The following tables recast certain unaudited segment information and non-GAAP financial measures of Sonoco Products Company (the “Company”) for each quarterly reporting period in the year ended December 31, 2023, and for the years ending December 31, 2023 and 2022, to conform to the updated reportable segment structure, effective January 1, 2024, that will be reflected in the Company’s future periodic reports. The recast financial information set forth below has not been audited and does not modify or update the disclosures contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) in any way and should be read in conjunction with the 2023 Form 10-K and the Company’s other filings with the Securities and Exchange Commission.
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| 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 | |
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Intersegment sales1: | | | | | | | | | | | | | | | |
| 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 | |
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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 | |
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| 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 | |
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; or certain other items, if any, the exclusion of which the Company 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.
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $16,226, the Industrial Paper Packaging segment of $2,934, and the All Other group of businesses of $2,004.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $2,680, the Industrial Paper Packaging segment of $24,544, and the All Other group of businesses of $53.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $6,102 and the Industrial Paper Packaging segment of $(677).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $779 and the Industrial Paper Packaging segment of $289.
5 Included in Corporate are gains from the sale of the Company's timberland properties in the amount of $(60,945) and the sale of its S3 business in the amount of $(11,065), both of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are losses on derivatives associated with the Consumer Packaging segment of $946, the Industrial Paper Packaging segment of $3,912, and the All Other group of businesses of $1,170.
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $15,987, the Industrial Paper Packaging segment of $2,565, and the All Other group of businesses of $1,987.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $4,016, the Industrial Paper Packaging segment of $1,987, and the All Other group of businesses of $865.
3 Included in Corporate are changes in LIFO inventory reserves associated with and the Industrial Paper Packaging segment of $(1,575).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $112 and the Industrial Paper Packaging segment of $60.
5 Included in Corporate is the gain from the sale of the Company’s U.S. BulkSak businesses, associated with the Industrial Paper Packaging segment, in the amount of $(7,371).
6 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(650), the Industrial Paper Packaging segment of $(2,835), and the All Other group of businesses of $(803).
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $32,213, the Industrial Paper Packaging segment of $5,499, and the All Other group of businesses of $3,991.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $6,696, the Industrial Paper Packaging segment of $26,531, and the All Other group of businesses of $918.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(6,103) and the Industrial Paper Packaging segment of $(897).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $892 and the Industrial Paper Packaging segment of $349.
5 Included in Corporate are gains from the sale of the Company’s timberland properties in the amount of $(60,945), the sale of its S3 business in the amount of $(11,065), and the sale of its U.S. BulkSak businesses in the amount of $(7,371), all of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are losses on derivatives associated with the Consumer Packaging segment of $297, the Industrial Paper Packaging segment of $1,133, and the All Other group of businesses of $366.
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $15,980, the Industrial Paper Packaging segment of $3,414, and the All Other group of businesses of $1,985.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $9,784, the Industrial Paper Packaging segment of $6,430, and the All Other group of businesses of $270.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(3,325) and the Industrial Paper Packaging segment of $139.
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $410 and the Industrial Paper Packaging segment of $5,046.
5 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(507), the Industrial Paper Packaging segment of $(2,178), and the All Other group of businesses of $(625).
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $48,193, the Industrial Paper Packaging segment of $8,913, and the All Other group of businesses of $5,976.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $16,480, the Industrial Paper Packaging segment of $32,961, and the All Other group of businesses of $1,188.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(9,428) and the Industrial Paper Packaging segment of $(758).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $1,302 and the Industrial Paper Packaging segment of $5,394.
5 Included in Corporate are gains from the divestiture of business and other assets associated with the sale of the Company’s timberland properties of $(60,945), the sale of its S3 business of $(11,065), and the sale of its U.S. BulkSak business of $(6,834), all of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(210), the Industrial Paper Packaging segment of $(1,045), and the All Other group of businesses of $(259).
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $15,998, the Industrial Paper Packaging segment of $7,208, and the All Other group of businesses of $976.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $(3,733), the Industrial Paper Packaging segment of $5,793, and the All Other group of businesses of $1,748.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(1,487) and the Industrial Paper Packaging segment of $(144).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $436 and the Industrial Paper Packaging segment of $415.
5 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(68), the Industrial Paper Packaging segment of $(244), and the All Other group of businesses of $(85).
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| 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 | |
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $64,191, the Industrial Paper Packaging segment of $16,121, and the All Other group of businesses of $6,952.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $8,059, the Industrial Paper Packaging segment of $38,754, and the All Other group of businesses of $7,623.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(10,915) and the Industrial Paper Packaging segment of $(902).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $1,738 and the Industrial Paper Packaging segment of $5,810.
5 Included in Corporate are gains from the sale of the Company’s timberland properties in the amount of $(60,945), the sale of its S3 business in the amount of $(11,065), and the sales of its BulkSak businesses in the amount of $(6,919), all of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(278), the Industrial Paper Packaging segment of $(1,290), and the All Other group of businesses of $(344).
7 Included in Corporate are other non-GAAP adjustments associated with the Industrial Paper Packaging segment of $3,762 and the All Other group of businesses of $3,249.
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| 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 | % | | |
1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $62,221, the Industrial Paper Packaging segment of $8,053, and the All Other group of businesses of $10,153.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $13,705, the Industrial Paper Packaging segment of $24,745, and the All Other group of businesses of $(69).
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $26,753 and the Industrial Paper Packaging segment of $1,692.
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $38,690 and the Industrial Paper Packaging segment of $1,885.
5 Included in Corporate are losses on derivatives associated with the Consumer Packaging segment of $1,332, the Industrial Paper Packaging segment of $5,789, and the All Other group of businesses of $1,646.
