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Segments (Tables) | 9 Months Ended
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Sep. 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 |  |  | Nine Months Ended |
| September, |  |  | September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Care | $ | 983.4 |  |  | $ | 951.0 |  |  | $ | 2,849.9 |  |  | $ | 2,801.1 |
As a % of Total Company net sales |  | 49.8 | % |  |  | 49.7 | % |  |  | 49.3 | % |  |  | 49.3 | %
Diversey Care |  | 550.8 |  |  |  | 532.0 |  |  |  | 1,637.2 |  |  |  | 1,614.9 |
As a % of Total Company net sales |  | 27.9 | % |  |  | 27.8 | % |  |  | 28.3 | % |  |  | 28.4 | %
Product Care |  | 420.7 |  |  |  | 403.1 |  |  |  | 1,223.2 |  |  |  | 1,185.1 |
As a % of Total Company net sales |  | 21.3 | % |  |  | 21.1 | % |  |  | 21.2 | % |  |  | 20.9 | %
Total Reportable Segments Net Sales |  | 1,954.9 |  |  |  | 1,886.1 |  |  |  | 5,710.3 |  |  |  | 5,601.1 |
Other |  | 20.6 |  |  |  | 25.9 |  |  |  | 66.5 |  |  |  | 77.2 |
Total Company Net Sales | $ | 1,975.5 |  |  | $ | 1,912.0 |  |  | $ | 5,776.8 |  |  | $ | 5,678.3 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Care | $ | 178.4 |  |  | $ | 160.6 |  |  | $ | 497.3 |  |  | $ | 454.5 |
Adjusted EBITDA Margin |  | 18.1 | % |  |  | 16.9 | % |  |  | 17.4 | % |  |  | 16.2 | %
Diversey Care |  | 69.9 |  |  |  | 60.7 |  |  |  | 186.7 |  |  |  | 176.6 |
Adjusted EBITDA Margin |  | 12.7 | % |  |  | 11.4 | % |  |  | 11.4 | % |  |  | 10.9 | %
Product Care |  | 74.4 |  |  |  | 69.4 |  |  |  | 215.4 |  |  |  | 193.3 |
Adjusted EBITDA Margin |  | 17.7 | % |  |  | 17.2 | % |  |  | 17.6 | % |  |  | 16.3 | %
Total Reportable Segments Adjusted EBITDA |  | 322.7 |  |  |  | 290.7 |  |  |  | 899.4 |  |  |  | 824.4 |
Other |  | (23.1 | ) |  |  | (14.2 | ) |  |  | (63.4 | ) |  |  | (54.3 | )
Non-U.S. GAAP Total Company Adjusted EBITDA | $ | 299.6 |  |  | $ | 276.5 |  |  | $ | 836.0 |  |  | $ | 770.1 |
Adjusted EBITDA Margin |  | 15.2 | % |  |  | 14.5 | % |  |  | 14.5 | % |  |  | 13.6 | %
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 |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Non-U.S. GAAP Total Company Adjusted EBITDA | $ | 299.6 |  |  | $ | 276.5 |  |  | $ | 836.0 |  |  | $ | 770.1 |
Depreciation and amortization (1) |  | (77.3 | ) |  |  | (72.7 | ) |  |  | (241.7 | ) |  |  | (234.0 | )
Special items (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Write down of non-strategic assets included in depreciation and amortization |  | 0.4 |  |  |  | — |  |  |  | 0.2 |  |  |  | 5.0 |
Restructuring and other charges(3) |  | (11.4 | ) |  |  | (49.5 | ) |  |  | (31.6 | ) |  |  | (61.2 | )
Other restructuring associated costs included in cost of sales and selling general and administrative expenses |  | (8.0 | ) |  |  | (8.3 | ) |  |  | (23.4 | ) |  |  | (24.9 | )
Development grant matter included in selling, general and administrative expenses |  | (14.0 | ) |  |  | — |  |  |  | (14.0 | ) |  |  | — |
Relocation costs included in selling, general and administrative expenses |  | (0.5 | ) |  |  | — |  |  |  | (0.5 | ) |  |  | — |
SARs |  | (1.0 | ) |  |  | (8.7 | ) |  |  | (3.2 | ) |  |  | (26.8 | )
Integration related costs |  | (1.4 | ) |  |  | (0.3 | ) |  |  | (3.3 | ) |  |  | (0.7 | )
Impairment of equity method investment |  | - |  |  |  | (2.1 | ) |  |  | (5.7 | ) |  |  | (2.1 | )
Foreign currency exchange (losses) gains related to Venezuelan subsidiaries |  | (4.1 | ) |  |  | 0.7 |  |  |  | (18.9 | ) |  |  | (12.9 | )
Loss on debt redemption and refinancing activities |  | (17.7 | ) |  |  | — |  |  |  | (18.5 | ) |  |  | (32.4 | )
Gain from Claims Settlement in 2014 and related costs |  | (0.1 | ) |  |  | (0.3 | ) |  |  | 20.5 |  |  |  | (0.6 | )
Non-operating charge for contingent guarantee included in other income (expense), net |  | (2.5 | ) |  |  | — |  |  |  | (2.5 | ) |  |  | — |
Other income (expense), net |  | 2.7 |  |  |  | (0.1 | ) |  |  | (0.5 | ) |  |  | (0.1 | )
Interest expense |  | (69.7 | ) |  |  | (88.9 | ) |  |  | (222.1 | ) |  |  | (269.4 | )
Income tax provision |  | 35.7 |  |  |  | 11.2 |  |  |  | 79.5 |  |  |  | 19.9 |
U.S. GAAP net earnings from continuing operations | $ | 59.3 |  |  | $ | 35.1 |  |  | $ | 191.3 |  |  | $ | 90.1 |
(1) | Depreciation and amortization including share-based incentive compensation expense by segment is as follows:
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Food Care | $ | 30.6 |  |  | $ | 29.9 |  |  | $ | 92.1 |  |  | $ | 89.3 |
Diversey Care |  | 31.9 |  |  |  | 30.9 |  |  |  | 98.9 |  |  |  | 99.0 |
Product Care |  | 9.8 |  |  |  | 9.4 |  |  |  | 30.7 |  |  |  | 28.8 |
Total reportable segments |  | 72.3 |  |  |  | 70.2 |  |  |  | 221.7 |  |  |  | 217.1 |
Other |  | 5.0 |  |  |  | 2.5 |  |  |  | 20.0 |  |  |  | 16.9 |
Total Company depreciation and amortization | $ | 77.3 |  |  | $ | 72.7 |  |  | $ | 241.7 |  |  | $ | 234.0 |
(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 |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Food Care | $ | 1.8 |  |  | $ | 16.4 |  |  | $ | 12.9 |  |  | $ | 19.9 |
Diversey Care |  | 8.2 |  |  |  | 21.4 |  |  |  | 12.0 |  |  |  | 26.3 |
Product Care |  | 1.3 |  |  |  | 10.4 |  |  |  | 6.3 |  |  |  | 13.6 |
Total reportable segments |  | 11.3 |  |  |  | 48.2 |  |  |  | 31.2 |  |  |  | 59.8 |
Other |  | 0.1 |  |  |  | 1.3 |  |  |  | 0.4 |  |  |  | 1.4 |
Total Company restructuring and other charges | $ | 11.4 |  |  | $ | 49.5 |  |  | $ | 31.6 |  |  | $ | 61.2 |

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