Segments

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net sales
Food Packaging	$	499.7	$	501.9	$	987.9	$	976.8
Food Solutions		247.1		261.9		485.3		490.7
Protective Packaging		344.6		353.5		690.2		688.6
Diversey		816.3		—		1,567.2		—
Other		96.7		95.3		191.4		185.0
Total	$	2,004.4	$	1,212.6	$	3,922.0	$	2,341.1
Depreciation and amortization on property, plant and equipment and intangible assets
Food Packaging	$	16.0	$	16.9	$	37.3	$	33.2
Food Solutions		7.9		8.2		15.8		15.7
Protective Packaging		5.8		6.4		11.7		13.4
Diversey		42.8		—		85.0		—
Other		5.3		5.4		10.3		10.6
Total	$	77.8	$	36.9	$	160.1	$	72.9
Operating profit
Food Packaging	$	46.4	$	62.3	$	106.3	$	124.9
Food Solutions		26.3		25.2		52.8		44.6
Protective Packaging		42.8		46.3		89.3		86.3
Diversey		29.8		—		30.6		—
Other		2.9		1.9		6.7		2.9
Total segments and other		148.2		135.7		285.7		258.7
Costs related to the acquisition of Diversey		1.7		6.6		3.5		6.6
Restructuring and other charges (1)		26.5		—		74.6		—
Total	$	120.0	$	129.1	$	207.6	$	252.1

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

	Three Months Ended June 30, 2012		Six Months Ended June 30, 2012
Food Packaging	$	9.9	$	27.4
Food Solutions		2.2		5.7
Protective Packaging		3.4		6.7
Diversey		10.8		31.5
Other		0.2		3.3
Total	$	26.5	$	74.6

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.”

	June 30, 2012		December 31, 2011
Assets:
Trade receivables, net, and finished goods inventory, net
Food Packaging	$	414.3	$	420.4
Food Solutions		202.0		210.1
Protective Packaging		317.8		307.8
Diversey		881.4		842.4
Other		76.4		64.5
Total segments and other	$	1,891.9	$	1,845.2
Assets not allocated
Cash and cash equivalents		503.9		722.8
Property and equipment, net		1,286.8		1,322.1
Goodwill		4,184.2		4,220.5
Intangibles, net		2,019.6		2,103.2
Other		1,222.4		1,218.1
Total	$	11,108.8	$	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 six months ended June 30, 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: (1) Food & Beverage, (2) Institutional & Laundry and (3) Protective Packaging. There will also be an “Other” category, which will include our legacy Medical Applications business and New Ventures. 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. Until the new organization is fully implemented, we will continue to report our segment results using our existing segment structure.