v3.24.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company has three reportable segments as follows:

Americas Paperboard Packaging includes paperboard packaging sold primarily to consumer packaged goods (“CPG”) companies serving the food, beverage, and consumer product markets, and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants (“QSR”) in the Americas.

Europe Paperboard Packaging includes paperboard packaging sold primarily to CPG companies serving the food, beverage and consumer product markets, including healthcare and beauty, primarily in Europe.

Paperboard Manufacturing includes the six North American paperboard facilities that produce recycled, unbleached and bleached paperboard, which is consumed internally to produce paperboard consumer packaging for the Americas and Europe Packaging segments. Paperboard not consumed internally is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Manufacturing segment's Net Sales represent the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Manufacturing segment to reflect the economics of the integration of these segments.

The Company allocates certain paperboard manufacturing and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs.

These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in “Note 1 - General Information.”
Segment information is as follows:

 Three Months Ended June 30,Six Months Ended June 30,
In millions2024202320242023
NET SALES:
Americas Paperboard Packaging$1,551 $1,571 $3,082 $3,115 
Europe Paperboard Packaging474 523 944 1,055 
Paperboard Manufacturing174 252 397 568 
Corporate/Other/Eliminations(a)
38 46 73 92 
Total$2,237 $2,392 $4,496 $4,830 
INCOME (LOSS) FROM OPERATIONS:
Americas Paperboard Packaging(b)(c)
$229 $274 $510 $543 
Europe Paperboard Packaging(d)
28 21 47 47 
Paperboard Manufacturing(b)(c)(e)
68 (33)42 (6)
Corporate and Other(c)
(1)5 3 13 
Total$324 $267 $602 $597 
DEPRECIATION AND AMORTIZATION:
Americas Paperboard Packaging(b)
$48 $46 $105 $89 
Europe Paperboard Packaging28 27 55 54 
Paperboard Manufacturing(b)
49 86 106 147 
Corporate and Other8 6 15 14 
Total$133 $165 $281 $304 
(a) Includes revenue from customers for the Australia and Pacific Rim operating segments.
(b) Includes accelerated depreciation related to exit activities in 2024 and 2023 (see “Note 13 - Exit Activities”).
(c) Includes expenses related to business combinations, exit activities and other special items (see “Note 1 - General Information”).
(d) Includes impairment charges related to Russia in 2023 (see “Note 14 - Divestitures”).
(e) Includes gain from Augusta Divestiture in 2024 (see “Note 14 - Divestitures”).