Segments (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Net Sales and Adjusted EBITDA of Reportable Segments

The following tables show net sales and Adjusted EBITDA by our segment reporting structure:

	2013			2012			2011
Net sales
Food Care	$	3,814.2		$	3,744.0		$	3,242.3
Diversey Care		2,160.8			2,131.9			534.6
Product Care		1,610.0			1,580.4			1,595.0
Total reportable segments		7,585.0			7,456.3			5,371.9
Other		105.8			102.9			95.4
Total	$	7,690.8		$	7,559.2		$	5,467.3
Adjusted EBITDA
Food Care	$	613.9		$	577.7		$	532.3
Adjusted EBITDA margin		16.1	%		15.4	%		16.4	%
Diversey Care		237.3			217.9			39.8
Adjusted EBITDA margin		11.0	%		10.2	%		7.4	%
Product Care		264.5			267.4			263.1
Adjusted EBITDA margin		16.4	%		16.9	%		16.5	%
Total reportable segments Adjusted EBITDA	$	1,115.7		$	1,063.0		$	835.2
Adjusted EBITDA margin		14.7	%		14.3	%		15.5	%
Other		(77.7	)		(82.3	)		(79.3	)
Adjusted EBITDA margin		(73.4	)%		(80.0	)%		(83.1	)%
Total Company Adjusted EBITDA	$	1,038.0		$	980.7		$	755.9
Adjusted EBITDA margin		13.5	%		13.0	%		13.8	%

Reconciliation of Non-U.S.GAAP Adjusted EBITDA to U.S.GAAP Net Earnings

The following table shows a reconciliation of Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP net earnings from continuing operations:

	2013			2012			2011
Non-U.S. GAAP Total Company Adjusted EBITDA	$	1,038.0		$	980.7		$	755.9
Depreciation and amortization(1)		(307.5	)		(317.1	)		(208.3	)
Special items(2):
Write-down of non-strategic assets included in depreciation and amortization(2)		5.3			0.8			—
Impairment of goodwill and other intangible assets(3)		—			(1,892.3	)		—
Restructuring and other charges(4)		(73.8	)		(142.5	)		(52.2	)
Other restructuring associated costs included in cost of sales and selling general and administrative expenses		(32.0	)		(38.9	)		(3.9	)
SARs		(38.1	)		(18.4	)		—
Costs related to the acquisition and integration of Diversey		(1.1	)		(7.4	)		(64.8	)
Impairment of equity method investment in 2013 and 2012 including related bad debt write-down of $2.3 million in 2012		(2.1	)		(25.8	)		—
Foreign currency exchange losses related to Venezuelan subsidiaries		(13.1	)		(0.4	)		(0.3	)
Loss on debt redemption		(36.3	)		(36.9	)		—
Settlement agreement related costs		(1.0	)		(0.7	)		(0.9	)
Additional cost of sales for the step-up in inventories, net related to the Diversey acquisition in 2011		—			—			(10.8	)
Legacy Diversey non-recurring charges in 2011		—			—			(12.6	)
Gain on sale of facility in 2011		—			—			3.9
Other expense, net		0.4			1.0			—
Interest expense		(361.0	)		(384.7	)		(216.6	)
Income tax provision (benefit)		84.0			(264.7	)		56.7
U.S. GAAP net earnings (loss) from continuing operations	$	93.7		$	(1,617.9	)	$	132.7

⁽¹⁾  Depreciation and amortization by segment is as follows:

	2013		2012		2011
Food Care	$	118.4	$	140.0	$	113.7
Diversey Care		132.3		127.6		34.7
Product Care		38.2		37.9		40.9
Total reportable segments		288.9		305.5		189.3
Other (includes write-down of non-strategic assets)		18.6		11.6		19.0
Total Company	$	307.5	$	317.1	$	208.3

⁽²⁾  Includes items the Company considers unusual or special items. See “Non-U.S. GAAP information” above for further information.

⁽³⁾  Impairment of goodwill and other intangible assets in 2012 by our segment reporting structure was as follows:

	2012
Food Care	$	543.4
Diversey Care		1,326.7
Product Care		—
Other		22.2
Total	$	1,892.3

See Note 8, “Goodwill and Identifiable Intangible Assets” for a discussion of the facts and circumstance that led to this impairment in 2012.

⁽⁴⁾  Restructuring and other charges by our segment reporting structure were as follows:

	2013		2012		2011
Food Care	$	25.1	$	72.0	$	13.1
Diversey Care		32.2		53.1		39.5
Product Care		16.4		16.7		(0.4	)
Other		0.1		0.7		—
Total	$	73.8	$	142.5	$	52.2

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.”

	December 31, 2013		December 31, 2012
Assets:
Trade receivables, net, and finished goods inventories, net
Food Care	$	768.5	$	811.9
Diversey Care		543.0		587.8
Product Care		310.1		331.3
Other		19.3		22.0
Total segments and other		1,640.9		1,753.0
Assets not allocated
Cash and cash equivalents		992.4		679.6
Property and equipment, net		1,134.5		1,194.2
Goodwill		3,114.6		3,151.2
Intangibles, net		1,016.9		1,131.6
Assets held for sale		—		87.3
Other assets		1,234.9		1,334.8
Total	$	9,134.2	$	9,331.7

Geographic Information

Geographic Information

	2013		2012		2011
Net sales(1):
United States		2,729.7		2,684.7		2,279.6
Canada		277.2		267.7		172.6
Europe		2,447.8		2,416.5		1,581.9
Latin America		824.3		799.7		545.7
AMAT		846.8		794.4		346.0
JANZ		565.0		596.2		541.5
Total		7,690.8		7,559.2		5,467.3
Total long-lived assets(1)(2):
United States		2,918.0		2,985.0		4,536.3
Canada		93.0		105.8		48.0
Europe		1,591.5		1,643.2		1,945.3
Latin America		233.6		259.8		385.4
AMAT		650.0		699.8		815.8
JANZ		167.3		198.5		169.9
Total		5,653.4		5,892.1		7,900.7

⁽¹⁾  Net sales attributed to the geographic areas represent net sales to external customers. No non-U.S. country had net sales in excess of 10% of consolidated net sales or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2013 and 2012.

⁽²⁾  Total long-lived assets are total assets excluding total current assets and deferred tax assets.