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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Financial Information |
SEGMENT FINANCIAL INFORMATION
|  |  |  |  | Three Months Ended
|  |  |  |  |  |  | March 31, 2024 |  |  |  | April 2, 2023
Net sales: |  |  |  |  |  |  |  |  |  |  |
Consumer Packaging |  |  |  |  |  |  | $ | 910,577 |  |  |  |  | $ | 958,008 |
Industrial Paper Packaging |  |  |  |  |  |  | 593,060 |  |  |  |  | 615,855 |
Total reportable segments |  |  |  |  |  |  | $ | 1,503,637 |  |  |  |  | $ | 1,573,863 |
All Other |  |  |  |  |  |  | 133,906 |  |  |  |  | 155,920 |
Net Sales |  |  |  |  |  |  | $ | 1,637,543 |  |  |  |  | $ | 1,729,783 |
Intersegment sales(1): |  |  |  |  |  |  |  |  |  |  |
Consumer Packaging |  |  |  |  |  |  | $ | 3,545 |  |  |  |  | $ | 2,007 |
Industrial Paper Packaging |  |  |  |  |  |  | 28,417 |  |  |  |  | 38,720 |
Total reportable segments |  |  |  |  |  |  | $ | 31,962 |  |  |  |  | $ | 40,727 |
All Other |  |  |  |  |  |  | 1,791 |  |  |  |  | 2,789 |
Intersegment Sales |  |  |  |  |  |  | $ | 33,753 |  |  |  |  | $ | 43,516 |
Segment operating profit(2): |  |  |  |  |  |  |  |  |  |  |
Consumer Packaging |  |  |  |  |  |  | $ | 93,027 |  |  |  |  | $ | 96,494 |
Industrial Paper Packaging |  |  |  |  |  |  | 65,844 |  |  |  |  | 94,367 |
Segment operating profit |  |  |  |  |  |  | $ | 158,871 |  |  |  |  | $ | 190,861 |
(1) Intersegment sales are recorded at a market-related transfer price. (2) Segment operating profit viewed by the Company’s management to evaluate segment performance does not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in last-in, first-out inventory reserves; gains/losses from the sale of businesses or other assets; derivative gains/(losses); 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.
RECONCILIATION OF SEGMENT OPERATING PROFIT TO INCOME BEFORE INCOME TAXES
|  |  |  | Three Months Ended
|  |  |  |  |  | March 31, 2024 |  |  |  | April 2, 2023
Segment operating profit |  |  |  |  |  | $ | 158,871 |  |  |  |  | $ | 190,861 |
All Other operating profit |  |  |  |  |  | 17,125 |  |  |  |  | 22,560 |
Corporate |  |  |  |  |  |  |  |  |  |
Restructuring/Asset impairment charges |  |  |  |  |  | (31,618) |  |  |  |  | (28,814) |
Amortization of acquisition intangibles |  |  |  |  |  | (22,939) |  |  |  |  | (21,164) |
Gains from divestiture of business and other assets |  |  |  |  |  | — |  |  |  |  | 72,010 |
Acquisition, integration and divestiture-related costs |  |  |  |  |  | (5,661) |  |  |  |  | (5,188) |
Changes in LIFO inventory reserves |  |  |  |  |  | (431) |  |  |  |  | 5,425 |
Derivative gains/(losses) |  |  |  |  |  | 286 |  |  |  |  | (6,085) |
Other operating (charges)/income, net(3) |  |  |  |  |  | (3,180) |  |  |  |  | 43 |
Operating profit |  |  |  |  |  | $ | 112,453 |  |  |  |  | $ | 229,648 |
Non-operating pension costs |  |  |  |  |  | (3,295) |  |  |  |  | (3,658) |
Interest expense |  |  |  |  |  | (31,220) |  |  |  |  | (34,232) |
Interest income |  |  |  |  |  | 3,558 |  |  |  |  | 1,562 |
Income before income taxes |  |  |  |  |  | $ | 81,496 |  |  |  |  | $ | 193,320 |
(3) Primarily consists of losses related to highly inflationary accounting in Turkey and consulting fees.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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