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Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales by Reportable Segments | The following table shows Net sales by reportable segment:
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Net sales |  |  |  |  |  |
Food |  | $ | 3,582.6 |  |  | $ | 3,519.7 |  |  | $ | 3,317.2 |
As a % of Consolidated net sales |  | 66.4 | % |  | 64.1 | % |  | 58.8 | %
Protective |  | 1,810.0 |  |  | 1,969.2 |  |  | 2,324.7 |
As a % of Consolidated net sales |  | 33.6 | % |  | 35.9 | % |  | 41.2 | %
Consolidated Net sales |  | $ | 5,392.6 |  |  | $ | 5,488.9 |  |  | $ | 5,641.9 |
Schedule of Segment Gross Profit and Reconciliation to Earnings Before Income Tax Provision and Discontinued Operations | The following tables show segment Gross profit and a reconciliation to earnings before income tax provision and discontinued operations:
|  | Year Ended December 31,
|  | 2024
|  | Food |  | Protective |  | Total
Net sales |  | $ | 3,582.6 |  |  | $ | 1,810.0 |  |  | $ | 5,392.6 |
Cost of sales |  | 2,490.7 |  |  | 1,276.2 |  |  | 3,766.9 |
Segment Gross profit |  | $ | 1,091.9 |  |  | $ | 533.8 |  |  | $ | 1,625.7 |
Other unallocated cost of sales |  |  |  |  |  | 0.6 |
Selling, general and administrative expenses |  |  |  |  |  | 752.6 |
(Loss) Gain on disposal of businesses and property and equipment, net |  |  |  |  |  | (16.2) |
Amortization expense of intangible assets |  |  |  |  |  | 62.6 |
Restructuring charges |  |  |  |  |  | 57.8 |
Operating profit |  |  |  |  |  | 735.9 |
Interest expense, net |  |  |  |  |  | (247.6) |
Other expense, net |  |  |  |  |  | (29.9) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 458.4 |
|  | Year Ended December 31,
|  | 2023
|  | Food |  | Protective |  | Total
Net sales |  | $ | 3,519.7 |  |  | $ | 1,969.2 |  |  | $ | 5,488.9 |
Cost of sales |  | 2,485.0 |  |  | 1,362.1 |  |  | 3,847.1 |
Segment Gross profit |  | $ | 1,034.7 |  |  | $ | 607.1 |  |  | $ | 1,641.8 |
Other unallocated cost of sales |  |  |  |  |  | 0.5 |
Selling, general and administrative expenses |  |  |  |  |  | 759.1 |
(Loss) Gain on disposal of businesses and property and equipment, net |  |  |  |  |  | (49.3) |
Amortization expense of intangible assets |  |  |  |  |  | 62.7 |
Restructuring charges |  |  |  |  |  | 15.6 |
Operating profit |  |  |  |  |  | 754.6 |
Interest expense, net |  |  |  |  |  | (263.0) |
Other expense, net |  |  |  |  |  | (61.9) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 429.7 |
|  | Year Ended December 31,
|  | 2022
|  | Food |  | Protective |  | Total
Net sales |  | $ | 3,317.2 |  |  | $ | 2,324.7 |  |  | $ | 5,641.9 |
Cost of sales |  | 2,292.9 |  |  | 1,575.8 |  |  | 3,868.7 |
Segment Gross profit |  | $ | 1,024.3 |  |  | $ | 748.9 |  |  | $ | 1,773.2 |
Other unallocated cost of sales |  |  |  |  |  | 0.3 |
Selling, general and administrative expenses |  |  |  |  |  | 786.2 |
(Loss) Gain on disposal of businesses and property and equipment, net |  |  |  |  |  | 6.3 |
Amortization expense of intangible assets |  |  |  |  |  | 36.1 |
Restructuring charges |  |  |  |  |  | 12.1 |
Operating profit |  |  |  |  |  | 944.8 |
Interest expense, net |  |  |  |  |  | (162.3) |
Other expense, net |  |  |  |  |  | (53.2) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 729.3 |
Schedule of Depreciation And Amortization of Segment | The following table shows depreciation and amortization by segment:
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Food |  | $ | 186.1 |  |  | $ | 175.7 |  |  | $ | 137.1 |
Protective |  | 87.9 |  |  | 91.8 |  |  | 99.7 |
Total Company depreciation and amortization(1) |  | $ | 274.0 |  |  | $ | 267.5 |  |  | $ | 236.8 |
(1)Includes share-based incentive compensation of $33.0 million in 2024, $34.2 million in 2023 and $52.3 million in 2022.
Schedule of Restructuring Charges by Segment | Restructuring charges by segment were as follows:
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Food |  | $ | 31.3 |  |  | $ | 8.2 |  |  | $ | 8.3 |
Protective |  | 26.5 |  |  | 7.4 |  |  | 3.8 |
Total Company restructuring charges |  | $ | 57.8 |  |  | $ | 15.6 |  |  | $ | 12.1 |
Schedule of Assets Allocated 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.
|  | December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Assets allocated to segments: |  |  |  |  |  |
Food |  | $ | 3,301.4 |  |  | $ | 3,386.4 |  |  | $ | 2,342.6 |
Protective |  | 2,599.6 |  |  | 2,663.4 |  |  | 2,795.7 |
Total segments |  | $ | 5,901.0 |  |  | $ | 6,049.8 |  |  | $ | 5,138.3 |
Assets not allocated: |  |  |  |  |  |
Cash and cash equivalents |  | 371.8 |  |  | 346.1 |  |  | 456.1 |
Income tax receivables |  | 25.0 |  |  | 44.9 |  |  | 40.3 |
Other receivables |  | 99.8 |  |  | 94.2 |  |  | 91.5 |
Advances and deposits |  | 36.1 |  |  | 72.8 |  |  | 12.7 |
Deferred taxes |  | 112.0 |  |  | 130.8 |  |  | 141.5 |
Other |  | 476.4 |  |  | 462.0 |  |  | 334.3 |
Total |  | $ | 7,022.1 |  |  | $ | 7,200.6 |  |  | $ | 6,214.7 |
Schedule of Net Sales and Long-lived Assets Allocated by Geography | The following table shows net sales and total long-lived assets allocated by geography. Sales are attributed to the country/region in which they originate.
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Net sales(1): |  |  |  |  |  |
Americas(1) |  | $ | 3,526.1 |  |  | $ | 3,578.3 |  |  | $ | 3,718.5 |
EMEA |  | 1,107.9 |  |  | 1,149.3 |  |  | 1,160.0 |
APAC |  | 758.6 |  |  | 761.3 |  |  | 763.4 |
Total |  | $ | 5,392.6 |  |  | $ | 5,488.9 |  |  | $ | 5,641.9 |
Total long-lived assets(2): |  |  |  |  |  |
Americas(2) |  | $ | 1,106.0 |  |  | $ | 1,122.4 |  |  |
EMEA |  | 397.0 |  |  | 418.6 |  |  |
APAC |  | 255.2 |  |  | 234.0 |  |  |
Total |  | $ | 1,758.2 |  |  | $ | 1,775.0 |  |  |
(1)U.S. net sales were $2,857.6 million, $2,913.6 million and $3,073.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2024, 2023 or 2022. Sales are allocated to the country/region based on where each sale originated. (2)Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, and intangible assets. Total long-lived assets in the U.S. were $1,024.8 million and $1,044.2 million at December 31, 2024 and 2023, respectively. No non-U.S. country had long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2024 or 2023.

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