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Segments (Tables)

3 Months Ended

Mar. 31, 2015

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
		March 31,
(In millions)		2015				2014
Net Sales:
Food Care		$	879.8			$	904.3
As a % of Total Company net sales			50.4	%			49.5	%
Diversey Care			467.9				505.1
As a % of Total Company net sales			26.8	%			27.6	%
Product Care			377.1				393.8
As a % of Total Company net sales			21.6	%			21.5	%
Total Reportable Segments Net Sales			1,724.8				1,803.2
Other			21.6				24.5
Total Company Net Sales		$	1,746.4			$	1,827.7
		Three Months Ended
		March 31,
(In millions)		2015				2014(1)
Adjusted EBITDA:
Food Care		$	190.5			$	159.0
Adjusted EBITDA Margin			21.7	%			17.6	%
Diversey Care			41.0				44.4
Adjusted EBITDA Margin			8.8	%			8.8	%
Product Care			75.6				69.1
Adjusted EBITDA Margin			20.0	%			17.5	%
Total Reportable Segments Adjusted EBITDA			307.1				272.5
Other			(22.9	)			(21.8	)
Non-U.S. GAAP Total Company Adjusted    EBITDA		$	284.2			$	250.7
Adjusted EBITDA Margin			16.3	%			13.7	%

⁽¹⁾ During the fourth quarter of 2014, we changed the method of valuing our inventories that used the 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 1, “Organization and Basis of Presentation-Changes in Accounting/Retrospective Application” for additional details regarding this accounting policy change.

Reconciliation of Total Company Adjusted EBITDA to Net Earnings

The following table shows a reconciliation of Total Company Adjusted EBITDA to net earnings available to common stockholders:

		Three Months Ended
		March 31,
(In millions)		2015				2014(1)
Total Company Adjusted EBITDA		$	284.2			$	250.7
Depreciation and amortization (2)			(73.1	)			(82.8	)
Special items:
Accelerated depreciation of non-strategic assets related to restructuring programs			0.6				—
Restructuring and other charges(3)			(12.7	)			(6.1	)
Other restructuring associated costs included in cost of sales and selling general and    administrative expenses			(6.4	)			(4.6	)
Relocation costs included in cost of sales and selling, general and administrative    expenses			(2.6	)			—
Gain from sale of building in connection with relocation			3.5				—
SARs			(2.9	)			(0.5	)
Integration related costs			(0.7	)			(0.9	)
Foreign currency exchange net gains (losses) related to Venezuelan subsidiaries			0.8				(15.0	)
Gain from Claims Settlement in 2014 and related costs			—				21.1
Other expense, net			(0.9	)			(2.3	)
Interest expense			(58.5	)			(78.5	)
Income tax provision			34.1				10.2
Net earnings available to common stockholders		$	97.2			$	70.9

⁽¹⁾ During the fourth quarter of 2014, we changed the method of valuing certain of our inventories that used the 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 1, “Organization and Basis of Presentation-Changes in Accounting/Retrospective Application” for additional details regarding this accounting policy change.  The table below represents the impact to Earnings before income tax provision for the three month period ended March 31, 2014 had we remained on the LIFO method of valuing those inventories:

(In millions)		2014
Food Care		$	(0.5	)
Diversey Care			(0.1	)
Product Care			(0.9	)
Total reportable segments			(1.5	)
Other			0.1
Total Company LIFO Adjustments		$	(1.4	)

⁽²⁾ Depreciation and amortization by segment is as follows:

		Three Months Ended
		March 31,
(In millions)		2015				2014
Food Care		$	28.5			$	32.0
Diversey Care			26.1				32.3
Product Care			10.1				10.6
Total reportable segments			64.7				74.9
Other			8.4				7.9
Total Company depreciation and amortization(1)		$	73.1			$	82.8

⁽¹⁾ Includes share-based incentive compensation.

⁽³⁾ Restructuring and other charges by segment were as follows:

		March 31,
(In millions)		2015				2014
Food Care		$	6.9			$	4.1
Diversey Care			3.2				0.4
Product Care			2.6				1.5
Total reportable segments			12.7				6.0
Other			—				0.1
Total Company restructuring and other charges		$	12.7			$	6.1

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- Definition

Reconciliation of adjusted earnings before income tax depreciation and amortization to net earnings.

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Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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