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BUSINESS SEGMENT INFORMATION | 11 Months Ended
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Sep. 30, 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 segments: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated 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. 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. Operations in the Sustainable Fiber Solutions reportable segment involve the production and sale of fiber-based packaging products, including fibre drums, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from uncoated recycled board, coated recycled board and containerboard. 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 included the Soterra Business through the end of fiscal 2025. 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 used in the Company’s 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. The primary measurement used by the CODM to measure the financial performance of each segment is operating profit. The CODM uses operating profit for each segment in the strategic planning, budgeting and forecasting process along with reviewing operating profit quarterly for evaluating results relative to employee compensation targets and making decisions about allocating capital and other resources. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance. As disclosed above, the Company completed the Containerboard Divestiture in the fourth quarter of 2025. The Containerboard Business was previously reported under the Company’s Sustainable Fiber Solutions segment. The Containerboard Divestiture qualifies as discontinued operations. The Company’s allocation of corporate expenses to each reportable segment was updated to reflect how management measures performance and allocates resources with the Containerboard Business being excluded from continuing operations. The Company has recast data from prior periods to reflect this change to conform to the current year presentation. The following table presents reportable segment information for the year ended September 30, 2025 (11-month):
| Year Ended September 30, 2025 (11-month)
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Integrated Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 496.3 |  |  | $ | 251.8 |  |  | $ | 1,051.9 |  |  | $ | 225.9 |  |  | $ | 2,025.9 |
Europe, Middle East and Africa | 467.4 |  |  | 798.8 |  |  | 0.9 |  |  | 42.6 |  |  | 1,309.7 |
Asia Pacific and Other Americas | 205.9 |  |  | 317.6 |  |  | 44.1 |  |  | 29.9 |  |  | 597.5 |
Net sales | 1,169.6 |  |  | 1,368.2 |  |  | 1,096.9 |  |  | 298.4 |  |  | 3,933.1 |
Costs of products sold | 915.9 |  |  | 1,085.7 |  |  | 846.9 |  |  | 213.1 |  |  | 3,061.6 |
Selling, general and administrative expenses | 207.2 |  |  | 167.3 |  |  | 154.0 |  |  | 73.4 |  |  | 601.9 |
Acquisition and integration related costs | 7.1 |  |  | — |  |  | — |  |  | — |  |  | 7.1 |
Restructuring and other charges | 9.6 |  |  | 12.5 |  |  | 36.4 |  |  | 4.1 |  |  | 62.6 |
Non-cash asset impairment charges | 3.1 |  |  | 2.3 |  |  | 31.8 |  |  | 0.7 |  |  | 37.9 |
(Gain) loss on disposal of properties, plants and equipment, net | (0.2) |  |  | (7.6) |  |  | 0.3 |  |  | — |  |  | (7.5) |
Loss on disposal of businesses, net | — |  |  | — |  |  | 0.5 |  |  | 1.4 |  |  | 1.9 |
Operating profit | 26.9 |  |  | 108.0 |  |  | 27.0 |  |  | 5.7 |  |  | 167.6 |
* The United States is the only country material to present individually. All other countries have been aggregated into regions.
The following table presents reportable segment information for the year ended October 31, 2024:
| Year Ended October 31, 2024
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Integrated Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 508.8 |  |  | $ | 314.7 |  |  | $ | 1,188.4 |  |  | $ | 300.6 |  |  | $ | 2,312.5 |
Europe, Middle East and Africa | 438.2 |  |  | 905.1 |  |  | 0.7 |  |  | 44.0 |  |  | 1,388.0 |
Asia Pacific and Other Americas | 188.1 |  |  | 382.3 |  |  | 53.2 |  |  | 30.8 |  |  | 654.4 |
Net sales | 1,135.1 |  |  | 1,602.1 |  |  | 1,242.3 |  |  | 375.4 |  |  | 4,354.9 |
Costs of products sold | 912.4 |  |  | 1,282.9 |  |  | 994.3 |  |  | 266.2 |  |  | 3,455.8 |
Selling, general and administrative expenses | 164.0 |  |  | 183.7 |  |  | 161.7 |  |  | 80.5 |  |  | 589.9 |
Acquisition and integration related costs | 17.2 |  |  | — |  |  | 1.3 |  |  | — |  |  | 18.5 |
Restructuring and other charges | 2.3 |  |  | 3.0 |  |  | (0.8) |  |  | 0.9 |  |  | 5.4 |
Non-cash asset impairment charges | 0.3 |  |  | 0.4 |  |  | 1.7 |  |  | 0.2 |  |  | 2.6 |
Gain on disposal of properties, plants and equipment, net | (0.2) |  |  | (2.8) |  |  | (3.4) |  |  | (2.7) |  |  | (9.1) |
Gain on disposal of businesses, net | — |  |  | — |  |  | — |  |  | (46.0) |  |  | (46.0) |
Operating profit | 39.1 |  |  | 134.9 |  |  | 87.5 |  |  | 76.3 |  |  | 337.8 |
* The United States is the only country material to present individually. All other countries have been aggregated into regions.
The following table presents reportable segment information for the year ended October 31, 2023:
| Year Ended October 31, 2023
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Integrated Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 442.3 |  |  | $ | 336.4 |  |  | $ | 1,254.4 |  |  | $ | 255.9 |  |  | $ | 2,289.0 |
Europe, Middle East and Africa | 380.1 |  |  | 893.4 |  |  | 0.6 |  |  | 36.8 |  |  | 1,310.9 |
Asia Pacific and Other Americas | 94.7 |  |  | 401.9 |  |  | 52.9 |  |  | 25.9 |  |  | 575.4 |
Net sales | 917.1 |  |  | 1,631.7 |  |  | 1,307.9 |  |  | 318.6 |  |  | 4,175.3 |
Costs of products sold | 706.3 |  |  | 1,323.1 |  |  | 988.4 |  |  | 228.9 |  |  | 3,246.7 |
Selling, general and administrative expenses | 110.8 |  |  | 166.5 |  |  | 167.5 |  |  | 65.5 |  |  | 510.3 |
Acquisition and integration related costs | 10.8 |  |  | — |  |  | 8.2 |  |  | — |  |  | 19.0 |
Restructuring and other charges | 2.1 |  |  | 1.7 |  |  | 12.5 |  |  | 2.4 |  |  | 18.7 |
Non-cash asset impairment charges | 0.1 |  |  | 1.8 |  |  | 17.7 |  |  | 0.7 |  |  | 20.3 |
Loss (gain) on disposal of properties, plants and equipment, net | 0.2 |  |  | (4.5) |  |  | 2.1 |  |  | (0.3) |  |  | (2.5) |
Gain on disposal of businesses, net | (9.4) |  |  | — |  |  | (54.6) |  |  | — |  |  | (64.0) |
Operating profit | 96.2 |  |  | 143.1 |  |  | 166.1 |  |  | 21.4 |  |  | 426.8 |
* The United States is the only country material to present individually. All other countries have been aggregated into regions.
The following table presents additional reportable segment information:
| 11 Months |  | 12 Months |  | 12 Months
| September 30, |  | October 31, |  | October 31,
Year Ended (in millions) | 2025 |  | 2024 |  | 2023
Depreciation, depletion and amortization expense: |  |  |  |  |
Customized Polymer Solutions | $ | 86.3 |  |  | $ | 79.3 |  |  | $ | 47.4 |
Durable Metal Solutions | 25.6 |  |  | 29.1 |  |  | 28.7 |
Sustainable Fiber Solutions | 91.8 |  |  | 106.6 |  |  | 109.4 |
Integrated Solutions | 9.0 |  |  | 12.7 |  |  | 12.5 |
Total depreciation, depletion and amortization expense | $ | 212.7 |  |  | $ | 227.7 |  |  | $ | 198.0 |
Capital expenditures: |  |  |  |  |
Customized Polymer Solutions | $ | 37.3 |  |  | $ | 46.1 |  |  | $ | 37.7 |
Durable Metal Solutions | 19.2 |  |  | 25.7 |  |  | 32.1 |
Sustainable Fiber Solutions | 44.4 |  |  | 44.8 |  |  | 70.2 |
Integrated Solutions | 5.2 |  |  | 5.9 |  |  | 12.1 |
Total segment | 106.1 |  |  | 122.5 |  |  | 152.1 |
Corporate and other | 1.4 |  |  | 1.8 |  |  | 18.0 |
Total capital expenditures | $ | 107.5 |  |  | $ | 124.3 |  |  | $ | 170.1 |
The following table presents total assets by reportable segment and total long lived assets, net by geographic area:
(in millions) | September 30, 2025 |  | October 31, 2024
Assets: |  |  |
Customized Polymer Solutions | $ | 1,872.9 |  |  | $ | 1,818.7 |
Durable Metal Solutions | 1,184.3 |  |  | 1,183.8 |
Sustainable Fiber Solutions | 1,848.1 |  |  | 2,788.8 |
Integrated Solutions | 403.2 |  |  | 403.1 |
Total segment | 5,308.5 |  |  | 6,194.4 |
Corporate and other* | 458.3 |  |  | 453.2 |
Total assets | $ | 5,766.8 |  |  | $ | 6,647.6 |
*Corporate and other assets held at corporate level or used by corporate functions that are not directly attributable to reportable segments. |  |  |
Property, plant and equipment, net and lease right-of-use assets: |  |  |
United States* | $ | 814.7 |  |  | $ | 1,119.9 |
Europe, Middle East and Africa | 392.2 |  |  | 373.7 |
Asia Pacific and other Americas | 148.9 |  |  | 146.0 |
Total properties, plants and equipment, net | $ | 1,355.8 |  |  | $ | 1,639.6 |
*The United States is the only country material to present individually. All other countries have been aggregated into regions. |  |  |

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