Segment Information (Tables)

9 Months Ended

Jun. 30, 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						Nine Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Net sales (aggregate):
Corrugated Packaging	$	2,382.5		$	2,154.7		$	6,921.5		$	6,196.6
Consumer Packaging		1,270.2			1,132.2			3,659.5			3,275.3
Global Paper		1,610.3			1,299.2			4,501.0			3,520.7
Distribution		357.7			322.3			1,044.8			906.4
Total	$	5,620.7		$	4,908.4		$	16,126.8		$	13,899.0
Less net sales (intersegment):
Corrugated Packaging	$	93.5		$	86.9		$	246.2		$	229.9
Consumer Packaging		6.1			5.0			19.0			13.0
Distribution		1.4			0.2			7.6			0.5
Total	$	101.0		$	92.1		$	272.8		$	243.4
Net sales (unaffiliated customers):
Corrugated Packaging	$	2,289.0		$	2,067.8		$	6,675.3		$	5,966.7
Consumer Packaging		1,264.1			1,127.2			3,640.5			3,262.3
Global Paper		1,610.3			1,299.2			4,501.0			3,520.7
Distribution		356.3			322.1			1,037.2			905.9
Total	$	5,519.7		$	4,816.3		$	15,854.0		$	13,655.6
Adjusted EBITDA:
Corrugated Packaging	$	385.2		$	363.9		$	1,002.8		$	1,032.6
Consumer Packaging		234.9			183.3			610.0			522.7
Global Paper		399.0			265.2			940.0			576.5
Distribution		19.2			18.0			53.7			45.4
Total		1,038.3			830.4			2,606.5			2,177.2
Depreciation, depletion and amortization		(377.3	)		(369.0	)		(1,117.4	)		(1,094.9	)
Gain on sale of certain closed facilities		—			—			14.4			0.9
Multiemployer pension withdrawal income		—			—			3.3			—
Mineral rights impairment		(26.0	)		—			(26.0	)		—
Restructuring and other costs		(0.6	)		(6.9	)		(366.3	)		(19.8	)
Non-allocated expenses		(32.8	)		(19.4	)		(66.8	)		(55.9	)
Interest expense, net		(78.5	)		(102.5	)		(237.7	)		(279.8	)
Loss on extinguishment of debt		—			—			(8.2	)		(1.1	)
Other (expense) income, net		(7.2	)		6.4			(0.7	)		13.8
Other adjustments		(3.4	)		(10.6	)		(3.7	)		(64.3	)
Income before income taxes	$	512.5		$	328.4		$	797.4		$	676.1

	Three Months Ended				Nine Months Ended
	June 30,				June 30,
	2022		2021		2022			2021
Depreciation, depletion and amortization:
Corrugated Packaging	$	169.7	$	169.5	$	503.6		$	512.8
Consumer Packaging		88.2		90.1		264.6			264.2
Global Paper		113.0		102.7		329.0			298.0
Distribution		5.8		5.7		17.4			17.2
Corporate		0.6		1.0		2.8			2.7
Total	$	377.3	$	369.0	$	1,117.4		$	1,094.9
Other adjustments:
Corrugated Packaging	$	0.8	$	1.9	$	(5.6	)	$	13.4
Consumer Packaging		—		1.5		7.7			11.2
Global Paper		2.6		0.9		1.6			3.3
Distribution		—		—		—			0.6
Corporate		—		6.3		—			35.8
Total	$	3.4	$	10.6	$	3.7		$	64.3

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.

	June 30, 2022		September 30, 2021
Assets:
Corrugated Packaging	$	11,461.2	$	11,526.0
Consumer Packaging		6,725.0		6,750.5
Global Paper		7,305.1		7,525.7
Distribution		813.9		796.2
Assets held for sale		4.2		10.9
Corporate		2,576.3		2,645.0
Total	$	28,885.7	$	29,254.3
Intangibles, net:
Corrugated Packaging	$	677.6	$	765.9
Consumer Packaging		1,583.7		1,719.2
Global Paper		628.9		677.7
Distribution		141.1		156.0
Total	$	3,031.3	$	3,318.8
Equity method investments:
Corrugated Packaging	$	476.5	$	434.4
Consumer Packaging		0.4		17.7
Global Paper		0.8		0.8
Corporate		0.1		0.4
Total	$	477.8	$	453.3

	Nine Months Ended
	June 30,
	2022		2021
Capital expenditures:
Corrugated Packaging	$	260.3	$	215.0
Consumer Packaging		109.9		116.7
Global Paper		165.8		160.8
Distribution		2.9		0.5
Corporate		30.6		12.4
Total	$	569.5	$	505.4

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the nine months ended June 30, 2022 are as follows (in millions):

	Legacy Reportable Segments						New Reportable Segments
	Corrugated Packaging			Consumer Packaging			Corrugated Packaging			Consumer Packaging			Global 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		—			—			(19.2	)		(5.9	)		(7.7	)		(0.8	)		(33.6	)
Balance as of June 30, 2022
Goodwill	$	—		$	—		$	2,818.8		$	1,597.4		$	1,374.3		$	138.3		$	5,928.8

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