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Segments (Tables) | 3 Months Ended
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Mar. 31, 2018
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA of Reportable Segments | 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 | %
Reconciliation of Total Company Adjusted EBITDA to Net Earnings | 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 |

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