XML 31 R26.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2019
Segment Reporting [Abstract] |
Business Segment Information | BUSINESS S EGMENT I NFORMATION We are engaged in the packaging industry and report our results in three business segments, which are our reportable segments: metal containers, closures and plastic containers. The metal containers segment manufactures steel and aluminum containers for human and pet food and general line products. The closures segment manufactures an extensive range of metal and plastic closures and dispensing systems for food, beverage, health care, garden, personal care, home and beauty products. The plastic containers segment manufactures custom designed plastic containers for personal care, food, health care, pharmaceutical, household and industrial chemical, pet food and care, agricultural, automotive and marine chemical products. These segments are strategic business operations that are managed separately to maximize the production, technology and marketing of their packaging product. Our metal container business operates primarily in North America and Europe. Our closures business operates in North and South America, Europe and Asia. Our plastic container business operates primarily in North America. The accounting policies of the business segments are the same as those described in Note 1. Information for each of the past three years for our business segments is as follows:
| Metal Containers |  | Closures |  | Plastic Containers |  | Corporate |  | Total
| (Dollars in thousands)
2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 2,473,214 |  |  | $ | 1,405,611 |  |  | $ | 611,102 |  |  | $ | — |  |  | $ | 4,489,927 |
Depreciation and amortization | 86,114 |  |  | 83,133 |  |  | 37,077 |  |  | 159 |  |  | 206,483 |
Rationalization charges | 49,425 |  |  | 6,562 |  |  | 364 |  |  | — |  |  | 56,351 |
Segment income (1) | 159,980 |  |  | 173,485 |  |  | 48,915 |  |  | (22,894 | ) |  | 359,486 |
Segment assets | 1,853,875 |  |  | 2,263,131 |  |  | 722,848 |  |  | 35,474 |  |  | 4,875,328 |
Capital expenditures | 102,832 |  |  | 95,153 |  |  | 32,928 |  |  | 31 |  |  | 230,944 |
2018 |  |  |  |  |  |  |  |  |
Net sales | $ | 2,377,980 |  |  | $ | 1,456,799 |  |  | $ | 614,096 |  |  | $ | — |  |  | $ | 4,448,875 |
Depreciation and amortization | 81,420 |  |  | 74,217 |  |  | 35,949 |  |  | 151 |  |  | 191,737 |
Rationalization charges | 5,316 |  |  | 180 |  |  | 757 |  |  | — |  |  | 6,253 |
Segment income | 198,826 |  |  | 189,906 |  |  | 42,562 |  |  | (19,194 | ) |  | 412,100 |
Segment assets | 1,601,944 |  |  | 2,169,985 |  |  | 722,205 |  |  | 33,791 |  |  | 4,527,925 |
Capital expenditures | 84,490 |  |  | 62,183 |  |  | 44,242 |  |  | 58 |  |  | 190,973 |
2017 |  |  |  |  |  |  |  |  |
Net sales | $ | 2,278,054 |  |  | $ | 1,246,669 |  |  | $ | 565,131 |  |  | $ | — |  |  | $ | 4,089,854 |
Depreciation and amortization | 77,698 |  |  | 61,668 |  |  | 34,607 |  |  | 89 |  |  | 174,062 |
Rationalization charges | 3,308 |  |  | 1,042 |  |  | 1,476 |  |  | — |  |  | 5,826 |
Segment income (1) | 230,199 |  |  | 142,048 |  |  | 27,770 |  |  | (43,027 | ) |  | 356,990 |
Segment assets | 1,670,426 |  |  | 2,182,529 |  |  | 704,432 |  |  | 34,081 |  |  | 4,591,468 |
Capital expenditures | 87,115 |  |  | 56,682 |  |  | 30,141 |  |  | 491 |  |  | 174,429 |
______________________
(1) | Corporate includes costs attributed to announced acquisitions of $1.8 million and $24.7 million in 2019 and 2017, respectively.
Total segment income is reconciled to income before income taxes as follows:
| 2019 |  | 2018 |  | 2017
| (Dollars in thousands)
Total segment income | $ | 359,486 |  |  | $ | 412,100 |  |  | $ | 356,990 |
Interest and other debt expense | 107,350 |  |  | 118,799 |  |  | 117,309 |
Income before income taxes | $ | 252,136 |  |  | $ | 293,301 |  |  | $ | 239,681 |
Total segment assets at December 31 are reconciled to total assets as follows:
| 2019 |  | 2018
| (Dollars in thousands)
Total segment assets | $ | 4,875,328 |  |  | $ | 4,527,925 |
Other assets | 55,731 |  |  | 51,369 |
Total assets | $ | 4,931,059 |  |  | $ | 4,579,294 |
Financial information relating to our operations by geographic area is as follows:
| 2019 |  | 2018 |  | 2017
| (Dollars in thousands)
Net sales: |  |  |  |  |
United States | $ | 3,418,848 |  |  | $ | 3,333,668 |  |  | $ | 3,110,595 |
Foreign: |  |  |  |  |
Europe | 818,032 |  |  | 858,255 |  |  | 747,043 |
Other | 253,047 |  |  | 256,952 |  |  | 232,216 |
Total net sales from foreign operations | 1,071,079 |  |  | 1,115,207 |  |  | 979,259 |
Total net sales | $ | 4,489,927 |  |  | $ | 4,448,875 |  |  | $ | 4,089,854 |
Long-lived assets: |  |  |  |  |
United States | $ | 1,028,965 |  |  | $ | 989,426 |  |  |
Foreign: |  |  |  |  |
Europe | 419,195 |  |  | 410,919 |  |  |
Other | 122,171 |  |  | 117,165 |  |  |
Total long-lived assets at foreign operations | 541,366 |  |  | 528,084 |  |  |
Total long-lived assets | $ | 1,570,331 |  |  | $ | 1,517,510 |  |  |
Net sales are attributed to the country from which the product was manufactured and shipped. Sales of our metal containers segment to Nestlé Food Company accounted for 11.1 percent, 10.4 percent and 10.2 percent of our consolidated net sales in 2019, 2018 and 2017, respectively. Sales and income from operations of our metal container business and part of our closures business are dependent, in part, upon the vegetable and fruit harvests in the United States and, to a lesser extent, in a variety of national growing regions in Europe. The size and quality of these harvests varies from year to year, depending in large part upon the weather conditions in applicable regions. Because of the seasonality of the harvests, we have historically experienced higher unit sales volume in the third quarter of our fiscal year and generated a disproportionate amount of our annual income from operations during that quarter (see Note 18).

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration