XML 70 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Segments | 9 Months Ended
--- | ---
Sep. 30, 2012
Segments | (5) Segments The following table shows net sales, depreciation and amortization and operating profit by our segment reporting structure:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Packaging |  | $ | 509.8 |  |  | $ | 529.8 |  |  | $ | 1,497.7 |  |  | $ | 1,506.6 |
Food Solutions |  |  | 254.4 |  |  |  | 265.5 |  |  |  | 739.7 |  |  |  | 756.2 |
Protective Packaging |  |  | 344.0 |  |  |  | 361.2 |  |  |  | 1,034.2 |  |  |  | 1,049.8 |
Diversey |  |  | 698.5 |  |  |  | — |  |  |  | 2,113.6 |  |  |  | — |
Other |  |  | 93.6 |  |  |  | 90.6 |  |  |  | 285.1 |  |  |  | 275.6 |
Total |  | $ | 1,900.3 |  |  | $ | 1,247.1 |  |  | $ | 5,670.3 |  |  | $ | 3,588.2 |
Depreciation and amortization on property, plant and equipment and intangible assets |  |  |  |  |  |  |  |  |
Food Packaging |  | $ | 16.3 |  |  | $ | 17.0 |  |  | $ | 53.6 |  |  | $ | 50.2 |
Food Solutions |  |  | 8.4 |  |  |  | 8.2 |  |  |  | 24.2 |  |  |  | 23.9 |
Protective Packaging |  |  | 6.1 |  |  |  | 6.4 |  |  |  | 17.8 |  |  |  | 19.8 |
Diversey |  |  | 38.1 |  |  |  | — |  |  |  | 118.5 |  |  |  | — |
Other |  |  | 6.5 |  |  |  | 5.1 |  |  |  | 16.8 |  |  |  | 15.7 |
Total |  | $ | 75.4 |  |  | $ | 36.7 |  |  | $ | 230.9 |  |  | $ | 109.6 |
Operating profit—continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Packaging |  | $ | 68.5 |  |  | $ | 75.4 |  |  | $ | 174.8 |  |  | $ | 200.3 |
Food Solutions |  |  | 31.9 |  |  |  | 29.4 |  |  |  | 84.7 |  |  |  | 74.0 |
Protective Packaging |  |  | 48.5 |  |  |  | 48.5 |  |  |  | 137.8 |  |  |  | 134.8 |
Diversey |  |  | 29.6 |  |  |  | — |  |  |  | 42.8 |  |  |  | — |
Other |  |  | 2.9 |  |  |  | 0.5 |  |  |  | 9.6 |  |  |  | 3.4 |
Total segments and other |  |  | 181.4 |  |  |  | 153.8 |  |  |  | 449.7 |  |  |  | 412.5 |
Impairment of Diversey goodwill and other intangible assets |  |  | 1,334.3 |  |  |  | — |  |  |  | 1,334.3 |  |  |  | — |
Costs related to the acquisition of Diversey |  |  | 1.3 |  |  |  | 24.1 |  |  |  | 4.8 |  |  |  | 30.7 |
Restructuring and other charges (1) |  |  | 36.8 |  |  |  | (0.2 | ) |  |  | 110.1 |  |  |  | (0.2 | )
Operating (loss) profit |  | $ | (1,191.0 | ) |  | $ | 129.9 |  |  | $ | (999.5 | ) |  | $ | 382.0 |
(1) | Restructuring and other charges by our segment reporting structure were as follows:
|  | Three Months Ended September 30, 2012 |  |  | Nine Months Ended September 30, 2012 |
Food Packaging |  | $ | 6.0 |  |  | $ | 33.5 |
Food Solutions |  |  | 0.9 |  |  |  | 6.7 |
Protective Packaging |  |  | 1.5 |  |  |  | 8.1 |
Diversey |  |  | 26.1 |  |  |  | 56.2 |
Other |  |  | 2.3 |  |  |  | 5.6 |
Total |  | $ | 36.8 |  |  | $ | 110.1 |
The restructuring and other charges in 2012 primarily relate to the 2011-2014 Integration and Optimization Program. See Note 10, “Restructuring Activities.” Assets by Reportable Segments The following table shows assets allocated by our segment reporting structure. Only assets identifiable by segment and reviewed by our chief operating decision maker by segment are allocated to the reportable segment assets. These assets are trade receivables, net, and finished goods inventories, net. All other assets are included in “Assets not allocated.”
|  | September 30, 2012 |  |  | December 31, 2011 |
Assets: |  |  |  |  |  |  |  |
Trade receivables, net, and finished goods inventory, net |  |  |  |  |  |  |  |
Food Packaging |  | $ | 443.6 |  |  | $ | 420.4 |
Food Solutions |  |  | 204.6 |  |  |  | 210.1 |
Protective Packaging |  |  | 322.4 |  |  |  | 307.8 |
Diversey |  |  | 820.3 |  |  |  | 758.3 |
Other |  |  | 70.5 |  |  |  | 64.5 |
Total segments and other |  | $ | 1,861.4 |  |  | $ | 1,761.1 |
Assets not allocated |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 540.8 |  |  |  | 703.6 |
Property and equipment, net |  |  | 1,233.9 |  |  |  | 1,269.2 |
Goodwill |  |  | 3,117.4 |  |  |  | 4,209.6 |
Intangibles, net |  |  | 1,772.4 |  |  |  | 2,035.7 |
Assets held for sale |  |  | 264.1 |  |  |  | 279.0 |
Other |  |  | 1,387.7 |  |  |  | 1,173.8 |
Total |  | $ | 10,177.7 |  |  | $ | 11,432.0 |
Allocation of Goodwill to Reportable Segments Our management views goodwill as a corporate asset, so we do not allocate our goodwill balance to the reportable segments. However, we are required to allocate goodwill to each reporting unit to perform our annual impairment review of goodwill, which we do during the fourth quarter of the year. See Note 8, “Goodwill and Identifiable Intangible Assets,” for the allocation of goodwill and the changes in goodwill balances in the nine months ended September 30, 2012 by our reporting unit structure. New Segment Structure In November 2011, we announced our plans to establish new business units for our segment reporting structure. The new segment reporting structure will consist of three global business units: (1) Food & Beverage, (2) Institutional & Laundry and (3) Protective Packaging. There will also be an “Other” category, which will include our legacy Medical Applications business and New Ventures. This new structure is being implemented for the fourth quarter of 2012 and will replace our existing seven business unit structure and Diversey’s legacy four region-based structure.

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration