Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Financial Information

SEGMENT FINANCIAL INFORMATION
	Three Months Ended				Six Months Ended
	June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
Net sales:
Consumer Packaging	$	927,729	$	971,320	$	1,838,306	$	1,929,328
Industrial Paper Packaging	600,770		585,143		1,193,830		1,200,998
Total reportable segments	1,528,499		1,556,463		3,032,136		3,130,326
All Other	94,980		148,827		228,886		304,747
Net Sales	$	1,623,479	$	1,705,290	$	3,261,022	$	3,435,073
Intersegment sales(1):
Consumer Packaging	$	4,529	$	2,364	$	8,074	$	4,371
Industrial Paper Packaging	26,887		35,411		55,304		74,131
Total reportable segments	31,416		37,775		63,378		78,502
All Other	1,859		1,845		3,650		4,634
Intersegment Sales	$	33,275	$	39,620	$	67,028	$	83,136
Segment operating profit(2):
Consumer Packaging	$	112,142	$	101,115	$	205,169	$	197,608
Industrial Paper Packaging	66,958		87,040		132,802		181,407
Segment operating profit	$	179,100	$	188,155	$	337,971	$	379,015

(1) Intersegment sales are recorded at a market-related transfer price.

(2) Segment operating profit viewed by the Company’s management to evaluate segment performance does not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in last-in, first-out inventory reserves; gains/losses from the sale of businesses or other assets; derivative gains/losses; or certain other items, if any, the exclusion of which the Company’s management believes improves the comparability and analysis of the ongoing operating performance of the business. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses.

RECONCILIATION OF SEGMENT OPERATING PROFIT TO INCOME BEFORE INCOME TAXES
	Three Months Ended				Six Months Ended
	June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
Segment operating profit	$	179,100	$	188,155	$	337,971	$	379,015
All Other operating profit	13,865		22,785		30,990		45,345
Corporate
Restructuring/Asset impairment charges	(19,250)		(6,057)		(50,868)		(34,871)
Amortization of acquisition intangibles	(22,511)		(20,539)		(45,450)		(41,703)
Gains from divestiture of business and other assets	4,478		7,371		4,478		79,381
Acquisition, integration and divestiture-related costs	(22,269)		(4,532)		(27,930)		(9,720)
Changes in LIFO inventory reserves	1,418		1,575		987		7,000
Derivative gains/(losses)	3,485		4,288		3,771		(1,796)
Other operating income/(charges), net(3)	2,056		(5,187)		(1,124)		(5,144)
Operating profit	140,372		187,859		252,825		417,507
Other income, net	5,867		—		5,867		—
Non-operating pension costs	(4,170)		(3,342)		(7,465)		(7,000)
Interest expense	(29,640)		(34,284)		(60,860)		(68,516)
Interest income	3,555		1,944		7,113		3,506
Income before income taxes	$	115,984	$	152,177	$	197,480	$	345,497

(3) Primarily consists of insurance gains offset by consulting fees in 2024 and losses related to highly inflationary accounting in Turkey and consulting fees, partially offset by insurance gains, in 2023.