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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | Selected financial information by reportable segment was as follows (dollars in millions):
|  | Sales, net |  |  |  |  |
Three Months Ended June 30, 2023 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 1,785.7 |  |  | $ | 4.6 |  |  | $ | 1,790.3 |  |  | $ | 285.8 |  | (a)
Paper |  |  | 142.8 |  |  |  | — |  |  |  | 142.8 |  |  |  | 29.1 |  | (a)
Corporate and Other |  |  | 23.6 |  |  |  | 37.4 |  |  |  | 61.0 |  |  |  | (30.5 | ) |
Intersegment eliminations |  |  | — |  |  |  | (42.0 | ) |  |  | (42.0 | ) |  |  | — |  |
|  | $ | 1,952.1 |  |  | $ | — |  |  | $ | 1,952.1 |  |  |  | 284.4 |  |
Non-operating pension expense |  |  |  |  |  |  |  |  |  |  |  | (2.0 | ) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (14.6 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 267.8 |  |
|  | Sales, net |  |  |  |  |
Three Months Ended June 30, 2022 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 2,061.7 |  |  | $ | 5.2 |  |  | $ | 2,066.9 |  |  | $ | 419.8 |  | (b)
Paper |  |  | 149.8 |  |  |  | — |  |  |  | 149.8 |  |  |  | 22.7 |  | (b)
Corporate and Other |  |  | 25.8 |  |  |  | 37.4 |  |  |  | 63.2 |  |  |  | (26.7 | ) |
Intersegment eliminations |  |  | — |  |  |  | (42.6 | ) |  |  | (42.6 | ) |  |  | — |  |
|  | $ | 2,237.3 |  |  | $ | — |  |  | $ | 2,237.3 |  |  |  | 415.8 |  |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 3.6 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (18.8 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 400.6 |  |
|  | Sales, net |  |  |  |  |
Six Months Ended June 30, 2023 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 3,589.1 |  |  | $ | 9.8 |  |  | $ | 3,598.9 |  |  | $ | 553.7 |  | (a)
Paper |  |  | 293.7 |  |  |  | — |  |  |  | 293.7 |  |  |  | 63.2 |  | (a)
Corporate and Other |  |  | 45.6 |  |  |  | 76.0 |  |  |  | 121.6 |  |  |  | (61.9 | ) |
Intersegment eliminations |  |  | — |  |  |  | (85.8 | ) |  |  | (85.8 | ) |  |  | — |  |
|  | $ | 3,928.4 |  |  | $ | — |  |  | $ | 3,928.4 |  |  |  | 555.0 |  |
Non-operating pension expense |  |  |  |  |  |  |  |  |  |  |  | (4.0 | ) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (29.9 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 521.1 |  |
|  | Sales, net |  |  |  |  |
Six Months Ended June 30, 2022 |  | Trade |  |  | Intersegment |  |  | Total |  |  | Operating Income (Loss) |  |
Packaging |  | $ | 4,021.6 |  |  | $ | 9.7 |  |  | $ | 4,031.3 |  |  | $ | 782.1 |  | (b)
Paper |  |  | 303.3 |  |  |  | — |  |  |  | 303.3 |  |  |  | 45.1 |  | (b)
Corporate and Other |  |  | 48.8 |  |  |  | 72.7 |  |  |  | 121.5 |  |  |  | (54.8 | ) |
Intersegment eliminations |  |  | — |  |  |  | (82.4 | ) |  |  | (82.4 | ) |  |  | — |  |
|  | $ | 4,373.7 |  |  | $ | — |  |  | $ | 4,373.7 |  |  |  | 772.4 |  |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 7.3 |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (38.7 | ) |
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 741.0 |  |
(a) | The three and six months ended June 30, 2023 include the following:
| 1. | $4.4 million and $5.7 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
| 2. | $3.9 million and $13.6 million, respectively, of charges consisting of closure costs related to corrugated products facilities and design centers.
(b) | The three and six months ended June 30, 2022 include the following:
| 1. | $3.9 million and $5.4 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
| 2. | $0.9 million and $0.3 million, respectively, of income primarily consisting of insurance proceeds received for a natural disaster at one of the corrugated products facilities and a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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