Segments of Business

12 Months Ended

Dec. 31, 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.

Products produced within the U.S. and Global Packaging business segments service packaging applications for markets such as food, medical devices, personal care, agribusiness, chemicals, pet food, and consumer products.

A summary of the Company’s business activities reported by its two business segments follows:

Business Segments (in millions)	2014			2013			2012
Sales including intersegment sales:
U.S. Packaging	$	2,889.5		$	3,013.1		$	3,062.6
Global Packaging	1,507.6			1,518.8			1,561.3
Intersegment sales:
U.S. Packaging	(28.8		)	(28.5		)	(22.5		)
Global Packaging	(24.8		)	(26.8		)	(17.8		)
Total net sales	$	4,343.5		$	4,476.6		$	4,583.6
U.S. Packaging
Operating profit before facility consolidation and other costs (a)	$	375.8		$	382.9		$	408.8
Facility consolidation and other costs	—			(45.0		)	(42.1		)
Operating profit	375.8			337.9			366.7
Global Packaging
Operating profit before facility consolidation and other costs (a)	113.3			106.8			86.5
Facility consolidation and other costs	—			(0.4		)	(26.6		)
Operating profit	113.3			106.4			59.9
Corporate
General corporate expenses	(81.4		)	(94.1		)	(118.3		)
Operating income	407.7			350.2			308.3
Interest expense	60.8			68.2			70.9
Other non-operating income	(16.8		)	(7.7		)	(3.8		)
Income from continuing operations before income taxes	$	363.7		$	289.7		$	241.2

(a) Fiscal 2012 operating profit before facility consolidation and other costs includes adjustments associated with the alignment of certain accounting practices. The benefit (detriment) for U.S. Packaging and Global Packaging for the twelve months ended December 31, 2012 was $13.8 million and $(16.4) million, respectively. These adjustments did not have a material impact on the Company's previously issued consolidated financial statements.

Business Segments (in millions)	2014		2013		2012
Total assets(1):
U.S. Packaging	$	1,977.9	$	2,004.5	$	2,095.7
Global Packaging	1,345.3		1,413.3		1,335.0
Corporate assets (2)	291.9		380.8		442.7
Discontinued operations	—		311.6		312.3
Total	$	3,615.1	$	4,110.2	$	4,185.7
Depreciation and amortization:
U.S. Packaging	$	96.3	$	102.4	$	114.6
Global Packaging	62.1		63.6		67.3
Corporate	11.7		11.5		9.8
Total continuing operations	170.1		177.5		191.7
Discontinued operations	10.5		12.8		12.6
Total	$	180.6	$	190.3	$	204.3
Additions to property and equipment:
U.S. Packaging	$	105.5	$	80.8	$	65.1
Global Packaging	51.0		42.3		47.2
Corporate	23.8		9.2		7.4
Total continuing operations	180.3		132.3		119.7
Discontinued operations	4.9		7.5		16.7
Total	$	185.2	$	139.8	$	136.4

Operations by geographic area (in millions)	2014		2013		2012
Net sales: (3)
United States	$	3,040.8	$	3,143.2	$	3,142.3
Brazil	581.5		629.6		712.5
Other Americas	273.2		299.8		361.7
Europe	258.8		245.4		245.0
Asia-Pacific	189.2		158.6		122.1
Total	$	4,343.5	$	4,476.6	$	4,583.6
Long-lived assets: (4)
United States	$	836.1	$	906.2	$	938.3
Brazil	159.0		179.9		217.0
Other Americas	55.7		64.3		77.3
Europe	68.1		126.4		135.3
Asia-Pacific	72.4		74.3		54.1
Total	$	1,191.3	$	1,351.1	$	1,422.0

(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. The Company utilizes a global cash pooling arrangement. Beginning in 2014, the Company treated all cash and cash equivalents, including the net cash position in the cash pooling arrangement, as Corporate assets. Prior periods have been recast on a consistent basis.

(3) Net sales are attributed to geographic areas based on location of the Company’s manufacturing or selling operation.

(4) Long-lived assets include net property and equipment, long-term receivables, deferred charges, and investment in affiliates.