Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

22. Quarterly Results of Operations (unaudited, dollars in millions, except per-share and stock price information)

2019:	First (a)		Second		Third (b)		Fourth (c)		Total
Net sales	$	1,733.7	$	1,759.9	$	1,750.7	$	1,720.0	$	6,964.3
Gross profit		421.4		427.9		411.4		383.3		1,644.0
Income from operations		275.4		280.4		262.8		235.1		1,053.7
Net income		186.8		193.6		179.8		136.2		696.4
Basic earnings per share		1.98		2.05		1.90		1.44		7.36
Diluted earnings per share		1.97		2.04		1.89		1.43		7.34
Stock price - high		101.84		103.80		109.37		114.78		114.78
Stock price - low		81.87		87.85		96.30		100.54		81.87

2018:	First (d)		Second (e)		Third (f)		Fourth (g)		Total
Net sales	$	1,690.6	$	1,767.5	$	1,809.9	$	1,746.6	$	7,014.6
Gross profit		356.1		420.6		443.2		425.4		1,645.3
Income from operations		212.9		269.6		298.5		286.7		1,067.7
Net income		140.1		186.6		206.7		204.6		738.0
Basic earnings per share		1.48		1.98		2.19		2.17		7.82
Diluted earnings per share		1.48		1.97		2.18		2.16		7.80
Stock price - high		131.13		124.70		118.88		110.62		131.13
Stock price - low		109.04		107.96		107.39		77.90		77.90

Note: The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding throughout the year.

(a) Includes $0.6 million of charges consisting of closure costs related to the second quarter 2018 discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard ($0.5 million after-tax or $0.01 per diluted share).

(b) Includes $3.0 million of charges for the disposal of fixed assets related to the containerboard mill conversion at our DeRidder, Louisiana mill ($2.3 million after-tax or $0.02 per diluted share).

(c) Includes $0.4 million of charges consisting of closure costs related related to the second quarter 2018 discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard ($0.3 million after-tax or $0.00 per diluted share) and $38.7 million of charges related to the Company’s November 2019 debt refinancing, which included redemption premiums and

the write-offs of remaining balances of treasury locks and unamortized debt issuance costs as well as $3.2 million of income tax benefit from the stranded tax effects in Accumulated Other Comprehensive Income related to the write-offs of the treasury locks ($25.9 million after-tax or $0.28 per diluted share). Also includes $0.3 million of charges consisting of closure costs related to corrugated products facilities, partially offset by income from the sale of a building related to a closed corrugated products facility ($0.2 million after-tax or $0.00 per diluted share).

(d) Includes $0.3 million of charges consisting of closure costs related to corrugated products facilities and a corporate administration facility ($0.2 million after-tax or $0.00 per diluted share) and $8.8 million of charges related to the second quarter 2018 discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard ($6.6 million after-tax or $0.07 per diluted share).

(e) Includes $0.2 million of charges consisting of closure costs related to corrugated products facilities and a corporate administration facility ($0.2 million after-tax and $0.00 per diluted share) and $13.6 million of charges related to the second quarter 2018 discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard ($10.2 million after-tax or $0.11 per diluted share).

(f) Includes $4.0 million of charges related to the second quarter 2018 discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard ($2.9 million after-tax or $0.04 per diluted share) and $1.3 million of charges consisting of closure costs related to corrugated products facilities and a corporate administration facility ($1.0 million after-tax or $0.01 per diluted share). Also includes $0.5 million of costs for the property damage insurance deductible for a weather-related incident at one of the corrugated products facilities ($0.4 million after-tax or $0.00 per diluted share) and $0.1 million of charges for acquisition and integration costs related to recent acquisitions ($0.01 million after-tax or $0.00 per diluted share).

(g) Includes $3.6 million of charges related to the second quarter 2018 discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula, Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard ($2.7 million after-tax or $0.03 per diluted share) and $0.1 million of charges for acquisition and integration costs related to recent acquisitions ($0.1 million after-tax or $0.00 per diluted share). Also includes $2.0 million of income tax benefit for the re-measurement of our net deferred tax liability to our 2017 measurement period adjustments in accordance with SEC Staff Accounting Bulletin No. 118 (SAB 118), Income Tax Accounting Implications of the Tax Cuts and Jobs Act ($0.02 per diluted share).