Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

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)	2020			2019
Net Sales:
Food Care	$	690.3		$	680.0
As a % of Total Company net sales	58.8		%	61.1		%
Product Care	483.6			432.7
As a % of Total Company net sales	41.2		%	38.9		%
Total Company Net Sales	$	1,173.9		$	1,112.7
	Three Months Ended March 31,
(In millions)	2020			2019
Adjusted EBITDA from continuing operations
Food Care	$	156.3		$	142.9
Adjusted EBITDA Margin	22.6		%	21.0		%
Product Care	92.8			75.0
Adjusted EBITDA Margin	19.2		%	17.3		%
Corporate	4.1			(2.1)
Total Company Adjusted EBITDA from continuing operations	$	253.2		$	215.8
Adjusted EBITDA Margin	21.6		%	19.4		%

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

The following table shows a reconciliation of net earnings before income tax provision to Total Company Adjusted EBITDA from continuing operations:

	Three Months Ended March 31,
(In millions)	2020		2019
Earnings before income tax provision	$	147.2	$	94.7
Interest expense, net	44.4		44.9
Depreciation and amortization, net of adjustments(1)	51.5		40.2
Special Items:
Restructuring charges(2)	0.6		7.4
Other restructuring associated costs(3)	4.0		16.7
Foreign currency exchange loss due to highly inflationary economies	0.9		0.8
Charges related to acquisition and divestiture activity	2.9		3.7
Other Special Items(4)	1.7		7.4
Pre-tax impact of Special Items	10.1		36.0
Total Company Adjusted EBITDA from continuing operations	$	253.2	$	215.8

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

	Three Months Ended March 31,
(In millions)	2020		2019
Food Care	$	29.0	$	26.2
Product Care	22.5		14.9
Total Company depreciation and amortization(i)	$	51.5	$	41.1
Depreciation and amortization adjustments	—		(0.9)
Depreciation and amortization, net of adjustments	$	51.5	$	40.2

⁽ⁱ⁾ Includes share-based incentive compensation of $8.5 million and $8.4 million for the three months ended March 31, 2020 and 2019, respectively.

⁽²⁾Restructuring charges by segment were as follows:

	Three Months Ended March 31,
(In millions)	2020		2019
Food Care	$	0.3	$	3.8
Product Care	0.3		3.6
Total Company restructuring charges	$	0.6	$	7.4

⁽³⁾Other restructuring associated costs for the three months ended March 31, 2020 primarily relate to fees paid to third-party consultants in support of Reinvent SEE. Other restructuring associated costs for the three months ended March 31, 2019 primarily relate to fees paid to third-party consultants in support of Reinvent SEE and costs associated with property consolidations and machinery and equipment relocations resulting from Reinvent SEE. See Note 13, "Restructuring Activities," to the Condensed Consolidated Financial Statements for additional information related to our Reinvent SEE and our restructuring program.

(4)Other Special Items for the three months ended March 31, 2019, primarily included fees related to professional services mainly legal fees, directly associated with Special Items or events that are considered one-time or infrequent.

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, 2020		December 31, 2019
Assets allocated to segments:
Food Care	$	1,923.8	$	1,997.8
Product Care	2,701.8		2,762.9
Total segments	4,625.6		4,760.7
Assets not allocated:
Cash and cash equivalents	$	274.6	$	262.4
Assets held for sale	1.8		2.8
Income tax receivables	15.9		32.8
Other receivables	74.3		80.3
Deferred taxes	228.8		238.6
Other	450.0		387.6
Total	$	5,671.0	$	5,765.2