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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | 18. Segment Information We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. These segments represent distinct businesses that are managed separately because of differing products and services. Each of these businesses requires distinct operating and marketing strategies. Each segments’ profits and losses are measured on operating profits before non-operating pension income, interest expense, net, and income taxes. For many of these allocated expenses, the related assets and liabilities remain in the Corporate and Other segment. Chief Operating Decision Maker ASC 280-10-50-5 (Topic 280) defines the chief operating decision maker (“CODM”) as an individual or group of individuals responsible for assessing the performance of the operating segments of a public entity and determining the overall resource allocation to those operating segments. Based on these criteria, we deem our Chief Executive Officer as the CODM, as the Chief Executive Officer is responsible for evaluating our operating results and concluding on the overall resource allocation. Analysis of Operations by Reportable Segment An analysis of operations by reportable segment is as follows (dollars in millions):
Three Months Ended March 31, 2025 |  | Packaging |  |  | Paper |  |  | Corporate and Other |  |  | Total |
Trade sales |  | $ | 1,970.3 |  |  | $ | 154.2 |  |  | $ | 16.5 |  |  | $ | 2,141.0 |
Intersegment sales |  |  | — |  |  |  | — |  |  |  | 39.9 |  |  |  | 39.9 |
|  |  | 1,970.3 |  |  |  | 154.2 |  |  |  | 56.4 |  |  |  | 2,180.9 |
Elimination of intersegment sales |  |  |  |  |  |  |  |  |  |  |  | (39.9 | )
Net sales |  |  |  |  |  |  |  |  |  |  |  | 2,141.0 |
Less (a): |  |  |  |  |  |  |  |  |  |  |  |
Variable costs (b) |  |  | (961.3 | ) |  |  | (82.8 | ) |  |  | — |  |  |  | — |
Fixed costs (c) |  |  | (447.5 | ) |  |  | (18.8 | ) |  |  | — |  |  |  | — |
Freight |  |  | (196.6 | ) |  |  | (16.9 | ) |  |  | — |  |  |  | — |
Other segment items (d) |  |  | (86.8 | ) |  |  | (0.1 | ) |  |  | (89.8 | ) |  |  | — |
Income (loss) from operations |  |  | 278.1 |  |  |  | 35.6 |  |  |  | (33.4 | ) | (e) |  | 280.3 |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | — |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (12.9 | )
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 267.4 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |
Segment sales to external customers |  | $ | 1,970.3 |  |  | $ | 154.2 |  |  | $ | 16.5 |  | (f) | $ | 2,141.0 |
Depreciation, amortization, and depletion |  |  | 128.4 |  |  |  | 4.6 |  |  |  | 5.0 |  |  |  | 138.0 |
Capital expenditures (g) |  |  | 131.1 |  |  |  | 0.8 |  |  |  | 16.2 |  |  |  | 148.1 |
Assets |  |  | 7,349.3 |  |  |  | 398.1 |  |  |  | 1,222.4 |  |  |  | 8,969.8 |
Three Months Ended March 31, 2024 |  | Packaging |  |  | Paper |  |  | Corporate and Other |  |  | Total |
Trade sales |  | $ | 1,793.5 |  |  | $ | 163.8 |  |  | $ | 22.2 |  |  | $ | 1,979.5 |
Intersegment sales |  |  | 4.8 |  |  |  | — |  |  |  | 39.4 |  |  |  | 44.2 |
|  |  | 1,798.3 |  |  |  | 163.8 |  |  |  | 61.6 |  |  |  | 2,023.7 |
Elimination of intersegment sales |  |  |  |  |  |  |  |  |  |  |  | (44.2 | )
Net sales |  |  |  |  |  |  |  |  |  |  |  | 1,979.5 |
Less (a): |  |  |  |  |  |  |  |  |  |  |  |
Variable costs (b) |  |  | (939.5 | ) |  |  | (89.3 | ) |  |  | — |  |  |  | — |
Fixed costs (c) |  |  | (405.0 | ) |  |  | (21.5 | ) |  |  | — |  |  |  | — |
Freight |  |  | (187.1 | ) |  |  | (18.1 | ) |  |  | — |  |  |  | — |
Other segment items (d) |  |  | (62.9 | ) |  |  | (5.2 | ) |  |  | (99.1 | ) |  |  | — |
Income (loss) from operations |  |  | 203.8 |  |  |  | 29.7 |  |  |  | (37.5 | ) | (e) |  | 196.0 |
Non-operating pension income |  |  |  |  |  |  |  |  |  |  |  | 1.1 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (9.6 | )
Income before taxes |  |  |  |  |  |  |  |  |  |  | $ | 187.5 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |
Segment sales to external customers |  | $ | 1,798.3 |  |  | $ | 163.8 |  |  | $ | 17.4 |  | (f) | $ | 1,979.5 |
Depreciation, amortization, and depletion |  |  | 118.5 |  |  |  | 6.0 |  |  |  | 3.9 |  |  |  | 128.4 |
Capital expenditures (g) |  |  | 71.7 |  |  |  | 1.3 |  |  |  | 3.7 |  |  |  | 76.7 |
Assets |  |  | 6,888.5 |  |  |  | 394.7 |  |  |  | 1,573.8 |  |  |  | 8,857.0 |
(a) The significant expense categories align with the segment-level information that is regularly provided to the CODM. (b) For the Packaging segment, primarily includes expense items for liner and medium consumption, purchased sheets usage, liner board discount, raw materials, and hourly-employee related expenses and benefits. For the Paper segment, primarily includes expense items for chemicals, raw materials, finishing materials, and hourly-employee related expenses and benefits. (c) For the Packaging segment, primarily includes expense items for depreciation and salaried employee-related expenses and benefits. For the Paper segment, primarily includes expense items for depreciation, salaried employee-related expenses, and professional services. (d) Other segment items for each reportable segment primarily include: 1. Packaging: farmout purchases, certain divisional allocations, and other expense/income items. 2. Paper: other expense/income items. 3. Corporate and Other: unallocated corporate costs, transportation business activity, and activity related to LTP. (e) The significant expense categories reported for the Packaging and Paper segments are not used for Corporate and Other in the segment-level information that is regularly reviewed by the CODM. The CODM makes resource allocation decisions for Corporate and Other based on divisional income (loss) from operations. (f) The Corporate and Other segment sales to external customers is presented net of total company intersegment eliminations. (g) 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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