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Segments (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 3,835.3 |  |  | $ | 3,814.2 |  |  | $ | 3,744.0 |
As a % of Total Company net sales |  |  | 49.5 | % |  |  | 49.6 | % |  |  | 49.5 | %
Diversey Care |  |  | 2,173.1 |  |  |  | 2,160.8 |  |  |  | 2,131.9 |
As a % of Total Company net sales |  |  | 28.0 | % |  |  | 28.1 | % |  |  | 28.2 | %
Product Care |  |  | 1,655.0 |  |  |  | 1,610.0 |  |  |  | 1,580.4 |
As a % of Total Company net sales |  |  | 21.4 | % |  |  | 20.9 | % |  |  | 20.9 | %
Total Reportable Segments Net Sales |  |  | 7,663.4 |  |  |  | 7,585.0 |  |  |  | 7,456.3 |
Other |  |  | 87.1 |  |  |  | 105.8 |  |  |  | 102.9 |
Total Company Net Sales |  | $ | 7,750.5 |  |  | $ | 7,690.8 |  |  | $ | 7,559.2 |
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 (1) |  |  | 2012(1) |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 670.2 |  |  | $ | 614.7 |  |  | $ | 576.3 |
Adjusted EBITDA Margin |  |  | 17.5 | % |  |  | 16.1 | % |  |  | 15.4 | %
Diversey Care |  |  | 245.0 |  |  |  | 237.3 |  |  |  | 217.9 |
Adjusted EBITDA Margin |  |  | 11.3 | % |  |  | 11.0 | % |  |  | 10.2 | %
Product Care |  |  | 292.7 |  |  |  | 266.3 |  |  |  | 267.0 |
Adjusted EBITDA Margin |  |  | 17.7 | % |  |  | 16.5 | % |  |  | 16.9 | %
Total Reportable Segments Adjusted EBITDA |  |  | 1,207.9 |  |  |  | 1,118.3 |  |  |  | 1,061.2 |
Other |  |  | (89.6 | ) |  |  | (77.8 | ) |  |  | (82.3 | )
Non-U.S. GAAP Total Company Adjusted EBITDA |  | $ | 1,118.3 |  |  | $ | 1,040.5 |  |  | $ | 978.9 |
Adjusted EBITDA Margin |  |  | 14.4 | % |  |  | 13.5 | % |  |  | 12.9 | %
(1) | During the fourth quarter of 2014, we changed the method of valuing our inventories that used LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We applied this change in accounting principle retrospectively. Accordingly certain previously reported financial information has been revised. See Note 2, “Summary of Significant Accounting Policies – Inventories” for additional details regarding this accounting policy change.
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:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013(1) |  |  | 2012(1) |
Non-U.S. GAAP Total Company Adjusted EBITDA |  | $ | 1,118.3 |  |  | $ | 1,040.5 |  |  | $ | 978.9 |
Depreciation and amortization (2) |  |  | (320.8 | ) |  |  | (307.5 | ) |  |  | (317.1 | )
Special items: |  |  |  |  |  |  |  |  |  |  |  |
Write down of non-strategic assets included in depreciation and amortization |  |  | 2.1 |  |  |  | 5.3 |  |  |  | 0.8 |
Restructuring and other charges(3) |  |  | (65.7 | ) |  |  | (73.8 | ) |  |  | (142.5 | )
Other restructuring associated costs included in cost of sales and selling general and administrative expenses |  |  | (34.2 | ) |  |  | (32.0 | ) |  |  | (38.9 | )
Development grant matter included in selling, general and administrative expenses |  |  | (14.0 | ) |  |  | — |  |  |  | — |
Termination of licensing agreement |  |  | (5.3 | ) |  |  | — |  |  |  | — |
Relocation costs included in selling, general and administrative expenses |  |  | (2.4 | ) |  |  | — |  |  |  | — |
SARs |  |  | (8.1 | ) |  |  | (38.1 | ) |  |  | (18.4 | )
Integration related costs |  |  | (4.1 | ) |  |  | (1.1 | ) |  |  | (7.4 | )
Impairment of goodwill and other intangible assets |  |  | — |  |  |  | — |  |  |  | (1,892.3 | )
Impairment of equity method investment including related bad debt write-down of $2.3 million in 2012 |  |  | (5.7 | ) |  |  | (2.1 | ) |  |  | (25.8 | )
Foreign currency exchange losses related to Venezuelan subsidiaries |  |  | (20.4 | ) |  |  | (13.1 | ) |  |  | (0.4 | )
Loss on debt redemption and refinancing activities |  |  | (102.5 | ) |  |  | (36.3 | ) |  |  | (36.9 | )
Gain from Claims Settlement in 2014 and related costs |  |  | 20.3 |  |  |  | (1.0 | ) |  |  | (0.7 | )
Non-operating charge for contingent guarantee included in other income (expense), net |  |  | (2.5 | ) |  |  | — |  |  |  | — |
Other income (expense), net |  |  | (0.1 | ) |  |  | 0.4 |  |  |  | 1.0 |
Interest expense |  |  | (287.7 | ) |  |  | (361.0 | ) |  |  | (384.7 | )
Income tax provision (benefit) |  |  | 9.1 |  |  |  | 84.9 |  |  |  | (265.4 | )
U.S. GAAP net earnings (loss) from continuing operations |  | $ | 258.1 |  |  | $ | 95.3 |  |  | $ | (1,619.0 | )
· | During the fourth quarter of 2014, we changed the method of valuing certain of our inventories that used LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We applied this change in accounting principle retrospectively. Accordingly all previously reported financial information has been revised. See Note 2, “Summary of Significant Accounting Policies – Inventories” for additional details regarding this accounting policy change. The table below represents the impact to Earnings from continuing operations before income tax provision had we remained on the LIFO method of valuing those inventories:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Food Care |  | $ | 0.7 |  |  | $ | (0.8 | ) |  | $ | 1.4 |
Diversey Care |  |  | — |  |  |  | — |  |  |  | — |
Product Care |  |  | 0.8 |  |  |  | (1.8 | ) |  |  | 0.4 |
Total reportable segments |  |  | 1.5 |  |  |  | (2.6 | ) |  |  | 1.8 |
Other |  |  | — |  |  |  | 0.2 |  |  |  | — |
Total Company LIFO Adjustments |  | $ | 1.5 |  |  | $ | (2.4 | ) |  | $ | 1.8 |
(2) | Depreciation and amortization by segment is as follows:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Food Care |  | $ | 121.3 |  |  | $ | 118.4 |  |  | $ | 140.0 |
Diversey Care |  |  | 126.3 |  |  |  | 132.3 |  |  |  | 127.6 |
Product Care |  |  | 41.4 |  |  |  | 38.2 |  |  |  | 37.9 |
Total reportable segments |  |  | 289.0 |  |  |  | 288.9 |  |  |  | 305.5 |
Other |  |  | 31.8 |  |  |  | 18.6 |  |  |  | 11.6 |
Total Company depreciation and amortization(1) |  | $ | 320.8 |  |  | $ | 307.5 |  |  | $ | 317.1 |
· | Includes share-based incentive compensation.
(3) | Restructuring and other charges by segment were as follows:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Food Care |  | $ | 27.3 |  |  | $ | 25.1 |  |  | $ | 72.0 |
Diversey Care |  |  | 24.3 |  |  |  | 32.2 |  |  |  | 53.1 |
Product Care |  |  | 13.6 |  |  |  | 16.4 |  |  |  | 16.7 |
Total reportable segments |  |  | 65.2 |  |  |  | 73.7 |  |  |  | 141.8 |
Other |  |  | 0.5 |  |  |  | 0.1 |  |  |  | 0.7 |
Total Company restructuring and other charges |  | $ | 65.7 |  |  | $ | 73.8 |  |  | $ | 142.5 |
Assets by Reportable Segments | The following table shows assets allocated by our segment reporting structure. Only assets which are identifiable by segment and reviewed by our chief operating decision maker by segment are allocated to the reportable segment assets, which are trade receivables, net, and finished goods inventories, net. All other assets are included in “Assets not allocated.”
|  | December 31, |  |  | December 31, |
(In millions) |  | 2014 |  |  | 2013 |
Assets: |  |  |  |  |  |  |  |
Trade receivables, net, and finished goods inventories, net |  |  |  |  |  |  |  |
Food Care |  | $ | 689.3 |  |  | $ | 767.3 |
Diversey Care |  |  | 514.5 |  |  |  | 543.3 |
Product Care |  |  | 279.1 |  |  |  | 301.0 |
Other Category |  |  | 14.0 |  |  |  | 17.5 |
Total segments and other |  |  | 1,496.9 |  |  |  | 1,629.1 |
Assets not allocated |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 322.6 |  |  |  | 992.4 |
Property and equipment, net |  |  | 993.2 |  |  |  | 1,134.5 |
Goodwill |  |  | 3,005.5 |  |  |  | 3,114.6 |
Intangible assets, net |  |  | 872.2 |  |  |  | 1,016.9 |
Assets held for sale |  |  | 27.3 |  |  |  | — |
Other |  |  | 1,324.0 |  |  |  | 1,288.5 |
Total |  | $ | 8,041.7 |  |  | $ | 9,176.0 |
Geographic Information | Geographic Information
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Net sales(1): |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,075.8 |  |  | $ | 3,006.9 |  |  | $ | 2,952.4 |
Europe |  |  | 2,454.7 |  |  |  | 2,447.8 |  |  |  | 2,416.5 |
Latin America |  |  | 801.4 |  |  |  | 824.3 |  |  |  | 799.7 |
AMAT |  |  | 870.3 |  |  |  | 846.8 |  |  |  | 794.4 |
JANZ |  |  | 548.3 |  |  |  | 565.0 |  |  |  | 596.2 |
Total |  | $ | 7,750.5 |  |  | $ | 7,690.8 |  |  | $ | 7,559.2 |
Total long-lived assets(1)(2): |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,921.0 |  |  | $ | 3,011.0 |  |  |  |  |
Europe |  |  | 1,324.0 |  |  |  | 1,591.5 |  |  |  |  |
Latin America |  |  | 224.1 |  |  |  | 233.6 |  |  |  |  |
AMAT |  |  | 618.9 |  |  |  | 650.0 |  |  |  |  |
JANZ |  |  | 156.2 |  |  |  | 167.3 |  |  |  |  |
Total |  | $ | 5,244.2 |  |  | $ | 5,653.4 |  |  |  |  |
(1) | Net sales to external customers attributed to geographic areas represent net sales to external customers based on shipping origin. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2014 and 2013.
(2) | Total long-lived assets represent total assets excluding total current assets and deferred tax assets.

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