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BUSINESS SEGMENT INFORMATION | 9 Months Ended
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Jul. 31, 2024
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION The Company has seven 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 2023 Form 10-K. On March 26, 2024, the Company completed the Ipackchem Acquisition. Ipackchem is a global market leader in the production of high performance plastic packaging, including premium barrier and non-barrier jerrycans and other small plastic containers, which complement the Company’s Global Industrial Packaging specialty portfolio. The results of Ipackchem are recorded within the Global Industrial Packaging segment. The following tables present net sales disaggregated by geographic area for each reportable segment for the three and nine months ended July 31, 2024:
| Three Months Ended July 31, 2024
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 298.2 |  |  | $ | 381.3 |  |  | $ | 166.5 |  |  | $ | 846.0 |
Paper Packaging & Services | 592.4 |  |  | — |  |  | 11.2 |  |  | 603.6 |
Land Management | 4.6 |  |  | — |  |  | — |  |  | 4.6 |
Total net sales | $ | 895.2 |  |  | $ | 381.3 |  |  | $ | 177.7 |  |  | $ | 1,454.2 |
| Nine Months Ended July 31, 2024
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 853.5 |  |  | $ | 1,031.4 |  |  | $ | 452.5 |  |  | $ | 2,337.4 |
Paper Packaging & Services | 1,648.4 |  |  | — |  |  | 30.6 |  |  | 1,679.0 |
Land Management | 14.6 |  |  | — |  |  | — |  |  | 14.6 |
Total net sales | $ | 2,516.5 |  |  | $ | 1,031.4 |  |  | $ | 483.1 |  |  | $ | 4,031.0 |
The following tables present net sales disaggregated by geographic area for each reportable segment for the three and nine months ended July 31, 2023:
| Three Months Ended July 31, 2023
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 277.3 |  |  | $ | 349.2 |  |  | $ | 135.3 |  |  | $ | 761.8 |
Paper Packaging & Services | 552.6 |  |  | — |  |  | 11.3 |  |  | 563.9 |
Land Management | 4.6 |  |  | — |  |  | — |  |  | 4.6 |
Total net sales | $ | 834.5 |  |  | $ | 349.2 |  |  | $ | 146.6 |  |  | $ | 1,330.3 |
| Nine Months Ended July 31, 2023
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 818.7 |  |  | $ | 1,002.1 |  |  | $ | 395.0 |  |  | $ | 2,215.8 |
Paper Packaging & Services | 1,647.6 |  |  | — |  |  | 31.3 |  |  | 1,678.9 |
Land Management | 15.5 |  |  | — |  |  | — |  |  | 15.5 |
Total net sales | $ | 2,481.8 |  |  | $ | 1,002.1 |  |  | $ | 426.3 |  |  | $ | 3,910.2 |
The following segment information is presented for the periods indicated:
| Three Months Ended July 31, |  | Nine Months Ended July 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit: |  |  |  |  |  |  |
Global Industrial Packaging | $ | 131.8 |  |  | $ | 102.0 |  |  | $ | 266.1 |  |  | $ | 259.2 |
Paper Packaging & Services | 37.5 |  |  | 52.1 |  |  | 66.9 |  |  | 228.8 |
Land Management | 1.7 |  |  | 1.5 |  |  | 5.0 |  |  | 5.1 |
Total operating profit | $ | 171.0 |  |  | $ | 155.6 |  |  | $ | 338.0 |  |  | $ | 493.1 |
Depreciation, depletion and amortization expense: |  |  |  |  |  |  |
Global Industrial Packaging | $ | 32.8 |  |  | $ | 24.9 |  |  | $ | 89.3 |  |  | $ | 69.5 |
Paper Packaging & Services | 33.9 |  |  | 32.4 |  |  | 102.5 |  |  | 98.3 |
Land Management | 0.4 |  |  | 0.4 |  |  | 1.6 |  |  | 1.6 |
Total depreciation, depletion and amortization expense | $ | 67.1 |  |  | $ | 57.7 |  |  | $ | 193.4 |  |  | $ | 169.4 |
The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:
(in millions) | July 31, 2024 |  | October 31, 2023
Assets: |  |  |
Global Industrial Packaging | $ | 3,541.3 |  |  | $ | 2,737.5 |
Paper Packaging & Services | 2,615.9 |  |  | 2,541.1 |
Land Management | 255.0 |  |  | 253.2 |
Total segments | 6,412.2 |  |  | 5,531.8 |
Corporate and other | 422.7 |  |  | 429.0 |
Total assets | $ | 6,834.9 |  |  | $ | 5,960.8 |
Property, plant and equipment, net and lease right-of-use assets: |  |  |
United States | $ | 1,467.3 |  |  | $ | 1,468.6 |
Europe, Middle East and Africa | 378.6 |  |  | 311.9 |
Asia Pacific and other Americas | 145.8 |  |  | 102.9 |
Total long-lived assets, net | $ | 1,991.7 |  |  | $ | 1,883.4 |

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- Definition The entire disclosure for reporting segments including data and tables. 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