XML 56 R44.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Sales to External Customers by Product Line

Segment sales to external customers by product line were as follows (dollars in millions):

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Packaging

 

$

7,135.6

 

 

$

7,780.7

 

 

$

7,052.6

 

Paper

 

 

595.4

 

 

 

622.1

 

 

 

599.7

 

Corporate and Other

 

 

71.4

 

 

 

75.2

 

 

 

78.0

 

 

 

$

7,802.4

 

 

$

8,478.0

 

 

$

7,730.3

 

 
Analysis of Operations by Reportable Segment

An analysis of operations by reportable segment is as follows (dollars in millions):

 

 

Sales, net

 

 

Operating

 

 

Depreciation,

 

 

 

 

 

 

 

Year Ended
December 31, 2023

 

Trade

 

 

Inter-
segment

 

 

Total

 

 

Income
(Loss)

 

 

Amortization,
and Depletion

 

 

Capital
Expenditures (i)

 

 

Assets

 

Packaging

 

$

7,116.7

 

 

$

18.9

 

 

$

7,135.6

 

 

$

1,074.3

 

(a)

$

472.5

 

 

$

426.8

 

 

$

6,903.7

 

Paper

 

 

595.4

 

 

 

—

 

 

 

595.4

 

 

 

118.9

 

(b)

 

29.6

 

 

 

9.7

 

 

 

384.4

 

Corporate and Other

 

 

90.3

 

 

 

157.6

 

 

 

247.9

 

 

 

(118.1

)

 

 

15.6

 

 

 

33.2

 

 

 

1,393.0

 

Intersegment eliminations

 

 

—

 

 

 

(176.5

)

 

 

(176.5

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

7,802.4

 

 

$

—

 

 

$

7,802.4

 

 

 

1,075.1

 

 

$

517.7

 

 

$

469.7

 

 

$

8,681.1

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

(7.7

)

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(53.3

)

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

1,014.1

 

 

 

 

 

 

 

 

 

 

 

 

Sales, net

 

 

Operating

 

 

Depreciation,

 

 

 

 

 

 

 

Year Ended
December 31, 2022

 

Trade

 

 

Inter-
segment

 

 

Total

 

 

Income
(Loss)

 

 

Amortization,
and Depletion

 

 

Capital
Expenditures (i)

 

 

Assets

 

Packaging

 

$

7,760.7

 

 

$

20.0

 

 

$

7,780.7

 

 

$

1,423.7

 

(c)

$

420.2

 

 

$

753.5

 

 

$

6,986.5

 

Paper

 

 

622.1

 

 

 

—

 

 

 

622.1

 

 

 

103.0

 

(d)

 

26.1

 

 

 

14.1

 

 

 

403.1

 

Corporate and Other

 

 

95.2

 

 

 

148.2

 

 

 

243.4

 

 

 

(106.0

)

 

 

10.5

 

 

 

56.6

 

 

 

614.2

 

Intersegment eliminations

 

 

—

 

 

 

(168.2

)

 

 

(168.2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

8,478.0

 

 

$

—

 

 

$

8,478.0

 

 

 

1,420.7

 

 

$

456.8

 

 

$

824.2

 

 

$

8,003.8

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

14.5

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(70.4

)

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

1,364.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales, net

 

 

Operating

 

 

Depreciation,

 

 

 

 

 

 

 

Year Ended
December 31, 2021

 

Trade

 

 

Inter-
segment

 

 

Total

 

 

Income
(Loss)

 

 

Amortization,
and Depletion

 

 

Capital
Expenditures (i)

 

 

Assets

 

Packaging

 

$

7,036.2

 

 

$

16.4

 

 

$

7,052.6

 

 

$

1,306.0

 

(e)

$

381.0

 

 

$

562.5

 

 

$

6,603.3

 

Paper

 

 

599.6

 

 

 

0.1

 

 

 

599.7

 

 

 

39.1

 

(f)

 

27.4

 

 

 

30.1

 

 

 

398.9

 

Corporate and Other

 

 

94.5

 

 

 

135.9

 

 

 

230.4

 

 

 

(103.7

)

(g)

 

9.1

 

 

 

12.5

 

 

 

834.6

 

Intersegment eliminations

 

 

—

 

 

 

(152.4

)

 

 

(152.4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

7,730.3

 

 

$

—

 

 

$

7,730.3

 

 

 

1,241.4

 

 

$

417.5

 

 

$

605.1

 

 

$

7,836.8

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

19.7

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(152.4

)

(h)

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

1,108.7

 

 

 

 

 

 

 

 

 

 

 

(a)
Includes $14.4 million of charges related to the closure of corrugated products facilities and design centers, partially offset by a gain on sale of a corrugated products facility.
(b)
Includes $11.1 million 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.
(c)
Includes the following:
•
$5.3 million 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.
•
$0.7 million of charges consisting of closure costs partially offset by insurance proceeds received for a natural disaster at one of the corrugated products facilities, a gain on sale of assets related to a corrugated products facility, and a favorable lease buyout for a closed corrugated products facility.
•
$1.0 million of income from a favorable inventory adjustment related to the December 2021 Advance Packaging Corporation acquisition, partially offset by acquisition and integration related costs.
(d)
Includes $8.8 million 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.
(e)
Includes the following:
•
$4.3 million 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.
•
$2.8 million of 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 corrugated products facilities, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities.
•
$0.4 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.
(f)
Includes $9.3 million 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.
(g)
Includes the following:
•
$0.8 million of income related to a gain on sale of transportation assets.
•
$0.5 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.
•
$0.4 million of charges related to the announced discontinuation 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.
(h)
Includes $58.9 million of costs related to the Company's debt refinancing completed in October 2021, which included a redemption premium and the write-off of the remaining balance of unamortized debt issuance costs.
(i)
Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.