Guarantor Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Guarantor Condensed Consolidating Statements of Operations

	Three Months Ended June 30, 2015
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	833.8		$	10.5		$	280.2		$	(67.4	)	$	1,057.1
Cost of Sales	—		678.6			9.3			238.6			(67.4		)	859.1
Selling, General and Administrative	—		66.0			0.6			22.1			—			88.7
Other Income, Net	—		(4.0		)	(0.1		)	(0.7		)	—			(4.8		)
Restructuring and Other Special Charges	—		0.5			—			3.4			—			3.9
Income from Operations	—		92.7			0.7			16.8			—			110.2
Interest Expense, Net	—		(16.9		)	—			(0.9		)	—			(17.8		)
Income before Income Taxes and Equity Income of Unconsolidated Entities	—		75.8			0.7			15.9			—			92.4
Income Tax Expense	—		(27.9		)	(0.3		)	(6.9		)	—			(35.1		)
Income before Equity Income of Unconsolidated Entities	—		47.9			0.4			9.0			—			57.3
Equity Income of Unconsolidated Entities	—		—			—			0.3			—			0.3
Equity in Net Earnings of Subsidiaries	57.6		9.7			(0.8		)	—			(66.5		)	—
Net Income (Loss)	$	57.6	$	57.6		$	(0.4	)	$	9.3		$	(66.5	)	$	57.6
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company	$	88.7	$	88.7		$	(0.8	)	$	40.2		$	(128.1	)	$	88.7

	Three Months Ended June 30, 2014
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—		$	854.2		$	8.0		$	320.4		$	(65.9	)	$	1,116.7
Cost of Sales	—			673.2			7.7			288.6			(65.9		)	903.6
Selling, General and Administrative	—			81.4			0.5			12.6			—			94.5
Other (Income) Expense, Net	—			(0.1		)	(0.1		)	0.6			—			0.4
Restructuring and Other Special Charges	—			0.3			—			170.8			—			171.1
Income (Loss) from Operations	—			99.4			(0.1		)	(152.2		)	—			(52.9		)
Interest Expense, Net	—			(19.2		)	—			(2.0		)	—			(21.2		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—			80.2			(0.1		)	(154.2		)	—			(74.1		)
Income Tax (Expense) Benefit	—			(28.8		)	(0.1		)	62.1			—			33.2
Income (Loss) before Equity Income of Unconsolidated Entities	—			51.4			(0.2		)	(92.1		)	—			(40.9		)
Equity Income (Loss) of Unconsolidated Entities	—			—			0.9			(0.3		)	—			0.6
Equity in Net Earnings of Subsidiaries	(40.3		)	(91.7		)	(0.6		)	—			132.6			—
Net Income (Loss)	(40.3		)	(40.3		)	0.1			(92.4		)	132.6			(40.3		)
Net Loss Attributable to Noncontrolling Interests	0.3			0.3			—			—			(0.3		)	0.3
Net Income (Loss) Attributable to Graphic Packaging Holding Company	$	(40.0	)	$	(40.0	)	$	0.1		$	(92.4	)	$	132.3		$	(40.0	)
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company	$	(37.8	)	$	(37.8	)	$	0.3		$	(86.5	)	$	124.0		$	(37.8	)

	Six Months Ended June 30, 2015
In millions	Parent		Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—	$	1,644.7		$	19.8		$	528.3		$	(127.5	)	$	2,065.3
Cost of Sales	—		1,337.2			17.7			450.3			(127.5		)	1,677.7
Selling, General and Administrative	—		131.8			3.2			39.1			—			174.1
Other Income, Net	—		(7.4		)	(0.2		)	(0.5		)	—			(8.1		)
Restructuring and Other Special Charges	—		1.7			—			4.4			—			6.1
Income from Operations	—		181.4			(0.9		)	35.0			—			215.5
Interest Expense, Net	—		(32.9		)	—			(1.8		)	—			(34.7		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—		148.5			(0.9		)	33.2			—			180.8
Income Tax Expense	—		(55.6		)	0.3			(13.4		)	—			(68.7		)
Income before Equity Income of Unconsolidated Entities	—		92.9			(0.6		)	19.8			—			112.1
Equity Income of Unconsolidated Entities	—		—			—			0.6			—			0.6
Equity in Net Earnings of Subsidiaries	112.7		19.8			1.0			—			(133.5		)	—
Net Income (Loss)	$	112.7	$	112.7		$	0.4		$	20.4		$	(133.5	)	$	112.7
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company	$	127.4	$	127.4		$	(3.4	)	$	19.7		$	(143.7	)	$	127.4

	Six Months Ended June 30, 2014
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
Net Sales	$	—		$	1,672.3		$	16.6		$	612.4		$	(111.9	)	$	2,189.4
Cost of Sales	—			1,332.7			15.7			552.8			(111.9		)	1,789.3
Selling, General and Administrative	—			155.0			1.1			39.3			—			195.4
Other (Income) Expense, Net	—			(0.8		)	(0.2		)	—			—			(1.0		)
Restructuring and Other Special Charges	—			0.6			5.9			172.4			—			178.9
Income (Loss) from Operations	—			184.8			(5.9		)	(152.1		)	—			26.8
Interest Expense, Net	—			(37.4		)	—			(4.2		)	—			(41.6		)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities	—			147.4			(5.9		)	(156.3		)	—			(14.8		)
Income Tax (Expense) Benefit	—			(56.8		)	1.9			63.3			—			8.4
Income (Loss) before Equity Income of Unconsolidated Entities	—			90.6			(4.0		)	(93.0		)	—			(6.4		)
Equity Income (Loss) of Unconsolidated Entities	—			—			1.5			(0.6		)				0.9
Equity in Net Earnings of Subsidiaries	(5.5		)	(96.1		)	(1.2		)	—			102.8			—
Net (Loss) Income	(5.5		)	(5.5		)	(3.7		)	(93.6		)	102.8			(5.5		)
Net Loss Attributable to Noncontrolling Interests	0.7			0.7			—			—			(0.7		)	0.7
Net (Loss) Income Attributable to Graphic Packaging Holding Company	$	(4.8	)	$	(4.8	)	$	(3.7	)	$	(93.6	)	$	102.1		$	(4.8	)
Comprehensive Income (Loss) Attributable to Graphic Packaging Holding Company	$	1.4		$	1.4		$	(3.5	)	$	(82.5	)	$	84.6		$	1.4

Schedule of Guarantor Condensed Consolidating Balance Sheets

	June 30, 2015
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—	$	11.3	$	1.5		$	34.0		$	—		$	46.8
Receivables, Net	—		237.9		9.6			237.2			—			484.7
Inventories, Net	—		384.6		4.4			180.3			—			569.3
Intercompany	4.0		594.8		—			—			(598.8		)	—
Deferred Income Tax Assets	—		176.9		(0.3		)	2.7			—			179.3
Other Current Assets	—		21.0		1.4			17.3			—			39.7
Total Current Assets	4.0		1,426.5		16.6			471.5			(598.8		)	1,319.8
Property, Plant and Equipment, Net	—		1,330.2		9.0			221.7			—			1,560.9
Investment in Consolidated Subsidiaries	1,085.2		—		17.0			—			(1,102.2		)	—
Goodwill	—		1,043.1		9.0			110.8			—			1,162.9
Other Assets			363.9		5.2			99.7			—			468.8
Total Assets	$	1,089.2	$	4,163.7	$	56.8		$	903.7		$	(1,701.0	)	$	4,512.4
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	26.1	$	—		$	8.6		$	—		$	34.7
Accounts Payable	—		277.8		4.4			128.5			—			410.7
Intercompany	—		—		3.9			789.3			(793.2		)	—
Other Accrued Liabilities	—		173.6		3.4			49.1			—			226.1
Total Current Liabilities	—		477.5		11.7			975.5			(793.2		)	671.5
Long-Term Debt	—		1,913.2		—			96.5			—			2,009.7
Deferred Income Tax Liabilities	—		377.0		0.3			23.1			—			400.4
Other Noncurrent Liabilities	—		310.8		—			30.8			—			341.6
EQUITY
Total Graphic Packaging Holding Company Shareholders’ Equity	1,089.2		1,085.2		44.8			(222.2		)	(907.8		)	1,089.2
Total Equity	1,089.2		1,085.2		44.8			(222.2		)	(907.8		)	1,089.2
Total Liabilities and Equity	$	1,089.2	$	4,163.7	$	56.8		$	903.7		$	(1,701.0	)	$	4,512.4

	December 31, 2014
In millions	Parent		Subsidiary Issuer		Combined Guarantor Subsidiaries		Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—	$	2.0	$	1.8	$	77.8		$	—		$	81.6
Receivables, Net	—		233.2		8.6		166.5			—			408.3
Inventories, Net	—		408.5		4.8		108.5			—			521.8
Deferred Income Tax Assets	—		176.9		—		0.3			—			177.2
Intercompany	54.5		337.5		—		—			(392.0		)	—
Other Current Assets	—		22.0		1.3		8.7			—			32.0
Total Current Assets	54.5		1,180.1		16.5		361.8			(392.0		)	1,220.9
Property, Plant and Equipment, Net	—		1,349.3		10.3		187.3			(0.1		)	1,546.8
Investment in Consolidated Subsidiaries	957.8		—		18.7		—			(976.5		)	—
Goodwill	—		1,043.1		—		75.0			—			1,118.1
Other Assets	—		372.9		15.4		57.2			—			445.5
Total Assets	$	1,012.3	$	3,945.4	$	60.9	$	681.3		$	(1,368.6	)	$	4,331.3
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$	—	$	26.3	$	—	$	5.9		$	—		$	32.2
Accounts Payable	—		316.3		2.7		105.9			—			424.9
Intercompany	—		—		7.1		597.4			(604.5		)	—
Other Accrued Liabilities	—		175.1		2.7		41.8			—			219.6
Total Current Liabilities	—		517.7		12.5		751.0			(604.5		)	676.7
Long-Term Debt	—		1,822.2		—		119.9			—			1,942.1
Deferred Income Tax Liabilities	—		287.3		0.3		21.7			—			309.3
Other Noncurrent Liabilities	—		360.4		—		30.5			—			390.9
Redeemable Noncontrolling Interests	—		—		—		—			—			—
EQUITY
Total Graphic Packaging Holding Company Shareholders’ Equity	1,012.3		957.8		48.1		(241.8		)	(764.1		)	1,012.3
Total Liabilities and Equity	$	1,012.3	$	3,945.4	$	60.9	$	681.3		$	(1,368.6	)	$	4,331.3

Schedule of Guarantor Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30, 2015
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	112.7		$	112.7		$	0.4		$	20.4		$	(133.5	)	$	112.7
Non-cash Items Included in Net Income (Loss):
Depreciation and Amortization				115.2			1.0			23.1			—			139.3
Deferred Income Taxes	—			52.0			(0.5		)	10.2			—			61.7
Amount of Postretirement Expense (Less) Greater Than Funding	—			(8.8		)	—			(4.8		)	—			(13.6		)
Equity in Net Earnings of Subsidiaries	(112.7		)	(19.8		)	(1.0		)	—			133.5			—
Other, Net	—			17.3			—			(1.3		)	—			16.0
Changes in Operating Assets and Liabilities	—			(201.8		)	—			63.0			—			(138.8		)
Net Cash Provided by (Used in) Operating Activities	—			66.8			(0.1		)	110.6			—			177.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(104.7		)	(0.2		)	(22.1		)	—			(127.0		)
Acquisition of Business, Net of Cash Acquired	—			—			—			(114.6		)	—			(114.6		)
Cash Acquired in Acquisition	—			—			—			1.0			—			1.0
Other, Net	45.5			1.8			—			2.9			(45.5		)	4.7
Net Cash Provided by (Used in) Investing Activities	45.5			(102.9		)	(0.2		)	(132.8		)	(45.5		)	(235.9		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(8.0		)	—			—			—			—			(8.0		)
Payments on Debt	—			(12.5		)	—			—			—			(12.5		)
Borrowings under Revolving Credit Facilities	—			591.4			—			5.0			—			596.4
Payments on Revolving Credit Facilities	—			(487.6		)	—			(23.7		)	—			(511.3		)
Dividends Paid	(16.4		)	—			—			—			—			(16.4		)
Repurchase of Common Stock related to Share-Based Payments	(21.1		)	—			—			—			—			(21.1		)
Other, Net	—			(45.9		)	—			—			45.5			(0.4		)
Net Cash (Used in) Provided by Financing Activities	(45.5		)	45.4			—			(18.7		)	45.5			26.7
Effect of Exchange Rate Changes on Cash	—			—			—			(2.9		)	—			(2.9		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			9.3			(0.3		)	(43.8		)	—			(34.8		)
Cash and Cash Equivalents at Beginning of Period	—			2.0			1.8			77.8			—			81.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	11.3		$	1.5		$	34.0		$	—		$	46.8

	Six Months Ended June 30, 2014
In millions	Parent			Subsidiary Issuer			Combined Guarantor Subsidiaries			Combined Nonguarantor Subsidiaries			Consolidating Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$	(5.5	)	$	(5.5	)	$	(3.7	)	$	(93.6	)	$	102.8		$	(5.5	)
Non-cash Items Included in Net (Loss) Income:
Depreciation and Amortization	—			113.8			0.1			22.5			—			136.4
Deferred Income Taxes	—			(11.0		)	—			(2.6		)	—			(13.6		)
Amount of Postretirement Expense Greater (Less) Than Funding	—			(9.4		)	—			0.2			—			(9.2		)
Equity in Net Earnings of Subsidiaries	5.5			96.1			1.2			—			(102.8		)	—
Gain on the Sale of Assets	—			—			5.9			164.5			—			170.4
Other, Net	—			27.5			1.3			0.5			—			29.3
Changes in Operating Assets and Liabilities	—			(32.5		)	(76.7		)	(60.8		)	15.8			(154.2		)
Net Cash Provided By (Used in) Operating Activities	—			179.0			(71.9		)	30.7			15.8			153.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	—			(82.0		)	—			(26.9		)	—			(108.9		)
Proceeds from Government Grant	—			26.9			—			—			—			26.9
Acquisition of Businesses, net of cash	—			—			—			(173.8		)	—			(173.8		)
Proceeds Received from the Sale of Assets	—			—			70.7			96.7			—			167.4
Other, Net	15.8			(1.6		)	—			—			(15.8		)	(1.6		)
Net Cash Provided by (Used in) Investing Activities	15.8			(56.7		)	70.7			(104.0		)	(15.8		)	(90.0		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Debt	—			(30.8		)	—			—			—			(30.8		)
Borrowings under Revolving Credit Facilities	—			666.6			1.3			126.3			—			794.2
Payments on Revolving Credit Facilities	—			(662.6		)	—			(36.5		)	—			(699.1		)
Repurchase of Common Stock related to Share-Based Payments	(15.8		)	—			—			—			—			(15.8		)
Other, Net	—			—			—			(8.4		)	—			(8.4		)
Net Cash (Used in) Provided by Financing Activities	(15.8		)	(26.8		)	1.3			81.4			—			40.1
Effect of Exchange Rate Changes on Cash	—			—			—			1.1			—			1.1
Net Increase in Cash and Cash Equivalents	—			95.5			0.1			9.2			—			104.8
Cash and Cash Equivalents at Beginning of Period	—			1.3			—			50.9			—			52.2
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	—		$	96.8		$	0.1		$	60.1		$	—		$	157.0