Segment Information (Tables)

6 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Certain Operating Data for Segments

The following tables show selected operating data for our reportable segments (in millions):

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
Net sales (aggregate):
Corrugated Packaging	$	2,319.0		$	2,022.4		$	4,539.0		$	4,041.9
Consumer Packaging		1,250.6			1,080.6			2,389.3			2,143.1
Paper		1,538.1			1,130.6			2,890.7			2,221.5
Distribution		362.3			280.3			687.1			584.1
Total	$	5,470.0		$	4,513.9		$	10,506.1		$	8,990.6
Less net sales (intersegment):
Corrugated Packaging	$	78.5		$	71.9		$	152.7		$	143.0
Consumer Packaging		6.9			4.1			12.9			8.0
Distribution		2.5			0.1			6.2			0.3
Total	$	87.9		$	76.1		$	171.8		$	151.3
Net sales (unaffiliated customers):
Corrugated Packaging	$	2,240.5		$	1,950.5		$	4,386.3		$	3,898.9
Consumer Packaging		1,243.7			1,076.5			2,376.4			2,135.1
Paper		1,538.1			1,130.6			2,890.7			2,221.5
Distribution		359.8			280.2			680.9			583.8
Total	$	5,382.1		$	4,437.8		$	10,334.3		$	8,839.3
Adjusted EBITDA:
Corrugated Packaging	$	328.7		$	321.1		$	617.6		$	668.7
Consumer Packaging		205.8			164.1			375.1			339.4
Paper		308.6			159.6			541.0			311.3
Distribution		28.0			11.0			34.5			27.4
Total		871.1			655.8			1,568.2			1,346.8
Depreciation, depletion and amortization		(373.6	)		(361.4	)		(740.1	)		(725.9	)
Gain on sale of certain closed facilities		—			—			14.4			0.9
Multiemployer pension withdrawal income		—			—			3.3			—
Restructuring and other costs		(363.4	)		(5.2	)		(365.7	)		(12.9	)
Non-allocated expenses		(17.2	)		(15.3	)		(34.0	)		(36.5	)
Interest expense, net		(72.5	)		(83.5	)		(159.2	)		(177.3	)
Loss on extinguishment of debt		(8.2	)		—			(8.2	)		(1.1	)
Other income (expense), net		6.3			(13.4	)		6.5			7.4
Other adjustments		—			(32.1	)		(0.3	)		(53.7	)
Income before income taxes	$	42.5		$	144.9		$	284.9		$	347.7

	Three Months Ended					Six Months Ended
	March 31,					March 31,
	2022			2021		2022			2021
Depreciation, depletion and amortization:
Corrugated Packaging	$	166.9		$	167.7	$	333.9		$	343.3
Consumer Packaging		90.1			88.3		176.4			174.1
Paper		109.8			98.8		216.0			195.3
Distribution		5.8			5.7		11.6			11.5
Corporate		1.0			0.9		2.2			1.7
Total	$	373.6		$	361.4	$	740.1		$	725.9
Other adjustments:
Corrugated Packaging	$	(6.4	)	$	2.0	$	(6.4	)	$	11.5
Consumer Packaging		7.5			0.8		7.7			9.7
Paper		(1.1	)		0.6		(1.0	)		2.4
Distribution		—			—		—			0.6
Corporate		—			28.7		—			29.5
Total	$	—		$	32.1	$	0.3		$	53.7

As we report the benefit of vertical integration with our mills in each reportable segment that ultimately sells the associated paper and packaging products to our external customers, we correspondingly allocate the assets and capital expenditures of our mill system across our reportable segments. The following tables reflect such allocation.

	March 31, 2022		September 30, 2021
Assets:
Corrugated Packaging	$	11,536.9	$	11,526.0
Consumer Packaging		6,833.7		6,750.5
Paper		7,416.3		7,525.7
Distribution		806.7		796.2
Assets held for sale		4.4		10.9
Corporate		2,607.6		2,645.0
Total	$	29,205.6	$	29,254.3
Intangibles, net:
Corrugated Packaging	$	707.3	$	765.9
Consumer Packaging		1,645.0		1,719.2
Paper		645.2		677.7
Distribution		146.1		156.0
Total	$	3,143.6	$	3,318.8
Equity method investments:
Corrugated Packaging	$	468.5	$	434.4
Consumer Packaging		0.4		17.7
Paper		1.1		0.8
Corporate		0.4		0.4
Total	$	470.4	$	453.3

	Six Months Ended
	March 31,
	2022		2021
Capital expenditures:
Corrugated Packaging	$	156.7	$	119.2
Consumer Packaging		67.9		79.2
Paper		108.8		94.9
Distribution		2.5		0.5
Corporate		18.2		9.2
Total	$	354.1	$	303.0

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the six months ended March 31, 2022 are as follows (in millions):

	Legacy Reportable Segments						New Reportable Segments
	Corrugated Packaging			Consumer Packaging			Corrugated Packaging		Consumer Packaging		Paper		Distribution		Total
Balance as of Sep. 30, 2021	$	3,663.3		$	2,295.9		$	—	$	—	$	—	$	—	$	5,959.2
Segment recasting (1)		(3,663.3	)		(2,295.9	)		2,834.8		1,603.3		1,382.0		139.1		—
Goodwill acquired		—			—			3.2		—		—		—		3.2
Translation adjustments		—			—			0.1		5.0		1.6		0.2		6.9
Balance as of Mar. 31, 2022
Goodwill	$	—		$	—		$	2,838.1	$	1,608.3	$	1,383.6	$	139.3	$	5,969.3

(1)Represents reallocation of goodwill as a result of changes in segments on October 1, 2021.