SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

Supplemental Guarantor Financial Information [Abstract]

Supplemental Guarantor Financial Information Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
June 30, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	56.9		$	—	$	181.0		$	—		$	237.9
Receivables, net	51.1			—		649.1			—			700.2
Intercompany receivables	—			—		2,587.6			(2,587.6		)	—
Income taxes receivable	10.9			—		8.3			(1.6		)	17.6
Inventories, net	131.4			—		487.7			—			619.1
Other current assets	259.8			—		1.0			(218.8		)	42.0
Total current assets	510.1			—		3,914.7			(2,808.0		)	1,616.8
Property, plant and equipment, net	705.5			—		2,529.4			—			3,234.9
Operating lease assets, net	44.2			—		327.6			—			371.8
Investment in subsidiaries	6,942.1			4,262.9		—			(11,205.0		)	—
Deferred income taxes	58.2			—		38.2			(58.1		)	38.3
Other assets	23.6			—		1,156.1			—			1,179.7
Long-term receivables—affiliates	73.4			560.2		—			(633.6		)	—
Intangible assets, net	0.2			—		416.7			—			416.9
Goodwill	—			966.3		1,153.4			—			2,119.7
Total assets	$	8,357.3		$	5,789.4	$	9,536.1		$	(14,704.7	)	$	8,978.1
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	1.8		$	—	$	—		$	—		$	1.8
Accounts payable	—			—		526.3			(5.5		)	520.8
Intercompany payables	2,587.6			—		—			(2,587.6		)	—
Income taxes payable	—			—		9.3			(1.6		)	7.7
Current operating lease liabilities	8.4			—		68.9			—			77.3
Accrued liabilities	188.8			—		345.4			(215.5		)	318.7
Total current liabilities	2,786.6			—		949.9			(2,810.2		)	926.3
Long-term debt	2,623.9			1,209.7		240.3			—			4,073.9
Operating lease liabilities	37.0			—		262.2			—			299.2
Accrued pension liability	463.2			—		304.8			—			768.0
Deferred income taxes	—			6.6		466.0			(58.1		)	414.5
Long-term payables—affiliates	—			—		633.6			(633.6		)	—
Other liabilities	257.7			5.6		44.0			—			307.3
Total liabilities	6,168.4			1,221.9		2,900.8			(3,501.9		)	6,789.2
Commitments and contingencies
Shareholders’ equity:
Common stock	157.9			—		14.6			(14.6		)	157.9
Additional paid-in capital	2,127.0			4,125.7		4,808.2			(8,933.9		)	2,127.0
Accumulated other comprehensive loss	(773.9		)	—		(7.5		)	7.5			(773.9		)
Retained earnings	677.9			441.8		1,820.0			(2,261.8		)	677.9
Total shareholders’ equity	2,188.9			4,567.5		6,635.3			(11,202.8		)	2,188.9
Total liabilities and shareholders’ equity	$	8,357.3		$	5,789.4	$	9,536.1		$	(14,704.7	)	$	8,978.1

CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2019
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations			Total
Assets
Current assets:
Cash and cash equivalents	$	11.6		$	—	$	209.3		$	—		$	220.9
Receivables, net	78.3			—		686.8			(4.7		)	760.4
Intercompany receivables	—			—		2,815.5			(2,815.5		)	—
Income taxes receivable	1.6			—		12.3			—			13.9
Inventories, net	157.1			—		538.6			—			695.7
Other current assets	231.4			—		0.2			(208.5		)	23.1
Total current assets	480.0			—		4,262.7			(3,028.7		)	1,714.0
Property, plant and equipment, net	699.0			—		2,624.8			—			3,323.8
Operating lease assets, net	47.4			—		330.4			—			377.8
Investment in subsidiaries	7,048.2			4,353.5		—			(11,401.7		)	—
Deferred income taxes	1.7			—		34.7			(1.1		)	35.3
Other assets	20.9			—		1,148.2			—			1,169.1
Long-term receivables—affiliates	73.4			605.8		—			(679.2		)	—
Intangible assets, net	0.3			—		447.8			—			448.1
Goodwill	—			966.3		1,153.4			—			2,119.7
Total assets	$	8,370.9		$	5,925.6	$	10,002.0		$	(15,110.7	)	$	9,187.8
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	2.1		$	—	$	—		$	—		$	2.1
Accounts payable	—			—		660.6			(8.7		)	651.9
Intercompany payables	2,815.5			—		—			(2,815.5		)	—
Income taxes payable	11.5			—		8.3			—			19.8
Current operating lease liabilities	8.2			—		71.1			—			79.3
Accrued liabilities	183.7			—		350.8			(205.4		)	329.1
Total current liabilities	3,021.0			—		1,090.8			(3,029.6		)	1,082.2
Long-term debt	2,130.0			1,208.7		—			—			3,338.7
Operating lease liabilities	40.4			—		263.0			—			303.4
Accrued pension liability	496.9			—		300.8			—			797.7
Deferred income taxes	—			6.5		449.2			(1.2		)	454.5
Long-term payables—affiliates	—			—		679.2			(679.2		)	—
Other liabilities	265.1			5.6		523.1			—			793.8
Total liabilities	5,953.4			1,220.8		3,306.1			(3,710.0		)	6,770.3
Commitments and contingencies
Shareholders' equity:
Common stock	157.7			—		14.6			(14.6		)	157.7
Additional paid-in capital	2,122.1			4,125.7		4,808.2			(8,933.9		)	2,122.1
Accumulated other comprehensive loss	(803.4		)	—		(6.5		)	6.5			(803.4		)
Retained earnings	941.1			579.1		1,879.6			(2,458.7		)	941.1
Total shareholders’ equity	2,417.5			4,704.8		6,695.9			(11,400.7		)	2,417.5
Total liabilities and shareholders’ equity	$	8,370.9		$	5,925.6	$	10,002.0		$	(15,110.7	)	$	9,187.8

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

Supplemental Guarantor Financial Information Statement of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	346.9		$	—		$	1,023.8		$	(129.5	)	$	1,241.2
Operating expenses:
Cost of goods sold	319.5			—			1,045.7			(129.5		)	1,235.7
Selling and administration	69.0			—			30.7			—			99.7
Restructuring charges	—			—			1.7			—			1.7
Other operating income	0.1			—			—			—			0.1
Operating loss	(41.5		)	—			(54.3		)	—			(95.8		)
Equity loss in subsidiaries	(65.6		)	(59.5		)	—			125.1			—
Interest expense	39.3			30.6			0.6			(1.1		)	69.4
Interest income	1.3			—			—			(1.1		)	0.2
Non-operating pension income (expense)	6.6			—			(1.7		)	—			4.9
Loss before taxes	(138.5		)	(90.1		)	(56.6		)	125.1			(160.1		)
Income tax benefit	(18.4		)	(7.2		)	(14.4		)	—			(40.0		)
Net loss	$	(120.1	)	$	(82.9	)	$	(42.2	)	$	125.1		$	(120.1	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations			Total
Sales	$	700.2		$	—		$	2,225.6		$	(259.5	)	$	2,666.3
Operating expenses:
Cost of goods sold	653.1			—			2,216.3			(259.5		)	2,609.9
Selling and administration	108.9			—			87.5			—			196.4
Restructuring charges	—			—			3.4			—			3.4
Other operating income	0.1			—			—			—			0.1
Operating loss	(61.7		)	—			(81.6		)	—			(143.3		)
Equity loss in subsidiaries	(114.1		)	(90.6		)	—			204.7			—
Interest expense	71.7			61.2			3.7			(4.1		)	132.5
Interest income	3.4			—			1.0			(4.1		)	0.3
Non-operating pension income (expense)	13.1			—			(3.6		)	—			9.5
Loss before taxes	(231.0		)	(151.8		)	(87.9		)	204.7			(266.0		)
Income tax benefit	(30.9		)	(14.5		)	(20.5		)	—			(65.9		)
Net loss	$	(200.1	)	$	(137.3	)	$	(67.4	)	$	204.7		$	(200.1	)

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

Supplemental Guarantor Financial Information Statements Of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net loss	$	(120.1	)	$	(82.9	)	$	(42.2	)	$	125.1	$	(120.1	)
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—			8.2			—		8.2
Unrealized gains on derivative contracts, net	30.0			—			—			—		30.0
Amortization of prior service costs and actuarial losses, net	7.6			—			1.4			—		9.0
Total other comprehensive income, net of tax	37.6			—			9.6			—		47.2
Comprehensive loss	$	(82.5	)	$	(82.9	)	$	(32.6	)	$	125.1	$	(72.9	)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Six Months Ended June 30, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer			Subsidiary Non-Guarantor			Eliminations		Total
Net loss	$	(200.1	)	$	(137.3	)	$	(67.4	)	$	204.7	$	(200.1	)
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net	—			—			(0.8		)	—		(0.8		)
Unrealized gains on derivative contracts, net	12.1			—			—			—		12.1
Amortization of prior service costs and actuarial losses, net	15.5			—			2.7			—		18.2
Total other comprehensive income, net of tax	27.6			—			1.9			—		29.5
Comprehensive loss	$	(172.5	)	$	(137.3	)	$	(65.5	)	$	204.7	$	(170.6	)

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 Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2020
(In millions)
(Unaudited)
	Parent Guarantor			Issuer		Subsidiary Non-Guarantor			Eliminations		Total
Net operating activities	$	219.1		$	—	$	(163.7	)	$	—	$	55.4
Investing Activities
Capital expenditures	(61.5		)	—		(105.0		)	—		(166.5		)
Payments under ethylene long-term supply contracts	—			—		(461.0		)	—		(461.0		)
Payments under other long-term supply contracts	—			—		(75.8		)	—		(75.8		)
Net investing activities	(61.5		)	—		(641.8		)	—		(703.3		)
Financing Activities
Long-term debt:
Borrowings	672.5			—		490.7			—		1,163.2
Repayments	(175.8		)	—		(250.0		)	—		(425.8		)
Stock options exercised	0.5			—		—			—		0.5
Dividends paid	(63.1		)	—		—			—		(63.1		)
Debt issuance costs	(9.6		)	—		—			—		(9.6		)
Intercompany financing activities	(536.8		)	—		536.8			—		—
Net financing activities	(112.3		)	—		777.5			—		665.2
Effect of exchange rate changes on cash and cash equivalents	—			—		(0.3		)	—		(0.3		)
Net increase (decrease) in cash and cash equivalents	45.3			—		(28.3		)	—		17.0
Cash and cash equivalents, beginning of year	11.6			—		209.3			—		220.9
Cash and cash equivalents, end of period	$	56.9		$	—	$	181.0		$	—	$	237.9

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 year	92.0			—			86.8			—		178.8
Cash and cash equivalents, end of period	$	3.7		$	—		$	123.2		$	—	$	126.9