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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2021
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Packaging |  | $ | 7,052.6 |  |  | $ | 5,919.5 |  |  | $ | 5,932.2 |
Paper |  |  | 599.7 |  |  |  | 674.8 |  |  |  | 964.3 |
Corporate and Other |  |  | 78.0 |  |  |  | 63.9 |  |  |  | 67.8 |
|  | $ | 7,730.3 |  |  | $ | 6,658.2 |  |  | $ | 6,964.3 |
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, 2021 |  | Trade |  |  | Inter- segment |  |  | Total |  |  | Income (Loss) |  |  | Amortization, and Depletion |  |  | Capital Expenditures (k) |  |  | Assets |
Packaging |  | $ | 7,036.2 |  |  | $ | 16.4 |  |  | $ | 7,052.6 |  |  | $ | 1,306.0 |  | (a) | $ | 381.0 |  |  | $ | 562.5 |  |  | $ | 6,603.3 |
Paper |  |  | 599.6 |  |  |  | 0.1 |  |  |  | 599.7 |  |  |  | 39.1 |  | (b) |  | 27.4 |  |  |  | 30.1 |  |  |  | 398.9 |
Corporate and Other |  |  | 94.5 |  |  |  | 135.9 |  |  |  | 230.4 |  |  |  | (103.7 | ) | (c) |  | 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 income |  |  |  |  |  |  |  |  |  |  |  | 19.7 |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (152.4 | ) | (d) |  |  |  |  |  |  |  |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,108.7 |  |  |  |  |  |  |  |  |  |
|  | Sales, net |  |  | Operating |  |  | Depreciation, |  |  |  |  |  |  |
Year Ended December 31, 2020 |  | Trade |  |  | Inter- segment |  |  | Total |  |  | Income (Loss) |  |  | Amortization, and Depletion |  |  | Capital Expenditures (k) |  |  | Assets |
Packaging |  | $ | 5,901.7 |  |  | $ | 17.8 |  |  | $ | 5,919.5 |  |  | $ | 829.5 |  | (e) | $ | 365.2 |  |  | $ | 394.8 |  |  | $ | 5,744.0 |
Paper |  |  | 674.7 |  |  |  | 0.1 |  |  |  | 674.8 |  |  |  | (20.0 | ) | (f)(g) |  | 36.5 |  |  |  | 20.1 |  |  |  | 497.2 |
Corporate and Other |  |  | 81.8 |  |  |  | 131.3 |  |  |  | 213.1 |  |  |  | (85.6 | ) |  |  | 8.3 |  |  |  | 6.3 |  |  |  | 1,192.0 |
Intersegment eliminations |  |  | — |  |  |  | (149.2 | ) |  |  | (149.2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 6,658.2 |  |  | $ | — |  |  | $ | 6,658.2 |  |  |  | 723.9 |  |  | $ | 410.0 |  |  | $ | 421.2 |  |  | $ | 7,433.2 |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 2.3 |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (93.5 | ) |  |  |  |  |  |  |  |  |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 632.7 |  |  |  |  |  |  |  |  |  |
|  | Sales, net |  |  | Operating |  |  | Depreciation, |  |  |  |  |  |  |
Year Ended December 31, 2019 |  | Trade |  |  | Inter- segment |  |  | Total |  |  | Income (Loss) |  |  | Amortization, and Depletion |  |  | Capital Expenditures (k) |  |  | Assets |
Packaging |  | $ | 5,905.1 |  |  | $ | 27.1 |  |  | $ | 5,932.2 |  |  | $ | 963.4 |  | (h) | $ | 342.8 |  |  | $ | 367.4 |  |  | $ | 5,491.5 |
Paper |  |  | 964.3 |  |  |  | — |  |  |  | 964.3 |  |  |  | 175.4 |  | (i) |  | 37.7 |  |  |  | 23.8 |  |  |  | 791.4 |
Corporate and Other |  |  | 94.9 |  |  |  | 133.1 |  |  |  | 228.0 |  |  |  | (85.1 | ) |  |  | 7.0 |  |  |  | 8.3 |  |  |  | 952.9 |
Intersegment eliminations |  |  | — |  |  |  | (160.2 | ) |  |  | (160.2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 6,964.3 |  |  | $ | — |  |  | $ | 6,964.3 |  |  |  | 1,053.7 |  |  | $ | 387.5 |  |  | $ | 399.5 |  |  | $ | 7,235.8 |
Non-operating pension expense |  |  |  |  |  |  |  |  |  |  |  | (7.9 | ) |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (128.8 | ) | (j) |  |  |  |  |  |  |  |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 917.0 |  |  |  |  |  |  |  |  |  |
(a) | Includes the following:
| • | $4.3 million of charges related to the announced discontinuation 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 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.
(b) | Includes $9.3 million of charges related to the announced discontinuation 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 and other paper-to-containerboard conversion related activities.
(c) | 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 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 and other paper-to-containerboard conversion related activities.
(d) | 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.
(e) | Includes the following:
| • | $27.3 million of closure costs related to corrugated products facilities, substantially all of which relates to the previously announced 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 during the second quarter of 2020.
| • | $10.0 million of charges related to the impact of Hurricane Laura at our DeRidder, Louisiana mill, including unabsorbed costs related to lost production, excess purchased containerboard and freight costs, repair expenses, rental and supplies costs, and other recovery expenses.
| • | $6.3 million 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.
(f) | Includes the following:
| • | $0.8 million of restructuring costs for paper administrative functions.
| • | $0.6 million 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.
(g) | 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.
(h) | Includes the following:
| • | $3.0 million of charges for the disposal of fixed assets related to the containerboard mill conversion at our DeRidder, Louisiana mill.
| • | $0.8 million of charges related to the second quarter discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula, Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard.
| • | $0.3 million of charges consisting of closure costs related to corrugated products facilities, partially offset by income from the sale of a building related to a closed corrugated products facility
(i) | Includes $0.2 million of charges related to the second quarter discontinuation of uncoated free sheet and coated one-side white paper grades at the Wallula, Washington mill associated with the conversion of the No. 3 paper machine to produce virgin kraft linerboard.
(j) | Includes $38.7 million of charges related to the Company’s November 2019 debt refinancing, which included redemption premiums and the write-offs of remaining balances of treasury locks and unamortized debt issuance costs.
(k) | 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.

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 + Details
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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=123359005&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=123359005&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=123359005&loc=d3e8906-108599 + Details
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