Segments (Tables)

12 Months Ended

Dec. 31, 2015

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)	2015			2014			2013
Net Sales:
Food Care	$	3,405.1		$	3,835.3		$	3,814.2
As a % of Total Company net sales		48.4	%		49.5	%		49.6	%
Diversey Care		1,999.1			2,173.1			2,160.8
As a % of Total Company net sales		28.4	%		28.0	%		28.1	%
Product Care		1,540.5			1,655.0			1,610.0
As a % of Total Company net sales		21.9	%		21.4	%		20.9	%
Total Reportable Segments Net Sales		6,944.7			7,663.4			7,585.0
Other		86.8		87.1				105.8
Total Company Net Sales	$	7,031.5		$	7,750.5		$	7,690.8

	Year Ended December 31,
(In millions)	2015			2014			2013
Adjusted EBITDA:
Food Care	$	689.8		$	670.2		$	614.7
Adjusted EBITDA Margin		20.3	%		17.5	%		16.1	%
Diversey Care	231.9				245.0		237.3
Adjusted EBITDA Margin		11.6	%		11.3	%		11.0	%
Product Care		321.0		292.7			266.3
Adjusted EBITDA Margin		20.8	%		17.7	%		16.5	%
Total Reportable Segments Adjusted EBITDA		1,242.7			1,207.9			1,118.3
Other		(68.6	)		(89.6	)		(77.8	)
Non-U.S. GAAP Total Company Adjusted EBITDA	$	1,174.1		$	1,118.3		$	1,040.5
Adjusted EBITDA Margin		16.7	%		14.4	%		13.5	%

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)	2015			2014			2013
Total Company Adjusted EBITDA	$	1,174.1		$	1,118.3		$	1,040.5
Depreciation and amortization⁽¹⁾		(274.5	)		(320.8	)		(307.5	)
Special items:
Accelerated depreciation of non-strategic assets related to restructuring programs		0.2			2.1			5.3
Restructuring and other charges⁽²⁾		(78.3	)		(65.7	)		(73.8	)
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses		(42.9	)		(35.8	)		(26.6	)
Development grant matter included in selling, general and administrative expenses		—			(14.0	)		—
Termination of licensing agreement		—			(5.3	)		—
SARs		(3.9	)		(8.1	)		(38.1	)
Impairments of equity method investment		—			(5.7	)		(2.1	)
Foreign currency exchange (loss) gains related to Venezuelan subsidiaries		(33.1	)		(20.4	)		(13.1	)
Loss on debt redemption and refinancing activities		(110.0	)		(102.5	)		(36.3	)
Gain (loss) from Claims Settlement in 2014 and related costs		—			21.1			(1.0	)
Gain, net, on sale of North American foam trays and absorbent pads business and European food trays business		13.4			—			—
Non-operating charge for contingent guarantee included in other income (expense), net		—			(2.5	)		—
Other special items		8.6			(5.8	)		(6.1	)
Interest expense		(227.7	)		(287.7	)		(361.0	)
Income tax provision		90.5			9.1			84.9
Net earnings from continuing operations	$	335.4		$	258.1		$	95.3

⁽¹⁾	Depreciation and amortization by segment is as follows:

	Year Ended December 31,
(In millions)	2015		2014		2013
Food Care	$	107.9	$	121.3	$	118.4
Diversey Care		105.5		126.3		132.3
Product Care		37.4		41.4		38.2
Total reportable segments		250.8		289.0		288.9
Other		23.7		31.8		18.6
Total Company depreciation and amortization⁽¹⁾	$	274.5	$	320.8	$	307.5

⁽¹⁾	Includes share-based incentive compensation of $61.2 million in 2015, $54.1 million in 2014, and $24.1 million in 2013.

⁽²⁾	Restructuring and other charges by segment were as follows:

	Year Ended December 31,
(In millions)	2015		2014		2013
Food Care	$	37.9	$	27.3	$	25.1
Diversey Care		22.2		24.3		32.2
Product Care		17.2		13.6		16.4
Total reportable segments		77.3		65.2		73.7
Other		1.0		0.5		0.1
Total Company restructuring and other charges	$	78.3	$	65.7	$	73.8

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)	2015		2014
Assets:
Trade receivables, net, and finished goods inventories, net
Food Care	$	522.4	$	678.2
Diversey Care		440.3		514.5
Product Care		219.6		279.1
Other		14.8		14.0
Total segments and other		1,197.1		1,485.8
Assets not allocated
Cash and cash equivalents		358.4		286.4
Property and equipment, net		930.7		943.0
Goodwill		2,909.5		2,996.9
Intangible assets, net		784.3		872.2
Assets held for sale		10.3		106.4
Other		1,235.7		1,262.5
Total	$	7,426.0	$	7,953.2

Geographic Information

	Year Ended December 31,
(In millions)	2015		2014		2013
Net sales⁽¹⁾:
North America⁽⁴⁾	$	2,923.2	$	3,071.9	$	3,004.9
EMEA⁽³⁾		2,410.4		2,783.2		2,770.7
Latin America		695.8		807.5		840.7
APAC⁽³⁾		1,002.1		1,087.9		1,074.5
Total	$	7,031.5	$	7,750.5	$	7,690.8

Total long-lived assets⁽¹⁾⁽²⁾:
North America	$	616.5	$	542.5
EMEA⁽³⁾		377.3		413.2
Latin America		127.0		143.6
APAC⁽³⁾		191.1		216.8
Total	$	1,311.9	$	1,316.1

⁽¹⁾

Net sales to external customers attributed to geographic areas represent net sales to external customers based on destination. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2015, 2014, or 2013 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2015 and 2014.

⁽²⁾	Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill and intangible assets.

⁽³⁾

As previously announced, the Company underwent a reorganization of its AMAT region. This reorganization involved transitioning the previously reported AMAT region to an Asia Pacific (APAC) region, which now includes Asia, Australia, New Zealand and moving the Middle East, Africa and Turkey countries into the Company’s existing European regional organization, now referred to as EMEA. This took effect beginning in the second quarter of 2015.

⁽⁴⁾	Net sales to external customers within the U.S. were $2,685.3 million for the year ended December 31, 2015, $2,797.5 million for the year ended December 31, 2014 and $2,724.5 million for the year ended December 31, 2013.