Graphic Packaging Holding (GPK) 10-Q 26 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 24, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	GRAPHIC PACKAGING HOLDING CO
Entity Central Index Key	1,408,075
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		310,555,926

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net Sales	$ 1,061.5	$ 1,034
Cost of Sales	886.5	826.3
Selling, General and Administrative	91.1	89.1
Other (Income) Expense, Net	(0.2)	0.9
Business Combinations and Other Special Charges	8.6	10.5
Income from Operations	75.5	107.2
Interest Expense, Net	(21.3)	(16.9)
Income before Income Taxes and Equity Income of Unconsolidated Entity	54.2	90.3
Income Tax Expense	(17.6)	(33.2)
Income before Equity Income of Unconsolidated Entity	36.6	57.1
Equity Income of Unconsolidated Entity	0.4	0.4
Net Income	$ 37	$ 57.5
Net Income Per Share - Basic and Diluted (in dollars per share)	$ 0.12	$ 0.18
Cash dividends declared (in dollars per share)	$ 0.075	$ 0.05

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 37	$ 57.5
Other Comprehensive (Loss) Income, Net of Tax:
Derivative Instruments	(1.9)	(2)
Pension and Postretirement Benefit Plans	0.7	2.6
Currency Translation Adjustment	18.9	6
Total Other Comprehensive Income, Net of Tax	17.7	6.6
Total Comprehensive Income	$ 54.7	$ 64.1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and Cash Equivalents	$ 37.4	$ 59.1
Receivables, Net	453	426.8
Inventories, Net	603.1	582.9
Other Current Assets	51.8	46.1
Total Current Assets	1,145.3	1,114.9
Property, Plant and Equipment, Net	1,785.4	1,751.9
Goodwill	1,265.8	1,260.3
Intangible Assets, Net	434.7	445.3
Other Assets	30.6	31
Total Assets	4,661.8	4,603.4
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	69	63.4
Accounts Payable	447	466.5
Compensation and Employee Benefits	95.8	107.3
Interest Payable	18.4	15.4
Other Accrued Liabilities	127.2	127.2
Total Current Liabilities	757.4	779.8
Long-Term Debt	2,183.8	2,088.5
Deferred Income Tax Liabilities	381.4	408
Accrued Pension and Postretirement Benefits	189.5	202.5
Other Noncurrent Liabilities	68.9	68.1
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; 311,283,386 and 313,533,785 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	3.1	3.1
Capital in Excess of Par Value	1,685.4	1,709
Accumulated Deficit	(237.8)	(268)
Accumulated Other Comprehensive Loss	(369.9)	(387.6)
Total Shareholders' Equity	1,080.8	1,056.5
Total Liabilities and Shareholders' Equity	$ 4,661.8	$ 4,603.4

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	311,283,386	313,533,785
Common stock, shares outstanding (in shares)	311,283,386	313,533,785

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 37	$ 57.5
Non-cash Items Included in Net Income:
Depreciation and Amortization	75	70.7
Deferred Income Taxes	11.9	28.9
Amount of Postretirement Expense Less Than Funding	(11.9)	(6.7)
Other, Net	4.1	12.8
Changes in Operating Assets and Liabilities	(87.7)	(104.8)
Net Cash Provided by Operating Activities	28.4	58.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(69.2)	(99)
Packaging Machinery Spending	(6.9)	(4)
Acquisition of Businesses, Net of Cash Acquired	0	(288.5)
Other, Net	(1.2)	(1.4)
Net Cash Used in Investing Activities	(77.3)	(392.9)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(40.1)	(43.5)
Payments on Debt	(6.3)	(6.3)
Borrowings under Revolving Credit Facilities	310.1	552.5
Payments on Revolving Credit Facilities	(206.4)	(122.4)
Repurchase of Common Stock related to Share-Based Payments	(10)	(10.4)
Dividends Paid	(23.6)	(16.3)
Other, Net	2.2	(0.3)
Net Cash Provided by Financing Activities	25.9	353.3
Effect of Exchange Rate Changes on Cash	1.3	1.9
Net (Decrease) Increase in Cash and Cash Equivalents	(21.7)	20.7
Cash and Cash Equivalents at Beginning of Period	59.1	54.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 37.4	$ 75.6

General Information

General Information	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	GENERAL INFORMATION Nature of Business and Basis of Presentation Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is committed to providing consumer packaging that makes a world of difference. 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 operates on a global basis and is one of the largest producers of folding cartons in the United States ("U.S.") and holds leading market positions in coated unbleached kraft paperboard ("CUK") and coated-recycled paperboard ("CRB"). The Company’s customers include many of the world’s most widely recognized companies and brands with prominent market positions in beverage, food and other consumer products. The Company strives to provide its customers with packaging solutions designed to deliver marketing and performance benefits at a competitive cost by capitalizing on its low-cost paperboard mills and converting plants, its proprietary carton and packaging designs, and its commitment to quality and service. GPHC 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. The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year end Condensed Consolidated Balance Sheet data was derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with GPHC’s Form 10-K for the year ended December 31, 2016 . In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known. For a summary of the Company’s significant accounting policies, please refer to GPHC’s Form 10-K for the year ended December 31, 2016 . Accounts Receivable and Allowances 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"). During the first three months of 2017 , the Company sold and derecognized approximately $ 346 million of receivables, collected approximately $ 353 million on behalf of the financial institution, and received no funding from the financial institutions, resulting in deferred proceeds of approximately $ 33 million as of March 31, 2017 . During the same period of 2016 , the Company sold and derecognized approximately $300 million of receivables, collected approximately $290 million on behalf of the financial institution, and received funding of approximately $24 million by the financial institution, resulting in deferred proceeds of approximately $36 million as of March 31, 2016 . Cash proceeds related to the sales are included in cash from operating activities in the Condensed 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 (Income) Expense, Net line item on the Condensed 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 three months ended March 31, 2017 and 2016 , the Company sold receivables of approximately $18 million and $10 million , respectively, related to these factoring arrangements. Receivables sold under all programs subject to continuing involvement, which consist principally of collection services, at March 31, 2017 and December 31, 2016 , were approximately $370 million and $ 376 million , respectively. Capital Allocation Plan On March 13, 2017 , the Company's board of directors declared a regular quarterly dividend of $ 0.075 per share of common stock paid on April 5, 2017 to shareholders of record as of March 29, 2017. On January 10, 2017, the Company's board of directors authorized an additional share repurchase program to allow the Company 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 (the "2017 share repurchase program"). The original $250 million share repurchase program was authorized on February 4, 2015 (the "2015 share repurchase program"). During the quarter, the Company repurchased 2,956,121 shares at an aggregate average price of $12.98 , including 1,440,697 shares repurchased under the 2015 share repurchase program thereby completing that program. The Company repurchased 3,712,552 shares at an average price of $12.12 during the three months ended March 31, 2016 under the 2015 share repurchase program. As of March 31, 2017 , the Company has approximately $230 million remaining under the 2017 share repurchase program. Business Combinations and Other Special Charges The following table summarizes the transactions recorded in Business Combinations and Other Special Charges in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, In millions 2017 2016 Charges Associated with Business Combinations $ 3.9 $ 5.1 Other Special Charges 4.7 5.4 Total $ 8.6 $ 10.5 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 products markets. Charges associated with these acquisitions are reflected in Charges Associated with Business Combinations in the above table. For more information regarding the above acquisitions see " Note 3 - Acquisitions ." Adoption of New Accounting Standards Effective January 1, 2017 the Company adopted Accounting Standards Update ("ASU") No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. In the first quarter of 2017, the Company recorded a discrete benefit of approximately $2 million during the quarter related to the excess benefit associated with share based payments to employees. The remaining $39 million of previously unrecognized excess tax benefits, which were prohibited from recognition due to net operating loss carryforwards, were recognized in accumulated deficit. The Company is continuing its practice of estimating forfeitures and recording cash paid for withholding taxes as a financing activity. Effective January 1, 2017 the Company adopted ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . This amendment replaced the method of measuring inventories at lower of cost or market with a lower of cost and net realizable value method. The adoption had no impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715); Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments to this ASU require the service cost component of net periodic benefit cost be reported in the same income statement line or lines as other compensation costs for employees. The other components of net periodic benefit cost are required to be reported separately from service costs and outside a subtotal of income from operations. Only the service cost component is eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017. The amendments should be applied retrospectively for the income statement presentations and prospectively for the capitalization of service costs. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, result of operations and cash flows. In January 2017, the FASB issued ASU No. 2017-04 Intangibles - Goodwill and Other (Topic 350); Simplifying the Test for Goodwill Impairment which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment model. Step 2 measures a goodwill impairment loss by comparing the implied value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity would recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized is limited to the amount of goodwill allocated to that reporting unit. The guidance is effective for annual periods beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business . The amendments in this ASU provide guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments are effective for annual periods beginning after December 15, 2017 and will be applied prospectively. 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. 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 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. 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 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.

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories, Net	INVENTORIES, NET Inventories, Net by major class: In millions March 31, 2017 December 31, 2016 Finished Goods $ 258.2 $ 238.3 Work in Progress 66.8 73.5 Raw Materials 191.8 187.2 Supplies 86.3 83.9 Total $ 603.1 $ 582.9

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS As disclosed in " Note 1 - General Information," 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 .

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	DEBT For more information regarding the Company’s debt, see “ Note 5 — Debt” of the Notes to Consolidated Financial Statements of the Company’s 2016 Form 10-K. Long-Term Debt is composed of the following: In millions March 31, 2017 December 31, 2016 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.19%, payable in 2024 $ 300.0 $ 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 (2.3% at March 31, 2017) payable through 2019 943.8 950.0 Senior Secured Revolving Facilities with interest payable at floating rates (2.3% at March 31, 2017) payable in 2019 291.8 184.8 Capital Lease Obligations 18.0 17.9 Other 2.8 3.0 Total Long-Term Debt 2,231.4 2,130.7 Less: Current Portion 32.5 26.3 2,198.9 2,104.4 Less: Unamortized Deferred Debt Issuance Costs 15.1 15.9 Total $ 2,183.8 $ 2,088.5 At March 31, 2017 , 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 $ 242.0 $ 985.4 Senior Secured International Revolving Credit Facility 170.1 49.8 120.3 Other International Facilities 55.0 39.3 15.7 Total $ 1,475.1 $ 331.1 $ 1,121.4 (a) In accordance with its debt agreement, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $22.6 million as of March 31, 2017 . These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 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 March 31, 2017 , the Company was in compliance with the covenants in the Credit Agreement and the Indentures.

Stock Incentive Plans

Stock Incentive Plans	3 Months Ended
	Mar. 31, 2017
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 (“RSUs”) and other types of stock-based and cash awards. Awards under the 2014 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from the Company’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. Stock Awards, Restricted Stock and Restricted Stock Units Under the 2014 Plan, all RSUs generally vest and become payable in three years from date of grant. RSUs granted to employees generally contain either 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 first three months of 2017 is as follows: Shares Weighted Average Grant Date Fair Value Per Share RSUs — Employees 1,508,616 $ 13.34 During the three months ended March 31, 2017 and 2016 , $2.3 million and $5.5 million , respectively, were charged to compensation expense for stock incentive plans. During the three months ended March 31, 2017 and 2016 , approximately 0.9 million and 1.6 million shares were issued, respectively. The shares issued were primarily related to RSUs granted during 2014 and 2013, respectively.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Pensions and Other Postretirement Benefits	PENSIONS AND OTHER POSTRETIREMENT BENEFITS The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employee's compensation. Pension and Postretirement Expense The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Health Care Benefits Three Months Ended Three Months Ended March 31, March 31, In millions 2017 2016 2017 2016 Components of Net Periodic Cost: Service Cost $ 2.6 $ 2.5 $ 0.2 $ 0.2 Interest Cost 10.6 11.1 0.3 0.3 Administrative Expenses — 0.3 — — Expected Return on Plan Assets (16.0 ) (15.1 ) — — Amortization: Prior Service Cost (Credit) 0.1 0.2 (0.1 ) (0.1 ) Actuarial Loss (Gain) 1.7 4.8 (0.5 ) (0.5 ) Net Periodic (Benefit) Cost $ (1.0 ) $ 3.8 $ (0.1 ) $ (0.1 ) Employer Contributions The Company made contributions of $ 10.2 million during the first three months of both 2017 and 2016 . The Company expects to make contributions of $30 million to $40 million for the full year 2017 . During 2016 , the Company made $ 51.4 million of contributions to its pension plans. The Company made postretirement health care benefit payments of $ 0.6 million and $ 0.2 million during the first three months of 2017 and 2016 , respectively. The Company estimates its postretirement health care benefit payments for the full year 2017 to be approximately $3 million . During 2016 , the Company made postretirement health care benefit payments of $ 2.1 million .

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurement	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts, and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in the related hedged exposure. For more information regarding the Company’s financial instruments and fair value measurement, see “ Note 9 — Financial Instruments, Derivatives and Hedging Activities” and “ Note 10 — Fair Value Measurement” of the Notes to Consolidated Financial Statements of the Company’s 2016 Form 10-K. Interest Rate Risk The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facility. 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 March 31, 2017 : Start End (In Millions) Weighted Average Interest Rate 02/01/2017 12/01/2017 $450.0 0.89% 12/01/2017 10/01/2018 $250.0 1.16% Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. During the first three months of 2017 and 2016 , there were no amounts of ineffectiveness related to changes in the fair value of interest rate swap agreements. Additionally, there were no amounts excluded from the measure of effectiveness. Commodity Risk To manage risks associated with future variability in cash flows and price risk attributable to certain commodity purchases, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss, the resulting gain or loss reclassified into Cost of Sales concurrently with the recognition of the commodity consumed, and the ineffective portion of the swap contracts’ change in fair value recognized immediately in earnings. The Company has hedged approximately 50% and 12% of its expected natural gas usage for the remainder of 2017 and 2018, respectively. During the first three months of 2017 and 2016 , there were minimal amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness. Foreign Currency Risk The Company enters into forward exchange contracts to manage risks associated with 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 (Income) Expense, Net or Net Sales , when appropriate. At March 31, 2017 , multiple forward exchange contracts existed that expire on various dates through the remainder of 2017 . Those purchased forward exchange contracts outstanding at March 31, 2017 and December 31, 2016 , when aggregated and measured in U.S. dollars at contractual rates at March 31, 2017 and December 31, 2016 , had notional amounts totaling $ 41.8 million and $ 55.9 million , respectively. No amounts were reclassified to earnings during the first three months of 2017 or during 2016 in connection with forecasted transactions that were considered probable of not occurring and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness. Derivatives not Designated as Hedges The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivables resulting from sales transactions denominated in foreign currencies in order to manage risks associated with variability in cash flows that may be adversely affected by changes in exchange rates. At March 31, 2017 and December 31, 2016 , multiple foreign currency forward exchange contracts existed, with maturities ranging up to three months. Those foreign currency exchange contracts outstanding at March 31, 2017 and December 31, 2016 , when aggregated and measured in U.S. dollars at exchange rates at March 31, 2017 and December 31, 2016 , had net notional amounts totaling $ 64.2 million and $ 68.1 million , respectively. Unrealized gains and losses resulting from these contracts are recognized in Other (Income) Expense, Net and approximately offset corresponding recognized but unrealized gains and losses on the remeasurement of these accounts receivable. Fair Value of Financial Instruments The Company’s derivative instruments are carried at fair value. The Company has determined that the inputs to the valuation of these derivative instruments are Level 2 in the fair value hierarchy. Level 2 inputs are defined as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. The Company uses valuation techniques based on discounted cash flow analyses, which reflect the terms of the derivatives and use observable market-based inputs, including forward rates, and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers. As of March 31, 2017 , the Company had a gross derivative asset of $ 4.4 million and a gross derivative liability of $ 0.4 million , related to interest rate, foreign currency and commodity contracts. As of March 31, 2017 , there has not been any significant impact to the fair value of the Company’s derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on evaluation of the Company’s counterparties’ credit risks. The fair values of the Company’s other financial assets and liabilities at March 31, 2017 and December 31, 2016 approximately equal the carrying values reported on the Condensed 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 $ 2,241.5 million and $ 2,132.7 million as compared to the carrying amounts of $2,213.4 million and $ 2,112.8 million as of March 31, 2017 and December 31, 2016 , respectively. The fair value of the Company’s Total 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. The following is a rollforward of pre-tax Accumulated Other Comprehensive Loss pertaining to derivative instruments: In millions Balance at December 31, 2016 $ 7.5 Reclassification to Earnings (0.9 ) Current Period Change in Fair Value (2.2 ) Balance at March 31, 2017 $ 4.4 At March 31, 2017 , the Company expects to reclassify approximately $ 3.8 million of gains in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES During the three months ended March 31, 2017 , the Company recognized Income Tax Expense of $ 17.6 million on Income before Income Taxes and Equity Income of Unconsolidated Entity of $ 54.2 million . The effective tax rate for the three months ended March 31, 2017 is lower than the statutory rate due to the mix and levels of earnings between foreign and domestic tax jurisdictions. In addition, the Company recorded a discrete benefit of approximately $2 million during the quarter related to the excess benefit associated with share based payments to employees that vested during the period in accordance with the new guidance in ASU No. 2016-09, Compensation-Stock Compensation (Topic 718), which requires entities to recognize all income tax effects of excess tax benefits and tax deficiencies in the income statement during the period in which the awards vest or are settled. During the three months ended March 31, 2016 , the Company recognized Income Tax Expense of $ 33.2 million on Income before Income Taxes and Equity Income of Unconsolidated Entity of $ 90.3 million . The effective tax rate for the three months ended March 31, 2016 was different than the statutory rate due to the mix and levels of earnings between foreign and domestic tax jurisdictions as well as discrete items recorded during the quarter. As of December 31, 2016 , the Company had approximately $351 million of Net Operating Losses (“NOLs”) for U.S. federal income tax purposes which may be used to offset future taxable income. During the three months ended March 31, 2017, the Company adopted ASU 2016-09 and as a result recorded additional federal and state NOLs of approximately $107 million that were generated through excess tax benefit deductions claimed on the Company’s 2011-2016 U.S. federal income tax returns and were previously prohibited from being recognized. The Company recognized the cumulative federal and state income tax effects of these previously unrecognized NOLs in accumulated deficit in accordance with ASU No. 2016-09. The Company will utilize NOLs during 2017 and expects to have approximately $285 million to $335 million of NOLs remaining at December 31, 2017 . Based on these NOLs and other tax benefits, the Company does not expect to be a meaningful U.S. federal cash taxpayer until 2019.

Environmental and Legal Matters

Environmental and Legal Matters	3 Months Ended
	Mar. 31, 2017
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 a liability are not quantifiable at this time. The Company will continue to monitor environmental issues at each of its facilities, as well as regulatory developments, and will revise its accruals, estimates and disclosures relating to past, present and future operations, as additional information is obtained. Legal Matters The Company is a party to a number of lawsuits arising in the ordinary conduct of its business. Although the timing and outcome of these lawsuits cannot be predicted with certainty, the Company does not believe that disposition of these lawsuits will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION Effective January 5, 2017, the consumer product and beverage operating segments (previously combined into the Americas Paperboard Packaging reporting segment) were reorganized and combined into an Americas Converting operating segment (Americas Paperboard Packaging reportable segment). As part of this reorganization, Australia, which was previously included as part of the Americas Paperboard Packaging reporting segment, is now an operating segment and included in Corporate/Other/Elimination. Prior periods have been recast. The Company has three reportable segments as follows: 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 packaging folding cartons sold primarily to Consumer Packaged Goods ("CPG") companies serving the food, beverage, and consumer product markets in the Americas. Europe Paperboard Packaging includes paperboard packaging folding cartons sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe. The Company 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 and Australia operating segments 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 - General Information. " Segment information is as follows: Three Months Ended March 31, In millions 2017 2016 NET SALES: Paperboard Mills $ 98.1 $ 101.1 Americas Paperboard Packaging 792.8 776.4 Europe Paperboard Packaging 139.7 144.3 Corporate/Other/Eliminations 30.9 12.2 Total $ 1,061.5 $ 1,034.0 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ (12.3 ) $ (1.2 ) Americas Paperboard Packaging 89.4 113.5 Europe Paperboard Packaging 7.0 9.1 Corporate and Other (8.6 ) (14.2 ) Total $ 75.5 $ 107.2 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 30.6 $ 31.1 Americas Paperboard Packaging 30.2 27.3 Europe Paperboard Packaging 9.8 10.1 Corporate and Other 4.4 2.2 Total $ 75.0 $ 70.7 For more information regarding the Company’s business segments, see “ Note 14 — Business Segment and Geographic Area Information” of the Notes to Consolidated Financial Statements of the Company’s 2016 Form 10-K.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Three Months Ended March 31, In millions, except per share data 2017 2016 Net Income $ 37.0 $ 57.5 Weighted Average Shares: Basic 312.9 323.1 Dilutive Effect of RSUs 1.2 1.1 Diluted (a) 314.1 324.2 Income Per Share — Basic $ 0.12 $ 0.18 Income Per Share — Diluted $ 0.12 $ 0.18 (a) For the three months ended March 31, 2017, 0.5 million shares were excluded from the calculation of earnings per share since they were anti-dilutive.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	EQUITY The following is a summary of the changes in total equity for the three months ended March 31, 2017 : In millions Total Shareholders' Equity Balance at December 31, 2016 $ 1,056.5 Net Income 37.0 Other Comprehensive Income, Net of Tax 17.7 Dividends Declared (23.4 ) Repurchase of Common Stock (38.4 ) Pre-2017 Excess Tax Benefit related to Share-Based Payments 39.1 Compensation Expense Under Share-Based Plans 2.3 Repurchase of Common Stock related to Share-Based Payments (10.0 ) Balance at March 31, 2017 $ 1,080.8

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income by each component of other comprehensive income for the three months ended March 31, 2017 (a) : In millions Derivative Instruments Pension Benefit Plans Postretirement Benefit Plans Currency Translation Adjustment Total Balance at December 31, 2016 $ (5.4 ) $ (250.2 ) $ 14.7 $ (146.7 ) $ (387.6 ) Other Comprehensive (Loss) Income before Reclassifications (1.3 ) — — 18.9 17.6 Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) (0.6 ) 1.1 (0.4 ) — 0.1 Net Current-period Other Comprehensive (Loss) Income (1.9 ) 1.1 (0.4 ) 18.9 17.7 Balance at March 31, 2017 $ (7.3 ) $ (249.1 ) $ 14.3 $ (127.8 ) $ (369.9 ) (a) All amounts are net of income taxes. (b) See following table for details about these reclassifications. The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the three months ended March 31, 2017 : In millions Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ (1.1 ) Cost of Sales Foreign Currency Contracts (0.1 ) Other (Income) Expense, Net Interest Rate Swap Agreements 0.3 Interest Expense, Net (0.9 ) Total before Tax 0.3 Tax Benefit $ (0.6 ) Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.1 (c) Actuarial Losses 1.7 (c) 1.8 Total before Tax (0.7 ) Tax Benefit $ 1.1 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.1 ) (c) Actuarial Gains (0.5 ) (c) (0.6 ) Total before Tax 0.2 Tax Expense $ (0.4 ) Net of Tax Total Reclassifications for the Period $ 0.1 (c) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “ Note 6 — Pensions and Other Postretirement Benefits" ).

Guarantor Condensed Consolidati

Guarantor Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Guarantor Condensed Consolidating Financial Statements	GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS 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 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. Three Months Ended March 31, 2017 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 845.2 $ 37.0 $ 262.6 $ (83.3 ) $ 1,061.5 Cost of Sales — 705.4 30.8 233.6 (83.3 ) 886.5 Selling, General and Administrative — 68.9 2.7 19.5 — 91.1 Other (Income) Expense, Net — (2.7 ) 0.1 2.4 — (0.2 ) Business Combinations and Other Special Charges — 5.8 — 2.8 — 8.6 Income from Operations — 67.8 3.4 4.3 — 75.5 Interest Expense, Net — (20.4 ) — (0.9 ) — (21.3 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 47.4 3.4 3.4 — 54.2 Income Tax Expense — (14.9 ) (1.2 ) (1.5 ) — (17.6 ) Income before Equity Income of Unconsolidated Entities — 32.5 2.2 1.9 — 36.6 Equity Income of Unconsolidated Entity — — — 0.4 — 0.4 Equity in Net Earnings of Subsidiaries 37.0 4.5 (3.4 ) — (38.1 ) — Net Income (Loss) $ 37.0 $ 37.0 $ (1.2 ) $ 2.3 $ (38.1 ) $ 37.0 Comprehensive Income (Loss) $ 54.7 $ 54.7 $ 21.2 $ 20.8 $ (96.7 ) $ 54.7 Three Months Ended March 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 866.0 $ 16.1 $ 231.3 $ (79.4 ) $ 1,034.0 Cost of Sales — 691.4 12.7 201.6 (79.4 ) 826.3 Selling, General and Administrative — 70.1 0.7 18.3 — 89.1 Other (Income) Expense, Net — (1.6 ) — 2.5 — 0.9 Business Combinations and Other Special Charges — 10.5 — — — 10.5 Income from Operations — 95.6 2.7 8.9 — 107.2 Interest Expense, Net — (15.9 ) — (1.0 ) — (16.9 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 79.7 2.7 7.9 — 90.3 Income Tax Expense — (31.6 ) (1.1 ) (0.5 ) — (33.2 ) Income before Equity Income of Unconsolidated Entity — 48.1 1.6 7.4 — 57.1 Equity Income of Unconsolidated Entity — — — 0.4 — 0.4 Equity in Net Earnings of Subsidiaries 57.5 9.4 (2.6 ) — (64.3 ) — Net Income (Loss) $ 57.5 $ 57.5 $ (1.0 ) $ 7.8 $ (64.3 ) $ 57.5 Comprehensive Income (Loss) $ 64.1 $ 64.1 $ (1.0 ) $ 13.0 $ (76.1 ) $ 64.1 March 31, 2017 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated ASSETS Current Assets: Cash and Cash Equivalents $ — $ 6.1 $ 0.9 $ 30.4 $ — $ 37.4 Receivables, Net — 197.0 10.4 245.6 — 453.0 Inventories, Net — 411.5 18.6 173.0 — 603.1 Intercompany — 1,102.4 87.3 — (1,189.7 ) — Other Current Assets — 40.4 — 11.4 — 51.8 Total Current Assets — 1,757.4 117.2 460.4 (1,189.7 ) 1,145.3 Property, Plant and Equipment, Net — 1,443.4 68.8 273.2 — 1,785.4 Investment in Consolidated Subsidiaries 1,417.6 — 15.1 — (1,432.7 ) — Goodwill — 1,098.9 55.5 111.4 — 1,265.8 Other Assets — 306.7 63.2 95.4 — 465.3 Total Assets $ 1,417.6 $ 4,606.4 $ 319.8 $ 940.4 $ (2,622.4 ) $ 4,661.8 LIABILITIES Current Liabilities: Short-Term Debt and Current Portion of Long-Term Debt $ — $ 32.3 $ — $ 36.7 $ — $ 69.0 Accounts Payable — 327.6 10.1 109.3 — 447.0 Intercompany 336.8 — — 882.3 (1,219.1 ) — Interest Payable — 18.3 — 0.1 — 18.4 Other Accrued Liabilities — 161.7 1.8 59.5 — 223.0 Total Current Liabilities 336.8 539.9 11.9 1,087.9 (1,219.1 ) 757.4 Long-Term Debt — 2,130.4 — 53.4 — 2,183.8 Deferred Income Tax Liabilities — 314.2 43.3 23.9 — 381.4 Other Noncurrent Liabilities — 204.3 — 54.1 — 258.4 EQUITY Total Equity 1,080.8 1,417.6 264.6 (278.9 ) (1,403.3 ) 1,080.8 Total Liabilities and Equity $ 1,417.6 $ 4,606.4 $ 319.8 $ 940.4 $ (2,622.4 ) $ 4,661.8 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 Three Months Ended March 31, 2017 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 37.0 $ 37.0 $ (1.2 ) $ 2.3 $ (38.1 ) $ 37.0 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 57.6 3.6 13.8 — 75.0 Deferred Income Taxes — 11.7 1.2 (1.0 ) — 11.9 Amount of Postretirement Expense Less Than Funding — (10.3 ) — (1.6 ) — (11.9 ) Equity in Net Earnings of Subsidiaries (37.0 ) (4.5 ) 3.4 — 38.1 — Other, Net — 3.0 — 1.1 — 4.1 Changes in Operating Assets and Liabilities — (55.7 ) (7.3 ) (24.7 ) — (87.7 ) Net Cash Provided by (Used in) Operating Activities — 38.8 (0.3 ) (10.1 ) — 28.4 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (47.7 ) — (21.5 ) — (69.2 ) Packaging Machinery Spending — (6.9 ) — — — (6.9 ) Other, Net 73.7 (1.2 ) — — (73.7 ) (1.2 ) Net Cash Provided by (Used in) Investing Activities 73.7 (55.8 ) — (21.5 ) (73.7 ) (77.3 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (40.1 ) — — — — (40.1 ) Payments on Debt — (6.3 ) — — — (6.3 ) Borrowings under Revolving Credit Facilities — 298.5 — 11.6 — 310.1 Payments on Revolving Credit Facilities — (198.5 ) — (7.9 ) — (206.4 ) Dividends Paid (23.6 ) — — — — (23.6 ) Repurchase of Common Stock related to Share-Based Payments (10.0 ) — — — — (10.0 ) Other, Net — (71.5 ) — — 73.7 2.2 Net Cash (Used in) Provided by Financing Activities (73.7 ) 22.2 — 3.7 73.7 25.9 Effect of Exchange Rate Changes on Cash — — — 1.3 — 1.3 Net Increase (Decrease) in Cash and Cash Equivalents — 5.2 (0.3 ) (26.6 ) — (21.7 ) Cash and Cash Equivalents at Beginning of Period — 0.9 1.2 57.0 — 59.1 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 6.1 $ 0.9 $ 30.4 $ — $ 37.4 Three Months Ended March 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 57.5 $ 57.5 $ (1.0 ) $ 7.8 $ (64.3 ) $ 57.5 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 59.3 0.9 10.5 — 70.7 Deferred Income Taxes — 29.3 1.0 (1.4 ) — 28.9 Amount of Postretirement Expense Less Than Funding — (5.4 ) — (1.3 ) — (6.7 ) Equity in Net Earnings of Subsidiaries (57.5 ) (9.4 ) 2.6 — 64.3 — Other, Net — 12.8 — — — 12.8 Changes in Operating Assets and Liabilities — (113.2 ) 4.1 4.3 — (104.8 ) Net Cash Provided By Operating Activities — 30.9 7.6 19.9 — 58.4 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (80.0 ) — (19.0 ) — (99.0 ) Packaging Machinery Spending — (4.0 ) — — — (4.0 ) Acquisition of Business, Net of Cash Acquired — (205.4 ) — (83.1 ) — (288.5 ) Other, Net 70.2 (84.6 ) 0.1 — 12.9 (1.4 ) Net Cash Provided by (Used in) Investing Activities 70.2 (374.0 ) 0.1 (102.1 ) 12.9 (392.9 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (43.5 ) — — — — (43.5 ) Payments on Debt — (6.3 ) — — — (6.3 ) Borrowings under Revolving Credit Facilities — 528.9 — 23.6 — 552.5 Payments on Revolving Credit Facilities — (108.6 ) — (13.8 ) — (122.4 ) Dividends Paid (16.3 ) — — — — (16.3 ) Repurchase of Common Stock related to Share-Based Payments (10.4 ) — — — — (10.4 ) Other, Net — (42.2 ) — 54.8 (12.9 ) (0.3 ) Net Cash (Used in) Provided by Financing Activities (70.2 ) 371.8 — 64.6 (12.9 ) 353.3 Effect of Exchange Rate Changes on Cash — — — 1.9 — 1.9 Net Increase (Decrease) in Cash and Cash Equivalents — 28.7 7.7 (15.7 ) — 20.7 Cash and Cash Equivalents at Beginning of Period — 0.1 — 54.8 — 54.9 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 28.8 $ 7.7 $ 39.1 $ — $ 75.6

General Information (Policies)

General Information (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The Company’s Condensed Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation.
Basis of Accounting	In the Company’s opinion, the accompanying Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods. The Company’s year end Condensed Consolidated Balance Sheet data was derived from audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these Condensed Consolidated Financial Statements should be read in conjunction with GPHC’s Form 10-K for the year ended December 31, 2016 .
Use of Estimates	In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.
Accounting Standards Adopted and Not Yet Adopted	Adoption of New Accounting Standards Effective January 1, 2017 the Company adopted Accounting Standards Update ("ASU") No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies the accounting for income taxes, among other changes, related to stock-based compensation. In the first quarter of 2017, the Company recorded a discrete benefit of approximately $2 million during the quarter related to the excess benefit associated with share based payments to employees. The remaining $39 million of previously unrecognized excess tax benefits, which were prohibited from recognition due to net operating loss carryforwards, were recognized in accumulated deficit. The Company is continuing its practice of estimating forfeitures and recording cash paid for withholding taxes as a financing activity. Effective January 1, 2017 the Company adopted ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . This amendment replaced the method of measuring inventories at lower of cost or market with a lower of cost and net realizable value method. The adoption had no impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715); Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The amendments to this ASU require the service cost component of net periodic benefit cost be reported in the same income statement line or lines as other compensation costs for employees. The other components of net periodic benefit cost are required to be reported separately from service costs and outside a subtotal of income from operations. Only the service cost component is eligible for capitalization. The guidance is effective for annual periods beginning after December 15, 2017. The amendments should be applied retrospectively for the income statement presentations and prospectively for the capitalization of service costs. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, result of operations and cash flows. In January 2017, the FASB issued ASU No. 2017-04 Intangibles - Goodwill and Other (Topic 350); Simplifying the Test for Goodwill Impairment which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment model. Step 2 measures a goodwill impairment loss by comparing the implied value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity would recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value; however, the loss recognized is limited to the amount of goodwill allocated to that reporting unit. The guidance is effective for annual periods beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business . The amendments in this ASU provide guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. The amendments are effective for annual periods beginning after December 15, 2017 and will be applied prospectively. 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. 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 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. 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 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.

General Information (Tables)

General Information (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Restructuring and Other Special Charges	The following table summarizes the transactions recorded in Business Combinations and Other Special Charges in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, In millions 2017 2016 Charges Associated with Business Combinations $ 3.9 $ 5.1 Other Special Charges 4.7 5.4 Total $ 8.6 $ 10.5

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories, Net by major class	Inventories, Net by major class: In millions March 31, 2017 December 31, 2016 Finished Goods $ 258.2 $ 238.3 Work in Progress 66.8 73.5 Raw Materials 191.8 187.2 Supplies 86.3 83.9 Total $ 603.1 $ 582.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-Term Debt is composed of the following: In millions March 31, 2017 December 31, 2016 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.19%, payable in 2024 $ 300.0 $ 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 (2.3% at March 31, 2017) payable through 2019 943.8 950.0 Senior Secured Revolving Facilities with interest payable at floating rates (2.3% at March 31, 2017) payable in 2019 291.8 184.8 Capital Lease Obligations 18.0 17.9 Other 2.8 3.0 Total Long-Term Debt 2,231.4 2,130.7 Less: Current Portion 32.5 26.3 2,198.9 2,104.4 Less: Unamortized Deferred Debt Issuance Costs 15.1 15.9 Total $ 2,183.8 $ 2,088.5
Schedule of Revolving Credit Facilities	At March 31, 2017 , 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 $ 242.0 $ 985.4 Senior Secured International Revolving Credit Facility 170.1 49.8 120.3 Other International Facilities 55.0 39.3 15.7 Total $ 1,475.1 $ 331.1 $ 1,121.4 (a) In accordance with its debt agreement, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $22.6 million as of March 31, 2017 . These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through mid-2018 unless extended.

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Data concerning RSUs and stock awards granted	Data concerning RSUs and stock awards granted in the first three months of 2017 is as follows: Shares Weighted Average Grant Date Fair Value Per Share RSUs — Employees 1,508,616 $ 13.34

Pensions and Other Postretire26

Pensions and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of pension and postretirement expenses	The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Health Care Benefits Three Months Ended Three Months Ended March 31, March 31, In millions 2017 2016 2017 2016 Components of Net Periodic Cost: Service Cost $ 2.6 $ 2.5 $ 0.2 $ 0.2 Interest Cost 10.6 11.1 0.3 0.3 Administrative Expenses — 0.3 — — Expected Return on Plan Assets (16.0 ) (15.1 ) — — Amortization: Prior Service Cost (Credit) 0.1 0.2 (0.1 ) (0.1 ) Actuarial Loss (Gain) 1.7 4.8 (0.5 ) (0.5 ) Net Periodic (Benefit) Cost $ (1.0 ) $ 3.8 $ (0.1 ) $ (0.1 )

Financial Instruments and Fai27

Financial Instruments and Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Positions	The following table summarizes the Company's current interest rate swap positions for each period presented as of March 31, 2017 : Start End (In Millions) Weighted Average Interest Rate 02/01/2017 12/01/2017 $450.0 0.89% 12/01/2017 10/01/2018 $250.0 1.16%
Rollforward of pre-tax derivative Accumulated Other Comprehensive Loss	The following is a rollforward of pre-tax Accumulated Other Comprehensive Loss pertaining to derivative instruments: In millions Balance at December 31, 2016 $ 7.5 Reclassification to Earnings (0.9 ) Current Period Change in Fair Value (2.2 ) Balance at March 31, 2017 $ 4.4

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information is as follows: Three Months Ended March 31, In millions 2017 2016 NET SALES: Paperboard Mills $ 98.1 $ 101.1 Americas Paperboard Packaging 792.8 776.4 Europe Paperboard Packaging 139.7 144.3 Corporate/Other/Eliminations 30.9 12.2 Total $ 1,061.5 $ 1,034.0 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills $ (12.3 ) $ (1.2 ) Americas Paperboard Packaging 89.4 113.5 Europe Paperboard Packaging 7.0 9.1 Corporate and Other (8.6 ) (14.2 ) Total $ 75.5 $ 107.2 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 30.6 $ 31.1 Americas Paperboard Packaging 30.2 27.3 Europe Paperboard Packaging 9.8 10.1 Corporate and Other 4.4 2.2 Total $ 75.0 $ 70.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of earnings per share	Three Months Ended March 31, In millions, except per share data 2017 2016 Net Income $ 37.0 $ 57.5 Weighted Average Shares: Basic 312.9 323.1 Dilutive Effect of RSUs 1.2 1.1 Diluted (a) 314.1 324.2 Income Per Share — Basic $ 0.12 $ 0.18 Income Per Share — Diluted $ 0.12 $ 0.18 (a) For the three months ended March 31, 2017, 0.5 million shares were excluded from the calculation of earnings per share since they were anti-dilutive.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Changes in Total Equity	The following is a summary of the changes in total equity for the three months ended March 31, 2017 : In millions Total Shareholders' Equity Balance at December 31, 2016 $ 1,056.5 Net Income 37.0 Other Comprehensive Income, Net of Tax 17.7 Dividends Declared (23.4 ) Repurchase of Common Stock (38.4 ) Pre-2017 Excess Tax Benefit related to Share-Based Payments 39.1 Compensation Expense Under Share-Based Plans 2.3 Repurchase of Common Stock related to Share-Based Payments (10.0 ) Balance at March 31, 2017 $ 1,080.8

Accumulated Other Comprehensi31

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of changes in Accumulated Other Comprehensive (Loss) Income	The following represents changes in Accumulated Other Comprehensive (Loss) Income by each component of other comprehensive income for the three months ended March 31, 2017 (a) : In millions Derivative Instruments Pension Benefit Plans Postretirement Benefit Plans Currency Translation Adjustment Total Balance at December 31, 2016 $ (5.4 ) $ (250.2 ) $ 14.7 $ (146.7 ) $ (387.6 ) Other Comprehensive (Loss) Income before Reclassifications (1.3 ) — — 18.9 17.6 Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) (0.6 ) 1.1 (0.4 ) — 0.1 Net Current-period Other Comprehensive (Loss) Income (1.9 ) 1.1 (0.4 ) 18.9 17.7 Balance at March 31, 2017 $ (7.3 ) $ (249.1 ) $ 14.3 $ (127.8 ) $ (369.9 ) (a) All amounts are net of income taxes. (b) See following table for details about these reclassifications.
Reclassification out of Accumulated Other Comprehensive (Loss) Income	The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the three months ended March 31, 2017 : In millions Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ (1.1 ) Cost of Sales Foreign Currency Contracts (0.1 ) Other (Income) Expense, Net Interest Rate Swap Agreements 0.3 Interest Expense, Net (0.9 ) Total before Tax 0.3 Tax Benefit $ (0.6 ) Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.1 (c) Actuarial Losses 1.7 (c) 1.8 Total before Tax (0.7 ) Tax Benefit $ 1.1 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.1 ) (c) Actuarial Gains (0.5 ) (c) (0.6 ) Total before Tax 0.2 Tax Expense $ (0.4 ) Net of Tax Total Reclassifications for the Period $ 0.1 (c) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see “ Note 6 — Pensions and Other Postretirement Benefits" ).

Guarantor Condensed Consolida32

Guarantor Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Guarantor Condensed Consolidating Statements of Operations	Three Months Ended March 31, 2017 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 845.2 $ 37.0 $ 262.6 $ (83.3 ) $ 1,061.5 Cost of Sales — 705.4 30.8 233.6 (83.3 ) 886.5 Selling, General and Administrative — 68.9 2.7 19.5 — 91.1 Other (Income) Expense, Net — (2.7 ) 0.1 2.4 — (0.2 ) Business Combinations and Other Special Charges — 5.8 — 2.8 — 8.6 Income from Operations — 67.8 3.4 4.3 — 75.5 Interest Expense, Net — (20.4 ) — (0.9 ) — (21.3 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 47.4 3.4 3.4 — 54.2 Income Tax Expense — (14.9 ) (1.2 ) (1.5 ) — (17.6 ) Income before Equity Income of Unconsolidated Entities — 32.5 2.2 1.9 — 36.6 Equity Income of Unconsolidated Entity — — — 0.4 — 0.4 Equity in Net Earnings of Subsidiaries 37.0 4.5 (3.4 ) — (38.1 ) — Net Income (Loss) $ 37.0 $ 37.0 $ (1.2 ) $ 2.3 $ (38.1 ) $ 37.0 Comprehensive Income (Loss) $ 54.7 $ 54.7 $ 21.2 $ 20.8 $ (96.7 ) $ 54.7 Three Months Ended March 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated Net Sales $ — $ 866.0 $ 16.1 $ 231.3 $ (79.4 ) $ 1,034.0 Cost of Sales — 691.4 12.7 201.6 (79.4 ) 826.3 Selling, General and Administrative — 70.1 0.7 18.3 — 89.1 Other (Income) Expense, Net — (1.6 ) — 2.5 — 0.9 Business Combinations and Other Special Charges — 10.5 — — — 10.5 Income from Operations — 95.6 2.7 8.9 — 107.2 Interest Expense, Net — (15.9 ) — (1.0 ) — (16.9 ) Income before Income Taxes and Equity Income of Unconsolidated Entity — 79.7 2.7 7.9 — 90.3 Income Tax Expense — (31.6 ) (1.1 ) (0.5 ) — (33.2 ) Income before Equity Income of Unconsolidated Entity — 48.1 1.6 7.4 — 57.1 Equity Income of Unconsolidated Entity — — — 0.4 — 0.4 Equity in Net Earnings of Subsidiaries 57.5 9.4 (2.6 ) — (64.3 ) — Net Income (Loss) $ 57.5 $ 57.5 $ (1.0 ) $ 7.8 $ (64.3 ) $ 57.5 Comprehensive Income (Loss) $ 64.1 $ 64.1 $ (1.0 ) $ 13.0 $ (76.1 ) $ 64.1
Schedule of Guarantor Condensed Consolidating Balance Sheets	March 31, 2017 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated ASSETS Current Assets: Cash and Cash Equivalents $ — $ 6.1 $ 0.9 $ 30.4 $ — $ 37.4 Receivables, Net — 197.0 10.4 245.6 — 453.0 Inventories, Net — 411.5 18.6 173.0 — 603.1 Intercompany — 1,102.4 87.3 — (1,189.7 ) — Other Current Assets — 40.4 — 11.4 — 51.8 Total Current Assets — 1,757.4 117.2 460.4 (1,189.7 ) 1,145.3 Property, Plant and Equipment, Net — 1,443.4 68.8 273.2 — 1,785.4 Investment in Consolidated Subsidiaries 1,417.6 — 15.1 — (1,432.7 ) — Goodwill — 1,098.9 55.5 111.4 — 1,265.8 Other Assets — 306.7 63.2 95.4 — 465.3 Total Assets $ 1,417.6 $ 4,606.4 $ 319.8 $ 940.4 $ (2,622.4 ) $ 4,661.8 LIABILITIES Current Liabilities: Short-Term Debt and Current Portion of Long-Term Debt $ — $ 32.3 $ — $ 36.7 $ — $ 69.0 Accounts Payable — 327.6 10.1 109.3 — 447.0 Intercompany 336.8 — — 882.3 (1,219.1 ) — Interest Payable — 18.3 — 0.1 — 18.4 Other Accrued Liabilities — 161.7 1.8 59.5 — 223.0 Total Current Liabilities 336.8 539.9 11.9 1,087.9 (1,219.1 ) 757.4 Long-Term Debt — 2,130.4 — 53.4 — 2,183.8 Deferred Income Tax Liabilities — 314.2 43.3 23.9 — 381.4 Other Noncurrent Liabilities — 204.3 — 54.1 — 258.4 EQUITY Total Equity 1,080.8 1,417.6 264.6 (278.9 ) (1,403.3 ) 1,080.8 Total Liabilities and Equity $ 1,417.6 $ 4,606.4 $ 319.8 $ 940.4 $ (2,622.4 ) $ 4,661.8 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
Schedule of Guarantor Condensed Consolidating Statements of Cash Flows	Three Months Ended March 31, 2017 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 37.0 $ 37.0 $ (1.2 ) $ 2.3 $ (38.1 ) $ 37.0 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 57.6 3.6 13.8 — 75.0 Deferred Income Taxes — 11.7 1.2 (1.0 ) — 11.9 Amount of Postretirement Expense Less Than Funding — (10.3 ) — (1.6 ) — (11.9 ) Equity in Net Earnings of Subsidiaries (37.0 ) (4.5 ) 3.4 — 38.1 — Other, Net — 3.0 — 1.1 — 4.1 Changes in Operating Assets and Liabilities — (55.7 ) (7.3 ) (24.7 ) — (87.7 ) Net Cash Provided by (Used in) Operating Activities — 38.8 (0.3 ) (10.1 ) — 28.4 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (47.7 ) — (21.5 ) — (69.2 ) Packaging Machinery Spending — (6.9 ) — — — (6.9 ) Other, Net 73.7 (1.2 ) — — (73.7 ) (1.2 ) Net Cash Provided by (Used in) Investing Activities 73.7 (55.8 ) — (21.5 ) (73.7 ) (77.3 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (40.1 ) — — — — (40.1 ) Payments on Debt — (6.3 ) — — — (6.3 ) Borrowings under Revolving Credit Facilities — 298.5 — 11.6 — 310.1 Payments on Revolving Credit Facilities — (198.5 ) — (7.9 ) — (206.4 ) Dividends Paid (23.6 ) — — — — (23.6 ) Repurchase of Common Stock related to Share-Based Payments (10.0 ) — — — — (10.0 ) Other, Net — (71.5 ) — — 73.7 2.2 Net Cash (Used in) Provided by Financing Activities (73.7 ) 22.2 — 3.7 73.7 25.9 Effect of Exchange Rate Changes on Cash — — — 1.3 — 1.3 Net Increase (Decrease) in Cash and Cash Equivalents — 5.2 (0.3 ) (26.6 ) — (21.7 ) Cash and Cash Equivalents at Beginning of Period — 0.9 1.2 57.0 — 59.1 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 6.1 $ 0.9 $ 30.4 $ — $ 37.4 Three Months Ended March 31, 2016 In millions Parent Subsidiary Issuer Combined Guarantor Subsidiaries Combined Nonguarantor Subsidiaries Consolidating Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 57.5 $ 57.5 $ (1.0 ) $ 7.8 $ (64.3 ) $ 57.5 Non-cash Items Included in Net Income (Loss): Depreciation and Amortization — 59.3 0.9 10.5 — 70.7 Deferred Income Taxes — 29.3 1.0 (1.4 ) — 28.9 Amount of Postretirement Expense Less Than Funding — (5.4 ) — (1.3 ) — (6.7 ) Equity in Net Earnings of Subsidiaries (57.5 ) (9.4 ) 2.6 — 64.3 — Other, Net — 12.8 — — — 12.8 Changes in Operating Assets and Liabilities — (113.2 ) 4.1 4.3 — (104.8 ) Net Cash Provided By Operating Activities — 30.9 7.6 19.9 — 58.4 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Spending — (80.0 ) — (19.0 ) — (99.0 ) Packaging Machinery Spending — (4.0 ) — — — (4.0 ) Acquisition of Business, Net of Cash Acquired — (205.4 ) — (83.1 ) — (288.5 ) Other, Net 70.2 (84.6 ) 0.1 — 12.9 (1.4 ) Net Cash Provided by (Used in) Investing Activities 70.2 (374.0 ) 0.1 (102.1 ) 12.9 (392.9 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of Common Stock (43.5 ) — — — — (43.5 ) Payments on Debt — (6.3 ) — — — (6.3 ) Borrowings under Revolving Credit Facilities — 528.9 — 23.6 — 552.5 Payments on Revolving Credit Facilities — (108.6 ) — (13.8 ) — (122.4 ) Dividends Paid (16.3 ) — — — — (16.3 ) Repurchase of Common Stock related to Share-Based Payments (10.4 ) — — — — (10.4 ) Other, Net — (42.2 ) — 54.8 (12.9 ) (0.3 ) Net Cash (Used in) Provided by Financing Activities (70.2 ) 371.8 — 64.6 (12.9 ) 353.3 Effect of Exchange Rate Changes on Cash — — — 1.9 — 1.9 Net Increase (Decrease) in Cash and Cash Equivalents — 28.7 7.7 (15.7 ) — 20.7 Cash and Cash Equivalents at Beginning of Period — 0.1 — 54.8 — 54.9 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ — $ 28.8 $ 7.7 $ 39.1 $ — $ 75.6

General Information (Details)

General Information (Details) - USD ($)	Mar. 13, 2017	Jan. 01, 2017	Feb. 10, 2017	Mar. 31, 2017	Mar. 31, 2016	Jan. 10, 2017	Dec. 31, 2016	Feb. 04, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Pre-2017 Excess Tax Benefit related to Share-Based Payments		$ 39,100,000		$ 2,000,000
Receivables sold and derecognized				346,000,000	$ 300,000,000
Amount collected on behalf of financial institution				353,000,000	290,000,000
Amount funded by financial institution				0	24,000,000
Amount of deferred proceeds				33,000,000	36,000,000
Receivables sold				18,000,000	$ 10,000,000
Amount transferred subject to continuing involvement				$ 370,000,000			$ 376,000,000
Dividends declared (in dollars per share)	$ 0.075			$ 0.075	$ 0.05
Share repurchase program, authorized amount						$ 250,000,000		$ 250,000,000
Shares repurchased (in shares)			1,440,697	2,956,121	3,712,552
Shares repurchased, average price (in dollars per share)				$ 12.98	$ 12.12
Stock repurchase program, remaining authorized repurchase amount				$ 230,000,000
Business Combinations [Abstract]
Charges Associated with Business Combinations				3,900,000	$ 5,100,000
Other Special Charges				4,700,000	5,400,000
Business Combinations and Other Special Charges				$ 8,600,000	$ 10,500,000

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished Goods	$ 258.2	$ 238.3
Work in Progress	66.8	73.5
Raw Materials	191.8	187.2
Supplies	86.3	83.9
Total Inventories	$ 603.1	$ 582.9

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Business Combinations [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired	$ 333
Business Combination, Consideration Transferred, Liabilities Incurred	$ 31

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt	$ 2,213.4	$ 2,112.8
Capital Lease Obligations	18	17.9
Other	2.8	3
Total Long-Term Debt	2,231.4	2,130.7
Less: Current Portion	32.5	26.3
Long-term Debt, Gross and Capital Lease Obligations	2,198.9	2,104.4
Less: Unamortized Deferred Debt Issuance Costs	15.1	15.9
Total	2,183.8	2,088.5
Senior Notes | Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.19%, payable in 2024
Debt Instrument [Line Items]
Long-term Debt	$ 300	$ 300
Stated interest rate	4.125%	4.125%
Effective interest rate	4.19%	4.20%
Senior Notes | Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.94%, payable in 2022
Debt Instrument [Line Items]
Long-term Debt	$ 250	$ 250
Stated interest rate	4.875%	4.875%
Effective interest rate	4.94%	4.94%
Senior Notes | Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.79%, payable in 2021
Debt Instrument [Line Items]
Long-term Debt	$ 425	$ 425
Stated interest rate	4.75%	4.75%
Effective interest rate	4.79%	4.79%
Term Loan
Debt Instrument [Line Items]
Long-term Debt	$ 943.8	$ 950
Effective interest rate	2.30%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt	$ 291.8	$ 184.8
Interest rate at period end	2.30%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities (Details) $ in Millions	Mar. 31, 2017USD ($)
Line of Credit Facility [Line Items]
Total Commitments	$ 1,475.1
Total Outstanding	331.1
Total Available	1,121.4
Standby letters of credit issued	22.6
Senior Secured Domestic Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	1,250
Total Outstanding	242
Total Available	985.4
Senior Secured International Revolving Credit Facility
Line of Credit Facility [Line Items]
Total Commitments	170.1
Total Outstanding	49.8
Total Available	120.3
Other International Facilities
Line of Credit Facility [Line Items]
Total Commitments	55
Total Outstanding	39.3
Total Available	$ 15.7

Stock Incentive Plans - Additio

Stock Incentive Plans - Additional Information (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)compensation_planshares	Mar. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active equity compensation plans | compensation_plan	1
Recognized share-based compensation expense | $	$ 2.3	$ 5.5
Share-based compensation issued (in shares) | shares	0.9	1.6
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Stock Incentive Plans - Data Co

Stock Incentive Plans - Data Concerning RSUs Granted (Details) - Employees - RSUs	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during period (in shares) | shares	1,508,616
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 13.34

Pensions and Other Postretire40

Pensions and Other Postretirement Benefits - Pension and Postretirement Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Benefits
Components of Net Periodic Cost:
Service Cost	$ 2.6	$ 2.5
Interest Cost	10.6	11.1
Administrative Expenses	0	0.3
Expected Return on Plan Assets	(16)	(15.1)
Amortization:
Prior Service Cost (Credit)	0.1	0.2
Actuarial Loss (Gain)	1.7	4.8
Net Periodic (Benefit) Cost	(1)	3.8
Postretirement Health Care Benefits
Components of Net Periodic Cost:
Service Cost	0.2	0.2
Interest Cost	0.3	0.3
Administrative Expenses	0	0
Expected Return on Plan Assets	0	0
Amortization:
Prior Service Cost (Credit)	(0.1)	(0.1)
Actuarial Loss (Gain)	(0.5)	(0.5)
Net Periodic (Benefit) Cost	$ (0.1)	$ (0.1)

Pensions and Other Postretire41

Pensions and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Pension Benefit Plans
Employer Contributions
Company's contributions to its pension plans	$ 10.2	$ 10.2	$ 51.4
Pension Benefit Plans | Minimum
Employer Contributions
Expected contributions	30
Pension Benefit Plans | Maximum
Employer Contributions
Expected contributions	40
Postretirement Health Care Benefits
Employer Contributions
Benefit payments made	0.6	$ 0.2		$ 2.1
Expected benefit payments	$ 3

Financial Instruments and Fai42

Financial Instruments and Fair Value Measurement - Interest Rate Risk (Details) $ in Millions	Mar. 31, 2017USD ($)
Interest Swap Position One
Derivative [Line Items]
Notional amount of derivative	$ 450
Weighted Average Interest Rate	0.89%
Interest Swap Position Two
Derivative [Line Items]
Notional amount of derivative	$ 250
Weighted Average Interest Rate	1.16%

Financial Instruments and Fai43

Financial Instruments and Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Derivative [Line Items]
Gross derivative asset	$ 4,400,000
Gross Derivative Liability	400,000
Long-term debt, fair value	2,241,500,000			$ 2,132,700,000
Long-term debt, carrying value	2,213,400,000			2,112,800,000
Anticipated reclassification of loss to earnings in the next twelve months	(3,800,000)
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Interest Rate Swap
Derivative [Line Items]
Amounts excluded from the measure of effectiveness	0	$ 0
Amount of ineffectiveness related to changes in the fair value of derivatives	0	0
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Commodity Contracts
Derivative [Line Items]
Amounts excluded from the measure of effectiveness	$ 0	0
Percentage of expected natural gas usage hedged, current year	50.00%
Percentage of Expected Natural Gas Usage Hedged In Next Fiscal Year	12.00%
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | Forward Exchange Contract
Derivative [Line Items]
Amounts excluded from the measure of effectiveness	$ 0	0
Amount of ineffectiveness related to changes in the fair value of derivatives	0	0
Notional amount of derivative	41,800,000			55,900,000
Amounts forecasted and reclassified into earnings no longer probable	$ 0	$ 0
Derivative Contracts Not Designated as Hedging Instruments | Maximum
Derivative [Line Items]
Foreign currency forward exchange contract, term	3 months		3 months
Derivative Contracts Not Designated as Hedging Instruments | Forward Exchange Contract
Derivative [Line Items]
Notional amount of derivative	$ 64,200,000			$ 68,100,000

Financial Instruments and Fai44

Financial Instruments and Fair Value Measurement - Pretax Derivative Accumulated Other Comprehensive Loss (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward]
Beginning balance	$ 7.5
Reclassification to Earnings	(0.9)
Current Period Change in Fair Value	(2.2)
Ending balance	$ 4.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jan. 01, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Expense		$ (17.6)	$ (33.2)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities		54.2	$ 90.3
Discrete tax benefit, reduction of long-term deferred tax liability	$ (39.1)	(2)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward				$ 351
Minimum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		285
Maximum
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		335
Retained Earnings [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		$ 107

Segment Information - Additiona

Segment Information - Additional Disclosures (Details)	3 Months Ended
	Mar. 31, 2017segmentpaperboard_mill
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of North American paperboard mills | paperboard_mill	7

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net Sales	$ 1,061.5	$ 1,034
Income (Loss) from Operations	75.5	107.2
Depreciation and Amortization	75	70.7
Corporate/Other/Eliminations
Segment Reporting Information [Line Items]
Net Sales	30.9	12.2
Income (Loss) from Operations	(8.6)	(14.2)
Depreciation and Amortization	4.4	2.2
Paperboard Mills | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	98.1	101.1
Income (Loss) from Operations	(12.3)	(1.2)
Depreciation and Amortization	30.6	31.1
Americas Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	792.8	776.4
Income (Loss) from Operations	89.4	113.5
Depreciation and Amortization	30.2	27.3
Europe Paperboard Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	139.7	144.3
Income (Loss) from Operations	7	9.1
Depreciation and Amortization	$ 9.8	$ 10.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.5
Net Income	$ 37	$ 57.5
Weighted Average Shares:
Basic (shares)	312.9	323.1
Dilutive effect of RSUs (shares)	1.2	1.1
Diluted (shares)	314.1	324.2
Income Per Share - Basic (in dollars per share)	$ 0.12	$ 0.18
Income Per Share - Diluted (in dollars per share)	$ 0.12	$ 0.18

Equity (Details)

Equity (Details) - USD ($) $ in Millions	Jan. 01, 2017	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,056.5	$ 1,056.5
Net Income		37	$ 57.5
Other Comprehensive Income, Net of Tax		17.7	$ 6.6
Dividends Declared		(23.4)
Repurchase of Common Stock		(38.4)
Pre-2017 Excess Tax Benefit related to Share-Based Payments	$ 39.1	2
Compensation Expense Under Share-Based Plans		2.3
Repurchase of Common Stock related to Share-Based Payments		(10)
Ending balance		$ 1,080.8

Accumulated Other Comprehensi50

Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (387.6)
Other Comprehensive (Loss) Income before Reclassifications	17.6
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0.1
Total Other Comprehensive Income, Net of Tax	17.7	$ 6.6
Ending balance	(369.9)
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5.4)
Other Comprehensive (Loss) Income before Reclassifications	(1.3)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(0.6)
Total Other Comprehensive Income, Net of Tax	(1.9)
Ending balance	(7.3)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(146.7)
Other Comprehensive (Loss) Income before Reclassifications	18.9
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0
Total Other Comprehensive Income, Net of Tax	18.9
Ending balance	(127.8)
Pension and Postretirement Benefit Plans | Pension Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(250.2)
Other Comprehensive (Loss) Income before Reclassifications	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1.1
Total Other Comprehensive Income, Net of Tax	1.1
Ending balance	(249.1)
Pension and Postretirement Benefit Plans | Postretirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	14.7
Other Comprehensive (Loss) Income before Reclassifications	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(0.4)
Total Other Comprehensive Income, Net of Tax	(0.4)
Ending balance	$ 14.3

Accumulated Other Comprehensi51

Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of Sales	$ 886.5	$ 826.3
Other (Income) Expense, Net	(0.2)	0.9
Income before Income Taxes and Equity Income of Unconsolidated Entities	(54.2)	(90.3)
Income Tax Expense	17.6	33.2
(Loss) Income before Equity Income of Unconsolidated Entities	(36.6)	$ (57.1)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Loss) Income before Equity Income of Unconsolidated Entities	0.1
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before Income Taxes and Equity Income of Unconsolidated Entities	(0.9)
Income Tax Expense	0.3
(Loss) Income before Equity Income of Unconsolidated Entities	(0.6)
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments | Commodity Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of Sales	(1.1)
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments | Foreign Currency Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (Income) Expense, Net	(0.1)
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments | Interest Rate Swap Agreements
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest Expense, Net	0.3
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | Pension Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior Service Costs (Credits)	0.1
Actuarial (Losses) Gains	1.7
Income before Income Taxes and Equity Income of Unconsolidated Entities	1.8
Income Tax Expense	(0.7)
(Loss) Income before Equity Income of Unconsolidated Entities	1.1
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | Postretirement Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior Service Costs (Credits)	(0.1)
Actuarial (Losses) Gains	(0.5)
Income before Income Taxes and Equity Income of Unconsolidated Entities	(0.6)
Income Tax Expense	0.2
(Loss) Income before Equity Income of Unconsolidated Entities	$ (0.4)

Guarantor Condensed Consolida52

Guarantor Condensed Consolidating Financial Statements - Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Parent's ownership percentage	100.00%
Net Sales	$ 1,061.5	$ 1,034
Cost of Sales	886.5	826.3
Selling, General and Administrative	91.1	89.1
Other (Income) Expense, Net	(0.2)	0.9
Business Combinations and Other Special Charges	8.6	10.5
Income from Operations	75.5	107.2
Interest Expense, Net	(21.3)	(16.9)
Income before Income Taxes and Equity Income of Unconsolidated Entity	54.2	90.3
Income Tax (Expense) Benefit	(17.6)	(33.2)
Income before Equity Income of Unconsolidated Entities	36.6	57.1
Equity Income of Unconsolidated Entity	0.4	0.4
Equity in Net Earnings of Subsidiaries	0	0
Net Income (Loss)	37	57.5
Comprehensive Income (Loss)	54.7	64.1
Reportable Legal Entities | Parent
Condensed Financial Statements, Captions [Line Items]
Net Sales	0	0
Cost of Sales	0	0
Selling, General and Administrative	0	0
Other (Income) Expense, Net	0	0
Business Combinations and Other Special Charges	0	0
Income from Operations	0	0
Interest Expense, Net	0	0
Income before Income Taxes and Equity Income of Unconsolidated Entity	0	0
Income Tax (Expense) Benefit	0	0
Income before Equity Income of Unconsolidated Entities	0	0
Equity Income of Unconsolidated Entity	0	0
Equity in Net Earnings of Subsidiaries	37	57.5
Net Income (Loss)	37	57.5
Comprehensive Income (Loss)	54.7	64.1
Reportable Legal Entities | Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Net Sales	845.2	866
Cost of Sales	705.4	691.4
Selling, General and Administrative	68.9	70.1
Other (Income) Expense, Net	(2.7)	(1.6)
Business Combinations and Other Special Charges	5.8	10.5
Income from Operations	67.8	95.6
Interest Expense, Net	(20.4)	(15.9)
Income before Income Taxes and Equity Income of Unconsolidated Entity	47.4	79.7
Income Tax (Expense) Benefit	(14.9)	(31.6)
Income before Equity Income of Unconsolidated Entities	32.5	48.1
Equity Income of Unconsolidated Entity	0	0
Equity in Net Earnings of Subsidiaries	4.5	9.4
Net Income (Loss)	37	57.5
Comprehensive Income (Loss)	54.7	64.1
Reportable Legal Entities | Combined Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net Sales	37	16.1
Cost of Sales	30.8	12.7
Selling, General and Administrative	2.7	0.7
Other (Income) Expense, Net	0.1	0
Business Combinations and Other Special Charges	0	0
Income from Operations	3.4	2.7
Interest Expense, Net	0	0
Income before Income Taxes and Equity Income of Unconsolidated Entity	3.4	2.7
Income Tax (Expense) Benefit	(1.2)	(1.1)
Income before Equity Income of Unconsolidated Entities	2.2	1.6
Equity Income of Unconsolidated Entity	0	0
Equity in Net Earnings of Subsidiaries	(3.4)	(2.6)
Net Income (Loss)	(1.2)	(1)
Comprehensive Income (Loss)	21.2	(1)
Reportable Legal Entities | Combined Nonguarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net Sales	262.6	231.3
Cost of Sales	233.6	201.6
Selling, General and Administrative	19.5	18.3
Other (Income) Expense, Net	2.4	2.5
Business Combinations and Other Special Charges	2.8	0
Income from Operations	4.3	8.9
Interest Expense, Net	(0.9)	(1)
Income before Income Taxes and Equity Income of Unconsolidated Entity	3.4	7.9
Income Tax (Expense) Benefit	(1.5)	(0.5)
Income before Equity Income of Unconsolidated Entities	1.9	7.4
Equity Income of Unconsolidated Entity	0.4	0.4
Equity in Net Earnings of Subsidiaries	0	0
Net Income (Loss)	2.3	7.8
Comprehensive Income (Loss)	20.8	13
Consolidating Eliminations
Condensed Financial Statements, Captions [Line Items]
Net Sales	(83.3)	(79.4)
Cost of Sales	(83.3)	(79.4)
Selling, General and Administrative	0	0
Other (Income) Expense, Net	0	0
Business Combinations and Other Special Charges	0	0
Income from Operations	0	0
Interest Expense, Net	0	0
Income before Income Taxes and Equity Income of Unconsolidated Entity	0	0
Income Tax (Expense) Benefit	0	0
Income before Equity Income of Unconsolidated Entities	0	0
Equity Income of Unconsolidated Entity	0	0
Equity in Net Earnings of Subsidiaries	(38.1)	(64.3)
Net Income (Loss)	(38.1)	(64.3)
Comprehensive Income (Loss)	$ (96.7)	$ (76.1)

Guarantor Condensed Consolida53

Guarantor Condensed Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and Cash Equivalents	$ 37.4	$ 59.1	$ 75.6	$ 54.9
Receivables, Net	453	426.8
Inventories, Net	603.1	582.9
Intercompany	0	0
Other Current Assets	51.8	46.1
Total Current Assets	1,145.3	1,114.9
Property, Plant and Equipment, Net	1,785.4	1,751.9
Investment in Consolidated Subsidiaries	0	0
Goodwill	1,265.8	1,260.3
Other Assets	465.3	476.3
Total Assets	4,661.8	4,603.4
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	69	63.4
Accounts Payable	447	466.5
Intercompany	0	0
Interest Payable	18.4	15.4
Other Accrued Liabilities	223	234.5
Total Current Liabilities	757.4	779.8
Long-Term Debt	2,183.8	2,088.5
Deferred Income Tax Liabilities	381.4	408
Other Noncurrent Liabilities	258.4	270.6
EQUITY
Total Equity	1,080.8	1,056.5
Total Liabilities and Shareholders' Equity	4,661.8	4,603.4
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	1,417.6	1,362.9
Goodwill	0	0
Other Assets	0	0
Total Assets	1,417.6	1,362.9
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	0	0
Accounts Payable	0	0
Intercompany	336.8	306.4
Interest Payable	0	0
Other Accrued Liabilities	0	0
Total Current Liabilities	336.8	306.4
Long-Term Debt	0	0
Deferred Income Tax Liabilities	0	0
Other Noncurrent Liabilities	0	0
EQUITY
Total Equity	1,080.8	1,056.5
Total Liabilities and Shareholders' Equity	1,417.6	1,362.9
Reportable Legal Entities | Subsidiary Issuer
Current Assets:
Cash and Cash Equivalents	6.1	0.9	28.8	0.1
Receivables, Net	197	183.7
Inventories, Net	411.5	403.8
Intercompany	1,102.4	1,077.5
Other Current Assets	40.4	36.4
Total Current Assets	1,757.4	1,702.3
Property, Plant and Equipment, Net	1,443.4	1,435.8
Investment in Consolidated Subsidiaries	0	0
Goodwill	1,098.9	1,098.9
Other Assets	306.7	314.8
Total Assets	4,606.4	4,551.8
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	32.3	26
Accounts Payable	327.6	354.3
Intercompany	0	0
Interest Payable	18.3	15.4
Other Accrued Liabilities	161.7	163.2
Total Current Liabilities	539.9	558.9
Long-Term Debt	2,130.4	2,042.4
Deferred Income Tax Liabilities	314.2	342.1
Other Noncurrent Liabilities	204.3	245.5
EQUITY
Total Equity	1,417.6	1,362.9
Total Liabilities and Shareholders' Equity	4,606.4	4,551.8
Reportable Legal Entities | Combined Guarantor Subsidiaries
Current Assets:
Cash and Cash Equivalents	0.9	1.2	7.7	0
Receivables, Net	10.4	10.1
Inventories, Net	18.6	16.1
Intercompany	87.3	73.3
Other Current Assets	0	0
Total Current Assets	117.2	100.7
Property, Plant and Equipment, Net	68.8	64.1
Investment in Consolidated Subsidiaries	15.1	12.3
Goodwill	55.5	55.5
Other Assets	63.2	65.6
Total Assets	319.8	298.2
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	0	0
Accounts Payable	10.1	8.5
Intercompany	0	0
Interest Payable	0	0
Other Accrued Liabilities	1.8	3
Total Current Liabilities	11.9	11.5
Long-Term Debt	0	0
Deferred Income Tax Liabilities	43.3	43.3
Other Noncurrent Liabilities	0	0
EQUITY
Total Equity	264.6	243.4
Total Liabilities and Shareholders' Equity	319.8	298.2
Reportable Legal Entities | Combined Nonguarantor Subsidiaries
Current Assets:
Cash and Cash Equivalents	30.4	57	39.1	54.8
Receivables, Net	245.6	233
Inventories, Net	173	163
Intercompany	0	0
Other Current Assets	11.4	9.7
Total Current Assets	460.4	462.7
Property, Plant and Equipment, Net	273.2	252
Investment in Consolidated Subsidiaries	0	0
Goodwill	111.4	105.9
Other Assets	95.4	95.9
Total Assets	940.4	916.5
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	36.7	37.4
Accounts Payable	109.3	103.7
Intercompany	882.3	913
Interest Payable	0.1	0
Other Accrued Liabilities	59.5	68.3
Total Current Liabilities	1,087.9	1,122.4
Long-Term Debt	53.4	46.1
Deferred Income Tax Liabilities	23.9	22.6
Other Noncurrent Liabilities	54.1	25.1
EQUITY
Total Equity	(278.9)	(299.7)
Total Liabilities and Shareholders' Equity	940.4	916.5
Consolidating Eliminations
Current Assets:
Cash and Cash Equivalents	0	0	$ 0	$ 0
Receivables, Net	0	0
Inventories, Net	0	0
Intercompany	(1,189.7)	(1,150.8)
Other Current Assets	0	0
Total Current Assets	(1,189.7)	(1,150.8)
Property, Plant and Equipment, Net	0	0
Investment in Consolidated Subsidiaries	(1,432.7)	(1,375.2)
Goodwill	0	0
Other Assets	0	0
Total Assets	(2,622.4)	(2,526)
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	0	0
Accounts Payable	0	0
Intercompany	(1,219.1)	(1,219.4)
Interest Payable	0	0
Other Accrued Liabilities	0	0
Total Current Liabilities	(1,219.1)	(1,219.4)
Long-Term Debt	0	0
Deferred Income Tax Liabilities	0	0
Other Noncurrent Liabilities	0	0
EQUITY
Total Equity	(1,403.3)	(1,306.6)
Total Liabilities and Shareholders' Equity	$ (2,622.4)	$ (2,526)

Guarantor Condensed Consolida54

Guarantor Condensed Consolidating Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 37	$ 57.5
Non-cash Items Included in Net Income:
Depreciation and Amortization	75	70.7
Deferred Income Taxes	11.9	28.9
Amount of Postretirement Expense Less Than Funding	(11.9)	(6.7)
Equity in Net Earnings of Subsidiaries	0	0
Other, Net	4.1	12.8
Changes in Operating Assets and Liabilities	(87.7)	(104.8)
Net Cash Provided by (Used in) Operating Activities	28.4	58.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(69.2)	(99)
Packaging Machinery Spending	(6.9)	(4)
Acquisition of Businesses, Net of Cash Acquired	0	(288.5)
Other, Net	(1.2)	(1.4)
Net Cash Provided by (Used in) Investing Activities	(77.3)	(392.9)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(40.1)	(43.5)
Payments on Debt	(6.3)	(6.3)
Borrowings under Revolving Credit Facilities	310.1	552.5
Payments on Revolving Credit Facilities	(206.4)	(122.4)
Dividends Paid	(23.6)	(16.3)
Repurchase of Common Stock related to Share-Based Payments	(10)	(10.4)
Other, Net	2.2	(0.3)
Net Cash (Used in) Provided by Financing Activities	25.9	353.3
Effect of Exchange Rate Changes on Cash	1.3	1.9
Net Increase (Decrease) in Cash and Cash Equivalents	(21.7)	20.7
Cash and Cash Equivalents at Beginning of Period	59.1	54.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	37.4	75.6
Reportable Legal Entities | Parent
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	37	57.5
Non-cash Items Included in Net Income:
Depreciation and Amortization	0	0
Deferred Income Taxes	0	0
Amount of Postretirement Expense Less Than Funding	0	0
Equity in Net Earnings of Subsidiaries	(37)	(57.5)
Other, Net	0	0
Changes in Operating Assets and Liabilities	0	0
Net Cash Provided by (Used in) Operating Activities	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	0	0
Packaging Machinery Spending	0	0
Acquisition of Businesses, Net of Cash Acquired		0
Other, Net	73.7	70.2
Net Cash Provided by (Used in) Investing Activities	73.7	70.2
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(40.1)	(43.5)
Payments on Debt	0	0
Borrowings under Revolving Credit Facilities	0	0
Payments on Revolving Credit Facilities	0	0
Dividends Paid	(23.6)	(16.3)
Repurchase of Common Stock related to Share-Based Payments	(10)	(10.4)
Other, Net	0	0
Net Cash (Used in) Provided by Financing Activities	(73.7)	(70.2)
Effect of Exchange Rate Changes on Cash	0	0
Net Increase (Decrease) in Cash and Cash Equivalents	0	0
Cash and Cash Equivalents at Beginning of Period	0	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD	0	0
Reportable Legal Entities | Subsidiary Issuer
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	37	57.5
Non-cash Items Included in Net Income:
Depreciation and Amortization	57.6	59.3
Deferred Income Taxes	11.7	29.3
Amount of Postretirement Expense Less Than Funding	(10.3)	(5.4)
Equity in Net Earnings of Subsidiaries	(4.5)	(9.4)
Other, Net	3	12.8
Changes in Operating Assets and Liabilities	(55.7)	(113.2)
Net Cash Provided by (Used in) Operating Activities	38.8	30.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(47.7)	(80)
Packaging Machinery Spending	(6.9)	(4)
Acquisition of Businesses, Net of Cash Acquired		(205.4)
Other, Net	(1.2)	(84.6)
Net Cash Provided by (Used in) Investing Activities	(55.8)	(374)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	0	0
Payments on Debt	(6.3)	(6.3)
Borrowings under Revolving Credit Facilities	298.5	528.9
Payments on Revolving Credit Facilities	(198.5)	(108.6)
Dividends Paid	0	0
Repurchase of Common Stock related to Share-Based Payments	0	0
Other, Net	(71.5)	(42.2)
Net Cash (Used in) Provided by Financing Activities	22.2	371.8
Effect of Exchange Rate Changes on Cash	0	0
Net Increase (Decrease) in Cash and Cash Equivalents	5.2	28.7
Cash and Cash Equivalents at Beginning of Period	0.9	0.1
CASH AND CASH EQUIVALENTS AT END OF PERIOD	6.1	28.8
Reportable Legal Entities | Combined Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	(1.2)	(1)
Non-cash Items Included in Net Income:
Depreciation and Amortization	3.6	0.9
Deferred Income Taxes	1.2	1
Amount of Postretirement Expense Less Than Funding	0	0
Equity in Net Earnings of Subsidiaries	3.4	2.6
Other, Net	0	0
Changes in Operating Assets and Liabilities	(7.3)	4.1
Net Cash Provided by (Used in) Operating Activities	(0.3)	7.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	0	0
Packaging Machinery Spending	0	0
Acquisition of Businesses, Net of Cash Acquired		0
Other, Net	0	0.1
Net Cash Provided by (Used in) Investing Activities	0	0.1
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	0	0
Payments on Debt	0	0
Borrowings under Revolving Credit Facilities	0	0
Payments on Revolving Credit Facilities	0	0
Dividends Paid	0	0
Repurchase of Common Stock related to Share-Based Payments	0	0
Other, Net	0	0
Net Cash (Used in) Provided by Financing Activities	0	0
Effect of Exchange Rate Changes on Cash	0	0
Net Increase (Decrease) in Cash and Cash Equivalents	(0.3)	7.7
Cash and Cash Equivalents at Beginning of Period	1.2	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD	0.9	7.7
Reportable Legal Entities | Combined Nonguarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2.3	7.8
Non-cash Items Included in Net Income:
Depreciation and Amortization	13.8	10.5
Deferred Income Taxes	(1)	(1.4)
Amount of Postretirement Expense Less Than Funding	(1.6)	(1.3)
Equity in Net Earnings of Subsidiaries	0	0
Other, Net	1.1	0
Changes in Operating Assets and Liabilities	(24.7)	4.3
Net Cash Provided by (Used in) Operating Activities	(10.1)	19.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(21.5)	(19)
Packaging Machinery Spending	0	0
Acquisition of Businesses, Net of Cash Acquired		(83.1)
Other, Net	0	0
Net Cash Provided by (Used in) Investing Activities	(21.5)	(102.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	0	0
Payments on Debt	0	0
Borrowings under Revolving Credit Facilities	11.6	23.6
Payments on Revolving Credit Facilities	(7.9)	(13.8)
Dividends Paid	0	0
Repurchase of Common Stock related to Share-Based Payments	0	0
Other, Net	0	54.8
Net Cash (Used in) Provided by Financing Activities	3.7	64.6
Effect of Exchange Rate Changes on Cash	1.3	1.9
Net Increase (Decrease) in Cash and Cash Equivalents	(26.6)	(15.7)
Cash and Cash Equivalents at Beginning of Period	57	54.8
CASH AND CASH EQUIVALENTS AT END OF PERIOD	30.4	39.1
Consolidating Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	(38.1)	(64.3)
Non-cash Items Included in Net Income:
Depreciation and Amortization	0	0
Deferred Income Taxes	0	0
Amount of Postretirement Expense Less Than Funding	0	0
Equity in Net Earnings of Subsidiaries	38.1	64.3
Other, Net	0	0
Changes in Operating Assets and Liabilities	0	0
Net Cash Provided by (Used in) Operating Activities	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	0	0
Packaging Machinery Spending	0	0
Acquisition of Businesses, Net of Cash Acquired		0
Other, Net	(73.7)	12.9
Net Cash Provided by (Used in) Investing Activities	(73.7)	12.9
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	0	0
Payments on Debt	0	0
Borrowings under Revolving Credit Facilities	0	0
Payments on Revolving Credit Facilities	0	0
Dividends Paid	0	0
Repurchase of Common Stock related to Share-Based Payments	0	0
Other, Net	73.7	(12.9)
Net Cash (Used in) Provided by Financing Activities	73.7	(12.9)
Effect of Exchange Rate Changes on Cash	0	0
Net Increase (Decrease) in Cash and Cash Equivalents	0	0
Cash and Cash Equivalents at Beginning of Period	0	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 0	$ 0