Cover
Cover - USD ($) $ in Billions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | ||||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Entity File Number | 001-33988 | |||
Entity Registrant Name | Graphic Packaging Holding Co | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 26-0405422 | |||
Entity Address, Address Line One | 1500 Riveredge Parkway, Suite 100 | |||
Entity Address, City or Town | Atlanta | |||
Entity Address, State or Province | GA | |||
Entity Address, Postal Zip Code | 30328 | |||
City Area Code | 770 | |||
Local Phone Number | 240-7200 | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | |||
Trading Symbol | GPK | |||
Security Exchange Name | NYSE | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | true | |||
Entity Shell Company | false | |||
Entity Public Float | $ 3.9 | |||
Entity Common Stock, Shares Outstanding | 267,755,764 | |||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | |||
Entity Central Index Key | 0001408075 | |||
Document Period End Date | Dec. 31, 2020 | |||
Amendment Flag | false | |||
Document Fiscal Year Focus | 2020 | |||
Document Fiscal Period Focus | FY | |||
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net Sales | $ 6,559.9 | $ 6,160.1 | $ 6,029.4 |
Cost of Sales | 5,459.7 | 5,067.5 | 5,077 |
Selling, General and Administrative | 512.6 | 511.8 | 472.1 |
Other Expense, Net | 2 | 8.8 | 7.2 |
Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net | 61.3 | 37.9 | 14.9 |
Income from Operations | 524.3 | 534.1 | 458.2 |
Nonoperating Pension and Postretirement Benefit (Expense) Income | (151.5) | (39.5) | 14.9 |
Interest Expense, Net | (128.8) | (140.6) | (123.7) |
Loss on Modification or Extinguishment of Debt | 0 | 0 | (1.9) |
Income before Income Taxes and Equity Income of Unconsolidated Entity | 244 | 354 | 347.5 |
Income Tax Expense (Benefit) | (41.6) | (76.3) | (54.7) |
Income before Equity Income of Unconsolidated Entity | 202.4 | 277.7 | 292.8 |
Equity Income of Unconsolidated Entity | 0.9 | 0.4 | 1.2 |
Net Income | 203.3 | 278.1 | 294 |
Net Income Attributable to Noncontrolling Interests | (36) | (71.3) | (72.9) |
Net Income (Loss) Attributable to Parent, Total | $ 167.3 | $ 206.8 | $ 221.1 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.60 | $ 0.70 | $ 0.71 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.60 | $ 0.70 | $ 0.71 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Graphic Packaging Holding Company | |||
Net Income (Loss) Attributable to Parent, Total | $ 167.3 | $ 206.8 | $ 221.1 |
Derivative Instruments | 3.5 | (5.3) | (1) |
Pension and Postretirement Benefit Plans | 99.9 | 7.6 | (19.4) |
Currency Translation Adjustment | 16.5 | 9.8 | (18.7) |
Total Other Comprehensive (Loss) Income, Net of Tax | 119.9 | 12.1 | (39.1) |
Comprehensive Income (Loss) | 287.2 | 218.9 | 182 |
Noncontrolling Interest | |||
Net Income (Loss) | 39.2 | 55 | 56.3 |
Derivative Instruments | 0.7 | (1.5) | (0.2) |
Pension and Postretirement Benefit Plans | (29.4) | (2.3) | 4.7 |
Currency Translation Adjustment | 1.7 | 2.1 | (4.5) |
Total Other Comprehensive Income (Loss), Net of Tax | 31.8 | 2.9 | (9.4) |
Total Comprehensive Income | 71 | 57.9 | 46.9 |
Redeemable Noncontrolling Interest | |||
Net Income | (3.2) | 16.3 | 16.6 |
Derivative Instruments | 0.1 | 0.4 | 0.1 |
Pension and Postretirement Benefit Plans | 9.5 | 0.7 | (1.4) |
Currency Translation Adjustment | (0.5) | 0.5 | (1.3) |
Total Other Comprehensive Income, Net of Tax | 8.9 | 0.8 | (2.8) |
Total Comprehensive Income | 5.7 | 17.1 | 13.8 |
Total | |||
Net Income (Loss) | 203.3 | 278.1 | 294 |
Derivative Instruments | 4.1 | (7.2) | (1.3) |
Pension and Postretirement Benefit Plans | (138.8) | (10.6) | 25.5 |
Currency Translation Adjustment | 17.7 | 12.4 | (24.5) |
Total Other Comprehensive Income, Net of Tax | 160.6 | 15.8 | (51.3) |
Total Comprehensive Income | $ 363.9 | $ 293.9 | $ 242.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 179 | $ 152.9 |
Receivables, Net | 654.4 | 504.5 |
Inventories, Net | 1,127.6 | 1,095.9 |
Other Current Assets | 59.2 | 52.3 |
Total Current Assets | 2,020.2 | 1,805.6 |
Property, Plant, and Equipment, Net | 3,560 | 3,253.8 |
Goodwill | 1,477.6 | 1,477.9 |
Intangible Assets, Net | 436.9 | 477.3 |
Other Assets | 309.9 | 275.3 |
Total Assets | 7,804.6 | 7,289.9 |
Current Liabilities: | ||
Short-Term Debt and Current Portion of Long-Term Debt | 497.2 | 50.4 |
Accounts Payable | 825 | 716.1 |
Compensation and Employee Benefits | 213.1 | 168.4 |
Interest Payable | 30.3 | 24.7 |
Other Accrued Liabilities | 291 | 239.1 |
Total Current Liabilities | 1,856.6 | 1,198.7 |
Long-Term Debt | 3,147 | 2,809.9 |
Deferred Income Tax Liabilities | 539.6 | 511.8 |
Accrued Pension and Postretirement Benefits | 129.8 | 140.4 |
Other Noncurrent Liabilities | 291.3 | 266.8 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 304.3 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 267,726,373 and 290,246,907 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 2.7 | 2.9 |
Capital in Excess of Par Value | 1,714.6 | 1,876.7 |
(Accumulated Deficit) Retained Earnings | (47.1) | 56.4 |
Accumulated Other Comprehensive Loss | (245.9) | (365.8) |
Total Graphic Packaging Holding Company Shareholders' Equity | 1,424.3 | 1,570.2 |
Noncontrolling Interest | 416 | 487.8 |
Total Equity | 1,840.3 | 2,058 |
Total Liabilities and Shareholders' Equity | $ 7,804.6 | $ 7,289.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 267,726,373 | 290,246,907 |
Common Stock, Shares, Outstanding | 267,726,373 | 290,246,907 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests | ||
Beginning balance, shares at Dec. 31, 2017 | 309,715,624 | |||||||
Beginning balance at Dec. 31, 2017 | $ 1,291,900 | $ 3,100 | $ 1,683,600 | $ (56,000) | $ (338,800) | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NACP | 732,400 | 308,400 | 424,000 | |||||
Reclassification to Redeemable Noncontrolling Interest for Share Repurchases | 12,500 | 12,500 | ||||||
Redeemable Noncontrolling Interest Redemption Value Adjustment | (19,400) | (19,400) | ||||||
Other Comprehensive Income, Net of Tax: | ||||||||
Derivative Instruments | (1,200) | (1,000) | (200) | |||||
Pension and Postretirement Benefit Plans | (24,100) | (19,400) | (4,700) | |||||
Currency Translation Adjustment | (23,200) | (18,700) | (4,500) | |||||
Net Income | $ 277,400 | 221,100 | 56,300 | |||||
Repurchase of Common Stock, Shares | (10,566,144) | (10,566,144) | [1] | |||||
Repurchase of Common Stock | [1] | $ (120,000) | $ (100) | (57,100) | (62,800) | |||
Dividends Declared | (92,300) | (92,300) | ||||||
Recognition of Stock-Based Compensation | 9,500 | 9,500 | ||||||
Issuance of Shares for Stock-Based Awards, Shares | 658,299 | |||||||
Issuance of Shares for Stock-Based Awards | 0 | |||||||
Ending balance, shares at Dec. 31, 2018 | 299,807,779 | |||||||
Ending balance at Dec. 31, 2018 | 2,018,500 | $ 3,000 | 1,944,400 | 10,000 | (377,900) | 439,000 | ||
Beginning balance, shares at Dec. 31, 2017 | 309,715,624 | |||||||
Beginning balance at Dec. 31, 2017 | $ 1,291,900 | $ 3,100 | 1,683,600 | (56,000) | (338,800) | 0 | ||
Other Comprehensive Income, Net of Tax: | ||||||||
Repurchase of Common Stock, Shares | (44,200,000) | |||||||
Ending balance, shares at Dec. 31, 2020 | 267,726,373 | 267,726,373 | ||||||
Ending balance at Dec. 31, 2020 | $ 1,840,300 | $ 2,700 | 1,714,600 | (47,100) | (245,900) | 416,000 | ||
Beginning balance, shares at Dec. 31, 2018 | 299,807,779 | |||||||
Beginning balance at Dec. 31, 2018 | 2,018,500 | $ 3,000 | 1,944,400 | 10,000 | (377,900) | 439,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Reclassification to Redeemable Noncontrolling Interest for Share Repurchases | 12,500 | (12,500) | ||||||
Redeemable Noncontrolling Interest Redemption Value Adjustment | (30,200) | (30,200) | ||||||
Distribution of Membership Interest | (21,600) | 21,600 | ||||||
Other Comprehensive Income, Net of Tax: | ||||||||
Derivative Instruments | (6,800) | (5,300) | (1,500) | |||||
Pension and Postretirement Benefit Plans | 9,900 | 7,600 | 2,300 | |||||
Currency Translation Adjustment | 11,900 | 9,800 | 2,100 | |||||
Net Income | $ 261,800 | 206,800 | 55,000 | |||||
Repurchase of Common Stock, Shares | (10,191,257) | (10,191,257) | ||||||
Repurchase of Common Stock | $ (127,900) | $ (100) | (55,100) | (72,700) | ||||
Dividends Declared | (87,700) | (87,700) | ||||||
Recognition of Stock-Based Compensation | 17,600 | 17,600 | ||||||
Issuance of Shares for Stock-Based Awards, Shares | 630,385 | |||||||
Issuance of Shares for Stock-Based Awards | $ 0 | |||||||
Ending balance, shares at Dec. 31, 2019 | 290,246,907 | 290,246,907 | ||||||
Ending balance at Dec. 31, 2019 | $ 2,058,000 | $ 2,900 | 1,876,700 | 56,400 | (365,800) | 487,800 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Reclassification to Redeemable Noncontrolling Interest for Share Repurchases | (210,900) | (87,400) | (123,500) | |||||
Redeemable Noncontrolling Interest Redemption Value Adjustment | 12,200 | 12,200 | ||||||
Distribution of Membership Interest | (19,300) | 19,300 | ||||||
Other Comprehensive Income, Net of Tax: | ||||||||
Derivative Instruments | 4,200 | |||||||
Pension and Postretirement Benefit Plans | 129,300 | |||||||
Currency Translation Adjustment | 18,200 | |||||||
Net Income | $ 206,500 | 167,300 | 39,200 | |||||
Repurchase of Common Stock, Shares | (23,420,010) | (23,420,010) | ||||||
Repurchase of Common Stock | $ (315,600) | $ (200) | (127,600) | (187,800) | ||||
Dividends Declared | (83,000) | (83,000) | ||||||
Recognition of Stock-Based Compensation | 24,700 | 24,700 | ||||||
Tax Effect IP Redemption | 16,000 | 16,000 | ||||||
Issuance of Shares for Stock-Based Awards, Shares | 899,476 | |||||||
Issuance of Shares for Stock-Based Awards | $ 0 | |||||||
Ending balance, shares at Dec. 31, 2020 | 267,726,373 | 267,726,373 | ||||||
Ending balance at Dec. 31, 2020 | $ 1,840,300 | $ 2,700 | $ 1,714,600 | $ (47,100) | $ (245,900) | $ 416,000 | ||
[1] | Includes 83,806 shares repurchased but not settled as of December 31, 2018. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2018shares | |
Common Stock | |
Summary Of Stockholders' Equity [Line Items] | |
Common stock repurchased but not settled (in shares) | 83,806 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||
Depreciation and Amortization | $ 475.8 | $ 447.2 | $ 430.6 |
Amortization of Deferred Debt Issuance Costs | 5.7 | 4.7 | 4.4 |
Deferred Income Taxes | (0.7) | 52.7 | 26 |
Amount of Postretirement Expense Greater (Less) Than Funding | 147.1 | 41.5 | (4.7) |
Gain on the Sale of Assets, net | 0 | 0 | (38.6) |
Other, Net | 12.9 | 15.1 | 35.3 |
Changes in Operating Assets and Liabilities, Net of Acquisitions (See Note 3) | (19.4) | (173.5) | (1,120.8) |
Net Cash Provided by (Used in) Operating Activities | 824.7 | 665.8 | (373.8) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Spending | 616.1 | 330.9 | 378.8 |
Packaging Machinery Spending | (30.2) | (22) | (16.4) |
Acquisition of Businesses, Net of Cash Acquired | (120.6) | (54.5) | (89.4) |
Proceeds Received from Sale of Assets, Net of Selling Costs | 0 | 0 | 49.4 |
Beneficial Interest on Sold Receivables | 135.5 | 343.6 | 1,476.7 |
Beneficial Interest Obtained in Exchange for Proceeds | (8.5) | (155.9) | (345.5) |
Other, Net | (7.9) | (4.6) | (6.9) |
Net Cash (Used in) Provided by Investing Activities | (647.8) | (224.3) | 689.1 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchase of Common Stock | (315.6) | (128.8) | (119.1) |
Payments on Debt | (36.5) | (36.5) | (152.4) |
Proceeds from Issuance of Debt | 800 | 300 | 0 |
Redemption of Noncontrolling Interest | (500) | 0 | |
Borrowings under Revolving Credit Facilities | 2,613.5 | 2,497.5 | 1,876.9 |
Payments on Revolving Credit Facilities | (2,596.8) | (2,865.1) | (1,787.5) |
Debt Issuance Costs | (13.9) | (5) | (7.9) |
Repurchase of Common Stock related to Share-Based Payments | (9.1) | (4.1) | (4.3) |
Dividends and Distributions Paid to GPIP Partner | (102.8) | (112.7) | (111) |
Other, Net | 9.2 | (6.1) | (5.4) |
Net Cash Used In Financing Activities | (152) | (360.8) | (310.7) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 1.2 | 1.7 | (1.5) |
Net Increase in Cash and Cash Equivalents | 26.1 | 82.4 | 3.1 |
Cash and Cash Equivalents at Beginning of Year | 152.9 | 70.5 | 67.4 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 179 | 152.9 | 70.5 |
Non-cash Investing Activities: | |||
Beneficial Interest (Sold) Obtained in Exchange for Trade Receivables | 135.2 | (68.8) | |
Beneficial Interest (Sold) Obtained in Exchange for Trade Receivables | (1,025.7) | ||
Operating leases | 70.5 | 73.1 | |
Finance leases | 0.1 | 15.5 | |
Non-cash Investment in NACP Combinations | 0 | 0 | 1,111.2 |
Non-cash Financing Activities: | |||
Non-cash Financing of NACP Combination | $ 0 | $ 0 | $ 660 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash Flow (Used In) Provided by Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions: In millions 2020 2019 2018 Receivables, Net $ (215.7) $ (107.6) $ (1,158.1) Inventories, Net 34.8 (72.8) (82.0) Other Current Assets (5.3) (9.5) 0.3 Other Assets (21.5) (7.9) (1.0) Accounts Payable 70.9 (8.6) 76.2 Compensation and Employee Benefits 40.3 12.9 26.9 Income Taxes 6.9 (4.2) 0.6 Interest Payable 5.6 8.4 (4.1) Other Accrued Liabilities 30.9 5.2 11.8 Other Noncurrent Liabilities 33.7 10.6 8.6 Total $ (19.4) $ (173.5) $ (1,120.8) Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: In millions 2020 2019 2018 Interest $ 119.5 $ 126.8 $ 125.0 Income Taxes $ 27.2 $ 25.8 $ 25.8 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Graphic Packaging Holding Company (“GPHC” and, together with its subsidiaries, the “Company”) is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of sustainable, paper-based packaging solutions for a wide variety of products to food, beverage, foodservice and other consumer products companies. The Company operates on a global basis, is one of the largest producers of folding cartons in the United States ("U.S.") and holds leading market positions in coated-recycled paperboard ("CRB"), coated unbleached kraft paperboard ("CUK") and solid bleached sulfate paperboard ("SBS"). The Company’s customers include many of the world’s most widely recognized companies and brands with prominent market positions in beverage, food, foodservice, and other consumer products. The Company strives to provide its customers with innovative sustainable packaging solutions designed to deliver marketing and performance benefits at a competitive cost by capitalizing on its low-cost paperboard mills and converting facilities, its proprietary carton and packaging designs, and its commitment to quality and service. On January 1, 2018, GPHC, a Delaware corporation, International Paper Company, a New York corporation (“IP”), Graphic Packaging International Partners, LLC, a Delaware limited liability company formerly known as Gazelle Newco LLC and a wholly-owned subsidiary of the Company (“GPIP”), and Graphic Packaging International, LLC, a Delaware limited liability company formerly known as Graphic Packaging International, Inc. and a direct subsidiary of GPIP (“GPIL”), completed a series of transactions pursuant to an agreement dated October 23, 2017 among the foregoing parties (the “Transaction Agreement”). Pursuant to the Transaction Agreement (i) a wholly-owned subsidiary of the Company transferred its ownership interest in GPIL to GPIP; (ii) IP transferred its North America Consumer Packaging (“NACP”) business to GPIP, which was then subsequently transferred to GPIL; (iii) GPIP issued membership interests to IP, and IP was admitted as a member of GPIP; and (iv) GPIL assumed certain indebtedness of IP (the "NACP Combination"). GPI Holding III, LLC, an indirect wholly-owned subsidiary of the Company (“GPI Holding”), is the managing member of GPIP. At the closing of the NACP Combination, GPIP issued 309,715,624 common units or 79.5% of the membership interests in GPIP to GPI Holding and 79,911,591 common units or 20.5% of the membership interests in GPIP to IP. Subject to certain restrictions, the common units held by IP are exchangeable into shares of common stock of GPHC or cash. The following diagram illustrates the organization of the Company on January 1, 2018, immediately subsequent to the transactions described above (not including subsidiaries of GPIL): On January 28, 2020, the Company announced that IP had notified the Company of its intent to begin the process of reducing its ownership interest in GPIP. Per the agreement between the parties, on January 29, 2020, GPIP purchased 15.1 million partnership units from IP for $250 million in cash. As a result, IP’s ownership interest in GPIP decreased to 18.3% as of January 29, 2020. On August 10, 2020, the Company announced that IP had notified the Company of its intent to exchange additional partnership units. Per the agreement between the parties, on August 13, 2020, GPIP purchased 17.4 million partnership units from IP for $250 million in cash, which included full redemption of the remaining 3.1 million partnership units that were required to be redeemed in cash. As a result, IP's ownership interest in GPIP decreased to 14.5% as of August 13, 2020. Unless otherwise negotiated by the parties, IP’s next opportunity to exchange its partnership units begins 180 days from the August 13, 2020 purchase date and is limited to the lesser of $250 million or 25% of the units owned immediately following the initial transaction, subject to a minimum. IP will have further opportunities to exchange its partnership units beginning 180 days after each purchase date. The Company may choose to satisfy these exchanges using shares of its common stock, cash, or a combination thereof. During 2020, 2019 and 2018, GPIP repurchased 44.2 million partnership units from GPI Holding, which distributed the proceeds to GPHC. GPHC used the proceeds from these repurchases to repurchase 44.2 million shares of GPHC's common stock. These partnership unit repurchases increased IP's ownership interest in GPIP, which was 15.0% at December 31, 2020. GPHC conducts no significant business and has no independent assets or operations other than its indirect ownership of GPIL's membership interest. Basis of Presentation and Principles of Consolidation The Company’s Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. The Company, through its GPIL subsidiary, is a party to a Japanese joint venture, Rengo Riverwood Packaging, Ltd. in which it holds a 50% ownership interest that is accounted for using the equity method. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, pension benefits, retained insurable risks, slow-moving and obsolete inventory, allowance for doubtful accounts, useful lives for depreciation and amortization, impairment testing of goodwill and long-lived assets, fair values related to acquisition accounting, fair value of derivative financial instruments, share based compensation, deferred income tax assets and potential income tax assessments, and loss contingencies. Cash and Cash Equivalents Cash and cash equivalents include bank deposits and other marketable securities that are highly liquid with maturities of three months or less. Accounts Receivable and Allowances Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the credit worthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. The Company has entered into agreements to sell, on a revolving basis, certain trade accounts receivable to third party financial institutions. Transfers under these agreements meet the requirements to be accounted for as sales in accordance with the Transfers and Servicing topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification"). The loss on sale is not material and is included in Other Expense, Net line item on the Consolidated Statement of Operations. The following table summarizes the activity under these programs for the year ended December 31, 2020 and 2019, respectively: Year Ended December 31, In millions 2020 2019 Receivables Sold and Derecognized $ 2,849.8 $ 2,654.2 Proceeds Collected on Behalf of Financial Institutions 2,787.4 2,254.9 Net Proceeds Received From Financial Institutions 54.9 66.5 Deferred Purchase Price at December 31 (a) 5.3 0.7 Pledged Receivables at December 31 201.0 177.5 (a) Included in Other Current Assets and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure. The Company has also entered into various factoring and supply chain financing arrangements which also qualify for sale accounting in accordance with the Transfers and Servicing topic of the FASB Codification. For the years ended December 31, 2020 and 2019, the Company sold receivables of approximately $368 million and $238 million respectively, related to these factoring arrangements. Receivables sold under all programs subject to continuing involvement, which consists principally of collection services, were approximately $621 million and $562 million as of December 31, 2020 and 2019, respectively. Concentration of Credit Risk The Company’s cash, cash equivalents, and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. For the years ended December 31, 2020, 2019, and 2018, no customer accounted for more than 10% of net sales. Inventories Inventories are stated at the lower of cost and net realizable value with cost determined based on standard (which approximates actual), average or actual cost. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $6.9 million, $2.8 million and $2.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company assesses its long-lived assets, including certain identifiable intangibles, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. To analyze recoverability, the Company projects future cash flows, undiscounted and before interest, over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. The impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets. The Company assesses the appropriateness of the useful life of its long-lived assets periodically. Depreciation and Amortization Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years Depreciation expense, including the depreciation expense of assets under capital leases, for 2020, 2019 and 2018 was $413.7 million, $387.9 million and $360.6 million, respectively. Intangible Assets Intangible assets with a determinable life are amortized on a straight-line or accelerated basis over their useful lives. The amortization expense for each intangible asset is recorded in the Consolidated Statements of Operations according to the nature of that asset. Goodwill is the Company’s only intangible asset not subject to amortization. The following table displays the intangible assets that continue to be subject to amortization and accumulated amortization expense as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 965.2 $ (556.4) $ 408.8 $ 946.5 $ (497.6) $ 448.9 Patents, Trademarks, Licenses, and Leases 141.1 (113.0) 28.1 138.8 (110.4) 28.4 Total $ 1,106.3 $ (669.4) $ 436.9 $ 1,085.3 $ (608.0) $ 477.3 The Company recorded amortization expense for the years ended December 31, 2020, 2019 and 2018 of $62.1 million,$59.3 million and $70.0 million, respectively. The Company expects amortization expense for the next five consecutive years to be approximately as follows: $60 million, $57 million, $55 million, $53 million, and $49 million. Goodwill The Company tests goodwill for impairment annually as of October 1, as well as whenever events or changes in circumstances suggest that the estimated fair value of a reporting unit may no longer exceed its carrying amount. The Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. Potential goodwill impairment is measured at the reporting unit level by comparing the reporting unit’s carrying amount (including goodwill), to the fair value of the reporting unit. When performing the quantitative analysis, the estimated fair value of each reporting unit is determined by utilizing a discounted cash flow analysis based on the Company’s forecasts, discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. If the carrying amount of a reporting unit exceeds its estimated fair value, goodwill is considered impaired. In determining fair value, management relies on and considers a number of factors, including but not limited to, future operating results, business plans, economic projections of revenues and operating margins, forecasts including future cash flows, and market data and analysis, including market capitalization. The assumptions used are based on what a hypothetical market participant would use in estimating fair value. Fair value determinations are sensitive to changes in the factors described above. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. Periodically, the Company may perform a qualitative impairment analysis of goodwill associated with each of its reporting units to determine if it is more likely than not that the carrying value of a reporting unit exceeded its fair value. However, the Company performed a quantitative impairment test as of October 1, 2020, and concluded goodwill was not impaired for any of its reporting units. The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Corporate/Other (a) Total Balance at December 31, 2018 $ 506.8 $ 882.2 $ 57.2 $ 14.4 $ 1,460.6 Acquisition of Businesses — 12.9 — — 12.9 Foreign Currency Effects — 1.8 2.6 — 4.4 Balance at December 31, 2019 $ 506.8 $ 896.9 $ 59.8 $ 14.4 $ 1,477.9 Acquisition of Businesses — — — — — Foreign Currency Effects (0.5) 2.2 (1.0) (1.0) (0.3) Balance at December 31, 2020 $ 506.3 $ 899.1 $ 58.8 $ 13.4 $ 1,477.6 (a) Includes Australia operating segment. Retained Insurable Risks It is the Company’s policy to self-insure or fund a portion of certain expected losses related to group health benefits and workers’ compensation claims. Provisions for expected losses are recorded based on the Company’s estimates, on an undiscounted basis, of the aggregate liabilities for known claims and estimated claims incurred but not reported. Asset Retirement Obligations Asset retirement obligations are accounted for in accordance with the provisions of the Asset Retirement and Environmental Obligations topic of the FASB Codification. A liability and asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists and the liability can be reasonably estimated. The liability is accreted over time and the asset is depreciated over the remaining life of the asset. Upon settlement of the liability, the Company will recognize a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations with indeterminate settlement dates are not recorded until such time that a reasonable estimate may be made. The Company's asset retirement obligations consist primarily of landfill closure and post-closure costs at certain of our mills. At December 31, 2020 and 2019, the Company had liabilities of $11.4 million and $10.1 million, respectively. The liabilities are primarily reflected as Other Noncurrent Liabilities in the Company's Consolidated Balance Sheets. International Currency The functional currency of the international subsidiaries is the local currency for the country in which the subsidiaries own their primary assets. The translation of the applicable currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. Any related translation adjustments are recorded directly to a separate component of Shareholders’ Equity, unless there is a sale or substantially complete liquidation of the underlying foreign investments. Gains and losses on foreign currency transactions are included in Other Expense, Net for the period in which the exchange rate changes. The Company pursues a currency hedging program which utilizes derivatives to reduce the impact of foreign currency exchange fluctuations on its consolidated financial results. Under this program, the Company has entered into forward exchange contracts in the normal course of business to hedge certain foreign currency denominated transactions. Realized and unrealized gains and losses on these forward contracts are included in the measurement of the basis of the related foreign currency transaction when recorded. Revenue Recognition The Company has two primary activities, manufacturing and converting paperboard, from which it generates revenue from contracts with customers, and revenue is disaggregated primarily by geography and type of activity as further explained in " Note 16-Business Segment and Geographic Area Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $6,536.5 million, $6,140.8 million and $6,011.9 million, respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice. The Company's contract assets consist primarily of contract renewal incentive payments to customers which are amortized over the period in which performance obligations related to the contract renewal are satisfied. As of December 31, 2020 and 2019, contract assets were $15.3 million and $24.3 million, respectively. The Company's contract liabilities consist principally of rebates, and as of December 31, 2020 and 2019 were $56.1 million and $49.6 million, respectively. The Company did not have a material amount relating to backlog orders at December 31, 2020 or 2019. Shipping and Handling The Company includes shipping and handling costs in Cost of Sales. Research and Development Research and development costs, which relate primarily to the development and design of new packaging machines and products and are recorded as a component of Selling, General and Administrative expenses, are expensed as incurred. Expenses for the years ended December 31, 2020, 2019 and 2018 were $10.2 million, $9.2 million and $8.7 million, respectively. Business Combinations, Shutdown and Other Special Charges, Exit Activities, and (Gain) on Sale of Assets, Net The following table summarizes the transactions recorded in Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net in the Consolidated Statements of Operations for the year ended December 31: In millions 2020 2019 2018 Charges Associated with Business Combinations $ (1.1) $ 4.1 $ 46.8 Shutdown and Other Special Charges 37.8 23.6 6.7 Exit Activities (a) 24.6 10.2 — Gain on Sale of Assets — — (38.6) Total $ 61.3 $ 37.9 $ 14.9 (a) Relates to the Company's CRB mills, converting facility closures and the PM1 containerboard machine exit activities (see "Note 20 — Exit Activities"). 2020 During the fourth quarter of 2020, the Company incurred incremental costs associated with paying payroll to employees during necessary quarantines due to COVID-19. During the second quarter of 2020, the Company made one-time payments to front-line production employees and made contributions to local food banks in the communities where our manufacturing operations are located. The charges associated with these costs and payments were recorded in Shutdown and Other Special Charges in the table above. The Company has established estimated liabilities related to the partial or complete withdrawal from certain multi-employment benefit plans for facilities which have been closed. During the second quarter of 2020, the Company increased its estimated withdrawal liability for these plans by $12.2 million. During the fourth quarter of 2020, the Company entered into a settlement agreement with one of its closed multi-employment benefit plans and recorded a $3.9 million reduction in its estimated withdrawal liability for this plan. These items were recorded in Shutdown and Other Special Charges in the table above. For more information, see "Note 8 — Pensions and Other Postretirement Benefits." On January 31, 2020, the Company acquired a folding carton facility from Quad/Graphics, Inc. ("Quad"), a commercial printing company. The converting facility is located in Omaha, Nebraska and is included in the Americas Paperboard Packaging reportable segment. During the second quarter of 2020, the Company recorded a bargain purchase gain of $6.6 million as the net fair value of assets acquired and liabilities assumed was greater than the purchase price. The gain associated with this acquisition is included in Charges Associated with Business Combinations in the table above. For more information, see "Note 4 — Business Combinations." In March 2020, the Company made the decision to close the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine in West Monroe, Louisiana. During the second quarter of 2020, the Company closed the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine. Charges associated with these projects are included in Exit Activities in the table above. For more information, see "Note 20 — Exit Activities." On April 1, 2020, the Company acquired the Consumer Packaging Group business from Greif, Inc. ("Greif"), a leader in industrial packaging products and services. The acquisition included seven converting facilities across the United States which are included in the Americas Paperboard Packaging reportable segment. Charges associated with this acquisition are included in Charges Associated with Business Combinations in the table above. For more information, see "Note 4 — Business Combinations." In June 2020, the Company made the decision to close certain converting facilities that were acquired from Greif. The Burlington, North Carolina converting facility and the Los Angeles, California converting facility were closed in the third quarter of 2020. Charges associated with the shutdown of these converting facilities are included in Exit Activities in the table above. For more information, see "Note 20— Exit Activities." 2019 On August 1, 2019, the Company acquired substantially all the assets of Artistic Carton Company ("Artistic"), a diversified producer of folding cartons and CRB. The acquisition included two converting facilities located in Auburn, Indiana and Elgin, Illinois (included in the Americas Paperboard Packaging reportable segment) and one CRB paperboard mill located in White Pigeon, Michigan (included in the Paperboard Mills reportable segment). On September 24, 2019, the Company announced its plan to invest approximately $600 million in a new CRB mill in Kalamazoo, Michigan. In conjunction with the completion of this project, the Company currently expects to close two of its smaller CRB Mills in 2022 in order to remain capacity neutral. Charges associated with this project are included in Exit Activities in the table above. For more information, see " Note 20 — Exit Activities." 2018 As mentioned above, on January 1, 2018, the Company completed the NACP Combination. The NACP business produces SBS paperboard and paper-based foodservice products. The NACP business included two SBS mills located in Augusta, Georgia and Texarkana, Texas (included in Paperboard Mills reportable segment), three converting facilities in the U.S. (included in the Americas Paperboard Packaging reportable segment) and one in the United Kingdom ("U.K.") (included in the Europe Paperboard Packaging reportable segment). On June 12, 2018, the Company acquired substantially all the assets of PFP, LLC and its related entity, PFP Dallas Converting, LLC (collectively, "PFP"), a converter focused on the production of paperboard based air filter frames. The acquisition included two facilities located in Lebanon, Tennessee and Lancaster, Texas. PFP is included in the Americas Paperboard Packaging reportable segment. On August 31, 2018, the Company sold its previously closed coated recycled paperboard mill site in Santa Clara, California, resulting in a gain on sale of assets of $37.1 million. On September 30, 2018, the Company acquired substantially all the assets of the foodservice business of Letica Corporation, a subsidiary of RPC Group PLC ("Letica Foodservice"), a producer of paperboard-based cold and hot cups and cartons. The acquisition included two facilities located in Clarksville, Tennessee and Pittston, Pennsylvania. Letica Foodservice is included in the Americas Paperboard Packaging reportable segment. PFP and Letica Foodservice are referred to collectively as the "2018 Acquisitions." During 2019, the Company began a three Share Repurchases and Dividends On January 28, 2019, GPHC's board of directors authorized an additional share repurchase program to allow GPHC to purchase up to $500 million of GPHC's issued and outstanding shares of common stock through open market purchases, privately negotiated transactions and Rule 10b5-1 plans (the "2019 share repurchase program"). A previous $250 million share repurchase program was authorized on January 10, 2017 (the "2017 share repurchase program"). Share repurchases are reflected as a reduction of common stock for the par value of the shares, with any excess of share repurchase price over par value allocated between capital in excess of par value and accumulated deficit. The following presents GPHC's share repurchases for the years ended December 31, 2020, 2019, and 2018: Amount repurchased in millions Amount Repurchased Number of Shares Repurchased Average Price 2020 $ 315.6 23,420,010 $ 13.48 2019 $ 127.9 10,191,257 (a) $ 12.55 2018 $ 120.0 10,566,144 $ 11.35 (a) Includes 7,400,171 shares under the 2017 share repurchase program thereby completing that program. At December 31, 2020, GPHC had approximately $146.5 million remaining under the 2019 share repurchase program. During 2020 and 2019, GPHC paid cash dividends of $84.7 million and $88.7 million, respectively. Adoption of New Accounting Standards Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the FASB's guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model (known as the "current expected credit loss model") that is based on expected losses rather than incurred losses. The adoption of this standard did not have a material impact on the Company's financial position, results of operations and cash flows. Effective January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This amendment modifies the disclosure requirements on fair value measurements. The adoption of this standard did not have a material impact on the Company's financial disclosures. Effective January 1, 2020, the Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU broadens the scope of Accounting Standards Codification ("ASC") 350-40 with an updated definition of a hosting arrangement and clarifies certain aspects of accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The adoption of this standard did not have a material impact on the Company's financial position, results of operations and cash flows. Effective January 1, 2020, the Company adopted ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20); Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The adoption of this standard did not have a material impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This amendment modifies ASC 740 to simplify the accounting for income taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the impact of this new accounting guidance. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides temporary optional expedients and exceptions for applying GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the LIBOR and other interbank offered rates to alternative |
Supplemental Balance Sheet Data
Supplemental Balance Sheet Data | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Data | SUPPLEMENTAL BALANCE SHEET DATA The following tables provide disclosure related to the components of certain line items included in our consolidated balance sheets. Receivables, Net: In millions 2020 2019 Trade $ 608.5 $ 462.7 Less: Allowance (11.9) (11.5) 596.6 451.2 Other 57.8 53.3 Total $ 654.4 $ 504.5 Inventories, Net by major class: In millions 2020 2019 Finished Goods $ 471.3 $ 434.8 Work in Progress 132.5 123.4 Raw Materials 348.5 370.0 Supplies 175.3 167.7 Total $ 1,127.6 $ 1,095.9 Property, Plant and Equipment, Net: In millions 2020 2019 Property, Plant and Equipment, at Cost: Land and Improvements $ 137.2 $ 130.4 Buildings (a) 671.3 655.5 Machinery and Equipment (b) 6,082.0 5,832.6 Construction-in-Progress 478.3 202.6 7,368.8 6,821.1 Less: Accumulated Depreciation (a)(b) (3,808.8) (3,567.3) Total $ 3,560.0 $ 3,253.8 (a) Includes gross assets under finance lease of $105.5 million and related accumulated depreciation of $10.7 million as of December 31, 2020, and gross assets under finance lease of $105.5 million and related accumulated depreciation of $5.4 million as of December 31, 2019. (b) Includes gross assets under finance lease of $36.8 million and related accumulated depreciation of $9.4 million as of December 31, 2020, and gross assets under finance lease of $36.6 million and related accumulated depreciation of $6.8 million as of December 31, 2019. Other Accrued Liabilities: In millions 2020 2019 Dividends Payable $ 20.1 $ 21.8 Deferred Revenue 21.1 15.2 Accrued Customer Rebates 40.5 36.5 Fair Value of Derivatives, current portion 8.5 8.5 Other Accrued Taxes 56.5 38.4 Accrued Payables 37.6 31.4 Operating Lease Liabilities, current portion 60.5 54.8 Other 46.2 32.5 Total $ 291.0 $ 239.1 Other Noncurrent Liabilities: In millions 2020 2019 Deferred Revenue $ 6.5 $ 5.3 Multi-employer Plans 20.0 30.8 Workers Compensation Reserve 8.7 9.5 Fair Value of Derivatives, noncurrent portion 0.4 3.0 Unfavorable Supply Agreement 26.6 28.9 Deferred Compensation 16.5 12.1 Operating Lease Liabilities, noncurrent portion 157.2 151.5 Other 55.4 25.7 Total $ 291.3 $ 266.8 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS 2020 On January 31, 2020, the Company acquired a folding carton facility from Quad, a commercial printing company. The converting facility is located in Omaha, Nebraska, close to many of the Company's existing food and beverage customers. The Company paid approximately $41 million using existing cash and borrowings under its revolving credit facility. The purchase price has been allocated to assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The Company recorded $4.7 million related to identifiable intangible assets (customer relationships with useful lives of fifteen years), $42.8 million related to net tangible assets (primarily working capital, land/buildings and equipment) and a bargain purchase gain of $6.6 million as the net fair value of assets acquired and liabilities assumed was greater than the purchase price. During 2020, Net Sales and Loss from Operations for the Quad acquisition were $78.5 million and $0.7 million, respectively. On April 1, 2020, the Company acquired the Consumer Packaging Group business from Greif, Inc., a leader in industrial packaging products and services. The acquisition included seven converting facilities across the United States and will allow the Company to increase its mill-to-converting plant integration over time. The Company paid approximately $80 million using existing cash and borrowings under its revolving credit facility. The purchase price has been preliminarily allocated to assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date and is subject to adjustments in subsequent periods once the third-party valuations are finalized. The Company recorded $13.2 million related to identifiable intangible assets (customer relationships with useful lives of fifteen years) and $66.9 million related to net tangible assets (primarily working capital, land/buildings and equipment). During 2020, Net Sales and Loss from Operations for the Consumer Packaging Group acquisition were $164.5 million and $14.3 million, respectively. 2019 On August 1, 2019, the Company completed the acquisition of Artistic, a diversified producer of folding cartons and CRB. The acquisition included two converting facilities located in Auburn, Indiana and Elgin, Illinois and one CRB paperboard mill located in White Pigeon, Michigan. The Company paid $52.5 million using existing cash and borrowings under its revolving credit facility. Management believes that the purchase price attributable to goodwill represents the benefits expected as the acquisition was made to continue to integrate paperboard from the Company’s mills, to expand its product offering and to further optimize the Company’s supply chain footprint. Tangible assets and liabilities were valued as of the acquisition date using a market analysis and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. The Company recorded $6.5 million related to identifiable intangible assets (customer relationships), $38.5 million related to tangible assets (primarily working capital, land/buildings and equipment) and $7.5 million related to goodwill. Goodwill was recorded in the Americas Paperboard Packaging segment. The Company expects the goodwill to be deductible for tax purposes. During 2019, Net Sales and Income from Operations from the Artistic acquisition were $31.2 million and $2.0 million, respectively. 2018 On January 1, 2018, the Company completed the NACP Combination. The NACP business produces SBS and paper-based foodservice products. The NACP business included two SBS mills located in Augusta, Georgia and Texarkana, Texas, three converting facilities in the U.S. and one in the U.K. Total consideration for the NACP Combination, including debt assumed of $660 million, was $1.8 billion. Management believes that the purchase price attributable to goodwill represents the benefits expected, as the acquisition was made to continue to expand the Company's product offering, integrate paperboard from the Company's mills and to further optimize the Company's supply chain footprint. On September 30, 2018, the Company completed the Letica Foodservice acquisition. The acquisition included two facilities in Clarksville, Tennessee and Pittston, Pennsylvania, focused on the production of paperboard-based cold and hot cups and cartons. The Company paid approximately $95 million using existing cash and borrowings under its revolving credit facility. On June 12, 2018, the Company completed the PFP acquisition. The Company paid approximately $34 million using existing cash and borrowings under its revolving credit facility. The acquisition included two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas, focused on the production of paperboard-based air filter frames. The goodwill related to the NACP Combination is not deductible for tax purposes. The goodwill related to the Letica Foodservice and the PFP acquisitions is deductible for tax purposes. As of December 31, 2018, the acquisition accounting for the NACP Combination and PFP Acquisition was complete and the acquisition accounting for Letica Foodservice was preliminary based on the estimated fair values of all assets and liabilities as of the acquisition date. During the quarter ended March 31, 2019, the acquisition accounting for Letica Foodservice was finalized, resulting in an approximately $5 million reduction in the value of property, plant and equipment. Net Sales and Income from Operations from the NACP Combination was $1,407.1 million and $134.7 million, respectively, for the year ended December 31, 2018. During 2018, Net Sales and Loss from Operations from the Letica Foodservice and PFP acquisitions were $42.4 million and $1.4 million, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Short-Term Debt is comprised of the following: In millions 2020 2019 Short Term Borrowings $ 3.3 $ 9.3 Current Portion of Finance Lease Obligations 5.0 4.6 Current Portion of Long-Term Debt 488.9 36.5 Total $ 497.2 $ 50.4 Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2020 and 2019 was 4.9% and 2.1%, respectively. Long-Term Debt is comprised of the following: In millions 2020 2019 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029 $ 350.0 $ — Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2028 450.0 — Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027 300.0 300.0 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.16%, payable in 2024 300.0 300.0 Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.90%, payable in 2022 250.0 250.0 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.75%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.67% at December 31, 2020) payable through 2023 1,359.6 1,396.1 Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.50% at December 31, 2020) payable in 2023 (a) 84.4 52.8 Finance Leases and Financing Obligations 139.4 134.2 Other 4.9 5.4 Total Long-Term Debt 3,663.3 2,863.5 Less: Current Portion 493.9 41.1 3,169.4 2,822.4 Less: Unamortized Deferred Debt Issuance Costs 22.4 12.5 Total $ 3,147.0 $ 2,809.9 (a) The effective interest rates for the Company’s Senior Secured Revolving Credit Facilities were 2.06% and 3.40% as of December 31, 2020 and 2019, respectively. 2020 On March 6, 2020, GPIL completed a private offering of $450.0 million aggregate principal amount of its senior unsecured notes due 2028. The Senior Notes bear interest at an annual rate of 3.50%. The net proceeds were used by the Company to repay a portion of the outstanding borrowings under GPIL's revolving credit facility, which is under its senior secured credit facility. On August 28, 2020, GPIL completed a private offering of $350.0 million aggregate principal amount of its senior unsecured notes due 2029. The Senior Notes bear interest at an annual rate of 3.50%. The net proceeds were used by the Company to repay a portion of the outstanding borrowings under GPIL's revolving credit facility, which is under its senior secured credit facility. 2019 On June 25, 2019, GPIL completed a private offering of $300.0 million aggregate principal amount of its senior unsecured notes due 2027. The Senior Notes will bear interest at an annual rate of 4.75%. The net proceeds were used by the Company to repay a portion of the outstanding borrowings under GPIL's revolving credit facility, which is under its senior secured credit facility. Long-Term Debt maturities (excluding finance leases and finance obligations) are as follows: In millions 2021 $ 488.9 2022 378.4 2023 1,252.9 2024 300.5 2025 — After 2025 1,103.2 Total $ 3,523.9 Credit Facilities The following describes the Company's senior secured term loans and revolving credit facilities: Date Document (a) Provision Expiration January 2018 Third Amended and Restated Credit Agreement •Increased the domestic revolving credit facility by $200 million to $1,450 million and reduced the term loan by approximately $125 million to $800 million. LIBOR plus variable spread (between 125 basis points and 200 basis points) depending on consolidated total leverage ratio •Includes €138 million revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion revolving credit facility for borrowings in Yen January 2023 January 2018 Amended and Restated Credit Agreement •This term loan indebtedness was assumed by the Company as part of the NACP Combination in an aggregate amount of $660 million January 2023 October 2020 Incremental Facility Amendment to the Third Amended and Restated Credit Agreement •Incremental $425 million term loan facility under the Third Amended and Restated Credit Agreement with a delayed draw feature, which was exercised in January 2021 January 2028 (a) The Company's obligations under the Third Amended and Restated Credit Agreement (as amended by the Incremental Facility Amendment) and the Amended and Restated Credit Agreement (collectively, the “Current Credit Agreement”) are secured by substantially all of the Company's domestic assets. On January 1, 2018 the Company assumed the term loan indebtedness previously incurred by IP (the “Amended and Restated Credit Agreement”) in an aggregate amount of $660 million, repayable pursuant to the same amortization schedule (expressed as a percentage of the principal amount thereof) as the Term Loan A under the Third Amended and Restated Credit Agreement and having the same maturity date of January 1, 2023. The applicable margin interest rate pricing grid, covenants and other terms are substantially equivalent to those contained in the Third Amended and Restated Credit Agreement. The term loan under the Amended and Restated Credit Agreement is secured by a lien and security interest in substantially all of the assets of GPIL on a pari passu basis with the liens and security interests securing the Third Amended and Restated Credit Agreement pursuant to the terms of a customary intercreditor agreement among the parties. On October 15, 2020, GPIL entered into a new $425 million term loan facility under the Third Amended and Restated Credit Agreement with member banks of the Farm Credit System (the "Incremental Term A-2 Facility"). The Incremental Term A-2 Facility had a delayed draw feature, and the Company drew the entire facility on January 14, 2021. On January 15, 2021, the Company used the proceeds, together with cash on hand, to redeem its 4.75% Senior Notes due in 2021 at par. The redemption included the outstanding principal amount plus accrued and unpaid interest. The Incremental Term A-2 Facility bears interest at a fixed rate of 2.67% due quarterly, matures January 14, 2028, and does not amortize. As long as the loan is outstanding, GPIL will be eligible to receive an annual patronage credit from the participating banks, which will be paid in cash and stock in the lead member bank. Patronage payable each year is variable and based on the individual financial performance of each of the member banks then participating in the loan. At December 31, 2020, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: In millions Total Commitments Total Outstanding Total Available Senior Secured Domestic Revolving Credit Facility (a) $ 1,450.0 $ — $ 1,429.3 Senior Secured International Revolving Credit Facilities 193.0 84.4 108.6 Other International Facilities 57.5 8.3 49.2 Total $ 1,700.5 $ 92.7 $ 1,587.1 (a) In accordance with its debt agreements, the Company's availability under its revolving credit facility has been reduced by the amount of standby letters of credit issued of $20.7 million as of December 31, 2020. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire at various dates through 2021 unless extended. The facilities under the Current Credit Agreement and the 4.75% Senior Notes due 2027, the 3.50% Senior Notes due 2028 and the 3.50% Senior Notes due 2029 are guaranteed by GPIP and certain domestic subsidiaries. The 4.75% Senior Notes due 2021 (redeemed January 15, 2021), 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024 are guaranteed by GPHC and certain domestic subsidiaries. The Current Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022, 4.125% Senior Notes due 2024, 4.75% Senior Notes due 2027, 3.50% Senior Notes due 2028 and 3.50% Senior Notes due 2029 (the "Indentures") limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Current Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASESEffective January 1, 2019, the Company adopted ASC 842, which requires recognition of a right-of-use asset and lease liability for all leases at the commencement date based on the present value of lease payments over the lease term. Additional qualitative and quantitative disclosures regarding the Company's leasing arrangements are also required. The Company adopted ASC 842 prospectively and elected the package of transition practical expedients that does not require reassessment of: (1) whether any existing or expired contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, the Company has elected other available practical expedients to not separate lease and non-lease components, which consist principally of common area maintenance charges, for all classes of underlying assets and to exclude leases with an initial term of 12 months or less. The Company determines if a contract is or contains a lease at inception. The Company has operating and finance leases for warehouses, corporate and regional offices, and machinery and equipment. The Company enters into lease contracts ranging from one of three seven many of which include options to extend in various increments. Variable lease costs consist primarily of variable warehousing costs, common area maintenance, taxes, and insurance. The Company’s leases do not have any significant residual value guarantees or restrictive covenants. As the implicit rate is not readily determinable for most of the Company’s leases agreements, the Company uses an estimated incremental borrowing rate to determine the initial present value of lease payments. These discount rates for leases are calculated using the Company's credit spread adjusted for current market factors, including fixed rate swaps, LIBOR, and foreign currency rates. The components of lease costs are as follows: Year Ended December 31, In millions 2020 2019 Finance lease costs: Amortization of right-of-use asset $ 7.9 $ 7.6 Interest on lease liabilities 7.9 7.8 Operating lease costs 72.1 64.8 Short-term lease costs 12.6 12.9 Variable lease costs 10.3 4.4 Total lease costs, net $ 110.8 $ 97.5 Supplemental cash flow information related to leases was as follows: Year Ended December 31, In millions 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 71.9 $ 64.7 Operating cash flows from finance leases 7.9 7.8 Financing cash flows from finance leases 4.6 4.2 Right-of-use assets obtained in exchange for lease obligations: Operating leases 70.5 73.1 Finance leases 0.1 15.5 Supplemental balance sheet information related to leases was as follows: December 31, In millions, except lease term and discount rate Balance Sheet Classification 2020 2019 Operating Leases: Operating lease right-of-use asset Other Assets $ 208.3 $ 202.8 Current operating lease liabilities Other Accrued Liabilities $ 60.5 $ 54.8 Noncurrent operating lease liabilities Other Noncurrent Liabilities 157.2 151.5 Total operating lease liabilities $ 217.7 $ 206.3 Finance Leases: Property, Plant and Equipment $ 142.3 $ 142.1 Accumulated depreciation (20.1) (12.2) Property, Plant and Equipment, net $ 122.2 $ 129.9 Current finance lease liabilities Short-Term Debt and Current Portion of Long-Term Debt $ 5.0 $ 4.6 Noncurrent finance lease liabilities Long-Term Debt 134.4 129.6 Total finance lease liabilities $ 139.4 $ 134.2 Weighted Average Remaining Lease Term (Years) Operating leases 5 5 Finance leases 16 17 Weighted Average Discount Rate Operating leases 3.24 % 3.57 % Finance leases 5.60 % 5.60 % Maturities of lease liabilities are as follows: In millions Year ending December 31, Operating Leases Finance Leases 2021 $ 64.1 $ 12.6 2022 53.0 12.2 2023 39.0 12.4 2024 25.6 12.4 2025 18.0 12.5 Thereafter 34.3 145.7 Total lease payments $ 234.0 $ 207.8 Less imputed interest (16.3) (78.2) Total $ 217.7 $ 129.6 |
Leases | LEASESEffective January 1, 2019, the Company adopted ASC 842, which requires recognition of a right-of-use asset and lease liability for all leases at the commencement date based on the present value of lease payments over the lease term. Additional qualitative and quantitative disclosures regarding the Company's leasing arrangements are also required. The Company adopted ASC 842 prospectively and elected the package of transition practical expedients that does not require reassessment of: (1) whether any existing or expired contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, the Company has elected other available practical expedients to not separate lease and non-lease components, which consist principally of common area maintenance charges, for all classes of underlying assets and to exclude leases with an initial term of 12 months or less. The Company determines if a contract is or contains a lease at inception. The Company has operating and finance leases for warehouses, corporate and regional offices, and machinery and equipment. The Company enters into lease contracts ranging from one of three seven many of which include options to extend in various increments. Variable lease costs consist primarily of variable warehousing costs, common area maintenance, taxes, and insurance. The Company’s leases do not have any significant residual value guarantees or restrictive covenants. As the implicit rate is not readily determinable for most of the Company’s leases agreements, the Company uses an estimated incremental borrowing rate to determine the initial present value of lease payments. These discount rates for leases are calculated using the Company's credit spread adjusted for current market factors, including fixed rate swaps, LIBOR, and foreign currency rates. The components of lease costs are as follows: Year Ended December 31, In millions 2020 2019 Finance lease costs: Amortization of right-of-use asset $ 7.9 $ 7.6 Interest on lease liabilities 7.9 7.8 Operating lease costs 72.1 64.8 Short-term lease costs 12.6 12.9 Variable lease costs 10.3 4.4 Total lease costs, net $ 110.8 $ 97.5 Supplemental cash flow information related to leases was as follows: Year Ended December 31, In millions 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 71.9 $ 64.7 Operating cash flows from finance leases 7.9 7.8 Financing cash flows from finance leases 4.6 4.2 Right-of-use assets obtained in exchange for lease obligations: Operating leases 70.5 73.1 Finance leases 0.1 15.5 Supplemental balance sheet information related to leases was as follows: December 31, In millions, except lease term and discount rate Balance Sheet Classification 2020 2019 Operating Leases: Operating lease right-of-use asset Other Assets $ 208.3 $ 202.8 Current operating lease liabilities Other Accrued Liabilities $ 60.5 $ 54.8 Noncurrent operating lease liabilities Other Noncurrent Liabilities 157.2 151.5 Total operating lease liabilities $ 217.7 $ 206.3 Finance Leases: Property, Plant and Equipment $ 142.3 $ 142.1 Accumulated depreciation (20.1) (12.2) Property, Plant and Equipment, net $ 122.2 $ 129.9 Current finance lease liabilities Short-Term Debt and Current Portion of Long-Term Debt $ 5.0 $ 4.6 Noncurrent finance lease liabilities Long-Term Debt 134.4 129.6 Total finance lease liabilities $ 139.4 $ 134.2 Weighted Average Remaining Lease Term (Years) Operating leases 5 5 Finance leases 16 17 Weighted Average Discount Rate Operating leases 3.24 % 3.57 % Finance leases 5.60 % 5.60 % Maturities of lease liabilities are as follows: In millions Year ending December 31, Operating Leases Finance Leases 2021 $ 64.1 $ 12.6 2022 53.0 12.2 2023 39.0 12.4 2024 25.6 12.4 2025 18.0 12.5 Thereafter 34.3 145.7 Total lease payments $ 234.0 $ 207.8 Less imputed interest (16.3) (78.2) Total $ 217.7 $ 129.6 |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plans | STOCK INCENTIVE PLANS The Company has one active equity compensation plan from which new grants may be made, the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan as amended (the “2014 Plan”). The 2014 Plan allows for granting 20.1 million shares of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and other types of stock-based and cash awards. Awards under the 2014 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from GPHC’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award and are adjusted for actual performance for performance-based awards. As of December 31, 2020, there were 12.6 million shares available to be granted under the 2014 Plan. Stock Awards, Restricted Stock and Restricted Stock Units Under the 2014 Plan, all RSUs generally vest and become payable in three Data concerning RSUs and stock awards granted in the years ended December 31: 2020 2019 2018 RSUs — Employees 1,655,854 2,187,603 1,951,738 Weighted-average grant date fair value $ 15.40 $ 12.37 $ 14.86 Stock Awards — Board of Directors 71,160 74,760 51,226 Weighted-average grant date fair value $ 13.49 $ 12.84 $ 15.03 A summary of the changes in the number of unvested RSUs from December 31, 2017 to December 31, 2020 is presented below: RSUs Weighted Average Grant Date Fair Value Outstanding — December 31, 2017 3,871,934 $ 13.10 Granted (a) 1,951,738 14.86 Released (744,757) 14.90 Forfeited (210,553) 13.49 Performance adjustment (b) (408,328) 15.10 Outstanding — December 31, 2018 4,460,034 $ 13.27 Granted (a) 2,187,603 12.37 Released (900,516) 12.00 Forfeited (187,729) 13.66 Performance adjustment (b) (499,702) 11.57 Outstanding — December 31, 2019 5,059,690 $ 13.27 Granted (a) 1,655,854 15.40 Released (1,415,365) 12.91 Forfeited (158,473) 14.25 Outstanding — December 31, 2020 5,141,706 $ 14.02 (a) Grant activity for all performance-based RSUs is disclosed at target. (b) Reflects the number of RSUs above and below target levels based on actual performance measured at the end of the performance period. The initial value of the service-based RSUs is based on the market value of GPHC’s common stock on the date of grant. The 2020 performance-based RSU grants were valued using a Monte Carlo simulation as the total shareholder return contains a market condition. RSUs are recorded in Shareholders' Equity. The unrecognized expense at December 31, 2020 is approximately $31 million and is expected to be recognized over a weighted average period of 2 years. The value of stock awards granted to the Company's directors are based on the market value of GPHC’s common stock on the date of grant. These awards are unrestricted on the date of grant. During 2020, 2019, and 2018, $33.8 million, $21.7 million and $13.8 million, respectively, were charged to compensation expense for stock incentive plans and is primarily included in Selling, General and Administrative expenses in the Consolidated Statements of Operations. During 2020, 2019, and 2018, RSUs with an aggregate fair value of $22.7 million, $11.1 million and $13.7 million, respectively, vested and were paid out. The RSUs vested and paid out in 2020 were granted primarily during 2017. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSIONS AND OTHER POSTRETIREMENT BENEFITS DEFINED BENEFIT PLANS The Company maintains both defined benefit pension plans and postretirement health care plans that provide medical and life insurance coverage to eligible salaried and hourly retired employees in North America and their dependents. The Company maintains international defined benefit pension plans which are either noncontributory or contributory and are funded in accordance with applicable local laws. Pension or termination benefits are based primarily on years of service and the employees’ compensation. Currently, the North American plans are closed to newly-hired employees except as noted below. Effective July 1, 2011, the North American plans were frozen for most salaried and non-union hourly employees and replaced with a defined contribution plan. During 2018, the Company began the process of terminating its largest U.S. pension plan (the "U.S. Plan"). This included freezing the plan as of December 31, 2018 and spinning off the active participants to the plan established as part of the NACP Combination (the "NACP Plan"). The NACP Plan is open for union and non-union hourly employees of locations that were part of the NACP Combination. During the third quarter of 2019, the Company offered a lump-sum benefit option to certain participants in the U.S. Plan. Lump sum payments of $150.2 million were paid in the fourth quarter of 2019 and the Company recognized a non-cash settlement charge of $39.2 million associated with the payouts. In the first quarter of 2020, the Company, using the assets held within the pension trust, purchased a group annuity contract that transferred the remaining pension obligation under the U.S. Plan of approximately $713 million to an insurance company. The Company incurred an additional non-cash settlement charge of $153.7 million related to this transfer. These non-cash settlement charges relate to Net Actuarial Loss previously recognized in Accumulated Other Comprehensive Loss. Pension and Postretirement Expense The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Benefits Year Ended December 31, In millions 2020 2019 2018 2020 2019 2018 Components of Net Periodic Cost: Service Cost $ 15.4 $ 14.0 $ 17.3 $ 0.5 $ 0.5 $ 0.6 Interest Cost 14.0 46.1 41.8 1.0 1.2 1.2 Expected Return on Plan Assets (21.0) (54.9) (63.6) — — — Amortization: Prior Service Cost (Credit) 0.2 0.2 0.4 (0.3) (0.3) (0.3) Actuarial Loss (Gain) 5.4 10.0 5.9 (1.7) (2.3) (1.8) Net Curtailment/Settlement Loss 153.7 39.2 1.0 — — — Other 0.2 0.3 0.5 — — — Net Periodic Cost (Benefit) $ 167.9 $ 54.9 $ 3.3 $ (0.5) $ (0.9) $ (0.3) Certain assumptions used in determining the pension and postretirement expenses were as follows: Pension Benefits Postretirement Benefits Year Ended December 31, 2020 2019 2018 2020 2019 2018 Weighted Average Assumptions: Discount Rate 2.69 % 4.14 % 3.49 % 3.22 % 4.29 % 3.64 % Rate of Increase in Future Compensation Levels 2.36 % 2.37 % 2.09 % — — — Expected Long-Term Rate of Return on Plan Assets 4.12 % 4.74 % 4.86 % — — — Initial Health Care Cost Trend Rate — — — 6.65 % 9.00 % 9.00 % Ultimate Health Care Cost Trend Rate — — — 4.50 % 4.50 % 4.50 % Ultimate Year — — — 2028 2028 2027 Funded Status The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31: Pension Benefits Postretirement Benefits In millions 2020 2019 2020 2019 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,255.4 $ 1,245.2 $ 35.9 $ 34.1 Service Cost 15.4 14.0 0.5 0.5 Interest Cost 14.0 46.1 1.0 1.2 Net Actuarial Loss 61.9 157.8 — 1.1 Foreign Currency Exchange 8.9 9.2 — 0.1 Settlements (742.7) (150.2) — — Benefits Paid (20.4) (67.2) (1.2) (1.2) Other 0.3 0.5 0.1 0.1 Benefit Obligation at End of Year $ 592.8 $ 1,255.4 $ 36.3 $ 35.9 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,172.4 $ 1,186.5 $ — $ — Actual Return on Plan Assets 57.8 181.7 — — Employer Contributions 19.1 11.3 1.2 1.2 Foreign Currency Exchange 8.1 10.3 — — Benefits Paid (20.4) (67.2) (1.2) (1.2) Settlements (720.7) (150.2) — — Fair Value of Plan Assets at End of Year $ 516.3 $ 1,172.4 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (76.5) $ (83.0) $ (36.3) $ (35.9) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 21.2 $ 25.6 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.8) $ (1.7) $ (2.5) $ (2.4) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (96.0) $ (106.9) $ (33.8) $ (33.5) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 105.5 $ 279.9 $ (0.9) $ (0.8) Prior Service Cost (Credit) $ 3.8 $ 3.6 $ (15.3) $ (17.3) Weighted Average Calculations: Discount Rate 2.11 % 2.69 % 2.52 % 3.22 % Rates of Increase in Future Compensation Levels 3.62 % 2.36 % — — Initial Health Care Cost Trend Rate — — 6.40 % 6.65 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.50 % Ultimate Year — — 2028 2028 The Company determined pension expense using both the fair value of assets and a calculated value that averages gains and losses over a period of years. Investment gains or losses represent the difference between the expected and actual return on assets. As of December 31, 2020, the net actuarial loss was $105.5 million. These net losses may increase future pension expense if not offset by (i) actual investment returns that exceed the assumed investment returns, or (ii) other factors, including reduced pension liabilities arising from higher discount rates used to calculate pension obligations, or (iii) other actuarial gains, including whether such accumulated actuarial losses at each measurement date exceed the “corridor” determined under the Compensation — Retirement Benefits topic of the FASB Codification. For the largest plan, the actuarial loss is amortized over the average remaining service period of employees expected to receive benefits. The discount rate used to determine the present value of future pension obligations at December 31, 2020 was based on a yield curve constructed from a portfolio of high-quality corporate debt securities with maturities ranging from 1 year to 30 years. Each year’s expected future benefit payments were discounted to their present value at the spot yield curve rate thereby generating the overall discount rate for the Company’s pension obligations. The weighted average discount rate used to determine the pension obligations was 2.11% and 2.69% in 2020 and 2019, respectively. The net actuarial loss of $61.9 million was primarily due to changes in the discount rate of $51.2 million. The weighted average discount rate at December 31, 2020 was 2.11% compared to 2.69% at December 31, 2019. The net actuarial loss was also impacted by revised census data and actual experience versus expected. Accumulated Benefit Obligation The accumulated benefit obligation, (“ABO”), for all defined benefit pension plans was $588.1 million and $1,249.8 million at December 31, 2020 and 2019, respectively. The projected benefit obligation (“PBO”) and fair value of plan assets where the PBO exceeded plan assets were $361.1 million and $266.0 million, respectively. The ABO and fair value of plan assets where the ABO exceeded plan assets were $356.5 million and $266.0 million, respectively. Employer Contributions The Company made contributions of $19.1 million and $11.3 million to its pension plans during 2020 and 2019, respectively. The Company also made postretirement health care benefit payments of $1.2 million during 2020 and 2019. For 2021, the Company expects to make contributions in the range of $10 million to $20 million to its pension plans and approximately $3 million to its postretirement health care plans. Pension Assets The Company’s overall investment strategy is to achieve a mix of investments for long-term growth and near-term benefit payments through diversification of asset types, fund strategies and fund managers. Investment risk is measured on an on-going basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. The plans invest in the following major asset categories: cash, equity securities, fixed income securities, real estate and diversified growth funds. At December 31, 2020 and 2019, pension investments di d not inclu de any direct investments in the Company’s stock or the Company’s debt. The Company implemented a de-risking or liability driven investment strategy for its U.S. and U.K. pension plans. This strategy moved assets from return seeking (equities) to investments that mirror the underlying benefit obligations (fixed income). The weighted average allocation of plan assets and the target allocation by asset category is as follows: Target 2020 2019 Cash 0.4 % 1.2 % 13.6 % Equity Securities 22.8 24.2 7.7 Fixed Income Securities 60.7 61.9 68.6 Other Investments 16.1 12.7 10.1 Total 100.0 % 100.0 % 100.0 % The plans’ investment in equity securities primarily includes investments in U.S. and international companies of varying sizes and industries. The strategy of these investments is to 1) exceed the return of an appropriate benchmark for such equity classes and 2) through diversification, reduce volatility while enhancing long term real growth. The plans’ investment in fixed income securities includes government bonds, investment grade bonds and non-investment grade bonds across a broad and diverse issuer base. The strategy of these investments is to provide income and stability and to diversify the fixed income exposure of the plan assets, thereby reducing volatility. The Company’s approach to developing the expected long-term rate of return on pension plan assets is based on fair values and combines an analysis of historical investment performance by asset class, the Company’s investment guidelines and current and expected economic fundamentals. The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2020 and 2019: Fair Value Measurements at December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value at December 31, 2020 Asset Category: Cash $ 6.2 $ 0.3 $ 2.3 $ — $ 3.6 Equity Securities: Domestic 117.8 4.9 11.6 — 101.3 Foreign 7.2 7.2 — — — Fixed Income Securities 319.6 18.7 300.6 0.3 — Other Investments: Real estate 22.9 — 8.9 14.0 — Diversified growth fund (a) 42.6 — 42.6 — — Total $ 516.3 $ 31.1 $ 366.0 $ 14.3 $ 104.9 Fair Value Measurements at December 31, 2019 In millions Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value at December 31, 2019 Asset Category: Cash $ 159.6 $ 0.3 $ 35.0 $ — $ 124.3 Equity Securities: Domestic 82.9 4.7 — — 78.2 Foreign 7.0 7.0 — — — Fixed Income Securities 852.5 17.0 835.3 0.2 — Other Investments: Real estate 21.9 — 8.9 13.0 — Diversified growth fund (a) 48.5 — 48.5 — — Total $ 1,172.4 $ 29.0 $ 927.7 $ 13.2 $ 202.5 (a) The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three five A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows: In millions 2020 2019 Balance at January 1, $ 13.2 $ 5.8 Transfers In 1.1 7.4 Balance at December 31, $ 14.3 $ 13.2 Estimated Future Benefit Payments The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2030: In millions Pension Plans Postretirement Health Care Benefits 2021 $ 24.1 $ 2.5 2022 26.5 2.5 2023 28.8 2.5 2024 30.6 2.6 2025 32.5 2.3 2026— 2030 181.0 10.4 Multi-Employer Plans Certain of the Company’s employees participate in multi-employer plans that provide both pension and other postretirement health care benefits to employees under union-employer organization agreements. Expense related to ongoing participation in these plans for the years ended December 31, 2020 and 2019 was $0.1 million and $0.6 million, respectively. Estimated liabilities have been established related to the partial or complete withdrawal from certain multi-employment benefit plans for facilities that have been closed. During the second quarter of 2020, the Company increased its estimated withdrawal liability for these plans by $12.2 million. During the fourth quarter of 2020, the Company entered into a settlement agreement with one of its closed multi-employment benefit plans and recorded a $3.9 million reduction in its estimated withdrawal liability for this plan. Under the terms of this settlement agreement, the Company will pay $17.2 million in the first quarter of 2021. At December 31, 2020, and December 31, 2019, the Company has withdrawal liabilities of $37.2 million and $30.8 million, respectively, related to these plans, which is recorded as Compensation and Employee Benefits and Other Noncurrent Liabilities in the Company's Consolidated Balance Sheets, which represents the Company's best estimate of the expected withdrawal liability. In 2019, the Company made a complete withdrawal from the Graphic Communication Conference of the International Brotherhood of Teamster Pension Fund ("GCC/IBT") and the PACE Industry Union-Management Pension Fund ("PIUMPF"). Liabilities of $4.4 million were recorded associated with these withdrawals. The Company's remaining participation in a multi-employer pension plan consists of contributions to one plan under the terms contained in collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following ways: a. Assets contributed to the multi-employers plan by one employer may be used to provide benefits to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. c. If a company chooses to stop participating in a multi-employer plan, a company may be required to pay that plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability. The Company's participation in these plans for the year ended December 31, 2020, 2019 and 2018 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2020 2019 FIP/RP Status Implemented 2020 2019 2018 Surcharge Imposed Expiration Date of Bargaining Agreement Central States Southeast and Southwest Areas Pension Fund 36-6044243/001 Red Red Yes $ 0.1 $ 0.1 $ 0.1 Yes 7/31/2023 PIUMPF (a) 11-6166763/001 Red Red Yes — — 0.1 Yes 6/15/2022 GCC/IBT (a) 52-6118568/001 Red Red Yes — 0.1 0.3 Yes 4/30/2022 Total $ 0.1 $ 0.2 $ 0.5 (a) As noted above, the Company withdrew from these plans in 2019. The EIN Number column provides the Employer Identification Number (EIN). Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2020 and 2019 is for the plan's year-end at December 31, 2019 and December 31, 2018, respectively. The zone status is based on information that the Company receives from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "FIP/RP Status Implemented" column indicates plans for which a Financial Improvement Plan (FIP) or Rehabilitation Plan (RP) has been implemented. The Company's share of the contributions to these plans did not exceed 5% of total plan contributions for the most recent plan year. DEFINED CONTRIBUTION PLANS |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2020 2019 2018 U.S. $ 180.5 $ 305.4 $ 298.9 International 63.5 48.6 48.6 Income before Income Taxes and Equity Income of Unconsolidated Entity $ 244.0 $ 354.0 $ 347.5 The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2020 2019 2018 Current Expense: U.S. $ (23.0) $ (10.1) $ (13.0) International (19.3) (13.5) (15.7) Total Current $ (42.3) $ (23.6) $ (28.7) Deferred (Expense) Benefit: U.S. (8.5) (47.7) (31.6) International 9.2 (5.0) 5.6 Total Deferred $ 0.7 $ (52.7) $ (26.0) Income Tax Expense $ (41.6) $ (76.3) $ (54.7) A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity at the federal statutory rate of 21.0% compared with the Company’s actual Income Tax (Expense) Benefit is as follows: Year Ended December 31, In millions 2020 Percent 2019 Percent 2018 Percent Income Tax Expense at U.S. Statutory Rate $ (51.2) 21.0 % $ (74.3) 21.0 % $ (73.0) 21.0 % U.S. State and Local Tax Expense (7.7) 3.2 (12.3) 3.5 (11.7) 3.4 Permanent Items (1.0) 0.4 (2.8) 0.8 (3.8) 1.1 U.S. Tax Reform — — — — 10.9 (3.1) Provision to Return Adjustments 2.2 (0.9) — — — — Change in Valuation Allowance 7.0 (2.9) (4.6) 1.3 13.0 (3.7) International Tax Rate Differences (3.0) 1.2 (1.6) 0.5 (1.9) 0.5 Foreign Withholding Tax (0.8) 0.3 (0.7) 0.2 (0.5) 0.1 Change in Tax Rates (0.4) 0.1 (1.0) 0.3 1.9 (0.5) U.S. Federal & State Tax Credits 9.7 (4.0) 9.5 (2.7) 0.3 (0.1) Uncertain Tax Positions (2.3) 1.0 (1.9) 0.5 (0.7) 0.2 Capital Loss Expiration — — — — (2.7) 0.7 Domestic Minority Interest 5.5 (2.2) 13.7 (3.9) 13.7 (3.9) Other 0.4 (0.2) (0.3) 0.1 (0.2) — Income Tax Expense $ (41.6) 17.0 % $ (76.3) 21.6 % $ (54.7) 15.7 % As a result of the NACP Combination, federal and state income taxes are not recorded with respect to consolidated domestic earnings attributable to the Company’s minority interest partner, resulting in a difference between the effective tax rate and the statutory tax rate. As a result of decreases in the minority partner's interest during 2020, the difference between the effective tax rate and the statutory tax also declined. In addition, during 2020, the Company recognized a tax benefit of approximately $7.6 million attributable to the release of a valuation allowance recorded against the net deferred tax assets of two of its Canadian subsidiaries as a result of internal restructuring. The Company also recognized a tax benefit related to updates to is 2019 financial statement income tax calculations of approximately $2.2 million primarily due to new guidance in final U.S. Treasury Regulations issued during 2020. During 2019, the Company recognized tax expense of approximately $4.8 million associated with the establishment of a valuation allowance against the net deferred tax assets of its Australian subsidiary. During 2018, the Company finalized its accounting for the income tax impact of the Tax Cuts and Jobs Act (the “Act”) resulting in a tax benefit of $10.9 million primarily attributable to the one-time transition tax incurred on its 2017 U.S. federal income tax return. In addition, during 2018, the Company reduced its valuation allowance against certain deferred tax assets. Of the total reduction of $13 million, approximately $10 million was related to deferred tax assets for domestic and state income tax attributes that expired during the year and therefore did not have a meaningful impact on the overall effective tax rate. Of the remaining $3 million reduction, approximately $2 million was attributable to the release of the valuation allowance against the net deferred tax assets of the Company’s subsidiary in France. The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: In millions 2020 2019 Deferred Income Tax Assets: Compensation Based Accruals $ 3.6 $ 3.8 Net Operating Loss Carryforwards 40.3 45.5 Postretirement Benefits 1.4 0.9 Tax Credits 19.3 37.2 Other 8.4 10.9 Valuation Allowance (34.4) (41.1) Total Deferred Income Tax Assets $ 38.6 $ 57.2 Deferred Income Tax Liabilities: Property, Plant and Equipment (20.8) (18.8) Goodwill (2.9) (2.7) Other Intangibles (11.2) (12.3) Investment in Partnership (530.4) (532.2) Net Noncurrent Deferred Income Tax Liabilities $ (565.3) $ (566.0) Net Deferred Income Tax Liability $ (526.7) $ (508.8) The Company has total deferred income tax assets, excluding valuation allowance, of $73.0 million and $98.3 million as of December 31, 2020 and 2019, respectively. The Company has total deferred income tax liabilities of $565.3 million and $566.0 million as of December 31, 2020 and 2019, respectively. As a result of NACP combination, the Company currently owns a controlling interest in GPIP, which is treated as a partnership for U.S. federal and state income tax purposes, with IP holding a minority interest. As such, the Company records income tax on its share of income allocated to it by the partnership. Accordingly, domestic deferred tax assets and liabilities are not tracked based on the inside basis difference of assets and liabilities held within GPIP. Instead, the Company’s outside basis difference in its partnership investment is recorded as a deferred tax liability and disclosed above. The deferred tax liability primarily relates to differences between book and tax basis in property, plant and equipment and intangibles inside the partnership. During 2020, IP redeemed a portion of its interest in the partnership. As a result of the redemptions, the Company recorded a decrease in its deferred tax liability of $16.0 million, which was recorded through additional paid-in capital. According to the Income Taxes topic of the FASB Codification, a valuation allowance is required to be established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The FASB Codification provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient pretax income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. The Company has evaluated the need to maintain a valuation allowance for deferred tax assets based on its assessment of whether it is more likely than not that deferred tax assets will be realized through the generation of future taxable income. Appropriate consideration was given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. The Company reviewed its deferred income tax assets as of December 31, 2020 and 2019, respectively, and determined that it is more likely than not that a portion will not be realized. A valuation allowance of $34.4 million and $41.1 million at December 31, 2020 and 2019, respectively, is maintained on the deferred income tax assets for which the Company has determined that realization is not more likely than not. Of the total valuation allowance at December 31, 2020, $24.6 million relates to net deferred tax assets in certain foreign jurisdictions, $0.7 million relates to U.S. federal capital loss carryforwards, $4.6 million relates to tax credit carryforwards in certain states, and the remaining $4.5 million relates to net operating losses in certain U.S. states. The need for a valuation allowance is made on a jurisdiction-by-jurisdiction basis. As of December 31, 2020, the Company concluded that due to cumulative pretax losses and the lack of sufficient future taxable income of the appropriate character, realization is less than more likely than not on the net deferred income tax assets related primarily to the Company’s Australia, Brazil, China and Germany operations. The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2020, 2019, and 2018, respectively: December 31, In millions 2020 2019 2018 Balance Beginning of Period $ 41.1 $ 36.3 $ 51.5 Adjustments for (Income) and Expenses (7.0) 4.6 (13.0) Additions (Deductions) 0.3 0.2 (2.2) Balance at End of Period $ 34.4 $ 41.1 $ 36.3 The Company utilized its remaining U.S. federal net operating losses during 2020. The Company's U.S. state net operating loss carryforwards total $198.8 million and expire in various years through 2038. International net operating loss carryforward amounts total $119.5 million, of which substantially all have no expiration date. Tax Credit carryforwards total $19.3 million which expire in various years from 2021 through 2039. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2020 2019 2018 Balance at January 1, $ 20.7 $ 15.5 $ 10.5 Additions for Tax Positions of Current Year 1.2 3.2 0.8 Additions for Tax Positions of Prior Years 1.4 2.4 5.2 Reductions for Tax Positions of Prior Years (3.7) (0.4) (1.0) Balance at December 31, $ 19.6 $ 20.7 $ 15.5 At December 31, 2020, $19.6 million of the total gross unrecognized tax benefits, if recognized, would affect the annual effective income tax rate. As of December 31 2020, none of the total gross unrecognized tax benefits recorded are related to indefinite lived deferred tax assets and did not have an impact on total tax expense. In addition, $0.1 million of the total change in unrecognized tax benefits relates to currency translation adjustments. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within its global operations in Income Tax Expense. The Company had an accrual for the payment of interest and penalties of $0.1 million and $0.1 million at December 31, 2020 and 2019, respectively. The Company anticipates that $0.1 million of the total unrecognized tax benefits at December 31, 2020 could change within the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions and our income tax filings are regularly examined by federal, state and non-U.S. tax authorities. The Company has been notified that its 2018 U.S. federal corporate and partnership income tax filings will be examined by the Internal Revenue Service. The examinations are scheduled to begin during the first quarter of 2021. With few exceptions, the Company is no longer subject to U.S. federal, state and local tax examinations for years before 2017. As of December 31, 2020, the Company has provided for deferred income taxes attributable to future foreign withholding tax expense related to the Company's equity investment in the joint venture, Rengo Riverwood Packaging, Ltd. In addition, Company provided deferred income taxes for future Canadian withholding tax to the extent of excess cash available for distribution after consideration of working capital needs and other debt settlement of its Canadian subsidiary, Graphic Packaging International Canada, ULC. During the year ended December 31, 2020, the Company distributed its remaining paid-up capital in Canada and as a result, the Company expects to incur Canadian withholding tax on future distributions. The Company continues to assert that it is permanently reinvested in the cumulative earnings of its Canadian subsidiary in excess of the amount of cash that is on hand and available for distribution after consideration of working capital needs and other debt settlement. Due to the deemed taxation of all post-1986 earnings and profits required by the Act, the Company has determined that no deferred tax liability should be recorded related to the outside basis difference of its Canadian subsidiary of approximately $51.4 million as of December 31, 2020. The Company has not provided for deferred U.S. income taxes on approximately $55 million of its undistributed earnings in other international subsidiaries because of the Company’s intention to indefinitely reinvest these earnings outside the U.S. The Company’s assertion remains unchanged, despite the deemed taxation of all post-1986 earnings and profits required by the Act. The determination of the amount of the unrecognized deferred U.S. income tax liability (primarily withholding tax in certain jurisdictions and some state tax) on the unremitted earnings or any other associated outside basis difference is not practicable because of the complexities associated with the calculation. The Company has elected to recognize global intangible low-taxed income (“GILTI”) as period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. |
Financial Instruments, Derivati
Financial Instruments, Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments, Derivatives and Hedging Activities | FINANCIAL INSTRUMENTS, DERIVATIVES AND HEDGING ACTIVITIES The Company enters into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging topic of the FASB Codification and those not designated as hedging instruments under this guidance. The Company uses interest rate swaps, natural gas swap contracts, and forward exchange contracts. These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. These changes in fair value will subsequently be reclassified to earnings, contemporaneously with and offsetting changes in the related hedged exposure, and presented in the same line of the income statement expected for the hedged item. Interest Rate Risk The Company uses interest rate swaps to manage interest rate risks on future interest payments caused by interest rate changes on its variable rate term loan facility. The following table summarizes the Company's current interest rate swap positions for each period presented as of December 31, 2020: Start End (In Millions) Notional Amount Weighted Average Interest Rate 12/03/2018 01/01/2022 $120.0 2.92% 12/03/2018 01/04/2022 $80.0 2.79% These derivative instruments are designated as cash flow hedges and, to the extent they are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period it occurs. During 2020 and 2019, there were no amounts of ineffectiveness. During 2020 and 2019, there were no amounts excluded from the measure of effectiveness. Commodity Risk To manage risks associated with future variability in cash flows and price risk attributable to purchases of natural gas, the Company enters into natural gas swap contracts to hedge prices for a designated percentage of its expected natural gas usage. Such contracts are designated as cash flow hedges. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and resulting gain or loss reclassified into Cost of Sales concurrently with the recognition of the commodity consumed. The Company has hedged approximately 44% and 11% of its expected natural gas usage for 2021 and 2022, respectively. During 2020 and 2019, there were no amounts of ineffectiveness related to changes in the fair value of natural gas swap contracts. Additionally, there were no amounts excluded from the measure of effectiveness. Foreign Currency Risk The Company enters into forward exchange contracts to manage risks associated with foreign currency transactions and future variability of cash flows arising from those transactions that may be adversely affected by changes in exchange rates. The contracts are carried at fair value with changes in fair value recognized in Accumulated Other Comprehensive Loss and gains/losses related to these contracts are recognized in Other Expense, Net or Net Sales, when appropriate. At December 31, 2020 and 2019, multiple forward exchange contracts existed that expire on various dates throughout the following year. Those purchased forward exchange contracts outstanding at December 31, 2020 and 2019, when aggregated and measured in U.S. dollars at contractual rates at December 31, 2020 and 2019, had notional amounts totaling $101.6 million and $87.6 million, respectively. No amounts were reclassified to earnings during 2020 and 2019 in connection with forecasted transactions that were considered probable of not occurring and there was no amount of ineffectiveness related to changes in the fair value of foreign currency forward contracts. Additionally, there were no amounts excluded from the measure of effectiveness during 2020 and 2019. Derivatives not Designated as Hedges The Company enters into forward exchange contracts to effectively hedge substantially all of its accounts receivables resulting from sales transactions and intercompany loans denominated in foreign currencies in order to manage risks associated with variability in cash flows that may be adversely affected by changes in exchange rates. At December 31, 2020 and 2019, multiple foreign currency forward exchange contracts existed, with maturities ranging up to two Foreign Currency Movement Effect |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FAIR VALUE MEASUREMENT The Company follows the fair value guidance integrated into the Fair Value Measurements and Disclosures topic of the FASB Codification in regards to financial and nonfinancial assets and liabilities. Nonfinancial assets and nonfinancial liabilities include those measured at fair value in goodwill impairment testing, asset retirement obligations initially measured at fair value, and those assets and liabilities initially measured at fair value in a business combination. The FASB’s guidance defines fair value, establishes a framework for measuring fair value and expands the fair value disclosure requirements. The accounting guidance applies to accounting pronouncements that require or permit fair value measurements. It indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The guidance defines fair value based upon an exit price model, whereby fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance clarifies that fair value should be based on assumptions that market participants would use, including a consideration of non-performance risk. Valuation Hierarchy The Fair Value Measurements and Disclosures topic establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs — quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs — unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company has determined that its financial assets and financial liabilities include derivative instruments which are carried at fair value and are valued using Level 2 inputs in the fair value hierarchy. The Company uses valuation techniques based on discounted cash flow analyses, which reflects the terms of the derivatives and uses observable market-based inputs, including forward rates and uses market price quotations obtained from third party derivatives brokers, corroborated with information obtained from third party pricing service providers. Fair Value of Financial Instruments As of December 31, 2020 and 2019, there has not been any significant impact to the fair value of the Company's derivative liabilities due to its own credit risk. Similarly, there has not been any significant adverse impact to the Company's derivative assets based on evaluation of the Company's counterparties' credit risks. The following table summarizes the fair value of the Company's derivative instruments: Derivative Assets (a) Derivative Liabilities (b) December 31, December 31, In millions 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate contracts $ — $ — $ 6.0 $ 6.6 Foreign currency contracts — — 2.9 1.5 Commodity contracts 2.1 — — 3.4 Total Derivatives $ 2.1 $ — $ 8.9 $ 11.5 (a) Derivative assets of $1.6 million are included in Other Current Assets as of December 31, 2020. Derivative asset of $0.5 million are included in Other Accrued Assets as of December 31, 2020. (b) Derivative liabilities of $8.5 million and $8.5 million are included in Other Accrued Liabilities as of December 31, 2020 and December 31, 2019, respectively. Derivative liabilities of $0.4 million and $3.0 million are included in Other Noncurrent Liabilities as of December 31, 2020 and December 31, 2019, respectively. The fair values of the Company’s other financial assets and liabilities at December 31, 2020 and 2019 approximately equal the carrying values reported on the Consolidated Balance Sheets except for Long-Term Debt. The fair value of the Company’s Long-Term Debt (excluding finance leases and deferred financing fees) was $3,624.7 million and $2,788.6 million, as compared to the carrying amounts of $3,523.9 million and $2,729.3 million as of December 31, 2020 and 2019, respectively. The fair value of the Company's Total Debt, including the Senior Notes, are based on quoted market prices (Level 2 inputs). Level 2 valuation techniques for Long-Term Debt are based on quotations obtained from third party pricing service providers. Effect of Derivative Instruments The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Consolidated Statements of Operations for the year ended December 31, 2020 and 2019 is as follows: Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations Amount of (Gain) Loss Recognized in Statement of Operations Year Ended December 31, Year Ended December 31, In millions 2020 2019 2020 2019 Commodity Contracts $ 0.9 $ 1.4 Cost of Sales $ 6.3 $ (1.8) Foreign Currency Contracts 2.1 0.1 Other Expense, Net (0.5) (1.3) Interest Rate Swap Agreements 5.8 5.8 Interest Expense, Net 6.5 1.4 Total $ 8.8 $ 7.3 $ 12.3 $ (1.7) The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2020 and 2019 is as follows: In millions 2020 2019 Foreign Currency Contracts Other Expense, Net $ 8.7 $ (0.9) Accumulated Derivative Instruments (Loss) Income The following is a rollforward of pre-tax Accumulated Derivative Instruments (Loss) Income which is included in the Company’s Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity as of December 31: In millions 2020 2019 2018 Balance at January 1 $ (10.9) $ (1.9) $ (0.3) Reclassification to Earnings 12.3 (1.7) (0.6) Current Period Change in Fair Value (8.8) (7.3) (1.0) Balance at December 31 $ (7.4) $ (10.9) $ (1.9) At December 31, 2020, the Company expects to reclassify $5.9 million of pre-tax losses in the next twelve months from Accumulated Other Comprehensive Loss to earnings, contemporaneously with and offsetting changes in the related hedged exposure. The actual amount that will be reclassified to future earnings may vary from this amount as a result of changes in market conditions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2020 2019 2018 Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount Derivative Instruments Gain (Loss) $ 4.1 $ (0.6) $ 3.5 $ (6.7) $ 1.4 $ (5.3) $ (1.1) $ 0.1 $ (1.0) Pension and Postretirement Benefit Plans 126.0 (26.1) 99.9 10.1 (2.5) 7.6 (24.8) 5.4 (19.4) Currency Translation Adjustment 16.5 — 16.5 9.8 — 9.8 (18.7) — (18.7) Other Comprehensive Income (Loss) $ 146.6 $ (26.7) $ 119.9 $ 13.2 $ (1.1) $ 12.1 $ (44.6) $ 5.5 $ (39.1) (a) Amounts exclude impact of noncontrolling interest. See "Note 19 - Changes in Accumulated Other Comprehensive Loss." The balances of Accumulated Other Comprehensive Loss Attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: December 31, In millions 2020 2019 Accumulated Derivative Instruments Loss $ (13.1) $ (16.6) Pension and Postretirement Benefit Plans (138.6) (238.5) Currency Translation Adjustment (94.2) (110.7) Accumulated Other Comprehensive Loss $ (245.9) $ (365.8) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS The Company has entered into other long-term contracts principally for the purchase of fiber and chip processing along with commitments associated with building the new CRB paper machine in Kalamazoo, Michigan. The minimum purchase commitments extend beyond 2025. At December 31, 2020, total commitments under these contracts were as follows: In millions 2021 $ 379.4 2022 90.5 2023 67.0 2024 48.4 2025 47.7 Thereafter 58.8 Total $ 691.8 |
Environmental and Legal Matters
Environmental and Legal Matters | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental and Legal Matters | ENVIRONMENTAL AND LEGAL MATTERS Environmental Matters The Company is subject to a broad range of foreign, federal, state and local environmental, health and safety laws and regulations, including those governing discharges to air, soil and water, the management, treatment and disposal of hazardous substances, solid waste and hazardous wastes, the investigation and remediation of contamination resulting from historical site operations and releases of hazardous substances, the recycling of packaging and the health and safety of employees. Compliance initiatives could result in significant costs, which could negatively impact the Company’s consolidated financial position, results of operations or cash flows. Any failure to comply with environmental or health and safety laws and regulations or any permits and authorizations required thereunder could subject the Company to fines, corrective action or other sanctions. Some of the Company’s current and former facilities are the subject of environmental investigations and remediations resulting from historic operations and the release of hazardous substances or other constituents. Some current and former facilities have a history of industrial usage for which investigation and remediation obligations may be imposed in the future or for which indemnification claims may be asserted against the Company. Also, closures or sales of facilities may necessitate investigation and may result in remediation activities at those facilities. The Company has established reserves for those facilities or issues where a liability is probable and the costs are reasonably estimable. The Company believes that the amounts accrued for its loss contingencies, and the reasonably possible loss beyond the amounts accrued, are not material to the Company’s consolidated financial position, results of operations or cash flows. The Company cannot estimate with certainty other future compliance, investigation or remediation costs. Some costs relating to historic usage that the Company considers to be reasonably possible of resulting in liability are not quantifiable at this time. The Company will continue to monitor environmental issues at each of its facilities, as well as regulatory developments, and will revise its accruals, estimates and disclosures relating to past, present and future operations, as additional information is obtained. Legal Matters The Company is a party to a number of lawsuits arising in the ordinary conduct of its business. Although the timing and outcome of these lawsuits cannot be predicted with certainty, the Company does not believe that disposition of these lawsuits will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | REDEEMABLE NONCONTROLLING INTEREST As disclosed in " Note 1 - Nature of Business and Summary of Significant Accounting Policies, " on January 1, 2018, the Company combined its business with IP's NACP business. Under the terms of the Transaction Agreement, GPIP issued 79,911,591 common units to IP. In connection with the closing, the Company, GPIP, GPI Holding and IP entered into an Exchange Agreement (“Exchange Agreement”), under which, subject to certain restrictions, the common units held by IP are exchangeable into common stock of the Company or cash, upon the second anniversary of the NACP combination unless certain other events occur before that time. GPHC also had the ability to call such common units exercisable starting on the same date. Upon an election of an exchange, GPHC may choose to satisfy the exchange using shares of its common stock, cash, or a combination thereof. On January 28, 2020, the Company announced that IP had notified the Company of its intent to begin the process of reducing its ownership interest in GPIP. Per the agreement between the parties, on January 29, 2020, GPIP purchased 15.1 million partnership units from IP for $250 million in cash. As a result, IP's ownership interest in GPIP decreased to 18.3% as of January 29, 2020. On August 6, 2020, the Company announced that IP had notified the Company of its intent to exchange additional partnership units. Per the agreement between the parties, on August 13, 2020, GPIP purchased 17.4 million partnership units from IP for $250 million in cash, which included all of the remaining portion of IP's redeemable ownership interest that was required to be redeemed for cash. As a result, IP's ownership interest in GPIP decreased to 14.5% as of August 13, 2020. At December 31, 2020, the redeemable noncontrolling interest was determined as follows: In millions Balance at December 31, 2018 $ 275.8 Net Income Attributable to Redeemable Noncontrolling Interest 16.3 Other Comprehensive Loss, Net of Tax 0.8 Redeemable Noncontrolling Interest Redemption Value Adjustment 30.2 Reclassification to Noncontrolling Interest for Share Repurchases (a) (12.5) Distributions of Membership Interest (6.3) Balance at December 31, 2019 $ 304.3 Net Loss Attributable to Redeemable Noncontrolling Interest (3.2) Other Comprehensive Income, Net of Tax 8.9 Redemption of IP's Ownership Interest (296.1) Redeemable Noncontrolling Interest Redemption Value Adjustment (12.2) Distributions of Membership Interest (1.7) Balance at December 31, 2020 $ — (a) In the second quarter of 2019, the Company recorded a reversal for the 2018 reclassification to redeemable noncontrolling interest back to noncontrolling interest related to share repurchases. The Company determined that this reclassification due to the share repurchases was not required. Redeemable noncontrolling interest was recorded at the greater of carrying amount or redemption value at the end of each period until it was fully redeemed. The redemption value is determined by the closing price of the Company's common stock. |
Business Segment and Geographic
Business Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segment and Geographic Area Information | BUSINESS SEGMENT AND GEOGRAPHIC AREA INFORMATION The Company has three reportable segments as follows: Paperboard Mills includes the eight North American paperboard mills that produce primarily CRB, CUK, and SBS, which is consumed internally to produce paperboard packaging for the Americas and Europe Packaging segments. The remaining paperboard is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represents the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments. Americas Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to Consumer Packaged Goods ("CPG") companies, and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants ("QSR") serving the food, beverage, and consumer product markets in the Americas. Europe Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe. The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs. These segments are evaluated by the chief operating decision maker based primarily on Income from Operations as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in "Note 1 - Nature of Business and Summary of Significant Accounting Policies." The Company did not have any one customer who accounted for 10% or more of the Company's net sales during 2020, 2019 or 2018. Business segment information is as follows: Year Ended December 31, In millions 2020 2019 2018 NET SALES: Paperboard Mills $ 988.1 $ 1,094.8 $ 1,078.1 Americas Paperboard Packaging 4,650.1 4,233.7 4,098.3 Europe Paperboard Packaging 764.6 689.3 695.9 Corporate/Other/Eliminations (a) 157.1 142.3 157.1 Total $ 6,559.9 $ 6,160.1 $ 6,029.4 (LOSS) INCOME FROM OPERATIONS: Paperboard Mills (b) $ (109.9) $ 33.1 $ 30.6 Americas Paperboard Packaging 638.5 477.7 420.1 Europe Paperboard Packaging 65.9 60.3 46.1 Corporate and Other (c) (70.2) (37.0) (38.6) Total $ 524.3 $ 534.1 $ 458.2 CAPITAL EXPENDITURES: Paperboard Mills $ 444.2 $ 208.0 $ 240.1 Americas Paperboard Packaging 119.7 94.7 104.3 Europe Paperboard Packaging 39.7 34.5 19.5 Corporate and Other 42.7 15.7 31.3 Total $ 646.3 $ 352.9 $ 395.2 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 248.7 $ 224.4 $ 197.5 Americas Paperboard Packaging 163.0 165.1 165.4 Europe Paperboard Packaging 41.1 36.7 48.9 Corporate and Other 23.0 21.0 18.8 Total $ 475.8 $ 447.2 $ 430.6 (a) Includes revenue from contracts with customers for the Australia and Pacific Rim operating segments. (b) Includes Augusta, Georgia mill outage in 2018. (c) Includes expenses related to business combinations, exit activities, idle and abandoned assets, gain on sale of assets and shutdown and other special charges. December 31, In millions 2020 2019 2018 ASSETS AT DECEMBER 31: Paperboard Mills $ 3,096.5 $ 2,912.2 $ 3,005.6 Americas Paperboard Packaging 3,326.7 3,392.3 3,143.6 Europe Paperboard Packaging 745.9 686.3 603.4 Corporate and Other 635.5 299.1 306.6 Total $ 7,804.6 $ 7,289.9 $ 7,059.2 Business geographic area information is as follows: Year Ended December 31, In millions 2020 2019 2018 NET SALES: United States $ 5,199.9 $ 4,913.2 $ 4,780.9 International (a) 1,360.0 1,246.9 1,248.5 Total $ 6,559.9 $ 6,160.1 $ 6,029.4 In millions 2020 2019 2018 LONG-LIVED ASSETS AT DECEMBER 31: United States $ 3,252.7 $ 2,975.9 $ 2,954.3 International (a) 307.3 277.9 285.4 Total $ 3,560.0 $ 3,253.8 $ 3,239.7 (a) Net Sales and long-lived assets of individual countries outside of the United States are not material. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Results of operations for the four quarters of 2020 and 2019 are shown below. 2020 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,599.1 $ 1,611.0 $ 1,697.7 $ 1,652.1 $ 6,559.9 Gross Profit 320.8 262.1 255.5 261.8 1,100.2 Business Combinations, Shutdown and Other Special Charges and Exit Activities, Net 18.7 20.5 9.0 13.1 61.3 Income from Operations 160.0 114.8 119.1 130.4 524.3 Net (Loss) Income (19.8) 66.7 79.3 77.1 203.3 Net (Loss) Income Attributable to Graphic Packaging Holding Company (12.7) 52.1 63.7 64.2 167.3 Net (Loss) Income Per Share Attributable to Graphic Packaging Holding Company — Basic (a) $ (0.04) $ 0.19 $ 0.23 $ 0.24 $ 0.60 Net (Loss) Income Per Share Attributable to Graphic Packaging Holding Company — Diluted (a) $ (0.04) $ 0.19 $ 0.23 $ 0.24 $ 0.60 (a) Does not cross foot due to rounding. 2019 In millions, except per share amounts First Second Third Fourth (a) Total Statement of Operations Data: Net Sales $ 1,505.9 $ 1,552.8 $ 1,581.6 $ 1,519.8 $ 6,160.1 Gross Profit 266.1 287.8 266.4 272.3 1,092.6 Business Combinations, Shutdown and Other Special Charges and Exit Activities, Net 6.2 9.9 8.2 13.6 37.9 Income from Operations 134.0 144.4 122.7 133.0 534.1 Net Income 78.1 86.1 70.0 43.9 278.1 Net Income Attributable to Graphic Packaging Holding Company 57.9 63.8 52.1 33.0 206.8 Net Income Per Share Attributable to Graphic Packaging Holding Company — Basic $ 0.19 $ 0.22 $ 0.18 $ 0.11 $ 0.70 Net Income Per Share Attributable to Graphic Packaging Holding Company — Diluted $ 0.19 $ 0.22 $ 0.18 $ 0.11 $ 0.70 (a) During the fourth quarter of 2019, the Company recorded an approximate $7 million immaterial prior period adjustment to reduce amortization expense related to intangible assets. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Year Ended December 31, In millions, except per share data 2020 2019 2018 Net Income Attributable to Graphic Packaging Holding Company $ 167.3 $ 206.8 $ 221.1 Weighted Average Shares: Basic 278.8 294.1 309.5 Dilutive effect of RSUs 0.8 0.7 0.6 Diluted 279.6 294.8 310.1 Earnings Per Share — Basic $ 0.60 $ 0.70 $ 0.71 Earnings Per Share — Diluted $ 0.60 $ 0.70 $ 0.71 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS The following represents changes in Accumulated Other Comprehensive Loss attributable to Graphic Packaging Holding Company by component for the year ended December 31, 2020 (a) : In millions Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2019 $ (16.6) $ (238.5) $ (110.7) $ (365.8) Other Comprehensive (Loss) Income before Reclassifications (5.8) 12.9 17.7 24.8 Amounts Reclassified from Accumulated Other Comprehensive Income (a) 9.9 125.9 — 135.8 Net Current-period Other Comprehensive Income 4.1 138.8 17.7 160.6 Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (b) (0.6) (38.9) (1.2) (40.7) Balance at December 31, 2020 $ (13.1) $ (138.6) $ (94.2) $ (245.9) (a) See following table for details about these reclassifications. (b) Includes amounts related to redeemable noncontrolling interest which are separately classified outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. The following represents reclassifications out of Accumulated Other Comprehensive Loss for the year ended December 31, 2020: In millions Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ 6.3 Cost of Sales Foreign Currency Contracts (0.5) Other Expense, Net Interest Rate Swap Agreements 6.5 Interest Expense, Net 12.3 Total before Tax (2.4) Tax Expense $ 9.9 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.1 (a) Actuarial Losses 159.1 (a) 159.2 Total before Tax (31.7) Tax Benefit $ 127.5 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3) (a) Actuarial Gains (1.7) (a) (2.0) Total before Tax 0.4 Tax Expense $ (1.6) Net of Tax Total Reclassifications for the Period $ 135.8 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see "Note 8 — Pensions and Other Postretirement Benefits" ). |
Exit Activities
Exit Activities | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Exit Activities | EXIT ACTIVITIES During 2019, the Company announced its plans to invest approximately $600 million in a new CRB paper machine in Kalamazoo, Michigan. In conjunction with the completion of this project, the Company currently expects to close two of its smaller CRB Mills in 2022 in order to remain capacity neutral. In March 2020, the Company made the decision to close the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine in West Monroe, Louisiana. During the second quarter of 2020, the Company closed the White Pigeon, Michigan CRB mill and shut down the PM1 containerboard machine. In June 2020, the Company made the decision to close certain converting facilities that were acquired from Greif. The Burlington, North Carolina converting facility and the Los Angeles, California converting facility were closed during the third quarter of 2020. The Company accounts for the costs associated with these closures in accordance with ASC 360, Impairment or Disposal of Long-Lived Assets ("ASC 360"), ASC 420, Exit or Disposal Costs Obligations ("ASC 420") and ASC 712 Compensation-Nonretirement Post-Employment Benefits ("ASC 712"). The Company recorded $50.6 million and $14.9 million of exit costs during 2020 and 2019, respectively. Other costs associated with the start-up of the new CRB paper machine will be recorded in the period in which they are incurred. These costs are included in the Corporate and Other caption in "Note 16 - Business Segment and Geographic Area Information." The following table summarizes the costs incurred during 2020 and 2019 related to these restructurings: Year Ended December 31, In millions Location in Statement of Operations 2020 2019 Severance costs and other (a) Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net $ 10.4 $ 7.7 Accelerated depreciation Cost of Sales 26.0 4.7 Inventory and asset write-offs Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net 14.2 2.5 Total $ 50.6 $ 14.9 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services. The following table summarizes the balance of accrued expenses related to restructuring: In millions Total Balance at December 31, 2018 $ — Costs incurred 7.7 Payments (0.6) Balance at December 31, 2019 $ 7.1 Costs incurred 11.2 Payments (5.9) Adjustments (a) (0.8) Balance at December 31, 2020 $ 11.6 (a) Adjustments related to changes in estimates of severance costs. In conjunction with the closure of the two smaller CRB Mills in 2022, the Company currently expects to incur charges associated with these exit activities for post-employment benefits, retention bonuses and incentives in the range of $15 million to $20 million and for accelerated depreciation and inventory and asset write-offs in the range of $50 million to $60 million. Additionally, the Company expects to incur start-up charges of approximately $15 million for the new CRB paper machine in 2021. Through December 31, 2020, the Company has incurred cumulative exit activity charges for post-employment benefits, retention bonuses and incentives of $12.1 million and accelerated depreciation and inventory and asset write-offs of $27.3 million. For the closures of the White Pigeon, Michigan CRB mill and the shutdown of the PM1 containerboard machine in West Monroe, Louisiana, the Company has incurred cumulative exit activity charges for post-employment benefits of $2.3 million and accelerated depreciation and inventory and asset write-offs of $16.6 million through December 31, 2020. The Company does not expect to incur any additional significant costs charges related to these closures. For the closure of the facilities acquired from Greif, the Company has incurred cumulative exit activity charges for post-employment benefits of $1.4 million and for accelerated amortization of operating lease assets of $3.6 million through December 31, 2020. The Company does not expect to incur any additional significant costs charges related to these closures. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On January 14, 2021, the Company drew the $425 million Incremental Term A-2 Facility and used the proceeds, together with cash on hand, to redeem its 4.75% Senior Notes due in 2021. For more information, see "Note 5 — Debt." |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company’s Consolidated Financial Statements include all subsidiaries in which the Company has the ability to exercise direct or indirect control over operating and financial policies. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to current year presentation. The Company, through its GPIL subsidiary, is a party to a Japanese joint venture, Rengo Riverwood Packaging, Ltd. in which it holds a 50% ownership interest that is accounted for using the equity method. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, pension benefits, retained insurable risks, slow-moving and obsolete inventory, allowance for doubtful accounts, useful lives for depreciation and amortization, impairment testing of goodwill and long-lived assets, fair values related to acquisition accounting, fair value of derivative financial instruments, share based compensation, deferred income tax assets and potential income tax assessments, and loss contingencies. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include bank deposits and other marketable securities that are highly liquid with maturities of three months or less. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances Accounts receivable are stated at the amount owed by the customer, net of an allowance for estimated uncollectible accounts, returns and allowances, and cash discounts. The allowance for doubtful accounts is estimated based on historical experience, current economic conditions and the credit worthiness of customers. Receivables are charged to the allowance when determined to be no longer collectible. |
Concentration of Credit Risk | Concentration of Credit RiskThe Company’s cash, cash equivalents, and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value with cost determined based on standard (which approximates actual), average or actual cost. Work in progress and finished goods inventories are valued at the cost of raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) as incurred and an applicable portion of manufacturing overhead. Inventories are stated net of an allowance for slow-moving and obsolete inventory. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Betterments, renewals and extraordinary repairs that extend the life of the asset are capitalized; other repairs and maintenance charges are expensed as incurred. The Company’s cost and related accumulated depreciation applicable to assets retired or sold are removed from the accounts and the gain or loss on disposition is included in income from operations. Interest is capitalized on assets under construction for one year or longer with an estimated spending of $1.0 million or more. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Capitalized interest was $6.9 million, $2.8 million and $2.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company assesses its long-lived assets, including certain identifiable intangibles, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. To analyze recoverability, the Company projects future cash flows, undiscounted and before interest, over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. The impairment loss is measured based upon the difference between the carrying amount and the fair value of the assets. The Company assesses the appropriateness of the useful life of its long-lived assets periodically. Depreciation and Amortization Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years |
Intangible Assets | Intangible assets with a determinable life are amortized on a straight-line or accelerated basis over their useful lives. The amortization expense for each intangible asset is recorded in the Consolidated Statements of Operations according to the nature of that asset. |
Goodwill | Goodwill The Company tests goodwill for impairment annually as of October 1, as well as whenever events or changes in circumstances suggest that the estimated fair value of a reporting unit may no longer exceed its carrying amount. The Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. Potential goodwill impairment is measured at the reporting unit level by comparing the reporting unit’s carrying amount (including goodwill), to the fair value of the reporting unit. When performing the quantitative analysis, the estimated fair value of each reporting unit is determined by utilizing a discounted cash flow analysis based on the Company’s forecasts, discounted using a weighted average cost of capital and market indicators of terminal year cash flows based upon a multiple of EBITDA. If the carrying amount of a reporting unit exceeds its estimated fair value, goodwill is considered impaired. In determining fair value, management relies on and considers a number of factors, including but not limited to, future operating results, business plans, economic projections of revenues and operating margins, forecasts including future cash flows, and market data and analysis, including market capitalization. The assumptions used are based on what a hypothetical market participant would use in estimating fair value. Fair value determinations are sensitive to changes in the factors described above. There are inherent uncertainties related to these factors and judgments in applying them to the analysis of goodwill impairment. Periodically, the Company may perform a qualitative impairment analysis of goodwill associated with each of its reporting units to determine if it is more likely than not that the carrying value of a reporting unit exceeded its fair value. However, the Company performed a quantitative impairment test as of October 1, 2020, and concluded goodwill was not impaired for any of its reporting units. |
Retained Insurable Risks | Retained Insurable RisksIt is the Company’s policy to self-insure or fund a portion of certain expected losses related to group health benefits and workers’ compensation claims. Provisions for expected losses are recorded based on the Company’s estimates, on an undiscounted basis, of the aggregate liabilities for known claims and estimated claims incurred but not reported |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations are accounted for in accordance with the provisions of the Asset Retirement and Environmental Obligations |
International Currency | International Currency The functional currency of the international subsidiaries is the local currency for the country in which the subsidiaries own their primary assets. The translation of the applicable currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. Any related translation adjustments are recorded directly to a separate component of Shareholders’ Equity, unless there is a sale or substantially complete liquidation of the underlying foreign investments. Gains and losses on foreign currency transactions are included in Other Expense, Net for the period in which the exchange rate changes. The Company pursues a currency hedging program which utilizes derivatives to reduce the impact of foreign currency exchange fluctuations on its consolidated financial results. Under this program, the Company has entered into forward exchange contracts in the normal course of business to hedge certain foreign currency denominated transactions. Realized and unrealized gains and losses on these forward contracts are included in the measurement of the basis of the related foreign currency transaction when recorded. |
Revenue Recognition | Revenue Recognition The Company has two primary activities, manufacturing and converting paperboard, from which it generates revenue from contracts with customers, and revenue is disaggregated primarily by geography and type of activity as further explained in " Note 16-Business Segment and Geographic Area Information. " All reportable segments and the Australia and Pacific Rim operating segments recognize revenue under the same method, allocate transaction price using similar methods, and have similar economic factors impacting the uncertainty of revenue and related cash flows. Revenue is recognized on the Company's annual and multi-year supply contracts when the Company satisfies the performance obligation by transferring control over the product or service to a customer, which is generally based on shipping terms and passage of title under the point-in-time method of recognition. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $6,536.5 million, $6,140.8 million and $6,011.9 million, respectively, of revenue from contracts with customers. The transaction price allocated to each performance obligation consists of the stand-alone selling price, estimates of rebates and other sales or contract renewal incentives, and cash discounts and sales returns ("Variable Consideration") and excludes sales tax. Estimates are made for Variable Consideration based on contract terms and historical experience of actual results and are applied to the performance obligations as they are satisfied. Purchases by the Company’s principal customers are manufactured and shipped with minimal lead time, therefore performance obligations are generally satisfied shortly after manufacturing and shipment. The Company uses standard payment terms that are consistent with industry practice. |
Shipping and Handling | Shipping and Handling The Company includes shipping and handling costs in Cost of Sales. |
Research and Development | Research and DevelopmentResearch and development costs, which relate primarily to the development and design of new packaging machines and products and are recorded as a component of Selling, General and Administrative expenses, are expensed as incurred. |
New Accounting Pronouncements | Adoption of New Accounting Standards Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the FASB's guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model (known as the "current expected credit loss model") that is based on expected losses rather than incurred losses. The adoption of this standard did not have a material impact on the Company's financial position, results of operations and cash flows. Effective January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This amendment modifies the disclosure requirements on fair value measurements. The adoption of this standard did not have a material impact on the Company's financial disclosures. Effective January 1, 2020, the Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU broadens the scope of Accounting Standards Codification ("ASC") 350-40 with an updated definition of a hosting arrangement and clarifies certain aspects of accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The adoption of this standard did not have a material impact on the Company's financial position, results of operations and cash flows. Effective January 1, 2020, the Company adopted ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20); Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The adoption of this standard did not have a material impact on the Company's financial position, results of operations and cash flows. Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This amendment modifies ASC 740 to simplify the accounting for income taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the impact of this new accounting guidance. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides temporary optional expedients and exceptions for applying GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The ASU can be adopted after its issuance date through December 31, 2022. The Company is currently evaluating the impact of this new accounting guidance. |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Transfer of Financial Assets Accounted for as Sales | The following table summarizes the activity under these programs for the year ended December 31, 2020 and 2019, respectively: Year Ended December 31, In millions 2020 2019 Receivables Sold and Derecognized $ 2,849.8 $ 2,654.2 Proceeds Collected on Behalf of Financial Institutions 2,787.4 2,254.9 Net Proceeds Received From Financial Institutions 54.9 66.5 Deferred Purchase Price at December 31 (a) 5.3 0.7 Pledged Receivables at December 31 201.0 177.5 (a) Included in Other Current Assets and represents a beneficial interest in the receivables sold to the financial institutions, which is a Level 3 fair value measure. |
Schedule Of Depreciation And Amortization | Depreciation is computed using the straight-line method based on the following estimated useful lives of the related assets: Buildings 40 years Land improvements 15 years Machinery and equipment 3 to 40 years Furniture and fixtures 10 years Automobiles, trucks and tractors 3 to 5 years |
Finite-Lived Intangible Assets | The following table displays the intangible assets that continue to be subject to amortization and accumulated amortization expense as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets: Customer Relationships $ 965.2 $ (556.4) $ 408.8 $ 946.5 $ (497.6) $ 448.9 Patents, Trademarks, Licenses, and Leases 141.1 (113.0) 28.1 138.8 (110.4) 28.4 Total $ 1,106.3 $ (669.4) $ 436.9 $ 1,085.3 $ (608.0) $ 477.3 |
Schedule of Goodwill | The following is a rollforward of goodwill by reportable segment: In millions Paperboard Mills Americas Paperboard Packaging Europe Paperboard Packaging Corporate/Other (a) Total Balance at December 31, 2018 $ 506.8 $ 882.2 $ 57.2 $ 14.4 $ 1,460.6 Acquisition of Businesses — 12.9 — — 12.9 Foreign Currency Effects — 1.8 2.6 — 4.4 Balance at December 31, 2019 $ 506.8 $ 896.9 $ 59.8 $ 14.4 $ 1,477.9 Acquisition of Businesses — — — — — Foreign Currency Effects (0.5) 2.2 (1.0) (1.0) (0.3) Balance at December 31, 2020 $ 506.3 $ 899.1 $ 58.8 $ 13.4 $ 1,477.6 (a) Includes Australia operating segment. |
Schedule of Restructuring and Other Special Charges | The following table summarizes the transactions recorded in Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net in the Consolidated Statements of Operations for the year ended December 31: In millions 2020 2019 2018 Charges Associated with Business Combinations $ (1.1) $ 4.1 $ 46.8 Shutdown and Other Special Charges 37.8 23.6 6.7 Exit Activities (a) 24.6 10.2 — Gain on Sale of Assets — — (38.6) Total $ 61.3 $ 37.9 $ 14.9 |
Schedule of Share Repurchases During the Period | The following presents GPHC's share repurchases for the years ended December 31, 2020, 2019, and 2018: Amount repurchased in millions Amount Repurchased Number of Shares Repurchased Average Price 2020 $ 315.6 23,420,010 $ 13.48 2019 $ 127.9 10,191,257 (a) $ 12.55 2018 $ 120.0 10,566,144 $ 11.35 (a) Includes 7,400,171 shares under the 2017 share repurchase program thereby completing that program. |
Supplemental Balance Sheet Da_2
Supplemental Balance Sheet Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Receivables, Net | The following tables provide disclosure related to the components of certain line items included in our consolidated balance sheets. Receivables, Net: In millions 2020 2019 Trade $ 608.5 $ 462.7 Less: Allowance (11.9) (11.5) 596.6 451.2 Other 57.8 53.3 Total $ 654.4 $ 504.5 |
Inventories, Net by major class | Inventories, Net by major class: In millions 2020 2019 Finished Goods $ 471.3 $ 434.8 Work in Progress 132.5 123.4 Raw Materials 348.5 370.0 Supplies 175.3 167.7 Total $ 1,127.6 $ 1,095.9 |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net: In millions 2020 2019 Property, Plant and Equipment, at Cost: Land and Improvements $ 137.2 $ 130.4 Buildings (a) 671.3 655.5 Machinery and Equipment (b) 6,082.0 5,832.6 Construction-in-Progress 478.3 202.6 7,368.8 6,821.1 Less: Accumulated Depreciation (a)(b) (3,808.8) (3,567.3) Total $ 3,560.0 $ 3,253.8 (a) Includes gross assets under finance lease of $105.5 million and related accumulated depreciation of $10.7 million as of December 31, 2020, and gross assets under finance lease of $105.5 million and related accumulated depreciation of $5.4 million as of December 31, 2019. |
Other Accrued Liabilities | Other Accrued Liabilities: In millions 2020 2019 Dividends Payable $ 20.1 $ 21.8 Deferred Revenue 21.1 15.2 Accrued Customer Rebates 40.5 36.5 Fair Value of Derivatives, current portion 8.5 8.5 Other Accrued Taxes 56.5 38.4 Accrued Payables 37.6 31.4 Operating Lease Liabilities, current portion 60.5 54.8 Other 46.2 32.5 Total $ 291.0 $ 239.1 |
Other Noncurrent Liabilities | Other Noncurrent Liabilities: In millions 2020 2019 Deferred Revenue $ 6.5 $ 5.3 Multi-employer Plans 20.0 30.8 Workers Compensation Reserve 8.7 9.5 Fair Value of Derivatives, noncurrent portion 0.4 3.0 Unfavorable Supply Agreement 26.6 28.9 Deferred Compensation 16.5 12.1 Operating Lease Liabilities, noncurrent portion 157.2 151.5 Other 55.4 25.7 Total $ 291.3 $ 266.8 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Used in Operations Due to Changes in Operating Assets and Liabilities | Cash Flow (Used In) Provided by Operations Due to Changes in Operating Assets and Liabilities, net of acquisitions: In millions 2020 2019 2018 Receivables, Net $ (215.7) $ (107.6) $ (1,158.1) Inventories, Net 34.8 (72.8) (82.0) Other Current Assets (5.3) (9.5) 0.3 Other Assets (21.5) (7.9) (1.0) Accounts Payable 70.9 (8.6) 76.2 Compensation and Employee Benefits 40.3 12.9 26.9 Income Taxes 6.9 (4.2) 0.6 Interest Payable 5.6 8.4 (4.1) Other Accrued Liabilities 30.9 5.2 11.8 Other Noncurrent Liabilities 33.7 10.6 8.6 Total $ (19.4) $ (173.5) $ (1,120.8) |
Cash paid for interest and cash paid, net of refunds, for income taxes | Cash paid for interest and cash paid, net of refunds, for income taxes was as follows: In millions 2020 2019 2018 Interest $ 119.5 $ 126.8 $ 125.0 Income Taxes $ 27.2 $ 25.8 $ 25.8 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-Term Debt is comprised of the following: In millions 2020 2019 Short Term Borrowings $ 3.3 $ 9.3 Current Portion of Finance Lease Obligations 5.0 4.6 Current Portion of Long-Term Debt 488.9 36.5 Total $ 497.2 $ 50.4 |
Schedule of Long-term Debt Instruments | Long-Term Debt is comprised of the following: In millions 2020 2019 Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029 $ 350.0 $ — Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2028 450.0 — Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027 300.0 300.0 Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.16%, payable in 2024 300.0 300.0 Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.90%, payable in 2022 250.0 250.0 Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.75%, payable in 2021 425.0 425.0 Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.67% at December 31, 2020) payable through 2023 1,359.6 1,396.1 Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.50% at December 31, 2020) payable in 2023 (a) 84.4 52.8 Finance Leases and Financing Obligations 139.4 134.2 Other 4.9 5.4 Total Long-Term Debt 3,663.3 2,863.5 Less: Current Portion 493.9 41.1 3,169.4 2,822.4 Less: Unamortized Deferred Debt Issuance Costs 22.4 12.5 Total $ 3,147.0 $ 2,809.9 (a) The effective interest rates for the Company’s Senior Secured Revolving Credit Facilities were 2.06% and 3.40% as of December 31, 2020 and 2019, respectively. |
Schedule of Maturities of Long-term Debt | Long-Term Debt maturities (excluding finance leases and finance obligations) are as follows: In millions 2021 $ 488.9 2022 378.4 2023 1,252.9 2024 300.5 2025 — After 2025 1,103.2 Total $ 3,523.9 |
Schedule of Credit Facilities | The following describes the Company's senior secured term loans and revolving credit facilities: Date Document (a) Provision Expiration January 2018 Third Amended and Restated Credit Agreement •Increased the domestic revolving credit facility by $200 million to $1,450 million and reduced the term loan by approximately $125 million to $800 million. LIBOR plus variable spread (between 125 basis points and 200 basis points) depending on consolidated total leverage ratio •Includes €138 million revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion revolving credit facility for borrowings in Yen January 2023 January 2018 Amended and Restated Credit Agreement •This term loan indebtedness was assumed by the Company as part of the NACP Combination in an aggregate amount of $660 million January 2023 October 2020 Incremental Facility Amendment to the Third Amended and Restated Credit Agreement •Incremental $425 million term loan facility under the Third Amended and Restated Credit Agreement with a delayed draw feature, which was exercised in January 2021 January 2028 (a) The Company's obligations under the Third Amended and Restated Credit Agreement (as amended by the Incremental Facility Amendment) and the Amended and Restated Credit Agreement (collectively, the “Current Credit Agreement”) are secured by substantially all of the Company's domestic assets. |
Schedule of commitments, amounts outstanding, and amounts available under revolving credit facilities | At December 31, 2020, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities: In millions Total Commitments Total Outstanding Total Available Senior Secured Domestic Revolving Credit Facility (a) $ 1,450.0 $ — $ 1,429.3 Senior Secured International Revolving Credit Facilities 193.0 84.4 108.6 Other International Facilities 57.5 8.3 49.2 Total $ 1,700.5 $ 92.7 $ 1,587.1 (a) In accordance with its debt agreements, the Company's availability under its revolving credit facility has been reduced by the amount of standby letters of credit issued of $20.7 million as of December 31, 2020. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire at various dates through 2021 unless extended. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of lease cost | The components of lease costs are as follows: Year Ended December 31, In millions 2020 2019 Finance lease costs: Amortization of right-of-use asset $ 7.9 $ 7.6 Interest on lease liabilities 7.9 7.8 Operating lease costs 72.1 64.8 Short-term lease costs 12.6 12.9 Variable lease costs 10.3 4.4 Total lease costs, net $ 110.8 $ 97.5 Supplemental cash flow information related to leases was as follows: Year Ended December 31, In millions 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 71.9 $ 64.7 Operating cash flows from finance leases 7.9 7.8 Financing cash flows from finance leases 4.6 4.2 Right-of-use assets obtained in exchange for lease obligations: Operating leases 70.5 73.1 Finance leases 0.1 15.5 |
Supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases was as follows: December 31, In millions, except lease term and discount rate Balance Sheet Classification 2020 2019 Operating Leases: Operating lease right-of-use asset Other Assets $ 208.3 $ 202.8 Current operating lease liabilities Other Accrued Liabilities $ 60.5 $ 54.8 Noncurrent operating lease liabilities Other Noncurrent Liabilities 157.2 151.5 Total operating lease liabilities $ 217.7 $ 206.3 Finance Leases: Property, Plant and Equipment $ 142.3 $ 142.1 Accumulated depreciation (20.1) (12.2) Property, Plant and Equipment, net $ 122.2 $ 129.9 Current finance lease liabilities Short-Term Debt and Current Portion of Long-Term Debt $ 5.0 $ 4.6 Noncurrent finance lease liabilities Long-Term Debt 134.4 129.6 Total finance lease liabilities $ 139.4 $ 134.2 Weighted Average Remaining Lease Term (Years) Operating leases 5 5 Finance leases 16 17 Weighted Average Discount Rate Operating leases 3.24 % 3.57 % Finance leases 5.60 % 5.60 % |
Maturities of lease liabilities, operating leases | Maturities of lease liabilities are as follows: In millions Year ending December 31, Operating Leases Finance Leases 2021 $ 64.1 $ 12.6 2022 53.0 12.2 2023 39.0 12.4 2024 25.6 12.4 2025 18.0 12.5 Thereafter 34.3 145.7 Total lease payments $ 234.0 $ 207.8 Less imputed interest (16.3) (78.2) Total $ 217.7 $ 129.6 |
Maturities of lease liabilities, finance leases | Maturities of lease liabilities are as follows: In millions Year ending December 31, Operating Leases Finance Leases 2021 $ 64.1 $ 12.6 2022 53.0 12.2 2023 39.0 12.4 2024 25.6 12.4 2025 18.0 12.5 Thereafter 34.3 145.7 Total lease payments $ 234.0 $ 207.8 Less imputed interest (16.3) (78.2) Total $ 217.7 $ 129.6 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
RSUs and Stock Awards Granted | Data concerning RSUs and stock awards granted in the years ended December 31: 2020 2019 2018 RSUs — Employees 1,655,854 2,187,603 1,951,738 Weighted-average grant date fair value $ 15.40 $ 12.37 $ 14.86 Stock Awards — Board of Directors 71,160 74,760 51,226 Weighted-average grant date fair value $ 13.49 $ 12.84 $ 15.03 |
Summary of Nonvested RSU Activity | A summary of the changes in the number of unvested RSUs from December 31, 2017 to December 31, 2020 is presented below: RSUs Weighted Average Grant Date Fair Value Outstanding — December 31, 2017 3,871,934 $ 13.10 Granted (a) 1,951,738 14.86 Released (744,757) 14.90 Forfeited (210,553) 13.49 Performance adjustment (b) (408,328) 15.10 Outstanding — December 31, 2018 4,460,034 $ 13.27 Granted (a) 2,187,603 12.37 Released (900,516) 12.00 Forfeited (187,729) 13.66 Performance adjustment (b) (499,702) 11.57 Outstanding — December 31, 2019 5,059,690 $ 13.27 Granted (a) 1,655,854 15.40 Released (1,415,365) 12.91 Forfeited (158,473) 14.25 Outstanding — December 31, 2020 5,141,706 $ 14.02 (a) Grant activity for all performance-based RSUs is disclosed at target. (b) Reflects the number of RSUs above and below target levels based on actual performance measured at the end of the performance period. |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The pension and postretirement expenses related to the Company’s plans consisted of the following: Pension Benefits Postretirement Benefits Year Ended December 31, In millions 2020 2019 2018 2020 2019 2018 Components of Net Periodic Cost: Service Cost $ 15.4 $ 14.0 $ 17.3 $ 0.5 $ 0.5 $ 0.6 Interest Cost 14.0 46.1 41.8 1.0 1.2 1.2 Expected Return on Plan Assets (21.0) (54.9) (63.6) — — — Amortization: Prior Service Cost (Credit) 0.2 0.2 0.4 (0.3) (0.3) (0.3) Actuarial Loss (Gain) 5.4 10.0 5.9 (1.7) (2.3) (1.8) Net Curtailment/Settlement Loss 153.7 39.2 1.0 — — — Other 0.2 0.3 0.5 — — — Net Periodic Cost (Benefit) $ 167.9 $ 54.9 $ 3.3 $ (0.5) $ (0.9) $ (0.3) |
Schedule of Assumptions Used | Certain assumptions used in determining the pension and postretirement expenses were as follows: Pension Benefits Postretirement Benefits Year Ended December 31, 2020 2019 2018 2020 2019 2018 Weighted Average Assumptions: Discount Rate 2.69 % 4.14 % 3.49 % 3.22 % 4.29 % 3.64 % Rate of Increase in Future Compensation Levels 2.36 % 2.37 % 2.09 % — — — Expected Long-Term Rate of Return on Plan Assets 4.12 % 4.74 % 4.86 % — — — Initial Health Care Cost Trend Rate — — — 6.65 % 9.00 % 9.00 % Ultimate Health Care Cost Trend Rate — — — 4.50 % 4.50 % 4.50 % Ultimate Year — — — 2028 2028 2027 |
Schedule of Net Funded Status | The following table sets forth the funded status of the Company’s pension and postretirement plans as of December 31: Pension Benefits Postretirement Benefits In millions 2020 2019 2020 2019 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,255.4 $ 1,245.2 $ 35.9 $ 34.1 Service Cost 15.4 14.0 0.5 0.5 Interest Cost 14.0 46.1 1.0 1.2 Net Actuarial Loss 61.9 157.8 — 1.1 Foreign Currency Exchange 8.9 9.2 — 0.1 Settlements (742.7) (150.2) — — Benefits Paid (20.4) (67.2) (1.2) (1.2) Other 0.3 0.5 0.1 0.1 Benefit Obligation at End of Year $ 592.8 $ 1,255.4 $ 36.3 $ 35.9 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,172.4 $ 1,186.5 $ — $ — Actual Return on Plan Assets 57.8 181.7 — — Employer Contributions 19.1 11.3 1.2 1.2 Foreign Currency Exchange 8.1 10.3 — — Benefits Paid (20.4) (67.2) (1.2) (1.2) Settlements (720.7) (150.2) — — Fair Value of Plan Assets at End of Year $ 516.3 $ 1,172.4 $ — $ — Plan Assets Less than Projected Benefit Obligation $ (76.5) $ (83.0) $ (36.3) $ (35.9) Amounts Recognized in the Consolidated Balance Sheets Consist of: Pension Assets $ 21.2 $ 25.6 $ — $ — Accrued Pension and Postretirement Benefits Liability — Current $ (1.8) $ (1.7) $ (2.5) $ (2.4) Accrued Pension and Postretirement Benefits Liability — Noncurrent $ (96.0) $ (106.9) $ (33.8) $ (33.5) Accumulated Other Comprehensive Income: Net Actuarial Loss (Gain) $ 105.5 $ 279.9 $ (0.9) $ (0.8) Prior Service Cost (Credit) $ 3.8 $ 3.6 $ (15.3) $ (17.3) Weighted Average Calculations: Discount Rate 2.11 % 2.69 % 2.52 % 3.22 % Rates of Increase in Future Compensation Levels 3.62 % 2.36 % — — Initial Health Care Cost Trend Rate — — 6.40 % 6.65 % Ultimate Health Care Cost Trend Rate — — 4.50 % 4.50 % Ultimate Year — — 2028 2028 |
Schedule of Fair Value of Plan Assets | The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2020 and 2019: Fair Value Measurements at December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value at December 31, 2020 Asset Category: Cash $ 6.2 $ 0.3 $ 2.3 $ — $ 3.6 Equity Securities: Domestic 117.8 4.9 11.6 — 101.3 Foreign 7.2 7.2 — — — Fixed Income Securities 319.6 18.7 300.6 0.3 — Other Investments: Real estate 22.9 — 8.9 14.0 — Diversified growth fund (a) 42.6 — 42.6 — — Total $ 516.3 $ 31.1 $ 366.0 $ 14.3 $ 104.9 Fair Value Measurements at December 31, 2019 In millions Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value at December 31, 2019 Asset Category: Cash $ 159.6 $ 0.3 $ 35.0 $ — $ 124.3 Equity Securities: Domestic 82.9 4.7 — — 78.2 Foreign 7.0 7.0 — — — Fixed Income Securities 852.5 17.0 835.3 0.2 — Other Investments: Real estate 21.9 — 8.9 13.0 — Diversified growth fund (a) 48.5 — 48.5 — — Total $ 1,172.4 $ 29.0 $ 927.7 $ 13.2 $ 202.5 (a) The fund invests in a combination of traditional investments (equities, bonds, and foreign exchange), seeking to achieve returns through active asset allocation over a three five |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of fair value measurements of plan assets using significant unobservable inputs (Level 3) is as follows: In millions 2020 2019 Balance at January 1, $ 13.2 $ 5.8 Transfers In 1.1 7.4 Balance at December 31, $ 14.3 $ 13.2 |
Schedule of Expected Benefit Payments | The following represents the Company’s estimated future pension and postretirement health care benefit payments through the year 2030: In millions Pension Plans Postretirement Health Care Benefits 2021 $ 24.1 $ 2.5 2022 26.5 2.5 2023 28.8 2.5 2024 30.6 2.6 2025 32.5 2.3 2026— 2030 181.0 10.4 |
Schedule of Multi-employer Plans | The Company's participation in these plans for the year ended December 31, 2020, 2019 and 2018 is shown in the table below: Pension Protection Act Zone Status Company Contributions (in millions) Multi-employer Pension Fund EIN/Pension Plan Number 2020 2019 FIP/RP Status Implemented 2020 2019 2018 Surcharge Imposed Expiration Date of Bargaining Agreement Central States Southeast and Southwest Areas Pension Fund 36-6044243/001 Red Red Yes $ 0.1 $ 0.1 $ 0.1 Yes 7/31/2023 PIUMPF (a) 11-6166763/001 Red Red Yes — — 0.1 Yes 6/15/2022 GCC/IBT (a) 52-6118568/001 Red Red Yes — 0.1 0.3 Yes 4/30/2022 Total $ 0.1 $ 0.2 $ 0.5 (a) As noted above, the Company withdrew from these plans in 2019. |
Schedule of Allocation of Plan Assets | The weighted average allocation of plan assets and the target allocation by asset category is as follows: Target 2020 2019 Cash 0.4 % 1.2 % 13.6 % Equity Securities 22.8 24.2 7.7 Fixed Income Securities 60.7 61.9 68.6 Other Investments 16.1 12.7 10.1 Total 100.0 % 100.0 % 100.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2020 2019 2018 U.S. $ 180.5 $ 305.4 $ 298.9 International 63.5 48.6 48.6 Income before Income Taxes and Equity Income of Unconsolidated Entity $ 244.0 $ 354.0 $ 347.5 |
Schedule of Components of Income Tax (Expense) Benefit | The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following: Year Ended December 31, In millions 2020 2019 2018 Current Expense: U.S. $ (23.0) $ (10.1) $ (13.0) International (19.3) (13.5) (15.7) Total Current $ (42.3) $ (23.6) $ (28.7) Deferred (Expense) Benefit: U.S. (8.5) (47.7) (31.6) International 9.2 (5.0) 5.6 Total Deferred $ 0.7 $ (52.7) $ (26.0) Income Tax Expense $ (41.6) $ (76.3) $ (54.7) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity at the federal statutory rate of 21.0% compared with the Company’s actual Income Tax (Expense) Benefit is as follows: Year Ended December 31, In millions 2020 Percent 2019 Percent 2018 Percent Income Tax Expense at U.S. Statutory Rate $ (51.2) 21.0 % $ (74.3) 21.0 % $ (73.0) 21.0 % U.S. State and Local Tax Expense (7.7) 3.2 (12.3) 3.5 (11.7) 3.4 Permanent Items (1.0) 0.4 (2.8) 0.8 (3.8) 1.1 U.S. Tax Reform — — — — 10.9 (3.1) Provision to Return Adjustments 2.2 (0.9) — — — — Change in Valuation Allowance 7.0 (2.9) (4.6) 1.3 13.0 (3.7) International Tax Rate Differences (3.0) 1.2 (1.6) 0.5 (1.9) 0.5 Foreign Withholding Tax (0.8) 0.3 (0.7) 0.2 (0.5) 0.1 Change in Tax Rates (0.4) 0.1 (1.0) 0.3 1.9 (0.5) U.S. Federal & State Tax Credits 9.7 (4.0) 9.5 (2.7) 0.3 (0.1) Uncertain Tax Positions (2.3) 1.0 (1.9) 0.5 (0.7) 0.2 Capital Loss Expiration — — — — (2.7) 0.7 Domestic Minority Interest 5.5 (2.2) 13.7 (3.9) 13.7 (3.9) Other 0.4 (0.2) (0.3) 0.1 (0.2) — Income Tax Expense $ (41.6) 17.0 % $ (76.3) 21.6 % $ (54.7) 15.7 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows: In millions 2020 2019 Deferred Income Tax Assets: Compensation Based Accruals $ 3.6 $ 3.8 Net Operating Loss Carryforwards 40.3 45.5 Postretirement Benefits 1.4 0.9 Tax Credits 19.3 37.2 Other 8.4 10.9 Valuation Allowance (34.4) (41.1) Total Deferred Income Tax Assets $ 38.6 $ 57.2 Deferred Income Tax Liabilities: Property, Plant and Equipment (20.8) (18.8) Goodwill (2.9) (2.7) Other Intangibles (11.2) (12.3) Investment in Partnership (530.4) (532.2) Net Noncurrent Deferred Income Tax Liabilities $ (565.3) $ (566.0) Net Deferred Income Tax Liability $ (526.7) $ (508.8) |
Summary of Valuation Allowance | The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2020, 2019, and 2018, respectively: December 31, In millions 2020 2019 2018 Balance Beginning of Period $ 41.1 $ 36.3 $ 51.5 Adjustments for (Income) and Expenses (7.0) 4.6 (13.0) Additions (Deductions) 0.3 0.2 (2.2) Balance at End of Period $ 34.4 $ 41.1 $ 36.3 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2020 2019 2018 Balance at January 1, $ 20.7 $ 15.5 $ 10.5 Additions for Tax Positions of Current Year 1.2 3.2 0.8 Additions for Tax Positions of Prior Years 1.4 2.4 5.2 Reductions for Tax Positions of Prior Years (3.7) (0.4) (1.0) Balance at December 31, $ 19.6 $ 20.7 $ 15.5 |
Financial Instruments, Deriva_2
Financial Instruments, Derivatives and Hedging Activities Current Interest Rate Swap Positions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following table summarizes the Company's current interest rate swap positions for each period presented as of December 31, 2020: Start End (In Millions) Notional Amount Weighted Average Interest Rate 12/03/2018 01/01/2022 $120.0 2.92% 12/03/2018 01/04/2022 $80.0 2.79% |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value of derivative instruments | The following table summarizes the fair value of the Company's derivative instruments: Derivative Assets (a) Derivative Liabilities (b) December 31, December 31, In millions 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate contracts $ — $ — $ 6.0 $ 6.6 Foreign currency contracts — — 2.9 1.5 Commodity contracts 2.1 — — 3.4 Total Derivatives $ 2.1 $ — $ 8.9 $ 11.5 (a) Derivative assets of $1.6 million are included in Other Current Assets as of December 31, 2020. Derivative asset of $0.5 million are included in Other Accrued Assets as of December 31, 2020. (b) Derivative liabilities of $8.5 million and $8.5 million are included in Other Accrued Liabilities as of December 31, 2020 and December 31, 2019, respectively. Derivative liabilities of $0.4 million and $3.0 million are included in Other Noncurrent Liabilities as of December 31, 2020 and December 31, 2019, respectively. |
Effect of Derivative Instruments | The pre-tax effect of derivative instruments in cash flow hedging relationships on the Company’s Consolidated Statements of Operations for the year ended December 31, 2020 and 2019 is as follows: Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss Location in Statement of Operations Amount of (Gain) Loss Recognized in Statement of Operations Year Ended December 31, Year Ended December 31, In millions 2020 2019 2020 2019 Commodity Contracts $ 0.9 $ 1.4 Cost of Sales $ 6.3 $ (1.8) Foreign Currency Contracts 2.1 0.1 Other Expense, Net (0.5) (1.3) Interest Rate Swap Agreements 5.8 5.8 Interest Expense, Net 6.5 1.4 Total $ 8.8 $ 7.3 $ 12.3 $ (1.7) The effect of derivative instruments not designated as hedging instruments on the Company’s Consolidated Statements of Operations for the years ended December 31, 2020 and 2019 is as follows: In millions 2020 2019 Foreign Currency Contracts Other Expense, Net $ 8.7 $ (0.9) |
Rollforward of Pre-tax Accumulated Derivative Instruments (Loss) Income | The following is a rollforward of pre-tax Accumulated Derivative Instruments (Loss) Income which is included in the Company’s Consolidated Balance Sheets and Consolidated Statements of Shareholders’ Equity as of December 31: In millions 2020 2019 2018 Balance at January 1 $ (10.9) $ (1.9) $ (0.3) Reclassification to Earnings 12.3 (1.7) (0.6) Current Period Change in Fair Value (8.8) (7.3) (1.0) Balance at December 31 $ (7.4) $ (10.9) $ (1.9) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive (Loss) Income | The components of Other Comprehensive Income (Loss) attributable to Graphic Packaging Holding Company are as follows: Year Ended December 31, 2020 2019 2018 Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount (a) Pretax Amount Tax Effect Net Amount Derivative Instruments Gain (Loss) $ 4.1 $ (0.6) $ 3.5 $ (6.7) $ 1.4 $ (5.3) $ (1.1) $ 0.1 $ (1.0) Pension and Postretirement Benefit Plans 126.0 (26.1) 99.9 10.1 (2.5) 7.6 (24.8) 5.4 (19.4) Currency Translation Adjustment 16.5 — 16.5 9.8 — 9.8 (18.7) — (18.7) Other Comprehensive Income (Loss) $ 146.6 $ (26.7) $ 119.9 $ 13.2 $ (1.1) $ 12.1 $ (44.6) $ 5.5 $ (39.1) (a) Amounts exclude impact of noncontrolling interest. See "Note 19 - Changes in Accumulated Other Comprehensive Loss." |
Balance in Accumulated Other Comprehensive (Loss) Income | The balances of Accumulated Other Comprehensive Loss Attributable to Graphic Packaging Holding Company, net of applicable taxes are as follows: December 31, In millions 2020 2019 Accumulated Derivative Instruments Loss $ (13.1) $ (16.6) Pension and Postretirement Benefit Plans (138.6) (238.5) Currency Translation Adjustment (94.2) (110.7) Accumulated Other Comprehensive Loss $ (245.9) $ (365.8) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term purchase commitments | At December 31, 2020, total commitments under these contracts were as follows: In millions 2021 $ 379.4 2022 90.5 2023 67.0 2024 48.4 2025 47.7 Thereafter 58.8 Total $ 691.8 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | At December 31, 2020, the redeemable noncontrolling interest was determined as follows: In millions Balance at December 31, 2018 $ 275.8 Net Income Attributable to Redeemable Noncontrolling Interest 16.3 Other Comprehensive Loss, Net of Tax 0.8 Redeemable Noncontrolling Interest Redemption Value Adjustment 30.2 Reclassification to Noncontrolling Interest for Share Repurchases (a) (12.5) Distributions of Membership Interest (6.3) Balance at December 31, 2019 $ 304.3 Net Loss Attributable to Redeemable Noncontrolling Interest (3.2) Other Comprehensive Income, Net of Tax 8.9 Redemption of IP's Ownership Interest (296.1) Redeemable Noncontrolling Interest Redemption Value Adjustment (12.2) Distributions of Membership Interest (1.7) Balance at December 31, 2020 $ — (a) In the second quarter of 2019, the Company recorded a reversal for the 2018 reclassification to redeemable noncontrolling interest back to noncontrolling interest related to share repurchases. The Company determined that this reclassification due to the share repurchases was not required. |
Business Segment and Geograph_2
Business Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Business segment information is as follows: Year Ended December 31, In millions 2020 2019 2018 NET SALES: Paperboard Mills $ 988.1 $ 1,094.8 $ 1,078.1 Americas Paperboard Packaging 4,650.1 4,233.7 4,098.3 Europe Paperboard Packaging 764.6 689.3 695.9 Corporate/Other/Eliminations (a) 157.1 142.3 157.1 Total $ 6,559.9 $ 6,160.1 $ 6,029.4 (LOSS) INCOME FROM OPERATIONS: Paperboard Mills (b) $ (109.9) $ 33.1 $ 30.6 Americas Paperboard Packaging 638.5 477.7 420.1 Europe Paperboard Packaging 65.9 60.3 46.1 Corporate and Other (c) (70.2) (37.0) (38.6) Total $ 524.3 $ 534.1 $ 458.2 CAPITAL EXPENDITURES: Paperboard Mills $ 444.2 $ 208.0 $ 240.1 Americas Paperboard Packaging 119.7 94.7 104.3 Europe Paperboard Packaging 39.7 34.5 19.5 Corporate and Other 42.7 15.7 31.3 Total $ 646.3 $ 352.9 $ 395.2 DEPRECIATION AND AMORTIZATION: Paperboard Mills $ 248.7 $ 224.4 $ 197.5 Americas Paperboard Packaging 163.0 165.1 165.4 Europe Paperboard Packaging 41.1 36.7 48.9 Corporate and Other 23.0 21.0 18.8 Total $ 475.8 $ 447.2 $ 430.6 (a) Includes revenue from contracts with customers for the Australia and Pacific Rim operating segments. (b) Includes Augusta, Georgia mill outage in 2018. (c) Includes expenses related to business combinations, exit activities, idle and abandoned assets, gain on sale of assets and shutdown and other special charges. December 31, In millions 2020 2019 2018 ASSETS AT DECEMBER 31: Paperboard Mills $ 3,096.5 $ 2,912.2 $ 3,005.6 Americas Paperboard Packaging 3,326.7 3,392.3 3,143.6 Europe Paperboard Packaging 745.9 686.3 603.4 Corporate and Other 635.5 299.1 306.6 Total $ 7,804.6 $ 7,289.9 $ 7,059.2 |
Schedule of Segment Reporting Information, by Geographical Areas | Business geographic area information is as follows: Year Ended December 31, In millions 2020 2019 2018 NET SALES: United States $ 5,199.9 $ 4,913.2 $ 4,780.9 International (a) 1,360.0 1,246.9 1,248.5 Total $ 6,559.9 $ 6,160.1 $ 6,029.4 In millions 2020 2019 2018 LONG-LIVED ASSETS AT DECEMBER 31: United States $ 3,252.7 $ 2,975.9 $ 2,954.3 International (a) 307.3 277.9 285.4 Total $ 3,560.0 $ 3,253.8 $ 3,239.7 (a) Net Sales and long-lived assets of individual countries outside of the United States are not material. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Results of operations for the four quarters of 2020 and 2019 are shown below. 2020 In millions, except per share amounts First Second Third Fourth Total Statement of Operations Data: Net Sales $ 1,599.1 $ 1,611.0 $ 1,697.7 $ 1,652.1 $ 6,559.9 Gross Profit 320.8 262.1 255.5 261.8 1,100.2 Business Combinations, Shutdown and Other Special Charges and Exit Activities, Net 18.7 20.5 9.0 13.1 61.3 Income from Operations 160.0 114.8 119.1 130.4 524.3 Net (Loss) Income (19.8) 66.7 79.3 77.1 203.3 Net (Loss) Income Attributable to Graphic Packaging Holding Company (12.7) 52.1 63.7 64.2 167.3 Net (Loss) Income Per Share Attributable to Graphic Packaging Holding Company — Basic (a) $ (0.04) $ 0.19 $ 0.23 $ 0.24 $ 0.60 Net (Loss) Income Per Share Attributable to Graphic Packaging Holding Company — Diluted (a) $ (0.04) $ 0.19 $ 0.23 $ 0.24 $ 0.60 (a) Does not cross foot due to rounding. 2019 In millions, except per share amounts First Second Third Fourth (a) Total Statement of Operations Data: Net Sales $ 1,505.9 $ 1,552.8 $ 1,581.6 $ 1,519.8 $ 6,160.1 Gross Profit 266.1 287.8 266.4 272.3 1,092.6 Business Combinations, Shutdown and Other Special Charges and Exit Activities, Net 6.2 9.9 8.2 13.6 37.9 Income from Operations 134.0 144.4 122.7 133.0 534.1 Net Income 78.1 86.1 70.0 43.9 278.1 Net Income Attributable to Graphic Packaging Holding Company 57.9 63.8 52.1 33.0 206.8 Net Income Per Share Attributable to Graphic Packaging Holding Company — Basic $ 0.19 $ 0.22 $ 0.18 $ 0.11 $ 0.70 Net Income Per Share Attributable to Graphic Packaging Holding Company — Diluted $ 0.19 $ 0.22 $ 0.18 $ 0.11 $ 0.70 (a) During the fourth quarter of 2019, the Company recorded an approximate $7 million immaterial prior period adjustment to reduce amortization expense related to intangible assets. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | Year Ended December 31, In millions, except per share data 2020 2019 2018 Net Income Attributable to Graphic Packaging Holding Company $ 167.3 $ 206.8 $ 221.1 Weighted Average Shares: Basic 278.8 294.1 309.5 Dilutive effect of RSUs 0.8 0.7 0.6 Diluted 279.6 294.8 310.1 Earnings Per Share — Basic $ 0.60 $ 0.70 $ 0.71 Earnings Per Share — Diluted $ 0.60 $ 0.70 $ 0.71 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule Of Changes In Other Comprehensive Income (Loss) | The following represents changes in Accumulated Other Comprehensive Loss attributable to Graphic Packaging Holding Company by component for the year ended December 31, 2020 (a) : In millions Derivatives Instruments Pension and Postretirement Benefit Plans Currency Translation Adjustments Total Balance at December 31, 2019 $ (16.6) $ (238.5) $ (110.7) $ (365.8) Other Comprehensive (Loss) Income before Reclassifications (5.8) 12.9 17.7 24.8 Amounts Reclassified from Accumulated Other Comprehensive Income (a) 9.9 125.9 — 135.8 Net Current-period Other Comprehensive Income 4.1 138.8 17.7 160.6 Less: Net Current-period Other Comprehensive Income Attributable to Noncontrolling Interest (b) (0.6) (38.9) (1.2) (40.7) Balance at December 31, 2020 $ (13.1) $ (138.6) $ (94.2) $ (245.9) (a) See following table for details about these reclassifications. (b) Includes amounts related to redeemable noncontrolling interest which are separately classified outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. |
Reclassifications out of AOCI | The following represents reclassifications out of Accumulated Other Comprehensive Loss for the year ended December 31, 2020: In millions Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Derivatives Instruments: Commodity Contracts $ 6.3 Cost of Sales Foreign Currency Contracts (0.5) Other Expense, Net Interest Rate Swap Agreements 6.5 Interest Expense, Net 12.3 Total before Tax (2.4) Tax Expense $ 9.9 Net of Tax Amortization of Defined Benefit Pension Plans: Prior Service Costs $ 0.1 (a) Actuarial Losses 159.1 (a) 159.2 Total before Tax (31.7) Tax Benefit $ 127.5 Net of Tax Amortization of Postretirement Benefit Plans: Prior Service Credits $ (0.3) (a) Actuarial Gains (1.7) (a) (2.0) Total before Tax 0.4 Tax Expense $ (1.6) Net of Tax Total Reclassifications for the Period $ 135.8 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see "Note 8 — Pensions and Other Postretirement Benefits" ). |
Exit Activities (Tables)
Exit Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Year Ended December 31, In millions Location in Statement of Operations 2020 2019 Severance costs and other (a) Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net $ 10.4 $ 7.7 Accelerated depreciation Cost of Sales 26.0 4.7 Inventory and asset write-offs Business Combinations, Shutdown and Other Special Charges, Exit Activities and Gain on Sale of Assets, Net 14.2 2.5 Total $ 50.6 $ 14.9 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services. |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the balance of accrued expenses related to restructuring: In millions Total Balance at December 31, 2018 $ — Costs incurred 7.7 Payments (0.6) Balance at December 31, 2019 $ 7.1 Costs incurred 11.2 Payments (5.9) Adjustments (a) (0.8) Balance at December 31, 2020 $ 11.6 (a) Adjustments related to changes in estimates of severance costs. |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Principals of Consolidation (Details) - USD ($) | Aug. 13, 2020 | Jan. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jan. 01, 2018 | |
Investment [Line Items] | ||||||||
Repurchased common stock (in shares) | 17,400,000 | 15,100,000 | 23,420,010 | 10,191,257 | 10,566,144 | 44,200,000 | ||
Shares repurchased, value | $ 250,000,000 | $ 250,000,000 | $ 315,600,000 | $ 127,900,000 | $ 120,000,000 | [1] | ||
Shares required to be redeemed in cash | 3,100,000 | |||||||
International Paper Company | ||||||||
Investment [Line Items] | ||||||||
Ownership percentage in joint venture | 14.50% | 18.30% | 15.00% | 15.00% | ||||
International Paper Company | ||||||||
Investment [Line Items] | ||||||||
Shares repurchased, value | $ 250,000,000 | |||||||
Number of days from exchange date | 180 days | |||||||
Share repurchasing, contractual limit for exchange | $ 250,000,000 | |||||||
Share repurchases, contractual limit per exchange, percent | 25.00% | |||||||
Rengo Riverwood Packaging, Ltd. | ||||||||
Investment [Line Items] | ||||||||
Ownership percentage in joint venture | 50.00% | 50.00% | ||||||
Graphic Packaging International Partners (GPIP) | GPI Holding III, LLC | ||||||||
Investment [Line Items] | ||||||||
Common units of GPIP issued (in shares) | 309,715,624 | |||||||
Percentage of membership interest in GPIP issued to GPI Holding | 79.50% | |||||||
Graphic Packaging International Partners (GPIP) | International Paper Company | ||||||||
Investment [Line Items] | ||||||||
Common units of GPIP issued (in shares) | 79,911,591 | |||||||
Percentage of membership interest in GPIP issued to IP | 20.50% | |||||||
[1] | Includes 83,806 shares repurchased but not settled as of December 31, 2018. |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Accounts Receivable and Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Receivables Sold and Derecognized | $ 2,849.8 | $ 2,654.2 |
Proceeds Collected on Behalf of Financial Institutions | 2,787.4 | 2,254.9 |
Net Proceeds Received From Financial Institutions | 54.9 | 66.5 |
Deferred Purchase Price at December 31 | 5.3 | 0.7 |
Pledged Receivables at December 31 | 201 | 177.5 |
Receivables sold | 368 | 238 |
Amount transferred subject to continuing involvement | $ 621 | $ 562 |
Nature of Business and Summar_6
Nature of Business and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - customer | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer Concentration Risk | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Number of customers | 0 | 0 |
Nature of Business and Summar_7
Nature of Business and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Spending threshold for capitalization of interest | $ 1 | |||
Capitalized interest | 6.9 | $ 2.8 | $ 2.8 | |
Depreciation | $ 413.7 | $ 387.9 | $ 360.6 | |
Term of disposal program | 3 years | |||
Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 40 years | |||
Land improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 15 years | |||
Machinery and equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 3 years | |||
Machinery and equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 40 years | |||
Furniture and fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 10 years | |||
Automobiles, trucks and tractors | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 3 years | |||
Automobiles, trucks and tractors | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life (in years) | 5 years |
Nature of Business and Summar_8
Nature of Business and Summary of Significant Accounting Policies - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortizable Intangible Assets: | |||
Gross Carrying Amount | $ 1,106.3 | $ 1,085.3 | |
Accumulated Amortization | (669.4) | (608) | |
Net Carrying Amount | 436.9 | 477.3 | |
Amortization expense | 62.1 | 59.3 | $ 70 |
Future amortization expense, 2021 | 60 | ||
Future amortization expense, 2022 | 57 | ||
Future amortization expense, 2023 | 55 | ||
Future amortization expense, 2024 | 53 | ||
Future amortization expense, 2025 | 49 | ||
Customer Relationships | |||
Amortizable Intangible Assets: | |||
Gross Carrying Amount | 965.2 | 946.5 | |
Accumulated Amortization | (556.4) | (497.6) | |
Net Carrying Amount | 408.8 | 448.9 | |
Patents, Trademarks, Licenses, and Leases | |||
Amortizable Intangible Assets: | |||
Gross Carrying Amount | 141.1 | 138.8 | |
Accumulated Amortization | (113) | (110.4) | |
Net Carrying Amount | $ 28.1 | $ 28.4 |
Nature of Business and Summar_9
Nature of Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,477.9 | $ 1,460.6 |
Acquisition of Businesses | 0 | 12.9 |
Foreign Currency Effects | (0.3) | 4.4 |
Goodwill, ending balance | 1,477.6 | 1,477.9 |
Corporate/Other | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 14.4 | 14.4 |
Acquisition of Businesses | 0 | 0 |
Foreign Currency Effects | (1) | 0 |
Goodwill, ending balance | 13.4 | 14.4 |
Paperboard Mills | Operating Segments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 506.8 | 506.8 |
Acquisition of Businesses | 0 | 0 |
Foreign Currency Effects | (0.5) | 0 |
Goodwill, ending balance | 506.3 | 506.8 |
Americas Paperboard Packaging | Operating Segments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 896.9 | 882.2 |
Acquisition of Businesses | 0 | 12.9 |
Foreign Currency Effects | 2.2 | 1.8 |
Goodwill, ending balance | 899.1 | 896.9 |
Europe Paperboard Packaging | Operating Segments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 59.8 | 57.2 |
Acquisition of Businesses | 0 | 0 |
Foreign Currency Effects | (1) | 2.6 |
Goodwill, ending balance | $ 58.8 | $ 59.8 |
Nature of Business and Summa_10
Nature of Business and Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Asset retirement obligation | $ 11.4 | $ 10.1 |
Nature of Business and Summa_11
Nature of Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)revenue_generating_activity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of revenue generating activities | revenue_generating_activity | 2 | ||
Net sales | $ 6,536.5 | $ 6,140.8 | $ 6,011.9 |
Contract assets | 15.3 | 24.3 | |
Contract liabilities | $ 56.1 | $ 49.6 |
Nature of Business and Summa_12
Nature of Business and Summary of Significant Accounting Policies - Research and Development and Restructuring and Other Special Charges, Net (Details) $ in Millions | Apr. 01, 2020Facilities | Aug. 01, 2019facilitymill | Sep. 30, 2018facility | Aug. 31, 2018USD ($) | Jun. 12, 2018facility | Jan. 01, 2018facility | Dec. 31, 2022USD ($)mill | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Combinations, Shutdowns, and Other Special Charges, Net [Abstract] | ||||||||||
Charges Associated with Business Combinations | $ | $ (1.1) | $ 4.1 | $ 46.8 | |||||||
Shutdown and Other Special Charges | $ | 37.8 | 23.6 | 6.7 | |||||||
Exit Activities(a) | $ | 24.6 | 10.2 | 0 | |||||||
Gain on Sale of Assets | $ | 0 | 0 | (38.6) | |||||||
Total | $ | 61.3 | 37.9 | 14.9 | |||||||
Business Acquisition [Line Items] | ||||||||||
Research and development expense | $ | 10.2 | 9.2 | $ 8.7 | |||||||
Number of converting facilities acquired | facility | 2 | |||||||||
Number of mills acquired | mill | 1 | |||||||||
Number of converting facilities | Facilities | 7 | |||||||||
Facility Closing | ||||||||||
Business Combinations, Shutdowns, and Other Special Charges, Net [Abstract] | ||||||||||
Exit Activities(a) | $ | $ 50.6 | $ 14.9 | ||||||||
Forecast | Facility Closing | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of mills expected to close | mill | 2 | |||||||||
Forecast | Construction in Progress | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investment in new CRB Mill | $ | $ 600 | |||||||||
Paperboard Mills | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain on sale of assets | $ | $ 37.1 | |||||||||
Leticia Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||
PFP, LLC And PFP Dallas Converting, LLC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||
NACP Combination | Paperboard Mills | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of mills | facility | 2 | |||||||||
UNITED STATES | Leticia Corporation | Americas Paperboard Packaging | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||
UNITED STATES | PFP, LLC And PFP Dallas Converting, LLC | Americas Paperboard Packaging | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||
UNITED STATES | NACP Combination | Americas Paperboard Packaging | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of mills | facility | 2 | |||||||||
Number of converting facilities | facility | 3 | |||||||||
UNITED KINGDOM | NACP Combination | Europe Paperboard Packaging | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of converting facilities | facility | 1 |
Nature of Business and Summa_13
Nature of Business and Summary of Significant Accounting Policies - Capital Allocation Plan, Equity Offerings and Share Repurchases (Details) - USD ($) | Aug. 13, 2020 | Jan. 29, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jan. 28, 2019 | Jan. 10, 2017 | |
Class of Stock [Line Items] | ||||||||||||
Share repurchase program, authorized amount | $ 250,000,000 | |||||||||||
Shares repurchased, value | $ 250,000,000 | $ 250,000,000 | $ 315,600,000 | $ 127,900,000 | $ 120,000,000 | [1] | ||||||
Number of shares repurchased (in shares) | 17,400,000 | 15,100,000 | 23,420,010 | 10,191,257 | 10,566,144 | 44,200,000 | ||||||
Share price (in dollars per share) | $ 13.48 | $ 13.48 | $ 12.55 | $ 11.35 | $ 13.48 | |||||||
Share repurchase program, authorized amount remaining | $ 146,500,000 | $ 146,500,000 | $ 146,500,000 | |||||||||
Dividends paid to external parties | 84,700,000 | $ 88,700,000 | ||||||||||
Restructuring costs | 24,600,000 | 10,200,000 | $ 0 | |||||||||
Increase (decrease) in multi-employer benefit plan obligation | $ 12,200,000 | $ 12,200,000 | ||||||||||
Percent of total plan contributions for the most recent plan year | 3,900,000 | 100,000 | 600,000 | |||||||||
Paperboard Mills Segment | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Expected restructuring charges | $ 26,000,000 | 26,000,000 | $ 26,000,000 | |||||||||
Restructuring costs | $ 13,600,000 | $ 10,400,000 | ||||||||||
Share Repurchase Program 2019 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Share repurchase program, authorized amount | $ 500,000,000 | |||||||||||
2017 Share Repurchase Program | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares repurchased (in shares) | 7,400,171 | |||||||||||
[1] | Includes 83,806 shares repurchased but not settled as of December 31, 2018. |
Supplemental Balance Sheet Da_3
Supplemental Balance Sheet Data - Receivables, Net (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Trade | $ 608.5 | $ 462.7 |
Less: Allowance | (11.9) | (11.5) |
Trade Receivables, Net, Current | 596.6 | 451.2 |
Other | 57.8 | 53.3 |
Total | $ 654.4 | $ 504.5 |
Supplemental Balance Sheet Da_4
Supplemental Balance Sheet Data - Inventories, Net by major class (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished Goods | $ 471.3 | $ 434.8 |
Work in Progress | 132.5 | 123.4 |
Raw Materials | 348.5 | 370 |
Supplies | 175.3 | 167.7 |
Total | $ 1,127.6 | $ 1,095.9 |
Supplemental Balance Sheet Da_5
Supplemental Balance Sheet Data - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Transfer Of Financial Assets Accounted For As Sales, Receivable | $ 5.3 | $ 0.7 |
Other Assets, Current | $ 59.2 | $ 52.3 |
Supplemental Balance Sheet Da_6
Supplemental Balance Sheet Data - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment at Cost | $ 7,368.8 | $ 6,821.1 |
Less: Accumulated Depreciation | (3,808.8) | (3,567.3) |
Total | 3,560 | 3,253.8 |
Accumulated depreciation related to assets under finance lease | 7.9 | 7.6 |
Gross assets under finance lease | 122.2 | 129.9 |
Land and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | 137.2 | 130.4 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment at Cost | 671.3 | 655.5 |
Accumulated depreciation related to assets under finance lease | 10.7 | 5.4 |
Gross assets under finance lease | 105.5 | 105.5 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment at Cost | 6,082 | 5,832.6 |
Accumulated depreciation related to assets under finance lease | 9.4 | 6.8 |
Gross assets under finance lease | 36.8 | 36.6 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, at Cost | $ 478.3 | $ 202.6 |
Supplemental Balance Sheet Da_7
Supplemental Balance Sheet Data - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 208.3 | $ 202.8 |
Other Assets, Noncurrent, Total | $ 309.9 | $ 275.3 |
Supplemental Balance Sheet Da_8
Supplemental Balance Sheet Data - Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Dividends Payable | $ 20.1 | $ 21.8 |
Deferred Revenue | 21.1 | 15.2 |
Accrued Customer Rebates | 40.5 | 36.5 |
Fair Value of Derivatives, current portion | 8.5 | 8.5 |
Other Accrued Taxes | 56.5 | 38.4 |
Accrued Payables | 37.6 | 31.4 |
Operating Lease Liabilities, current portion | 60.5 | 54.8 |
Other | 46.2 | 32.5 |
Total | $ 291 | $ 239.1 |
Supplemental Balance Sheet Da_9
Supplemental Balance Sheet Data - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred Revenue | $ 6.5 | $ 5.3 |
Multi-employer Plans | 20 | 30.8 |
Workers Compensation Reserve | 8.7 | 9.5 |
Fair Value of Derivatives, noncurrent portion | 0.4 | 3 |
Unfavorable Supply Agreement | 26.6 | 28.9 |
Deferred Compensation | 16.5 | 12.1 |
Operating Lease Liabilities, noncurrent portion | 157.2 | 151.5 |
Other | 55.4 | 25.7 |
Total | $ 291.3 | $ 266.8 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Provided by (Used in) Operations Due to Changes in Operating Assets and Liabilities | |||
Receivables, Net | $ (215.7) | $ (107.6) | $ (1,158.1) |
Inventories, Net | 34.8 | (72.8) | (82) |
Other Current Assets | (5.3) | (9.5) | 0.3 |
Other Assets | (21.5) | (7.9) | (1) |
Accounts Payable | 70.9 | (8.6) | 76.2 |
Compensation and Employee Benefits | 40.3 | 12.9 | 26.9 |
Income Taxes | 6.9 | (4.2) | 0.6 |
Interest Payable | 5.6 | 8.4 | (4.1) |
Other Accrued Liabilities | 30.9 | 5.2 | 11.8 |
Other Noncurrent Liabilities | 33.7 | 10.6 | 8.6 |
Total | (19.4) | (173.5) | (1,120.8) |
Cash paid for interest and cash paid, net of refunds, for income taxes | |||
Interest | 119.5 | 126.8 | 125 |
Income Taxes | $ 27.2 | $ 25.8 | $ 25.8 |
Business Combinations - Additio
Business Combinations - Additional Disclosures (Details) | Apr. 01, 2020USD ($)segmentFacilities | Jan. 31, 2020USD ($) | Aug. 01, 2019USD ($)facilitymill | Sep. 30, 2018USD ($)facility | Jun. 12, 2018USD ($)facility | Jan. 01, 2018USD ($)facility | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses | $ 120,600,000 | $ 54,500,000 | $ 89,400,000 | |||||||||
Identifiable intangible assets acquired | $ 6,500,000 | |||||||||||
Net assets acquired | $ 38,500,000 | |||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||||
Number of mills acquired | mill | 1 | |||||||||||
Goodwill | $ 7,500,000 | 1,477,600,000 | 1,477,900,000 | 1,460,600,000 | ||||||||
Net sales from business acquisition | 31,200,000 | |||||||||||
Net income from business acquisition | 2,000,000 | |||||||||||
Number of converting facilities | Facilities | 7 | |||||||||||
Artistic Carton Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||||
Number of mills acquired | mill | 1 | |||||||||||
Payment to acquire business | $ 52,500,000 | |||||||||||
NACP Combination | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net sales from business acquisition | 134,700,000 | |||||||||||
Net income from business acquisition | 1,407,100,000 | |||||||||||
Debt assumed in acquisition | 660,000,000 | |||||||||||
Total purchase consideration | $ 1,800,000,000 | |||||||||||
Expected tax deductible portion of goodwill acquired | $ 0 | |||||||||||
NACP Combination | Paperboard Mills | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of mills | facility | 2 | |||||||||||
NACP Combination | NACP | UNITED STATES | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of converting facilities | facility | 3 | |||||||||||
NACP Combination | Europe Paperboard Packaging | UNITED KINGDOM | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of converting facilities | facility | 1 | |||||||||||
NACP Combination | Products And Services, Transition Services | International Paper Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to suppliers | 100,000 | 22,000,000 | ||||||||||
NACP Combination | Product And Services, Fiber Procurement And Corrugated Products | International Paper Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to suppliers | 12,100,000 | 12,400,000 | 15,900,000 | |||||||||
NACP Combination | Product And Services, Wood | International Paper Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to suppliers | 204,000,000 | 229,100,000 | 194,000,000 | |||||||||
NACP Combination | Products And Services, Ink Supply | International Paper Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to suppliers | 28,400,000 | 26,600,000 | 28,500,000 | |||||||||
NACP Combination | Products And Services, Unrelated To Agreements | International Paper Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to suppliers | $ 4,000,000 | 6,000,000 | ||||||||||
Leticia Corporation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses | $ 95,000,000 | |||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||||
Net sales from business acquisition | 42,400,000 | |||||||||||
Adjustments to property, plant and equipment | $ (5,000,000) | |||||||||||
PFP, LLC And PFP Dallas Converting, LLC | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses | $ 34,000,000 | |||||||||||
Number of converting facilities acquired | facility | 2 | |||||||||||
Net sales from business acquisition | $ 1,400,000 | |||||||||||
Quad/Graphics, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses | $ 41,000,000 | |||||||||||
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTangibleAssets | 42,800,000 | |||||||||||
Bargain purchase gain | 6,600,000 | $ 6,600,000 | ||||||||||
Net sales from business acquisition | 78,500,000 | |||||||||||
Net income (loss) from operations attributable to acquisition | 700,000 | |||||||||||
Quad/Graphics, Inc. | Customer Relationships | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Identifiable intangible assets acquired | $ 4,700,000 | |||||||||||
Useful life of intangible asset | 15 years | |||||||||||
Consumer Packaging Group | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses | $ 80,000,000 | |||||||||||
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTangibleAssets | $ 66,900,000 | |||||||||||
Net sales from business acquisition | 164,500,000 | |||||||||||
Net income (loss) from operations attributable to acquisition | $ 14,300,000 | |||||||||||
Number of converting facilities acquired | segment | 7 | |||||||||||
Consumer Packaging Group | Customer Relationships | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Identifiable intangible assets acquired | $ 13,200,000 | |||||||||||
Useful life of intangible asset | 15 years |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Abstract] | ||
Short Term Borrowings | $ 3.3 | $ 9.3 |
Current Portion of Finance Lease Obligations | 5 | 4.6 |
Current Portion of Long-Term Debt | 488.9 | 36.5 |
Total | $ 497.2 | $ 50.4 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Dec. 31, 2020 | Oct. 31, 2020 | Oct. 15, 2020 | Aug. 28, 2020 | Mar. 06, 2020 | Dec. 31, 2019 | Jun. 25, 2019 | Jan. 31, 2018 |
Debt Disclosure [Abstract] | ||||||||
Weighted average interest rate on short-term borrowings | 4.90% | 2.10% | ||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate on short-term borrowings | 4.90% | 2.10% | ||||||
Amortizing loan facility | $ 800,000,000 | |||||||
Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortizing loan facility | $ 350,000,000 | |||||||
Stated interest rate | 3.50% | 3.50% | ||||||
Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortizing loan facility | $ 450,000,000 | |||||||
Stated interest rate | 3.50% | 3.50% | ||||||
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortizing loan facility | $ 300,000,000 | |||||||
Stated interest rate | 4.75% | 4.75% | ||||||
Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.16%, payable in 2024 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.125% | |||||||
Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.90%, payable in 2022 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.875% | |||||||
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.75%, payable in 2021 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.75% | |||||||
Farm Credit System Term Loan | Secured Debt | Graphic Packaging International, LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortizing loan facility | $ 425,000,000 | $ 425,000,000 | ||||||
Stated interest rate | 2.67% |
Debt - Long-Term Debt Instrumen
Debt - Long-Term Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Aug. 28, 2020 | Mar. 06, 2020 | Dec. 31, 2019 | Jun. 25, 2019 |
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 3,523.9 | $ 2,729.3 | |||
Finance Leases | 139.4 | 134.2 | |||
Total Long-Term Debt | 3,663.3 | 2,863.5 | |||
Less: Current Portion | 493.9 | 41.1 | |||
Noncurrent portion of long-term debt | 3,169.4 | 2,822.4 | |||
Less: Unamortized Deferred Debt Issuance Costs | 22.4 | 12.5 | |||
Total | 3,147 | 2,809.9 | |||
Senior Notes | Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2029 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 350 | 0 | |||
Stated interest rate | 3.50% | 3.50% | |||
Interest rate at period end | 3.55% | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2028 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 450 | 0 | |||
Stated interest rate | 3.50% | 3.50% | |||
Interest rate at period end | 3.55% | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.81%, payable in 2027 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 300 | 300 | |||
Stated interest rate | 4.75% | 4.75% | |||
Interest rate at period end | 4.81% | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.16%, payable in 2024 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 300 | 300 | |||
Stated interest rate | 4.125% | ||||
Interest rate at period end | 4.16% | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.90%, payable in 2022 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 250 | 250 | |||
Stated interest rate | 4.875% | ||||
Interest rate at period end | 4.90% | ||||
Senior Notes | Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.75%, payable in 2021 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 425 | 425 | |||
Stated interest rate | 4.75% | ||||
Interest rate at period end | 4.75% | ||||
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (1.67% at December 31, 2020) payable through 2023 | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 1,359.6 | 1,396.1 | |||
Interest rate at period end | 1.67% | ||||
Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.50% at December 31, 2020) payable in 2023 (a) | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Long-term Debt | $ 84.4 | $ 52.8 | |||
Interest rate at period end | 2.06% | 3.40% | |||
Line of credit interest rate at period end | 1.50% | ||||
Other | |||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||
Other | $ 4.9 | $ 5.4 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt Maturities | ||
2021 | $ 488.9 | |
2022 | 378.4 | |
2023 | 1,252.9 | |
2024 | 300.5 | |
2025 | 0 | |
After 2025 | 1,103.2 | |
Total | $ 3,523.9 | $ 2,729.3 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) € in Millions, ¥ in Millions | 1 Months Ended | ||||||
Jan. 31, 2018USD ($) | Sep. 30, 2013EUR (€) | Sep. 30, 2013JPY (¥) | Dec. 31, 2020USD ($) | Oct. 31, 2020USD ($) | Oct. 15, 2020USD ($) | Jan. 01, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Increase in credit facility maximum borrowing capacity | $ 200,000,000 | € 138 | ¥ 2,500 | ||||
Revolving credit facility | 1,450,000,000 | $ 1,700,500,000 | |||||
Repayments of medium-term notes | 125,000,000 | ||||||
Amortizing loan facility | $ 800,000,000 | ||||||
Aggregate term loan indebtedness assumed in aquisition | $ 660,000,000 | ||||||
Farm Credit System Term Loan | Graphic Packaging International, LLC | Secured Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Amortizing loan facility | $ 425,000,000 | $ 425,000,000 | |||||
Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
LIBOR plus variable spread | 125.00% | ||||||
Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
LIBOR plus variable spread | 200.00% |
Debt - Credit Facilities - Comm
Debt - Credit Facilities - Commitments, Amounts Outstanding, and Amounts Available (Details) - USD ($) | Dec. 31, 2020 | Jan. 31, 2018 |
Revolving Credit Facilities | ||
Total Commitments | $ 1,700,500,000 | $ 1,450,000,000 |
Total Outstanding | 92,700,000 | |
Total Available | 1,587,100,000 | |
Standby letters of credit issued | 20,700,000 | |
Senior Secured Domestic Revolving Credit Facility | ||
Revolving Credit Facilities | ||
Total Commitments | 1,450,000,000 | |
Total Outstanding | 0 | |
Total Available | 1,429,300,000 | |
Senior Secured International Revolving Credit Facilities | ||
Revolving Credit Facilities | ||
Total Commitments | 193,000,000 | |
Total Outstanding | 84,400,000 | |
Total Available | 108,600,000 | |
Other International Facilities | ||
Revolving Credit Facilities | ||
Total Commitments | 57,500,000 | |
Total Outstanding | 8,300,000 | |
Total Available | $ 49,200,000 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease contract term | 1 year |
Lease contract term | 1 year |
Lease term of majority of lease contracts | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease contract term | 25 years |
Lease contract term | 25 years |
Lease term of majority of lease contracts | 7 years |
Leases - Components of lease co
Leases - Components of lease cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease costs: | ||
Amortization of right-of-use asset | $ 7.9 | $ 7.6 |
Interest on lease liabilities | 7.9 | 7.8 |
Operating lease costs | 72.1 | 64.8 |
Short-term lease costs | 12.6 | 12.9 |
Variable lease costs | 10.3 | 4.4 |
Total lease costs, net | $ 110.8 | $ 97.5 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 71.9 | $ 64.7 |
Operating cash flows from finance leases | 7.9 | 7.8 |
Financing cash flows from finance leases | 4.6 | 4.2 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 70.5 | 73.1 |
Finance leases | $ 0.1 | $ 15.5 |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases: | ||
Operating lease right-of-use asset | $ 208.3 | $ 202.8 |
Current operating lease liabilities | 60.5 | 54.8 |
Noncurrent operating lease liabilities | 157.2 | 151.5 |
Total operating lease liabilities | 217.7 | 206.3 |
Finance Leases: | ||
Property, Plant and Equipment | 142.3 | 142.1 |
Accumulated depreciation | (20.1) | (12.2) |
Property, Plant and Equipment, net | 122.2 | 129.9 |
Current finance lease liabilities | 5 | 4.6 |
Noncurrent finance lease liabilities | 134.4 | 129.6 |
Total finance lease liabilities | $ 139.4 | $ 134.2 |
Weighted Average Remaining Lease Term (Years) | ||
Operating leases | 5 years | 5 years |
Finance leases | 16 years | 17 years |
Weighted Average Discount Rate | ||
Operating leases | 3.24% | 3.57% |
Finance leases | 5.60% | 5.60% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent | us-gaap:LongTermDebtNoncurrent |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | us-gaap:DebtCurrent |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | $ 64.1 | |
2022 | 53 | |
2023 | 39 | |
2024 | 25.6 | |
2025 | 18 | |
Thereafter | 34.3 | |
Total lease payments | 234 | |
Less imputed interest | (16.3) | |
Total operating lease liabilities | 217.7 | $ 206.3 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2021 | 12.6 | |
2022 | 12.2 | |
2023 | 12.4 | |
2024 | 12.4 | |
2025 | 12.5 | |
Thereafter | 145.7 | |
Total lease payments | 207.8 | |
Less imputed interest | (78.2) | |
Total finance lease liabilities | $ 129.6 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Disclosures (Details) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)compensation_planshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of active equity compensation plans | compensation_plan | 1 | ||
Recognized share-based compensation expense | $ 33.8 | $ 21.7 | $ 13.8 |
2014 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | shares | 20,100 | ||
Shares available for grant | shares | 12,600 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit vesting period (in years) | 3 years | ||
Unrecognized compensation expense | $ 31 | ||
Unrecognized compensation expense, weighted average recognition period (in years) | 2 years | ||
Aggregate fair value of awards vested | $ 22.7 | $ 11.1 | $ 13.7 |
Stock Incentive Plans - RSUs an
Stock Incentive Plans - RSUs and Stock Awards Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RSUs - Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (in shares) | 1,655,854 | 2,187,603 | 1,951,738 |
Weighted-average grant date fair value (in dollars per share) | $ 15.40 | $ 12.37 | $ 14.86 |
Stock Awards - Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants during period (in shares) | 71,160 | 74,760 | 51,226 |
Weighted-average grant date fair value (in dollars per share) | $ 13.49 | $ 12.84 | $ 15.03 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Unvested RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Outstanding - beginning of period (in shares) | 5,059,690 | 4,460,034 | 3,871,934 |
Granted (in shares) | 1,655,854 | 2,187,603 | 1,951,738 |
Released (in shares) | (1,415,365) | (900,516) | (744,757) |
Forfeited (in shares) | (158,473) | (187,729) | (210,553) |
Performance adjustment (in shares) | (499,702) | (408,328) | |
Outstanding - end of period (in shares) | 5,141,706 | 5,059,690 | 4,460,034 |
Weighted Average Grant Date Fair Value | |||
Outstanding - beginning of period (in dollars per share) | $ 13.27 | $ 13.27 | $ 13.10 |
Granted (in dollars per share) | 15.40 | 12.37 | 14.86 |
Released (in dollars per share) | 12.91 | 12 | 14.90 |
Forfeited (in dollars per share) | 14.25 | 13.66 | 13.49 |
Performance adjustment (in dollars per share) | 11.57 | 15.10 | |
Outstanding - end of period (in dollars per share) | $ 14.02 | $ 13.27 | $ 13.27 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits - Additional Disclosures (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)plan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Lump sum settlements | $ 150.2 | ||||||
Net actuarial loss | (39.2) | $ (153.7) | |||||
Transfer of remaining pension benefit obligation to annuity | 713 | ||||||
Net actuarial loss | $ (61.9) | ||||||
Net actuarial loss from change in discount rate | 51.2 | ||||||
Percent of total plan contributions for the most recent plan year | 3.9 | $ 0.1 | $ 0.6 | ||||
Number of multiemployer plans | plan | 1 | ||||||
Multiemployer withdrawal liability | $ 37.2 | $ 37.2 | 30.8 | ||||
Percentage of company's share of plan contributions | 5.00% | ||||||
Contributions to defined contribution plans | $ 62 | 57.6 | $ 54.6 | ||||
Increase (decrease) in multi-employer benefit plan obligation | $ 12.2 | $ 12.2 | |||||
Forecast | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Amount of payment for settlement | $ 17.2 | ||||||
Red Zone | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Plan funded percentage | 65.00% | 65.00% | |||||
Yellow Zone | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Plan funded percentage | 80.00% | 80.00% | |||||
Green Zone | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Plan funded percentage | 80.00% | 80.00% | |||||
PIUMPF | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Multiemployer withdrawal liability | $ 4.4 | $ 4.4 | |||||
Graphic Communications Conference of International Brotherhood of Teamster Pension Fund | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Multiemployer withdrawal liability | 4.4 | 4.4 | |||||
Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Transfer of remaining pension benefit obligation to annuity | 720.7 | 150.2 | |||||
Actuarial loss | $ (105.5) | $ (105.5) | $ (279.9) | ||||
Weighted average discount rate | 2.11% | 2.11% | 2.69% | ||||
Net actuarial loss | $ (61.9) | $ (157.8) | |||||
Accumulated benefit obligation | $ 588.1 | 588.1 | 1,249.8 | ||||
Aggregate PBO | 361.1 | 361.1 | 266 | ||||
Aggregate fair value of plan assets | 356.5 | 356.5 | 266 | ||||
Company's contributions to its pension plans | 19.1 | 11.3 | |||||
Benefit payments made | 20.4 | 67.2 | |||||
Postretirement Health Coverage | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Transfer of remaining pension benefit obligation to annuity | 0 | 0 | |||||
Actuarial loss | $ 0.9 | $ 0.9 | $ 0.8 | ||||
Weighted average discount rate | 2.52% | 2.52% | 3.22% | ||||
Net actuarial loss | $ 0 | $ (1.1) | |||||
Company's contributions to its pension plans | 1.2 | 1.2 | |||||
Benefit payments made | 1.2 | $ 1.2 | |||||
Expected contributions in 2019 | $ 3 | $ 3 | |||||
Minimum | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Asset allocation horizon term | 3 years | ||||||
Minimum | Corporate Debt Securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Debt securities maturity term | 1 year | 1 year | |||||
Minimum | Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected contributions in 2019 | $ 10 | $ 10 | |||||
Maximum | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Asset allocation horizon term | 5 years | ||||||
Maximum | Corporate Debt Securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Debt securities maturity term | 30 years | 30 years | |||||
Maximum | Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected contributions in 2019 | $ 20 | $ 20 |
Pensions and Other Postretire_4
Pensions and Other Postretirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Components of Net Periodic Cost: | |||
Service Cost | $ 15.4 | $ 14 | $ 17.3 |
Interest Cost | 14 | 46.1 | 41.8 |
Expected Return on Plan Assets | (21) | (54.9) | (63.6) |
Amortization: | |||
Prior Service Cost (Credit) | 0.2 | 0.2 | 0.4 |
Actuarial Loss (Gain) | 5.4 | 10 | 5.9 |
Net Curtailment/Settlement Loss | 153.7 | 39.2 | 1 |
Other | 0.2 | 0.3 | 0.5 |
Net Periodic Cost (Benefit) | 167.9 | 54.9 | 3.3 |
Postretirement Health Coverage | |||
Components of Net Periodic Cost: | |||
Service Cost | 0.5 | 0.5 | 0.6 |
Interest Cost | 1 | 1.2 | 1.2 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization: | |||
Prior Service Cost (Credit) | (0.3) | (0.3) | (0.3) |
Actuarial Loss (Gain) | (1.7) | (2.3) | (1.8) |
Net Curtailment/Settlement Loss | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net Periodic Cost (Benefit) | $ (0.5) | $ (0.9) | $ (0.3) |
Pensions and Other Postretire_5
Pensions and Other Postretirement Benefits - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Weighted Average Assumptions: | |||
Discount Rate | 2.69% | 4.14% | 3.49% |
Rate of Increase in Future Compensation Levels | 2.36% | 2.37% | 2.09% |
Expected Long-Term Rate of Return on Plan Assets | 4.12% | 4.74% | 4.86% |
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Postretirement Health Coverage | |||
Weighted Average Assumptions: | |||
Discount Rate | 3.22% | 4.29% | 3.64% |
Rate of Increase in Future Compensation Levels | 0.00% | 0.00% | 0.00% |
Expected Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Initial Health Care Cost Trend Rate | 6.65% | 9.00% | 9.00% |
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Pensions and Other Postretire_6
Pensions and Other Postretirement Benefits - Net Funded Status (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Benefit Obligation: | ||||
Net Actuarial Loss | $ 61.9 | |||
Change in Plan Assets: | ||||
Settlements | $ (713) | |||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (129.8) | $ (140.4) | ||
Pension Benefits | ||||
Change in Benefit Obligation: | ||||
Benefit Obligation at Beginning of Year | 1,255.4 | 1,245.2 | ||
Service Cost | 15.4 | 14 | $ 17.3 | |
Interest Cost | 14 | 46.1 | 41.8 | |
Net Actuarial Loss | 61.9 | 157.8 | ||
Foreign Currency Exchange | 8.9 | 9.2 | ||
Settlements | 742.7 | 150.2 | ||
Benefits Paid | (20.4) | (67.2) | ||
Other | 0.3 | 0.5 | ||
Benefit Obligation at End of Year | 592.8 | 1,255.4 | 1,245.2 | |
Change in Plan Assets: | ||||
Fair Value of Plan Assets at Beginning of Year | 1,172.4 | 1,186.5 | ||
Actual Return on Plan Assets | 57.8 | 181.7 | ||
Employer Contributions | 19.1 | 11.3 | ||
Foreign Currency Exchange | 8.1 | 10.3 | ||
Benefits Paid | (20.4) | (67.2) | ||
Settlements | (720.7) | (150.2) | ||
Fair Value of Plan Assets at End of Year | 516.3 | 1,172.4 | $ 1,186.5 | |
Plan Assets Less than Projected Benefit Obligation | (76.5) | (83) | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||
Assets for Plan Benefits, Defined Benefit Plan | 21.2 | 25.6 | ||
Accrued Pension and Postretirement Benefits Liability — Current | (1.8) | (1.7) | ||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (96) | (106.9) | ||
Accumulated Other Comprehensive Income: | ||||
Net Actuarial Loss (Gain) | 105.5 | 279.9 | ||
Prior Service Cost (Credit) | $ 3.8 | $ 3.6 | ||
Weighted Average Calculations: | ||||
Discount Rate | 2.11% | 2.69% | ||
Rates of Increase in Future Compensation Levels | 3.62% | 2.36% | ||
Initial Health Care Cost Trend Rate | 0.00% | 0.00% | ||
Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% | |
Postretirement Health Coverage | ||||
Change in Benefit Obligation: | ||||
Benefit Obligation at Beginning of Year | $ 35.9 | $ 34.1 | ||
Service Cost | 0.5 | 0.5 | $ 0.6 | |
Interest Cost | 1 | 1.2 | 1.2 | |
Net Actuarial Loss | 0 | 1.1 | ||
Foreign Currency Exchange | 0 | 0.1 | ||
Settlements | 0 | 0 | ||
Benefits Paid | (1.2) | (1.2) | ||
Other | 0.1 | 0.1 | ||
Benefit Obligation at End of Year | 36.3 | 35.9 | 34.1 | |
Change in Plan Assets: | ||||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 | ||
Actual Return on Plan Assets | 0 | 0 | ||
Employer Contributions | 1.2 | 1.2 | ||
Foreign Currency Exchange | 0 | 0 | ||
Benefits Paid | (1.2) | (1.2) | ||
Settlements | 0 | 0 | ||
Fair Value of Plan Assets at End of Year | 0 | 0 | $ 0 | |
Plan Assets Less than Projected Benefit Obligation | (36.3) | (35.9) | ||
Amounts Recognized in the Consolidated Balance Sheets Consist of: | ||||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | ||
Accrued Pension and Postretirement Benefits Liability — Current | (2.5) | (2.4) | ||
Accrued Pension and Postretirement Benefits Liability — Noncurrent | (33.8) | (33.5) | ||
Accumulated Other Comprehensive Income: | ||||
Net Actuarial Loss (Gain) | (0.9) | (0.8) | ||
Prior Service Cost (Credit) | $ (15.3) | $ (17.3) | ||
Weighted Average Calculations: | ||||
Discount Rate | 2.52% | 3.22% | ||
Rates of Increase in Future Compensation Levels | 0.00% | 0.00% | ||
Initial Health Care Cost Trend Rate | 6.40% | 6.65% | ||
Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Pensions and Other Postretire_7
Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 100.00% | |
Actual plan asset allocations | 100.00% | 100.00% |
Cash | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 0.40% | |
Actual plan asset allocations | 1.20% | 13.60% |
Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 22.80% | |
Actual plan asset allocations | 24.20% | 7.70% |
Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 60.70% | |
Actual plan asset allocations | 61.90% | 68.60% |
Other Investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target plan asset allocations | 16.10% | |
Actual plan asset allocations | 12.70% | 10.10% |
Pensions and Other Postretire_8
Pensions and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 516.3 | $ 1,172.4 | $ 1,186.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31.1 | 29 | |
Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 366 | 927.7 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.3 | 13.2 | $ 5.8 |
Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.3 | 13.2 | |
Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 104.9 | 202.5 | |
Cash | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 159.6 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
Cash | Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.3 | 35 | |
Cash | Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash | Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.6 | 124.3 | |
Equity Securities, Domestic | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 117.8 | 82.9 | |
Equity Securities, Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.9 | 4.7 | |
Equity Securities, Domestic | Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.6 | 0 | |
Equity Securities, Domestic | Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Domestic | Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 101.3 | 78.2 | |
Equity Securities, Foreign | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.2 | 7 | |
Equity Securities, Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.2 | 7 | |
Equity Securities, Foreign | Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Foreign | Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Foreign | Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed Income Securities | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 319.6 | 852.5 | |
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.7 | 17 | |
Fixed Income Securities | Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 300.6 | 835.3 | |
Fixed Income Securities | Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.2 | |
Fixed Income Securities | Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22.9 | 21.9 | |
Real Estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real Estate | Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.9 | 8.9 | |
Real Estate | Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 13 | |
Real Estate | Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Diversified Growth Fund | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.6 | 48.5 | |
Diversified Growth Fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Diversified Growth Fund | Significant Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.6 | 48.5 | |
Diversified Growth Fund | Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Diversified Growth Fund | Net Asset Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pensions and Other Postretire_9
Pensions and Other Postretirement Benefits - Reconciliation of Fair Value of Plan Assets (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of Plan Assets at Beginning of Year | $ 13.2 | $ 5.8 |
Transfers In | 1.1 | 7.4 |
Fair Value of Plan Assets at End of Year | $ 14.3 | $ 13.2 |
Pensions and Other Postretir_10
Pensions and Other Postretirement Benefits - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | $ 24.1 |
2022 | 26.5 |
2023 | 28.8 |
2024 | 30.6 |
2025 | 32.5 |
2026— 2030 | 181 |
Postretirement Health Coverage | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | 2.5 |
2022 | 2.5 |
2023 | 2.5 |
2024 | 2.6 |
2025 | 2.3 |
2026— 2030 | $ 10.4 |
Pensions and Other Postretir_11
Pensions and Other Postretirement Benefits - Multi-employer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company Contributions (in millions) | $ 0.1 | $ 0.2 | $ 0.5 |
Central States Southeast and Southwest Areas Pension Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Protection Act Zone Status | Red | Red | |
Company Contributions (in millions) | $ 0.1 | $ 0.1 | 0.1 |
PIUMPF | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Protection Act Zone Status | Red | Red | |
Company Contributions (in millions) | $ 0 | $ 0 | 0.1 |
GCC/IBT | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Protection Act Zone Status | Red | Red | |
Company Contributions (in millions) | $ 0 | $ 0.1 | $ 0.3 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax by Geographic Region (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 180.5 | $ 305.4 | $ 298.9 |
International | 63.5 | 48.6 | 48.6 |
Income before Income Taxes and Equity Income of Unconsolidated Entity | $ 244 | $ 354 | $ 347.5 |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Expense: | |||
U.S. | $ (23) | $ (10.1) | $ (13) |
International | (19.3) | (13.5) | (15.7) |
Total Current | (42.3) | (23.6) | (28.7) |
Deferred (Expense) Benefit: | |||
U.S. | (8.5) | (47.7) | (31.6) |
International | 9.2 | (5) | 5.6 |
Total Deferred | 0.7 | (52.7) | (26) |
Income Tax Benefit (Expense) | $ (41.6) | $ (76.3) | $ (54.7) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Tax (Expense) Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense at U.S. Statutory Rate | $ (51.2) | $ (74.3) | $ (73) |
U.S. State and Local Tax Expense | (7.7) | (12.3) | (11.7) |
Permanent Items | (1) | (2.8) | (3.8) |
U.S. Tax Reform | 0 | 0 | 10.9 |
Provision to Return Adjustments | 2.2 | 0 | 0 |
Change in Valuation Allowance | 7 | (4.6) | 13 |
International Tax Rate Differences | (3) | (1.6) | (1.9) |
Foreign Withholding Tax | (0.8) | (0.7) | (0.5) |
Change in Tax Rates | (0.4) | (1) | 1.9 |
U.S. Federal & State Tax Credits | 9.7 | 9.5 | 0.3 |
Uncertain Tax Positions | (2.3) | (1.9) | (0.7) |
Capital Loss Expiration | 0 | 0 | (2.7) |
Domestic Minority Interest | 5.5 | 13.7 | 13.7 |
Other | 0.4 | (0.3) | (0.2) |
Income Tax Benefit (Expense) | $ (41.6) | $ (76.3) | $ (54.7) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income Tax Expense at U.S. Statutory Rate | 21.00% | 21.00% | 21.00% |
U.S. State and Local Tax Expense | 3.20% | 3.50% | 3.40% |
Permanent Items | 0.40% | 0.80% | 1.10% |
U.S. Tax Reform | 0.00% | 0.00% | (3.10%) |
Provision to Return Adjustments | (0.90%) | 0.00% | 0.00% |
Change in Valuation Allowance | (2.90%) | 1.30% | (3.70%) |
International Tax Rate Differences | 1.20% | 0.50% | 0.50% |
Foreign Withholding Tax | 0.30% | 0.20% | 0.10% |
Change in Tax Rates | 0.10% | 0.30% | (0.50%) |
U.S. Federal & State Tax Credits | (4.00%) | (2.70%) | (0.10%) |
Uncertain Tax Positions | 1.00% | 0.50% | 0.20% |
Capital Loss Expiration | 0.00% | 0.00% | (0.70%) |
Domestic Minority Interest | 2.20% | 3.90% | 3.90% |
Other | (0.20%) | 0.10% | 0.00% |
Income Tax Expense | 17.00% | 21.60% | 15.70% |
Change in valuation allowance | $ 2.2 | $ (13) | |
Foreign Subsidiaries | |||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Change in valuation allowance | $ 7.6 | $ 2 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets, Liabilities and Related Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | |||||
Tax impact of Tax Cuts and Jobs Act | $ 10.9 | ||||
Change in valuation allowance | $ 2.2 | (13) | |||
Discreet tax benefit reflecting the federal and state impact of amended returns | 0.4 | $ (0.3) | (0.2) | ||
Deferred Income Tax Assets: | |||||
Compensation Based Accruals | $ 3.6 | $ 3.8 | |||
Net Operating Loss Carryforwards | 40.3 | 45.5 | |||
Postretirement Benefits | 1.4 | 0.9 | |||
Tax Credits | 19.3 | 37.2 | |||
Other | 8.4 | 10.9 | |||
Valuation Allowance | (41.1) | (36.3) | (51.5) | (34.4) | (41.1) |
Total Deferred Income Tax Assets | 38.6 | 57.2 | |||
Deferred Income Tax Liabilities: | |||||
Property, Plant and Equipment | (20.8) | (18.8) | |||
Goodwill | (2.9) | (2.7) | |||
Other Intangibles | (11.2) | (12.3) | |||
Investment in Partnership | (530.4) | (532.2) | |||
Net Noncurrent Deferred Income Tax Liabilities | (565.3) | (566) | |||
Net Deferred Income Tax Liability | (526.7) | (508.8) | |||
Summary of Valuation Allowances | |||||
Balance Beginning of Period | 41.1 | 36.3 | 51.5 | ||
Balance at End of Period | 34.4 | 41.1 | 36.3 | ||
Total deferred income tax assets | 73 | $ 98.3 | |||
Graphic Packaging International Partners (GPIP) | |||||
Summary of Valuation Allowances | |||||
Decrease In Deferred Tax Liability, Redemption Of Ownership Interest | 16 | ||||
International | |||||
Deferred Income Tax Assets: | |||||
Valuation Allowance | (24.6) | (24.6) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 24.6 | ||||
International | Australian Taxation Office | |||||
Valuation Allowance [Line Items] | |||||
Change in valuation allowance | 4.8 | ||||
Domestic and State Income Tax Attributes That Expired During The Year | |||||
Valuation Allowance [Line Items] | |||||
Change in valuation allowance | (10) | ||||
Deferred Tax Assets, Foreign Subsidiaries And Other | |||||
Valuation Allowance [Line Items] | |||||
Change in valuation allowance | 3 | ||||
Capital loss carryforward | United States | |||||
Deferred Income Tax Assets: | |||||
Valuation Allowance | (0.7) | (0.7) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 0.7 | ||||
Research Credit carryforward | State and Local Jurisdiction | |||||
Deferred Income Tax Assets: | |||||
Valuation Allowance | (4.6) | (4.6) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 4.6 | ||||
Net operating losses | State and Local Jurisdiction | |||||
Deferred Income Tax Assets: | |||||
Valuation Allowance | (4.5) | $ (4.5) | |||
Summary of Valuation Allowances | |||||
Balance at End of Period | 4.5 | ||||
Deferred Tax Assets | |||||
Summary of Valuation Allowances | |||||
Adjustments for (Income) and Expenses | (7) | 4.6 | (13) | ||
Additions (Deductions) | $ (0.3) | $ (0.2) | $ (2.2) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2020USD ($) |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforwards | $ 19.3 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 198.8 |
International | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 119.5 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits | |||
Beginning Balance | $ 20.7 | $ 15.5 | $ 10.5 |
Additions for Tax Positions of Current Year | 1.2 | 3.2 | 0.8 |
Additions for Tax Positions of Prior Years | 1.4 | 2.4 | 5.2 |
Reductions for Tax Positions of Prior Years | (3.7) | (0.4) | (1) |
Ending Balance | 19.6 | 20.7 | $ 15.5 |
Gross unrecognized tax benefits that would affect the annual effective income tax rate | 19.6 | ||
Gross unrecognized tax benefits related to currency translation adjustments | 0.1 | ||
Accrual for the payment of interest and penalties | 0.1 | $ 0.1 | |
Unrealized tax benefits expected to change in next twelve months | 0.1 | ||
Deferred tax liability related to undistributed earnings of foreign subsidiary | 0 | ||
Outside basis difference | 51.4 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 55 |
Financial Instruments, Deriva_3
Financial Instruments, Derivatives and Hedging Activities (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency Movement Effect | ||||
Net currency exchange losses included in determining Income from Operations | $ 2,700,000 | $ (2,300,000) | $ 1,600,000 | |
Interest Swap Position Three | ||||
Interest Rate Risk | ||||
Notional amount | $ 120,000,000 | |||
Weighted Average Interest Rate | 2.92% | |||
Foreign Currency Risk | ||||
Notional amount | $ 120,000,000 | |||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Notional amount | 120,000,000 | |||
Interest Swap Position Four | ||||
Interest Rate Risk | ||||
Notional amount | $ 80,000,000 | |||
Weighted Average Interest Rate | 2.79% | |||
Foreign Currency Risk | ||||
Notional amount | $ 80,000,000 | |||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Notional amount | $ 80,000,000 | |||
Cash Flow Hedging | Commodity Contracts | ||||
Commodity Risk | ||||
Percentage of natural gas use hedged | 44.00% | |||
Cash Flow Hedging | Commodity Contracts | Forecast | ||||
Commodity Risk | ||||
Percentage of natural gas use hedged | 11.00% | |||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||||
Interest Rate Risk | ||||
Amount of ineffectiveness | $ 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Commodity Risk | ||||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Foreign Currency Risk | ||||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Commodity Contracts | ||||
Interest Rate Risk | ||||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Commodity Risk | ||||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Foreign Currency Risk | ||||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Forward | ||||
Interest Rate Risk | ||||
Notional amount | 101,600,000 | 87,600,000 | ||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Commodity Risk | ||||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Foreign Currency Risk | ||||
Notional amount | 101,600,000 | 87,600,000 | ||
Amounts reclassified into earnings connected to forecasted transactions no longer considered probable | 0 | 0 | ||
Amount of ineffectiveness | 0 | 0 | ||
Amounts excluded from the measure of effectiveness | 0 | 0 | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Notional amount | 101,600,000 | 87,600,000 | ||
Not Designated as Hedging Instrument | Foreign Exchange Forward | ||||
Interest Rate Risk | ||||
Notional amount | 80,000,000 | 77,400,000 | ||
Foreign Currency Risk | ||||
Notional amount | 80,000,000 | 77,400,000 | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Notional amount | $ 80,000,000 | $ 77,400,000 | ||
Maximum | Not Designated as Hedging Instrument | ||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||
Forward foreign exchange contracts, maximum range of maturities | 2 months |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value by Balance Sheet Grouping (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative asset | $ 2.1 | $ 0 |
Gross derivative liability | 8.9 | 11.5 |
Other Current Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative asset | 1.6 | |
Other Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative liability | 8.5 | 8.5 |
Other Noncurrent Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative liability | 0.4 | 3 |
Other Accrued Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative asset | 0.5 | |
Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative asset | 0 | 0 |
Gross derivative liability | 6 | 6.6 |
Foreign Exchange Forward | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative asset | 0 | 0 |
Gross derivative liability | 2.9 | 1.5 |
Commodity Contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross derivative asset | 2.1 | 0 |
Gross derivative liability | $ 0 | $ 3.4 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Disclosures (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, fair value | $ 3,624.7 | $ 2,788.6 |
Long-term debt, carrying value | $ 3,523.9 | $ 2,729.3 |
Fair Value Measurement - Effect
Fair Value Measurement - Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | $ (8.8) | $ (7.3) | |
Cost of Goods and Services Sold | (5,459.7) | (5,067.5) | $ (5,077) |
Other (Income) Expense, Net | 2 | 8.8 | 7.2 |
Interest Expense | (128.8) | (140.6) | $ (123.7) |
Amount of (Gain) Loss Recognized in Statement of Operations | 12.3 | (1.7) | |
Commodity Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | (0.9) | (1.4) | |
Commodity Contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recognized in Statement of Operations | 6.3 | (1.8) | |
Foreign Currency Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | (2.1) | (0.1) | |
Foreign Currency Contracts | Other Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Contracts | 8.7 | (0.9) | |
Amount of (Gain) Loss Recognized in Statement of Operations | (0.5) | (1.3) | |
Interest Rate Swap Agreements | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Loss (Gain) Recognized in Accumulated Other Comprehensive Loss | (5.8) | (5.8) | |
Interest Rate Swap Agreements | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recognized in Statement of Operations | $ 6.5 | $ 1.4 |
Fair Value Measurement - Accumu
Fair Value Measurement - Accumulated Derivative Instruments (Loss) Gain (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Beginning balance | $ 2,058 | $ 2,018.5 | $ 1,291.9 |
Ending balance | 1,840.3 | 2,058 | 2,018.5 |
Expected reclassification of pre-tax losses in the next twelve months from ACOL to earnings | (5.9) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Beginning balance | (10.9) | (1.9) | (0.3) |
Reclassification to Earnings | 12.3 | (1.7) | (0.6) |
Current Period Change in Fair Value | (8.8) | (7.3) | (1) |
Ending balance | (7.4) | (10.9) | $ (1.9) |
Derivative Instruments Gain (Loss) | |||
Cumulative Changes in Derivative Net Gain (Loss) [Roll Forward] | |||
Beginning balance | (16.6) | ||
Ending balance | $ (13.1) | $ (16.6) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Change in the Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net Amount | $ 160.6 | $ 15.8 | $ (51.3) |
Derivative Instruments Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pretax Amount | 4.1 | ||
Tax Effect | (0.6) | ||
Net Amount | 3.5 | ||
Derivative Instruments Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pretax Amount | (6.7) | (1.1) | |
Tax Effect | 1.4 | 0.1 | |
Net Amount | (5.3) | (1) | |
Pension and Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pretax Amount | 126 | 10.1 | (24.8) |
Tax Effect | (26.1) | (2.5) | 5.4 |
Net Amount | 99.9 | 7.6 | (19.4) |
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pretax Amount | 16.5 | 9.8 | (18.7) |
Tax Effect | 0 | 0 | 0 |
Net Amount | 16.5 | 9.8 | (18.7) |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pretax Amount | 146.6 | 13.2 | (44.6) |
Tax Effect | (26.7) | (1.1) | 5.5 |
Net Amount | $ 119.9 | $ 12.1 | $ (39.1) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Balances of AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Accumulated Derivative Instruments Loss | $ (13.1) | $ (16.6) |
Pension and Postretirement Benefit Plans | (138.6) | (238.5) |
Currency Translation Adjustment | (94.2) | (110.7) |
Accumulated Other Comprehensive Loss | $ (245.9) | $ (365.8) |
Commitments - Long-term Purchas
Commitments - Long-term Purchase Commitments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | $ 691.8 |
2021 | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | 379.4 |
2022 | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | 90.5 |
2023 | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | 67 |
2024 | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | 48.4 |
2025 | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | 47.7 |
Thereafter | |
Long-term Purchase Commitment [Line Items] | |
Minimum purchase commitments | $ 58.8 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | Aug. 13, 2020 | Jan. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jan. 01, 2018 | |
Noncontrolling Interest [Line Items] | ||||||||
Shares repurchased, value | $ 250 | $ 250 | $ 315.6 | $ 127.9 | $ 120 | [1] | ||
Repurchased common stock (in shares) | 17,400,000 | 15,100,000 | 23,420,010 | 10,191,257 | 10,566,144 | 44,200,000 | ||
International Paper Company | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
International Paper Company's ownership percentage | 14.50% | 18.30% | 15.00% | 15.00% | ||||
International Paper Company | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Shares repurchased, value | $ 250 | |||||||
Graphic Packaging International Partners (GPIP) | International Paper Company | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Common units of GPIP issued (in shares) | 79,911,591 | |||||||
[1] | Includes 83,806 shares repurchased but not settled as of December 31, 2018. |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | $ 304.3 | ||
Issuance of Redeemable Noncontrolling Interest at January 1, 2018 | $ 732.4 | ||
Total Other Comprehensive Income, Net of Tax | 8.9 | $ 0.8 | (2.8) |
Redeemable Noncontrolling Interest Redemption Value Adjustment | 12.2 | (30.2) | (19.4) |
Reclassification to Redeemable Noncontrolling Interest for Share Repurchases | (210.9) | 12.5 | 12.5 |
Ending Balance | 0 | 304.3 | |
Redeemable Noncontrolling Interest | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 304.3 | 275.8 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (3.2) | 16.3 | |
Total Other Comprehensive Income, Net of Tax | 8.9 | 0.8 | |
Redeemable Noncontrolling Interest Redemption Value Adjustment | 12.2 | 30.2 | |
Reclassification to Redeemable Noncontrolling Interest for Share Repurchases | (296.1) | (12.5) | |
Distributions of Membership Interest | (1.7) | (6.3) | |
Ending Balance | $ 0 | $ 304.3 | $ 275.8 |
Business Segment and Geograph_3
Business Segment and Geographic Area Information - Additional Details (Details) | 12 Months Ended |
Dec. 31, 2020paperboard_millsegment | |
Segment Reporting [Abstract] | |
Number of reportable segments | segment | 3 |
Number of paperboard mills | paperboard_mill | 8 |
Business Segment and Geograph_4
Business Segment and Geographic Area Information - Segment Reporting, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 6,536.5 | $ 6,140.8 | $ 6,011.9 | ||||||||
Net sales | $ 1,652.1 | $ 1,697.7 | $ 1,611 | $ 1,599.1 | $ 1,519.8 | $ 1,581.6 | $ 1,552.8 | $ 1,505.9 | 6,559.9 | 6,160.1 | 6,029.4 |
Income (Loss) from Operations | 130.4 | $ 119.1 | $ 114.8 | $ 160 | 133 | $ 122.7 | $ 144.4 | $ 134 | 524.3 | 534.1 | 458.2 |
Capital Expenditures | 646.3 | 352.9 | 395.2 | ||||||||
Depreciation and Amortization | 475.8 | 447.2 | 430.6 | ||||||||
Assets | 7,804.6 | 7,289.9 | 7,804.6 | 7,289.9 | 7,059.2 | ||||||
Operating Segments | Paperboard Mills | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 988.1 | 1,094.8 | 1,078.1 | ||||||||
Income (Loss) from Operations | (109.9) | 33.1 | 30.6 | ||||||||
Capital Expenditures | 444.2 | 208 | 240.1 | ||||||||
Depreciation and Amortization | 248.7 | 224.4 | 197.5 | ||||||||
Assets | 3,096.5 | 2,912.2 | 3,096.5 | 2,912.2 | 3,005.6 | ||||||
Operating Segments | NACP | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,650.1 | 4,233.7 | 4,098.3 | ||||||||
Income (Loss) from Operations | 638.5 | 477.7 | 420.1 | ||||||||
Capital Expenditures | 119.7 | 94.7 | 104.3 | ||||||||
Depreciation and Amortization | 163 | 165.1 | 165.4 | ||||||||
Assets | 3,326.7 | 3,392.3 | 3,326.7 | 3,392.3 | 3,143.6 | ||||||
Operating Segments | Europe Paperboard Packaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 764.6 | 689.3 | 695.9 | ||||||||
Income (Loss) from Operations | 65.9 | 60.3 | 46.1 | ||||||||
Capital Expenditures | 39.7 | 34.5 | 19.5 | ||||||||
Depreciation and Amortization | 41.1 | 36.7 | 48.9 | ||||||||
Assets | 745.9 | 686.3 | 745.9 | 686.3 | 603.4 | ||||||
Corporate/Other/Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 157.1 | 142.3 | 157.1 | ||||||||
Income (Loss) from Operations | (70.2) | (37) | (38.6) | ||||||||
Capital Expenditures | 42.7 | 15.7 | 31.3 | ||||||||
Depreciation and Amortization | 23 | 21 | 18.8 | ||||||||
Assets | $ 635.5 | $ 299.1 | $ 635.5 | $ 299.1 | $ 306.6 |
Business Segment and Geograph_5
Business Segment and Geographic Area Information - Segment Reporting, by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 6,536.5 | $ 6,140.8 | $ 6,011.9 | ||||||||
Net sales | $ 1,652.1 | $ 1,697.7 | $ 1,611 | $ 1,599.1 | $ 1,519.8 | $ 1,581.6 | $ 1,552.8 | $ 1,505.9 | 6,559.9 | 6,160.1 | 6,029.4 |
Assets | 7,804.6 | 7,289.9 | 7,804.6 | 7,289.9 | 7,059.2 | ||||||
Long-Lived Assets | 3,560 | 3,253.8 | 3,560 | 3,253.8 | 3,239.7 | ||||||
Reportable Geographical Components | Americas | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 5,199.9 | 4,913.2 | 4,780.9 | ||||||||
Long-Lived Assets | 3,252.7 | 2,975.9 | 3,252.7 | 2,975.9 | 2,954.3 | ||||||
Reportable Geographical Components | International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,360 | 1,246.9 | 1,248.5 | ||||||||
Long-Lived Assets | $ 307.3 | $ 277.9 | $ 307.3 | $ 277.9 | $ 285.4 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Net Sales | $ 1,652.1 | $ 1,697.7 | $ 1,611 | $ 1,599.1 | $ 1,519.8 | $ 1,581.6 | $ 1,552.8 | $ 1,505.9 | $ 6,559.9 | $ 6,160.1 | $ 6,029.4 |
Gross Profit | 261.8 | 255.5 | 262.1 | 320.8 | 272.3 | 266.4 | 287.8 | 266.1 | 1,100.2 | 1,092.6 | |
Business Combinations, Shutdown and Other Special Charges and Exit Activities, Net | 13.1 | 9 | 20.5 | 18.7 | 13.6 | 8.2 | 9.9 | 6.2 | 61.3 | 37.9 | |
Income from Operations | 130.4 | 119.1 | 114.8 | 160 | 133 | 122.7 | 144.4 | 134 | 524.3 | 534.1 | 458.2 |
Net Income | 77.1 | 79.3 | 66.7 | (19.8) | 43.9 | 70 | 86.1 | 78.1 | 203.3 | 278.1 | 294 |
Net (Loss) Income Attributable to Graphic Packaging Holding Company | $ 64.2 | $ 63.7 | $ 52.1 | $ (12.7) | $ 33 | $ 52.1 | $ 63.8 | $ 57.9 | $ 167.3 | $ 206.8 | $ 221.1 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Basic (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.19 | $ (0.04) | $ 0.11 | $ 0.18 | $ 0.22 | $ 0.19 | $ 0.60 | $ 0.70 | $ 0.71 |
Net Income Per Share Attributable to Graphic Packaging Holding Company - Diluted (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.19 | $ (0.04) | $ 0.11 | $ 0.18 | $ 0.22 | $ 0.19 | $ 0.60 | $ 0.70 | $ 0.71 |
Revision of Prior Period, Adjustment | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Adjustment to amortization expenses related to intangible assets | $ (7) |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income Attributable to Graphic Packaging Holding Company | $ 64.2 | $ 63.7 | $ 52.1 | $ (12.7) | $ 33 | $ 52.1 | $ 63.8 | $ 57.9 | $ 167.3 | $ 206.8 | $ 221.1 |
Weighted Average Shares: | |||||||||||
Basic (in shares) | 278.8 | 294.1 | 309.5 | ||||||||
Dilutive effect of RSUs (in shares) | 0.8 | 0.7 | 0.6 | ||||||||
Diluted (in shares) | 279.6 | 294.8 | 310.1 | ||||||||
Earnings Per Share - Basic (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.19 | $ (0.04) | $ 0.11 | $ 0.18 | $ 0.22 | $ 0.19 | $ 0.60 | $ 0.70 | $ 0.71 |
Earnings Per Share - Diluted (in dollars per share) | $ 0.24 | $ 0.23 | $ 0.19 | $ (0.04) | $ 0.11 | $ 0.18 | $ 0.22 | $ 0.19 | $ 0.60 | $ 0.70 | $ 0.71 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 2,058 | $ 2,018.5 | $ 1,291.9 |
Other Comprehensive (Loss) Income before Reclassifications | 24.8 | ||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 135.8 | ||
Total Other Comprehensive Income, Net of Tax | 160.6 | ||
Other Comprehensive Income (Loss), Net of Tax | 160.6 | 15.8 | (51.3) |
Ending balance | 1,840.3 | 2,058 | 2,018.5 |
Derivatives Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (16.6) | ||
Other Comprehensive (Loss) Income before Reclassifications | (5.8) | ||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 9.9 | ||
Total Other Comprehensive Income, Net of Tax | 4.1 | ||
Other Comprehensive Income (Loss), Net of Tax | 3.5 | ||
Ending balance | (13.1) | (16.6) | |
Derivative Instruments, noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), Net of Tax | (0.6) | ||
Pension and Postretirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (238.5) | ||
Other Comprehensive (Loss) Income before Reclassifications | 12.9 | ||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 125.9 | ||
Total Other Comprehensive Income, Net of Tax | 138.8 | ||
Other Comprehensive Income (Loss), Net of Tax | 99.9 | 7.6 | (19.4) |
Ending balance | (138.6) | (238.5) | |
Pension and Postretirement Benefit Plans, noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), Net of Tax | (38.9) | ||
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (110.7) | ||
Other Comprehensive (Loss) Income before Reclassifications | 17.7 | ||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | ||
Total Other Comprehensive Income, Net of Tax | 17.7 | ||
Other Comprehensive Income (Loss), Net of Tax | 16.5 | 9.8 | (18.7) |
Ending balance | (110.7) | ||
Currency Translation Adjustments, noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), Net of Tax | (1.2) | ||
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Ending balance | (94.2) | ||
Total, beginning of period | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (365.8) | (377.9) | (338.8) |
Other Comprehensive Income (Loss), Net of Tax | 119.9 | 12.1 | (39.1) |
Ending balance | (245.9) | $ (365.8) | $ (377.9) |
Total, noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), Net of Tax | (40.7) | ||
Total, end of period | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Ending balance | $ (245.9) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Sales | $ 5,459.7 | $ 5,067.5 | $ 5,077 |
Other Expense, Net | 2 | 8.8 | 7.2 |
Total before Tax | (244) | (354) | (347.5) |
Income Tax Expense (Benefit) | 41.6 | 76.3 | 54.7 |
Total Reclassifications for the Period | (202.4) | $ (277.7) | $ (292.8) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total Reclassifications for the Period | 135.8 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before Tax | 12.3 | ||
Income Tax Expense (Benefit) | (2.4) | ||
Net of Tax | 9.9 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments Gain (Loss) | Commodity Contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Sales | 6.3 | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments Gain (Loss) | Foreign Currency Contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Expense, Net | (0.5) | ||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments Gain (Loss) | Interest Rate Swap Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Expense, Net | 6.5 | ||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Pension Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Service Costs (Credits) | 0.1 | ||
Actuarial Losses (Gains) | 159.1 | ||
Total before Tax | 159.2 | ||
Income Tax Expense (Benefit) | (31.7) | ||
Net of Tax | 127.5 | ||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefit Plans | Other Postretirement Benefits Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Service Costs (Credits) | (0.3) | ||
Actuarial Losses (Gains) | (1.7) | ||
Total before Tax | (2) | ||
Income Tax Expense (Benefit) | 0.4 | ||
Net of Tax | $ (1.6) |
Exit Activities (Details)
Exit Activities (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Dec. 31, 2022USD ($)mill | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Exit Activities(a) | $ 24.6 | $ 10.2 | $ 0 | |||
One-time Termination Benefits | Burlington North Carolina Facility | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected costs associated with closures associated with severance activity | $ 1.4 | |||||
One-time Termination Benefits | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected costs associated with closures associated with severance activity | 15 | |||||
One-time Termination Benefits | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected costs associated with closures associated with severance activity | 20 | |||||
Facility Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit Activities(a) | 50.6 | 14.9 | ||||
Facility Closing | Cost of Sales | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accelerated depreciation related to plant closure | 26 | $ 4.7 | ||||
Facility Closing | Two CRB Mills | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit Activities(a) | 12.1 | |||||
Accelerated depreciation related to plant closure | 27.3 | |||||
Facility Closing | White Pigeon And West Monroe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit Activities(a) | 2.3 | |||||
Accelerated depreciation related to plant closure | 16.6 | |||||
Facility Closing | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accelerated depreciation related to plant closure | 50 | |||||
Facility Closing | Minimum | Burlington North Carolina Facility | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accelerated depreciation related to plant closure | $ 3.6 | |||||
Facility Closing | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accelerated depreciation related to plant closure | $ 60 | |||||
Forecast | Construction in Progress | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Investment in new CRB Mill | $ 600 | |||||
Expected start-up costs for new CRB facility | $ 15 | |||||
Forecast | Facility Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of mills expected to close | mill | 2 |
Exit Activities - Restructuring
Exit Activities - Restructuring and Related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 50.6 | $ 14.9 |
Special Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory and asset write-offs | 14.2 | 2.5 |
Special Charges | One-time Termination Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs and other (a) | 10.4 | 7.7 |
Cost of Sales | Facility Closing | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | $ 26 | $ 4.7 |
Exit Activities - Roll Forward
Exit Activities - Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 7.1 | $ 0 |
Costs incurred | 11.2 | 7.7 |
Payments | (5.9) | (0.6) |
Adjustment | (0.8) | |
Ending balance | $ 11.6 | $ 7.1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 14, 2021 | Dec. 31, 2020 | Oct. 15, 2020 |
Farm Credit System Term Loan | Secured Debt | Graphic Packaging International, LLC | |||
Subsequent Event [Line Items] | |||
Stated interest rate | 2.67% | ||
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.75%, payable in 2021 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Stated interest rate | 4.75% | ||
Subsequent Event | Farm Credit System Term Loan | Secured Debt | Graphic Packaging International, LLC | |||
Subsequent Event [Line Items] | |||
Proceeds from Issuance of Long-term Debt | $ 425,000,000 |