SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2019

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
September 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	19.0		$	—	$	158.4		$	—		$	177.4
Receivables, net	43.4			—		807.6			(1.1		)	849.9
Intercompany receivables	—			—		2,734.8			(2,734.8		)	—
Income taxes receivable	13.4			—		5.7			(1.6		)	17.5
Inventories, net	162.1			—		538.6			—			700.7
Other current assets	222.9			—		4.1			(202.9		)	24.1
Total current assets	460.8			—		4,249.2			(2,940.4		)	1,769.6
Property, plant and equipment, net	688.8			—		2,678.2			—			3,367.0
Operating lease assets, net	47.8			—		266.8			—			314.6
Investment in subsidiaries	7,144.2			4,400.8		—			(11,545.0		)	—
Deferred income taxes	—			—		31.3			(1.0		)	30.3
Other assets	17.3			—		1,152.8			—			1,170.1
Long-term receivables—affiliates	73.4			627.0		—			(700.4		)	—
Intangible assets, net	0.3			—		461.6			—			461.9
Goodwill	—			966.3		1,152.8			—			2,119.1
Total assets	$	8,432.6		$	5,994.1	$	9,992.7		$	(15,186.8	)	$	9,232.6
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	1.1		$	—	$	—		$	—		$	1.1
Accounts payable	—			—		649.8			(2.1		)	647.7
Intercompany payables	2,734.8			—		—			(2,734.8		)	—
Income taxes payable	—			—		11.4			(1.6		)	9.8
Current operating lease liabilities	7.9			—		63.3			—			71.2
Accrued liabilities	205.9			—		341.5			(200.0		)	347.4
Total current liabilities	2,949.7			—		1,066.0			(2,938.5		)	1,077.2
Long-term debt	2,135.1			1,203.9		—			—			3,339.0
Operating lease liabilities	41.1			—		207.1			—			248.2
Accrued pension liability	390.2			—		232.2			—			622.4
Deferred income taxes	2.6			7.1		506.8			(1.0		)	515.5
Long-term payables—affiliates	—			—		700.4			(700.4		)	—
Other liabilities	249.2			5.6		510.8			—			765.6
Total liabilities	5,767.9			1,216.6		3,223.3			(3,639.9		)	6,567.9
Commitments and contingencies
Shareholders’ equity:
Common stock	159.7			—		14.6			(14.6		)	159.7
Additional paid-in capital	2,128.6			4,125.7		4,808.2			(8,933.9		)	2,128.6
Accumulated other comprehensive loss	(672.7		)	—		(7.0		)	7.0			(672.7		)
Retained earnings	1,049.1			651.8		1,953.6			(2,605.4		)	1,049.1
Total shareholders’ equity	2,664.7			4,777.5		6,769.4			(11,546.9		)	2,664.7
Total liabilities and shareholders’ equity	$	8,432.6		$	5,994.1	$	9,992.7		$	(15,186.8	)	$	9,232.6

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
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	—			1,336.2		—			(1,336.2		)	—
Intangible assets, net	0.3			—		528.0			—			528.3
Goodwill	—			966.3		1,153.3			—			2,119.6
Total assets	$	8,128.3		$	6,496.3	$	9,584.9		$	(14,982.2	)	$	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			—		799.6			(1,336.2		)	—
Other liabilities	310.5			5.5		440.1			—			756.1
Total liabilities	5,205.4			1,818.4		3,208.6			(3,928.0		)	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	$	9,584.9		$	(14,982.2	)	$	9,227.3

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended September 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	348.0		$	—		$	1,363.4		$	(134.8	)	$	1,576.6
Operating expenses:
Cost of goods sold	328.6			—			1,163.8			(134.8		)	1,357.6
Selling and administration	58.2			—			52.6			—			110.8
Restructuring charges	—			—			4.9			—			4.9
Other operating income	0.1			—			—			—			0.1
Operating (loss) income	(38.7		)	—			142.1			—			103.4
Equity income in subsidiaries	81.6			69.9			—			(151.5		)	—
Interest expense	30.1			31.5			4.1			(1.8		)	63.9
Interest income	1.1			—			0.9			(1.8		)	0.2
Non-operating pension income (expense)	5.5			—			(1.4		)	—			4.1
Income before taxes	19.4			38.4			137.5			(151.5		)	43.8
Income tax (benefit) provision	(24.8		)	(7.5		)	31.9			—			(0.4		)
Net income	$	44.2		$	45.9		$	105.6		$	(151.5	)	$	44.2

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Nine Months Ended September 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	1,004.8		$	—		$	4,088.4		$	(370.3	)	$	4,722.9
Operating expenses:
Cost of goods sold	942.5			—			3,596.4			(370.3		)	4,168.6
Selling and administration	157.8			—			157.0			—			314.8
Restructuring charges	1.4			—			11.3			—			12.7
Other operating (expense) income	(4.3		)	—			4.6			—			0.3
Operating (loss) income	(101.2		)	—			328.3			—			227.1
Equity income in subsidiaries	155.1			113.9			—			(269.0		)	—
Interest expense	65.8			103.3			15.8			(5.7		)	179.2
Interest income	3.7			—			2.7			(5.7		)	0.7
Non-operating pension income (expense)	16.6			—			(4.4		)	—			12.2
Other income	11.2						—						11.2
Income before taxes	19.6			10.6			310.8			(269.0		)	72.0
Income tax (benefit) provision	(46.3		)	(24.9		)	77.3			—			6.1
Net income	$	65.9		$	35.5		$	233.5		$	(269.0	)	$	65.9

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

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	44.2		$	45.9	$	105.6		$	(151.5	)	$	44.2
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	—			—		(15.7		)	—			(15.7		)
Unrealized losses on derivative contracts, net	(2.5		)	—		—			—			(2.5		)
Amortization of prior service costs and actuarial losses, net	4.9			—		1.0			—			5.9
Total other comprehensive income (loss), net of tax	2.4			—		(14.7		)	—			(12.3		)
Comprehensive income	$	46.6		$	45.9	$	90.9		$	(151.5	)	$	31.9

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Nine Months Ended September 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	65.9		$	35.5	$	233.5		$	(269.0	)	$	65.9
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net	—			—		(20.7		)	—			(20.7		)
Unrealized losses on derivative contracts, net	(17.9		)	—		—			—			(17.9		)
Amortization of prior service costs and actuarial losses, net	14.8			—		2.1			—			16.9
Total other comprehensive loss, net of tax	(3.1		)	—		(18.6		)	—			(21.7		)
Comprehensive income	$	62.8		$	35.5	$	214.9		$	(269.0	)	$	44.2

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

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Nine Months Ended September 30, 2018
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Net income	$	274.6		$	107.3	$	337.3		$	(444.6	)	$	274.6
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	—			—		(15.7		)	—			(15.7		)
Unrealized losses on derivative contracts, net	(6.1		)	—		—			—			(6.1		)
Amortization of prior service costs and actuarial losses, net	19.7			—		1.3			—			21.0
Total other comprehensive income (loss), net of tax	13.6			—		(14.4		)	—			(0.8		)
Comprehensive income	$	288.2		$	107.3	$	322.9		$	(444.6	)	$	273.8

Supplemental Guarantor Financial Information Statements Of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	63.5		$	—		$	353.1		$	—	$	416.6
Investing Activities
Capital expenditures	(115.4		)	—			(156.4		)	—		(271.8		)
Proceeds from disposition of non-consolidated affiliate	20.0			—			—			—		20.0
Net investing activities	(95.4		)	—			(156.4		)	—		(251.8		)
Financing Activities
Long-term debt:
Borrowings	800.0			—			25.0			—		825.0
Repayments	(51.1		)	(543.0		)	(150.0		)	—		(744.1		)
Common stock repurchased and retired	(135.6		)	—			—			—		(135.6		)
Stock options exercised	1.5			—			—			—		1.5
Dividends paid	(98.5		)	—			—			—		(98.5		)
Debt issuance costs	(14.4		)	—			—			—		(14.4		)
Intercompany financing activities	(543.0		)	543.0			—			—		—
Net financing activities	(41.1		)	—			(125.0		)	—		(166.1		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(0.1		)	—		(0.1		)
Net (decrease) increase in cash and cash equivalents	(73.0		)	—			71.6			—		(1.4		)
Cash and cash equivalents, beginning of period	92.0			—			86.8			—		178.8
Cash and cash equivalents, end of period	$	19.0		$	—		$	158.4		$	—	$	177.4

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