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v3.19.3.a.u2

Segments (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA of Reportable Segments | The following tables show Net Sales and Adjusted EBITDA by reportable segment:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Net Sales |  |  |  |  |  |  |  |  |
Food Care |  | $ | 2,880.5 |  |  | $ | 2,908.1 |  |  | $ | 2,815.2 |
As a % of Total Company net sales |  | 60.1 | % |  | 61.4 | % |  | 63.1 | %
Product Care |  | 1,910.6 |  |  | 1,824.6 |  |  | 1,646.4 |
As a % of Total Company net sales |  | 39.9 | % |  | 38.6 | % |  | 36.9 | %
Total Company Net Sales |  | $ | 4,791.1 |  |  | $ | 4,732.7 |  |  | $ | 4,461.6 |
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Adjusted EBITDA from continuing operations |  |  |  |  |  |  |  |  |
Food Care |  | $ | 629.3 |  |  | $ | 577.8 |  |  | $ | 538.1 |
Adjusted EBITDA Margin |  | 21.8 | % |  | 19.9 | % |  | 19.1 | %
Product Care |  | 349.9 |  |  | 318.6 |  |  | 292.2 |
Adjusted EBITDA Margin |  | 18.3 | % |  | 17.5 | % |  | 17.7 | %
Corporate |  | (14.4 | ) |  | (6.9 | ) |  | 3.0 |
Total Company Adjusted EBITDA from continuing operations |  | $ | 964.8 |  |  | $ | 889.5 |  |  | $ | 833.3 |
Adjusted EBITDA Margin |  | 20.1 | % |  | 18.8 | % |  | 18.7 | %
Reconciliation of Non-U.S. GAAP Adjusted EBITDA to U.S. GAAP Net Earnings | The following table shows a reconciliation of net earnings before income tax provision to Total Company Adjusted EBITDA from continuing operations:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Earnings before income tax provision |  | $ | 370.3 |  |  | $ | 457.8 |  |  | $ | 393.3 |
Interest expense, net |  | 184.1 |  |  | 177.9 |  |  | 184.2 |
Depreciation and amortization, net of adjustments(1) |  | 184.5 |  |  | 159.0 |  |  | 158.3 |
Special Items: |  |  |  |  |  |
Restructuring charges(2) |  | 41.9 |  |  | 47.8 |  |  | 12.1 |
Other restructuring associated costs(3) |  | 60.3 |  |  | 15.8 |  |  | 14.3 |
Foreign currency exchange loss due to highly inflationary economies |  | 4.6 |  |  | 2.5 |  |  | — |
Loss on debt redemption and refinancing activities |  | 16.1 |  |  | 1.9 |  |  | — |
Charges related to acquisition and divestiture activity |  | 14.9 |  |  | 34.2 |  |  | 84.1 |
Charges related to the Novipax settlement agreement |  | 59.0 |  |  | — |  |  | — |
Gain from class-action litigation settlement |  | — |  |  | (14.9 | ) |  | — |
Curtailment related to retained Diversey retirement plans |  | — |  |  | — |  |  | (13.5 | )
Other Special Items(4) |  | 29.1 |  |  | 7.5 |  |  | 0.5 |
Pre-tax impact of Special Items |  | 225.9 |  |  | 94.8 |  |  | 97.5 |
Total Company Adjusted EBITDA from continuing operations |  | $ | 964.8 |  |  | $ | 889.5 |  |  | $ | 833.3 |
(1) | Depreciation and amortization by segment were as follows:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Food Care |  | $ | 110.3 |  |  | $ | 105.4 |  |  | $ | 108.9 |
Product Care |  | 75.0 |  |  | 56.0 |  |  | 49.4 |
Total Company depreciation and amortization(i) |  | 185.3 |  |  | 161.4 |  |  | 158.3 |
Depreciation and amortization adjustments(ii) |  | (0.8 | ) |  | (2.4 | ) |  | — |
Depreciation and amortization, net of adjustments |  | $ | 184.5 |  |  | $ | 159.0 |  |  | $ | 158.3 |
(i) | Includes share-based incentive compensation of $34.4 million in 2019, $29.9 million in 2018 and $38.2 million in 2017.
(ii) | Represents depreciation and amortization which is considered to be related to a Special Item and are also included in the Special Items presented in the above table.
(2) | Restructuring and other charges by segment were as follows:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Food Care |  | $ | 23.5 |  |  | $ | 17.7 |  |  | $ | 7.6 |
Product Care |  | 18.4 |  |  | 30.1 |  |  | 4.5 |
Total Company restructuring charges |  | $ | 41.9 |  |  | $ | 47.8 |  |  | $ | 12.1 |
(3) | Other restructuring associated costs for the year ended December 31, 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 years ended December 31, 2019 and 2018, primarily included fees related to professional services, mainly legal fees, directly associated with Special Items or events that are considered one-time or infrequent
in nature. Other Special Items for the year ended December 31, 2017, primarily included transaction costs related to reorganizations.
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.
|  | December 31,
(In millions) |  | 2019 |  | 2018
Assets allocated to segments:(1) |  |  |  |  |  |
Food Care |  | $ | 1,997.8 |  |  | $ | 1,914.4 |
Product Care |  | 2,762.9 |  |  | 2,273.8 |
Total segments |  | $ | 4,760.7 |  |  | $ | 4,188.2 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | 262.4 |  |  | 271.7 |
Assets held for sale |  | 2.8 |  |  | 0.6 |
Income tax receivables |  | 32.8 |  |  | 58.4 |
Other receivables |  | 80.3 |  |  | 81.3 |
Deferred taxes |  | 238.6 |  |  | 170.5 |
Other |  | 387.6 |  |  | 279.5 |
Total |  | $ | 5,765.2 |  |  | $ | 5,050.2 |
(1) 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. 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 consolidated 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.
Geographic Information | Geographic Information
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Net sales(1)(2): |  |  |  |  |  |
North America(3) |  | $ | 2,828.1 |  |  | $ | 2,734.9 |  |  | $ | 2,591.5 |
EMEA |  | 1,010.4 |  |  | 1,038.5 |  |  | 983.4 |
South America |  | 233.8 |  |  | 229.5 |  |  | 231.8 |
APAC |  | 718.8 |  |  | 729.8 |  |  | 654.9 |
Total |  | $ | 4,791.1 |  |  | $ | 4,732.7 |  |  | $ | 4,461.6 |
Total long-lived assets(1)(2)(4): |  |  |  |  |  |
North America |  | $ | 919.3 |  |  | $ | 740.5 |  |  |
EMEA |  | 345.8 |  |  | 270.5 |  |  |
South America |  | 50.2 |  |  | 52.8 |  |  |
APAC |  | 248.3 |  |  | 211.8 |  |  |
Total |  | $ | 1,563.6 |  |  | $ | 1,275.6 |  |  |
(1) | Amounts by geography have been reclassified from prior year disclosure to reflect adjustments to our regional operating model. As of January 1, 2019, our geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. Refer to Note 2, "Summary of Significant Accounting Policies and Recently Issued Accounting Standards," of the Notes to Consolidated Financial Statements.
(2) | No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2019, 2018 or 2017 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2019 and 2018.
(3) | Net sales to external customers within the U.S. were $2,501.6 million, $2,402.3 million and $2,280.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.
(4) Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, intangible assets and non-current assets held for sale.

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