Segments (Tables)

3 Months Ended

Mar. 31, 2019

Net Sales and Adjusted EBITDA by Reportable Segments

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



	Three Months Ended March 31,
(In millions)	2019			2018
Net Sales:
Food Care	$	680.0		$	696.3
As a % of Total Company net sales	61.1		%	61.6		%
Product Care	432.7			434.7
As a % of Total Company net sales	38.9		%	38.4		%
Total Company Net Sales	$	1,112.7		$	1,131.0

	Three Months Ended March 31,
(In millions)	2019			2018
Non-U.S. GAAP Adjusted EBITDA from continuing operations
Food Care	$	142.9		$	134.7
Adjusted EBITDA Margin	21.0		%	19.3		%
Product Care	75.0			78.4
Adjusted EBITDA Margin	17.3		%	18.0		%
Corporate	(2.1		)	(8.3		)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	215.8		$	204.8
Adjusted EBITDA Margin	19.4		%	18.1		%

Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA

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



	Three Months Ended March 31,
(In millions)	2019			2018
Net earnings (loss) from continuing operations	$	64.3		$	(208.0	)
Interest expense, net	44.9			42.0
Income tax provision	30.4			321.5
Depreciation and amortization⁽¹⁾	41.1			40.4
Depreciation and amortization adjustments	(0.9		)	(0.2		)
Special Items:
Restructuring charges⁽²⁾	7.4			8.6
Other restructuring associated costs	16.7			2.2
Foreign currency exchange loss due to highly inflationary economies	0.8			—
Charges related to acquisition and divestiture activity	3.7			10.8
Gain from class-action litigation settlement	—			(12.7		)
Other Special Items⁽³⁾	7.4			0.2
Pre-tax impact of Special Items	36.0			9.1
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	215.8		$	204.8


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



	Three Months Ended March 31,
(In millions)	2019		2018
Food Care	$	26.2	$	26.9
Product Care	14.9		13.5
Total Company depreciation and amortization⁽ⁱ⁾	$	41.1	$	40.4


⁽ⁱ⁾	Includes share-based incentive compensation of $8.4 million and $7.6 million for the three months ended March 31, 2019 and 2018, respectively.


⁽²⁾	Restructuring charges by segment were as follows:



	Three Months Ended March 31,
(In millions)	2019		2018
Food Care	$	3.8	$	4.6
Product Care	3.6		4.0
Total Company restructuring charges	$	7.4	$	8.6


⁽³⁾	Other Special Items for the three months ended March 31, 2019, primarily included fees related to professional services.

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; intangible assets, net; and leased systems, net.



(In millions)	March 31, 2019		December 31, 2018
Assets allocated to segments:
Food Care	$	1,562.2	$	1,541.5
Product Care	2,661.5		2,643.5
Total segments	4,223.7		4,185.0
Assets not allocated:
Cash and cash equivalents	$	236.0	$	271.7
Assets held for sale	0.6		0.6
Income tax receivables	46.7		58.4
Other receivables	82.7		81.3
Deferred taxes	166.4		170.5
Other	398.9		282.7
Total	$	5,155.0	$	5,050.2