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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Segment

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

 

 

 

Sales, net

 

 

 

 

 

 

Three Months Ended June 30, 2017

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

1,305.5

 

 

$

6.0

 

 

$

1,311.5

 

 

$

224.5

 

(a)

Paper

 

 

253.7

 

 

 

—

 

 

 

253.7

 

 

 

29.1

 

 

Corporate and Other

 

 

24.8

 

 

 

31.1

 

 

 

55.9

 

 

 

(19.8

)

 

Intersegment eliminations

 

 

—

 

 

 

(37.1

)

 

 

(37.1

)

 

 

—

 

 

 

 

$

1,584.0

 

 

 

—

 

 

$

1,584.0

 

 

 

233.8

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25.2

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

208.6

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Three Months Ended June 30, 2016

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating

Income (Loss)

 

 

Packaging

 

$

1,123.6

 

 

$

1.7

 

 

$

1,125.3

 

 

$

192.4

 

(c)

Paper

 

 

266.8

 

 

 

—

 

 

 

266.8

 

 

 

24.4

 

 

Corporate and Other

 

 

27.0

 

 

 

33.0

 

 

 

60.0

 

 

 

(16.6

)

(c)

Intersegment eliminations

 

 

—

 

 

 

(34.7

)

 

 

(34.7

)

 

 

—

 

 

 

 

$

1,417.4

 

 

$

—

 

 

$

1,417.4

 

 

 

200.2

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22.5

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

177.7

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Six Months Ended June 30, 2017

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

2,556.8

 

 

$

11.6

 

 

$

2,568.4

 

 

$

415.3

 

(b)

Paper

 

 

512.9

 

 

 

—

 

 

 

512.9

 

 

 

58.9

 

 

Corporate and Other

 

 

50.8

 

 

 

59.3

 

 

 

110.1

 

 

 

(37.3

)

(b)

Intersegment eliminations

 

 

—

 

 

 

(70.9

)

 

 

(70.9

)

 

 

—

 

 

 

 

$

3,120.5

 

 

 

—

 

 

$

3,120.5

 

 

 

436.9

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49.2

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

387.7

 

 

 

 

 

 

 

Sales, net

 

 

 

 

 

 

Six Months Ended June 30, 2016

 

Trade

 

 

Inter-segment

 

 

Total

 

 

Operating Income (Loss)

 

 

Packaging

 

$

2,217.4

 

 

$

3.4

 

 

$

2,220.8

 

 

$

353.9

 

(c)

Paper

 

 

547.3

 

 

 

—

 

 

 

547.3

 

 

 

60.5

 

 

Corporate and Other

 

 

53.7

 

 

 

69.0

 

 

 

122.7

 

 

 

(33.4

)

(c)

Intersegment eliminations

 

 

—

 

 

 

(72.4

)

 

 

(72.4

)

 

 

—

 

 

 

 

$

2,818.4

 

 

$

—

 

 

$

2,818.4

 

 

 

381.0

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44.1

)

 

Income before taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

336.9

 

 

 

 

(a)

The three months ended June 30, 2017 include $0.5 million of charges consisting of closure costs related to corrugated products facilities and integration costs related to the recent acquisitions.

 

(b)

The six months ended June 30, 2017 include:

 

1.  $5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the February 2017 explosion at our DeRidder, LA mill.

 

2.  $1.2 million of charges consisting of closure costs related to corrugated products facilities, integration costs related to the recent acquisitions, and costs related to a lump sum settlement payment of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities.

 

3.  $2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico.

 

(c)

The three and six months ended June 30, 2016 include $2.9 million and $5.7 million of charges consisting of closure costs related to corrugated products facilities and a paper products facility, acquisition-related costs for the TimBar acquisition, and costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities.