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Segments (Tables) | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA of Reportable Segments | The following tables show net sales and Adjusted EBITDA by our segment reporting structure:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 962.1 |  |  | $ | 947.0 |  |  | $ | 1,866.4 |  |  | $ | 1,850.1 |
As a % of Total Company net sales |  |  | 48.7 | % |  |  | 48.9 | % |  |  | 49.1 | % |  |  | 49.1 | %
Diversey Care |  |  | 581.3 |  |  |  | 570.0 |  |  |  | 1,086.4 |  |  |  | 1,082.9 |
As a % of Total Company net sales |  |  | 29.5 | % |  |  | 29.4 | % |  |  | 28.6 | % |  |  | 28.8 | %
Product Care |  |  | 408.7 |  |  |  | 394.8 |  |  |  | 802.5 |  |  |  | 782.0 |
As a % of Total Company net sales |  |  | 20.7 | % |  |  | 20.4 | % |  |  | 21.1 | % |  |  | 20.8 | %
Total Reportable Segments Net Sales |  |  | 1,952.1 |  |  |  | 1,911.8 |  |  |  | 3,755.3 |  |  |  | 3,715.0 |
Other |  |  | 21.5 |  |  |  | 25.6 |  |  |  | 46.0 |  |  |  | 51.3 |
Total Company Net Sales |  | $ | 1,973.6 |  |  | $ | 1,937.4 |  |  | $ | 3,801.3 |  |  | $ | 3,766.3 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 159.4 |  |  | $ | 148.2 |  |  | $ | 318.9 |  |  | $ | 293.9 |
Adjusted EBITDA Margin |  |  | 16.6 | % |  |  | 15.6 | % |  |  | 17.1 | % |  |  | 15.9 | %
Diversey Care |  |  | 72.3 |  |  |  | 73.3 |  |  |  | 116.8 |  |  |  | 115.9 |
Adjusted EBITDA Margin |  |  | 12.4 | % |  |  | 12.9 | % |  |  | 10.8 | % |  |  | 10.7 | %
Product Care |  |  | 70.8 |  |  |  | 61.3 |  |  |  | 140.9 |  |  |  | 123.9 |
Adjusted EBITDA Margin |  |  | 17.3 | % |  |  | 15.5 | % |  |  | 17.6 | % |  |  | 15.8 | %
Total Reportable Segments Adjusted EBITDA |  |  | 302.5 |  |  |  | 282.8 |  |  |  | 576.6 |  |  |  | 533.7 |
Other |  |  | (18.4 | ) |  |  | (20.6 | ) |  |  | (40.3 | ) |  |  | (40.1 | )
Non-U.S. GAAP Total Company Adjusted EBITDA |  | $ | 284.1 |  |  | $ | 262.2 |  |  | $ | 536.3 |  |  | $ | 493.6 |
Adjusted EBITDA Margin |  |  | 14.4 | % |  |  | 13.5 | % |  |  | 14.1 | % |  |  | 13.1 | %
Reconciliation of Non-U.S. GAAP Adjusted EBITDA to U.S. GAAP Net Earnings | The following table shows a reconciliation of Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP net earnings from continuing operations:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Non-U.S. GAAP Total Company Adjusted EBITDA |  | $ | 284.1 |  |  | $ | 262.2 |  |  | $ | 536.3 |  |  | $ | 493.6 |
Depreciation and amortization (1) |  |  | (81.6 | ) |  |  | (81.8 | ) |  |  | (164.4 | ) |  |  | (161.3 | )
Special items (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Write-down of non-strategic assets included in depreciation and amortization |  |  | — |  |  |  | 5.0 |  |  |  | (0.1 | ) |  |  | 5.0 |
Restructuring and other charges(3) |  |  | (14.1 | ) |  |  | (11.9 | ) |  |  | (20.2 | ) |  |  | (11.7 | )
Other restructuring associated costs included in cost of sales and selling general and administrative expenses |  |  | (10.8 | ) |  |  | (10.7 | ) |  |  | (15.4 | ) |  |  | (16.6 | )
SARs |  |  | (1.7 | ) |  |  | (0.1 | ) |  |  | (2.2 | ) |  |  | (18.1 | )
Costs related to the acquisition and integration of Diversey |  |  | (0.9 | ) |  |  | — |  |  |  | (1.8 | ) |  |  | (0.4 | )
Foreign currency exchange (losses) related to Venezuelan subsidiaries |  |  | 0.2 |  |  |  | (0.5 | ) |  |  | (14.8 | ) |  |  | (13.6 | )
Loss on debt redemption |  |  | (0.4 | ) |  |  | (0.1 | ) |  |  | (0.8 | ) |  |  | (32.4 | )
Gain from Claims Settlement in 2014 and related cost |  |  | (0.5 | ) |  |  | (0.2 | ) |  |  | 20.6 |  |  |  | (0.3 | )
Other expense, net |  |  | (7.0 | ) |  |  | — |  |  |  | (8.9 | ) |  |  | — |
Interest expense |  |  | (73.9 | ) |  |  | (89.7 | ) |  |  | (152.4 | ) |  |  | (180.5 | )
Income tax provision |  |  | 33.1 |  |  |  | 17.9 |  |  |  | 43.8 |  |  |  | 8.7 |
U.S. GAAP net earnings from continuing operations |  | $ | 60.3 |  |  | $ | 54.3 |  |  | $ | 132.1 |  |  | $ | 55.0 |
(1) | Depreciation and amortization including share-based incentive compensation expense by segment is as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Food Care |  | $ | 27.1 |  |  | $ | 29.2 |  |  | $ | 59.1 |  |  | $ | 59.4 |
Diversey Care |  |  | 29.8 |  |  |  | 33.4 |  |  |  | 62.1 |  |  |  | 68.1 |
Product Care |  |  | 9.9 |  |  |  | 9.7 |  |  |  | 20.5 |  |  |  | 19.4 |
Total reportable segments |  |  | 66.8 |  |  |  | 72.3 |  |  |  | 141.7 |  |  |  | 146.9 |
Other |  |  | 14.8 |  |  |  | 9.5 |  |  |  | 22.7 |  |  |  | 14.4 |
Total Company depreciation and amortization |  | $ | 81.6 |  |  | $ | 81.8 |  |  | $ | 164.4 |  |  | $ | 161.3 |
(2) | Includes items that were considered unusual or special items. See “Non-U.S. GAAP information” above for further information.
(3) | Restructuring and other charges by segment were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Food Care |  | $ | 7.0 |  |  | $ | 4.9 |  |  | $ | 11.1 |  |  | $ | 3.5 |
Diversey Care |  |  | 3.4 |  |  |  | 5.7 |  |  |  | 3.8 |  |  |  | 4.9 |
Product Care |  |  | 3.5 |  |  |  | 1.2 |  |  |  | 5.0 |  |  |  | 3.2 |
Total reportable segments |  |  | 13.9 |  |  |  | 11.8 |  |  |  | 19.9 |  |  |  | 11.6 |
Other |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.1 |
Total Company restructuring and other charges |  | $ | 14.1 |  |  | $ | 11.9 |  |  | $ | 20.2 |  |  | $ | 11.7 |

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