GRAPHIC PACKAGING HOLDING COGPK
GRAPHIC PACKAGING HOLDING CO Segments Disclosure
Business Segment and Geographic Area Information
During the first quarter of 2025, the Company realigned its financial reporting structure under two reportable segments, Americas Paperboard Packaging and International Paperboard Packaging. This structure aligns with how the Chief Operating Decision Maker ("CODM") measures segment operating results, allocates resources among the segments and assesses segment performance.
The Company's reportable segments are described as follows:
Americas Paperboard Packaging includes paperboard packaging sold primarily to consumer packaged goods ("CPG") companies serving the food, beverage and consumer product markets and cups, lids and food containers sold primarily to foodservice companies and quick-service restaurants in the Americas.
International Paperboard Packaging includes paperboard packaging sold primarily to CPG companies serving the food, foodservice, beverage and consumer product markets, including healthcare and beauty, outside of the Americas.
The Company allocates internally sourced paperboard margin and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption, which does not meet the criteria of a reportable segment, includes the unallocated corporate costs and the Paperboard Manufacturing operating segment. The effect of intercompany transfers to the paperboard packaging segments has been eliminated from the Corporate and Other caption to reflect the economics of the integration of these segments.
The Company's CODM, who is responsible for allocating resources, assessing performance of the operating segments and making strategic decisions, has been identified as the Chief Executive Officer. The evaluation of operating segment performance is based primarily on Income from Operations. Each segment maintains separate financial information, and the CODM evaluates the segments' operating results on a regular basis.
The Company recast prior-period segment disclosures given the change in its reportable segments. This change has no impact on the Company's consolidated operating results. The accounting policies of the reportable segments are the same as those described above in Note 1. Nature of Business and Summary of Significant Accounting Policies.
The Company did not have any one customer who accounted for 10% or more of the Company's net sales during 2025, 2024 or 2023.
Business segment information is as follows:
| Year Ended December 31, 2025 | ||||||||||||||
| In millions | Americas Paperboard Packaging | International Paperboard Packaging | Corporate and Other | Total | ||||||||||
Net Sales(a) | $ | 5,889 | $ | 2,208 | $ | 520 | $ | 8,617 | ||||||
Cost of Sales(b) | 4,707 | 1,833 | 475 | 7,015 | ||||||||||
Selling, General and Administrative(b) | 331 | 250 | 123 | 704 | ||||||||||
Other(c) | 33 | (14) | 75 | 94 | ||||||||||
Income (Loss) from Operations | $ | 818 | $ | 139 | $ | (153) | $ | 804 | ||||||
| Other Segment Information | ||||||||||||||
Capital Spending | $ | 95 | $ | 94 | $ | 733 | $ | 922 | ||||||
| Depreciation and Amortization | 160 | 126 | 250 | 536 | ||||||||||
(a) Revenue from sales of paperboard to third parties is reported within Corporate and Other.
(b) Cost of Sales and Selling, General and Administrative both include depreciation and amortization, while Cost of Sales also includes accelerated depreciation related to exit activities for all segments presented (see Note 18. Exit Activities).
(c) Includes expenses related to business combinations, exit activities and other special charges for all segments presented (see Note 1. Nature of Business and Summary of Significant Accounting Policies).
| Year Ended December 31, 2024 | ||||||||||||||
| In millions | Americas Paperboard Packaging | International Paperboard Packaging | Corporate and Other | Total | ||||||||||
Net Sales(a) | $ | 6,101 | $ | 2,130 | $ | 576 | $ | 8,807 | ||||||
Cost of Sales(b) | 4,610 | 1,689 | 546 | 6,845 | ||||||||||
Selling, General and Administrative(b) | 363 | 239 | 172 | 774 | ||||||||||
Other(c) | 56 | 28 | (15) | 69 | ||||||||||
Income (Loss) from Operations | $ | 1,072 | $ | 174 | $ | (127) | $ | 1,119 | ||||||
| Other Segment Information | ||||||||||||||
Capital Spending | $ | 168 | $ | 117 | $ | 918 | $ | 1,203 | ||||||
| Depreciation and Amortization | 196 | 129 | 232 | 557 | ||||||||||
(a) Revenue from sales of paperboard to third parties is reported within Corporate and Other.
(b) Cost of Sales and Selling, General and Administrative both include depreciation and amortization, while Cost of Sales also includes accelerated depreciation related to exit activities for all segments presented (see Note 18. Exit Activities).
(c) Includes expenses related to business combinations, exit activities and other special charges for all segments presented (see Note 1. Nature of Business and Summary of Significant Accounting Policies) and a gain from the Augusta Divestiture in Corporate and Other (see Note 19. Divestitures).
| Year Ended December 31, 2023 | ||||||||||||||
| In millions | Americas Paperboard Packaging | International Paperboard Packaging | Corporate and Other | Total | ||||||||||
Net Sales(a) | $ | 6,200 | $ | 2,280 | $ | 948 | $ | 9,428 | ||||||
Cost of Sales(b) | 4,693 | 1,821 | 797 | 7,311 | ||||||||||
Selling, General and Administrative(b) | 375 | 221 | 209 | 805 | ||||||||||
Other(c) | 44 | 45 | 49 | 138 | ||||||||||
Income (Loss) from Operations | $ | 1,088 | $ | 193 | $ | (107) | $ | 1,174 | ||||||
| Other Segment Information | ||||||||||||||
Capital Spending | $ | 144 | $ | 113 | $ | 547 | $ | 804 | ||||||
| Depreciation and Amortization | 186 | 121 | 312 | 619 | ||||||||||
(a) Revenue from sales of paperboard to third parties is reported within Corporate and Other.
(b) Cost of Sales and Selling, General and Administrative both include depreciation and amortization, while Cost of Sales also includes accelerated depreciation related to exit activities for all segments presented (see Note 18. Exit Activities).
(c) Includes expenses related to business combinations, exit activities and other special charges for all segments presented (see Note 1. Nature of Business and Summary of Significant Accounting Policies) and impairment charges related to Russia in International Paperboard Packaging (see Note 19. Divestitures).
Total segment Income from Operations is reconciled to Income before Income Taxes and Equity Income of Unconsolidated Entity as follows:
| Year Ended December 31, | |||||||||||
| In millions | 2025 | 2024 | 2023 | ||||||||
Income (Loss) from Operations: | |||||||||||
Americas Paperboard Packaging | $ | 818 | $ | 1,072 | $ | 1,088 | |||||
International Paperboard Packaging | 139 | 174 | 193 | ||||||||
Total | $ | 957 | $ | 1,246 | $ | 1,281 | |||||
Corporate and Other | (153) | (127) | (107) | ||||||||
| Nonoperating Pension and Postretirement Benefit Expense | (2) | (3) | (3) | ||||||||
| Interest Expense, Net | (220) | (230) | (239) | ||||||||
| Income before Income Taxes and Equity Income of Unconsolidated Entity | $ | 582 | $ | 886 | $ | 932 | |||||
Business geographic area information is as follows:
| Year Ended December 31, | |||||||||||
| In millions | 2025 | 2024 | 2023 | ||||||||
Net Sales: | |||||||||||
United States | $ | 5,943 | $ | 6,187 | $ | 6,646 | |||||
International(a) | 2,674 | 2,620 | 2,782 | ||||||||
Total | $ | 8,617 | $ | 8,807 | $ | 9,428 | |||||
| In millions | 2025 | 2024 | 2023 | ||||||||
Long-Lived Assets at December 31: | |||||||||||
United States | $ | 4,837 | $ | 4,499 | $ | 4,178 | |||||
International(a) | 832 | 759 | 814 | ||||||||
Total | $ | 5,669 | $ | 5,258 | $ | 4,992 | |||||
(a) Net Sales and long-lived assets of individual countries outside of the United States are not material.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 8, 2017 | |
| 2015 | Feb 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.