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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other. Effective January 1, 2024, the Company integrated its flexible packaging and thermoformed packaging businesses within the Consumer Packaging segment in order to streamline operations, enhance customer service and better position the business for accelerated growth. As a result, the Company changed its operating and reporting structure to reflect the way it now manages its operations, evaluates performance, and allocates resources. Accordingly, the Company’s consumer thermoformed businesses have moved from the All Other group of businesses to the Consumer Packaging segment. Prior year segment results presented below have been recast to conform with the current presentation. In addition, effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function. As a result, no recycling net sales are recorded and the margin from the operations reduces “Cost of sales.”
The products produced and sold within the Consumer Packaging segment consist primarily of round and shaped rigid paper, steel and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and applications; and high-barrier flexible packaging.
The primary products produced and sold within the Industrial Paper Packaging segment include paperboard tubes, cones, and cores; paper-based protective packaging; and uncoated recycled paperboard.
The primary products produced with the All Other group of businesses consist of a variety of packaging materials, including plastic, paper, foam, and various other specialty materials.
The following tables set forth net sales, intersegment sales, segment operating profit, and the reconciliation of segment operating profit to “Income before income taxes.” Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with ASC 280 - “Segment Reporting,” as prescribed by the FASB.
SEGMENT FINANCIAL INFORMATION 
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Net sales:
Consumer Packaging$927,729 $971,320 $1,838,306 $1,929,328 
Industrial Paper Packaging600,770 585,143 1,193,830 1,200,998 
  Total reportable segments1,528,499 1,556,463 3,032,136 3,130,326 
All Other94,980 148,827 228,886 304,747 
  Net Sales$1,623,479 $1,705,290 $3,261,022 $3,435,073 
Intersegment sales(1):
Consumer Packaging$4,529 $2,364 $8,074 $4,371 
Industrial Paper Packaging26,887 35,411 55,304 74,131 
  Total reportable segments31,416 37,775 63,378 78,502 
All Other1,859 1,845 3,650 4,634 
  Intersegment Sales$33,275 $39,620 $67,028 $83,136 
Segment operating profit(2):
Consumer Packaging$112,142 $101,115 $205,169 $197,608 
Industrial Paper Packaging66,958 87,040 132,802 181,407 
  Segment operating profit$179,100 $188,155 $337,971 $379,015 
(1) Intersegment sales are recorded at a market-related transfer price.
(2) Segment operating profit viewed by the Company’s management to evaluate segment performance does not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in last-in, first-out inventory reserves; gains/losses from the sale of businesses or other assets; derivative gains/losses; or certain other items, if any, the exclusion of which the Company’s management believes improves the comparability and analysis of the ongoing operating performance of the business. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses.
RECONCILIATION OF SEGMENT OPERATING PROFIT TO INCOME BEFORE INCOME TAXES
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Segment operating profit
$179,100 $188,155 $337,971 $379,015 
All Other operating profit13,865 22,785 30,990 45,345 
Corporate
Restructuring/Asset impairment charges(19,250)(6,057)(50,868)(34,871)
Amortization of acquisition intangibles(22,511)(20,539)(45,450)(41,703)
Gains from divestiture of business and other assets4,478 7,371 4,478 79,381 
Acquisition, integration and divestiture-related costs(22,269)(4,532)(27,930)(9,720)
Changes in LIFO inventory reserves1,418 1,575 987 7,000 
Derivative gains/(losses)3,485 4,288 3,771 (1,796)
Other operating income/(charges), net(3)
2,056 (5,187)(1,124)(5,144)
Operating profit140,372 187,859 252,825 417,507 
Other income, net5,867 — 5,867 — 
Non-operating pension costs(4,170)(3,342)(7,465)(7,000)
Interest expense(29,640)(34,284)(60,860)(68,516)
Interest income3,555 1,944 7,113 3,506 
Income before income taxes$115,984 $152,177 $197,480 $345,497 
(3) Primarily consists of insurance gains offset by consulting fees in 2024 and losses related to highly inflationary accounting in Turkey and consulting fees, partially offset by insurance gains, in 2023.