Segments

3 Months Ended

Mar. 31, 2012

Segments [Abstract]

Segments

(4) Segments

The following table shows net sales, depreciation and amortization and operating profit by our segment reporting structure:

	Three Months Ended
	March 31,
	2012		2011
Net sales
Food Packaging	$	488.2	$	474.9
Food Solutions		238.2		228.8
Protective Packaging		345.6		335.1
Diversey		750.9		—
Other		94.6		89.7
Total	$	1,917.5	$	1,128.5
Depreciation and amortization on property, plant and equipment and intangible assets acquired
Food Packaging	$	21.3	$	16.3
Food Solutions		7.9		7.5
Protective Packaging		5.9		7.0
Diversey		42.2		—
Other		5.0		5.2
Total	$	82.3	$	36.0
Operating profit
Food Packaging	$	59.9	$	62.6
Food Solutions		26.5		19.4
Protective Packaging		46.5		40.0
Diversey		0.8		—
Other		3.7		1.0
Total segments and other		137.4		123.0
Costs related to the acquisition of Diversey		1.8		—
Restructuring and other charges(1)		48.1		—
Total	$	87.5	$	123.0

(1) Restructuring and other charges by our segment reporting structure were as follows:

	Three Months Ended March 31, 2012
Food Packaging	$	17.5
Food Solutions		3.5
Protective Packaging		3.3
Diversey		20.7
Other		3.1
Total	$	48.1

The restructuring and other charges in 2012 primarily relate to the 2011-2014 Integration and Optimization Program. See Note 9, “Restructuring Activities.”

Assets by Reportable Segments

The following table shows assets allocated by our segment reporting structure. Only assets which are identifiable by segment and reviewed by our chief operating decision maker by segment are allocated to the reportable segment assets, which are trade receivables, net, and finished goods inventories, net. All other assets are included in “Assets not allocated.”

	March 31,		December 31,
	2012		2011
Assets:
Trade receivables, net, and finished goods inventory, net
Food Packaging	$	419.8	$	420.4
Food Solutions		199.9		210.1
Protective Packaging		324.6		307.8
Diversey		873.0		842.4
Other		72.7		64.5
Total segments and other	$	1,890.0	$	1,845.2
Assets not allocated
Cash and cash equivalents		538.2		722.8
Property and equipment, net		1,329.8		1,322.1
Goodwill		4,273.4		4,220.5
Intangibles, net		2,102.9		2,103.2
Other		1,186.7		1,218.1
Total	$	11,321.0	$	11,431.9

Allocation of Goodwill to Reportable Segments

Our management views goodwill as a corporate asset, so we do not allocate our goodwill balance to the reportable segments. However, we are required to allocate goodwill to each reporting unit to perform our annual impairment review of goodwill, which we do during the fourth quarter of the year. See Note 7, “Goodwill and Identifiable Intangible Assets,” for the allocation of goodwill and the changes in goodwill balances in the three months ended March 31, 2012 by our reporting unit structure.

New Segment Structure

In November 2011, we announced our plans to establish new business units for our segment reporting structure. The new segment reporting structure will consist of three global business units. This new structure is expected to be implemented by the end of 2012 and will replace our existing seven business unit structure and Diversey’s legacy four region-based structure.

The new segment reporting structure will include the following:

Food & Beverage — This new segment combines our legacy Food Packaging and Food Solutions businesses with Diversey’s food & beverage applications.

Institutional & Laundry — This segment will consist of Diversey’s building care, laundry and infection control solutions for building service contractors/facility management, retail, food service, hospitality and health care sectors.

Protective Packaging — This segment will combine our legacy Protective Packaging, Shrink Packaging and Specialty Materials businesses to provide customers with a broad portfolio of protective packaging systems across a range of applications and industries.

There will also be an “Other” category, which will include our legacy Medical Applications business and New Ventures.

Until the new organization is implemented, we will continue to report our segment results using our existing segment structure. Additionally, there will be no immediate changes in how we manage our business with our customers, including the products, solutions and services we provide.