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Segments of Business
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Segments of Business
Segments of Business
 
The Company's business activities are organized around and aggregated into three principal business segments based on their similar economic characteristics, products, production process, types of customers, and distribution methods. Both internal and external reporting conforms to this organizational structure, with no significant differences in accounting policies applied. Minor intersegment sales are generally priced to reflect nominal markups. The Company evaluates the performance of its segments and allocates resources to them based primarily on operating profit, which is defined as profit before general corporate expense, interest expense, other non-operating (income) expense, income taxes, and noncontrolling interests.
 
A summary of the Company’s business activities reported by its three business segments follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Business Segments (in millions)
 
2013
 
2012
 
2013
 
2012
Sales including intersegment sales:
 
 
 
 

 
 
 
 
U.S. Packaging
 
$
788.8

 
$
794.0

 
$
1,541.8

 
$
1,564.6

Global Packaging
 
382.3

 
385.9

 
756.6

 
784.6

Pressure Sensitive Materials
 
142.1

 
142.2

 
282.9

 
287.7

 
 
 
 
 
 
 
 
 
Intersegment sales:
 
 
 
 
 
 
 
 
U.S. Packaging
 
(7.9
)
 
(5.4
)
 
(14.9
)
 
(10.9
)
Global Packaging
 
(7.9
)
 
(3.7
)
 
(13.7
)
 
(8.0
)
Pressure Sensitive Materials
 
(0.3
)
 
(0.3
)
 
(0.6
)
 
(0.5
)
Total net sales
 
$
1,297.1

 
$
1,312.7

 
$
2,552.1

 
$
2,617.5

 
 
 
 
 
 
 
 
 
U.S. Packaging
 
 
 
 

 
 
 
 
Operating profit before facility consolidation and other costs
 
$
101.5

 
$
90.2

 
$
196.9

 
$
179.8

Facility consolidation and other costs
 
(21.2
)
 
(12.3
)
 
(30.6
)
 
(19.9
)
Operating profit
 
80.3

 
77.9

 
166.3

 
159.9

 
 
 
 
 
 
 
 
 
Global Packaging
 
 
 
 
 
 
 
 
Operating profit before facility consolidation and other costs
 
27.1

 
25.7

 
52.9

 
52.3

Facility consolidation and other costs
 
0.3

 
(7.3
)
 
0.4

 
(8.0
)
Operating profit
 
27.4

 
18.4

 
53.3

 
44.3

 
 
 
 
 
 
 
 
 
Pressure Sensitive Materials
 
 
 
 
 
 
 
 
Operating profit
 
6.0

 
10.9

 
13.7

 
20.6

 
 
 
 
 
 
 
 
 
Corporate
 
 
 
 
 
 
 
 
General corporate expenses
 
(23.4
)
 
(24.4
)
 
(50.9
)
 
(53.5
)
 
 
 
 
 
 
 
 
 
Operating income
 
90.3

 
82.8

 
182.4

 
171.3

 
 
 
 
 
 
 
 
 
Interest expense
 
(17.0
)
 
(17.3
)
 
(33.6
)
 
(37.8
)
Other non-operating income (expense)
 
7.2

 
1.0

 
3.1

 
0.9

 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
80.5

 
$
66.5

 
$
151.9

 
$
134.4


Business Segments (in millions)
 
June 30, 2013
 
December 31, 2012
Total assets:
 
 

 
 

U.S. Packaging
 
$
2,111.1

 
$
2,100.7

Global Packaging
 
1,373.4

 
1,425.4

Pressure Sensitive Materials
 
322.4

 
325.5

Total identifiable assets (1)
 
3,806.9

 
3,851.6

Corporate assets (2)
 
338.6

 
334.1

Total
 
$
4,145.5

 
$
4,185.7

(1)    Total assets by business segment include only those assets that are specifically identified with each segment’s operations.
(2)  Corporate assets are principally cash and cash equivalents, prepaid expenses, prepaid income taxes, prepaid pension benefit costs, and corporate tangible and intangible property.