Segments (Tables)

3 Months Ended

Mar. 31, 2018

Net Sales and Adjusted EBITDA of Reportable Segments

The following tables show Net Sales and Adjusted EBITDA by reportable segment:



	Three Months Ended March 31,
(In millions)	2018			2017
Net Sales:
Food Care	$	696.3		$	655.6
As a % of Total Company net sales	61.6		%	63.5		%
Product Care	434.7			376.6
As a % of Total Company net sales	38.4		%	36.5		%
Total Company Net Sales	$	1,131.0		$	1,032.2

	Three Months Ended March 31,
(In millions)	2018			2017
Adjusted EBITDA from continuing operations
Food Care	$	134.7		$	122.0
Adjusted EBITDA Margin	19.3		%	18.6		%
Product Care	78.4			63.3
Adjusted EBITDA Margin	18.0		%	16.8		%
Corporate	(8.3)			(3.4)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	204.8		$	181.9
Adjusted EBITDA Margin	18.1		%	17.6		%

Reconciliation of Total Company Adjusted EBITDA to Net Earnings

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



	Three Months Ended March 31,
(In millions)	2018			2017
Net loss from continuing operations	$	(208.0	)	$	(53.7	)
Interest expense, net	(42.0		)	(46.6		)
Income tax provision	321.5			136.4
Depreciation and amortization⁽²⁾	(40.4		)	(37.2		)
Depreciation and amortization adjustments	0.2			—
Special Items:
Restructuring and other charges⁽³⁾	(8.6		)	(1.9		)
Other restructuring associated costs	(2.2		)	(3.9		)
(Loss) gain on acquisition and divestiture activity	(4.0		)	2.3
Charges incurred due to the sale of Diversey	(6.8		)	(16.1		)
Gain from class-action litigation settlement	12.7			—
Other Special Items⁽¹⁾	(0.2		)	4.2
Pre-tax impact of Special Items	(9.1		)	(15.4		)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	204.8		$	181.9


⁽¹⁾	Other Special Items for the three months ended March 31, 2017 primarily included a recovered wage tax as the result of a court ruling partially offset by legal fees associated with restructuring and acquisitions.


⁽²⁾	Depreciation and amortization by segment is as follows:



	Three Months Ended March 31,
(In millions)	2018		2017
Food Care	$	26.9	$	24.7
Product Care	13.5		12.5
Total Company depreciation and amortization⁽ⁱ⁾	$	40.4	$	37.2


⁽ⁱ⁾	Includes share-based incentive compensation of $7.6 million and $8.0 million for the three months ended March 31, 2018 and 2017, respectively.


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



	Three Months Ended March 31,
(In millions)	2018		2017
Food Care	$	4.6	$	1.2
Product Care	4.0		0.7
Total Company restructuring and other charges	$	8.6	$	1.9

Assets by Reportable Segments

The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net, inventory, net, property and equipment, net, goodwill, net, intangible assets, net and leased systems, net.



(In millions)	March 31, 2018		December 31, 2017
Assets allocated to segments:
Food Care	$	1,587.2	$	1,545.5
Product Care	2,568.3		2,620.2
Total segments	4,155.5		4,165.7
Assets not allocated:
Cash and cash equivalents	$	326.9	$	594.0
Assets held for sale	1.7		4.0
Income tax receivables	13.4		85.1
Other receivables	99.3		90.2
Deferred taxes	127.0		176.2
Other	317.3		165.1
Total	$	5,041.1	$	5,280.3