SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	3.7		$	—	$	123.2		$	—		$	126.9
Receivables, net	105.2			—		743.0			—			848.2
Intercompany receivables	—			—		2,804.3			(2,804.3		)	—
Income taxes receivable	16.2			—		7.2			—			23.4
Inventories, net	179.8			—		519.1			—			698.9
Other current assets	225.9			—		0.8			(197.9		)	28.8
Total current assets	530.8			—		4,197.6			(3,002.2		)	1,726.2
Property, plant and equipment, net	687.3			—		2,723.2			—			3,410.5
Operating lease assets, net	48.5			—		247.3			—			295.8
Investment in subsidiaries	7,028.6			4,330.9		—			(11,359.5		)	—
Deferred income taxes	3.9			—		29.0			(4.8		)	28.1
Other assets	14.3			—		1,160.2			—			1,174.5
Long-term receivables—affiliates	—			1,141.7		—			(1,141.7		)	—
Intangible assets, net	0.3			—		480.3			—			480.6
Goodwill	—			966.3		1,153.3			—			2,119.6
Total assets	$	8,313.7		$	6,438.9	$	9,990.9		$	(15,508.2	)	$	9,235.3
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	1.1		$	—	$	—		$	—		$	1.1
Accounts payable	15.9			—		658.6			(5.3		)	669.2
Intercompany payables	2,804.3			—		—			(2,804.3		)	—
Income taxes payable	—			—		9.5			—			9.5
Current operating lease liabilities	8.2			—		63.2			—			71.4
Accrued liabilities	176.9			—		317.1			(195.1		)	298.9
Total current liabilities	3,006.4			—		1,048.4			(3,004.7		)	1,050.1
Long-term debt	1,385.7			1,696.9		150.0			—			3,232.6
Operating lease liabilities	41.3			—		188.0			—			229.3
Accrued pension liability	414.6			—		239.0			—			653.6
Deferred income taxes	—			4.9		506.3			(4.8		)	506.4
Long-term payables—affiliates	419.6			—		722.1			(1,141.7		)	—
Other liabilities	275.3			5.5		511.7			—			792.5
Total liabilities	5,542.9			1,707.3		3,365.5			(4,151.2		)	6,464.5
Commitments and contingencies
Shareholders’ equity:
Common stock	164.3			—		14.6			(14.6		)	164.3
Additional paid-in capital	2,229.2			4,125.7		4,808.2			(8,933.9		)	2,229.2
Accumulated other comprehensive loss	(660.4		)	—		(10.0		)	10.0			(660.4		)
Retained earnings	1,037.7			605.9		1,812.6			(2,418.5		)	1,037.7
Total shareholders’ equity	2,770.8			4,731.6		6,625.4			(11,357.0		)	2,770.8
Total liabilities and shareholders’ equity	$	8,313.7		$	6,438.9	$	9,990.9		$	(15,508.2	)	$	9,235.3

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	92.0		$	—	$	86.8		$	—		$	178.8
Receivables, net	99.7			—		676.6			—			776.3
Intercompany receivables	—			—		2,558.2			(2,558.2		)	—
Income taxes receivable	2.6			—		3.3			—			5.9
Inventories, net	161.4			—		550.0			—			711.4
Other current assets	220.2			—		1.8			(187.0		)	35.0
Total current assets	575.9			—		3,876.7			(2,745.2		)	1,707.4
Property, plant and equipment, net	651.4			—		2,830.7			—			3,482.1
Investment in subsidiaries	6,943.3			4,286.9		—			(11,230.2		)	—
Deferred income taxes	7.3			—		27.4			(8.4		)	26.3
Other assets	24.3			—		1,126.1			—			1,150.4
Long-term receivables—affiliates	—			1,247.2		—			(1,247.2		)	—
Intangible assets, net	0.3			—		511.3			—			511.6
Goodwill	—			966.3		1,153.3			—			2,119.6
Total assets	$	8,202.5		$	6,500.4	$	9,525.5		$	(15,231.0	)	$	8,997.4
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	0.9		$	—	$	125.0		$	—		$	125.9
Accounts payable	90.1			—		549.4			(3.0		)	636.5
Intercompany payables	2,558.2			—		—			(2,558.2		)	—
Income taxes payable	3.9			—		18.7			—			22.6
Accrued liabilities	150.3			—		367.5			(184.5		)	333.3
Total current liabilities	2,803.4			—		1,060.6			(2,745.7		)	1,118.3
Long-term debt	1,357.5			1,746.9		—			—			3,104.4
Accrued pension liability	439.1			—		235.2			—			674.3
Deferred income taxes	—			6.0		521.3			(8.4		)	518.9
Long-term payables—affiliates	469.6			—		777.6			(1,247.2		)	—
Other liabilities	300.7			5.5		443.1			—			749.3
Total liabilities	5,370.3			1,758.4		3,037.8			(4,001.3		)	6,165.2
Commitments and contingencies
Shareholders’ equity:
Common stock	165.3			—		14.6			(14.6		)	165.3
Additional paid-in capital	2,247.4			4,125.7		4,808.2			(8,933.9		)	2,247.4
Accumulated other comprehensive loss	(651.0		)	—		(6.9		)	6.9			(651.0		)
Retained earnings	1,070.5			616.3		1,671.8			(2,288.1		)	1,070.5
Total shareholders’ equity	2,832.2			4,742.0		6,487.7			(11,229.7		)	2,832.2
Total liabilities and shareholders’ equity	$	8,202.5		$	6,500.4	$	9,525.5		$	(15,231.0	)	$	8,997.4

CONDENSED CONSOLIDATING BALANCE SHEETS
June 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	74.3		$	—	$	69.9		$	—		$	144.2
Receivables, net	109.6			—		727.6			—			837.2
Intercompany receivables	—			—		2,305.8			(2,305.8		)	—
Income taxes receivable	11.8			—		6.3			(0.3		)	17.8
Inventories, net	170.4			—		545.9			—			716.3
Other current assets	216.2			—		6.7			(175.2		)	47.7
Total current assets	582.3			—		3,662.2			(2,481.3		)	1,763.2
Property, plant and equipment, net	577.8			—		2,923.6			—			3,501.4
Investment in subsidiaries	6,737.5			4,107.6		—			(10,845.1		)	—
Deferred income taxes	28.3			1.0		40.5			(30.1		)	39.7
Other assets	24.7			—		1,144.8			—			1,169.5
Long-term receivables—affiliates	—			1,467.9		—			(1,467.9		)	—
Intangible assets, net	0.3			—		544.0			—			544.3
Goodwill	—			966.3		1,153.4			—			2,119.7
Total assets	$	7,950.9		$	6,542.8	$	9,468.5		$	(14,824.4	)	$	9,137.8
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	0.9		$	—	$	—		$	—		$	0.9
Accounts payable	75.7			—		609.0			(3.3		)	681.4
Intercompany payables	2,305.8			—		—			(2,305.8		)	—
Income taxes payable	—			—		15.8			(0.3		)	15.5
Accrued liabilities	116.6			—		340.8			(173.0		)	284.4
Total current liabilities	2,499.0			—		965.6			(2,482.4		)	982.2
Long-term debt	1,350.4			1,912.2		250.0			—			3,512.6
Accrued pension liability	376.2			—		226.5			—			602.7
Deferred income taxes	—			4.1		538.7			(30.1		)	512.7
Long-term payables—affiliates	640.0			—		827.9			(1,467.9		)	—
Other liabilities	322.2			5.6		436.7			—			764.5
Total liabilities	5,187.8			1,921.9		3,245.4			(3,980.4		)	6,374.7
Commitments and contingencies
Shareholders’ equity:
Common stock	167.0			—		14.6			(14.6		)	167.0
Additional paid-in capital	2,280.5			4,125.7		4,808.2			(8,933.9		)	2,280.5
Accumulated other comprehensive loss	(573.2		)	—		(1.1		)	1.1			(573.2		)
Retained earnings	888.8			495.2		1,401.4			(1,896.6		)	888.8
Total shareholders’ equity	2,763.1			4,620.9		6,223.1			(10,844.0		)	2,763.1
Total liabilities and shareholders’ equity	$	7,950.9		$	6,542.8	$	9,468.5		$	(14,824.4	)	$	9,137.8

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	324.0		$	—		$	1,397.3		$	(128.4	)	$	1,592.9
Operating expenses:
Cost of goods sold	309.8			—			1,282.3			(128.4		)	1,463.7
Selling and administration	47.8			—			49.2			—			97.0
Restructuring charges	—			—			3.8			—			3.8
Other operating (expense) income	(2.3		)	—			2.4			—			0.1
Operating (loss) income	(35.9		)	—			64.4			—			28.5
Equity income (loss) in subsidiaries	10.9			(8.6		)	—			(2.3		)	—
Interest expense	18.3			35.7			6.5			(2.6		)	57.9
Interest income	2.0			—			0.9			(2.6		)	0.3
Non-operating pension income (expense)	5.7			—			(1.5		)	—			4.2
Income (loss) before taxes	(35.6		)	(44.3		)	57.3			(2.3		)	(24.9		)
Income tax (benefit) provision	(15.6		)	(8.7		)	19.4			—			(4.9		)
Net (loss) income	$	(20.0	)	$	(35.6	)	$	37.9		$	(2.3	)	$	(20.0	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	656.8		$	—		$	2,725.0		$	(235.5	)	$	3,146.3
Operating expenses:
Cost of goods sold	613.9			—			2,432.6			(235.5		)	2,811.0
Selling and administration	99.6			—			104.4			—			204.0
Restructuring charges	1.4			—			6.4			—			7.8
Other operating (expense) income	(4.4		)	—			4.6			—			0.2
Operating (loss) income	(62.5		)	—			186.2			—			123.7
Equity income in subsidiaries	73.5			44.0			—			(117.5		)	—
Interest expense	35.7			71.8			11.7			(3.9		)	115.3
Interest income	2.6			—			1.8			(3.9		)	0.5
Non-operating pension income (expense)	11.1			—			(3.0		)	—			8.1
Other income	11.2			—			—			—			11.2
Income (loss) before taxes	0.2			(27.8		)	173.3			(117.5		)	28.2
Income tax (benefit) provision	(21.5		)	(17.4		)	45.4			—			6.5
Net income (loss)	$	21.7		$	(10.4	)	$	127.9		$	(117.5	)	$	21.7

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	369.5		$	—		$	1,465.9		$	(107.0	)	$	1,728.4
Operating expenses:
Cost of goods sold	332.9			—			1,234.8			(107.0		)	1,460.7
Selling and administration	53.2			—			57.1			—			110.3
Restructuring charges	—			—			6.4			—			6.4
Acquisition-related costs	0.3			—			—			—			0.3
Other operating (expense) income	(3.2		)	—			3.2			—			—
Operating (loss) income	(20.1		)	—			170.8			—			150.7
Losses of non-consolidated affiliates	(21.1		)	—			—			—			(21.1		)
Equity income in subsidiaries	98.5			88.1			—			(186.6		)	—
Interest expense	18.1			37.8			6.8			(1.6		)	61.1
Interest income	1.9			—			0.1			(1.6		)	0.4
Non-operating pension income (expense)	6.7			—			(1.3		)	—			5.4
Income before taxes	47.8			50.3			162.8			(186.6		)	74.3
Income tax (benefit) provision	(10.8		)	(9.2		)	35.7			—			15.7
Net income	$	58.6		$	59.5		$	127.1		$	(186.6	)	$	58.6

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	722.2		$	—		$	2,932.9		$	(216.4	)	$	3,438.7
Operating expenses:
Cost of goods sold	644.9			—			2,560.9			(216.4		)	2,989.4
Selling and administration	100.3			—			110.5			—			210.8
Restructuring charges	—			—			10.4			—			10.4
Acquisition-related costs	0.6			—			—			—			0.6
Other operating income	2.6			—			5.5			—			8.1
Operating (loss) income	(21.0		)	—			256.6			—			235.6
Losses of non-consolidated affiliates	(20.6		)	—			—			—			(20.6		)
Equity income in subsidiaries	126.9			110.3			—			(237.2		)	—
Interest expense	35.1			79.1			13.7			(3.1		)	124.8
Interest income	2.9			—			1.0			(3.1		)	0.8
Non-operating pension income (expense)	13.4			—			(2.6		)	—			10.8
Income before taxes	66.5			31.2			241.3			(237.2		)	101.8
Income tax (benefit) provision	(13.0		)	(19.1		)	54.4			—			22.3
Net income	$	79.5		$	50.3		$	186.9		$	(237.2	)	$	79.5

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor		Eliminations			Total
Net (loss) income	$	(20.0	)	$	(35.6	)	$	37.9	$	(2.3	)	$	(20.0	)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net	—			—			3.3		—			3.3
Unrealized losses on derivative contracts, net	(12.1		)	—			—		—			(12.1		)
Amortization of prior service costs and actuarial losses, net	4.8			—			0.5		—			5.3
Total other comprehensive (loss) income, net of tax	(7.3		)	—			3.8		—			(3.5		)
Comprehensive (loss) income	$	(27.3	)	$	(35.6	)	$	41.7	$	(2.3	)	$	(23.5	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Six Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net income (loss)	$	21.7		$	(10.4	)	$	127.9		$	(117.5	)	$	21.7
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net	—			—			(5.0		)	—			(5.0		)
Unrealized losses on derivative contracts, net	(15.4		)	—			—			—			(15.4		)
Amortization of prior service costs and actuarial losses, net	9.9			—			1.1			—			11.0
Total other comprehensive loss, net of tax	(5.5		)	—			(3.9		)	—			(9.4		)
Comprehensive income (loss)	$	16.2		$	(10.4	)	$	124.0		$	(117.5	)	$	12.3

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Six Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net income (loss)	$	21.7		$	(10.4	)	$	127.9		$	(117.5	)	$	21.7
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net	—			—			(5.0		)	—			(5.0		)
Unrealized losses on derivative contracts, net	(15.4		)	—			—			—			(15.4		)
Amortization of prior service costs and actuarial losses, net	9.9			—			1.1			—			11.0
Total other comprehensive loss, net of tax	(5.5		)	—			(3.9		)	—			(9.4		)
Comprehensive income (loss)	$	16.2		$	(10.4	)	$	124.0		$	(117.5	)	$	12.3

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	58.6		$	59.5	$	127.1		$	(186.6	)	$	58.6
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	—			—		(26.1		)	—			(26.1		)
Unrealized losses on derivative contracts, net	(2.4		)	—		—			—			(2.4		)
Amortization of prior service costs and actuarial losses, net	7.7			—		0.4			—			8.1
Total other comprehensive income (loss), net of tax	5.3			—		(25.7		)	—			(20.4		)
Comprehensive income	$	63.9		$	59.5	$	101.4		$	(186.6	)	$	38.2

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Six Months Ended June 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	79.5		$	50.3	$	186.9		$	(237.2	)	$	79.5
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	—			—		(13.7		)	—			(13.7		)
Unrealized losses on derivative contracts, net	(2.5		)	—		—			—			(2.5		)
Amortization of prior service costs and actuarial losses, net	13.1			—		0.4			—			13.5
Total other comprehensive income (loss), net of tax	10.6			—		(13.3		)	—			(2.7		)
Comprehensive income	$	90.1		$	50.3	$	173.6		$	(237.2	)	$	76.8

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	120.1		$	—		$	116.0		$	—	$	236.1
Investing Activities
Capital expenditures	(86.9		)	—			(104.4		)	—		(191.3		)
Proceeds from disposition of non-consolidated affiliate	20.0			—			—			—		20.0
Net investing activities	(66.9		)	—			(104.4		)	—		(171.3		)
Financing Activities
Long-term debt:
Borrowings	—			—			25.0			—		25.0
Repayments	(0.6		)	(50.0		)	—			—		(50.6		)
Common stock repurchased and retired	(26.7		)	—			—			—		(26.7		)
Stock options exercised	1.5			—			—			—		1.5
Dividends paid	(65.7		)	—			—			—		(65.7		)
Intercompany financing activities	(50.0		)	50.0			—			—		—
Net financing activities	(141.5		)	—			25.0			—		(116.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.2		)	—		(0.2		)
Net (decrease) increase in cash and cash equivalents	(88.3		)	—			36.4			—		(51.9		)
Cash and cash equivalents, beginning of period	92.0			—			86.8			—		178.8
Cash and cash equivalents, end of period	$	3.7		$	—		$	123.2		$	—	$	126.9

Supplemental Guarantor Financial Information Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	120.1		$	—		$	116.0		$	—	$	236.1
Investing Activities
Capital expenditures	(86.9		)	—			(104.4		)	—		(191.3		)
Proceeds from disposition of non-consolidated affiliate	20.0			—			—			—		20.0
Net investing activities	(66.9		)	—			(104.4		)	—		(171.3		)
Financing Activities
Long-term debt:
Borrowings	—			—			25.0			—		25.0
Repayments	(0.6		)	(50.0		)	—			—		(50.6		)
Common stock repurchased and retired	(26.7		)	—			—			—		(26.7		)
Stock options exercised	1.5			—			—			—		1.5
Dividends paid	(65.7		)	—			—			—		(65.7		)
Intercompany financing activities	(50.0		)	50.0			—			—		—
Net financing activities	(141.5		)	—			25.0			—		(116.5		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.2		)	—		(0.2		)
Net (decrease) increase in cash and cash equivalents	(88.3		)	—			36.4			—		(51.9		)
Cash and cash equivalents, beginning of period	92.0			—			86.8			—		178.8
Cash and cash equivalents, end of period	$	3.7		$	—		$	123.2		$	—	$	126.9

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Net operating activities	$	157.2		$	—		$	107.1		$	—		$	264.3
Investing Activities
Capital expenditures	(72.3		)	—			(103.7		)	—			(176.0		)
Proceeds from disposition of property, plant and equipment	—			—			0.1			—			0.1
Distributions from consolidated subsidiaries, net	95.0			95.0			—			(190.0		)	—
Net investing activities	22.7			95.0			(103.6		)	(190.0		)	(175.9		)
Financing Activities
Long-term debt:
Borrowings	550.0			—			20.0			—			570.0
Repayments	(20.4		)	(610.0		)	(19.7		)	—			(650.1		)
Common stock repurchased and retired	(9.1		)	—			—			—			(9.1		)
Stock options exercised	2.2			—			—			—			2.2
Dividends paid	(66.9		)	(95.0		)	(95.0		)	190.0			(66.9		)
Debt issuance costs	(8.5		)	—			—			—			(8.5		)
Intercompany financing activities	(610.0		)	610.0			—			—			—
Net financing activities	(162.7		)	(95.0		)	(94.7		)	190.0			(162.4		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.2		)	—			(0.2		)
Net increase (decrease) in cash and cash equivalents	17.2			—			(91.4		)	—			(74.2		)
Cash and cash equivalents, beginning of period	57.1			—			161.3			—			218.4
Cash and cash equivalents, end of period	$	74.3		$	—		$	69.9		$	—		$	144.2