XML 30 R22.htm IDEA: XBRL DOCUMENT v3.23.1
Segment Reporting
 3 Months Ended
Apr. 02, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other.
The products produced and sold within the Consumer Packaging segment are generally used to package a variety of consumer products and consist primarily of round and shaped rigid paper, steel and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays; and high-barrier flexible packaging.
The primary products produced and sold within the Industrial Paper Packaging segment include paperboard tubes, cones, and cores; paper-based protective packaging; and uncoated recycled paperboard.
The primary products produced with the All Other group of businesses consist of a variety of packaging materials, including plastic, paper, foam, and various other specialty materials.
The following table sets forth net sales, intersegment sales and operating profit for the Company’s reportable segments and All Other group of businesses. “Segment operating profit” is defined as the segment’s portion of operating profit excluding restructuring/asset impairment charges, acquisition/divestiture-related expenses, amortization of acquisition intangibles, changes in last-in, first-out (“LIFO”) inventory reserves, gains/losses from the divestiture of businesses or other assets, and certain other items, if any, the exclusion of which the Company believes improves comparability and analysis of the financial performance of the business. General corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and All Other.
SEGMENT FINANCIAL INFORMATION 
 Three Months Ended
 April 2, 2023April 3, 2022
Net sales:
Consumer Packaging$909,278 $868,098 
Industrial Paper Packaging615,855 699,129 
All Other204,650 203,755 
Net sales$1,729,783 $1,770,982 
Intersegment sales:
Consumer Packaging$2,055 $1,411 
Industrial Paper Packaging38,720 33,638 
All Other3,272 2,701 
Intersegment sales$44,047 $37,750 
Operating profit:
Consumer Packaging$91,821 $173,609 
Industrial Paper Packaging94,367 72,660 
All Other27,233 14,524 
Corporate
Restructuring/Asset impairment charges(28,814)(12,142)
Amortization of acquisition intangibles(21,164)(18,800)
Other non-GAAP income/(charges), net66,205 (60,790)
Operating profit$229,648 $169,061