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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2021
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, 2021 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 1,714.5 |  |  | $ | 4.0 |  |  | $ | 1,718.5 |  |  | $ | 317.2 |  | (a)
Paper |  |  | 142.3 |  |  |  | — |  |  |  | 142.3 |  |  |  | 2.6 |  | (a)
Corporate and Other |  |  | 23.1 |  |  |  | 32.0 |  |  |  | 55.1 |  |  |  | (25.2 | ) | (a)
Intersegment eliminations |  |  | — |  |  |  | (36.0 | ) |  |  | (36.0 | ) |  |  | — |  |
|  | $ | 1,879.9 |  |  | $ | — |  |  | $ | 1,879.9 |  |  |  | 294.6 |  |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 5.0 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (24.9 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 274.7 |  |
|  | Sales, net |  |  |  |  |
Three Months Ended June 30, 2020 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 1,401.8 |  |  | $ | 8.1 |  |  | $ | 1,409.9 |  |  | $ | 197.6 |  | (b)
Paper |  |  | 123.3 |  |  |  | — |  |  |  | 123.3 |  |  |  | (61.4 | ) | (b)(c)
Corporate and Other |  |  | 16.5 |  |  |  | 34.0 |  |  |  | 50.5 |  |  |  | (20.1 | ) |
Intersegment eliminations |  |  | — |  |  |  | (42.1 | ) |  |  | (42.1 | ) |  |  | — |  |
|  | $ | 1,541.6 |  |  | $ | — |  |  | $ | 1,541.6 |  |  |  | 116.1 |  |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 0.6 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (25.1 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 91.6 |  |
|  | Sales, net |  |  |  |  |
Six Months Ended June 30, 2021 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 3,334.3 |  |  | $ | 7.8 |  |  | $ | 3,342.1 |  |  | $ | 575.1 |  | (a)
Paper |  |  | 306.7 |  |  |  | 0.1 |  |  |  | 306.8 |  |  |  | 11.3 |  | (a)
Corporate and Other |  |  | 46.0 |  |  |  | 64.5 |  |  |  | 110.5 |  |  |  | (53.5 | ) | (a)
Intersegment eliminations |  |  | — |  |  |  | (72.4 | ) |  |  | (72.4 | ) |  |  | — |  |
|  | $ | 3,687.0 |  |  | $ | — |  |  | $ | 3,687.0 |  |  |  | 532.9 |  |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 9.8 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (48.4 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 494.3 |  |
|  | Sales, net |  |  |  |  |
Six Months Ended June 30, 2020 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 2,867.2 |  |  | $ | 10.2 |  |  | $ | 2,877.4 |  |  | $ | 397.5 |  | (b)
Paper |  |  | 340.7 |  |  |  | — |  |  |  | 340.7 |  |  |  | (29.0 | ) | (b)(c)
Corporate and Other |  |  | 42.4 |  |  |  | 68.3 |  |  |  | 110.7 |  |  |  | (43.3 | ) |
Intersegment eliminations |  |  | — |  |  |  | (78.5 | ) |  |  | (78.5 | ) |  |  | — |  |
|  | $ | 3,250.3 |  |  | $ | — |  |  | $ | 3,250.3 |  |  |  | 325.2 |  |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (44.6 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 281.7 |  |
(a) | The three and six months ended June 30, 2021 include the following:
| 1. | $4.7 million and $2.6 million, respectively, 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 transportation assets, 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.
| 2. | $3.8 million and $4.9 million, respectively, of charges related to the announced discontinuation of production of uncoated freesheet 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.
(b) | The three and six months ended June 30, 2020 include the following:
| 1. | $20.4 million and $20.8 million of charges, respectively, consisting of closure costs related to corrugated products facilities, substantially all of which relates to the closure of the San Lorenzo, California facility during the second quarter of 2020, partially offset by income related to the sale of a corrugated products facility.
| 2. | $6.1 million and $6.9 million, respectively, of incremental, out-of-pocket costs related to COVID-19, including supplies, cleaning and sick pay. Beginning in July 2020, all corresponding COVID-19 related expenses were included in normalized costs.
(c) | During the second quarter of 2020, with the exacerbated deterioration in uncoated freesheet market conditions and the estimated impact on our Paper reporting unit arising from the COVID-19 pandemic, as well as projected future results of operations, we identified a triggering event indicating possible impairment of goodwill within our Paper reporting unit. The Company performed an interim quantitative impairment analysis as of May 31, 2020, and, based on the evaluation performed, we determined that goodwill was fully impaired for the Paper reporting unit and recognized a non-cash impairment charge of $55.2 million. See Note 9, Goodwill and Intangible Assets, for additional information.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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