XML 23 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ 35.6 $ 51.3
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 18.3 16.9
Deferred income taxes (10.6) (0.9)
Impairment/loss on sale of assets 0.0 (0.4)
Restructuring charges 5.6 0.0
Share-based compensation 0.8 0.0
Changes in operating assets and liabilities:    
Accounts receivable, net (18.3) (20.4)
Inventories, net (4.0) (15.5)
Prepaid and other current assets (4.1) (1.3)
Accounts payable 9.1 (20.4)
Accrued expenses (1.9) 10.5
Income taxes payable 6.5 0.0
Accrued payroll and employee benefit costs 4.0 (11.5)
Restructuring and other spending (3.6) 0.0
Changes in other operating assets and liabilities, net (0.7) 0.2
Net cash provided (used) by operating activities 36.7 8.5
Cash flows from investing activities:    
Capital expenditures (22.2) (37.1)
Payments for acquired businesses, net of cash acquired 0.0 0.6
Restricted investment (69.1) 0.0
Net cash provided (used) by investing activities (91.3) (36.5)
Cash flows from financing activities:    
Net borrowings under our revolving credit facility 190.0 0.0
Proceeds from long-term borrowings 300.0 0.0
Debt issuance costs (3.5) 0.0
Borrowings (repayments) of notes payable and other short-term borrowings, net (9.4) 12.2
Noncontrolling interest distributions (1.7) (1.8)
Cash distributed to WestRock at Separation (448.5) 0.0
Transactions with WestRock, net 51.4 12.7
Net cash provided (used) by financing activities 78.3 23.1
Increase (decrease) in cash and cash equivalents 23.7 (4.9)
Effect of exchange rate changes on cash 0.0 0.3
Cash and cash equivalents    
Change in cash and cash equivalents 23.7 (4.6)
At beginning of period 32.0 19.9
At end of period 55.7 15.3
Supplemental cash flow information:    
Cash paid for interest 4.7 3.3
Purchases of property, plant and equipment in accounts payable $ 1.7 $ 7.9