XML 55 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Tables)
 12 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of Revenue from External Customers, Segment Income and Long-Lived Assets, by Geographical Areas . The table below reflects financial data of our foreign operations for each of the past three fiscal years, some of which were transacted in U.S. dollars (in millions, except percentages):

 

 

 

Years Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Foreign net sales to unaffiliated customers

 

$

3,105.6

 

 

$

3,332.4

 

 

$

3,236.7

 

Foreign segment income

 

$

298.2

 

 

$

392.3

 

 

$

360.7

 

Foreign long-lived assets

 

$

1,390.6

 

 

$

1,466.4

 

 

$

1,400.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign operations as a percent of consolidated operations:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign net sales to unaffiliated customers

 

 

17.7

%

 

 

18.2

%

 

 

19.9

%

Foreign segment income

 

 

21.9

%

 

 

21.9

%

 

 

21.1

%

Foreign long-lived assets

 

 

12.9

%

 

 

13.1

%

 

 

15.4

%

 
Certain Operating Data for Segments

The following table shows selected operating data for our segments (in millions):

 

 

 

Years Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Net sales (aggregate):

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

11,419.2

 

 

$

11,816.7

 

 

$

9,693.0

 

Consumer Packaging

 

 

6,333.0

 

 

 

6,606.0

 

 

 

6,617.5

 

Land and Development

 

 

18.9

 

 

 

23.4

 

 

 

142.4

 

Total

 

$

17,771.1

 

 

$

18,446.1

 

 

$

16,452.9

 

Less net sales (intersegment):

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

71.0

 

 

$

75.3

 

 

$

87.3

 

Consumer Packaging

 

 

121.3

 

 

 

81.8

 

 

 

80.5

 

Total

 

$

192.3

 

 

$

157.1

 

 

$

167.8

 

Net sales (unaffiliated customers):

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

11,348.2

 

 

$

11,741.4

 

 

$

9,605.7

 

Consumer Packaging

 

 

6,211.7

 

 

 

6,524.2

 

 

 

6,537.0

 

Land and Development

 

 

18.9

 

 

 

23.4

 

 

 

142.4

 

Total

 

$

17,578.8

 

 

$

18,289.0

 

 

$

16,285.1

 

Segment income:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

1,037.7

 

 

$

1,399.6

 

 

$

1,240.0

 

Consumer Packaging

 

 

323.7

 

 

 

388.1

 

 

 

445.1

 

Land and Development

 

 

1.4

 

 

 

2.5

 

 

 

22.5

 

Segment income

 

 

1,362.8

 

 

 

1,790.2

 

 

 

1,707.6

 

Gain on sale of certain closed facilities

 

 

15.6

 

 

 

52.6

 

 

 

—

 

Multiemployer pension withdrawal income (expense)

 

 

1.1

 

 

 

6.3

 

 

 

(184.2

)

Land and Development impairments

 

 

—

 

 

 

(13.0

)

 

 

(31.9

)

Restructuring and other costs

 

 

(112.7

)

 

 

(173.7

)

 

 

(105.4

)

Goodwill impairment

 

 

(1,333.2

)

 

 

—

 

 

 

—

 

Non-allocated expenses

 

 

(70.7

)

 

 

(83.7

)

 

 

(70.1

)

Interest expense, net

 

 

(393.5

)

 

 

(431.3

)

 

 

(293.8

)

Loss on extinguishment of debt

 

 

(1.5

)

 

 

(5.1

)

 

 

(0.1

)

Other income, net

 

 

9.5

 

 

 

2.4

 

 

 

12.7

 

(Loss) income before income taxes

 

$

(522.6

)

 

$

1,144.7

 

 

$

1,034.8

 

 

 

 

 

Years Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

951.4

 

 

$

950.6

 

 

$

700.5

 

Consumer Packaging

 

 

529.5

 

 

 

552.1

 

 

 

546.5

 

Land and Development

 

 

—

 

 

 

—

 

 

 

0.7

 

Corporate

 

 

6.1

 

 

 

8.5

 

 

 

4.5

 

Total

 

$

1,487.0

 

 

$

1,511.2

 

 

$

1,252.2

 

 

The following table shows selected operating data for our segments (in millions):

 

 

 

Years Ended September 30,

 

 

 

2020

 

 

2019

 

 

2018

 

Identifiable assets:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

16,507.0

 

 

$

16,681.1

 

 

$

11,069.6

 

Consumer Packaging

 

 

9,584.9

 

 

 

11,038.7

 

 

 

11,511.1

 

Land and Development

 

 

—

 

 

 

28.3

 

 

 

49.1

 

Assets held for sale

 

 

7.0

 

 

 

25.8

 

 

 

59.5

 

Corporate

 

 

2,680.8

 

 

 

2,382.8

 

 

 

2,671.2

 

Total

 

$

28,779.7

 

 

$

30,156.7

 

 

$

25,360.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

3,673.5

 

 

$

3,695.0

 

 

$

1,966.7

 

Consumer Packaging

 

 

2,288.7

 

 

 

3,590.6

 

 

 

3,610.9

 

Total

 

$

5,962.2

 

 

$

7,285.6

 

 

$

5,577.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangibles, net:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

1,423.0

 

 

$

1,655.1

 

 

$

506.2

 

Consumer Packaging

 

 

2,244.2

 

 

 

2,404.4

 

 

 

2,615.8

 

Total

 

$

3,667.2

 

 

$

4,059.5

 

 

$

3,122.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

731.1

 

 

$

961.4

 

 

$

657.3

 

Consumer Packaging

 

 

217.1

 

 

 

365.9

 

 

 

308.3

 

Corporate

 

 

29.9

 

 

 

41.8

 

 

 

34.3

 

Total

 

$

978.1

 

 

$

1,369.1

 

 

$

999.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity method investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corrugated Packaging

 

$

414.3

 

 

$

457.1

 

 

$

455.6

 

Consumer Packaging

 

 

14.9

 

 

 

11.6

 

 

 

1.8

 

Corporate

 

 

0.4

 

 

 

0.4

 

 

 

0.4

 

Total

 

$

429.6

 

 

$

469.1

 

 

$

457.8

 
Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the fiscal years ended September 30, 2020, 2019 and 2018 are as follows (in millions):

 

 

 

Corrugated

Packaging

 

 

Consumer

Packaging

 

 

Total

 

Balance as of October 1, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

1,941.6

 

 

$

3,629.5

 

 

$

5,571.1

 

Accumulated impairment losses

 

 

(0.1

)

 

 

(42.7

)

 

 

(42.8

)

 

 

 

1,941.5

 

 

 

3,586.8

 

 

 

5,528.3

 

Goodwill acquired

 

 

65.4

 

 

 

23.8

 

 

 

89.2

 

Goodwill disposed of

 

 

(4.2

)

 

 

—

 

 

 

(4.2

)

Purchase price allocation adjustments

 

 

2.3

 

 

 

18.4

 

 

 

20.7

 

Translation adjustments

 

 

(38.3

)

 

 

(18.1

)

 

 

(56.4

)

Balance as of September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

1,966.8

 

 

 

3,653.6

 

 

 

5,620.4

 

Accumulated impairment losses

 

 

(0.1

)

 

 

(42.7

)

 

 

(42.8

)

 

 

 

1,966.7

 

 

 

3,610.9

 

 

 

5,577.6

 

Goodwill acquired

 

 

1,746.4

 

 

 

3.8

 

 

 

1,750.2

 

Purchase price allocation adjustments

 

 

0.9

 

 

 

(1.4

)

 

 

(0.5

)

Translation and other adjustments

 

 

(19.0

)

 

 

(22.7

)

 

 

(41.7

)

Balance as of September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

3,695.1

 

 

 

3,633.3

 

 

 

7,328.4

 

Accumulated impairment losses

 

 

(0.1

)

 

 

(42.7

)

 

 

(42.8

)

 

 

 

3,695.0

 

 

 

3,590.6

 

 

 

7,285.6

 

Goodwill impairment

 

 

—

 

 

 

(1,333.2

)

 

 

(1,333.2

)

Goodwill disposed of

 

 

—

 

 

 

(0.3

)

 

 

(0.3

)

Purchase price allocation adjustments

 

 

14.3

 

 

 

(0.6

)

 

 

13.7

 

Translation adjustments

 

 

(35.8

)

 

 

32.2

 

 

 

(3.6

)

Balance as of September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

3,673.6

 

 

 

3,664.6

 

 

 

7,338.2

 

Accumulated impairment losses

 

 

(0.1

)

 

 

(1,375.9

)

 

 

(1,376.0

)

 

 

$

3,673.5

 

 

$

2,288.7

 

 

$

5,962.2