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Segment Reporting
 9 Months Ended
Sep. 29, 2024
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. Effective January 1, 2024, the Company integrated its flexible packaging and thermoformed packaging businesses within its Consumer Packaging segment in order to streamline operations, enhance customer service, and better position the business for accelerated growth. As a result, the Company changed its operating and reporting structure to reflect the way it now manages its operations, evaluates performance, and allocates resources. Accordingly, the Company’s consumer thermoformed businesses moved from the All Other group of businesses to the Consumer Packaging segment. The Company’s Industrial Paper Packaging segment was not affected by these changes. All prior year segment results presented below have been recast to conform to the new presentation. Also effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function. As a result, no recycling net sales were recorded and the margin from the operations reduced “Cost of sales” for the three- and nine-month periods ended September 29, 2024.
The products produced and sold within the Consumer Packaging segment consist primarily of round and shaped rigid paper, steel and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and applications; 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 within 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 segment operating profit. 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 FINANCIAL INFORMATION 
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Net sales:
Consumer Packaging$983,511 $984,840 $2,821,817 $2,914,168 
Industrial Paper Packaging585,082 580,035 1,778,912 1,781,033 
  Total reportable segments1,568,593 1,564,875 4,600,729 4,695,201 
All Other107,273 145,544 336,159 450,291 
  Net Sales$1,675,866 $1,710,419 $4,936,888 $5,145,492 
Intersegment sales(1):
Consumer Packaging$4,163 $2,756 $12,237 $7,127 
Industrial Paper Packaging26,678 3,032 81,982 77,163 
  Total reportable segments30,841 5,788 94,219 84,290 
All Other1,875 1,740 5,525 6,374 
  Intersegment Sales$32,716 $7,528 $99,744 $90,664 
Segment operating profit(2):
Consumer Packaging$123,021 $116,800 $328,190 $314,408 
Industrial Paper Packaging70,206 75,006 203,008 256,413 
  Segment operating profit$193,227 $191,806 $531,198 $570,821 
(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’s management 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.
The following table sets forth the reconciliation of segment operating profit to “Income before income taxes” for the periods presented.
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Segment operating profit
$193,227 $191,806 $531,198 $570,821 
All Other operating profit17,440 20,740 48,430 66,085 
Corporate
Restructuring/Asset impairment charges(8,190)(18,110)(59,058)(52,981)
Amortization of acquisition intangibles(22,645)(21,379)(68,095)(63,082)
(Loss)/Gain on divestiture of business and other assets
(31,770)(537)(27,292)78,844 
Acquisition, integration and divestiture-related costs(4)
(19,623)(12,472)(47,553)(22,192)
Changes in LIFO inventory reserves(790)3,186 197 10,186 
         Net gains from derivatives210 3,308 3,981 1,513 
Other operating income/(charges), net(3)
273 (3,605)(851)(8,750)
Operating profit128,132 162,937 380,957 580,444 
Other income, net— 36,943 5,867 36,943 
Non-operating pension costs(2,947)(3,424)(10,412)(10,424)
Interest expense (4)
(61,643)(32,847)(122,503)(101,363)
Interest income6,014 3,173 13,127 6,679 
Income before income taxes$69,556 $166,782 $267,036 $512,279 
(3) Primarily consists of consulting and professional fees in 2023.
(4) Interest expense includes losses on treasury lock derivative instruments and amortization of financing fees totaling $30,181 for the three- and nine-month periods ended September 29, 2024, respectively, related to debt instruments associated with the financing of the pending Eviosys acquisition.