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Revenue Recognition (Tables)
 9 Months Ended
Jun. 30, 2019
Disaggregation Of Revenue [Line Items]  
Schedule of Disaggregate Revenue by Geographical Market and Product Type (Segment) The tables below disaggregate our revenue by geographical market and product type (segment).

 

 

Three Months Ended June 30, 2019

 

(In millions)

 

Corrugated Packaging

 

 

Consumer Packaging

 

 

Land and Development

 

 

Intersegment Sales

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary Geographical Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

2,954.6

 

 

$

1,306.0

 

 

$

8.6

 

 

$

(41.3

)

 

$

4,227.9

 

South America

 

 

102.8

 

 

 

14.8

 

 

 

—

 

 

 

—

 

 

 

117.6

 

Europe

 

 

0.7

 

 

 

259.3

 

 

 

—

 

 

 

(0.1

)

 

 

259.9

 

Asia Pacific

 

 

14.7

 

 

 

70.0

 

 

 

—

 

 

 

(0.1

)

 

 

84.6

 

Total (1)

 

$

3,072.8

 

 

$

1,650.1

 

 

$

8.6

 

 

$

(41.5

)

 

$

4,690.0

 

 

(1)

Net sales are attributed to geographical markets based on the location of the seller.

 

 

 

Nine Months Ended June 30, 2019

 

(In millions)

 

Corrugated Packaging

 

 

Consumer Packaging

 

 

Land and Development

 

 

Intersegment Sales

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary Geographical Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

8,426.3

 

 

$

3,870.7

 

 

$

23.3

 

 

$

(119.0

)

 

$

12,201.3

 

South America

 

 

321.2

 

 

 

52.2

 

 

 

—

 

 

 

—

 

 

 

373.4

 

Europe

 

 

0.7

 

 

 

789.4

 

 

 

—

 

 

 

(0.1

)

 

 

790.0

 

Asia Pacific

 

 

49.1

 

 

 

224.9

 

 

 

—

 

 

 

(1.3

)

 

 

272.7

 

Total (1)

 

$

8,797.3

 

 

$

4,937.2

 

 

$

23.3

 

 

$

(120.4

)

 

$

13,637.4

 

 

(1)

Net sales are attributed to geographical markets based on the location of the seller.
Summary of Opening and Closing Balances of Contract Assets and Contract Liabilities

The opening and closing balances of our contract assets and contract liabilities are as follows. Contract assets and contract liabilities are aggregated within Other current assets and Other current liabilities, respectively, on the condensed consolidated balance sheet.

 

(In millions)

 

Contract Assets

(Short-Term)

 

 

Contract Liabilities

(Short-Term)

 

 

 

 

 

 

 

 

 

 

Beginning balance - October 1, 2018

 

$

183.7

 

 

$

7.9

 

Impact of acquisition

 

 

13.0

 

 

 

—

 

Ending balance - June 30, 2019

 

 

193.9

 

 

 

11.4

 

(Decrease) / increase

 

$

(2.8

)

 

$

3.5

 

 
ASC 606 [Member]  
Disaggregation Of Revenue [Line Items]  
Summary of Effect of Adoption of ASC 606 Impact on Condensed Consolidated Financial Statements The adoption of ASC 606 had the following impact on our condensed consolidated financial statements:

 

Condensed Consolidated Statements of Income

 

 

 

Three Months Ended June 30, 2019

 

(In millions)

 

As Reported

 

 

Balances Without Adoption of ASC 606

 

 

Impact of Adoption Increase/(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

4,690.0

 

 

$

4,690.1

 

 

$

(0.1

)

Cost of goods sold

 

$

3,701.1

 

 

$

3,702.1

 

 

$

(1.0

)

Income tax expense

 

$

(77.6

)

 

$

(77.3

)

 

$

(0.3

)

Consolidated net income

 

$

253.8

 

 

$

253.2

 

 

$

0.6

 

 

 

 

Nine Months Ended June 30, 2019

 

(In millions)

 

As Reported

 

 

Balances Without Adoption of ASC 606

 

 

Impact of Adoption Increase/(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

13,637.4

 

 

$

13,640.2

 

 

$

(2.8

)

Cost of goods sold

 

$

10,967.1

 

 

$

10,972.2

 

 

$

(5.1

)

Income tax expense

 

$

(187.5

)

 

$

(186.9

)

 

$

(0.6

)

Consolidated net income

 

$

555.5

 

 

$

553.8

 

 

$

1.7

 

 

Condensed Consolidated Balance Sheet

 

 

 

June 30, 2019

 

(In millions)

 

As Reported

 

 

Balances Without Adoption of ASC 606

 

 

Impact of Adoption Increase/(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

$

2,074.2

 

 

$

2,214.3

 

 

$

(140.1

)

Other current assets

 

$

515.7

 

 

$

321.8

 

 

$

193.9

 

Other current liabilities

 

$

676.8

 

 

$

676.2

 

 

$

0.6

 

Retained earnings

 

$

1,805.1

 

 

$

1,759.9

 

 

$

45.2

 

 

Condensed Consolidated Statement of Cash Flows

 

 

 

Nine Months Ended June 30, 2019

 

(In millions)

 

As Reported

 

 

Balances Without Adoption of ASC 606

 

 

Impact of Adoption Increase/(Decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

$

555.5

 

 

$

553.8

 

 

$

1.7

 

Other assets

 

$

(171.7

)

 

$

(174.5

)

 

$

2.8

 

Inventories

 

$

(39.5

)

 

$

(34.4

)

 

$

(5.1

)

Income taxes

 

$

(29.5

)

 

$

(30.1

)

 

$

0.6