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Segments (Tables) | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA by Reportable Segments | The following tables show Net Sales and Adjusted EBITDA by reportable segment:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 727.2 |  |  | $ | 716.0 |  |  | $ | 2,136.5 |  |  | $ | 2,051.1 |
As a % of Total Company net sales |  | 61.3 | % |  | 63.3 | % |  | 61.5 | % |  | 63.4 | %
Product Care |  | 459.0 |  |  | 415.3 |  |  | 1,335.9 |  |  | 1,182.7 |
As a % of Total Company net sales |  | 38.7 | % |  | 36.7 | % |  | 38.5 | % |  | 36.6 | %
Total Company Net Sales |  | $ | 1,186.2 |  |  | $ | 1,131.3 |  |  | $ | 3,472.4 |  |  | $ | 3,233.8 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Non-U.S. GAAP Adjusted EBITDA from continuing operations |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 145.4 |  |  | $ | 139.6 |  |  | $ | 415.5 |  |  | $ | 393.4 |
Adjusted EBITDA Margin |  | 20.0 | % |  | 19.5 | % |  | 19.4 | % |  | 19.2 | %
Product Care |  | 76.4 |  |  | 77.9 |  |  | 233.3 |  |  | 210.6 |
Adjusted EBITDA Margin |  | 16.6 | % |  | 18.8 | % |  | 17.5 | % |  | 17.8 | %
Corporate |  | (2.9 | ) |  | (0.7 | ) |  | (7.6 | ) |  | (9.0 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 218.9 |  |  | $ | 216.8 |  |  | $ | 641.2 |  |  | $ | 595.0 |
Adjusted EBITDA Margin |  | 18.5 | % |  | 19.2 | % |  | 18.5 | % |  | 18.4 | %
Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA | The following table shows a reconciliation of net earnings (loss) from continuing operations to non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Net earnings (loss) from continuing operations |  | $ | 75.6 |  |  | $ | 62.5 |  |  | $ | (49.1 | ) |  | $ | 37.8 |
Interest expense, net |  | (44.8 | ) |  | (49.1 | ) |  | (131.3 | ) |  | (143.4 | )
Income tax provision |  | 33.4 |  |  | 43.7 |  |  | 388.4 |  |  | 236.5 |
Depreciation and amortization(1) |  | (41.1 | ) |  | (42.7 | ) |  | (122.3 | ) |  | (116.3 | )
Depreciation and amortization adjustments |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |
Special Items: |  |  |  |  |  |  |  |
Restructuring and other charges(2) |  | (6.6 | ) |  | (6.2 | ) |  | (22.3 | ) |  | (9.2 | )
Other restructuring associated costs |  | (0.7 | ) |  | (2.9 | ) |  | (2.5 | ) |  | (12.7 | )
Debt modification/extinguishment costs |  | (1.5 | ) |  | — |  |  | (1.9 | ) |  | — |
Charges related to acquisition and divestiture activity |  | (4.8 | ) |  | (6.7 | ) |  | (10.0 | ) |  | (4.8 | )
Charges incurred due to the sale of Diversey |  | (8.7 | ) |  | (13.7 | ) |  | (21.3 | ) |  | (47.6 | )
Gain from class-action litigation settlement |  | — |  |  | — |  |  | 12.6 |  |  | — |
Settlement/curtailment benefits related to retained Diversey retirement plans |  | — |  |  | 13.5 |  |  | — |  |  | 13.5 |
Other Special Items(3) |  | (1.8 | ) |  | (2.8 | ) |  | (3.3 | ) |  | (0.2 | )
Pre-tax impact of Special Items |  | (24.1 | ) |  | (18.8 | ) |  | (48.7 | ) |  | (61.0 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 218.9 |  |  | $ | 216.8 |  |  | $ | 641.2 |  |  | $ | 595.0 |
(1) | Depreciation and amortization by segment is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Food Care |  | $ | 25.6 |  |  | $ | 29.8 |  |  | $ | 79.8 |  |  | $ | 80.3 |
Product Care |  | 15.5 |  |  | 12.9 |  |  | 42.5 |  |  | 36.0 |
Total Company depreciation and amortization(i) |  | $ | 41.1 |  |  | $ | 42.7 |  |  | $ | 122.3 |  |  | $ | 116.3 |
(i) | Includes share-based incentive compensation of $8.3 million and $23.6 million for the three and nine months ended September 30, 2018, respectively, and $12.3 million and $31.2 million for the three and nine months ended September 30, 2017, respectively.
(2) | Restructuring and other charges by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Food Care |  | $ | 2.3 |  |  | $ | 3.9 |  |  | $ | 8.4 |  |  | $ | 5.8 |
Product Care |  | 4.3 |  |  | 2.3 |  |  | 13.9 |  |  | 3.4 |
Total Company restructuring and other charges |  | $ | 6.6 |  |  | $ | 6.2 |  |  | $ | 22.3 |  |  | $ | 9.2 |
(3) | Other Special Items for the three and nine months ended September 30, 2018, primarily included fees related to professional services. Other Special Items for the three and nine months ended September 30, 2017, primarily included transaction fees related to various divestitures and acquisitions.
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) |  | September 30, 2018 |  | December 31, 2017
Assets allocated to segments: |  |  |  |  |  |
Food Care |  | $ | 1,680.9 |  |  | $ | 1,545.5 |
Product Care |  | 2,589.0 |  |  | 2,620.2 |
Total segments |  | 4,269.9 |  |  | 4,165.7 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 191.3 |  |  | $ | 594.0 |
Assets held for sale |  | 0.6 |  |  | 4.0 |
Income tax receivables |  | 32.7 |  |  | 85.1 |
Other receivables |  | 88.7 |  |  | 90.2 |
Deferred taxes |  | 113.6 |  |  | 176.2 |
Other |  | 300.2 |  |  | 165.1 |
Total |  | $ | 4,997.0 |  |  | $ | 5,280.3 |

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