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Segments of Business
 9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
Segments of Business
Segments of Business
 
The Company's business activities are organized around and aggregated into its two principal business segments, U.S. Packaging and Global Packaging, based on their similar economic characteristics, products, production process, types of customers, and distribution methods. Both internal and external reporting conforms to this organizational structure, with no significant differences in accounting policies applied. Minor intersegment sales are generally priced to reflect nominal markups. The Company evaluates the performance of its segments and allocates resources to them based primarily on operating profit, which is defined as profit before general corporate expense, interest expense, other non-operating income, and income taxes.
 
A summary of the Company’s business activities reported by its two business segments follows:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Business Segments (in millions)
 
2014
 
2013
 
2014
 
2013
Sales including intersegment sales:
 
 
 
 

 
 
 
 
U.S. Packaging
 
$
725.0

 
$
756.9

 
$
2,203.0

 
$
2,298.7

Global Packaging
 
388.2

 
378.0

 
1,129.3

 
1,134.6

 
 
 
 
 
 
 
 
 
Intersegment sales:
 
 
 
 
 
 
 
 
U.S. Packaging
 
(8.3
)
 
(6.2
)
 
(22.3
)
 
(21.1
)
Global Packaging
 
(6.7
)
 
(7.2
)
 
(19.2
)
 
(20.9
)
Total net sales
 
$
1,098.2

 
$
1,121.5

 
$
3,290.8

 
$
3,391.3

 
 
 
 
 
 
 
 
 
U.S. Packaging
 
 
 
 

 
 
 
 
Operating profit before facility consolidation and other costs
 
$
95.3

 
$
97.6

 
$
288.1

 
$
294.5

Facility consolidation and other costs
 
—

 
(15.8
)
 
—

 
(46.4
)
Operating profit
 
95.3

 
81.8

 
288.1

 
248.1

 
 
 
 
 
 
 
 
 
Global Packaging
 
 
 
 
 
 
 
 
Operating profit before facility consolidation and other costs
 
32.9

 
28.3

 
83.6

 
81.2

Facility consolidation and other costs
 
—

 
—

 
—

 
0.4

Operating profit
 
32.9

 
28.3

 
83.6

 
81.6

 
 
 
 
 
 
 
 
 
Corporate
 
 
 
 
 
 
 
 
General corporate expenses
 
(20.9
)
 
(22.5
)
 
(62.5
)
 
(73.7
)
 
 
 
 
 
 
 
 
 
Operating income
 
107.3

 
87.6

 
309.2

 
256.0

 
 
 
 
 
 
 
 
 
Interest expense
 
14.0

 
17.0

 
47.9

 
50.6

Other non-operating income
 
(1.2
)
 
(3.4
)
 
(15.6
)
 
(6.3
)
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
94.5

 
$
74.0

 
$
276.9

 
$
211.7


Business Segments (in millions)
 
September 30, 2014
 
December 31, 2013
Total assets:
 
 

 
 

U.S. Packaging
 
$
1,997.6

 
$
2,016.8

Global Packaging
 
1,450.8

 
1,463.5

Pressure Sensitive Materials
 
—

 
319.8

Total identifiable assets (1)
 
3,448.4

 
3,800.1

Assets held for sale
 
249.8

 
—

Corporate assets (2)
 
322.6

 
310.1

Total
 
$
4,020.8

 
$
4,110.2


(1)    Total assets by business segment include only those assets that are specifically identified with each segment’s operations.
(2)  Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property.