Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 11, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GRAPHIC PACKAGING HOLDING CO | ||
Entity Central Index Key | 1,408,075 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 4.5 | ||
Entity Common Stock, Shares Outstanding | 297,193,911 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net Sales | $ 6,023 | $ 4,403.7 | $ 4,298.1 |
Cost of Sales | 5,077 | 3,696.1 | 3,497.1 |
Selling, General and Administrative | 465.7 | 345.6 | 353.4 |
Other Expense, Net | 7.2 | 3 | 3.1 |
Business Combinations, (Gain) Loss On Sale Of Assets And Shutdown And Other Special Charges, Net | 14.9 | 31.1 | 37.1 |
Income from Operations | 458.2 | 327.9 | 407.4 |
Nonoperating Pension and Postretirement Benefit Income (Expense) | (14.9) | (14.8) | 11.4 |
Interest Expense, Net | (123.7) | (89.7) | (76.6) |
Loss on Modification or Extinguishment of Debt | (1.9) | 0 | 0 |
Income before Income Taxes and Equity Income of Unconsolidated Entity | 347.5 | 253 | 319.4 |
Income Tax (Expense) Benefit | (54.7) | 45.5 | (93.2) |
Income before Equity Income of Unconsolidated Entity | 292.8 | 298.5 | 226.2 |
Equity Income of Unconsolidated Entity | 1.2 | 1.7 | 1.8 |
Net Income | 294 | 300.2 | 228 |
Net Income Attributable to Noncontrolling Interests | (72.9) | 0 | 0 |
Net Income (Loss) | $ 221.1 | $ 300.2 | $ 228 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.71 | $ 0.97 | $ 0.71 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.71 | $ 0.96 | $ 0.71 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Graphic Packaging Holding Company | |||
Net Income (Loss) | $ 221.1 | $ 300.2 | $ 228 |
Derivative Instruments | (1) | (4.9) | 13 |
Pension and Postretirement Benefit Plans, Parent | (19.4) | ||
Pension and Postretirement Benefit Plans | 8.8 | 4 | |
Currency Translation Adjustment | (18.7) | 44.9 | (58.9) |
Total Other Comprehensive (Loss) Income, Net of Tax | (39.1) | 48.8 | (41.9) |
Total Comprehensive Income | 182 | ||
Noncontrolling Interest | |||
Net Income | 56.3 | ||
Derivative Instruments | (0.2) | ||
Pension and Postretirement Benefit Plans | (4.7) | ||
Currency Translation Adjustment | (4.5) | ||
Total Other Comprehensive (Loss) Income, Net of Tax | (9.4) | ||
Total Comprehensive Income | 46.9 | ||
Redeemable Noncontrolling Interest | |||
Net Income | 16.6 | ||
Derivative Instruments | (0.1) | ||
Pension and Postretirement Benefit Plans | (1.4) | ||
Currency Translation Adjustment | (1.3) | ||
Total Other Comprehensive (Loss) Income, Net of Tax | (2.8) | ||
Total Comprehensive Income | 13.8 | ||
Total | |||
Net Income | 294 | 300.2 | 228 |
Derivative Instruments | (1.3) | ||
Pension and Postretirement Benefit Plans | 25.5 | ||
Currency Translation Adjustment | (24.5) | ||
Total Other Comprehensive (Loss) Income, Net of Tax | (51.3) | ||
Total Comprehensive Income | $ 242.7 | $ 349 | $ 186.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and Cash Equivalents | $ 70.5 | $ 67.4 |
Receivables, Net | 572.9 | 321.1 |
Inventories, Net | 1,014.4 | 634 |
Other Current Assets | 106 | 147.4 |
Total Current Assets | 1,763.8 | 1,169.9 |
Property, Plant and Equipment, Net | 3,239.7 | 1,867.2 |
Goodwill | 1,460.6 | 1,323 |
Intangible Assets, Net | 523.8 | 436.5 |
Other Assets | 71.3 | 66.4 |
Total Assets | 7,059.2 | 4,863 |
Current Liabilities: | ||
Short-Term Debt and Current Portion of Long-Term Debt | 52 | 61.3 |
Accounts Payable | 711.6 | 516.5 |
Compensation and Employee Benefits | 154.4 | 113.4 |
Interest Payable | 13.6 | 14.9 |
Other Accrued Liabilities | 240.7 | 145.3 |
Total Current Liabilities | 1,172.3 | 851.4 |
Long-Term Debt | 2,905.1 | 2,213.2 |
Deferred Income Tax Liabilities | 462.2 | 321.8 |
Accrued Pension and Postretirement Benefits | 107.5 | 80 |
Other Noncurrent Liabilities | 117.8 | 104.7 |
Commitments and Contingencies (Note 12) | 275.8 | 0 |
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; 299,891,585 and 309,715,624 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 3 | 3.1 |
Capital in Excess of Par Value | 1,944.4 | 1,683.6 |
Retained Earnings (Accumulated Deficit) | 10 | (56) |
Accumulated Other Comprehensive Loss | (377.9) | (338.8) |
Total Graphic Packaging Holding Company Shareholders' Equity | 1,579.5 | 1,291.9 |
Noncontrolling Interest | 439 | 0 |
Total Equity | 2,018.5 | 1,291.9 |
Total Liabilities and Shareholders' Equity | $ 7,059.2 | $ 4,863 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred Stock Authorized | 100,000,000 | 100,000,000 |
Preferred Stock Issued | 0 | 0 |
Preferred Stock Outstanding | 0 | 0 |
Common Stock Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock Issued | 299,981,585 | 309,715,624 |
Common Stock Outstanding | 299,891,585 | 309,715,624 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Capital In Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | ||
Beginning balance, shares at Dec. 31, 2015 | 324,688,717 | |||||||
Beginning balance at Dec. 31, 2015 | $ 1,101.7 | $ 3.2 | $ 1,771 | $ (326.8) | $ (345.7) | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 228 | 228 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||
Derivative Instruments | 13 | 13 | ||||||
Pension and Postretirement Benefit Plans | 4 | 4 | ||||||
Currency Translation Adjustment | $ (58.9) | (58.9) | ||||||
Repurchase of Common Stock, Shares | (13,202,425) | (13,202,425) | [1] | |||||
Repurchase of Common Stock (b) | [1] | $ (168.8) | $ (0.1) | (71.2) | (97.5) | |||
Dividends Declared | (71.7) | (71.7) | ||||||
Recognition of Stock-Based Compensation | 9.2 | 9.2 | ||||||
Issuance of Shares for Stock-Based Awards, Shares | 1,659,493 | |||||||
Issuance of Shares for Stock-Based Awards | 0 | $ 0 | ||||||
Ending balance, shares at Dec. 31, 2016 | 313,145,785 | |||||||
Ending balance at Dec. 31, 2016 | 1,056.5 | $ 3.1 | 1,709 | (268) | (387.6) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 300.2 | 300.2 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||
Derivative Instruments | (4.9) | (4.9) | ||||||
Pension and Postretirement Benefit Plans | 8.8 | 8.8 | ||||||
Currency Translation Adjustment | $ 44.9 | 44.9 | ||||||
Repurchase of Common Stock, Shares | (4,462,263) | (4,462,263) | ||||||
Repurchase of Common Stock (b) | $ (58.4) | $ 0 | (24.2) | (34.2) | ||||
Dividends Declared | (93.1) | (93.1) | ||||||
Tax Provision | 39.1 | 39.1 | ||||||
Recognition of Stock-Based Compensation | (1.2) | (1.2) | ||||||
Issuance of Shares for Stock-Based Awards, Shares | 1,032,102 | |||||||
Issuance of Shares for Stock-Based Awards | $ 0 | $ 0 | ||||||
Ending balance, shares at Dec. 31, 2017 | 309,715,624 | 309,715,624 | ||||||
Ending balance at Dec. 31, 2017 | $ 1,291.9 | $ 3.1 | 1,683.6 | (56) | (338.8) | 0 | ||
Noncontrolling Interest, Increase from Business Combination | 732.4 | 308.4 | 424 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 221.1 | 221.1 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (72.9) | 56.3 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 277.4 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (12.5) | (12.5) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (19.4) | (19.4) | ||||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||
Derivative Instruments | (1.2) | (1) | (0.2) | |||||
Pension and Postretirement Benefit Plans | (24.1) | (19.4) | (4.7) | |||||
Currency Translation Adjustment | (23.2) | (18.7) | (4.5) | |||||
Repurchase of Common Stock, Shares | [2] | (10,566,144) | ||||||
Repurchase of Common Stock (b) | [2] | (120) | $ (0.1) | (57.1) | (62.8) | |||
Dividends Declared | (92.3) | (92.3) | ||||||
Recognition of Stock-Based Compensation | 9.5 | 9.5 | ||||||
Issuance of Shares for Stock-Based Awards, Shares | 658,299 | |||||||
Issuance of Shares for Stock-Based Awards | $ 0 | $ 0 | ||||||
Ending balance, shares at Dec. 31, 2018 | 299,891,585 | 299,807,779 | ||||||
Ending balance at Dec. 31, 2018 | $ 2,018.5 | $ 3 | $ 1,944.4 | $ 10 | $ (377.9) | $ 439 | ||
[1] | (a) Includes 388,000 shares repurchased but not settled as of December 31, 2016. | |||||||
[2] | (b) Includes 83,806 shares repurchased but not settled as of December 31, 2018. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity Parenthetical - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Common Stock | ||
Summary Of Stockholders' Equity [Line Items] | ||
Common stock repurchased but not settled (in shares) | 83,806 | 388,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 294 | $ 300.2 | $ 228 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||
Depreciation and Amortization | 430.6 | 330.3 | 299.3 |
Amortization of Deferred Debt Issuance Costs | 4.4 | 5.1 | 4.8 |
Deferred Income Taxes | 26 | (54) | 76.7 |
Amount of Postretirement Expense Less Than Funding | (4.7) | (127.1) | (31.3) |
Gain on the Sale of Assets, net | (38.6) | (3.7) | 0 |
Other, Net | 35.3 | 2 | 25.4 |
Changes in Operating Assets and Liabilities, Net of Acquisitions (See Note 3) | (1,120.8) | (645.3) | (528.9) |
Net Cash (Used in) Provided by Operating Activities | (373.8) | (192.5) | 74 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | (378.8) | (240.9) | (278.6) |
Packaging Machinery Spending | (16.4) | (19.2) | (16) |
Acquisition of Businesses, Net of Cash Acquired | (89.4) | (189.4) | (332.7) |
Proceeds Received from Sale of Assets, Net of Selling Costs | 49.4 | 7.9 | 0 |
Beneficial Interest on Sold Receivables | 1,476.7 | 806.1 | 592.6 |
Beneficial Interest Obtained in Exchange for Proceeds | (345.5) | (97.4) | (25.2) |
Other, Net | (6.9) | 1 | (5.2) |
Net Cash Provided by (Used in) Investing Activities | 689.1 | 268.1 | (65.1) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | (119.1) | (62.1) | (164.9) |
Payments on Debt | (152.4) | (25) | (25) |
Proceeds from Issuance of Debt | 0 | 0 | 300 |
Borrowings under Revolving Credit Facilities | 1,876.9 | 1,202.9 | 1,200 |
Payments on Revolving Credit Facilities | (1,787.5) | (1,090.8) | (1,235.8) |
Debt Issuance Costs | 7.9 | 0 | 5.3 |
Repurchase of Common Stock Related to Share-Based Payments | (4.3) | (10.2) | (11.3) |
Dividends and Distributions Paid to GPIP Partner | (111) | (93.4) | (64.4) |
Other, Net | (5.4) | 8.8 | 3.6 |
Net Cash Used In Financing Activities | (310.7) | (69.8) | (3.1) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1.5) | 2.5 | (1.6) |
Net Increase in Cash and Cash Equivalents | 3.1 | 8.3 | 4.2 |
Cash and Cash Equivalents at Beginning of Year | 67.4 | 59.1 | 54.9 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 70.5 | 67.4 | 59.1 |
Non-cash Investing Activities: | |||
Beneficial Interest Obtained in Exchange for Trade Receivables | 1,025.7 | 734.7 | 523.7 |
Non-cash Investment in NACP Combination | 1,111.2 | 0 | 0 |
Non-cash Investing Activities | 2,136.9 | 734.7 | 523.7 |
Non-cash Financing Activities: | |||
Non-cash Financing of NACP Combination | 660 | 0 | 0 |
Non-Cash Financing Activities | $ 660 | $ 0 | $ 0 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is 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, foodservice and other consumer products companies. The Company operates on a global basis, 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"), coated-recycled paperboard ("CRB") and solid bleached sulfate paperboard ("SBS"). The Company’s customers include many of the world’s most widely recognized companies and brands with prominent market positions in beverage, food, foodservice, 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 facilities, its proprietary carton and packaging designs, and its commitment to quality and service. On January 1, 2018, GPHC, a Delaware corporation, International Paper Company, a New York corporation (“IP”), Graphic Packaging International Partners, LLC, a Delaware limited liability company formerly known as Gazelle Newco LLC and a wholly owned subsidiary of the Company (“GPIP”), and Graphic Packaging International, LLC, a Delaware limited liability company formerly known as Graphic Packaging International, Inc. and a subsidiary of GPIP (“GPIL”), completed a series of transactions pursuant to an agreement dated October 23, 2017, among the foregoing parties (the “Transaction Agreement”). Pursuant to the Transaction Agreement (i) a wholly owned subsidiary of the Company transferred its ownership interest in GPIL to GPIP; (ii) IP transferred its North America Consumer Packaging (“NACP”) business to GPIP, which was then subsequently transferred to GPIL; (iii) GPIP issued membership interests to IP, and IP was admitted as a member of GPIP; and (iv) GPIL assumed certain indebtedness of IP (the "NACP Combination"). GPI Holding III, LLC, an indirect wholly-owned subsidiary of the Company (“GPI Holding”), is the managing member of GPIP. At closing of the NACP Combination, GPIP issued 309,715,624 common units or 79.5% of the membership interests in GPIP to GPI Holding and 79,911,591 common units or 20.5% of the membership interests in GPIP to IP. Subject to certain restrictions, the common units held by IP are exchangeable into shares of common stock of GPHC or cash. The following diagram illustrates the organization of the Company immediately subsequent to the transactions described above (not including subsidiaries of GPIL): GPHC conducts no significant business and has no independent assets or operations other than its indirect ownership of GPIL's membership interest. Basis of Presentation and Principles of Consolidation The Company’s Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. The Company, through its subsidiary, GPIL, holds a 50% ownership interest in a joint venture called Rengo Riverwood Packaging, Ltd. (in Japan) which is accounted for using the equity method. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, pension benefits, retained insurable risks, slow-moving and obsolete inventory, allowance for doubtful accounts, useful lives for depreciation and amortization, impairment testing of goodwill and long-term assets, fair values related to acquisition accounting, fair value of derivative financial instruments, share based compensation, deferred income tax assets and potential income tax assessments, and loss contingencies. Cash and Cash Equivalents Cash and cash equivalents include time deposits, certificates of deposit and other marketable securities with original maturities of three months or less. Accounts Receivable and Allowances Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the credit worthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. The Company has entered into agreements to sell, on a revolving basis, certain trade accounts receivable 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"). The loss on sale is not material and is included in Other Expense, Net line item on the Consolidated Statement of Operations. The following table summarizes the activity under these programs as of December 31, 2018 and 2017 , respectively: Year Ended December 31, In millions 2018 2017 Receivables Sold and Derecognized $ 3,824.5 $ 1,846.8 Proceeds Collected on Behalf of Financial Institutions 3,645.9 1,639.0 Net Proceeds (Paid to) Received From Financial Institutions (19.6 ) 134.1 Deferred Purchase Price (a) 66.9 101.7 Pledged Receivables 43.0 — (a) Included in Other Current Assets and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure. The Company has also entered into various factoring and supply chain financing arrangements which also qualify for sale accounting in accordance with the Transfers and Servicing topic of the FASB Codification. For the years ended December 31, 2018 and 2017 , the Company sold receivables of approximately $119 million and $64 million respectively, related to these factoring arrangements. Receivables sold under all programs subject to continuing involvement, which consists principally of collection services, were approximately $602 million and $583 million as of December 31, 2018 and 2017 , respectively. Concentration of Credit Risk The Company’s cash, cash equivalents, and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. As of and for the years ended December 31, 2018 and 2017 , no customer accounted for more than 10% of net sales. Inventories Inventories are stated at the lower of cost and net realizable value with cost determined based on standard (which approximates actual), average or actual cost. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $2.8 million , $ 1.2 million and $ 1.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company assesses its long-lived assets, including certain identifiable intangibles, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. To analyze recoverability, the Company projects future cash flows, undiscounted and before interest, over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. The impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets. The Company assesses the appropriateness of the useful life of its long-lived assets periodically. Depreciation and Amortization Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years Depreciation expense, including the depreciation expense of assets under capital leases, for 2018 , 2017 and 2016 was $360.6 million , $ 268.5 million and $ 240.0 million , respectively. Intangible assets with a determinable life are amortized on a straight-line or accelerated basis over their useful lives. The amortization expense for each intangible asset is recorded in the Consolidated Statements of Operations according to the nature of that asset. Goodwill is the Company’s only intangible asset not subject to amortization. The following table displays the intangible assets that continue to be subject to amortization and accumulated amortization expense as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 937.3 $ (442.7 ) $ 494.6 $ 786.9 $ (377.2 ) $ 409.7 Patents, Trademarks, Licenses, and Leases 133.7 (104.5 ) 29.2 130.2 (103.4 ) 26.8 Total $ 1,071.0 $ (547.2 ) $ 523.8 $ 917.1 $ (480.6 ) $ 436.5 The Company recorded amortization expense for the years ended December 31, 2018 , 2017 and 2016 of $70.0 million , $61.8 million and $ 59.3 million , respectively. The Company expects amortization expense for the next five consecutive years to be as follows: $68 million , $65 million , $56 million , $53 million , and $51 million . Goodwill The Company tests goodwill for impairment annually as of October 1, as well as whenever events or changes in circumstances suggest that the estimated fair value of a reporting unit may no longer exceed its carrying amount. The Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. Potential goodwill impairment is measured at the reporting unit level by comparing the reporting unit’s carrying amount (including goodwill), to the fair value of the reporting unit. When performing the quantitative analysis, the estimated fair value of each reporting unit is determined by utilizing a discounted cash flow analysis based on the Company’s forecasts, discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. If the carrying amount of a reporting unit exceeds its estimated fair value, goodwill is considered potentially impaired. In determining fair value, management relies on and considers a number of factors, including but not limited to, operating results, business plans, economic projections, forecasts including future cash flows, and market data and analysis, including market capitalization. The assumptions used are based on what a hypothetical market participant would use in estimating fair value. Fair value determinations are sensitive to changes in the factors described above. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. Periodically, the Company may perform a qualitative impairment analysis of goodwill associated with each of its reporting units to determine if it is more likely than not that the carrying value of a reporting unit exceeded its fair value. As a result of its testing of goodwill as of October 1, 2018, the Company concluded goodwill was not impaired. The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Corporate/Other (a) Total Balance at December 31, 2016 $ 408.5 $ 789.4 $ 49.0 $ 13.4 $ 1,260.3 Acquisition of Businesses — 51.4 6.3 (2.3 ) 55.4 Reallocation of Goodwill — (4.0 ) — 4.0 — Foreign Currency Effects — 2.2 4.2 0.9 7.3 Balance at December 31, 2017 $ 408.5 $ 839.0 $ 59.5 $ 16.0 $ 1,323.0 Acquisition of Businesses 98.3 43.1 (0.1 ) — 141.3 Foreign Currency Effects — (0.3 ) (2.2 ) (1.2 ) (3.7 ) Balance at December 31, 2018 $ 506.8 $ 881.8 $ 57.2 $ 14.8 $ 1,460.6 (a) Includes Australia operating segment. Retained Insurable Risks It is the Company’s policy to self-insure or fund a portion of certain expected losses related to group health benefits and workers’ compensation claims. Provisions for expected losses are recorded based on the Company’s estimates, on an undiscounted basis, of the aggregate liabilities for known claims and estimated claims incurred but not reported. Asset Retirement Obligations Asset retirement obligations are accounted for in accordance with the provisions of the Asset Retirement and Environmental Obligations topic of the FASB Codification. A liability and asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the asset. Upon settlement of the liability, the Company will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. International Currency The functional currency of the international subsidiaries is the local currency for the country in which the subsidiaries own their primary assets. The translation of the applicable currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. Any related translation adjustments are recorded directly to a separate component of Shareholders’ Equity, unless there is a sale or substantially complete liquidation of the underlying foreign investments. The Company pursues a currency hedging program which utilizes derivatives to reduce the impact of foreign currency exchange fluctuations on its consolidated financial results. Under this program, the Company has entered into forward exchange contracts in the normal course of business to hedge certain foreign currency denominated transactions. Realized and unrealized gains and losses on these forward contracts are included in the measurement of the basis of the related foreign currency transaction when recorded. Revenue Recognition The Company has two primary activities, manufacturing and converting paperboard, from which it generates revenue from contracts with customers, and revenue is disaggregated primarily by geography and type of activity as further explained in " Note 15-Business Segment and Geographic Area Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $6,005.5 million , $4,383.0 million and $4,280.1 million , respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice. The Company's contract assets consist primarily of contract renewal incentive payments to customers which are amortized over the period in which performance obligations related to the contract renewal are satisfied. As of December 31, 2018 and 2017 , contract assets were $19.6 million and $11.7 million , respectively. The Company's contract liabilities consist principally of rebates, and as of December 31, 2018 and 2017 were $42.5 million and $28.6 million , respectively. The Company did not have a material amount relating to backlog orders at December 31, 2018 or 2017. Shipping and Handling The Company includes shipping and handling costs in Cost of Sales. Research and Development Research and development costs, which relate primarily to the development and design of new packaging machines and products and are recorded as a component of Selling, General and Administrative expenses, are expensed as incurred. Expenses for the years ended December 31, 2018 , 2017 and 2016 were $8.7 million , $ 14.4 million and $ 14.9 million , respectively. Business Combinations, Gain on Sale of Assets and Shutdown and Other Special Charges, Net The following table summarizes the transactions recorded in Business Combinations, Gain on Sale of Assets and Shutdown and Other Special Charges, Net in the Consolidated Statements of Operations for the year ended December 31: In millions 2018 2017 2016 Charges Associated with Business Combinations $ 46.8 $ 16.2 $ 21.2 Shutdown and Other Special Charges 6.7 18.6 15.9 Gain on Sale of Assets (38.6 ) (3.7 ) — Total $ 14.9 $ 31.1 $ 37.1 2018 On September 30, 2018, the Company acquired substantially all the assets of the foodservice business of Letica Corporation, a subsidiary of RPC Group PLC ("Letica Foodservice"), a producer of paperboard-based cold and hot cups and cartons. The acquisition included two facilities located in Clarksville, Tennessee and Pittston, Pennsylvania. Letica Foodservice is included in the Americas Paperboard Packaging reportable segment. On August 31, 2018, the Company sold its previously closed coated recycled paperboard mill site in Santa Clara, California, resulting in a gain on sale of assets of $37.1 million . On June 12, 2018, the Company acquired substantially all the assets of PFP, LLC and its related entity, PFP Dallas Converting, LLC (collectively, "PFP"), a converter focused on the production of paperboard based air filter frames. The acquisition included two facilities located in Lebanon, Tennessee and Lancaster, Texas. PFP is included in the Americas Paperboard Packaging reportable segment. On January 1, 2018, the Company completed the NACP Combination. The NACP business produces SBS and paper-based foodservice products. The NACP business included two SBS mills located in Augusta, Georgia and Texarkana, Texas (included in Paperboard Mills reportable segment), three converting facilities in the U.S. (included in Americas Paperboard Packaging reportable segment) and one in the United Kingdom ("U.K.") (included in the Europe Paperboard Packaging reportable segment). 2017 On December 1, 2017, the Company acquired the assets of Seydaco Packaging Corp. and its affiliates, National Carton and Coating Co., and Groupe Ecco Boites Pliantes Ltée (collectively, "Seydaco"), a folding carton producer focused on the foodservice, food, personal care, and household goods markets. The acquisition included three folding carton facilities located in Mississauga, Ontario, St.-Hyacinthe, Québec, and Xenia, Ohio. On December 1, 2017, the Company closed its coated recycled paperboard mill in Santa Clara, California. This decision was made as a result of a thorough assessment of the facility's manufacturing capabilities and associated costs in the context of the Company's overall mill operating capabilities and cost structure. The financial impact is reflected in Shutdown and Other Special Charges in the table above. On October 4, 2017, the Company acquired Norgraft Packaging, S.A., ("Norgraft"), a leading folding carton producer in Spain focused on the food and household goods markets. The acquisition included two folding carton facilities located in Miliaño and Requejada, Spain. On July 10, 2017, the Company acquired substantially all the assets of Carton Craft Corporation and its affiliate, Lithocraft, Inc (collectively, "Carton Craft"). The acquisition included two folding carton facilities located in New Albany, Indiana, focused on the production of paperboard based air filter frames and folding cartons. The Seydaco, Norgraft, and Carton Craft transactions are referred to collectively as the "2017 Acquisitions." Seydaco and Carton Craft are included in the Americas Paperboard Packaging Segment. Norgraft is included in the Europe Paperboard Packaging Segment. In October 2017, the Company completed the sale of its Renton, WA facility which was classified as Asset Held for Sale on December 31, 2016. The financial impact is reflected in Gain on Sale of Assets, Net in the table above. 2016 On April 29, 2016, the Company acquired Colorpak Limited ("Colorpak"), a leading folding carton supplier in Australia and New Zealand. Colorpak operated 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 folding carton facility located in Wayne, New Jersey. On February 16, 2016, the Company acquired Walter G. Anderson, Inc., ("WG Anderson") a folding carton manufacturer with a focus on store branded food and consumer product markets. WG Anderson operated two sheet-fed folding carton 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 included two folding carton facilities located in Monterrey, Mexico and Tijuana, Mexico that service the food, beverage and consumer product markets. Charges associated with all acquisitions are included in Net Charges Associated with Business Combinations in the table above. For more information regarding these acquisitions see Note 4 - Business Combinations. Capital Allocation Plan On January 10, 2017, the Company's board of directors authorized an additional share repurchase program to allow the Company to repurchase 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"). The following presents the Company's share repurchases for the years ended December 31, 2018 , 2017 , and 2016 : Amount repurchased in millions Amount Repurchased Number of Shares Repurchased Average Price 2018 $ 120.0 10,566,144 $ 11.35 2017 $ 58.4 4,462,263 (a) $ 13.08 2016 $ 168.8 13,202,425 $ 12.77 (a) Includes 1,440,697 shares repurchased under the 2015 share repurchase program, thereby completing that program. At December 31, 2018 , the Company had approximately $90 million remaining under the 2017 share repurchase program. During 2018 and 2017, GPHC paid cash dividends of $93.1 million and $93.4 million , respectively. Adoption of New Accounting Standards Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2017-09, Compensation - Stock Compensation (Topic 718); Scope of Modification Accounting. The amendments in this ASU provide guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the value, vesting conditions or classification of the award changes, modification accounting will apply. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. Effective January 1, 2018, the Company adopted 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 in 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 adoption of this ASU was applied retrospectively for the reclassification of net periodic benefit expense, excluding service costs, in the Consolidated Statement of Operations. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations and cash flows. Effective January 1, 2018, the Company adopted 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. This ASU was adopted prospectively and did not have a material impact on the Company’s financial position, results of operations and cash flows. Effective January 1, 2018, the Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments . The amendments in this ASU provide guidance on how certain cash receipts and payments should be presented in the statement of cash flows and was applied retrospectively. This ASU requires the Company to classify consideration received for beneficial interest obtained for selling trade receivables as investing instead of operating activities. The retrospective impact on the Company's consolidated statement of cash flows for 2018, 2017 and 2016 was a $1,131.2 million , $708.7 million and $567.4 million decrease to cash provided by operating activities and a corresponding increase to cash provided by investing activities, respectively. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective approach. Adoption of ASU No. 2014-09 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considered whether the adoption may require acceleration of revenue for products produced by the Company without an alternative use and when the Company would have a legally enforceable right of payment. The Company has determined that it does not have an enforceable right of payment for products produced but not yet shipped and recognizes all revenue under the point in time method. The adoption of ASU No. 2014-09 did not have a material impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815); Targeted Improvements to Accounting for Hedging Activities. The amendments in this ASU better align the risk management activities and financial reporting for these hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, results of operations and cash flows. In 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 fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. 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, including interim periods within those fiscal years. Early adoption is permitted. The updated guidance allows a modified retrospective adoption, which the Company plans to adopt. The Company has substantially completed the data gathering and software configuration and testing for a significant majority of the Company's lease portfolio, including service agreements with embedded leases. The Company continues to perform routine testing and analysis of data inputs and reporting requirements. The adoption of this standard is expected to have a material impact on the Company’s financial position, but currently is not expected to have a material impact on the results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to th |
Supplemental Balance Sheet Data
Supplemental Balance Sheet Data | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Data | SUPPLEMENTAL BALANCE SHEET DATA The following tables provide disclosure related to the components of certain line items included in our consolidated balance sheets. Receivables, Net: In millions 2018 2017 Trade $ 475.9 $ 279.2 Less: Allowance (10.4 ) (7.2 ) 465.5 272.0 Other 107.4 49.1 Total $ 572.9 $ 321.1 Inventories, Net by major class: In millions 2018 2017 Finished Goods $ 426.9 $ 240.5 Work in Progress 102.2 74.1 Raw Materials 319.9 229.4 Supplies 165.4 90.0 Total $ 1,014.4 $ 634.0 Other Current Assets: In millions 2018 2017 Deferred Purchase Price $ 66.9 $ 101.7 Prepaid Assets 28.6 28.6 Assets Held for Sale — 10.2 Contract Assets, current portion 9.8 5.7 Fair Value of Derivatives, current portion 0.7 1.2 Total $ 106.0 $ 147.4 Property, Plant and Equipment, Net: In millions 2018 2017 Property, Plant and Equipment, at Cost: Land and Improvements $ 134.1 $ 106.2 Buildings (a) 608.5 431.9 Machinery and Equipment (b) 5,716.2 4,384.5 Construction-in-Progress 201.2 151.0 6,660.0 5,073.6 Less: Accumulated Depreciation (a) (b) (3,420.3 ) (3,206.4 ) Total $ 3,239.7 $ 1,867.2 (a) Includes gross assets under financing obligation of $95.5 million and related accumulated depreciation of $0.4 million as of December 31, 2018 . (b) Includes gross assets under capital lease of $39.6 million and related accumulated depreciation of $10.0 million as of December 31, 2018 and gross assets under capital lease of $39.7 million and related accumulated depreciation of $7.4 million as of December 31, 2017 . Other Assets: In millions 2018 2017 Deferred Debt Issuance Costs, Net of Amortization of $12.5 million and $10.9 million for 2018 and 2017, respectively $ 6.4 $ 2.9 Deferred Income Tax Assets 8.2 6.8 Pension Assets 19.0 20.4 Contract Assets, noncurrent portion 9.8 6.0 Fair Value of Derivatives, noncurrent portion 0.1 — Other 27.8 30.3 Total $ 71.3 $ 66.4 Other Accrued Liabilities: In millions 2018 2017 Dividends Payable $ 22.5 $ 23.3 Deferred Revenue 14.0 11.6 Accrued Customer Rebates 30.2 15.5 Fair Value of Derivatives, current portion 1.3 1.2 Other Accrued Taxes 44.4 29.8 Accrued Payables 30.3 25.7 Liabilities Payable to a Financial Institution 62.6 — Other 35.4 38.2 Total $ 240.7 $ 145.3 Other Noncurrent Liabilities: In millions 2018 2017 Deferred Revenue $ 5.2 $ 6.6 Multi-employer Plans 32.4 29.0 Workers Compensation Reserve 9.9 10.9 Fair Value of Derivatives, noncurrent portion 2.1 — Accrued Build-to-Suit Obligation — 35.8 Unfavorable Supply Agreement 31.2 — Other 37.0 22.4 Total $ 117.8 $ 104.7 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash Flow Provided by (Used In) Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions: In millions 2018 2017 2016 Receivables, Net $ (1,158.1 ) $ (658.8 ) $ (541.9 ) Inventories, Net (82.0 ) (6.5 ) 10.5 Other Current Assets 0.3 0.8 (1.2 ) Other Assets (1.0 ) (32.8 ) 8.5 Accounts Payable 76.2 27.0 4.3 Compensation and Employee Benefits 26.9 3.5 (21.7 ) Income Taxes 0.6 2.3 1.7 Interest Payable (4.1 ) (1.7 ) 5.0 Other Accrued Liabilities 11.8 6.7 12.8 Other Noncurrent Liabilities 8.6 14.2 (6.9 ) Total $ (1,120.8 ) $ (645.3 ) $ (528.9 ) Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: In millions 2018 2017 2016 Interest $ 121.3 $ 81.8 $ 64.9 Income Taxes $ 25.8 $ 15.9 $ 14.5 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | On January 1, 2018, the Company completed the NACP Combination. The NACP business produces SBS and paper-based foodservice products. The NACP business included two SBS mills located in Augusta, Georgia and Texarkana, Texas, three converting facilities in the U.S. and one in the U.K. Total consideration for the NACP Combination, including debt assumed of $660 million , was $1.8 billion . Management believes that the purchase price attributable to goodwill represents the benefits expected, as the acquisition was made to continue to expand the Company's product offering, integrate paperboard from the Company's mills and to further optimize the Company's supply chain footprint. In conjunction with the NACP Combination, the Company executed a Tax Receivable Agreement ("TRA") with IP. Pursuant to elections under Section 754 of the Internal Revenue Code, the Company expects to obtain an increase with respect to the tax basis in the assets of GPIP and certain of its subsidiaries when IP exchanges or redeems any of its membership interests. The Company generally expects to treat redemptions or exchanges of membership interests by IP as direct purchases of membership interests for U.S. federal income tax purposes. Increases in tax basis may reduce the amounts that we would otherwise pay in the future to various tax authorities. The TRA provides for the payment by the Company to IP of 50% of the amount of any tax benefits projected to be realized by the Company upon IP's exchange of the membership interests into GPHC common stock. On September 30, 2018, the Company completed the Letica Foodservice acquisition. The acquisition included two facilities in Clarksville, Tennessee and Pittston, Pennsylvania, focused on the production of paperboard-based cold and hot cups and cartons. The Company paid approximately $95 million using existing cash and borrowings under its revolving credit facility. On June 12, 2018, the Company completed the PFP acquisition. The Company paid approximately $34 million using existing cash and borrowings under its revolving credit facility. The acquisition included two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas, focused on the production of paperboard-based air filter frames. The Company expects that goodwill related to the NACP Combination will no t be deductible for tax purposes. The Company expects that goodwill related to the Letica Foodservice and the PFP acquisitions will be deductible for tax purposes. The acquisition accounting for the NACP Combination and PFP Acquisition is complete. Acquisition accounting for Letica Foodservice is preliminary based on the estimated fair values of all assets and liabilities as of the acquisition date. The Acquisition accounting for Letica is subject to adjustments in subsequent periods once the third party valuations are finalized and the Company has completed its review of the fair values of all assets acquired and liabilities assumed, including, but not limited to, tangible and intangible assets, fair value of contracts, and final tax adjustments. The acquisition accounting for the NACP Combination, PFP and the Letica Foodservice acquisitions is as follows: In millions Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of Acquisition Dates (as adjusted) Purchase Price (a) $ 1,241.7 $ (40.9 ) $ 1,200.8 Assumed Debt (b) 660.0 — 660.0 Total Purchase Consideration $ 1,901.7 $ (40.9 ) $ 1,860.8 Receivables, Net 145.3 — 145.3 Inventories, Net 314.2 0.8 315.0 Other Current Assets 20.9 (9.2 ) 11.7 Property, Plant and Equipment, Net 1,242.6 32.0 1,274.6 Intangible Assets, Net (c) 136.6 13.5 150.1 Other Assets 6.0 (6.0 ) — Total Assets Acquired 1,865.6 31.1 1,896.7 Accounts Payable 112.6 — 112.6 Compensation and Employee Benefits 21.0 (5.7 ) 15.3 Current Liabilities 16.3 (0.1 ) 16.2 Other Noncurrent Liabilities 41.3 (1.7 ) 39.6 Total Liabilities Assumed 191.2 (7.5 ) 183.7 Net Assets Acquired 1,674.4 38.6 1,713.0 Goodwill 227.3 (79.5 ) 147.8 Total Estimated Fair Value of Net Assets Acquired $ 1,901.7 $ (40.9 ) $ 1,860.8 (a) Includes a $123.5 million adjustment for discounting the purchase price for lack of marketability of the membership interests issued for the NACP Combination and measurement period adjustments of $40.5 million , related to working capital true-ups, offset by pension settlements. (b) Assumed Debt was valued at fair market value based on quoted market prices (Level 2 inputs) obtained from independent pricing services. (c) Intangible Assets, Net consists of customer relationships which are generally amortized using either a straight-lined method, when the amortization pattern is not reliably determinable, or an accelerated method, generally over approximately 20 years. The value of customer relationships was determined using a discounted cash flow model, which includes an approximate 5% attrition rate. Beyond the twenty-year life, the present value of cash flows were not meaningful. During the fourth quarter of 2018, the Company recorded an approximate $15 million adjustment, reducing depreciation expense and a $35 million adjustment to record an unfavorable contract, both to reflect final valuation adjustments for the NACP Combination. During the fourth quarter of 2018, the Company paid an additional $0.4 million related to the working capital true-up of PFP. The following unaudited pro forma consolidated results of operations data assumes that the NACP Combination occurred as of the beginning of the period presented. This pro forma data is based on historical information and does not necessarily reflect the actual results that would have occurred, nor is it indicative of future results of operations. Year Ended December 31, In millions, except per share data 2017 Net Sales $ 5,912.5 Net Income Attributable to Graphic Packaging Holding Company 367.7 Income Per Share — Basic 1.18 Income Per Share — Diluted 1.18 Net Sales and Income from Operations from the NACP Combination was $1,407.1 million and $134.7 million , respectively, for the year ended December 31, 2018 . Total Assets increased as a result of the NACP Combination for the Paperboard Mills and Americas Paperboard Packaging reportable segments by approximately $1.5 billion and $0.6 billion , respectively, as compared to December 31, 2017 . In connection with the NACP Combination, the Company entered into agreements with IP for transition services, fiber procurement fees and corrugated products and ink supply. Payments to IP for the year ended December 31, 2018 under these agreements were $22.0 million , $15.9 million (related to pass through wood purchases of approximately $194 million ) and $28.5 million , respectively. In addition, approximately $5.7 million of payments were made for purchases unrelated to these agreements. During 2018, Net Sales and Loss from Operations from the Letica Foodservice and PFP acquisitions were $42.4 million and $1.4 million , respectively. As disclosed in " Note 1 - General Information, " in 2017, the Company acquired Seydaco, Norgraft, and Carton Craft, which are referred to collectively as the "2017 Acquisitions." Seydaco and Carton Craft are included in the Americas Paperboard Packaging Segment. Norgraft is included in the Europe Paperboard Packaging Segment. The Company paid approximately $189 million , net of cash acquired, for the 2017 Acquisitions using existing cash and borrowings under its revolving line of credit, and assumed debt of approximately $14 million . During the second quarter of 2018, the Company made valuation adjustments of $0.5 million for Carton Craft, which was recorded to goodwill. For the nine months ended September 30, 2018, the Company paid an additional $2.4 million related to the working capital true-up and recorded valuation adjustments of $7.3 million for Seydaco, which in aggregate was recorded to goodwill. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Short-Term Debt is comprised of the following: In millions 2018 2017 Short Term Borrowings $ 11.7 $ 9.1 Current Portion of Capital Lease Obligations 3.8 2.2 Current Portion of Long-Term Debt 36.5 50.0 Total $ 52.0 $ 61.3 Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2018 and 2017 was 8.4% and 6.1% , respectively. Long-Term Debt is comprised of the following: In millions 2018 2017 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.18%, payable in 2024 $ 300.0 $ 300.0 Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.92%, payable in 2022 250.0 250.0 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.77%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (3.89% at December 31, 2018) payable through 2023 1,432.6 925.0 Senior Secured Revolving Credit Facilities with interest payable at floating rates (3.63% at December 31, 2018) payable in 2023 399.0 319.0 Capital Lease and Financing Obligations 122.9 30.0 Other 26.5 28.9 Total Long-Term Debt 2,956.0 2,277.9 Less: Current Portion 40.3 52.2 2,915.7 2,225.7 Less: Unamortized Deferred Debt Issuance Costs 10.6 12.5 Total $ 2,905.1 $ 2,213.2 Long-Term Debt maturities (excluding capital leases) are as follows: In millions 2019 $ 36.5 2020 56.6 2021 489.4 2022 378.4 2023 1,567.6 After 2023 304.6 Total $ 2,833.1 Credit Facilities The following describes the Senior Secured Term Loan and Revolving Credit Facilities: Date Document (a) Provision Expiration (b) March 2012 Amended and Restated Credit Agreement •$1.0 billion revolving credit facility •$1.0 billion amortizing term loan facility •LIBOR plus variable spread (between 175 basis points and 275 basis points) depending on consolidated total leverage ratio December 2012 Amendment No. 1 to Credit Agreement •$300 million incremental term loan September 2013 Amendment No. 2 to Credit Agreement •Added €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio June 2014 Amendment No. 3 to Credit Agreement •Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) October 2014 Second Amended and Restated Credit Agreement •Increased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio January 2018 Third Amended and Restated Credit Agreement •Increased the domestic revolving credit facility by $200 million to $1,450 million and reduced the term loan by approximately $125 million to $800 million. LIBOR plus variable spread (between 125 basis points and 200 basis points) depending on consolidated total leverage ratio •Assumed the term loan indebtedness as part of the NACP Combination in an aggregate amount of $660.0 million January 2023 (a) The Company's obligations under the Credit Agreement are secured by substantially all of the Company's domestic assets. (b) Expiration date is amended to most recent expiration of January 2023. In addition to the Amended and Restated Credit Agreement, on January 1, 2018 the Company assumed the term loan indebtedness previously incurred by IP (the “Term Loan Credit Agreement”) in an aggregate amount of $660 million , repayable pursuant to the same amortization schedule (expressed as a percentage of the principal amount thereof) as the Term Loan A under the Amended and Restated Credit Agreement and has the same maturity date of January 1, 2023. The applicable margin interest rate pricing grid, covenants and other terms are substantially equivalent to those contained in the Amended and Restated Credit Agreement. The Term Loan Credit Agreement is secured by a lien and security interest in substantially all of the assets of GPIL on a pari passu basis with the liens and security interests securing the Amended and Restated Credit Agreement pursuant to the terms of a customary intercreditor agreement among the parties. The Amended and Restated Credit Agreement and Term Loan Credit Agreement are collectively referred to as the "Credit Agreement." At December 31, 2018 , 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) $ 1,450.0 $ 329.0 $ 1,098.3 Senior Secured International Revolving Credit Facilities 180.8 70.0 110.8 Other International Facilities 65.4 38.3 27.1 Total $ 1,696.2 $ 437.3 $ 1,236.2 (a) In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $22.7 million as of December 31, 2018 . These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire throughout 2019 unless extended. The Credit Agreement is guaranteed by GPIP and certain domestic subsidiaries, and the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024 are guaranteed by GPHC. For additional information on the financial statements of GPIP, see " Note 17 - Guarantor Consolidating Financial Statements ” of the Notes to the Consolidated Financial Statements of GPIL in its Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission. The Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024 (the “Indentures”) limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indenture, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities. As of December 31, 2018 , the Company was in compliance with the covenants in the Amended and Restated Credit Agreement, the Term Loan Credit Agreement and the Indentures. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
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 contain some combination of service, performance and market objectives based on various financial targets and relative total shareholder return that must be met for the shares to vest. Stock awards granted to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date. Data concerning RSUs and stock awards granted in the years ended December 31: 2018 2017 2016 RSUs — Employees 1,543,410 1,547,049 1,891,335 Weighted-average grant date fair value $ 14.79 $ 13.35 $ 11.20 Stock Awards — Board of Directors 51,226 65,520 59,880 Weighted-average grant date fair value $ 15.03 $ 13.43 $ 13.36 A summary of the changes in the number of unvested RSUs from December 31, 2015 to December 31, 2018 is presented below: Shares Weighted Average Grant Date Fair Value Outstanding — December 31, 2015 5,439,588 $ 10.22 Granted 1,891,335 11.20 Released (2,596,292 ) 7.29 Forfeited (66,956 ) 12.74 Outstanding — December 31, 2016 4,667,675 $ 12.21 Granted 1,547,049 13.35 Released (1,720,327 ) 10.05 Forfeited (622,463 ) 13.13 Outstanding — December 31, 2017 3,871,934 $ 13.10 Granted 1,543,410 14.79 Released (744,757 ) 14.90 Forfeited (210,553 ) 13.49 Outstanding — December 31, 2018 4,460,034 $ 13.27 The initial value of the RSUs is based on the market value of the Company’s common stock on the date of grant. The 2018 grants were valued using a Monte Carlo simulation as the total shareholder return contains a market condition. RSUs are recorded in Stockholders' Equity. The unrecognized expense at December 31, 2018 is approximately $27 million and is expected to be recognized over a weighted average period of 2 years. The value of stock awards granted to the Company's directors are based on the market value of the Company’s common stock on the date of grant. These awards are unrestricted on the date of grant. During 2018 , 2017 , and 2016 , $13.8 million , $8.9 million and $20.2 million , respectively, were charged to compensation expense for stock incentive plans. During 2018 , 2017 , and 2016 , RSUs with an aggregate fair value of $13.7 million , $23.2 million and $32.0 million , respectively, vested and were paid out. The RSUs vested and paid out in 2018 were granted primarily during 2015. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | PENSIONS AND OTHER POSTRETIREMENT BENEFITS DEFINED BENEFIT PLANS The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are both noncontributory and contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employees’ compensation. Currently, the North American plans are closed to newly-hired employees except as noted below. Effective July 1, 2011 , the North American plans were frozen for most salaried and non-union hourly employees and replaced with a defined contribution plan. During 2015, the remaining union plans were closed to newly-hired employees. Also in 2015, the Company assumed defined benefit pension and postretirement benefit plans in the Cascades acquisition. These plans are closed to newly-hired employees. In 2016, the Company assumed a defined benefit plan in the WG Anderson acquisition, which was frozen for all participants on December 31, 2016. During the fourth quarter of 2017, the Company made an additional $75 million contribution to its U.S. defined benefit plan. Since this plan is closed and mostly frozen, the Company has hedged a significant portion of the liabilities. This additional contribution will allow the Company to begin the process of settling these liabilities. During 2018, the Company began the process of terminating its largest U.S. pension plan. This included freezing the plan as of December 31 and spinning off the active participants to the plan established as part of the NACP Combination. This plan is open for union and non-union hourly employees of locations that were part of the NACP Combination. During 2019, the Company expects to offer a lump-sum benefit payout option to certain plan participants prior to completing the purchase of group annuity contracts that will transfer the pension benefit obligation to an insurance company. The expected benefit obligation associated with the termination is approximately $800 million . In the fourth quarter of 2017, the Company also made an additional contribution of $6.8 million to its U.K. defined benefit plan and will continue de-risking that plan. Pension and Postretirement Expense The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Benefits Year Ended December 31, In millions 2018 2017 2016 2018 2017 2016 Components of Net Periodic Cost: Service Cost $ 17.3 $ 8.2 $ 10.0 $ 0.6 $ 0.8 $ 0.8 Interest Cost 41.8 42.6 43.8 1.2 1.3 1.3 Expected Return on Plan Assets (63.6 ) (64.1 ) (61.3 ) — — — Amortization: Prior Service Cost (Credit) 0.4 0.5 0.8 (0.3 ) (0.3 ) (0.2 ) Actuarial Loss (Gain) 5.9 6.5 27.3 (1.8 ) (2.1 ) (2.1 ) Net Curtailment/Settlement Loss 1.0 — 1.0 — — — Other 0.5 0.8 0.8 — — — Net Periodic (Benefit) Cost $ 3.3 $ (5.5 ) $ 22.4 $ (0.3 ) $ (0.3 ) $ (0.2 ) Certain assumptions used in determining the pension and postretirement expenses were as follows: Pension Benefits Postretirement Benefits Year Ended December 31, 2018 2017 2016 2018 2017 2016 Weighted Average Assumptions: Discount Rate 3.49 % 4.01 % 4.41 % 3.64 % 4.10 % 4.29 % Rate of Increase in Future Compensation Levels 2.09 % 1.45 % 1.49 % — — — Expected Long-Term Rate of Return on Plan Assets 4.86 % 5.79 % 5.90 % — — — Initial Health Care Cost Trend Rate — — — 9.00 % 7.45 % 7.80 % Ultimate Health Care Cost Trend Rate — — — 4.50 % 4.50 % 4.50 % Ultimate Year — — — 2027 2024 2024 For the largest plan, the actuarial loss is amortized over the average remaining life expectancy period of employees expected to receive benefits. Funded Status The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31: Pension Benefits Postretirement Benefits In millions 2018 2017 2018 2017 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,367.1 $ 1,279.0 $ 37.3 $ 40.6 Service Cost 17.3 8.2 0.6 0.8 Interest Cost 41.8 42.6 1.2 1.3 Actuarial Loss (Gain) (101.9 ) 76.4 (3.0 ) (3.4 ) Foreign Currency Exchange (14.8 ) 22.9 (0.2 ) 0.1 Settlement/Curtailment (Gain) — (0.2 ) — — Benefits Paid (65.4 ) (62.7 ) (1.9 ) (2.2 ) Acquisition — — — — Other 1.1 0.9 0.1 0.1 Benefit Obligation at End of Year $ 1,245.2 $ 1,367.1 $ 34.1 $ 37.3 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,340.7 $ 1,115.6 $ — $ — Actual Return on Plan Assets (79.6 ) 147.1 — — Employer Contributions 5.8 119.1 1.9 2.2 Foreign Currency Exchange (15.0 ) 21.6 — — Benefits Paid (65.4 ) (62.7 ) (1.9 ) (2.2 ) Acquisition — — — — Settlements — — — — Other — — — — Fair Value of Plan Assets at End of Year $ 1,186.5 $ 1,340.7 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (58.7 ) $ (26.4 ) $ (34.1 ) $ (37.3 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 19.0 $ 20.4 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.8 ) $ (1.7 ) $ (2.5 ) $ (2.4 ) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (75.9 ) $ (45.1 ) $ (31.6 ) $ (34.9 ) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 297.3 $ 267.1 $ (1.6 ) $ (20.1 ) Prior Service Cost (Credit) $ 3.6 $ 0.7 $ (20.2 ) $ (0.8 ) Weighted Average Calculations: Discount Rate 4.14 % 3.49 % 4.29 % 3.64 % Rates of Increase in Future Compensation Levels 2.37 % 2.09 % — — Initial Health Care Cost Trend Rate — — 9.00 % 9.00 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.50 % Ultimate Year — — 2027 2027 The Company determined pension expense using both the fair value of assets and a calculated value that averages gains and losses over a period of years. Investment gains or losses represent the difference between the expected and actual return on assets. As of December 31, 2018 , the net actuarial loss was $297.3 million . These net losses may increase future pension expense if not offset by (i) actual investment returns that exceed the assumed investment returns, or (ii) other factors, including reduced pension liabilities arising from higher discount rates used to calculate pension obligations, or (iii) other actuarial gains, including whether such accumulated actuarial losses at each measurement date exceed the “corridor” determined under the Compensation — Retirement Benefits topic of the FASB Codification. For the largest plan, the actuarial loss is amortized over the average remaining life expectancy period of employees expected to receive benefits. The discount rate used to determine the present value of future pension obligations at December 31, 2018 was based on a yield curve constructed from a portfolio of high-quality corporate debt securities with maturities ranging from 1 year to 30 years. Each year’s expected future benefit payments were discounted to their present value at the spot yield curve rate thereby generating the overall discount rate for the Company’s pension obligations. The weighted average discount rate used to determine the pension obligations was 4.14% and 3.49% in 2018 and 2017 , respectively. Accumulated Benefit Obligation The accumulated benefit obligation, (“ABO”), for all defined benefit pension plans was $1,240.2 million and $1,359.4 million at December 31, 2018 and 2017 , respectively. There are three plans where the ABO and projected benefit obligation ("PBO") exceed plan assets. The aggregate ABO, PBO and fair value of plan assets for these plans are $1,047.2 million , $1,052.2 million and $977.3 million , respectively. Employer Contributions The Company made contributions of $5.8 million and $119.1 million to its pension plans during 2018 and 2017 , respectively. The Company also made postretirement health care benefit payments of $1.9 million and $2.2 million during 2018 and 2017 , respectively. For 2019 , the Company expects to make contributions of approximately $10 million to its pension plans and approximately $2 million to its postretirement health care plans. Pension Assets The Company’s overall investment strategy is to achieve a mix of investments for long-term growth and near-term benefit payments through diversification of asset types, fund strategies and fund managers. Investment risk is measured on an on-going basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. The plans invest in the following major asset categories: cash, equity securities, fixed income securities, real estate and diversified growth funds. At December 31, 2018 and 2017 , pension investments did not include any direct investments in the Company’s stock or the Company’s debt. The weighted average allocation of plan assets and the target allocation by asset category is as follows: Target 2018 2017 Cash — % 5.0 % 2.4 % Equity Securities 8.4 8.1 11.2 Fixed Income Securities 86.4 79.5 82.7 Other Investments 5.2 7.4 3.7 Total 100.0 % 100.0 % 100.0 % The plans’ investment in equity securities primarily includes investments in U.S. and international companies of varying sizes and industries. The strategy of these investments is to 1) exceed the return of an appropriate benchmark for such equity classes and 2) through diversification, reduce volatility while enhancing long term real growth. The plans’ investment in fixed income securities includes government bonds, investment grade bonds and non-investment grade bonds across a broad and diverse issuer base. The strategy of these investments is to provide income and stability and to diversify the fixed income exposure of the plan assets, thereby reducing volatility. The Company’s approach to developing the expected long-term rate of return on pension plan assets is based on fair values and combines an analysis of historical investment performance by asset class, the Company’s investment guidelines and current and expected economic fundamentals. In 2016, the Company implemented a de-risking or liability driven investment strategy for its U.S. pension plans. This strategy moved assets from return seeking (equities) to investments that mirror the underlying benefit obligations (fixed income). The allocation of equities and fixed income changed from 45% and 55% at December 31, 2016, to 10% and 90% at December 31, 2017. The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2018 and 2017 : Fair Value Measurements at December 31, 2018 In millions Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category: Cash (a) $ 58.8 $ 0.3 $ 58.5 $ — Equity Securities: Domestic (a) 86.4 3.6 82.8 — Foreign (a) 9.2 5.3 3.8 — Fixed Income Securities (a) 980.1 15.0 962.3 2.8 Other Investments: Real estate 9.2 — 7.6 1.6 Diversified growth fund (b) 42.8 — 41.5 1.4 Total $ 1,186.5 $ 24.2 $ 1,156.5 $ 5.8 Fair Value Measurements at December 31, 2017 In millions Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category: Cash (a) $ 32.2 $ 0.3 $ 31.9 $ — Equity Securities: Domestic (a) 140.5 4.1 136.4 — Foreign (a) 9.1 5.8 3.3 — Fixed Income Securities (a) 1,108.6 16.1 1,092.5 — Other Investments: Real estate 10.4 9.6 — 0.8 Diversified growth fund (b) 39.9 — 39.9 — Total $ 1,340.7 $ 35.9 $ 1,304.0 $ 0.8 (a) The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. (b) The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five -year horizon. A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows: In millions 2018 2017 Balance at January 1, $ 0.8 $ — Transfers In 5.0 0.8 Return on Assets Held at December 31 — — Balance at December 31, $ 5.8 $ 0.8 Postretirement Health Care Trend Rate Sensitivity Assumed health care cost trend rates affect the amounts reported for postretirement health care benefit plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on 2018 data: One Percentage Point In millions Increase Decrease Health Care Cost Trend Rate Sensitivity: Effect on Total Interest and Service Cost Components $ 0.1 $ (0.1 ) Effect on Year-End Postretirement Benefit Obligation $ 1.9 $ (1.7 ) Estimated Future Benefit Payments The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2028: In millions Pension Plans Postretirement Health Care Benefits 2019 $ 69.4 $ 2.4 2020 71.9 2.6 2021 74.6 2.6 2022 77.0 2.8 2023 79.1 2.8 2024— 2028 416.3 12.6 Amounts in Accumulated Other Comprehensive Loss Expected to Be Recognized in Net Periodic Benefit Costs in 2019 During 2019 , amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows: In millions Pension Benefits Postretirement Health Care Benefits Recognition of Prior Service Cost $ 0.2 $ (0.3 ) Recognition of Actuarial Loss (Gain) 9.9 (2.1 ) Multi-Employer Plans Certain of the Company’s employees participate in multi-employer plans that provide both pension and other postretirement health care benefits to employees under union-employer organization agreements. Expense related to ongoing participation in these plans for the years ended December 31, 2018 and 2017 was $3.4 million and $2.3 million , respectively. Estimated liabilities have been established related to the partial or complete withdrawal from certain multi-employment benefit plans for facilities which have been closed. At December 31, 2018 , and December 31, 2017 , the Company has $32.4 million and $29.0 million , respectively, recorded in Other Noncurrent Liabilities for these withdrawal liabilities which represents the Company's best estimate of the expected withdrawal liability. In December 2018, the Company submitted formal notification to withdraw from the PACE Industry Union-Management Pension Fund ("PIUMPF") and recorded a liability of $4 million which includes an estimate of the Company's portion of the accumulated funding deficiency. This estimate is subject to future revisions. The Company's remaining participation in multi-employer pension plans consists of contributions to three plans under the terms contained in collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following ways: a. Assets contributed to the multi-employers plan by one employer may be used to provide benefits to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. c. If a company chooses to stop participating in a multi-employer plan, a company may be required to pay that plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. The Company's participation in these plans for the year ended December 31, 2018 , 2017 and 2016 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2018 2017 FIP/RP Status Implemented 2018 2017 2016 Surcharge Imposed Expiration Date of Bargaining Agreement Central States Southeast and Southwest Areas Pension Fund 36-6044243/001 Red Red Yes $ 0.1 $ 0.1 $ 0.1 Yes 7/31/2023 PIUMPF (a) 11-6166763/001 Red Red Yes 0.1 0.1 0.1 Yes 6/15/2022 Graphic Communications Conference of International Brotherhood of Teamster Pension Fund (a) 52-6118568/001 Red Red Yes 0.3 0.3 0.2 Yes 5/01/2019 Total $ 0.5 $ 0.5 $ 0.4 (a) In 2016, the WG Anderson acquisition included facilities with these plans. The EIN Number column provides the Employer Identification Number (EIN). Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2018 and 2017 is for the plan's year-end at December 31, 2017 and December 31, 2016 , respectively. The zone status is based on information that the Company receives from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "FIP/RP Status Implemented" column indicates plans for which a Financial Improvement Plan (FIP) or Rehabilitation Plan (RP) has been implemented. The Company's share of the contributions to these plans did not exceed 5% of total plan contributions for the most recent plan year. DEFINED CONTRIBUTION PLANS The Company provides defined contribution plans for certain eligible employees. The Company’s contributions to the plans are based upon employee contributions, a percentage of eligible compensation, and the Company’s annual operating results. Contributions to these plans for the years ended December 31, 2018 , 2017 and 2016 were $54.6 million , $37.7 million and $34.7 million , respectively. The increase of $16.9 million from the prior year is due primarily to the NACP Combination. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2018 2017 2016 U.S. $ 298.9 $ 227.5 $ 290.0 International 48.6 25.5 29.4 Income before Income Taxes and Equity Income of Unconsolidated Entity $ 347.5 $ 253.0 $ 319.4 The provisions for Income Tax Benefit (Expense) on Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2018 2017 2016 Current (Expense) Benefit: U.S. $ (13.0 ) $ 0.7 $ (5.1 ) International (15.7 ) (9.2 ) (11.4 ) Total Current $ (28.7 ) $ (8.5 ) $ (16.5 ) Deferred (Expense) Benefit: U.S. (31.6 ) 51.0 (78.8 ) International 5.6 3.0 2.1 Total Deferred $ (26.0 ) $ 54.0 $ (76.7 ) Income Tax (Expense) Benefit $ (54.7 ) $ 45.5 $ (93.2 ) A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity at the federal statutory rate of 21% compared with the Company’s actual Income Tax (Expense) Benefit is as follows: Year Ended December 31, In millions 2018 Percent 2017 Percent 2016 Percent Income Tax Expense at U.S. Statutory Rate $ (73.0 ) 21.0 % $ (88.5 ) 35.0 % $ (111.8 ) 35.0 % U.S. State and Local Tax Expense (11.7 ) 3.4 (8.7 ) 3.4 (10.0 ) 3.2 IRS Agreement — — — — 22.8 (7.2 ) Permanent Items (3.8 ) 1.1 (2.7 ) 1.0 (1.3 ) 0.5 U.S. Tax Reform 10.9 (3.1 ) 138.0 (54.5 ) — — Change in Valuation Allowance due to Tax Reform — — (2.0 ) 0.8 — — Change in Valuation Allowance 13.0 (3.7 ) (3.5 ) 1.4 0.5 (0.2 ) International Tax Rate Differences (1.9 ) 0.5 3.2 (1.3 ) 1.8 (0.6 ) Foreign Withholding Tax (0.5 ) 0.1 (0.4 ) 0.2 (0.2 ) 0.1 Change in Tax Rates 1.9 (0.5 ) (3.0 ) 1.2 0.2 (0.1 ) U.S. Federal & State Tax Credits 0.3 (0.1 ) 10.2 (4.0 ) 3.5 (1.1 ) Uncertain Tax Positions (0.7 ) 0.2 (0.3 ) 0.1 1.2 (0.4 ) Capital Loss Expiration (2.7 ) 0.7 — — — — Domestic Minority Interest 13.7 (3.9 ) — — — — Other (0.2 ) — 3.2 (1.3 ) 0.1 — Income Tax Benefit (Expense) $ (54.7 ) 15.7 % $ 45.5 (18.0 )% $ (93.2 ) 29.2 % As a result of the NACP Combination, federal and state income taxes are not recorded with respect to consolidated domestic earnings attributable to the Company’s minority interest partner, resulting in a difference between the effective tax rate and the statutory tax rate. In addition, during 2018, the Company finalized its accounting for the income tax impact of the Tax Cuts and Jobs Act (the “Act”) resulting in a tax benefit of $10.9 million primarily attributable to the one-time transition tax incurred on its 2017 U.S. federal income tax return. Finally, in 2018, the Company reduced its valuation allowance against certain deferred tax assets. Of the total reduction of $13 million , approximately $10 million was related to deferred tax assets for domestic and state income tax attributes that expired during the year and therefore did not have a meaningful impact on the overall effective tax rate. Of the remaining $3 million reduction, approximately $2 million was attributable to the release of the valuation allowance against the net deferred tax assets of the Company’s wholly-owned subsidiary in France. During 2017, the Company recognized a provisional net income tax benefit of $136.0 million as a result of the effect of the enactment of the Act on December 22, 2017. The Act significantly reduced the U.S. federal corporate income tax rate which resulted in an income tax benefit of $156.3 million as a result of the remeasurement of the Company’s domestic net Deferred Tax Liabilities. In addition, the Act required companies to record a one-time transition tax impact based on foreign earnings & profits which resulted in additional tax expense in 2017 of $20.5 million . During the second quarter of 2016, the Company executed an agreement with the Internal Revenue Service related to certain elections made on its 2011 and 2012 tax returns. As a result of the agreement, the Company has amended its 2011 and 2012 U.S. federal and state income tax returns resulting in the utilization of previously expired net operating loss carryforwards. The Company recorded a discrete benefit during the second quarter of 2016 of $22.4 million to reflect the federal and state impact of the amended returns as a reduction in its net long-term deferred tax liability. The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: In millions 2018 2017 Deferred Income Tax Assets: Compensation Based Accruals $ 2.9 $ 16.5 Net Operating Loss Carryforwards 73.4 114.9 Postretirement Benefits 1.0 25.6 Tax Credits 30.8 17.6 Other 7.6 45.9 Valuation Allowance (36.3 ) (51.5 ) Total Deferred Income Tax Assets $ 79.4 $ 169.0 Deferred Income Tax Liabilities: Property, Plant and Equipment (16.7 ) (219.8 ) Goodwill (2.3 ) (192.0 ) Other Intangibles (12.3 ) (68.7 ) Investment in Partnership (502.1 ) — Other — (3.5 ) Net Noncurrent Deferred Income Tax Liabilities $ (533.4 ) $ (484.0 ) Net Deferred Income Tax Liability $ (454.0 ) $ (315.0 ) The Company has total deferred income tax assets, excluding valuation allowance, of $115.7 million and $220.5 million as of December 31, 2018 and 2017 , respectively. The Company has total deferred income tax liabilities of $533.4 million and $484.0 million as of December 31, 2018 and 2017 , respectively. During 2017, the Company executed a series of restructuring steps to facilitate the NACP combination. As a result of the restructuring steps, as of December 29, 2017, the Company’s primary operating subsidiary, GPI, converted to a Delaware limited liability company and was wholly owned by GPIP which was in turn wholly-owned by GPI Holding III, LLC, a limited liability company that is classified as a partnership for U.S. federal and state income tax purposes. GPI Holding III, LLC is a wholly-owned indirect subsidiary of GPHC. Because it controlled all interests of GPI, GPIP and GPI Holding III, LLC as of December 31, 2017, the Company continued to disclose the tax effects of differences that give rise to deferred tax assets and deferred tax liabilities based on the assets and liabilities within the partnership. As a result of NACP combination, the Company currently owns a controlling interest in GPIP, which is now treated as a partnership for U.S. federal and state income tax purposes, with IP holding a minority interest. As such, the Company records income tax on its share of income allocated to it by the partnership. Accordingly, domestic deferred tax assets and liabilities are no longer tracked based on the inside basis difference of assets and liabilities held within GPIP. Instead, the Company’s outside basis difference in its partnership investment is recorded as a deferred tax liability and disclosed above. The deferred tax liability primarily relates to differences between book and tax basis in property, plant and equipment and intangibles inside the partnership. Additionally, as a result of the NACP combination the Company’s book basis in its investment in GPIP increased resulting in an increase in its deferred tax liability of $123.3 million that was recorded through additional paid-in capital. According to the Income Taxes topic of the FASB Codification, a valuation allowance is required to be established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The FASB Codification provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient pretax income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. The Company has evaluated the need to maintain a valuation allowance for deferred tax assets based on its assessment of whether it is more likely than not that deferred tax assets will be realized through the generation of future taxable income. Appropriate consideration was given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. The Company reviewed its deferred income tax assets as of December 31, 2018 and 2017 , respectively, and determined that it is more likely than not that a portion will not be realized. A valuation allowance of $36.3 million and $51.5 million at December 31, 2018 and 2017 , respectively, is maintained on the deferred income tax assets for which the Company has determined that realization is not more likely than not. Of the total valuation allowance at December 31, 2018 , $26.1 million relates to net deferred tax assets in certain foreign jurisdictions, $0.7 million relates to U.S. federal income tax credit carryforwards, $5.0 million relates to tax credit carryforwards in certain states, and the remaining $4.5 million relates to net operating losses in certain U.S. states. The need for a valuation allowance is made on a jurisdiction-by-jurisdiction basis. As of December 31, 2018 , the Company concluded that due to cumulative pretax losses and the lack of sufficient future taxable income of the appropriate character, realization is less than more likely than not on the net deferred income tax assets related primarily to the Company’s Brazil, China and Germany operations as well as the Company's previously discontinued Canadian operations. The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2018 , 2017 , and 2016 , respectively: December 31, In millions 2018 2017 2016 Balance Beginning of Period $ 51.5 $ 45.5 $ 44.8 Adjustments for (Income) and Expenses (13.0 ) 5.5 1.2 (Deductions) Additions (2.2 ) 0.5 (0.5 ) Balance at End of Period $ 36.3 $ 51.5 $ 45.5 The U.S. federal net operating loss carryforwards expire as follows: In millions 2024 $ — 2025 — 2026 41.5 2027 12.1 2028 114.6 2029 — Total $ 168.2 U.S. state net operating loss carryforward amounts total $231.2 million and expire in various years through 2038. International net operating loss carryforward amounts total $105.6 million , of which substantially all have no expiration date. Tax Credit carryforwards total $30.8 million which expire in various years from 2019 through 2037. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2018 2017 Balance at January 1, $ 10.5 $ 10.1 Additions for Tax Positions of Current Year 0.8 0.6 Additions for Tax Positions of Prior Years 5.2 0.7 Reductions for Tax Positions of Prior Years (1.0 ) (0.9 ) Balance at December 31, $ 15.5 $ 10.5 At December 31, 2018 , $15.5 million of the total gross unrecognized tax benefits, if recognized, would affect the annual effective income tax rate. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within its global operations in Income Tax Expense. The Company had an accrual for the payment of interest and penalties of $0.1 million and $0.1 million at December 31, 2018 and 2017 , respectively. The Company anticipates that $1.6 million of the total unrecognized tax benefits at December 31, 2018 could change within the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local tax examinations for years before 2015. As of December 31, 2018, the Company has only provided for deferred U.S. income taxes attributable to future withholding tax expense related to the Company's equity investment in the joint venture, Rengo Riverwood Packaging, Ltd. The Company has not provided for deferred U.S. income taxes on approximately $41 million of its undistributed earnings in international subsidiaries because of the Company’s intention to indefinitely reinvest these earnings outside the U.S. The Company’s assertion remains unchanged, despite the deemed taxation of all post-1986 earnings and profits required by the Act. The determination of the amount of the unrecognized deferred U.S. income tax liability (primarily withholding tax in certain jurisdictions and some state tax) on the unremitted earnings or any other associated outside basis difference is not practicable because of the complexities associated with the calculation. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of GAAP in situations where a registrant does not have the necessary information available in reasonable detail to complete the accounting for the income tax effects of the Act. SAB 118 prescribes a one-year measurement period in which to gather all of the necessary information and finalize the income tax accounting associated with the Act. In accordance with SAB 118, the Company recorded provisional amounts in its 2017 financial statements for the effects of the Act. As of December 31, 2018, the Company has finalized its accounting for the tax effects of enactment of the Act. The Company has elected to recognize global intangible low-taxed income (“GILTI”) as period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. |
Financial Instruments, Derivati
Financial Instruments, Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments, Derivatives and Hedging Activities | FINANCIAL INSTRUMENTS, DERIVATIVES AND HEDGING ACTIVITIES The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swaps, and forward foreign exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in the related hedged exposure. Interest Rate Risk The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facility. These changes in fair value will subsequently be reclassified into earnings as a component of Interest Expense, Net as interest is incurred on amounts outstanding under the term loan facility. The following table summarizes the Company's current interest rate swap positions for each period presented as of December 31, 2018 : Start End (In Millions) Weighted Average Interest Rate 04/03/2018 01/01/2019 $150.0 2.03% 04/03/2018 01/01/2020 $150.0 2.25% 04/03/2018 10/01/2020 $150.0 2.36% 12/03/2018 01/01/2022 $120.0 2.92% 12/03/2018 01/04/2022 $80.0 2.79% These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Income (Loss). Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. During 2018 and 2017, there were no amounts of ineffectiveness. During 2018 and 2017 , 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 swaps to hedge prices for a designated percentage of its expected natural gas usage. The Company has hedged a portion of its expected usage for 2019 . Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Income (Loss), and the resulting gain or loss is reclassified into Cost of Sales concurrently with the recognition of the commodity purchased. The ineffective portion of the swap contract’s change in fair value, if any, would be recognized immediately in earnings. During 2018 and 2017 , 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 foreign exchange contracts, designated as cash flow hedges, to manage risks associated with foreign currency transactions and future variability of cash flows arising from those transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and gains/losses related to these contracts are recognized in Other Expense, Net or Net Sales, when appropriate. At December 31, 2018 and 2017 , multiple forward exchange contracts existed that expire on various dates throughout the following year. Those purchased forward exchange contracts outstanding at December 31, 2018 and 2017 , when aggregated and measured in U.S. dollars at contractual rates at December 31, 2018 and 2017 , had notional amounts totaling $ 51.6 million and $66.1 million , respectively. No amounts were reclassified to earnings during 2018 and 2017 in connection with forecasted transactions that were no longer considered probable of occurring and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness during 2018 and 2017 . Derivatives not Designated as Hedges The Company enters into forward foreign exchange contracts to effectively hedge substantially all of receivables resulting from transactions denominated in foreign currencies in order to manage risks associated with foreign currency transactions adversely affected by changes in exchange rates. At December 31, 2018 and 2017 , multiple foreign currency forward exchange contracts existed, with maturities ranging up to fifteen months. Those foreign currency exchange contracts outstanding at December 31, 2018 and 2017 , when aggregated and measured in U.S. dollars at exchange rates at December 31, 2018 and 2017 , respectively, had net notional amounts totaling $62.2 million and $ 90.1 million . Unrealized gains and losses resulting from these contracts are recognized in Other Expense, Net and approximately offset corresponding recognized but unrealized gains and losses on these accounts receivable. Foreign Currency Movement Effect For the year ended December 31, 2018 , 2017 and 2016 , net currency exchange losses included in determining Income from Operations were $1.6 million , $3.1 million and $4.8 million , respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FAIR VALUE MEASUREMENT The Company follows the fair value guidance integrated into the Fair Value Measurements and Disclosures topic of the FASB Codification in regards to financial and nonfinancial assets and liabilities. Nonfinancial assets and nonfinancial liabilities include those measured at fair value in goodwill impairment testing, asset retirement obligations initially measured at fair value, and those assets and liabilities initially measured at fair value in a business combination. The FASB’s guidance defines fair value, establishes a framework for measuring fair value and expands the fair value disclosure requirements. The accounting guidance applies to accounting pronouncements that require or permit fair value measurements. It indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The guidance defines fair value based upon an exit price model, whereby fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance clarifies that fair value should be based on assumptions that market participants would use, including a consideration of non-performance risk. Valuation Hierarchy The Fair Value Measurements and Disclosures topic establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs — quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs — unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company has determined that its financial assets and financial liabilities include derivative instruments which are carried at fair value and are valued using Level 2 inputs in the fair value hierarchy. The Company uses valuation techniques based on discounted cash flow analyses, which reflects the terms of the derivatives and uses observable market-based inputs, including forward rates and uses market price quotations obtained from independent derivatives brokers, corroborated with information obtained from independent pricing service providers. Fair Value of Financial Instruments As of December 31, 2018 and 2017 , the Company had a gross derivative liability of $3.4 million and $1.2 million respectively, and a gross derivative asset of $0.8 million and $1.2 million respectively, related to interest rate, foreign currency and commodity contracts. As of December 31, 2018 , there has not been any significant impact to the fair value of the Company’s derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on evaluation of the Company’s counterparties’ credit risks. The fair values of the Company’s other financial assets and liabilities at December 31, 2018 and 2017 approximately equal the carrying values reported on the Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company’s Long-Term Debt (excluding capital leases and deferred financing fees) was $2,762.5 million and $2,299.1 million , as compared to the carrying amounts of $2,833.1 million and $2,247.9 million . The fair value of the Company's Long-Term Debt, including the Senior Notes, are based on quoted market prices (Level 2 inputs). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from independent pricing service providers. Effect of Derivative Instruments The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Consolidated Statements of Operations for the year ended December 31, 2018 and 2017 is as follows: Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations (Effective Portion) Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) Location in Statement of Operations (Ineffective Portion) Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) Year Ended December 31, Year Ended December 31, Year Ended December 31, In millions 2018 2017 2018 2017 2018 2017 Commodity Contracts $ (0.7 ) $ 3.6 Cost of Sales $ (0.4 ) $ (1.2 ) Cost of Sales $ — $ (0.1 ) Foreign Currency Contracts (0.3 ) 3.1 Other Income, Net 0.7 (0.3 ) Other Income, Net — — Interest Rate Swap Agreements 2.0 (1.0 ) Interest Expense, Net (0.9 ) (0.6 ) Interest Expense, Net — — Total $ 1.0 $ 5.7 $ (0.6 ) $ (2.1 ) $ — $ (0.1 ) The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2018 and 2017 is as follows: In millions 2018 2017 Foreign Currency Contracts Other (Income) Expense, Net $ (5.6 ) $ 9.7 Accumulated Derivative Instruments Income (Loss) The following is a rollforward of pre-tax Accumulated Derivative Instruments Income (Loss) which is included in the Company’s Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity as of December 31: In millions 2018 2017 2016 Balance at January 1 $ (0.3 ) $ 7.5 $ (13.5 ) Reclassification to earnings (0.6 ) (2.1 ) 15.0 Current period change in fair value (1.0 ) (5.7 ) 6.0 Balance at December 31 $ (1.9 ) $ (0.3 ) $ 7.5 At December 31, 2018 , the Company expects to reclassify $1.3 million of pre-tax losses in the next twelve months from Accumulated Other Comprehensive (Loss) Income to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The components of Accumulated Other Comprehensive (Loss) Income Attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2018 2017 2016 In millions Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments (Loss) Gain $ (1.1 ) $ 0.1 $ (1.0 ) $ (7.8 ) $ 2.9 $ (4.9 ) $ 21.0 $ (8.0 ) $ 13.0 Pension and Postretirement Benefit Plans (24.8 ) 5.4 (19.4 ) 12.3 (3.5 ) 8.8 7.9 (3.9 ) 4.0 Currency Translation Adjustment (18.7 ) — (18.7 ) 44.9 — 44.9 (58.9 ) — (58.9 ) Other Comprehensive (Loss) Income $ (44.6 ) $ 5.5 $ (39.1 ) $ 49.4 $ (0.6 ) $ 48.8 $ (30.0 ) $ (11.9 ) $ (41.9 ) (a) Amounts include impact of noncontrolling interest. See Note 18 - Changes in Accumulated Other Comprehensive (Loss) Income. The balances of Accumulated Other Comprehensive Loss Attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: December 31, In millions 2018 2017 Accumulated Derivative Instruments Loss $ (11.3 ) $ (10.3 ) Pension and Postretirement Benefit Plans (246.1 ) (226.7 ) Currency Translation Adjustment (120.5 ) (101.8 ) Accumulated Other Comprehensive Loss $ (377.9 ) $ (338.8 ) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company by component for the year ended December 31, 2018 (a) : In millions Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2017 $ (10.3 ) $ (226.7 ) $ (101.8 ) $ (338.8 ) Other Comprehensive Loss before Reclassifications (0.8 ) (28.8 ) (24.5 ) (54.1 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) (0.5 ) 3.3 — 2.8 Net Current-period Other Comprehensive Loss (1.3 ) (25.5 ) (24.5 ) (51.3 ) Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (c) 0.3 6.1 5.8 12.2 Balance at December 31, 2018 $ (11.3 ) $ (246.1 ) $ (120.5 ) $ (377.9 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. (c) Includes amounts related to redeemable noncontrolling interest which are separately classified outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the year ended December 31, 2018 : 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 $ (0.4 ) Cost of Sales Foreign Currency Contracts 0.7 Other Expense, Net Interest Rate Swap Agreements (0.9 ) Interest Expense, Net (0.6 ) Total before Tax 0.1 Tax Expense $ (0.5 ) Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.4 (a) Actuarial Losses 5.9 (a) 6.3 Total before Tax (1.3 ) Tax Benefit $ 5.0 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3 ) (a) Actuarial Gains (1.8 ) (a) (2.1 ) Total before Tax 0.4 Tax Expense $ (1.7 ) Net of Tax Total Reclassifications for the Period $ 2.8 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company leases certain warehouses, operating facilities, office space, data processing equipment and plant equipment under long-term, non-cancelable contracts that expire at various dates (some of these leases are subject to renewal options and contain escalation clauses). Future minimum lease payments under non-cancelable capital and operating leases (with initial or remaining lease terms in excess of one year) and the future minimum lease payments at December 31, 2018 , are as follows: In millions Capital Leases and Financing Obligations (a) Operating Leases 2019 $ 10.3 $ 61.8 2020 10.4 49.8 2021 10.5 37.7 2022 10.1 30.0 2023 10.2 23.3 Thereafter 147.2 36.9 Total Minimum Lease Payments $ 198.7 $ 239.5 Less: Amount Representing Interest (75.8 ) Present Value of Net Minimum Leases $ 122.9 (a) The Company executed lease agreements accounted for as a financing obligation for a notional amount of approximately $95 million in 2018. These lease agreements have an initial term of 20 years and two five year option renewals. Rental payments for 2019 are approximately $7 million , with yearly escalations of approximately 2% thereafter. Total rental expense was approximately $61 million , $38 million , and $35 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company has entered into other long-term contracts principally for the purchase of fiber and chip processing. The minimum purchase commitments extend beyond 2023 . At December 31, 2018 , total commitments under these contracts were as follows: In millions 2019 $ 83.4 2020 38.6 2021 30.2 2022 30.0 2023 29.8 Thereafter 131.4 Total $ 343.4 |
Environmental and Legal Matters
Environmental and Legal Matters | 12 Months Ended |
Dec. 31, 2018 | |
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, closures or sales of facilities may necessitate investigation and may result in remediation activities 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 compliance, investigation or remediation costs. Some costs relating to historic usage that the Company considers to be reasonably possible of resulting in liability are not quantifiable at this time. The Company will continue to monitor environmental issues at each of its facilities, as well as regulatory developments, and will revise its accruals, estimates and disclosures relating to past, present and future operations, as additional information is obtained. Legal Matters The Company is a party to a number of lawsuits arising in the ordinary conduct of its business. Although the timing and outcome of these lawsuits cannot be predicted with certainty, the Company does not believe that disposition of these lawsuits will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | REDEEMABLE NONCONTROLLING INTEREST As disclosed in " Note 1 - Nature of Business and Summary of Significant Accounting Policies, " on January 1, 2018, the Company combined its business with IP's NACP business. Under the terms of the Transaction Agreement, GPIP issued 79,911,591 common units. In connection with the closing, the Company, GPIP, GPI Holding and IP entered into an Exchange Agreement (“Exchange Agreement”),which subject to certain restrictions, the common units held by IP are exchangeable into common stock of the Company or cash, upon the second anniversary of the NACP combination unless certain other events occur before that time. GPHC also has the ability to call such common units exercisable starting on the same date. Upon an election of an exchange, GPHC may chose to satisfy the exchange using shares of its common stock, cash, or a combination thereof. Also, under the Exchange Agreement, the Company may not issue shares of common stock in exchange for more than 61,633,409 common units without first obtaining GPHC shareholder approval. In the fourth quarter of 2018, the Company repurchased and retired 10,566,144 shares of outstanding common stock. As a result, the number of shares that could be issued in connection with an exchange or redemption of common units held by IP before shareholder approval would be required to decrease and 1,701,834 common units were allocated from equity and are reflected as Redeemable Noncontrolling Interest on the Consolidated Balance Sheets and Consolidated Statement of Shareholders' Equity. At December 31, 2018 , the redeemable noncontrolling interest was determined as follows: In millions Balance at December 31, 2017 $ — Issuance of Redeemable Noncontrolling Interest at January 1, 2018 255.2 Reclassification to Redeemable Noncontrolling Interest for Share Repurchases 12.5 Net Income Attributable to Redeemable Noncontrolling Interest 16.6 Other Comprehensive Loss, Net of Tax (2.8 ) Distributions of Membership Interest (5.7 ) Balance at December 31, 2018 $ 275.8 Redeemable noncontrolling interest is recorded at the greater of carrying amount or redemption value at the end of each period. The redemption value is determined by the closing stock price of the Company. |
Business Segment and Geographic
Business Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment and Geographic Area Information | BUSINESS SEGMENT AND GEOGRAPHIC AREA INFORMATION On January 1, 2018, the Company aggregated the three converting plants from the NACP Combination with America's Converting operating segment into one reportable segment. The Company has three reportable segments as follows: Paperboard Mills includes the eight North American paperboard mills which produce primarily CUK, CRB, and SBS, which is consumed internally to produce paperboard packaging for the Americas and Europe 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, primarily folding cartons, sold primarily to Consumer Packaged Goods ("CPG") companies, and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants ("QSR"), all serving the food, beverage, and consumer product markets in the Americas. Europe Paperboard Packaging includes paperboard packaging, primarily 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 - Nature of Business and Summary of Significant Accounting Policies. The Company did not have any one customer who accounted for 10% or more of the Company’s net sales during 2018 , 2017 or 2016 . Business segment information is as follows: Year Ended December 31, In millions 2018 2017 2016 NET SALES: Paperboard Mills $ 1,076.5 $ 399.7 $ 394.7 Americas Paperboard Packaging 4,093.9 3,243.6 3,193.1 Europe Paperboard Packaging 695.5 593.1 569.9 Corporate/Other/Eliminations (a) 157.1 167.3 140.4 Total $ 6,023.0 $ 4,403.7 $ 4,298.1 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills (b) $ 30.6 $ (35.0 ) $ (3.7 ) Americas Paperboard Packaging 420.1 358.2 409.0 Europe Paperboard Packaging 46.1 37.3 25.4 Corporate and Other (c) (38.6 ) (32.6 ) (23.3 ) Total $ 458.2 $ 327.9 $ 407.4 CAPITAL EXPENDITURES: Paperboard Mills $ 240.1 $ 111.4 $ 184.2 Americas Paperboard Packaging 104.3 98.8 45.9 Europe Paperboard Packaging 19.5 17.3 37.1 Corporate and Other 31.3 32.6 27.4 Total $ 395.2 $ 260.1 $ 294.6 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 197.5 $ 143.7 $ 120.3 Americas Paperboard Packaging 165.4 125.3 124.7 Europe Paperboard Packaging 48.9 42.1 41.1 Corporate and Other 18.8 19.2 13.2 Total $ 430.6 $ 330.3 $ 299.3 (a) Includes revenue from contracts with customers for the Australia and Pacific Rim operating segments, which is not material. (b) Includes Augusta, Georgia mill outage in 2018 and accelerated depreciation related to shutdown of the Santa Clara mill in 2017. (c) Includes expenses related to business combinations, gain on sale of assets and shutdown and other special charges. December 31, In millions 2018 2017 2016 ASSETS AT DECEMBER 31: Paperboard Mills $ 3,005.6 $ 1,487.0 $ 1,496.1 Americas Paperboard Packaging 3,143.6 2,478.7 2,419.8 Europe Paperboard Packaging 603.4 607.1 491.9 Corporate and Other 306.6 290.2 195.6 Total $ 7,059.2 $ 4,863.0 $ 4,603.4 Business geographic area information is as follows: Year Ended December 31, In millions 2018 2017 2016 NET SALES: Americas (a) $ 5,170.4 $ 3,643.3 $ 3,601.7 Europe 695.5 593.1 569.9 Asia Pacific 217.8 215.7 198.1 Corporate and Other (60.7 ) (48.4 ) (71.6 ) Total $ 6,023.0 $ 4,403.7 $ 4,298.1 In millions 2018 2017 2016 ASSETS AT DECEMBER 31: Americas (a) $ 6,260.1 $ 4,046.4 $ 3,923.2 Europe 603.4 607.1 491.9 Asia Pacific 195.7 209.5 188.3 Total $ 7,059.2 $ 4,863.0 $ 4,603.4 (a) Includes North America and Brazil. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Results of operations for the four quarters of 2018 and 2017 are shown below. 2018 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,476.0 $ 1,509.3 $ 1,530.0 $ 1,507.7 $ 6,023.0 Gross Profit 222.5 235.9 256.5 231.1 946.0 Business Combinations, (Gain) on Sale of Assets and Shutdown and Other Special Charges, Net 26.3 8.6 (27.4 ) 7.4 14.9 Income from Operations 74.0 110.3 166.4 107.5 458.2 Net Income 42.7 66.0 122.0 63.3 294.0 Net Income Attributable to Graphic Packaging Holding Company 29.9 49.4 94.3 47.5 221.1 Net Income Per Share Attributable to Graphic Packaging Holding Company — Basic (a) $ 0.10 $ 0.16 $ 0.30 $ 0.16 $ 0.71 Net Income Per Share Attributable to Graphic Packaging Holding Company — Diluted $ 0.10 $ 0.16 $ 0.30 $ 0.15 $ 0.71 (a) Does not cross foot due to rounding 2017 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,061.5 $ 1,094.7 $ 1,137.6 $ 1,109.9 $ 4,403.7 Gross Profit 175.0 176.9 191.6 176.0 719.5 Business Combinations and Shutdown and Other Special Charges, Net 8.6 6.1 3.6 12.8 31.1 Income from Operations 71.6 83.8 91.4 81.1 327.9 Net Income 37.0 42.0 47.3 173.9 300.2 Net Income Per Share — Basic $ 0.12 $ 0.14 $ 0.15 $ 0.56 $ 0.97 Net Income Per Share — Diluted (a) $ 0.12 $ 0.14 $ 0.15 $ 0.56 $ 0.96 (a) Does not cross foot due to rounding |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Year Ended December 31, In millions, except per share data 2018 2017 2016 Net Income Attributable to Graphic Packaging Holding Company $ 221.1 $ 300.2 $ 228.0 Weighted Average Shares: Basic 309.5 311.1 320.9 Dilutive effect of RSUs 0.6 0.8 0.6 Diluted 310.1 311.9 321.5 Earnings Per Share — Basic $ 0.71 $ 0.97 $ 0.71 Earnings Per Share — Diluted $ 0.71 $ 0.96 $ 0.71 |
Changes in Other Comprehensive
Changes in Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes In Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The components of Accumulated Other Comprehensive (Loss) Income Attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2018 2017 2016 In millions Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments (Loss) Gain $ (1.1 ) $ 0.1 $ (1.0 ) $ (7.8 ) $ 2.9 $ (4.9 ) $ 21.0 $ (8.0 ) $ 13.0 Pension and Postretirement Benefit Plans (24.8 ) 5.4 (19.4 ) 12.3 (3.5 ) 8.8 7.9 (3.9 ) 4.0 Currency Translation Adjustment (18.7 ) — (18.7 ) 44.9 — 44.9 (58.9 ) — (58.9 ) Other Comprehensive (Loss) Income $ (44.6 ) $ 5.5 $ (39.1 ) $ 49.4 $ (0.6 ) $ 48.8 $ (30.0 ) $ (11.9 ) $ (41.9 ) (a) Amounts include impact of noncontrolling interest. See Note 18 - Changes in Accumulated Other Comprehensive (Loss) Income. The balances of Accumulated Other Comprehensive Loss Attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: December 31, In millions 2018 2017 Accumulated Derivative Instruments Loss $ (11.3 ) $ (10.3 ) Pension and Postretirement Benefit Plans (246.1 ) (226.7 ) Currency Translation Adjustment (120.5 ) (101.8 ) Accumulated Other Comprehensive Loss $ (377.9 ) $ (338.8 ) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following represents changes in Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company by component for the year ended December 31, 2018 (a) : In millions Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2017 $ (10.3 ) $ (226.7 ) $ (101.8 ) $ (338.8 ) Other Comprehensive Loss before Reclassifications (0.8 ) (28.8 ) (24.5 ) (54.1 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) (0.5 ) 3.3 — 2.8 Net Current-period Other Comprehensive Loss (1.3 ) (25.5 ) (24.5 ) (51.3 ) Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (c) 0.3 6.1 5.8 12.2 Balance at December 31, 2018 $ (11.3 ) $ (246.1 ) $ (120.5 ) $ (377.9 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. (c) Includes amounts related to redeemable noncontrolling interest which are separately classified outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the year ended December 31, 2018 : 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 $ (0.4 ) Cost of Sales Foreign Currency Contracts 0.7 Other Expense, Net Interest Rate Swap Agreements (0.9 ) Interest Expense, Net (0.6 ) Total before Tax 0.1 Tax Expense $ (0.5 ) Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.4 (a) Actuarial Losses 5.9 (a) 6.3 Total before Tax (1.3 ) Tax Benefit $ 5.0 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3 ) (a) Actuarial Gains (1.8 ) (a) (2.1 ) Total before Tax 0.4 Tax Expense $ (1.7 ) Net of Tax Total Reclassifications for the Period $ 2.8 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company’s Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. The Company, through its subsidiary, GPIL, holds a 50% ownership interest in a joint venture called Rengo Riverwood Packaging, Ltd. (in Japan) which is accounted for using the equity method. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, pension benefits, retained insurable risks, slow-moving and obsolete inventory, allowance for doubtful accounts, useful lives for depreciation and amortization, impairment testing of goodwill and long-term assets, fair values related to acquisition accounting, fair value of derivative financial instruments, share based compensation, deferred income tax assets and potential income tax assessments, and loss contingencies. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include time deposits, certificates of deposit and other marketable securities with original maturities of three months or less. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the credit worthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s cash, cash equivalents, and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value with cost determined based on standard (which approximates actual), average or actual cost. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $2.8 million , $ 1.2 million and $ 1.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company assesses its long-lived assets, including certain identifiable intangibles, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. To analyze recoverability, the Company projects future cash flows, undiscounted and before interest, over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. The impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets. The Company assesses the appropriateness of the useful life of its long-lived assets periodically. Depreciation and Amortization Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years |
Intangible Assets | Intangible assets with a determinable life are amortized on a straight-line or accelerated basis over their useful lives. The amortization expense for each intangible asset is recorded in the Consolidated Statements of Operations according to the nature of that asset. |
Goodwill | Goodwill The Company tests goodwill for impairment annually as of October 1, as well as whenever events or changes in circumstances suggest that the estimated fair value of a reporting unit may no longer exceed its carrying amount. The Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. Potential goodwill impairment is measured at the reporting unit level by comparing the reporting unit’s carrying amount (including goodwill), to the fair value of the reporting unit. When performing the quantitative analysis, the estimated fair value of each reporting unit is determined by utilizing a discounted cash flow analysis based on the Company’s forecasts, discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. If the carrying amount of a reporting unit exceeds its estimated fair value, goodwill is considered potentially impaired. In determining fair value, management relies on and considers a number of factors, including but not limited to, operating results, business plans, economic projections, forecasts including future cash flows, and market data and analysis, including market capitalization. The assumptions used are based on what a hypothetical market participant would use in estimating fair value. Fair value determinations are sensitive to changes in the factors described above. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. Periodically, the Company may perform a qualitative impairment analysis of goodwill associated with each of its reporting units to determine if it is more likely than not that the carrying value of a reporting unit exceeded its fair value. As a result of its testing of goodwill as of October 1, 2018, the Company concluded goodwill was not impaired. |
Retained Insurable Risks | Retained Insurable Risks It is the Company’s policy to self-insure or fund a portion of certain expected losses related to group health benefits and workers’ compensation claims. Provisions for expected losses are recorded based on the Company’s estimates, on an undiscounted basis, of the aggregate liabilities for known claims and estimated claims incurred but not reported |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations are accounted for in accordance with the provisions of the Asset Retirement and Environmental Obligations topic of the FASB Codification. A liability and asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the asset. Upon settlement of the liability, the Company will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. |
International Currency | International Currency The functional currency of the international subsidiaries is the local currency for the country in which the subsidiaries own their primary assets. The translation of the applicable currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. Any related translation adjustments are recorded directly to a separate component of Shareholders’ Equity, unless there is a sale or substantially complete liquidation of the underlying foreign investments. The Company pursues a currency hedging program which utilizes derivatives to reduce the impact of foreign currency exchange fluctuations on its consolidated financial results. Under this program, the Company has entered into forward exchange contracts in the normal course of business to hedge certain foreign currency denominated transactions. Realized and unrealized gains and losses on these forward contracts are included in the measurement of the basis of the related foreign currency transaction when recorded. |
Revenue Recognition | Revenue Recognition The Company has two primary activities, manufacturing and converting paperboard, from which it generates revenue from contracts with customers, and revenue is disaggregated primarily by geography and type of activity as further explained in " Note 15-Business Segment and Geographic Area Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $6,005.5 million , $4,383.0 million and $4,280.1 million , respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice. The Company's contract assets consist primarily of contract renewal incentive payments to customers which are amortized over the period in which performance obligations related to the contract renewal are satisfied. |
Shipping and Handling | Shipping and Handling The Company includes shipping and handling costs in Cost of Sales. |
Research and Development | Research and Development Research and development costs, which relate primarily to the development and design of new packaging machines and products and are recorded as a component of Selling, General and Administrative expenses, are expensed as incurred. |
New Accounting Pronouncements | Adoption of New Accounting Standards Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2017-09, Compensation - Stock Compensation (Topic 718); Scope of Modification Accounting. The amendments in this ASU provide guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. If the value, vesting conditions or classification of the award changes, modification accounting will apply. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. Effective January 1, 2018, the Company adopted 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 in 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 adoption of this ASU was applied retrospectively for the reclassification of net periodic benefit expense, excluding service costs, in the Consolidated Statement of Operations. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations and cash flows. Effective January 1, 2018, the Company adopted 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. This ASU was adopted prospectively and did not have a material impact on the Company’s financial position, results of operations and cash flows. Effective January 1, 2018, the Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments . The amendments in this ASU provide guidance on how certain cash receipts and payments should be presented in the statement of cash flows and was applied retrospectively. This ASU requires the Company to classify consideration received for beneficial interest obtained for selling trade receivables as investing instead of operating activities. The retrospective impact on the Company's consolidated statement of cash flows for 2018, 2017 and 2016 was a $1,131.2 million , $708.7 million and $567.4 million decrease to cash provided by operating activities and a corresponding increase to cash provided by investing activities, respectively. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective approach. Adoption of ASU No. 2014-09 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considered whether the adoption may require acceleration of revenue for products produced by the Company without an alternative use and when the Company would have a legally enforceable right of payment. The Company has determined that it does not have an enforceable right of payment for products produced but not yet shipped and recognizes all revenue under the point in time method. The adoption of ASU No. 2014-09 did not have a material impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815); Targeted Improvements to Accounting for Hedging Activities. The amendments in this ASU better align the risk management activities and financial reporting for these hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on the Company’s financial position, results of operations and cash flows. In 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 fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. 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, including interim periods within those fiscal years. Early adoption is permitted. The updated guidance allows a modified retrospective adoption, which the Company plans to adopt. The Company has substantially completed the data gathering and software configuration and testing for a significant majority of the Company's lease portfolio, including service agreements with embedded leases. The Company continues to perform routine testing and analysis of data inputs and reporting requirements. The adoption of this standard is expected to have a material impact on the Company’s financial position, but currently is not expected to have a material impact on the results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This amendment modifies the disclosure requirements on fair value measurements. The guidance is effective for fiscal years ending after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption to have a material impact on the Company's financial position, results of operations and cash flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20); Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Disclosures that are no longer considered cost-beneficial are removed, specific requirements of disclosures are clarified, and disclosure requirements identified as relevant are added. The guidance is effective for fiscal years ending after December 15, 2020. The Company does not expect the adoption to have a material impact on the Company’s financial position, results of operations and cash flows |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Transfer of Financial Assets Accounted for as Sales | The following table summarizes the activity under these programs as of December 31, 2018 and 2017 , respectively: Year Ended December 31, In millions 2018 2017 Receivables Sold and Derecognized $ 3,824.5 $ 1,846.8 Proceeds Collected on Behalf of Financial Institutions 3,645.9 1,639.0 Net Proceeds (Paid to) Received From Financial Institutions (19.6 ) 134.1 Deferred Purchase Price (a) 66.9 101.7 Pledged Receivables 43.0 — (a) Included in Other Current Assets and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure. |
Property, Plant and Equipment | Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years Property, Plant and Equipment, Net: In millions 2018 2017 Property, Plant and Equipment, at Cost: Land and Improvements $ 134.1 $ 106.2 Buildings (a) 608.5 431.9 Machinery and Equipment (b) 5,716.2 4,384.5 Construction-in-Progress 201.2 151.0 6,660.0 5,073.6 Less: Accumulated Depreciation (a) (b) (3,420.3 ) (3,206.4 ) Total $ 3,239.7 $ 1,867.2 (a) Includes gross assets under financing obligation of $95.5 million and related accumulated depreciation of $0.4 million as of December 31, 2018 . (b) Includes gross assets under capital lease of $39.6 million and related accumulated depreciation of $10.0 million as of December 31, 2018 and gross assets under capital lease of $39.7 million and related accumulated depreciation of $7.4 million as of December 31, 2017 . |
Finite-Lived Intangible Assets | The following table displays the intangible assets that continue to be subject to amortization and accumulated amortization expense as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 937.3 $ (442.7 ) $ 494.6 $ 786.9 $ (377.2 ) $ 409.7 Patents, Trademarks, Licenses, and Leases 133.7 (104.5 ) 29.2 130.2 (103.4 ) 26.8 Total $ 1,071.0 $ (547.2 ) $ 523.8 $ 917.1 $ (480.6 ) $ 436.5 |
Schedule of Goodwill | The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Corporate/Other (a) Total Balance at December 31, 2016 $ 408.5 $ 789.4 $ 49.0 $ 13.4 $ 1,260.3 Acquisition of Businesses — 51.4 6.3 (2.3 ) 55.4 Reallocation of Goodwill — (4.0 ) — 4.0 — Foreign Currency Effects — 2.2 4.2 0.9 7.3 Balance at December 31, 2017 $ 408.5 $ 839.0 $ 59.5 $ 16.0 $ 1,323.0 Acquisition of Businesses 98.3 43.1 (0.1 ) — 141.3 Foreign Currency Effects — (0.3 ) (2.2 ) (1.2 ) (3.7 ) Balance at December 31, 2018 $ 506.8 $ 881.8 $ 57.2 $ 14.8 $ 1,460.6 (a) Includes Australia operating segment. |
Schedule of Restructuring and Other Special Charges | The following table summarizes the transactions recorded in Business Combinations, Gain on Sale of Assets and Shutdown and Other Special Charges, Net in the Consolidated Statements of Operations for the year ended December 31: In millions 2018 2017 2016 Charges Associated with Business Combinations $ 46.8 $ 16.2 $ 21.2 Shutdown and Other Special Charges 6.7 18.6 15.9 Gain on Sale of Assets (38.6 ) (3.7 ) — Total $ 14.9 $ 31.1 $ 37.1 |
Schedule of Share Repurchases During the Period | The following presents the Company's share repurchases for the years ended December 31, 2018 , 2017 , and 2016 : Amount repurchased in millions Amount Repurchased Number of Shares Repurchased Average Price 2018 $ 120.0 10,566,144 $ 11.35 2017 $ 58.4 4,462,263 (a) $ 13.08 2016 $ 168.8 13,202,425 $ 12.77 (a) Includes 1,440,697 shares repurchased under the 2015 share repurchase program, thereby completing that program. |
Supplemental Balance Sheet Da_2
Supplemental Balance Sheet Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Receivables, Net | The following tables provide disclosure related to the components of certain line items included in our consolidated balance sheets. Receivables, Net: In millions 2018 2017 Trade $ 475.9 $ 279.2 Less: Allowance (10.4 ) (7.2 ) 465.5 272.0 Other 107.4 49.1 Total $ 572.9 $ 321.1 |
Inventories, Net by major class | Inventories, Net by major class: In millions 2018 2017 Finished Goods $ 426.9 $ 240.5 Work in Progress 102.2 74.1 Raw Materials 319.9 229.4 Supplies 165.4 90.0 Total $ 1,014.4 $ 634.0 |
Other Current Assets | Other Current Assets: In millions 2018 2017 Deferred Purchase Price $ 66.9 $ 101.7 Prepaid Assets 28.6 28.6 Assets Held for Sale — 10.2 Contract Assets, current portion 9.8 5.7 Fair Value of Derivatives, current portion 0.7 1.2 Total $ 106.0 $ 147.4 |
Property, Plant and Equipment, Net | Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years Property, Plant and Equipment, Net: In millions 2018 2017 Property, Plant and Equipment, at Cost: Land and Improvements $ 134.1 $ 106.2 Buildings (a) 608.5 431.9 Machinery and Equipment (b) 5,716.2 4,384.5 Construction-in-Progress 201.2 151.0 6,660.0 5,073.6 Less: Accumulated Depreciation (a) (b) (3,420.3 ) (3,206.4 ) Total $ 3,239.7 $ 1,867.2 (a) Includes gross assets under financing obligation of $95.5 million and related accumulated depreciation of $0.4 million as of December 31, 2018 . (b) Includes gross assets under capital lease of $39.6 million and related accumulated depreciation of $10.0 million as of December 31, 2018 and gross assets under capital lease of $39.7 million and related accumulated depreciation of $7.4 million as of December 31, 2017 . |
Other Assets | Other Assets: In millions 2018 2017 Deferred Debt Issuance Costs, Net of Amortization of $12.5 million and $10.9 million for 2018 and 2017, respectively $ 6.4 $ 2.9 Deferred Income Tax Assets 8.2 6.8 Pension Assets 19.0 20.4 Contract Assets, noncurrent portion 9.8 6.0 Fair Value of Derivatives, noncurrent portion 0.1 — Other 27.8 30.3 Total $ 71.3 $ 66.4 |
Other Accrued Liabilities | Other Accrued Liabilities: In millions 2018 2017 Dividends Payable $ 22.5 $ 23.3 Deferred Revenue 14.0 11.6 Accrued Customer Rebates 30.2 15.5 Fair Value of Derivatives, current portion 1.3 1.2 Other Accrued Taxes 44.4 29.8 Accrued Payables 30.3 25.7 Liabilities Payable to a Financial Institution 62.6 — Other 35.4 38.2 Total $ 240.7 $ 145.3 |
Other Noncurrent Liabilities | Other Noncurrent Liabilities: In millions 2018 2017 Deferred Revenue $ 5.2 $ 6.6 Multi-employer Plans 32.4 29.0 Workers Compensation Reserve 9.9 10.9 Fair Value of Derivatives, noncurrent portion 2.1 — Accrued Build-to-Suit Obligation — 35.8 Unfavorable Supply Agreement 31.2 — Other 37.0 22.4 Total $ 117.8 $ 104.7 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | Cash Flow Provided by (Used In) Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions: In millions 2018 2017 2016 Receivables, Net $ (1,158.1 ) $ (658.8 ) $ (541.9 ) Inventories, Net (82.0 ) (6.5 ) 10.5 Other Current Assets 0.3 0.8 (1.2 ) Other Assets (1.0 ) (32.8 ) 8.5 Accounts Payable 76.2 27.0 4.3 Compensation and Employee Benefits 26.9 3.5 (21.7 ) Income Taxes 0.6 2.3 1.7 Interest Payable (4.1 ) (1.7 ) 5.0 Other Accrued Liabilities 11.8 6.7 12.8 Other Noncurrent Liabilities 8.6 14.2 (6.9 ) Total $ (1,120.8 ) $ (645.3 ) $ (528.9 ) |
Cash paid for interest and cash paid, net of refunds, for income taxes | Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: In millions 2018 2017 2016 Interest $ 121.3 $ 81.8 $ 64.9 Income Taxes $ 25.8 $ 15.9 $ 14.5 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | he acquisition accounting for the NACP Combination, PFP and the Letica Foodservice acquisitions is as follows: In millions Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of Acquisition Dates (as adjusted) Purchase Price (a) $ 1,241.7 $ (40.9 ) $ 1,200.8 Assumed Debt (b) 660.0 — 660.0 Total Purchase Consideration $ 1,901.7 $ (40.9 ) $ 1,860.8 Receivables, Net 145.3 — 145.3 Inventories, Net 314.2 0.8 315.0 Other Current Assets 20.9 (9.2 ) 11.7 Property, Plant and Equipment, Net 1,242.6 32.0 1,274.6 Intangible Assets, Net (c) 136.6 13.5 150.1 Other Assets 6.0 (6.0 ) — Total Assets Acquired 1,865.6 31.1 1,896.7 Accounts Payable 112.6 — 112.6 Compensation and Employee Benefits 21.0 (5.7 ) 15.3 Current Liabilities 16.3 (0.1 ) 16.2 Other Noncurrent Liabilities 41.3 (1.7 ) 39.6 Total Liabilities Assumed 191.2 (7.5 ) 183.7 Net Assets Acquired 1,674.4 38.6 1,713.0 Goodwill 227.3 (79.5 ) 147.8 Total Estimated Fair Value of Net Assets Acquired $ 1,901.7 $ (40.9 ) $ 1,860.8 (a) Includes a $123.5 million adjustment for discounting the purchase price for lack of marketability of the membership interests issued for the NACP Combination and measurement period adjustments of $40.5 million , related to working capital true-ups, offset by pension settlements. (b) Assumed Debt was valued at fair market value based on quoted market prices (Level 2 inputs) obtained from independent pricing services. (c) Intangible Assets, Net consists of customer relationships which are generally amortized using either a straight-lined method, when the amortization pattern is not reliably determinable, or an accelerated method, generally over approximately 20 years. The value of customer relationships was determined using a discounted cash flow model, which includes an approximate 5% attrition rate. Beyond the twenty-year life, the present value of cash flows were not meaningful. During the fourth quarter of 2018, the Company recorded an approximate $15 million adjustment, reducing depreciation expense and a $35 million adjustment to record an unfavorable contract, both to reflect final valuation adjustments for the NACP Combination. During the fourth quarter of 2018, the Company paid an additional $0.4 million related to the working capital true-up of PFP. |
Business Acquisition, Pro Forma Information | This pro forma data is based on historical information and does not necessarily reflect the actual results that would have occurred, nor is it indicative of future results of operations. Year Ended December 31, In millions, except per share data 2017 Net Sales $ 5,912.5 Net Income Attributable to Graphic Packaging Holding Company 367.7 Income Per Share — Basic 1.18 Income Per Share — Diluted 1.18 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-Term Debt is comprised of the following: In millions 2018 2017 Short Term Borrowings $ 11.7 $ 9.1 Current Portion of Capital Lease Obligations 3.8 2.2 Current Portion of Long-Term Debt 36.5 50.0 Total $ 52.0 $ 61.3 |
Schedule of Long-term Debt Instruments | Long-Term Debt is comprised of the following: In millions 2018 2017 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.18%, payable in 2024 $ 300.0 $ 300.0 Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.92%, payable in 2022 250.0 250.0 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.77%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (3.89% at December 31, 2018) payable through 2023 1,432.6 925.0 Senior Secured Revolving Credit Facilities with interest payable at floating rates (3.63% at December 31, 2018) payable in 2023 399.0 319.0 Capital Lease and Financing Obligations 122.9 30.0 Other 26.5 28.9 Total Long-Term Debt 2,956.0 2,277.9 Less: Current Portion 40.3 52.2 2,915.7 2,225.7 Less: Unamortized Deferred Debt Issuance Costs 10.6 12.5 Total $ 2,905.1 $ 2,213.2 |
Schedule of Maturities of Long-term Debt | Long-Term Debt maturities (excluding capital leases) are as follows: In millions 2019 $ 36.5 2020 56.6 2021 489.4 2022 378.4 2023 1,567.6 After 2023 304.6 Total $ 2,833.1 |
Schedule of Credit Facilities | At December 31, 2018 , 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) $ 1,450.0 $ 329.0 $ 1,098.3 Senior Secured International Revolving Credit Facilities 180.8 70.0 110.8 Other International Facilities 65.4 38.3 27.1 Total $ 1,696.2 $ 437.3 $ 1,236.2 (a) In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $22.7 million as of December 31, 2018 . These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire throughout 2019 unless extended. The following describes the Senior Secured Term Loan and Revolving Credit Facilities: Date Document (a) Provision Expiration (b) March 2012 Amended and Restated Credit Agreement •$1.0 billion revolving credit facility •$1.0 billion amortizing term loan facility •LIBOR plus variable spread (between 175 basis points and 275 basis points) depending on consolidated total leverage ratio December 2012 Amendment No. 1 to Credit Agreement •$300 million incremental term loan September 2013 Amendment No. 2 to Credit Agreement •Added €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio June 2014 Amendment No. 3 to Credit Agreement •Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million) October 2014 Second Amended and Restated Credit Agreement •Increased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio January 2018 Third Amended and Restated Credit Agreement •Increased the domestic revolving credit facility by $200 million to $1,450 million and reduced the term loan by approximately $125 million to $800 million. LIBOR plus variable spread (between 125 basis points and 200 basis points) depending on consolidated total leverage ratio •Assumed the term loan indebtedness as part of the NACP Combination in an aggregate amount of $660.0 million January 2023 (a) The Company's obligations under the Credit Agreement are secured by substantially all of the Company's domestic assets. (b) Expiration date is amended to most recent expiration of January 2023. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
RSUs and Stock Awards Granted | Data concerning RSUs and stock awards granted in the years ended December 31: 2018 2017 2016 RSUs — Employees 1,543,410 1,547,049 1,891,335 Weighted-average grant date fair value $ 14.79 $ 13.35 $ 11.20 Stock Awards — Board of Directors 51,226 65,520 59,880 Weighted-average grant date fair value $ 15.03 $ 13.43 $ 13.36 |
Summary of Nonvested RSU Activity | A summary of the changes in the number of unvested RSUs from December 31, 2015 to December 31, 2018 is presented below: Shares Weighted Average Grant Date Fair Value Outstanding — December 31, 2015 5,439,588 $ 10.22 Granted 1,891,335 11.20 Released (2,596,292 ) 7.29 Forfeited (66,956 ) 12.74 Outstanding — December 31, 2016 4,667,675 $ 12.21 Granted 1,547,049 13.35 Released (1,720,327 ) 10.05 Forfeited (622,463 ) 13.13 Outstanding — December 31, 2017 3,871,934 $ 13.10 Granted 1,543,410 14.79 Released (744,757 ) 14.90 Forfeited (210,553 ) 13.49 Outstanding — December 31, 2018 4,460,034 $ 13.27 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Benefits Year Ended December 31, In millions 2018 2017 2016 2018 2017 2016 Components of Net Periodic Cost: Service Cost $ 17.3 $ 8.2 $ 10.0 $ 0.6 $ 0.8 $ 0.8 Interest Cost 41.8 42.6 43.8 1.2 1.3 1.3 Expected Return on Plan Assets (63.6 ) (64.1 ) (61.3 ) — — — Amortization: Prior Service Cost (Credit) 0.4 0.5 0.8 (0.3 ) (0.3 ) (0.2 ) Actuarial Loss (Gain) 5.9 6.5 27.3 (1.8 ) (2.1 ) (2.1 ) Net Curtailment/Settlement Loss 1.0 — 1.0 — — — Other 0.5 0.8 0.8 — — — Net Periodic (Benefit) Cost $ 3.3 $ (5.5 ) $ 22.4 $ (0.3 ) $ (0.3 ) $ (0.2 ) |
Schedule of Assumptions Used | Certain assumptions used in determining the pension and postretirement expenses were as follows: Pension Benefits Postretirement Benefits Year Ended December 31, 2018 2017 2016 2018 2017 2016 Weighted Average Assumptions: Discount Rate 3.49 % 4.01 % 4.41 % 3.64 % 4.10 % 4.29 % Rate of Increase in Future Compensation Levels 2.09 % 1.45 % 1.49 % — — — Expected Long-Term Rate of Return on Plan Assets 4.86 % 5.79 % 5.90 % — — — Initial Health Care Cost Trend Rate — — — 9.00 % 7.45 % 7.80 % Ultimate Health Care Cost Trend Rate — — — 4.50 % 4.50 % 4.50 % Ultimate Year — — — 2027 2024 2024 |
Schedule of Net Funded Status | The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31: Pension Benefits Postretirement Benefits In millions 2018 2017 2018 2017 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,367.1 $ 1,279.0 $ 37.3 $ 40.6 Service Cost 17.3 8.2 0.6 0.8 Interest Cost 41.8 42.6 1.2 1.3 Actuarial Loss (Gain) (101.9 ) 76.4 (3.0 ) (3.4 ) Foreign Currency Exchange (14.8 ) 22.9 (0.2 ) 0.1 Settlement/Curtailment (Gain) — (0.2 ) — — Benefits Paid (65.4 ) (62.7 ) (1.9 ) (2.2 ) Acquisition — — — — Other 1.1 0.9 0.1 0.1 Benefit Obligation at End of Year $ 1,245.2 $ 1,367.1 $ 34.1 $ 37.3 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,340.7 $ 1,115.6 $ — $ — Actual Return on Plan Assets (79.6 ) 147.1 — — Employer Contributions 5.8 119.1 1.9 2.2 Foreign Currency Exchange (15.0 ) 21.6 — — Benefits Paid (65.4 ) (62.7 ) (1.9 ) (2.2 ) Acquisition — — — — Settlements — — — — Other — — — — Fair Value of Plan Assets at End of Year $ 1,186.5 $ 1,340.7 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (58.7 ) $ (26.4 ) $ (34.1 ) $ (37.3 ) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 19.0 $ 20.4 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.8 ) $ (1.7 ) $ (2.5 ) $ (2.4 ) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (75.9 ) $ (45.1 ) $ (31.6 ) $ (34.9 ) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 297.3 $ 267.1 $ (1.6 ) $ (20.1 ) Prior Service Cost (Credit) $ 3.6 $ 0.7 $ (20.2 ) $ (0.8 ) Weighted Average Calculations: Discount Rate 4.14 % 3.49 % 4.29 % 3.64 % Rates of Increase in Future Compensation Levels 2.37 % 2.09 % — — Initial Health Care Cost Trend Rate — — 9.00 % 9.00 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.50 % Ultimate Year — — 2027 2027 |
Schedule of Allocation of Plan Assets | The weighted average allocation of plan assets and the target allocation by asset category is as follows: Target 2018 2017 Cash — % 5.0 % 2.4 % Equity Securities 8.4 8.1 11.2 Fixed Income Securities 86.4 79.5 82.7 Other Investments 5.2 7.4 3.7 Total 100.0 % 100.0 % 100.0 % |
Schedule of Fair Value of Plan Assets | The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2018 and 2017 : Fair Value Measurements at December 31, 2018 In millions Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category: Cash (a) $ 58.8 $ 0.3 $ 58.5 $ — Equity Securities: Domestic (a) 86.4 3.6 82.8 — Foreign (a) 9.2 5.3 3.8 — Fixed Income Securities (a) 980.1 15.0 962.3 2.8 Other Investments: Real estate 9.2 — 7.6 1.6 Diversified growth fund (b) 42.8 — 41.5 1.4 Total $ 1,186.5 $ 24.2 $ 1,156.5 $ 5.8 Fair Value Measurements at December 31, 2017 In millions Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category: Cash (a) $ 32.2 $ 0.3 $ 31.9 $ — Equity Securities: Domestic (a) 140.5 4.1 136.4 — Foreign (a) 9.1 5.8 3.3 — Fixed Income Securities (a) 1,108.6 16.1 1,092.5 — Other Investments: Real estate 10.4 9.6 — 0.8 Diversified growth fund (b) 39.9 — 39.9 — Total $ 1,340.7 $ 35.9 $ 1,304.0 $ 0.8 (a) The Level 2 investments are held in pooled funds and fair value is determined by net asset value, based on the underlying investments, as reported on the valuation date. (b) The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three to five -year horizon. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows: In millions 2018 2017 Balance at January 1, $ 0.8 $ — Transfers In 5.0 0.8 Return on Assets Held at December 31 — — Balance at December 31, $ 5.8 $ 0.8 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects on 2018 data: One Percentage Point In millions Increase Decrease Health Care Cost Trend Rate Sensitivity: Effect on Total Interest and Service Cost Components $ 0.1 $ (0.1 ) Effect on Year-End Postretirement Benefit Obligation $ 1.9 $ (1.7 ) |
Schedule of Expected Benefit Payments | The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2028: In millions Pension Plans Postretirement Health Care Benefits 2019 $ 69.4 $ 2.4 2020 71.9 2.6 2021 74.6 2.6 2022 77.0 2.8 2023 79.1 2.8 2024— 2028 416.3 12.6 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | During 2019 , amounts recorded in Accumulated Other Comprehensive Loss expected to be recognized in Net Periodic Benefit Costs are as follows: In millions Pension Benefits Postretirement Health Care Benefits Recognition of Prior Service Cost $ 0.2 $ (0.3 ) Recognition of Actuarial Loss (Gain) 9.9 (2.1 ) |
Schedule of Multiemployer Plans | The Company's participation in these plans for the year ended December 31, 2018 , 2017 and 2016 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2018 2017 FIP/RP Status Implemented 2018 2017 2016 Surcharge Imposed Expiration Date of Bargaining Agreement Central States Southeast and Southwest Areas Pension Fund 36-6044243/001 Red Red Yes $ 0.1 $ 0.1 $ 0.1 Yes 7/31/2023 PIUMPF (a) 11-6166763/001 Red Red Yes 0.1 0.1 0.1 Yes 6/15/2022 Graphic Communications Conference of International Brotherhood of Teamster Pension Fund (a) 52-6118568/001 Red Red Yes 0.3 0.3 0.2 Yes 5/01/2019 Total $ 0.5 $ 0.5 $ 0.4 (a) In 2016, the WG Anderson acquisition included facilities with these plans. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2018 2017 2016 U.S. $ 298.9 $ 227.5 $ 290.0 International 48.6 25.5 29.4 Income before Income Taxes and Equity Income of Unconsolidated Entity $ 347.5 $ 253.0 $ 319.4 |
Schedule of Components of Income Tax (Expense) Benefit | The provisions for Income Tax Benefit (Expense) on Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2018 2017 2016 Current (Expense) Benefit: U.S. $ (13.0 ) $ 0.7 $ (5.1 ) International (15.7 ) (9.2 ) (11.4 ) Total Current $ (28.7 ) $ (8.5 ) $ (16.5 ) Deferred (Expense) Benefit: U.S. (31.6 ) 51.0 (78.8 ) International 5.6 3.0 2.1 Total Deferred $ (26.0 ) $ 54.0 $ (76.7 ) Income Tax (Expense) Benefit $ (54.7 ) $ 45.5 $ (93.2 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity at the federal statutory rate of 21% compared with the Company’s actual Income Tax (Expense) Benefit is as follows: Year Ended December 31, In millions 2018 Percent 2017 Percent 2016 Percent Income Tax Expense at U.S. Statutory Rate $ (73.0 ) 21.0 % $ (88.5 ) 35.0 % $ (111.8 ) 35.0 % U.S. State and Local Tax Expense (11.7 ) 3.4 (8.7 ) 3.4 (10.0 ) 3.2 IRS Agreement — — — — 22.8 (7.2 ) Permanent Items (3.8 ) 1.1 (2.7 ) 1.0 (1.3 ) 0.5 U.S. Tax Reform 10.9 (3.1 ) 138.0 (54.5 ) — — Change in Valuation Allowance due to Tax Reform — — (2.0 ) 0.8 — — Change in Valuation Allowance 13.0 (3.7 ) (3.5 ) 1.4 0.5 (0.2 ) International Tax Rate Differences (1.9 ) 0.5 3.2 (1.3 ) 1.8 (0.6 ) Foreign Withholding Tax (0.5 ) 0.1 (0.4 ) 0.2 (0.2 ) 0.1 Change in Tax Rates 1.9 (0.5 ) (3.0 ) 1.2 0.2 (0.1 ) U.S. Federal & State Tax Credits 0.3 (0.1 ) 10.2 (4.0 ) 3.5 (1.1 ) Uncertain Tax Positions (0.7 ) 0.2 (0.3 ) 0.1 1.2 (0.4 ) Capital Loss Expiration (2.7 ) 0.7 — — — — Domestic Minority Interest 13.7 (3.9 ) — — — — Other (0.2 ) — 3.2 (1.3 ) 0.1 — Income Tax Benefit (Expense) $ (54.7 ) 15.7 % $ 45.5 (18.0 )% $ (93.2 ) 29.2 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: In millions 2018 2017 Deferred Income Tax Assets: Compensation Based Accruals $ 2.9 $ 16.5 Net Operating Loss Carryforwards 73.4 114.9 Postretirement Benefits 1.0 25.6 Tax Credits 30.8 17.6 Other 7.6 45.9 Valuation Allowance (36.3 ) (51.5 ) Total Deferred Income Tax Assets $ 79.4 $ 169.0 Deferred Income Tax Liabilities: Property, Plant and Equipment (16.7 ) (219.8 ) Goodwill (2.3 ) (192.0 ) Other Intangibles (12.3 ) (68.7 ) Investment in Partnership (502.1 ) — Other — (3.5 ) Net Noncurrent Deferred Income Tax Liabilities $ (533.4 ) $ (484.0 ) Net Deferred Income Tax Liability $ (454.0 ) $ (315.0 ) |
Summary of Valuation Allowance | The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2018 , 2017 , and 2016 , respectively: December 31, In millions 2018 2017 2016 Balance Beginning of Period $ 51.5 $ 45.5 $ 44.8 Adjustments for (Income) and Expenses (13.0 ) 5.5 1.2 (Deductions) Additions (2.2 ) 0.5 (0.5 ) Balance at End of Period $ 36.3 $ 51.5 $ 45.5 |
Summary of Operating Loss Carryforwards | The U.S. federal net operating loss carryforwards expire as follows: In millions 2024 $ — 2025 — 2026 41.5 2027 12.1 2028 114.6 2029 — Total $ 168.2 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2018 2017 Balance at January 1, $ 10.5 $ 10.1 Additions for Tax Positions of Current Year 0.8 0.6 Additions for Tax Positions of Prior Years 5.2 0.7 Reductions for Tax Positions of Prior Years (1.0 ) (0.9 ) Balance at December 31, $ 15.5 $ 10.5 |
Financial Instruments, Deriva_2
Financial Instruments, Derivatives and Hedging Activities Current Interest Rate Swap Positions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following table summarizes the Company's current interest rate swap positions for each period presented as of December 31, 2018 : Start End (In Millions) Weighted Average Interest Rate 04/03/2018 01/01/2019 $150.0 2.03% 04/03/2018 01/01/2020 $150.0 2.25% 04/03/2018 10/01/2020 $150.0 2.36% 12/03/2018 01/01/2022 $120.0 2.92% 12/03/2018 01/04/2022 $80.0 2.79% |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Effect of Derivative Instruments | The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Consolidated Statements of Operations for the year ended December 31, 2018 and 2017 is as follows: Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations (Effective Portion) Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) Location in Statement of Operations (Ineffective Portion) Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) Year Ended December 31, Year Ended December 31, Year Ended December 31, In millions 2018 2017 2018 2017 2018 2017 Commodity Contracts $ (0.7 ) $ 3.6 Cost of Sales $ (0.4 ) $ (1.2 ) Cost of Sales $ — $ (0.1 ) Foreign Currency Contracts (0.3 ) 3.1 Other Income, Net 0.7 (0.3 ) Other Income, Net — — Interest Rate Swap Agreements 2.0 (1.0 ) Interest Expense, Net (0.9 ) (0.6 ) Interest Expense, Net — — Total $ 1.0 $ 5.7 $ (0.6 ) $ (2.1 ) $ — $ (0.1 ) The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2018 and 2017 is as follows: In millions 2018 2017 Foreign Currency Contracts Other (Income) Expense, Net $ (5.6 ) $ 9.7 |
Rollforward of Pre-tax Accumulated Derivative Instruments (Loss) Income | The following is a rollforward of pre-tax Accumulated Derivative Instruments Income (Loss) which is included in the Company’s Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity as of December 31: In millions 2018 2017 2016 Balance at January 1 $ (0.3 ) $ 7.5 $ (13.5 ) Reclassification to earnings (0.6 ) (2.1 ) 15.0 Current period change in fair value (1.0 ) (5.7 ) 6.0 Balance at December 31 $ (1.9 ) $ (0.3 ) $ 7.5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive (Loss) Income | The components of Accumulated Other Comprehensive (Loss) Income Attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2018 2017 2016 In millions Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount Pretax Amount Tax Effect Net Amount Derivative Instruments (Loss) Gain $ (1.1 ) $ 0.1 $ (1.0 ) $ (7.8 ) $ 2.9 $ (4.9 ) $ 21.0 $ (8.0 ) $ 13.0 Pension and Postretirement Benefit Plans (24.8 ) 5.4 (19.4 ) 12.3 (3.5 ) 8.8 7.9 (3.9 ) 4.0 Currency Translation Adjustment (18.7 ) — (18.7 ) 44.9 — 44.9 (58.9 ) — (58.9 ) Other Comprehensive (Loss) Income $ (44.6 ) $ 5.5 $ (39.1 ) $ 49.4 $ (0.6 ) $ 48.8 $ (30.0 ) $ (11.9 ) $ (41.9 ) (a) Amounts include impact of noncontrolling interest. See Note 18 - Changes in Accumulated Other Comprehensive (Loss) Income. |
Balance in Accumulated Other Comprehensive (Loss) Income | The balances of Accumulated Other Comprehensive Loss Attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: December 31, In millions 2018 2017 Accumulated Derivative Instruments Loss $ (11.3 ) $ (10.3 ) Pension and Postretirement Benefit Plans (246.1 ) (226.7 ) Currency Translation Adjustment (120.5 ) (101.8 ) Accumulated Other Comprehensive Loss $ (377.9 ) $ (338.8 ) The following represents changes in Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company by component for the year ended December 31, 2018 (a) : In millions Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2017 $ (10.3 ) $ (226.7 ) $ (101.8 ) $ (338.8 ) Other Comprehensive Loss before Reclassifications (0.8 ) (28.8 ) (24.5 ) (54.1 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) (0.5 ) 3.3 — 2.8 Net Current-period Other Comprehensive Loss (1.3 ) (25.5 ) (24.5 ) (51.3 ) Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (c) 0.3 6.1 5.8 12.2 Balance at December 31, 2018 $ (11.3 ) $ (246.1 ) $ (120.5 ) $ (377.9 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. (c) Includes amounts related to redeemable noncontrolling interest which are separately classified outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum payments, capital leases | Future minimum lease payments under non-cancelable capital and operating leases (with initial or remaining lease terms in excess of one year) and the future minimum lease payments at December 31, 2018 , are as follows: In millions Capital Leases and Financing Obligations (a) Operating Leases 2019 $ 10.3 $ 61.8 2020 10.4 49.8 2021 10.5 37.7 2022 10.1 30.0 2023 10.2 23.3 Thereafter 147.2 36.9 Total Minimum Lease Payments $ 198.7 $ 239.5 Less: Amount Representing Interest (75.8 ) Present Value of Net Minimum Leases $ 122.9 |
Future minimum payments, operating leases | Future minimum lease payments under non-cancelable capital and operating leases (with initial or remaining lease terms in excess of one year) and the future minimum lease payments at December 31, 2018 , are as follows: In millions Capital Leases and Financing Obligations (a) Operating Leases 2019 $ 10.3 $ 61.8 2020 10.4 49.8 2021 10.5 37.7 2022 10.1 30.0 2023 10.2 23.3 Thereafter 147.2 36.9 Total Minimum Lease Payments $ 198.7 $ 239.5 Less: Amount Representing Interest (75.8 ) Present Value of Net Minimum Leases $ 122.9 |
Long-term purchase commitments | At December 31, 2018 , total commitments under these contracts were as follows: In millions 2019 $ 83.4 2020 38.6 2021 30.2 2022 30.0 2023 29.8 Thereafter 131.4 Total $ 343.4 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | At December 31, 2018 , the redeemable noncontrolling interest was determined as follows: In millions Balance at December 31, 2017 $ — Issuance of Redeemable Noncontrolling Interest at January 1, 2018 255.2 Reclassification to Redeemable Noncontrolling Interest for Share Repurchases 12.5 Net Income Attributable to Redeemable Noncontrolling Interest 16.6 Other Comprehensive Loss, Net of Tax (2.8 ) Distributions of Membership Interest (5.7 ) Balance at December 31, 2018 $ 275.8 |
Business Segment and Geograph_2
Business Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Business segment information is as follows: Year Ended December 31, In millions 2018 2017 2016 NET SALES: Paperboard Mills $ 1,076.5 $ 399.7 $ 394.7 Americas Paperboard Packaging 4,093.9 3,243.6 3,193.1 Europe Paperboard Packaging 695.5 593.1 569.9 Corporate/Other/Eliminations (a) 157.1 167.3 140.4 Total $ 6,023.0 $ 4,403.7 $ 4,298.1 INCOME (LOSS) FROM OPERATIONS: Paperboard Mills (b) $ 30.6 $ (35.0 ) $ (3.7 ) Americas Paperboard Packaging 420.1 358.2 409.0 Europe Paperboard Packaging 46.1 37.3 25.4 Corporate and Other (c) (38.6 ) (32.6 ) (23.3 ) Total $ 458.2 $ 327.9 $ 407.4 CAPITAL EXPENDITURES: Paperboard Mills $ 240.1 $ 111.4 $ 184.2 Americas Paperboard Packaging 104.3 98.8 45.9 Europe Paperboard Packaging 19.5 17.3 37.1 Corporate and Other 31.3 32.6 27.4 Total $ 395.2 $ 260.1 $ 294.6 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 197.5 $ 143.7 $ 120.3 Americas Paperboard Packaging 165.4 125.3 124.7 Europe Paperboard Packaging 48.9 42.1 41.1 Corporate and Other 18.8 19.2 13.2 Total $ 430.6 $ 330.3 $ 299.3 (a) Includes revenue from contracts with customers for the Australia and Pacific Rim operating segments, which is not material. (b) Includes Augusta, Georgia mill outage in 2018 and accelerated depreciation related to shutdown of the Santa Clara mill in 2017. (c) Includes expenses related to business combinations, gain on sale of assets and shutdown and other special charges. December 31, In millions 2018 2017 2016 ASSETS AT DECEMBER 31: Paperboard Mills $ 3,005.6 $ 1,487.0 $ 1,496.1 Americas Paperboard Packaging 3,143.6 2,478.7 2,419.8 Europe Paperboard Packaging 603.4 607.1 491.9 Corporate and Other 306.6 290.2 195.6 Total $ 7,059.2 $ 4,863.0 $ 4,603.4 |
Schedule of Segment Reporting Information, by Geographical Areas | Business geographic area information is as follows: Year Ended December 31, In millions 2018 2017 2016 NET SALES: Americas (a) $ 5,170.4 $ 3,643.3 $ 3,601.7 Europe 695.5 593.1 569.9 Asia Pacific 217.8 215.7 198.1 Corporate and Other (60.7 ) (48.4 ) (71.6 ) Total $ 6,023.0 $ 4,403.7 $ 4,298.1 In millions 2018 2017 2016 ASSETS AT DECEMBER 31: Americas (a) $ 6,260.1 $ 4,046.4 $ 3,923.2 Europe 603.4 607.1 491.9 Asia Pacific 195.7 209.5 188.3 Total $ 7,059.2 $ 4,863.0 $ 4,603.4 (a) Includes North America and Brazil. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Results of operations for the four quarters of 2018 and 2017 are shown below. 2018 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,476.0 $ 1,509.3 $ 1,530.0 $ 1,507.7 $ 6,023.0 Gross Profit 222.5 235.9 256.5 231.1 946.0 Business Combinations, (Gain) on Sale of Assets and Shutdown and Other Special Charges, Net 26.3 8.6 (27.4 ) 7.4 14.9 Income from Operations 74.0 110.3 166.4 107.5 458.2 Net Income 42.7 66.0 122.0 63.3 294.0 Net Income Attributable to Graphic Packaging Holding Company 29.9 49.4 94.3 47.5 221.1 Net Income Per Share Attributable to Graphic Packaging Holding Company — Basic (a) $ 0.10 $ 0.16 $ 0.30 $ 0.16 $ 0.71 Net Income Per Share Attributable to Graphic Packaging Holding Company — Diluted $ 0.10 $ 0.16 $ 0.30 $ 0.15 $ 0.71 (a) Does not cross foot due to rounding 2017 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,061.5 $ 1,094.7 $ 1,137.6 $ 1,109.9 $ 4,403.7 Gross Profit 175.0 176.9 191.6 176.0 719.5 Business Combinations and Shutdown and Other Special Charges, Net 8.6 6.1 3.6 12.8 31.1 Income from Operations 71.6 83.8 91.4 81.1 327.9 Net Income 37.0 42.0 47.3 173.9 300.2 Net Income Per Share — Basic $ 0.12 $ 0.14 $ 0.15 $ 0.56 $ 0.97 Net Income Per Share — Diluted (a) $ 0.12 $ 0.14 $ 0.15 $ 0.56 $ 0.96 (a) Does not cross foot due to rounding |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | Year Ended December 31, In millions, except per share data 2018 2017 2016 Net Income Attributable to Graphic Packaging Holding Company $ 221.1 $ 300.2 $ 228.0 Weighted Average Shares: Basic 309.5 311.1 320.9 Dilutive effect of RSUs 0.6 0.8 0.6 Diluted 310.1 311.9 321.5 Earnings Per Share — Basic $ 0.71 $ 0.97 $ 0.71 Earnings Per Share — Diluted $ 0.71 $ 0.96 $ 0.71 |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in AOCI by Component | The balances of Accumulated Other Comprehensive Loss Attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: December 31, In millions 2018 2017 Accumulated Derivative Instruments Loss $ (11.3 ) $ (10.3 ) Pension and Postretirement Benefit Plans (246.1 ) (226.7 ) Currency Translation Adjustment (120.5 ) (101.8 ) Accumulated Other Comprehensive Loss $ (377.9 ) $ (338.8 ) The following represents changes in Accumulated Other Comprehensive (Loss) Income attributable to Graphic Packaging Holding Company by component for the year ended December 31, 2018 (a) : In millions Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2017 $ (10.3 ) $ (226.7 ) $ (101.8 ) $ (338.8 ) Other Comprehensive Loss before Reclassifications (0.8 ) (28.8 ) (24.5 ) (54.1 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (b) (0.5 ) 3.3 — 2.8 Net Current-period Other Comprehensive Loss (1.3 ) (25.5 ) (24.5 ) (51.3 ) Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (c) 0.3 6.1 5.8 12.2 Balance at December 31, 2018 $ (11.3 ) $ (246.1 ) $ (120.5 ) $ (377.9 ) (a) All amounts are net-of-tax. (b) See following table for details about these reclassifications. (c) Includes amounts related to redeemable noncontrolling interest which are separately classified outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. |
Reclassifications out of AOCI | The following represents reclassifications out of Accumulated Other Comprehensive (Loss) Income for the year ended December 31, 2018 : 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 $ (0.4 ) Cost of Sales Foreign Currency Contracts 0.7 Other Expense, Net Interest Rate Swap Agreements (0.9 ) Interest Expense, Net (0.6 ) Total before Tax 0.1 Tax Expense $ (0.5 ) Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.4 (a) Actuarial Losses 5.9 (a) 6.3 Total before Tax (1.3 ) Tax Benefit $ 5.0 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3 ) (a) Actuarial Gains (1.8 ) (a) (2.1 ) Total before Tax 0.4 Tax Expense $ (1.7 ) Net of Tax Total Reclassifications for the Period $ 2.8 (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 7 — Pensions and Other Postretirement Benefits). |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Principals of Consolidation (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Investment [Line Items] | |||
Transfer of Financial Assets Accounted For as Sales, Pledged Receivable | $ 43 | $ 0 | |
Rengo Riverwood Packaging, Ltd. | |||
Investment [Line Items] | |||
Ownership percentage in joint venture | 50.00% | ||
GPI Holding III, LLC | Graphic Packaging International Partners (GPIP) | |||
Investment [Line Items] | |||
Common units of GPIP issued | 309,715,624 | ||
Percentage of membership interest in GPIP issued to GPI Holding | 79.50% | ||
International Paper Company | Graphic Packaging International Partners (GPIP) | |||
Investment [Line Items] | |||
Common units of GPIP issued | 79,911,591 | ||
Percentage of membership interest in GPIP issued to IP | 20.50% |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Receivables Sold and Derecognized | $ 3,824.5 | $ 1,846.8 |
Proceeds Collected on Behalf of Financial Institutions | 3,645.9 | 1,639 |
Net Proceeds (Paid to) Received From Financial Institutions | (19.6) | 134.1 |
Deferred Purchase Price | 66.9 | 101.7 |
Receivables sold | 119 | 64 |
Amount transferred subject to continuing involvement | $ 602 | $ 583 |
Nature of Business and Summar_6
Nature of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - customer | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Number of customers accounting for 10% or more of sales | 0 | 0 |
Nature of Business and Summar_7
Nature of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Spending threshold for capitalization of interest | $ 1 | ||
Capitalized interest | 2.8 | $ 1.2 | $ 1.3 |
Depreciation | $ 360.6 | $ 268.5 | $ 240 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 40 years | ||
Land Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 15 years | ||
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 3 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 40 years | ||
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 10 years | ||
Automobiles, Trucks and Tractors | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 3 years | ||
Automobiles, Trucks and Tractors | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life (in years) | 5 years |
Nature of Business and Summar_8
Nature of Business and Summary of Significant Accounting Policies - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 1,071 | $ 917.1 | |
Accumulated amortization | (547.2) | (480.6) | |
Net carrying amount | 523.8 | 436.5 | |
Amortization | 70 | 61.8 | $ 59.3 |
Future Amortization Expense, 2019 | 67.8 | ||
Future Amortization Expense, 2020 | 64.6 | ||
Future Amortization Expense, 2021 | 55.5 | ||
Future Amortization Expense, 2022 | 53.1 | ||
Future Amortization Expense, 2023 | 50.5 | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 937.3 | 786.9 | |
Accumulated amortization | (442.7) | (377.2) | |
Net carrying amount | 494.6 | 409.7 | |
Patents, Trademarks and Licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 133.7 | 130.2 | |
Accumulated amortization | (104.5) | (103.4) | |
Net carrying amount | $ 29.2 | $ 26.8 |
Nature of Business and Summar_9
Nature of Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,323 | $ 1,260.3 |
Acquisition of Businesses | 141.3 | 55.4 |
Reallocation of Goodwill | 0 | |
Foreign Currency Effects | (3.7) | 7.3 |
Goodwill, ending balance | 1,460.6 | 1,323 |
Paperboard Mills | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 408.5 | 408.5 |
Acquisition of Businesses | 98.3 | 0 |
Reallocation of Goodwill | 0 | |
Foreign Currency Effects | 0 | 0 |
Goodwill, ending balance | 506.8 | 408.5 |
Americas Paperboard Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 839 | 789.4 |
Acquisition of Businesses | 43.1 | 51.4 |
Reallocation of Goodwill | (4) | |
Foreign Currency Effects | (0.3) | 2.2 |
Goodwill, ending balance | 881.8 | 839 |
Europe Paperboard Packaging | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 59.5 | 49 |
Acquisition of Businesses | (0.1) | 6.3 |
Reallocation of Goodwill | 0 | |
Foreign Currency Effects | (2.2) | 4.2 |
Goodwill, ending balance | 57.2 | 59.5 |
Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 16 | 13.4 |
Acquisition of Businesses | 0 | (2.3) |
Reallocation of Goodwill | 4 | |
Foreign Currency Effects | (1.2) | 0.9 |
Goodwill, ending balance | $ 14.8 | $ 16 |
Nature of Business and Summa_10
Nature of Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018revenue_generating_activity | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of revenue generating activities | revenue_generating_activity | 2 | |||
Revenue from contract with customer | $ 6,005.5 | $ 4,383 | $ 4,280.1 | |
Contract assets | 19.6 | 11.7 | ||
Contract liabilities | $ 42.5 | $ 28.6 |
Nature of Business and Summa_11
Nature of Business and Summary of Significant Accounting Policies - Research and Development and Restructuring and Other Special Charges, Net (Details) $ in Millions | Sep. 30, 2018facility | Aug. 31, 2018USD ($) | Jun. 12, 2018facility | Jan. 01, 2018facilitymillFacilities | Dec. 01, 2017facility | Oct. 04, 2017facility | Jul. 10, 2017facility | Apr. 29, 2016facility | Feb. 16, 2016facility | Jan. 05, 2016facility | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Research and development expense | $ | $ 8.7 | $ 14.4 | $ 14.9 | ||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of converting facilities | Facilities | 3 | ||||||||||||||||||||
Restructuring and Other Special Charges, Net | |||||||||||||||||||||
Charges Associated with Business Combinations | $ | 46.8 | 16.2 | 21.2 | ||||||||||||||||||
Business Combination, Integration Related Costs | $ | 6.7 | 18.6 | 15.9 | ||||||||||||||||||
Gain on Sale of Assets | $ | (38.6) | (3.7) | 0 | ||||||||||||||||||
Total | $ | $ 7.4 | $ (27.4) | $ 8.6 | $ 26.3 | $ 12.8 | $ 3.6 | $ 6.1 | $ 8.6 | $ 14.9 | $ 31.1 | $ 37.1 | ||||||||||
Paperboard Mills | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Gain on sale of assets | $ | $ 37.1 | ||||||||||||||||||||
Leticia Corporation | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of facilities acquired | 2 | ||||||||||||||||||||
PFP, LLC And PFP Dallas Converting, LLC | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of facilities acquired | 2 | ||||||||||||||||||||
Seydaco Packaging Corp. | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of folding carton facilities acquired | 3 | ||||||||||||||||||||
Norgraft Packaging | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of folding carton facilities acquired | 2 | ||||||||||||||||||||
Carton Craft Corporation | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of folding carton facilities acquired | 2 | ||||||||||||||||||||
Colorpak | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of folding carton facilities acquired | 3 | ||||||||||||||||||||
WG Anderson | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of folding carton facilities acquired | 2 | ||||||||||||||||||||
G-Box | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of folding carton facilities acquired | 2 | ||||||||||||||||||||
UNITED STATES | Leticia Corporation | Americas Paperboard Packaging | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of facilities acquired | 2 | ||||||||||||||||||||
UNITED STATES | PFP, LLC And PFP Dallas Converting, LLC | Americas Paperboard Packaging | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of facilities acquired | 2 | ||||||||||||||||||||
UNITED STATES | NACP Combination | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of mills | mill | 2 | ||||||||||||||||||||
Number of converting facilities | 3 | ||||||||||||||||||||
UNITED STATES | NACP Combination | Americas Paperboard Packaging | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of mills | 2 | ||||||||||||||||||||
Number of converting facilities | 3 | ||||||||||||||||||||
UNITED KINGDOM | NACP Combination | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of converting facilities | 1 | ||||||||||||||||||||
UNITED KINGDOM | NACP Combination | Americas Paperboard Packaging | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of converting facilities | 1 |
Nature of Business and Summa_12
Nature of Business and Summary of Significant Accounting Policies - Capital Allocation Plan, Equity Offerings and Share Repurchases (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 10, 2017 | Feb. 04, 2015 | |||
Class of Stock [Line Items] | ||||||||
Share repurchase program, authorized amount | $ 250,000,000 | $ 250,000,000 | ||||||
Number of shares repurchased | 10,566,144 | 4,462,263 | 13,202,425 | |||||
Shares repurchased, value | $ 120,000,000 | [1] | $ 58,400,000 | $ 168,800,000 | [2] | |||
Share price (in dollars per share) | $ 11.35 | $ 11.35 | $ 13.08 | $ 12.77 | ||||
Share repurchase program, authorized amount remaining | $ 90,000,000 | $ 90,000,000 | ||||||
Dividends paid to external parties | $ 93,100,000 | |||||||
2015 Share Repurchase Program | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares repurchased | 1,440,697 | |||||||
[1] | (b) Includes 83,806 shares repurchased but not settled as of December 31, 2018. | |||||||
[2] | (a) Includes 388,000 shares repurchased but not settled as of December 31, 2016. |
Nature of Business and Summa_13
Nature of Business and Summary of Significant Accounting Policies - Adoption of New Accounting Standards (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retrospective impact on Statement of Cash Flows | $ 373.8 | $ 192.5 | $ (74) |
Increase in cash provided by investing activities | 689.1 | 268.1 | (65.1) |
Accounting Standards Update 2016-15 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retrospective impact on Statement of Cash Flows | $ 1,131.2 | 708.7 | $ 567.4 |
Increase in cash provided by investing activities | $ 0 |
Supplemental Balance Sheet Da_3
Supplemental Balance Sheet Data - Receivables, Net (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade | $ 475.9 | $ 279.2 |
Less: Allowance | (10.4) | (7.2) |
Trade Receivables, Net, Current | 465.5 | 272 |
Other | 107.4 | 49.1 |
Total | 572.9 | 321.1 |
Receivable from financial institution | $ 66.9 | $ 101.7 |
Supplemental Balance Sheet Da_4
Supplemental Balance Sheet Data - Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished Goods | $ 426.9 | $ 240.5 |
Work in Progress | 102.2 | 74.1 |
Raw Materials | 319.9 | 229.4 |
Supplies | 165.4 | 90 |
Total | $ 1,014.4 | $ 634 |
Supplemental Balance Sheet Da_5
Supplemental Balance Sheet Data - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Receivable from financial institution | $ 66.9 | $ 101.7 |
Prepaid Assets | 28.6 | 28.6 |
Assets Held for Sale | 0 | 10.2 |
Contract with Customer, Asset, Gross, Current | 9.8 | 5.7 |
Fair Value of Derivatives, current portion | 0.7 | 1.2 |
Total | $ 106 | $ 147.4 |
Supplemental Balance Sheet Da_6
Supplemental Balance Sheet Data - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Assets Under Financing Obligation, Gross | $ 95.5 | |
Assets Under Financing Obligation, Assets by Major Class, Accumulated Depreciation | 0.4 | |
Property, Plant and Equipment, at Cost | 6,660 | $ 5,073.6 |
Less: Accumulated Depreciation | (3,420.3) | (3,206.4) |
Total | 3,239.7 | 1,867.2 |
Land and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 134.1 | 106.2 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 608.5 | 431.9 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 5,716.2 | 4,384.5 |
Gross assets under capital lease | 39.6 | 39.7 |
Accumulated depreciation related to assets under capital lease | 10 | 7.4 |
Construction-in-Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | $ 201.2 | $ 151 |
Supplemental Balance Sheet Da_7
Supplemental Balance Sheet Data - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Debt Issuance Costs, Net of Amortization of $12.5 million and $10.9 million for 2018 and 2017, respectively | $ 6.4 | $ 2.9 |
Deferred Income Tax Assets | 8.2 | 6.8 |
Pension Assets | 19 | 20.4 |
Contract with Customer, Asset, Gross, Noncurrent | 9.8 | 6 |
Fair Value of Derivatives, noncurrent portion | 0.1 | 0 |
Other | 27.8 | 30.3 |
Total | 71.3 | 66.4 |
Accumulated amortization of debt issuance costs | $ 12.5 | $ 10.9 |
Supplemental Balance Sheet Da_8
Supplemental Balance Sheet Data - Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Dividends Payable | $ 22.5 | $ 23.3 |
Deferred Revenue | 14 | 11.6 |
Accrued Customer Rebates | 30.2 | 15.5 |
Fair Value of Derivatives, current portion | 1.3 | 1.2 |
Other Accrued Taxes | 44.4 | 29.8 |
Accrued Payables | 30.3 | 25.7 |
Liabilities, Payable to a Financial Institution, Current | 62.6 | 0 |
Other | 35.4 | 38.2 |
Total | $ 240.7 | $ 145.3 |
Supplemental Balance Sheet Da_9
Supplemental Balance Sheet Data - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Revenue | $ 5.2 | $ 6.6 |
Multi-employer Plans | 32.4 | 29 |
Workers Compensation Reserve | 9.9 | 10.9 |
Derivative Liability, Noncurrent | 2.1 | 0 |
Accrued Build-to-Suit Obligation | 0 | 35.8 |
Off-market Lease, Unfavorable | 31.2 | 0 |
Other | 37 | 22.4 |
Total | $ 117.8 | $ 104.7 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | |||
Receivables, Net | $ (1,158.1) | $ (658.8) | $ (541.9) |
Inventories, Net | (82) | (6.5) | 10.5 |
Other Current Assets | 0.3 | 0.8 | (1.2) |
Other Assets | (1) | (32.8) | 8.5 |
Accounts Payable | 76.2 | 27 | 4.3 |
Compensation and Employee Benefits | 26.9 | 3.5 | (21.7) |
Income Taxes | 0.6 | 2.3 | 1.7 |
Interest Payable | (4.1) | (1.7) | 5 |
Other Accrued Liabilities | 11.8 | 6.7 | 12.8 |
Other Noncurrent Liabilities | 8.6 | 14.2 | (6.9) |
Total | (1,120.8) | (645.3) | (528.9) |
Cash paid for interest and cash paid, net of refunds, for income taxes | |||
Interest | 121.3 | 81.8 | 64.9 |
Income Taxes | $ 25.8 | $ 15.9 | $ 14.5 |
Business Combinations - Additio
Business Combinations - Additional Disclosures (Details) | Sep. 30, 2018USD ($)facility | Jun. 12, 2018USD ($)facility | Jan. 01, 2018USD ($)facilitymillFacilities | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Net | $ 32,000,000 | |||||||||||||
Number of converting facilities | Facilities | 3 | |||||||||||||
Total consideration transferred | 660,000,000 | |||||||||||||
Income from Operations | $ 107,500,000 | $ 166,400,000 | $ 110,300,000 | $ 74,000,000 | $ 81,100,000 | $ 91,400,000 | $ 83,800,000 | $ 71,600,000 | 458,200,000 | $ 327,900,000 | $ 407,400,000 | |||
Payments to acquire businesses | 89,400,000 | $ 189,400,000 | $ 332,700,000 | |||||||||||
Total Purchase Consideration | (40,900,000) | |||||||||||||
NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt assumed in acquisition | $ 660,000,000 | |||||||||||||
Total consideration transferred | $ 1,800,000,000 | |||||||||||||
Percentage of projected tax benefits | 50.00% | |||||||||||||
Expected tax deductible portion of goodwill acquired | $ 0 | |||||||||||||
Leticia Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Income from Operations | 1,400,000 | |||||||||||||
Number of facilities acquired | facility | 2 | |||||||||||||
Payments to acquire businesses | $ 95,000,000 | |||||||||||||
PFP, LLC And PFP Dallas Converting, LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of facilities acquired | facility | 2 | |||||||||||||
Payments to acquire businesses | $ 34,000,000 | |||||||||||||
Total Purchase Consideration | 400,000 | |||||||||||||
UNITED STATES | NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of mills | mill | 2 | |||||||||||||
Number of converting facilities | facility | 3 | |||||||||||||
UNITED KINGDOM | NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of converting facilities | facility | 1 | |||||||||||||
Land, Buildings and Improvements | NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Net | 15,000,000 | |||||||||||||
Unfavorable Contract | NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Net | $ 35,000,000 | |||||||||||||
Product And Services, Wood | NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Payments to Suppliers | $ 194,000,000 |
Business Combinations - Purchas
Business Combinations - Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||||||||
Assumed Debt(b) | $ 660 | |||||||||||||
Goodwill | $ 1,460.6 | $ 1,323 | 1,460.6 | $ 1,323 | $ 1,260.3 | |||||||||
Measurement Period Adjustments | ||||||||||||||
Total Purchase Consideration | (40.9) | |||||||||||||
Receivables, Net | 0 | |||||||||||||
Inventories, Net | 0.8 | |||||||||||||
Other Current Assets | (9.2) | |||||||||||||
Property, Plant and Equipment, Net | 32 | |||||||||||||
Intangible Assets, Net | 13.5 | |||||||||||||
Other Assets | (6) | |||||||||||||
Total Assets Acquired | 31.1 | |||||||||||||
Accounts Payable | 0 | |||||||||||||
Compensation and Employee Benefits | (5.7) | |||||||||||||
Current Liabilities | (0.1) | |||||||||||||
Other Noncurrent Liabilities | (1.7) | |||||||||||||
Total Liabilities Assumed | (7.5) | |||||||||||||
Net Assets Acquired | 38.6 | |||||||||||||
Goodwill | $ 7.3 | (79.5) | ||||||||||||
Total Estimated Fair Value of Net Assets Acquired | (40.9) | |||||||||||||
Lack of marketability adjustment | 123.5 | |||||||||||||
Working capital true-ups offset by pension settlements | 40.5 | |||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Total increase in assets from business acquisition | 7,059.2 | 4,863 | 7,059.2 | 4,863 | 4,603.4 | |||||||||
Revenues | 1,507.7 | $ 1,530 | $ 1,509.3 | $ 1,476 | 1,109.9 | $ 1,137.6 | $ 1,094.7 | $ 1,061.5 | 6,023 | 4,403.7 | 4,298.1 | |||
Operating Income (Loss) | 107.5 | $ 166.4 | 110.3 | $ 74 | 81.1 | $ 91.4 | $ 83.8 | $ 71.6 | 458.2 | 327.9 | 407.4 | |||
Payments to acquire businesses | 89.4 | 189.4 | 332.7 | |||||||||||
NACP Combination | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Assumed Debt(b) | $ 1,800 | |||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Net Sales | 5,912.5 | |||||||||||||
Net Income Attributable to Graphic Packaging Holding Company | $ 367.7 | |||||||||||||
Income Per Share — Basic | $ 1.18 | |||||||||||||
Income Per Share — Diluted | $ 1.18 | |||||||||||||
Net income from business acquisition | $ 1,407.1 | |||||||||||||
Net sales from business acquisition | 134.7 | |||||||||||||
Leticia Corporation | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Revenues | 42.4 | |||||||||||||
Operating Income (Loss) | 1.4 | |||||||||||||
Payments to acquire businesses | $ 95 | |||||||||||||
NACP Combination And PFP Acquisition | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Price(a) | 1,200.8 | |||||||||||||
Total Purchase Consideration | 1,860.8 | |||||||||||||
Receivables, Net | 145.3 | 145.3 | ||||||||||||
Inventories, Net | 315 | 315 | ||||||||||||
Other Current Assets | 11.7 | 11.7 | ||||||||||||
Property, Plant and Equipment, Net | 1,274.6 | 1,274.6 | ||||||||||||
Intangible Assets, Net | 150.1 | 150.1 | ||||||||||||
Other Assets | 0 | 0 | ||||||||||||
Total Assets Acquired | 1,896.7 | 1,896.7 | ||||||||||||
Accounts Payable | 112.6 | 112.6 | ||||||||||||
Compensation and Employee Benefits | 15.3 | 15.3 | ||||||||||||
Current Liabilities | 16.2 | 16.2 | ||||||||||||
Other Noncurrent Liabilities | 39.6 | 39.6 | ||||||||||||
Total Liabilities Assumed | 183.7 | 183.7 | ||||||||||||
Net Assets Acquired | 1,713 | 1,713 | ||||||||||||
Goodwill | 147.8 | 147.8 | ||||||||||||
Total Estimated Fair Value of Net Assets Acquired | 1,860.8 | $ 1,860.8 | ||||||||||||
Measurement Period Adjustments | ||||||||||||||
Purchase Price(a) | (40.9) | |||||||||||||
Weighted average useful life of intangible assets | 20 years | |||||||||||||
2017 Acquisitions | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Assumed Debt(b) | 14 | |||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to acquire businesses | 189 | |||||||||||||
Carton Craft Corporation | ||||||||||||||
Measurement Period Adjustments | ||||||||||||||
Goodwill | $ 0.5 | |||||||||||||
Seydaco Packaging Corp. | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to acquire businesses | $ 2.4 | |||||||||||||
Previously Reported | NACP Combination And PFP Acquisition | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Price(a) | $ 1,241.7 | |||||||||||||
Assumed Debt(b) | 660 | |||||||||||||
Total Purchase Consideration | 1,901.7 | |||||||||||||
Receivables, Net | 145.3 | 145.3 | ||||||||||||
Inventories, Net | 314.2 | 314.2 | ||||||||||||
Other Current Assets | 20.9 | 20.9 | ||||||||||||
Property, Plant and Equipment, Net | 1,242.6 | 1,242.6 | ||||||||||||
Intangible Assets, Net | 136.6 | 136.6 | ||||||||||||
Other Assets | 6 | 6 | ||||||||||||
Total Assets Acquired | 1,865.6 | 1,865.6 | ||||||||||||
Accounts Payable | 112.6 | 112.6 | ||||||||||||
Compensation and Employee Benefits | 21 | 21 | ||||||||||||
Current Liabilities | 16.3 | 16.3 | ||||||||||||
Other Noncurrent Liabilities | 41.3 | 41.3 | ||||||||||||
Total Liabilities Assumed | 191.2 | 191.2 | ||||||||||||
Net Assets Acquired | 1,674.4 | 1,674.4 | ||||||||||||
Goodwill | 227.3 | 227.3 | ||||||||||||
Total Estimated Fair Value of Net Assets Acquired | 1,901.7 | $ 1,901.7 | ||||||||||||
Customer Relationships | NACP Combination And PFP Acquisition | ||||||||||||||
Measurement Period Adjustments | ||||||||||||||
Discounted cashflow model, attrition rate on Intangible Assets | 5.00% | |||||||||||||
Paperboard Mills | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | 506.8 | $ 408.5 | $ 506.8 | $ 408.5 | $ 408.5 | |||||||||
Paperboard Mills | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Total increase in assets from business acquisition | 1,500 | 1,500 | ||||||||||||
Americas Paperboard Packaging | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Total increase in assets from business acquisition | $ 600 | 600 | ||||||||||||
Products And Services, Transition Services | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to suppliers unrelated to NACP combination | 22 | |||||||||||||
Product And Services, Fiber Procurement And Corrugated Products | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to suppliers unrelated to NACP combination | 15.9 | |||||||||||||
Product And Services, Wood | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to suppliers unrelated to NACP combination | 194 | |||||||||||||
Products And Services, Ink Supply | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to suppliers unrelated to NACP combination | 28.5 | |||||||||||||
Products And Services, Unrelated To Agreements | NACP Combination | ||||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||||
Payments to suppliers unrelated to NACP combination | $ 6 |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Abstract] | ||
Short Term Borrowings | $ 11.7 | $ 9.1 |
Current Portion of Capital Lease Obligations | 3.8 | 2.2 |
Current Portion of Long-Term Debt | 36.5 | 50 |
Total | $ 52 | $ 61.3 |
Weighted average interest rate on short-term borrowings | 8.40% | 6.10% |
Debt - Long-Term Debt Instrumen
Debt - Long-Term Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 08, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 660 | ||
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Capital Lease and Financing Obligations | $ 122.9 | $ 30 | |
Total Long-Term Debt | 2,956 | 2,277.9 | |
Less: Current Portion | 40.3 | 52.2 | |
Noncurrent portion of long-term debt | 2,915.7 | 2,225.7 | |
Less: Unamortized Deferred Debt Issuance Costs | 10.6 | 12.5 | |
Total | 2,905.1 | 2,213.2 | |
Senior Notes | Senior Notes with interest payable semi-annually at 4.125%, payable in 2024 | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 300 | 300 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Stated interest rate | 4.125% | ||
Interest rate at period end | 4.18% | ||
Senior Notes | Senior Notes with interest payable semi-annually at 4.95%, payable in 2022 | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 250 | 250 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Stated interest rate | 4.875% | ||
Interest rate at period end | 4.92% | ||
Senior Notes | Senior Notes with interest payable semi-annually at 4.8%, payable in 2021 | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 425 | 425 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Stated interest rate | 4.75% | ||
Interest rate at period end | 4.77% | ||
Term Loans | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 1,432.6 | 925 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Interest rate at period end | 3.89% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 399 | 319 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Interest rate at period end | 3.63% | ||
Other Debt | |||
Long-term Debt and Capital Lease Obligations [Abstract] | |||
Other | $ 26.5 | $ 28.9 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt Maturities | ||
2,019 | $ 36.5 | |
2,020 | 56.6 | |
2,021 | 489.4 | |
2,022 | 378.4 | |
2,023 | 1,567.6 | |
After 2,023 | 304.6 | |
Total | $ 2,833.1 | $ 2,247.9 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) € in Millions, ¥ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2018USD ($) | Jan. 31, 2018EUR (€) | Oct. 31, 2014EUR (€) | Jun. 30, 2014USD ($) | Jun. 30, 2014EUR (€) | Mar. 31, 2012USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) | Sep. 30, 2013JPY (¥) | Dec. 31, 2012USD ($) | Dec. 31, 2018USD ($) | Jan. 08, 2018USD ($) | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||||||||||
Long-term Debt | $ 660,000,000 | ||||||||||||
Revolving credit facility | $ 1,450,000,000 | $ 1,000,000,000 | $ 1,696,200,000 | ||||||||||
Amortizing Loan Facility | 800,000,000 | $ 1,000,000,000,000 | |||||||||||
Incremental term loan | $ 300,000,000 | ||||||||||||
Increase in revolving credit facilities | € 200 | € 250 | $ 86,000,000 | € 63 | € 75 | ¥ 2,500 | |||||||
Decrease in term loan | $ 125,000,000 | € 169 | |||||||||||
Capital Lease and Financing Obligations | $ 122,900,000 | $ 30,000,000 | |||||||||||
Europe | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Increase in revolving credit facilities | $ 100,000,000 | ||||||||||||
JAPAN | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Increase in revolving credit facilities | $ 25,000,000 | ||||||||||||
Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
LIBOR plus variable spread | 1.25% | 1.25% | 1.25% | 1.75% | 1.50% | 1.50% | 1.50% | ||||||
Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
LIBOR plus variable spread | 2.00% | 2.00% | 2.25% | 2.75% | 2.50% | 2.50% | 2.50% | ||||||
Senior Notes | Senior Notes Payable in 2021 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated interest rate | 4.75% | ||||||||||||
Long-term Debt | $ 425,000,000 | 425,000,000 | |||||||||||
Senior Notes | Senior Notes Payable in 2022 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated interest rate | 4.875% | ||||||||||||
Long-term Debt | $ 250,000,000 | 250,000,000 | |||||||||||
Senior Notes | Senior Notes Payable in 2024 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated interest rate | 4.125% | ||||||||||||
Long-term Debt | $ 300,000,000 | $ 300,000,000 |
Debt - Credit Facilities - Comm
Debt - Credit Facilities - Commitments, Amounts Outstanding, and Amounts Available (Details) - USD ($) | Dec. 31, 2018 | Jan. 31, 2018 | Jan. 08, 2018 | Dec. 31, 2017 | Mar. 31, 2012 |
Revolving Credit Facilities | |||||
Total Commitments | $ 1,696,200,000 | $ 1,450,000,000 | $ 1,000,000,000 | ||
Total Outstanding | 437,300,000 | ||||
Long-term Debt | $ 660,000,000 | ||||
Total Available | 1,236,200,000 | ||||
Standby letters of credit issued | 22,700,000 | ||||
Senior Secured Domestic Revolving Credit Facility | |||||
Revolving Credit Facilities | |||||
Total Commitments | 1,450,000,000 | ||||
Total Outstanding | 329,000,000 | ||||
Total Available | 1,098,300,000 | ||||
Senior Secured International Revolving Credit Facility | |||||
Revolving Credit Facilities | |||||
Total Commitments | 180,800,000 | ||||
Total Outstanding | 70,000,000 | ||||
Total Available | 110,800,000 | ||||
Other International Facilities | |||||
Revolving Credit Facilities | |||||
Total Commitments | 65,400,000 | ||||
Total Outstanding | 38,300,000 | ||||
Total Available | 27,100,000 | ||||
Senior Notes | Senior Notes Payable in 2024 | |||||
Revolving Credit Facilities | |||||
Long-term Debt | $ 300,000,000 | $ 300,000,000 | |||
Stated interest rate | 4.125% | ||||
Senior Notes | Senior Notes Payable in 2022 | |||||
Revolving Credit Facilities | |||||
Long-term Debt | $ 250,000,000 | 250,000,000 | |||
Stated interest rate | 4.875% | ||||
Senior Notes | Senior Notes Payable in 2021 | |||||
Revolving Credit Facilities | |||||
Long-term Debt | $ 425,000,000 | $ 425,000,000 | |||
Stated interest rate | 4.75% |
Stock Incentive Plans - RSUs an
Stock Incentive Plans - RSUs and Stock Awards Granted (Details) | 12 Months Ended | ||
Dec. 31, 2018compensation_plan$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans | compensation_plan | 1 | ||
RSUs - Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (shares) | shares | 1,543,410 | 1,547,049 | 1,891,335 |
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.79 | $ 13.35 | $ 11.20 |
Stock Awards - Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (shares) | shares | 51,226 | 65,520 | 59,880 |
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 15.03 | $ 13.43 | $ 13.36 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Unvested RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Outstanding - beginning of period (shares) | 3,871,934 | 4,667,675 | 5,439,588 |
Granted (shares) | 1,543,410 | 1,547,049 | 1,891,335 |
Released (shares) | (744,757) | (1,720,327) | (2,596,292) |
Canceled (shares) | (210,553) | (622,463) | (66,956) |
Outstanding - end of period (shares) | 4,460,034 | 3,871,934 | 4,667,675 |
Weighted Average Grant Date Fair Value | |||
Outstanding - beginning of period (in dollars per share) | $ 13.10 | $ 12.21 | $ 10.22 |
Granted (in dollars per share) | 14.79 | 13.35 | 11.20 |
Released (in dollars per share) | 14.90 | 10.05 | 7.29 |
Canceled (in dollars per share) | 13.49 | 13.13 | 12.74 |
Outstanding - end of period (in dollars per share) | $ 13.27 | $ 13.10 | $ 12.21 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 13.8 | $ 8.9 | $ 20.2 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vesting period | 3 years | ||
Unrecognized compensation expense | $ 27.2 | ||
Unrecognized compensation expense, weighted average recognition period (in Years) | 2 years | ||
Aggregate fair value of awards vested | $ 13.7 | $ 23.2 | $ 32 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits - Additional Disclosures (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)plan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate ABO | $ 1,047.2 | |||
Aggregate PBO | 1,052.2 | |||
Aggregate fair value of plan assets | 977.3 | |||
De-risking pension plan, allocation of equities | 10.00% | 10.00% | 45.00% | |
De-risking pension plan, fixed income change | 90.00% | 90.00% | 55.00% | |
Multiemployer Plan | ||||
Multiemployer plans, plan contributions | 3.4 | $ 2.3 | ||
Multiemployer withdrawal liability | $ 29 | $ 32.4 | 29 | |
Number of multiemployer plans | plan | 3 | |||
Percent of total plan contributions for the most recent plan year | 5.00% | |||
Defined Contribution Plans | ||||
Contributions to defined contribution plans | $ 54.6 | 37.7 | $ 34.7 | |
Red Zone | ||||
Multiemployer Plan | ||||
Plan funded percentage | 65.00% | |||
Yellow Zone | ||||
Multiemployer Plan | ||||
Plan funded percentage | 80.00% | |||
Green Zone | ||||
Multiemployer Plan | ||||
Plan funded percentage | 80.00% | |||
Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Actuarial Loss (Gain) | $ 267.1 | $ 297.3 | $ 267.1 | |
Weighted average discount rate | 3.49% | 4.14% | 3.49% | |
Accumulated Benefit Obligation | $ 1,359.4 | $ 1,240.2 | $ 1,359.4 | |
Company's contributions to its pension plans | 5.8 | 119.1 | ||
Benefit payments made | 65.4 | 62.7 | ||
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Actuarial Loss (Gain) | $ (20.1) | $ (1.6) | $ (20.1) | |
Weighted average discount rate | 3.64% | 4.29% | 3.64% | |
Company's contributions to its pension plans | $ 1.9 | $ 2.2 | ||
Benefit payments made | 1.9 | $ 2.2 | ||
Expected contributions in 2019 | $ 2 | |||
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Asset allocation horizon term | 3 years | |||
Minimum | Corporate Debt Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Debt securities maturity term | 1 year | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Asset allocation horizon term | 5 years | |||
Maximum | Corporate Debt Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Debt securities maturity term | 30 years | |||
Maximum | Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contributions in 2019 | $ 10 | |||
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to defined benefit plan | $ 75 | |||
UNITED KINGDOM | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to defined benefit plan | $ 6.8 | |||
PIUMPF | ||||
Multiemployer Plan | ||||
Estimated liability for PIUMPF withdrawal | 4 | |||
PIUMPF | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected benefit obligation associated with plan termination | 800 | |||
NACP Combination | ||||
Defined Contribution Plans | ||||
Increase in contributions due to NACP Combination | $ 16.9 |
Pensions and Other Postretire_4
Pensions and Other Postretirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | $ 17.3 | $ 8.2 | $ 10 |
Interest Cost | 41.8 | 42.6 | 43.8 |
Expected Return on Plan Assets | (63.6) | (64.1) | (61.3) |
Amortization: | |||
Prior Service Cost (Credit) | 0.4 | 0.5 | 0.8 |
Actuarial Loss (Gain) | 5.9 | 6.5 | 27.3 |
Net Curtailment/Settlement Loss | 1 | 0 | 1 |
Other | 0.5 | 0.8 | 0.8 |
Net Periodic (Benefit) Cost | 3.3 | (5.5) | 22.4 |
Postretirement Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | 0.6 | 0.8 | 0.8 |
Interest Cost | 1.2 | 1.3 | 1.3 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization: | |||
Prior Service Cost (Credit) | (0.3) | (0.3) | (0.2) |
Actuarial Loss (Gain) | (1.8) | (2.1) | (2.1) |
Net Curtailment/Settlement Loss | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net Periodic (Benefit) Cost | $ (0.3) | $ (0.3) | $ (0.2) |
Pensions and Other Postretire_5
Pensions and Other Postretirement Benefits - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 3.49% | 4.01% | 4.41% |
Rate of Increase in Future Compensation Levels | 2.09% | 1.45% | 1.49% |
Expected Long-Term Rate of Return on Plan Assets | 4.86% | 5.79% | 5.90% |
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Ultimate Health Care Cost Trend Rate, Pension Benefits | 0.00% | 0.00% | 0.00% |
Postretirement Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 3.64% | 4.10% | 4.29% |
Rate of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% |
Expected Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Initial Health Care Cost Trend Rate | 9.00% | 7.45% | 7.80% |
Ultimate Health Care Cost Trend Rate, Pension Benefits | 4.50% | 4.50% | |
Ultimate Health Care Cost Trend Rate, Postretirement Benefits | 4.50% | 4.50% | 4.50% |
Pensions and Other Postretire_6
Pensions and Other Postretirement Benefits - Net Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | $ 1,340.7 | ||
Fair Value of Plan Assets at End of Year | 1,186.5 | $ 1,340.7 | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||
Pension Assets | 19 | 20.4 | |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (107.5) | (80) | |
Pension Benefits | |||
Change in Benefit Obligation: | |||
Benefit Obligation at Beginning of Year | 1,367.1 | 1,279 | |
Service Cost | 17.3 | 8.2 | $ 10 |
Interest Cost | 41.8 | 42.6 | 43.8 |
Actuarial Loss (Gain) | (101.9) | 76.4 | |
Foreign Currency Exchange | (14.8) | 22.9 | |
Settlement/Curtailment (Gain) | 0 | 0.2 | |
Benefits Paid | (65.4) | (62.7) | |
Acquisition | 0 | 0 | |
Other | 1.1 | 0.9 | |
Benefit Obligation at End of Year | 1,245.2 | 1,367.1 | 1,279 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 1,340.7 | 1,115.6 | |
Actual Return on Plan Assets | (79.6) | 147.1 | |
Employer Contributions | 5.8 | 119.1 | |
Foreign Currency Exchange | (15) | 21.6 | |
Benefits Paid | (65.4) | (62.7) | |
Acquisition | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 1,186.5 | 1,340.7 | $ 1,115.6 |
Plan Assets Less than Projected Benefit Obligation | (58.7) | (26.4) | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||
Pension Assets | 19 | 20.4 | |
Accrued Pension and Postretirement Benefits Liability — Current | (1.8) | (1.7) | |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (75.9) | (45.1) | |
Accumulated Other Comprehensive Income: | |||
Net Actuarial Loss (Gain) | 297.3 | 267.1 | |
Prior Service Cost (Credit) | $ 3.6 | $ 0.7 | |
Weighted Average Calculations: | |||
Discount Rate | 4.14% | 3.49% | |
Rates of Increase in Future Compensation Levels | 2.37% | 2.09% | |
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | |
Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Postretirement Benefits | |||
Change in Benefit Obligation: | |||
Benefit Obligation at Beginning of Year | $ 37.3 | $ 40.6 | |
Service Cost | 0.6 | 0.8 | $ 0.8 |
Interest Cost | 1.2 | 1.3 | 1.3 |
Actuarial Loss (Gain) | (3) | (3.4) | |
Foreign Currency Exchange | (0.2) | 0.1 | |
Settlement/Curtailment (Gain) | 0 | 0 | |
Benefits Paid | (1.9) | (2.2) | |
Acquisition | 0 | 0 | |
Other | 0.1 | 0.1 | |
Benefit Obligation at End of Year | 34.1 | 37.3 | 40.6 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Employer Contributions | 1.9 | 2.2 | |
Foreign Currency Exchange | 0 | 0 | |
Benefits Paid | (1.9) | (2.2) | |
Acquisition | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 0 | 0 | $ 0 |
Plan Assets Less than Projected Benefit Obligation | (34.1) | (37.3) | |
Amounts Recognized in the Consolidated Balance Sheets Consist of: | |||
Pension Assets | 0 | 0 | |
Accrued Pension and Postretirement Benefits Liability — Current | (2.5) | (2.4) | |
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (31.6) | (34.9) | |
Accumulated Other Comprehensive Income: | |||
Net Actuarial Loss (Gain) | (1.6) | (20.1) | |
Prior Service Cost (Credit) | $ (20.2) | $ (0.8) | |
Weighted Average Calculations: | |||
Discount Rate | 4.29% | 3.64% | |
Rates of Increase in Future Compensation Levels | 0.00% | 0.00% | |
Initial Health Care Cost Trend Rate | 9.00% | 9.00% | |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% |
Pensions and Other Postretire_7
Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 100.00% | |
Actual plan asset allocations | 100.00% | 100.00% |
Cash | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 0.00% | |
Actual plan asset allocations | 5.00% | 2.40% |
Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 8.40% | |
Actual plan asset allocations | 8.10% | 11.20% |
Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 86.40% | |
Actual plan asset allocations | 79.50% | 82.70% |
Other Investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 5.20% | |
Actual plan asset allocations | 7.40% | 3.70% |
Pensions and Other Postretire_8
Pensions and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,186.5 | $ 1,340.7 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24.2 | 35.9 | |
Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,156.5 | 1,304 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | 0.8 | $ 0 |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58.8 | 32.2 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
Cash | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 58.5 | 31.9 | |
Cash | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 86.4 | 140.5 | |
Equity Securities, Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.6 | 4.1 | |
Equity Securities, Domestic | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 82.8 | 136.4 | |
Equity Securities, Domestic | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9.2 | 9.1 | |
Equity Securities, Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.3 | 5.8 | |
Equity Securities, Foreign | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.8 | 3.3 | |
Equity Securities, Foreign | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 980.1 | 1,108.6 | |
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15 | 16.1 | |
Fixed Income Securities | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 962.3 | 1,092.5 | |
Fixed Income Securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 0 | |
Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9.2 | 10.4 | |
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 9.6 | |
Real Estate | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.6 | 0 | |
Real Estate | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | 0.8 | |
Diversified Growth Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.8 | 39.9 | |
Diversified Growth Fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Diversified Growth Fund | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.5 | 39.9 | |
Diversified Growth Fund | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1.4 | $ 0 |
Pensions and Other Postretire_9
Pensions and Other Postretirement Benefits - Reconciliation of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at Beginning of Year | $ 1,340.7 | |
Fair Value of Plan Assets at End of Year | 1,186.5 | $ 1,340.7 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0.8 | 0 |
Transfers In | 5 | 0.8 |
Return on assets held | 0 | 0 |
Fair Value of Plan Assets at End of Year | $ 5.8 | $ 0.8 |
Pensions and Other Postretir_10
Pensions and Other Postretirement Benefits - Effect of One-Percentage-Point Change in Assumed Health Care Trend Rates (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Health Care Trend Rate Sensitivity: | |
Effect on Total Interest and Service Cost Components, One-Percentage-Point Increase | $ 0.1 |
Effect on Total Interest and Service Cost Components, One-Percentage-Point Decrease | (0.1) |
Effect on Year-End Postretirement Benefit Obligation, One-Percentage-Point Increase | 1.9 |
Effect on Year-End Postretirement Benefit Obligation, One-Percentage-Point Decrease | $ (1.7) |
Pensions and Other Postretir_11
Pensions and Other Postretirement Benefits - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 69.4 |
2,020 | 71.9 |
2,021 | 74.6 |
2,022 | 77 |
2,023 | 79.1 |
2024 - 2028 | 416.3 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 2.4 |
2,020 | 2.6 |
2,021 | 2.6 |
2,022 | 2.8 |
2,023 | 2.8 |
2024 - 2028 | $ 12.6 |
Pensions and Other Postretir_12
Pensions and Other Postretirement Benefits - Amounts in Accumulated Other Comprehensive Loss to be Recognized (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Recognition of Prior Service Cost | $ 0.2 |
Recognition of Actuarial Loss (Gain) | 9.9 |
Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Recognition of Prior Service Cost | (0.3) |
Recognition of Actuarial Loss (Gain) | $ (2.1) |
Pensions and Other Postretir_13
Pensions and Other Postretirement Benefits - Multi-employer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 0.5 | $ 0.5 | $ 0.4 |
Central States Southeast and Southwest Areas Pension Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Protection Act Zone Status | Red | Red | |
Multiemployer Plan, Contributions by Employer | $ 0.1 | $ 0.1 | 0.1 |
PIUMPF | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Protection Act Zone Status | Red | Red | |
Multiemployer Plan, Contributions by Employer | $ 0.1 | $ 0.1 | 0.1 |
Graphic Communications Conference of International Brotherhood of Teamster Pension Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Protection Act Zone Status | Red | Red | |
Western Conference of Teamsters Pension Trust - Northwest Area | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 0.3 | $ 0.3 | $ 0.2 |
Income Taxes - Income Taxes (D
Income Taxes - Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 298.9 | $ 227.5 | $ 290 |
International | 48.6 | 25.5 | 29.4 |
Income before Income Taxes and Equity Income of Unconsolidated Entity | $ 347.5 | $ 253 | $ 319.4 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current (Expense) Benefit: | ||||
U.S. | $ (13) | $ 0.7 | $ (5.1) | |
International | (15.7) | (9.2) | (11.4) | |
Total Current | (28.7) | (8.5) | (16.5) | |
Deferred (Expense) Benefit: | ||||
U.S. | (31.6) | 51 | (78.8) | |
International | 5.6 | 3 | 2.1 | |
Total Deferred | (26) | 54 | (76.7) | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Income Tax Expense at U.S. Statutory Rate | (73) | (88.5) | (111.8) | |
U.S. State and Local Tax Expense | (11.7) | (8.7) | (10) | |
IRS Agreement | 0 | 0 | 22.8 | |
Permanent Items | (3.8) | (2.7) | (1.3) | |
U.S. Tax Reform | 10.9 | 138 | 0 | |
Change in Valuation Allowance due to Tax Reform | 0 | (2) | 0 | |
Change in Valuation Allowance | 13 | (3.5) | 0.5 | |
International Tax Rate Differences | (1.9) | 3.2 | 1.8 | |
Foreign Withholding Tax | 0.5 | 0.4 | 0.2 | |
Change in Tax Rates | 1.9 | (3) | 0.2 | |
U.S. Federal & State Tax Credits | 0.3 | 10.2 | 3.5 | |
Uncertain Tax Positions | (0.7) | (0.3) | 1.2 | |
Capital Loss Expiration | (2.7) | 0 | 0 | |
Domestic Minority Interest | 13.7 | 0 | 0 | |
Other | $ 22.4 | (0.2) | 3.2 | 0.1 |
Income Tax Benefit (Expense) | $ (54.7) | $ 45.5 | $ (93.2) | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Income Tax Expense at U.S. Statutory Rate | 21.00% | 35.00% | 35.00% | |
U.S. State and Local Tax Expense | 3.40% | 3.40% | 3.20% | |
IRS Agreement | 0.00% | 0.00% | (7.20%) | |
Permanent Items | 1.10% | 1.00% | 0.50% | |
U.S. Tax Reform | (3.10%) | (54.50%) | 0.00% | |
Change in Valuation Allowance due to Tax Reform | 0.00% | 0.80% | 0.00% | |
Change in Valuation Allowance | (3.70%) | 1.40% | (0.20%) | |
International Tax Rate Differences | 0.50% | (1.30%) | (0.60%) | |
Foreign Withholding Tax | 0.10% | 0.20% | 0.10% | |
Change in Tax Rates | (0.50%) | 1.20% | (0.10%) | |
U.S. Federal & State Tax Credits | (0.10%) | (4.00%) | (1.10%) | |
Uncertain Tax Positions | 0.20% | 0.10% | (0.40%) | |
Capital Loss Expiration | 0.70% | 0.00% | 0.00% | |
Domestic Minority Interest | (3.90%) | 0.00% | 0.00% | |
Other | 0.00% | (1.30%) | 0.00% | |
Income Tax Benefit (Expense) | 15.70% | (18.00%) | 29.20% | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Provisional net tax benefit | $ 136 | |||
Deferred tax benefit | 156.3 | |||
One time foreign transition tax | $ 20.5 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets, Liabilities and Related Valuation Allowance (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | ||||||
Tax impact of Tax Cuts and Jobs Act | $ 10.9 | |||||
Decrease in valuation allowance | 13 | |||||
Provisional net tax benefit | $ 136 | |||||
Deferred tax benefit | 156.3 | |||||
One time foreign transition tax | 20.5 | |||||
Discreet tax benefit reflecting the federal and state impact of amended returns | $ 22.4 | (0.2) | 3.2 | $ 0.1 | ||
Deferred Income Tax Assets: | ||||||
Compensation Based Accruals | $ 2.9 | $ 16.5 | ||||
Net Operating Loss Carryforwards | 73.4 | 114.9 | ||||
Postretirement Benefits | 1 | 25.6 | ||||
Tax Credits | 30.8 | 17.6 | ||||
Other | 7.6 | 45.9 | ||||
Valuation allowance | (51.5) | (45.5) | (44.8) | (36.3) | (51.5) | |
Total Deferred Income Tax Assets | 79.4 | 169 | ||||
Deferred Income Tax Liabilities: | ||||||
Property, Plant and Equipment | (16.7) | (219.8) | ||||
Goodwill | (2.3) | (192) | ||||
Other Intangibles | (12.3) | (68.7) | ||||
Investment in Partnership | (502.1) | 0 | ||||
Other | 0 | (3.5) | ||||
Net Noncurrent Deferred Income Tax Liabilities | (533.4) | (484) | ||||
Net Deferred Income Tax Liability | (454) | (315) | ||||
Total deferred income tax assets | 115.7 | 220.5 | ||||
Summary of Valuation Allowances | ||||||
Balance Beginning of Period | 51.5 | 45.5 | 44.8 | |||
Balance at End of Period | 36.3 | 51.5 | 45.5 | |||
International | ||||||
Deferred Income Tax Assets: | ||||||
Valuation allowance | (26.1) | (26.1) | ||||
Summary of Valuation Allowances | ||||||
Balance at End of Period | 26.1 | |||||
Domestic and State Income Tax Attributes That Expired During The Year | ||||||
Valuation Allowance [Line Items] | ||||||
Decrease in valuation allowance | 10 | |||||
Deferred Tax Assets, Foreign Subsidiaries And Other | ||||||
Valuation Allowance [Line Items] | ||||||
Decrease in valuation allowance | 3 | |||||
Deferred Tax Assets, Foreign Subsidiaries | ||||||
Valuation Allowance [Line Items] | ||||||
Decrease in valuation allowance | 2 | |||||
Capital loss carryforward | United States | ||||||
Deferred Income Tax Assets: | ||||||
Valuation allowance | (0.7) | (0.7) | ||||
Summary of Valuation Allowances | ||||||
Balance at End of Period | 0.7 | |||||
Research Credit carryforward | State and Local Jurisdiction | ||||||
Deferred Income Tax Assets: | ||||||
Valuation allowance | (5) | (5) | ||||
Summary of Valuation Allowances | ||||||
Balance at End of Period | 5 | |||||
Net operating losses | State and Local Jurisdiction | ||||||
Deferred Income Tax Assets: | ||||||
Valuation allowance | (4.5) | $ (4.5) | ||||
Summary of Valuation Allowances | ||||||
Balance at End of Period | 4.5 | |||||
Deferred Tax Assets | ||||||
Summary of Valuation Allowances | ||||||
Adjustments for (Income) and Expenses | (13) | 5.5 | 1.2 | |||
(Deductions) Additions | $ (2.2) | $ 0.5 | $ (0.5) | |||
NACP Combination | ||||||
Deferred Income Tax Liabilities: | ||||||
Investment in Partnership | $ (123.3) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 168.2 |
Tax credit carryforwards | 30.8 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 231.2 |
International | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 105.6 |
2,024 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2,025 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 0 |
2,026 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 41.5 |
2,027 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 12.1 |
2,028 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 114.6 |
2,029 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 0 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits | ||
Beginning Balance | $ 10.5 | $ 10.1 |
Additions for Tax Positions of Current Year | 0.8 | 0.6 |
Additions for Tax Positions of Prior Years | 5.2 | 0.7 |
Reductions for Tax Positions of Prior Years | (1) | (0.9) |
Ending Balance | 15.5 | 10.5 |
Gross unrecognized tax benefits that would affect the annual effective income tax rate | 15.5 | |
Accrual for the payment of interest and penalties | 0.1 | $ 0.1 |
Unrealized tax benefits expected to change in next twelve months | $ 1.6 |
Income Taxes - Undistributed Fo
Income Taxes - Undistributed Foreign Earnings (Details) $ in Millions | Dec. 31, 2018USD ($) |
Income Taxes [Abstract] | |
Undistributed Earnings of Foreign Subsidiaries | $ 41 |
Financial Instruments, Deriva_3
Financial Instruments, Derivatives and Hedging Activities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Currency Movement Effect | |||
Net currency exchange losses included in determining Income from Operations | $ 1,600,000 | $ 3,100,000 | $ 4,800,000 |
Interest Swap Position One | |||
Derivative [Line Items] | |||
Notional amount | 150,000,000 | ||
Interest Rate Risk | |||
Notional amount | $ 150,000,000 | ||
Derivative, Average Variable Interest Rate | 2.03% | ||
Foreign Currency Risk | |||
Notional amount | $ 150,000,000 | ||
Interest Swap Position Two | |||
Derivative [Line Items] | |||
Notional amount | 150,000,000 | ||
Interest Rate Risk | |||
Notional amount | $ 150,000,000 | ||
Derivative, Average Variable Interest Rate | 2.25% | ||
Foreign Currency Risk | |||
Notional amount | $ 150,000,000 | ||
Interest Swap Position Three | |||
Derivative [Line Items] | |||
Notional amount | 150,000,000 | ||
Interest Rate Risk | |||
Notional amount | $ 150,000,000 | ||
Derivative, Average Variable Interest Rate | 2.36% | ||
Foreign Currency Risk | |||
Notional amount | $ 150,000,000 | ||
Interest Swap Position Four | |||
Derivative [Line Items] | |||
Notional amount | 120,000,000 | ||
Interest Rate Risk | |||
Notional amount | $ 120,000,000 | ||
Derivative, Average Variable Interest Rate | 2.92% | ||
Foreign Currency Risk | |||
Notional amount | $ 120,000,000 | ||
Interest Swap Position Five | |||
Derivative [Line Items] | |||
Notional amount | 80,000,000 | ||
Interest Rate Risk | |||
Notional amount | $ 80,000,000 | ||
Derivative, Average Variable Interest Rate | 2.79% | ||
Foreign Currency Risk | |||
Notional amount | $ 80,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | |||
Foreign Currency Risk | |||
Amount of ineffectiveness related to changes in the fair value of derivatives | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||
Derivative [Line Items] | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Commodity Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Foreign Currency Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedging | Commodity Contracts | |||
Derivative [Line Items] | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Commodity Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Foreign Currency Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Forward | |||
Derivative [Line Items] | |||
Notional amount | 51,600,000 | 66,100,000 | |
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Commodity Risk | |||
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Interest Rate Risk | |||
Notional amount | 51,600,000 | 66,100,000 | |
Foreign Currency Risk | |||
Notional amount | 51,600,000 | 66,100,000 | |
Amounts excluded from the measure of effectiveness | 0 | 0 | |
Amount of ineffectiveness related to changes in the fair value of derivatives | 0 | 0 | |
Amounts reclassified into earnings connected to forecasted transactions no longer considered probable | 0 | 0 | |
Not Designated as Hedging Instrument | Foreign Exchange Forward | |||
Derivative [Line Items] | |||
Notional amount | 62,200,000 | 90,100,000 | |
Interest Rate Risk | |||
Notional amount | 62,200,000 | 90,100,000 | |
Foreign Currency Risk | |||
Notional amount | $ 62,200,000 | $ 90,100,000 | |
Maximum | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Forward foreign exchange contracts, maximum range of maturities | 15 months | 18 months |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Disclosures (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Gross derivative liability | $ 3.4 | $ 1.2 |
Gross derivative asset | 0.8 | 1.2 |
Long-term debt, fair value | 2,762.5 | 2,299.1 |
Long-term debt, carrying value | $ 2,833.1 | $ 2,247.9 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | $ 1 | $ 5.7 | $ (6) |
Derivative Contracts Designated as Hedging Instruments | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | 1 | 5.7 | |
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | (0.6) | (2.1) | |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0 | (0.1) | |
Derivative Contracts Designated as Hedging Instruments | Commodity Contracts | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | (0.7) | 3.6 | |
Derivative Contracts Designated as Hedging Instruments | Commodity Contracts | Cost of Sales | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | (0.4) | (1.2) | |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0 | (0.1) | |
Derivative Contracts Designated as Hedging Instruments | Foreign Currency Contracts | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | (0.3) | 3.1 | |
Derivative Contracts Designated as Hedging Instruments | Foreign Currency Contracts | Other (Income) Expense, Net | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | 0.7 | (0.3) | |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0 | 0 | |
Derivative Contracts Designated as Hedging Instruments | Interest Rate Swap Agreements | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | 2 | (1) | |
Derivative Contracts Designated as Hedging Instruments | Interest Rate Swap Agreements | Interest Expense, Net | Instruments in a Cash Flow Hedging Relationship | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | (0.9) | (0.6) | |
Amount of Loss (Gain) Recognized in Statement of Operations (Ineffective Portion) | 0 | 0 | |
Derivative Contracts Not Designated as Hedging Instruments | Foreign Currency Contracts | Other (Income) Expense, Net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Statement of Operations (Effective Portion) | $ (5.6) | $ 9.7 |
Fair Value Measurement - Accumu
Fair Value Measurement - Accumulated Derivative Instruments (Loss) Gain (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Balance at beginning of period | $ (0.3) | $ 7.5 | $ (13.5) |
Reclassification to earnings | (0.6) | (2.1) | 15 |
Current period change in fair value | (1) | (5.7) | 6 |
Balance at end of period | (1.9) | $ (0.3) | $ 7.5 |
Expected reclassification of pre-tax losses in the next twelve months from ACOL to earnings | $ (1.3) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Change in the Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | $ (44.6) | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (5.5) | ||
Total Other Comprehensive (Loss) Income, Net of Tax | (39.1) | $ 48.8 | $ (41.9) |
Derivative Instruments (Loss) Gain, Pretax | (1.1) | (7.8) | 21 |
Derivative Instruments (Loss) Gain, Tax Effect | 0.1 | 2.9 | (8) |
Derivative Instruments | (1) | (4.9) | 13 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Before Tax, Portion Attributable to Parent | 24.8 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Tax, Portion Attributable to Parent | 5.4 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Net of Tax, Portion Attributable to Parent | 19.4 | ||
Pension and Postretirement Benefit Plans, Pretax Amount | 12.3 | 7.9 | |
Pension and Postretirement Benefit Plans, Tax Effect | (3.5) | (3.9) | |
Pension and Postretirement Benefit Plans, Net Amount | (24.1) | 8.8 | 4 |
Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, Before Tax, Portion Attributable to Parent | (18.7) | ||
Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, Tax, Portion Attributable to Parent | 0 | ||
Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (18.7) | ||
Currency Translation Adjustment, Pretax Amount | 44.9 | (58.9) | |
Currency Translation Adjustment, Tax Effect | 0 | 0 | |
Currency Translation Adjustment | (18.7) | 44.9 | (58.9) |
Other Comprehensive Income (Loss), Pretax Amount | 49.4 | (30) | |
Other Comprehensive Income (Loss), Tax Effect | (0.6) | (11.9) | |
Net Current-period Other Comprehensive Loss | $ (51.3) | $ 48.8 | $ (41.9) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Balances of AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Accumulated Derivative Instruments Loss | $ (11.3) | $ (10.3) |
Pension and Postretirement Benefit Plans | (246.1) | (226.7) |
Currency Translation Adjustment | (120.5) | (101.8) |
Accumulated Other Comprehensive Loss | $ (377.9) | $ (338.8) |
Commitments and Contingencies -
Commitments and Contingencies - Capital and Operating Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Renewal | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Capital Leased Assets [Line Items] | |||
Capital Lease and Financing Obligations | $ 122.9 | $ 30 | |
Total rental expense | 61 | $ 38 | $ 35 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | 10.3 | ||
2,020 | 10.4 | ||
2,021 | 10.5 | ||
2,022 | 10.1 | ||
2,023 | 10.2 | ||
Thereafter | 147.2 | ||
Total Minimum Lease Payments | 198.7 | ||
Less: Amount Representing Interest | (75.8) | ||
Present Value of Net Minimum Leases | 122.9 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | 61.8 | ||
2,020 | 49.8 | ||
2,021 | 37.7 | ||
2,022 | 30 | ||
2,023 | 23.3 | ||
Thereafter | 36.9 | ||
Total Minimum Lease Payments | 239.5 | ||
Finance Lease | |||
Capital Leased Assets [Line Items] | |||
Capital Lease and Financing Obligations | $ 95 | ||
Initial term of lease contract | 20 years | ||
Number of renewals | Renewal | 2 | ||
Renewal term | 5 years | ||
Annual percentage increase in payments | 2.00% | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | $ 7 |
Commitments and Contingencies_2
Commitments and Contingencies - Long-term Purchase Commitments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 343.4 |
2,019 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 83.4 |
2,020 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 38.6 |
2,021 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 30.2 |
2,022 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 30 |
2,023 | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 29.8 |
Thereafter | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 131.4 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Noncontrolling Interest [Line Items] | |||||
Stock Repurchased During Period, Shares | 10,566,144 | 4,462,263 | 13,202,425 | ||
Common Stock, Reduction in Shares Available for Issuance Upon Exchange | 1,701,834 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Beginning Balance | $ 0 | ||||
Issuance of Redeemable Noncontrolling interest | 255.2 | ||||
Reclassification to Redeemable Noncontrolling Interest for Share Repurchases | (12.5) | ||||
Net Income Attributable to Redeemable Noncontrolling Interest | 16.6 | ||||
Other Comprehensive Loss, Net of Tax | (2.8) | ||||
Distributions of Membership Interest | (5.7) | ||||
Ending Balance | $ 275.8 | $ 275.8 | $ 0 | ||
Graphic Packaging International Partners (GPIP) | International Paper Company | |||||
Noncontrolling Interest [Line Items] | |||||
Common units of GPIP issued | 79,911,591 | ||||
Shares of nonredeemable noncontrolling interest common stock issued | 61,633,409 |
Business Segment and Geograph_3
Business Segment and Geographic Area Information - Segment Reporting, by Segment (Details) $ in Millions | Jan. 01, 2018Facilities | Dec. 31, 2018USD ($)paperboard_mill | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segmentpaperboard_mill | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Segment Reporting Information [Line Items] | ||||||||||||
Number of converting facilities | Facilities | 3 | |||||||||||
Number of reportable segments | segment | 3 | |||||||||||
Number of paperboard mills | paperboard_mill | 8 | 8 | ||||||||||
Net Sales | $ 1,507.7 | $ 1,530 | $ 1,509.3 | $ 1,476 | $ 1,109.9 | $ 1,137.6 | $ 1,094.7 | $ 1,061.5 | $ 6,023 | $ 4,403.7 | $ 4,298.1 | |
Net Sales | 6,023 | 4,403.7 | 4,298.1 | |||||||||
Income from Operations | 107.5 | $ 166.4 | $ 110.3 | $ 74 | 81.1 | $ 91.4 | $ 83.8 | $ 71.6 | 458.2 | 327.9 | 407.4 | |
Capital Expenditures | 395.2 | 260.1 | 294.6 | |||||||||
Depreciation and Amortization | 430.6 | 330.3 | 299.3 | |||||||||
Assets | 7,059.2 | 4,863 | 7,059.2 | 4,863 | 4,603.4 | |||||||
Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income from Operations | 327.9 | |||||||||||
Operating Segments | Paperboard Mills | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 1,076.5 | 399.7 | 394.7 | |||||||||
Income from Operations | 30.6 | (35) | (3.7) | |||||||||
Capital Expenditures | 240.1 | 111.4 | 184.2 | |||||||||
Depreciation and Amortization | 197.5 | 143.7 | 120.3 | |||||||||
Assets | 3,005.6 | 1,487 | 3,005.6 | 1,487 | 1,496.1 | |||||||
Operating Segments | Americas Paperboard Packaging | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 4,093.9 | 3,243.6 | 3,193.1 | |||||||||
Income from Operations | 420.1 | 358.2 | 409 | |||||||||
Capital Expenditures | 104.3 | 98.8 | 45.9 | |||||||||
Depreciation and Amortization | 165.4 | 125.3 | 124.7 | |||||||||
Assets | 3,143.6 | 2,478.7 | 3,143.6 | 2,478.7 | 2,419.8 | |||||||
Operating Segments | Europe Paperboard Packaging | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 695.5 | 593.1 | 569.9 | |||||||||
Income from Operations | 46.1 | 37.3 | 25.4 | |||||||||
Capital Expenditures | 19.5 | 17.3 | 37.1 | |||||||||
Depreciation and Amortization | 48.9 | 42.1 | 41.1 | |||||||||
Assets | 603.4 | 607.1 | 603.4 | 607.1 | 491.9 | |||||||
Operating Segments | Corporate/Other/Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 157.1 | 167.3 | 140.4 | |||||||||
Income from Operations | (38.6) | (32.6) | (23.3) | |||||||||
Capital Expenditures | 31.3 | 32.6 | 27.4 | |||||||||
Depreciation and Amortization | 18.8 | 19.2 | 13.2 | |||||||||
Assets | $ 306.6 | $ 290.2 | $ 306.6 | $ 290.2 | $ 195.6 |
Business Segment and Geograph_4
Business Segment and Geographic Area Information - Segment Reporting, by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 1,507.7 | $ 1,530 | $ 1,509.3 | $ 1,476 | $ 1,109.9 | $ 1,137.6 | $ 1,094.7 | $ 1,061.5 | $ 6,023 | $ 4,403.7 | $ 4,298.1 |
Assets | 7,059.2 | 4,863 | 7,059.2 | 4,863 | 4,603.4 | ||||||
Corporate and Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | (60.7) | (48.4) | (71.6) | ||||||||
Reportable Geographical Components | Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 5,170.4 | 3,643.3 | 3,601.7 | ||||||||
Assets | 6,260.1 | 4,046.4 | 6,260.1 | 4,046.4 | 3,923.2 | ||||||
Reportable Geographical Components | Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 695.5 | 593.1 | 569.9 | ||||||||
Assets | 603.4 | 607.1 | 603.4 | 607.1 | 491.9 | ||||||
Reportable Geographical Components | Asia Pacific | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 217.8 | 215.7 | 198.1 | ||||||||
Assets | $ 195.7 | $ 209.5 | $ 195.7 | $ 209.5 | $ 188.3 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Operations Data: | |||||||||||
Net Sales | $ 1,507.7 | $ 1,530 | $ 1,509.3 | $ 1,476 | $ 1,109.9 | $ 1,137.6 | $ 1,094.7 | $ 1,061.5 | $ 6,023 | $ 4,403.7 | $ 4,298.1 |
Gross Profit | 231.1 | 256.5 | 235.9 | 222.5 | 176 | 191.6 | 176.9 | 175 | 946 | 719.5 | |
Business Combinations, (Gain) on Sale of Assets and Shutdown and Other Special Charges, Net | 7.4 | (27.4) | 8.6 | 26.3 | 12.8 | 3.6 | 6.1 | 8.6 | 14.9 | 31.1 | 37.1 |
Income from Operations | 107.5 | 166.4 | 110.3 | 74 | 81.1 | 91.4 | 83.8 | 71.6 | 458.2 | 327.9 | 407.4 |
Net Income | 63.3 | 122 | 66 | 42.7 | $ 173.9 | $ 47.3 | $ 42 | $ 37 | 294 | 300.2 | 228 |
Net Income (Loss) Attributable to Parent | $ 47.5 | $ 94.3 | $ 49.4 | $ 29.9 | $ 221.1 | $ 300.2 | $ 228 | ||||
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.16 | $ 0.30 | $ 0.16 | $ 0.10 | $ 0.56 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.71 | $ 0.97 | $ 0.71 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.15 | $ 0.30 | $ 0.16 | $ 0.10 | $ 0.56 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.71 | $ 0.96 | $ 0.71 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | $ 47.5 | $ 94.3 | $ 49.4 | $ 29.9 | $ 221.1 | $ 300.2 | $ 228 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 63.3 | $ 122 | $ 66 | $ 42.7 | $ 173.9 | $ 47.3 | $ 42 | $ 37 | $ 294 | $ 300.2 | $ 228 |
Weighted Average Shares: | |||||||||||
Basic (in shares) | 309.5 | 311.1 | 320.9 | ||||||||
Dilutive effect of RSUs (in shares) | 0.6 | 0.8 | 0.6 | ||||||||
Diluted (in shares) | 310.1 | 311.9 | 321.5 | ||||||||
Earnings Per Share - Basic (in dollars per share) | $ 0.16 | $ 0.30 | $ 0.16 | $ 0.10 | $ 0.56 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.71 | $ 0.97 | $ 0.71 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.15 | $ 0.30 | $ 0.16 | $ 0.10 | $ 0.56 | $ 0.15 | $ 0.14 | $ 0.12 | $ 0.71 | $ 0.96 | $ 0.71 |
Changes in Other Comprehensiv_2
Changes in Other Comprehensive (Loss) Income - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ (338.8) | ||
Other Comprehensive Loss before Reclassifications | (54.1) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2.8 | ||
Net Current-period Other Comprehensive Loss | (51.3) | $ 48.8 | $ (41.9) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract] | |||
Net Current-period Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest | 12.2 | ||
Ending balance | (377.9) | (338.8) | |
Derivatives Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (10.3) | ||
Other Comprehensive Loss before Reclassifications | (0.8) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (0.5) | ||
Net Current-period Other Comprehensive Loss | (1.3) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract] | |||
Net Current-period Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest | 0.3 | ||
Ending balance | (11.3) | (10.3) | |
Pension and Postretirement Benefit Plans | Pension Benefits | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (226.7) | ||
Other Comprehensive Loss before Reclassifications | (28.8) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3.3 | ||
Net Current-period Other Comprehensive Loss | (25.5) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract] | |||
Net Current-period Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest | 6.1 | ||
Ending balance | (246.1) | (226.7) | |
Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (101.8) | ||
Other Comprehensive Loss before Reclassifications | (24.5) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | ||
Net Current-period Other Comprehensive Loss | (24.5) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest [Abstract] | |||
Net Current-period Other Comprehensive (Loss) Income Attributable to Noncontrolling Interest | 5.8 | ||
Ending balance | $ (120.5) | $ (101.8) |
Changes in Other Comprehensiv_3
Changes in Other Comprehensive (Loss) Income - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cost of Sales | $ 5,077 | $ 3,696.1 | $ 3,497.1 | ||||
Other Expense, Net | 7.2 | 3 | 3.1 | ||||
Total before Tax | (347.5) | (253) | (319.4) | ||||
Income Tax Expense (Benefit) | 54.7 | (45.5) | 93.2 | ||||
Net of Tax | $ (47.5) | $ (94.3) | $ (49.4) | $ (29.9) | (221.1) | $ (300.2) | $ (228) |
Reclassification out of Accumulated Other Comprehensive Income | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net of Tax | 2.8 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Total before Tax | (0.6) | ||||||
Income Tax Expense (Benefit) | 0.1 | ||||||
Net of Tax | (0.5) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Commodity Contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cost of Sales | (0.4) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Foreign Currency Contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Expense, Net | 0.7 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Instruments | Interest Rate Swap Agreements | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest Expense, Net | (0.9) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Pension Benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Prior Service Costs (Credits) | 0.4 | ||||||
Actuarial Losses (Gains) | 5.9 | ||||||
Total before Tax | 6.3 | ||||||
Income Tax Expense (Benefit) | (1.3) | ||||||
Net of Tax | 5 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Postretirement Benefit Plans | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Prior Service Costs (Credits) | (0.3) | ||||||
Actuarial Losses (Gains) | (1.8) | ||||||
Total before Tax | (2.1) | ||||||
Income Tax Expense (Benefit) | 0.4 | ||||||
Net of Tax | $ (1.7) |