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Segments (Tables)

6 Months Ended

Jun. 30, 2024

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)						2024						2023						2024						2023
Net sales:
Food						$	893.8					$	880.6					$	1,762.2					$	1,733.7
As a % of Consolidated net sales						66.4		%				63.8		%				65.9		%				63.5		%
Protective						451.3						500.2						912.5						995.9
As a % of Consolidated net sales						33.6		%				36.2		%				34.1		%				36.5		%
Consolidated Net sales						$	1,345.1					$	1,380.8					$	2,674.7					$	2,729.6
						Three Months Ended June 30,												Six Months Ended June 30,
(In millions)						2024						2023						2024						2023
Segment Adjusted EBITDA:
Food						$	204.6					$	191.0					$	394.2					$	385.8
Adjusted EBITDA Margin						22.9		%				21.7		%				22.4		%				22.3		%
Protective						81.8						95.9						171.3						176.3
Adjusted EBITDA Margin						18.1		%				19.2		%				18.8		%				17.7		%
Total Segment Adjusted EBITDA						$	286.4					$	286.9					$	565.5					$	562.1

Reconciliation of Net Earnings (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)						2024						2023						2024						2023
Food Adjusted EBITDA						$	204.6					$	191.0					$	394.2					$	385.8
Protective Adjusted EBITDA						81.8						95.9						171.3						176.3
Corporate Adjusted EBITDA						(0.9)						(6.6)						(1.7)						(14.5)
Interest expense, net						(63.3)						(68.7)						(128.4)						(126.5)
Depreciation and amortization, net of adjustments(1)						(60.1)						(53.6)						(121.0)						(122.5)
Special Items:
Liquibox intangible amortization						(7.7)						(7.5)						(15.2)						(12.5)
Liquibox inventory step-up expense						—						(2.4)						—						(10.8)
Restructuring charges(2)						(2.5)						(0.6)						(18.0)						0.6
Other restructuring associated costs						(6.4)						(0.1)						(13.2)						0.1
Foreign currency exchange loss due to highly inflationary economies						(0.6)						(3.1)						(5.5)						(5.7)
Loss on debt redemption and refinancing activities						(6.8)						—						(6.8)						(4.9)
Contract terminations						—						—						0.1						—
Charges related to acquisition and divestiture activity(3)						(1.0)						(4.8)						0.9						(21.7)
Other Special Items(4)						(1.6)						(0.3)						(2.1)						(7.8)
Pre-tax impact of Special Items						(26.6)						(18.8)						(59.8)						(62.7)
Earnings before income tax provision						$	135.5					$	139.2					$	254.6					$	235.9

(1)Net of Liquibox intangible amortization, which is included under Special Items. Depreciation and amortization by segment were as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
(In millions)						2024						2023						2024						2023
Food						$	46.3					$	41.0					$	93.2					$	87.7
Protective						21.5						20.1						43.0						47.3
Total Company depreciation and amortization(i)						$	67.8					$	61.1					$	136.2					$	135.0
Liquibox intangible amortization						(7.7)						(7.5)						(15.2)						(12.5)
Depreciation and amortization, net of adjustments						$	60.1					$	53.6					$	121.0					$	122.5

(i)    Includes share-based incentive compensation of $7.2 million and $15.9 million for the three and six months ended June 30, 2024, respectively, and $2.2 million and $20.2 million for the three and six months ended June 30, 2023, respectively.

(2)Restructuring charges by segment were as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
(In millions)						2024						2023						2024						2023
Food						$	2.0					$	1.5					$	10.6					$	0.6
Protective						0.5						(0.9)						7.4						(1.2)
Total Company restructuring charges						$	2.5					$	0.6					$	18.0					$	(0.6)

(3)Charges related to acquisition and divestiture activity for the six months ended June 30, 2024 primarily consists of income recognized on the final purchase price settlement related to the Liquibox acquisition, partially offset by integration expenses.

(4)Other Special Items for the six months ended June 30, 2023 primarily relate to a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities.

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, 2024						December 31, 2023
Assets allocated to segments:
Food						$	3,420.6					$	3,386.4
Protective						2,648.0						2,663.4
Total segments						6,068.6						6,049.8
Assets not allocated:
Cash and cash equivalents						$	388.6					$	346.1
Income tax receivables						20.5						44.9
Other receivables						96.7						94.2
Advances and deposits						70.2						72.8
Deferred taxes						135.3						130.8
Other						488.5						462.0
Total assets						$	7,268.4					$	7,200.6

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Reconciliation Of Adjusted Earnings Before Income Tax Depreciation And Amortization To Net Earnings [Table Text Block]

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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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