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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Segment

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

 

 

 

Sales, net

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

1,340.6

 

 

$

6.0

 

 

$

1,346.6

 

 

$

261.5

 

(a)

Paper

 

 

271.4

 

 

 

—

 

 

 

271.4

 

 

 

(0.7

)

(a)

Corporate and Other

 

 

28.1

 

 

 

33.0

 

 

 

61.1

 

 

 

(18.5

)

 

Intersegment eliminations

 

 

—

 

 

 

(39.0

)

 

 

(39.0

)

 

 

—

 

 

 

 

$

1,640.1

 

 

 

—

 

 

$

1,640.1

 

 

 

242.3

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25.4

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

216.9

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Three Months Ended September 30, 2016

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating

Income (Loss)

 

 

Packaging

 

$

1,165.0

 

 

$

2.1

 

 

$

1,167.1

 

 

$

179.6

 

(c)

Paper

 

 

292.8

 

 

 

—

 

 

 

292.8

 

 

 

44.5

 

(c)

Corporate and Other

 

 

26.2

 

 

 

36.7

 

 

 

62.9

 

 

 

(17.7

)

 

Intersegment eliminations

 

 

—

 

 

 

(38.8

)

 

 

(38.8

)

 

 

—

 

 

 

 

$

1,484.0

 

 

$

—

 

 

$

1,484.0

 

 

 

206.4

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23.4

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

183.0

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Nine Months Ended September 30, 2017

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

3,897.4

 

 

$

17.6

 

 

$

3,915.0

 

 

$

676.8

 

(a)(b)

Paper

 

 

784.3

 

 

 

—

 

 

 

784.3

 

 

 

58.1

 

(a)

Corporate and Other

 

 

78.9

 

 

 

92.3

 

 

 

171.2

 

 

 

(55.7

)

(a)(b)

Intersegment eliminations

 

 

—

 

 

 

(109.9

)

 

 

(109.9

)

 

 

—

 

 

 

 

$

4,760.6

 

 

 

—

 

 

$

4,760.6

 

 

 

679.2

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(74.6

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

604.6

 

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Nine Months Ended September 30, 2016

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

3,382.4

 

 

$

5.5

 

 

$

3,387.9

 

 

$

533.5

 

(c)

Paper

 

 

840.1

 

 

 

—

 

 

 

840.1

 

 

 

105.0

 

(c)

Corporate and Other

 

 

79.9

 

 

 

105.7

 

 

 

185.6

 

 

 

(51.1

)

(c)

Intersegment eliminations

 

 

—

 

 

 

(111.2

)

 

 

(111.2

)

 

 

—

 

 

 

 

$

4,302.4

 

 

$

—

 

 

$

4,302.4

 

 

 

587.4

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67.5

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

519.9

 

 

 

 

 

(a)

        The three and nine months ended September 30, 2017 include:

 

 

1.  $0.9 million and $1.9 million, respectively, of charges consisting of closure costs related to corrugated products facilities, a paper administration facility, and a lump sum settlement of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities.

 

2.  $0.5 million and $0.8 million, respectively, of charges related to the Sacramento Container Corporation acquisition and integration costs related to other recent acquisitions.

 

3.  $25.3 million of charges related to the announced second quarter 2018 discontinuation of uncoated free sheet and coated one-side grades at the Wallula, Washington mill associated with the conversion of the No. 3 paper machine to a high-performance 100% virgin kraft linerboard machine.

 

 

(b)

       The nine months ended September 30, 2017 include the following:

 

1.

$5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the February 2017 explosion at our DeRidder, LA mill.

 

2.

$2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico.

 

(c)

The three and nine months ended September 30, 2016 include:

 

1.

$2.0 million and $7.4 million, respectively, of charges consisting of closure costs related to corrugated products facilities and a paper products facility and costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities.

 

2.

$2.9 million and $3.2 million, respectively, of charges related to the acquisition and integration of TimBar Corporation.