Segments of Business

3 Months Ended

Mar. 31, 2017

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. Intersegment sales (which are not significant) 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 restructuring and acquisition-related costs, general corporate expense, interest expense, other non-operating income, and income taxes.

Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 10 percent of the Company's sales for all periods presented. The Company sells to Kraft Heinz primarily through its 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)	2017			2016
Sales including intersegment sales:
U.S. Packaging	$	654.9		$	666.7
Global Packaging	350.5			313.5
Intersegment sales:
U.S. Packaging	(6.0		)	(6.2		)
Global Packaging	(4.0		)	(6.1		)
Total net sales	$	995.4		$	967.9
Segment operating profit
U.S. Packaging	$	83.5		$	101.7
Global Packaging	27.2			16.3
Restructuring and acquisition-related costs	4.4			0.8
General corporate expenses	16.9			17.8
Operating income	89.4			99.4
Interest expense	16.0			15.4
Other non-operating (income) expense	(0.9		)	0.1
Income before income taxes	$	74.3		$	83.9