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BUSINESS SEGMENT INFORMATION | 3 Months Ended
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Jan. 31, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION As previously announced, effective November 1, 2024, the Company implemented changes to its reporting structure, moving to a material solution-based structure. The Company realigned its organizational structure to four operating segments and four reportable business segments: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. The Company’s reportable business segments offer different products and services. The products and services included in each of these reportable segments are as follows: •Customized Polymer Solutions: Operations in the Customized Polymer Solutions reportable segment involve the production and sale of a comprehensive line of polymer based packaging products, such as plastic drums, rigid intermediate bulk containers and small plastics. The polymer-based packaging products and services are sold on a global basis to customers in industries such as chemicals, food and beverage, agricultural, pharmaceutical and mineral products, among others. •Durable Metal Solutions: Operations in the Durable Metal Solutions reportable segment involve the production and sale of metal-based packaging products, including a wide variety of steel drums. The metal-based packaging products are sold on a global basis to customers in industries such as chemicals, petroleum, agriculture and paints and coatings, among others. •Sustainable Fiber Solutions: Operations in the Sustainable Fiber Solutions reportable segment involve the production and sale of fiber-based packaging products, including fiber drums, containerboard, corrugated sheets, corrugated containers, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from containerboard, uncoated recycled board and coated recycled board. The fiber-based packaging products are sold in North America in industries such as packaging, automotive, construction, food and beverage and building products. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States. •Integrated Solutions: Operations in the Integrated Solutions reportable segment involve the production and sale of complimentary packaging products, such as paints, linings and closure systems for industrial packaging products and related services. In addition, this reportable segment is involved in the purchase and sale of recycled fiber and the production and sale of adhesives, which can be used in containerboard and paperboard products. These products and services are used internally by the Company and are also sold to external customers. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The Company’s CODM reviews financial information presented on material solution-based operating segments for purposes of making operating decisions and assessing financial performance. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance. 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 2024 Form 10-K. The following tables present net sales disaggregated by geographic area for each reportable segment for the three months ended January 31, 2025:
| Three Months Ended January 31, 2025
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Customized Polymer Solutions | $ | 125.8 |  |  | $ | 116.7 |  |  | $ | 52.6 |  |  | $ | 295.1 |
Durable Metal Solutions | 63.1 |  |  | 194.0 |  |  | 85.1 |  |  | 342.2 |
Sustainable Fiber Solutions | 550.0 |  |  | 0.3 |  |  | 11.1 |  |  | 561.4 |
Integrated Solutions | 49.9 |  |  | 9.7 |  |  | 7.5 |  |  | 67.1 |
Total net sales | $ | 788.8 |  |  | $ | 320.7 |  |  | $ | 156.3 |  |  | $ | 1,265.8 |
The following tables present net sales disaggregated by geographic area for each reportable segment for the three months ended January 31, 2024:
| Three Months Ended January 31, 2024
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Customized Polymer Solutions | $ | 113.0 |  |  | $ | 84.3 |  |  | $ | 30.7 |  |  | $ | 228.0 |
Durable Metal Solutions | 72.0 |  |  | 201.3 |  |  | 97.2 |  |  | 370.5 |
Sustainable Fiber Solutions | 517.2 |  |  | 0.2 |  |  | 11.4 |  |  | 528.8 |
Integrated Solutions | 61.6 |  |  | 8.9 |  |  | 8.0 |  |  | 78.5 |
Total net sales | $ | 763.8 |  |  | $ | 294.7 |  |  | $ | 147.3 |  |  | $ | 1,205.8 |
The following segment information is presented for the periods indicated:
| Three Months Ended January 31, |  |
(in millions) | 2025 |  | 2024 |  |  |  |
Operating profit: |  |  |  |  |  |  |
Customized Polymer Solutions | $ | 13.8 |  |  | $ | 11.7 |  |  |  |  |
Durable Metal Solutions | 37.6 |  |  | 36.9 |  |  |  |  |
Sustainable Fiber Solutions | 3.6 |  |  | 8.2 |  |  |  |  |
Integrated Solutions | 4.9 |  |  | 12.1 |  |  |  |  |
Total operating profit | $ | 59.9 |  |  | $ | 68.9 |  |  |  |  |
Depreciation, depletion and amortization expense: |  |  |  |  |  |  |
Customized Polymer Solutions | $ | 22.9 |  |  | $ | 12.0 |  |  |  |  |
Durable Metal Solutions | 6.8 |  |  | 7.3 |  |  |  |  |
Sustainable Fiber Solutions | 34.3 |  |  | 38.0 |  |  |  |  |
Integrated Solutions | 2.6 |  |  | 3.1 |  |  |  |  |
Total depreciation, depletion and amortization expense | $ | 66.6 |  |  | $ | 60.4 |  |  |  |  |
The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:
(in millions) | January 31, 2025 |  | October 31, 2024
Assets: |  |  |
Customized Polymer Solutions | $ | 1,799.7 |  |  | $ | 1,818.7 |
Durable Metal Solutions | 1,142.4 |  |  | 1,183.8 |
Sustainable Fiber Solutions | 2,763.6 |  |  | 2,788.8 |
Integrated Solutions | 382.7 |  |  | 403.1 |
Total segments | 6,088.4 |  |  | 6,194.4 |
Corporate and other | 497.3 |  |  | 453.2 |
Total assets | $ | 6,585.7 |  |  | $ | 6,647.6 |
Property, plant and equipment, net and lease right-of-use assets: |  |  |
United States | $ | 1,423.8 |  |  | $ | 1,455.3 |
Europe, Middle East and Africa | 358.3 |  |  | 373.7 |
Asia Pacific and other Americas | 141.9 |  |  | 146.0 |
Total long-lived assets, net | $ | 1,924.0 |  |  | $ | 1,975.0 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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