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v3.25.1

Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Net Sales by Reportable Segment | The following table shows Net sales by reportable segment:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2025 |  | 2024
Net sales |  |  |  |  |  |  |  |
Food |  |  |  |  |  | $ | 852.1 |  |  | $ | 868.4 |
As a % of Consolidated net sales |  |  |  |  |  | 67.0 | % |  | 65.3 | %
Protective |  |  |  |  |  | 420.4 |  |  | 461.2 |
As a % of Consolidated net sales |  |  |  |  |  | 33.0 | % |  | 34.7 | %
Consolidated Net sales |  |  |  |  |  | $ | 1,272.5 |  |  | $ | 1,329.6 |
Schedule of Gross Profit and a 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:
|  | Three Months Ended March 31,
|  | 2025
|  | Food |  | Protective |  | Total
Net sales |  | $ | 852.1 |  |  | $ | 420.4 |  |  | $ | 1,272.5 |
Cost of sales |  | 584.0 |  |  | 296.3 |  |  | 880.3 |
Segment Gross profit |  | $ | 268.1 |  |  | $ | 124.1 |  |  | $ | 392.2 |
Other unallocated cost of sales |  |  |  |  |  | 0.5 |
Selling, general and administrative expenses |  |  |  |  |  | 190.5 |
Amortization expense of intangible assets |  |  |  |  |  | 15.2 |
Restructuring charges |  |  |  |  |  | 2.6 |
Operating profit |  |  |  |  |  | 183.4 |
Interest expense, net |  |  |  |  |  | (56.8) |
Other income, net |  |  |  |  |  | 0.5 |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 127.1 |
|  | Three Months Ended March 31,
|  | 2024
|  | Food |  | Protective |  | Total
Net sales |  | $ | 868.4 |  |  | $ | 461.2 |  |  | $ | 1,329.6 |
Cost of sales |  | 608.9 |  |  | 319.9 |  |  | 928.8 |
Segment Gross profit |  | $ | 259.5 |  |  | $ | 141.3 |  |  | $ | 400.8 |
Selling, general and administrative expenses |  |  |  |  |  | 185.5 |
Amortization expense of intangible assets |  |  |  |  |  | 14.8 |
Restructuring charges |  |  |  |  |  | 15.5 |
Operating profit |  |  |  |  |  | 185.0 |
Interest expense, net |  |  |  |  |  | (65.1) |
Other expense, net |  |  |  |  |  | (0.8) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 119.1 |
Depreciation and Amortization by Segment | The following table shows depreciation and amortization by segment:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2025 |  | 2024
Food |  |  |  |  |  | $ | 48.9 |  |  | $ | 46.9 |
Protective |  |  |  |  |  | 22.4 |  |  | 21.5 |
Total Company depreciation and amortization(1) |  |  |  |  |  | $ | 71.3 |  |  | $ | 68.4 |
(1) Includes share-based incentive compensation of $11.9 million and $8.7 million for the three months ended March 31, 2025 and 2024, respectively.
Schedule of Restructuring Charges By Segment | Restructuring charges by segment were as follows:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2025 |  | 2024
Food |  |  |  |  |  | $ | 1.7 |  |  | $ | 8.6 |
Protective |  |  |  |  |  | 0.9 |  |  | 6.9 |
Total Company restructuring charges |  |  |  |  |  | $ | 2.6 |  |  | $ | 15.5 |
Schedule of 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) |  | March 31, 2025 |  | December 31, 2024
Assets allocated to segments: |  |  |  |
Food |  | $ | 3,406.3 |  |  | $ | 3,301.4 |
Protective |  | 2,586.1 |  |  | 2,599.6 |
Total segments |  | 5,992.4 |  |  | 5,901.0 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 335.2 |  |  | $ | 371.8 |
Income tax receivables |  | 20.8 |  |  | 25.0 |
Other receivables |  | 101.9 |  |  | 135.9 |
Deferred taxes |  | 117.3 |  |  | 112.0 |
Other |  | 481.6 |  |  | 476.4 |
Total assets |  | $ | 7,049.2 |  |  | $ | 7,022.1 |

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