Segments of Business

3 Months Ended

Mar. 31, 2016

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 expense (income), and income taxes.

Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately twelve percent of the Company's sales in the first quarter of 2016. The Company primarily sells to Kraft Heinz in the U.S. Packaging segment.

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

	Three Months Ended March 31,
Business Segments (in millions)	2016			2015
Sales including intersegment sales:
U.S. Packaging	$	666.7		$	713.9
Global Packaging	313.5			340.6
Intersegment sales:
U.S. Packaging	(6.2		)	(6.9		)
Global Packaging	(6.1		)	(7.5		)
Total net sales	$	967.9		$	1,040.1
U.S. Packaging operating profit	$	101.7		$	95.4
Global Packaging:
Operating profit before restructuring and acquisition-related costs	16.3			29.3
Restructuring and acquisition-related costs	(0.6		)	(5.0		)
Operating profit	15.7			24.3
General corporate expenses	(18.0		)	(22.3		)
Operating income	99.4			97.4
Interest expense	15.4			13.1
Other non-operating expense (income)	0.1			(1.8		)
Income from continuing operations before income taxes	$	83.9		$	86.1