SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2018

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
September 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	23.1		$	—	$	133.6		$	—		$	156.7
Receivables, net	227.8			—		781.4			—			1,009.2
Intercompany receivables	—			—		2,402.8			(2,402.8		)	—
Income taxes receivable	10.0			—		2.8			—			12.8
Inventories, net	171.2			—		553.2			—			724.4
Other current assets	211.9			—		3.6			(180.3		)	35.2
Total current assets	644.0			—		3,877.4			(2,583.1		)	1,938.3
Property, plant and equipment, net	597.6			—		2,859.1			—			3,456.7
Investment in subsidiaries	6,862.8			4,192.8		—			(11,055.6		)	—
Deferred income taxes	—			1.0		31.1			(7.3		)	24.8
Other assets	23.6			—		1,136.0			—			1,159.6
Long-term receivables—affiliates	—			1,330.5		—			(1,330.5		)	—
Intangible assets, net	0.3			5.7		522.3			—			528.3
Goodwill	—			966.3		1,153.3			—			2,119.6
Total assets	$	8,128.3		$	6,496.3	$	9,579.2		$	(14,976.5	)	$	9,227.3
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	0.9		$	—	$	—		$	—		$	0.9
Accounts payable	72.3			—		640.9			(3.8		)	709.4
Intercompany payables	2,402.8			—		—			(2,402.8		)	—
Income taxes payable	0.4			—		21.7			—			22.1
Accrued liabilities	157.5			—		361.7			(177.9		)	341.3
Total current liabilities	2,633.9			—		1,024.3			(2,584.5		)	1,073.7
Long-term debt	1,347.6			1,808.8		180.0			—			3,336.4
Accrued pension liability	360.7			—		228.9			—			589.6
Deferred income taxes	16.1			4.1		535.7			(7.3		)	548.6
Long-term payables—affiliates	536.6			—		793.9			(1,330.5		)	—
Other liabilities	310.5			5.5		440.1			—			756.1
Total liabilities	5,205.4			1,818.4		3,202.9			(3,922.3		)	6,304.4
Commitments and contingencies
Shareholders’ equity:
Common stock	166.8			—		14.6			(14.6		)	166.8
Additional paid-in capital	2,276.9			4,125.7		4,808.2			(8,933.9		)	2,276.9
Accumulated other comprehensive loss	(571.3		)	—		(6.3		)	6.3			(571.3		)
Retained earnings	1,050.5			552.2		1,559.8			(2,112.0		)	1,050.5
Total shareholders’ equity	2,922.9			4,677.9		6,376.3			(11,054.2		)	2,922.9
Total liabilities and shareholders’ equity	$	8,128.3		$	6,496.3	$	9,579.2		$	(14,976.5	)	$	9,227.3

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	57.1		$	—	$	161.3		$	—		$	218.4
Receivables, net	95.6			—		637.6			—			733.2
Intercompany receivables	—			—		2,093.2			(2,093.2		)	—
Income taxes receivable	11.7			—		6.3			(1.1		)	16.9
Inventories, net	155.4			—		527.2			—			682.6
Other current assets	206.2			—		5.3			(163.4		)	48.1
Total current assets	526.0			—		3,430.9			(2,257.7		)	1,699.2
Property, plant and equipment, net	544.4			—		3,031.4			—			3,575.8
Investment in subsidiaries	6,680.4			4,092.3		—			(10,772.7		)	—
Deferred income taxes	38.1			—		34.5			(36.2		)	36.4
Other assets	45.9			—		1,162.5			—			1,208.4
Long-term receivables—affiliates	—			2,132.1		—			(2,132.1		)	—
Intangible assets, net	0.3			5.7		572.5			—			578.5
Goodwill	—			966.3		1,153.7			—			2,120.0
Total assets	$	7,835.1		$	7,196.4	$	9,385.5		$	(15,198.7	)	$	9,218.3
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	0.7		$	—	$	—		$	—		$	0.7
Accounts payable	83.2			—		590.0			(3.4		)	669.8
Intercompany payables	2,093.2			—		—			(2,093.2		)	—
Income taxes payable	—			—		10.5			(1.1		)	9.4
Accrued liabilities	117.7			—		318.1			(161.4		)	274.4
Total current liabilities	2,294.8			—		918.6			(2,259.1		)	954.3
Long-term debt	839.4			2,522.2		249.7			—			3,611.3
Accrued pension liability	406.7			—		229.2			—			635.9
Deferred income taxes	—			3.0		544.4			(36.2		)	511.2
Long-term payables—affiliates	1,250.0			—		882.1			(2,132.1		)	—
Other liabilities	290.5			5.6		455.8			—			751.9
Total liabilities	5,081.4			2,530.8		3,279.8			(4,427.4		)	6,464.6
Commitments and contingencies
Shareholders’ equity:
Common stock	167.1			—		14.6			(14.6		)	167.1
Additional paid-in capital	2,280.9			4,125.7		4,808.2			(8,933.9		)	2,280.9
Accumulated other comprehensive loss	(484.6		)	—		(4.6		)	4.6			(484.6		)
Retained earnings	790.3			539.9		1,287.5			(1,827.4		)	790.3
Total shareholders’ equity	2,753.7			4,665.6		6,105.7			(10,771.3		)	2,753.7
Total liabilities and shareholders’ equity	$	7,835.1		$	7,196.4	$	9,385.5		$	(15,198.7	)	$	9,218.3

CONDENSED CONSOLIDATING BALANCE SHEETS
September 30, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	36.9		$	—	$	219.0		$	—		$	255.9
Receivables, net	106.0			—		623.5			—			729.5
Intercompany receivables	—			—		1,948.4			(1,948.4		)	—
Income taxes receivable	13.4			—		4.6			(2.1		)	15.9
Inventories, net	172.2			—		517.3			—			689.5
Other current assets	180.5			—		5.0			(158.4		)	27.1
Total current assets	509.0			—		3,317.8			(2,108.9		)	1,717.9
Property, plant and equipment, net	513.0			—		3,066.2			—			3,579.2
Investment in subsidiaries	6,155.3			3,828.7		—			(9,984.0		)	—
Deferred income taxes	140.9			—		127.0			(126.8		)	141.1
Other assets	45.5			—		1,170.1			—			1,215.6
Long-term receivables—affiliates	—			2,174.0		—			(2,174.0		)	—
Intangible assets, net	0.3			5.7		586.9			—			592.9
Goodwill	—			966.3		1,153.5			—			2,119.8
Total assets	$	7,364.0		$	6,974.7	$	9,421.5		$	(14,393.7	)	$	9,366.5
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	0.7		$	68.8	$	12.2		$	—		$	81.7
Accounts payable	69.6			—		548.3			(4.4		)	613.5
Intercompany payables	1,948.4			—		—			(1,948.4		)	—
Income taxes payable	—			—		11.7			(2.1		)	9.6
Accrued liabilities	146.0			—		305.0			(156.5		)	294.5
Total current liabilities	2,164.7			68.8		877.2			(2,111.4		)	999.3
Long-term debt	944.1			2,470.1		249.3			—			3,663.5
Accrued pension liability	405.7			—		213.0			—			618.7
Deferred income taxes	—			250.5		931.8			(126.8		)	1,055.5
Long-term payables—affiliates	1,267.2			—		906.8			(2,174.0		)	—
Other liabilities	283.8			5.6		441.6			—			731.0
Total liabilities	5,065.5			2,795.0		3,619.7			(4,412.2		)	7,068.0
Commitments and contingencies
Shareholders’ equity:
Common stock	166.4			—		14.6			(14.6		)	166.4
Additional paid-in capital	2,267.7			4,125.7		4,808.2			(8,933.9		)	2,267.7
Accumulated other comprehensive loss	(470.0		)	—		(5.7		)	5.7			(470.0		)
Retained earnings	334.4			54.0		984.7			(1,038.7		)	334.4
Total shareholders’ equity	2,298.5			4,179.7		5,801.8			(9,981.5		)	2,298.5
Total liabilities and shareholders’ equity	$	7,364.0		$	6,974.7	$	9,421.5		$	(14,393.7	)	$	9,366.5

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended September 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	360.9		$	—		$	1,621.7		$	(110.2	)	$	1,872.4
Operating expenses:
Cost of goods sold	208.3			—			1,343.6			(110.2		)	1,441.7
Selling and administration	51.4			—			59.4			—			110.8
Restructuring charges	—			—			3.3			—			3.3
Acquisition-related costs	0.4			—			—			—			0.4
Other operating (expense) income	(3.5		)	—			1.8			—			(1.7		)
Operating income	97.3			—			217.2			—			314.5
Earnings of non-consolidated affiliates	0.4			—			—			—			0.4
Equity income in subsidiaries	122.2			85.2			—			(207.4		)	—
Interest expense	17.3			37.3			6.1			(1.5		)	59.2
Interest income	1.8			—			—			(1.5		)	0.3
Non-operating pension income (expense)	6.5			—			(1.1		)	—			5.4
Income before taxes	210.9			47.9			210.0			(207.4		)	261.4
Income tax provision (benefit)	15.8			(9.1		)	59.6			—			66.3
Net income	$	195.1		$	57.0		$	150.4		$	(207.4	)	$	195.1

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Nine Months Ended September 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	1,083.1		$	—		$	4,554.6		$	(326.6	)	$	5,311.1
Operating expenses:
Cost of goods sold	853.2			—			3,904.5			(326.6		)	4,431.1
Selling and administration	151.7			—			169.9			—			321.6
Restructuring charges	—			—			13.7			—			13.7
Acquisition-related costs	1.0			—			—			—			1.0
Other operating (expense) income	(0.9		)	—			7.3			—			6.4
Operating income	76.3			—			473.8			—			550.1
Losses of non-consolidated affiliates	(20.2		)	—			—			—			(20.2		)
Equity income in subsidiaries	249.1			195.5			—			(444.6		)	—
Interest expense	52.4			116.4			19.6			(4.4		)	184.0
Interest income	4.7			—			0.8			(4.4		)	1.1
Non-operating pension income (expense)	19.9			—			(3.7		)	—			16.2
Income before taxes	277.4			79.1			451.3			(444.6		)	363.2
Income tax provision (benefit)	2.8			(28.2		)	114.0			—			88.6
Net income	$	274.6		$	107.3		$	337.3		$	(444.6	)	$	274.6

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended September 30, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	348.0		$	—		$	1,321.8		$	(114.9	)	$	1,554.9
Operating expenses:
Cost of goods sold	318.5			—			1,145.7			(114.9		)	1,349.3
Selling and administration	35.8			—			55.3			—			91.1
Restructuring charges	—			—			9.2			—			9.2
Acquisition-related costs	1.1			—			—			—			1.1
Other operating (expense) income	(2.6		)	—			2.6			—			—
Operating (loss) income	(10.0		)	—			114.2			—			104.2
Earnings of non-consolidated affiliates	0.5			—			—			—			0.5
Equity income in subsidiaries	54.5			54.7			—			(109.2		)	—
Interest expense	11.9			41.0			1.5			(1.3		)	53.1
Interest income	1.7			—			—			(1.3		)	0.4
Non-operating pension income (expense)	9.4			—			(1.0		)	—			8.4
Income before taxes	44.2			13.7			111.7			(109.2		)	60.4
Income tax (benefit) provision	(8.5		)	(15.0		)	31.2			—			7.7
Net income	$	52.7		$	28.7		$	80.5		$	(109.2	)	$	52.7

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Nine Months Ended September 30, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	1,000.9		$	—		$	3,976.9		$	(329.3	)	$	4,648.5
Operating expenses:
Cost of goods sold	897.6			—			3,586.4			(329.3		)	4,154.7
Selling and administration	113.9			—			154.9			—			268.8
Restructuring charges	—			—			25.9			—			25.9
Acquisition-related costs	12.5			—			—			—			12.5
Other operating (expense) income	(7.1		)	—			7.0			—			(0.1		)
Operating (loss) income	(30.2		)	—			216.7			—			186.5
Earnings of non-consolidated affiliates	1.5			—			—			—			1.5
Equity income in subsidiaries	72.9			94.0			—			(166.9		)	—
Interest expense	33.3			123.8			5.5			(4.6		)	158.0
Interest income	4.7			—			0.9			(4.6		)	1.0
Non-operating pension income (expense)	28.5			—			(3.0		)	—			25.5
Income (loss) before taxes	44.1			(29.8		)	209.1			(166.9		)	56.5
Income tax (benefit) provision	(16.1		)	(45.7		)	58.1			—			(3.7		)
Net income	$	60.2		$	15.9		$	151.0		$	(166.9	)	$	60.2

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	195.1		$	57.0	$	150.4		$	(207.4	)	$	195.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	—			—		(2.0		)	—			(2.0		)
Unrealized losses on derivative contracts, net	(3.6		)	—		—			—			(3.6		)
Amortization of prior service costs and actuarial losses, net	6.6			—		0.9			—			7.5
Total other comprehensive income (loss), net of tax	3.0			—		(1.1		)	—			1.9
Comprehensive income	$	198.1		$	57.0	$	149.3		$	(207.4	)	$	197.0

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30, 2017
(In millions)
(Unaudited)
	Parent Guarantor		Issuer		Subsidiary Non-Guarantor		Eliminations			Total
Net income	$	52.7	$	28.7	$	80.5	$	(109.2	)	$	52.7
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—		—		9.8		—			9.8
Unrealized gains on derivative contracts, net	1.3		—		—		—			1.3
Amortization of prior service costs and actuarial losses, net	3.6		—		0.7		—			4.3
Total other comprehensive income, net of tax	4.9		—		10.5		—			15.4
Comprehensive income	$	57.6	$	28.7	$	91.0	$	(109.2	)	$	68.1

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Nine Months Ended September 30, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor		Eliminations			Total
Net income	$	60.2		$	15.9	$	151.0	$	(166.9	)	$	60.2
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—		31.7		—			31.7
Unrealized losses on derivative contracts, net	(4.4		)	—		—		—			(4.4		)
Amortization of prior service costs and actuarial losses, net	11.6			—		1.1		—			12.7
Total other comprehensive income, net of tax	7.2			—		32.8		—			40.0
Comprehensive income	$	67.4		$	15.9	$	183.8	$	(166.9	)	$	100.2

Supplemental Guarantor Financial Information Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net operating activities	$	287.9		$	—		$	298.4		$	—		$	586.3
Investing Activities
Capital expenditures	(110.5		)	—			(164.0		)	—			(274.5		)
Proceeds from disposition of property, plant and equipment	—			—			2.9			—			2.9
Distributions from consolidated subsidiaries, net	95.0			95.0			—			(190.0		)	—
Net investing activities	(15.5		)	95.0			(161.1		)	(190.0		)	(271.6		)
Financing Activities
Long-term debt:
Borrowings	550.0			—			20.0			—			570.0
Repayments	(20.6		)	(713.4		)	(89.7		)	—			(823.7		)
Common stock repurchased and retired	(16.8		)	—			—			—			(16.8		)
Stock options exercised	3.2			—			—			—			3.2
Dividends paid	(100.3		)	(95.0		)	(95.0		)	190.0			(100.3		)
Debt issuance costs	(8.5		)	—			—			—			(8.5		)
Intercompany financing activities	(713.4		)	713.4			—			—			—
Net financing activities	(306.4		)	(95.0		)	(164.7		)	190.0			(376.1		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.3		)	—			(0.3		)
Net decrease in cash and cash equivalents	(34.0		)	—			(27.7		)	—			(61.7		)
Cash and cash equivalents, beginning of period	57.1			—			161.3			—			218.4
Cash and cash equivalents, end of period	$	23.1		$	—		$	133.6		$	—		$	156.7

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2017
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	290.3		$	—		$	164.8		$	—	$	455.1
Investing Activities
Capital expenditures	(64.5		)	—			(145.5		)	—		(210.0		)
Payments under long-term supply contracts	—			—			(209.4		)	—		(209.4		)
Proceeds from disposition of property, plant and equipment	—			—			0.1			—		0.1
Net investing activities	(64.5		)	—			(354.8		)	—		(419.3		)
Financing Activities
Long-term debt:
Borrowings	620.0			1,375.0			40.0			—		2,035.0
Repayments	(590.5		)	(1,316.9		)	—			—		(1,907.4		)
Stock options exercised	18.5			—			—			—		18.5
Dividends paid	(99.6		)	—			—			—		(99.6		)
Debt issuance costs	(8.3		)	(2.9		)	—			—		(11.2		)
Intercompany financing activities	(154.2		)	(55.2		)	209.4			—		—
Net financing activities	(214.1		)	—			249.4			—		35.3
Effect of exchange rate changes on cash and cash equivalents	—			—			0.3			—		0.3
Net increase in cash and cash equivalents	11.7			—			59.7			—		71.4
Cash and cash equivalents, beginning of period	25.2			—			159.3			—		184.5
Cash and cash equivalents, end of period	$	36.9		$	—		$	219.0		$	—	$	255.9