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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended
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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 |

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