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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024

 

Trade

 

 

Intersegment

 

 

Total

 

 

Segment Operating Income (Loss)

 

 

Packaging

 

$

1,998.8

 

 

$

9.9

 

 

$

2,008.7

 

 

$

320.7

 

 (a)

Paper

 

 

159.3

 

 

 

—

 

 

 

159.3

 

 

 

38.5

 

 

Corporate and Other

 

 

24.3

 

 

 

41.3

 

 

 

65.6

 

 

 

(32.1

)

 

Intersegment eliminations

 

 

—

 

 

 

(51.2

)

 

 

(51.2

)

 

 

—

 

 

 

 

$

2,182.4

 

 

$

—

 

 

$

2,182.4

 

 

 

327.1

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

1.2

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(9.7

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

318.6

 

 

 

 

 

Sales, net

 

 

 

 

 

Three Months Ended September 30, 2023

 

Trade

 

 

Intersegment

 

 

Total

 

 

Segment Operating Income (Loss)

 

 

Packaging

 

$

1,755.2

 

 

$

4.6

 

 

$

1,759.8

 

 

$

256.8

 

 (c)

Paper

 

 

157.9

 

 

 

—

 

 

 

157.9

 

 

 

27.6

 

 (c)

Corporate and Other

 

 

22.9

 

 

 

40.6

 

 

 

63.5

 

 

 

(25.8

)

 

Intersegment eliminations

 

 

—

 

 

 

(45.2

)

 

 

(45.2

)

 

 

—

 

 

 

 

$

1,936.0

 

 

$

—

 

 

$

1,936.0

 

 

 

258.6

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

(1.8

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(12.3

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

244.5

 

 

 

 

 

Sales, net

 

 

 

 

 

Nine Months Ended September 30, 2024

 

Trade

 

 

Intersegment

 

 

Total

 

 

Segment Operating Income (Loss)

 

 

Packaging

 

$

5,694.3

 

 

$

21.0

 

 

$

5,715.3

 

 

$

804.3

 

 (a) (b)

Paper

 

 

473.2

 

 

 

—

 

 

 

473.2

 

 

 

94.9

 

 (b)

Corporate and Other

 

 

69.7

 

 

 

119.5

 

 

 

189.2

 

 

 

(100.1

)

 

Intersegment eliminations

 

 

—

 

 

 

(140.5

)

 

 

(140.5

)

 

 

—

 

 

 

 

$

6,237.2

 

 

$

—

 

 

$

6,237.2

 

 

 

799.1

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

3.4

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(29.7

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

772.8

 

 

 

 

 

Sales, net

 

 

 

 

 

Nine Months Ended September 30, 2023

 

Trade

 

 

Intersegment

 

 

Total

 

 

Segment Operating Income (Loss)

 

 

Packaging

 

$

5,344.3

 

 

$

14.4

 

 

$

5,358.7

 

 

$

810.5

 

 (c)

Paper

 

 

451.6

 

 

 

—

 

 

 

451.6

 

 

 

90.8

 

 (c)

Corporate and Other

 

 

68.6

 

 

 

116.5

 

 

 

185.1

 

 

 

(87.7

)

 

Intersegment eliminations

 

 

—

 

 

 

(130.9

)

 

 

(130.9

)

 

 

—

 

 

 

 

$

5,864.5

 

 

$

—

 

 

$

5,864.5

 

 

 

813.6

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

(5.8

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(42.2

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

765.6

 

 

 

(a)
The three and nine months ended September 30, 2024 include $0.9 million and $1.0 million, respectively, of charges consisting of closure costs related to corrugated products facilities. For the nine months ended September 30, 2024, these charges were partially offset by income primarily related to a favorable lease buyout for a closed corrugated products facility during the first quarter of 2024.

 

(b)
The nine months ended September 30, 2024 include $9.7 million 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.

 

(c)
The three and nine months ended September 30, 2023 include the following:
1.
$2.6 million and $8.2 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.
$0.1 million of income and $13.5 million of charges, respectively, related to the closure of corrugated products facilities and design centers. Included therein are closure costs as well as the gain on sale of a corrugated products facility.