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Segments (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA by Reportable Segments | The following tables show Net Sales and Segment Adjusted EBITDA by reportable segment:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net Sales: |  |  |  |  |  |  |  |
Food |  | $ | 736.7 |  |  | $ | 673.2 |  |  | $ | 1,438.9 |  |  | $ | 1,363.5 |
As a % of Total Company net sales |  | 55.5 | % |  | 58.5 | % |  | 55.4 | % |  | 58.6 | %
Protective |  | 591.8 |  |  | 478.0 |  |  | 1,156.7 |  |  | 961.6 |
As a % of Total Company net sales |  | 44.5 | % |  | 41.5 | % |  | 44.6 | % |  | 41.4 | %
Total Company Net Sales |  | $ | 1,328.5 |  |  | $ | 1,151.2 |  |  | $ | 2,595.6 |  |  | $ | 2,325.1 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Segment Adjusted EBITDA: |  |  |  |  |  |  |  |
Food Adjusted EBITDA |  | $ | 158.1 |  |  | $ | 169.1 |  |  | $ | 315.0 |  |  | $ | 325.4 |
Food Adjusted EBITDA Margin |  | 21.5 | % |  | 25.1 | % |  | 21.9 | % |  | 23.9 | %
Protective Adjusted EBITDA |  | 107.3 |  |  | 91.5 |  |  | 217.2 |  |  | 184.3 |
Protective Adjusted EBITDA Margin |  | 18.1 | % |  | 19.1 | % |  | 18.8 | % |  | 19.2 | %
Segment Adjusted EBITDA |  | $ | 265.4 |  |  | $ | 260.6 |  |  | $ | 532.2 |  |  | $ | 509.7 |
Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA | The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Food Adjusted EBITDA |  | $ | 158.1 |  |  | $ | 169.1 |  |  | $ | 315.0 |  |  | $ | 325.4 |
Protective Adjusted EBITDA |  | 107.3 |  |  | 91.5 |  |  | 217.2 |  |  | 184.3 |
Corporate Adjusted EBITDA |  | (2.3) |  |  | (0.7) |  |  | (0.9) |  |  | 3.4 |
Interest expense, net |  | (42.1) |  |  | (43.3) |  |  | (85.2) |  |  | (87.7) |
Depreciation and amortization(1) |  | (58.2) |  |  | (53.4) |  |  | (115.1) |  |  | (104.9) |
Special Items: |  |  |  |  |  |  |  |
Restructuring charges(2) |  | (2.1) |  |  | (10.1) |  |  | (2.1) |  |  | (10.7) |
Other restructuring associated costs(3) |  | (4.8) |  |  | (3.8) |  |  | (10.1) |  |  | (7.8) |
Foreign currency exchange loss due to highly inflationary economies |  | (0.6) |  |  | (1.2) |  |  | (2.0) |  |  | (2.1) |
Charges related to acquisition and divestiture activity |  | (0.8) |  |  | (1.2) |  |  | (1.1) |  |  | (4.1) |
Other Special Items |  | (0.1) |  |  | (2.0) |  |  | (0.9) |  |  | (3.7) |
Pre-tax impact of Special Items |  | (8.4) |  |  | (18.3) |  |  | (16.2) |  |  | (28.4) |
Earnings before income tax provision |  | $ | 154.4 |  |  | $ | 144.9 |  |  | $ | 314.8 |  |  | $ | 292.1 |
(1)Depreciation and amortization by segment were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Food |  | $ | 32.7 |  |  | $ | 30.2 |  |  | $ | 64.4 |  |  | $ | 59.2 |
Protective |  | 25.5 |  |  | 23.2 |  |  | 50.7 |  |  | 45.7 |
Total Company depreciation and amortization(i) |  | $ | 58.2 |  |  | $ | 53.4 |  |  | $ | 115.1 |  |  | $ | 104.9 |
(i) Includes share-based incentive compensation of $12.3 million and $23.8 million for the three and six months ended June 30, 2021, respectively, and $10.5 million and $19.0 million for the three and six months ended June 30, 2020, respectively. (2)Restructuring charges by segment were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Food |  | $ | 1.3 |  |  | $ | 4.9 |  |  | $ | 1.1 |  |  | $ | 5.2 |
Protective |  | 0.8 |  |  | 5.2 |  |  | 1.0 |  |  | 5.5 |
Total Company restructuring charges |  | $ | 2.1 |  |  | $ | 10.1 |  |  | $ | 2.1 |  |  | $ | 10.7 |
(3)Restructuring associated costs for the three months ended June 30, 2021 primarily relate to fees paid to third-party consultants in support of the Reinvent SEE business transformation. Restructuring associated costs for the six months ended June 30, 2021 also includes a one-time, non-cash cumulative translation adjustment loss (CTA) recognized due to the wind-up of one of our legal entities. Restructuring associated costs for the three and six months ended June 30, 2020, primarily relate to fees paid to third-party consultants in support of the Reinvent SEE business transformation.
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, 2021 |  | December 31, 2020
Assets allocated to segments: |  |  |  |
Food |  | $ | 2,147.1 |  |  | $ | 2,019.1 |
Protective |  | 2,891.7 |  |  | 2,795.4 |
Total segments |  | 5,038.8 |  |  | 4,814.5 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 273.1 |  |  | $ | 548.7 |
Assets held for sale |  | — |  |  | 0.3 |
Income tax receivables |  | 30.6 |  |  | 71.2 |
Other receivables |  | 86.3 |  |  | 69.5 |
Deferred taxes |  | 179.3 |  |  | 187.1 |
Other |  | 398.5 |  |  | 392.5 |
Total |  | $ | 6,006.6 |  |  | $ | 6,083.8 |

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