SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company has three reportable segments as follows:

Paperboard Mills includes the eight North American paperboard mills that produce primarily CRB, CUK, and SBS, which is consumed internally to produce paperboard packaging for the Americas and Europe Packaging segments. Paperboard not consumed internally is sold externally to a wide variety of paperboard packaging converters and brokers. The Paperboard Mills segment Net Sales represent the sale of paperboard only to external customers. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Paperboard Mills segment to reflect the economics of the integration of these segments.

Americas Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to consumer packaged goods ("CPG") companies, and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants ("QSR"), serving the food, beverage, and consumer product markets in the Americas.

Europe Paperboard Packaging includes paperboard packaging, primarily folding cartons, sold primarily to CPG companies serving the food, beverage and consumer product markets including healthcare and beauty primarily in Europe.

The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs.

These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in "Note 1 - General Information."

Segment information is as follows:

	Three Months Ended March 31,
In millions	2023		2022
NET SALES:
Paperboard Mills	$	316	$	296
Americas Paperboard Packaging	1,544		1,422
Europe Paperboard Packaging	532		486
Corporate/Other/Eliminations(a)	46		41
Total	$	2,438	$	2,245
INCOME (LOSS) FROM OPERATIONS:
Paperboard Mills(b)(c)	$	27	$	11
Americas Paperboard Packaging	269		153
Europe Paperboard Packaging(d)	26		37
Corporate and Other(c)	8		(8)
Total	$	330	$	193
DEPRECIATION AND AMORTIZATION:
Paperboard Mills	$	61	$	61
Americas Paperboard Packaging	43		43
Europe Paperboard Packaging	27		29
Corporate and Other	8		6
Total	$	139	$	139

(a) Includes revenue from customers for the Australia and Pacific Rim operating segments.

(b) Includes accelerated depreciation related to exit activities in 2023 and 2022.

(c) Includes expenses related to business combinations, shutdown and other special charges, and exit activities.

(d) Includes impairment charges of $4 million related to Russia incurred in Q1 2023 (See "Note 14 - Impairment and Divestiture of Russian Business").