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Segments
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segments Segments
The Company’s segment reporting structure consists of two reportable segments as follows and a Corporate category:
•Food
•Protective
The Company’s Food and Protective segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to the reportable segments. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Segment Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of sales.
We allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Segment Adjusted EBITDA. We also allocate and disclose restructuring charges by segment, although they are not included in the segment performance metric Segment Adjusted EBITDA since restructuring charges are categorized as Special Items (as identified below). The accounting policies of the reportable segments and Corporate are the same as those applied to the Condensed Consolidated Financial Statements.
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)2022202120222021
Net sales:    
Food$829.8 $797.4 $2,443.3 $2,236.3 
As a % of Consolidated net sales59.3 %56.7 %57.7 %55.9 %
Protective570.6 609.3 1,792.7 1,766.0 
As a % of Consolidated net sales40.7 %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)2022202120222021
Segment Adjusted EBITDA:    
Food$185.3 $169.4 $553.4 $484.4 
Adjusted EBITDA Margin22.3 %21.2 %22.6 %21.7 %
Protective109.5 102.7 363.2 319.9 
Adjusted EBITDA Margin19.2 %16.9 %20.3 %18.1 %
Total Segment Adjusted EBITDA$294.8 $272.1 $916.6 $804.3 
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)2022202120222021
Food Adjusted EBITDA$185.3 $169.4 $553.4 $484.4 
Protective Adjusted EBITDA109.5 102.7 363.2 319.9 
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)2022202120222021
Food$34.4 $32.3 $103.7 $96.7 
Protective25.0 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)2022202120222021
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, 2022December 31, 2021
Assets allocated to segments:  
Food$2,371.8 $2,169.0 
Protective2,844.2 2,844.3 
Total segments5,216.0 5,013.3 
Assets not allocated:
Cash and cash equivalents$248.8 $561.0 
Non-current assets held for sale— 1.5 
Income tax receivables20.8 28.8 
Other receivables95.8 83.7 
Deferred taxes117.1 138.4 
Other376.6 402.6 
Total$6,075.1 $6,229.3