Segment and Other Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting Information, by Segment

The following table presents net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges (benefits), fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented:


(in millions)	Packaging		Facility Solutions		Print Solutions		Total Reportable Segments		Corporate & Other		Total
Three Months Ended September 30, 2023
Net sales	$	890.3	$	183.6	$	387.1	$	1,461.0	$	—	$	1,461.0
Adjusted EBITDA	108.1		17.6		26.7		152.4		(44.2)
Depreciation and amortization	5.3		1.3		1.2		7.8		1.6		9.4


Three Months Ended September 30, 2022
Net sales	$	988.1	$	180.1	$	616.6	$	1,784.8	$	19.3	$	1,804.1
Adjusted EBITDA	115.1		15.6		64.3		195.0		(53.7)
Depreciation and amortization	5.4		1.2		1.0		7.6		3.2		10.8
Restructuring charges, net	0.9		0.2		0.2		1.3		0.1		1.4

Nine Months Ended September 30, 2023
Net sales	$	2,692.6	$	551.1	$	1,184.8	$	4,428.5	$	—	$	4,428.5
Adjusted EBITDA	313.4		50.7		87.9		452.0		(127.8)
Depreciation and amortization	15.9		3.7		3.5		23.1		6.0		29.1



Nine Months Ended September 30, 2022
Net sales	$	2,992.8	$	605.3	$	1,806.4	$	5,404.5	$	78.4	$	5,482.9
Adjusted EBITDA	320.9		45.0		179.4		545.3		(148.2)
Depreciation and amortization	17.2		4.1		3.2		24.5		10.1		34.6
Restructuring charges, net	3.4		0.7		1.3		5.4		0.1		5.5

Schedule of Reconciliation of Income Before Income Taxes to Total Adjusted EBITDA

The table below presents a reconciliation of net income as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net income	$	60.8	$	96.7	$	200.2	$	266.3
Interest expense, net	3.4		4.8		12.4		12.3
Income tax expense	21.9		32.4		68.2		68.1
Depreciation and amortization	9.4		10.8		29.1		34.6
Restructuring charges, net	—		1.4		—		5.5
Gain on sale of businesses	—		(18.6)		—		(28.6)
Facility closure charges, including (gain) loss from asset disposition	0.2		1.9		0.2		1.0
Stock-based compensation	4.5		1.8		9.9		7.7
LIFO reserve (decrease) increase	(2.6)		7.3		(8.6)		30.1

Non-restructuring severance charges	0.4		0.5		0.5		2.0
Non-restructuring pension charges (benefits)	(4.1)		—		(4.9)		(7.0)





Other (1)	14.3		2.3		17.2		5.1
Adjustment for Corporate & Other	44.2		53.7		127.8		148.2
Adjusted EBITDA for reportable segments	$	152.4	$	195.0	$	452.0	$	545.3

(1) For the three and nine months ended September 30, 2023, Other includes approximately $14.0 million and $14.3 million, respectively, of costs incurred related to the pending acquisition by Clayton, Dubilier & Rice, LLC, as further described in Note 13, Me rger and Divestitures.