SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company has three reportable segments as follows:

Paperboard Mills includes the seven North American paperboard mills that produce primarily CRB, CUK, and SBS, which is consumed internally to produce paperboard consumer packaging for the Americas and Europe Packaging segments. Paperboard not consumed internally is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represent the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments.

Americas Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to consumer packaged goods ("CPG") companies, and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants ("QSR"), serving the food, beverage, and consumer product markets in the Americas.

Europe Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to CPG companies serving the food, beverage and consumer product markets including healthcare and beauty primarily in Europe.

The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs.

These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in "Note 1 - General Information."

Segment information is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
In millions	2023		2022		2023		2022
NET SALES:
Paperboard Mills	$	236	$	345	$	804	$	933
Americas Paperboard Packaging	1,569		1,577		4,684		4,533
Europe Paperboard Packaging	498		488		1,553		1,467
Corporate/Other/Eliminations(a)	46		41		138		121
Total	$	2,349	$	2,451	$	7,179	$	7,054
INCOME (LOSS) FROM OPERATIONS:
Paperboard Mills(b)(c)	$	(36)	$	12	$	(42)	$	17
Americas Paperboard Packaging(b)(c)	286		229		829		589
Europe Paperboard Packaging(d)	38		40		85		31
Corporate and Other(c)	(1)		12		12		1
Total	$	287	$	293	$	884	$	638
DEPRECIATION AND AMORTIZATION:
Paperboard Mills(b)	$	74	$	60	$	221	$	183
Americas Paperboard Packaging(b)	50		43		139		129
Europe Paperboard Packaging	27		27		81		84
Corporate and Other	10		7		24		19
Total	$	161	$	137	$	465	$	415

(a) Includes revenue from customers for the Australia and Pacific Rim operating segments.

(b) Includes accelerated depreciation related to exit activities in 2023 and 2022 (see "Note 13 - Exit Activities").

(c) Includes expenses related to business combinations, shutdown and other special charges, and exit activities (see "Note 1 - General Information").

(d) Includes impairment charges related to Russia (see "Note 14 - Impairment and Divestiture of Russian Business").