (294.0 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Repurchase of Common Stock | (300.0 | ) | — | — | — | — | (300.0 | ) | |||||||||||
Proceeds from Issuance or Modification of Debt | — | 1,300.00 | — | — | — | 1,300.00 | |||||||||||||
Payments on Debt | — | (1,703.4 | ) | — | — | — | (1,703.4 | ) | |||||||||||
Borrowings under Revolving Credit Facilities | — | 1,310.90 | — | 56.3 | — | 1,367.20 | |||||||||||||
Payments on Revolving Credit Facilities | — | (985.1 | ) | — | (49.6 | ) | — | (1,034.7 | ) | ||||||||||
Debt Issuance Costs | — | (27.7 | ) | — | — | — | (27.7 | ) | |||||||||||
Repurchase of Common Stock Related to Share-Based Payments | (10.7 | ) | — | — | — | — | (10.7 | ) | |||||||||||
Other, Net | — | (297.5 | ) | — | — | 310.7 | 13.2 | ||||||||||||
Net Cash Provided by (Used in) Financing Activities | (310.7 | ) | (402.8 | ) | — | 6.7 | 310.7 | (396.1 | ) | ||||||||||
Effect of Exchange Rate Changes on Cash | — | — | — | 1.2 | — | 1.2 | |||||||||||||
Net Increase in Cash and Cash Equivalents | — | (223.0 | ) | — | 2.7 | — | (220.3 | ) | |||||||||||
Cash and Cash Equivalents at Beginning of Period | — | 228.9 | — | 42.9 | — | 271.8 | |||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | — | $ | 5.9 | $ | — | $ | 45.6 | $ | — | $ | 51.5 | |||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | The changes in the components of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company are as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | Pretax Amount | Tax Effect | Net Amount | ||||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Derivative Instruments (Loss) Gain | $ | (11.2 | ) | $ | 4.3 | $ | (6.9 | ) | $ | 4.4 | $ | (1.2 | ) | $ | 3.2 | $ | (1.0 | ) | $ | 0.4 | $ | (0.6 | ) | |||||||
Currency Translation Adjustment | (34.7 | ) | 0.7 | (34.0 | ) | (13.9 | ) | 0.3 | (13.6 | ) | 0.3 | 0.3 | 0.6 | |||||||||||||||||
Pension Benefit Plans | (168.0 | ) | 62 | (106.0 | ) | 203.9 | (76.8 | ) | 127.1 | (41.4 | ) | 14.9 | (26.5 | ) | ||||||||||||||||
Postretirement Benefit Plans | 2.7 | (1.7 | ) | 1 | 9.5 | (3.1 | ) | 6.4 | (4.4 | ) | 1.7 | (2.7 | ) | |||||||||||||||||
Postemployment Benefit Plans | (0.5 | ) | — | (0.5 | ) | — | — | — | — | — | — | |||||||||||||||||||
Other Comprehensive Income (Loss) | $ | (211.7 | ) | $ | 65.3 | $ | (146.4 | ) | $ | 203.9 | $ | (80.8 | ) | $ | 123.1 | $ | (46.5 | ) | $ | 17.3 | $ | (29.2 | ) | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balances of Accumulated Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: | |||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||
In millions | 2014 | 2013 | ||||||||||||||||||||||||||||
Accumulated Derivative Instruments Loss | $ | (17.7 | ) | $ | (10.8 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | (50.6 | ) | (16.6 | ) | ||||||||||||||||||||||||||
Pension Benefit Plans | (278.0 | ) | (172.0 | ) | ||||||||||||||||||||||||||
Postretirement Benefit Plans | 11.7 | 10.7 | ||||||||||||||||||||||||||||
Postemployment Benefit Plans | — | 0.5 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | (334.6 | ) | $ | (188.2 | ) | ||||||||||||||||||||||||
The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 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 | ) | $ | (172.0 | ) | $ | 10.7 | $ | 0.5 | $ | (16.6 | ) | $ | (188.2 | ) | ||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | (7.4 | ) | (114.8 | ) | 1.8 | (0.5 | ) | (34.0 | ) | (154.9 | ) | |||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) | 0.5 | 8.8 | (0.8 | ) | — | — | 8.5 | |||||||||||||||||||||||
Net Current-period Other Comprehensive Income (Loss) | (6.9 | ) | (106.0 | ) | 1 | (0.5 | ) | (34.0 | ) | (146.4 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | (17.7 | ) | $ | (278.0 | ) | $ | 11.7 | $ | — | $ | (50.6 | ) | $ | (334.6 | ) | ||||||||||||||
(a) | All amounts are net-of-tax. | |||||||||||||||||||||||||||||
(b) See following table for details about these reclassifications. |
Nature_of_Business_and_Summary3
Nature of Business and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-14 | 29-May-14 |
Significant Accounting Policies [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Parent's ownership percentage | 87.00% | ||||
Ownership percentage acquired | 13.00% | ||||
Receivables sold | $413 | $290 | |||
Receivables sold and derecognized | 231 | ||||
Amount collected by financial institution | 125 | ||||
Amounted funded by financial institution | 74 | ||||
Receivable from financial institution | 32 | ||||
Amount transferred subject to continuing involvement | 127 | 20 | |||
Spending threshold for capitalization of interest | 1 | ||||
Capitalized interest | 1.6 | 3.5 | 2.2 | ||
Research and development expense | $14.90 | $16.80 | $16.10 | ||
Corporate Joint Venture [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Number | 0 | 0 | 0 |
Nature_of_Business_and_Summary4
Nature of Business and Summary of Significant Accounting Policies - Depreciation and Amortization (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tangible and Intangible Assets [Line Items] | |||
Depreciation | $221.60 | $232.50 | $222.70 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 694.9 | 789.3 | |
Finite-Lived Intangible Assets, Accumulated Amortization | -309.3 | -322.3 | |
Finite-Lived Intangible Assets, Net | 385.6 | 467 | |
Amortization | 48.4 | 44.9 | 44.1 |
Future Amortization Expense 2015 | 40 | ||
Future Amortization Expense, 2016 | 40 | ||
Future Amortization Expense, 2017 | 36 | ||
Future Amortization Expense, 2018 | 36 | ||
Future Amortization Expense, 2019 | 36 | ||
Customer Relationships | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 579.5 | 670.6 | |
Finite-Lived Intangible Assets, Accumulated Amortization | -226.1 | -242.7 | |
Finite-Lived Intangible Assets, Net | 353.4 | 427.9 | |
Patents, Trademarks and Licenses | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-Lived Intangible Assets, Gross | 115.4 | 118.7 | |
Finite-Lived Intangible Assets, Accumulated Amortization | -83.2 | -79.6 | |
Finite-Lived Intangible Assets, Net | $32.20 | $39.10 | |
Buildings | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 40 years | ||
Land Improvements | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 15 years | ||
Machinery and Equipment | Minimum | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 3 years | ||
Machinery and Equipment | Maximum | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 40 years | ||
Furniture and Fixtures | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 10 years | ||
Automobiles, Trucks and Tractors | Minimum | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 3 years | ||
Automobiles, Trucks and Tractors | Maximum | |||
Tangible and Intangible Assets [Line Items] | |||
Useful life (in years) | 5 years |
Nature_of_Business_and_Summary5
Nature of Business and Summary of Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $1,125.40 | $1,139 |
Disposal of Business | -55.4 | -10.9 |
Acquisition of Businesses | 51.9 | |
Foreign Currency Effects | -3.8 | -2.7 |
Goodwill, ending balance | 1,118.10 | 1,125.40 |
Paperboard Packaging Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,117.20 | 1,123.20 |
Disposal of Business | -47.2 | -3.4 |
Acquisition of Businesses | 51.9 | |
Foreign Currency Effects | -3.8 | -2.6 |
Goodwill, ending balance | 1,118.10 | 1,117.20 |
Flexible Packaging Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 8.2 | 15.8 |
Disposal of Business | -8.2 | -7.5 |
Acquisition of Businesses | 0 | |
Foreign Currency Effects | 0 | -0.1 |
Goodwill, ending balance | $0 | $8.20 |
Nature_of_Business_and_Summary6
Nature of Business and Summary of Significant Accounting Policies - Restructuring and Other Special Charges, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill Impairment, Restructuring and Other Charges [Abstract] | |||||||||||
Loss (Gain) on Sale or Closure of Certain Assets | $180.10 | ($17.90) | $3 | ||||||||
Net Charges Associated with Business Combinations | 12.4 | 29.2 | 21.7 | ||||||||
Other Special Charges | 5.1 | 1.8 | 1.7 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | $11.90 | $6.80 | $171.10 | $7.80 | $18.20 | ($14.80) | $8.30 | $1.40 | $197.60 | $13.10 | $26.40 |
Nature_of_Business_and_Summary7
Nature of Business and Summary of Significant Accounting Policies Nature of Business and Summary of Significant Accounting Policies - Restructuring and Other Special Charges, Net (Details 2) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Feb. 03, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Multi-wall Bag Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets | $263 | |||
Net working capital | 75 | |||
Fixed assets | 104 | |||
Goodwill | 8 | |||
Intangible assets | 76 | |||
Net sales | 440 | |||
Percentage of consolidated net sales of disposal group | 10.00% | |||
Assets retained by company | 27 | |||
Labels Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill | 47 | |||
Intangible assets | 17 | |||
Percentage of consolidated net sales of disposal group | 1.00% | |||
Assets Related to Flexible Plastics Business and Uncoated-Recycled Board Mill [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill | $11 | $11 | ||
Percentage of consolidated net sales of disposal group | 2.00% |
Nature_of_Business_and_Summary8
Nature of Business and Summary of Significant Accounting Policies Nature of Business and Summary of Significant Accounting Policies - Equity Offerings and Repurchases (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 31, 2014 |
offering | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering | 43,700,000 | 30,000,000 | |||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $10.45 | $9.85 | |||||||
Number of Secondary Public Offerings | 2 | ||||||||
Stock Repurchased During Period, Value | $300 | $200 | $300 | ||||||
Stockholders [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering | 21,300,000 | 110,100,000 | |||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $6.10 | ||||||||
Number of Secondary Public Offerings | 4 | ||||||||
Stock Repurchased During Period, Shares | 49,200,000 | 23,900,000 | |||||||
Share price (in dollars per share) | $6.10 | $8.38 | $6.10 | ||||||
Stock Repurchased During Period, Value | $200 | ||||||||
Ownership Percentage, Selling Stockholders | 22.60% | 53.40% | 53.00% | 65.00% | 0.00% | ||||
Minimum | Stockholders [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $7 | ||||||||
Maximum | Stockholders [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $8.45 |
Supplemental_Balance_Sheet_Dat2
Supplemental Balance Sheet Data Receivables, Net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Trade | $352.70 | $396.70 |
Less: Allowance | -6.3 | -5.3 |
Trade Receivables, Net, Current | 346.4 | 391.4 |
Other | 61.9 | 21.4 |
Total | 408.3 | 412.8 |
Receivable from financial institution | $32 |
Supplemental_Balance_Sheet_Dat3
Supplemental Balance Sheet Data Inventories, Net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Finished Goods | $260.20 | $288.30 |
Work in Progress | 52.9 | 49.2 |
Raw Materials | 139 | 149.7 |
Supplies | 69.7 | 69.9 |
Total | $521.80 | $557.10 |
Supplemental_Balance_Sheet_Dat4
Supplemental Balance Sheet Data Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid Expenses | $30.10 | $29.90 |
Assets Held for Sale | 0 | 6.6 |
Fair value of derivatives, current portion | 1.9 | 2.3 |
Total | $32 | $38.80 |
Supplemental_Balance_Sheet_Dat5
Supplemental Balance Sheet Data Property, Plant and Equipment, Net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, at Cost | $4,172.40 | $4,220.70 | ||
Less: Accumulated Depreciation | -2,625.60 | [1] | -2,541.80 | [1] |
Total | 1,546.80 | 1,678.90 | ||
Land and Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, at Cost | 100.9 | 114 | ||
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, at Cost | 378.3 | 405.8 | ||
Machinery and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, at Cost | 3,612 | [1] | 3,570.70 | [1] |
Gross assets under capital lease | 8.8 | 11.7 | ||
Accumulated depreciation related to assets under capital lease | 3.4 | 2.3 | ||
Construction in Progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, at Cost | $81.20 | $130.20 | ||
[1] | (2) Includes gross assets under capital lease of $8.8 million and related accumulated depreciation of $3.4 million as of DecemberB 31, 2014 and gross assets under capital lease of $11.7 million and related accumulated depreciation of $2.3 million as of DecemberB 31, 2013. |
Supplemental_Balance_Sheet_Dat6
Supplemental Balance Sheet Data Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Debt Issuance Costs, Net of Amortization of $14.3 million and $9.5 million for 2014 and 2013, respectively | $24.40 | $24.30 |
Amortization of Deferred Debt Issuance Costs | 14.4 | 9.5 |
Deferred Income Tax Assets | 7.4 | 8.9 |
Pension Assets | 0.1 | 0.7 |
Long-term Receivables | 10.2 | 9.1 |
Other | 17.8 | 12.8 |
Total | $59.90 | $55.80 |
Supplemental_Balance_Sheet_Dat7
Supplemental Balance Sheet Data Other Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Fair Value of Derivatives, current portion | $15.50 | $3.30 |
Deferred Revenue | 15.1 | 10.7 |
Accrued Customer Rebates | 6.7 | 14.1 |
Other | 54.3 | 49.3 |
Total | $91.60 | $77.40 |
Supplemental_Balance_Sheet_Dat8
Supplemental Balance Sheet Data Other Noncurrent Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Revenue | $5.70 | $5.10 |
Multiemployer Plans | 30.9 | 25.4 |
Workers' Compensation Reserve | 12.9 | 12.7 |
Other | 28.6 | 27 |
Total | $78.10 | $70.20 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | |||
Receivables, Net | ($25.50) | $49.30 | $7.30 |
Inventories, Net | -50.4 | -39.5 | -23.9 |
Prepaid Expenses | 4.8 | -11.4 | -0.2 |
Other Assets | 9.2 | -3.8 | 4 |
Accounts Payable | 13.3 | -13.9 | 6.8 |
Compensation and Employee Benefits | 9.6 | -20.8 | 16.9 |
Income Taxes | 9 | 1.1 | -4.5 |
Interest Payable | -7.4 | 21.9 | -14.9 |
Other Accrued Liabilities | -6.3 | -1.1 | -8.7 |
Other Noncurrent Liabilities | 3.5 | -4.1 | 0.1 |
Total | 40.2 | 22.3 | 17.1 |
Cash paid for interest and cash paid, net of refunds, for income taxes | |||
Interest | 79.1 | 89.6 | 117.5 |
Income Taxes | $12.20 | $12.10 | $8.90 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 23-May-14 | 29-May-14 |
T | |||||
Facilities | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs expensed and incurred | $12.40 | $29.20 | $21.70 | ||
Parent's ownership percentage | 87.00% | ||||
Benson [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition transaction costs expensed and incurred | 4.2 | ||||
Consideration transferred, cash | 190.7 | ||||
Number of operating facilities | 4 | ||||
Annual amount of paperboard processed (in tons) | 80,000 | ||||
Net sales from the date of acquisition | 115 | ||||
Contego Cartons [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred, cash | 93 | ||||
Consideration transferred, assumed debt | 35 | ||||
Number of operating facilities | 4 | ||||
Annual amount of paperboard processed (in tons) | 150,000 | ||||
A&R Carton's Beer and Beverage [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred, cash | 25 | ||||
Consideration transferred, assumed debt | $2 | ||||
Number of operating facilities | 2 | ||||
Annual amount of paperboard processed (in tons) | 30,000 |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Details) (USD $) | 0 Months Ended | 7 Months Ended | ||
In Millions, unless otherwise specified | 23-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||||
Goodwill | $1,118.10 | $1,125.40 | $1,139 | |
Benson [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | 190.7 | |||
Cash and Cash Equivalents | 16.9 | |||
Receivables | 43.4 | |||
Inventories | 17.7 | |||
Other Current Assets | 8.7 | |||
Property, Plant and Equipment | 43.8 | |||
Intangible Assets | 61.8 | |||
Total Assets Acquired | 192.3 | |||
Current Liabilities, Excluding Current Portion of Long-Term Debt | 36.1 | |||
Deferred Tax Liabilities | 17.4 | |||
Total Liabilities Assumed | 53.5 | |||
Net Assets Acquired | 138.8 | |||
Goodwill | 51.9 | |||
Total Estimated Fair Value of Net Assets Acquired | 190.7 | |||
Measurement Period Adjustments | ||||
Purchase Price | 0 | |||
Cash and Cash Equivalents | 0 | |||
Receivables | 0 | |||
Inventories | 1.5 | |||
Other Current Assets | 0.2 | |||
Property, Plant and Equipment | 18.3 | |||
Intangible Assets | 61.8 | |||
Total Assets Acquired | 81.8 | |||
Current Liabilities, Excluding Current Portion of Long-Term Debt | 0 | |||
Deferred Tax Liabilities | 16.3 | |||
Total Liabilities Assumed | 16.3 | |||
Net Assets Acquired | 65.5 | |||
Goodwill | -65.5 | |||
Total Estimated Fair Value of Net Assets Acquired | 0 | |||
Previously Reported [Member] | Benson [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | 190.7 | |||
Cash and Cash Equivalents | 16.9 | |||
Receivables | 43.4 | |||
Inventories | 16.2 | |||
Other Current Assets | 8.5 | |||
Property, Plant and Equipment | 25.5 | |||
Intangible Assets | 0 | |||
Total Assets Acquired | 110.5 | |||
Current Liabilities, Excluding Current Portion of Long-Term Debt | 36.1 | |||
Deferred Tax Liabilities | 1.1 | |||
Total Liabilities Assumed | 37.2 | |||
Net Assets Acquired | 73.3 | |||
Goodwill | 117.4 | |||
Total Estimated Fair Value of Net Assets Acquired | $190.70 |
Debt_ShortTerm_Debt_Details
Debt Short-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Short-Term Borrowings | $5.60 | $12.40 | |
Current Portion of Capital Lease Obligations | 1.6 | 2.4 | |
Current Portion of Long-Term Debt | 25 | 62.6 | |
Total | $32.20 | $77.40 | |
Short-term borrowings, Weighted average interest rate | 8.10% | 10.10% |
Debt_LongTerm_Debt_Instruments
Debt Long-Term Debt Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | Apr. 02, 2013 | Mar. 31, 2012 |
Debt Instrument [Line Items] | |||||
Long-term Debt | $1,971,200,000 | $2,248,000,000 | |||
Capital Lease Obligations | 3,100,000 | 5,600,000 | |||
Other | 7,800,000 | 16,800,000 | |||
Long-term debt and capital lease obligations | 1,974,300,000 | 2,253,600,000 | |||
Less: current portion | 32,200,000 | 77,400,000 | |||
Total | 1,942,100,000 | 2,176,200,000 | |||
Senior Notes | Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 0 | 247,300,000 | |||
Stated interest rate | 7.88% | 7.88% | 7.88% | ||
Principal amount | 250,000,000 | 250,000,000 | 250,000,000 | ||
Senior Notes | Senior Notes with interest payable semi-annually at 4.875%, payable in 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 250,000,000 | 0 | |||
Stated interest rate | 4.88% | 4.88% | 4.88% | ||
Principal amount | 250,000,000 | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 4.75%, payable in 2021 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 425,000,000 | 425,000,000 | |||
Stated interest rate | 4.75% | 4.75% | 4.75% | ||
Principal amount | 425,000,000 | ||||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 1,000,000,000 | 1,214,600,000 | |||
Principal amount | 1,000,000,000 | ||||
Interest rate at period end | 1.70% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $288,400,000 | $344,300,000 | |||
Interest rate at period end | 2.00% |
Debt_LongTerm_Debt_Maturities_
Debt Long-Term Debt Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Debt Maturities | ||
2015 | $30.60 | |
2016 | 25.8 | |
2017 | 25.7 | |
2018 | 50.5 | |
2019 | 1,163.60 | |
After 2019 | 675 | |
Total | $1,971.20 | $2,248 |
Debt_Senior_Notes_Details
Debt Senior Notes (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Nov. 30, 2014 | Apr. 02, 2013 | |
Debt Instrument [Line Items] | ||||||
Loss on Modification or Extinguishment of Debt | $14,400,000 | $27,100,000 | $11,000,000 | |||
Senior Notes | Senior Notes due in 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 425,000,000 | |||||
Stated interest rate | 4.75% | 4.75% | 4.75% | |||
Deferred financing costs | 7,200,000 | |||||
Senior Notes | Senior Notes due in 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 425,000,000 | |||||
Stated interest rate | 9.50% | |||||
Percent of principal amount redeemed | 100.00% | |||||
Redemption price | 104.75% | |||||
Loss on Modification or Extinguishment of Debt | 25,900,000 | |||||
Senior Notes | Senior Notes due in 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 250,000,000 | |||||
Stated interest rate | 4.88% | 4.88% | 4.88% | |||
Deferred financing costs | 4,400,000 | |||||
Senior Notes | Senior Notes due in 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 250,000,000 | 250,000,000 | 250,000,000 | |||
Stated interest rate | 7.88% | 7.88% | 7.88% | |||
Percent of principal amount redeemed | 100.00% | |||||
Redemption price | 103.94% | |||||
Loss on Modification or Extinguishment of Debt | $12,100,000 |
Debt_Credit_Facilities_Details
Debt Credit Facilities (Details) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||
Mar. 31, 2012 | Dec. 31, 2014 | Oct. 31, 2014 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2012 | Oct. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2012 | Oct. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | Revolving Credit Facility | Revolving Credit Facility | Senior Secured International Revolving Credit Facility | Senior Secured International Revolving Credit Facility | Term Loans | Term Loans | Term Loans | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Borrowings in Euro and Pound | Borrowings in Euro and Pound | Borrowings in Euro and Pound | Borrowings in Euro and Pound | Borrowings in Yen | Borrowings in Yen | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Senior Secured International Revolving Credit Facility | Senior Secured International Revolving Credit Facility | Senior Secured International Revolving Credit Facility | Senior Secured International Revolving Credit Facility | Senior Secured International Revolving Credit Facility | Senior Secured International Revolving Credit Facility | |||
Senior Secured International Revolving Credit Facility | Revolving Credit Facility and Term Loan [Member] | Senior Secured International Revolving Credit Facility | Revolving Credit Facility and Term Loan [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | JPY (¥) | ||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||
Total Commitments | $1,465,000,000 | $250,000,000 | $1,000,000,000 | $187,900,000 | |||||||||||||||||
Principal amount | 1,000,000,000 | ||||||||||||||||||||
Basis spread on variable rate | 1.25% | 1.50% | 1.75% | 2.25% | 2.50% | 2.75% | |||||||||||||||
Debt Issuance Cost | 8.9 | 2,300,000 | 1,200,000 | 2,100,000 | |||||||||||||||||
Increase in Term Loan | 300,000,000 | ||||||||||||||||||||
Reduction in Term Loan | 169,000,000 | ||||||||||||||||||||
Deferred financing costs | 2,400,000 | 2,200,000 | 3,100,000 | 200,000 | |||||||||||||||||
Increase in Credit Facility | $86,000,000 | € 63,000,000 | $100,000,000 | € 75,000,000 | $25,000,000 | ¥ 2,500,000,000 |
Debt_Credit_Facilities_Commitm
Debt Credit Facilities - Commitments, Amounts Outstasnding, and Amounts Available (Details) (USD $) | Dec. 31, 2014 | |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Total Commitments | $1,465 | |
Total Outstanding | 296.2 | |
Total Available | 1,144 | |
Standby letters of credit issued | 24.8 | |
Senior Secured Domestic Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Commitments | 1,250 | [1] |
Total Outstanding | 171.2 | [1] |
Total Available | 1,054 | [1] |
Senior Secured International Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Commitments | 187.9 | |
Total Outstanding | 117.2 | |
Total Available | 70.7 | |
Other International Facilities | ||
Line of Credit Facility [Line Items] | ||
Total Commitments | 27.1 | |
Total Outstanding | 7.8 | |
Total Available | $19.30 | |
[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 $24.8 million as of DecemberB 31, 2014. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire through late-2015 unless extended. |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans Summary of Option Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding - Beginning of period | 0 | 2,751,163 | 5,181,917 |
Outstanding, Weighted Average Exercise Price | $0 | $8.01 | $7.58 |
Exercised | 0 | -1,756,629 | -300,000 |
Exercised, Weighted Average Exercse Price | $0 | $6.66 | $1.56 |
Cancelled | 0 | -994,534 | -2,130,754 |
Cancelled, Weighted Average Exercise Price | $0 | $10.40 | $7.88 |
Outstanding - End of period | 0 | 0 | 2,751,163 |
Outstanding, Weighted Average Exercise Price | $0 | $0 | $8.01 |
Stock_Incentive_Plans_RSUs_and
Stock Incentive Plans RSUs and Stock Awards Granted (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $2.10 | $1.10 | |
RSUs - Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period | 2,153,885 | 3,335,039 | 3,793,045 |
Weighted-average price per share | $10.22 | $7.34 | $5.44 |
Stock Awards - Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period | 77,139 | 103,842 | 207,288 |
Weighted-average price per share | $10.50 | $7.80 | $5.21 |
Stock_Incentive_Plans_Summary_1
Stock Incentive Plans Summary of Unvested RSU Activity (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding - beginning of period | 9,836,133 | 12,310,287 | 16,758,851 |
Outstanding - Weighted Average Grant Date Fair Value | $5.86 | $4.63 | $2.75 |
Granted | 2,153,885 | 3,335,039 | 3,793,045 |
Granted, Weighted Average Grant Date Fair Value | $10.22 | $7.34 | $5.44 |
Released | -3,619,979 | -5,299,116 | -8,024,847 |
Released, Weighted Average Grant Date Fair Value | $5.18 | $3.94 | $1.09 |
Canceled | -756,341 | -510,077 | -216,762 |
Canceled, Weighted Average Grant Date Fair Value | $7.45 | $5.94 | $4.53 |
Outstanding - end of period | 7,613,698 | 9,836,133 | 12,310,287 |
Outstanding - Weighted Average Grant Date Fair Value | $7.20 | $5.86 | $4.63 |
Stock_Incentive_Plans_Narrativ
Stock Incentive Plans Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $18.70 | $19 | $27.80 |
Cash payments for share-based liabilities | 13.3 | 21.3 | |
Aggregate fair value of awards vested | 38.1 | 27.3 | 20.7 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $24 | ||
Unrecognized compensation expense, Weighted average recognition period (in Years) | 2 years |
Postretirement_and_Other_Benef2
Postretirement and Other Benefits Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
plans | ||||
Accumulated Benefit Obligation | ||||
Accumulated Benefit Obligation | $1,353,300,000 | $1,207,400,000 | $1,353,300,000 | |
Multiemployer Plan | ||||
Multiemployer plans, plan contributions | 2,800,000 | 5,700,000 | ||
Multiemployer withdrawal liability | 30,900,000 | 25,400,000 | 30,900,000 | |
Number of multiemployer plans | 3 | |||
Percent of total plan contributions for the most recent plan year | 5.00% | 5.00% | ||
Defined Contribution Plans | ||||
Contributions to defined contribution plans | 28,900,000 | 27,900,000 | 23,700,000 | |
United Food and Commercial Workers International Union - Industry Pension Fund | ||||
Multiemployer Plan | ||||
Charges related to partial withdrawal from multiemployer plan | 4,300,000 | 1,500,000 | ||
PIUMP (1) | ||||
Multiemployer Plan | ||||
Charges related to partial withdrawal from multiemployer plan | 0 | |||
Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement, reduction in projected benefit obligation | 40,200,000 | 0 | 42,000,000 | |
Cash payment from existing plan assets | 40,200,000 | 0 | 40,200,000 | |
Settlement charge | 800,000 | |||
Employer Contributions | ||||
Company's contributions to its pension plans | 52,200,000 | 51,500,000 | ||
Benefit payments made | 52,500,000 | 51,800,000 | ||
Postretirement Health Care Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement, reduction in projected benefit obligation | 0 | 0 | ||
Cash payment from existing plan assets | 0 | 0 | ||
Employer Contributions | ||||
Company's contributions to its pension plans | 2,200,000 | 1,800,000 | ||
Benefit payments made | 2,200,000 | 1,800,000 | ||
Expected contributions in 2015 | 3,000,000 | |||
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Asset Allocation Horizon Term | 3 years | |||
Minimum | Pension Benefit Plans | ||||
Employer Contributions | ||||
Expected contributions in 2015 | 40,000,000 | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Asset Allocation Horizon Term | 5 years | |||
Maximum | Pension Benefit Plans | ||||
Employer Contributions | ||||
Expected contributions in 2015 | $60,000,000 |
Postretirement_and_Other_Benef3
Postretirement and Other Benefits Net Periodic Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | $12.60 | $16.30 | $18.30 |
Interest Cost | 57.9 | 52.2 | 51.1 |
Expected Return on Plan Assets | -79.8 | -68 | -58.1 |
Amortization: | |||
Prior Service Cost (Credit) | 0.7 | 0.7 | 0.7 |
Actuarial Loss (Gain) | 13.2 | 36.1 | 30.1 |
Net Curtailment/Settlement Loss | 0.8 | 0 | 0 |
Special Termination Benefit | 0 | 1.2 | 0 |
Other | 0.6 | 0.7 | 0.4 |
Net Periodic Cost | 6 | 39.2 | 42.5 |
Postretirement Health Care Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | 1.2 | 1.2 | 1.2 |
Interest Cost | 2.2 | 2 | 2.3 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization: | |||
Prior Service Cost (Credit) | -0.3 | -0.4 | -0.2 |
Actuarial Loss (Gain) | -1 | -1.1 | -1.4 |
Net Curtailment/Settlement Loss | 0 | 0 | 0 |
Special Termination Benefit | 0 | 0 | 0 |
Other | 0 | 0 | -0.1 |
Net Periodic Cost | $2.10 | $1.70 | $1.80 |
Postretirement_and_Other_Benef4
Postretirement and Other Benefits Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 4.86% | 4.20% | 4.85% |
Rate of Increase in Future Compensation Levels | 1.88% | 2.03% | 2.16% |
Expected Long-Term Rate of Return on Plan Assets | 7.69% | 7.60% | 7.90% |
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Postretirement Health Care Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 4.74% | 3.97% | 4.74% |
Rate of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% |
Expected Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Initial Health Care Cost Trend Rate | 7.50% | 9.00% | 8.00% |
Ultimate Health Care Cost Trend Rate | 4.96% | 4.77% | |
DefinedBenefitPlan, AssumptionsUsedCalculatingNetPeriodicBenefitCost, UltimateHealthCareCostTrendRate | 4.77% | 4.50% | 5.00% |
Ultimate Year | 2027 | 2023 | 2018 |
Postretirement_and_Other_Benef5
Postretirement and Other Benefits Net Funded Status (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Plan Assets: | ||||
Fair Value of Plan Assets at End of Year | $1,092.80 | $1,092.80 | $1,065.70 | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||
Pension Assets | 0.1 | 0.1 | 0.7 | |
Accrued Pension and Postretirement Benefits Liability - Noncurrent | -312.8 | -312.8 | -198.2 | |
Pension Benefits | ||||
Change in Benefit Obligation: | ||||
Benefit Obligation at Beginning of Year | 1,218.90 | 1,288.90 | ||
Service Cost | 12.6 | 16.3 | 18.3 | |
Interest Cost | 57.9 | 52.2 | 51.1 | |
Actuarial Loss (Gain) | 189.1 | -91.4 | ||
Foreign Currency Exchange | -17.8 | 3.4 | ||
Curtailment Gain | -1.8 | -0.3 | ||
Settlements | -42 | -40.2 | 0 | |
Benefits Paid | -52.5 | -51.8 | ||
Amendments | 0 | 0 | ||
Other | 0.5 | 1.6 | ||
Benefit Obligation at End of Year | 1,366.70 | 1,366.70 | 1,218.90 | 1,288.90 |
Change in Plan Assets: | ||||
Fair Value of Plan Assets at Beginning of Year | 1,065.70 | 921.3 | ||
Actual Return on Plan Assets | 82.9 | 142.1 | ||
Employer Contributions | 52.2 | 51.5 | ||
Foreign Currency Exchange | -15.3 | 2.8 | ||
Benefits Paid | -52.5 | -51.8 | ||
Settlements | -40.2 | -40.2 | 0 | |
Other | 0 | -0.2 | ||
Fair Value of Plan Assets at End of Year | 1,092.80 | 1,092.80 | 1,065.70 | 921.3 |
Plan Assets Less than Projected Benefit Obligation | -273.9 | -273.9 | -153.2 | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||
Pension Assets | 0.1 | 0.1 | 0.7 | |
Accrued Pension and Postretirement Benefits Liability - Current | -2.1 | -2.1 | -1.1 | |
Accrued Pension and Postretirement Benefits Liability - Noncurrent | -271.9 | -271.9 | -152.8 | |
Accumulated Other Comprehensive Income: | ||||
Net Actuarial Loss (Gain) | 322.7 | 322.7 | 154.8 | |
Prior Service (Income) Cost | 2.9 | 2.9 | 3.6 | |
Weighted Average Calculations: | ||||
Discount Rate | 4.02% | 4.02% | 4.86% | |
Rates of Increase in Future Compensation Levels | 1.45% | 1.45% | 1.88% | |
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | ||
Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% | |
Postretirement Health Care Benefits | ||||
Change in Benefit Obligation: | ||||
Benefit Obligation at Beginning of Year | 47.9 | 56.4 | ||
Service Cost | 1.2 | 1.2 | 1.2 | |
Interest Cost | 2.2 | 2 | 2.3 | |
Actuarial Loss (Gain) | -5.7 | -8.3 | ||
Foreign Currency Exchange | 0 | 0 | ||
Curtailment Gain | 0 | 0 | ||
Settlements | 0 | 0 | ||
Benefits Paid | -2.2 | -1.8 | ||
Amendments | 0 | -1.8 | ||
Other | 0.2 | 0.2 | ||
Benefit Obligation at End of Year | 43.6 | 43.6 | 47.9 | 56.4 |
Change in Plan Assets: | ||||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | ||
Actual Return on Plan Assets | 0 | 0 | ||
Employer Contributions | 2.2 | 1.8 | ||
Foreign Currency Exchange | 0 | 0 | ||
Benefits Paid | -2.2 | -1.8 | ||
Settlements | 0 | 0 | ||
Other | 0 | 0 | ||
Fair Value of Plan Assets at End of Year | 0 | 0 | 0 | 0 |
Plan Assets Less than Projected Benefit Obligation | -43.6 | -43.6 | -47.9 | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||
Pension Assets | 0 | 0 | 0 | |
Accrued Pension and Postretirement Benefits Liability - Current | -2.7 | -2.7 | -2.5 | |
Accrued Pension and Postretirement Benefits Liability - Noncurrent | -40.9 | -40.9 | -45.4 | |
Accumulated Other Comprehensive Income: | ||||
Net Actuarial Loss (Gain) | -16.5 | -16.5 | -11.9 | |
Prior Service (Income) Cost | ($1.90) | ($1.90) | ($2.20) | |
Weighted Average Calculations: | ||||
Discount Rate | 3.95% | 3.95% | 4.74% | |
Rates of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% | |
Initial Health Care Cost Trend Rate | 7.38% | 7.50% | ||
Ultimate Health Care Cost Trend Rate | 4.96% | 4.77% | ||
Ultimate Year | 2036 | 2027 |
Postretirement_and_Other_Benef6
Postretirement and Other Benefits Allocation of Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 100.00% | |
Actual plan asset allocations | 100.00% | 100.00% |
Cash | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 1.00% | |
Actual plan asset allocations | 2.60% | 2.20% |
Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 52.20% | |
Actual plan asset allocations | 51.00% | 52.70% |
Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 40.30% | |
Actual plan asset allocations | 39.90% | 38.60% |
Other Investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 6.50% | |
Actual plan asset allocations | 6.50% | 6.50% |
Postretirement_and_Other_Benef7
Postretirement and Other Benefits Fair Value of Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $1,092.80 | $1,065.70 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 311.9 | 406.8 | ||
Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 780.9 | 658.9 | ||
Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 28.8 | [1] | 23.8 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2.3 | [1] | 4.5 | |
Cash | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 26.5 | [1] | 19.3 | |
Cash | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | |
Equity Securities, Domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 379.8 | [1] | 378 | [1] |
Equity Securities, Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 77.7 | [1] | 75.8 | [1] |
Equity Securities, Domestic | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 302.1 | [1] | 302.2 | [1] |
Equity Securities, Domestic | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Equity Securities, Foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 177.7 | [1] | 183.1 | [1] |
Equity Securities, Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 62.8 | [1] | 64.7 | [1] |
Equity Securities, Foreign | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 114.9 | [1] | 118.4 | [1] |
Equity Securities, Foreign | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 436.3 | [1] | 411.3 | [1] |
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 169.1 | [1] | 261.8 | [1] |
Fixed Income Securities | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 267.2 | [1] | 149.5 | [1] |
Fixed Income Securities | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 21.8 | [2] | 20.9 | [1] |
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | [2] | 0 | [1] |
Real Estate | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 21.8 | [2] | 20.9 | [1] |
Real Estate | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | [2] | 0 | [1] |
Diversified Growth Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 48.4 | 48.6 | [2] | |
Diversified Growth Fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | [2] | |
Diversified Growth Fund | Significant Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 48.4 | 48.6 | [2] | |
Diversified Growth Fund | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $0 | $0 | [2] | |
[1] | The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. | |||
[2] | The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five year horizon. |
Postretirement_and_Other_Benef8
Postretirement and Other Benefits Effect of One-Percentage-Point Change in Assumed Health Care Trend Rates (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Health Care Trend Rate Sensitivity: | |
Effect on Total Interest and Service Cost Components, One-Percentage-Point Increase | $0.30 |
Effect on Total Interest and Service Cost Components, One-Percentage-Point Decrease | -0.2 |
Effect on Year-End Postretirement Benefit Obligation, One-Percentage-Point Increase | 2.2 |
Effect on Year-End Postretirement Benefit Obligation, One-Percentage-Point Decrease | ($1.90) |
Postretirement_and_Other_Benef9
Postretirement and Other Benefits Expected Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2013 | $85.90 |
2014 | 58.8 |
2015 | 62.9 |
2016 | 65.8 |
2017 | 68.9 |
2018 - 2022 | 382.4 |
Postretirement Health Care Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2013 | 2.7 |
2014 | 3 |
2015 | 3.1 |
2016 | 3.2 |
2017 | 3.3 |
2018 - 2022 | $16.40 |
Recovered_Sheet1
Postretirement and Other Benefits Amounts in Accumulated Other Comprehensive Loss to be Recognized (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Recognition of Prior Service Cost | $0.70 |
Recognition of Actuarial Loss (Gain) | 22 |
Postretirement Health Care Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Recognition of Prior Service Cost | -0.3 |
Recognition of Actuarial Loss (Gain) | ($1.50) |
Recovered_Sheet2
Postretirement and Other Benefits Multi-employer Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multiemployer Plans [Abstract] | |||
Multiemployer plan, Company Contributions | $0.50 | $0.60 | $0.70 |
Central States Southeast and Southwest Areas Pension Fund | |||
Multiemployer Plans [Abstract] | |||
Multiemployer plan, Company Contributions | 0.1 | 0.1 | 0.1 |
Multiemployer plans, Expiration Date of Bargaining Agreement | 31-Jul-18 | ||
PIUMP (1) | |||
Multiemployer Plans [Abstract] | |||
Multiemployer plan, Company Contributions | 0.3 | 0.4 | 0.5 |
Multiemployer plans, Expiration Date of Bargaining Agreement | 30-Sep-14 | ||
Western Conference of Teamsters Pension Trust - Northwest Area | |||
Multiemployer Plans [Abstract] | |||
Multiemployer plan, Company Contributions | $0.10 | $0.10 | $0.10 |
Multiemployer plans, Expiration Date of Bargaining Agreement | 30-Apr-17 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Undistributed foreign earnings | $5.40 |
Undistributed Earnings of Foreign Subsidiaries | $4.30 |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income before Income Tax, Domestic and Foreign (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities | |||
U.S. | $128 | $252 | $200.40 |
International | 4.7 | -39.4 | -0.1 |
Income before Income Taxes and Equity Income of Unconsolidated Entities | $132.70 | $212.60 | $200.30 |
Income_Taxes_Components_of_Inc1
Income Taxes Components of Income Tax (Expense) Benefit (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current (Expense) Benefit | |||
U.S. | ($7.50) | ($1.40) | ($3.40) |
International | -4.8 | -3.3 | -3.1 |
Total Current | -12.3 | -4.7 | -6.5 |
Deferred (Expense) Benefit | |||
U.S. | -35 | -65.3 | -76 |
International | 1.9 | 2.6 | 0 |
Total Deferred | -33.1 | -62.7 | -76 |
Income Tax Expense | ($45.40) | ($67.40) | ($82.50) |
Income_Taxes_Effective_Tax_Rat
Income Taxes Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective income tax reconciliation, amount | |||
Income Tax (Expense) Benefit at U.S. Statutory Rate | ($46.40) | ($74.40) | ($70.10) |
U.S. State and Local Tax (Expense) Benefit | -5.9 | -7.7 | -6.3 |
Goodwill Impairment | -8.6 | 0 | 0 |
Capital Loss on Subsidiary Stock | 0 | 5.4 | 0 |
Permanent Items | -4.7 | -3.5 | -3.4 |
Change in Valuation Allowance | -5.1 | -15.2 | -1.8 |
International Tax Rate Differences | 3.5 | 2.9 | 0.4 |
Foreign Withholding Tax | -0.1 | -0.4 | -0.2 |
Non taxable excise tax credit refunds | 0 | 29.4 | 0 |
Change in Tax Rate | 4.5 | -3.6 | 0 |
US Federal & State Research Credits | 20.1 | 0 | 0 |
Adjustment to Tax Contingencies | -4.5 | 0 | -0.1 |
Other | 1.8 | -0.3 | -1 |
Income Tax Expense | $45.40 | $67.40 | $82.50 |
Effective income tax reconciliation, percent | |||
Income Tax (Expense) Benefit at U.S. Statutory Rate, percent | 35.00% | 35.00% | 35.00% |
U.S. State and Local Tax Expense, percent | 4.40% | 3.60% | 3.10% |
Goodwill Impairment, percent | 6.50% | 0.00% | 0.00% |
Capital Loss on Subsidiary Stock, percent | 0.00% | -2.60% | 0.00% |
Permanent Items. percent | 3.50% | 1.70% | 1.60% |
Change in Valuation Allowance, percent | 3.90% | 7.20% | 0.90% |
International Tax Rate Differences, percent | -2.60% | -1.40% | -0.10% |
Foreign Withholding Tax, percent | 0.00% | 0.20% | 0.10% |
Non taxable excise tax credit refunds, percent | 0.00% | -13.80% | 0.00% |
Change in Tax Rate, percent | -3.40% | 1.70% | 0.00% |
US Federal & State Research Credit, percent | -15.10% | 0.00% | 0.00% |
Adjustment to Tax Contingencies, percent | 3.40% | 0.00% | 0.10% |
Other, percent | -1.40% | 0.10% | 0.50% |
Income Tax Expense, percent | 34.20% | 31.70% | 41.20% |
Income_Taxes_Tax_Credit_Carryf
Income Taxes Tax Credit Carryforwards (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Tax Credit Carryforward [Line Items] | |
Tax Credit carryforwards | $28.80 |
Research Credit carryforward | |
Tax Credit Carryforward [Line Items] | |
Tax Credit carryforwards | 20.1 |
Reduction in tax credit carryforward | 4.5 |
Valuation allowance against tax credit | $5 |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets, Liabilities and Related Valuation Allowance (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Deferred Income Tax Assets: | ||||
Compensation Based Accruals | $38.90 | $33.50 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Current | 121.3 | 127.1 | ||
Other | 23 | 15.3 | ||
Valuation Allowance | -6 | -4.6 | ||
Net Current Deferred Income Tax Assets | 177.2 | 171.3 | ||
Noncurrent Deferred Income Tax Assets & Liabilities: | ||||
Net Operating Loss Carryforwards | 189.1 | 259.3 | ||
Postretirement Benefits | 127.3 | 80.6 | ||
Tax Credits | 28.8 | 13.1 | ||
Other | 21.6 | 22.7 | ||
Valuation Allowance | -47.6 | -47.5 | ||
Property, Plant and Equipment | -264.7 | -258.2 | ||
Goodwill | -271.3 | -270.3 | ||
Other Intangibles | -85.1 | -120.7 | ||
Net Noncurrent Deferred Income Tax Assets & Liabilities | -301.9 | -321 | ||
Net Deferred Income Tax Liability | -124.7 | -149.7 | ||
Deferred Tax Assets, Gross | 556.1 | 567.5 | ||
Deferred Tax Liabilities | 627 | 665.1 | ||
Valuation Allowance on Net Deferred Income Tax Assets | 53.6 | 52.1 | 37.3 | 37 |
Summary of Valuation Allowances | ||||
Balance Beginning of Period | 37 | |||
Balance at End of Period | 53.6 | 52.1 | 37.3 | 37 |
International | ||||
Noncurrent Deferred Income Tax Assets & Liabilities: | ||||
Valuation Allowance on Net Deferred Income Tax Assets | 37.3 | |||
Summary of Valuation Allowances | ||||
Balance at End of Period | 37.3 | |||
Capital loss carryforward | United States | ||||
Noncurrent Deferred Income Tax Assets & Liabilities: | ||||
Valuation Allowance on Net Deferred Income Tax Assets | 5.9 | |||
Summary of Valuation Allowances | ||||
Balance at End of Period | 5.9 | |||
Research Credit carryforward | State and Local Jurisdiction | ||||
Noncurrent Deferred Income Tax Assets & Liabilities: | ||||
Valuation Allowance on Net Deferred Income Tax Assets | 5 | |||
Summary of Valuation Allowances | ||||
Balance at End of Period | 5 | |||
Net operating losses | State and Local Jurisdiction | ||||
Noncurrent Deferred Income Tax Assets & Liabilities: | ||||
Valuation Allowance on Net Deferred Income Tax Assets | 5.4 | |||
Summary of Valuation Allowances | ||||
Balance at End of Period | 5.4 | |||
Deferred Tax Assets | ||||
Summary of Valuation Allowances | ||||
(Credits) Charges to Costs and Expenses | 5.1 | 15.2 | 1.8 | |
(Deduction) Additions | ($3.60) | ($0.40) | ($1.50) |
Income_Taxes_Operating_Loss_Ca
Income Taxes Operating Loss Carryforwards (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $712.30 |
Tax Credit carryforwards | 28.8 |
2018 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2019 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 141.3 |
2021 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 141.2 |
2022 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 1.4 |
2023 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 67.9 |
2024 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 117.8 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 22.9 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 93 |
2028 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 12.2 |
2029 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 114.6 |
No Expiration Date | |
Operating Loss Carryforwards [Line Items] | |
Tax Credit carryforwards | 8.7 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 558.9 |
International | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $129.40 |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits | ||
Balance at January 1 | $7.40 | $0.80 |
Additions for tax positions of current year | 0.4 | 0 |
Additions for tax positions of prior years | 4.1 | 6.6 |
Reductions for tax positions of prior years | -6.7 | 0 |
Balance at December 31 | 5.2 | 7.4 |
Gross unrecognized tax benefits that would affect the annual effective income tax rate | 5.2 | |
Unrealized tax benefits expected to change in next twelve months | $5.20 |
Financial_Instruments_Derivati1
Financial Instruments, Derivatives and Hedging Activities Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Foreign Currency Movement Effect | |||
Net currency exchange losses (gains) included in determining Income from Operations | $1,400,000 | $5,400,000 | $1,100,000 |
Forward Exchange Contract | |||
Interest Rate Risk | |||
Interest rate derivatives, Notional amount | 34,500,000 | 32,500,000 | |
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Interest Rate Swap Agreements | |||
Interest Rate Risk | |||
Interest rate derivatives, Notional amount | 560,000,000 | ||
Interest rate derivatives, Pay fixed, Lower rate | 0.45% | ||
Interest rate derivatives, Pay fixed, Higher rate | 0.82% | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Commodity Contracts | |||
Interest Rate Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Forward Exchange Contract | |||
Interest Rate Risk | |||
Interest rate derivatives, Notional amount | 65,200,000 | 65,300,000 | |
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 | |
Amounts excluded from the measure of effectiveness | $0 | $0 |
Fair_Value_Measurement_Narrati
Fair Value Measurement Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Gross derivative liability | $15.50 | $4.50 |
Gross derivative asset | 1.9 | 2.3 |
Long-term Debt, Fair Value | 1,975.60 | 2,267.60 |
Long-term Debt, Carrying Value | $1,971.20 | $2,248 |
Fair_Value_Measurement_Effect_
Fair Value Measurement Effect of Derivative Instruments (Details) (Fair Value, Level 2 Inputs, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | $12 | ($1.90) |
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 0.8 | 2.5 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0.5 | -0.1 |
Derivative Contracts Designated as Hedging Instruments | Commodity Contracts | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | 12.9 | 0.2 |
Derivative Contracts Designated as Hedging Instruments | Commodity Contracts | Cost of Sales | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | -1.8 | 1.6 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0.5 | -0.1 |
Derivative Contracts Designated as Hedging Instruments | Foreign Currency Contracts | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | -3.1 | -2.8 |
Derivative Contracts Designated as Hedging Instruments | Foreign Currency Contracts | Other (Income) Expense, Net | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | -0.7 | -2.2 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0 | 0 |
Derivative Contracts Designated as Hedging Instruments | Interest Rate Swap Agreements | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | 2.2 | 0.7 |
Derivative Contracts Designated as Hedging Instruments | Interest Rate Swap Agreements | Interest Expense, Net | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 3.3 | 3.1 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0 | 0 |
Derivative Contracts Not Designated as Hedging Instruments | Foreign Currency Contracts | Other (Income) Expense, Net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | ($5.40) | $0.90 |
Fair_Value_Measurement_Accumul
Fair Value Measurement Accumulated Derivative Instruments (Loss) Gain (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Balance at beginning of period | ($1.30) | ($5.70) | ($4.70) |
Reclassification to earnings | 0.8 | 2.5 | 6 |
Current period change in fair value | -12 | 1.9 | -7 |
Balance at end of period | -12.5 | -1.3 | -5.7 |
Anticipated reclassification to earnings in the next twelve months | $9.50 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Change in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss), Pretax | ($11.20) | $4.40 | ($1) | |
Derivative Instruments Gain (Loss), Tax Effect | 4.3 | -1.2 | 0.4 | |
Derivative Instruments Gain (Loss), Net Amount | -6.9 | 3.2 | -0.6 | |
Currency Translation Adjustment, Pretax Amount | -34.7 | -13.9 | 0.3 | |
Currency Translation Adjustment, Tax Effect | 0.7 | 0.3 | 0.3 | |
Currency Translation Adjustment, Net Amount | -34 | -13.6 | 0.6 | |
Pension and Postretirement Benefit Plans, Net Amount | 105.5 | -133.5 | 29.2 | |
Postemployment Benefit Plans, Pretax Amount | -0.5 | 0 | 0 | |
Postemployment Benefit Plans, Tax Effect | 0 | 0 | 0 | |
Postemployment Benefit Plans, Net Amount | 0.5 | 0 | 0 | |
Other Comprehensive Income (Loss), Pretax Amount | -211.7 | 203.9 | -46.5 | |
Other Comprehensive Income (Loss), Tax Effect | 65.3 | -80.8 | 17.3 | |
Other Comprehensive Income (Loss), Net of Tax | -146.4 | [1] | 123.1 | -29.2 |
Pension Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pension and Postretirement Benefit Plans, Pretax Amount | -168 | 203.9 | -41.4 | |
Pension and Postretirement Benefit Plans, Tax Effect | 62 | -76.8 | 14.9 | |
Pension and Postretirement Benefit Plans, Net Amount | -106 | 127.1 | -26.5 | |
Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pension and Postretirement Benefit Plans, Pretax Amount | 2.7 | 9.5 | -4.4 | |
Pension and Postretirement Benefit Plans, Tax Effect | -1.7 | -3.1 | 1.7 | |
Pension and Postretirement Benefit Plans, Net Amount | $1 | $6.40 | ($2.70) | |
[1] | All amounts are net-of-tax. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Balance in Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Derivative Instrument Loss | ($17.70) | ($10.80) | ||
Currency Translation Adjustment | -50.6 | -16.6 | ||
Postemployment Benefit Plans | 0 | 0.5 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -334.6 | [1] | -188.2 | [1] |
Pension Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pension and Postretirement Benefit Plans | -278 | -172 | ||
Postretirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pension and Postretirement Benefit Plans | $11.70 | $10.70 | ||
[1] | All amounts are net-of-tax. |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Capital and Operating Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | $1.60 | ||
2016 | 0.7 | ||
2017 | 0.5 | ||
2018 | 0.3 | ||
2019 | 0 | ||
Thereafter | 0 | ||
Total Minimum Lease Payments | 3.1 | ||
Less: Amount Representing Interest | -0.1 | ||
Present Value of Net Minimum Leases | 3 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 30.1 | ||
2016 | 25 | ||
2017 | 17.8 | ||
2018 | 11.8 | ||
2019 | 8.8 | ||
Thereafter | 14.5 | ||
Total Minimum Lease Payments | 108 | ||
Capital and Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 31.7 | ||
2016 | 25.7 | ||
2017 | 18.3 | ||
2018 | 12.1 | ||
2019 | 8.8 | ||
Thereafter | 14.5 | ||
Total Minimum Lease Payments | 111.1 | ||
Less: amount representing interest | -0.1 | ||
Present Value of Net Minimum Leases | 111 | ||
Total rental expense | $30 | $36 | $33 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Long-term Purchase Commitments) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $530.70 |
2015 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 122.4 |
2016 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 67 |
2017 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 53.1 |
2018 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 38 |
2019 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 35.4 |
Thereafter | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $214.80 |
Environmental_and_Legal_Matter1
Environmental and Legal Matters Environmental and Legal Matters (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Estimated environmental investigations and remediation costs (less than) | $3 |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 30-May-14 | 29-May-14 |
Noncontrolling Interest [Abstract] | ||||
Parent's ownership percentage | 87.00% | |||
Ownership percentage, noncontrolling interest | 13.00% | |||
Ownership percentage acquired | 13.00% | |||
Redeemable Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | $11.30 | $10.80 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | -0.7 | 0.1 | ||
Other Comprehensive Income | 0.3 | 0.4 | ||
Change in Fair Value of Redeemable Securities | 0 | |||
Redemption of Noncontrolling Interest | -10.9 | |||
Ending balance | $0 | $11.30 |
Related_Party_Transactions_Rel1
Related Party Transactions Related Party Transactions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 31, 2014 |
offering | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering | 43,700,000 | 30,000,000 | |||||||
Number of Secondary Public Offerings | 2 | ||||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $10.45 | $9.85 | |||||||
Shares repurchased, value | $300 | $200 | $300 | ||||||
Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering | 21,300,000 | 110,100,000 | |||||||
Number of Secondary Public Offerings | 4 | ||||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $6.10 | ||||||||
Stock Repurchased During Period, Shares | 49,200,000 | 23,900,000 | |||||||
Share price (in dollars per share) | $6.10 | $8.38 | $6.10 | ||||||
Shares repurchased, value | $200 | ||||||||
Ownership Percentage, Selling Stockholders | 22.60% | 53.40% | 53.00% | 65.00% | 0.00% | ||||
Beneficial Ownership of Common Stock by Selling Stockholders [Roll Forward] | |||||||||
Related party stockholder, number of shares beneficially owned, beginning of period | 73,654,214 | 73,654,214 | 183,720,562 | 183,720,562 | 73,654,214 | ||||
Secondary offerings and share repurchases | 110,066,348 | 73,654,214 | |||||||
Related party stockholder, number of shares beneficially owned, end of period | 183,720,562 | 73,654,214 | 183,720,562 | 0 | |||||
TPG Entities [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership Percentage, Selling Stockholders | 12.10% | 27.00% | 0.00% | ||||||
Beneficial Ownership of Common Stock by Selling Stockholders [Roll Forward] | |||||||||
Related party stockholder, number of shares beneficially owned, beginning of period | 39,393,264 | 39,393,264 | 92,858,564 | 92,858,564 | 39,393,264 | ||||
Secondary offerings and share repurchases | 53,465,300 | 39,393,264 | |||||||
Related party stockholder, number of shares beneficially owned, end of period | 92,858,564 | 39,393,264 | 92,858,564 | 0 | |||||
Coors Family [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership Percentage, Selling Stockholders | 5.30% | 12.40% | 0.00% | ||||||
Beneficial Ownership of Common Stock by Selling Stockholders [Roll Forward] | |||||||||
Related party stockholder, number of shares beneficially owned, beginning of period | 17,146,884 | 17,146,884 | 42,770,606 | 42,770,606 | 17,146,884 | ||||
Secondary offerings and share repurchases | 25,623,722 | 17,146,884 | |||||||
Related party stockholder, number of shares beneficially owned, end of period | 42,770,606 | 17,146,884 | 42,770,606 | 0 | |||||
CD&R Fund [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership Percentage, Selling Stockholders | 2.60% | 7.00% | 0.00% | ||||||
Beneficial Ownership of Common Stock by Selling Stockholders [Roll Forward] | |||||||||
Related party stockholder, number of shares beneficially owned, beginning of period | 8,557,033 | 8,557,033 | 24,045,696 | 24,045,696 | 8,557,033 | ||||
Secondary offerings and share repurchases | 15,488,663 | 8,557,033 | |||||||
Related party stockholder, number of shares beneficially owned, end of period | 24,045,696 | 8,557,033 | 24,045,696 | 0 | |||||
Old Town [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership Percentage, Selling Stockholders | 2.60% | 7.00% | 0.00% | ||||||
Beneficial Ownership of Common Stock by Selling Stockholders [Roll Forward] | |||||||||
Related party stockholder, number of shares beneficially owned, beginning of period | 8,557,033 | 8,557,033 | 24,045,696 | 24,045,696 | 8,557,033 | ||||
Secondary offerings and share repurchases | 15,488,663 | 8,557,033 | |||||||
Related party stockholder, number of shares beneficially owned, end of period | 24,045,696 | 8,557,033 | 24,045,696 | 0 | |||||
Minimum | Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $7 | ||||||||
Maximum | Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock Sold by Shareholders in Secondary Public Offering, Price Per Share | $8.45 |
Business_Segment_and_Geographi2
Business Segment and Geographic Area Information (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
segments | segments | customer | customer | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | 2 | 1 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Number | 0 | 0 | 0 |
Business_Segment_and_Geographi3
Business Segment and Geographic Area Information Segment Reporting, by Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | $1,001.10 | $1,050 | $1,116.70 | $1,072.70 | $1,074.90 | $1,163 | $1,139.70 | $1,100.50 | $4,240.50 | $4,478.10 | $4,337.10 | |||
Income (Loss) from Operations | 88.7 | 112.3 | -52.9 | 79.7 | 63 | 105.7 | 87.7 | 85.2 | 227.8 | 341.6 | 322.4 | |||
Capital Expenditures | 201.4 | 209.2 | 203.3 | |||||||||||
Depreciation and Amortization | 270 | 277.4 | 266.8 | |||||||||||
Assets | 4,331.30 | 4,559.30 | 4,331.30 | 4,559.30 | 4,631.60 | |||||||||
Paperboard Packaging Segment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 4,024.90 | 3,939 | 3,715.10 | |||||||||||
Income (Loss) from Operations | 413.9 | 354 | 356.8 | |||||||||||
Capital Expenditures | 195.8 | 191.6 | 187.5 | |||||||||||
Depreciation and Amortization | 259 | 249.6 | 235.7 | |||||||||||
Assets | 4,331.30 | 4,275.80 | 4,331.30 | 4,275.80 | 4,284.90 | |||||||||
Flexible Packaging Segment | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net Sales | 215.6 | 539.1 | 622 | |||||||||||
Income (Loss) from Operations | -186.1 | [1] | -12.4 | [1] | -34.4 | [1] | ||||||||
Capital Expenditures | 5.6 | 17.6 | 15.8 | |||||||||||
Depreciation and Amortization | 11 | 27.8 | 31.1 | |||||||||||
Assets | 0 | 283.5 | 0 | 283.5 | 346.7 | |||||||||
Multi-wall Bag Business [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Loss on sale of assets | $171.10 | |||||||||||||
[1] | Represents primarily the elimination of intergeographic sales between the Companybs U.S. and Europe, Asia Pacific and Central/South America operations. |
Business_Segment_and_Geographi4
Business Segment and Geographic Area Information Segment Reporting, by Geographic Area (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net Sales | $1,001.10 | $1,050 | $1,116.70 | $1,072.70 | $1,074.90 | $1,163 | $1,139.70 | $1,100.50 | $4,240.50 | $4,478.10 | $4,337.10 | |||
Assets | 4,331.30 | 4,559.30 | 4,331.30 | 4,559.30 | 4,631.60 | |||||||||
U.S./Canada | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net Sales | 3,610.50 | 3,973.60 | 4,096.90 | |||||||||||
Assets | 3,172.80 | 3,862 | 3,172.80 | 3,862 | 4,020 | |||||||||
Central/South America | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net Sales | 82.9 | 75.3 | 76.4 | |||||||||||
Assets | 88 | 92 | 88 | 92 | 90.7 | |||||||||
Europe | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net Sales | 592.5 | 462.5 | 170.6 | |||||||||||
Assets | 991.2 | 529 | 991.2 | 529 | 434 | |||||||||
Asia Pacific [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net Sales | 129.4 | 132.6 | 170.9 | |||||||||||
Assets | 79.3 | 76.3 | 79.3 | 76.3 | 86.9 | |||||||||
Corporate | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Net Sales | ($174.80) | [1] | ($165.90) | [1] | ($177.70) | [1] | ||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmEwZTBhZGViZDAzMjQ3NGI4YTljMmZhY2I4ZGMwMWE2fFRleHRTZWxlY3Rpb246NzdGNEMyMkE0N0NGMEZFN0QxRTQ3QzdFNTQwOTU0NDUM} |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Operations Data: | |||||||||||
Net Sales | $1,001.10 | $1,050 | $1,116.70 | $1,072.70 | $1,074.90 | $1,163 | $1,139.70 | $1,100.50 | $4,240.50 | $4,478.10 | $4,337.10 |
Gross Profit | 184.7 | 202.4 | 213.1 | 187 | 173.4 | 180.7 | 188.6 | 182.9 | 787.2 | 725.6 | |
Goodwill Impairment, Restructuring and Other Special Charges | 11.9 | 6.8 | 171.1 | 7.8 | 18.2 | -14.8 | 8.3 | 1.4 | 197.6 | 13.1 | 26.4 |
Income (Loss) from Operations | 88.7 | 112.3 | -52.9 | 79.7 | 63 | 105.7 | 87.7 | 85.2 | 227.8 | 341.6 | 322.4 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 41.5 | 53 | -40.3 | 34.8 | 45.3 | 45.7 | 21.1 | 34.6 | 89 | 146.7 | 120.1 |
Net (Loss) Income | $41.50 | $53 | ($40) | $35.20 | $46 | $44.50 | $21.20 | $34.90 | $89.70 | $146.60 | $122.60 |
Income (Loss) Per Share - Basic | $0.13 | $0.16 | ($0.12) | $0.11 | $0.27 | $0.42 | $0.31 | ||||
Income (Loss) Per Share - Diluted | $0.13 | $0.16 | ($0.12) | $0.11 | $0.13 | $0.13 | $0.06 | $0.10 | $0.27 | $0.42 | $0.31 |
Earnings Per Share - Basic and Diluted (in Dollars per Share) | $0.13 | $0.13 | $0.06 | $0.10 | $0.42 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share Basic and Diluted (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $41.50 | $53 | ($40) | $35.20 | $46 | $44.50 | $21.20 | $34.90 | $89.70 | $146.60 | $122.60 |
Weighted Average Shares: | |||||||||||
Basic | 328.6 | 347.3 | 393.4 | ||||||||
Dilutive effect of RSUs | 1.9 | 2.4 | 2.8 | ||||||||
Diluted | 330.5 | 349.7 | 396.2 | ||||||||
Income (Loss) Per Share - Basic | $0.13 | $0.16 | ($0.12) | $0.11 | $0.27 | $0.42 | $0.31 | ||||
Income (Loss) Per Share - Diluted | $0.13 | $0.16 | ($0.12) | $0.11 | $0.13 | $0.13 | $0.06 | $0.10 | $0.27 | $0.42 | $0.31 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Securities Excluded from Computation (Details) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Calculation of Earnings Per Share | 0 | 773,542 | 2,346,818 |
Guarantor_Condensed_Consolidat2
Guarantor Condensed Consolidated Financial Statements Condensed Consolidating Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Parent's ownership percentage | 100.00% | 100.00% | |||||||||
Net Sales | $1,001.10 | $1,050 | $1,116.70 | $1,072.70 | $1,074.90 | $1,163 | $1,139.70 | $1,100.50 | $4,240.50 | $4,478.10 | $4,337.10 |
Cost of Sales | 3,453.30 | 3,752.50 | 3,617.50 | ||||||||
Selling, General and Administrative | 365.5 | 384.3 | 378.1 | ||||||||
Other Income, Net | -3.7 | -13.4 | -7.3 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | 11.9 | 6.8 | 171.1 | 7.8 | 18.2 | -14.8 | 8.3 | 1.4 | 197.6 | 13.1 | 26.4 |
Income from Operations | 88.7 | 112.3 | -52.9 | 79.7 | 63 | 105.7 | 87.7 | 85.2 | 227.8 | 341.6 | 322.4 |
Interest Expense, Net | -80.7 | -101.9 | -111.1 | ||||||||
Loss on Modification or Extinguishment of Debt | -14.4 | -27.1 | -11 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 132.7 | 212.6 | 200.3 | ||||||||
Income Tax Expense | -45.4 | -67.4 | -82.5 | ||||||||
Income before Equity Income of Unconsolidated Entities | 87.3 | 145.2 | 117.8 | ||||||||
Equity Income of Unconsolidated Entities | 1.7 | 1.5 | 2.3 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | 0 | 0 | ||||||||
Net Income | 41.5 | 53 | -40.3 | 34.8 | 45.3 | 45.7 | 21.1 | 34.6 | 89 | 146.7 | 120.1 |
Net (Income) Loss to Noncontrolling Interests | 0.7 | -0.1 | 2.5 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | 41.5 | 53 | -40 | 35.2 | 46 | 44.5 | 21.2 | 34.9 | 89.7 | 146.6 | 122.6 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -56.7 | 269.7 | 93.4 | ||||||||
Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 0 | 0 | 0 | ||||||||
Cost of Sales | 0 | 0 | 0 | ||||||||
Selling, General and Administrative | 0 | 0 | 0 | ||||||||
Other Income, Net | 0 | 0 | 0 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | 0 | 0 | 0 | ||||||||
Income from Operations | 0 | 0 | 0 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | 0 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Income Tax Expense | 0 | 0 | 0 | ||||||||
Income before Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 89 | 146.7 | 120.1 | ||||||||
Net Income | 89 | 146.7 | 120.1 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0.7 | -0.1 | 2.5 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | 89.7 | 146.6 | 122.6 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -56.7 | 269.7 | 93.4 | ||||||||
Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 3,422.50 | 3,298.40 | 3,335.60 | ||||||||
Cost of Sales | 2,747.20 | 2,680.10 | 2,717.50 | ||||||||
Selling, General and Administrative | 303.7 | 260.7 | 283.1 | ||||||||
Other Income, Net | -6 | -7.3 | -6.4 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | 7.9 | 4.6 | 11 | ||||||||
Income from Operations | 369.7 | 360.3 | 330.4 | ||||||||
Interest Expense, Net | -74.1 | -91.5 | -103.4 | ||||||||
Loss on Modification or Extinguishment of Debt | -14.4 | -27.1 | -11 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 281.2 | 241.7 | 216 | ||||||||
Income Tax Expense | -103.8 | -63 | -79.4 | ||||||||
Income before Equity Income of Unconsolidated Entities | 177.4 | 178.7 | 136.6 | ||||||||
Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | -88.4 | -32 | -16.5 | ||||||||
Net Income | 89 | 146.7 | 120.1 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0.7 | -0.1 | 2.5 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | 89.7 | 146.6 | 122.6 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -56.7 | 269.7 | 93.4 | ||||||||
Combined Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 38 | 94 | 93.9 | ||||||||
Cost of Sales | 36.5 | 78.1 | 77.1 | ||||||||
Selling, General and Administrative | 2.1 | 9 | 9.4 | ||||||||
Other Income, Net | -0.7 | -0.3 | 0.8 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | 5.9 | 0 | 0 | ||||||||
Income from Operations | -5.8 | 7.2 | 6.6 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | 0 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | -5.8 | 7.2 | 6.6 | ||||||||
Income Tax Expense | -1 | -3.6 | -3.4 | ||||||||
Income before Equity Income of Unconsolidated Entities | -6.8 | 3.6 | 3.2 | ||||||||
Equity Income of Unconsolidated Entities | 0 | 2.2 | 2.3 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | -0.6 | -2 | -1.2 | ||||||||
Net Income | -7.4 | 3.8 | 4.3 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | -7.4 | 3.8 | 4.3 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -17.6 | 3.3 | 7.2 | ||||||||
Combined Nonguarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 1,028.40 | 1,276.70 | 1,109.70 | ||||||||
Cost of Sales | 918 | 1,185.30 | 1,025 | ||||||||
Selling, General and Administrative | 59.7 | 114.6 | 85.6 | ||||||||
Other Income, Net | 3 | -5.8 | -1.7 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | 183.8 | 8.5 | 15.4 | ||||||||
Income from Operations | -136.1 | -25.9 | -14.6 | ||||||||
Interest Expense, Net | -6.6 | -10.4 | -7.7 | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | 0 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | -142.7 | -36.3 | -22.3 | ||||||||
Income Tax Expense | 59.4 | -0.8 | 0.3 | ||||||||
Income before Equity Income of Unconsolidated Entities | -83.3 | -37.1 | -22 | ||||||||
Equity Income of Unconsolidated Entities | 1.7 | -0.7 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | 0 | 0 | ||||||||
Net Income | -81.6 | -37.8 | -22 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | -81.6 | -37.8 | -22 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -135.5 | -45.6 | -15.6 | ||||||||
Consolidating Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | -248.4 | -191 | -202.1 | ||||||||
Cost of Sales | -248.4 | -191 | -202.1 | ||||||||
Selling, General and Administrative | 0 | 0 | 0 | ||||||||
Other Income, Net | 0 | 0 | 0 | ||||||||
Goodwill Impairment, Restructuring and Other Special Charges | 0 | 0 | 0 | ||||||||
Income from Operations | 0 | 0 | 0 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | 0 | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Income Tax Expense | 0 | 0 | 0 | ||||||||
Income before Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | -112.7 | -102.4 | ||||||||
Net Income | 0 | -112.7 | -102.4 | ||||||||
Net (Income) Loss to Noncontrolling Interests | -0.7 | 0.1 | -2.5 | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | -0.7 | -112.6 | -104.9 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $209.80 | ($227.40) | ($85) |
Guarantor_Condensed_Consolidat3
Guarantor Condensed Consolidated Financial Statements Condensed Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and Cash Equivalents | $81.60 | $52.20 | $51.50 | $271.80 |
Receivables, Net | 408.3 | 412.8 | ||
Inventories, Net | 521.8 | 557.1 | ||
Deferred Income Tax Assets | 177.2 | 171.3 | ||
Intercompany | 0 | 0 | ||
Other Current Assets | 32 | 38.8 | ||
Total Current Assets | 1,220.90 | 1,232.20 | ||
Property, Plant and Equipment, Net | 1,546.80 | 1,678.90 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 1,118.10 | 1,125.40 | 1,139 | |
Other Assets | 445.5 | 522.8 | ||
Total Assets | 4,331.30 | 4,559.30 | 4,631.60 | |
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 32.2 | 77.4 | ||
Accounts Payable | 424.9 | 428.3 | ||
Interest Payable | 9.4 | 15.2 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 210.2 | 190.3 | ||
Total Current Liabilities | 676.7 | 711.2 | ||
Long-Term Debt | 1,942.10 | 2,176.20 | ||
Deferred Income Tax Liabilities | 309.3 | 329.9 | ||
Other Noncurrent Liabilities | 390.9 | 268.4 | ||
Contingently Redeemable Noncontrolling Interests | 0 | 11.3 | 10.8 | |
EQUITY | ||||
Total Graphic Packaging Holding Company Shareholders' Equity | 1,012.30 | |||
Total Equity | 1,012.30 | 1,062.30 | 972.3 | 1,166.70 |
Total Liabilities and Equity | 4,331.30 | 4,559.30 | ||
Parent | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Receivables, Net | 0 | 0 | ||
Inventories, Net | 0 | 0 | ||
Deferred Income Tax Assets | 0 | 0 | ||
Intercompany | 54.5 | 59.1 | ||
Other Current Assets | 0 | 0 | ||
Total Current Assets | 54.5 | 59.1 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Investment in Consolidated Subsidiaries | 957.8 | 1,014.50 | ||
Goodwill | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | 1,012.30 | 1,073.60 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Interest Payable | 0 | 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 | ||
Contingently Redeemable Noncontrolling Interests | 11.3 | |||
EQUITY | ||||
Total Graphic Packaging Holding Company Shareholders' Equity | 1,012.30 | |||
Total Equity | 1,062.30 | |||
Total Liabilities and Equity | 1,012.30 | 1,073.60 | ||
Subsidiary Issuer | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 2 | 1.3 | 5.9 | 228.9 |
Receivables, Net | 233.2 | 218 | ||
Inventories, Net | 408.5 | 368 | ||
Deferred Income Tax Assets | 176.9 | 171.9 | ||
Intercompany | 337.5 | 595.5 | ||
Other Current Assets | 22 | 23.2 | ||
Total Current Assets | 1,180.10 | 1,377.90 | ||
Property, Plant and Equipment, Net | 1,349.30 | 1,410.70 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 1,043.10 | 1,043.20 | ||
Other Assets | 372.9 | 395.6 | ||
Total Assets | 3,945.40 | 4,227.40 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 26.3 | 62.7 | ||
Accounts Payable | 316.3 | 303.1 | ||
Interest Payable | 9.4 | 15 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 165.7 | 142.5 | ||
Total Current Liabilities | 517.7 | 523.3 | ||
Long-Term Debt | 1,822.20 | 2,123.70 | ||
Deferred Income Tax Liabilities | 287.3 | 321.5 | ||
Other Noncurrent Liabilities | 360.4 | 233.1 | ||
Contingently Redeemable Noncontrolling Interests | 11.3 | |||
EQUITY | ||||
Total Graphic Packaging Holding Company Shareholders' Equity | 957.8 | |||
Total Equity | 1,014.50 | |||
Total Liabilities and Equity | 3,945.40 | 4,227.40 | ||
Combined Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 1.8 | 0 | 0 | 0 |
Receivables, Net | 8.6 | 7 | ||
Inventories, Net | 4.8 | 4.4 | ||
Deferred Income Tax Assets | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Other Current Assets | 1.3 | 0 | ||
Total Current Assets | 16.5 | 11.4 | ||
Property, Plant and Equipment, Net | 10.3 | 14.2 | ||
Investment in Consolidated Subsidiaries | 18.7 | 24.2 | ||
Goodwill | 0 | 47.2 | ||
Other Assets | 15.4 | 16.9 | ||
Total Assets | 60.9 | 113.9 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 2.7 | 5.6 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 7.1 | 41.7 | ||
Other Accrued Liabilities | 2.7 | 0.9 | ||
Total Current Liabilities | 12.5 | 48.2 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 0.3 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
Contingently Redeemable Noncontrolling Interests | 0 | |||
EQUITY | ||||
Total Graphic Packaging Holding Company Shareholders' Equity | 48.1 | |||
Total Equity | 65.7 | |||
Total Liabilities and Equity | 60.9 | 113.9 | ||
Combined Nonguarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 77.8 | 50.9 | 45.6 | 42.9 |
Receivables, Net | 166.5 | 187.8 | ||
Inventories, Net | 108.5 | 184.7 | ||
Deferred Income Tax Assets | 0.3 | 0 | ||
Intercompany | 0 | 0 | ||
Other Current Assets | 8.7 | 15.6 | ||
Total Current Assets | 361.8 | 439 | ||
Property, Plant and Equipment, Net | 187.3 | 254.1 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 75 | 35 | ||
Other Assets | 57.2 | 110.3 | ||
Total Assets | 681.3 | 838.4 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 5.9 | 14.7 | ||
Accounts Payable | 105.9 | 119.6 | ||
Interest Payable | 0 | 0.2 | ||
Intercompany | 597.4 | 645.7 | ||
Other Accrued Liabilities | 41.8 | 46.9 | ||
Total Current Liabilities | 751 | 827.1 | ||
Long-Term Debt | 119.9 | 52.5 | ||
Deferred Income Tax Liabilities | 21.7 | 8.4 | ||
Other Noncurrent Liabilities | 30.5 | 35.3 | ||
Contingently Redeemable Noncontrolling Interests | 0 | |||
EQUITY | ||||
Total Graphic Packaging Holding Company Shareholders' Equity | -241.8 | |||
Total Equity | -84.9 | |||
Total Liabilities and Equity | 681.3 | 838.4 | ||
Consolidating Eliminations | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Receivables, Net | 0 | 0 | ||
Inventories, Net | 0 | 0 | ||
Deferred Income Tax Assets | 0 | -0.6 | ||
Intercompany | -392 | -654.6 | ||
Other Current Assets | 0 | 0 | ||
Total Current Assets | -392 | -655.2 | ||
Property, Plant and Equipment, Net | -0.1 | -0.1 | ||
Investment in Consolidated Subsidiaries | -976.5 | -1,038.70 | ||
Goodwill | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | -1,368.60 | -1,694 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Interest Payable | 0 | 0 | ||
Intercompany | -604.5 | -687.4 | ||
Other Accrued Liabilities | 0 | 0 | ||
Total Current Liabilities | -604.5 | -687.4 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
Contingently Redeemable Noncontrolling Interests | -11.3 | |||
EQUITY | ||||
Total Graphic Packaging Holding Company Shareholders' Equity | -764.1 | |||
Total Equity | -995.3 | |||
Total Liabilities and Equity | ($1,368.60) | ($1,694) |
Guarantor_Condensed_Consolidat4
Guarantor Condensed Consolidated Financial Statements Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $89 | $146.70 | $120.10 |
Depreciation and Amortization | 270 | 277.4 | 266.8 |
Write off of Deferred Debt Issuance Cost | 4.6 | 4.5 | 7.5 |
Amortization of Deferred Debt Issuance Costs | 4.8 | 7 | 6.2 |
Deferred Income Taxes | 33.1 | 62.7 | 76 |
Amount of Postretirement Expense Less Than Funding | -46.3 | -12.4 | -14 |
Gain (Loss) on the Sale of Assets, net | 173.6 | -26.6 | 0 |
Impairment Charges/Asset Write-offs | 7 | 1.5 | 5.6 |
Equity in Net Earnings of Subsidiaries | 0 | 0 | 0 |
Other, Net | 42.8 | 19.5 | 17.5 |
Changes in Operating Assets and Liabilities | -40.2 | -22.3 | -17.1 |
Net Cash Provided by Operating Activities | 526.6 | 458 | 468.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | -201.4 | -209.2 | -203.3 |
Payments to Acquire Businesses, Net of Cash Acquired | -190.7 | 0 | -118.1 |
Cash Acquired from Acquisition | 16.9 | 0 | 13.1 |
Proceeds from Sales of Assets, Net of Selling Costs | 170.8 | 73.5 | 18.8 |
Other, Net | -5.7 | -8.7 | -4.5 |
Net Cash Used in Investing Activities | -183.2 | -144.4 | -294 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | -200 | -300 |
Proceeds from Issuance of Senior Long-term Debt | 250 | 425 | 1,300 |
Retirement of Long-Term Debt | -247.7 | -425 | 0 |
Payments on Debt | -214.6 | -71.3 | -1,703.40 |
Borrowings under Revolving Credit Facilities | 1,957.90 | 1,729.20 | 1,367.20 |
Payments on Revolving Credit Facilities | -2,012.20 | -1,738 | -1,034.70 |
Payments of Debt Issuance Costs | -16.8 | -29.9 | -27.7 |
Payments for Repurchase of Common Stock, Related to Share-Based Compensation | -14.7 | -11.2 | -10.7 |
Proceeds from (Payments for) Other Financing Activities | -10.7 | 10.1 | 13.2 |
Net Cash Used in Financing Activities | -308.8 | -311.1 | -396.1 |
Effect of Exchange Rate on Cash and Cash Equivalents | -5.2 | -1.8 | 1.2 |
Net Increase (Decrease) in Cash and Cash Equivalents | 29.4 | 0.7 | -220.3 |
Cash and Cash Equivalents at Beginning of Period | 52.2 | 51.5 | 271.8 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 81.6 | 52.2 | 51.5 |
Parent | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | 89 | 146.7 | 120.1 |
Depreciation and Amortization | 0 | ||
Write off of Deferred Debt Issuance Cost | 0 | 0 | 0 |
Amortization of Deferred Debt Issuance Costs | 0 | 0 | |
Deferred Income Taxes | 0 | 0 | 0 |
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 |
Gain (Loss) on the Sale of Assets, net | 0 | 0 | |
Impairment Charges/Asset Write-offs | 0 | 0 | |
Equity in Net Earnings of Subsidiaries | -89 | -146.7 | -120.1 |
Other, Net | 0 | 0 | 0 |
Changes in Operating Assets and Liabilities | 0 | 0 | 0 |
Net Cash Provided by Operating Activities | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | 0 | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | |
Cash Acquired from Acquisition | 0 | 0 | |
Proceeds from Sales of Assets, Net of Selling Costs | 0 | 0 | 0 |
Other, Net | 15.7 | 211.2 | 310.7 |
Net Cash Used in Investing Activities | 15.7 | 211.2 | 310.7 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | -200 | -300 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 |
Retirement of Long-Term Debt | 0 | 0 | |
Payments on Debt | 0 | 0 | 0 |
Borrowings under Revolving Credit Facilities | 0 | 0 | 0 |
Payments on Revolving Credit Facilities | 0 | 0 | 0 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Payments for Repurchase of Common Stock, Related to Share-Based Compensation | -14.7 | -11.2 | -10.7 |
Proceeds from (Payments for) Other Financing Activities | -1 | 0 | 0 |
Net Cash Used in Financing Activities | -15.7 | -211.2 | -310.7 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 0 | 0 |
Subsidiary Issuer | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | 89 | 146.7 | 120.1 |
Depreciation and Amortization | 224.8 | 223.7 | 224.8 |
Write off of Deferred Debt Issuance Cost | 4.6 | 0 | 7.5 |
Amortization of Deferred Debt Issuance Costs | 0 | 6.2 | |
Deferred Income Taxes | 91.5 | 65.3 | 76 |
Amount of Postretirement Expense Less Than Funding | -43.7 | -7.2 | -12 |
Gain (Loss) on the Sale of Assets, net | 0 | 0 | |
Impairment Charges/Asset Write-offs | 3.5 | 5.4 | |
Equity in Net Earnings of Subsidiaries | 88.4 | 32 | 16.5 |
Other, Net | 43.2 | 19.3 | 23.3 |
Changes in Operating Assets and Liabilities | -21.9 | -38.7 | -12.6 |
Net Cash Provided by Operating Activities | 475.9 | 444.6 | 455.2 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | -142.5 | -181.4 | -171.6 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | -118.1 | |
Cash Acquired from Acquisition | 0 | 0 | |
Proceeds from Sales of Assets, Net of Selling Costs | 0 | 0.3 | 18.8 |
Other, Net | -5.7 | 64.5 | -4.5 |
Net Cash Used in Investing Activities | -121.3 | -116.6 | -275.4 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | 0 | 0 |
Proceeds from Issuance of Senior Long-term Debt | 250 | 425 | 1,300 |
Retirement of Long-Term Debt | -247.7 | -425 | |
Payments on Debt | -214.6 | -60.4 | -1,703.40 |
Borrowings under Revolving Credit Facilities | 1,825.20 | 1,502.70 | 1,310.90 |
Payments on Revolving Credit Facilities | -1,950 | -1,532.50 | -985.1 |
Payments of Debt Issuance Costs | -16.8 | -29.9 | -27.7 |
Payments for Repurchase of Common Stock, Related to Share-Based Compensation | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | -212.5 | -297.5 |
Net Cash Used in Financing Activities | -353.9 | -332.6 | -402.8 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0.7 | -4.6 | -223 |
Cash and Cash Equivalents at Beginning of Period | 1.3 | 5.9 | 228.9 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2 | 1.3 | 5.9 |
Combined Guarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | -7.4 | 3.8 | 4.3 |
Depreciation and Amortization | 2.3 | 4.1 | 4.2 |
Write off of Deferred Debt Issuance Cost | 0 | 4.5 | 0 |
Amortization of Deferred Debt Issuance Costs | 7 | 0 | |
Deferred Income Taxes | 1 | 0 | 0 |
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 |
Gain (Loss) on the Sale of Assets, net | -6.7 | 0 | |
Impairment Charges/Asset Write-offs | 0 | 0 | |
Equity in Net Earnings of Subsidiaries | 0.6 | 2 | 1.2 |
Other, Net | 0 | 0 | 0 |
Changes in Operating Assets and Liabilities | 5.6 | -19.9 | -8.4 |
Net Cash Provided by Operating Activities | 8.8 | 1.5 | 1.3 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | -5.5 | -1.5 | -1.3 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | |
Cash Acquired from Acquisition | 0 | 0 | |
Proceeds from Sales of Assets, Net of Selling Costs | 70.7 | 0 | 0 |
Other, Net | 0.3 | 0 | 0 |
Net Cash Used in Investing Activities | 65.5 | -1.5 | -1.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | 0 | 0 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 |
Retirement of Long-Term Debt | 0 | 0 | |
Payments on Debt | 0 | 0 | 0 |
Borrowings under Revolving Credit Facilities | 0.9 | 0 | 0 |
Payments on Revolving Credit Facilities | -0.1 | 0 | 0 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Payments for Repurchase of Common Stock, Related to Share-Based Compensation | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -70.7 | 0 | 0 |
Net Cash Used in Financing Activities | -69.9 | 0 | 0 |
Effect of Exchange Rate on Cash and Cash Equivalents | -2.6 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1.8 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1.8 | 0 | 0 |
Combined Nonguarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | -81.6 | -37.8 | -22 |
Depreciation and Amortization | 42.9 | 49.6 | 37.8 |
Write off of Deferred Debt Issuance Cost | 0 | 0 | 0 |
Amortization of Deferred Debt Issuance Costs | 0 | 0 | |
Deferred Income Taxes | -59.4 | -2.6 | 0 |
Amount of Postretirement Expense Less Than Funding | -2.6 | -5.2 | -2 |
Gain (Loss) on the Sale of Assets, net | -166.9 | -26.6 | |
Impairment Charges/Asset Write-offs | -2 | 0.2 | |
Equity in Net Earnings of Subsidiaries | 0 | 0 | 0 |
Other, Net | -0.4 | 0.2 | -5.8 |
Changes in Operating Assets and Liabilities | -39.9 | 48.4 | 3.9 |
Net Cash Provided by Operating Activities | 25.9 | 24 | 12.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | -53.4 | -26.3 | -30.4 |
Payments to Acquire Businesses, Net of Cash Acquired | -190.7 | 0 | |
Cash Acquired from Acquisition | 16.9 | 13.1 | |
Proceeds from Sales of Assets, Net of Selling Costs | 100.1 | 73.2 | 0 |
Other, Net | 0 | 0 | 0 |
Net Cash Used in Investing Activities | -127.1 | 46.9 | -17.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | 0 | 0 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 |
Retirement of Long-Term Debt | 0 | 0 | |
Payments on Debt | 0 | -10.9 | 0 |
Borrowings under Revolving Credit Facilities | 131.8 | 226.5 | 56.3 |
Payments on Revolving Credit Facilities | -62.1 | -205.5 | -49.6 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Payments for Repurchase of Common Stock, Related to Share-Based Compensation | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 61 | -73.9 | 0 |
Net Cash Used in Financing Activities | 130.7 | -63.8 | 6.7 |
Effect of Exchange Rate on Cash and Cash Equivalents | -2.6 | -1.8 | 1.2 |
Net Increase (Decrease) in Cash and Cash Equivalents | 26.9 | 5.3 | 2.7 |
Cash and Cash Equivalents at Beginning of Period | 50.9 | 45.6 | 42.9 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 77.8 | 50.9 | 45.6 |
Consolidating Eliminations | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | 0 | -112.7 | -102.4 |
Depreciation and Amortization | 0 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | 0 | 0 | 0 |
Amortization of Deferred Debt Issuance Costs | 0 | 0 | |
Deferred Income Taxes | 0 | 0 | 0 |
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 |
Gain (Loss) on the Sale of Assets, net | 0 | 0 | |
Impairment Charges/Asset Write-offs | 0 | 0 | |
Equity in Net Earnings of Subsidiaries | 0 | 112.7 | 102.4 |
Other, Net | 0 | 0 | 0 |
Changes in Operating Assets and Liabilities | 16 | -12.1 | 0 |
Net Cash Provided by Operating Activities | 16 | -12.1 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | 0 | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | |
Cash Acquired from Acquisition | 0 | 0 | |
Proceeds from Sales of Assets, Net of Selling Costs | 0 | 0 | 0 |
Other, Net | -16 | -284.4 | -310.7 |
Net Cash Used in Investing Activities | -16 | -284.4 | -310.7 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | 0 | 0 | 0 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 0 |
Retirement of Long-Term Debt | 0 | 0 | |
Payments on Debt | 0 | 0 | 0 |
Borrowings under Revolving Credit Facilities | 0 | 0 | 0 |
Payments on Revolving Credit Facilities | 0 | 0 | 0 |
Payments of Debt Issuance Costs | 0 | ||
Payments for Repurchase of Common Stock, Related to Share-Based Compensation | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 296.5 | 310.7 |
Net Cash Used in Financing Activities | 0 | 296.5 | 310.7 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $0 | $0 | $0 |
Other_Comprehensive_Income_Amo
Other Comprehensive Income Amounts in / out of AOCI (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($188.20) | [1] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -154.9 | [1] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.5 | [1],[2] | |||
Other Comprehensive Income (Loss), Net of Tax | -146.4 | [1] | 123.1 | -29.2 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -334.6 | [1] | -188.2 | [1] | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -10.8 | [1] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -7.4 | [1] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.5 | [1],[2] | |||
Other Comprehensive Income (Loss), Net of Tax | -6.9 | [1] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -17.7 | [1] | |||
Accumulated Supplemental Unemployment Benefits (Including Supplemental Pension and Other Postretirement Benefit Plans) Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.5 | [1] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -0.5 | [1] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [1],[2] | |||
Other Comprehensive Income (Loss), Net of Tax | -0.5 | [1] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | [1] | |||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -16.6 | [1] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -34 | [1] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [1],[2] | |||
Other Comprehensive Income (Loss), Net of Tax | -34 | [1] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -50.6 | [1] | |||
Pension Benefits | Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -172 | [1] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -114.8 | [1] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.8 | [1],[2] | |||
Other Comprehensive Income (Loss), Net of Tax | -106 | [1] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -278 | [1] | |||
Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10.7 | [1] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1.8 | [1] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -0.8 | [1],[2] | |||
Other Comprehensive Income (Loss), Net of Tax | 1 | [1] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $11.70 | [1] | |||
[1] | All amounts are net-of-tax. | ||||
[2] | See following table for details about these reclassifications. |
Other_Comprehensive_Income_Rec
Other Comprehensive Income Reclassifications to P&L (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Cost of Goods Sold | $3,453.30 | $3,752.50 | $3,617.50 | |||||||||
Other Operating Income (Expense), Net | 3.7 | 13.4 | 7.3 | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 132.7 | 212.6 | 200.3 | |||||||||
Income Tax Expense (Benefit) | 45.4 | 67.4 | 82.5 | |||||||||
Net Income Attributable to Graphic Packaging Holding Company | 41.5 | 53 | -40 | 35.2 | 46 | 44.5 | 21.2 | 34.9 | 89.7 | 146.6 | 122.6 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 8.5 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 0.8 | |||||||||||
Income Tax Expense (Benefit) | 0.3 | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 0.5 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Cost of Goods Sold | -1.8 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Contract [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Other Operating Income (Expense), Net | -0.7 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Interest Income (Expense), Net | 3.3 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Pension Benefits | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 13.9 | |||||||||||
Income Tax Expense (Benefit) | 5.1 | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | 8.8 | |||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0.7 | [1] | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 13.2 | [1] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Postretirement Benefit Plans | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | -1.3 | |||||||||||
Income Tax Expense (Benefit) | -0.5 | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | -0.8 | |||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -0.3 | [1] | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ($1) | [1] | ||||||||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 b Pensions and Other Postretirement Benefits). |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended | |
Feb. 04, 2015 | Jan. 02, 2015 | |
Subsequent Event [Line Items] | ||
Share repurchase program, authorized amount | $250,000,000 | |
Dividends declared (in dollars per share) | $0.05 | |
Unrestricted net assets available | 322,000,000 | |
Rose City Printing and Packaging, Inc. | ||
Subsequent Event [Line Items] | ||
Consideration transferred | $116,000,000 |