Guarantor Condensed Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Guarantor Condensed Consolidated Financial Statements [Abstract]

Schedule of Guarantor Condensed Consolidating Statements of Operations

	Three Months Ended June 30, 2012
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	852.5		$	17.4		$	304.1		$	(62.1	)	$	1,111.9
Cost of Sales	—		682.2			12.9			282.5			(62.1		)	915.5
Selling, General and Administrative	—		75.3			1.9			18.1			—			95.3
Other (Income) Expense, Net	—		(1.1		)	—			0.3			—			(0.8		)
Restructuring and Other Special Charges	—		0.3			—			4.9			—			5.2
Income (Loss) from Operations	—		95.8			2.6			(1.7		)	—			96.7
Interest Expense, Net	—		(25.7		)	—			(1.7		)	—			(27.4		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—		70.1			2.6			(3.4		)	—			69.3
Income Tax Expense	—		(26.5		)	(0.8		)	(1.3		)	—			(28.6		)
Income (Loss) before Equity Income of Unconsolidated Entities	—		43.6			1.8			(4.7		)	—			40.7
Equity Income of Unconsolidated Entities	—		—			—			0.7			—			0.7
Equity in Net Earnings of Subsidiaries	41.4		(2.2		)	0.1			—			(39.3		)	—
Net Income (Loss)	41.4		41.4			1.9			(4.0		)	(39.3		)	41.4
Net Loss Attributable to Noncontrolling Interests	1.0		1.0			—			—			(1.0		)	1.0
Net Income (Loss) Attributable to Graphic Packaging Holding Company	$	42.4	$	42.4		$	1.9		$	(4.0	)	$	(40.3	)	$	42.4
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company	$	42.3	$	42.3		$	1.0		$	(5.3	)	$	(38.0	)	$	42.3

	Three Months Ended June 30, 2011
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	855.5		$	14.1	$	276.1		$	(65.0	)	$	1,080.7
Cost of Sales	—		718.6			10.3		251.4			(65.0		)	915.3
Selling, General and Administrative	—		71.9			1.5		16.5			—			89.9
Other (Income) Expense, Net	—		(1.5		)	—		0.2			—			(1.3		)
Restructuring and Other Special Charges	—		0.5			—		—			—			0.5
Income from Operations	—		66.0			2.3		8.0			—			76.3
Interest Expense, Net	—		(36.1		)	—		(0.5		)	—			(36.6		)
Loss on Modification or Extinguishment of Debt	—		(0.8		)	—		—			—			(0.8		)
Income before Income Taxes and Equity Income of Unconsolidated Entities	—		29.1			2.3		7.5			—			38.9
Income Tax Expense	—		(7.0		)	—		(0.4		)	—			(7.4		)
Income before Equity Income of Unconsolidated Entities	—		22.1			2.3		7.1			—			31.5
Equity Income of Unconsolidated Entities	—		—			—		0.6			—			0.6
Equity in Net Earnings of Subsidiaries	32.1		10.0			0.7		—			(42.8		)	—
Net Income	32.1		32.1			3.0		7.7			(42.8		)	32.1
Net Loss Attributable to Noncontrolling Interests	—		—			—		—			—			—
Net Income Attributable to Graphic Packaging Holding Company	$	32.1	$	32.1		$	3.0	$	7.7		$	(42.8	)	$	32.1
Comprehensive Income Attributable to Graphic Packaging Holding Company	$	49.1	$	49.1		$	4.0	$	10.8		$	(63.9	)	$	49.1

	Six Months Ended June 30, 2012
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	1,682.6		$	34.7		$	587.0		$	(125.2	)	$	2,179.1
Cost of Sales	—		1,369.6			25.5			543.2			(125.2		)	1,813.1
Selling, General and Administrative	—		149.9			3.7			38.0			—			191.6
Other (Income) Expense, Net	—		(2.7		)	(0.1		)	0.8			—			(2.0		)
Restructuring and Other Special Charges	—		2.8			—			5.9			—			8.7
Income (Loss) from Operations	—		163.0			5.6			(0.9		)	—			167.7
Interest Expense, Net	—		(55.7		)	—			(3.8		)	—			(59.5		)
Loss on Modification or Extinguishment of Debt	—		(8.9		)	—			—			—			(8.9		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—		98.4			5.6			(4.7		)	—			99.3
Income Tax Expense	—		(37.5		)	(1.7		)	(2.4		)	—			(41.6		)
Income (Loss) before Equity Income of Unconsolidated Entities	—		60.9			3.9			(7.1		)	—			57.7
Equity Income of Unconsolidated Entities	—		—			—			1.0			—			1.0
Equity in Net Earnings of Subsidiaries	58.7		(2.2		)	(1.8		)	—			(54.7		)	—
Net Income (Loss)	58.7		58.7			2.1			(6.1		)	(54.7		)	58.7
Net Loss Attributable to Noncontrolling Interests	0.9		0.9			—			—			(0.9		)	0.9
Net Income (Loss) Attributable to Graphic Packaging Holding Company	$	59.6	$	59.6		$	2.1		$	(6.1	)	$	(55.6	)	$	59.6
Comprehensive Income Attributable to Graphic Packaging Holding Company	$	68.1	$	68.1		$	5.4		$	2.4		$	(75.9	)	$	68.1

	Six Months Ended June 30, 2011
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	1,643.3		$	28.4	$	529.7		$	(120.1	)	$	2,081.3
Cost of Sales	—		1,379.3			20.6		477.9			(120.1		)	1,757.7
Selling, General and Administrative	—		143.6			3.2		32.6			—			179.4
Other (Income) Expense, Net	—		(1.6		)	—		0.4			—			(1.2		)
Restructuring and Other Special Charges	—		0.5			—		—			—			0.5
Income from Operations	—		121.5			4.6		18.8			—			144.9
Interest Expense, Net	—		(75.1		)	—		(0.8		)	—			(75.9		)
Loss on Modification or Extinguishment of Debt	—		(0.8		)	—		—			—			(0.8		)
Income before Income Taxes and Equity Income of Unconsolidated Entities	—		45.6			4.6		18.0			—			68.2
Income Tax Expense	—		(9.8		)	—		(0.5		)	—			(10.3		)
Income before Equity Income of Unconsolidated Entities	—		35.8			4.6		17.5			—			57.9
Equity Income of Unconsolidated Entities	—		—			—		0.9			—			0.9
Equity in Net Earnings of Subsidiaries	58.8		23.0			0.6		—			(82.4		)	—
Net Income	58.8		58.8			5.2		18.4			(82.4		)	58.8
Net Loss Attributable to Noncontrolling Interests	—		—			—		—			—			—
Net Income Attributable to Graphic Packaging Holding Company	$	58.8	$	58.8		$	5.2	$	18.4		$	(82.4	)	$	58.8
Comprehensive Income Attributable to Graphic Packaging Holding Company	$	91.6	$	91.6		$	8.7	$	26.4		$	(126.7	)	$	91.6

Schedule of Guarantor Condensed Consolidating Balance Sheets

	June 30, 2012
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	0.4		$	—	$	30.6		$	—		$	31.0
Receivables, Net	—			288.3			7.1		151.4			—			446.8
Inventories, Net	—			348.4			5.2		157.2			—			510.8
Intercompany	28.6			576.7			—		—			(605.3		)	—
Deferred Income Tax Assets	—			85.7			—		0.9			—			86.6
Other Current Assets	—			17.3			—		4.8			—			22.1
Total Current Assets	28.6			1,316.8			12.3		344.9			(605.3		)	1,097.3
Property, Plant and Equipment, Net	—			1,402.5			16.0		192.7			(0.2		)	1,611.0
Investment in Consolidated Subsidiaries	1,220.7			(6.2		)	8.7		—			(1,223.2		)	—
Goodwill	—			1,046.7			47.2		26.2			—			1,120.1
Other Assets	—			438.3			19.2		110.0			—			567.5
Total Assets	$	1,249.3		$	4,198.1		$	103.4	$	673.8		$	(1,828.7	)	$	4,395.9
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—		$	51.0		$	—	$	13.3		$	—		$	64.3
Accounts Payable	—			276.7			5.0		111.6			—			393.3
Interest Payable	—			13.1			—		0.2			—			13.3
Intercompany	—			—			59.1		546.2			(605.3		)	—
Other Accrued Liabilities	—			146.5			1.6		32.3			—			180.4
Total Current Liabilities	—			487.3			65.7		703.6			(605.3		)	651.3
Long-Term Debt	—			2,008.4			—		1.0			—			2,009.4
Deferred Income Tax Liabilities	—			63.3			—		2.8			—			66.1
Other Noncurrent Liabilities	—			406.0			—		13.8			—			419.8
Redeemable Noncontrolling Interests	14.1			14.1			—		—			(14.1		)	14.1
EQUITY
Total Graphic Packaging Holding Company Shareholders’ Equity	1,236.9			1,220.7			37.7		(45.7		)	(1,212.7		)	1,236.9
Noncontrolling Interests	(1.7		)	(1.7		)	—		(1.7		)	3.4			(1.7		)
Total Equity	1,235.2			1,219.0			37.7		(47.4		)	(1,209.3		)	1,235.2
Total Liabilities and Equity	$	1,249.3		$	4,198.1		$	103.4	$	673.8		$	(1,828.7	)	$	4,395.9

	December 31, 2011
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	228.9		$	—	$	42.9		$	—		$	271.8
Receivables, Net	—			255.4			4.9		141.6			—			401.9
Inventories, Net	—			337.2			4.2		137.7			—			479.1
Intercompany	30.1			526.1			—		—			(556.2		)	—
Deferred Income Tax Assets	—			124.2			—		0.8			—			125.0
Other Current Assets	—			31.8			0.1		4.4			—			36.3
Total Current Assets	30.1			1,503.6			9.2		327.4			(556.2		)	1,314.1
Property, Plant and Equipment, Net	—			1,425.1			17.1		180.1			(0.2		)	1,622.1
Investment in Consolidated Subsidiaries	1,151.4			6.3			9.4		—			(1,167.1		)	—
Goodwill	—			1,048.8			47.2		39.7			—			1,135.7
Other Assets	—			462.6			0.1		115.1			—			577.8
Total Assets	$	1,181.5		$	4,446.4		$	83.0	$	662.3		$	(1,723.5	)	$	4,649.7
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—		$	19.3		$	—	$	10.8		$	—		$	30.1
Accounts Payable	—			288.8			5.3		117.3			—			411.4
Interest Payable	—			23.0			—		—			—			23.0
Intercompany	—			—			43.3		512.9			(556.2		)	—
Other Accrued Liabilities	—			148.2			1.6		31.2			—			181.0
Total Current Liabilities	—			479.3			50.2		672.2			(556.2		)	645.5
Long-Term Debt	—			2,334.2			—		1.5			—			2,335.7
Deferred Income Tax Liabilities	—			60.3			—		2.7			—			63.0
Other Noncurrent Liabilities	—			407.6			—		16.4			—			424.0
Redeemable Noncontrolling Interests	14.8			14.8			—		—			(14.8		)	14.8
EQUITY
Total Graphic Packaging Holding Company Shareholders’ Equity	1,167.9			1,151.4			32.8		(29.3		)	(1,154.9		)	1,167.9
Noncontrolling Interests	(1.2		)	(1.2		)	—		(1.2		)	2.4			(1.2		)
Total Equity	1,166.7			1,150.2			32.8		(30.5		)	(1,152.5		)	1,166.7
Total Liabilities and Equity	$	1,181.5		$	4,446.4		$	83.0	$	662.3		$	(1,723.5	)	$	4,649.7

Schedule of Guarantor Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30, 2012
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	58.7		$	58.7		$	2.1		$	(6.1	)	$	(54.7	)	$	58.7
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization	—			113.8			2.0			19.0			—			134.8
Deferred Income Taxes	—			37.5			—			0.5			—			38.0
Amount of Postretirement Expense Greater (Less) Than Funding	—			3.0			0.2			(0.9		)	—			2.3
Equity in Net Earnings of Subsidiaries	(58.7		)	2.2			1.8			—			54.7			—
Other, Net	—			35.0			—			0.8			—			35.8
Changes in Operating Assets and Liabilities	—			(103.4		)	(5.9		)	(17.8		)	—			(127.1		)
Net Cash Provided by (Used in) Operating Activities	—			146.8			0.2			(4.5		)	—			142.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(69.1		)	(0.2		)	(11.6		)	—			(80.9		)
Proceeds from Sale of Assets	—			12.9			—			—			—			12.9
Other, Net	—			(1.9		)	—			—			—			(1.9		)
Net Cash Used in Investing Activities	—			(58.1		)	(0.2		)	(11.6		)	—			(69.9		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance or Modification of Debt	—			1,000.0			—			—			—			1,000.0
Payments on Debt	—			(1,678.4		)	—			—			—			(1,678.4		)
Net Borrowings under Revolving Credit Facilities	—			384.7			—			3.3			—			388.0
Redemption and Debt Issuance Costs	—			(22.3		)	—			—			—			(22.3		)
Repurchase of Common Stock related to Share-Based Payments	(10.5		)	—			—			—			—			(10.5		)
Other, Net	10.5			(1.2		)	—			—			—			9.3
Net Cash (Used in) Provided by Financing Activities	—			(317.2		)	—			3.3			—			(313.9		)
Effect of Exchange Rate Changes on Cash	—			—			—			0.5			—			0.5
Net Decrease in Cash and Cash Equivalents	—			(228.5		)	—			(12.3		)	—			(240.8		)
Cash and Cash Equivalents at Beginning of Period	—			228.9			—			42.9			—			271.8
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	0.4		$	—		$	30.6		$	—		$	31.0

	Six Months Ended June 30, 2011
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	58.8		$	58.8		$	5.2		$	18.4		$	(82.4	)	$	58.8
Non-cash Items Included in Net Income:
Depreciation and Amortization	—			125.2			1.4			12.8			—			139.4
Deferred Income Taxes	—			11.2			(2.0		)	—			—			9.2
Amount of Postretirement Expense Less Than Funding	—			(7.4		)	—			(2.5		)	—			(9.9		)
Equity in Net Earnings of Subsidiaries	(58.8		)	(23.0		)	(0.6		)	—			82.4			—
Other, Net	—			13.5			—			0.6			—			14.1
Changes in Operating Assets and Liabilities	—			(67.1		)	(3.5		)	(23.4		)	—			(94.0		)
Net Cash Provided by Operating Activities	—			111.2			0.5			5.9			—			117.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(64.1		)	(0.5		)	(6.2		)	—			(70.8		)
Acquisition of Business	—			(51.9		)	—			—			—			(51.9		)
Other, Net	(204.8		)	(1.8		)	—			—			204.8			(1.8		)
Net Cash Used in Investing Activities	(204.8		)	(117.8		)	(0.5		)	(6.2		)	204.8			(124.5		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Issuance of Common Stock	238.0			—			—			—			—			238.0
Repurchase of Common Stock	(32.9		)	—			—			—			—			(32.9		)
Payments on Debt	—			(150.0		)	—			—			—			(150.0		)
Net Borrowings under Revolving Credit Facilities	—			—			—			2.2			—			2.2
Other, Net	(0.3		)	205.3			—			—			(204.8		)	0.2
Net Cash Provided by Financing Activities	204.8			55.3			—			2.2			(204.8		)	57.5
Effect of Exchange Rate Changes on Cash	—			—			—			1.9			—			1.9
Net Increase in Cash and Cash Equivalents	—			48.7			—			3.8			—			52.5
Cash and Cash Equivalents at Beginning of Period	—			107.1			—			31.6			—			138.7
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	155.8		$	—		$	35.4		$	—		$	191.2