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BUSINESS SEGMENT INFORMATION | 6 Months Ended
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Apr. 30, 2023
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company has six operating segments, which are aggregated into three reportable business segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management. The Company’s reportable business segments offer different products and services. The accounting policies of the reportable business segments are substantially the same as those described in the “Basis of Presentation and Summary of Significant Accounting Policies” note in the 2022 Form 10-K. On March 31, 2023, the Company completed the Centurion Acquisition. Centurion is a leader in the North American IBC reconditioning industry involved in IBC rebottling, reconditioning and distribution, which complement the Company’s Global Industrial Packaging specialty portfolio. The results of Centurion are recorded within the Global Industrial Packaging segment while the Company evaluates the impact of the Centurion Acquisition on its reportable business segments. On December 15, 2022, the Company completed the Lee Container Acquisition. Lee Container is an industry-leading manufacturer of high-performance barrier, conventional blow molded containers, jerrycans and small plastics, which complement the Company’s Global Industrial Packaging specialty portfolio. The results of Lee Container are recorded within the Global Industrial Packaging segment while the Company evaluates the impact of the Lee Container Acquisition on its reportable business segments. The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2023:
| Three Months Ended April 30, 2023
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 282.1 |  |  | $ | 338.2 |  |  | $ | 127.9 |  |  | $ | 748.2 |
Paper Packaging & Services | 544.6 |  |  | — |  |  | 10.2 |  |  | 554.8 |
Land Management | 5.9 |  |  | — |  |  | — |  |  | 5.9 |
Total net sales | $ | 832.6 |  |  | $ | 338.2 |  |  | $ | 138.1 |  |  | $ | 1,308.9 |
| Six Months Ended April 30, 2023
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 541.4 |  |  | $ | 653.0 |  |  | $ | 259.6 |  |  | $ | 1,454.0 |
Paper Packaging & Services | 1,095.1 |  |  | — |  |  | 19.9 |  |  | 1,115.0 |
Land Management | 10.9 |  |  | — |  |  | — |  |  | 10.9 |
Total net sales | $ | 1,647.4 |  |  | $ | 653.0 |  |  | $ | 279.5 |  |  | $ | 2,579.9 |
The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2022:
| Three Months Ended April 30, 2022
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 345.1 |  |  | $ | 459.2 |  |  | $ | 167.4 |  |  | $ | 971.7 |
Paper Packaging & Services | 678.5 |  |  | — |  |  | 10.8 |  |  | 689.3 |
Land Management | 6.3 |  |  | — |  |  | — |  |  | 6.3 |
Total net sales | $ | 1,029.9 |  |  | $ | 459.2 |  |  | $ | 178.2 |  |  | $ | 1,667.3 |
| Six Months Ended April 30, 2022
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 663.9 |  |  | $ | 916.5 |  |  | $ | 340.4 |  |  | $ | 1,920.8 |
Paper Packaging & Services | 1,279.3 |  |  | — |  |  | 20.0 |  |  | 1,299.3 |
Land Management | 11.5 |  |  | — |  |  | — |  |  | 11.5 |
Total net sales | $ | 1,954.7 |  |  | $ | 916.5 |  |  | $ | 360.4 |  |  | $ | 3,231.6 |
The following segment information is presented for the periods indicated:
| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating profit: |  |  |  |  |  |  |
Global Industrial Packaging | $ | 111.3 |  |  | $ | 108.0 |  |  | $ | 157.2 |  |  | $ | 139.0 |
Paper Packaging & Services | 67.6 |  |  | 80.1 |  |  | 176.7 |  |  | 118.4 |
Land Management | 2.2 |  |  | 2.0 |  |  | 3.6 |  |  | 4.7 |
Total operating profit | $ | 181.1 |  |  | $ | 190.1 |  |  | $ | 337.5 |  |  | $ | 262.1 |
Depreciation, depletion and amortization expense: |  |  |  |  |  |  |
Global Industrial Packaging | $ | 23.2 |  |  | $ | 18.8 |  |  | $ | 44.6 |  |  | $ | 39.4 |
Paper Packaging & Services | 32.8 |  |  | 35.1 |  |  | 65.9 |  |  | 73.1 |
Land Management | 0.6 |  |  | 0.7 |  |  | 1.2 |  |  | 1.5 |
Total depreciation, depletion and amortization expense | $ | 56.6 |  |  | $ | 54.6 |  |  | $ | 111.7 |  |  | $ | 114.0 |
The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:
(in millions) | April 30, 2023 |  | October 31, 2022
Assets: |  |  |
Global Industrial Packaging | $ | 2,885.4 |  |  | $ | 2,308.4 |
Paper Packaging & Services | 2,396.4 |  |  | 2,473.9 |
Land Management | 251.7 |  |  | 250.0 |
Total segments | 5,533.5 |  |  | 5,032.3 |
Corporate and other | 378.0 |  |  | 437.6 |
Total assets | $ | 5,911.5 |  |  | $ | 5,469.9 |
Long lived assets, net*: |  |  |
United States | $ | 1,410.1 |  |  | $ | 1,315.6 |
Europe, Middle East and Africa | 321.9 |  |  | 303.7 |
Asia Pacific and other Americas | 90.2 |  |  | 91.6 |
Total long-lived assets, net | $ | 1,822.2 |  |  | $ | 1,710.9 |
*includes property, plants and equipment, net, operating lease assets and finance lease assets |  |  |

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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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