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Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segments Segments
The Company’s segment reporting structure consists of two reportable segments as follows and a Corporate category:
•Food
•Protective
The Company’s Food and Protective segments are considered reportable segments under FASB 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 sales.
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 by segment, although they are not included in the segment performance metric Segment Adjusted EBITDA since restructuring charges 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)20232022
Net sales:  
Food$853.1 $807.7 
As a % of Consolidated net sales63.2 %57.0 %
Protective495.7 609.9 
As a % of Consolidated net sales36.8 %43.0 %
Consolidated Net sales$1,348.8 $1,417.6 
 
 Three Months Ended
March 31,
(In millions)20232022
Segment Adjusted EBITDA:  
Food$194.8 $200.4 
Adjusted EBITDA Margin22.8 %24.8 %
Protective80.4 127.4 
Adjusted EBITDA Margin16.2 %20.9 %
Total Segment Adjusted EBITDA$275.2 $327.8 
The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:
Three Months Ended
March 31,
(In millions)20232022
Food Adjusted EBITDA$194.8 $200.4 
Protective Adjusted EBITDA80.4 127.4 
Corporate Adjusted EBITDA(7.9)(0.9)
Interest expense, net(57.8)(38.9)
Depreciation and amortization, net of adjustments(1)
(68.9)(63.2)
Special Items:
Liquibox intangible amortization(5.0)— 
Liquibox inventory step-up expense(8.4)— 
Restructuring charges(2)
1.2 (0.5)
Other restructuring associated costs0.2 (3.1)
Foreign currency exchange loss due to highly inflationary economies(2.6)(1.0)
Loss on debt redemption and refinancing activities(4.9)(0.7)
Impairment loss on equity investments— (15.5)
Charges related to acquisition and divestiture activity(16.9)0.9 
Other Special Items(3)
(7.5)4.1 
Pre-tax impact of Special Items(43.9)(15.8)
Earnings before income tax provision$96.7 $209.0 
(1)Depreciation and amortization by segment were as follows:

Three Months Ended
March 31,
(In millions)20232022
Food$46.7 $36.5 
Protective27.2 26.7 
Total Company depreciation and amortization(i)
$73.9 $63.2 
Depreciation and amortization adjustments(5.0)— 
Depreciation and amortization, net of adjustments$68.9 $63.2 
(i)    Includes share-based incentive compensation of $18.0 million and $17.9 million for the three months ended March 31, 2023 and 2022, respectively.
(2)Restructuring charges by segment were as follows:
Three Months Ended
March 31,
(In millions)20232022
Food$(0.9)$0.6 
Protective(0.3)(0.1)
Total Company restructuring charges$(1.2)$0.5 
(3)Other Special Items for the three months ended March 31, 2023 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. Other Special Items for the three months ended March 31, 2022, primarily relate to a one-time gain on the disposal of land in the United Kingdom (UK).

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, 2023December 31, 2022
Assets allocated to segments:  
Food$3,581.2 $2,342.6 
Protective2,731.9 2,795.7 
Total segments6,313.1 5,138.3 
Assets not allocated:
Cash and cash equivalents$303.1 $456.1 
Income tax receivables32.2 40.3 
Other receivables94.5 104.2 
Deferred taxes123.7 141.5 
Other489.6 334.3 
Total$7,356.2 $6,214.7