Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Net Sales and Adjusted EBITDA by Reportable Segments

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

	Three Months Ended March 31,
(In millions)	2023			2022
Net sales:
Food	$	853.1		$	807.7
As a % of Consolidated net sales	63.2		%	57.0		%
Protective	495.7			609.9
As a % of Consolidated net sales	36.8		%	43.0		%
Consolidated Net sales	$	1,348.8		$	1,417.6
	Three Months Ended March 31,
(In millions)	2023			2022
Segment Adjusted EBITDA:
Food	$	194.8		$	200.4
Adjusted EBITDA Margin	22.8		%	24.8		%
Protective	80.4			127.4
Adjusted EBITDA Margin	16.2		%	20.9		%
Total Segment Adjusted EBITDA	$	275.2		$	327.8

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

The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:

	Three Months Ended March 31,
(In millions)	2023		2022
Food Adjusted EBITDA	$	194.8	$	200.4
Protective Adjusted EBITDA	80.4		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 costs	0.2		(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)	2023		2022
Food	$	46.7	$	36.5
Protective	27.2		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)	2023		2022
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, 2023		December 31, 2022
Assets allocated to segments:
Food	$	3,581.2	$	2,342.6
Protective	2,731.9		2,795.7
Total segments	6,313.1		5,138.3
Assets not allocated:
Cash and cash equivalents	$	303.1	$	456.1
Income tax receivables	32.2		40.3
Other receivables	94.5		104.2
Deferred taxes	123.7		141.5
Other	489.6		334.3
Total	$	7,356.2	$	6,214.7