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BUSINESS SEGMENT INFORMATION
 12 Months Ended
Oct. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company has six operating segments, which are aggregated into three reportable segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management. The Global Industrial Packaging reportable segment is the aggregation of
four operating segments: Global Industrial Packaging – North America; Global Industrial Packaging – Latin America; Global Industrial Packaging – Europe, Middle East and Africa; and Global Industrial Packaging – Asia Pacific.
Operations in the Global Industrial Packaging reportable segment involve the production and sale of rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. These products and services are sold to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agriculture, pharmaceuticals and mineral products, among others.
On October 1, 2023, the Company completed the Reliance Acquisition. Reliance is a leading producer of high-performance barrier and conventional blow molded jerrycans and small plastics containers in Canada. The results of Reliance are recorded within the Global Industrial Packaging segment.
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.
On December 15, 2022, the Company completed the Lee Container Acquisition. Lee Container is an industry-leading manufacturer of high-performance barrier and 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.
Operations in the Paper Packaging & Services reportable segment involve the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated and specialty products to customers in North America in industries such as packaging, automotive, food and building products. The Company’s corrugated container products are used to ship such diverse products as home appliances, small machinery, grocery products, automotive components, books and furniture, as well as numerous other applications. The Company also produces and sells coated and uncoated recycled paperboard, along with tubes and cores and a diverse mix of specialty products to customers in North America. Further, the Company produces and sells bulk and specialty partitions made from both containerboard and uncoated recycled paperboard. In addition, the reportable segment is involved in the purchase and sale of recycled fiber.
On August 23, 2023, the Company completed the ColePak Acquisition. ColePak is a manufacturer of bulk and specialty partitions made from both containerboard and uncoated recycled board and is the second largest supplier of paper partitions in North America. The results of ColePak are recorded within the Paper Packaging & Services segment.
Operations in the Land Management reportable segment involve the management and sale of timber and special use properties from approximately 175,000 acres of timber properties in the southeastern United States. Land Management’s operations focus on the active harvesting and regeneration of its timber properties to achieve sustainable long-term yields. While timber sales are subject to fluctuations, the Company seeks to maintain a consistent cutting schedule, within the limits of market and weather conditions. The Company also sells, from time to time, timberland and special use properties, which consists of surplus properties, higher and better use (“HBU”) properties and development properties.
In order to maximize the value of timber property, the Company continues to review its current portfolio and explore the development of certain of these properties. This process has led the Company to characterize property as follows:
•Surplus property, meaning land that cannot be efficiently or effectively managed by the Company, whether due to parcel size, lack of productivity, location, access limitations or for other reasons.
•HBU property, meaning land that in its current state has a higher market value for uses other than growing and selling timber.
•Development property, meaning HBU land that, with additional investment, may have a significantly higher market value than its HBU market value.
•Timberland, meaning land that is best suited for growing and selling timber.
The disposal of surplus and HBU property is reported in the consolidated statements of income under “gain on disposals of properties, plants and equipment, net” and the sale of development property is reported under “net sales” and “cost of products sold.” All HBU, development and surplus property is used by the Company to productively grow and sell timber until sold.
Whether timberland has a higher value for uses other than growing and selling timber is a determination based upon several variables, such as proximity to population centers, anticipated population growth in the area, the topography of the land, aesthetic considerations, including access to water, the condition of the surrounding land, availability of utilities, markets for timber and economic considerations both nationally and locally. Given these considerations, the characterization of land is not a static process, but requires an ongoing review and re-characterization as circumstances change.
The following tables present net sales disaggregated by geographic area for each reportable segment for the year ended October 31, 2023:
Year Ended October 31, 2023
(in millions)United StatesEurope, Middle East and AfricaAsia Pacific and Other AmericasTotal
Global Industrial Packaging$1,093.0 $1,310.9 $532.9 $2,936.8 
Paper Packaging & Services2,218.0 — 42.5 2,260.5 
Land Management21.3 — — 21.3 
Total net sales$3,332.3 $1,310.9 $575.4 $5,218.6 
The following tables present net sales disaggregated by geographic area for each reportable segment for the year ended October 31, 2022:
Year Ended October 31, 2022
(in millions)United StatesEurope, Middle East and AfricaAsia Pacific and Other AmericasTotal
Global Industrial Packaging$1,287.1 $1,700.7 $664.6 $3,652.4 
Paper Packaging & Services2,630.8 — 44.3 2,675.1 
Land Management22.0 — — 22.0 
Total net sales
$3,939.9 $1,700.7 $708.9 $6,349.5 
The following reportable segment information is presented for each of the three years in the period ended October 31:
(in millions)202320222021
Operating profit:
Global Industrial Packaging$334.3 $313.7 $350.2 
Paper Packaging & Services264.1 298.5 131.0 
Land Management7.1 9.0 104.0 
Total operating profit$605.5 $621.2 $585.2 
Depreciation, depletion and amortization expense:
Global Industrial Packaging$95.3 $73.9 $83.1 
Paper Packaging & Services133.1 139.9 148.0 
Land Management2.2 2.8 3.3 
Total depreciation, depletion and amortization expense$230.6 $216.6 $234.4 
Capital expenditures:
Global Industrial Packaging$83.9 $55.1 $71.1 
Paper Packaging & Services120.6 90.6 79.9 
Land Management1.1 — 0.2 
Total segment205.6 145.7 151.2 
Corporate and other12.6 16.2 11.0 
Total capital expenditures$218.2 $161.9 $162.2 
The following table presents total assets by reportable segment and total long lived assets, net by geographic area:
(in millions)October 31, 2023October 31, 2022
Assets:
Global Industrial Packaging$2,737.5 $2,308.4 
Paper Packaging & Services2,541.1 2,473.9 
Land Management253.2 250.0 
Total segment5,531.8 5,032.3 
Corporate and other429.0 437.6 
Total assets$5,960.8 $5,469.9 
Long lived assets, net*:
United States$1,468.6 $1,314.7 
Europe, Middle East and Africa311.9 303.7 
Asia Pacific and other Americas102.9 91.3 
Total properties, plants and equipment, net$1,883.4 $1,709.7 
*includes property, plants and equipment, net, operating lease assets and finance lease assets