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Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segments Segments
The Company’s segment reporting structure consists of two reportable segments as follows and a Corporate category:
•Food; and
•Protective.
The Company’s Food and Protective segments are considered reportable segments under ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to the reportable segments. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Segment Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of goods sold.
We allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Segment Adjusted EBITDA. We also allocate and disclose restructuring charges and impairment of goodwill and other intangible assets by segment, although they are not included in the segment performance metric Segment Adjusted EBITDA since restructuring charges and impairment of goodwill and other intangible assets are categorized as Special Items (as identified below). The accounting policies of the reportable segments and Corporate are the same as those applied to the Condensed Consolidated Financial Statements.
The following tables show Net Sales and Segment Adjusted EBITDA by reportable segment:
Three Months Ended
March 31,
(In millions)20212020
Net Sales:  
Food$702.2 $690.3 
As a % of Total Company net sales55.4 %58.8 %
Protective564.9 483.6 
As a % of Total Company net sales44.6 %41.2 %
Total Company Net Sales$1,267.1 $1,173.9 
 
 Three Months Ended
March 31,
(In millions)20212020
Segment Adjusted EBITDA:  
Food Adjusted EBITDA$156.9 $156.3 
Food Adjusted EBITDA Margin22.3 %22.6 %
Protective Adjusted EBITDA109.9 92.8 
Protective Adjusted EBITDA Margin19.5 %19.2 %
Segment Adjusted EBITDA$266.8 $249.1 
The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:
Three Months Ended
March 31,
(In millions)20212020
Food Adjusted EBITDA$156.9 $156.3 
Protective Adjusted EBITDA109.9 92.8 
Corporate Adjusted EBITDA1.4 4.1 
Interest expense, net(43.1)(44.4)
Depreciation and amortization(1)
(56.9)(51.5)
Special Items:
Restructuring charges(2)
— (0.6)
Other restructuring associated costs(3)
(5.3)(4.0)
Foreign currency exchange loss due to highly inflationary economies(1.4)(0.9)
Charges related to acquisition and divestiture activity(0.3)(2.9)
Other Special Items(0.8)(1.7)
Pre-tax impact of Special Items(7.8)(10.1)
Earnings before income tax provision$160.4 $147.2 

(1)Depreciation and amortization by segment were as follows:
Three Months Ended
March 31,
(In millions)20212020
Food$31.7 $29.0 
Protective25.2 22.5 
Total Company depreciation and amortization(i)
$56.9 $51.5 

(i)    Includes share-based incentive compensation of $11.5 million and $8.5 million for the three months ended March 31, 2021 and 2020, respectively.

(2)Restructuring charges by segment were as follows:
Three Months Ended
March 31,
(In millions)20212020
Food$(0.2)$0.3 
Protective0.2 0.3 
Total Company restructuring charges$— $0.6 
(3)Other restructuring associated costs for the three months ended March 31, 2021, primarily relate to a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities as well as fees paid to third-party consultants in support of the Reinvent SEE business transformation. Other restructuring associated costs for the three months ended March 31, 2020, primarily relate to fees paid to third-party consultants in support of the Reinvent SEE business transformation.

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, 2021December 31, 2020
Assets allocated to segments:  
Food$2,039.3 $2,019.1 
Protective2,847.7 2,795.4 
Total segments4,887.0 4,814.5 
Assets not allocated:
Cash and cash equivalents$370.0 $548.7 
Assets held for sale— 0.3 
Income tax receivables33.5 71.2 
Other receivables72.5 69.5 
Deferred taxes172.9 187.1 
Other382.8 392.5 
Total$5,918.7 $6,083.8