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Segments
 9 Months Ended
Sep. 30, 2024
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)2024202320242023
Net sales:    
Food$897.9 $893.4 $2,660.1 $2,627.1 
As a % of Consolidated net sales66.8 %64.7 %66.2 %63.9 %
Protective447.2 488.4 1,359.7 1,484.3 
As a % of Consolidated net sales33.2 %35.3 %33.8 %36.1 %
Consolidated Net sales$1,345.1 $1,381.8 $4,019.8 $4,111.4 
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Segment Adjusted EBITDA:    
Food$205.9 $194.3 $600.1 $580.1 
Adjusted EBITDA Margin22.9 %21.7 %22.6 %22.1 %
Protective75.5 95.0 246.8 271.3 
Adjusted EBITDA Margin16.9 %19.5 %18.2 %18.3 %
Total Segment Adjusted EBITDA$281.4 $289.3 $846.9 $851.4 
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)2024202320242023
Food Adjusted EBITDA$205.9 $194.3 $600.1 $580.1 
Protective Adjusted EBITDA75.5 95.0 246.8 271.3 
Corporate Adjusted EBITDA(5.4)(4.6)(7.1)(19.1)
Interest expense, net(60.5)(70.1)(188.9)(196.6)
Depreciation and amortization, net of adjustments(1)
(63.2)(64.6)(184.2)(187.1)
Special Items:
Liquibox intangible amortization(7.5)(7.4)(22.7)(19.9)
Liquibox inventory step-up expense— — — (10.8)
Restructuring charges(2)
(6.8)(9.8)(24.8)(9.2)
Other restructuring associated costs(3)
(9.0)(34.6)(22.2)(34.5)
Foreign currency exchange loss due to highly inflationary economies(2.4)(4.9)(7.9)(10.6)
Loss on debt redemption and refinancing activities— — (6.8)(4.9)
Contract terminations(4)
— (15.3)0.1 (15.3)
Charges related to acquisition and divestiture activity(5)
(4.1)(2.8)(3.2)(24.5)
Other Special Items(6)
(3.1)2.7 (5.2)(5.1)
Pre-tax impact of Special Items(32.9)(72.1)(92.7)(134.8)
Earnings before income tax provision$119.4 $77.9 $374.0 $313.8 
(1)Net of Liquibox intangible amortization, which is included under Special Items. Depreciation and amortization by segment were as follows:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Food$47.9 $48.1 $141.1 $135.8 
Protective22.8 23.9 65.8 71.2 
Total Company depreciation and amortization(i)
$70.7 $72.0 $206.9 $207.0 
Liquibox intangible amortization(7.5)(7.4)(22.7)(19.9)
Depreciation and amortization, net of adjustments$63.2 $64.6 $184.2 $187.1 
(i)    Includes share-based incentive compensation of $8.5 million and $24.4 million for the three and nine months ended September 30, 2024, respectively, and $12.1 million and $32.3 million for the three and nine months ended September 30, 2023, respectively.
(2)Restructuring charges by segment were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Food$4.7 $5.7 $15.3 $6.3 
Protective2.1 4.1 9.5 2.9 
Total Company restructuring charges$6.8 $9.8 $24.8 $9.2 
(3)Other restructuring associated costs for the three and nine months ended September 30, 2024 primarily relate to fees paid to third-party consultants in support of the CTO2Grow Program business transformation. Other restructuring associated costs for the three and nine months ended September 30, 2023 primarily consists of impairment of property and equipment and inventory obsolescence charges related to business closure activity.
(4)Contract terminations for the three and nine months ended September 30, 2023 primarily relate to charges associated with business closure activity.
(5)Charges related to acquisition and divestiture activity for the three months ended September 30, 2024 primarily consist of Liquibox related charges. Charges related to acquisition and divestiture activity for the nine months ended September 30, 2024 primarily consist of integration expenses and other Liquibox related charges, partially offset by income recognized on the final purchase price settlement related to the Liquibox acquisition.
(6)Other Special Items for the three and nine months ended September 30, 2024 primarily include fees related to professional services directly associated with Special Items or events that are considered one-time or infrequent. Other Special Items for the three months ended September 30, 2023 primarily relate to a gain associated with a legal settlement. Other Special Items for the nine months ended September 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, partially offset by a gain associated with a legal settlement.

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, 2024December 31, 2023
Assets allocated to segments:  
Food$3,427.6 $3,386.4 
Protective2,669.7 2,663.4 
Total segments6,097.3 6,049.8 
Assets not allocated:
Cash and cash equivalents$386.0 $346.1 
Income tax receivables19.7 44.9 
Other receivables95.6 94.2 
Advances and deposits67.4 72.8 
Deferred taxes151.8 130.8 
Other503.3 462.0 
Total assets$7,321.1 $7,200.6