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Segments of Business
 6 Months Ended
Jun. 30, 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 June 30,
 
Six Months Ended June 30,
Business Segments (in millions)
 
2017
 
2016
 
2017
 
2016
Sales including intersegment sales:
 
 
 
 

 
 
 
 
U.S. Packaging
 
$
672.7

 
$
678.0

 
$
1,327.6

 
$
1,344.7

Global Packaging
 
355.6

 
355.4

 
706.1

 
668.9

 
 
 
 
 
 
 
 
 
Intersegment sales:
 
 
 
 
 
 
 
 
U.S. Packaging
 
(11.2
)
 
(7.0
)
 
(17.2
)
 
(13.2
)
Global Packaging
 
(5.0
)
 
(5.1
)
 
(9.0
)
 
(11.2
)
Total net sales
 
$
1,012.1

 
$
1,021.3

 
$
2,007.5

 
$
1,989.2

 
 
 
 
 
 
 
 
 
Segment operating profit
 
 
 
 
 
 
 
 
U.S. Packaging
 
$
80.1

 
$
103.5

 
$
163.6

 
$
205.2

Global Packaging
 
17.7

 
28.1

 
44.9

 
44.4

 
 
 
 
 
 
 
 
 
Restructuring and acquisition-related costs
 
23.8

 
19.6

 
28.2

 
20.4

General corporate expenses
 
17.5

 
23.0

 
34.4

 
40.8

 
 
 
 
 
 
 
 
 
Operating income
 
56.5

 
89.0

 
145.9

 
188.4

 
 
 
 
 
 
 
 
 
Interest expense
 
16.0

 
14.0

 
32.0

 
29.4

Other non-operating (income) expense
 
(0.6
)
 
(0.6
)
 
(1.5
)
 
(0.5
)
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
41.1

 
$
75.6

 
$
115.4

 
$
159.5