03/26/2024 | Press release | Distributed by Public on 03/26/2024 14:31
Three Months Ended | Twelve Months Ended | |||||||||||
Dollars in thousands | April 2, 2023 | July 2, 2023 | October 1, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2022 | ||||||
Net sales: | ||||||||||||
Consumer Packaging | $ | 958,008 | $ | 971,320 | $ | 984,840 | $ | 896,746 | $ | 3,810,914 | $ | 3,955,229 |
Industrial Paper Packaging | 615,855 | 585,143 | 580,035 | 593,080 | 2,374,113 | 2,684,563 | ||||||
Total reportable segments | 1,573,863 | 1,556,463 | 1,564,875 | 1,489,826 | 6,185,027 | 6,639,792 | ||||||
All Other | 155,920 | 148,827 | 145,544 | 145,974 | 596,265 | 610,760 | ||||||
Net Sales | $ | 1,729,783 | $ | 1,705,290 | $ | 1,710,419 | $ | 1,635,800 | $ | 6,781,292 | $ | 7,250,552 |
Intersegment sales1:
|
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Consumer Packaging | $ | 2,007 | $ | 2,364 | $ | 2,756 | $ | 5,529 | $ | 12,656 | $ | 6,673 |
Industrial Paper Packaging | 38,720 | 35,411 | 3,032 | 24,659 | 101,822 | 134,215 | ||||||
Total reportable segments | 40,727 | 37,775 | 5,788 | 30,188 | 114,478 | 140,888 | ||||||
All Other | 2,789 | 1,845 | 1,740 | 1,804 | 8,178 | 9,570 | ||||||
Intersegment Sales | $ | 43,516 | $ | 39,620 | $ | 7,528 | $ | 31,992 | $ | 122,656 | $ | 150,458 |
Segment operating profit2:
|
||||||||||||
Consumer Packaging | $ | 96,494 | $ | 101,115 | $ | 116,800 | $ | 86,250 | $ | 400,659 | $ | 533,766 |
Industrial Paper Packaging | 94,367 | 87,040 | 75,006 | 61,504 | 317,917 | 327,859 | ||||||
Total reportable segments | $ | 190,861 | $ | 188,155 | $ | 191,806 | $ | 147,754 | $ | 718,576 | $ | 861,625 |
Reconciliation of segment operating profit to Income before income taxes: | ||||||||||||
Segment operating profit | $ | 190,861 | $ | 188,155 | $ | 191,806 | $ | 147,754 | $ | 718,576 | $ | 861,625 |
All Other | 22,560 | 22,785 | 20,740 | 19,064 | 85,149 | 58,240 | ||||||
Corporate | ||||||||||||
Restructuring/Asset impairment charges | (28,814) | (6,057) | (18,110) | (3,952) | (56,933) | (56,910) | ||||||
Amortization of acquisition intangibles | (21,164) | (20,539) | (21,379) | (24,182) | (87,264) | (80,445) | ||||||
Other non-GAAP income/(charges), net | 66,205 | 3,515 | (10,120) | (3,338) | 56,262 | (107,114) | ||||||
Operating profit | 229,648 | 187,859 | 162,937 | 135,346 | 715,790 | 675,396 | ||||||
Other income, net | - | - | 36,943 | 2,714 | 39,657 | - | ||||||
Non-operating pension costs | (3,658) | (3,342) | (3,424) | (3,888) | (14,312) | (7,073) | ||||||
Interest expense | (34,232) | (34,284) | (32,847) | (35,323) | (136,686) | (101,662) | ||||||
Interest income | 1,562 | 1,944 | 3,173 | 3,704 | 10,383 | 4,621 | ||||||
Income before income taxes | $ | 193,320 | $ | 152,177 | $ | 166,782 | $ | 102,553 | $ | 614,832 | $ | 571,282 |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Three Months Ended April 2, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 96,494 | $ | 94,367 | $ | 22,560 | $ | 16,227 | $ | 229,648 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
32,549 | 24,878 | 3,546 | 21,164 | 82,137 | |||||
Equity in earnings of affiliates, net of tax | 75 | 1,781 | - | - | 1,856 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 28,814 | 28,814 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (5,425) | (5,425) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 5,188 | 5,188 | |||||
Gain from divestiture of business and other assets5
|
- | - | - | (72,010) | (72,010) | |||||
Net losses from derivatives6
|
- | - | - | 6,085 | 6,085 | |||||
Other non-GAAP adjustments | - | - | - | (43) | (43) | |||||
Segment Adjusted EBITDA | $ | 129,118 | $ | 121,026 | $ | 26,106 | $ | - | $ | 276,250 |
Net Sales | $ | 958,008 | $ | 615,855 | $ | 155,920 | ||||
Segment Operating Profit Margin | 10.1 | % | 15.3 | % | 14.5 | % | ||||
Segment Adjusted EBITDA Margin | 13.5 | % | 19.7 | % | 16.7 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Three Months Ended July 2, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 101,115 | $ | 87,040 | $ | 22,785 | $ | (23,081) | $ | 187,859 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
32,465 | 25,008 | 3,667 | 20,539 | 81,679 | |||||
Equity in earnings of affiliates, net of tax | 134 | 3,178 | - | - | 3,312 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 6,057 | 6,057 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (1,575) | (1,575) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 4,532 | 4,532 | |||||
Gain from divestiture of business and other assets5
|
- | - | - | (7,371) | (7,371) | |||||
Net gains from derivatives6
|
- | - | - | (4,288) | (4,288) | |||||
Other non-GAAP adjustments | - | - | - | 5,187 | 5,187 | |||||
Segment Adjusted EBITDA | $ | 133,714 | $ | 115,226 | $ | 26,452 | $ | - | $ | 275,392 |
Net Sales | $ | 971,320 | $ | 585,143 | $ | 148,827 | ||||
Segment Operating Profit Margin | 10.4 | % | 14.9 | % | 15.3 | % | ||||
Segment Adjusted EBITDA Margin | 13.8 | % | 19.7 | % | 17.8 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Six Months Ended July 2, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 197,608 | $ | 181,407 | $ | 45,345 | $ | (6,853) | $ | 417,507 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
65,015 | 49,886 | 7,213 | 41,703 | 163,817 | |||||
Equity in earnings of affiliates, net of tax | 209 | 4,959 | - | - | 5,168 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 34,871 | 34,871 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (7,000) | (7,000) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 9,720 | 9,720 | |||||
Gains from divestiture of business and other assets5
|
- | - | - | (79,381) | (79,381) | |||||
Net losses from derivatives6
|
- | - | - | 1,796 | 1,796 | |||||
Other non-GAAP adjustments | - | - | - | 5,144 | 5,144 | |||||
Segment Adjusted EBITDA | $ | 262,832 | $ | 236,252 | $ | 52,558 | $ | - | $ | 551,642 |
Net Sales | $ | 1,929,328 | $ | 1,200,998 | $ | 304,747 | ||||
Segment Operating Profit Margin | 10.2 | % | 15.1 | % | 14.9 | % | ||||
Segment Adjusted EBITDA Margin | 13.6 | % | 19.7 | % | 17.2 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Three Months Ended October 1, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 116,800 | $ | 75,006 | $ | 20,740 | $ | (49,609) | $ | 162,937 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
33,833 | 26,558 | 3,800 | 21,379 | 85,570 | |||||
Equity in earnings of affiliates, net of tax | 284 | 3,343 | - | - | 3,627 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 18,110 | 18,110 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (3,186) | (3,186) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 12,472 | 12,472 | |||||
Loss from divestiture of business and other assets | - | - | - | 537 | 537 | |||||
Net gains from derivatives5
|
- | - | - | (3,310) | (3,310) | |||||
Other non-GAAP adjustments | - | - | - | 3,607 | 3,607 | |||||
Segment Adjusted EBITDA | $ | 150,917 | $ | 104,907 | $ | 24,540 | $ | - | $ | 280,364 |
Net Sales | $ | 984,840 | $ | 580,035 | $ | 145,544 | ||||
Segment Operating Profit Margin | 11.9 | % | 12.9 | % | 14.2 | % | ||||
Segment Adjusted EBITDA Margin | 15.3 | % | 18.1 | % | 16.9 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Nine Months Ended October 1, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 314,408 | $ | 256,413 | $ | 66,084 | $ | (56,461) | $ | 580,444 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
98,847 | 76,444 | 11,014 | 63,082 | 249,387 | |||||
Equity in earnings of affiliates, net of tax | 493 | 8,302 | - | - | 8,795 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 52,981 | 52,981 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (10,186) | (10,186) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 22,192 | 22,192 | |||||
Gains from divestiture of business and other assets5
|
- | - | - | (78,844) | (78,844) | |||||
Net gains from derivatives6
|
- | - | - | (1,514) | (1,514) | |||||
Other non-GAAP adjustments | - | - | - | 8,750 | 8,750 | |||||
Segment Adjusted EBITDA | $ | 413,748 | $ | 341,159 | $ | 77,098 | $ | - | $ | 832,005 |
Net Sales | $ | 2,914,168 | $ | 1,781,033 | $ | 450,291 | ||||
Segment Operating Profit Margin | 10.8 | % | 14.4 | % | 14.7 | % | ||||
Segment Adjusted EBITDA Margin | 14.2 | % | 19.2 | % | 17.1 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Three Months Ended December 31, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 86,250 | $ | 61,504 | $ | 19,064 | $ | (31,472) | $ | 135,346 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
35,511 | 28,278 | 3,630 | 24,182 | 91,601 | |||||
Equity in earnings of affiliates, net of tax | 71 | 1,481 | - | - | 1,552 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 3,952 | 3,952 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (1,631) | (1,631) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 4,063 | 4,063 | |||||
Gains from divestiture of business and other assets | - | - | - | (85) | (85) | |||||
Net gains from derivatives5
|
- | - | - | (397) | (397) | |||||
Other non-GAAP adjustments | - | - | - | 1,388 | 1,388 | |||||
Segment Adjusted EBITDA | $ | 121,832 | $ | 91,263 | $ | 22,694 | $ | - | $ | 235,789 |
Net Sales | $ | 896,746 | $ | 593,080 | $ | 145,974 | ||||
Segment Operating Profit Margin | 9.6 | % | 10.4 | % | 13.1 | % | ||||
Segment Adjusted EBITDA Margin | 13.6 | % | 15.4 | % | 15.5 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Year Ended December 31, 2023 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 400,659 | $ | 317,917 | $ | 85,149 | $ | (87,935) | $ | 715,790 |
Adjustments: | ||||||||||
Depreciation, depletion and amortization1
|
134,358 | 104,722 | 14,644 | 87,264 | 340,988 | |||||
Equity in earnings of affiliates, net of tax | 564 | 9,783 | - | - | 10,347 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 56,933 | 56,933 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | (11,817) | (11,817) | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 26,254 | 26,254 | |||||
Gain from divestiture of business and other assets5
|
- | - | - | (78,929) | (78,929) | |||||
Net gains from derivatives6
|
- | - | - | (1,912) | (1,912) | |||||
Other non-GAAP adjustments7
|
- | - | - | 10,142 | 10,142 | |||||
Segment Adjusted EBITDA | $ | 535,581 | $ | 432,422 | $ | 99,793 | $ | - | $ | 1,067,796 |
Net Sales | $ | 3,810,914 | $ | 2,374,113 | $ | 596,265 | ||||
Segment Operating Profit Margin | 10.5 | % | 13.4 | % | 14.3 | % | ||||
Segment Adjusted EBITDA Margin | 14.1 | % | 18.2 | % | 16.7 | % |
Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation | ||||||||||
For the Year Ended December 31, 2022 | ||||||||||
Dollars in thousands | Consumer Packaging segment | Industrial Paper Packaging segment | All Other | Corporate | Total | |||||
Segment and Total Operating Profit | $ | 533,766 | $ | 327,859 | $ | 58,240 | $ | (244,469) | $ | 675,396 |
Adjustments: | ||||||||||
Depreciation, depletion, and amortization1
|
122,176 | 91,944 | 14,277 | 80,427 | 308,824 | |||||
Equity in earnings of affiliates, net of tax | 485 | 13,722 | - | - | 14,207 | |||||
Restructuring/Asset impairment charges2
|
- | - | - | 56,910 | 56,910 | |||||
Changes in LIFO inventory reserves3
|
- | - | - | 28,445 | 28,445 | |||||
Acquisition, integration and divestiture-related costs4
|
- | - | - | 70,210 | 70,210 | |||||
Net losses from derivatives5
|
- | - | - | 8,767 | 8,767 | |||||
Other non-GAAP adjustments | - | - | - | (290) | (290) | |||||
Segment Adjusted EBITDA | $ | 656,427 | $ | 433,525 | $ | 72,517 | $ | - | $ | 1,162,469 |
Net Sales | $ | 3,955,229 | $ | 2,684,563 | $ | 610,760 | ||||
Segment Operating Profit Margin | 13.5 | % | 12.2 | % | 9.5 | % | ||||
Segment Adjusted EBITDA Margin | 16.6 | % | 16.1 | % | 11.9 | % |