| 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 | |
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| 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, Merger and Divestitures.
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