XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Segments | 3 Months Ended
--- | ---
Mar. 31, 2018
Segment Reporting [Abstract] |
Segments | Segments To accelerate productivity improvements and elimination of operational redundancies, the Company implemented a change in allocation of Corporate expenses. These expenses are now allocated to Food Care and Product Care segments. For comparison purposes, the Company presented 2017 results to reflect the revised allocation of these costs. This segment reporting change has no impact on total Company operating results. The Company’s segment reporting structure consists of two reportable segments and a Corporate category as follows:
• | Food Care; and
• | Product Care.
The Company’s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products and management team. Corporate includes certain costs are not allocated to or monitored by the reportable segments' management. We allocate and disclose depreciation and amortization expense to our segments, although property and equipment, net is not allocated to the segment assets, nor is depreciation and amortization included in the segment performance metric Adjusted EBITDA. The accounting policies of the reportable segments and Corporate are the same as those applied to the Condensed Consolidated Financial Statements. Refer to 'Non-U.S. GAAP Information' for additional details on the use and calculation of our Non-U.S. GAAP measures presented below. The following tables show Net Sales and Adjusted EBITDA by reportable segment:
|  | Three Months Ended March 31,
(In millions) |  | 2018 |  | 2017
Net Sales: |  |  |  |  |  |
Food Care |  | $ | 696.3 |  |  | $ | 655.6 |
As a % of Total Company net sales |  | 61.6 | % |  | 63.5 | %
Product Care |  | 434.7 |  |  | 376.6 |
As a % of Total Company net sales |  | 38.4 | % |  | 36.5 | %
Total Company Net Sales |  | $ | 1,131.0 |  |  | $ | 1,032.2 |
|  | Three Months Ended March 31,
(In millions) |  | 2018 |  | 2017
Adjusted EBITDA from continuing operations |  |  |  |  |  |
Food Care |  | $ | 134.7 |  |  | $ | 122.0 |
Adjusted EBITDA Margin |  | 19.3 | % |  | 18.6 | %
Product Care |  | 78.4 |  |  | 63.3 |
Adjusted EBITDA Margin |  | 18.0 | % |  | 16.8 | %
Corporate |  | (8.3) |  |  | (3.4) |
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 204.8 |  |  | $ | 181.9 |
Adjusted EBITDA Margin |  | 18.1 | % |  | 17.6 | %
The following table shows a reconciliation of net loss from continuing operations to Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations:
|  | Three Months Ended March 31,
(In millions) |  | 2018 |  | 2017
Net loss from continuing operations |  | $ | (208.0 | ) |  | $ | (53.7 | )
Interest expense, net |  | (42.0 | ) |  | (46.6 | )
Income tax provision |  | 321.5 |  |  | 136.4 |
Depreciation and amortization(2) |  | (40.4 | ) |  | (37.2 | )
Depreciation and amortization adjustments |  | 0.2 |  |  | — |
Special Items: |  |  |  |
Restructuring and other charges(3) |  | (8.6 | ) |  | (1.9 | )
Other restructuring associated costs |  | (2.2 | ) |  | (3.9 | )
(Loss) gain on acquisition and divestiture activity |  | (4.0 | ) |  | 2.3 |
Charges incurred due to the sale of Diversey |  | (6.8 | ) |  | (16.1 | )
Gain from class-action litigation settlement |  | 12.7 |  |  | — |
Other Special Items(1) |  | (0.2 | ) |  | 4.2 |
Pre-tax impact of Special Items |  | (9.1 | ) |  | (15.4 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 204.8 |  |  | $ | 181.9 |
(1) | Other Special Items for the three months ended March 31, 2017 primarily included a recovered wage tax as the result of a court ruling partially offset by legal fees associated with restructuring and acquisitions.
(2) | Depreciation and amortization by segment is as follows:
|  | Three Months Ended March 31,
(In millions) |  | 2018 |  | 2017
Food Care |  | $ | 26.9 |  |  | $ | 24.7 |
Product Care |  | 13.5 |  |  | 12.5 |
Total Company depreciation and amortization(i) |  | $ | 40.4 |  |  | $ | 37.2 |
(i) | Includes share-based incentive compensation of $7.6 million and $8.0 million for the three months ended March 31, 2018 and 2017, respectively.
(3) | Restructuring and other charges by segment were as follows:
|  | Three Months Ended March 31,
(In millions) |  | 2018 |  | 2017
Food Care |  | $ | 4.6 |  |  | $ | 1.2 |
Product Care |  | 4.0 |  |  | 0.7 |
Total Company restructuring and other charges |  | $ | 8.6 |  |  | $ | 1.9 |
Assets by Reportable Segments The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net, inventory, net, property and equipment, net, goodwill, net, intangible assets, net and leased systems, net.
(In millions) |  | March 31, 2018 |  | December 31, 2017
Assets allocated to segments: |  |  |  |  |  |
Food Care |  | $ | 1,587.2 |  |  | $ | 1,545.5 |
Product Care |  | 2,568.3 |  |  | 2,620.2 |
Total segments |  | 4,155.5 |  |  | 4,165.7 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 326.9 |  |  | $ | 594.0 |
Assets held for sale |  | 1.7 |  |  | 4.0 |
Income tax receivables |  | 13.4 |  |  | 85.1 |
Other receivables |  | 99.3 |  |  | 90.2 |
Deferred taxes |  | 127.0 |  |  | 176.2 |
Other |  | 317.3 |  |  | 165.1 |
Total |  | $ | 5,041.1 |  |  | $ | 5,280.3 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration