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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment

Selected financial information by reportable segment was as follows (dollars in millions):

 

 

 

Sales, net

 

 

 

 

 

Three Months Ended June 30, 2024

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

1,902.0

 

 

$

6.3

 

 

$

1,908.3

 

 

$

279.8

 

 (a)

Paper

 

 

150.1

 

 

 

—

 

 

 

150.1

 

 

 

26.7

 

 (a)

Corporate and Other

 

 

23.2

 

 

 

38.8

 

 

 

62.0

 

 

 

(30.5

)

 

Intersegment eliminations

 

 

—

 

 

 

(45.1

)

 

 

(45.1

)

 

 

—

 

 

 

 

$

2,075.3

 

 

$

—

 

 

$

2,075.3

 

 

 

276.0

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

1.1

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(10.4

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

266.7

 

 

 

 

 

Sales, net

 

 

 

 

 

Three Months Ended June 30, 2023

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

1,785.7

 

 

$

4.6

 

 

$

1,790.3

 

 

$

285.8

 

 (b)

Paper

 

 

142.8

 

 

 

—

 

 

 

142.8

 

 

 

29.1

 

 (b)

Corporate and Other

 

 

23.6

 

 

 

37.4

 

 

 

61.0

 

 

 

(30.5

)

 

Intersegment eliminations

 

 

—

 

 

 

(42.0

)

 

 

(42.0

)

 

 

—

 

 

 

 

$

1,952.1

 

 

$

—

 

 

$

1,952.1

 

 

 

284.4

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

(2.0

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(14.6

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

267.8

 

 

 

 

 

Sales, net

 

 

 

 

 

Six Months Ended June 30, 2024

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

3,695.4

 

 

$

11.1

 

 

$

3,706.5

 

 

$

483.6

 

 (a)

Paper

 

 

313.9

 

 

 

—

 

 

 

313.9

 

 

 

56.4

 

 (a)

Corporate and Other

 

 

45.5

 

 

 

78.2

 

 

 

123.7

 

 

 

(68.0

)

 

Intersegment eliminations

 

 

—

 

 

 

(89.3

)

 

 

(89.3

)

 

 

—

 

 

 

 

$

4,054.8

 

 

$

—

 

 

$

4,054.8

 

 

 

472.0

 

 

Non-operating pension income

 

 

 

 

 

 

 

 

 

 

 

2.2

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(19.9

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

454.3

 

 

 

 

 

Sales, net

 

 

 

 

 

Six Months Ended June 30, 2023

 

Trade

 

 

Intersegment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

3,589.1

 

 

$

9.8

 

 

$

3,598.9

 

 

$

553.7

 

 (b)

Paper

 

 

293.7

 

 

 

—

 

 

 

293.7

 

 

 

63.2

 

 (b)

Corporate and Other

 

 

45.6

 

 

 

76.0

 

 

 

121.6

 

 

 

(61.9

)

 

Intersegment eliminations

 

 

—

 

 

 

(85.8

)

 

 

(85.8

)

 

 

—

 

 

 

 

$

3,928.4

 

 

$

—

 

 

$

3,928.4

 

 

 

555.0

 

 

Non-operating pension expense

 

 

 

 

 

 

 

 

 

 

 

(4.0

)

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

(29.9

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

$

521.1

 

 

 

(a)
The three and six months ended June 30, 2024 include the following:
1.
$0.6 million of income and $9.7 million of charges, respectively, related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
2.
$0.1 million of charges consisting of closure costs related to corrugated products facilities. For the six months ended June 30, 2024, these charges were completely offset by $0.1 million of income primarily related to a favorable lease buyout for a closed corrugated products facility during the first quarter of 2024.

 

(b)
The three and six months ended June 30, 2023 include the following:
1.
$4.4 million and $5.7 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
2.
$3.9 million and $13.6 million, respectively, of charges consisting of closure costs related to corrugated products facilities and design centers.