Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 06, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
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 | ||
Entity Common Stock, Shares Outstanding | 312,090,853 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Sales | $ 1,057.2 | $ 1,103.7 | $ 1,103.2 | $ 1,034 | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 4,298.1 | $ 4,160.2 | $ 4,240.5 |
Cost of Sales | 3,506.2 | 3,371.1 | 3,453.3 | ||||||||
Selling, General and Administrative | 355.7 | 347.7 | 365.5 | ||||||||
Other Expense (Income), Net | 3.1 | (7.7) | (3.7) | ||||||||
Business Combinations and Other Special Charges | 13.9 | 7.4 | 5.3 | 10.5 | 7.9 | 8 | 3.9 | 2.2 | 37.1 | 22 | 197.6 |
Income from Operations | 78.1 | 105.1 | 105.6 | 107.2 | 101.6 | 110 | 110.2 | 105.3 | 396 | 427.1 | 227.8 |
Interest Expense, Net | (76.6) | (67.8) | (80.7) | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | (14.4) | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | 319.4 | 359.3 | 132.7 | ||||||||
Income Tax Expense | (93.2) | (130.4) | (45.4) | ||||||||
Income before Equity Income of Unconsolidated Entity | 226.2 | 228.9 | 87.3 | ||||||||
Equity Income of Unconsolidated Entity | 1.8 | 1.2 | 1.7 | ||||||||
Net Income | $ 34.9 | $ 57.8 | $ 77.8 | $ 57.5 | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | 228 | 230.1 | 89 |
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0.7 | ||||||||
Net Income Attributable Graphic Packaging Holding Company | $ 228 | $ 230.1 | $ 89.7 | ||||||||
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.24 | $ 0.18 | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.70 | $ 0.27 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.24 | $ 0.18 | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.70 | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 228 | $ 230.1 | $ 89 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Derivative Instruments | 13 | (0.7) | (6.9) |
Pension and Postretirement Benefit Plans | 4 | 26.8 | (105.2) |
Currency Translation Adjustment | (58.9) | (37.2) | (34) |
Total Other Comprehensive Loss, Net of Tax | (41.9) | (11.1) | (146.1) |
Total Comprehensive Income (Loss) | 186.1 | 219 | (57.1) |
Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0.4 |
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company | $ 186.1 | $ 219 | $ (56.7) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and Cash Equivalents | $ 59.1 | $ 54.9 |
Receivables, Net | 426.8 | 423.9 |
Inventories, Net | 582.9 | 557.1 |
Other Current Assets | 46.1 | 30.9 |
Total Current Assets | 1,114.9 | 1,066.8 |
Property, Plant and Equipment, Net | 1,751.9 | 1,586.4 |
Goodwill | 1,260.3 | 1,167.8 |
Intangible Assets, Net | 445.3 | 386.7 |
Other Assets | 31 | 48.4 |
Total Assets | 4,603.4 | 4,256.1 |
Current Liabilities: | ||
Short-Term Debt and Current Portion of Long-Term Debt | 63.4 | 36.6 |
Accounts Payable | 466.5 | 457.9 |
Compensation and Employee Benefits | 107.3 | 119.7 |
Interest Payable | 15.4 | 9.2 |
Other Accrued Liabilities | 127.2 | 108.8 |
Total Current Liabilities | 779.8 | 732.2 |
Long-Term Debt | 2,088.5 | 1,838.9 |
Deferred Income Tax Liabilities | 408 | 266.7 |
Accrued Pension and Postretirement Benefits | 202.5 | 247.3 |
Other Noncurrent Liabilities | 68.1 | 69.3 |
Commitments and Contingencies | ||
SHAREHOLDERS' EQUITY | ||
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 313,533,785 and 324,688,717 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 3.1 | 3.2 |
Capital in Excess of Par Value | 1,709 | 1,771 |
Accumulated Deficit | (268) | (326.8) |
Accumulated Other Comprehensive Loss | (387.6) | (345.7) |
Total Shareholders' Equity | 1,056.5 | 1,101.7 |
Total Liabilities and Shareholders' Equity | $ 4,603.4 | $ 4,256.1 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 313,533,785 | 324,688,717 |
Common Stock Outstanding | 313,533,785 | 324,688,717 |
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) | |
Beginning balance at Dec. 31, 2013 | $ 1,062.3 | $ 3.2 | $ 1,789.9 | $ (542.6) | $ (188.2) | |
Beginning balance, shares at Dec. 31, 2013 | 324,746,642 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 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) | (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) | |
Ending balance, shares at Dec. 31, 2014 | 327,044,500 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 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) | (37.2) | ||||
Repurchase of Common Stock(a) | $ (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 | ||||
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) | |
Ending balance, shares at Dec. 31, 2015 | 324,688,717 | 324,688,717 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | $ 228 | |||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Derivative Instruments | 13 | 13 | ||||
Pension and Postretirement Benefit Plans | 4 | 4 | ||||
Currency Translation Adjustment | (58.9) | (58.9) | ||||
Repurchase of Common Stock(a) | $ (168.8) | $ (0.1) | (71.2) | (97.5) | ||
Repurchase of Common Stock, Shares | (13,200,000) | (13,202,425) | [1] | |||
Dividends Declared | $ (71.7) | (71.7) | ||||
Recognition of Stock-Based Compensation | 9.2 | 9.2 | ||||
Issuance of Shares for Stock-Based Awards | 0 | $ 0 | ||||
Issuance of Shares for Stock-Based Awards, Shares | 1,659,493 | |||||
Ending balance at Dec. 31, 2016 | $ 1,056.5 | $ 3.1 | $ 1,709 | $ (268) | $ (387.6) | |
Ending balance, shares at Dec. 31, 2016 | 313,533,785 | 313,145,785 | ||||
[1] | (a) Includes 388,000 shares repurchased but not yet settled. |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity (Parenthetical) - shares | Dec. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Repurchased During Period, Shares | 13,200,000 | 4,600,000 | ||
Common Stock [Member] | ||||
Stock Repurchased During Period, Shares | 388,000 | 13,202,425 | [1] | 4,625,211 |
[1] | (a) Includes 388,000 shares repurchased but not yet settled. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 228 | $ 230.1 | $ 89 |
Non-cash Items Included in Net Income: | |||
Depreciation and Amortization | 299.3 | 280.5 | 270 |
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 0 | 4.6 |
Amortization of Deferred Debt Issuance Costs | 4.8 | 4.1 | 4.8 |
Deferred Income Taxes | 76.7 | 110 | 33.1 |
Amount of Postretirement Expense Less Than Funding | (31.3) | (39.4) | (46.3) |
Loss on the Sale of Assets, net | 0.8 | 1.9 | 173.6 |
Asset Write-offs | 1 | 0.7 | 7 |
Other, Net | 23.6 | 20.3 | 31 |
Changes in Operating Assets and Liabilities, Net of Acquisitions and Dispositions | 38.5 | (19) | (40.2) |
Net Cash Provided by Operating Activities | 641.4 | 589.2 | 526.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | (278.6) | (228.9) | (187.1) |
Packaging Machinery Spending | (16) | (15.2) | (14.3) |
Proceeds from Government Grant | 0 | 0 | 26.9 |
Acquisition of Business, Net of Cash Acquired | (332.7) | (163.2) | (173.8) |
Proceeds Received from Sale of Assets, Net of Selling Costs | 0 | 0 | 170.8 |
Other, Net | (5.2) | 7.5 | (5.7) |
Net Cash Used in Investing Activities | (632.5) | (399.8) | (183.2) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | (164.9) | (63) | 0 |
Proceeds from Issuance of Debt | 300 | 0 | 250 |
Retirement of Long-Term Debt | 0 | 0 | (247.7) |
Payments on Debt | (25) | (25) | (214.6) |
Borrowings under Revolving Credit Facilities | 1,200 | 903 | 1,957.9 |
Payments on Revolving Credit Facilities | (1,235.8) | (953.8) | (2,012.2) |
Debt Issuance Costs and Redemption and Early Tender Premiums | (5.3) | 0 | (16.8) |
Repurchase of Common Stock Related to Share-Based Payments | (11.3) | (21.5) | (14.7) |
Dividends Paid | (64.4) | (49.3) | 0 |
Other, Net | 3.6 | (1.3) | (10.7) |
Net Cash Used In Financing Activities | (3.1) | (210.9) | (308.8) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1.6) | (5.2) | (5.2) |
Net Increase (Decrease) in Cash and Cash Equivalents | 4.2 | (26.7) | 29.4 |
Cash and Cash Equivalents at Beginning of Period | 54.9 | 81.6 | 52.2 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 59.1 | 54.9 | 81.6 |
Supplemental Cash Flow Information [Abstract] | |||
Total Consideration Received from the Sale of Assets | 0 | 0 | 181 |
Cash Proceeds Received from the Sale of Assets | 0 | 0 | 170.8 |
Non-cash Consideration Received from the Sale of Assets | $ 0 | $ 0 | $ 10.2 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is 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 (“CUK”) and coated-recycled paperboard (“CRB”). 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 conducts no significant business and has no independent assets or operations other than its ownership of all of Graphic Packaging International, Inc.'s ("GPII") outstanding common stock. 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. 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, impairment testing of goodwill and long-term assets, fair values related to acquisition accounting, 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 agreements for the purchasing and servicing of receivables to sell, on a revolving basis, certain trade accounts receivable balances to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification" or "ASC"). During 2016, the Company sold and derecognized $1.3 billion of receivables, collected $1.2 billion on behalf of the financial institution, and received funding of approximately $116 million by the financial institution, resulting in deferred proceeds of approximately $31 million as of December 31, 2016 . During 2015 , the Company sold and derecognized $1.1 billion of receivables, collected approximately $920 million on behalf of the financial institution, and received funding of approximately $154 million by the financial institution, resulting in deferred proceeds of approximately $51 million as of December 31, 2015 . Cash proceeds related to the sales are included in cash from operating activities on the Consolidated Statements of Cash Flows in the Changes in Operating Assets and Liabilities line item. The loss on sale is not material and is included in Other Expense (Income), Net line item on the Consolidated Statement of Operations. The Company has also entered into various factoring and supply chain financing arrangements which also qualify for sale accounting in accordance with the Transfers and Servicing topic of the FASB Codification. For the years ended December 31, 2016 and 2015, the Company sold receivables of approximately $66 million and $129 million respectively, related to these factoring arrangements. Receivables sold under all programs subject to continuing involvement, which consists principally of collection services, were approximately $376 million and $282 million as of December 31, 2016 and 2015 , 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, 2016 and 2015 , no customer accounted for more than 10% of net sales. Inventories Inventories are stated at the lower of cost or market with cost determined principally by the first-in, first-out (“FIFO”) basis. Average cost basis is used to determine the cost of supply inventories and certain raw materials. Raw materials and consumables used in the production process such as wood chips and chemicals are valued at purchase cost on a FIFO basis upon receipt. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $1.3 million , $ 0.8 million and $ 1.6 million for the years ended December 31, 2016 , 2015 and 2014 , 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 2016 , 2015 and 2014 was $ 240.0 million , $ 227.6 million and $ 221.6 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. The following table displays the intangible assets that continue to be subject to amortization and aggregate amortization expense as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 736.0 $ (321.0 ) $ 415.0 $ 627.2 $ (269.0 ) $ 358.2 Patents, Trademarks, Licenses, and Leases 125.1 (94.8 ) 30.3 119.5 (91.0 ) 28.5 Total $ 861.1 $ (415.8 ) $ 445.3 $ 746.7 $ (360.0 ) $ 386.7 The Company recorded amortization expense for the years ended December 31, 2016 , 2015 and 2014 of $ 59.3 million , $ 52.9 million and $ 48.4 million , respectively. The Company expects amortization expense for the next five years to be as follows: $58 million , $56 million , $54 million , $50 million , and $43 million . 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 exceeds 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. When performing the quantitative analysis, 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 used are based on what 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. Periodically, the Company may perform a qualitative impairment analysis of goodwill associated with each of its reporting units to determine if it is more likely than not that the carrying value of a reporting unit exceeded its fair value. As a result of its testing of goodwill as of October 1, 2016, the Company concluded goodwill was not impaired. The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Total 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 Acquisition of Businesses — 112.9 — 112.9 Foreign Currency Effects — (8.4 ) (12.0 ) (20.4 ) Balance at December 31, 2016 $ 408.5 $ 802.8 $ 49.0 $ 1,260.3 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 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, 2016 , 2015 and 2014 were $ 14.9 million , $ 13.8 million and $ 14.9 million , respectively. Business Combinations and Other Special Charges The following table summarizes the transactions recorded in Business Combinations and Other Special Charges in the Consolidated Statements of Operations as of December 31: In millions 2016 2015 2014 Net Charges Associated with Business Combinations $ 21.2 $ 14.0 $ 12.4 Other Special Charges 15.9 6.1 5.1 Loss on Sale of Assets — 1.9 180.1 Total $ 37.1 $ 22.0 $ 197.6 2016 On April 29, 2016, the Company acquired Colorpak Limited ("Colorpak"), 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. On March 31, 2016, the Company acquired substantially all of the assets of Metro Packaging & Imaging, Inc. ("Metro"), a single converting facility located in Wayne, New Jersey. On February 16, 2016, the Company acquired Walter G. Anderson, Inc., ("WG Anderson") a premier folding carton manufacturer with a focus on store branded food and consumer product markets. WG Anderson operates two world-class sheet-fed folding carton converting facilities located in Hamel, Minnesota and Newton, Iowa. On January 5, 2016, the Company acquired G-Box, S.A. de C.V., ("G-Box"). The acquisition includes two folding carton converting facilities located in Monterrey, Mexico and Tijuana, Mexico that service the food, beverage and consumer product markets. 2015 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 acquired 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"). Rose City services food and beverage markets and operates two folding carton converting facilities located in Gresham, OR and Vancouver, WA. As also disclosed in Note 1 - Nature of Business and Summary of Significant Accounting Policies, the Company acquired Rose City, Cascades and Carded and are referred to collectively as the "North American Acquisitions." 2014 On June 30, 2014, the Company sold its multi-wall bag business. On May 23, 2014, the Company acquired Benson Box Holdings Limited ("Benson"), a leading food, beverage, and retail packaging company in the United Kingdom. On February 3, 2014, the Company sold its labels business. Charges associated with all acquisitions are included in Net Charges Associated with Business Combinations in the table above. For more information regarding these acquisitions see Note 4 - Acquisitions. The financial impact of the sale of a business is reflected in Loss on Sale of Assets in the table above. 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 2016 , the Company repurchased 13.2 million shares, or approximately $169 million , of its common stock under this program at an average price of $12.77 . 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 . At December 31, 2016 , the Company had approximately $18 million remaining under this share repurchase program. During 2016 and 2015, the Company's board of directors declared a quarterly dividend per share of common stock to shareholders of record as follows: 2016 Date Declared Record Date Payment Date Dividend Per Share February 25, 2016 March 15, 2016 April 5, 2016 $0.05 May 25, 2016 June 15, 2016 July 5, 2016 $0.05 July 29, 2016 September 15, 2016 October 5, 2016 $0.05 October 24, 2016 December 15, 2016 January 5, 2017 $0.075 During 2016 , the Company declared and paid cash dividends of $71.7 million and $64.4 million , respectively. 2015 Date Declared Record Date Payment Date Dividend Per Share February 4, 2015 March 15, 2015 April 5, 2015 $0.05 May 20, 2015 June 15, 2015 July 5, 2015 $0.05 July 30, 2015 September 15, 2015 October 5, 2015 $0.05 November 19, 2015 December 15, 2015 January 5, 2016 $0.05 During 2015, the Company declared and paid cash dividends of $65.5 million and $49.3 million , respectively. Adoption of New Accounting Standards Effective January 1, 2016, the Company adopted Accounting Standards Update ("ASU") No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this ASU eliminated the requirement to retrospectively account for provisional amounts recognized in a business combination. The adoption did not have any impact on the Company's disclosure for business combinations and financial position. Effective January 1, 2016 the Company adopted 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. The adoption had no impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance to clarify how certain cash receipts and payments should be presented in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted in any annual or interim period. The updated guidance requires a modified retrospective adoption. The Company is evaluating the impact of adoption on the Company's financial position, results of operations and cash flow. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718); Improvements to Employees Share-Based Payment Accounting . The amendments in this ASU are part of the simplification initiative by the FASB and involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as equity or liabilities, forfeitures, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company plans to adopt these amendments in first quarter of 2017. Under the modified retrospective method, the Company will recognize approximately $39 million in accumulated deficit and deferred tax liabilities for the previously unrecognized cumulative federal and state income tax effects of net operating loss carryforwards generated through historical excess tax benefit deductions which are currently prohibited from recognition. All other adopted amendments are not expected to have a material impact on the Company's financial position, results of operations and cash flow. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The amendments in this ASU require an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The amendments are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is evaluating the impact of adoption on the Company's financial position, results of operation and cash flows. In July 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 does not expect the adoption of this standard to have a material impact on the Company's financial position, results of operations and cash flows. In May 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, and can be applied using a full retrospective or modified retrospective approach. The Company is adopting this standard in the first quarter of fiscal 2018 and currently expects to use the modified retrospective approach. Based on certain contractual terms with some customers, the adoption may require acceleration of revenue for products produced by the Company without an alternative use and where the Company would have a legally enforceable right of payment for production completed to date. The Company is continuing to evaluate these contractual terms, including possible modifications to certain contracts, as well as evaluating the materiality of the impact to the financial statements. Currently, the Company does not believe the adoption of the other elements of the standard will have a material impact 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, 2016 | |
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 2016 2015 Trade $ 370.0 $ 344.3 Less: Allowance (6.7 ) (7.5 ) 363.3 336.8 Other (1) 63.5 87.1 Total $ 426.8 $ 423.9 (1) Includes a receivable of approximately $31 million and $51 million for 2016 and 2015 , respectively, from the financial institution under the purchasing and servicing of receivables agreements, which is a Level 3 fair value measurement. Inventories, Net by major class: In millions 2016 2015 Finished Goods $ 238.3 $ 265.5 Work in Progress 73.5 50.4 Raw Materials 187.2 163.0 Supplies 83.9 78.2 Total $ 582.9 $ 557.1 Other Current Assets: In millions 2016 2015 Prepaid Assets $ 34.1 $ 30.5 Assets Held for Sale 5.0 — Fair Value of Derivatives, current portion 7.0 0.4 Total $ 46.1 $ 30.9 Property, Plant and Equipment, Net: In millions 2016 2015 Property, Plant and Equipment, at Cost: Land and Improvements $ 105.9 $ 101.9 Buildings 404.1 379.7 Machinery and Equipment (2) 4,137.0 3,844.3 Construction-in-Progress 106.4 156.4 4,753.4 4,482.3 Less: Accumulated Depreciation (2) (3,001.5 ) (2,895.9 ) Total $ 1,751.9 $ 1,586.4 (2) Includes gross assets under capital lease of $ 25.6 million and related accumulated depreciation of $ 5.0 million as of December 31, 2016 and gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 4.1 million as of December 31, 2015 . Other Assets: In millions 2016 2015 Deferred Debt Issuance Costs, Net of Amortization of $9.3 million and $7.7 million for 2016 and 2015, respectively $ 4.5 $ 6.1 Deferred Income Tax Assets 3.2 3.6 Pension Assets 3.0 10.4 Long-term Receivables — 9.4 Fair Value of Derivatives, noncurrent portion 0.7 — Other 19.6 18.9 Total $ 31.0 $ 48.4 Other Accrued Liabilities: In millions 2016 2015 Dividends Payable $ 23.6 $ 16.3 Deferred Revenue 11.4 19.5 Accrued Customer Rebates 8.0 6.6 Fair Value of Derivatives, current portion 0.8 14.2 Other 83.4 52.2 Total $ 127.2 $ 108.8 Other Noncurrent Liabilities: In millions 2016 2015 Deferred Revenue $ 6.7 $ 6.1 Multi-employer Plans 30.4 30.5 Workers Compensation Reserve 10.7 11.6 Other 20.3 21.1 Total $ 68.1 $ 69.3 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions and dispositions: In millions 2016 2015 2014 Receivables, Net $ 25.5 $ (1.5 ) $ (25.5 ) Inventories, Net 10.5 (19.7 ) (50.4 ) Prepaid Expenses (1.2 ) 0.1 4.8 Other Assets 8.5 (12.4 ) 9.2 Accounts Payable 4.3 12.7 13.3 Compensation and Employee Benefits (21.7 ) (1.9 ) 9.6 Income Taxes 1.7 0.9 9.0 Interest Payable 5.0 (1.1 ) (7.4 ) Other Accrued Liabilities 12.8 (3.9 ) (6.3 ) Other Noncurrent Liabilities (6.9 ) 7.8 3.5 Total $ 38.5 $ (19.0 ) $ (40.2 ) Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: In millions 2016 2015 2014 Interest $ 64.9 $ 60.9 $ 79.1 Income Taxes $ 14.5 $ 11.2 $ 12.2 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS As disclosed in Note 1 - Nature of Business and Summary of Significant Accounting Policies, the Company acquired Colorpak, Metro, WG Anderson and G-Box which are referred to collectively as the "2016 Acquisitions" and are included in the Americas Paperboard Packaging segment. The Company paid approximately $333 million , net of cash acquired, for the 2016 Acquisitions using existing cash and borrowings under its revolving line of credit, and assumed debt of approximately $31 million . The acquisition accounting for the 2016 Acquisitions is preliminarily 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. Adjustments, if any, subsequent to December 31, 2016, would relate primarily to deferred taxes. Management believes that the purchase price attributable to goodwill represents the benefits expected as the acquisitions were made to continue to grow the food and beverage business, integrate paperboard from the Company's mills and to further optimize the Company's supply chain footprint. The Company expects that the goodwill related to Metro will be deductible for tax purposes. The preliminary acquisition accounting allocation for the 2016 Acquisitions is as follows: In millions Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of Acquisition Dates (as adjusted) Purchase Price $ 337.4 $ 6.7 $ 344.1 Assumed Debt 31.1 — 31.1 Total Purchase Consideration $ 368.5 $ 6.7 $ 375.2 Cash and Cash Equivalents $ 11.4 $ — $ 11.4 Receivables, Net 39.1 — 39.1 Inventories, Net 44.7 3.3 48.0 Other Current Assets 2.8 (0.3 ) 2.5 Property, Plant and Equipment, Net 106.8 28.6 135.4 Intangible Assets, Net (a) — 124.6 124.6 Other Assets 9.6 — 9.6 Total Assets Acquired 214.4 156.2 370.6 Current Liabilities 50.2 (1.4 ) 48.8 Deferred Tax Liabilities 9.0 49.0 58.0 Other Noncurrent Liabilities — 1.5 1.5 Total Liabilities Assumed 59.2 49.1 108.3 Net Assets Acquired 155.2 107.1 262.3 Goodwill 213.3 (100.4 ) 112.9 Total Estimated Fair Value of Net Assets Acquired $ 368.5 $ 6.7 $ 375.2 (a) The weighted average life of Intangibles, Net, is 7.2 years . The Intangible Assets, Net were valued using the income approach and are a Level 3 fair value measurement. During 2016, Net Sales and Income from Operations for the 2016 Acquisitions were approximately $246 million and $0.2 million , respectively. As also disclosed in Note 1 - Nature of Business and Summary of Significant Accounting Policies, during 2015, the Company acquired Rose City, Cascades and Carded and are referred to collectively as the "North American Acquisitions." In 2015, the Company paid approximately $164 million for the North American Acquisitions and the acquisition accounting has been finalized. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Short-Term Debt is comprised of the following: In millions 2016 2015 Short Term Borrowings $ 37.1 $ 10.8 Current Portion of Capital Lease Obligations 1.3 0.8 Current Portion of Long-Term Debt 25.0 25.0 Total $ 63.4 $ 36.6 Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2016 and 2015 was 3.2% and 9.2% , respectively. Long-Term Debt is comprised of the following: In millions 2016 2015 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.20%, payable in 2024 $ 300.0 $ — Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.94%, payable in 2022 250.0 250.0 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.79%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.2% at December 31, 2016) payable through 2019 950.0 975.0 Senior Secured Revolving Credit Facilities with interest payable at floating rates (2.1% at December 31, 2016) payable in 2019 184.8 224.8 Capital Lease Obligations 17.9 1.8 Other 3.0 1.8 Total Long-Term Debt 2,130.7 1,878.4 Less: Current Portion 26.3 25.8 2,104.4 1,852.6 Less: Unamortized Deferred Debt Issuance Costs 15.9 13.7 Total $ 2,088.5 $ 1,838.9 Long-Term Debt maturities (excluding capital leases) are as follows: In millions 2017 $ 25.0 2018 51.0 2019 1,060.5 2020 0.6 2021 425.4 After 2021 550.3 Total $ 2,112.8 Senior Notes 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 notes 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. During August 2016, the Company completed the issuance and sale of $300 million aggregate principal amount of 4.125% Notes due 2024. In connection with the new notes, the Company recorded deferred financing cost of approximately $5.4 million . 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, 2016 , 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 (a) $ 1,250.0 $ 142.0 $ 1,085.7 Senior Secured International Revolving Credit Facility 167.0 42.8 124.2 Other International Facilities 52.6 40.1 12.5 Total $ 1,469.6 $ 224.9 $ 1,222.4 (a) In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $ 22.3 million as of December 31, 2016 . 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 , 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024, (the “Indentures”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures may, 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, 2016 , 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, 2016 | |
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 2014 Plan and the 2004 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan and 2004 Plan are from the Company’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. Stock Awards, Restricted Stock and Restricted Stock Units 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 or service requirements that must be met for the shares to vest. 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: 2016 2015 2014 RSUs — Employees 1,891,335 1,751,823 2,153,885 Weighted-average grant date fair value $ 11.20 $ 13.28 $ 10.22 Stock Awards — Board of Directors 59,880 54,120 77,139 Weighted-average grant date fair value $ 13.36 $ 14.78 $ 10.50 A summary of the changes in the number of unvested RSUs from December 31, 2013 to December 31, 2016 is presented below: Shares Weighted Average Grant Date Fair Value 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 Granted 1,891,335 11.20 Released (2,596,292 ) 7.29 Forfeited (66,956 ) 12.74 Outstanding — December 31, 2016 4,667,675 $ 12.21 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, 2016 is approximately $ 25 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 2016 , 2015 , and 2014 , $ 20.2 million , $ 20.4 million and $ 18.7 million , respectively, were charged to compensation expense for stock incentive plans. During 2016 , 2015 , and 2014 , RSUs with an aggregate fair value of $ 32.0 million , $ 56.1 million and $ 38.1 million , respectively, vested and were paid out. The RSUs vested and paid out in 2016 were granted primarily during 2013. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
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. Also in 2015, the Company assumed defined benefit pension and postretirement benefit plans in the Cascades acquisition. These plans are closed to newly-hired employees. In 2016, the Company assumed a defined benefit plan in the WG Anderson acquisition, which was frozen for all participants on December 31, 2016. 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 2016 2015 2014 2016 2015 2014 Components of Net Periodic Cost: Service Cost $ 10.0 $ 12.8 $ 12.6 $ 0.8 $ 1.0 $ 1.2 Interest Cost 43.8 54.8 57.9 1.3 1.7 2.2 Expected Return on Plan Assets (61.3 ) (74.4 ) (79.8 ) — — — Amortization: Prior Service Cost (Credit) 0.8 0.7 0.7 (0.2 ) (0.3 ) (0.3 ) Actuarial Loss (Gain) 27.3 19.7 13.2 (2.1 ) (1.6 ) (1.0 ) Net Curtailment/Settlement Loss 1.0 1.5 0.8 — — — Other 0.8 0.9 0.6 — — — Net Periodic Cost $ 22.4 $ 16.0 $ 6.0 $ (0.2 ) $ 0.8 $ 2.1 Certain assumptions used in determining the pension and postretirement expenses were as follows: Pension Benefits Postretirement Benefits Year Ended December 31, 2016 2015 2014 2016 2015 2014 Weighted Average Assumptions: Discount Rate 4.41 % 4.02 % 4.86 % 4.29 % 3.95 % 4.74 % Rate of Increase in Future Compensation Levels 1.49 % 1.45 % 1.88 % — — — Expected Long-Term Rate of Return on Plan Assets 5.90 % 6.81 % 7.69 % — — — Initial Health Care Cost Trend Rate — — — 7.80 % 7.38 % 7.50 % Ultimate Health Care Cost Trend Rate — — — 4.50 % 4.96 % 4.77 % Ultimate Year — — — 2024 2036 2027 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 2016 2015 2016 2015 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,239.0 $ 1,366.7 $ 40.8 $ 43.6 Service Cost 10.0 12.8 0.8 1.0 Interest Cost 43.8 54.8 1.3 1.7 Actuarial Loss (Gain) 79.3 (84.3 ) (0.7 ) (5.4 ) Foreign Currency Exchange (36.0 ) (16.9 ) 0.1 (0.2 ) Settlement/Curtailment (Gain) (0.9 ) (0.4 ) 0.3 — Settlements (2.9 ) (61.1 ) — — Benefits Paid (58.4 ) (55.9 ) (2.1 ) (2.8 ) Acquisition 4.1 22.4 — 2.9 Other 1.0 0.9 0.1 — Benefit Obligation at End of Year $ 1,279.0 $ 1,239.0 $ 40.6 $ 40.8 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,038.9 $ 1,092.8 $ — $ — Actual Return on Plan Assets 116.3 3.0 — — Employer Contributions 51.4 53.4 2.1 2.8 Foreign Currency Exchange (34.6 ) (15.2 ) — — Benefits Paid (58.4 ) (55.9 ) (2.1 ) (2.8 ) Acquisition 4.8 21.7 — — Settlements (2.9 ) (61.1 ) — — Other 0.1 0.2 — — Fair Value of Plan Assets at End of Year $ 1,115.6 $ 1,038.9 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (163.4 ) $ (200.1 ) $ (40.6 ) $ (40.8 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 3.0 $ 10.4 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.7 ) $ (1.2 ) $ (2.8 ) $ (2.8 ) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (164.7 ) $ (209.3 ) $ (37.8 ) $ (38.0 ) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 277.8 $ 286.6 $ (18.7 ) $ (20.1 ) Prior Service Cost (Credit) $ 1.3 $ 2.3 $ (1.1 ) $ (1.6 ) Weighted Average Calculations: Discount Rate 4.01 % 4.41 % 4.10 % 4.29 % Rates of Increase in Future Compensation Levels 1.45 % 1.49 % — — Initial Health Care Cost Trend Rate — — 7.45 % 7.80 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.50 % Ultimate Year — — 2024 2024 Accumulated Benefit Obligation The accumulated benefit obligation, (“ABO”), for all defined benefit pension plans was $ 1,270.0 million and $ 1,226.2 million at December 31, 2016 and 2015 , respectively. All of the Company’s defined benefit pension plans had an ABO in excess of plan assets at December 31, 2016 and 2015 , except one of the U.K. plans in 2015. Employer Contributions The Company made contributions of $ 51.4 million and $ 53.4 million to its pension plans during 2016 and 2015 , respectively. The Company also made postretirement health care benefit payments of $ 2.1 million and $ 2.8 million during 2016 and 2015 , respectively. For 2017 , the Company expects to make contributions of $30 to $50 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, 2016 and 2015 , 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 2016 2015 Cash — % 1.3 % 1.1 % Equity Securities 46.6 40.0 51.7 Fixed Income Securities 53.4 53.9 41.6 Other Investments — 4.8 5.6 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. Since the plans are closed or frozen and as the funded status has improved, the Company is implementing a derisking or liability driven investment strategy. This strategy moves assets from return seeking (e.g. equities) to investments that mirror the underlying benefit obligations (fixed income). 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, 2016 and 2015 : Fair Value Measurements at December 31, 2016 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) $ 14.5 $ 0.3 $ 14.2 $ — Equity Securities: Domestic (a) 340.2 68.7 271.5 — Foreign (a) 107.0 55.5 51.5 — Fixed Income Securities (a) 600.8 194.6 406.2 — Other Investments: Real estate (a) 14.8 14.8 — — Diversified growth fund (b) 38.3 — 38.3 — Total $ 1,115.6 $ 333.9 $ 781.7 $ — 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 (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 2016 2015 Balance Beginning of Period $ 35.9 $ — Transfers (Out) In (35.9 ) 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 2016 data: One Percentage Point In millions Increase Decrease Health Care Cost Trend Rate Sensitivity: Effect on Total Interest and Service Cost Components $ 0.2 $ (0.2 ) 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 2026: In millions Pension Plans Postretirement Health Care Benefits 2017 $ 64.7 $ 2.8 2018 67.4 3.0 2019 69.6 3.1 2020 72.0 3.4 2021 74.2 3.3 2022— 2026 394.6 15.8 Amounts in Accumulated Other Comprehensive Loss Expected to Be Recognized in Net Periodic Benefit Costs in 2017 During 2017 , 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 $ 0.5 $ (0.3 ) Recognition of Actuarial Loss (Gain) 6.8 (2.1 ) 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, 2016 and 2015 was $ 2.7 million and $ 2.1 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, 2016 , and December 31, 2015 , the Company has $ 30.4 million and $ 30.5 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 in 2014 related to the sale of the multi-wall bag business for partial withdrawal from the PACE Industry Union - Management Pension Fund (“PIUMPF”). There were no similar charges recorded for the year ended December 31, 2016 and 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, 2016 , 2015 and 2014 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2016 2015 FIP/RP Status Implemented 2016 2015 2014 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)(2) 11-6166763/001 Red Red Yes 0.1 — 0.3 Yes 6/16/2018 Western Conference of Teamsters Pension Trust - Northwest Area (3) 91-6145047/001 Green Green No — 0.1 0.1 No 4/30/2017 Graphic Communications Conference of International Brotherhood of Teamster Pension Fund (2) 52-6118568/001 Red Red Yes 0.2 — — Yes 4/30/2016 Total $ 0.4 $ 0.2 $ 0.5 (1) The facility associated with this plan was divested on June 30, 2014. (2) In 2016, the WG Anderson acquisition included facilities with these plans. (3) The facility associated with this plan was closed in 2016. The EIN Number column provides the Employer Identification Number (EIN). Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2016 and 2015 is for the plan's year-end at December 31, 2015 and December 31, 2014 , 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, 2016 , 2015 and 2014 were $ 34.7 million , $ 29.0 million and $ 28.9 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2016 2015 2014 U.S. $ 290.0 $ 307.6 $ 128.0 International 29.4 51.7 4.7 Income before Income Taxes and Equity Income of Unconsolidated Entities $ 319.4 $ 359.3 $ 132.7 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 2016 2015 2014 Current (Expense) Benefit: U.S. $ (5.1 ) $ (7.9 ) $ (7.5 ) International (11.4 ) (12.5 ) (4.8 ) Total Current $ (16.5 ) $ (20.4 ) $ (12.3 ) Deferred (Expense) Benefit: U.S. (78.8 ) (110.6 ) (35.0 ) International 2.1 0.6 1.9 Total Deferred $ (76.7 ) $ (110.0 ) $ (33.1 ) Income Tax (Expense) $ (93.2 ) $ (130.4 ) $ (45.4 ) 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 2016 Percent 2015 Percent 2014 Percent Income Tax Expense at U.S. Statutory Rate $ (111.8 ) 35.0 % $ (125.8 ) 35.0 % $ (46.4 ) 35.0 % U.S. State and Local Tax (Expense) Benefit (10.0 ) 3.2 (11.4 ) 3.2 (5.9 ) 4.4 IRS Agreement 22.8 (7.2 ) — — — — Goodwill Related to Dispositions — — — — (8.6 ) 6.5 Permanent Items (1.3 ) 0.5 1.7 (0.5 ) (4.7 ) 3.5 Change in Valuation Allowance 0.5 (0.2 ) 1.8 (0.5 ) (5.1 ) 3.9 International Tax Rate Differences 1.8 (0.6 ) 2.4 (0.7 ) 3.5 (2.6 ) Foreign Withholding Tax (0.2 ) 0.1 (0.2 ) 0.1 (0.1 ) — Change in Tax Rates 0.2 (0.1 ) 1.0 (0.3 ) 4.5 (3.4 ) U.S. Federal & State Research Credits 3.5 (1.1 ) 5.5 (1.5 ) 20.1 (15.1 ) Uncertain Tax Positions 1.2 (0.4 ) (3.7 ) 1.0 (4.5 ) 3.4 Other 0.1 — (1.7 ) 0.5 1.8 (1.4 ) Income Tax Expense $ (93.2 ) 29.2 % $ (130.4 ) 36.3 % $ (45.4 ) 34.2 % During the second quarter of 2016, the Company executed an agreement with the Internal Revenue Service related to certain elections made on its 2011 and 2012 tax returns. As a result of the agreement, the Company has amended its 2011 and 2012 U.S. federal and state income tax returns resulting in the utilization of previously expired net operating loss carryforwards. The Company recorded a discrete benefit during the second quarter of 2016 of $22.4 million to reflect the federal and state impact of the amended returns as a reduction in its net long-term deferred tax liability. 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 $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 2016 and 2015, the Company established additional U.S. federal research tax credit carryforwards of $3.5 million and $5.5 million , respectively, which have been reduced by $0.7 million and $1.5 million , respectively, in accordance with the measurement criteria of the Income Taxes topic of the FASB Codification. 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 2016 2015 Deferred Income Tax Assets: Compensation Based Accruals $ 20.1 $ 26.5 Net Operating Loss Carryforwards 165.3 211.5 Postretirement Benefits 88.0 103.2 Tax Credits 35.3 32.6 Other 55.4 63.4 Valuation Allowance (45.5 ) (44.8 ) Total Deferred Income Tax Assets $ 318.6 $ 392.4 Deferred Income Tax Liabilities: Property, Plant and Equipment (334.6 ) (286.1 ) Goodwill (284.5 ) (279.0 ) Other Intangibles (99.6 ) (86.8 ) Other (4.7 ) (3.6 ) Net Noncurrent Deferred Income Tax Liabilities $ (723.4 ) $ (655.5 ) Net Deferred Income Tax (Liability) Asset $ (404.8 ) $ (263.1 ) The Company has total deferred income tax assets, excluding valuation allowance, of $ 364.1 million and $ 437.2 million as of December 31, 2016 and 2015 , respectively. The Company has total deferred income tax liabilities of $ 723.4 million and $ 655.5 million as of December 31, 2016 and 2015 , 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, 2016 and 2015 , respectively, and determined that it is more likely than not that a portion will not be realized. A valuation allowance of $ 45.5 million and $ 44.8 million at December 31, 2016 and 2015 , 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, 2016 , $ 31.0 million relates to net deferred tax assets in certain foreign jurisdictions, $ 5.1 million relates to a deferred tax asset related to a U.S. federal capital loss carryforward, $ 6.0 million relates to research credit carryforwards in certain states, and the remaining $ 3.4 million relates to net operating losses in certain U.S. states. The need for a valuation allowance is made on a jurisdiction-by-jurisdiction basis. As of December 31, 2016 , 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. The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2016 , 2015 , and 2014 , respectively: December 31, In millions 2016 2015 2014 Balance Beginning of Period $ 44.8 $ 53.6 $ 52.1 Charges 1.2 — 5.1 Deductions (0.5 ) (8.8 ) (3.6 ) Balance at End of Period $ 45.5 $ 44.8 $ 53.6 The U.S. federal net operating loss carryforwards expire as follows: In millions 2024 $ 108.2 2026 22.9 2027 93.0 2028 12.1 2029 114.6 Total $ 350.8 The amounts above exclude $107.1 million of U.S. federal net operating loss carryforwards generated through excess tax benefit deductions claimed on the Company's 2011-2016 U.S. federal income tax returns, which are prohibited from being recognized currently. In accordance with ASU No. 2016-09, Compensation-Stock Compensation (Topic 718), the Company will recognize the cumulative federal and state income tax effects of these unrecognized net operating loss carryforwards in accumulated deficit upon adoption of ASU 2016-09 in the first quarter of 2017. U.S. state net operating loss carryforward amounts (excluding prior year excess tax benefit deductions noted above) total $ 262.9 million and expire in various years through 2031. International net operating loss carryforward amounts total $ 102.6 million , of which substantially all have no expiration date. Tax Credit carryforwards total $ 35.3 million , of which approximately $ 8.7 million have no expiration date, and the remainder expire starting in 2020. As of December 31, 2016 , the Company has only provided for deferred U.S. income taxes on $ 4.9 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 $ 17.5 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 2016 2015 Balance at January 1, $ 9.1 $ 5.2 Additions for Tax Positions of Current Year 1.5 0.8 Additions for Tax Positions of Prior Years 1.1 3.2 Reductions for Tax Positions of Prior Years (1.6 ) (0.1 ) Balance at December 31, $ 10.1 $ 9.1 At December 31, 2016 , $ 10.1 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 $0.1 million and $0.6 million at December 31, 2016 and 2015 , respectively. The Company anticipates that approximately $1.2 million of the total unrecognized tax benefits at December 31, 2016 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 2007. |
Financial Instruments, Derivati
Financial Instruments, Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
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, contemporaneously with and offsetting changes in the related hedged exposure. 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. These changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense, Net as interest is incurred on amounts outstanding under the term loan facility. The following table summarizes the Company's current interest rate swap positions for each period presented as of December 31, 2016 : Start End (In Millions) Weighted Average Interest Rate 04/01/2016 02/01/2017 $450.0 1.00% 02/01/2017 12/01/2017 $450.0 0.89% 12/01/2017 10/01/2018 $250.0 1.16% 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). Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. During 2016, there were no amounts of ineffectiveness. During 2015, there were minimal amounts of ineffectiveness. During 2016 and 2015 , 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 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 2016 and 2015 , 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, designated as cash flow hedges, to manage risks associated with foreign currency transactions and future variability of cash flows arising from those transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and gains/losses related to these contracts are recognized in Other Expense (Income), Net or Net Sales, when appropriate. At December 31, 2016 and 2015 , multiple forward exchange contracts existed that expire on various dates throughout the following year. Those purchased forward exchange contracts outstanding at December 31, 2016 and 2015 , when aggregated and measured in U.S. dollars at contractual rates at December 31, 2016 and 2015 , had notional amounts totaling $ 55.9 million and $65.2 million , respectively. No amounts were reclassified to earnings during 2016 and 2015 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 2016 and 2015 . 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, 2016 and 2015 , multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at December 31, 2016 and 2015 , when aggregated and measured in U.S. dollars at exchange rates at December 31, 2016 and 2015 , respectively, had net notional amounts totaling $ 68.1 million and $ 45.5 million . Unrealized gains and losses resulting from these contracts are recognized in Other Expense (Income), Net and approximately offset corresponding recognized but unrealized gains and losses on these accounts receivable. Foreign Currency Movement Effect For the year ended December 31, 2016 , net currency exchange losses included in determining Income from Operations was $4.8 million . For the years ended December 31, 2015 and 2014 , net currency exchange gains included in determining Income from Operations were $ 4.7 million and $ 1.4 million , respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , the Company had a gross derivative liability of $0.8 million and $14.2 million respectively, and a gross derivative asset of $7.7 million and $0.4 million respectively, related to interest rate, foreign currency and commodity contracts. As of December 31, 2016 , 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, 2016 and 2015 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 $ 2,132.7 million and $ 1,891.2 million , as compared to the carrying amounts of $ 2,112.8 million and $ 1,876.6 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, 2016 and 2015 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 2016 2015 2016 2015 2016 2015 Commodity Contracts $ (5.0 ) $ 13.2 Cost of Sales $ 12.5 $ 13.8 Cost of Sales $ (0.1 ) $ (0.4 ) Foreign Currency Contracts (1.4 ) (2.5 ) Other Income, Net 0.5 (5.3 ) Other Income, Net — — Interest Rate Swap Agreements 0.4 2.0 Interest Expense, Net 2.0 3.2 Interest Expense, Net — — Total $ (6.0 ) $ 12.7 $ 15.0 $ 11.7 $ (0.1 ) $ (0.4 ) The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2016 and 2015 is as follows: In millions 2016 2015 Foreign Currency Contracts Other Expense (Income), Net $ 3.3 $ (2.1 ) 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 2016 2015 2014 Balance at January 1 $ (13.5 ) $ (12.5 ) $ (1.3 ) Reclassification to earnings 15.0 11.7 0.8 Current period change in fair value 6.0 (12.7 ) (12.0 ) Balance at December 31 $ 7.5 $ (13.5 ) $ (12.5 ) At December 31, 2016 , the Company expects to reclassify $ 6.9 million of pre-tax gains in the next twelve months from Accumulated Other Comprehensive (Loss) Income 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, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The changes in the components of Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2016 2015 2014 In millions Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments Gain (Loss) $ 21.0 $ (8.0 ) $ 13.0 $ (1.0 ) $ 0.3 $ (0.7 ) $ (11.2 ) $ 4.3 $ (6.9 ) Pension and Postretirement Benefit Plans 7.9 (3.9 ) 4.0 40.0 (13.2 ) 26.8 (165.8 ) 60.3 (105.5 ) Currency Translation Adjustment (58.9 ) — (58.9 ) (37.2 ) — (37.2 ) (34.7 ) 0.7 (34.0 ) Other Comprehensive (Loss) Income $ (30.0 ) $ (11.9 ) $ (41.9 ) $ 1.8 $ (12.9 ) $ (11.1 ) $ (211.7 ) $ 65.3 $ (146.4 ) The balances of Accumulated Other Comprehensive Loss, net of applicable taxes are as follows: December 31, In millions 2016 2015 Accumulated Derivative Instruments Loss $ (5.4 ) $ (18.4 ) Pension and Postretirement Benefit Plans (235.5 ) (239.5 ) Currency Translation Adjustment (146.7 ) (87.8 ) Accumulated Other Comprehensive Loss $ (387.6 ) $ (345.7 ) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2016 (a) : In millions Derivatives Instruments Pension Benefit Plans Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2015 $ (18.4 ) $ (255.4 ) $ 15.9 $ (87.8 ) $ (345.7 ) Other Comprehensive Income (Loss) before Reclassifications 3.7 (12.3 ) 0.2 (58.9 ) (67.3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 9.3 17.5 (1.4 ) — 25.4 Net Current-period Other Comprehensive Income (Loss) 13.0 5.2 (1.2 ) (58.9 ) (41.9 ) Balance at December 31, 2016 $ (5.4 ) $ (250.2 ) $ 14.7 $ (146.7 ) $ (387.6 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. The following represents reclassifications out of Accumulated Other Comprehensive Income for the year ended December 31, 2016 : 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 $ 12.5 Cost of Sales Foreign Currency Contracts 0.5 Other Expense, Net Interest Rate Swap Agreements 2.0 Interest Expense, Net 15.0 Total before Tax (5.7 ) Tax Benefit $ 9.3 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.8 (c) Actuarial Losses 27.3 (c) 28.1 Total before Tax (10.6 ) Tax Benefit $ 17.5 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.2 ) (c) Actuarial Gains (2.1 ) (c) (2.3 ) Total before Tax 0.9 Tax Expense $ (1.4 ) Net of Tax Total Reclassifications for the Period $ 25.4 (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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company leases certain warehouses, operating facilities, office space, data processing equipment and plant equipment under long-term, non-cancelable contracts that expire at various dates (some of these leases are subject to renewal options and 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, 2016 , are as follows: In millions Capital Leases Operating Leases Total 2017 $ 2.1 $ 41.5 $ 43.6 2018 2.1 35.7 37.8 2019 1.8 22.6 24.4 2020 1.8 17.7 19.5 2021 1.8 15.8 17.6 Thereafter 17.6 39.7 57.3 Total Minimum Lease Payments 27.2 173.0 200.2 Less: Amount Representing Interest (9.3 ) — (9.3 ) Present Value of Net Minimum Leases $ 17.9 $ 173.0 $ 190.9 Total rental expense was approximately $ 35 million , $29 million , and $ 30 million for the years ended December 31, 2016 , 2015 and 2014 , 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 2021 . At December 31, 2016 , total commitments under these contracts were as follows: In millions 2017 $ 145.0 2018 121.9 2019 76.7 2020 40.2 2021 40.1 Thereafter 298.6 Total $ 722.5 |
Environmental and Legal Matters
Environmental and Legal Matters | 12 Months Ended |
Dec. 31, 2016 | |
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 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. |
Business Segment and Geographic
Business Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2016 | |
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. During 2015, the Company reevaluated the aggregation of operating segments into reportable segments in accordance with FASB ASC 280 Segment Reporting, and concluded there are three reportable segments: Paperboard Mills includes the seven North American paperboard mills which produce primarily CUK and 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 only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments. Americas Paperboard Packaging includes paperboard folding cartons sold primarily to Consumer Packaged Goods ("CPG") companies serving the food, beverage, and consumer product markets primarily in the Americas. Europe Paperboard Packaging includes paperboard folding cartons sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe. The Company also allocates 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 2016 , 2015 or 2014 . Business segment information is as follows: Year Ended December 31, In millions 2016 2015 2014 NET SALES: Paperboard Mills $ 394.7 $ 480.5 $ 380.6 Americas Paperboard Packaging 3,316.9 3,049.6 3,006.7 Europe Paperboard Packaging 569.9 603.9 596.6 Flexible Packaging — — 215.6 Corporate/Other/Eliminations 16.6 26.2 41.0 Total $ 4,298.1 $ 4,160.2 $ 4,240.5 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ (7.8 ) $ 12.9 $ 8.5 Americas Paperboard Packaging 416.8 403.9 412.0 Europe Paperboard Packaging 25.4 40.8 32.5 Flexible Packaging (a) — — (186.1 ) Corporate and Other (38.4 ) (30.5 ) (39.1 ) Total $ 396.0 $ 427.1 $ 227.8 CAPITAL EXPENDITURES: Paperboard Mills $ 184.2 $ 145.0 $ 106.0 Americas Paperboard Packaging 52.3 50.9 45.7 Europe Paperboard Packaging 37.1 39.9 37.4 Flexible Packaging — — 5.6 Corporate and Other 21.0 8.3 6.7 Total $ 294.6 $ 244.1 $ 201.4 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 120.3 $ 124.7 $ 114.5 Americas Paperboard Packaging 130.4 108.9 101.0 Europe Paperboard Packaging 41.1 40.1 34.7 Flexible Packaging — — 11.0 Corporate and Other 7.5 6.8 8.8 Total $ 299.3 $ 280.5 $ 270.0 (a) Includes Loss on Sale of Assets of multi-wall bag business of $171.1 million in 2014. December 31, In millions 2016 2015 2014 ASSETS AT DECEMBER 31: Paperboard Mills $ 1,496.1 $ 1,445.0 $ 1,373.5 Americas Paperboard Packaging 2,552.1 2,157.1 2,076.8 Europe Paperboard Packaging 491.9 574.0 607.9 Corporate and Other 63.3 80.0 79.4 Total $ 4,603.4 $ 4,256.1 $ 4,137.6 Business geographic area information is as follows: Year Ended December 31, In millions 2016 2015 2014 NET SALES: Americas (a) $ 3,601.7 $ 3,492.6 $ 3,341.5 Europe 569.9 603.9 596.6 Asia Pacific 198.1 117.4 129.4 Corporate and Other (71.6 ) (53.7 ) 173.0 Total $ 4,298.1 $ 4,160.2 $ 4,240.5 In millions 2016 2015 2014 ASSETS AT DECEMBER 31: Americas (a) $ 3,923.2 $ 3,590.4 $ 3,447.0 Europe 491.9 574.0 607.9 Asia Pacific 188.3 91.7 82.7 Total $ 4,603.4 $ 4,256.1 $ 4,137.6 (a) Includes North America and Brazil. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Results of operations for the four quarters of 2016 and 2015 are shown below. 2016 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,034.0 $ 1,103.2 $ 1,103.7 $ 1,057.2 $ 4,298.1 Gross Profit 207.7 204.8 191.3 188.1 791.9 Business Combinations and Other Special Charges 10.5 5.3 7.4 13.9 37.1 Income from Operations 107.2 105.6 105.1 78.1 396.0 Net Income 57.5 77.8 57.8 34.9 228.0 Net Income Per Share — Basic $ 0.18 $ 0.24 $ 0.18 $ 0.11 $ 0.71 Net Income Per Share — Diluted $ 0.18 $ 0.24 $ 0.18 $ 0.11 $ 0.71 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 Business Combinations 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Year Ended December 31, In millions, except per share data 2016 2015 2014 Net Income Attributable to Graphic Packaging Holding Company $ 228.0 $ 230.1 $ 89.7 Weighted Average Shares: Basic 320.9 329.5 328.6 Dilutive effect of RSUs 0.6 1.2 1.9 Diluted 321.5 330.7 330.5 Earnings Per Share — Basic $ 0.71 $ 0.70 $ 0.27 Earnings Per Share — Diluted $ 0.71 $ 0.70 $ 0.27 |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The changes in the components of Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2016 2015 2014 In millions Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments Gain (Loss) $ 21.0 $ (8.0 ) $ 13.0 $ (1.0 ) $ 0.3 $ (0.7 ) $ (11.2 ) $ 4.3 $ (6.9 ) Pension and Postretirement Benefit Plans 7.9 (3.9 ) 4.0 40.0 (13.2 ) 26.8 (165.8 ) 60.3 (105.5 ) Currency Translation Adjustment (58.9 ) — (58.9 ) (37.2 ) — (37.2 ) (34.7 ) 0.7 (34.0 ) Other Comprehensive (Loss) Income $ (30.0 ) $ (11.9 ) $ (41.9 ) $ 1.8 $ (12.9 ) $ (11.1 ) $ (211.7 ) $ 65.3 $ (146.4 ) The balances of Accumulated Other Comprehensive Loss, net of applicable taxes are as follows: December 31, In millions 2016 2015 Accumulated Derivative Instruments Loss $ (5.4 ) $ (18.4 ) Pension and Postretirement Benefit Plans (235.5 ) (239.5 ) Currency Translation Adjustment (146.7 ) (87.8 ) Accumulated Other Comprehensive Loss $ (387.6 ) $ (345.7 ) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2016 (a) : In millions Derivatives Instruments Pension Benefit Plans Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2015 $ (18.4 ) $ (255.4 ) $ 15.9 $ (87.8 ) $ (345.7 ) Other Comprehensive Income (Loss) before Reclassifications 3.7 (12.3 ) 0.2 (58.9 ) (67.3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 9.3 17.5 (1.4 ) — 25.4 Net Current-period Other Comprehensive Income (Loss) 13.0 5.2 (1.2 ) (58.9 ) (41.9 ) Balance at December 31, 2016 $ (5.4 ) $ (250.2 ) $ 14.7 $ (146.7 ) $ (387.6 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. The following represents reclassifications out of Accumulated Other Comprehensive Income for the year ended December 31, 2016 : 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 $ 12.5 Cost of Sales Foreign Currency Contracts 0.5 Other Expense, Net Interest Rate Swap Agreements 2.0 Interest Expense, Net 15.0 Total before Tax (5.7 ) Tax Benefit $ 9.3 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.8 (c) Actuarial Losses 27.3 (c) 28.1 Total before Tax (10.6 ) Tax Benefit $ 17.5 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.2 ) (c) Actuarial Gains (2.1 ) (c) (2.3 ) Total before Tax 0.9 Tax Expense $ (1.4 ) Net of Tax Total Reclassifications for the Period $ 25.4 (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, 2016 | |
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 immaterial domestic subsidiaries. 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. Year Ended December 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,462.5 $ 106.2 $ 1,051.3 $ (321.9 ) $ 4,298.1 Cost of Sales — 2,812.2 88.6 927.3 (321.9 ) 3,506.2 Selling, General and Administrative — 264.4 11.2 80.1 — 355.7 Other (Income) Expense, Net — (3.8 ) — 6.9 — 3.1 Business Combinations and Other Special Charges — 32.9 — 4.2 — 37.1 Income from Operations — 356.8 6.4 32.8 — 396.0 Interest Expense, Net — (72.3 ) — (4.3 ) — (76.6 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 284.5 6.4 28.5 — 319.4 Income Tax Expense — (81.5 ) (2.6 ) (9.1 ) — (93.2 ) Income before Equity Income of Unconsolidated Entity — 203.0 3.8 19.4 — 226.2 Equity Income of Unconsolidated Entity — — — 1.8 — 1.8 Equity in Net Earnings of Subsidiaries 228.0 25.0 (6.1 ) — (246.9 ) — Net Income (Loss) 228.0 228.0 (2.3 ) 21.2 (246.9 ) 228.0 Comprehensive Income (Loss) $ 186.1 $ 186.1 $ 16.8 $ (65.7 ) $ (137.2 ) $ 186.1 Year Ended December 31, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,363.6 $ 1.6 $ 1,037.2 $ (242.2 ) $ 4,160.2 Cost of Sales — 2,730.2 (1.1 ) 884.2 (242.2 ) 3,371.1 Selling, General and Administrative — 274.9 2.5 70.3 — 347.7 Other (Income) Expense, Net — (10.7 ) — 3.0 — (7.7 ) Business Combinations and Other Special Charges — 6.1 — 15.9 — 22.0 Income from Operations — 363.1 0.2 63.8 — 427.1 Interest (Expense) Income, Net — (64.9 ) — (2.9 ) — (67.8 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 298.2 0.2 60.9 — 359.3 Income Tax Expense — (115.8 ) (0.2 ) (14.4 ) — (130.4 ) Income before Equity Income of Unconsolidated Entity — 182.4 — 46.5 — 228.9 Equity Income of Unconsolidated Entity — — — 1.2 — 1.2 Equity in Net Earnings of Subsidiaries 230.1 47.7 (1.3 ) — (276.5 ) — Net Income (Loss) 230.1 230.1 (1.3 ) 47.7 (276.5 ) 230.1 Comprehensive Income (Loss) $ 219.0 $ 219.0 $ (5.9 ) $ (2.7 ) $ (210.4 ) $ 219.0 Year Ended December 31, 2014 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,416.6 $ 7.4 $ 1,064.9 $ (248.4 ) $ 4,240.5 Cost of Sales — 2,742.4 4.0 955.3 (248.4 ) 3,453.3 Selling, General and Administrative — 303.1 0.7 61.7 — 365.5 Other (Income) Expense, Net — (5.9 ) (0.2 ) 2.4 — (3.7 ) Business Combinations and Other Special Charges — 6.7 5.9 185.0 — 197.6 Income (Loss) from Operations — 370.3 (3.0 ) (139.5 ) — 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 — 281.8 (3.0 ) (146.1 ) — 132.7 Income Tax (Expense) Benefit — (95.6 ) (8.3 ) 58.5 — (45.4 ) Income (Loss) before Equity Income of Unconsolidated Entities — 186.2 (11.3 ) (87.6 ) — 87.3 Equity Income of Unconsolidated Entities — — — 1.7 — 1.7 Equity in Net Earnings of Subsidiaries 89.0 (97.2 ) (0.6 ) — 8.8 — Net Income (Loss) $ 89.0 $ 89.0 $ (11.9 ) $ (85.9 ) $ 8.8 $ 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 $ (11.9 ) $ (85.9 ) $ 8.1 $ 89.7 Comprehensive (Loss) Income Attributable to Graphic Packaging Holding Company $ (56.7 ) $ (56.7 ) $ (15.9 ) $ (144.4 ) $ 217.0 $ (56.7 ) Year Ended December 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated ASSETS Current Assets: Cash and Cash Equivalents $ — $ 0.9 $ 1.2 $ 57.0 $ — $ 59.1 Receivables, Net — 183.7 10.1 233.0 — 426.8 Inventories, Net — 403.8 16.1 163.0 — 582.9 Intercompany — 1,077.5 73.3 — (1,150.8 ) — Other Current Assets — 36.4 — 9.7 — 46.1 Total Current Assets — 1,702.3 100.7 462.7 (1,150.8 ) 1,114.9 Property, Plant and Equipment, Net — 1,435.8 64.1 252.0 — 1,751.9 Investment in Consolidated Subsidiaries 1,362.9 — 12.3 — (1,375.2 ) — Goodwill — 1,098.9 55.5 105.9 — 1,260.3 Other Assets — 314.8 65.6 95.9 — 476.3 Total Assets $ 1,362.9 $ 4,551.8 $ 298.2 $ 916.5 $ (2,526.0 ) $ 4,603.4 LIABILITIES Current Liabilities: Short-Term Debt and Current Portion of Long-Term Debt $ — $ 26.0 $ — $ 37.4 $ — $ 63.4 Accounts Payable — 354.3 8.5 103.7 — 466.5 Interest Payable — 15.4 — — — 15.4 Intercompany 306.4 — — 913.0 (1,219.4 ) — Other Accrued Liabilities — 163.2 3.0 68.3 — 234.5 Total Current Liabilities 306.4 558.9 11.5 1,122.4 (1,219.4 ) 779.8 Long-Term Debt — 2,042.4 — 46.1 — 2,088.5 Deferred Income Tax Liabilities — 342.1 43.3 22.6 — 408.0 Other Noncurrent Liabilities — 245.5 — 25.1 — 270.6 EQUITY Total Equity 1,056.5 1,362.9 243.4 (299.7 ) (1,306.6 ) 1,056.5 Total Liabilities and Equity $ 1,362.9 $ 4,551.8 $ 298.2 $ 916.5 $ (2,526.0 ) $ 4,603.4 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 $ — $ 54.8 $ — $ 54.9 Receivables, Net — 217.0 — 206.9 — 423.9 Inventories, Net — 408.8 — 148.3 — 557.1 Intercompany — 656.4 21.6 — (678.0 ) — Other Current Assets — 19.2 6.3 5.4 — 30.9 Total Current Assets — 1,301.5 27.9 415.4 (678.0 ) 1,066.8 Property, Plant and Equipment, Net — 1,358.0 0.2 228.2 — 1,586.4 Investment in Consolidated Subsidiaries 1,176.8 — 15.2 — (1,192.0 ) — Goodwill — 1,042.8 — 125.0 — 1,167.8 Other Assets — 334.7 — 100.4 — 435.1 Total Assets $ 1,176.8 $ 4,037.0 $ 43.3 $ 869.0 $ (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 — 342.8 — 115.1 — 457.9 Interest Payable — 9.2 — — — 9.2 Intercompany 75.1 — — 808.8 (883.9 ) — Other Accrued Liabilities — 182.6 — 45.9 — 228.5 Total Current Liabilities 75.1 560.1 — 980.9 (883.9 ) 732.2 Long-Term Debt — 1,761.4 — 77.5 — 1,838.9 Deferred Income Tax Liabilities — 249.2 — 17.5 — 266.7 Other Noncurrent Liabilities — 289.5 — 27.1 — 316.6 EQUITY Total Equity 1,101.7 1,176.8 43.3 (234.0 ) (986.1 ) 1,101.7 Total Liabilities and Equity $ 1,176.8 $ 4,037.0 $ 43.3 $ 869.0 $ (1,870.0 ) $ 4,256.1 Year Ended December 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 228.0 $ 228.0 $ (2.3 ) $ 21.2 $ (246.9 ) $ 228.0 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 233.4 12.9 53.0 — 299.3 Deferred Income Taxes — 77.5 1.7 (2.5 ) — 76.7 Amount of Postretirement Expense Less Than Funding — (25.8 ) — (5.5 ) — (31.3 ) Loss on the Sale of Assets — 0.7 — 0.1 — 0.8 Equity in Net Earnings of Subsidiaries (228.0 ) (25.0 ) 6.1 — 246.9 — Other, Net — 30.1 — (0.7 ) — 29.4 Changes in Operating Assets and Liabilities — 44.9 (17.2 ) 10.8 — 38.5 Net Cash Provided by Operating Activities — 563.8 1.2 76.4 — 641.4 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (239.7 ) — (38.9 ) — (278.6 ) Package Machinery Spending — (9.4 ) — (6.6 ) — (16.0 ) Acquisition of Businesses, Net of Cash Acquired — (173.1 ) — (159.6 ) — (332.7 ) Other, Net 240.6 (166.0 ) — — (79.8 ) (5.2 ) Net Cash Provided by (Used in) by Investing Activities 240.6 (588.2 ) — (205.1 ) (79.8 ) (632.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (164.9 ) — — — — (164.9 ) Proceeds from Issuance or Modification of Debt — 300.0 — — — 300.0 Payments on Debt — (25.0 ) — — — (25.0 ) Borrowings under Revolving Credit Facilities — 1,136.0 — 64.0 — 1,200.0 Payments on Revolving Credit Facilities — (1,143.5 ) — (92.3 ) — (1,235.8 ) Debt Issuance Cost — (5.3 ) — — — (5.3 ) Payments of Dividends (64.4 ) — — — — (64.4 ) Repurchase of Common Stock related to Share-Based Payments (11.3 ) — — — — (11.3 ) Other, Net — (237.0 ) — 160.8 79.8 3.6 Net Cash (Used in) Provided by Financing Activities (240.6 ) 25.2 — 132.5 79.8 (3.1 ) Effect of Exchange Rate Changes on Cash — — — (1.6 ) — (1.6 ) Net Increase in Cash and Cash Equivalents — 0.8 1.2 2.2 — 4.2 Cash and Cash Equivalents at Beginning of Period — 0.1 — 54.8 — 54.9 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 0.9 $ 1.2 $ 57.0 $ — $ 59.1 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 $ (1.3 ) $ 47.7 $ (276.5 ) $ 230.1 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 239.2 0.1 41.2 — 280.5 Deferred Income Taxes — 108.5 — 1.5 — 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 ) (47.7 ) 1.3 — 276.5 — Other, Net — 31.6 — (6.5 ) — 25.1 Changes in Operating Assets and Liabilities 0.3 (99.0 ) 0.3 79.4 — (19.0 ) Net Cash Provided by Operating Activities 0.3 433.2 0.4 155.3 — 589.2 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (188.7 ) (0.4 ) (39.8 ) — (228.9 ) Package Machinery Spending — (12.5 ) — (2.7 ) — (15.2 ) Acquisition of Business, 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) 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 Decrease in Cash and Cash Equivalents — (1.9 ) — (24.8 ) — (26.7 ) Cash and Cash Equivalents at Beginning of Period — 2.0 — 79.6 — 81.6 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 0.1 $ — $ 54.8 $ — $ 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 $ (11.9 ) $ (85.9 ) $ 8.8 $ 89.0 Non-cash Items Included in Net Income: Depreciation and Amortization — 224.8 0.1 45.1 — 270.0 Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt — 4.6 — — — 4.6 Deferred Income Taxes — 88.2 8.2 (63.3 ) — 33.1 Amount of Postretirement Expense Less Than Funding — (43.7 ) — (2.6 ) — (46.3 ) Equity in Net Earnings of Subsidiaries (89.0 ) 97.2 0.6 — (8.8 ) — 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 — (24.3 ) 3.3 (35.2 ) 16.0 (40.2 ) Net Cash Provided by Operating Activities — 479.0 7.0 24.6 16.0 526.6 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (134.0 ) (5.5 ) (47.6 ) — (187.1 ) Packaging Machinery Spending — (11.6 ) — (2.7 ) — (14.3 ) Proceeds from Government Grant — 26.9 — — — 26.9 Acquisition of Business — — — (190.7 ) — (190.7 ) Cash Acquired Related to Business Acquisition — — — 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 (124.4 ) 65.5 (124.0 ) (16.0 ) (183.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance or Modification of Debt — 250.0 — — — 250.0 Retirements 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 Increase in Cash and Cash Equivalents — 0.7 — 28.7 — 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 $ — $ 79.6 $ — $ 81.6 |
Nature of Business and Summar27
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. |
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, impairment testing of goodwill and long-term assets, fair values related to acquisition accounting, 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 $1.3 million , $ 0.8 million and $ 1.6 million for the years ended December 31, 2016 , 2015 and 2014 , 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 exceeds 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. When performing the quantitative analysis, 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 used are based on what 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. Periodically, the Company may perform a qualitative impairment analysis of goodwill associated with each of its reporting units to determine if it is more likely than not that the carrying value of a reporting unit exceeded its fair value. As a result of its testing of goodwill as of October 1, 2016, the Company concluded 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 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 Effective January 1, 2016, the Company adopted Accounting Standards Update ("ASU") No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this ASU eliminated the requirement to retrospectively account for provisional amounts recognized in a business combination. The adoption did not have any impact on the Company's disclosure for business combinations and financial position. Effective January 1, 2016 the Company adopted 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. The adoption had no impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance to clarify how certain cash receipts and payments should be presented in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted in any annual or interim period. The updated guidance requires a modified retrospective adoption. The Company is evaluating the impact of adoption on the Company's financial position, results of operations and cash flow. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718); Improvements to Employees Share-Based Payment Accounting . The amendments in this ASU are part of the simplification initiative by the FASB and involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as equity or liabilities, forfeitures, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company plans to adopt these amendments in first quarter of 2017. Under the modified retrospective method, the Company will recognize approximately $39 million in accumulated deficit and deferred tax liabilities for the previously unrecognized cumulative federal and state income tax effects of net operating loss carryforwards generated through historical excess tax benefit deductions which are currently prohibited from recognition. All other adopted amendments are not expected to have a material impact on the Company's financial position, results of operations and cash flow. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The amendments in this ASU require an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The amendments are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is evaluating the impact of adoption on the Company's financial position, results of operation and cash flows. In July 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 does not expect the adoption of this standard to have a material impact on the Company's financial position, results of operations and cash flows. In May 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, and can be applied using a full retrospective or modified retrospective approach. The Company is adopting this standard in the first quarter of fiscal 2018 and currently expects to use the modified retrospective approach. Based on certain contractual terms with some customers, the adoption may require acceleration of revenue for products produced by the Company without an alternative use and where the Company would have a legally enforceable right of payment for production completed to date. The Company is continuing to evaluate these contractual terms, including possible modifications to certain contracts, as well as evaluating the materiality of the impact to the financial statements. Currently, the Company does not believe the adoption of the other elements of the standard will have a material impact on the Company's financial position, results of operations and cash flows. |
Nature of Business and Summar28
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 Property, Plant and Equipment, at Cost: Land and Improvements $ 105.9 $ 101.9 Buildings 404.1 379.7 Machinery and Equipment (2) 4,137.0 3,844.3 Construction-in-Progress 106.4 156.4 4,753.4 4,482.3 Less: Accumulated Depreciation (2) (3,001.5 ) (2,895.9 ) Total $ 1,751.9 $ 1,586.4 (2) Includes gross assets under capital lease of $ 25.6 million and related accumulated depreciation of $ 5.0 million as of December 31, 2016 and gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 4.1 million as of December 31, 2015 . |
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, 2016 and 2015 : December 31, 2016 December 31, 2015 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 736.0 $ (321.0 ) $ 415.0 $ 627.2 $ (269.0 ) $ 358.2 Patents, Trademarks, Licenses, and Leases 125.1 (94.8 ) 30.3 119.5 (91.0 ) 28.5 Total $ 861.1 $ (415.8 ) $ 445.3 $ 746.7 $ (360.0 ) $ 386.7 |
Schedule of Goodwill | The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Total 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 Acquisition of Businesses — 112.9 — 112.9 Foreign Currency Effects — (8.4 ) (12.0 ) (20.4 ) Balance at December 31, 2016 $ 408.5 $ 802.8 $ 49.0 $ 1,260.3 |
Schedule of Restructuring and Other Special Charges | The following table summarizes the transactions recorded in Business Combinations and Other Special Charges in the Consolidated Statements of Operations as of December 31: In millions 2016 2015 2014 Net Charges Associated with Business Combinations $ 21.2 $ 14.0 $ 12.4 Other Special Charges 15.9 6.1 5.1 Loss on Sale of Assets — 1.9 180.1 Total $ 37.1 $ 22.0 $ 197.6 |
Dividends Declared [Table Text Block] | During 2016 and 2015, the Company's board of directors declared a quarterly dividend per share of common stock to shareholders of record as follows: 2016 Date Declared Record Date Payment Date Dividend Per Share February 25, 2016 March 15, 2016 April 5, 2016 $0.05 May 25, 2016 June 15, 2016 July 5, 2016 $0.05 July 29, 2016 September 15, 2016 October 5, 2016 $0.05 October 24, 2016 December 15, 2016 January 5, 2017 $0.075 During 2016 , the Company declared and paid cash dividends of $71.7 million and $64.4 million , respectively. 2015 Date Declared Record Date Payment Date Dividend Per Share February 4, 2015 March 15, 2015 April 5, 2015 $0.05 May 20, 2015 June 15, 2015 July 5, 2015 $0.05 July 30, 2015 September 15, 2015 October 5, 2015 $0.05 November 19, 2015 December 15, 2015 January 5, 2016 $0.05 During 2015, the Company declared and paid cash dividends of $65.5 million and $49.3 million , respectively. |
Supplemental Balance Sheet Da29
Supplemental Balance Sheet Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 Trade $ 370.0 $ 344.3 Less: Allowance (6.7 ) (7.5 ) 363.3 336.8 Other (1) 63.5 87.1 Total $ 426.8 $ 423.9 (1) Includes a receivable of approximately $31 million and $51 million for 2016 and 2015 , respectively, from the financial institution under the purchasing and servicing of receivables agreements, which is a Level 3 fair value measurement. |
Inventories, Net by major class | Inventories, Net by major class: In millions 2016 2015 Finished Goods $ 238.3 $ 265.5 Work in Progress 73.5 50.4 Raw Materials 187.2 163.0 Supplies 83.9 78.2 Total $ 582.9 $ 557.1 |
Other Current Assets | Other Current Assets: In millions 2016 2015 Prepaid Assets $ 34.1 $ 30.5 Assets Held for Sale 5.0 — Fair Value of Derivatives, current portion 7.0 0.4 Total $ 46.1 $ 30.9 |
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 2016 2015 Property, Plant and Equipment, at Cost: Land and Improvements $ 105.9 $ 101.9 Buildings 404.1 379.7 Machinery and Equipment (2) 4,137.0 3,844.3 Construction-in-Progress 106.4 156.4 4,753.4 4,482.3 Less: Accumulated Depreciation (2) (3,001.5 ) (2,895.9 ) Total $ 1,751.9 $ 1,586.4 (2) Includes gross assets under capital lease of $ 25.6 million and related accumulated depreciation of $ 5.0 million as of December 31, 2016 and gross assets under capital lease of $ 8.8 million and related accumulated depreciation of $ 4.1 million as of December 31, 2015 . |
Other Assets | Other Assets: In millions 2016 2015 Deferred Debt Issuance Costs, Net of Amortization of $9.3 million and $7.7 million for 2016 and 2015, respectively $ 4.5 $ 6.1 Deferred Income Tax Assets 3.2 3.6 Pension Assets 3.0 10.4 Long-term Receivables — 9.4 Fair Value of Derivatives, noncurrent portion 0.7 — Other 19.6 18.9 Total $ 31.0 $ 48.4 |
Other Accrued Liabilities | Other Accrued Liabilities: In millions 2016 2015 Dividends Payable $ 23.6 $ 16.3 Deferred Revenue 11.4 19.5 Accrued Customer Rebates 8.0 6.6 Fair Value of Derivatives, current portion 0.8 14.2 Other 83.4 52.2 Total $ 127.2 $ 108.8 |
Other Noncurrent Liabilities | Other Noncurrent Liabilities: In millions 2016 2015 Deferred Revenue $ 6.7 $ 6.1 Multi-employer Plans 30.4 30.5 Workers Compensation Reserve 10.7 11.6 Other 20.3 21.1 Total $ 68.1 $ 69.3 |
Supplemental Cash Flow Inform30
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions and dispositions: In millions 2016 2015 2014 Receivables, Net $ 25.5 $ (1.5 ) $ (25.5 ) Inventories, Net 10.5 (19.7 ) (50.4 ) Prepaid Expenses (1.2 ) 0.1 4.8 Other Assets 8.5 (12.4 ) 9.2 Accounts Payable 4.3 12.7 13.3 Compensation and Employee Benefits (21.7 ) (1.9 ) 9.6 Income Taxes 1.7 0.9 9.0 Interest Payable 5.0 (1.1 ) (7.4 ) Other Accrued Liabilities 12.8 (3.9 ) (6.3 ) Other Noncurrent Liabilities (6.9 ) 7.8 3.5 Total $ 38.5 $ (19.0 ) $ (40.2 ) |
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 2016 2015 2014 Interest $ 64.9 $ 60.9 $ 79.1 Income Taxes $ 14.5 $ 11.2 $ 12.2 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The preliminary acquisition accounting allocation for the 2016 Acquisitions is as follows: In millions Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of Acquisition Dates (as adjusted) Purchase Price $ 337.4 $ 6.7 $ 344.1 Assumed Debt 31.1 — 31.1 Total Purchase Consideration $ 368.5 $ 6.7 $ 375.2 Cash and Cash Equivalents $ 11.4 $ — $ 11.4 Receivables, Net 39.1 — 39.1 Inventories, Net 44.7 3.3 48.0 Other Current Assets 2.8 (0.3 ) 2.5 Property, Plant and Equipment, Net 106.8 28.6 135.4 Intangible Assets, Net (a) — 124.6 124.6 Other Assets 9.6 — 9.6 Total Assets Acquired 214.4 156.2 370.6 Current Liabilities 50.2 (1.4 ) 48.8 Deferred Tax Liabilities 9.0 49.0 58.0 Other Noncurrent Liabilities — 1.5 1.5 Total Liabilities Assumed 59.2 49.1 108.3 Net Assets Acquired 155.2 107.1 262.3 Goodwill 213.3 (100.4 ) 112.9 Total Estimated Fair Value of Net Assets Acquired $ 368.5 $ 6.7 $ 375.2 (a) The weighted average life of Intangibles, Net, is 7.2 years . The Intangible Assets, Net were valued using the income approach and are a Level 3 fair value measurement. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-Term Debt is comprised of the following: In millions 2016 2015 Short Term Borrowings $ 37.1 $ 10.8 Current Portion of Capital Lease Obligations 1.3 0.8 Current Portion of Long-Term Debt 25.0 25.0 Total $ 63.4 $ 36.6 |
Schedule of Long-term Debt Instruments | Long-Term Debt is comprised of the following: In millions 2016 2015 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.20%, payable in 2024 $ 300.0 $ — Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.94%, payable in 2022 250.0 250.0 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.79%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.2% at December 31, 2016) payable through 2019 950.0 975.0 Senior Secured Revolving Credit Facilities with interest payable at floating rates (2.1% at December 31, 2016) payable in 2019 184.8 224.8 Capital Lease Obligations 17.9 1.8 Other 3.0 1.8 Total Long-Term Debt 2,130.7 1,878.4 Less: Current Portion 26.3 25.8 2,104.4 1,852.6 Less: Unamortized Deferred Debt Issuance Costs 15.9 13.7 Total $ 2,088.5 $ 1,838.9 |
Schedule of Maturities of Long-term Debt | Long-Term Debt maturities (excluding capital leases) are as follows: In millions 2017 $ 25.0 2018 51.0 2019 1,060.5 2020 0.6 2021 425.4 After 2021 550.3 Total $ 2,112.8 |
Schedule of Credit Facilities | At December 31, 2016 , 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 (a) $ 1,250.0 $ 142.0 $ 1,085.7 Senior Secured International Revolving Credit Facility 167.0 42.8 124.2 Other International Facilities 52.6 40.1 12.5 Total $ 1,469.6 $ 224.9 $ 1,222.4 (a) In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $ 22.3 million as of December 31, 2016 . 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, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
RSUs and Stock Awards Granted | Data concerning RSUs and stock awards granted in the years ended December 31: 2016 2015 2014 RSUs — Employees 1,891,335 1,751,823 2,153,885 Weighted-average grant date fair value $ 11.20 $ 13.28 $ 10.22 Stock Awards — Board of Directors 59,880 54,120 77,139 Weighted-average grant date fair value $ 13.36 $ 14.78 $ 10.50 |
Summary of Nonvested RSU Activity | A summary of the changes in the number of unvested RSUs from December 31, 2013 to December 31, 2016 is presented below: Shares Weighted Average Grant Date Fair Value 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 Granted 1,891,335 11.20 Released (2,596,292 ) 7.29 Forfeited (66,956 ) 12.74 Outstanding — December 31, 2016 4,667,675 $ 12.21 |
Pensions and Other Postretire34
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 2014 2016 2015 2014 Components of Net Periodic Cost: Service Cost $ 10.0 $ 12.8 $ 12.6 $ 0.8 $ 1.0 $ 1.2 Interest Cost 43.8 54.8 57.9 1.3 1.7 2.2 Expected Return on Plan Assets (61.3 ) (74.4 ) (79.8 ) — — — Amortization: Prior Service Cost (Credit) 0.8 0.7 0.7 (0.2 ) (0.3 ) (0.3 ) Actuarial Loss (Gain) 27.3 19.7 13.2 (2.1 ) (1.6 ) (1.0 ) Net Curtailment/Settlement Loss 1.0 1.5 0.8 — — — Other 0.8 0.9 0.6 — — — Net Periodic Cost $ 22.4 $ 16.0 $ 6.0 $ (0.2 ) $ 0.8 $ 2.1 |
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, 2016 2015 2014 2016 2015 2014 Weighted Average Assumptions: Discount Rate 4.41 % 4.02 % 4.86 % 4.29 % 3.95 % 4.74 % Rate of Increase in Future Compensation Levels 1.49 % 1.45 % 1.88 % — — — Expected Long-Term Rate of Return on Plan Assets 5.90 % 6.81 % 7.69 % — — — Initial Health Care Cost Trend Rate — — — 7.80 % 7.38 % 7.50 % Ultimate Health Care Cost Trend Rate — — — 4.50 % 4.96 % 4.77 % Ultimate Year — — — 2024 2036 2027 |
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 2016 2015 2016 2015 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,239.0 $ 1,366.7 $ 40.8 $ 43.6 Service Cost 10.0 12.8 0.8 1.0 Interest Cost 43.8 54.8 1.3 1.7 Actuarial Loss (Gain) 79.3 (84.3 ) (0.7 ) (5.4 ) Foreign Currency Exchange (36.0 ) (16.9 ) 0.1 (0.2 ) Settlement/Curtailment (Gain) (0.9 ) (0.4 ) 0.3 — Settlements (2.9 ) (61.1 ) — — Benefits Paid (58.4 ) (55.9 ) (2.1 ) (2.8 ) Acquisition 4.1 22.4 — 2.9 Other 1.0 0.9 0.1 — Benefit Obligation at End of Year $ 1,279.0 $ 1,239.0 $ 40.6 $ 40.8 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,038.9 $ 1,092.8 $ — $ — Actual Return on Plan Assets 116.3 3.0 — — Employer Contributions 51.4 53.4 2.1 2.8 Foreign Currency Exchange (34.6 ) (15.2 ) — — Benefits Paid (58.4 ) (55.9 ) (2.1 ) (2.8 ) Acquisition 4.8 21.7 — — Settlements (2.9 ) (61.1 ) — — Other 0.1 0.2 — — Fair Value of Plan Assets at End of Year $ 1,115.6 $ 1,038.9 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (163.4 ) $ (200.1 ) $ (40.6 ) $ (40.8 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 3.0 $ 10.4 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.7 ) $ (1.2 ) $ (2.8 ) $ (2.8 ) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (164.7 ) $ (209.3 ) $ (37.8 ) $ (38.0 ) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 277.8 $ 286.6 $ (18.7 ) $ (20.1 ) Prior Service Cost (Credit) $ 1.3 $ 2.3 $ (1.1 ) $ (1.6 ) Weighted Average Calculations: Discount Rate 4.01 % 4.41 % 4.10 % 4.29 % Rates of Increase in Future Compensation Levels 1.45 % 1.49 % — — Initial Health Care Cost Trend Rate — — 7.45 % 7.80 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.50 % Ultimate Year — — 2024 2024 |
Schedule of Allocation of Plan Assets | The weighted average allocation of plan assets and the target allocation by asset category is as follows: Target 2016 2015 Cash — % 1.3 % 1.1 % Equity Securities 46.6 40.0 51.7 Fixed Income Securities 53.4 53.9 41.6 Other Investments — 4.8 5.6 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, 2016 and 2015 : Fair Value Measurements at December 31, 2016 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) $ 14.5 $ 0.3 $ 14.2 $ — Equity Securities: Domestic (a) 340.2 68.7 271.5 — Foreign (a) 107.0 55.5 51.5 — Fixed Income Securities (a) 600.8 194.6 406.2 — Other Investments: Real estate (a) 14.8 14.8 — — Diversified growth fund (b) 38.3 — 38.3 — Total $ 1,115.6 $ 333.9 $ 781.7 $ — 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 (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 2016 2015 Balance Beginning of Period $ 35.9 $ — Transfers (Out) In (35.9 ) 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 2016 data: One Percentage Point In millions Increase Decrease Health Care Cost Trend Rate Sensitivity: Effect on Total Interest and Service Cost Components $ 0.2 $ (0.2 ) 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 2026: In millions Pension Plans Postretirement Health Care Benefits 2017 $ 64.7 $ 2.8 2018 67.4 3.0 2019 69.6 3.1 2020 72.0 3.4 2021 74.2 3.3 2022— 2026 394.6 15.8 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | During 2017 , 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 $ 0.5 $ (0.3 ) Recognition of Actuarial Loss (Gain) 6.8 (2.1 ) |
Schedule of Multiemployer Plans | The Company's participation in these plans for the year ended December 31, 2016 , 2015 and 2014 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2016 2015 FIP/RP Status Implemented 2016 2015 2014 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)(2) 11-6166763/001 Red Red Yes 0.1 — 0.3 Yes 6/16/2018 Western Conference of Teamsters Pension Trust - Northwest Area (3) 91-6145047/001 Green Green No — 0.1 0.1 No 4/30/2017 Graphic Communications Conference of International Brotherhood of Teamster Pension Fund (2) 52-6118568/001 Red Red Yes 0.2 — — Yes 4/30/2016 Total $ 0.4 $ 0.2 $ 0.5 (1) The facility associated with this plan was divested on June 30, 2014. (2) In 2016, the WG Anderson acquisition included facilities with these plans. (3) The facility associated with this plan was closed in 2016. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Entity consisted of the following: Year Ended December 31, In millions 2016 2015 2014 U.S. $ 290.0 $ 307.6 $ 128.0 International 29.4 51.7 4.7 Income before Income Taxes and Equity Income of Unconsolidated Entities $ 319.4 $ 359.3 $ 132.7 |
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 2016 2015 2014 Current (Expense) Benefit: U.S. $ (5.1 ) $ (7.9 ) $ (7.5 ) International (11.4 ) (12.5 ) (4.8 ) Total Current $ (16.5 ) $ (20.4 ) $ (12.3 ) Deferred (Expense) Benefit: U.S. (78.8 ) (110.6 ) (35.0 ) International 2.1 0.6 1.9 Total Deferred $ (76.7 ) $ (110.0 ) $ (33.1 ) Income Tax (Expense) $ (93.2 ) $ (130.4 ) $ (45.4 ) |
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 2016 Percent 2015 Percent 2014 Percent Income Tax Expense at U.S. Statutory Rate $ (111.8 ) 35.0 % $ (125.8 ) 35.0 % $ (46.4 ) 35.0 % U.S. State and Local Tax (Expense) Benefit (10.0 ) 3.2 (11.4 ) 3.2 (5.9 ) 4.4 IRS Agreement 22.8 (7.2 ) — — — — Goodwill Related to Dispositions — — — — (8.6 ) 6.5 Permanent Items (1.3 ) 0.5 1.7 (0.5 ) (4.7 ) 3.5 Change in Valuation Allowance 0.5 (0.2 ) 1.8 (0.5 ) (5.1 ) 3.9 International Tax Rate Differences 1.8 (0.6 ) 2.4 (0.7 ) 3.5 (2.6 ) Foreign Withholding Tax (0.2 ) 0.1 (0.2 ) 0.1 (0.1 ) — Change in Tax Rates 0.2 (0.1 ) 1.0 (0.3 ) 4.5 (3.4 ) U.S. Federal & State Research Credits 3.5 (1.1 ) 5.5 (1.5 ) 20.1 (15.1 ) Uncertain Tax Positions 1.2 (0.4 ) (3.7 ) 1.0 (4.5 ) 3.4 Other 0.1 — (1.7 ) 0.5 1.8 (1.4 ) Income Tax Expense $ (93.2 ) 29.2 % $ (130.4 ) 36.3 % $ (45.4 ) 34.2 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: In millions 2016 2015 Deferred Income Tax Assets: Compensation Based Accruals $ 20.1 $ 26.5 Net Operating Loss Carryforwards 165.3 211.5 Postretirement Benefits 88.0 103.2 Tax Credits 35.3 32.6 Other 55.4 63.4 Valuation Allowance (45.5 ) (44.8 ) Total Deferred Income Tax Assets $ 318.6 $ 392.4 Deferred Income Tax Liabilities: Property, Plant and Equipment (334.6 ) (286.1 ) Goodwill (284.5 ) (279.0 ) Other Intangibles (99.6 ) (86.8 ) Other (4.7 ) (3.6 ) Net Noncurrent Deferred Income Tax Liabilities $ (723.4 ) $ (655.5 ) Net Deferred Income Tax (Liability) Asset $ (404.8 ) $ (263.1 ) |
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, 2016 , 2015 , and 2014 , respectively: December 31, In millions 2016 2015 2014 Balance Beginning of Period $ 44.8 $ 53.6 $ 52.1 Charges 1.2 — 5.1 Deductions (0.5 ) (8.8 ) (3.6 ) Balance at End of Period $ 45.5 $ 44.8 $ 53.6 |
Summary of Operating Loss Carryforwards | The U.S. federal net operating loss carryforwards expire as follows: In millions 2024 $ 108.2 2026 22.9 2027 93.0 2028 12.1 2029 114.6 Total $ 350.8 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2016 2015 Balance at January 1, $ 9.1 $ 5.2 Additions for Tax Positions of Current Year 1.5 0.8 Additions for Tax Positions of Prior Years 1.1 3.2 Reductions for Tax Positions of Prior Years (1.6 ) (0.1 ) Balance at December 31, $ 10.1 $ 9.1 |
Financial Instruments, Deriva36
Financial Instruments, Derivatives and Hedging Activities Current Interest Rate Swap Positions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes the Company's current interest rate swap positions for each period presented as of December 31, 2016 : Start End (In Millions) Weighted Average Interest Rate 04/01/2016 02/01/2017 $450.0 1.00% 02/01/2017 12/01/2017 $450.0 0.89% 12/01/2017 10/01/2018 $250.0 1.16% |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 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 2016 2015 2016 2015 2016 2015 Commodity Contracts $ (5.0 ) $ 13.2 Cost of Sales $ 12.5 $ 13.8 Cost of Sales $ (0.1 ) $ (0.4 ) Foreign Currency Contracts (1.4 ) (2.5 ) Other Income, Net 0.5 (5.3 ) Other Income, Net — — Interest Rate Swap Agreements 0.4 2.0 Interest Expense, Net 2.0 3.2 Interest Expense, Net — — Total $ (6.0 ) $ 12.7 $ 15.0 $ 11.7 $ (0.1 ) $ (0.4 ) The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2016 and 2015 is as follows: In millions 2016 2015 Foreign Currency Contracts Other Expense (Income), Net $ 3.3 $ (2.1 ) |
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 2016 2015 2014 Balance at January 1 $ (13.5 ) $ (12.5 ) $ (1.3 ) Reclassification to earnings 15.0 11.7 0.8 Current period change in fair value 6.0 (12.7 ) (12.0 ) Balance at December 31 $ 7.5 $ (13.5 ) $ (12.5 ) |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income (Loss) | The changes in the components of Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2016 2015 2014 In millions Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments Gain (Loss) $ 21.0 $ (8.0 ) $ 13.0 $ (1.0 ) $ 0.3 $ (0.7 ) $ (11.2 ) $ 4.3 $ (6.9 ) Pension and Postretirement Benefit Plans 7.9 (3.9 ) 4.0 40.0 (13.2 ) 26.8 (165.8 ) 60.3 (105.5 ) Currency Translation Adjustment (58.9 ) — (58.9 ) (37.2 ) — (37.2 ) (34.7 ) 0.7 (34.0 ) Other Comprehensive (Loss) Income $ (30.0 ) $ (11.9 ) $ (41.9 ) $ 1.8 $ (12.9 ) $ (11.1 ) $ (211.7 ) $ 65.3 $ (146.4 ) |
Balance in Accumulated Other Comprehensive Income (Loss) | The balances of Accumulated Other Comprehensive Loss, net of applicable taxes are as follows: December 31, In millions 2016 2015 Accumulated Derivative Instruments Loss $ (5.4 ) $ (18.4 ) Pension and Postretirement Benefit Plans (235.5 ) (239.5 ) Currency Translation Adjustment (146.7 ) (87.8 ) Accumulated Other Comprehensive Loss $ (387.6 ) $ (345.7 ) The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2016 (a) : In millions Derivatives Instruments Pension Benefit Plans Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2015 $ (18.4 ) $ (255.4 ) $ 15.9 $ (87.8 ) $ (345.7 ) Other Comprehensive Income (Loss) before Reclassifications 3.7 (12.3 ) 0.2 (58.9 ) (67.3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 9.3 17.5 (1.4 ) — 25.4 Net Current-period Other Comprehensive Income (Loss) 13.0 5.2 (1.2 ) (58.9 ) (41.9 ) Balance at December 31, 2016 $ (5.4 ) $ (250.2 ) $ 14.7 $ (146.7 ) $ (387.6 ) (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, 2016 | |
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, 2016 , are as follows: In millions Capital Leases Operating Leases Total 2017 $ 2.1 $ 41.5 $ 43.6 2018 2.1 35.7 37.8 2019 1.8 22.6 24.4 2020 1.8 17.7 19.5 2021 1.8 15.8 17.6 Thereafter 17.6 39.7 57.3 Total Minimum Lease Payments 27.2 173.0 200.2 Less: Amount Representing Interest (9.3 ) — (9.3 ) Present Value of Net Minimum Leases $ 17.9 $ 173.0 $ 190.9 |
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, 2016 , are as follows: In millions Capital Leases Operating Leases Total 2017 $ 2.1 $ 41.5 $ 43.6 2018 2.1 35.7 37.8 2019 1.8 22.6 24.4 2020 1.8 17.7 19.5 2021 1.8 15.8 17.6 Thereafter 17.6 39.7 57.3 Total Minimum Lease Payments 27.2 173.0 200.2 Less: Amount Representing Interest (9.3 ) — (9.3 ) Present Value of Net Minimum Leases $ 17.9 $ 173.0 $ 190.9 |
Long-term purchase commitments | At December 31, 2016 , total commitments under these contracts were as follows: In millions 2017 $ 145.0 2018 121.9 2019 76.7 2020 40.2 2021 40.1 Thereafter 298.6 Total $ 722.5 |
Business Segment and Geograph40
Business Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Business segment information is as follows: Year Ended December 31, In millions 2016 2015 2014 NET SALES: Paperboard Mills $ 394.7 $ 480.5 $ 380.6 Americas Paperboard Packaging 3,316.9 3,049.6 3,006.7 Europe Paperboard Packaging 569.9 603.9 596.6 Flexible Packaging — — 215.6 Corporate/Other/Eliminations 16.6 26.2 41.0 Total $ 4,298.1 $ 4,160.2 $ 4,240.5 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ (7.8 ) $ 12.9 $ 8.5 Americas Paperboard Packaging 416.8 403.9 412.0 Europe Paperboard Packaging 25.4 40.8 32.5 Flexible Packaging (a) — — (186.1 ) Corporate and Other (38.4 ) (30.5 ) (39.1 ) Total $ 396.0 $ 427.1 $ 227.8 CAPITAL EXPENDITURES: Paperboard Mills $ 184.2 $ 145.0 $ 106.0 Americas Paperboard Packaging 52.3 50.9 45.7 Europe Paperboard Packaging 37.1 39.9 37.4 Flexible Packaging — — 5.6 Corporate and Other 21.0 8.3 6.7 Total $ 294.6 $ 244.1 $ 201.4 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 120.3 $ 124.7 $ 114.5 Americas Paperboard Packaging 130.4 108.9 101.0 Europe Paperboard Packaging 41.1 40.1 34.7 Flexible Packaging — — 11.0 Corporate and Other 7.5 6.8 8.8 Total $ 299.3 $ 280.5 $ 270.0 (a) Includes Loss on Sale of Assets of multi-wall bag business of $171.1 million in 2014. December 31, In millions 2016 2015 2014 ASSETS AT DECEMBER 31: Paperboard Mills $ 1,496.1 $ 1,445.0 $ 1,373.5 Americas Paperboard Packaging 2,552.1 2,157.1 2,076.8 Europe Paperboard Packaging 491.9 574.0 607.9 Corporate and Other 63.3 80.0 79.4 Total $ 4,603.4 $ 4,256.1 $ 4,137.6 |
Schedule of Segment Reporting Information, by Geographical Areas | Business geographic area information is as follows: Year Ended December 31, In millions 2016 2015 2014 NET SALES: Americas (a) $ 3,601.7 $ 3,492.6 $ 3,341.5 Europe 569.9 603.9 596.6 Asia Pacific 198.1 117.4 129.4 Corporate and Other (71.6 ) (53.7 ) 173.0 Total $ 4,298.1 $ 4,160.2 $ 4,240.5 In millions 2016 2015 2014 ASSETS AT DECEMBER 31: Americas (a) $ 3,923.2 $ 3,590.4 $ 3,447.0 Europe 491.9 574.0 607.9 Asia Pacific 188.3 91.7 82.7 Total $ 4,603.4 $ 4,256.1 $ 4,137.6 (a) Includes North America and Brazil. |
Quarterly Financial Informati41
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Results of operations for the four quarters of 2016 and 2015 are shown below. 2016 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,034.0 $ 1,103.2 $ 1,103.7 $ 1,057.2 $ 4,298.1 Gross Profit 207.7 204.8 191.3 188.1 791.9 Business Combinations and Other Special Charges 10.5 5.3 7.4 13.9 37.1 Income from Operations 107.2 105.6 105.1 78.1 396.0 Net Income 57.5 77.8 57.8 34.9 228.0 Net Income Per Share — Basic $ 0.18 $ 0.24 $ 0.18 $ 0.11 $ 0.71 Net Income Per Share — Diluted $ 0.18 $ 0.24 $ 0.18 $ 0.11 $ 0.71 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 Business Combinations 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | Year Ended December 31, In millions, except per share data 2016 2015 2014 Net Income Attributable to Graphic Packaging Holding Company $ 228.0 $ 230.1 $ 89.7 Weighted Average Shares: Basic 320.9 329.5 328.6 Dilutive effect of RSUs 0.6 1.2 1.9 Diluted 321.5 330.7 330.5 Earnings Per Share — Basic $ 0.71 $ 0.70 $ 0.27 Earnings Per Share — Diluted $ 0.71 $ 0.70 $ 0.27 |
Other Comprehensive (Loss) In43
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Changes in AOCI by Component | The balances of Accumulated Other Comprehensive Loss, net of applicable taxes are as follows: December 31, In millions 2016 2015 Accumulated Derivative Instruments Loss $ (5.4 ) $ (18.4 ) Pension and Postretirement Benefit Plans (235.5 ) (239.5 ) Currency Translation Adjustment (146.7 ) (87.8 ) Accumulated Other Comprehensive Loss $ (387.6 ) $ (345.7 ) The following represents changes in Accumulated Other Comprehensive (Loss) Income by component for the year ended December 31, 2016 (a) : In millions Derivatives Instruments Pension Benefit Plans Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2015 $ (18.4 ) $ (255.4 ) $ 15.9 $ (87.8 ) $ (345.7 ) Other Comprehensive Income (Loss) before Reclassifications 3.7 (12.3 ) 0.2 (58.9 ) (67.3 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (b) 9.3 17.5 (1.4 ) — 25.4 Net Current-period Other Comprehensive Income (Loss) 13.0 5.2 (1.2 ) (58.9 ) (41.9 ) Balance at December 31, 2016 $ (5.4 ) $ (250.2 ) $ 14.7 $ (146.7 ) $ (387.6 ) (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, 2016 : 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 $ 12.5 Cost of Sales Foreign Currency Contracts 0.5 Other Expense, Net Interest Rate Swap Agreements 2.0 Interest Expense, Net 15.0 Total before Tax (5.7 ) Tax Benefit $ 9.3 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.8 (c) Actuarial Losses 27.3 (c) 28.1 Total before Tax (10.6 ) Tax Benefit $ 17.5 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.2 ) (c) Actuarial Gains (2.1 ) (c) (2.3 ) Total before Tax 0.9 Tax Expense $ (1.4 ) Net of Tax Total Reclassifications for the Period $ 25.4 (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 Consolida44
Guarantor Condensed Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Schedule of Guarantor Condensed Consolidating Statements of Operations | Year Ended December 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,462.5 $ 106.2 $ 1,051.3 $ (321.9 ) $ 4,298.1 Cost of Sales — 2,812.2 88.6 927.3 (321.9 ) 3,506.2 Selling, General and Administrative — 264.4 11.2 80.1 — 355.7 Other (Income) Expense, Net — (3.8 ) — 6.9 — 3.1 Business Combinations and Other Special Charges — 32.9 — 4.2 — 37.1 Income from Operations — 356.8 6.4 32.8 — 396.0 Interest Expense, Net — (72.3 ) — (4.3 ) — (76.6 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 284.5 6.4 28.5 — 319.4 Income Tax Expense — (81.5 ) (2.6 ) (9.1 ) — (93.2 ) Income before Equity Income of Unconsolidated Entity — 203.0 3.8 19.4 — 226.2 Equity Income of Unconsolidated Entity — — — 1.8 — 1.8 Equity in Net Earnings of Subsidiaries 228.0 25.0 (6.1 ) — (246.9 ) — Net Income (Loss) 228.0 228.0 (2.3 ) 21.2 (246.9 ) 228.0 Comprehensive Income (Loss) $ 186.1 $ 186.1 $ 16.8 $ (65.7 ) $ (137.2 ) $ 186.1 Year Ended December 31, 2015 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,363.6 $ 1.6 $ 1,037.2 $ (242.2 ) $ 4,160.2 Cost of Sales — 2,730.2 (1.1 ) 884.2 (242.2 ) 3,371.1 Selling, General and Administrative — 274.9 2.5 70.3 — 347.7 Other (Income) Expense, Net — (10.7 ) — 3.0 — (7.7 ) Business Combinations and Other Special Charges — 6.1 — 15.9 — 22.0 Income from Operations — 363.1 0.2 63.8 — 427.1 Interest (Expense) Income, Net — (64.9 ) — (2.9 ) — (67.8 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 298.2 0.2 60.9 — 359.3 Income Tax Expense — (115.8 ) (0.2 ) (14.4 ) — (130.4 ) Income before Equity Income of Unconsolidated Entity — 182.4 — 46.5 — 228.9 Equity Income of Unconsolidated Entity — — — 1.2 — 1.2 Equity in Net Earnings of Subsidiaries 230.1 47.7 (1.3 ) — (276.5 ) — Net Income (Loss) 230.1 230.1 (1.3 ) 47.7 (276.5 ) 230.1 Comprehensive Income (Loss) $ 219.0 $ 219.0 $ (5.9 ) $ (2.7 ) $ (210.4 ) $ 219.0 Year Ended December 31, 2014 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 3,416.6 $ 7.4 $ 1,064.9 $ (248.4 ) $ 4,240.5 Cost of Sales — 2,742.4 4.0 955.3 (248.4 ) 3,453.3 Selling, General and Administrative — 303.1 0.7 61.7 — 365.5 Other (Income) Expense, Net — (5.9 ) (0.2 ) 2.4 — (3.7 ) Business Combinations and Other Special Charges — 6.7 5.9 185.0 — 197.6 Income (Loss) from Operations — 370.3 (3.0 ) (139.5 ) — 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 — 281.8 (3.0 ) (146.1 ) — 132.7 Income Tax (Expense) Benefit — (95.6 ) (8.3 ) 58.5 — (45.4 ) Income (Loss) before Equity Income of Unconsolidated Entities — 186.2 (11.3 ) (87.6 ) — 87.3 Equity Income of Unconsolidated Entities — — — 1.7 — 1.7 Equity in Net Earnings of Subsidiaries 89.0 (97.2 ) (0.6 ) — 8.8 — Net Income (Loss) $ 89.0 $ 89.0 $ (11.9 ) $ (85.9 ) $ 8.8 $ 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 $ (11.9 ) $ (85.9 ) $ 8.1 $ 89.7 Comprehensive (Loss) Income Attributable to Graphic Packaging Holding Company $ (56.7 ) $ (56.7 ) $ (15.9 ) $ (144.4 ) $ 217.0 $ (56.7 ) |
Schedule of Guarantor Condensed Consolidating Balance Sheets | Year Ended December 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated ASSETS Current Assets: Cash and Cash Equivalents $ — $ 0.9 $ 1.2 $ 57.0 $ — $ 59.1 Receivables, Net — 183.7 10.1 233.0 — 426.8 Inventories, Net — 403.8 16.1 163.0 — 582.9 Intercompany — 1,077.5 73.3 — (1,150.8 ) — Other Current Assets — 36.4 — 9.7 — 46.1 Total Current Assets — 1,702.3 100.7 462.7 (1,150.8 ) 1,114.9 Property, Plant and Equipment, Net — 1,435.8 64.1 252.0 — 1,751.9 Investment in Consolidated Subsidiaries 1,362.9 — 12.3 — (1,375.2 ) — Goodwill — 1,098.9 55.5 105.9 — 1,260.3 Other Assets — 314.8 65.6 95.9 — 476.3 Total Assets $ 1,362.9 $ 4,551.8 $ 298.2 $ 916.5 $ (2,526.0 ) $ 4,603.4 LIABILITIES Current Liabilities: Short-Term Debt and Current Portion of Long-Term Debt $ — $ 26.0 $ — $ 37.4 $ — $ 63.4 Accounts Payable — 354.3 8.5 103.7 — 466.5 Interest Payable — 15.4 — — — 15.4 Intercompany 306.4 — — 913.0 (1,219.4 ) — Other Accrued Liabilities — 163.2 3.0 68.3 — 234.5 Total Current Liabilities 306.4 558.9 11.5 1,122.4 (1,219.4 ) 779.8 Long-Term Debt — 2,042.4 — 46.1 — 2,088.5 Deferred Income Tax Liabilities — 342.1 43.3 22.6 — 408.0 Other Noncurrent Liabilities — 245.5 — 25.1 — 270.6 EQUITY Total Equity 1,056.5 1,362.9 243.4 (299.7 ) (1,306.6 ) 1,056.5 Total Liabilities and Equity $ 1,362.9 $ 4,551.8 $ 298.2 $ 916.5 $ (2,526.0 ) $ 4,603.4 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 $ — $ 54.8 $ — $ 54.9 Receivables, Net — 217.0 — 206.9 — 423.9 Inventories, Net — 408.8 — 148.3 — 557.1 Intercompany — 656.4 21.6 — (678.0 ) — Other Current Assets — 19.2 6.3 5.4 — 30.9 Total Current Assets — 1,301.5 27.9 415.4 (678.0 ) 1,066.8 Property, Plant and Equipment, Net — 1,358.0 0.2 228.2 — 1,586.4 Investment in Consolidated Subsidiaries 1,176.8 — 15.2 — (1,192.0 ) — Goodwill — 1,042.8 — 125.0 — 1,167.8 Other Assets — 334.7 — 100.4 — 435.1 Total Assets $ 1,176.8 $ 4,037.0 $ 43.3 $ 869.0 $ (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 — 342.8 — 115.1 — 457.9 Interest Payable — 9.2 — — — 9.2 Intercompany 75.1 — — 808.8 (883.9 ) — Other Accrued Liabilities — 182.6 — 45.9 — 228.5 Total Current Liabilities 75.1 560.1 — 980.9 (883.9 ) 732.2 Long-Term Debt — 1,761.4 — 77.5 — 1,838.9 Deferred Income Tax Liabilities — 249.2 — 17.5 — 266.7 Other Noncurrent Liabilities — 289.5 — 27.1 — 316.6 EQUITY Total Equity 1,101.7 1,176.8 43.3 (234.0 ) (986.1 ) 1,101.7 Total Liabilities and Equity $ 1,176.8 $ 4,037.0 $ 43.3 $ 869.0 $ (1,870.0 ) $ 4,256.1 |
Schedule of Guarantor Condensed Consolidating Statements of Cash Flows | Year Ended December 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 228.0 $ 228.0 $ (2.3 ) $ 21.2 $ (246.9 ) $ 228.0 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 233.4 12.9 53.0 — 299.3 Deferred Income Taxes — 77.5 1.7 (2.5 ) — 76.7 Amount of Postretirement Expense Less Than Funding — (25.8 ) — (5.5 ) — (31.3 ) Loss on the Sale of Assets — 0.7 — 0.1 — 0.8 Equity in Net Earnings of Subsidiaries (228.0 ) (25.0 ) 6.1 — 246.9 — Other, Net — 30.1 — (0.7 ) — 29.4 Changes in Operating Assets and Liabilities — 44.9 (17.2 ) 10.8 — 38.5 Net Cash Provided by Operating Activities — 563.8 1.2 76.4 — 641.4 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (239.7 ) — (38.9 ) — (278.6 ) Package Machinery Spending — (9.4 ) — (6.6 ) — (16.0 ) Acquisition of Businesses, Net of Cash Acquired — (173.1 ) — (159.6 ) — (332.7 ) Other, Net 240.6 (166.0 ) — — (79.8 ) (5.2 ) Net Cash Provided by (Used in) by Investing Activities 240.6 (588.2 ) — (205.1 ) (79.8 ) (632.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (164.9 ) — — — — (164.9 ) Proceeds from Issuance or Modification of Debt — 300.0 — — — 300.0 Payments on Debt — (25.0 ) — — — (25.0 ) Borrowings under Revolving Credit Facilities — 1,136.0 — 64.0 — 1,200.0 Payments on Revolving Credit Facilities — (1,143.5 ) — (92.3 ) — (1,235.8 ) Debt Issuance Cost — (5.3 ) — — — (5.3 ) Payments of Dividends (64.4 ) — — — — (64.4 ) Repurchase of Common Stock related to Share-Based Payments (11.3 ) — — — — (11.3 ) Other, Net — (237.0 ) — 160.8 79.8 3.6 Net Cash (Used in) Provided by Financing Activities (240.6 ) 25.2 — 132.5 79.8 (3.1 ) Effect of Exchange Rate Changes on Cash — — — (1.6 ) — (1.6 ) Net Increase in Cash and Cash Equivalents — 0.8 1.2 2.2 — 4.2 Cash and Cash Equivalents at Beginning of Period — 0.1 — 54.8 — 54.9 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 0.9 $ 1.2 $ 57.0 $ — $ 59.1 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 $ (1.3 ) $ 47.7 $ (276.5 ) $ 230.1 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 239.2 0.1 41.2 — 280.5 Deferred Income Taxes — 108.5 — 1.5 — 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 ) (47.7 ) 1.3 — 276.5 — Other, Net — 31.6 — (6.5 ) — 25.1 Changes in Operating Assets and Liabilities 0.3 (99.0 ) 0.3 79.4 — (19.0 ) Net Cash Provided by Operating Activities 0.3 433.2 0.4 155.3 — 589.2 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (188.7 ) (0.4 ) (39.8 ) — (228.9 ) Package Machinery Spending — (12.5 ) — (2.7 ) — (15.2 ) Acquisition of Business, 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) 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 Decrease in Cash and Cash Equivalents — (1.9 ) — (24.8 ) — (26.7 ) Cash and Cash Equivalents at Beginning of Period — 2.0 — 79.6 — 81.6 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 0.1 $ — $ 54.8 $ — $ 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 $ (11.9 ) $ (85.9 ) $ 8.8 $ 89.0 Non-cash Items Included in Net Income: Depreciation and Amortization — 224.8 0.1 45.1 — 270.0 Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt — 4.6 — — — 4.6 Deferred Income Taxes — 88.2 8.2 (63.3 ) — 33.1 Amount of Postretirement Expense Less Than Funding — (43.7 ) — (2.6 ) — (46.3 ) Equity in Net Earnings of Subsidiaries (89.0 ) 97.2 0.6 — (8.8 ) — 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 — (24.3 ) 3.3 (35.2 ) 16.0 (40.2 ) Net Cash Provided by Operating Activities — 479.0 7.0 24.6 16.0 526.6 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (134.0 ) (5.5 ) (47.6 ) — (187.1 ) Packaging Machinery Spending — (11.6 ) — (2.7 ) — (14.3 ) Proceeds from Government Grant — 26.9 — — — 26.9 Acquisition of Business — — — (190.7 ) — (190.7 ) Cash Acquired Related to Business Acquisition — — — 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 (124.4 ) 65.5 (124.0 ) (16.0 ) (183.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance or Modification of Debt — 250.0 — — — 250.0 Retirements 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 Increase in Cash and Cash Equivalents — 0.7 — 28.7 — 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 $ — $ 79.6 $ — $ 81.6 |
Nature of Business and Summar45
Nature of Business and Summary of Significant Accounting Policies - Principals of Consolidation (Details) | Dec. 31, 2016 |
Investment [Line Items] | |
Ownership percentage | 100.00% |
Rengo Riverwood Packaging, Ltd. | |
Investment [Line Items] | |
Ownership percentage | 50.00% |
Nature of Business and Summar46
Nature of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Receivables sold and derecognized | $ 1,300 | $ 1,100 |
Amount collected by financial institution | 1,200 | 920 |
Amounted funded by financial institution | 116 | 154 |
Receivable from financial institution | 31 | 51 |
Receivables sold | 66 | 129 |
Amount transferred subject to continuing involvement | $ 376 | $ 282 |
Nature of Business and Summar47
Nature of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - customer | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 Summar48
Nature of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Spending threshold for capitalization of interest | $ 1 | ||
Capitalized interest | 1.3 | $ 0.8 | $ 1.6 |
Depreciation | $ 240 | $ 227.6 | $ 221.6 |
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 Summar49
Nature of Business and Summary of Significant Accounting Policies - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 861.1 | $ 746.7 | |
Accumulated amortization | (415.8) | (360) | |
Net carrying amount | 445.3 | 386.7 | |
Amortization | 59.3 | 52.9 | $ 48.4 |
Future Amortization Expense, 2017 | 58 | ||
Future Amortization Expense, 2018 | 56 | ||
Future Amortization Expense, 2019 | 54 | ||
Future Amortization Expense, 2020 | 50 | ||
Future Amortization Expense, 2021 | 43 | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 736 | 627.2 | |
Accumulated amortization | (321) | (269) | |
Net carrying amount | 415 | 358.2 | |
Patents, Trademarks and Licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 125.1 | 119.5 | |
Accumulated amortization | (94.8) | (91) | |
Net carrying amount | $ 30.3 | $ 28.5 |
Nature of Business and Summar50
Nature of Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,167,800,000 | $ 1,118,100,000 |
Acquisition of Businesses | 112,900,000 | 55,600,000 |
Foreign Currency Effects | (20,400,000) | (5,900,000) |
Goodwill, ending balance | 1,260,300,000 | 1,167,800,000 |
Paperboard Mills | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 408,500,000 | 408,500,000 |
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 | 698,300,000 | 644,100,000 |
Acquisition of Businesses | 112,900,000 | 55,600,000 |
Foreign Currency Effects | (8,400,000) | (1,400,000) |
Goodwill, ending balance | 802,800,000 | 698,300,000 |
Europe Paperboard Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 61,000,000 | 65,500,000 |
Acquisition of Businesses | 0 | 0 |
Foreign Currency Effects | (12,000,000) | (4,500,000) |
Goodwill, ending balance | $ 49,000,000 | $ 61,000,000 |
Nature of Business and Summar51
Nature of Business and Summary of Significant Accounting Policies - Research and Development and Restructuring and Other Special Charges, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Research and development expense | $ 14.9 | $ 13.8 | $ 14.9 | ||||||||
Restructuring and Other Special Charges, Net | |||||||||||
Net Charges Associated with Business Combinations | 21.2 | 14 | 12.4 | ||||||||
Other Special Charges | 15.9 | 6.1 | 5.1 | ||||||||
Loss (Gain) on Sale or Closure of Certain Assets | 0 | 1.9 | 180.1 | ||||||||
Restructuring and Other Special Charges | $ 13.9 | $ 7.4 | $ 5.3 | $ 10.5 | $ 7.9 | $ 8 | $ 3.9 | $ 2.2 | $ 37.1 | $ 22 | $ 197.6 |
Nature of Business and Summar52
Nature of Business and Summary of Significant Accounting Policies - Capital Allocation Plan, Equity Offerings and Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Oct. 24, 2016 | Jul. 29, 2016 | May 25, 2016 | Feb. 25, 2016 | Nov. 19, 2015 | Jul. 30, 2015 | May 20, 2015 | Feb. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||||||||
Share repurchase program, authorized amount | $ 250 | ||||||||||
Number of shares repurchased | 13.2 | 4.6 | |||||||||
Shares repurchased, value | $ 168.8 | $ 63 | |||||||||
Share price (in dollars per share) | $ 12.77 | $ 13.60 | |||||||||
Dividends declared (in dollars per share) | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |||
Dividends declared | $ 71.7 | $ 65.5 | |||||||||
Cash dividends paid | 64.4 | $ 49.3 | $ 0 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 18 |
Nature of Business and Summar53
Nature of Business and Summary of Significant Accounting Policies - Adoption of New Accounting Standards (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase in net deferred tax liabilities, noncurrent | $ 408 | $ 266.7 |
Reclassification of deferred debt issuance costs | $ 15.9 | 13.7 |
New Accounting Pronouncement, Early Adoption, Effect | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
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) |
Nature of Business and Summar54
Nature of Business and Summary of Significant Accounting Policies Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 24, 2016 | Jul. 29, 2016 | May 25, 2016 | Feb. 25, 2016 | Nov. 19, 2015 | Jul. 30, 2015 | May 20, 2015 | Feb. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends Declared [Abstract] | |||||||||||
Dividends | $ 71.7 | $ 65.5 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.075 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |||
Payments of Dividends | $ 64.4 | $ 49.3 | $ 0 |
Supplemental Balance Sheet Da55
Supplemental Balance Sheet Data - Receivables, Net (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade | $ 370 | $ 344.3 |
Less: Allowance | (6.7) | (7.5) |
Trade Receivables, Net, Current | 363.3 | 336.8 |
Other | 63.5 | 87.1 |
Total | 426.8 | 423.9 |
Receivable from financial institution | $ 31 | $ 51 |
Supplemental Balance Sheet Da56
Supplemental Balance Sheet Data - Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished Goods | $ 238.3 | $ 265.5 |
Work in Progress | 73.5 | 50.4 |
Raw Materials | 187.2 | 163 |
Supplies | 83.9 | 78.2 |
Total | $ 582.9 | $ 557.1 |
Supplemental Balance Sheet Da57
Supplemental Balance Sheet Data - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid Assets | $ 34.1 | $ 30.5 |
Disposal Group, Including Discontinued Operation, Assets, Current | 5 | 0 |
Fair Value of Derivatives, current portion | 7 | 0.4 |
Total | $ 46.1 | $ 30.9 |
Supplemental Balance Sheet Da58
Supplemental Balance Sheet Data - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | $ 4,753.4 | $ 4,482.3 |
Less: Accumulated Depreciation | (3,001.5) | (2,895.9) |
Total | 1,751.9 | 1,586.4 |
Land and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 105.9 | 101.9 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 404.1 | 379.7 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 4,137 | 3,844.3 |
Gross assets under capital lease | 25.6 | 8.8 |
Accumulated depreciation related to assets under capital lease | 5 | 4.1 |
Construction-in-Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | $ 106.4 | $ 156.4 |
Supplemental Balance Sheet Da59
Supplemental Balance Sheet Data - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | $ 9.3 | $ 7.7 |
Deferred Debt Issuance Costs, Net of Amortization of $9.3 million and $7.7 million for 2016 and 2015, respectively | 4.5 | 6.1 |
Deferred Income Tax Assets | 3.2 | 3.6 |
Pension Assets | 3 | 10.4 |
Long-term Receivables | 0 | 9.4 |
Fair Value of Derivatives, noncurrent portion | 0.7 | 0 |
Other | 19.6 | 18.9 |
Total | $ 31 | $ 48.4 |
Supplemental Balance Sheet Da60
Supplemental Balance Sheet Data - Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Dividends Payable | $ 23.6 | $ 16.3 |
Deferred Revenue, Current | 11.4 | 19.5 |
Accrued Customer Rebates | 8 | 6.6 |
Fair Value of Derivatives, current portion | 0.8 | 14.2 |
Other | 83.4 | 52.2 |
Total | $ 127.2 | $ 108.8 |
Supplemental Balance Sheet Da61
Supplemental Balance Sheet Data - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Revenue | $ 6.7 | $ 6.1 |
Multi-employer Plans | 30.4 | 30.5 |
Workers Compensation Reserve | 10.7 | 11.6 |
Other | 20.3 | 21.1 |
Total | $ 68.1 | $ 69.3 |
Supplemental Cash Flow Inform62
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | |||
Receivables, Net | $ 25.5 | $ (1.5) | $ (25.5) |
Inventories, Net | 10.5 | (19.7) | (50.4) |
Prepaid Expenses | (1.2) | 0.1 | 4.8 |
Other Assets | 8.5 | (12.4) | 9.2 |
Accounts Payable | 4.3 | 12.7 | 13.3 |
Compensation and Employee Benefits | (21.7) | (1.9) | 9.6 |
Income Taxes | 1.7 | 0.9 | 9 |
Interest Payable | 5 | (1.1) | (7.4) |
Other Accrued Liabilities | 12.8 | (3.9) | (6.3) |
Other Noncurrent Liabilities | (6.9) | 7.8 | 3.5 |
Total | 38.5 | (19) | (40.2) |
Cash paid for interest and cash paid, net of refunds, for income taxes | |||
Interest | 64.9 | 60.9 | 79.1 |
Income Taxes | $ 14.5 | $ 11.2 | $ 12.2 |
Acquisitions - Additional Discl
Acquisitions - Additional Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 1,057.2 | $ 1,103.7 | $ 1,103.2 | $ 1,034 | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 4,298.1 | $ 4,160.2 | $ 4,240.5 |
Income (Loss) from Operations | $ 78.1 | $ 105.1 | $ 105.6 | $ 107.2 | $ 101.6 | $ 110 | $ 110.2 | $ 105.3 | 396 | 427.1 | 227.8 |
Payments to Acquire Businesses, Net of Cash Acquired | $ 332.7 | 163.2 | 173.8 | ||||||||
Acquisition of Business | $ 190.7 | ||||||||||
2016 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 2 months 12 days | ||||||||||
Revenues | $ 246 | ||||||||||
Income (Loss) from Operations | 0 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 333 | ||||||||||
Acquisition of Business | 344.1 | ||||||||||
Total Purchase Consideration | $ 375.2 | ||||||||||
North American Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 164 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Acquisition of Business | $ 190.7 | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 332.7 | $ 163.2 | 173.8 |
Goodwill | $ 1,260.3 | 1,167.8 | $ 1,118.1 |
2016 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 2 months 12 days | ||
Acquisition of Business | $ 344.1 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 31.1 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 333 | ||
Total Purchase Consideration | 375.2 | ||
Cash and Cash Equivalents | 11.4 | ||
Receivables, Net | 39.1 | ||
Inventories, Net | 48 | ||
Other Current Assets | 2.5 | ||
Property, Plant and Equipment, Net | 135.4 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 124.6 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 124.6 | ||
Other Assets | 9.6 | ||
Total Assets Acquired | 370.6 | ||
Current Liabilities | 48.8 | ||
Deferred Tax Liabilities | 58 | ||
Other Noncurrent Liabilities | 1.5 | ||
Total Liabilities Assumed | 108.3 | ||
Net Assets Acquired | 262.3 | ||
Goodwill | 112.9 | ||
Total Estimated Fair Value of Net Assets Acquired | 375.2 | ||
Measurement Period Adjustments | |||
Purchase Price | 6.7 | ||
Cash and Cash Equivalents | 0 | ||
Receivables, Net | 0 | ||
Inventories, Net | 3.3 | ||
Other Current Assets | (0.3) | ||
Property, Plant and Equipment, Net | 28.6 | ||
Other Assets | 0 | ||
Total Assets Acquired | 156.2 | ||
Current Liabilities | (1.4) | ||
Deferred Tax Liabilities | 49 | ||
Other Noncurrent Liabilities | 1.5 | ||
Total Liabilities Assumed | 49.1 | ||
Net Assets Acquired | 107.1 | ||
Goodwill | (100.4) | ||
Total Estimated Fair Value of Net Assets Acquired | 6.7 | ||
North American Acquisitions | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 164 | ||
Previously Reported [Member] | 2016 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition of Business | 337.4 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 31.1 | ||
Total Purchase Consideration | 368.5 | ||
Cash and Cash Equivalents | 11.4 | ||
Receivables, Net | 39.1 | ||
Inventories, Net | 44.7 | ||
Other Current Assets | 2.8 | ||
Property, Plant and Equipment, Net | 106.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | ||
Other Assets | 9.6 | ||
Total Assets Acquired | 214.4 | ||
Current Liabilities | 50.2 | ||
Deferred Tax Liabilities | 9 | ||
Other Noncurrent Liabilities | 0 | ||
Total Liabilities Assumed | 59.2 | ||
Net Assets Acquired | 155.2 | ||
Goodwill | 213.3 | ||
Total Estimated Fair Value of Net Assets Acquired | $ 368.5 |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |||
Short Term Borrowings | $ 37.1 | $ 10.8 | |
Current Portion of Capital Lease Obligations | 1.3 | 0.8 | |
Current Portion of Long-Term Debt | 25 | 25 | |
Total | $ 63.4 | $ 36.6 | |
Weighted average interest rate on short-term borrowings | 3.20% | 9.20% |
Debt - Long-Term Debt Instrumen
Debt - Long-Term Debt Instruments (Details) - USD ($) | Dec. 31, 2016 | Aug. 11, 2016 | Dec. 31, 2015 | Nov. 30, 2014 | Mar. 31, 2012 |
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 17,900,000 | $ 1,800,000 | |||
Long-term debt and capital lease obligations | 2,130,700,000 | 1,878,400,000 | |||
Long-term Debt and Capital Lease Obligations, Current | 26,300,000 | 25,800,000 | |||
Long-term debt and capital lease obligations, noncurrent portion | 2,104,400,000 | 1,852,600,000 | |||
Less: unamortized deferred debt issuance costs | 15,900,000 | 13,700,000 | |||
Total | 2,088,500,000 | 1,838,900,000 | |||
Senior Notes | Senior Notes with interest payable semi-annually at 4.125%, payable in 2024 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 300,000,000 | $ 0 | |||
Stated interest rate | 4.125% | 0.00% | |||
Principal amount | $ 300,000,000 | ||||
Interest rate at period end | 4.20% | 0.00% | |||
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 | 4.875% | 4.125% | 4.875% | 4.875% | |
Principal amount | $ 250,000,000 | ||||
Interest rate at period end | 4.94% | 4.95% | |||
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 | 4.75% | 4.75% | |||
Interest rate at period end | 4.79% | 4.80% | |||
Term Loans | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 950,000,000 | $ 975,000,000 | |||
Principal amount | $ 1,000,000,000 | ||||
Interest rate at period end | 2.20% | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 184,800,000 | 224,800,000 | |||
Interest rate at period end | 2.10% | ||||
Other Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 3,000,000 | $ 1,800,000 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt Maturities | ||
2,017 | $ 25 | |
2,018 | 51 | |
2,019 | 1,060.5 | |
2,020 | 0.6 | |
2,021 | 425.4 | |
After 2,021 | 550.3 | |
Total | $ 2,112.8 | $ 1,876.6 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 11, 2016 | |
Debt Instrument [Line Items] | |||||
Loss on Modification or Extinguishment of Debt | $ 0 | $ 0 | $ 14,400,000 | ||
Senior Notes | Senior Notes Payable in 2024 | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 300,000,000 | ||||
Stated interest rate | 4.125% | 0.00% | |||
Senior Notes | Senior Notes due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 250,000,000 | ||||
Stated interest rate | 4.875% | 4.875% | 4.875% | 4.125% | |
Deferred financing costs | $ 4,400,000 | $ 5,400,000 | |||
Senior Notes | Senior Notes Payable in 2018 [Member] | |||||
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 | ||||
Senior Notes | Senior Notes due in 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.75% | 4.75% |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) € in Millions, ¥ in Billions | 1 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2014EUR (€) | Sep. 30, 2013JPY (¥) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) | Dec. 31, 2012USD ($) | Mar. 31, 2012USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||
Total Commitments | $ 1,469,600,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | $ 0 | $ (14,400,000) | |||||||||
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 | $ 167,000,000 | |||||||||||
Deferred financing costs | $ 2,200,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 2,300,000 | $ 1,200,000 | $ 2,100,000 | 8,900,000 | ||||||||
Revolving Credit Facility and Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Deferred financing costs | 2,400,000 | |||||||||||
Term Loans | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Principal amount | $ 1,000,000,000 | |||||||||||
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 | ¥ 2.5 | $ 25,000,000 |
Debt - Credit Facilities - Comm
Debt - Credit Facilities - Commitments, Amounts Outstanding, and Amounts Available (Details) $ in Millions | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Total Commitments | $ 1,469.6 |
Total Outstanding | 224.9 |
Total Available | 1,222.4 |
Standby letters of credit issued | 22.3 |
Senior Secured Domestic Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Total Commitments | 1,250 |
Total Outstanding | 142 |
Total Available | 1,085.7 |
Senior Secured International Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Total Commitments | 167 |
Total Outstanding | 42.8 |
Total Available | 124.2 |
Other International Facilities | |
Line of Credit Facility [Line Items] | |
Total Commitments | 52.6 |
Total Outstanding | 40.1 |
Total Available | $ 12.5 |
Stock Incentive Plans - RSUs an
Stock Incentive Plans - RSUs and Stock Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
RSUs - Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (shares) | 1,891,335 | 1,751,823 | 2,153,885 |
Weighted-average grant date fair value (in dollars per share) | $ 11.20 | $ 13.28 | $ 10.22 |
Stock Awards - Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (shares) | 59,880 | 54,120 | 77,139 |
Weighted-average grant date fair value (in dollars per share) | $ 13.36 | $ 14.78 | $ 10.50 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Unvested RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Outstanding - beginning of period (shares) | 5,439,588 | 7,613,698 | 9,836,133 |
Granted (shares) | 1,891,335 | 1,751,823 | 2,153,885 |
Released (shares) | (2,596,292) | (3,657,373) | (3,619,979) |
Canceled (shares) | (66,956) | (268,560) | (756,341) |
Outstanding - end of period (shares) | 4,667,675 | 5,439,588 | 7,613,698 |
Weighted Average Grant Date Fair Value | |||
Outstanding - beginning of period (in dollars per share) | $ 10.22 | $ 7.20 | $ 5.86 |
Granted (in dollars per share) | 11.20 | 13.28 | 10.22 |
Released (in dollars per share) | 7.29 | 5.45 | 5.18 |
Canceled (in dollars per share) | 12.74 | 9.32 | 7.45 |
Outstanding - end of period (in dollars per share) | $ 12.21 | $ 10.22 | $ 7.20 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 20.2 | $ 20.4 | $ 18.7 |
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 | $ 25 | ||
Unrecognized compensation expense, Weighted average recognition period (in Years) | 2 years | ||
Aggregate fair value of awards vested | $ 32 | $ 56.1 | $ 38.1 |
Pensions and Other Postretire74
Pensions and Other Postretirement Benefits - Additional Disclosures (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)plans | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated Benefit Obligation | $ 1,226,200,000 | $ 1,270,000,000 | $ 1,226,200,000 | ||
Multiemployer Plan | |||||
Multiemployer plans, plan contributions | 2,700,000 | 2,100,000 | |||
Multiemployer withdrawal liability | 30,500,000 | $ 30,400,000 | 30,500,000 | ||
Number of multiemployer plans | plans | 3 | ||||
Charges related to partial withdrawal from multiemployer plan | $ 0 | 4,300,000 | |||
Percent of total plan contributions for the most recent plan year | 5.00% | ||||
Defined Contribution Plans | |||||
Contributions to defined contribution plans | $ 34,700,000 | 29,000,000 | $ 28,900,000 | ||
Pension Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement, reduction in projected benefit obligation | 34,700,000 | $ 42,000,000 | 2,900,000 | 61,100,000 | |
Cash payment from existing plan assets | $ 34,600,000 | 40,200,000 | 2,900,000 | 61,100,000 | |
Settlement charge | $ (800,000) | ||||
Company's contributions to its pension plans | 51,400,000 | 53,400,000 | |||
Benefit payments made | 58,400,000 | 55,900,000 | |||
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 | 2,100,000 | 2,800,000 | |||
Benefit payments made | 2,100,000 | $ 2,800,000 | |||
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 | $ 30,000,000 | ||||
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 | $ 50,000,000 |
Pensions and Other Postretire75
Pensions and Other Postretirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ 0.8 | |||
Components of Net Periodic Cost: | ||||
Service Cost | $ 10 | $ 12.8 | $ 12.6 | |
Interest Cost | 43.8 | 54.8 | 57.9 | |
Expected Return on Plan Assets | (61.3) | (74.4) | (79.8) | |
Amortization: | ||||
Prior Service Cost (Credit) | 0.8 | 0.7 | 0.7 | |
Actuarial Loss (Gain) | 27.3 | 19.7 | 13.2 | |
Net Curtailment/Settlement Loss | 1 | 1.5 | 0.8 | |
Other | 0.8 | 0.9 | 0.6 | |
Net Periodic Cost | 22.4 | 16 | 6 | |
Postretirement Benefits | ||||
Components of Net Periodic Cost: | ||||
Service Cost | 0.8 | 1 | 1.2 | |
Interest Cost | 1.3 | 1.7 | 2.2 | |
Expected Return on Plan Assets | 0 | 0 | 0 | |
Amortization: | ||||
Prior Service Cost (Credit) | (0.2) | (0.3) | (0.3) | |
Actuarial Loss (Gain) | (2.1) | (1.6) | (1) | |
Net Curtailment/Settlement Loss | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net Periodic Cost | $ (0.2) | $ 0.8 | $ 2.1 |
Pensions and Other Postretire76
Pensions and Other Postretirement Benefits - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 4.41% | 4.02% | 4.86% |
Rate of Increase in Future Compensation Levels | 1.49% | 1.45% | 1.88% |
Expected Long-Term Rate of Return on Plan Assets | 5.90% | 6.81% | 7.69% |
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 | 4.29% | 3.95% | 4.74% |
Rate of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% |
Expected Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Initial Health Care Cost Trend Rate | 7.80% | 7.38% | 7.50% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostUltimateHealthCareCostTrendRate | 4.50% | 4.96% | 4.77% |
Pensions and Other Postretire77
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Plan Assets: | |||||
Fair Value of Plan Assets at Beginning of Year | $ 1,038.9 | ||||
Fair Value of Plan Assets at End of Year | $ 1,038.9 | 1,115.6 | $ 1,038.9 | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Pension Assets | 10.4 | 3 | 10.4 | ||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (247.3) | (202.5) | (247.3) | ||
Pension Benefits | |||||
Change in Benefit Obligation: | |||||
Benefit Obligation at Beginning of Year | 1,239 | 1,366.7 | |||
Service Cost | 10 | 12.8 | $ 12.6 | ||
Interest Cost | 43.8 | 54.8 | 57.9 | ||
Actuarial Loss (Gain) | 79.3 | (84.3) | |||
Foreign Currency Exchange | (36) | (16.9) | |||
Settlement/Curtailment (Gain) | (0.9) | (0.4) | |||
Settlements | (34.7) | $ (42) | (2.9) | (61.1) | |
Benefits Paid | (58.4) | (55.9) | |||
Acquisition | 4.1 | 22.4 | |||
Other | 1 | 0.9 | |||
Benefit Obligation at End of Year | 1,239 | 1,366.7 | 1,279 | 1,239 | 1,366.7 |
Change in Plan Assets: | |||||
Fair Value of Plan Assets at Beginning of Year | 1,038.9 | 1,092.8 | |||
Actual Return on Plan Assets | 116.3 | 3 | |||
Employer Contributions | 51.4 | 53.4 | |||
Foreign Currency Exchange | (34.6) | (15.2) | |||
Benefits Paid | (58.4) | (55.9) | |||
Acquisition | 4.8 | 21.7 | |||
Settlements | (34.6) | (40.2) | (2.9) | (61.1) | |
Other | 0.1 | 0.2 | |||
Fair Value of Plan Assets at End of Year | 1,038.9 | 1,092.8 | 1,115.6 | 1,038.9 | $ 1,092.8 |
Plan Assets Less than Projected Benefit Obligation | (200.1) | (163.4) | (200.1) | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Pension Assets | 10.4 | 3 | 10.4 | ||
Accrued Pension and Postretirement Benefits Liability — Current | (1.2) | (1.7) | (1.2) | ||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (209.3) | (164.7) | (209.3) | ||
Accumulated Other Comprehensive Income: | |||||
Net Actuarial Loss (Gain) | 286.6 | 277.8 | 286.6 | ||
Prior Service Cost (Credit) | $ 2.3 | $ 1.3 | $ 2.3 | ||
Weighted Average Calculations: | |||||
Discount Rate | 4.41% | 4.01% | 4.41% | ||
Rates of Increase in Future Compensation Levels | 1.49% | 1.45% | 1.49% | ||
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 | $ 40.8 | $ 43.6 | |||
Service Cost | 0.8 | 1 | $ 1.2 | ||
Interest Cost | 1.3 | 1.7 | 2.2 | ||
Actuarial Loss (Gain) | (0.7) | (5.4) | |||
Foreign Currency Exchange | 0.1 | (0.2) | |||
Settlement/Curtailment (Gain) | 0.3 | 0 | |||
Settlements | 0 | 0 | |||
Benefits Paid | (2.1) | (2.8) | |||
Acquisition | 0 | 2.9 | |||
Other | 0.1 | 0 | |||
Benefit Obligation at End of Year | $ 40.8 | 43.6 | 40.6 | 40.8 | 43.6 |
Change in Plan Assets: | |||||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | |||
Actual Return on Plan Assets | 0 | 0 | |||
Employer Contributions | 2.1 | 2.8 | |||
Foreign Currency Exchange | 0 | 0 | |||
Benefits Paid | (2.1) | (2.8) | |||
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) | (40.6) | (40.8) | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||||
Pension Assets | 0 | 0 | 0 | ||
Accrued Pension and Postretirement Benefits Liability — Current | (2.8) | (2.8) | (2.8) | ||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (38) | (37.8) | (38) | ||
Accumulated Other Comprehensive Income: | |||||
Net Actuarial Loss (Gain) | (20.1) | (18.7) | (20.1) | ||
Prior Service Cost (Credit) | $ (1.6) | $ (1.1) | $ (1.6) | ||
Weighted Average Calculations: | |||||
Discount Rate | 4.29% | 4.10% | 4.29% | ||
Rates of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% | ||
Initial Health Care Cost Trend Rate | 7.45% | 7.80% | |||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Pensions and Other Postretire78
Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 1.30% | 1.10% |
Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 46.60% | |
Actual plan asset allocations | 40.00% | 51.70% |
Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 53.40% | |
Actual plan asset allocations | 53.90% | 41.60% |
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 | 4.80% | 5.60% |
Pensions and Other Postretire79
Pensions and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,115,600,000 | $ 1,038,900,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 333,900,000 | 343,800,000 | |
Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 781,700,000 | 659,200,000 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 35,900,000 | $ 0 |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,500,000 | 11,400,000 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 300,000 | 5,000,000 | |
Cash | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,200,000 | 6,400,000 | |
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 | 340,200,000 | 397,100,000 | |
Equity Securities, Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 68,700,000 | 79,800,000 | |
Equity Securities, Domestic | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 271,500,000 | 317,300,000 | |
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 | 107,000,000 | 140,100,000 | |
Equity Securities, Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55,500,000 | 63,500,000 | |
Equity Securities, Foreign | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51,500,000 | 76,600,000 | |
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 | 600,800,000 | 431,800,000 | |
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 194,600,000 | 172,900,000 | |
Fixed Income Securities | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 406,200,000 | 258,900,000 | |
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 | 14,800,000 | 22,600,000 | |
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,800,000 | 22,600,000 | |
Real Estate | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
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 | 38,300,000 | 35,900,000 | |
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 | 38,300,000 | 0 | |
Diversified Growth Fund | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 35,900,000 |
Pensions and Other Postretire80
Pensions and Other Postretirement Benefits - Reconciliation of Fair Value of Plan Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at Beginning of Year | $ 1,038,900,000 | |
Fair Value of Plan Assets at End of Year | 1,115,600,000 | $ 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 | 35,900,000 | 0 |
Transfers (Out) In | (35,900,000) | 35,800,000 |
Return on assets held | 0 | 100,000 |
Fair Value of Plan Assets at End of Year | $ 0 | $ 35,900,000 |
Pensions and Other Postretire81
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, 2016USD ($) | |
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 | (0.2) |
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 Postretire82
Pensions and Other Postretirement Benefits - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | $ 64.7 |
2,018 | 67.4 |
2,019 | 69.6 |
2,020 | 72 |
2,021 | 74.2 |
2022 - 2026 | 394.6 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | 2.8 |
2,018 | 3 |
2,019 | 3.1 |
2,020 | 3.4 |
2,021 | 3.3 |
2022 - 2026 | $ 15.8 |
Pensions and Other Postretire83
Pensions and Other Postretirement Benefits - Amounts in Accumulated Other Comprehensive Loss to be Recognized (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Recognition of Prior Service Cost | $ 0.5 |
Recognition of Actuarial Loss (Gain) | 6.8 |
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) | $ (2.1) |
Pensions and Other Postretire84
Pensions and Other Postretirement Benefits - Multi-employer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0.4 | $ 0.2 | $ 0.5 |
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 | $ 0.1 | $ 0 | 0.3 |
Pension Protection Act Zone Status | Red | Red | |
Western Conference of Teamsters Pension Trust - Northwest Area(3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0 | $ 0.1 | 0.1 |
Pension Protection Act Zone Status | Green | Green | |
Graphic Communications Conference of International Brotherhood of Teamster Pension Fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 0.2 | $ 0 | $ 0 |
Pension Protection Act Zone Status | Red | Red |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 290 | $ 307.6 | $ 128 |
International | 29.4 | 51.7 | 4.7 |
Income before Income Taxes and Equity Income of Unconsolidated Entity | $ 319.4 | $ 359.3 | $ 132.7 |
Income Taxes - Components of 86
Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current (Expense) Benefit: | |||
U.S. | $ (5.1) | $ (7.9) | $ (7.5) |
International | (11.4) | (12.5) | (4.8) |
Total Current | (16.5) | (20.4) | (12.3) |
Deferred (Expense) Benefit: | |||
U.S. | (78.8) | (110.6) | (35) |
International | 2.1 | 0.6 | 1.9 |
Total Deferred | (76.7) | (110) | (33.1) |
Income Tax Expense | $ (93.2) | $ (130.4) | $ (45.4) |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective income tax reconciliation, amount | ||||
Income Tax Expense at U.S. Statutory Rate | $ (111.8) | $ (125.8) | $ (46.4) | |
U.S. State and Local Tax (Expense) Benefit | (10) | (11.4) | (5.9) | |
IRS Agreement | 22.8 | 0 | 0 | |
Goodwill Related to Dispositions | 0 | 0 | (8.6) | |
Permanent Items | (1.3) | 1.7 | (4.7) | |
Change in Valuation Allowance | 0.5 | 1.8 | (5.1) | |
International Tax Rate Differences | 1.8 | 2.4 | 3.5 | |
Foreign Withholding Tax | (0.2) | (0.2) | (0.1) | |
Change in Tax Rates | 0.2 | 1 | 4.5 | |
U.S. Federal & State Research Credits | 3.5 | 5.5 | 20.1 | |
Uncertain Tax Positions | 1.2 | (3.7) | (4.5) | |
Other | $ 22.4 | 0.1 | (1.7) | 1.8 |
Income Tax Expense | $ (93.2) | $ (130.4) | $ (45.4) | |
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% | 3.20% | 4.40% | |
IRS Agreement | (7.20%) | (0.00%) | (0.00%) | |
Goodwill Related to Dispositions | 0.00% | 0.00% | 6.50% | |
Permanent Items | 0.50% | (0.50%) | 3.50% | |
Change in Valuation Allowance | (0.20%) | (0.50%) | 3.90% | |
International Tax Rate Differences | (0.60%) | (0.70%) | (2.60%) | |
Foreign Withholding Tax | 0.10% | 0.10% | 0.00% | |
Change in Tax Rates | (0.10%) | (0.30%) | (3.40%) | |
U.S. Federal & State Research Credits | (1.10%) | (1.50%) | (15.10%) | |
Uncertain Tax Positions | (0.40%) | 1.00% | 3.40% | |
Other | 0.00% | 0.50% | (1.40%) | |
Income Tax Expense, percent | 29.20% | 36.30% | 34.20% |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | |||
U.S. Federal & State Research Credits established | $ 3.5 | $ 5.5 | $ 20.1 |
Reduction in tax credit carryforward | $ 0.7 | 1.5 | $ 4.5 |
Valuation allowance against tax credit | $ 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Income Tax Assets: | |||||
Compensation Based Accruals | $ 20.1 | $ 26.5 | |||
Net Operating Loss Carryforwards | 165.3 | 211.5 | |||
Postretirement Benefits | 88 | 103.2 | |||
Tax Credits | 35.3 | 32.6 | |||
Other | 55.4 | 63.4 | |||
Valuation allowance | $ (44.8) | $ (53.6) | $ (52.1) | (45.5) | (44.8) |
Total Deferred Income Tax Assets | 318.6 | 392.4 | |||
Deferred Income Tax Liabilities: | |||||
Property, Plant and Equipment | (334.6) | (286.1) | |||
Goodwill | (284.5) | (279) | |||
Other Intangibles | (99.6) | (86.8) | |||
Other | (4.7) | (3.6) | |||
Total deferred income tax liabilities | (723.4) | (655.5) | |||
Net Deferred Income Tax (Liability) Asset | (404.8) | (263.1) | |||
Total deferred income tax assets | 364.1 | 437.2 | |||
Other Assets | 31 | 48.4 | |||
Decrease in Deferred Income Tax Liabilities due to reclassification | (408) | (266.7) | |||
Summary of Valuation Allowances | |||||
Balance Beginning of Period | 44.8 | 53.6 | 52.1 | ||
Balance at End of Period | 45.5 | 44.8 | 53.6 | ||
International | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (31) | (31) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 31 | ||||
Capital loss carryforward | United States | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (5.1) | (5.1) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 5.1 | ||||
Research Credit carryforward | State and Local Jurisdiction | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (6) | (6) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 6 | ||||
Net operating losses | State and Local Jurisdiction | |||||
Deferred Income Tax Assets: | |||||
Valuation allowance | (3.4) | $ (3.4) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 3.4 | ||||
Deferred Tax Assets | |||||
Summary of Valuation Allowances | |||||
Charges | 1.2 | 0 | 5.1 | ||
Deductions | $ (0.5) | $ (8.8) | $ (3.6) | ||
New Accounting Pronouncement, Early Adoption, Effect | |||||
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, 2016USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 350.8 |
Tax Credit carryforwards | 35.3 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 262.9 |
International | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 102.6 |
2,024 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 108.2 |
2,026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 22.9 |
2,027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 93 |
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 |
Adjustments for New Accounting Pronouncement [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 107.1 |
Income Taxes - Undistributed Fo
Income Taxes - Undistributed Foreign Earnings (Details) $ in Millions | Dec. 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Undistributed foreign earnings | $ 4.9 |
Undistributed Earnings of Foreign Subsidiaries | $ 17.5 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits | ||
Balance at January 1, | $ 9.1 | $ 5.2 |
Additions for Tax Positions of Current Year | 1.5 | 0.8 |
Additions for Tax Positions of Prior Years | 1.1 | 3.2 |
Reductions for Tax Positions of Prior Years | (1.6) | (0.1) |
Balance at December 31, | 10.1 | 9.1 |
Gross unrecognized tax benefits that would affect the annual effective income tax rate | 10.1 | |
Accrual for the payment of interest and penalties | 0.1 | $ 0.6 |
Unrealized tax benefits expected to change in next twelve months | $ 1.2 |
Financial Instruments, Deriva93
Financial Instruments, Derivatives and Hedging Activities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency Movement Effect | |||
Net currency exchange gains included in determining Income from Operations | $ 4,800,000 | $ 4,700,000 | $ 1,400,000 |
Interest Swap Position One [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Variable Interest Rate | 1.00% | ||
Interest Rate Risk | |||
Notional amount | $ 450,000,000 | ||
Foreign Currency Risk | |||
Notional amount | 450,000,000 | ||
Derivatives Not Designated as Hedges | |||
Notional amount | $ 450,000,000 | ||
Interest Swap Position Two [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Variable Interest Rate | 0.89% | ||
Interest Rate Risk | |||
Notional amount | $ 450,000,000 | ||
Foreign Currency Risk | |||
Notional amount | 450,000,000 | ||
Derivatives Not Designated as Hedges | |||
Notional amount | $ 450,000,000 | ||
Interest Swap Position Three [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Variable Interest Rate | 1.16% | ||
Interest Rate Risk | |||
Notional amount | $ 250,000,000 | ||
Foreign Currency Risk | |||
Notional amount | 250,000,000 | ||
Derivatives Not Designated as Hedges | |||
Notional amount | 250,000,000 | ||
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Interest Rate Swap Agreements | |||
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 | 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 | 55,900,000 | ||
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 | 55,900,000 | ||
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 | 55,900,000 | ||
Derivative Contracts Not Designated as Hedging Instruments | Forward Exchange Contract | |||
Interest Rate Risk | |||
Notional amount | 68,100,000 | 45,500,000 | |
Foreign Currency Risk | |||
Notional amount | 68,100,000 | 45,500,000 | |
Derivatives Not Designated as Hedges | |||
Notional amount | $ 68,100,000 | $ 45,500,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Disclosures (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Gross derivative liability | $ 0.8 | $ 14.2 |
Gross derivative asset | 7.7 | 0.4 |
Long-term debt, fair value | 2,132.7 | 1,891.2 |
Long-term debt, carrying value | $ 2,112.8 | $ 1,876.6 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ (6) | $ 12.7 |
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 15 | 11.7 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | (0.1) | (0.4) |
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 | (5) | 13.2 |
Derivative Contracts Designated as Hedging Instruments | Commodity Contracts | Cost of Sales | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 12.5 | 13.8 |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | (0.1) | (0.4) |
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 | (1.4) | (2.5) |
Derivative Contracts Designated as Hedging Instruments | Foreign Currency Contracts | Other (Income) Expense, Net | Instruments in a Cash Flow Hedging Relationship | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 0.5 | (5.3) |
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 | 0.4 | 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) | 2 | 3.2 |
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) | $ 3.3 | $ (2.1) |
Fair Value Measurement - Accumu
Fair Value Measurement - Accumulated Derivative Instruments (Loss) Gain (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Balance at beginning of period | $ (13.5) | $ (12.5) | $ (1.3) |
Reclassification to earnings | 15 | 11.7 | 0.8 |
Current period change in fair value | 6 | (12.7) | (12) |
Balance at end of period | 7.5 | $ (13.5) | $ (12.5) |
Expected reclassification of pre-tax losses in the next twelve months from ACOL to earnings | $ (6.9) |
Accumulated Other Comprehensi97
Accumulated Other Comprehensive Income (Loss) - Change in the Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Derivative Instruments Gain (Loss), Pretax | $ 21 | $ (1) | $ (11.2) |
Derivative Instruments Gain (Loss), Tax Effect | (8) | 0.3 | 4.3 |
Derivative Instruments Gain (Loss), Net Amount | 13 | (0.7) | (6.9) |
Pension and Postretirement Benefit Plans, Pretax Amount | 7.9 | 40 | (165.8) |
Pension and Postretirement Benefit Plans, Tax Effect | (3.9) | (13.2) | 60.3 |
Pension and Postretirement Benefit Plans, Net Amount | 4 | 26.8 | (105.5) |
Currency Translation Adjustment, Pretax Amount | (58.9) | (37.2) | (34.7) |
Currency Translation Adjustment, Tax Effect | 0 | 0 | 0.7 |
Currency Translation Adjustment, Net Amount | (58.9) | (37.2) | (34) |
Other Comprehensive Income (Loss), Pretax Amount | (30) | 1.8 | (211.7) |
Other Comprehensive Income (Loss), Tax Effect | (11.9) | (12.9) | 65.3 |
Net Current-period Other Comprehensive Income (Loss) | $ (41.9) | $ (11.1) | $ (146.4) |
Accumulated Other Comprehensi98
Accumulated Other Comprehensive Income (Loss) - Balances of AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Derivative Instruments Loss | $ (5.4) | $ (18.4) |
Pension and Postretirement Benefit Plans | (235.5) | (239.5) |
Currency Translation Adjustment | (146.7) | (87.8) |
Accumulated Other Comprehensive Loss | $ (387.6) | $ (345.7) |
Commitments and Contingencies99
Commitments and Contingencies Commitments and Contingencies - Capital and Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | $ 2.1 | ||
2,018 | 2.1 | ||
2,019 | 1.8 | ||
2,020 | 1.8 | ||
2,021 | 1.8 | ||
Thereafter | 17.6 | ||
Total Minimum Lease Payments | 27.2 | ||
Less: Amount Representing Interest | (9.3) | ||
Present Value of Net Minimum Leases | 17.9 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 41.5 | ||
2,018 | 35.7 | ||
2,019 | 22.6 | ||
2,020 | 17.7 | ||
2,021 | 15.8 | ||
Thereafter | 39.7 | ||
Total Minimum Lease Payments | 173 | ||
Capital and Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 43.6 | ||
2,018 | 37.8 | ||
2,019 | 24.4 | ||
2,020 | 19.5 | ||
2,021 | 17.6 | ||
Thereafter | 57.3 | ||
Total Minimum Lease Payments | 200.2 | ||
Less: amount representing interest | (9.3) | ||
Present Value of Net Minimum Leases | 190.9 | ||
Total rental expense | $ 35 | $ 29 | $ 30 |
Commitments and Contingencie100
Commitments and Contingencies Commitments and Contingencies - Long-term Purchase Commitments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 722.5 |
2,017 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 145 |
2,018 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 121.9 |
2,019 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 76.7 |
2,020 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 40.2 |
2,021 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 40.1 |
Thereafter | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 298.6 |
Business Segment and Geograp101
Business Segment and Geographic Area Information - Segment Reporting, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 1,057.2 | $ 1,103.7 | $ 1,103.2 | $ 1,034 | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 4,298.1 | $ 4,160.2 | $ 4,240.5 |
Income (Loss) from Operations | 78.1 | $ 105.1 | $ 105.6 | $ 107.2 | 101.6 | $ 110 | $ 110.2 | $ 105.3 | 396 | 427.1 | 227.8 |
Capital Expenditures | 294.6 | 244.1 | 201.4 | ||||||||
Depreciation and Amortization | 299.3 | 280.5 | 270 | ||||||||
Assets | 4,603.4 | 4,256.1 | 4,603.4 | 4,256.1 | 4,137.6 | ||||||
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 | 394.7 | 480.5 | 380.6 | ||||||||
Income (Loss) from Operations | (7.8) | 12.9 | 8.5 | ||||||||
Capital Expenditures | 184.2 | 145 | 106 | ||||||||
Depreciation and Amortization | 120.3 | 124.7 | 114.5 | ||||||||
Assets | 1,496.1 | 1,445 | 1,496.1 | 1,445 | 1,373.5 | ||||||
Operating Segments | Americas Paperboard Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 3,316.9 | 3,049.6 | 3,006.7 | ||||||||
Income (Loss) from Operations | 416.8 | 403.9 | 412 | ||||||||
Capital Expenditures | 52.3 | 50.9 | 45.7 | ||||||||
Depreciation and Amortization | 130.4 | 108.9 | 101 | ||||||||
Assets | 2,552.1 | 2,157.1 | 2,552.1 | 2,157.1 | 2,076.8 | ||||||
Operating Segments | Europe Paperboard Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 569.9 | 603.9 | 596.6 | ||||||||
Income (Loss) from Operations | 25.4 | 40.8 | 32.5 | ||||||||
Capital Expenditures | 37.1 | 39.9 | 37.4 | ||||||||
Depreciation and Amortization | 41.1 | 40.1 | 34.7 | ||||||||
Assets | 491.9 | 574 | 491.9 | 574 | 607.9 | ||||||
Operating Segments | Flexible Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 0 | 0 | 215.6 | ||||||||
Income (Loss) from Operations | 0 | 0 | (186.1) | ||||||||
Capital Expenditures | 0 | 0 | 5.6 | ||||||||
Depreciation and Amortization | 0 | 0 | 11 | ||||||||
Operating Segments | Corporate, Reconciling Items, And Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 16.6 | 26.2 | 41 | ||||||||
Income (Loss) from Operations | (38.4) | (30.5) | (39.1) | ||||||||
Capital Expenditures | 21 | 8.3 | 6.7 | ||||||||
Depreciation and Amortization | 7.5 | 6.8 | 8.8 | ||||||||
Assets | $ 63.3 | $ 80 | $ 63.3 | $ 80 | $ 79.4 |
Business Segment and Geograp102
Business Segment and Geographic Area Information - Segment Reporting, by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 1,057.2 | $ 1,103.7 | $ 1,103.2 | $ 1,034 | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 4,298.1 | $ 4,160.2 | $ 4,240.5 |
Assets | 4,603.4 | 4,256.1 | 4,603.4 | 4,256.1 | 4,137.6 | ||||||
Reportable Geographical Components | Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 3,601.7 | 3,492.6 | 3,341.5 | ||||||||
Assets | 3,923.2 | 3,590.4 | 3,923.2 | 3,590.4 | 3,447 | ||||||
Reportable Geographical Components | Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 569.9 | 603.9 | 596.6 | ||||||||
Assets | 491.9 | 574 | 491.9 | 574 | 607.9 | ||||||
Reportable Geographical Components | Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 198.1 | 117.4 | 129.4 | ||||||||
Assets | $ 188.3 | $ 91.7 | 188.3 | 91.7 | 82.7 | ||||||
Corporate and Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ (71.6) | $ (53.7) | $ 173 |
Quarterly Financial Informat103
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Operations Data: | |||||||||||
Net Sales | $ 1,057.2 | $ 1,103.7 | $ 1,103.2 | $ 1,034 | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 4,298.1 | $ 4,160.2 | $ 4,240.5 |
Gross Profit | 188.1 | 191.3 | 204.8 | 207.7 | 199.6 | 201.9 | 198 | 189.6 | 791.9 | 789.1 | |
Business Combinations and Other Special Charges | 13.9 | 7.4 | 5.3 | 10.5 | 7.9 | 8 | 3.9 | 2.2 | 37.1 | 22 | 197.6 |
Income from Operations | 78.1 | 105.1 | 105.6 | 107.2 | 101.6 | 110 | 110.2 | 105.3 | 396 | 427.1 | 227.8 |
Net Income | $ 34.9 | $ 57.8 | $ 77.8 | $ 57.5 | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | $ 228 | $ 230.1 | $ 89 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.24 | $ 0.18 | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.70 | $ 0.27 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.24 | $ 0.18 | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.70 | $ 0.27 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 228 | $ 230.1 | $ 89.7 | ||||||||
Net Income | $ 34.9 | $ 57.8 | $ 77.8 | $ 57.5 | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | $ 228 | $ 230.1 | $ 89 |
Weighted Average Shares: | |||||||||||
Basic (in shares) | 320.9 | 329.5 | 328.6 | ||||||||
Dilutive effect of RSUs (in shares) | 0.6 | 1.2 | 1.9 | ||||||||
Diluted (in shares) | 321.5 | 330.7 | 330.5 | ||||||||
Earnings Per Share - Basic (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.24 | $ 0.18 | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.70 | $ 0.27 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.11 | $ 0.18 | $ 0.24 | $ 0.18 | $ 0.17 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.71 | $ 0.70 | $ 0.27 |
Other Comprehensive (Loss) I105
Other Comprehensive (Loss) Income - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ (345.7) | ||
Other Comprehensive Income (Loss) before Reclassifications | (67.3) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 25.4 | ||
Net Current-period Other Comprehensive Income (Loss) | (41.9) | $ (11.1) | $ (146.4) |
Ending balance | (387.6) | (345.7) | |
Derivatives Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (18.4) | ||
Other Comprehensive Income (Loss) before Reclassifications | 3.7 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 9.3 | ||
Net Current-period Other Comprehensive Income (Loss) | 13 | ||
Ending balance | (5.4) | (18.4) | |
Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (87.8) | ||
Other Comprehensive Income (Loss) before Reclassifications | (58.9) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | ||
Net Current-period Other Comprehensive Income (Loss) | (58.9) | ||
Ending balance | (146.7) | (87.8) | |
Pension and Postretirement Benefit Plans | Pension Benefits | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (255.4) | ||
Other Comprehensive Income (Loss) before Reclassifications | (12.3) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 17.5 | ||
Net Current-period Other Comprehensive Income (Loss) | 5.2 | ||
Ending balance | (250.2) | (255.4) | |
Pension and Postretirement Benefit Plans | Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 15.9 | ||
Other Comprehensive Income (Loss) before Reclassifications | 0.2 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1.4) | ||
Net Current-period Other Comprehensive Income (Loss) | (1.2) | ||
Ending balance | $ 14.7 | $ 15.9 |
Other Comprehensive (Loss) I106
Other Comprehensive (Loss) Income - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Sales | $ 3,506.2 | $ 3,371.1 | $ 3,453.3 |
Other Expense (Income), Net | 3.1 | (7.7) | (3.7) |
Total before Tax | (319.4) | (359.3) | (132.7) |
Income Tax Expense (Benefit) | 93.2 | 130.4 | 45.4 |
Net of Tax | (228) | $ (230.1) | $ (89.7) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net of Tax | 25.4 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before Tax | 15 | ||
Income Tax Expense (Benefit) | (5.7) | ||
Net of Tax | 9.3 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Commodity Contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Sales | 12.5 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Foreign Currency Contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Expense (Income), Net | 0.5 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Interest Rate Swap Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Expense, Net | 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) | 0.8 | ||
Actuarial Losses (Gains) | 27.3 | ||
Total before Tax | 28.1 | ||
Income Tax Expense (Benefit) | (10.6) | ||
Net of Tax | 17.5 | ||
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) | (0.2) | ||
Actuarial Losses (Gains) | (2.1) | ||
Total before Tax | (2.3) | ||
Income Tax Expense (Benefit) | 0.9 | ||
Net of Tax | $ (1.4) |
Guarantor Condensed Consolid107
Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Parent's ownership percentage | 100.00% | 100.00% | |||||||||
Net Sales | $ 1,057.2 | $ 1,103.7 | $ 1,103.2 | $ 1,034 | $ 1,024.9 | $ 1,070 | $ 1,057.1 | $ 1,008.2 | $ 4,298.1 | $ 4,160.2 | $ 4,240.5 |
Cost of Sales | 3,506.2 | 3,371.1 | 3,453.3 | ||||||||
Selling, General and Administrative | 355.7 | 347.7 | 365.5 | ||||||||
Other (Income) Expense, Net | 3.1 | (7.7) | (3.7) | ||||||||
Business Combinations and Other Special Charges | 13.9 | 7.4 | 5.3 | 10.5 | 7.9 | 8 | 3.9 | 2.2 | 37.1 | 22 | 197.6 |
Income (Loss) from Operations | 78.1 | 105.1 | 105.6 | 107.2 | 101.6 | 110 | 110.2 | 105.3 | 396 | 427.1 | 227.8 |
Interest Expense, Net | (76.6) | (67.8) | (80.7) | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | 0 | (14.4) | ||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 319.4 | 359.3 | 132.7 | ||||||||
Income Tax Expense | (93.2) | (130.4) | (45.4) | ||||||||
Income before Equity Income of Unconsolidated Entities | 226.2 | 228.9 | 87.3 | ||||||||
Equity Income of Unconsolidated Entity | 1.8 | 1.2 | 1.7 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | 0 | 0 | ||||||||
Net Income | $ 34.9 | $ 57.8 | $ 77.8 | $ 57.5 | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | 228 | 230.1 | 89 |
Net (Income) Loss to Noncontrolling Interests | 0 | 0 | 0.7 | ||||||||
Net Income Attributable Graphic Packaging Holding Company | 228 | 230.1 | 89.7 | ||||||||
Comprehensive Income (Loss) | 186.1 | 219 | (56.7) | ||||||||
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 | ||||||||
Business Combinations and Other Special Charges | 0 | 0 | 0 | ||||||||
Income (Loss) from Operations | 0 | 0 | 0 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 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 Entity | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 228 | 230.1 | 89 | ||||||||
Net Income | 228 | 230.1 | 89 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0.7 | ||||||||||
Net Income Attributable Graphic Packaging Holding Company | 228 | 230.1 | 89.7 | ||||||||
Comprehensive Income (Loss) | 186.1 | 219 | (56.7) | ||||||||
Reportable Legal Entities | Subsidiary Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 3,462.5 | 3,363.6 | 3,416.6 | ||||||||
Cost of Sales | 2,812.2 | 2,730.2 | 2,742.4 | ||||||||
Selling, General and Administrative | 264.4 | 274.9 | 303.1 | ||||||||
Other (Income) Expense, Net | (3.8) | (10.7) | (5.9) | ||||||||
Business Combinations and Other Special Charges | 32.9 | 6.1 | 6.7 | ||||||||
Income (Loss) from Operations | 356.8 | 363.1 | 370.3 | ||||||||
Interest Expense, Net | (72.3) | (64.9) | (74.1) | ||||||||
Loss on Modification or Extinguishment of Debt | (14.4) | ||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 284.5 | 298.2 | 281.8 | ||||||||
Income Tax Expense | (81.5) | (115.8) | (95.6) | ||||||||
Income before Equity Income of Unconsolidated Entities | 203 | 182.4 | 186.2 | ||||||||
Equity Income of Unconsolidated Entity | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 25 | 47.7 | (97.2) | ||||||||
Net Income | 228 | 230.1 | 89 | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0.7 | ||||||||||
Net Income Attributable Graphic Packaging Holding Company | 228 | 230.1 | 89.7 | ||||||||
Comprehensive Income (Loss) | 186.1 | 219 | (56.7) | ||||||||
Reportable Legal Entities | Combined Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 106.2 | 1.6 | 7.4 | ||||||||
Cost of Sales | 88.6 | (1.1) | 4 | ||||||||
Selling, General and Administrative | 11.2 | 2.5 | 0.7 | ||||||||
Other (Income) Expense, Net | 0 | 0 | (0.2) | ||||||||
Business Combinations and Other Special Charges | 0 | 0 | 5.9 | ||||||||
Income (Loss) from Operations | 6.4 | 0.2 | (3) | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | ||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 6.4 | 0.2 | (3) | ||||||||
Income Tax Expense | (2.6) | (0.2) | (8.3) | ||||||||
Income before Equity Income of Unconsolidated Entities | 3.8 | 0 | (11.3) | ||||||||
Equity Income of Unconsolidated Entity | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | (6.1) | (1.3) | (0.6) | ||||||||
Net Income | (2.3) | (1.3) | (11.9) | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0 | ||||||||||
Net Income Attributable Graphic Packaging Holding Company | (2.3) | (1.3) | (11.9) | ||||||||
Comprehensive Income (Loss) | 16.8 | (5.9) | (15.9) | ||||||||
Reportable Legal Entities | Combined Nonguarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | 1,051.3 | 1,037.2 | 1,064.9 | ||||||||
Cost of Sales | 927.3 | 884.2 | 955.3 | ||||||||
Selling, General and Administrative | 80.1 | 70.3 | 61.7 | ||||||||
Other (Income) Expense, Net | 6.9 | 3 | 2.4 | ||||||||
Business Combinations and Other Special Charges | 4.2 | 15.9 | 185 | ||||||||
Income (Loss) from Operations | 32.8 | 63.8 | (139.5) | ||||||||
Interest Expense, Net | (4.3) | (2.9) | (6.6) | ||||||||
Loss on Modification or Extinguishment of Debt | 0 | ||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entities | 28.5 | 60.9 | (146.1) | ||||||||
Income Tax Expense | (9.1) | (14.4) | 58.5 | ||||||||
Income before Equity Income of Unconsolidated Entities | 19.4 | 46.5 | (87.6) | ||||||||
Equity Income of Unconsolidated Entity | 1.8 | 1.2 | 1.7 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | 0 | 0 | 0 | ||||||||
Net Income | 21.2 | 47.7 | (85.9) | ||||||||
Net (Income) Loss to Noncontrolling Interests | 0 | ||||||||||
Net Income Attributable Graphic Packaging Holding Company | 21.2 | 47.7 | (85.9) | ||||||||
Comprehensive Income (Loss) | (65.7) | (2.7) | (144.4) | ||||||||
Consolidating Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Sales | (321.9) | (242.2) | (248.4) | ||||||||
Cost of Sales | (321.9) | (242.2) | (248.4) | ||||||||
Selling, General and Administrative | 0 | 0 | 0 | ||||||||
Other (Income) Expense, Net | 0 | 0 | 0 | ||||||||
Business Combinations and Other Special Charges | 0 | 0 | 0 | ||||||||
Income (Loss) from Operations | 0 | 0 | 0 | ||||||||
Interest Expense, Net | 0 | 0 | 0 | ||||||||
Loss on Modification or Extinguishment of Debt | 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 Entity | 0 | 0 | 0 | ||||||||
Equity in Net Income (Loss) of Subsidiaries | (246.9) | (276.5) | 8.8 | ||||||||
Net Income | (246.9) | (276.5) | 8.8 | ||||||||
Net (Income) Loss to Noncontrolling Interests | (0.7) | ||||||||||
Net Income Attributable Graphic Packaging Holding Company | (246.9) | (276.5) | 8.1 | ||||||||
Comprehensive Income (Loss) | $ (137.2) | $ (210.4) | $ 217 |
Guarantor Condensed Consolid108
Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||||
Cash and Cash Equivalents | $ 59.1 | $ 54.9 | $ 81.6 | $ 52.2 |
Receivables, Net | 426.8 | 423.9 | ||
Inventories, Net | 582.9 | 557.1 | ||
Intercompany | 0 | 0 | ||
Other Current Assets | 46.1 | 30.9 | ||
Total Current Assets | 1,114.9 | 1,066.8 | ||
Property, Plant and Equipment, Net | 1,751.9 | 1,586.4 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 1,260.3 | 1,167.8 | 1,118.1 | |
Other Assets | 476.3 | 435.1 | ||
Total Assets | 4,603.4 | 4,256.1 | 4,137.6 | |
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 63.4 | 36.6 | ||
Accounts Payable | 466.5 | 457.9 | ||
Interest Payable | 15.4 | 9.2 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 234.5 | 228.5 | ||
Total Current Liabilities | 779.8 | 732.2 | ||
Long-Term Debt | 2,088.5 | 1,838.9 | ||
Deferred Income Tax Liabilities | 408 | 266.7 | ||
Other Noncurrent Liabilities | 270.6 | 316.6 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 1,056.5 | 1,101.7 | ||
Total Liabilities and Shareholders' Equity | 4,603.4 | 4,256.1 | ||
Reportable Legal Entities | Parent | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 |
Receivables, Net | 0 | 0 | ||
Inventories, Net | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Other Current Assets | 0 | 0 | ||
Total Current Assets | 0 | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Investment in Consolidated Subsidiaries | 1,362.9 | 1,176.8 | ||
Goodwill | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | 1,362.9 | 1,176.8 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 306.4 | 75.1 | ||
Other Accrued Liabilities | 0 | 0 | ||
Total Current Liabilities | 306.4 | 75.1 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 1,056.5 | 1,101.7 | ||
Total Liabilities and Shareholders' Equity | 1,362.9 | 1,176.8 | ||
Reportable Legal Entities | Subsidiary Issuer | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0.9 | 0.1 | 2 | 1.3 |
Receivables, Net | 183.7 | 217 | ||
Inventories, Net | 403.8 | 408.8 | ||
Intercompany | 1,077.5 | 656.4 | ||
Other Current Assets | 36.4 | 19.2 | ||
Total Current Assets | 1,702.3 | 1,301.5 | ||
Property, Plant and Equipment, Net | 1,435.8 | 1,358 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 1,098.9 | 1,042.8 | ||
Other Assets | 314.8 | 334.7 | ||
Total Assets | 4,551.8 | 4,037 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 26 | 25.5 | ||
Accounts Payable | 354.3 | 342.8 | ||
Interest Payable | 15.4 | 9.2 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 163.2 | 182.6 | ||
Total Current Liabilities | 558.9 | 560.1 | ||
Long-Term Debt | 2,042.4 | 1,761.4 | ||
Deferred Income Tax Liabilities | 342.1 | 249.2 | ||
Other Noncurrent Liabilities | 245.5 | 289.5 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 1,362.9 | 1,176.8 | ||
Total Liabilities and Shareholders' Equity | 4,551.8 | 4,037 | ||
Reportable Legal Entities | Combined Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 1.2 | 0 | 0 | 0 |
Receivables, Net | 10.1 | 0 | ||
Inventories, Net | 16.1 | 0 | ||
Intercompany | 73.3 | 21.6 | ||
Other Current Assets | 0 | 6.3 | ||
Total Current Assets | 100.7 | 27.9 | ||
Property, Plant and Equipment, Net | 64.1 | 0.2 | ||
Investment in Consolidated Subsidiaries | 12.3 | 15.2 | ||
Goodwill | 55.5 | 0 | ||
Other Assets | 65.6 | 0 | ||
Total Assets | 298.2 | 43.3 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 8.5 | 0 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Other Accrued Liabilities | 3 | 0 | ||
Total Current Liabilities | 11.5 | 0 | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 43.3 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 243.4 | 43.3 | ||
Total Liabilities and Shareholders' Equity | 298.2 | 43.3 | ||
Reportable Legal Entities | Combined Nonguarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 57 | 54.8 | 79.6 | 50.9 |
Receivables, Net | 233 | 206.9 | ||
Inventories, Net | 163 | 148.3 | ||
Intercompany | 0 | 0 | ||
Other Current Assets | 9.7 | 5.4 | ||
Total Current Assets | 462.7 | 415.4 | ||
Property, Plant and Equipment, Net | 252 | 228.2 | ||
Investment in Consolidated Subsidiaries | 0 | 0 | ||
Goodwill | 105.9 | 125 | ||
Other Assets | 95.9 | 100.4 | ||
Total Assets | 916.5 | 869 | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 37.4 | 11.1 | ||
Accounts Payable | 103.7 | 115.1 | ||
Interest Payable | 0 | 0 | ||
Intercompany | 913 | 808.8 | ||
Other Accrued Liabilities | 68.3 | 45.9 | ||
Total Current Liabilities | 1,122.4 | 980.9 | ||
Long-Term Debt | 46.1 | 77.5 | ||
Deferred Income Tax Liabilities | 22.6 | 17.5 | ||
Other Noncurrent Liabilities | 25.1 | 27.1 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | (299.7) | (234) | ||
Total Liabilities and Shareholders' Equity | 916.5 | 869 | ||
Consolidating Eliminations | ||||
Current Assets: | ||||
Cash and Cash Equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables, Net | 0 | 0 | ||
Inventories, Net | 0 | 0 | ||
Intercompany | (1,150.8) | (678) | ||
Other Current Assets | 0 | 0 | ||
Total Current Assets | (1,150.8) | (678) | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Investment in Consolidated Subsidiaries | (1,375.2) | (1,192) | ||
Goodwill | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Total Assets | (2,526) | (1,870) | ||
Current Liabilities: | ||||
Short-Term Debt and Current Portion of Long-Term Debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Interest Payable | 0 | 0 | ||
Intercompany | (1,219.4) | (883.9) | ||
Other Accrued Liabilities | 0 | 0 | ||
Total Current Liabilities | (1,219.4) | (883.9) | ||
Long-Term Debt | 0 | 0 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | (1,306.6) | (986.1) | ||
Total Liabilities and Shareholders' Equity | $ (2,526) | $ (1,870) |
Guarantor Condensed Consolid109
Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ 34.9 | $ 57.8 | $ 77.8 | $ 57.5 | $ 57.2 | $ 60.2 | $ 57.6 | $ 55.1 | $ 228 | $ 230.1 | $ 89 |
Depreciation and Amortization | 299.3 | 280.5 | 270 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | 0 | 4.6 | ||||||||
Amortization of Deferred Debt Issuance Costs | 4.8 | 4.1 | 4.8 | ||||||||
Deferred Income Taxes | 76.7 | 110 | 33.1 | ||||||||
Amount of Postretirement Expense Less Than Funding | (31.3) | (39.4) | (46.3) | ||||||||
Impairment Charges/Asset Write-Offs | 1 | 0.7 | 7 | ||||||||
Gain (Loss) on the Sale of Assets | 0.8 | 1.9 | 173.6 | ||||||||
Equity in Net Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Other, Net | 29.4 | 25.1 | 42.8 | ||||||||
Changes in Operating Assets and Liabilities | 38.5 | (19) | (40.2) | ||||||||
Net Cash Provided by Operating Activities | 641.4 | 589.2 | 526.6 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (278.6) | (228.9) | (187.1) | ||||||||
Packaging Machinery Spending | (16) | (15.2) | (14.3) | ||||||||
Proceeds from Government Grant | 0 | 0 | 26.9 | ||||||||
Acquisition of Business, Net of Cash Acquired | (332.7) | (163.2) | (173.8) | ||||||||
Acquisition of Business | (190.7) | ||||||||||
Cash Acquired Related to Business Acquisition | 16.9 | ||||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | 0 | 0 | 170.8 | ||||||||
Other, Net | (5.2) | 7.5 | (5.7) | ||||||||
Net Cash Used in Investing Activities | (632.5) | (399.8) | (183.2) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | (164.9) | (63) | 0 | ||||||||
Proceeds from Issuance of Senior Long-term Debt | 300 | 0 | 250 | ||||||||
Retirement of Long-Term Debt | 0 | 0 | (247.7) | ||||||||
Payments on Debt | (25) | (25) | (214.6) | ||||||||
Borrowings under Revolving Credit Facilities | 1,200 | 903 | 1,957.9 | ||||||||
Payments on Revolving Credit Facilities | (1,235.8) | (953.8) | (2,012.2) | ||||||||
Debt Issuance Costs | (5.3) | 0 | (16.8) | ||||||||
Dividends Paid | (64.4) | (49.3) | 0 | ||||||||
Repurchase of Common Stock related to Share-Based Payments | (11.3) | (21.5) | (14.7) | ||||||||
Other, Net | 3.6 | (1.3) | (10.7) | ||||||||
Net Cash Used in Financing Activities | (3.1) | (210.9) | (308.8) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (1.6) | (5.2) | (5.2) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 4.2 | (26.7) | 29.4 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 54.9 | 81.6 | 54.9 | 81.6 | 52.2 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 59.1 | 54.9 | 59.1 | 54.9 | 81.6 | ||||||
Subsidiary Issuer | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired Related to Business Acquisition | 0 | ||||||||||
Combined Guarantor Subsidiaries | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired Related to Business Acquisition | 0 | ||||||||||
Reportable Legal Entities | Parent | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | 228 | 230.1 | 89 | ||||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | ||||||||||
Deferred Income Taxes | 0 | 0 | 0 | ||||||||
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 0 | 0 | ||||||||
Equity in Net Earnings of Subsidiaries | (228) | (230.1) | (89) | ||||||||
Other, Net | 0 | 0 | 0 | ||||||||
Changes in Operating Assets and Liabilities | 0 | 0.3 | 0 | ||||||||
Net Cash Provided by Operating Activities | 0 | 0.3 | 0 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | 0 | 0 | 0 | ||||||||
Packaging Machinery Spending | 0 | 0 | 0 | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business, Net of Cash Acquired | 0 | 0 | |||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired Related to Business Acquisition | 0 | ||||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | 0 | ||||||||||
Other, Net | 240.6 | 133.5 | 15.7 | ||||||||
Net Cash Used in Investing Activities | 240.6 | 133.5 | 15.7 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | (164.9) | (63) | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | |||||||||
Retirement of Long-Term Debt | 0 | ||||||||||
Payments on Debt | 0 | 0 | 0 | ||||||||
Borrowings under Revolving Credit Facilities | 0 | 0 | 0 | ||||||||
Payments on Revolving Credit Facilities | 0 | 0 | 0 | ||||||||
Debt Issuance Costs | 0 | 0 | |||||||||
Dividends Paid | (64.4) | (49.3) | |||||||||
Repurchase of Common Stock related to Share-Based Payments | (11.3) | (21.5) | (14.7) | ||||||||
Other, Net | 0 | 0 | (1) | ||||||||
Net Cash Used in Financing Activities | (240.6) | (133.8) | (15.7) | ||||||||
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 | 228 | 230.1 | 89 | ||||||||
Depreciation and Amortization | 233.4 | 239.2 | 224.8 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 4.6 | ||||||||||
Deferred Income Taxes | 77.5 | 108.5 | 88.2 | ||||||||
Amount of Postretirement Expense Less Than Funding | (25.8) | (31.4) | (43.7) | ||||||||
Gain (Loss) on the Sale of Assets | 0.7 | 1.9 | 0 | ||||||||
Equity in Net Earnings of Subsidiaries | (25) | (47.7) | 97.2 | ||||||||
Other, Net | 30.1 | 31.6 | 43.2 | ||||||||
Changes in Operating Assets and Liabilities | 44.9 | (99) | (24.3) | ||||||||
Net Cash Provided by Operating Activities | 563.8 | 433.2 | 479 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (239.7) | (188.7) | (134) | ||||||||
Packaging Machinery Spending | (9.4) | (12.5) | (11.6) | ||||||||
Proceeds from Government Grant | 26.9 | ||||||||||
Acquisition of Business, Net of Cash Acquired | (173.1) | (131.1) | |||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | 0 | ||||||||||
Other, Net | (166) | 78.6 | (5.7) | ||||||||
Net Cash Used in Investing Activities | (588.2) | (253.7) | (124.4) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 300 | 250 | |||||||||
Retirement of Long-Term Debt | (247.7) | ||||||||||
Payments on Debt | (25) | (25) | (214.6) | ||||||||
Borrowings under Revolving Credit Facilities | 1,136 | 831.3 | 1,825.2 | ||||||||
Payments on Revolving Credit Facilities | (1,143.5) | (852.9) | (1,950) | ||||||||
Debt Issuance Costs | (5.3) | (16.8) | |||||||||
Dividends Paid | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | (237) | (134.8) | 0 | ||||||||
Net Cash Used in Financing Activities | 25.2 | (181.4) | (353.9) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 0.8 | (1.9) | 0.7 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 0.1 | 2 | 0.1 | 2 | 1.3 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0.9 | 0.1 | 0.9 | 0.1 | 2 | ||||||
Reportable Legal Entities | Combined Guarantor Subsidiaries | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | (2.3) | (1.3) | (11.9) | ||||||||
Depreciation and Amortization | 12.9 | 0.1 | 0.1 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | ||||||||||
Deferred Income Taxes | 1.7 | 0 | 8.2 | ||||||||
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 0 | 6.7 | ||||||||
Equity in Net Earnings of Subsidiaries | 6.1 | 1.3 | 0.6 | ||||||||
Other, Net | 0 | 0 | 0 | ||||||||
Changes in Operating Assets and Liabilities | (17.2) | 0.3 | 3.3 | ||||||||
Net Cash Provided by Operating Activities | 1.2 | 0.4 | 7 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | 0 | (0.4) | (5.5) | ||||||||
Packaging Machinery Spending | 0 | 0 | 0 | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business, Net of Cash Acquired | 0 | 0 | |||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | 70.7 | ||||||||||
Other, Net | 0 | 0 | 0.3 | ||||||||
Net Cash Used in Investing Activities | 0 | (0.4) | 65.5 | ||||||||
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 | ||||||||||
Payments on Debt | 0 | 0 | 0 | ||||||||
Borrowings under Revolving Credit Facilities | 0 | 0 | 0.9 | ||||||||
Payments on Revolving Credit Facilities | 0 | 0 | (0.1) | ||||||||
Debt Issuance Costs | 0 | 0 | |||||||||
Dividends Paid | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | 0 | 0 | (70.7) | ||||||||
Net Cash Used in Financing Activities | 0 | 0 | (69.9) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | (2.6) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 1.2 | 0 | 0 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1.2 | 0 | 1.2 | 0 | 0 | ||||||
Reportable Legal Entities | Combined Nonguarantor Subsidiaries | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | 21.2 | 47.7 | (85.9) | ||||||||
Depreciation and Amortization | 53 | 41.2 | 45.1 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | ||||||||||
Deferred Income Taxes | (2.5) | 1.5 | (63.3) | ||||||||
Amount of Postretirement Expense Less Than Funding | (5.5) | (8) | (2.6) | ||||||||
Gain (Loss) on the Sale of Assets | 0.1 | 0 | 166.9 | ||||||||
Equity in Net Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Other, Net | (0.7) | (6.5) | (0.4) | ||||||||
Changes in Operating Assets and Liabilities | 10.8 | 79.4 | (35.2) | ||||||||
Net Cash Provided by Operating Activities | 76.4 | 155.3 | 24.6 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (38.9) | (39.8) | (47.6) | ||||||||
Packaging Machinery Spending | (6.6) | (2.7) | (2.7) | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business, Net of Cash Acquired | (159.6) | (32.1) | |||||||||
Acquisition of Business | (190.7) | ||||||||||
Cash Acquired Related to Business Acquisition | 16.9 | ||||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | 100.1 | ||||||||||
Other, Net | 0 | 9.9 | 0 | ||||||||
Net Cash Used in Investing Activities | (205.1) | (64.7) | (124) | ||||||||
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 | ||||||||||
Payments on Debt | 0 | 0 | 0 | ||||||||
Borrowings under Revolving Credit Facilities | 64 | 71.7 | 131.8 | ||||||||
Payments on Revolving Credit Facilities | (92.3) | (100.9) | (62.1) | ||||||||
Debt Issuance Costs | 0 | 0 | |||||||||
Dividends Paid | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | 160.8 | (81) | 61 | ||||||||
Net Cash Used in Financing Activities | 132.5 | (110.2) | 130.7 | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (1.6) | (5.2) | (2.6) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 2.2 | (24.8) | 28.7 | ||||||||
Cash and Cash Equivalents at Beginning of Period | 54.8 | 79.6 | 54.8 | 79.6 | 50.9 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 57 | 54.8 | 57 | 54.8 | 79.6 | ||||||
Consolidating Eliminations | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | (246.9) | (276.5) | 8.8 | ||||||||
Depreciation and Amortization | 0 | 0 | 0 | ||||||||
Write-off of Deferred Debt Issuance Costs on Early Extinguishment of Debt | 0 | ||||||||||
Deferred Income Taxes | 0 | 0 | 0 | ||||||||
Amount of Postretirement Expense Less Than Funding | 0 | 0 | 0 | ||||||||
Gain (Loss) on the Sale of Assets | 0 | 0 | 0 | ||||||||
Equity in Net Earnings of Subsidiaries | 246.9 | 276.5 | (8.8) | ||||||||
Other, Net | 0 | 0 | 0 | ||||||||
Changes in Operating Assets and Liabilities | 0 | 0 | 16 | ||||||||
Net Cash Provided by Operating Activities | 0 | 0 | 16 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | 0 | 0 | 0 | ||||||||
Packaging Machinery Spending | 0 | 0 | 0 | ||||||||
Proceeds from Government Grant | 0 | ||||||||||
Acquisition of Business, Net of Cash Acquired | 0 | 0 | |||||||||
Acquisition of Business | 0 | ||||||||||
Cash Acquired Related to Business Acquisition | 0 | ||||||||||
Proceeds Received from Sale of Assets, Net of Selling Costs | 0 | ||||||||||
Other, Net | (79.8) | (214.5) | (16) | ||||||||
Net Cash Used in Investing Activities | (79.8) | (214.5) | (16) | ||||||||
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 | ||||||||||
Payments on Debt | 0 | 0 | 0 | ||||||||
Borrowings under Revolving Credit Facilities | 0 | 0 | 0 | ||||||||
Payments on Revolving Credit Facilities | 0 | 0 | 0 | ||||||||
Debt Issuance Costs | 0 | ||||||||||
Dividends Paid | 0 | 0 | |||||||||
Repurchase of Common Stock related to Share-Based Payments | 0 | 0 | 0 | ||||||||
Other, Net | 79.8 | 214.5 | 0 | ||||||||
Net Cash Used in Financing Activities | 79.8 | 214.5 | 0 | ||||||||
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 |