Segments of Business

9 Months Ended

Sep. 30, 2015

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)	2015			2014			2015			2014
Sales including intersegment sales:
U.S. Packaging	$	696.7		$	725.0		$	2,111.8		$	2,203.0
Global Packaging	332.6			388.2			1,014.4			1,129.3
Intersegment sales:
U.S. Packaging	(6.5		)	(8.3		)	(19.9		)	(22.3		)
Global Packaging	(4.5		)	(6.7		)	(17.6		)	(19.2		)
Total net sales	$	1,018.3		$	1,098.2		$	3,088.7		$	3,290.8
U.S. Packaging operating profit	$	100.0		$	95.3		$	298.3		$	288.1
Global Packaging:
Operating profit before restructuring and acquisition-related costs	31.8			32.9			88.4			83.6
Restructuring and acquisition-related costs	(1.9		)	—			(7.2		)	—
Operating profit	29.9			32.9			81.2			83.6
General corporate expenses	(24.1		)	(20.9		)	(67.1		)	(62.5		)
Operating income	105.8			107.3			312.4			309.2
Interest expense	12.6			14.0			38.5			47.9
Other non-operating income	(0.8		)	(1.2		)	(4.8		)	(15.6		)
Income from continuing operations before income taxes	$	94.0		$	94.5		$	278.7		$	276.9