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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA
The Company’s business segments, Europe, Latin America and North America, are differentiated on a geographic basis which is consistent with the internal structure used to manage these businesses.
Business segment operating profit is used by the Company’s management to measure the earnings performance of its businesses. Management believes that this measure provides investors and analysts useful insights into our operating
performance. Business segment operating profit is defined as income from continuing operations before income taxes, excluding interest (income) expense, net, and net special items.
External sales are defined as those that are made to parties outside the Company’s combined group, whereas sales by segment in the Net Sales table are determined using a management approach and include intersegment sales.
Information By Business Segment
Net Sales
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions
2023202220232022
Europe$184 $130 $624 $382 
Latin America246 270 718 734 
North America476 589 1,455 1,646 
Intersegment Sales(9)(21)(40)(61)
Net Sales$897 $968 $2,757 $2,701 
Business Segment Operating Profit
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions2023202220232022
Europe$(14)$19 $(2)$38 
Latin America55 58 149 156 
North America75 98 217 226 
Business Segment Operating Profit$116 $175 $364 $420 
Income from continuing operations before income taxes$91 $147 $302 $345 
Interest (income) expense, net9 18 28 52 
Net special items expense (income) (a)16 10 34 23 
Business Segment Operating Profit$116 $175 $364 $420 
(a) Special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include transaction costs related to the Nymölla acquisition, professional and legal fees related to negotiations resulting in a shareholder cooperation agreement, the impact of the step-up of acquired Nymölla inventory sold during the first quarter, certain severance costs related to our salaried workforce and one-time costs incurred in the prior year associated with the spin-off.