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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2019
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 June 30, 2019

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income

(Loss)

 

 

Packaging

 

$

1,497.8

 

 

$

6.8

 

 

$

1,504.6

 

 

$

263.9

 

 

Paper

 

 

237.8

 

 

 

—

 

 

 

237.8

 

 

 

38.8

 

 

Corporate and other

 

 

24.3

 

 

 

31.5

 

 

 

55.8

 

 

 

(22.3

)

 

Intersegment eliminations

 

 

—

 

 

 

(38.3

)

 

 

(38.3

)

 

 

—

 

 

 

 

$

1,759.9

 

 

$

—

 

 

$

1,759.9

 

 

 

280.4

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.0

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22.4

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

256.0

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income

(Loss)

 

 

Packaging

 

$

1,489.6

 

 

$

6.6

 

 

$

1,496.2

 

 

$

273.2

 

(b)

Paper

 

 

250.8

 

 

 

—

 

 

 

250.8

 

 

 

16.2

 

(b)

Corporate and Other

 

 

27.1

 

 

 

33.5

 

 

 

60.6

 

 

 

(19.8

)

(b)

Intersegment eliminations

 

 

—

 

 

 

(40.1

)

 

 

(40.1

)

 

 

—

 

 

 

 

$

1,767.5

 

 

$

—

 

 

$

1,767.5

 

 

 

269.6

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.5

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23.8

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

245.3

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income

(Loss)

 

 

Packaging

 

$

2,968.6

 

 

$

13.6

 

 

$

2,982.2

 

 

$

513.4

 

(a)

Paper

 

 

477.5

 

 

 

—

 

 

 

477.5

 

 

 

84.4

 

(a)

Corporate and Other

 

 

47.5

 

 

 

65.0

 

 

 

112.5

 

 

 

(42.0

)

 

Intersegment eliminations

 

 

—

 

 

 

(78.6

)

 

 

(78.6

)

 

 

—

 

 

 

 

$

3,493.6

 

 

$

—

 

 

$

3,493.6

 

 

 

555.8

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4.1

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46.4

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

505.3

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income

(Loss)

 

 

Packaging

 

$

2,886.3

 

 

$

12.8

 

 

$

2,899.1

 

 

$

497.9

 

(b)

Paper

 

 

520.2

 

 

 

—

 

 

 

520.2

 

 

 

23.5

 

(b)

Corporate and Other

 

 

51.6

 

 

 

62.6

 

 

 

114.2

 

 

 

(38.9

)

(b)

Intersegment eliminations

 

 

—

 

 

 

(75.4

)

 

 

(75.4

)

 

 

—

 

 

 

 

$

3,458.1

 

 

$

—

 

 

$

3,458.1

 

 

 

482.5

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.1

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49.6

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

431.8

 

 

 

(a)

The six months ended June 30, 2019 include $0.6 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)

Includes the following:

 

1.

For the three and six months ended June 30, 2018, $13.6 million and $22.4 million, respectively, of charges related to the 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.

 

 

2.

For the three and six months ended June 30, 2018, $0.2 million and $0.5 million, respectively, of charges consisting of closure costs related to corrugated products facilities and a corporate administration facility.