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Segments (Tables) | 9 Months Ended
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Sep. 30, 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 836.4 |  |  | $ | 983.5 |  |  | $ | 2,562.8 |  |  | $ | 2,849.9 |
As a % of Total Company net sales |  |  | 47.9 | % |  |  | 49.8 | % |  |  | 48.6 | % |  |  | 49.3 | %
Diversey Care |  |  | 501.8 |  |  |  | 550.8 |  |  |  | 1,504.7 |  |  |  | 1,637.2 |
As a % of Total Company net sales |  |  | 28.7 | % |  |  | 27.9 | % |  |  | 28.5 | % |  |  | 28.3 | %
Product Care |  |  | 384.7 |  |  |  | 420.7 |  |  |  | 1,142.8 |  |  |  | 1,223.2 |
As a % of Total Company net sales |  |  | 22.0 | % |  |  | 21.3 | % |  |  | 21.7 | % |  |  | 21.2 | %
Total Reportable Segments Net Sales |  |  | 1,722.9 |  |  |  | 1,955.0 |  |  |  | 5,210.3 |  |  |  | 5,710.3 |
Other |  |  | 23.3 |  |  |  | 20.5 |  |  |  | 67.3 |  |  |  | 66.5 |
Total Company Net Sales |  | $ | 1,746.2 |  |  | $ | 1,975.5 |  |  | $ | 5,277.6 |  |  | $ | 5,776.8 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2015 |  |  | 2014(1) |  |  | 2015 |  |  | 2014(1) |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 168.4 |  |  | $ | 181.2 |  |  | $ | 532.6 |  |  | $ | 498.0 |
Adjusted EBITDA Margin |  |  | 20.1 | % |  |  | 18.4 | % |  |  | 20.8 | % |  |  | 17.5 | %
Diversey Care |  |  | 66.4 |  |  |  | 69.9 |  |  |  | 176.5 |  |  | 186.7 |
Adjusted EBITDA Margin |  |  | 13.2 | % |  |  | 12.7 | % |  |  | 11.7 | % |  |  | 11.4 | %
Product Care |  |  | 81.0 |  |  |  | 74.4 |  |  | 235.6 |  |  | 215.5 |
Adjusted EBITDA Margin |  |  | 21.1 | % |  |  | 17.7 | % |  |  | 20.6 | % |  |  | 17.6 | %
Total Reportable Segments Adjusted EBITDA |  |  | 315.8 |  |  |  | 325.5 |  |  |  | 944.7 |  |  |  | 900.2 |
Other |  |  | (15.8 | ) |  |  | (23.2 | ) |  |  | (52.9 | ) |  |  | (63.4 | )
Non-U.S. GAAP Total Company Adjusted EBITDA |  | $ | 300.0 |  |  | $ | 302.3 |  |  | $ | 891.8 |  |  | $ | 836.8 |
Adjusted EBITDA Margin |  |  | 17.2 | % |  |  | 15.3 | % |  |  | 16.9 | % |  |  | 14.5 | %
(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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2015 |  |  | 2014(1) |  |  | 2015 |  |  | 2014(1) |
Total Company Adjusted EBITDA |  | $ | 300.0 |  |  | $ | 302.3 |  |  | $ | 891.8 |  |  | $ | 836.8 |
Depreciation and amortization (2) |  |  | (68.7 | ) |  |  | (77.3 | ) |  |  | (211.1 | ) |  |  | (241.7 | )
Special items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accelerated depreciation of non-strategic assets related to restructuring programs |  |  | (0.1 | ) |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.2 |
Restructuring and other charges(3) |  |  | (38.4 | ) |  |  | (11.4 | ) |  |  | (68.0 | ) |  |  | (31.6 | )
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses |  |  | (13.0 | ) |  |  | (8.4 | ) |  |  | (32.2 | ) |  |  | (22.8 | )
Development grant matter included in selling, general and administrative expenses |  |  | — |  |  |  | (14.0 | ) |  |  | — |  |  |  | (14.0 | )
SARs |  |  | 0.4 |  |  |  | (1.0 | ) |  |  | (4.1 | ) |  |  | (3.2 | )
Impairments of equity method investment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5.7 | )
Foreign currency exchange (loss) gains related to Venezuelan subsidiaries |  |  | (1.0 | ) |  |  | (4.1 | ) |  |  | (30.7 | ) |  |  | (18.9 | )
Loss on debt redemption and refinancing activities |  |  | 0.6 |  |  |  | (17.7 | ) |  |  | (110.7 | ) |  |  | (18.5 | )
Gain (loss) from Claims Settlement in 2014 and related costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21.1 |
Gain (loss) from sale of North America foam trays and absorbent pads business |  |  | (0.5 | ) |  |  | — |  |  |  | 28.7 |  |  |  | — |
Non-operating charge for contingent guarantee included in other income (expense), net |  |  | — |  |  |  | (2.5 | ) |  |  | — |  |  |  | (2.5 | )
Other special items |  |  | 1.5 |  |  |  | 1.0 |  |  |  | 8.6 |  |  |  | (5.5 | )
Interest expense |  |  | (54.8 | ) |  |  | (69.7 | ) |  |  | (172.3 | ) |  |  | (222.1 | )
Income tax provision |  |  | 39.4 |  |  |  | 36.7 |  |  |  | 88.3 |  |  |  | 79.8 |
Net earnings available to common stockholders |  | $ | 86.6 |  |  | $ | 60.8 |  |  | $ | 211.9 |  |  | $ | 191.8 |
(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 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. The table below represents the impact to Earnings before income tax provision for the three month and nine month periods ended September 30, 2014 had we remained on the LIFO method of valuing those inventories:
|  | Three Months Ended |  |  | Nine Months Ended |
(In millions) |  | September 30, 2014 |  |  | September 30, 2014 |
Food Care |  | $ | 2.8 |  |  | $ | 0.7 |
Diversey Care |  |  | — |  |  |  | — |
Product Care |  |  | — |  |  |  | 0.1 |
Total reportable segments |  |  | 2.8 |  |  |  | 0.8 |
Other |  |  | — |  |  |  | — |
Total Company LIFO Adjustments |  | $ | 2.8 |  |  | $ | 0.8 |
(2) | Depreciation and amortization by segment is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Food Care |  | $ | 26.6 |  |  | $ | 30.6 |  |  | $ | 81.8 |  |  | $ | 92.1 |
Diversey Care |  |  | 25.7 |  |  |  | 31.9 |  |  |  | 77.0 |  |  |  | 98.9 |
Product Care |  |  | 9.3 |  |  |  | 9.8 |  |  |  | 28.8 |  |  |  | 30.7 |
Total reportable segments |  |  | 61.6 |  |  |  | 72.3 |  |  |  | 187.6 |  |  |  | 221.7 |
Other |  |  | 7.1 |  |  |  | 5.0 |  |  |  | 23.5 |  |  |  | 20.0 |
Total Company depreciation and amortization(1) |  | $ | 68.7 |  |  | $ | 77.3 |  |  | $ | 211.1 |  |  | $ | 241.7 |
(1) | Includes share-based incentive compensation.
(3) | Restructuring and other charges by segment were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Food Care |  | $ | 15.4 |  |  | $ | 1.8 |  |  | $ | 29.5 |  |  | $ | 12.9 |
Diversey Care |  |  | 16.0 |  |  |  | 8.2 |  |  |  | 25.5 |  |  |  | 12.0 |
Product Care |  |  | 6.7 |  |  |  | 1.3 |  |  |  | 12.6 |  |  |  | 6.3 |
Total reportable segments |  |  | 38.1 |  |  |  | 11.3 |  |  |  | 67.6 |  |  |  | 31.2 |
Other |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.4 |  |  |  | 0.4 |
Total Company restructuring and other charges |  | $ | 38.4 |  |  | $ | 11.4 |  |  | $ | 68.0 |  |  | $ | 31.6 |
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 by the reportable segment assets, which are trade receivables, net, and finished goods inventory, net. All other assets are included in “Assets not allocated.”
|  | September 30, |  |  | December 31, |
(In millions) |  | 2015 |  |  | 2014 |
Assets: |  |  |  |  |  |  |  |
Trade receivables, net, and finished goods inventories, net |  |  |  |  |  |  |  |
Food Care |  | $ | 613.3 |  |  | $ | 682.1 |
Diversey Care |  |  | 519.9 |  |  |  | 514.5 |
Product Care |  |  | 251.9 |  |  |  | 279.1 |
Other |  |  | 16.7 |  |  |  | 14.0 |
Total segments and other |  |  | 1,401.8 |  |  |  | 1,489.7 |
Assets not allocated |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 334.3 |  |  |  | 322.6 |
Property and equipment, net |  |  | 905.9 |  |  |  | 970.6 |
Goodwill |  |  | 2,917.0 |  |  |  | 2,998.6 |
Intangible assets, net |  |  | 812.8 |  |  |  | 872.2 |
Assets held for sale |  |  | 5.5 |  |  |  | 69.3 |
Other |  |  | 1,209.0 |  |  |  | 1,318.7 |
Total |  | $ | 7,586.3 |  |  | $ | 8,041.7 |

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