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BUSINESS SEGMENT INFORMATION | 6 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION As previously discussed, effective October 1, 2025, the Company changed the name of its Integrated Solutions reportable segment to Innovative Closure Solutions. The Company is involved in the purchase and sale of recycled fiber and the production and sale of adhesives used in the Company’s paperboard products. Both of these products were previously reported under the Integrated Solutions reportable segment (now the Innovative Closure Solutions reportable segment), and effective October 1, 2025, these products are reported under the Sustainable Fiber Solutions reportable segment. The Company is also involved in the production and sale of complementary packaging products and services such as paints, linings and filling that are related to the Company’s steel products. Both of these products and services were previously reported under the Integrated Solutions reportable segment (now the Innovative Closure Solutions reportable segment), and effective October 1, 2025, these products and services are reported under the Durable Metal Solutions reportable segment. These adjustments position each business within its respective place in the integrated value chain and reinforce a clear emphasis on closure systems within the Innovative Closure Solutions reportable segment. The Company has four operating segments and four reportable segments: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Innovative Closure Solutions. 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 2025 Form 10-KT. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The 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 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 2025 Form 10-KT. The following table presents reportable segment information for the three and six months ended March 31, 2026:
| Three Months Ended March 31, 2026
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Innovative Closure Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 145.7 |  |  | $ | 67.8 |  |  | $ | 311.0 |  |  | $ | 6.5 |  |  | $ | 531.0 |
Europe, Middle East and Africa | 147.5 |  |  | 223.4 |  |  | 0.2 |  |  | 11.9 |  |  | 383.0 |
Asia Pacific and Other Americas | 51.6 |  |  | 89.2 |  |  | 10.6 |  |  | 7.4 |  |  | 158.8 |
Net sales | 344.8 |  |  | 380.4 |  |  | 321.8 |  |  | 25.8 |  |  | 1,072.8 |
Raw material costs | 153.0 |  |  | 211.2 |  |  | 179.0 |  |  | 9.8 |  |  | 553.0 |
Manufacturing costs | 117.7 |  |  | 79.9 |  |  | 71.5 |  |  | 3.7 |  |  | 272.8 |
Costs of products sold | 270.7 |  |  | 291.1 |  |  | 250.5 |  |  | 13.5 |  |  | 825.8 |
Selling, general and administrative expenses | 66.6 |  |  | 48.1 |  |  | 69.6 |  |  | 7.4 |  |  | 191.7 |
Acquisition and integration related costs | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | 1.4 |
Restructuring and other charges | 3.9 |  |  | 4.6 |  |  | 7.1 |  |  | 0.1 |  |  | 15.7 |
Non-cash asset impairment charges | — |  |  | — |  |  | 4.5 |  |  | — |  |  | 4.5 |
Loss (gain) on disposal of properties, plants and equipment, net | 0.4 |  |  | (2.4) |  |  | 0.3 |  |  | — |  |  | (1.7) |
Operating profit (loss) | $ | 2.5 |  |  | $ | 39.0 |  |  | $ | (10.2) |  |  | $ | 4.1 |  |  | $ | 35.4 |
| Six Months Ended March 31, 2026
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Innovative Closure Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 270.4 |  |  | $ | 130.3 |  |  | $ | 611.4 |  |  | $ | 12.7 |  |  | $ | 1,024.8 |
Europe, Middle East and Africa | 275.2 |  |  | 432.8 |  |  | 0.5 |  |  | 21.5 |  |  | 730.0 |
Asia Pacific and Other Americas | 104.3 |  |  | 172.1 |  |  | 21.8 |  |  | 14.6 |  |  | 312.8 |
Net sales | 649.9 |  |  | 735.2 |  |  | 633.7 |  |  | 48.8 |  |  | 2,067.6 |
Raw material costs | 288.8 |  |  | 411.2 |  |  | 357.3 |  |  | 11.0 |  |  | 1,068.3 |
Manufacturing costs | 229.2 |  |  | 164.0 |  |  | 139.9 |  |  | 16.6 |  |  | 549.7 |
Costs of products sold | 518.0 |  |  | 575.2 |  |  | 497.2 |  |  | 27.6 |  |  | 1,618.0 |
Selling, general and administrative expenses | 118.4 |  |  | 82.2 |  |  | 123.7 |  |  | 13.5 |  |  | 337.8 |
Acquisition and integration related costs | 1.4 |  |  | — |  |  | — |  |  | 0.7 |  |  | 2.1 |
Restructuring and other charges | 6.2 |  |  | 8.4 |  |  | 15.1 |  |  | 0.2 |  |  | 29.9 |
Non-cash asset impairment charges | — |  |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
Loss (gain) on disposal of properties, plants and equipment, net | 0.4 |  |  | (2.5) |  |  | (215.3) |  |  | — |  |  | (217.4) |
Loss on disposal of businesses, net | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Operating profit | $ | 5.0 |  |  | $ | 71.9 |  |  | $ | 208.3 |  |  | $ | 6.8 |  |  | $ | 292.0 |
* 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 three and six months ended March 31, 2025:
| Three Months Ended March 31, 2025
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Innovative Closure Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 142.6 |  |  | $ | 72.8 |  |  | $ | 349.5 |  |  | $ | 6.4 |  |  | $ | 571.3 |
Europe, Middle East and Africa | 131.2 |  |  | 215.4 |  |  | 0.2 |  |  | 10.0 |  |  | 356.8 |
Asia Pacific and Other Americas | 48.7 |  |  | 84.7 |  |  | 11.0 |  |  | 5.9 |  |  | 150.3 |
Net sales | 322.5 |  |  | 372.9 |  |  | 360.7 |  |  | 22.3 |  |  | 1,078.4 |
Raw material costs | 155.0 |  |  | 236.3 |  |  | 208.6 |  |  | 9.8 |  |  | 609.7 |
Manufacturing costs | 90.7 |  |  | 52.8 |  |  | 74.0 |  |  | 2.7 |  |  | 220.2 |
Costs of products sold | 245.7 |  |  | 289.1 |  |  | 282.6 |  |  | 12.5 |  |  | 829.9 |
Selling, general and administrative expenses | 56.3 |  |  | 40.8 |  |  | 57.6 |  |  | 5.2 |  |  | 159.9 |
Acquisition and integration related costs | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Restructuring and other charges | 0.6 |  |  | 0.7 |  |  | 7.6 |  |  | 0.2 |  |  | 9.1 |
Non-cash asset impairment charges | 0.7 |  |  | 2.1 |  |  | 14.0 |  |  | 0.4 |  |  | 17.2 |
Loss (gain) on disposal of properties, plants and equipment, net | 0.1 |  |  | (1.1) |  |  | 1.1 |  |  | — |  |  | 0.1 |
Loss on disposal of businesses, net | — |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Operating profit (loss) | $ | 17.8 |  |  | $ | 41.1 |  |  | $ | (2.2) |  |  | $ | 4.0 |  |  | $ | 60.7 |
| Six Months Ended March 31, 2025
(in millions) | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Innovative Closure Solutions |  | Consolidated
Net sales by geographic area: |  |  |  |  |  |  |  |  |
United States* | $ | 264.7 |  |  | $ | 136.8 |  |  | $ | 681.0 |  |  | $ | 12.6 |  |  | $ | 1,095.1 |
Europe, Middle East and Africa | 247.2 |  |  | 418.0 |  |  | 0.4 |  |  | 20.4 |  |  | 686.0 |
Asia Pacific and Other Americas | 105.0 |  |  | 174.0 |  |  | 23.3 |  |  | 11.7 |  |  | 314.0 |
Net sales | 616.9 |  |  | 728.8 |  |  | 704.7 |  |  | 44.7 |  |  | 2,095.1 |
Raw material costs | 305.6 |  |  | 472.9 |  |  | 394.0 |  |  | 19.8 |  |  | 1,192.3 |
Manufacturing costs | 175.9 |  |  | 103.1 |  |  | 168.3 |  |  | 7.6 |  |  | 454.9 |
Costs of products sold | 481.5 |  |  | 576.0 |  |  | 562.3 |  |  | 27.4 |  |  | 1,647.2 |
Selling, general and administrative expenses | 109.5 |  |  | 80.3 |  |  | 119.1 |  |  | 11.2 |  |  | 320.1 |
Acquisition and integration related costs | 4.1 |  |  | — |  |  | — |  |  | — |  |  | 4.1 |
Restructuring and other charges | 1.7 |  |  | 1.4 |  |  | 9.0 |  |  | 0.3 |  |  | 12.4 |
Non-cash asset impairment charges | 1.0 |  |  | 2.1 |  |  | 14.0 |  |  | 0.4 |  |  | 17.5 |
Loss (gain) on disposal of properties, plants and equipment, net | 0.2 |  |  | (3.9) |  |  | 1.4 |  |  | — |  |  | (2.3) |
Loss on disposal of businesses, net | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Operating profit (loss) | $ | 18.9 |  |  | $ | 71.6 |  |  | $ | (1.1) |  |  | $ | 5.4 |  |  | $ | 94.8 |
* 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:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Depreciation, depletion and amortization expense: |  |  |  |  |  |  |
Customized Polymer Solutions | $ | 25.0 |  |  | $ | 22.9 |  |  | $ | 52.9 |  |  | $ | 45.9 |
Durable Metal Solutions | 7.6 |  |  | 7.0 |  |  | 15.2 |  |  | 14.2 |
Sustainable Fiber Solutions | 23.3 |  |  | 25.7 |  |  | 46.7 |  |  | 52.3 |
Innovative Closure Solutions | 1.3 |  |  | 1.5 |  |  | 2.7 |  |  | 3.2 |
Total depreciation, depletion and amortization expense | $ | 57.2 |  |  | $ | 57.1 |  |  | $ | 117.5 |  |  | $ | 115.6 |
Capital expenditures: |  |  |  |  |  |  |
Customized Polymer Solutions | $ | 16.7 |  |  | $ | 7.0 |  |  | $ | 27.9 |  |  | $ | 16.9 |
Durable Metal Solutions | 6.3 |  |  | 7.4 |  |  | 13.2 |  |  | 14.2 |
Sustainable Fiber Solutions | 8.9 |  |  | 23.4 |  |  | 19.3 |  |  | 34.8 |
Innovative Closure Solutions | 1.5 |  |  | 0.9 |  |  | 5.0 |  |  | 1.4 |
Total segments | 33.4 |  |  | 38.7 |  |  | 65.4 |  |  | 67.3 |
Corporate and other | 3.8 |  |  | 1.6 |  |  | 7.0 |  |  | 3.7 |
Total capital expenditures | $ | 37.2 |  |  | $ | 40.3 |  |  | $ | 72.4 |  |  | $ | 71.0 |
The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:
(in millions) | March 31, 2026 |  | September 30, 2025
Assets: |  |  |
Customized Polymer Solutions | $ | 1,878.5 |  |  | $ | 1,872.9 |
Durable Metal Solutions | 1,247.6 |  |  | 1,196.8 |
Sustainable Fiber Solutions | 1,705.5 |  |  | 1,917.1 |
Innovative Closure Solutions | 220.9 |  |  | 321.7 |
Total segments | 5,052.5 |  |  | 5,308.5 |
Corporate and other* | 544.1 |  |  | 458.3 |
Total assets | $ | 5,596.6 |  |  | $ | 5,766.8 |
*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* | $ | 796.3 |  |  | $ | 814.7 |
Europe, Middle East and Africa | 378.0 |  |  | 392.2 |
Asia Pacific and other Americas | 153.9 |  |  | 148.9 |
Total long-lived assets, net | $ | 1,328.2 |  |  | $ | 1,355.8 |
*The United States is the only country material to present individually. All other countries have been aggregated into regions. |  |  |

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