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Segment Reporting | 6 Months Ended
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Jul. 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 pro ducts 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 the All Other group of businesses. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with ASC 280 “Segment Reporting,” as prescribed by the FASB. Segment operating profit viewed by the Company’s management to evaluate segment performance does not include restructuring/asset impairment charges, amortization of acquisition intangibles, acquisition/divestiture-related costs, changes in LIFO inventory reserves, gains/losses from the sale of businesses, or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses. SEGMENT FINANCIAL INFORMATION
|  | Three Months Ended |  | Six Months Ended
|  | July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
Net sales: |  |  |  |  |  |  |  |
Consumer Packaging |  | $ | 923,605 |  |  | $ | 989,982 |  |  | $ | 1,832,883 |  |  | $ | 1,858,081 |
Industrial Paper Packaging |  | 585,143 |  |  | 727,402 |  |  | 1,200,998 |  |  | 1,426,529 |
All Other |  | 196,542 |  |  | 195,948 |  |  | 401,192 |  |  | 399,704 |
Net sales |  | $ | 1,705,290 |  |  | $ | 1,913,332 |  |  | $ | 3,435,073 |  |  | $ | 3,684,314 |
Intersegment sales: |  |  |  |  |  |  |  |
Consumer Packaging |  | $ | 2,420 |  |  | $ | 2,116 |  |  | $ | 4,475 |  |  | $ | 3,526 |
Industrial Paper Packaging |  | 35,411 |  |  | 33,496 |  |  | 74,131 |  |  | 67,136 |
All Other |  | 2,145 |  |  | 2,522 |  |  | 5,417 |  |  | 5,223 |
Intersegment sales |  | $ | 39,976 |  |  | $ | 38,134 |  |  | $ | 84,023 |  |  | $ | 75,885 |
Operating profit: |  |  |  |  |  |  |  |
Consumer Packaging |  | $ | 95,225 |  |  | $ | 139,421 |  |  | $ | 187,045 |  |  | $ | 313,030 |
Industrial Paper Packaging |  | 87,040 |  |  | 94,201 |  |  | 181,407 |  |  | 166,862 |
All Other |  | 28,675 |  |  | 16,529 |  |  | 55,908 |  |  | 31,053 |
Corporate |  |  |  |  |  |  |  |
Restructuring/Asset impairment charges |  | (6,057) |  |  | (10,563) |  |  | (34,871) |  |  | (22,705) |
Amortization of acquisition intangibles |  | (20,539) |  |  | (20,871) |  |  | (41,703) |  |  | (39,671) |
Other income/(charges), net |  | 3,515 |  |  | (21,241) |  |  | 69,721 |  |  | (82,031) |
Operating profit |  | $ | 187,859 |  |  | $ | 197,476 |  |  | $ | 417,507 |  |  | $ | 366,538 |

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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