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Segments
 3 Months Ended
Mar. 31, 2024
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)20242023
Net sales:  
Food$868.4 $853.1 
As a % of Consolidated net sales65.3 %63.2 %
Protective461.2 495.7 
As a % of Consolidated net sales34.7 %36.8 %
Consolidated Net sales$1,329.6 $1,348.8 
 
 Three Months Ended
March 31,
(In millions)20242023
Segment Adjusted EBITDA:  
Food$189.6 $194.8 
Adjusted EBITDA Margin21.8 %22.8 %
Protective89.5 80.4 
Adjusted EBITDA Margin19.4 %16.2 %
Total Segment Adjusted EBITDA$279.1 $275.2 
The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:

Three Months Ended
March 31,
(In millions)20242023
Food Adjusted EBITDA$189.6 $194.8 
Protective Adjusted EBITDA89.5 80.4 
Corporate Adjusted EBITDA(0.8)(7.9)
Interest expense, net(65.1)(57.8)
Depreciation and amortization, net of adjustments(1)
(60.9)(68.9)
Special Items:
Liquibox intangible amortization(7.5)(5.0)
Liquibox inventory step-up expense— (8.4)
Restructuring charges(2)
(15.5)1.2 
Other restructuring associated costs(6.8)0.2 
Foreign currency exchange loss due to highly inflationary economies(4.9)(2.6)
Loss on debt redemption and refinancing activities— (4.9)
Contract terminations0.1 — 
Charges related to acquisition and divestiture activity(3)
1.9 (16.9)
Other Special Items(4)
(0.5)(7.5)
Pre-tax impact of Special Items(33.2)(43.9)
Earnings before income tax provision$119.1 $96.7 
(1)Net of Liquibox intangible amortization, which is included under Special Items. Depreciation and amortization by segment were as follows:
Three Months Ended
March 31,
(In millions)20242023
Food$46.9 $46.7 
Protective21.5 27.2 
Total Company depreciation and amortization(i)
$68.4 $73.9 
Liquibox intangible amortization(7.5)(5.0)
Depreciation and amortization, net of adjustments$60.9 $68.9 
(i)    Includes share-based incentive compensation of $8.7 million and $18.0 million for the three months ended March 31, 2024 and 2023, respectively.
(2)Restructuring charges by segment were as follows:
Three Months Ended
March 31,
(In millions)20242023
Food$8.6 $(0.9)
Protective6.9 (0.3)
Total Company restructuring charges$15.5 $(1.2)
(3)Charges related to acquisition and divestiture activity for the three months ended March 31, 2024 primarily consists of income recognized on the final purchase price settlement related to the Liquibox acquisition.
(4)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.

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, 2024December 31, 2023
Assets allocated to segments:  
Food$3,396.6 $3,386.4 
Protective2,662.6 2,663.4 
Total segments6,059.2 6,049.8 
Assets not allocated:
Cash and cash equivalents$352.8 $346.1 
Income tax receivables27.6 44.9 
Other receivables92.2 94.2 
Advances and deposits69.7 72.8 
Deferred taxes130.7 130.8 
Other467.1 462.0 
Total$7,199.3 $7,200.6