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Segments (Tables) | 3 Months Ended
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Mar. 31, 2019
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 March 31,
(In millions) |  | 2019 |  | 2018
Net Sales: |  |  |  |  |  |
Food Care |  | $ | 680.0 |  |  | $ | 696.3 |
As a % of Total Company net sales |  | 61.1 | % |  | 61.6 | %
Product Care |  | 432.7 |  |  | 434.7 |
As a % of Total Company net sales |  | 38.9 | % |  | 38.4 | %
Total Company Net Sales |  | $ | 1,112.7 |  |  | $ | 1,131.0 |
|  | Three Months Ended March 31,
(In millions) |  | 2019 |  | 2018
Non-U.S. GAAP Adjusted EBITDA from continuing operations |  |  |  |  |  |
Food Care |  | $ | 142.9 |  |  | $ | 134.7 |
Adjusted EBITDA Margin |  | 21.0 | % |  | 19.3 | %
Product Care |  | 75.0 |  |  | 78.4 |
Adjusted EBITDA Margin |  | 17.3 | % |  | 18.0 | %
Corporate |  | (2.1 | ) |  | (8.3 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 215.8 |  |  | $ | 204.8 |
Adjusted EBITDA Margin |  | 19.4 | % |  | 18.1 | %
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 March 31,
(In millions) |  | 2019 |  | 2018
Net earnings (loss) from continuing operations |  | $ | 64.3 |  |  | $ | (208.0 | )
Interest expense, net |  | 44.9 |  |  | 42.0 |
Income tax provision |  | 30.4 |  |  | 321.5 |
Depreciation and amortization(1) |  | 41.1 |  |  | 40.4 |
Depreciation and amortization adjustments |  | (0.9 | ) |  | (0.2 | )
Special Items: |  |  |  |
Restructuring charges(2) |  | 7.4 |  |  | 8.6 |
Other restructuring associated costs |  | 16.7 |  |  | 2.2 |
Foreign currency exchange loss due to highly inflationary economies |  | 0.8 |  |  | — |
Charges related to acquisition and divestiture activity |  | 3.7 |  |  | 10.8 |
Gain from class-action litigation settlement |  | — |  |  | (12.7 | )
Other Special Items(3) |  | 7.4 |  |  | 0.2 |
Pre-tax impact of Special Items |  | 36.0 |  |  | 9.1 |
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 215.8 |  |  | $ | 204.8 |
(1) | Depreciation and amortization by segment were as follows:
|  | Three Months Ended March 31,
(In millions) |  | 2019 |  | 2018
Food Care |  | $ | 26.2 |  |  | $ | 26.9 |
Product Care |  | 14.9 |  |  | 13.5 |
Total Company depreciation and amortization(i) |  | $ | 41.1 |  |  | $ | 40.4 |
(i) | Includes share-based incentive compensation of $8.4 million and $7.6 million for the three months ended March 31, 2019 and 2018, respectively.
(2) | Restructuring charges by segment were as follows:
|  | Three Months Ended March 31,
(In millions) |  | 2019 |  | 2018
Food Care |  | $ | 3.8 |  |  | $ | 4.6 |
Product Care |  | 3.6 |  |  | 4.0 |
Total Company restructuring charges |  | $ | 7.4 |  |  | $ | 8.6 |
(3) | Other Special Items for the three months ended March 31, 2019, primarily included fees related to professional services.
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; intangible assets, net; and leased systems, net.
(In millions) |  | March 31, 2019 |  | December 31, 2018
Assets allocated to segments: |  |  |  |  |  |
Food Care |  | $ | 1,562.2 |  |  | $ | 1,541.5 |
Product Care |  | 2,661.5 |  |  | 2,643.5 |
Total segments |  | 4,223.7 |  |  | 4,185.0 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 236.0 |  |  | $ | 271.7 |
Assets held for sale |  | 0.6 |  |  | 0.6 |
Income tax receivables |  | 46.7 |  |  | 58.4 |
Other receivables |  | 82.7 |  |  | 81.3 |
Deferred taxes |  | 166.4 |  |  | 170.5 |
Other |  | 398.9 |  |  | 282.7 |
Total |  | $ | 5,155.0 |  |  | $ | 5,050.2 |

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