Segment Reporting

3 Months Ended

Mar. 29, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company reports its financial results in four reportable segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions.

The Consumer Packaging segment includes the following products and services: round and shaped rigid containers and trays (both composite and thermoformed plastic); extruded and injection-molded plastic products; printed flexible packaging; global brand artwork management; and metal and peelable membrane ends and closures.

The Display and Packaging segment includes the following products and services: designing, manufacturing, assembling, packing and distributing temporary, semi-permanent and permanent point-of-purchase displays; supply chain management services, including contract packing, fulfillment and scalable service centers; retail packaging, including printed backer cards, thermoformed blisters and heat sealing equipment; and paper amenities, such as coasters and glass covers.

The Paper and Industrial Converted Products segment includes the following products: paperboard tubes, cones, and cores; fiber-based construction tubes; wooden, metal and composite wire and cable reels and spools; and recycled paperboard, linerboard, corrugating medium, recovered paper and material recycling services.

The Protective Solutions segment includes the following products: custom-engineered, paperboard-based and expanded foam protective packaging and components; and temperature-assured packaging.

The following table sets forth net sales, intersegment sales and operating profit for the Company’s reportable segments. “Segment operating profit” is defined as the segment’s portion of “Operating profit” excluding restructuring charges, asset impairment charges, acquisition-related costs, and certain other items, if any, the exclusion of which the

Company believes improves comparability and analysis of the financial performance of the business. General corporate expenses have been allocated as operating costs to each of the Company’s reportable segments.

SEGMENT FINANCIAL INFORMATION 

	Three Months Ended
	March 29, 2020		March 31, 2019
Net sales:
Consumer Packaging	$	588,417	$	589,716
Display and Packaging	121,356		137,554
Paper and Industrial Converted Products	474,970		496,037
Protective Solutions	118,553		128,398
Consolidated	$	1,303,296	$	1,351,705
Intersegment sales:
Consumer Packaging	$	2,273	$	921
Display and Packaging	1,298		1,167
Paper and Industrial Converted Products	29,212		33,654
Protective Solutions	372		462
Consolidated	$	33,155	$	36,204
Operating profit:
Segment operating profit:
Consumer Packaging	$	67,801	$	62,115
Display and Packaging	8,094		6,454
Paper and Industrial Converted Products	54,013		48,387
Protective Solutions	14,004		11,004
Restructuring/Asset impairment charges	(12,599)		(10,672)
Other, net	(1,210)		(400)
Consolidated	$	130,103	$	116,888