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v3.20.1

Segments (Tables) | 9 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Schedule of Information About Reportable Segments | The following table presents information about reportable segments:
|  | Three Months Ended March 31, |  |  |  | Nine Months Ended March 31, |  |
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Sales including intersegment sales |  |  |  |  |  |  |  |
Flexibles |  | $ | 2,434.8 |  |  | $ | 1,576.6 |  |  | $ | 7,280.3 |  |  | $ | 4,718.6 |
Rigid Packaging |  | 706.8 |  |  | 733.4 |  |  | 2,046.6 |  |  | 2,137.7 |
Other |  | — |  |  | — |  |  | — |  |  | — |
Total sales including intersegment sales |  | 3,141.6 |  |  | 2,310.0 |  |  | 9,326.9 |  |  | 6,856.3 |
Intersegment sales |  |  |  |  |  |  |  |
Flexibles |  | 0.6 |  |  | 0.1 |  |  | 2.1 |  |  | 1.0 |
Rigid Packaging |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Total intersegment sales |  | 0.6 |  |  | 0.1 |  |  | 2.1 |  |  | 1.0 |
Net sales |  | $ | 3,141.0 |  |  | $ | 2,309.9 |  |  | $ | 9,324.8 |  |  | $ | 6,855.3 |
Adjusted EBIT from continuing operations |  |  |  |  |  |  |  |
Flexibles |  | $ | 326.9 |  |  | $ | 174.7 |  |  | $ | 946.8 |  |  | $ | 543.6 |
Rigid Packaging |  | 71.5 |  |  | 69.9 |  |  | 201.5 |  |  | 218.4 |
Other |  | (38.2) |  |  | (14.2) |  |  | (89.1) |  |  | (38.2) |
Adjusted EBIT from continuing operations |  | 360.2 |  |  | 230.4 |  |  | 1,059.2 |  |  | 723.8 |
Less: Material restructuring programs (1) |  | (19.3) |  |  | (7.0) |  |  | (60.0) |  |  | (44.7) |
Less: Impairments in equity method investments (2) |  | — |  |  | — |  |  | — |  |  | (13.9) |
Less: Material acquisition costs and other (3) |  | (14.8) |  |  | (19.8) |  |  | (116.0) |  |  | (54.9) |
Less: Amortization of acquired intangible assets from business combinations (4) |  | (41.0) |  |  | (4.4) |  |  | (150.2) |  |  | (14.1) |
Add/(Less): Economic net investment hedging activities not qualifying for hedge accounting (5) |  | — |  |  | (0.1) |  |  | — |  |  | 1.4 |
Less: Impact of hyperinflation (6) |  | (4.9) |  |  | (10.5) |  |  | (23.4) |  |  | (29.5) |
Add: Net legal settlements (7) |  | — |  |  | (0.6) |  |  | — |  |  | 14.9 |
EBIT from continuing operations |  | 280.2 |  |  | 188.0 |  |  | 709.6 |  |  | 583.0 |
Interest income |  | 5.3 |  |  | 3.5 |  |  | 18.3 |  |  | 11.6 |
Interest expense |  | (45.8) |  |  | (51.1) |  |  | (157.8) |  |  | (159.3) |
Equity in (income) loss of affiliated companies, net of tax |  | (3.6) |  |  | (5.6) |  |  | (8.1) |  |  | 1.3 |
Income from continuing operations before income taxes and equity in income (loss) of affiliated companies |  | $ | 236.1 |  |  | $ | 134.8 |  |  | $ | 562.0 |  |  | $ | 436.6 |
(1)Material restructuring programs includes the 2018 Rigid Packaging Restructuring Plan and the 2019 Bemis Integration Plan for the three and nine months ended March 31, 2020. For the three and nine months ended March 31, 2019, material restructuring plans include the 2018 Rigid Packaging Restructuring Plan. Refer to Note 5, "Restructuring Plans," for more information about the Company's restructuring plans. (2)Impairments in equity method investments includes the impairment charges related to other-than-temporary impairments related to the investment in AMVIG. (3)Material acquisition costs and other includes $57.8 million amortization of Bemis acquisition related inventory fair value step-up and $58.2 million of Bemis transaction related costs and integration costs not qualifying as exit costs for the nine months ended March 31, 2020. (4)Amortization of acquired intangible assets from business combinations includes amortization expenses related to all acquired intangible assets from acquisitions impacting the periods presented, including $26.4 million of sales backlog amortization for the nine months ended March 31, 2020 from the Bemis acquisition. (5)Economic net investment hedging activities not qualifying for hedge accounting includes the exchange rate movements on external loans not deemed to be effective net investment hedging instruments resulting from the conversion to U.S. GAAP from Australian Accounting Standards ("AAS") recognized in other non-operating income (loss), net. (6)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso. (7)Net legal settlements includes the impact of significant legal settlements after associated costs.
Schedule of Disaggregation of Revenue by Segments | The following tables disaggregates sales, excluding intersegment sales, information by geography in which the Company operates based on manufacturing or selling operation:
|  | Three Months Ended March 31, |  |  |  |  |  |  |  |  |  |
|  | 2020 |  |  |  |  |  | 2019 |  |  |  |
($ in millions) |  | Flexibles |  | Rigid Packaging |  | Total |  | Flexibles |  | Rigid Packaging |  | Total
North America |  | $ | 924.1 |  |  | $ | 576.9 |  |  | $ | 1,501.0 |  |  | $ | 197.7 |  |  | $ | 593.3 |  |  | $ | 791.0 |
Latin America |  | 231.2 |  |  | 129.9 |  |  | $ | 361.1 |  |  | 119.2 |  |  | 140.1 |  |  | 259.3 |
Europe |  | 928.8 |  |  | — |  |  | $ | 928.8 |  |  | 934.1 |  |  | — |  |  | 934.1 |
Asia Pacific |  | 350.1 |  |  | — |  |  | $ | 350.1 |  |  | 325.5 |  |  | — |  |  | 325.5 |
Net sales |  | $ | 2,434.2 |  |  | $ | 706.8 |  |  | $ | 3,141.0 |  |  | $ | 1,576.5 |  |  | $ | 733.4 |  |  | $ | 2,309.9 |
|  | Nine Months Ended March 31, |  |  |  |  |  |  |  |  |  |
|  | 2020 |  |  |  |  |  | 2019 |  |  |  |
($ in millions) |  | Flexibles |  | Rigid Packaging |  | Total |  | Flexibles |  | Rigid Packaging |  | Total
North America |  | $ | 2,710.2 |  |  | $ | 1,645.7 |  |  | $ | 4,355.9 |  |  | $ | 574.7 |  |  | $ | 1,696.7 |  |  | $ | 2,271.4 |
Latin America |  | 743.7 |  |  | 400.9 |  |  | 1,144.6 |  |  | 377.6 |  |  | 441.0 |  |  | 818.6 |
Europe |  | 2,718.4 |  |  | — |  |  | 2,718.4 |  |  | 2,752.3 |  |  | — |  |  | 2,752.3 |
Asia Pacific |  | 1,105.9 |  |  | — |  |  | 1,105.9 |  |  | 1,013.0 |  |  | — |  |  | 1,013.0 |
Net sales |  | $ | 7,278.2 |  |  |  | $ | 2,046.6 |  |  |  | $ | 9,324.8 |  |  |  | $ | 4,717.6 |  |  |  | $ | 2,137.7 |  |  |  | $ | 6,855.3 |

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