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Segments (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales: |  |  |  |  |  |  |  |
Food |  | $ | 797.4 |  |  | $ | 704.6 |  |  | $ | 2,236.3 |  |  | $ | 2,068.1 |
As a % of Consolidated net sales |  | 56.7 | % |  | 57.0 | % |  | 55.9 | % |  | 58.1 | %
Protective |  | 609.3 |  |  | 532.6 |  |  | 1,766.0 |  |  | 1,494.2 |
As a % of Consolidated net sales |  | 43.3 | % |  | 43.0 | % |  | 44.1 | % |  | 41.9 | %
Consolidated Net sales |  | $ | 1,406.7 |  |  | $ | 1,237.2 |  |  | $ | 4,002.3 |  |  | $ | 3,562.3 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Segment Adjusted EBITDA: |  |  |  |  |  |  |  |
Food Adjusted EBITDA |  | $ | 169.4 |  |  | $ | 152.4 |  |  | $ | 484.4 |  |  | $ | 477.8 |
Food Adjusted EBITDA Margin |  | 21.2 | % |  | 21.6 | % |  | 21.7 | % |  | 23.1 | %
Protective Adjusted EBITDA |  | 102.7 |  |  | 108.7 |  |  | 319.9 |  |  | 293.0 |
Protective Adjusted EBITDA Margin |  | 16.9 | % |  | 20.4 | % |  | 18.1 | % |  | 19.6 | %
Total Segment Adjusted EBITDA |  | $ | 272.1 |  |  | $ | 261.1 |  |  | $ | 804.3 |  |  | $ | 770.8 |
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 September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Food Adjusted EBITDA |  | $ | 169.4 |  |  | $ | 152.4 |  |  | $ | 484.4 |  |  | $ | 477.8 |
Protective Adjusted EBITDA |  | 102.7 |  |  | 108.7 |  |  | 319.9 |  |  | 293.0 |
Corporate Adjusted EBITDA |  | (1.5) |  |  | (1.8) |  |  | (2.4) |  |  | 1.6 |
Interest expense, net |  | (42.4) |  |  | (43.0) |  |  | (127.6) |  |  | (130.7) |
Depreciation and amortization(1) |  | (55.2) |  |  | (56.2) |  |  | (170.3) |  |  | (161.1) |
Special Items: |  |  |  |  |  |  |  |
Restructuring charges(2) |  | (2.4) |  |  | (1.0) |  |  | (4.5) |  |  | (11.7) |
Other restructuring associated costs(3) |  | (5.4) |  |  | (7.2) |  |  | (15.5) |  |  | (15.0) |
Foreign currency exchange loss due to highly inflationary economies |  | (0.9) |  |  | (1.1) |  |  | (2.9) |  |  | (3.2) |
Loss on debt redemption and refinancing activities |  | (14.7) |  |  | — |  |  | (14.7) |  |  | — |
Increase in fair value of equity investments |  | 6.6 |  |  | — |  |  | 6.6 |  |  | — |
Charges related to acquisition and divestiture activity |  | (0.8) |  |  | (1.0) |  |  | (1.9) |  |  | (5.1) |
Other Special Items |  | (1.0) |  |  | (0.6) |  |  | (1.9) |  |  | (4.3) |
Pre-tax impact of Special Items |  | (18.6) |  |  | (10.9) |  |  | (34.8) |  |  | (39.3) |
Earnings before income tax provision |  | $ | 154.4 |  |  | $ | 149.2 |  |  | $ | 469.2 |  |  | $ | 441.3 |
(1)Depreciation and amortization by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Food |  | $ | 32.3 |  |  | $ | 31.7 |  |  | $ | 96.7 |  |  | $ | 90.9 |
Protective |  | 22.9 |  |  | 24.5 |  |  | 73.6 |  |  | 70.2 |
Consolidated depreciation and amortization(i) |  | $ | 55.2 |  |  | $ | 56.2 |  |  | $ | 170.3 |  |  | $ | 161.1 |
(i) Includes share-based incentive compensation of $10.6 million and $34.4 million for the three and nine months ended September 30, 2021, respectively, and $12.3 million and $31.3 million for the three and nine months ended September 30, 2020, respectively. (2)Restructuring charges by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Food |  | $ | 0.8 |  |  | $ | (1.4) |  |  | $ | 1.9 |  |  | $ | 3.8 |
Protective |  | 1.6 |  |  | 2.4 |  |  | 2.6 |  |  | 7.9 |
Consolidated restructuring charges |  | $ | 2.4 |  |  | $ | 1.0 |  |  | $ | 4.5 |  |  | $ | 11.7 |
(3)Restructuring associated costs for the three months ended September 30, 2021 primarily relate to fees paid to third-party consultants in support of the Reinvent SEE business transformation. Restructuring associated costs for the nine months ended September 30, 2021 also includes a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities. 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 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) |  | September 30, 2021 |  | December 31, 2020
Assets allocated to segments: |  |  |  |
Food |  | $ | 2,168.2 |  |  | $ | 2,019.1 |
Protective |  | 2,885.5 |  |  | 2,795.4 |
Total segments |  | 5,053.7 |  |  | 4,814.5 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 393.7 |  |  | $ | 548.7 |
Current assets held for sale |  | 3.3 |  |  | 0.3 |
Income tax receivables |  | 31.4 |  |  | 71.2 |
Other receivables |  | 96.7 |  |  | 69.5 |
Deferred taxes |  | 172.1 |  |  | 187.1 |
Other |  | 408.9 |  |  | 392.5 |
Total |  | $ | 6,159.8 |  |  | $ | 6,083.8 |

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