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Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2011
Reportable Business Segment Information | Reportable business segment information for the three and six months ended June 30 is as follows:
|  | Metal |  |  |  |  |  | Plastic |  |  |  |  |  |  |
|  | Containers(1) |  |  | Closures |  |  | Containers |  |  | Corporate |  |  | Total |
|  | (Dollars in thousands) |
Three Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 482,258 |  |  | $ | 184,538 |  |  | $ | 155,428 |  |  | $ | - |  |  | $ | 822,224 |
Depreciation and amortization(2) |  |  | 20,160 |  |  |  | 8,604 |  |  |  | 11,191 |  |  |  | 424 |  |  |  | 40,379 |
Rationalization charges |  |  | 1,378 |  |  |  | 317 |  |  |  | 674 |  |  |  | - |  |  |  | 2,369 |
Segment income from operations(3) (4) |  |  | 42,874 |  |  |  | 22,681 |  |  |  | 4,512 |  |  |  | 24,395 |  |  |  | 94,462 |
Three Months Ended June 30, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 378,063 |  |  | $ | 165,773 |  |  | $ | 150,013 |  |  | $ | - |  |  | $ | 693,849 |
Depreciation and amortization(2) |  |  | 16,881 |  |  |  | 6,929 |  |  |  | 11,573 |  |  |  | 419 |  |  |  | 35,802 |
Rationalization charges |  |  | 314 |  |  |  | - |  |  |  | 395 |  |  |  | - |  |  |  | 709 |
Segment income from operations |  |  | 44,034 |  |  |  | 23,955 |  |  |  | 3,969 |  |  |  | (4,900 | ) |  |  | 67,058 |
Six Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 872,742 |  |  | $ | 344,580 |  |  | $ | 307,990 |  |  | $ | - |  |  | $ | 1,525,312 |
Depreciation and amortization(2) |  |  | 37,983 |  |  |  | 16,720 |  |  |  | 22,308 |  |  |  | 847 |  |  |  | 77,858 |
Rationalization charges |  |  | 1,378 |  |  |  | 1,392 |  |  |  | 1,331 |  |  |  | - |  |  |  | 4,101 |
Segment income from operations(3) (4) |  |  | 81,238 |  |  |  | 38,498 |  |  |  | 10,827 |  |  |  | 17,542 |  |  |  | 148,105 |
Six Months Ended June 30, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 753,115 |  |  | $ | 309,819 |  |  | $ | 294,951 |  |  | $ | - |  |  | $ | 1,357,885 |
Depreciation and amortization(2) |  |  | 33,602 |  |  |  | 14,059 |  |  |  | 22,738 |  |  |  | 838 |  |  |  | 71,237 |
Rationalization charges |  |  | 314 |  |  |  | - |  |  |  | 2,449 |  |  |  | - |  |  |  | 2,763 |
Segment income from operations(5) |  |  | 90,424 |  |  |  | 35,050 |  |  |  | 6,874 |  |  |  | (8,584 | ) |  |  | 123,764 |
(1) | Our metal containers segment includes the operations formerly categorized as metal food containers and the VN operations acquired in March 2011.
(2) | Depreciation and amortization excludes amortization of debt discount and issuance costs of $0.8 million and $0.6 million for the three months ended June 30, 2011 and 2010, respectively, and $1.6 million and $1.3 million for the six months ended June 30, 2011 and 2010, respectively.
(3) | Income from operations for corporate includes income of $27.0 million and $25.2 million for the three and six months ended June 30, 2011, respectively, for proceeds received as a result of the termination of the Graham Packaging merger agreement, net of costs associated with certain corporate development activities.
(4) | Income from operations of the metal containers segment includes a charge for the resolution of a past product liability dispute of $3.3 million for the three and six months ended June 30, 2011.
(5) | Income from operations for the closures segment includes a charge of $3.2 million for the remeasurement of net assets in the Venezuela operations to the devalued official Bolivar exchange rate.
Reconciliation of Income Before Income Taxes from Operational Segment Income | Total segment income from operations is reconciled to income before income taxes as follows:
|  |  | Three Months Ended |  |  | Six Months Ended |  |
|  |  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |  |
|  |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |  |
|  |  | (Dollars in thousands) |  |
| Total segment income from operations |  | $ | 94,462 |  |  | $ | 67,058 |  |  | $ | 148,105 |  |  | $ | 123,764 |  |
| Interest and other debt expense |  |  | 16,446 |  |  |  | 11,971 |  |  |  | 30,385 |  |  |  | 24,506 |  |
| Income before income taxes |  | $ | 78,016 |  |  | $ | 55,087 |  |  | $ | 117,720 |  |  | $ | 99,258

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 32 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 32 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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