Segments (Tables)

6 Months Ended

Jun. 30, 2014

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:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net Sales:
Food Care	$	962.1		$	947.0		$	1,866.4		$	1,850.1
As a % of Total Company net sales		48.7	%		48.9	%		49.1	%		49.1	%
Diversey Care		581.3			570.0			1,086.4			1,082.9
As a % of Total Company net sales		29.5	%		29.4	%		28.6	%		28.8	%
Product Care		408.7			394.8			802.5			782.0
As a % of Total Company net sales		20.7	%		20.4	%		21.1	%		20.8	%
Total Reportable Segments Net Sales		1,952.1			1,911.8			3,755.3			3,715.0
Other		21.5			25.6			46.0			51.3
Total Company Net Sales	$	1,973.6		$	1,937.4		$	3,801.3		$	3,766.3
Adjusted EBITDA:
Food Care	$	159.4		$	148.2		$	318.9		$	293.9
Adjusted EBITDA Margin		16.6	%		15.6	%		17.1	%		15.9	%
Diversey Care		72.3			73.3			116.8			115.9
Adjusted EBITDA Margin		12.4	%		12.9	%		10.8	%		10.7	%
Product Care		70.8			61.3			140.9			123.9
Adjusted EBITDA Margin		17.3	%		15.5	%		17.6	%		15.8	%
Total Reportable Segments Adjusted EBITDA		302.5			282.8			576.6			533.7
Other		(18.4	)		(20.6	)		(40.3	)		(40.1	)
Non-U.S. GAAP Total Company Adjusted EBITDA	$	284.1		$	262.2		$	536.3		$	493.6
Adjusted EBITDA Margin		14.4	%		13.5	%		14.1	%		13.1	%

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:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Non-U.S. GAAP Total Company Adjusted EBITDA	$	284.1		$	262.2		$	536.3		$	493.6
Depreciation and amortization (1)		(81.6	)		(81.8	)		(164.4	)		(161.3	)
Special items (2):
Write-down of non-strategic assets included in depreciation and amortization		—			5.0			(0.1	)		5.0
Restructuring and other charges(3)		(14.1	)		(11.9	)		(20.2	)		(11.7	)
Other restructuring associated costs included in cost of sales and selling general and administrative expenses		(10.8	)		(10.7	)		(15.4	)		(16.6	)
SARs		(1.7	)		(0.1	)		(2.2	)		(18.1	)
Costs related to the acquisition and integration of Diversey		(0.9	)		—			(1.8	)		(0.4	)
Foreign currency exchange (losses) related to Venezuelan subsidiaries		0.2			(0.5	)		(14.8	)		(13.6	)
Loss on debt redemption		(0.4	)		(0.1	)		(0.8	)		(32.4	)
Gain from Claims Settlement in 2014 and related cost		(0.5	)		(0.2	)		20.6			(0.3	)
Other expense, net		(7.0	)		—			(8.9	)		—
Interest expense		(73.9	)		(89.7	)		(152.4	)		(180.5	)
Income tax provision		33.1			17.9			43.8			8.7
U.S. GAAP net earnings from continuing operations	$	60.3		$	54.3		$	132.1		$	55.0

⁽¹⁾  Depreciation and amortization including share-based incentive compensation expense by segment is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Food Care	$	27.1	$	29.2	$	59.1	$	59.4
Diversey Care		29.8		33.4		62.1		68.1
Product Care		9.9		9.7		20.5		19.4
Total reportable segments		66.8		72.3		141.7		146.9
Other		14.8		9.5		22.7		14.4
Total Company depreciation and amortization	$	81.6	$	81.8	$	164.4	$	161.3

⁽²⁾  Includes items that were considered unusual or special items. See “Non-U.S. GAAP information” above for further information.

⁽³⁾  Restructuring and other charges by segment were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Food Care	$	7.0	$	4.9	$	11.1	$	3.5
Diversey Care		3.4		5.7		3.8		4.9
Product Care		3.5		1.2		5.0		3.2
Total reportable segments		13.9		11.8		19.9		11.6
Other		0.2		0.1		0.3		0.1
Total Company restructuring and other charges	$	14.1	$	11.9	$	20.2	$	11.7