BUSINESS SEGMENT INFORMATION

6 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company has six operating segments, which are aggregated into three reportable business segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management.

The Company’s reportable business segments offer different products and services. The accounting policies of the reportable business segments are substantially the same as those described in the “Basis of Presentation and Summary of Significant Accounting Policies” note in the 2022 Form 10-K.

On March 31, 2023, the Company completed the Centurion Acquisition. Centurion is a leader in the North American IBC reconditioning industry involved in IBC rebottling, reconditioning and distribution, which complement the Company’s Global Industrial Packaging specialty portfolio. The results of Centurion are recorded within the Global Industrial Packaging segment while the Company evaluates the impact of the Centurion Acquisition on its reportable business segments.

On December 15, 2022, the Company completed the Lee Container Acquisition. Lee Container is an industry-leading manufacturer of high-performance barrier, conventional blow molded containers, jerrycans and small plastics, which complement the Company’s Global Industrial Packaging specialty portfolio. The results of Lee Container are recorded within the Global Industrial Packaging segment while the Company evaluates the impact of the Lee Container Acquisition on its reportable business segments.

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2023:

	Three Months Ended April 30, 2023
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	282.1	$	338.2	$	127.9	$	748.2
Paper Packaging & Services	544.6		—		10.2		554.8
Land Management	5.9		—		—		5.9
Total net sales	$	832.6	$	338.2	$	138.1	$	1,308.9
	Six Months Ended April 30, 2023
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	541.4	$	653.0	$	259.6	$	1,454.0
Paper Packaging & Services	1,095.1		—		19.9		1,115.0
Land Management	10.9		—		—		10.9
Total net sales	$	1,647.4	$	653.0	$	279.5	$	2,579.9

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2022:

	Three Months Ended April 30, 2022
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	345.1	$	459.2	$	167.4	$	971.7
Paper Packaging & Services	678.5		—		10.8		689.3
Land Management	6.3		—		—		6.3
Total net sales	$	1,029.9	$	459.2	$	178.2	$	1,667.3
	Six Months Ended April 30, 2022
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	663.9	$	916.5	$	340.4	$	1,920.8
Paper Packaging & Services	1,279.3		—		20.0		1,299.3
Land Management	11.5		—		—		11.5
Total net sales	$	1,954.7	$	916.5	$	360.4	$	3,231.6

The following segment information is presented for the periods indicated:

	Three Months Ended April 30,				Six Months Ended April 30,
(in millions)	2023		2022		2023		2022
Operating profit:
Global Industrial Packaging	$	111.3	$	108.0	$	157.2	$	139.0
Paper Packaging & Services	67.6		80.1		176.7		118.4
Land Management	2.2		2.0		3.6		4.7
Total operating profit	$	181.1	$	190.1	$	337.5	$	262.1
Depreciation, depletion and amortization expense:
Global Industrial Packaging	$	23.2	$	18.8	$	44.6	$	39.4
Paper Packaging & Services	32.8		35.1		65.9		73.1
Land Management	0.6		0.7		1.2		1.5
Total depreciation, depletion and amortization expense	$	56.6	$	54.6	$	111.7	$	114.0

The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:

(in millions)	April 30, 2023		October 31, 2022
Assets:
Global Industrial Packaging	$	2,885.4	$	2,308.4
Paper Packaging & Services	2,396.4		2,473.9
Land Management	251.7		250.0
Total segments	5,533.5		5,032.3
Corporate and other	378.0		437.6
Total assets	$	5,911.5	$	5,469.9
Long lived assets, net*:
United States	$	1,410.1	$	1,315.6
Europe, Middle East and Africa	321.9		303.7
Asia Pacific and other Americas	90.2		91.6
Total long-lived assets, net	$	1,822.2	$	1,710.9
*includes property, plants and equipment, net, operating lease assets and finance lease assets