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v3.22.2.2

Segments (Tables) | 9 Months Ended
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Sep. 30, 2022
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |  |  |
Food |  | $ | 829.8 |  |  | $ | 797.4 |  |  | $ | 2,443.3 |  |  | $ | 2,236.3 |
As a % of Consolidated net sales |  | 59.3 | % |  | 56.7 | % |  | 57.7 | % |  | 55.9 | %
Protective |  | 570.6 |  |  | 609.3 |  |  | 1,792.7 |  |  | 1,766.0 |
As a % of Consolidated net sales |  | 40.7 | % |  | 43.3 | % |  | 42.3 | % |  | 44.1 | %
Consolidated Net sales |  | $ | 1,400.4 |  |  | $ | 1,406.7 |  |  | $ | 4,236.0 |  |  | $ | 4,002.3 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Segment Adjusted EBITDA: |  |  |  |  |  |  |  |
Food |  | $ | 185.3 |  |  | $ | 169.4 |  |  | $ | 553.4 |  |  | $ | 484.4 |
Adjusted EBITDA Margin |  | 22.3 | % |  | 21.2 | % |  | 22.6 | % |  | 21.7 | %
Protective |  | 109.5 |  |  | 102.7 |  |  | 363.2 |  |  | 319.9 |
Adjusted EBITDA Margin |  | 19.2 | % |  | 16.9 | % |  | 20.3 | % |  | 18.1 | %
Total Segment Adjusted EBITDA |  | $ | 294.8 |  |  | $ | 272.1 |  |  | $ | 916.6 |  |  | $ | 804.3 |
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Food Adjusted EBITDA |  | $ | 185.3 |  |  | $ | 169.4 |  |  | $ | 553.4 |  |  | $ | 484.4 |
Protective Adjusted EBITDA |  | 109.5 |  |  | 102.7 |  |  | 363.2 |  |  | 319.9 |
Corporate Adjusted EBITDA |  | (2.2) |  |  | (1.5) |  |  | (3.6) |  |  | (2.4) |
Interest expense, net |  | (40.9) |  |  | (42.4) |  |  | (119.3) |  |  | (127.6) |
Depreciation and amortization(1) |  | (59.4) |  |  | (55.2) |  |  | (179.0) |  |  | (170.3) |
Special Items: |  |  |  |  |  |  |  |
Restructuring charges(2) |  | (0.6) |  |  | (2.4) |  |  | (4.6) |  |  | (4.5) |
Other restructuring associated costs(3) |  | (1.6) |  |  | (5.4) |  |  | (8.5) |  |  | (15.5) |
Foreign currency exchange loss due to highly inflationary economies |  | (2.2) |  |  | (0.9) |  |  | (5.9) |  |  | (2.9) |
Loss on debt redemption and refinancing activities |  | — |  |  | (14.7) |  |  | (11.2) |  |  | (14.7) |
Fair value gain/impairment (loss) on equity investments |  | — |  |  | 6.6 |  |  | (31.6) |  |  | 6.6 |
Charges related to acquisition and divestiture activity |  | (0.3) |  |  | (0.8) |  |  | 0.8 |  |  | (1.9) |
Other Special Items(4) |  | (3.6) |  |  | (1.0) |  |  | (3.6) |  |  | (1.9) |
Pre-tax impact of Special Items |  | (8.3) |  |  | (18.6) |  |  | (64.6) |  |  | (34.8) |
Earnings before income tax provision |  | $ | 184.0 |  |  | $ | 154.4 |  |  | $ | 550.1 |  |  | $ | 469.2 |
(1)Depreciation and amortization by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Food |  | $ | 34.4 |  |  | $ | 32.3 |  |  | $ | 103.7 |  |  | $ | 96.7 |
Protective |  | 25.0 |  |  | 22.9 |  |  | 75.3 |  |  | 73.6 |
Total Company depreciation and amortization(i) |  | $ | 59.4 |  |  | $ | 55.2 |  |  | $ | 179.0 |  |  | $ | 170.3 |
(i) Includes share-based incentive compensation of $12.7 million and $41.3 million for the three and nine months ended September 30, 2022, respectively, and $10.6 million and $34.4 million for the three and nine months ended September 30, 2021, respectively. (2)Restructuring charges by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Food |  | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 3.1 |  |  | $ | 1.9 |
Protective |  | — |  |  | 1.6 |  |  | 1.5 |  |  | 2.6 |
Total Company restructuring charges |  | $ | 0.6 |  |  | $ | 2.4 |  |  | $ | 4.6 |  |  | $ | 4.5 |
(3)Restructuring associated costs for the three and nine months ended September 30, 2022 and 2021 primarily relate to fees paid to third-party consultants in support of the Reinvent SEE business transformation. The nine months ended September 30, 2022 also includes site consolidation costs and 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. (4)Other Special Items for the three and nine months ended September 30, 2022 relate to fees paid for professional services, including legal fees, directly associated with Special Items of events that are considered one-time or infrequent in nature. For the nine months ended September 30, 2022, the professional fees are partially offset by a one-time gain on the disposal of land in the United Kingdom (UK).
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, 2022 |  | December 31, 2021
Assets allocated to segments: |  |  |  |
Food |  | $ | 2,371.8 |  |  | $ | 2,169.0 |
Protective |  | 2,844.2 |  |  | 2,844.3 |
Total segments |  | 5,216.0 |  |  | 5,013.3 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 248.8 |  |  | $ | 561.0 |
Non-current assets held for sale |  | — |  |  | 1.5 |
Income tax receivables |  | 20.8 |  |  | 28.8 |
Other receivables |  | 95.8 |  |  | 83.7 |
Deferred taxes |  | 117.1 |  |  | 138.4 |
Other |  | 376.6 |  |  | 402.6 |
Total |  | $ | 6,075.1 |  |  | $ | 6,229.3 |

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