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Segments (Tables) | 9 Months Ended
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Sep. 30, 2020
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) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net Sales: |  |  |  |  |  |  |  |
Food |  | $ | 704.6 |  |  | $ | 729.6 |  |  | $ | 2,068.1 |  |  | $ | 2,120.6 |
As a % of Total Company net sales |  | 57.0 | % |  | 59.9 | % |  | 58.1 | % |  | 60.7 | %
Protective |  | 532.6 |  |  | 488.9 |  |  | 1,494.2 |  |  | 1,371.6 |
As a % of Total Company net sales |  | 43.0 | % |  | 40.1 | % |  | 41.9 | % |  | 39.3 | %
Total Company Net Sales |  | $ | 1,237.2 |  |  | $ | 1,218.5 |  |  | $ | 3,562.3 |  |  | $ | 3,492.2 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Adjusted EBITDA from continuing operations |  |  |  |  |  |  |  |
Food |  | $ | 152.4 |  |  | $ | 159.6 |  |  | $ | 477.8 |  |  | $ | 458.1 |
Adjusted EBITDA Margin |  | 21.6 | % |  | 21.9 | % |  | 23.1 | % |  | 21.6 | %
Protective |  | 108.7 |  |  | 84.0 |  |  | 293.0 |  |  | 243.0 |
Adjusted EBITDA Margin |  | 20.4 | % |  | 17.2 | % |  | 19.6 | % |  | 17.7 | %
Corporate |  | (1.8) |  |  | (2.5) |  |  | 1.6 |  |  | (7.5) |
Total Company Adjusted EBITDA from continuing operations |  | $ | 259.3 |  |  | $ | 241.1 |  |  | $ | 772.4 |  |  | $ | 693.6 |
Adjusted EBITDA Margin |  | 21.0 | % |  | 19.8 | % |  | 21.7 | % |  | 19.9 | %
Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA | The following table shows a reconciliation of net earnings before income tax provision to Total Company Adjusted EBITDA from continuing operations:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Earnings before income tax provision |  | $ | 149.2 |  |  | $ | 102.3 |  |  | $ | 441.3 |  |  | $ | 234.8 |
Interest expense, net |  | 43.0 |  |  | 48.5 |  |  | 130.7 |  |  | 136.6 |
Depreciation and amortization, net of adjustments(1) |  | 56.2 |  |  | 53.2 |  |  | 161.1 |  |  | 131.4 |
Special Items: |  |  |  |  |  |  |  |
Restructuring charges(2) |  | 1.0 |  |  | 6.9 |  |  | 11.7 |  |  | 43.6 |
Other restructuring associated costs(3) |  | 7.2 |  |  | 12.8 |  |  | 15.0 |  |  | 50.8 |
Foreign currency exchange loss due to highly inflationary economies |  | 1.1 |  |  | 1.3 |  |  | 3.2 |  |  | 3.4 |
Charges related to the Novipax settlement agreement |  | — |  |  | — |  |  | — |  |  | 59.0 |
Charges related to acquisition and divestiture activity |  | 1.0 |  |  | 6.0 |  |  | 5.1 |  |  | 9.2 |
Other Special Items(4) |  | 0.6 |  |  | 10.1 |  |  | 4.3 |  |  | 24.8 |
Pre-tax impact of Special Items |  | 10.9 |  |  | 37.1 |  |  | 39.3 |  |  | 190.8 |
Total Company Adjusted EBITDA from continuing operations |  | $ | 259.3 |  |  | $ | 241.1 |  |  | $ | 772.4 |  |  | $ | 693.6 |
(1)Depreciation and amortization by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Food |  | $ | 31.7 |  |  | $ | 30.6 |  |  | $ | 90.9 |  |  | $ | 81.8 |
Protective |  | 24.5 |  |  | 22.7 |  |  | 70.2 |  |  | 50.7 |
Total Company depreciation and amortization(i) |  | $ | 56.2 |  |  | $ | 53.3 |  |  | $ | 161.1 |  |  | $ | 132.5 |
Depreciation and amortization adjustments |  | — |  |  | (0.1) |  |  | — |  |  | (1.1) |
Depreciation and amortization, net of adjustments |  | $ | 56.2 |  |  | $ | 53.2 |  |  | $ | 161.1 |  |  | $ | 131.4 |
(i) Includes share-based incentive compensation of $12.3 million and $31.3 million for the three and nine months ended September 30, 2020, respectively, and $12.0 million and $25.2 million for the three and nine months ended September 30, 2019, respectively. (2)Restructuring charges by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Food |  | $ | (1.4) |  |  | $ | 3.9 |  |  | $ | 3.8 |  |  | $ | 26.3 |
Protective |  | 2.4 |  |  | 3.0 |  |  | 7.9 |  |  | 17.3 |
Total Company restructuring charges |  | $ | 1.0 |  |  | $ | 6.9 |  |  | $ | 11.7 |  |  | $ | 43.6 |
(3)Other restructuring associated costs for the three and nine months ended September 30, 2020 primarily relate to fees paid to third-party consultants in support of Reinvent SEE. Other restructuring associated costs for the three and nine months ended September 30, 2019 primarily relate to fees paid to third-party consultants in support of Reinvent SEE and costs associated with property consolidations and machinery and equipment relocations resulting from Reinvent SEE. See Note 13, "Restructuring Activities," to the Condensed Consolidated Financial Statements for additional information related to Reinvent SEE and our restructuring program. (4)Other Special Items for the three and nine months ended September 30, 2019, primarily included fees related to professional services (mainly legal fees) directly associated with Special Items or events that are considered one-time or infrequent.
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) |  | September 30, 2020 |  | December 31, 2019
Assets allocated to segments: |  |  |  |
Food |  | $ | 2,025.5 |  |  | $ | 1,997.8 |
Protective |  | 2,790.1 |  |  | 2,762.9 |
Total segments |  | 4,815.6 |  |  | 4,760.7 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 316.8 |  |  | $ | 262.4 |
Assets held for sale |  | 0.7 |  |  | 2.8 |
Income tax receivables |  | 15.2 |  |  | 32.8 |
Other receivables |  | 65.9 |  |  | 80.3 |
Deferred taxes |  | 246.3 |  |  | 238.6 |
Other |  | 367.7 |  |  | 387.6 |
Total |  | $ | 5,828.2 |  |  | $ | 5,765.2 |

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