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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment

Selected financial information by reportable segment was as follows (dollars in millions):

 

 

 

Sales, net

 

 

 

 

 

Three Months Ended September 30, 2022

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

1,935.1

 

 

$

5.1

 

 

$

1,940.2

 

 

$

359.2

 

(a)

Paper

 

 

165.3

 

 

 

—

 

 

 

165.3

 

 

 

26.1

 

(a)

Corporate and Other

 

 

25.5

 

 

 

37.8

 

 

 

63.3

 

 

 

(25.0

)

 

Intersegment eliminations

 

 

—

 

 

 

(42.9

)

 

 

(42.9

)

 

 

—

 

 

 

 

$

2,125.9

 

 

$

—

 

 

$

2,125.9

 

 

 

360.3

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

3.6

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(16.5

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

347.4

 

 

 

 

 

 

Sales, net

 

 

 

 

 

Three Months Ended September 30, 2021

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

1,825.0

 

 

$

4.4

 

 

$

1,829.4

 

 

$

365.2

 

(b)

Paper

 

 

150.3

 

 

 

—

 

 

 

150.3

 

 

 

11.0

 

(b)

Corporate and Other

 

 

24.8

 

 

 

36.5

 

 

 

61.3

 

 

 

(23.4

)

(b)

Intersegment eliminations

 

 

—

 

 

 

(40.9

)

 

 

(40.9

)

 

 

—

 

 

 

 

$

2,000.1

 

 

$

—

 

 

$

2,000.1

 

 

 

352.8

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

5.0

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(23.9

)

(b)

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

333.9

 

 

 

 

 

Sales, net

 

 

 

 

 

Nine Months Ended September 30, 2022

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

5,956.8

 

 

$

14.8

 

 

$

5,971.6

 

 

$

1,141.3

 

(a)

Paper

 

 

468.6

 

 

 

—

 

 

 

468.6

 

 

 

71.2

 

(a)

Corporate and Other

 

 

74.2

 

 

 

110.6

 

 

 

184.8

 

 

 

(79.8

)

 

Intersegment eliminations

 

 

—

 

 

 

(125.4

)

 

 

(125.4

)

 

 

—

 

 

 

 

$

6,499.6

 

 

$

—

 

 

$

6,499.6

 

 

 

1,132.7

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

10.9

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(55.3

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

1,088.3

 

 

 

 

 

Sales, net

 

 

 

 

 

Nine Months Ended September 30, 2021

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

5,159.3

 

 

$

12.1

 

 

$

5,171.4

 

 

$

940.3

 

(b)

Paper

 

 

457.0

 

 

 

0.1

 

 

 

457.1

 

 

 

22.3

 

(b)

Corporate and Other

 

 

70.8

 

 

 

101.0

 

 

 

171.8

 

 

 

(76.9

)

(b)

Intersegment eliminations

 

 

—

 

 

 

(113.2

)

 

 

(113.2

)

 

 

—

 

 

 

 

$

5,687.1

 

 

$

—

 

 

$

5,687.1

 

 

 

885.7

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

14.8

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(72.2

)

(b)

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

828.3

 

 

 

(a)

The three and nine months ended September 30, 2022 include the following:

 

1.

$3.9 million and $9.4 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

 

2.

$0.2 million of charges and $0.2 million of income, respectively, consisting of closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition, partially offset by a gain on sale of assets related to a corrugated products facility. For the nine months ended September 30, 2022, these costs were offset by insurance proceeds received for a natural disaster at one of the corrugated products facilities and a favorable lease buyout for a closed corrugated products facility.

 

 

 

(b)

The three and nine months ended September 30, 2021 include the following:

 

1.

$4.5 million and $9.4 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill in the first quarter of 2021 associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

 

2.

$2.7 million and $0.1 million, respectively, of charges consisting of closure costs related to corrugated products facilities. For the nine months ended September 30, 2021, these costs are partially offset by income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets, and insurance proceeds received for a natural disaster at one of the corrugated products facilities.

 

3.

$0.5 million of costs related to the Company's September 2021 debt refinancing.