Segment Information (Tables)

6 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Certain Operating Data for Segments

The tables in this Note 8 show selected financial data for our reportable segments (in millions):

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2023			2022			2023			2022
Net sales (aggregate):
Corrugated Packaging	$	2,627.4		$	2,319.0		$	4,964.8		$	4,539.0
Consumer Packaging		1,265.1			1,250.6			2,480.1			2,389.3
Global Paper		1,168.2			1,538.1			2,291.8			2,890.7
Distribution		307.3			362.3			628.8			687.1
Total	$	5,368.0		$	5,470.0		$	10,365.5		$	10,506.1
Less net sales (intersegment):
Corrugated Packaging	$	81.6		$	78.5		$	150.0		$	152.7
Consumer Packaging		7.5			6.9			12.2			12.9
Distribution		1.3			2.5			2.6			6.2
Total	$	90.4		$	87.9		$	164.8		$	171.8
Net sales (unaffiliated customers):
Corrugated Packaging	$	2,545.8		$	2,240.5		$	4,814.8		$	4,386.3
Consumer Packaging		1,257.6			1,243.7			2,467.9			2,376.4
Global Paper		1,168.2			1,538.1			2,291.8			2,890.7
Distribution		306.0			359.8			626.2			680.9
Total	$	5,277.6		$	5,382.1		$	10,200.7		$	10,334.3
Adjusted EBITDA:
Corrugated Packaging	$	407.5		$	328.7		$	736.9		$	617.6
Consumer Packaging		218.6			205.8			401.9			375.1
Global Paper		187.1			308.6			344.4			541.0
Distribution		9.3			28.0			20.1			34.5
Total		822.5			871.1			1,503.3			1,568.2
Depreciation, depletion and amortization		(395.8	)		(373.6	)		(769.0	)		(740.1	)
Gain on sale of certain closed facilities		8.9			—			9.8			14.4
Multiemployer pension withdrawal income		—			—			—			3.3
Restructuring and other costs		(444.7	)		(363.4	)		(477.7	)		(365.7	)
Goodwill impairment		(1,893.0	)		—			(1,893.0	)		—
Non-allocated expenses		(33.9	)		(17.2	)		(62.6	)		(34.0	)
Interest expense, net		(108.4	)		(72.5	)		(205.7	)		(159.2	)
Loss on extinguishment of debt		—			(8.2	)		—			(8.2	)
Other (expense) income, net		(17.8	)		6.3			7.4			6.5
Other adjustments		(59.4	)		—			(179.0	)		(0.3	)
(Loss) income before income taxes	$	(2,121.6	)	$	42.5		$	(2,066.5	)	$	284.9

Additional selected financial data (in millions):

	Three Months Ended					Six Months Ended
	March 31,					March 31,
	2023		2022			2023			2022
Depreciation, depletion and amortization:
Corrugated Packaging	$	211.2	$	166.9		$	403.4		$	333.9
Consumer Packaging		85.5		90.1			169.6			176.4
Global Paper		91.2		109.8			180.3			216.0
Distribution		6.9		5.8			13.8			11.6
Corporate		1.0		1.0			1.9			2.2
Total	$	395.8	$	373.6		$	769.0		$	740.1
Other adjustments:
Corrugated Packaging	$	4.7	$	(6.4	)	$	54.5		$	(6.4	)
Consumer Packaging		28.0		7.5			59.6			7.7
Global Paper		9.1		(1.1	)		26.6			(1.0	)
Corporate		17.6		—			38.3			—
Total	$	59.4	$	—		$	179.0		$	0.3
Equity in income (loss) of unconsolidated entities:
Corrugated Packaging	$	4.0	$	20.6		$	(31.8	)	$	35.6
Consumer Packaging		—		—			—			3.4
Global Paper		0.5		—			0.3			—
Total	$	4.5	$	20.6		$	(31.5	)	$	39.0

We allocate the assets and capital expenditures of our mill system across our reportable segments because the benefits of vertical integration are reflected in the reportable segment that ultimately sells the associated paper and packaging products to external customers. The following tables reflect such allocation (in millions):

	March 31, 2023		September 30, 2022
Assets:
Corrugated Packaging	$	13,066.0	$	11,382.5
Consumer Packaging		6,647.0		6,704.5
Global Paper		5,151.1		7,039.2
Distribution		813.5		863.0
Assets held for sale		169.2		34.4
Corporate		2,363.6		2,381.9
Total	$	28,210.4	$	28,405.5
Intangibles, net:
Corrugated Packaging	$	608.2	$	648.4
Consumer Packaging		1,460.9		1,523.5
Global Paper		563.8		612.6
Distribution		126.2		136.1
Total	$	2,759.1	$	2,920.6
Equity method investments:
Corrugated Packaging	$	78.6	$	479.3
Consumer Packaging		0.6		0.5
Global Paper		1.2		0.5
Corporate		0.1		0.1
Total	$	80.5	$	480.4

	Six Months Ended
	March 31,
	2023		2022
Capital expenditures:
Corrugated Packaging	$	241.7	$	156.7
Consumer Packaging		125.5		67.9
Global Paper		144.1		108.8
Distribution		7.6		2.5
Corporate		44.8		18.2
Total	$	563.7	$	354.1

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the six months ended March 31, 2023 are as follows (in millions):

	Corrugated Packaging			Consumer Packaging			Global Paper			Distribution		Total
Balance as of Sep. 30, 2022	$	2,802.8		$	1,588.4		$	1,366.5		$	137.5	$	5,895.2
Goodwill impairment		(514.3	)		—			(1,378.7	)		—		(1,893.0	)
Acquisitions		233.3			—			—			—		233.3
Divestitures		—			(7.4	)		(4.1	)		—		(11.5	)
Transferred to assets held for sale		—			(24.9	)		—			—		(24.9	)
Translation and other adjustments		71.9			(35.4	)		16.3			1.1		53.9
Balance as of Mar. 31, 2023
Goodwill	$	3,108.0		$	1,520.7		$	1,378.7		$	138.6	$	6,146.0
Accumulated impairment losses		(514.3	)		—			(1,378.7	)		—		(1,893.0	)
	$	2,593.7		$	1,520.7		$	-		$	138.6	$	4,253.0