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Segments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
(In millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 711.0 |  |  | $ | 713.0 |  |  | $ | 1,391.0 |  |  | $ | 1,409.3 |
As a % of Total Company net sales |  | 61.2 | % |  | 61.7 | % |  | 61.2 | % |  | 61.6 | %
Product Care |  | 450.0 |  |  | 442.2 |  |  | 882.7 |  |  | 876.9 |
As a % of Total Company net sales |  | 38.8 | % |  | 38.3 | % |  | 38.8 | % |  | 38.4 | %
Total Company Net Sales |  | $ | 1,161.0 |  |  | $ | 1,155.2 |  |  | $ | 2,273.7 |  |  | $ | 2,286.2 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Non-U.S. GAAP Adjusted EBITDA from continuing operations |  |  |  |  |  |  |  |  |  |  |  |
Food Care |  | $ | 155.6 |  |  | $ | 135.4 |  |  | $ | 298.5 |  |  | $ | 270.1 |
Adjusted EBITDA Margin |  | 21.9 | % |  | 19.0 | % |  | 21.5 | % |  | 19.2 | %
Product Care |  | 84.0 |  |  | 78.5 |  |  | 159.0 |  |  | 156.9 |
Adjusted EBITDA Margin |  | 18.7 | % |  | 17.8 | % |  | 18.0 | % |  | 17.9 | %
Corporate |  | (2.9 | ) |  | 3.6 |  |  | (5.0 | ) |  | (4.7 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 236.7 |  |  | $ | 217.5 |  |  | $ | 452.5 |  |  | $ | 422.3 |
Adjusted EBITDA Margin |  | 20.4 | % |  | 18.8 | % |  | 19.9 | % |  | 18.5 | %
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 June 30, |  | Six Months Ended June 30,
(In millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Net earnings (loss) from continuing operations |  | $ | 25.5 |  |  | $ | 83.3 |  |  | $ | 89.8 |  |  | $ | (124.7 | )
Interest expense, net |  | 43.2 |  |  | 44.5 |  |  | 88.1 |  |  | 86.5 |
Income tax provision |  | 12.3 |  |  | 33.5 |  |  | 42.7 |  |  | 355.0 |
Depreciation and amortization, net of adjustments(1) |  | 38.0 |  |  | 40.7 |  |  | 78.2 |  |  | 80.9 |
Special Items: |  |  |  |  |  |  |  |
Restructuring charges(2) |  | 29.3 |  |  | 7.1 |  |  | 36.7 |  |  | 15.7 |
Other restructuring associated costs(3) |  | 21.3 |  |  | (0.4 | ) |  | 38.0 |  |  | 1.8 |
Foreign currency exchange loss due to highly inflationary economies |  | 1.3 |  |  | — |  |  | 2.1 |  |  | — |
Charges related to the Novipax settlement agreement |  | 59.0 |  |  | — |  |  | 59.0 |  |  | — |
(Income) charges related to acquisition and divestiture activity |  | (0.5 | ) |  | 7.0 |  |  | 3.2 |  |  | 17.8 |
Loss (gain) from class-action litigation settlement |  | — |  |  | 0.1 |  |  | — |  |  | (12.6 | )
Other Special Items(4) |  | 7.3 |  |  | 1.7 |  |  | 14.7 |  |  | 1.9 |
Pre-tax impact of Special Items |  | 117.7 |  |  | 15.5 |  |  | 153.7 |  |  | 24.6 |
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 236.7 |  |  | $ | 217.5 |  |  | $ | 452.5 |  |  | $ | 422.3 |
(1) | Depreciation and amortization by segment were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Food Care |  | $ | 25.0 |  |  | $ | 27.2 |  |  | $ | 51.2 |  |  | $ | 54.1 |
Product Care |  | 13.1 |  |  | 13.6 |  |  | 28.0 |  |  | 27.1 |
Total Company depreciation and amortization(i) |  | 38.1 |  |  | 40.8 |  |  | 79.2 |  |  | 81.2 |
Depreciation and amortization adjustments |  | (0.1 | ) |  | (0.1 | ) |  | (1.0 | ) |  | (0.3 | )
Depreciation and amortization, net of adjustments |  | $ | 38.0 |  |  | $ | 40.7 |  |  | $ | 78.2 |  |  | $ | 80.9 |
(i) | Includes share-based incentive compensation of $4.8 million and $13.2 million for the three and six months ended June 30, 2019, respectively, and $7.7 million and $15.3 million for the three and six months ended June 30, 2018, respectively.
(2) | Restructuring charges by segment were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Food Care |  | $ | 18.6 |  |  | $ | 1.5 |  |  | $ | 22.4 |  |  | $ | 6.1 |
Product Care |  | 10.7 |  |  | 5.6 |  |  | 14.3 |  |  | 9.6 |
Total Company restructuring charges |  | $ | 29.3 |  |  | $ | 7.1 |  |  | $ | 36.7 |  |  | $ | 15.7 |
(3) | Other restructuring associated costs for three and six months ended June 30, 2019, primarily relate to fees paid to third-party consultants in support of Reinvent SEE and costs related to property consolidations resulting from Reinvent SEE.
(4) Other Special Items for the three and six months ended June 30, 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) |  | June 30, 2019 |  | December 31, 2018
Assets allocated to segments:(1) |  |  |  |  |  |
Food Care |  | $ | 2,012.1 |  |  | $ | 1,914.4 |
Product Care |  | 2,260.9 |  |  | 2,273.8 |
Total segments |  | 4,273.0 |  |  | 4,188.2 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 222.2 |  |  | $ | 271.7 |
Assets held for sale |  | 0.6 |  |  | 0.6 |
Income tax receivables |  | 53.4 |  |  | 58.4 |
Other receivables |  | 91.7 |  |  | 81.3 |
Deferred taxes |  | 175.5 |  |  | 170.5 |
Other |  | 400.1 |  |  | 279.5 |
Total |  | $ | 5,216.5 |  |  | $ | 5,050.2 |
(1) | Beginning in 2018, the Company implemented a change in allocation of Corporate expenses, which are now allocated to Food Care and Product Care segments. At that time, the Company revised the method of allocation for some assets including property and equipment, net and goodwill, which were previously unallocated.
The assets allocated to segments as of December 31, 2018 have been revised to correct an error in the previous allocation of property and equipment, net starting in the first quarter 2018. Assets allocated to Food Care were understated by $372.9 million with an offset to Product Care of $369.6 million and $3.3 million to assets not allocated. There is no impact to the financial statements to total identifiable assets at December 31, 2018. This error did not impact the Company's annual assessment of goodwill impairment or any other impairment considerations of long-lived assets.

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