Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 10, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GRAPHIC PACKAGING HOLDING CO | ||
Entity Central Index Key | 1,408,075 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 4.5 | ||
Entity Common Stock, Shares Outstanding | 323,007,535 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Net Sales | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 1,001.1 | $ 1,050 | $ 1,116.7 | $ 1,072.7 | $ 4,160.2 | $ 4,240.5 | $ 4,478.1 |
Cost of Sales | 3,371.1 | 3,453.3 | 3,752.5 | ||||||||
Selling, General and Administrative | 347.7 | 365.5 | 384.3 | ||||||||
Other Income, Net | (7.7) | (3.7) | (13.4) | ||||||||
Restructuring and Other Special Charges, Net | 7.9 | 8 | 3.9 | 2.2 | 11.9 | 6.8 | 171.1 | 7.8 | 22 | 197.6 | 13.1 |
Income from Operations | 101.6 | 110 | 110.2 | 105.3 | 88.7 | 112.3 | (52.9) | 79.7 | 427.1 | 227.8 | 341.6 |
Interest Expense, Net | (67.8) | (80.7) | (101.9) | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | (14.4) | (27.1) | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 359.3 | 132.7 | 212.6 | ||||||||
Income Tax Expense | (130.4) | (45.4) | (67.4) | ||||||||
Income before Equity Income of Unconsolidated Entities | 228.9 | 87.3 | 145.2 | ||||||||
Equity Income of Unconsolidated Entities | 1.2 | 1.7 | 1.5 | ||||||||
Net Income | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | 41.5 | 53 | (40.3) | 34.8 | 230.1 | 89 | 146.7 |
Net Loss (Income) Attributable to Noncontrolling Interests | 0 | 0.7 | (0.1) | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | $ 41.5 | $ 53 | $ (40) | $ 35.2 | $ 230.1 | $ 89.7 | $ 146.6 | ||||
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.13 | $ 0.16 | $ (0.12) | $ 0.11 | $ 0.70 | $ 0.27 | $ 0.42 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.13 | $ 0.16 | $ (0.12) | $ 0.11 | $ 0.70 | $ 0.27 | $ 0.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 230.1 | $ 89 | $ 146.7 |
Other Comprehensive (Loss) Income, Net of Tax: | |||
Derivative Instruments | (0.7) | (6.9) | 3.2 |
Currency Translation Adjustment | (37.2) | (34) | (13.7) |
Pension and Postretirement Benefit Plans | 26.8 | (105.2) | 134 |
Total Other Comprehensive (Loss) Income, Net of Tax | (11.1) | (146.1) | 123.5 |
Total Comprehensive Income (Loss) | 219 | (57.1) | 270.2 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 0 | 0.4 | (0.5) |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ 219 | $ (56.7) | $ 269.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and Cash Equivalents | $ 54.9 | $ 81.6 |
Receivables, Net | 423.9 | 413.6 |
Inventories, Net | 557.1 | 521.8 |
Other Current Assets | 30.9 | 32 |
Total Current Assets | 1,066.8 | 1,049 |
Property, Plant and Equipment, Net | 1,586.4 | 1,546.8 |
Goodwill | 1,167.8 | 1,118.1 |
Intangible Assets, Net | 386.7 | 385.6 |
Other Assets | 48.4 | 38.1 |
Total Assets | 4,256.1 | 4,137.6 |
Current Liabilities: | ||
Short-Term Debt and Current Portion of Long-Term Debt | 36.6 | 32.2 |
Accounts Payable | 457.9 | 424.9 |
Compensation and Employee Benefits | 119.7 | 118.6 |
Interest Payable | 9.2 | 9.4 |
Other Accrued Liabilities | 108.8 | 91.6 |
Total Current Liabilities | 732.2 | 676.7 |
Long-Term Debt | 1,838.9 | 1,925.5 |
Deferred Income Tax Liabilities | 266.7 | 132.2 |
Accrued Pension and Postretirement Benefits | 247.3 | 312.8 |
Other Noncurrent Liabilities | $ 69.3 | $ 78.1 |
Commitments and Contingencies | ||
SHAREHOLDERS' EQUITY | ||
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized at December 31, 2015 and December 31, 2014; no shares issued or outstanding | $ 0 | $ 0 |
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized at December 31, 2015 and 2014, 324,688,717 and 327,044,500 shares issued and outstanding at December 31, 2015 and 2014, respectively | 3.2 | 3.3 |
Capital in Excess of Par Value | 1,771 | 1,796.5 |
Accumulated Deficit | (326.8) | (452.9) |
Accumulated Other Comprehensive Loss | (345.7) | (334.6) |
Total Shareholders' Equity | 1,101.7 | 1,012.3 |
Total Liabilities and Shareholders' Equity | $ 4,256.1 | $ 4,137.6 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 324,688,717 | 327,044,500 |
Common Stock Outstanding | 324,688,717 | 327,044,500 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Capital In Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance at Dec. 31, 2012 | $ 972.3 | $ 3.4 | $ 1,915.1 | $ (633.2) | $ (311.3) | $ (1.7) |
Beginning balance, shares at Dec. 31, 2012 | 344,534,039 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 146.6 | 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 | (13.6) | (13.6) | ||||
Currency Translation Adjustment | (13.7) | |||||
Repurchase of Common Stock | (200) | $ (0.2) | (143.8) | (56) | ||
Repurchase of Common Stock, Shares | (23,866,348) | |||||
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 | |||||
Ending balance at Dec. 31, 2013 | 1,062.3 | $ 3.2 | 1,789.9 | (542.6) | (188.2) | 0 |
Ending balance, shares at Dec. 31, 2013 | 324,746,642 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 89.7 | 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) | |||||
Currency Translation Adjustment | (34) | (34) | ||||
Investment in Subsidiaries | 1.5 | 1.5 | ||||
Recognition of Stock-Based Compensation | 5.1 | 5.1 | ||||
Issuance of Shares for Stock-Based Awards | 0.1 | $ 0.1 | ||||
Issuance of Shares for Stock-Based Awards, Shares | 2,297,858 | |||||
Ending balance at Dec. 31, 2014 | $ 1,012.3 | $ 3.3 | 1,796.5 | (452.9) | (334.6) | 0 |
Ending balance, shares at Dec. 31, 2014 | 327,044,500 | 327,044,500 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | $ 230.1 | 230.1 | ||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Derivative Instruments | (0.7) | (0.7) | ||||
Pension and Postretirement Benefit Plans | 26.8 | 26.8 | ||||
Currency Translation Adjustment | (37.2) | |||||
Currency Translation Adjustment | (37.2) | (37.2) | ||||
Repurchase of Common Stock | $ (63) | $ (0.1) | (24.4) | (38.5) | ||
Repurchase of Common Stock, Shares | (4,600,000) | (4,625,211) | ||||
Dividends Declared | $ (65.5) | (65.5) | ||||
Recognition of Stock-Based Compensation | (1.1) | (1.1) | ||||
Issuance of Shares for Stock-Based Awards | 0 | $ 0 | 0 | |||
Issuance of Shares for Stock-Based Awards, Shares | 2,269,428 | |||||
Ending balance at Dec. 31, 2015 | $ 1,101.7 | $ 3.2 | $ 1,771 | $ (326.8) | $ (345.7) | $ 0 |
Ending balance, shares at Dec. 31, 2015 | 324,688,717 | 324,688,717 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 230.1 | $ 89 | $ 146.7 |
Non-cash Items Included in Net Income: | |||
Depreciation and Amortization | 280.5 | 270 | 277.4 |
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 4.6 | 4.5 |
Amortization of Deferred Debt Issuance Costs | 4.1 | 4.8 | 7 |
Deferred Income Taxes | 110 | 33.1 | 62.7 |
Amount of Postretirement Expense Less Than Funding | (39.4) | (46.3) | (12.4) |
Loss (Gain) on the Sale of Assets, Net | 1.9 | 173.6 | (26.6) |
Asset Write-offs | 0.7 | 7 | 1.5 |
Other, Net | 20.3 | 31 | 19.5 |
Changes in Operating Assets and Liabilities, Net of Acquisitions and Dispositions | (19) | (40.2) | (22.3) |
Net Cash Provided by Operating Activities | 589.2 | 526.6 | 458 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | (244.1) | (201.4) | (209.2) |
Proceeds from Government Grant | 0 | 26.9 | 0 |
Acquisition of Businesses, Net of Cash Acquired | (163.2) | (173.8) | 0 |
Cash Acquired Related to Business Acquisitions | 16.9 | ||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | 170.8 | 73.5 |
Other, Net | 7.5 | (5.7) | (8.7) |
Net Cash Used in Investing Activities | (399.8) | (183.2) | (144.4) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | (63) | 0 | (200) |
Proceeds from Issuance or Modification of Debt | 0 | 250 | 425 |
Retirement of Long-Term Debt | 0 | (247.7) | (425) |
Payments on Debt | (25) | (214.6) | (71.3) |
Borrowings under Revolving Credit Facilities | 903 | 1,957.9 | 1,729.2 |
Payments on Revolving Credit Facilities | (953.8) | (2,012.2) | (1,738) |
Redemption and Early Tender Premiums and Debt Issuance Costs | 0 | (16.8) | (29.9) |
Repurchase of Common Stock related to Share-Based Payments | (21.5) | (14.7) | (11.2) |
Payment of Dividends | (49.3) | 0 | 0 |
Other, Net | (1.3) | (10.7) | 10.1 |
Net Cash Used in Financing Activities | (210.9) | (308.8) | (311.1) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (5.2) | (5.2) | (1.8) |
Net (Decrease) Increase in Cash and Cash Equivalents | (26.7) | 29.4 | 0.7 |
Cash and Cash Equivalents at Beginning of Period | 81.6 | 52.2 | 51.5 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 54.9 | 81.6 | 52.2 |
Supplemental Cash Flow Information [Abstract] | |||
Total Consideration Received from the Sale of Assets | 0 | 181 | 83.2 |
Cash Proceeds Received from the Sale of Assets | 0 | 170.8 | 73.5 |
Non-cash Consideration Received from the Sale of Assets | $ 0 | $ 10.2 | $ 9.7 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 product companies. The Company is one of the largest producers 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"). Effective as of December 31, 2015, GPC was merged into and with GPII, with GPII being the surviving company. 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. 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 and sold 100% of GFP on June 30, 2014. 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, 2015 and 2014, the Company sold receivables under these programs totaling approximately $129 million and $413 million , respectively. In 2014, the Company entered into an agreement for the purchasing and servicing of receivables, to sell, on a revolving basis, certain trade accounts receivable balances to a third party financial institution. In 2015, the Company entered into a similar agreement for the purchasing and servicing of receivables in Europe (collectively referred as the “AR Sales Agreements”). Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the FASB Codification. During 2015, under these agreements, the Company sold and derecognized approximately $1.1 billion of receivables, of which approximately $920 million has been collected on behalf of the financial institution, approximately $154 million has been funded by the financial institution, resulting in deferred proceeds of approximately $51 million as of December 31, 2015. During 2014 under the agreement, the Company sold and derecognized approximately $231 million of receivables, of which approximately $125 million has been collected on behalf of the financial institution, $74 million has been funded by the financial institution, resulting in deferred proceeds of approximately $32 million 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 is 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 $282 million and $127 million as of December 31, 2015 and 2014, 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, 2015 and 2014 , 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 $0.8 million , $ 1.6 million and $ 3.5 million for the years ended December 31, 2015 , 2014 and 2013 , 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 2015 , 2014 and 2013 was $ 227.6 million , $ 221.6 million and $ 232.5 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, 2015 and 2014 . The following table displays the intangible assets that continue to be subject to amortization and aggregate amortization expense as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 627.2 $ (269.0 ) $ 358.2 $ 579.5 $ (226.1 ) $ 353.4 Patents, Trademarks and Licenses 119.5 (91.0 ) 28.5 115.4 (83.2 ) 32.2 Total $ 746.7 $ (360.0 ) $ 386.7 $ 694.9 $ (309.3 ) $ 385.6 The Company recorded amortization expense for the years ended December 31, 2015 , 2014 and 2013 of $ 52.9 million , $ 48.4 million and $ 44.9 million , respectively, relating to intangible assets subject to amortization. The Company expects amortization expense to be approximately $46 million and $43 million for 2016 and 2017, respectively, and approximately $40 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 its reporting units as of October 1, 2015 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 Mills Americas Paperboard Packaging Europe Paperboard Packaging Flexible Packaging Total Balance at December 31, 2013 $ 408.5 $ 692.5 $ 16.2 $ 8.2 $ 1,125.4 Disposal of Business — (47.2 ) — (8.2 ) (55.4 ) Acquisition of Businesses — — 51.9 — 51.9 Foreign Currency Effects — (1.2 ) (2.6 ) — (3.8 ) Balance at December 31, 2014 $ 408.5 $ 644.1 $ 65.5 $ — $ 1,118.1 Acquisition of Businesses — 55.6 — — 55.6 Foreign Currency Effects — (1.4 ) (4.5 ) — (5.9 ) Balance at December 31, 2015 $ 408.5 $ 698.3 $ 61.0 $ — $ 1,167.8 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, the Company 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, 2015 , 2014 and 2013 were $ 13.8 million , $ 14.9 million and $ 16.8 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 2015 2014 2013 Loss (Gain) on Sale or Closure of Certain Assets $ 1.9 $ 180.1 $ (17.9 ) Net Charges Associated with Business Combinations 14.0 12.4 29.2 Other Special Charges 6.1 5.1 1.8 Total $ 22.0 $ 197.6 $ 13.1 On October 1, 2015, the Company acquired the converting assets of Staunton, VA-based Carded Graphics, LLC. ("Carded"), an award winning folding carton producer with a strong regional presence in the food, craft beer and other consumer product markets. On February 4, 2015, the Company completed the acquisition of certain assets of Cascades Norampac Division ("Cascades") in Canada. Cascades services the food and beverage markets and operates three folding carton converting facilities located in Cobourg, Ontario, Mississauga, Ontario and Winnipeg, Manitoba along with a thermo mechanical pulp mill located in Jonquiere, Quebec and a coated recycled board mill located in East Angus, Quebec. The Jonquiere mill was shutdown in the third quarter of 2015. On January 2, 2015, the Company acquired Rose City Printing and Packaging Inc. ("Rose City") through the purchase of all of the issued and outstanding stock of its parent company, Rose City Holding Company. Rose City services food and beverage markets and operates two folding carton converting facilities located in Gresham, OR and Vancouver, WA. The Carded, Cascades, and Rose City transactions are all referred to collectively as the "North American Acquisitions" and charges associated with the North American Acquisitions are included in Net Charges Associated with Business Combinations in the table above. For more information regarding these acquisitions see Note 4 - Acquisitions. 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. 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. 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. The financial impacts of these transactions are reflected as Loss (Gain) on Sale or Closure of Certain Assets in the above table. Capital Allocation Plan, Equity Offerings and Share Repurchases Capital Allocation Plan On February 4, 2015, the Company's board of directors authorized a share repurchase program to allow management to purchase up to $ 250 million of the Company's issued and outstanding shares of common stock through open market purchases, privately negotiated transactions and Rule 10b5-1 plans. During 2015, the Company repurchased 4.6 million shares, or approximately $63 million , of its common stock under this program at an average price of $13.60 . On February 4, 2015, May 20, 2015, July 30, 2015 and November 19, 2015, the Company's board of directors declared a regular quarterly dividend of $0.05 per common share. During 2015, the Company declared and paid cash dividends of approximately $66 million and $49 million , respectively. Equity Offerings 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. Adoption of New Accounting Standards In November 2015, the FASB issued Accounting Standard Update ("ASU") No. 2015-17, “ Balance Sheet Classification of Deferred Taxes”, an update to ASC 740, Income Taxes (“Update”). Current GAAP requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Board also decided to permit earlier application by all entities as of the beginning of any interim or annual reporting period. The Board further provides that this Update may be applied to all deferred tax assets and liabilities retrospectively to all periods presented. The Company chose to adopt the Update retrospectively for the year ended December 31, 2015 and reclassified $0.1 million and $177.1 million from net current deferred income tax assets to net non-current deferred tax assets and net non-current deferred income tax liabilities, respectively, as of December 31, 2014. Effective December 31, 2015, the Company adopted ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03). The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-3 does not change the recognition and measurement requirements for debt issuance costs. The provisions of ASU 2015-03 were applied retrospectively and resulted in the reclassification of $16.6 million of deferred debt issuance costs related to the Company's Senior Notes and Senior Secured Term Loan facilities (see Note 5- Debt) from Other Assets to Long-Term Debt for the years ended December 31,2014. The deferred debt issuance costs associated with the Senior Secured Revolving Credit facilities are recorded in Other Assets. Accounting Standards Not Yet Adopted On September 28, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this ASU eliminate the requirement to retrospectively account for provisional amounts recognized in a business combination. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption will not impact the Company's financial position, results of operations and cash flows. On July 23, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . This amendment replaces the current method of measuring inventories at lower of cost or market with a lower of cost and net realizable value method. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adoption on the Company's financial position, results of operations and cash flows. 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. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard but not before the original effective date of December 15, 2016. 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 Data
Supplemental Balance Sheet Data | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Trade $ 344.3 $ 352.7 Less: Allowance (7.5 ) (6.3 ) 336.8 346.4 Other (1) 87.1 67.2 Total $ 423.9 $ 413.6 (1) Includes a receivable of approximately $51 million and $32 million for 2015 and 2014, respectively, from the financial institution per the AR Sales Agreements, which is a Level 3 fair value measurement. Inventories, Net by major class: In millions 2015 2014 Finished Goods $ 265.5 $ 260.2 Work in Progress 50.4 52.9 Raw Materials 163.0 139.0 Supplies 78.2 69.7 Total $ 557.1 $ 521.8 Other Current Assets: In millions 2015 2014 Prepaid Assets $ 30.5 $ 30.1 Fair Value of Derivatives, current portion 0.4 1.9 Total $ 30.9 $ 32.0 Property, Plant and Equipment, Net: In millions 2015 2014 Property, Plant and Equipment, at Cost: Land and Improvements $ 101.9 $ 100.9 Buildings 379.7 378.3 Machinery and Equipment (2) 3,844.3 3,612.0 Construction-in-Progress 156.4 81.2 4,482.3 4,172.4 Less: Accumulated Depreciation (2) (2,895.9 ) (2,625.6 ) Total $ 1,586.4 $ 1,546.8 (2) Includes gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 4.1 million as of December 31, 2015 and gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 3.4 million as of December 31, 2014 . Other Assets: In millions 2015 2014 Deferred Debt Issuance Costs, Net of Amortization of $7.7 million and $6.0 million for 2015 and 2014, respectively (3) $ 6.1 $ 7.8 Deferred Income Tax Assets 3.6 7.5 Pension Assets 10.4 0.1 Long-term Receivables 9.4 10.2 Other 18.9 12.5 Total $ 48.4 $ 38.1 (3) See Note- 1 Nature of Business and Summary of Significant Accounting Policies. Other Accrued Liabilities: In millions 2015 2014 Fair Value of Derivatives, current portion $ 14.2 $ 15.5 Deferred Revenue 19.5 15.1 Accrued Customer Rebates 6.6 6.7 Other 68.5 54.3 Total $ 108.8 $ 91.6 Other Noncurrent Liabilities: In millions 2015 2014 Deferred Revenue $ 6.1 $ 5.7 Multi-employer Plans 30.5 30.9 Workers Compensation Reserve 11.6 12.9 Other 21.1 28.6 Total $ 69.3 $ 78.1 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash Flow Used in Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions and dispositions: In millions 2015 2014 2013 Receivables, Net $ (1.5 ) $ (25.5 ) $ 49.3 Inventories, Net (19.7 ) (50.4 ) (39.5 ) Prepaid Expenses 0.1 4.8 (11.4 ) Other Assets (12.4 ) 9.2 (3.8 ) Accounts Payable 12.7 13.3 (13.9 ) Compensation and Employee Benefits (1.9 ) 9.6 (20.8 ) Income Taxes 0.9 9.0 1.1 Interest Payable (1.1 ) (7.4 ) 21.9 Other Accrued Liabilities (3.9 ) (6.3 ) (1.1 ) Other Noncurrent Liabilities 7.8 3.5 (4.1 ) Total $ (19.0 ) $ (40.2 ) $ (22.3 ) Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: In millions 2015 2014 2013 Interest $ 60.9 $ 79.1 $ 89.6 Income Taxes $ 11.2 $ 12.2 $ 12.1 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS On October 1, 2015, the Company completed the acquisition of Carded. Based in Staunton, VA, Carded's state-of-the-art converting facility produces award winning folding cartons and has a strong regional presence in the food, craft beer and other consumer product markets. On February 4, 2015, the Company completed the acquisition of certain assets of Cascades Norampac Division ("Cascades") in Canada. Cascades services the food and beverage markets and operated three folding carton converting facilities located in Cobourg, Ontario, Mississauga, Ontario and Winnipeg, Manitoba along with a thermo mechanical pulp mill located in Jonquiere, Quebec and a coated recycled board mill located in East Angus, Quebec. The Jonquiere mill was shutdown in the third quarter of 2015. On January 2, 2015, the Company acquired Rose City through the purchase of all of the issued and outstanding stock of its parent company, Rose City Holding Company. Rose City services food and beverage markets and operates two folding carton converting facilities located in Gresham, OR and Vancouver, WA. The Cascades, Rose City, and Carded Graphics transactions are referred to collectively as the "North American Acquisitions." The Company paid approximately $164 million for the North American Acquisitions using existing cash and borrowings under its revolving line of credit. The acquisition accounting for the North American Acquisitions has been preliminarily allocated to the assets acquired and liabilities assumed based on the estimated fair values as of the purchase dates and is subject to adjustments in subsequent periods once the third party valuations are completed. Management believes that the purchase price attributable to goodwill represents the benefits expected as the acquisitions were made to continue to grow the North American food and beverage business, integrate paperboard from the Company's mills and to further optimize the Company's supply chain footprint. The Company does not expect the goodwill recorded in connection with the Rose City acquisition 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 $ 168.5 $ (4.3 ) $ 164.2 In millions Cash and Cash Equivalents $ 1.0 $ — $ 1.0 Receivables, Net 27.5 — 27.5 Inventories, Net 37.4 (7.3 ) 30.1 Other Current Assets 1.3 — 1.3 Property, Plant and Equipment, Net 69.8 (28.2 ) 41.6 Pension Asset 2.5 0.9 3.4 Other Assets 7.7 46.6 54.3 Total Assets Acquired 147.2 12.0 159.2 Current Liabilities 27.3 — 27.3 Pension and Postretirement Benefits 5.7 (0.4 ) 5.3 Deferred Tax Liabilities 5.1 10.8 15.9 Other Noncurrent Liabilities 2.1 — 2.1 Total Liabilities Assumed 40.2 10.4 50.6 Net Assets Acquired 107.0 1.6 108.6 Goodwill 61.5 (5.9 ) 55.6 Total Estimated Fair Value of Net Assets Acquired $ 168.5 $ (4.3 ) $ 164.2 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 product industries. This transaction is herein referred to as the "Benson Acquisition." |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Short-Term Debt is comprised of the following: In millions 2015 2014 Short Term Borrowings $ 10.8 $ 5.6 Current Portion of Capital Lease Obligations 0.8 1.6 Current Portion of Long-Term Debt 25.0 25.0 Total $ 36.6 $ 32.2 Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2015 and 2014 was 9.2% and 8.1% , respectively. Long-Term Debt is comprised of the following: In millions 2015 2014 Senior Notes with interest payable semi-annually at 4.95%, payable in 2022 $ 250.0 $ 250.0 Senior Notes with interest payable semi-annually at 4.80%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.7% at December 31, 2015) payable through 2019 975.0 1,000.0 Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.9% at December 31, 2015) payable in 2019(a) 224.8 288.4 Capital Lease Obligations 1.8 3.1 Other 1.8 2.2 1,878.4 1,968.7 Less: Current Portion 25.8 26.6 1,852.6 1,942.1 Less: Unamortized Deferred Debt Issuance Costs (a) 13.7 16.6 Total $ 1,838.9 $ 1,925.5 (a) As of December 31, 2015, the Company adopted ASU No. 2015-03 Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The adoption required debt issue costs previously reported in Other Assets to be presented as a direct reduction in Total Debt. For more information see Note 1 - Nature of Business and Summary of Significant Accounting Policies. Long-Term Debt maturities (excluding capital leases) are as follows: In millions 2016 $ 25.0 2017 25.8 2018 125.8 2019 1,024.8 2020 0.1 After 2020 675.1 Total $ 1,876.6 Senior Notes On April 2, 2013, the Company completed the issuance and sale of $425 million aggregate 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 aggregate 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 were deferred and are being 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 March 2012 Amended and Restated Credit Agreement $1.0 billion revolving credit facility $1.0 billion amortizing term loan facility LIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio March 2017 Charge of $8.9 million recorded in Loss on Modification or Extinguishment of Debt December 2012 Amendment No. 1 to Credit Agreement $300 million incremental term loan March 2017 Charge of $2.1 million recorded in Loss on Modification or Extinguishment of Debt Deferred fees of $3.1 million will be amortized September 2013 Amendment No. 2 to Credit Agreement Added €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 September 2018 Charge of $1.2 million recorded in Loss on Modification or Extinguishment of Debt Deferred fees of $2.2 million will be amortized June 2014 Amendment No. 3 to Credit Agreement Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) September 2018 Deferred Fees of $0.2 million will be amortized October 2014 Second Amended and Restated Credit Agreement Increased 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 October 2019 Charge of $2.3 million recorded in Loss on Modification or Extinguishment of Debt Deferred 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, 2015 , 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) $ 1,250.0 $ 149.6 $ 1,076.7 Senior Secured International Revolving Credit Facility 170.7 75.2 95.5 Other International Facilities 21.5 12.6 8.9 Total $ 1,442.2 $ 237.4 $ 1,181.1 (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 $ 23.7 million as of December 31, 2015 . These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire through mid- 2018 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, 2015 , 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, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | STOCK INCENTIVE PLANS The Company has one active equity compensation plan from which new grants may be 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”) in 2014, 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, 2015 and December 31, 2014 , there were no options outstanding. A summary of the most recent option activity is as follows: Options Weighted Average Exercise Price Outstanding — December 31, 2012 2,751,163 $ 8.01 Exercised (1,756,629 ) 6.66 Canceled (994,534 ) 10.40 Outstanding — December 31, 2013 — $ — During 2013, the intrinsic value of options exercised was $ 2.1 million . Stock Awards, Restricted Stock and Restricted Stock Units Under the 2014 Plan and 2004 Plan, all RSUs generally 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: 2015 2014 2013 RSUs — Employees 1,751,823 2,153,885 3,335,039 Weighted-average grant date fair value $ 13.28 $ 10.22 $ 7.34 Stock Awards — Board of Directors 54,120 77,139 103,842 Weighted-average grant date fair value $ 14.78 $ 10.50 $ 7.80 A summary of the changes in the number of unvested RSUs from December 31, 2012 to December 31, 2015 is presented below: Shares Weighted Average Grant Date Fair Value 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 $ 7.20 Granted 1,751,823 13.28 Released (3,657,373 ) 5.45 Forfeited (268,560 ) 9.32 Outstanding — December 31, 2015 5,439,588 $ 10.22 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, 2015 is approximately $ 26 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 2015 , 2014 and 2013 , $ 20.4 million , $ 18.7 million and $ 19.0 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 cash payments for share-based liabilities were $13.3 million . During 2015 , 2014 , and 2013 , RSUs with an aggregate fair value of $ 56.1 million , $ 38.1 million and $ 27.3 million , respectively, vested and were paid out. Approximately two-thirds of the amounts paid out in 2013 were payable in shares of common stock and one-third was payable in cash. The RSUs vested and paid out in 2015 were granted primarily during 2012. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Postretirement 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 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. During 2015, the remaining union plans were closed to newly-hired employees. The Company assumed defined benefit pension and postretirement benefit plans in the Cascades acquisition. These plans are closed to newly-hired employees. During the fourth quarter of 2015, 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 above 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 $34.7 million and required cash payments from existing plan assets of $34.6 million . During 2015, the Company settled obligations of a defined benefit plan associated with the Brampton, Ontario facility which was closed. The settlements resulted from lump sum payments to plan participants or the purchase of annuities. During the fourth quarter of 2014, the Company also partially settled obligations of certain of its defined benefit pension plans though lump sum payments 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 . 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 2015 2014 2013 2015 2014 2013 Components of Net Periodic Cost: Service Cost $ 12.8 $ 12.6 $ 16.3 $ 1.0 $ 1.2 $ 1.2 Interest Cost 54.8 57.9 52.2 1.7 2.2 2.0 Expected Return on Plan Assets (74.4 ) (79.8 ) (68.0 ) — — — Amortization: Prior Service Cost (Credit) 0.7 0.7 0.7 (0.3 ) (0.3 ) (0.4 ) Actuarial Loss (Gain) 19.7 13.2 36.1 (1.6 ) (1.0 ) (1.1 ) Net Curtailment/Settlement Loss 1.5 0.8 — — — — Special Termination Benefit — — 1.2 — — — Other 0.9 0.6 0.7 — — — Net Periodic Cost $ 16.0 $ 6.0 $ 39.2 $ 0.8 $ 2.1 $ 1.7 Certain assumptions used in determining the pension and postretirement expenses were as follows: Pension Benefits Postretirement Benefits Year Ended December 31, 2015 2014 2013 2015 2014 2013 Weighted Average Assumptions: Discount Rate 4.02 % 4.86 % 4.20 % 3.95 % 4.74 % 3.97 % Rate of Increase in Future Compensation Levels 1.45 % 1.88 % 2.03 % — — — Expected Long-Term Rate of Return on Plan Assets 6.81 % 7.69 % 7.60 % — — — Initial Health Care Cost Trend Rate — — — 7.38 % 7.50 % 9.00 % Ultimate Health Care Cost Trend Rate — — — 4.96 % 4.77 % 4.50 % Ultimate Year — — — 2036 2027 2023 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 2015 2014 2015 2014 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,366.7 $ 1,218.9 $ 43.6 $ 47.9 Service Cost 12.8 12.6 1.0 1.2 Interest Cost 54.8 57.9 1.7 2.2 Actuarial Loss (Gain) (84.3 ) 189.1 (5.4 ) (5.7 ) Foreign Currency Exchange (16.9 ) (17.8 ) (0.2 ) — Settlement/Curtailment Gain (0.4 ) (1.8 ) — — Settlements (61.1 ) (40.2 ) — — Benefits Paid (55.9 ) (52.5 ) (2.8 ) (2.2 ) Acquisition 22.4 — 2.9 — Other 0.9 0.5 — 0.2 Benefit Obligation at End of Year $ 1,239.0 $ 1,366.7 $ 40.8 $ 43.6 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,092.8 $ 1,065.7 $ — $ — Actual Return on Plan Assets 3.0 82.9 — — Employer Contributions 53.4 52.2 2.8 2.2 Foreign Currency Exchange (15.2 ) (15.3 ) — — Benefits Paid (55.9 ) (52.5 ) (2.8 ) (2.2 ) Acquisition 21.7 — — — Settlements (61.1 ) (40.2 ) — — Other 0.2 — — — Fair Value of Plan Assets at End of Year $ 1,038.9 $ 1,092.8 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (200.1 ) $ (273.9 ) $ (40.8 ) $ (43.6 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 10.4 $ 0.1 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.2 ) $ (2.1 ) $ (2.8 ) $ (2.7 ) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (209.3 ) $ (271.9 ) $ (38.0 ) $ (40.9 ) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 286.6 $ 322.7 $ (20.1 ) $ (16.5 ) Prior Service Cost (Credit) $ 2.3 $ 2.9 $ (1.6 ) $ (1.9 ) Weighted Average Calculations: Discount Rate 4.41 % 4.02 % 4.29 % 3.95 % Rates of Increase in Future Compensation Levels 1.49 % 1.45 % — — Initial Health Care Cost Trend Rate — — 7.80 % 7.38 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.96 % Ultimate Year — — 2024 2036 Accumulated Benefit Obligation The accumulated benefit obligation, (“ABO”), for all defined benefit pension plans was $ 1,226.2 million and $ 1,353.3 million at December 31, 2015 and 2014 , respectively. All of the Company’s defined benefit pension plans had an ABO in excess of plan assets at December 31, 2015 and 2014 , except one of the U.K. plans. Employer Contributions The Company made contributions of $ 53.4 million and $ 52.2 million to its pension plans during 2015 and 2014 , respectively. The Company also made postretirement health care benefit payments of $ 2.8 million and $ 2.2 million during 2015 and 2014 , respectively. For 2016, the Company expects to make contributions of $50 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, 2015 and 2014 , 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 2015 2014 Cash — % 1.1 % 2.6 % Equity Securities 59.0 51.7 51.0 Fixed Income Securities 41.0 41.6 39.9 Other Investments — 5.6 6.5 Total 100.0 % 100.0 % 100.0 % 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, 2015 and 2014 : Fair Value Measurements at December 31, 2015 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) $ 11.4 $ 5.0 $ 6.4 $ — Equity Securities: Domestic (a) 397.1 79.8 317.3 — Foreign (a) 140.1 63.5 76.6 — Fixed Income Securities (a) 431.8 172.9 258.9 — Other Investments: Real estate (a) 22.6 22.6 — — Diversified growth fund (b) 35.9 — — 35.9 Total $ 1,038.9 $ 343.8 $ 659.2 $ 35.9 Fair Value Measurements at December 31, 2014 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) $ 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 $ 1,092.8 $ 311.9 $ 780.9 $ — (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. A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows: In millions 2015 Balance Beginning of Period $ — Transfers In 35.8 Return on Assets Held at December 31 0.1 Balance at December 31, $ 35.9 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 2015 data: One Percentage Point In millions Increase Decrease Health Care Cost Trend Rate Sensitivity: Effect on Total Interest and Service Cost Components $ 0.2 $ (0.1 ) Effect on Year-End Postretirement Benefit Obligation $ 1.8 $ (1.6 ) Estimated Future Benefit Payments The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2025: In millions Pension Plans Postretirement Health Care Benefits 2016 $ 59.1 $ 2.8 2017 62.5 3.0 2018 65.1 3.1 2019 67.8 3.2 2020 70.3 3.4 2021— 2025 383.5 16.0 Amounts in Accumulated Other Comprehensive Loss Expected to Be Recognized in Net Periodic Benefit Costs in 2016 During 2016 , amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows: In millions Pension Benefits Postretirement Health Care Benefits Recognition of Prior Service Cost $ 0.8 $ (0.3 ) Recognition of Actuarial Loss (Gain) 19.2 (2.2 ) Beginning in 2016, the Company will change its methodology of calculating the service and interest costs components of pension expense from using a yield curve aggregate approach to using individual spot rates along the yield curve. Pension expense for 2016 is expected to be approximately $15 million . 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, 2015 and 2014 was $ 2.1 million and $ 2.8 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, 2015, and December 31, 2014, the Company has $ 30.5 million and $ 30.9 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 related to the sale of the multi-wall bag business for partial withdrawal from the Paper Industry Union - Management Pension Fund (“PIUMPF”) 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, 2015. 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, 2015 , 2014 and 2013 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2015 2014 FIP/RP Status Implemented 2015 2014 2013 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 7/31/2018 PIUMPF (1) 11-6166763/001 Red Red Yes — 0.3 0.4 Yes 9/30/2014 Western Conference of Teamsters Pension Trust - Northwest Area 91-6145047/001 Green Green No 0.1 0.1 0.1 No 4/30/2017 Total $ 0.2 $ 0.5 $ 0.6 (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 2015 and 2014 is for the plan's year-end at December 31, 2014 and December 31, 2013, 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, 2015 , 2014 and 2013 were $ 29.0 million , $ 28.9 million and $ 27.9 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 U.S. $ 307.6 $ 128.0 $ 252.0 International 51.7 4.7 (39.4 ) Income before Income Taxes and Equity Income of Unconsolidated Entities $ 359.3 $ 132.7 $ 212.6 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 2015 2014 2013 Current (Expense) Benefit: U.S. $ (7.9 ) $ (7.5 ) $ (1.4 ) International (12.5 ) (4.8 ) (3.3 ) Total Current $ (20.4 ) $ (12.3 ) $ (4.7 ) Deferred (Expense) Benefit: U.S. (110.6 ) (35.0 ) (65.3 ) International 0.6 1.9 2.6 Total Deferred $ (110.0 ) $ (33.1 ) $ (62.7 ) Income Tax (Expense) $ (130.4 ) $ (45.4 ) $ (67.4 ) 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 2015 Percent 2014 Percent 2013 Percent Income Tax Expense at U.S. Statutory Rate $ (125.8 ) 35.0 % $ (46.4 ) 35.0 % $ (74.4 ) 35.0 % U.S. State and Local Tax (Expense) Benefit (11.4 ) 3.2 (5.9 ) 4.4 (7.7 ) 3.6 Goodwill Related to Dispositions — — (8.6 ) 6.5 — — Capital Loss on Subsidiary Stock — — — — 5.4 (2.6 ) Permanent Items 1.7 (0.5 ) (4.7 ) 3.5 (3.5 ) 1.7 Change in Valuation Allowance 1.8 (0.5 ) (5.1 ) 3.9 (15.2 ) 7.2 International Tax Rate Differences 2.4 (0.7 ) 3.5 (2.6 ) 2.9 (1.4 ) Foreign Withholding Tax (0.2 ) 0.1 (0.1 ) — (0.4 ) 0.2 Non taxable Excise Tax Credit Refunds — — — — 29.4 (13.8 ) Change in Tax Rates 1.0 (0.3 ) 4.5 (3.4 ) (3.6 ) 1.7 U.S. Federal & State Research Credits 5.5 (1.5 ) 20.1 (15.1 ) — — Uncertain Tax Positions (3.7 ) 1.0 (4.5 ) 3.4 — — Other (1.7 ) 0.5 1.8 (1.4 ) (0.3 ) 0.1 Income Tax (Expense) Benefit $ (130.4 ) 36.3 % $ (45.4 ) 34.2 % $ (67.4 ) 31.7 % 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 2015, the Company established additional U.S. federal research tax credit carryforwards of approximately $5.5 million , which have been reduced by approximately $1.5 million , in accordance with the measurement criteria of the Income Taxes topic of the FASB Codification. 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 2015 2014 Deferred Income Tax Assets: Compensation Based Accruals $ 26.5 $ 38.9 Net Operating Loss Carryforwards 211.5 310.4 Postretirement Benefits 103.2 127.3 Tax Credits 32.6 28.8 Other 63.4 50.5 Valuation Allowance (44.8 ) (53.6 ) Total Deferred Income Tax Assets $ 392.4 $ 502.3 Deferred Income Tax Liabilities: Property, Plant and Equipment (286.1 ) (264.7 ) Goodwill (279.0 ) (271.3 ) Other Intangibles (86.8 ) (85.1 ) Other (3.6 ) (5.9 ) Net Noncurrent Deferred Income Tax Liabilities $ (655.5 ) $ (627.0 ) Net Deferred Income Tax (Liability) Asset (a) $ (263.1 ) $ (124.7 ) (a) In November 2015, the FASB issued Accounting Standard Update No. 2015-17, “Balance Sheet Classification of Deferred Taxes”, an update to ASC 740, Income Taxes (“Update”). Current GAAP requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Board also decided to permit earlier application by all entities as of the beginning of any interim or annual reporting period. The Board further provides that this Update may be applied to all deferred tax assets and liabilities retrospectively to all periods presented. The Company chose to early adopt the Update and apply it retrospectively for the year ended December 31, 2015 and reclassified $0.1 million and $177.1 million from net current deferred income tax assets to net non-current deferred tax assets and net non-current deferred income tax liabilities, respectively, as of December 31, 2014. The Company has total deferred income tax assets, excluding valuation allowance, of $ 437.2 million and $ 555.9 million as of December 31, 2015 and 2014 , respectively. The Company has total deferred income tax liabilities of $ 655.5 million and $ 627.0 million as of December 31, 2015 and 2014 , 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, 2015 and 2014 , respectively, and determined that it is more likely than not that a portion will not be realized. A valuation allowance of $ 44.8 million and $ 53.6 million at December 31, 2015 and 2014 , 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, 2015 , $ 29.2 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, $ 5.4 million relates to research credit carryforwards in certain states, and the remaining $ 4.3 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, 2015 , 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 and Germany operations. In addition, the net deferred tax assets related to certain legacy Canadian operations remain less than more likely than not to be realized in the future. The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2015 , 2014 , and 2013 , respectively: December 31, In millions 2015 2014 2013 Balance Beginning of Period $ 53.6 $ 52.1 $ 37.3 Charges — 5.1 15.2 Deductions (8.8 ) (3.6 ) (0.4 ) Balance at End of Period $ 44.8 $ 53.6 $ 52.1 The U.S. federal net operating loss carryforwards expire as follows: In millions 2018 $ — 2019 — 2021 40.0 2022 1.4 2023 67.9 2024 117.8 2026 22.9 2027 93.1 2028 12.1 2029 114.6 Total $ 469.8 U.S. state net operating loss carryforward amounts total $ 370.7 million and expire in various years through 2031. International net operating loss carryforward amounts total $ 101.4 million , of which substantially all have no expiration date. Tax Credit carryforwards total $ 32.6 million , of which approximately $ 8.7 million have no expiration date, and the remainder expire starting in 2020. As of December 31, 2015 , the Company has only provided for deferred U.S. income taxes on $ 4.3 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 $ 12.6 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 2015 2014 Balance at January 1, $ 5.2 $ 7.4 Additions for Tax Positions of Current Year 0.8 0.4 Additions for Tax Positions of Prior Years 3.2 4.1 Reductions for Tax Positions of Prior Years (0.1 ) (6.7 ) Balance at December 31, $ 9.1 $ 5.2 At December 31, 2015 , $ 9.1 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 had an accrual for the payment of interest and penalties of $0.6 million and $0.1 million at December 31, 2015 and 2014, respectively. The Company anticipates that approximately $0.6 million of the total unrecognized tax benefits at December 31, 2015 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 2012 or non-U.S. income tax examinations for years before 2006. |
Financial Instruments, Derivati
Financial Instruments, Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 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 will receive one-month LIBOR rates. In addition, the Company has $ 450.0 million in forward starting interest rate swaps under which the Company will pay fixed rates of 0.73% to 1.40% and receive one month LIBOR rates, starting in April 2016 and expiring either February 2017 or October 2018. 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 2015 and 2014 , 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 2016 and 2017. 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 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 2015 and 2014 , 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, 2015 and 2014 , multiple forward exchange contracts existed that expire on various dates throughout the following year. Those purchased forward exchange contracts outstanding at December 31, 2015 and 2014 , when aggregated and measured in U.S. dollars at contractual rates at December 31, 2015 and 2014 , had notional amounts totaling $ 65.2 million in each year. No amounts were reclassified to earnings during 2015 and 2014 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 2015 and 2014 . 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, 2015 and 2014 , multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at December 31, 2015 and 2014 , when aggregated and measured in U.S. dollars at exchange rates at December 31, 2015 and 2014 , respectively, had net notional amounts totaling $ 45.5 million and $ 34.5 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, 2015 , 2014 and 2013 were $ 4.7 million , $ 1.4 million and $ 5.4 million , respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , the Company had a gross derivative liability of $14.2 and $15.5 million respectively, and a gross derivative asset of $0.4 and $1.9 million respectively, primarily related to interest rate, foreign currency and commodity contracts. As of December 31, 2015 , 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, 2015 and 2014 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 and deferred financing fees) was $ 1,891.2 million and $ 1,970.0 million , as compared to the carrying amounts of $ 1,876.6 million and $ 1,965.6 million . 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, 2015 and 2014 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 2015 2014 2015 2014 2015 2014 Commodity Contracts $ 13.2 $ 12.9 Cost of Sales $ 13.8 $ (1.8 ) Cost of Sales $ (0.4 ) $ 0.5 Foreign Currency Contracts (2.5 ) (3.1 ) Other Income, Net (5.3 ) (0.7 ) Other Income, Net — — Interest Rate Swap Agreements 2.0 2.2 Interest Expense, Net 3.2 3.3 Interest Expense, Net — — Total $ 12.7 $ 12.0 $ 11.7 $ 0.8 $ (0.4 ) $ 0.5 The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 is as follows: In millions 2015 2014 Foreign Currency Contracts Other (Income) Expense, Net $ (2.1 ) $ (5.4 ) 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 2015 2014 2013 Balance at January 1 $ (12.5 ) $ (1.3 ) $ (5.7 ) Reclassification to earnings 11.7 0.8 2.5 Current period change in fair value (12.7 ) (12.0 ) 1.9 Balance at December 31 $ (13.5 ) $ (12.5 ) $ (1.3 ) At December 31, 2015 , the Company expects to reclassify $ 12.3 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 Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 In millions Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments (Loss) Gain $ (1.0 ) $ 0.3 $ (0.7 ) $ (11.2 ) $ 4.3 $ (6.9 ) $ 4.4 $ (1.2 ) $ 3.2 Currency Translation Adjustment (37.2 ) — (37.2 ) (34.7 ) 0.7 (34.0 ) (13.9 ) 0.3 (13.6 ) Pension and Postretirement Benefit Plans 40.0 (13.2 ) 26.8 (165.8 ) 60.3 (105.5 ) 213.4 (79.9 ) 133.5 Other Comprehensive Income (Loss) $ 1.8 $ (12.9 ) $ (11.1 ) $ (211.7 ) $ 65.3 $ (146.4 ) $ 203.9 $ (80.8 ) $ 123.1 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 2015 2014 Accumulated Derivative Instruments Loss $ (18.4 ) $ (17.7 ) Currency Translation Adjustment (87.8 ) (50.6 ) Pension and Postretirement Benefit Plans (239.5 ) (266.3 ) Accumulated Other Comprehensive Loss $ (345.7 ) $ (334.6 ) OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2015 (a) : In millions Derivatives Instruments Currency Translation Adjustments Pension Benefit Plans Postretirement Benefit Plans Total Balance at December 31, 2014 $ (17.7 ) $ (50.6 ) $ (280.2 ) $ 13.9 $ (334.6 ) Other Comprehensive (Loss) Income before Reclassifications (7.9 ) (37.2 ) 12.0 3.2 (29.9 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 7.2 — 12.8 (1.2 ) 18.8 Net Current-period Other Comprehensive (Loss) Income (0.7 ) (37.2 ) 24.8 2.0 (11.1 ) Balance at December 31, 2015 $ (18.4 ) $ (87.8 ) $ (255.4 ) $ 15.9 $ (345.7 ) (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, 2015: 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 $ 13.8 Cost of Sales Foreign Currency Contracts (5.3 ) Other Income, Net Interest Rate Swap Agreements 3.2 Interest Expense, Net 11.7 Total before Tax (4.5 ) Tax Benefit $ 7.2 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.7 (c) Actuarial Losses 19.7 (c) 20.4 Total before Tax (7.6 ) Tax Benefit $ 12.8 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3 ) (c) Actuarial Gains (1.6 ) (c) (1.9 ) Total before Tax 0.7 Tax Expense $ (1.2 ) Net of Tax Total Reclassifications for the Period $ 18.8 (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, 2015 | |
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, 2015 , are as follows: In millions Capital Leases Operating Leases Total 2016 $ 0.8 $ 26.7 $ 27.5 2017 0.6 23.6 24.2 2018 0.4 17.4 17.8 2019 0.1 11.6 11.7 2020 — 8.0 8.0 Thereafter — 30.4 30.4 Total Minimum Lease Payments 1.9 117.7 119.6 Less: Amount Representing Interest (0.1 ) — (0.1 ) Present Value of Net Minimum Leases $ 1.8 $ 117.7 $ 119.5 Total rental expense was approximately $ 29 million , $30 million , and $ 36 million for the years ended December 31, 2015 , 2014 and 2013 , 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 2020 . At December 31, 2015 , total commitments under these contracts were as follows: In millions 2016 $ 164.4 2017 111.0 2018 89.9 2019 62.4 2020 52.4 Thereafter 219.9 Total $ 700.0 |
Environmental and Legal Matters
Environmental and Legal Matters | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental and Legal Matters | ENVIRONMENTAL AND LEGAL MATTERS Environmental Matters The Company is subject to a broad range of foreign, federal, state and local environmental, health and safety laws and regulations, including those governing discharges to air, soil and water, the management, treatment and disposal of hazardous substances, solid waste and hazardous wastes, the investigation and remediation of contamination resulting from historical site operations and releases of hazardous substances, and the health and safety of employees. Compliance initiatives could result in significant costs, which could negatively impact the Company’s consolidated financial position, results of operations or cash flows. Any failure to comply with environmental or health and safety laws and regulations or any permits and authorizations required thereunder could subject the Company to fines, corrective action or other sanctions. Some of the Company’s current and former facilities are the subject of environmental investigations and remediations resulting from 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. The Company spent approximately $1.5 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 Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2015 | |
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, 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, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS During the first and second quarters of 2014, the Selling Stockholders 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. The beneficial ownership of the Company's common stock by the Selling Stockholders at December 31, 2014 and 2013 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, 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 Geographic
Business Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment and Geographic Area Information | BUSINESS 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. Following the sale, the Company reported its results in one reportable segment: paperboard packaging. During 2015, the Company reevaluated the aggregation of operating segments into reportable segments in accordance with FASB ASC 280 Segment Reporting, concluded there are three reportable segments, and recast prior periods: Paperboard Mills includes the seven North American paperboard mills which produce primarily coated unbleached kraft (“CUK”) and coated recycled board (“CRB”). The majority of the paperboard is consumed internally to produce paperboard packaging for the Americas and Europe Paperboard Packaging segments. The remaining paperboard is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represent the sale of paperboard to external customers. Americas Paperboard Packaging includes paperboard packaging folding cartons sold primarily to Consumer Packaged Goods ("CPG") companies serving the food, beverage, and consumer product markets in the Americas. Europe Paperboard Packaging includes paperboard packaging folding cartons sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe. The Company also assessed and allocated certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim operating segment and unallocated corporate and one-time costs. These segments are evaluated by the chief operating decision maker based primarily on Income from Operations as adjusted for depreciation and amortization. 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. The Company did not have any one customer who accounted for 10% or more of the Company’s net sales during 2015, 2014 or 2013. Business segment information is as follows: Year Ended December 31, In millions 2015 2014 2013 NET SALES: Paperboard Mills $ 480.5 $ 380.6 $ 375.0 Americas Paperboard Packaging 3,049.6 3,006.7 3,010.8 Europe Paperboard Packaging 603.9 596.6 466.7 Flexible Packaging — 215.6 539.1 Corporate/Other/Eliminations 26.2 41.0 86.5 Total $ 4,160.2 $ 4,240.5 $ 4,478.1 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ 12.9 $ 8.5 $ (59.3 ) Americas Paperboard Packaging 403.9 412.0 430.1 Europe Paperboard Packaging 40.8 32.5 24.1 Flexible Packaging (a) — (186.1 ) (12.4 ) Corporate and Other (30.5 ) (39.1 ) (40.9 ) Total $ 427.1 $ 227.8 $ 341.6 CAPITAL EXPENDITURES: Paperboard Mills $ 145.0 $ 106.0 $ 112.5 Americas Paperboard Packaging 50.9 45.7 59.9 Europe Paperboard Packaging 39.9 37.4 9.1 Flexible Packaging — 5.6 17.6 Corporate and Other 8.3 6.7 10.1 Total $ 244.1 $ 201.4 $ 209.2 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 124.7 $ 114.5 $ 106.4 Americas Paperboard Packaging 108.9 101.0 105.3 Europe Paperboard Packaging 40.1 34.7 23.1 Flexible Packaging — 11.0 27.8 Corporate and Other 6.8 8.8 14.8 Total $ 280.5 $ 270.0 $ 277.4 (a) Includes Loss on Sale of Assets of multi-wall bag business of $171.1 million in 2014. December 31, In millions 2015 2014 2013 ASSETS AT DECEMBER 31: Paperboard Mills $ 1,445.0 $ 1,373.5 $ 1,398.4 Americas Paperboard Packaging 2,157.1 2,076.8 2,283.9 Europe Paperboard Packaging 574.0 607.9 389.4 Flexible Packaging — — 283.5 Corporate and Other 80.0 79.4 17.9 Total $ 4,256.1 $ 4,137.6 $ 4,373.1 Business geographic area information is as follows: Year Ended December 31, In millions 2015 2014 2013 NET SALES: Americas (a) $ 3,492.6 $ 3,341.5 $ 3,332.9 Europe 603.9 596.6 466.7 Asia Pacific 117.4 129.4 132.6 Corporate and Other (53.7 ) 173.0 545.9 Total $ 4,160.2 $ 4,240.5 $ 4,478.1 In millions 2015 2014 2013 ASSETS AT DECEMBER 31: Americas (a) $ 3,590.4 $ 3,447.0 $ 3,896.7 Europe 574.0 607.9 389.4 Asia Pacific 91.7 82.7 87.0 Total $ 4,256.1 $ 4,137.6 $ 4,373.1 (a) Includes North America and Brazil. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Results of operations for the four quarters of 2015 and 2014 are shown below. 2015 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,008.2 $ 1,057.1 $ 1,070.0 $ 1,024.9 $ 4,160.2 Gross Profit 189.6 198.0 201.9 199.6 789.1 Restructuring and Other Special Charges 2.2 3.9 8.0 7.9 22.0 Income from Operations 105.3 110.2 110.0 101.6 427.1 Net Income 55.1 57.6 60.2 57.2 230.1 Net Income Per Share — Basic (a) $ 0.17 $ 0.17 $ 0.18 $ 0.17 $ 0.70 Net Income Per Share — Diluted (a) $ 0.17 $ 0.17 $ 0.18 $ 0.17 $ 0.70 (a) Does not cross foot due to rounding. 2014 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,072.7 $ 1,116.7 $ 1,050.0 $ 1,001.1 $ 4,240.5 Gross Profit 187.0 213.1 202.4 184.7 787.2 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 (Loss) 34.8 (40.3 ) 53.0 41.5 89.0 Net Income (Loss) Attributable to Graphic Packaging Holding Company 35.2 (40.0 ) 53.0 41.5 89.7 Net Income (Loss) Per Share Attributable to Graphic Packaging Holding Company — Basic (a) $ 0.11 $ (0.12 ) $ 0.16 $ 0.13 $ 0.27 Net Income (Loss) Per Share Attributable to Graphic Packaging Holding Company — Diluted (a) $ 0.11 $ (0.12 ) $ 0.16 $ 0.13 $ 0.27 (a) Does not cross foot due to rounding. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Year Ended December 31, In millions, except per share data 2015 2014 2013 Net Income Attributable to Graphic Packaging Holding Company $ 230.1 $ 89.7 $ 146.6 Weighted Average Shares: Basic 329.5 328.6 347.3 Dilutive effect of RSUs and stock options 1.2 1.9 2.4 Diluted 330.7 330.5 349.7 Earnings Per Share — Basic $ 0.70 $ 0.27 $ 0.42 Earnings Per Share — Diluted $ 0.70 $ 0.27 $ 0.42 The following are the potentially dilutive securities excluded from the above calculation because the effect would have been anti-dilutive: Year Ended December 31, 2015 2014 2013 Employee Stock Options — — 773,542 |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 In millions Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments (Loss) Gain $ (1.0 ) $ 0.3 $ (0.7 ) $ (11.2 ) $ 4.3 $ (6.9 ) $ 4.4 $ (1.2 ) $ 3.2 Currency Translation Adjustment (37.2 ) — (37.2 ) (34.7 ) 0.7 (34.0 ) (13.9 ) 0.3 (13.6 ) Pension and Postretirement Benefit Plans 40.0 (13.2 ) 26.8 (165.8 ) 60.3 (105.5 ) 213.4 (79.9 ) 133.5 Other Comprehensive Income (Loss) $ 1.8 $ (12.9 ) $ (11.1 ) $ (211.7 ) $ 65.3 $ (146.4 ) $ 203.9 $ (80.8 ) $ 123.1 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 2015 2014 Accumulated Derivative Instruments Loss $ (18.4 ) $ (17.7 ) Currency Translation Adjustment (87.8 ) (50.6 ) Pension and Postretirement Benefit Plans (239.5 ) (266.3 ) Accumulated Other Comprehensive Loss $ (345.7 ) $ (334.6 ) OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2015 (a) : In millions Derivatives Instruments Currency Translation Adjustments Pension Benefit Plans Postretirement Benefit Plans Total Balance at December 31, 2014 $ (17.7 ) $ (50.6 ) $ (280.2 ) $ 13.9 $ (334.6 ) Other Comprehensive (Loss) Income before Reclassifications (7.9 ) (37.2 ) 12.0 3.2 (29.9 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 7.2 — 12.8 (1.2 ) 18.8 Net Current-period Other Comprehensive (Loss) Income (0.7 ) (37.2 ) 24.8 2.0 (11.1 ) Balance at December 31, 2015 $ (18.4 ) $ (87.8 ) $ (255.4 ) $ 15.9 $ (345.7 ) (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, 2015: 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 $ 13.8 Cost of Sales Foreign Currency Contracts (5.3 ) Other Income, Net Interest Rate Swap Agreements 3.2 Interest Expense, Net 11.7 Total before Tax (4.5 ) Tax Benefit $ 7.2 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.7 (c) Actuarial Losses 19.7 (c) 20.4 Total before Tax (7.6 ) Tax Benefit $ 12.8 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3 ) (c) Actuarial Gains (1.6 ) (c) (1.9 ) Total before Tax 0.7 Tax Expense $ (1.2 ) Net of Tax Total Reclassifications for the Period $ 18.8 (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). |
Guarantor Condensed Consolidate
Guarantor Condensed Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
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 (“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, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,270.9 $ 39.1 $ 1,092.4 $ (242.2 ) $ 4,160.2 Cost of Sales — 2,655.0 33.9 924.4 (242.2 ) 3,371.1 Selling, General and Administrative — 270.0 4.4 73.3 — 347.7 Other (Income) Expense, Net — (10.7 ) (0.6 ) 3.6 — (7.7 ) Restructuring and Other Special Charges — 6.1 — 15.9 — 22.0 Income from Operations — 350.5 1.4 75.2 — 427.1 Interest (Expense) Income, Net — (64.9 ) 0.9 (3.8 ) — (67.8 ) Income before Income Taxes and Equity Income of Unconsolidated Entities — 285.6 2.3 71.4 — 359.3 Income Tax Expense — (114.9 ) (1.1 ) (14.4 ) — (130.4 ) Income before Equity Income of Unconsolidated Entities — 170.7 1.2 57.0 — 228.9 Equity Income of Unconsolidated Entities — — — 1.2 — 1.2 Equity in Net Earnings of Subsidiaries 230.1 59.4 (1.3 ) — (288.2 ) — Net Income (Loss) 230.1 230.1 (0.1 ) 58.2 (288.2 ) 230.1 Comprehensive Loss $ 219.0 $ 219.0 $ (9.3 ) $ 12.4 $ (222.1 ) $ 219.0 Year Ended December 31, 2014 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,422.5 $ 38.0 $ 1,028.4 $ (248.4 ) $ 4,240.5 Cost of Sales — 2,747.2 36.5 918.0 (248.4 ) 3,453.3 Selling, General and Administrative — 303.7 2.1 59.7 — 365.5 Other Income, Net — (6.0 ) (0.7 ) 3.0 — (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 89.0 (88.4 ) (0.6 ) — — — Net Income (Loss) 89.0 89.0 (7.4 ) (81.6 ) — 89.0 Net Income (Loss) 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 $ — $ 3,298.4 $ 94.0 $ 1,276.7 $ (191.0 ) $ 4,478.1 Cost of Sales — 2,680.1 78.1 1,185.3 (191.0 ) 3,752.5 Selling, General and Administrative — 260.7 9.0 114.6 — 384.3 Other (Income) Expense, 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, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated ASSETS Current Assets: Cash and Cash Equivalents $ — $ 0.1 $ 3.2 $ 51.6 $ — $ 54.9 Receivables, Net — 206.2 8.7 209.0 — 423.9 Inventories, Net — 401.3 3.9 151.9 — 557.1 Intercompany — 678.0 — — (678.0 ) — Other Current Assets — 19.3 1.2 10.4 — 30.9 Total Current Assets — 1,304.9 17.0 422.9 (678.0 ) 1,066.8 Property, Plant and Equipment, Net — 1,347.4 7.9 231.1 — 1,586.4 Investment in Consolidated Subsidiaries 1,176.8 — 15.2 — (1,192.0 ) — Goodwill — 1,042.8 8.1 116.9 — 1,167.8 Other Assets — 334.7 4.4 96.0 — 435.1 Total Assets $ 1,176.8 $ 4,029.8 $ 52.6 $ 866.9 $ (1,870.0 ) $ 4,256.1 LIABILITIES Current Liabilities: Short-Term Debt and Current Portion of Long-Term Debt $ — $ 25.5 $ — $ 11.1 $ — $ 36.6 Accounts Payable — 336.1 3.2 118.6 — 457.9 Interest Payable — 9.2 — — — 9.2 Intercompany 75.1 — 6.2 802.6 (883.9 ) — Other Accrued Liabilities — 182.1 3.0 43.4 — 228.5 Total Current Liabilities 75.1 552.9 12.4 975.7 (883.9 ) 732.2 Long-Term Debt — 1,761.4 — 77.5 — 1,838.9 Deferred Income Tax Liabilities — 249.2 1.0 16.5 — 266.7 Other Noncurrent Liabilities — 289.5 0.5 26.6 — 316.6 EQUITY Total Equity 1,101.7 1,176.8 38.7 (229.4 ) (986.1 ) 1,101.7 Total Liabilities and Equity $ 1,176.8 $ 4,029.8 $ 52.6 $ 866.9 $ (1,870.0 ) $ 4,256.1 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 $ — $ 2.0 $ 1.8 $ 77.8 $ — $ 81.6 Receivables, Net — 238.5 8.6 166.5 — 413.6 Inventories, Net — 408.5 4.8 108.5 — 521.8 Deferred Income Tax Assets — — — — Intercompany 54.5 337.5 — — (392.0 ) — Other Current Assets — 22.0 1.3 8.7 — 32.0 Total Current Assets 54.5 1,008.5 16.5 361.5 (392.0 ) 1,049.0 Property, Plant and Equipment, Net — 1,349.3 10.3 187.3 (0.1 ) 1,546.8 Investment in Consolidated Subsidiaries 957.8 — 18.7 — (976.5 ) — Goodwill — 1,043.1 — 75.0 — 1,118.1 Other Assets — 351.1 15.4 57.2 — 423.7 Total Assets $ 1,012.3 $ 3,752.0 $ 60.9 $ 681.0 $ (1,368.6 ) $ 4,137.6 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 12.5 751.0 (604.5 ) 676.7 Long-Term Debt — 1,805.6 — 119.9 — 1,925.5 Deferred Income Tax Liabilities — 110.5 0.3 21.4 — 132.2 Other Noncurrent Liabilities — 360.4 — 30.5 — 390.9 EQUITY Total Equity 1,012.3 957.8 48.1 (241.8 ) (764.1 ) 1,012.3 Total Liabilities and Equity $ 1,012.3 $ 3,752.0 $ 60.9 $ 681.0 $ (1,368.6 ) $ 4,137.6 Year Ended December 31, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 230.1 $ 230.1 $ (0.1 ) $ 58.2 $ (288.2 ) $ 230.1 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 238.3 1.9 40.3 — 280.5 Deferred Income Taxes — 107.4 1.0 1.6 — 110.0 Amount of Postretirement Expense Less Than Funding — (31.4 ) — (8.0 ) — (39.4 ) Loss on the Sale of Assets — 1.9 — — — 1.9 Equity in Net Earnings of Subsidiaries (230.1 ) (59.4 ) 1.3 — 288.2 — Other, Net — 31.6 — (6.5 ) — 25.1 Changes in Operating Assets and Liabilities 0.3 (85.3 ) (2.3 ) 68.3 — (19.0 ) Net Cash Provided by Operating Activities 0.3 433.2 1.8 153.9 — 589.2 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (201.2 ) (0.4 ) (42.5 ) — (244.1 ) Acquisition of Businesses, Net of Cash Acquired — (131.1 ) — (32.1 ) — (163.2 ) Other, Net 133.5 78.6 — 9.9 (214.5 ) 7.5 Net Cash Provided by (Used in) by Investing Activities 133.5 (253.7 ) (0.4 ) (64.7 ) (214.5 ) (399.8 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (63.0 ) — — — — (63.0 ) Payments on Debt — (25.0 ) — — — (25.0 ) Borrowings under Revolving Credit Facilities — 831.3 — 71.7 — 903.0 Payments on Revolving Credit Facilities — (852.9 ) — (100.9 ) — (953.8 ) Payments of Dividends (49.3 ) — — — (49.3 ) Repurchase of Common Stock related to Share-Based Payments (21.5 ) — — — — (21.5 ) Other, Net — (134.8 ) — (81.0 ) 214.5 (1.3 ) Net Cash (Used in) Provided by Financing Activities (133.8 ) (181.4 ) — (110.2 ) 214.5 (210.9 ) Effect of Exchange Rate Changes on Cash — — — (5.2 ) — (5.2 ) Net Increase in Cash and Cash Equivalents — (1.9 ) 1.4 (26.2 ) — (26.7 ) Cash and Cash Equivalents at Beginning of Period — 2.0 1.8 77.8 — 81.6 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 0.1 $ 3.2 $ 51.6 $ — $ 54.9 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) $ 89.0 $ 89.0 $ (7.4 ) $ (81.6 ) $ — $ 89.0 Non-cash Items Included in Net Income: Depreciation and Amortization — 224.8 2.3 42.9 — 270.0 Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt — 4.6 — — — 4.6 Deferred Income Taxes — 91.5 1.0 (59.4 ) — 33.1 Amount of Postretirement Expense Less Than Funding — (43.7 ) — (2.6 ) — (46.3 ) Equity in Net Earnings of Subsidiaries (89.0 ) 88.4 0.6 — — — Loss on the Sale of Assets — — 6.7 166.9 — 173.6 Other, Net — 43.2 — (0.4 ) — 42.8 Changes in Operating Assets and Liabilities — (21.9 ) 5.6 (39.9 ) 16.0 (40.2 ) Net Cash Provided by Operating Activities — 475.9 8.8 25.9 16.0 526.6 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 Business — — — (190.7 ) — (190.7 ) Cash Acquired Related to Business Acquisitions — — — 16.9 — 16.9 Proceeds from Sale of Assets, Net of Selling Costs — — 70.7 100.1 — 170.8 Other, Net 15.7 (5.7 ) 0.3 — (16.0 ) (5.7 ) Net Cash Provided by (Used in) Investing Activities 15.7 (121.3 ) 65.5 (127.1 ) (16.0 ) (183.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance or Modification of Debt — 250.0 — — — 250.0 Retirement of Long-Term Debt — (247.7 ) — — — (247.7 ) Payments on Debt — (214.6 ) — — — (214.6 ) Borrowings under Revolving Credit Facilities — 1,825.2 0.9 131.8 — 1,957.9 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 ) 61.0 — (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 (Decrease) 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 $ — $ 2.0 $ 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 (Loss): 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 — — 7.0 — — 7.0 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 ) 32.0 2.0 — 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 24.0 (12.1 ) 458.0 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 — 425.0 — — — 425.0 Retirements of Long-Term Debt — (425.0 ) — — — (425.0 ) Payments on Debt — (60.4 ) — (10.9 ) — (71.3 ) Borrowings under Revolving Credit Facilities — 1,502.7 — 226.5 1,729.2 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 Provided by (Used in) Financing Activities (211.2 ) (332.6 ) — (63.8 ) 296.5 (311.1 ) Effect of Exchange Rate Changes on Cash — — — (1.8 ) — (1.8 ) Net 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On January 15, 2016, the Company agreed to acquire Walter G. Anderson Inc., a premier folding carton manufacturer with a focus on store branded food and consumer product markets. The company operates two world-class sheet-fed folding carton converting facilities located in Hamel, Minnesota and Newton, Iowa. The acquisition is subject to standard closing requirements and regulatory review and is expected to close in the first quarter of 2016. On January 11, 2016, the Company agreed to offer to purchase 100% of the outstanding shares of Colorpak (ASX:CKL), a leading folding carton supplier in Australia and New Zealand. Colorpak operates three folding carton facilities that convert paperboard into folding cartons for the food, beverage and consumer product markets. The folding carton facilities are located in Melbourne, Australia, Sydney, Australia and Auckland, New Zealand. The acquisition is subject to Colorpak shareholder approval, court and regulatory review, and standard closing requirements. Subject to those conditions, the transaction is expected to close in the second quarter of 2016. On January 5, 2016 the Company acquired G-Box, S.A. de C.V. The acquisition includes two folding carton converting facilities located in Monterrey, Mexico and Tijuana, Mexico that service the food and beverage end-markets. |
Nature of Business and Summar29
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 and sold 100% of GFP on June 30, 2014. 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. |
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 $0.8 million , $ 1.6 million and $ 3.5 million for the years ended December 31, 2015 , 2014 and 2013 , 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 |
Intangible Assets | 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 | 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 its reporting units as of October 1, 2015 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. |
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, the Company 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. |
New Accounting Pronouncements | Adoption of New Accounting Standards In November 2015, the FASB issued Accounting Standard Update ("ASU") No. 2015-17, “ Balance Sheet Classification of Deferred Taxes”, an update to ASC 740, Income Taxes (“Update”). Current GAAP requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Board also decided to permit earlier application by all entities as of the beginning of any interim or annual reporting period. The Board further provides that this Update may be applied to all deferred tax assets and liabilities retrospectively to all periods presented. The Company chose to adopt the Update retrospectively for the year ended December 31, 2015 and reclassified $0.1 million and $177.1 million from net current deferred income tax assets to net non-current deferred tax assets and net non-current deferred income tax liabilities, respectively, as of December 31, 2014. Effective December 31, 2015, the Company adopted ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03). The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-3 does not change the recognition and measurement requirements for debt issuance costs. The provisions of ASU 2015-03 were applied retrospectively and resulted in the reclassification of $16.6 million of deferred debt issuance costs related to the Company's Senior Notes and Senior Secured Term Loan facilities (see Note 5- Debt) from Other Assets to Long-Term Debt for the years ended December 31,2014. The deferred debt issuance costs associated with the Senior Secured Revolving Credit facilities are recorded in Other Assets. Accounting Standards Not Yet Adopted On September 28, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this ASU eliminate the requirement to retrospectively account for provisional amounts recognized in a business combination. The amendments are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption will not impact the Company's financial position, results of operations and cash flows. On July 23, 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . This amendment replaces the current method of measuring inventories at lower of cost or market with a lower of cost and net realizable value method. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adoption on the Company's financial position, results of operations and cash flows. 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. On July 9, 2015, the FASB deferred the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard but not before the original effective date of December 15, 2016. 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. |
Nature of Business and Summar30
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Property, Plant and Equipment, at Cost: Land and Improvements $ 101.9 $ 100.9 Buildings 379.7 378.3 Machinery and Equipment (2) 3,844.3 3,612.0 Construction-in-Progress 156.4 81.2 4,482.3 4,172.4 Less: Accumulated Depreciation (2) (2,895.9 ) (2,625.6 ) Total $ 1,586.4 $ 1,546.8 (2) Includes gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 4.1 million as of December 31, 2015 and gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 3.4 million as of December 31, 2014 . |
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, 2015 and 2014 : December 31, 2015 December 31, 2014 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 627.2 $ (269.0 ) $ 358.2 $ 579.5 $ (226.1 ) $ 353.4 Patents, Trademarks and Licenses 119.5 (91.0 ) 28.5 115.4 (83.2 ) 32.2 Total $ 746.7 $ (360.0 ) $ 386.7 $ 694.9 $ (309.3 ) $ 385.6 |
Schedule of Goodwill | The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Flexible Packaging Total Balance at December 31, 2013 $ 408.5 $ 692.5 $ 16.2 $ 8.2 $ 1,125.4 Disposal of Business — (47.2 ) — (8.2 ) (55.4 ) Acquisition of Businesses — — 51.9 — 51.9 Foreign Currency Effects — (1.2 ) (2.6 ) — (3.8 ) Balance at December 31, 2014 $ 408.5 $ 644.1 $ 65.5 $ — $ 1,118.1 Acquisition of Businesses — 55.6 — — 55.6 Foreign Currency Effects — (1.4 ) (4.5 ) — (5.9 ) Balance at December 31, 2015 $ 408.5 $ 698.3 $ 61.0 $ — $ 1,167.8 |
Schedule of Restructuring and Other Special Charges | 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 2015 2014 2013 Loss (Gain) on Sale or Closure of Certain Assets $ 1.9 $ 180.1 $ (17.9 ) Net Charges Associated with Business Combinations 14.0 12.4 29.2 Other Special Charges 6.1 5.1 1.8 Total $ 22.0 $ 197.6 $ 13.1 |
Supplemental Balance Sheet Da31
Supplemental Balance Sheet Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Trade $ 344.3 $ 352.7 Less: Allowance (7.5 ) (6.3 ) 336.8 346.4 Other (1) 87.1 67.2 Total $ 423.9 $ 413.6 (1) Includes a receivable of approximately $51 million and $32 million for 2015 and 2014, respectively, from the financial institution per the AR Sales Agreements, which is a Level 3 fair value measurement. |
Inventories, Net by major class | Inventories, Net by major class: In millions 2015 2014 Finished Goods $ 265.5 $ 260.2 Work in Progress 50.4 52.9 Raw Materials 163.0 139.0 Supplies 78.2 69.7 Total $ 557.1 $ 521.8 |
Other Current Assets | Other Current Assets: In millions 2015 2014 Prepaid Assets $ 30.5 $ 30.1 Fair Value of Derivatives, current portion 0.4 1.9 Total $ 30.9 $ 32.0 |
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 2015 2014 Property, Plant and Equipment, at Cost: Land and Improvements $ 101.9 $ 100.9 Buildings 379.7 378.3 Machinery and Equipment (2) 3,844.3 3,612.0 Construction-in-Progress 156.4 81.2 4,482.3 4,172.4 Less: Accumulated Depreciation (2) (2,895.9 ) (2,625.6 ) Total $ 1,586.4 $ 1,546.8 (2) Includes gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 4.1 million as of December 31, 2015 and gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 3.4 million as of December 31, 2014 . |
Other Assets | Other Assets: In millions 2015 2014 Deferred Debt Issuance Costs, Net of Amortization of $7.7 million and $6.0 million for 2015 and 2014, respectively (3) $ 6.1 $ 7.8 Deferred Income Tax Assets 3.6 7.5 Pension Assets 10.4 0.1 Long-term Receivables 9.4 10.2 Other 18.9 12.5 Total $ 48.4 $ 38.1 (3) See Note- 1 Nature of Business and Summary of Significant Accounting Policies. |
Other Accrued Liabilities | Other Accrued Liabilities: In millions 2015 2014 Fair Value of Derivatives, current portion $ 14.2 $ 15.5 Deferred Revenue 19.5 15.1 Accrued Customer Rebates 6.6 6.7 Other 68.5 54.3 Total $ 108.8 $ 91.6 |
Other Noncurrent Liabilities | Other Noncurrent Liabilities: In millions 2015 2014 Deferred Revenue $ 6.1 $ 5.7 Multi-employer Plans 30.5 30.9 Workers Compensation Reserve 11.6 12.9 Other 21.1 28.6 Total $ 69.3 $ 78.1 |
Supplemental Cash Flow Inform32
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | Cash Flow Used in Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions and dispositions: In millions 2015 2014 2013 Receivables, Net $ (1.5 ) $ (25.5 ) $ 49.3 Inventories, Net (19.7 ) (50.4 ) (39.5 ) Prepaid Expenses 0.1 4.8 (11.4 ) Other Assets (12.4 ) 9.2 (3.8 ) Accounts Payable 12.7 13.3 (13.9 ) Compensation and Employee Benefits (1.9 ) 9.6 (20.8 ) Income Taxes 0.9 9.0 1.1 Interest Payable (1.1 ) (7.4 ) 21.9 Other Accrued Liabilities (3.9 ) (6.3 ) (1.1 ) Other Noncurrent Liabilities 7.8 3.5 (4.1 ) Total $ (19.0 ) $ (40.2 ) $ (22.3 ) |
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 2015 2014 2013 Interest $ 60.9 $ 79.1 $ 89.6 Income Taxes $ 11.2 $ 12.2 $ 12.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 $ 168.5 $ (4.3 ) $ 164.2 In millions Cash and Cash Equivalents $ 1.0 $ — $ 1.0 Receivables, Net 27.5 — 27.5 Inventories, Net 37.4 (7.3 ) 30.1 Other Current Assets 1.3 — 1.3 Property, Plant and Equipment, Net 69.8 (28.2 ) 41.6 Pension Asset 2.5 0.9 3.4 Other Assets 7.7 46.6 54.3 Total Assets Acquired 147.2 12.0 159.2 Current Liabilities 27.3 — 27.3 Pension and Postretirement Benefits 5.7 (0.4 ) 5.3 Deferred Tax Liabilities 5.1 10.8 15.9 Other Noncurrent Liabilities 2.1 — 2.1 Total Liabilities Assumed 40.2 10.4 50.6 Net Assets Acquired 107.0 1.6 108.6 Goodwill 61.5 (5.9 ) 55.6 Total Estimated Fair Value of Net Assets Acquired $ 168.5 $ (4.3 ) $ 164.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-Term Debt is comprised of the following: In millions 2015 2014 Short Term Borrowings $ 10.8 $ 5.6 Current Portion of Capital Lease Obligations 0.8 1.6 Current Portion of Long-Term Debt 25.0 25.0 Total $ 36.6 $ 32.2 |
Schedule of Long-term Debt Instruments | Long-Term Debt is comprised of the following: In millions 2015 2014 Senior Notes with interest payable semi-annually at 4.95%, payable in 2022 $ 250.0 $ 250.0 Senior Notes with interest payable semi-annually at 4.80%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.7% at December 31, 2015) payable through 2019 975.0 1,000.0 Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.9% at December 31, 2015) payable in 2019(a) 224.8 288.4 Capital Lease Obligations 1.8 3.1 Other 1.8 2.2 1,878.4 1,968.7 Less: Current Portion 25.8 26.6 1,852.6 1,942.1 Less: Unamortized Deferred Debt Issuance Costs (a) 13.7 16.6 Total $ 1,838.9 $ 1,925.5 (a) As of December 31, 2015, the Company adopted ASU No. 2015-03 Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The adoption required debt issue costs previously reported in Other Assets to be presented as a direct reduction in Total Debt. For more information see Note 1 - Nature of Business and Summary of Significant Accounting Policies. |
Schedule of Maturities of Long-term Debt | Long-Term Debt maturities (excluding capital leases) are as follows: In millions 2016 $ 25.0 2017 25.8 2018 125.8 2019 1,024.8 2020 0.1 After 2020 675.1 Total $ 1,876.6 |
Schedule of Credit Facilities | At December 31, 2015 , 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) $ 1,250.0 $ 149.6 $ 1,076.7 Senior Secured International Revolving Credit Facility 170.7 75.2 95.5 Other International Facilities 21.5 12.6 8.9 Total $ 1,442.2 $ 237.4 $ 1,181.1 (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 $ 23.7 million as of December 31, 2015 . These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire through mid- 2018 unless extended. The following describes the Senior Secured Term Loan and Revolving Credit Facilities: Date Document (a) Provision Expiration Accounting March 2012 Amended and Restated Credit Agreement $1.0 billion revolving credit facility $1.0 billion amortizing term loan facility LIBOR plus variable spread(between 175 basis points and 275 basis points) depending on consolidated total leverage ratio March 2017 Charge of $8.9 million recorded in Loss on Modification or Extinguishment of Debt December 2012 Amendment No. 1 to Credit Agreement $300 million incremental term loan March 2017 Charge of $2.1 million recorded in Loss on Modification or Extinguishment of Debt Deferred fees of $3.1 million will be amortized September 2013 Amendment No. 2 to Credit Agreement Added €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 September 2018 Charge of $1.2 million recorded in Loss on Modification or Extinguishment of Debt Deferred fees of $2.2 million will be amortized June 2014 Amendment No. 3 to Credit Agreement Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) September 2018 Deferred Fees of $0.2 million will be amortized October 2014 Second Amended and Restated Credit Agreement Increased 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 October 2019 Charge of $2.3 million recorded in Loss on Modification or Extinguishment of Debt Deferred 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. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the most recent option activity is as follows: Options Weighted Average Exercise Price Outstanding — December 31, 2012 2,751,163 $ 8.01 Exercised (1,756,629 ) 6.66 Canceled (994,534 ) 10.40 Outstanding — December 31, 2013 — $ — |
RSUs and Stock Awards Granted | Data concerning RSUs and stock awards granted in the years ended December 31: 2015 2014 2013 RSUs — Employees 1,751,823 2,153,885 3,335,039 Weighted-average grant date fair value $ 13.28 $ 10.22 $ 7.34 Stock Awards — Board of Directors 54,120 77,139 103,842 Weighted-average grant date fair value $ 14.78 $ 10.50 $ 7.80 |
Summary of Nonvested RSU Activity | A summary of the changes in the number of unvested RSUs from December 31, 2012 to December 31, 2015 is presented below: Shares Weighted Average Grant Date Fair Value 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 $ 7.20 Granted 1,751,823 13.28 Released (3,657,373 ) 5.45 Forfeited (268,560 ) 9.32 Outstanding — December 31, 2015 5,439,588 $ 10.22 |
Pensions and Other Postretire36
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [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 2015 2014 2013 2015 2014 2013 Components of Net Periodic Cost: Service Cost $ 12.8 $ 12.6 $ 16.3 $ 1.0 $ 1.2 $ 1.2 Interest Cost 54.8 57.9 52.2 1.7 2.2 2.0 Expected Return on Plan Assets (74.4 ) (79.8 ) (68.0 ) — — — Amortization: Prior Service Cost (Credit) 0.7 0.7 0.7 (0.3 ) (0.3 ) (0.4 ) Actuarial Loss (Gain) 19.7 13.2 36.1 (1.6 ) (1.0 ) (1.1 ) Net Curtailment/Settlement Loss 1.5 0.8 — — — — Special Termination Benefit — — 1.2 — — — Other 0.9 0.6 0.7 — — — Net Periodic Cost $ 16.0 $ 6.0 $ 39.2 $ 0.8 $ 2.1 $ 1.7 |
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, 2015 2014 2013 2015 2014 2013 Weighted Average Assumptions: Discount Rate 4.02 % 4.86 % 4.20 % 3.95 % 4.74 % 3.97 % Rate of Increase in Future Compensation Levels 1.45 % 1.88 % 2.03 % — — — Expected Long-Term Rate of Return on Plan Assets 6.81 % 7.69 % 7.60 % — — — Initial Health Care Cost Trend Rate — — — 7.38 % 7.50 % 9.00 % Ultimate Health Care Cost Trend Rate — — — 4.96 % 4.77 % 4.50 % Ultimate Year — — — 2036 2027 2023 |
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 2015 2014 2015 2014 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,366.7 $ 1,218.9 $ 43.6 $ 47.9 Service Cost 12.8 12.6 1.0 1.2 Interest Cost 54.8 57.9 1.7 2.2 Actuarial Loss (Gain) (84.3 ) 189.1 (5.4 ) (5.7 ) Foreign Currency Exchange (16.9 ) (17.8 ) (0.2 ) — Settlement/Curtailment Gain (0.4 ) (1.8 ) — — Settlements (61.1 ) (40.2 ) — — Benefits Paid (55.9 ) (52.5 ) (2.8 ) (2.2 ) Acquisition 22.4 — 2.9 — Other 0.9 0.5 — 0.2 Benefit Obligation at End of Year $ 1,239.0 $ 1,366.7 $ 40.8 $ 43.6 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,092.8 $ 1,065.7 $ — $ — Actual Return on Plan Assets 3.0 82.9 — — Employer Contributions 53.4 52.2 2.8 2.2 Foreign Currency Exchange (15.2 ) (15.3 ) — — Benefits Paid (55.9 ) (52.5 ) (2.8 ) (2.2 ) Acquisition 21.7 — — — Settlements (61.1 ) (40.2 ) — — Other 0.2 — — — Fair Value of Plan Assets at End of Year $ 1,038.9 $ 1,092.8 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (200.1 ) $ (273.9 ) $ (40.8 ) $ (43.6 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 10.4 $ 0.1 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.2 ) $ (2.1 ) $ (2.8 ) $ (2.7 ) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (209.3 ) $ (271.9 ) $ (38.0 ) $ (40.9 ) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 286.6 $ 322.7 $ (20.1 ) $ (16.5 ) Prior Service Cost (Credit) $ 2.3 $ 2.9 $ (1.6 ) $ (1.9 ) Weighted Average Calculations: Discount Rate 4.41 % 4.02 % 4.29 % 3.95 % Rates of Increase in Future Compensation Levels 1.49 % 1.45 % — — Initial Health Care Cost Trend Rate — — 7.80 % 7.38 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.96 % Ultimate Year — — 2024 2036 |
Schedule of Allocation of Plan Assets | The weighted average allocation of plan assets and the target allocation by asset category is as follows: Target 2015 2014 Cash — % 1.1 % 2.6 % Equity Securities 59.0 51.7 51.0 Fixed Income Securities 41.0 41.6 39.9 Other Investments — 5.6 6.5 Total 100.0 % 100.0 % 100.0 % |
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, 2015 and 2014 : Fair Value Measurements at December 31, 2015 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) $ 11.4 $ 5.0 $ 6.4 $ — Equity Securities: Domestic (a) 397.1 79.8 317.3 — Foreign (a) 140.1 63.5 76.6 — Fixed Income Securities (a) 431.8 172.9 258.9 — Other Investments: Real estate (a) 22.6 22.6 — — Diversified growth fund (b) 35.9 — — 35.9 Total $ 1,038.9 $ 343.8 $ 659.2 $ 35.9 Fair Value Measurements at December 31, 2014 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) $ 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 $ 1,092.8 $ 311.9 $ 780.9 $ — (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 Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows: In millions 2015 Balance Beginning of Period $ — Transfers In 35.8 Return on Assets Held at December 31 0.1 Balance at December 31, $ 35.9 |
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 2015 data: One Percentage Point In millions Increase Decrease Health Care Cost Trend Rate Sensitivity: Effect on Total Interest and Service Cost Components $ 0.2 $ (0.1 ) Effect on Year-End Postretirement Benefit Obligation $ 1.8 $ (1.6 ) |
Schedule of Expected Benefit Payments | The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2025: In millions Pension Plans Postretirement Health Care Benefits 2016 $ 59.1 $ 2.8 2017 62.5 3.0 2018 65.1 3.1 2019 67.8 3.2 2020 70.3 3.4 2021— 2025 383.5 16.0 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | During 2016 , amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows: In millions Pension Benefits Postretirement Health Care Benefits Recognition of Prior Service Cost $ 0.8 $ (0.3 ) Recognition of Actuarial Loss (Gain) 19.2 (2.2 ) |
Schedule of Multiemployer Plans | The Company's participation in these plans for the year ended December 31, 2015 , 2014 and 2013 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2015 2014 FIP/RP Status Implemented 2015 2014 2013 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 7/31/2018 PIUMPF (1) 11-6166763/001 Red Red Yes — 0.3 0.4 Yes 9/30/2014 Western Conference of Teamsters Pension Trust - Northwest Area 91-6145047/001 Green Green No 0.1 0.1 0.1 No 4/30/2017 Total $ 0.2 $ 0.5 $ 0.6 (1) The facility associated with this plan was divested on June 30, 2014. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 U.S. $ 307.6 $ 128.0 $ 252.0 International 51.7 4.7 (39.4 ) Income before Income Taxes and Equity Income of Unconsolidated Entities $ 359.3 $ 132.7 $ 212.6 |
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 2015 2014 2013 Current (Expense) Benefit: U.S. $ (7.9 ) $ (7.5 ) $ (1.4 ) International (12.5 ) (4.8 ) (3.3 ) Total Current $ (20.4 ) $ (12.3 ) $ (4.7 ) Deferred (Expense) Benefit: U.S. (110.6 ) (35.0 ) (65.3 ) International 0.6 1.9 2.6 Total Deferred $ (110.0 ) $ (33.1 ) $ (62.7 ) Income Tax (Expense) $ (130.4 ) $ (45.4 ) $ (67.4 ) |
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 2015 Percent 2014 Percent 2013 Percent Income Tax Expense at U.S. Statutory Rate $ (125.8 ) 35.0 % $ (46.4 ) 35.0 % $ (74.4 ) 35.0 % U.S. State and Local Tax (Expense) Benefit (11.4 ) 3.2 (5.9 ) 4.4 (7.7 ) 3.6 Goodwill Related to Dispositions — — (8.6 ) 6.5 — — Capital Loss on Subsidiary Stock — — — — 5.4 (2.6 ) Permanent Items 1.7 (0.5 ) (4.7 ) 3.5 (3.5 ) 1.7 Change in Valuation Allowance 1.8 (0.5 ) (5.1 ) 3.9 (15.2 ) 7.2 International Tax Rate Differences 2.4 (0.7 ) 3.5 (2.6 ) 2.9 (1.4 ) Foreign Withholding Tax (0.2 ) 0.1 (0.1 ) — (0.4 ) 0.2 Non taxable Excise Tax Credit Refunds — — — — 29.4 (13.8 ) Change in Tax Rates 1.0 (0.3 ) 4.5 (3.4 ) (3.6 ) 1.7 U.S. Federal & State Research Credits 5.5 (1.5 ) 20.1 (15.1 ) — — Uncertain Tax Positions (3.7 ) 1.0 (4.5 ) 3.4 — — Other (1.7 ) 0.5 1.8 (1.4 ) (0.3 ) 0.1 Income Tax (Expense) Benefit $ (130.4 ) 36.3 % $ (45.4 ) 34.2 % $ (67.4 ) 31.7 % |
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 2015 2014 Deferred Income Tax Assets: Compensation Based Accruals $ 26.5 $ 38.9 Net Operating Loss Carryforwards 211.5 310.4 Postretirement Benefits 103.2 127.3 Tax Credits 32.6 28.8 Other 63.4 50.5 Valuation Allowance (44.8 ) (53.6 ) Total Deferred Income Tax Assets $ 392.4 $ 502.3 Deferred Income Tax Liabilities: Property, Plant and Equipment (286.1 ) (264.7 ) Goodwill (279.0 ) (271.3 ) Other Intangibles (86.8 ) (85.1 ) Other (3.6 ) (5.9 ) Net Noncurrent Deferred Income Tax Liabilities $ (655.5 ) $ (627.0 ) Net Deferred Income Tax (Liability) Asset (a) $ (263.1 ) $ (124.7 ) |
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, 2015 , 2014 , and 2013 , respectively: December 31, In millions 2015 2014 2013 Balance Beginning of Period $ 53.6 $ 52.1 $ 37.3 Charges — 5.1 15.2 Deductions (8.8 ) (3.6 ) (0.4 ) Balance at End of Period $ 44.8 $ 53.6 $ 52.1 |
Summary of Operating Loss Carryforwards | The U.S. federal net operating loss carryforwards expire as follows: In millions 2018 $ — 2019 — 2021 40.0 2022 1.4 2023 67.9 2024 117.8 2026 22.9 2027 93.1 2028 12.1 2029 114.6 Total $ 469.8 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2015 2014 Balance at January 1, $ 5.2 $ 7.4 Additions for Tax Positions of Current Year 0.8 0.4 Additions for Tax Positions of Prior Years 3.2 4.1 Reductions for Tax Positions of Prior Years (0.1 ) (6.7 ) Balance at December 31, $ 9.1 $ 5.2 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 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 2015 2014 2015 2014 2015 2014 Commodity Contracts $ 13.2 $ 12.9 Cost of Sales $ 13.8 $ (1.8 ) Cost of Sales $ (0.4 ) $ 0.5 Foreign Currency Contracts (2.5 ) (3.1 ) Other Income, Net (5.3 ) (0.7 ) Other Income, Net — — Interest Rate Swap Agreements 2.0 2.2 Interest Expense, Net 3.2 3.3 Interest Expense, Net — — Total $ 12.7 $ 12.0 $ 11.7 $ 0.8 $ (0.4 ) $ 0.5 The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 is as follows: In millions 2015 2014 Foreign Currency Contracts Other (Income) Expense, Net $ (2.1 ) $ (5.4 ) |
Rollforward of Pre-tax 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 2015 2014 2013 Balance at January 1 $ (12.5 ) $ (1.3 ) $ (5.7 ) Reclassification to earnings 11.7 0.8 2.5 Current period change in fair value (12.7 ) (12.0 ) 1.9 Balance at December 31 $ (13.5 ) $ (12.5 ) $ (1.3 ) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 In millions Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments (Loss) Gain $ (1.0 ) $ 0.3 $ (0.7 ) $ (11.2 ) $ 4.3 $ (6.9 ) $ 4.4 $ (1.2 ) $ 3.2 Currency Translation Adjustment (37.2 ) — (37.2 ) (34.7 ) 0.7 (34.0 ) (13.9 ) 0.3 (13.6 ) Pension and Postretirement Benefit Plans 40.0 (13.2 ) 26.8 (165.8 ) 60.3 (105.5 ) 213.4 (79.9 ) 133.5 Other Comprehensive Income (Loss) $ 1.8 $ (12.9 ) $ (11.1 ) $ (211.7 ) $ 65.3 $ (146.4 ) $ 203.9 $ (80.8 ) $ 123.1 |
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 2015 2014 Accumulated Derivative Instruments Loss $ (18.4 ) $ (17.7 ) Currency Translation Adjustment (87.8 ) (50.6 ) Pension and Postretirement Benefit Plans (239.5 ) (266.3 ) Accumulated Other Comprehensive Loss $ (345.7 ) $ (334.6 ) The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2015 (a) : In millions Derivatives Instruments Currency Translation Adjustments Pension Benefit Plans Postretirement Benefit Plans Total Balance at December 31, 2014 $ (17.7 ) $ (50.6 ) $ (280.2 ) $ 13.9 $ (334.6 ) Other Comprehensive (Loss) Income before Reclassifications (7.9 ) (37.2 ) 12.0 3.2 (29.9 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 7.2 — 12.8 (1.2 ) 18.8 Net Current-period Other Comprehensive (Loss) Income (0.7 ) (37.2 ) 24.8 2.0 (11.1 ) Balance at December 31, 2015 $ (18.4 ) $ (87.8 ) $ (255.4 ) $ 15.9 $ (345.7 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum payments, capital 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, 2015 , are as follows: In millions Capital Leases Operating Leases Total 2016 $ 0.8 $ 26.7 $ 27.5 2017 0.6 23.6 24.2 2018 0.4 17.4 17.8 2019 0.1 11.6 11.7 2020 — 8.0 8.0 Thereafter — 30.4 30.4 Total Minimum Lease Payments 1.9 117.7 119.6 Less: Amount Representing Interest (0.1 ) — (0.1 ) Present Value of Net Minimum Leases $ 1.8 $ 117.7 $ 119.5 |
Future minimum payments, 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, 2015 , are as follows: In millions Capital Leases Operating Leases Total 2016 $ 0.8 $ 26.7 $ 27.5 2017 0.6 23.6 24.2 2018 0.4 17.4 17.8 2019 0.1 11.6 11.7 2020 — 8.0 8.0 Thereafter — 30.4 30.4 Total Minimum Lease Payments 1.9 117.7 119.6 Less: Amount Representing Interest (0.1 ) — (0.1 ) Present Value of Net Minimum Leases $ 1.8 $ 117.7 $ 119.5 |
Long-term purchase commitments | At December 31, 2015 , total commitments under these contracts were as follows: In millions 2016 $ 164.4 2017 111.0 2018 89.9 2019 62.4 2020 52.4 Thereafter 219.9 Total $ 700.0 |
Redeemable Noncontrolling Int41
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interests | At December 31, 2014, the book value of the redeemable noncontrolling interests was determined as follows: In millions Balance at December 31, 2013 $ 11.3 Net Loss Attributable to Redeemable Noncontrolling Interests (0.7 ) Other Comprehensive Income 0.3 Redemption of Noncontrolling Interest (10.9 ) Balance at December 31, 2014 $ — |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 and 2013 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, 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 Geograph43
Business Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Business segment information is as follows: Year Ended December 31, In millions 2015 2014 2013 NET SALES: Paperboard Mills $ 480.5 $ 380.6 $ 375.0 Americas Paperboard Packaging 3,049.6 3,006.7 3,010.8 Europe Paperboard Packaging 603.9 596.6 466.7 Flexible Packaging — 215.6 539.1 Corporate/Other/Eliminations 26.2 41.0 86.5 Total $ 4,160.2 $ 4,240.5 $ 4,478.1 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ 12.9 $ 8.5 $ (59.3 ) Americas Paperboard Packaging 403.9 412.0 430.1 Europe Paperboard Packaging 40.8 32.5 24.1 Flexible Packaging (a) — (186.1 ) (12.4 ) Corporate and Other (30.5 ) (39.1 ) (40.9 ) Total $ 427.1 $ 227.8 $ 341.6 CAPITAL EXPENDITURES: Paperboard Mills $ 145.0 $ 106.0 $ 112.5 Americas Paperboard Packaging 50.9 45.7 59.9 Europe Paperboard Packaging 39.9 37.4 9.1 Flexible Packaging — 5.6 17.6 Corporate and Other 8.3 6.7 10.1 Total $ 244.1 $ 201.4 $ 209.2 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 124.7 $ 114.5 $ 106.4 Americas Paperboard Packaging 108.9 101.0 105.3 Europe Paperboard Packaging 40.1 34.7 23.1 Flexible Packaging — 11.0 27.8 Corporate and Other 6.8 8.8 14.8 Total $ 280.5 $ 270.0 $ 277.4 (a) Includes Loss on Sale of Assets of multi-wall bag business of $171.1 million in 2014. December 31, In millions 2015 2014 2013 ASSETS AT DECEMBER 31: Paperboard Mills $ 1,445.0 $ 1,373.5 $ 1,398.4 Americas Paperboard Packaging 2,157.1 2,076.8 2,283.9 Europe Paperboard Packaging 574.0 607.9 389.4 Flexible Packaging — — 283.5 Corporate and Other 80.0 79.4 17.9 Total $ 4,256.1 $ 4,137.6 $ 4,373.1 |
Schedule of Segment Reporting Information, by Geographical Areas | Business geographic area information is as follows: Year Ended December 31, In millions 2015 2014 2013 NET SALES: Americas (a) $ 3,492.6 $ 3,341.5 $ 3,332.9 Europe 603.9 596.6 466.7 Asia Pacific 117.4 129.4 132.6 Corporate and Other (53.7 ) 173.0 545.9 Total $ 4,160.2 $ 4,240.5 $ 4,478.1 In millions 2015 2014 2013 ASSETS AT DECEMBER 31: Americas (a) $ 3,590.4 $ 3,447.0 $ 3,896.7 Europe 574.0 607.9 389.4 Asia Pacific 91.7 82.7 87.0 Total $ 4,256.1 $ 4,137.6 $ 4,373.1 (a) Includes North America and Brazil. |
Quarterly Financial Informati44
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Results of operations for the four quarters of 2015 and 2014 are shown below. 2015 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,008.2 $ 1,057.1 $ 1,070.0 $ 1,024.9 $ 4,160.2 Gross Profit 189.6 198.0 201.9 199.6 789.1 Restructuring and Other Special Charges 2.2 3.9 8.0 7.9 22.0 Income from Operations 105.3 110.2 110.0 101.6 427.1 Net Income 55.1 57.6 60.2 57.2 230.1 Net Income Per Share — Basic (a) $ 0.17 $ 0.17 $ 0.18 $ 0.17 $ 0.70 Net Income Per Share — Diluted (a) $ 0.17 $ 0.17 $ 0.18 $ 0.17 $ 0.70 (a) Does not cross foot due to rounding. 2014 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,072.7 $ 1,116.7 $ 1,050.0 $ 1,001.1 $ 4,240.5 Gross Profit 187.0 213.1 202.4 184.7 787.2 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 (Loss) 34.8 (40.3 ) 53.0 41.5 89.0 Net Income (Loss) Attributable to Graphic Packaging Holding Company 35.2 (40.0 ) 53.0 41.5 89.7 Net Income (Loss) Per Share Attributable to Graphic Packaging Holding Company — Basic (a) $ 0.11 $ (0.12 ) $ 0.16 $ 0.13 $ 0.27 Net Income (Loss) Per Share Attributable to Graphic Packaging Holding Company — Diluted (a) $ 0.11 $ (0.12 ) $ 0.16 $ 0.13 $ 0.27 (a) Does not cross foot due to rounding. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | Year Ended December 31, In millions, except per share data 2015 2014 2013 Net Income Attributable to Graphic Packaging Holding Company $ 230.1 $ 89.7 $ 146.6 Weighted Average Shares: Basic 329.5 328.6 347.3 Dilutive effect of RSUs and stock options 1.2 1.9 2.4 Diluted 330.7 330.5 349.7 Earnings Per Share — Basic $ 0.70 $ 0.27 $ 0.42 Earnings Per Share — Diluted $ 0.70 $ 0.27 $ 0.42 |
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, 2015 2014 2013 Employee Stock Options — — 773,542 |
Other Comprehensive (Loss) In46
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Changes in AOCI by Component | 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 2015 2014 Accumulated Derivative Instruments Loss $ (18.4 ) $ (17.7 ) Currency Translation Adjustment (87.8 ) (50.6 ) Pension and Postretirement Benefit Plans (239.5 ) (266.3 ) Accumulated Other Comprehensive Loss $ (345.7 ) $ (334.6 ) The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2015 (a) : In millions Derivatives Instruments Currency Translation Adjustments Pension Benefit Plans Postretirement Benefit Plans Total Balance at December 31, 2014 $ (17.7 ) $ (50.6 ) $ (280.2 ) $ 13.9 $ (334.6 ) Other Comprehensive (Loss) Income before Reclassifications (7.9 ) (37.2 ) 12.0 3.2 (29.9 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 7.2 — 12.8 (1.2 ) 18.8 Net Current-period Other Comprehensive (Loss) Income (0.7 ) (37.2 ) 24.8 2.0 (11.1 ) Balance at December 31, 2015 $ (18.4 ) $ (87.8 ) $ (255.4 ) $ 15.9 $ (345.7 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. |
Reclassifications out of AOCI | The following represents reclassifications out of Accumulated Other Comprehensive Income for the year ended December 31, 2015: 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 $ 13.8 Cost of Sales Foreign Currency Contracts (5.3 ) Other Income, Net Interest Rate Swap Agreements 3.2 Interest Expense, Net 11.7 Total before Tax (4.5 ) Tax Benefit $ 7.2 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.7 (c) Actuarial Losses 19.7 (c) 20.4 Total before Tax (7.6 ) Tax Benefit $ 12.8 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3 ) (c) Actuarial Gains (1.6 ) (c) (1.9 ) Total before Tax 0.7 Tax Expense $ (1.2 ) Net of Tax Total Reclassifications for the Period $ 18.8 (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). |
Guarantor Condensed Consolida47
Guarantor Condensed Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Schedule of Guarantor Condensed Consolidating Statements of Operations | Year Ended December 31, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,270.9 $ 39.1 $ 1,092.4 $ (242.2 ) $ 4,160.2 Cost of Sales — 2,655.0 33.9 924.4 (242.2 ) 3,371.1 Selling, General and Administrative — 270.0 4.4 73.3 — 347.7 Other (Income) Expense, Net — (10.7 ) (0.6 ) 3.6 — (7.7 ) Restructuring and Other Special Charges — 6.1 — 15.9 — 22.0 Income from Operations — 350.5 1.4 75.2 — 427.1 Interest (Expense) Income, Net — (64.9 ) 0.9 (3.8 ) — (67.8 ) Income before Income Taxes and Equity Income of Unconsolidated Entities — 285.6 2.3 71.4 — 359.3 Income Tax Expense — (114.9 ) (1.1 ) (14.4 ) — (130.4 ) Income before Equity Income of Unconsolidated Entities — 170.7 1.2 57.0 — 228.9 Equity Income of Unconsolidated Entities — — — 1.2 — 1.2 Equity in Net Earnings of Subsidiaries 230.1 59.4 (1.3 ) — (288.2 ) — Net Income (Loss) 230.1 230.1 (0.1 ) 58.2 (288.2 ) 230.1 Comprehensive Loss $ 219.0 $ 219.0 $ (9.3 ) $ 12.4 $ (222.1 ) $ 219.0 Year Ended December 31, 2014 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,422.5 $ 38.0 $ 1,028.4 $ (248.4 ) $ 4,240.5 Cost of Sales — 2,747.2 36.5 918.0 (248.4 ) 3,453.3 Selling, General and Administrative — 303.7 2.1 59.7 — 365.5 Other Income, Net — (6.0 ) (0.7 ) 3.0 — (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 89.0 (88.4 ) (0.6 ) — — — Net Income (Loss) 89.0 89.0 (7.4 ) (81.6 ) — 89.0 Net Income (Loss) 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 $ — $ 3,298.4 $ 94.0 $ 1,276.7 $ (191.0 ) $ 4,478.1 Cost of Sales — 2,680.1 78.1 1,185.3 (191.0 ) 3,752.5 Selling, General and Administrative — 260.7 9.0 114.6 — 384.3 Other (Income) Expense, 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 |
Schedule of Guarantor Condensed Consolidating Balance Sheets | Year Ended December 31, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated ASSETS Current Assets: Cash and Cash Equivalents $ — $ 0.1 $ 3.2 $ 51.6 $ — $ 54.9 Receivables, Net — 206.2 8.7 209.0 — 423.9 Inventories, Net — 401.3 3.9 151.9 — 557.1 Intercompany — 678.0 — — (678.0 ) — Other Current Assets — 19.3 1.2 10.4 — 30.9 Total Current Assets — 1,304.9 17.0 422.9 (678.0 ) 1,066.8 Property, Plant and Equipment, Net — 1,347.4 7.9 231.1 — 1,586.4 Investment in Consolidated Subsidiaries 1,176.8 — 15.2 — (1,192.0 ) — Goodwill — 1,042.8 8.1 116.9 — 1,167.8 Other Assets — 334.7 4.4 96.0 — 435.1 Total Assets $ 1,176.8 $ 4,029.8 $ 52.6 $ 866.9 $ (1,870.0 ) $ 4,256.1 LIABILITIES Current Liabilities: Short-Term Debt and Current Portion of Long-Term Debt $ — $ 25.5 $ — $ 11.1 $ — $ 36.6 Accounts Payable — 336.1 3.2 118.6 — 457.9 Interest Payable — 9.2 — — — 9.2 Intercompany 75.1 — 6.2 802.6 (883.9 ) — Other Accrued Liabilities — 182.1 3.0 43.4 — 228.5 Total Current Liabilities 75.1 552.9 12.4 975.7 (883.9 ) 732.2 Long-Term Debt — 1,761.4 — 77.5 — 1,838.9 Deferred Income Tax Liabilities — 249.2 1.0 16.5 — 266.7 Other Noncurrent Liabilities — 289.5 0.5 26.6 — 316.6 EQUITY Total Equity 1,101.7 1,176.8 38.7 (229.4 ) (986.1 ) 1,101.7 Total Liabilities and Equity $ 1,176.8 $ 4,029.8 $ 52.6 $ 866.9 $ (1,870.0 ) $ 4,256.1 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 $ — $ 2.0 $ 1.8 $ 77.8 $ — $ 81.6 Receivables, Net — 238.5 8.6 166.5 — 413.6 Inventories, Net — 408.5 4.8 108.5 — 521.8 Deferred Income Tax Assets — — — — Intercompany 54.5 337.5 — — (392.0 ) — Other Current Assets — 22.0 1.3 8.7 — 32.0 Total Current Assets 54.5 1,008.5 16.5 361.5 (392.0 ) 1,049.0 Property, Plant and Equipment, Net — 1,349.3 10.3 187.3 (0.1 ) 1,546.8 Investment in Consolidated Subsidiaries 957.8 — 18.7 — (976.5 ) — Goodwill — 1,043.1 — 75.0 — 1,118.1 Other Assets — 351.1 15.4 57.2 — 423.7 Total Assets $ 1,012.3 $ 3,752.0 $ 60.9 $ 681.0 $ (1,368.6 ) $ 4,137.6 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 12.5 751.0 (604.5 ) 676.7 Long-Term Debt — 1,805.6 — 119.9 — 1,925.5 Deferred Income Tax Liabilities — 110.5 0.3 21.4 — 132.2 Other Noncurrent Liabilities — 360.4 — 30.5 — 390.9 EQUITY Total Equity 1,012.3 957.8 48.1 (241.8 ) (764.1 ) 1,012.3 Total Liabilities and Equity $ 1,012.3 $ 3,752.0 $ 60.9 $ 681.0 $ (1,368.6 ) $ 4,137.6 |
Schedule of Guarantor Condensed Consolidating Statements of Cash Flows | Year Ended December 31, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 230.1 $ 230.1 $ (0.1 ) $ 58.2 $ (288.2 ) $ 230.1 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 238.3 1.9 40.3 — 280.5 Deferred Income Taxes — 107.4 1.0 1.6 — 110.0 Amount of Postretirement Expense Less Than Funding — (31.4 ) — (8.0 ) — (39.4 ) Loss on the Sale of Assets — 1.9 — — — 1.9 Equity in Net Earnings of Subsidiaries (230.1 ) (59.4 ) 1.3 — 288.2 — Other, Net — 31.6 — (6.5 ) — 25.1 Changes in Operating Assets and Liabilities 0.3 (85.3 ) (2.3 ) 68.3 — (19.0 ) Net Cash Provided by Operating Activities 0.3 433.2 1.8 153.9 — 589.2 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (201.2 ) (0.4 ) (42.5 ) — (244.1 ) Acquisition of Businesses, Net of Cash Acquired — (131.1 ) — (32.1 ) — (163.2 ) Other, Net 133.5 78.6 — 9.9 (214.5 ) 7.5 Net Cash Provided by (Used in) by Investing Activities 133.5 (253.7 ) (0.4 ) (64.7 ) (214.5 ) (399.8 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (63.0 ) — — — — (63.0 ) Payments on Debt — (25.0 ) — — — (25.0 ) Borrowings under Revolving Credit Facilities — 831.3 — 71.7 — 903.0 Payments on Revolving Credit Facilities — (852.9 ) — (100.9 ) — (953.8 ) Payments of Dividends (49.3 ) — — — (49.3 ) Repurchase of Common Stock related to Share-Based Payments (21.5 ) — — — — (21.5 ) Other, Net — (134.8 ) — (81.0 ) 214.5 (1.3 ) Net Cash (Used in) Provided by Financing Activities (133.8 ) (181.4 ) — (110.2 ) 214.5 (210.9 ) Effect of Exchange Rate Changes on Cash — — — (5.2 ) — (5.2 ) Net Increase in Cash and Cash Equivalents — (1.9 ) 1.4 (26.2 ) — (26.7 ) Cash and Cash Equivalents at Beginning of Period — 2.0 1.8 77.8 — 81.6 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 0.1 $ 3.2 $ 51.6 $ — $ 54.9 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) $ 89.0 $ 89.0 $ (7.4 ) $ (81.6 ) $ — $ 89.0 Non-cash Items Included in Net Income: Depreciation and Amortization — 224.8 2.3 42.9 — 270.0 Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt — 4.6 — — — 4.6 Deferred Income Taxes — 91.5 1.0 (59.4 ) — 33.1 Amount of Postretirement Expense Less Than Funding — (43.7 ) — (2.6 ) — (46.3 ) Equity in Net Earnings of Subsidiaries (89.0 ) 88.4 0.6 — — — Loss on the Sale of Assets — — 6.7 166.9 — 173.6 Other, Net — 43.2 — (0.4 ) — 42.8 Changes in Operating Assets and Liabilities — (21.9 ) 5.6 (39.9 ) 16.0 (40.2 ) Net Cash Provided by Operating Activities — 475.9 8.8 25.9 16.0 526.6 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 Business — — — (190.7 ) — (190.7 ) Cash Acquired Related to Business Acquisitions — — — 16.9 — 16.9 Proceeds from Sale of Assets, Net of Selling Costs — — 70.7 100.1 — 170.8 Other, Net 15.7 (5.7 ) 0.3 — (16.0 ) (5.7 ) Net Cash Provided by (Used in) Investing Activities 15.7 (121.3 ) 65.5 (127.1 ) (16.0 ) (183.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance or Modification of Debt — 250.0 — — — 250.0 Retirement of Long-Term Debt — (247.7 ) — — — (247.7 ) Payments on Debt — (214.6 ) — — — (214.6 ) Borrowings under Revolving Credit Facilities — 1,825.2 0.9 131.8 — 1,957.9 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 ) 61.0 — (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 (Decrease) 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 $ — $ 2.0 $ 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 (Loss): 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 — — 7.0 — — 7.0 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 ) 32.0 2.0 — 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 24.0 (12.1 ) 458.0 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 — 425.0 — — — 425.0 Retirements of Long-Term Debt — (425.0 ) — — — (425.0 ) Payments on Debt — (60.4 ) — (10.9 ) — (71.3 ) Borrowings under Revolving Credit Facilities — 1,502.7 — 226.5 1,729.2 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 Provided by (Used in) Financing Activities (211.2 ) (332.6 ) — (63.8 ) 296.5 (311.1 ) Effect of Exchange Rate Changes on Cash — — — (1.8 ) — (1.8 ) Net 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 |
Nature of Business and Summar48
Nature of Business and Summary of Significant Accounting Policies - Principals of Consolidation (Details) | Jun. 30, 2014 | Dec. 31, 2015 | May. 30, 2014 | May. 29, 2014 | Dec. 08, 2011 |
Investment [Line Items] | |||||
Ownership percentage | 100.00% | ||||
Parent's ownership percentage | 87.00% | ||||
Ownership percentage acquired | 13.00% | ||||
Rengo Riverwood Packaging, Ltd. | |||||
Investment [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Graphic Flexible Packaging, LLC | |||||
Investment [Line Items] | |||||
Parent's ownership percentage | 87.00% | ||||
Ownership percentage acquired | 13.00% | ||||
Ownership percentage sold | 100.00% |
Nature of Business and Summar49
Nature of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Receivables sold | $ 129 | $ 413 |
Receivables sold and derecognized | 1,100 | 231 |
Amount collected by financial institution | 920 | 125 |
Amounted funded by financial institution | 154 | 74 |
Receivable from financial institution | 51 | 32 |
Amount transferred subject to continuing involvement | $ 282 | $ 127 |
Nature of Business and Summar50
Nature of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - customer | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Customer Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Number of customers accounting for 10% or more of sales | 0 | 0 |
Nature of Business and Summar51
Nature of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Spending threshold for capitalization of interest | $ 1 | ||
Capitalized interest | 0.8 | $ 1.6 | $ 3.5 |
Depreciation | $ 227.6 | $ 221.6 | $ 232.5 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 40 years | ||
Land Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 15 years | ||
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 3 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 40 years | ||
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 10 years | ||
Automobiles, Trucks and Tractors | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 3 years | ||
Automobiles, Trucks and Tractors | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 5 years |
Nature of Business and Summar52
Nature of Business and Summary of Significant Accounting Policies - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 746.7 | $ 694.9 | |
Accumulated amortization | (360) | (309.3) | |
Net carrying amount | 386.7 | 385.6 | |
Amortization | 52.9 | 48.4 | $ 44.9 |
Future Amortization Expense, 2016 | 46 | ||
Future Amortization Expense, 2017 | 43 | ||
Future Amortization Expense, 2018 | 40 | ||
Future Amortization Expense, 2019 | 40 | ||
Future Amortization Expense, 2020 | 40 | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 627.2 | 579.5 | |
Accumulated amortization | (269) | (226.1) | |
Net carrying amount | 358.2 | 353.4 | |
Patents, Trademarks and Licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 119.5 | 115.4 | |
Accumulated amortization | (91) | (83.2) | |
Net carrying amount | $ 28.5 | $ 32.2 |
Nature of Business and Summar53
Nature of Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,118,100,000 | $ 1,125,400,000 |
Disposal of Business | (55,400,000) | |
Acquisition of Businesses | 55,600,000 | 51,900,000 |
Foreign Currency Effects | (5,900,000) | (3,800,000) |
Goodwill, ending balance | 1,167,800,000 | 1,118,100,000 |
Paperboard Mills | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 408,500,000 | 408,500,000 |
Disposal of Business | 0 | |
Acquisition of Businesses | 0 | 0 |
Foreign Currency Effects | 0 | 0 |
Goodwill, ending balance | 408,500,000 | 408,500,000 |
Americas Paperboard Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 644,100,000 | 692,500,000 |
Disposal of Business | (47,200,000) | |
Acquisition of Businesses | 55,600,000 | 0 |
Foreign Currency Effects | (1,400,000) | (1,200,000) |
Goodwill, ending balance | 698,300,000 | 644,100,000 |
Europe Paperboard Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 65,500,000 | 16,200,000 |
Disposal of Business | 0 | |
Acquisition of Businesses | 0 | 51,900,000 |
Foreign Currency Effects | (4,500,000) | (2,600,000) |
Goodwill, ending balance | 61,000,000 | 65,500,000 |
Flexible Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 0 | 8,200,000 |
Disposal of Business | (8,200,000) | |
Acquisition of Businesses | 0 | 0 |
Foreign Currency Effects | 0 | 0 |
Goodwill, ending balance | $ 0 | $ 0 |
Nature of Business and Summar54
Nature of Business and Summary of Significant Accounting Policies - Research and Development and Restructuring and Other Special Charges, Net (Details) $ in Millions | Feb. 04, 2015folding_carton_facility | Jan. 02, 2015folding_carton_facility | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Research and development expense | $ 13.8 | $ 14.9 | $ 16.8 | ||||||||||
Restructuring and Other Special Charges, Net | |||||||||||||
Loss (Gain) on Sale or Closure of Certain Assets | 1.9 | 180.1 | (17.9) | ||||||||||
Net Charges Associated with Business Combinations | 14 | 12.4 | 29.2 | ||||||||||
Other Special Charges | 6.1 | 5.1 | 1.8 | ||||||||||
Restructuring and Other Special Charges | $ 7.9 | $ 8 | $ 3.9 | $ 2.2 | $ 11.9 | $ 6.8 | $ 171.1 | $ 7.8 | $ 22 | $ 197.6 | $ 13.1 | ||
Cascades | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of folding carton facilities acquired | folding_carton_facility | 3 | ||||||||||||
Rose City | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of folding carton facilities acquired | folding_carton_facility | 2 |
Nature of Business and Summar55
Nature of Business and Summary of Significant Accounting Policies - Capital Allocation Plan, Equity Offerings and Share Repurchases (Details) $ / shares in Units, shares in Millions | Nov. 19, 2015$ / shares | Jul. 30, 2015$ / shares | May. 20, 2015$ / shares | Feb. 04, 2015USD ($)$ / shares | Jun. 30, 2014$ / sharesshares | Mar. 31, 2014$ / sharesshares | Jun. 30, 2014offering | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Class of Stock [Line Items] | ||||||||||
Share repurchase program, authorized amount | $ | $ 250,000,000 | |||||||||
Number of shares repurchased | shares | 4.6 | |||||||||
Shares repurchased, value | $ | $ 63,000,000 | $ 200,000,000 | ||||||||
Share price (in dollars per share) | $ / shares | $ 13.60 | |||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | ||||||
Dividends declared | $ | $ 65,500,000 | |||||||||
Cash dividends paid | $ | $ 49,300,000 | $ 0 | $ 0 | |||||||
Number of shares sold by Selling Shareholders | shares | 43.7 | 30 | ||||||||
Number of secondary public offerings | offering | 2 | |||||||||
Shares sold by Selling Shareholders, price per share (in dollars per share) | $ / shares | $ 10.45 | $ 9.85 | ||||||||
Stockholders [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares sold by Selling Shareholders | shares | 43.7 | 30 | ||||||||
Shares sold by Selling Shareholders, price per share (in dollars per share) | $ / shares | $ 10.45 | $ 9.85 |
Nature of Business and Summar56
Nature of Business and Summary of Significant Accounting Policies - Adoption of New Accounting Standards (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase in net deferred tax liabilities, noncurrent | $ 266.7 | $ 132.2 |
Reclassification of deferred debt issuance costs | $ 13.7 | 16.6 |
New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification out of deferred income tax assets | 0.1 | |
Reclassification out of deferred income tax liabilities | 177.1 | |
Increase in net deferred tax assets, noncurrent | 0.1 | |
Increase in net deferred tax liabilities, noncurrent | 177.1 | |
New Accounting Pronouncement, Early Adoption, Effect | Other Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of deferred debt issuance costs | (16.6) | |
New Accounting Pronouncement, Early Adoption, Effect | Long-term Debt | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification of deferred debt issuance costs | $ 16.6 |
Supplemental Balance Sheet Da57
Supplemental Balance Sheet Data - Receivables, Net (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade | $ 344.3 | $ 352.7 |
Less: Allowance | (7.5) | (6.3) |
Trade Receivables, Net, Current | 336.8 | 346.4 |
Other | 87.1 | 67.2 |
Total | 423.9 | 413.6 |
Receivable from financial institution | $ 51 | $ 32 |
Supplemental Balance Sheet Da58
Supplemental Balance Sheet Data - Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished Goods | $ 265.5 | $ 260.2 |
Work in Progress | 50.4 | 52.9 |
Raw Materials | 163 | 139 |
Supplies | 78.2 | 69.7 |
Total | $ 557.1 | $ 521.8 |
Supplemental Balance Sheet Da59
Supplemental Balance Sheet Data - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid Assets | $ 30.5 | $ 30.1 |
Fair Value of Derivatives, current portion | 0.4 | 1.9 |
Total | $ 30.9 | $ 32 |
Supplemental Balance Sheet Da60
Supplemental Balance Sheet Data - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | $ 4,482.3 | $ 4,172.4 |
Less: Accumulated Depreciation | (2,895.9) | (2,625.6) |
Total | 1,586.4 | 1,546.8 |
Land and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 101.9 | 100.9 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 379.7 | 378.3 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 3,844.3 | 3,612 |
Gross assets under capital lease | 8.8 | 8.8 |
Accumulated depreciation related to assets under capital lease | 4.1 | 3.4 |
Construction-in-Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | $ 156.4 | $ 81.2 |
Supplemental Balance Sheet Da61
Supplemental Balance Sheet Data - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Debt Issuance Costs, Net of Amortization of $7.7 million and $6.0 million for 2015 and 2014, respectively(3) | $ 6.1 | $ 7.8 |
Deferred Income Tax Assets | 3.6 | 7.5 |
Pension Assets | 10.4 | 0.1 |
Long-term Receivables | 9.4 | 10.2 |
Other | 18.9 | 12.5 |
Total | 48.4 | 38.1 |
Deferred Debt Issuance Costs, Accumulated Amortization | $ 7.7 | $ 6 |
Supplemental Balance Sheet Da62
Supplemental Balance Sheet Data - Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Fair Value of Derivatives, current portion | $ 14.2 | $ 15.5 |
Deferred Revenue | 19.5 | 15.1 |
Accrued Customer Rebates | 6.6 | 6.7 |
Other | 68.5 | 54.3 |
Total | $ 108.8 | $ 91.6 |
Supplemental Balance Sheet Da63
Supplemental Balance Sheet Data - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Revenue | $ 6.1 | $ 5.7 |
Multi-employer Plans | 30.5 | 30.9 |
Workers Compensation Reserve | 11.6 | 12.9 |
Other | 21.1 | 28.6 |
Total | $ 69.3 | $ 78.1 |
Supplemental Cash Flow Inform64
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | |||
Receivables, Net | $ (1.5) | $ (25.5) | $ 49.3 |
Inventories, Net | (19.7) | (50.4) | (39.5) |
Prepaid Expenses | 0.1 | 4.8 | (11.4) |
Other Assets | (12.4) | 9.2 | (3.8) |
Accounts Payable | 12.7 | 13.3 | (13.9) |
Compensation and Employee Benefits | (1.9) | 9.6 | (20.8) |
Income Taxes | 0.9 | 9 | 1.1 |
Interest Payable | (1.1) | (7.4) | 21.9 |
Other Accrued Liabilities | (3.9) | (6.3) | (1.1) |
Other Noncurrent Liabilities | 7.8 | 3.5 | (4.1) |
Total | (19) | (40.2) | (22.3) |
Cash paid for interest and cash paid, net of refunds, for income taxes | |||
Interest | 60.9 | 79.1 | 89.6 |
Income Taxes | $ 11.2 | $ 12.2 | $ 12.1 |
Acquisitions - Additional Discl
Acquisitions - Additional Disclosures (Details) T in Thousands, $ in Millions | Feb. 04, 2015folding_carton_facility | Jan. 02, 2015folding_carton_facility | May. 23, 2014USD ($)FacilitiesT | Feb. 04, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 190.7 | ||||
North American Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | $ 164.2 | ||||
Cascades | |||||
Business Acquisition [Line Items] | |||||
Number of folding carton facilities acquired | folding_carton_facility | 3 | ||||
Rose City | |||||
Business Acquisition [Line Items] | |||||
Number of folding carton facilities acquired | folding_carton_facility | 2 | ||||
Benson | |||||
Business Acquisition [Line Items] | |||||
Cash payments to acquire business | $ 190.7 | ||||
Number of operating facilities | Facilities | 4 | ||||
Annual amount of paperboard processed (in tons) | T | 80 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 04, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,167.8 | $ 1,118.1 | $ 1,125.4 | |
Measurement Period Adjustments | ||||
Other Noncurrent Liabilities | 0 | |||
North American Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 164.2 | |||
Cash and Cash Equivalents | 1 | |||
Receivables, Net | 27.5 | |||
Inventories, Net | 30.1 | |||
Other Current Assets | 1.3 | |||
Property, Plant and Equipment, Net | 41.6 | |||
Pension Asset | 3.4 | |||
Other Assets | 54.3 | |||
Total Assets Acquired | 159.2 | |||
Current Liabilities | 27.3 | |||
Pension and Postretirement Benefits | 5.3 | |||
Deferred Tax Liabilities | 15.9 | |||
Other Noncurrent Liabilities | 2.1 | |||
Total Liabilities Assumed | 50.6 | |||
Net Assets Acquired | 108.6 | |||
Goodwill | 55.6 | |||
Total Estimated Fair Value of Net Assets Acquired | 164.2 | |||
Measurement Period Adjustments | ||||
Purchase Price | (4.3) | |||
Cash and Cash Equivalents | 0 | |||
Receivables, Net | 0 | |||
Inventories, Net | (7.3) | |||
Other Current Assets | 0 | |||
Property, Plant and Equipment, Net | (28.2) | |||
Pension Asset | 0.9 | |||
Other Assets | 46.6 | |||
Total Assets Acquired | 12 | |||
Current Liabilities | 0 | |||
Pension and Postretirement Benefits | (0.4) | |||
Deferred Tax Liabilities | 10.8 | |||
Total Liabilities Assumed | 10.4 | |||
Net Assets Acquired | 1.6 | |||
Goodwill | (5.9) | |||
Total Estimated Fair Value of Net Assets Acquired | $ (4.3) | |||
Previously Reported [Member] | North American Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | 168.5 | |||
Cash and Cash Equivalents | 1 | |||
Receivables, Net | 27.5 | |||
Inventories, Net | 37.4 | |||
Other Current Assets | 1.3 | |||
Property, Plant and Equipment, Net | 69.8 | |||
Pension Asset | 2.5 | |||
Other Assets | 7.7 | |||
Total Assets Acquired | 147.2 | |||
Current Liabilities | 27.3 | |||
Pension and Postretirement Benefits | 5.7 | |||
Deferred Tax Liabilities | 5.1 | |||
Other Noncurrent Liabilities | 2.1 | |||
Total Liabilities Assumed | 40.2 | |||
Net Assets Acquired | 107 | |||
Goodwill | 61.5 | |||
Total Estimated Fair Value of Net Assets Acquired | $ 168.5 |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | |||
Short Term Borrowings | $ 10.8 | $ 5.6 | |
Current Portion of Capital Lease Obligations | 0.8 | 1.6 | |
Current Portion of Long-Term Debt | 25 | 25 | |
Total | $ 36.6 | $ 32.2 | |
Weighted average interest rate on short-term borrowings | 9.20% | 8.10% |
Debt - Long-Term Debt Instrumen
Debt - Long-Term Debt Instruments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Apr. 02, 2013 | Mar. 31, 2012 |
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 1,800,000 | $ 3,100,000 | |||
Long-term debt and capital lease obligations | 1,878,400,000 | 1,968,700,000 | |||
Long-term Debt and Capital Lease Obligations, Current | 25,800,000 | 26,600,000 | |||
Long-term debt and capital lease obligations, noncurrent portion | 1,852,600,000 | 1,942,100,000 | |||
Less: unamortized deferred debt issuance costs | 13,700,000 | 16,600,000 | |||
Total | 1,838,900,000 | 1,925,500,000 | |||
Senior Notes | Senior Notes with interest payable semi-annually at 4.95%, payable in 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 250,000,000 | $ 250,000,000 | |||
Stated interest rate | 4.95% | 4.95% | 4.875% | ||
Principal amount | $ 250,000,000 | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 4.8%, payable in 2021 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 425,000,000 | $ 425,000,000 | |||
Stated interest rate | 4.80% | 4.80% | 4.75% | ||
Principal amount | $ 425,000,000 | ||||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 975,000,000 | $ 1,000,000,000 | |||
Principal amount | $ 1,000,000,000 | ||||
Interest rate at period end | 1.70% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 224,800,000 | 288,400,000 | |||
Interest rate at period end | 1.90% | ||||
Other Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 1,800,000 | $ 2,200,000 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term Debt Maturities | ||
2,016 | $ 25 | |
2,017 | 25.8 | |
2,018 | 125.8 | |
2,019 | 1,024.8 | |
2,020 | 0.1 | |
After 2,020 | 675.1 | |
Total | $ 1,876.6 | $ 1,965.6 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 02, 2013 | |
Debt Instrument [Line Items] | ||||||
Loss on Modification or Extinguishment of Debt | $ 0 | $ 14,400,000 | $ 27,100,000 | |||
Senior Notes | Senior Notes due in 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 425,000,000 | |||||
Stated interest rate | 4.80% | 4.80% | 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 | 4.875% | 4.95% | 4.95% | |||
Deferred financing costs | $ 4,400,000 | |||||
Senior Notes | Senior Notes due in 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 250,000,000 | |||||
Stated interest rate | 7.875% | |||||
Percent of principal amount redeemed | 100.00% | |||||
Redemption price | 103.94% | |||||
Loss on Modification or Extinguishment of Debt | $ 12,100,000 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) € in Millions, ¥ in Billions | 1 Months Ended | ||||||||
Oct. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013JPY (¥) | Sep. 30, 2013EUR (€) | Dec. 31, 2012USD ($) | Mar. 31, 2012USD ($) | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |||||||||
Total Commitments | $ 1,442,200,000 | ||||||||
Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total Commitments | $ 250,000,000 | $ 1,000,000,000 | |||||||
Senior Secured International Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total Commitments | $ 170,700,000 | ||||||||
Debt Issuance Cost | $ 1,200,000 | ||||||||
Deferred financing costs | $ 2,200,000 | ||||||||
Revolving Credit Facility and Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Issuance Cost | 2,300,000 | 8,900,000 | |||||||
Deferred financing costs | 2,400,000 | ||||||||
Term Loans | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principal amount | $ 1,000,000,000 | ||||||||
Debt Issuance Cost | $ 2,100,000 | ||||||||
Increase in Term Loan | 300,000,000 | ||||||||
Reduction in Term Loan | $ 169,000,000 | ||||||||
Deferred financing costs | $ 3,100,000 | ||||||||
Minimum | LIBOR | Senior Secured International Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 1.50% | 1.50% | 1.50% | ||||||
Minimum | LIBOR | Revolving Credit Facility and Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 1.25% | 1.75% | |||||||
Maximum | LIBOR | Senior Secured International Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 2.50% | 2.50% | 2.50% | ||||||
Maximum | LIBOR | Revolving Credit Facility and Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 2.25% | 2.75% | |||||||
Borrowings in Euro and Pound | Senior Secured International Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Deferred financing costs | $ 200,000 | ||||||||
Increase in Credit Facility | $ 86,000,000 | € 63 | $ 100,000,000 | € 75 | |||||
Borrowings in Yen | Senior Secured International Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Increase in Credit Facility | $ 25,000,000 | ¥ 2.5 |
Debt - Credit Facilities - Comm
Debt - Credit Facilities - Commitments, Amounts Outstanding, and Amounts Available (Details) $ in Millions | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |
Total Commitments | $ 1,442.2 |
Total Outstanding | 237.4 |
Total Available | 1,181.1 |
Standby letters of credit issued | 23.7 |
Senior Secured Domestic Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Total Commitments | 1,250 |
Total Outstanding | 149.6 |
Total Available | 1,076.7 |
Senior Secured International Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Total Commitments | 170.7 |
Total Outstanding | 75.2 |
Total Available | 95.5 |
Other International Facilities | |
Line of Credit Facility [Line Items] | |
Total Commitments | 21.5 |
Total Outstanding | 12.6 |
Total Available | $ 8.9 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options | |||
Outstanding - Beginning of period (shares) | 2,751,163 | ||
Exercised (shares) | (1,756,629) | ||
Canceled (shares) | (994,534) | ||
Outstanding - End of period (shares) | 0 | ||
Weighted Average Exercise Price | |||
Outstanding - Beginning of period (in dollars per share) | $ 8.01 | ||
Exercised (in dollars per share) | 6.66 | ||
Canceled (in dollars per share) | 10.40 | ||
Outstanding - End of period (in dollars per share) | $ 0 | ||
Intrinsic value of options exercised | $ 2.1 | ||
Stock options outstanding | 2,751,163 | 0 | 0 |
Stock Incentive Plans - RSUs an
Stock Incentive Plans - RSUs and Stock Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RSUs - Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (shares) | 1,751,823 | 2,153,885 | 3,335,039 |
Weighted-average grant date fair value (in dollars per share) | $ 13.28 | $ 10.22 | $ 7.34 |
Stock Awards - Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (shares) | 54,120 | 77,139 | 103,842 |
Weighted-average grant date fair value (in dollars per share) | $ 14.78 | $ 10.50 | $ 7.80 |
Stock Incentive Plans - Summa75
Stock Incentive Plans - Summary of Unvested RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Outstanding - beginning of period (shares) | 7,613,698 | 9,836,133 | 12,310,287 |
Granted (shares) | 1,751,823 | 2,153,885 | 3,335,039 |
Released (shares) | (3,657,373) | (3,619,979) | (5,299,116) |
Canceled (shares) | (268,560) | (756,341) | (510,077) |
Outstanding - end of period (shares) | 5,439,588 | 7,613,698 | 9,836,133 |
Weighted Average Grant Date Fair Value | |||
Outstanding - beginning of period (in dollars per share) | $ 7.20 | $ 5.86 | $ 4.63 |
Granted (in dollars per share) | 13.28 | 10.22 | 7.34 |
Released (in dollars per share) | 5.45 | 5.18 | 3.94 |
Canceled (in dollars per share) | 9.32 | 7.45 | 5.94 |
Outstanding - end of period (in dollars per share) | $ 10.22 | $ 7.20 | $ 5.86 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 20.4 | $ 18.7 | $ 19 |
Cash payments for share-based liabilities | 13.3 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vesting period | 3 years | ||
Unrecognized compensation expense | $ 26 | ||
Unrecognized compensation expense, Weighted average recognition period (in Years) | 2 years | ||
Aggregate fair value of awards vested | $ 56.1 | $ 38.1 | $ 27.3 |
Vested RSUs paid out, percent payable in shares of common stock | 66.67% | ||
Vested RSUs paid out, percent payable in cash | 33.33% |
Pensions and Other Postretire77
Pensions and Other Postretirement Benefits - Additional Disclosures (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)plans | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated Benefit Obligation | $ 1,226,200,000 | $ 1,353,300,000 | $ 1,226,200,000 | $ 1,353,300,000 | |
Estimated pension expense | 15,000,000 | ||||
Multiemployer Plan | |||||
Multiemployer plans, plan contributions | 2,100,000 | 2,800,000 | |||
Multiemployer withdrawal liability | $ 30,500,000 | 30,900,000 | $ 30,500,000 | 30,900,000 | |
Number of multiemployer plans | plans | 3 | ||||
Charges related to partial withdrawal from multiemployer plan | $ 0 | 4,300,000 | $ 1,500,000 | ||
Percent of total plan contributions for the most recent plan year | 5.00% | 5.00% | |||
Defined Contribution Plans | |||||
Contributions to defined contribution plans | $ 29,000,000 | 28,900,000 | $ 27,900,000 | ||
Pension Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement, reduction in projected benefit obligation | $ 34,700,000 | 42,000,000 | 61,100,000 | 40,200,000 | |
Cash payment from existing plan assets | $ 34,600,000 | 40,200,000 | 61,100,000 | 40,200,000 | |
Settlement charge | $ 800,000 | ||||
Company's contributions to its pension plans | 53,400,000 | 52,200,000 | |||
Benefit payments made | 55,900,000 | 52,500,000 | |||
Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement, reduction in projected benefit obligation | 0 | 0 | |||
Cash payment from existing plan assets | 0 | 0 | |||
Company's contributions to its pension plans | 2,800,000 | 2,200,000 | |||
Benefit payments made | 2,800,000 | $ 2,200,000 | |||
Expected contributions in 2016 | $ 3,000,000 | ||||
Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset allocation horizon term | 3 years | ||||
Minimum | Pension Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected contributions in 2016 | $ 50,000,000 | ||||
Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset allocation horizon term | 5 years | ||||
Maximum | Pension Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected contributions in 2016 | $ 60,000,000 |
Pensions and Other Postretire78
Pensions and Other Postretirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | $ 12.8 | $ 12.6 | $ 16.3 |
Interest Cost | 54.8 | 57.9 | 52.2 |
Expected Return on Plan Assets | (74.4) | (79.8) | (68) |
Amortization: | |||
Prior Service Cost (Credit) | 0.7 | 0.7 | 0.7 |
Actuarial Loss (Gain) | 19.7 | 13.2 | 36.1 |
Net Curtailment/Settlement Loss | 1.5 | 0.8 | 0 |
Special Termination Benefit | 0 | 0 | 1.2 |
Other | 0.9 | 0.6 | 0.7 |
Net Periodic Cost | 16 | 6 | 39.2 |
Postretirement Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | 1 | 1.2 | 1.2 |
Interest Cost | 1.7 | 2.2 | 2 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization: | |||
Prior Service Cost (Credit) | (0.3) | (0.3) | (0.4) |
Actuarial Loss (Gain) | (1.6) | (1) | (1.1) |
Net Curtailment/Settlement Loss | 0 | 0 | 0 |
Special Termination Benefit | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net Periodic Cost | $ 0.8 | $ 2.1 | $ 1.7 |
Pensions and Other Postretire79
Pensions and Other Postretirement Benefits - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 4.02% | 4.86% | 4.20% |
Rate of Increase in Future Compensation Levels | 1.45% | 1.88% | 2.03% |
Expected Long-Term Rate of Return on Plan Assets | 6.81% | 7.69% | 7.60% |
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 Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 3.95% | 4.74% | 3.97% |
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 | 7.38% | 7.50% | 9.00% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.96% | |
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostUltimateHealthCareCostTrendRate | 4.96% | 4.77% | 4.50% |
Pensions and Other Postretire80
Pensions and Other Postretirement Benefits - Net Funded Status (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets: | |||||
Fair Value of Plan Assets at Beginning of Year | $ 1,092.8 | ||||
Fair Value of Plan Assets at End of Year | $ 1,038.9 | $ 1,092.8 | 1,038.9 | $ 1,092.8 | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Pension Assets | 10.4 | 0.1 | 10.4 | 0.1 | |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (247.3) | (312.8) | (247.3) | (312.8) | |
Pension Benefits | |||||
Change in Benefit Obligation: | |||||
Benefit Obligation at Beginning of Year | 1,366.7 | 1,218.9 | |||
Service Cost | 12.8 | 12.6 | $ 16.3 | ||
Interest Cost | 54.8 | 57.9 | 52.2 | ||
Actuarial Loss (Gain) | (84.3) | 189.1 | |||
Foreign Currency Exchange | (16.9) | (17.8) | |||
Settlement/Curtailment Gain | (0.4) | (1.8) | |||
Settlements | (34.7) | (42) | (61.1) | (40.2) | |
Benefits Paid | (55.9) | (52.5) | |||
Acquisition | 22.4 | 0 | |||
Other | 0.9 | 0.5 | |||
Benefit Obligation at End of Year | 1,239 | 1,366.7 | 1,239 | 1,366.7 | 1,218.9 |
Change in Plan Assets: | |||||
Fair Value of Plan Assets at Beginning of Year | 1,092.8 | 1,065.7 | |||
Actual Return on Plan Assets | 3 | 82.9 | |||
Employer Contributions | 53.4 | 52.2 | |||
Foreign Currency Exchange | (15.2) | (15.3) | |||
Benefits Paid | (55.9) | (52.5) | |||
Acquisition | 21.7 | 0 | |||
Settlements | (34.6) | (40.2) | (61.1) | (40.2) | |
Other | 0.2 | 0 | |||
Fair Value of Plan Assets at End of Year | 1,038.9 | 1,092.8 | 1,038.9 | 1,092.8 | $ 1,065.7 |
Plan Assets Less than Projected Benefit Obligation | (200.1) | (273.9) | (200.1) | (273.9) | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Pension Assets | 10.4 | 0.1 | 10.4 | 0.1 | |
Accrued Pension and Postretirement Benefits Liability — Current | (1.2) | (2.1) | (1.2) | (2.1) | |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (209.3) | (271.9) | (209.3) | (271.9) | |
Accumulated Other Comprehensive Income: | |||||
Net Actuarial Loss (Gain) | 286.6 | 322.7 | 286.6 | 322.7 | |
Prior Service Cost (Credit) | $ 2.3 | $ 2.9 | $ 2.3 | $ 2.9 | |
Weighted Average Calculations: | |||||
Discount Rate | 4.41% | 4.02% | 4.41% | 4.02% | |
Rates of Increase in Future Compensation Levels | 1.49% | 1.45% | 1.49% | 1.45% | |
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | |||
Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% | ||
Postretirement Benefits | |||||
Change in Benefit Obligation: | |||||
Benefit Obligation at Beginning of Year | $ 43.6 | $ 47.9 | |||
Service Cost | 1 | 1.2 | $ 1.2 | ||
Interest Cost | 1.7 | 2.2 | 2 | ||
Actuarial Loss (Gain) | (5.4) | (5.7) | |||
Foreign Currency Exchange | (0.2) | 0 | |||
Settlement/Curtailment Gain | 0 | 0 | |||
Settlements | 0 | 0 | |||
Benefits Paid | (2.8) | (2.2) | |||
Acquisition | 2.9 | 0 | |||
Other | 0 | 0.2 | |||
Benefit Obligation at End of Year | $ 40.8 | $ 43.6 | 40.8 | 43.6 | 47.9 |
Change in Plan Assets: | |||||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | |||
Actual Return on Plan Assets | 0 | 0 | |||
Employer Contributions | 2.8 | 2.2 | |||
Foreign Currency Exchange | 0 | 0 | |||
Benefits Paid | (2.8) | (2.2) | |||
Acquisition | 0 | 0 | |||
Settlements | 0 | 0 | |||
Other | 0 | 0 | |||
Fair Value of Plan Assets at End of Year | 0 | 0 | 0 | 0 | $ 0 |
Plan Assets Less than Projected Benefit Obligation | (40.8) | (43.6) | (40.8) | (43.6) | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Pension Assets | 0 | 0 | 0 | 0 | |
Accrued Pension and Postretirement Benefits Liability — Current | (2.8) | (2.7) | (2.8) | (2.7) | |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (38) | (40.9) | (38) | (40.9) | |
Accumulated Other Comprehensive Income: | |||||
Net Actuarial Loss (Gain) | (20.1) | (16.5) | (20.1) | (16.5) | |
Prior Service Cost (Credit) | $ (1.6) | $ (1.9) | $ (1.6) | $ (1.9) | |
Weighted Average Calculations: | |||||
Discount Rate | 4.29% | 3.95% | 4.29% | 3.95% | |
Rates of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% | 0.00% | |
Initial Health Care Cost Trend Rate | 7.80% | 7.38% | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.96% |
Pensions and Other Postretire81
Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 0.00% | |
Actual plan asset allocations | 1.10% | 2.60% |
Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 59.00% | |
Actual plan asset allocations | 51.70% | 51.00% |
Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 41.00% | |
Actual plan asset allocations | 41.60% | 39.90% |
Other Investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 0.00% | |
Actual plan asset allocations | 5.60% | 6.50% |
Pensions and Other Postretire82
Pensions and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 1,038,900,000 | $ 1,092,800,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 343,800,000 | 311,900,000 |
Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 659,200,000 | 780,900,000 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35,900,000 | 0 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,400,000 | 28,800,000 |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,000,000 | 2,300,000 |
Cash | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,400,000 | 26,500,000 |
Cash | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities, Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 397,100,000 | 379,800,000 |
Equity Securities, Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 79,800,000 | 77,700,000 |
Equity Securities, Domestic | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 317,300,000 | 302,100,000 |
Equity Securities, Domestic | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities, Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 140,100,000 | 177,700,000 |
Equity Securities, Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 63,500,000 | 62,800,000 |
Equity Securities, Foreign | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 76,600,000 | 114,900,000 |
Equity Securities, Foreign | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 431,800,000 | 436,300,000 |
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 172,900,000 | 169,100,000 |
Fixed Income Securities | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 258,900,000 | 267,200,000 |
Fixed Income Securities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22,600,000 | 21,800,000 |
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22,600,000 | 0 |
Real Estate | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 21,800,000 |
Real Estate | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Diversified Growth Fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35,900,000 | 48,400,000 |
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 |
Diversified Growth Fund | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 48,400,000 |
Diversified Growth Fund | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 35,900,000 | $ 0 |
Pensions and Other Postretire83
Pensions and Other Postretirement Benefits - Reconciliation of Fair Value of Plan Assets (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |
Fair Value of Plan Assets at Beginning of Year | $ 1,092,800,000 |
Fair Value of Plan Assets at End of Year | 1,038,900,000 |
Significant Unobservable Inputs (Level 3) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |
Fair Value of Plan Assets at Beginning of Year | 0 |
Transfers In | 35,800,000 |
Return on assets held | 100,000 |
Fair Value of Plan Assets at End of Year | $ 35,900,000 |
Pensions and Other Postretire84
Pensions and Other Postretirement Benefits - Effect of One-Percentage-Point Change in Assumed Health Care Trend Rates (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Health Care Trend Rate Sensitivity: | |
Effect on Total Interest and Service Cost Components, One-Percentage-Point Increase | $ 0.2 |
Effect on Total Interest and Service Cost Components, One-Percentage-Point Decrease | (0.1) |
Effect on Year-End Postretirement Benefit Obligation, One-Percentage-Point Increase | 1.8 |
Effect on Year-End Postretirement Benefit Obligation, One-Percentage-Point Decrease | $ (1.6) |
Pensions and Other Postretire85
Pensions and Other Postretirement Benefits - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 59.1 |
2,017 | 62.5 |
2,018 | 65.1 |
2,019 | 67.8 |
2,020 | 70.3 |
2021 - 2025 | 383.5 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 2.8 |
2,017 | 3 |
2,018 | 3.1 |
2,019 | 3.2 |
2,020 | 3.4 |
2021 - 2025 | $ 16 |
Pensions and Other Postretire86
Pensions and Other Postretirement Benefits - Amounts in Accumulated Other Comprehensive Loss to be Recognized (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Recognition of Prior Service Cost | $ 0.8 |
Recognition of Actuarial Loss (Gain) | 19.2 |
Postretirement 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) | $ (2.2) |
Pensions and Other Postretire87
Pensions and Other Postretirement Benefits - Multi-employer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0.2 | $ 0.5 | $ 0.6 |
Central States Southeast and Southwest Areas Pension Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0.1 | $ 0.1 | 0.1 |
Pension Protection Act Zone Status | Red | Red | |
PIUMPF | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0 | $ 0.3 | 0.4 |
Pension Protection Act Zone Status | Red | Red | |
Western Conference of Teamsters Pension Trust - Northwest Area | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0.1 | $ 0.1 | $ 0.1 |
Pension Protection Act Zone Status | Green | Green |
Income Taxes - Components of In
Income Taxes - Components of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 307.6 | $ 128 | $ 252 |
International | 51.7 | 4.7 | (39.4) |
Income before Income Taxes and Equity Income of Unconsolidated Entities | $ 359.3 | $ 132.7 | $ 212.6 |
Income Taxes - Components of 89
Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current (Expense) Benefit: | |||
U.S. | $ (7.9) | $ (7.5) | $ (1.4) |
International | (12.5) | (4.8) | (3.3) |
Total Current | (20.4) | (12.3) | (4.7) |
Deferred (Expense) Benefit: | |||
U.S. | (110.6) | (35) | (65.3) |
International | 0.6 | 1.9 | 2.6 |
Total Deferred | (110) | (33.1) | (62.7) |
Income Tax (Expense) Benefit | $ (130.4) | $ (45.4) | $ (67.4) |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective income tax reconciliation, amount | ||||
Income Tax Expense at U.S. Statutory Rate | $ (125.8) | $ (46.4) | $ (74.4) | |
U.S. State and Local Tax (Expense) Benefit | (11.4) | (5.9) | (7.7) | |
Goodwill Related to Dispositions | 0 | (8.6) | 0 | |
Capital Loss on Subsidiary Stock | 0 | 0 | 5.4 | |
Permanent Items | 1.7 | (4.7) | (3.5) | |
Change in Valuation Allowance | 1.8 | (5.1) | (15.2) | |
International Tax Rate Differences | 2.4 | 3.5 | 2.9 | |
Foreign Withholding Tax | (0.2) | (0.1) | (0.4) | |
Non taxable Excise Tax Credit Refunds | 0 | 0 | 29.4 | |
Change in Tax Rates | 1 | 4.5 | (3.6) | |
U.S. Federal & State Research Credits | $ 20.1 | 5.5 | 20.1 | 0 |
Uncertain Tax Positions | (3.7) | (4.5) | 0 | |
Other | (1.7) | 1.8 | (0.3) | |
Income Tax (Expense) Benefit | $ (130.4) | $ (45.4) | $ (67.4) | |
Effective income tax reconciliation, percent | ||||
Income Tax Expense at U.S. Statutory Rate | 35.00% | 35.00% | 35.00% | |
U.S. State and Local Tax (Expense) Benefit | 3.20% | 4.40% | 3.60% | |
Goodwill Related to Dispositions | 0.00% | 6.50% | 0.00% | |
Capital Loss on Subsidiary Stock | (0.00%) | (0.00%) | (2.60%) | |
Permanent Items | (0.50%) | 3.50% | 1.70% | |
Change in Valuation Allowance | (0.50%) | 3.90% | 7.20% | |
International Tax Rate Differences | (0.70%) | (2.60%) | (1.40%) | |
Foreign Withholding Tax | 0.10% | 0.00% | 0.20% | |
Non taxable Excise Tax Credit Refunds | (0.00%) | (0.00%) | (13.80%) | |
Change in Tax Rates | (0.30%) | (3.40%) | 1.70% | |
U.S. Federal & State Research Credits | (1.50%) | (15.10%) | (0.00%) | |
Uncertain Tax Positions | 1.00% | 3.40% | 0.00% | |
Other | 0.50% | (1.40%) | 0.10% | |
Income Tax Expense, percent | 36.30% | 34.20% | 31.70% |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforwards (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax Credit Carryforward [Line Items] | ||||
U.S. Federal & State Research Credits established | $ 20.1 | $ 5.5 | $ 20.1 | $ 0 |
Reduction in tax credit carryforward | $ 1.5 | 4.5 | ||
Valuation allowance against tax credit | $ 5 | $ 5 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets, Liabilities and Related Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Income Tax Assets: | |||||
Compensation Based Accruals | $ 26.5 | $ 38.9 | |||
Net Operating Loss Carryforwards | 211.5 | 310.4 | |||
Postretirement Benefits | 103.2 | 127.3 | |||
Tax Credits | 32.6 | 28.8 | |||
Other | 63.4 | 50.5 | |||
Valuation allowance | $ (53.6) | $ (52.1) | $ (37.3) | (44.8) | (53.6) |
Total Deferred Income Tax Assets | 392.4 | 502.3 | |||
Deferred Income Tax Liabilities: | |||||
Property, Plant and Equipment | (286.1) | (264.7) | |||
Goodwill | (279) | (271.3) | |||
Other Intangibles | (86.8) | (85.1) | |||
Other | (3.6) | (5.9) | |||
Total deferred income tax liabilities | (655.5) | (627) | |||
Net Deferred Income Tax (Liability) Asset (a) | (263.1) | (124.7) | |||
Total deferred income tax assets | 437.2 | 555.9 | |||
Other Assets | 48.4 | 38.1 | |||
Decrease in Deferred Income Tax Liabilities due to reclassification | (266.7) | (132.2) | |||
Summary of Valuation Allowances | |||||
Balance Beginning of Period | 53.6 | 52.1 | 37.3 | ||
Balance at End of Period | 44.8 | 53.6 | 52.1 | ||
International | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (29.2) | (29.2) | (29.2) | ||
Summary of Valuation Allowances | |||||
Balance Beginning of Period | 29.2 | ||||
Balance at End of Period | 29.2 | ||||
Capital loss carryforward | United States | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (5.9) | (5.9) | (5.9) | ||
Summary of Valuation Allowances | |||||
Balance Beginning of Period | 5.9 | ||||
Balance at End of Period | 5.9 | ||||
Research Credit carryforward | State and Local Jurisdiction | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (5.4) | $ (5.4) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 5.4 | ||||
Net operating losses | State and Local Jurisdiction | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (4.3) | (4.3) | (4.3) | ||
Summary of Valuation Allowances | |||||
Balance Beginning of Period | 4.3 | ||||
Balance at End of Period | 4.3 | ||||
Deferred Tax Assets | |||||
Summary of Valuation Allowances | |||||
Charges | 0 | 5.1 | 15.2 | ||
Deductions | $ (8.8) | $ (3.6) | $ (0.4) | ||
New Accounting Pronouncement, Early Adoption, Effect | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Net, Current | (0.1) | ||||
Net deferred tax liability, current | (177.1) | ||||
Deferred Income Tax Liabilities: | |||||
Decrease in Deferred Income Tax Liabilities due to reclassification | $ (177.1) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 469.8 |
Tax Credit carryforwards | 32.6 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 370.7 |
International | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 101.4 |
2,018 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2,019 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2,021 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 40 |
2,022 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 1.4 |
2,023 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 67.9 |
2,024 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 117.8 |
2,026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 22.9 |
2,027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 93.1 |
2,028 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 12.1 |
2,029 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 114.6 |
No Expiration Date | |
Operating Loss Carryforwards [Line Items] | |
Tax Credit carryforwards | $ 8.7 |
Income Taxes - Undistributed Fo
Income Taxes - Undistributed Foreign Earnings (Details) $ in Millions | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Undistributed foreign earnings | $ 4.3 |
Undistributed Earnings of Foreign Subsidiaries | $ 12.6 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits | ||
Balance at January 1, | $ 5.2 | $ 7.4 |
Additions for Tax Positions of Current Year | 0.8 | 0.4 |
Additions for Tax Positions of Prior Years | 3.2 | 4.1 |
Reductions for Tax Positions of Prior Years | (0.1) | (6.7) |
Balance at December 31, | 9.1 | 5.2 |
Gross unrecognized tax benefits that would affect the annual effective income tax rate | 9.1 | |
Unrealized tax benefits expected to change in next twelve months | 0.6 | |
Accrual for the payment of interest and penalties | $ 0.6 | $ 0.1 |
Financial Instruments, Deriva96
Financial Instruments, Derivatives and Hedging Activities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign Currency Movement Effect | |||
Net currency exchange gains included in determining Income from Operations | $ 4,700,000 | $ 1,400,000 | $ 5,400,000 |
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Interest Rate Swap Agreements | |||
Interest Rate Risk | |||
Notional amount | $ 560,000,000 | ||
Interest rate derivatives, fixed rate, lower range | 0.45% | ||
Interest rate derivatives, fixed rate, higher range | 0.82% | ||
Amounts excluded from the measure of effectiveness | $ 0 | 0 | |
Commodity Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Foreign Currency Risk | |||
Notional amount | 560,000,000 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Derivatives Not Designated as Hedges | |||
Notional amount | 560,000,000 | ||
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Forward Starting Interest Rate Swaps | |||
Interest Rate Risk | |||
Notional amount | $ 450,000,000 | ||
Interest rate derivatives, fixed rate, lower range | 0.73% | ||
Interest rate derivatives, fixed rate, higher range | 1.40% | ||
Foreign Currency Risk | |||
Notional amount | $ 450,000,000 | ||
Derivatives Not Designated as Hedges | |||
Notional amount | 450,000,000 | ||
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 | |
Commodity Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Foreign Currency 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 | |||
Notional amount | 65,200,000 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Commodity Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Foreign Currency Risk | |||
Notional amount | 65,200,000 | ||
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 | |
Derivatives Not Designated as Hedges | |||
Notional amount | 65,200,000 | ||
Derivative Contracts Not Designated as Hedging Instruments | Forward Exchange Contract | |||
Interest Rate Risk | |||
Notional amount | 45,500,000 | 34,500,000 | |
Foreign Currency Risk | |||
Notional amount | 45,500,000 | 34,500,000 | |
Derivatives Not Designated as Hedges | |||
Notional amount | $ 45,500,000 | $ 34,500,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Disclosures (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Gross derivative liability | $ 14.2 | $ 15.5 |
Gross derivative asset | 0.4 | 1.9 |
Long-term debt, fair value | 1,891.2 | 1,970 |
Long-term debt, carrying value | $ 1,876.6 | $ 1,965.6 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 12.7 | $ 12 |
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 11.7 | 0.8 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | (0.4) | 0.5 |
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 | 13.2 | 12.9 |
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) | 13.8 | (1.8) |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | (0.4) | 0.5 |
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 | (2.5) | (3.1) |
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) | (5.3) | (0.7) |
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 | 2.2 |
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) | 3.2 | 3.3 |
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) | $ (2.1) | $ (5.4) |
Fair Value Measurement - Accumu
Fair Value Measurement - Accumulated Derivative Instruments (Loss) Gain (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Balance at beginning of period | $ (12.5) | $ (1.3) | $ (5.7) |
Reclassification to earnings | 11.7 | 0.8 | 2.5 |
Current period change in fair value | (12.7) | (12) | 1.9 |
Balance at end of period | (13.5) | $ (12.5) | $ (1.3) |
Expected reclassification of pre-tax losses in the next twelve months from ACOL to earnings | $ 12.3 |
Accumulated Other Comprehens100
Accumulated Other Comprehensive Income (Loss) - Change in the Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Derivative Instruments Gain (Loss), Pretax | $ (1) | $ (11.2) | $ 4.4 |
Derivative Instruments Gain (Loss), Tax Effect | 0.3 | 4.3 | (1.2) |
Derivative Instruments Gain (Loss), Net Amount | (0.7) | (6.9) | 3.2 |
Currency Translation Adjustment, Pretax Amount | (37.2) | (34.7) | (13.9) |
Currency Translation Adjustment, Tax Effect | 0 | 0.7 | 0.3 |
Currency Translation Adjustment, Net Amount | (37.2) | (34) | (13.6) |
Pension and Postretirement Benefit Plans, Pretax Amount | 40 | (165.8) | 213.4 |
Pension and Postretirement Benefit Plans, Tax Effect | (13.2) | 60.3 | (79.9) |
Pension and Postretirement Benefit Plans, Net Amount | 26.8 | (105.5) | 133.5 |
Other Comprehensive Income (Loss), Pretax Amount | 1.8 | (211.7) | 203.9 |
Other Comprehensive Income (Loss), Tax Effect | (12.9) | 65.3 | (80.8) |
Net Current-period Other Comprehensive (Loss) Income | $ (11.1) | $ (146.4) | $ 123.1 |
Accumulated Other Comprehens101
Accumulated Other Comprehensive Income (Loss) - Balances of AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Derivative Instruments Loss | $ (18.4) | $ (17.7) |
Currency Translation Adjustment | (87.8) | (50.6) |
Pension and Postretirement Benefit Plans | (239.5) | (266.3) |
Accumulated Other Comprehensive Loss | $ (345.7) | $ (334.6) |
Commitments and Contingencie102
Commitments and Contingencies Commitments and Contingencies - Capital and Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | $ 0.8 | ||
2,017 | 0.6 | ||
2,018 | 0.4 | ||
2,019 | 0.1 | ||
2,020 | 0 | ||
Thereafter | 0 | ||
Total Minimum Lease Payments | 1.9 | ||
Less: Amount Representing Interest | (0.1) | ||
Present Value of Net Minimum Leases | 1.8 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 26.7 | ||
2,017 | 23.6 | ||
2,018 | 17.4 | ||
2,019 | 11.6 | ||
2,020 | 8 | ||
Thereafter | 30.4 | ||
Total Minimum Lease Payments | 117.7 | ||
Capital and Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 27.5 | ||
2,017 | 24.2 | ||
2,018 | 17.8 | ||
2,019 | 11.7 | ||
2,020 | 8 | ||
Thereafter | 30.4 | ||
Total Minimum Lease Payments | 119.6 | ||
Less: amount representing interest | (0.1) | ||
Present Value of Net Minimum Leases | 119.5 | ||
Total rental expense | $ 29 | $ 30 | $ 36 |
Commitments and Contingencie103
Commitments and Contingencies Commitments and Contingencies - Long-term Purchase Commitments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 700 |
2,016 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 164.4 |
2,017 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 111 |
2,018 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 89.9 |
2,019 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 62.4 |
2,020 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 52.4 |
Thereafter | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 219.9 |
Environmental and Legal Matt104
Environmental and Legal Matters Environmental and Legal Matters (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payments to achieve compliance with the National Emission Standards for Hazardous Air Pollutants | $ 1.5 |
Redeemable Noncontrolling In105
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | May. 30, 2014 | Dec. 08, 2011 | |
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 | $ 11.3 | ||
Net Loss Attributable to Redeemable Noncontrolling Interests | (0.7) | ||
Other Comprehensive Income | 0.3 | ||
Redemption of Noncontrolling Interest | (10.9) | ||
Ending balance | $ 0 |
Related Party Transactions R106
Related Party Transactions Related Party Transactions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Number of shares sold by Selling Shareholders | 43,700,000 | 30,000,000 | ||
Shares sold by Selling Shareholders, price per share (in dollars per share) | $ 10.45 | $ 9.85 | ||
Stockholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of shares sold by Selling Shareholders | 43,700,000 | 30,000,000 | ||
Shares sold by Selling Shareholders, price per share (in dollars per share) | $ 10.45 | $ 9.85 | ||
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 | ||
Secondary offerings and share repurchases | (73,654,214) | |||
Related party stockholder, number of shares beneficially owned, end of period | 0 | 73,654,214 | ||
Ownership percentage, Selling Stockholders | 0.00% | 22.60% | ||
TPG Entities [Member] | ||||
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 | ||
Secondary offerings and share repurchases | (39,393,264) | |||
Related party stockholder, number of shares beneficially owned, end of period | 0 | 39,393,264 | ||
Ownership percentage, Selling Stockholders | 0.00% | 12.10% | ||
Coors Family [Member] | ||||
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 | ||
Secondary offerings and share repurchases | (17,146,884) | |||
Related party stockholder, number of shares beneficially owned, end of period | 0 | 17,146,884 | ||
Ownership percentage, Selling Stockholders | 0.00% | 5.30% | ||
CD&R Fund [Member] | ||||
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 | ||
Secondary offerings and share repurchases | (8,557,033) | |||
Related party stockholder, number of shares beneficially owned, end of period | 0 | 8,557,033 | ||
Ownership percentage, Selling Stockholders | 0.00% | 2.60% | ||
Old Town [Member] | ||||
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 | ||
Secondary offerings and share repurchases | (8,557,033) | |||
Related party stockholder, number of shares beneficially owned, end of period | 0 | 8,557,033 | ||
Ownership percentage, Selling Stockholders | 0.00% | 2.60% |
Business Segment and Geograp107
Business Segment and Geographic Area Information - Segment Reporting, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 1,001.1 | $ 1,050 | $ 1,116.7 | $ 1,072.7 | $ 4,160.2 | $ 4,240.5 | $ 4,478.1 |
Income (Loss) from Operations | 101.6 | $ 110 | $ 110.2 | $ 105.3 | 88.7 | $ 112.3 | $ (52.9) | $ 79.7 | 427.1 | 227.8 | 341.6 |
Capital Expenditures | 244.1 | 201.4 | 209.2 | ||||||||
Depreciation and Amortization | 280.5 | 270 | 277.4 | ||||||||
Assets | 4,256.1 | 4,137.6 | 4,256.1 | 4,137.6 | 4,373.1 | ||||||
Multi-wall Bag Business | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Loss on sale of assets | 171.1 | ||||||||||
Operating Segments | Paperboard Mills | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 480.5 | 380.6 | 375 | ||||||||
Income (Loss) from Operations | 12.9 | 8.5 | (59.3) | ||||||||
Capital Expenditures | 145 | 106 | 112.5 | ||||||||
Depreciation and Amortization | 124.7 | 114.5 | 106.4 | ||||||||
Assets | 1,445 | 1,373.5 | 1,445 | 1,373.5 | 1,398.4 | ||||||
Operating Segments | Americas Paperboard Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 3,049.6 | 3,006.7 | 3,010.8 | ||||||||
Income (Loss) from Operations | 403.9 | 412 | 430.1 | ||||||||
Capital Expenditures | 50.9 | 45.7 | 59.9 | ||||||||
Depreciation and Amortization | 108.9 | 101 | 105.3 | ||||||||
Assets | 2,157.1 | 2,076.8 | 2,157.1 | 2,076.8 | 2,283.9 | ||||||
Operating Segments | Europe Paperboard Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 603.9 | 596.6 | 466.7 | ||||||||
Income (Loss) from Operations | 40.8 | 32.5 | 24.1 | ||||||||
Capital Expenditures | 39.9 | 37.4 | 9.1 | ||||||||
Depreciation and Amortization | 40.1 | 34.7 | 23.1 | ||||||||
Assets | 574 | 607.9 | 574 | 607.9 | 389.4 | ||||||
Operating Segments | Flexible Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 215.6 | 539.1 | ||||||||
Income (Loss) from Operations | 0 | (186.1) | (12.4) | ||||||||
Capital Expenditures | 0 | 5.6 | 17.6 | ||||||||
Depreciation and Amortization | 0 | 11 | 27.8 | ||||||||
Assets | 0 | 0 | 0 | 0 | 283.5 | ||||||
Corporate/Other/Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 26.2 | 41 | 86.5 | ||||||||
Income (Loss) from Operations | (30.5) | (39.1) | (40.9) | ||||||||
Capital Expenditures | 8.3 | 6.7 | 10.1 | ||||||||
Depreciation and Amortization | 6.8 | 8.8 | 14.8 | ||||||||
Assets | $ 80 | $ 79.4 | $ 80 | $ 79.4 | $ 17.9 |
Business Segment and Geograp108
Business Segment and Geographic Area Information - Segment Reporting, by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 1,001.1 | $ 1,050 | $ 1,116.7 | $ 1,072.7 | $ 4,160.2 | $ 4,240.5 | $ 4,478.1 |
Assets | 4,256.1 | 4,137.6 | 4,256.1 | 4,137.6 | 4,373.1 | ||||||
Reportable Geographical Components | Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 3,492.6 | 3,341.5 | 3,332.9 | ||||||||
Assets | 3,590.4 | 3,447 | 3,590.4 | 3,447 | 3,896.7 | ||||||
Reportable Geographical Components | Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 603.9 | 596.6 | 466.7 | ||||||||
Assets | 574 | 607.9 | 574 | 607.9 | 389.4 | ||||||
Reportable Geographical Components | Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 117.4 | 129.4 | 132.6 | ||||||||
Assets | $ 91.7 | $ 82.7 | 91.7 | 82.7 | 87 | ||||||
Corporate and Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ (53.7) | $ 173 | $ 545.9 |
Quarterly Financial Informat109
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Operations Data: | |||||||||||
Net Sales | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 1,001.1 | $ 1,050 | $ 1,116.7 | $ 1,072.7 | $ 4,160.2 | $ 4,240.5 | $ 4,478.1 |
Gross Profit | 199.6 | 201.9 | 198 | 189.6 | 184.7 | 202.4 | 213.1 | 187 | 789.1 | 787.2 | |
Restructuring and Other Special Charges, Net | 7.9 | 8 | 3.9 | 2.2 | 11.9 | 6.8 | 171.1 | 7.8 | 22 | 197.6 | 13.1 |
Income from Operations | 101.6 | 110 | 110.2 | 105.3 | 88.7 | 112.3 | (52.9) | 79.7 | 427.1 | 227.8 | 341.6 |
Net Income | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | 41.5 | 53 | (40.3) | 34.8 | 230.1 | 89 | 146.7 |
Net Income Attributable to Graphic Packaging Holding Company | $ 41.5 | $ 53 | $ (40) | $ 35.2 | $ 230.1 | $ 89.7 | $ 146.6 | ||||
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.13 | $ 0.16 | $ (0.12) | $ 0.11 | $ 0.70 | $ 0.27 | $ 0.42 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.13 | $ 0.16 | $ (0.12) | $ 0.11 | $ 0.70 | $ 0.27 | $ 0.42 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | $ 41.5 | $ 53 | $ (40) | $ 35.2 | $ 230.1 | $ 89.7 | $ 146.6 | ||||
Weighted Average Shares: | |||||||||||
Basic (in shares) | 329.5 | 328.6 | 347.3 | ||||||||
Dilutive effect of RSUs (in shares) | 1.2 | 1.9 | 2.4 | ||||||||
Diluted (in shares) | 330.7 | 330.5 | 349.7 | ||||||||
Earnings Per Share - Basic (in dollars per share) | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.13 | $ 0.16 | $ (0.12) | $ 0.11 | $ 0.70 | $ 0.27 | $ 0.42 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.13 | $ 0.16 | $ (0.12) | $ 0.11 | $ 0.70 | $ 0.27 | $ 0.42 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the calculation of earnings per share | 0 | 0 | 773,542 |
Other Comprehensive (Loss) I112
Other Comprehensive (Loss) Income - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ (334.6) | ||
Other Comprehensive (Loss) Income before Reclassifications | (29.9) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 18.8 | ||
Net Current-period Other Comprehensive (Loss) Income | (11.1) | $ (146.4) | $ 123.1 |
Ending balance | (345.7) | (334.6) | |
Derivatives Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (17.7) | ||
Other Comprehensive (Loss) Income before Reclassifications | (7.9) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 7.2 | ||
Net Current-period Other Comprehensive (Loss) Income | (0.7) | ||
Ending balance | (18.4) | (17.7) | |
Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (50.6) | ||
Other Comprehensive (Loss) Income before Reclassifications | (37.2) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | ||
Net Current-period Other Comprehensive (Loss) Income | (37.2) | ||
Ending balance | (87.8) | (50.6) | |
Pension and Postretirement Benefit Plans | Pension Benefits | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (280.2) | ||
Other Comprehensive (Loss) Income before Reclassifications | 12 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 12.8 | ||
Net Current-period Other Comprehensive (Loss) Income | 24.8 | ||
Ending balance | (255.4) | (280.2) | |
Pension and Postretirement Benefit Plans | Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 13.9 | ||
Other Comprehensive (Loss) Income before Reclassifications | 3.2 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1.2) | ||
Net Current-period Other Comprehensive (Loss) Income | 2 | ||
Ending balance | $ 15.9 | $ 13.9 |
Other Comprehensive (Loss) I113
Other Comprehensive (Loss) Income - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cost of Sales | $ 3,371.1 | $ 3,453.3 | $ 3,752.5 | ||||
Other Income, Net | (7.7) | (3.7) | (13.4) | ||||
Total before Tax | (359.3) | (132.7) | (212.6) | ||||
Income Tax Expense (Benefit) | 130.4 | 45.4 | 67.4 | ||||
Net of Tax | $ (41.5) | $ (53) | $ 40 | $ (35.2) | (230.1) | $ (89.7) | $ (146.6) |
Reclassification out of Accumulated Other Comprehensive Income | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net of Tax | 18.8 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Total before Tax | 11.7 | ||||||
Income Tax Expense (Benefit) | (4.5) | ||||||
Net of Tax | 7.2 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Commodity Contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cost of Sales | 13.8 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Foreign Currency Contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Income, Net | (5.3) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Interest Rate Swap Agreements | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest Expense, Net | 3.2 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Pension Benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Prior Service Costs (Credits) | 0.7 | ||||||
Actuarial Losses (Gains) | 19.7 | ||||||
Total before Tax | 20.4 | ||||||
Income Tax Expense (Benefit) | (7.6) | ||||||
Net of Tax | 12.8 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Postretirement Benefit Plans | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Prior Service Costs (Credits) | (0.3) | ||||||
Actuarial Losses (Gains) | (1.6) | ||||||
Total before Tax | (1.9) | ||||||
Income Tax Expense (Benefit) | 0.7 | ||||||
Net of Tax | $ (1.2) |
Guarantor Condensed Consolid114
Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Parent's ownership percentage | 100.00% | 100.00% | |||||||||
Net Sales | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 1,001.1 | $ 1,050 | $ 1,116.7 | $ 1,072.7 | $ 4,160.2 | $ 4,240.5 | $ 4,478.1 |
Cost of Sales | 3,371.1 | 3,453.3 | 3,752.5 | ||||||||
Selling, General and Administrative | 347.7 | 365.5 | 384.3 | ||||||||
Other (Income) Expense, Net | (7.7) | (3.7) | (13.4) | ||||||||
Restructuring and Other Special Charges, Net | 7.9 | 8 | 3.9 | 2.2 | 11.9 | 6.8 | 171.1 | 7.8 | 22 | 197.6 | 13.1 |
Income (Loss) from Operations | 101.6 | 110 | 110.2 | 105.3 | 88.7 | 112.3 | (52.9) | 79.7 | 427.1 | 227.8 | 341.6 |
Interest Expense, Net | (67.8) | (80.7) | (101.9) | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | (14.4) | (27.1) | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 359.3 | 132.7 | 212.6 | ||||||||
Income Tax Expense | (130.4) | (45.4) | (67.4) | ||||||||
Income before Equity Income of Unconsolidated Entities | 228.9 | 87.3 | 145.2 | ||||||||
Equity Income of Unconsolidated Entities | 1.2 | 1.7 | 1.5 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | 0 | 0 | ||||||||
Net Income | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | 41.5 | 53 | (40.3) | 34.8 | 230.1 | 89 | 146.7 |
Net (Income) Loss to Noncontrolling Interests | 0 | 0.7 | (0.1) | ||||||||
Net Income Attributable to Graphic Packaging Holding Company | $ 41.5 | $ 53 | $ (40) | $ 35.2 | 230.1 | 89.7 | 146.6 | ||||
Comprehensive Income (Loss) | 219 | (56.7) | 269.7 | ||||||||
Reportable Legal Entities | 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) Expense, Net | 0 | 0 | 0 | ||||||||
Restructuring and Other Special Charges, Net | 0 | 0 | 0 | ||||||||
Income (Loss) from Operations | 0 | 0 | 0 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 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 | 230.1 | 89 | 146.7 | ||||||||
Net Income | 230.1 | 89 | 146.7 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0.7 | (0.1) | |||||||||
Net Income Attributable to Graphic Packaging Holding Company | 89.7 | 146.6 | |||||||||
Comprehensive Income (Loss) | 219 | (56.7) | 269.7 | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 3,270.9 | 3,422.5 | 3,298.4 | ||||||||
Cost of Sales | 2,655 | 2,747.2 | 2,680.1 | ||||||||
Selling, General and Administrative | 270 | 303.7 | 260.7 | ||||||||
Other (Income) Expense, Net | (10.7) | (6) | (7.3) | ||||||||
Restructuring and Other Special Charges, Net | 6.1 | 7.9 | 4.6 | ||||||||
Income (Loss) from Operations | 350.5 | 369.7 | 360.3 | ||||||||
Interest Expense, Net | (64.9) | (74.1) | (91.5) | ||||||||
Loss on Modification or Extinguishment of Debt | (14.4) | (27.1) | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 285.6 | 281.2 | 241.7 | ||||||||
Income Tax Expense | (114.9) | (103.8) | (63) | ||||||||
Income before Equity Income of Unconsolidated Entities | 170.7 | 177.4 | 178.7 | ||||||||
Equity Income of Unconsolidated Entities | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 59.4 | (88.4) | (32) | ||||||||
Net Income | 230.1 | 89 | 146.7 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0.7 | (0.1) | |||||||||
Net Income Attributable to Graphic Packaging Holding Company | 89.7 | 146.6 | |||||||||
Comprehensive Income (Loss) | 219 | (56.7) | 269.7 | ||||||||
Reportable Legal Entities | Combined Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 39.1 | 38 | 94 | ||||||||
Cost of Sales | 33.9 | 36.5 | 78.1 | ||||||||
Selling, General and Administrative | 4.4 | 2.1 | 9 | ||||||||
Other (Income) Expense, Net | (0.6) | (0.7) | (0.3) | ||||||||
Restructuring and Other Special Charges, Net | 0 | 5.9 | 0 | ||||||||
Income (Loss) from Operations | 1.4 | (5.8) | 7.2 | ||||||||
Interest Expense, Net | 0.9 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 2.3 | (5.8) | 7.2 | ||||||||
Income Tax Expense | (1.1) | (1) | (3.6) | ||||||||
Income before Equity Income of Unconsolidated Entities | 1.2 | (6.8) | 3.6 | ||||||||
Equity Income of Unconsolidated Entities | 0 | 0 | 2.2 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | (1.3) | (0.6) | (2) | ||||||||
Net Income | (0.1) | (7.4) | 3.8 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0 | 0 | |||||||||
Net Income Attributable to Graphic Packaging Holding Company | (7.4) | 3.8 | |||||||||
Comprehensive Income (Loss) | (9.3) | (17.6) | 3.3 | ||||||||
Reportable Legal Entities | Combined Nonguarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 1,092.4 | 1,028.4 | 1,276.7 | ||||||||
Cost of Sales | 924.4 | 918 | 1,185.3 | ||||||||
Selling, General and Administrative | 73.3 | 59.7 | 114.6 | ||||||||
Other (Income) Expense, Net | 3.6 | 3 | (5.8) | ||||||||
Restructuring and Other Special Charges, Net | 15.9 | 183.8 | 8.5 | ||||||||
Income (Loss) from Operations | 75.2 | (136.1) | (25.9) | ||||||||
Interest Expense, Net | (3.8) | (6.6) | (10.4) | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | |||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 71.4 | (142.7) | (36.3) | ||||||||
Income Tax Expense | (14.4) | 59.4 | (0.8) | ||||||||
Income before Equity Income of Unconsolidated Entities | 57 | (83.3) | (37.1) | ||||||||
Equity Income of Unconsolidated Entities | 1.2 | 1.7 | (0.7) | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | 0 | 0 | ||||||||
Net Income | 58.2 | (81.6) | (37.8) | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0 | 0 | |||||||||
Net Income Attributable to Graphic Packaging Holding Company | (81.6) | (37.8) | |||||||||
Comprehensive Income (Loss) | 12.4 | (135.5) | (45.6) | ||||||||
Consolidating Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | (242.2) | (248.4) | (191) | ||||||||
Cost of Sales | (242.2) | (248.4) | (191) | ||||||||
Selling, General and Administrative | 0 | 0 | 0 | ||||||||
Other (Income) Expense, Net | 0 | 0 | 0 | ||||||||
Restructuring and Other Special Charges, Net | 0 | 0 | 0 | ||||||||
Income (Loss) from Operations | 0 | 0 | 0 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 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 | (288.2) | 0 | (112.7) | ||||||||
Net Income | (288.2) | 0 | (112.7) | ||||||||
Net (Income) Loss to Noncontrolling Interests | (0.7) | 0.1 | |||||||||
Net Income Attributable to Graphic Packaging Holding Company | (0.7) | (112.6) | |||||||||
Comprehensive Income (Loss) | $ (222.1) | $ 209.8 | $ (227.4) |
Guarantor Condensed Consolid115
Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ||||
Cash and Cash Equivalents | $ 54.9 | $ 81.6 | $ 52.2 | $ 51.5 |
Receivables, Net | 423.9 | 413.6 | ||
Inventories, Net | 557.1 | 521.8 | ||
Deferred Income Tax Assets | 0 | |||
Intercompany | 0 | 0 | ||
Other Current Assets | 30.9 | 32 | ||
Total Current Assets | 1,066.8 | 1,049 | ||
Property, Plant and Equipment, Net | 1,586.4 | 1,546.8 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 1,167.8 | 1,118.1 | 1,125.4 | |
Other Assets | 435.1 | 423.7 | ||
Total Assets | 4,256.1 | 4,137.6 | 4,373.1 | |
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 36.6 | 32.2 | ||
Accounts Payable | 457.9 | 424.9 | ||
Interest Payable | 9.2 | 9.4 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 228.5 | 210.2 | ||
Total Current Liabilities | 732.2 | 676.7 | ||
Long-Term Debt | 1,838.9 | 1,925.5 | ||
Deferred Income Tax Liabilities | 266.7 | 132.2 | ||
Other Noncurrent Liabilities | 316.6 | 390.9 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 1,101.7 | 1,012.3 | ||
Total Liabilities and Shareholders' Equity | 4,256.1 | 4,137.6 | ||
Reportable Legal Entities | Parent | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Receivables, Net | 0 | 0 | ||
Inventories, Net | 0 | 0 | ||
Deferred Income Tax Assets | 0 | |||
Intercompany | 0 | 54.5 | ||
Other Current Assets | 0 | 0 | ||
Total Current Assets | 0 | 54.5 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Investment in Consolidated Subsidiaries | 1,176.8 | 957.8 | ||
Goodwill | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | 1,176.8 | 1,012.3 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 75.1 | 0 | ||
Other Accrued Liabilities | 0 | 0 | ||
Total Current Liabilities | 75.1 | 0 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 1,101.7 | 1,012.3 | ||
Total Liabilities and Shareholders' Equity | 1,176.8 | 1,012.3 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0.1 | 2 | 1.3 | 5.9 |
Receivables, Net | 206.2 | 238.5 | ||
Inventories, Net | 401.3 | $ 408.5 | ||
Deferred Income Tax Assets | ||||
Intercompany | 678 | $ 337.5 | ||
Other Current Assets | 19.3 | 22 | ||
Total Current Assets | 1,304.9 | 1,008.5 | ||
Property, Plant and Equipment, Net | 1,347.4 | 1,349.3 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 1,042.8 | 1,043.1 | ||
Other Assets | 334.7 | 351.1 | ||
Total Assets | 4,029.8 | 3,752 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 25.5 | 26.3 | ||
Accounts Payable | 336.1 | 316.3 | ||
Interest Payable | 9.2 | 9.4 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 182.1 | 165.7 | ||
Total Current Liabilities | 552.9 | 517.7 | ||
Long-Term Debt | 1,761.4 | 1,805.6 | ||
Deferred Income Tax Liabilities | 249.2 | 110.5 | ||
Other Noncurrent Liabilities | 289.5 | 360.4 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 1,176.8 | 957.8 | ||
Total Liabilities and Shareholders' Equity | 4,029.8 | 3,752 | ||
Reportable Legal Entities | Combined Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 3.2 | 1.8 | 0 | 0 |
Receivables, Net | 8.7 | 8.6 | ||
Inventories, Net | 3.9 | 4.8 | ||
Deferred Income Tax Assets | 0 | |||
Intercompany | 0 | 0 | ||
Other Current Assets | 1.2 | 1.3 | ||
Total Current Assets | 17 | 16.5 | ||
Property, Plant and Equipment, Net | 7.9 | 10.3 | ||
Investment in Consolidated Subsidiaries | 15.2 | 18.7 | ||
Goodwill | 8.1 | 0 | ||
Other Assets | 4.4 | 15.4 | ||
Total Assets | 52.6 | 60.9 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 3.2 | 2.7 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 6.2 | 7.1 | ||
Other Accrued Liabilities | 3 | 2.7 | ||
Total Current Liabilities | 12.4 | 12.5 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 1 | 0.3 | ||
Other Noncurrent Liabilities | 0.5 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 38.7 | 48.1 | ||
Total Liabilities and Shareholders' Equity | 52.6 | 60.9 | ||
Reportable Legal Entities | Combined Nonguarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 51.6 | 77.8 | 50.9 | 45.6 |
Receivables, Net | 209 | 166.5 | ||
Inventories, Net | 151.9 | $ 108.5 | ||
Deferred Income Tax Assets | ||||
Intercompany | 0 | $ 0 | ||
Other Current Assets | 10.4 | 8.7 | ||
Total Current Assets | 422.9 | 361.5 | ||
Property, Plant and Equipment, Net | 231.1 | 187.3 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 116.9 | 75 | ||
Other Assets | 96 | 57.2 | ||
Total Assets | 866.9 | 681 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 11.1 | 5.9 | ||
Accounts Payable | 118.6 | 105.9 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 802.6 | 597.4 | ||
Other Accrued Liabilities | 43.4 | 41.8 | ||
Total Current Liabilities | 975.7 | 751 | ||
Long-Term Debt | 77.5 | 119.9 | ||
Deferred Income Tax Liabilities | 16.5 | 21.4 | ||
Other Noncurrent Liabilities | 26.6 | 30.5 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | (229.4) | (241.8) | ||
Total Liabilities and Shareholders' Equity | 866.9 | 681 | ||
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 | |||
Intercompany | (678) | (392) | ||
Other Current Assets | 0 | 0 | ||
Total Current Assets | (678) | (392) | ||
Property, Plant and Equipment, Net | 0 | (0.1) | ||
Investment in Consolidated Subsidiaries | (1,192) | (976.5) | ||
Goodwill | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | (1,870) | (1,368.6) | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Interest Payable | 0 | 0 | ||
Intercompany | (883.9) | (604.5) | ||
Other Accrued Liabilities | 0 | 0 | ||
Total Current Liabilities | (883.9) | (604.5) | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | (986.1) | (764.1) | ||
Total Liabilities and Shareholders' Equity | $ (1,870) | $ (1,368.6) |
Guarantor Condensed Consolid116
Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | $ 41.5 | $ 53 | $ (40.3) | $ 34.8 | $ 230.1 | $ 89 | $ 146.7 |
Depreciation and Amortization | 280.5 | 270 | 277.4 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 4.6 | 4.5 | ||||||||
Amortization of Deferred Debt Issuance Costs | 4.1 | 4.8 | 7 | ||||||||
Deferred Income Taxes | 110 | 33.1 | 62.7 | ||||||||
Amount of Postretirement Expense Less Than Funding | (39.4) | (46.3) | (12.4) | ||||||||
Impairment Charges/Asset Write-Offs | 0.7 | 7 | 1.5 | ||||||||
Equity in Net Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Gain (Loss) on the Sale of Assets | 1.9 | 173.6 | (26.6) | ||||||||
Other, Net | 25.1 | 42.8 | |||||||||
Other, Net | 20.3 | 31 | 19.5 | ||||||||
Changes in Operating Assets and Liabilities | (19) | (40.2) | (22.3) | ||||||||
Net Cash Provided by Operating Activities | 589.2 | 526.6 | 458 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (244.1) | (201.4) | (209.2) | ||||||||
Proceeds from Government Grant | 0 | 26.9 | 0 | ||||||||
Acquisition of Business | (190.7) | ||||||||||
Cash Acquired from Acquisition | 16.9 | ||||||||||
Acquisition of Businesses, Net of Cash Acquired | (163.2) | (173.8) | 0 | ||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | 170.8 | 73.5 | ||||||||
Other, Net | 7.5 | (5.7) | (8.7) | ||||||||
Net Cash Used in Investing Activities | (399.8) | (183.2) | (144.4) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | (63) | 0 | (200) | ||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 250 | 425 | ||||||||
Retirement of Long-Term Debt | 0 | (247.7) | (425) | ||||||||
Payments on Debt | (25) | (214.6) | (71.3) | ||||||||
Borrowings under Revolving Credit Facilities | 903 | 1,957.9 | 1,729.2 | ||||||||
Payments on Revolving Credit Facilities | (953.8) | (2,012.2) | (1,738) | ||||||||
Payment of Dividends | (49.3) | 0 | 0 | ||||||||
Debt Issuance Costs | 0 | (16.8) | (29.9) | ||||||||
Repurchase of Common Stock related to Share-Based Payments | (21.5) | (14.7) | (11.2) | ||||||||
Other, Net | (1.3) | (10.7) | 10.1 | ||||||||
Net Cash Used in Financing Activities | (210.9) | (308.8) | (311.1) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (5.2) | (5.2) | (1.8) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (26.7) | 29.4 | 0.7 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 81.6 | 52.2 | 81.6 | 52.2 | 51.5 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 54.9 | 81.6 | 54.9 | 81.6 | 52.2 | ||||||
Reportable Legal Entities | Parent | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | 230.1 | 89 | 146.7 | ||||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 0 | |||||||||
Amortization of Deferred Debt Issuance Costs | 0 | ||||||||||
Deferred Income Taxes | 0 | 0 | 0 | ||||||||
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 | ||||||||
Impairment Charges/Asset Write-Offs | 0 | ||||||||||
Equity in Net Earnings of Subsidiaries | (230.1) | (89) | (146.7) | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 0 | 0 | ||||||||
Other, Net | 0 | 0 | |||||||||
Other, Net | 0 | ||||||||||
Changes in Operating Assets and Liabilities | 0.3 | 0 | 0 | ||||||||
Net Cash Provided by Operating Activities | 0.3 | 0 | 0 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | 0 | 0 | 0 | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired from Acquisition | 0 | ||||||||||
Acquisition of Businesses, Net of Cash Acquired | 0 | ||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | 0 | |||||||||
Other, Net | 133.5 | 15.7 | 211.2 | ||||||||
Net Cash Used in Investing Activities | 133.5 | 15.7 | 211.2 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | (63) | (200) | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 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 | ||||||||
Payment of Dividends | (49.3) | ||||||||||
Debt Issuance Costs | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | (21.5) | (14.7) | (11.2) | ||||||||
Other, Net | 0 | (1) | 0 | ||||||||
Net Cash Used in Financing Activities | (133.8) | (15.7) | (211.2) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | 230.1 | 89 | 146.7 | ||||||||
Depreciation and Amortization | 238.3 | 224.8 | 223.7 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 4.6 | 0 | |||||||||
Amortization of Deferred Debt Issuance Costs | 0 | ||||||||||
Deferred Income Taxes | 107.4 | 91.5 | 65.3 | ||||||||
Amount of Postretirement Expense Less Than Funding | (31.4) | (43.7) | (7.2) | ||||||||
Impairment Charges/Asset Write-Offs | 3.5 | ||||||||||
Equity in Net Earnings of Subsidiaries | (59.4) | 88.4 | 32 | ||||||||
Gain (Loss) on the Sale of Assets | 1.9 | 0 | 0 | ||||||||
Other, Net | 31.6 | 43.2 | |||||||||
Other, Net | 19.3 | ||||||||||
Changes in Operating Assets and Liabilities | (85.3) | (21.9) | (38.7) | ||||||||
Net Cash Provided by Operating Activities | 433.2 | 475.9 | 444.6 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (201.2) | (142.5) | (181.4) | ||||||||
Proceeds from Government Grant | 26.9 | ||||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired from Acquisition | 0 | ||||||||||
Acquisition of Businesses, Net of Cash Acquired | (131.1) | ||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | 0.3 | |||||||||
Other, Net | 78.6 | (5.7) | 64.5 | ||||||||
Net Cash Used in Investing Activities | (253.7) | (121.3) | (116.6) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 250 | 425 | |||||||||
Retirement of Long-Term Debt | (247.7) | (425) | |||||||||
Payments on Debt | (25) | (214.6) | (60.4) | ||||||||
Borrowings under Revolving Credit Facilities | 831.3 | 1,825.2 | 1,502.7 | ||||||||
Payments on Revolving Credit Facilities | (852.9) | (1,950) | (1,532.5) | ||||||||
Payment of Dividends | 0 | ||||||||||
Debt Issuance Costs | (16.8) | (29.9) | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | (134.8) | 0 | (212.5) | ||||||||
Net Cash Used in Financing Activities | (181.4) | (353.9) | (332.6) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (1.9) | 0.7 | (4.6) | ||||||||
Cash and Cash Equivalents at Beginning of Period | 2 | 1.3 | 2 | 1.3 | 5.9 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0.1 | 2 | 0.1 | 2 | 1.3 | ||||||
Reportable Legal Entities | Combined Guarantor Subsidiaries | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | (0.1) | (7.4) | 3.8 | ||||||||
Depreciation and Amortization | 1.9 | 2.3 | 4.1 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 4.5 | |||||||||
Amortization of Deferred Debt Issuance Costs | 7 | ||||||||||
Deferred Income Taxes | 1 | 1 | 0 | ||||||||
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 | ||||||||
Impairment Charges/Asset Write-Offs | 0 | ||||||||||
Equity in Net Earnings of Subsidiaries | 1.3 | 0.6 | 2 | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 6.7 | 0 | ||||||||
Other, Net | 0 | 0 | |||||||||
Other, Net | 0 | ||||||||||
Changes in Operating Assets and Liabilities | (2.3) | 5.6 | (19.9) | ||||||||
Net Cash Provided by Operating Activities | 1.8 | 8.8 | 1.5 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (0.4) | (5.5) | (1.5) | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired from Acquisition | 0 | ||||||||||
Acquisition of Businesses, Net of Cash Acquired | 0 | ||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 70.7 | 0 | |||||||||
Other, Net | 0 | 0.3 | 0 | ||||||||
Net Cash Used in Investing Activities | (0.4) | 65.5 | (1.5) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | |||||||||
Retirement of Long-Term Debt | 0 | 0 | |||||||||
Payments on Debt | 0 | 0 | 0 | ||||||||
Borrowings under Revolving Credit Facilities | 0 | 0.9 | 0 | ||||||||
Payments on Revolving Credit Facilities | 0 | (0.1) | 0 | ||||||||
Payment of Dividends | 0 | ||||||||||
Debt Issuance Costs | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | 0 | (70.7) | 0 | ||||||||
Net Cash Used in Financing Activities | 0 | (69.9) | 0 | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | (2.6) | 0 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 1.4 | 1.8 | 0 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 1.8 | 0 | 1.8 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3.2 | 1.8 | 3.2 | 1.8 | 0 | ||||||
Reportable Legal Entities | Combined Nonguarantor Subsidiaries | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | 58.2 | (81.6) | (37.8) | ||||||||
Depreciation and Amortization | 40.3 | 42.9 | 49.6 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 0 | |||||||||
Amortization of Deferred Debt Issuance Costs | 0 | ||||||||||
Deferred Income Taxes | 1.6 | (59.4) | (2.6) | ||||||||
Amount of Postretirement Expense Less Than Funding | (8) | (2.6) | (5.2) | ||||||||
Impairment Charges/Asset Write-Offs | (2) | ||||||||||
Equity in Net Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 166.9 | (26.6) | ||||||||
Other, Net | (6.5) | (0.4) | |||||||||
Other, Net | 0.2 | ||||||||||
Changes in Operating Assets and Liabilities | 68.3 | (39.9) | 48.4 | ||||||||
Net Cash Provided by Operating Activities | 153.9 | 25.9 | 24 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (42.5) | (53.4) | (26.3) | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business | (190.7) | ||||||||||
Cash Acquired from Acquisition | 16.9 | ||||||||||
Acquisition of Businesses, Net of Cash Acquired | (32.1) | ||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 100.1 | 73.2 | |||||||||
Other, Net | 9.9 | 0 | 0 | ||||||||
Net Cash Used in Investing Activities | (64.7) | (127.1) | 46.9 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | |||||||||
Retirement of Long-Term Debt | 0 | 0 | |||||||||
Payments on Debt | 0 | 0 | (10.9) | ||||||||
Borrowings under Revolving Credit Facilities | 71.7 | 131.8 | 226.5 | ||||||||
Payments on Revolving Credit Facilities | (100.9) | (62.1) | (205.5) | ||||||||
Payment of Dividends | 0 | ||||||||||
Debt Issuance Costs | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | (81) | 61 | (73.9) | ||||||||
Net Cash Used in Financing Activities | (110.2) | 130.7 | (63.8) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (5.2) | (2.6) | (1.8) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (26.2) | 26.9 | 5.3 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 77.8 | 50.9 | 77.8 | 50.9 | 45.6 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 51.6 | 77.8 | 51.6 | 77.8 | 50.9 | ||||||
Consolidating Eliminations | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | (288.2) | 0 | (112.7) | ||||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 0 | |||||||||
Amortization of Deferred Debt Issuance Costs | 0 | ||||||||||
Deferred Income Taxes | 0 | 0 | 0 | ||||||||
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 | ||||||||
Impairment Charges/Asset Write-Offs | 0 | ||||||||||
Equity in Net Earnings of Subsidiaries | 288.2 | 0 | 112.7 | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 0 | |||||||||
Other, Net | 0 | 0 | |||||||||
Other, Net | 0 | ||||||||||
Changes in Operating Assets and Liabilities | 0 | 16 | (12.1) | ||||||||
Net Cash Provided by Operating Activities | 0 | 16 | (12.1) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | 0 | 0 | 0 | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired from Acquisition | 0 | ||||||||||
Acquisition of Businesses, Net of Cash Acquired | 0 | ||||||||||
Proceeds Received from the Sale of Assets, Net of Selling Costs | 0 | 0 | |||||||||
Other, Net | (214.5) | (16) | (284.4) | ||||||||
Net Cash Used in Investing Activities | (214.5) | (16) | (284.4) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | |||||||||
Retirement of Long-Term Debt | 0 | 0 | |||||||||
Payments on Debt | 0 | 0 | 0 | ||||||||
Borrowings under Revolving Credit Facilities | 0 | 0 | |||||||||
Payments on Revolving Credit Facilities | 0 | 0 | 0 | ||||||||
Debt Issuance Costs | 0 | ||||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | 214.5 | 0 | 296.5 | ||||||||
Net Cash Used in Financing Activities | 214.5 | 0 | 296.5 | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||
Cash and Cash Equivalents at Beginning of Period | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - folding_carton_facility | Jan. 15, 2016 | Jan. 05, 2016 |
G-Box,S.A. de C.V. | ||
Subsequent Event [Line Items] | ||
Number of folding carton facilities acquired | 2 | |
Walter G. Anderson Inc. | ||
Subsequent Event [Line Items] | ||
Number of folding carton facilities acquired | 2 |