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v3.25.2

Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Net Sales by Reportable Segment | The following table shows Net sales by reportable segment:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  |  |  |  |  |  |  |
Food |  | $ | 896.1 |  |  | $ | 893.8 |  |  | $ | 1,748.2 |  |  | $ | 1,762.2 |
As a % of Consolidated net sales |  | 67.1 | % |  | 66.4 | % |  | 67.0 | % |  | 65.9 | %
Protective |  | 438.9 |  |  | 451.3 |  |  | 859.3 |  |  | 912.5 |
As a % of Consolidated net sales |  | 32.9 | % |  | 33.6 | % |  | 33.0 | % |  | 34.1 | %
Consolidated Net sales |  | $ | 1,335.0 |  |  | $ | 1,345.1 |  |  | $ | 2,607.5 |  |  | $ | 2,674.7 |
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 June 30,
|  | 2025
|  | Food |  | Protective |  | Total
Net sales |  | $ | 896.1 |  |  | $ | 438.9 |  |  | $ | 1,335.0 |
Cost of sales |  | 616.4 |  |  | 310.7 |  |  | 927.1 |
Segment Gross profit |  | $ | 279.7 |  |  | $ | 128.2 |  |  | $ | 407.9 |
Other unallocated cost of sales |  |  |  |  |  | 1.7 |
Selling, general and administrative expenses |  |  |  |  |  | 184.2 |
Loss on disposal of long-lived assets, net |  |  |  |  |  | (6.0) |
Amortization expense of intangible assets |  |  |  |  |  | 14.9 |
Restructuring charges |  |  |  |  |  | 2.8 |
Operating profit |  |  |  |  |  | 198.3 |
Interest expense, net |  |  |  |  |  | (55.7) |
Other expense, net |  |  |  |  |  | (11.3) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 131.3 |
|  | Six Months Ended June 30,
|  | 2025
|  | Food |  | Protective |  | Total
Net sales |  | $ | 1,748.2 |  |  | $ | 859.3 |  |  | $ | 2,607.5 |
Cost of sales |  | 1,200.4 |  |  | 607.0 |  |  | 1,807.4 |
Segment Gross profit |  | $ | 547.8 |  |  | $ | 252.3 |  |  | $ | 800.1 |
Other unallocated cost of sales |  |  |  |  |  | 2.2 |
Selling, general and administrative expenses |  |  |  |  |  | 370.8 |
Loss on disposal of long-lived assets, net |  |  |  |  |  | (9.9) |
Amortization expense of intangible assets |  |  |  |  |  | 30.1 |
Restructuring charges |  |  |  |  |  | 5.4 |
Operating profit |  |  |  |  |  | 381.7 |
Interest expense, net |  |  |  |  |  | (112.5) |
Other expense, net |  |  |  |  |  | (10.8) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 258.4 |
|  | Three Months Ended June 30,
|  | 2024
|  | Food |  | Protective |  | Total
Net sales |  | $ | 893.8 |  |  | $ | 451.3 |  |  | $ | 1,345.1 |
Cost of sales |  | 615.2 |  |  | 313.8 |  |  | 929.0 |
Segment Gross profit |  | $ | 278.6 |  |  | $ | 137.5 |  |  | $ | 416.1 |
Other unallocated cost of sales |  |  |  |  |  | 0.1 |
Selling, general and administrative expenses |  |  |  |  |  | 190.3 |
Loss on disposal of long-lived assets, net |  |  |  |  |  | (1.3) |
Amortization expense of intangible assets |  |  |  |  |  | 16.3 |
Restructuring charges |  |  |  |  |  | 2.5 |
Operating profit |  |  |  |  |  | 205.6 |
Interest expense, net |  |  |  |  |  | (63.3) |
Other expense, net |  |  |  |  |  | (6.8) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 135.5 |
|  | Six Months Ended June 30,
|  | 2024
|  | Food |  | Protective |  | Total
Net sales |  | $ | 1,762.2 |  |  | $ | 912.5 |  |  | $ | 2,674.7 |
Cost of sales |  | 1,224.1 |  |  | 633.7 |  |  | 1,857.8 |
Segment Gross profit |  | $ | 538.1 |  |  | $ | 278.8 |  |  | $ | 816.9 |
Other unallocated cost of sales |  |  |  |  |  | 0.1 |
Selling, general and administrative expenses |  |  |  |  |  | 376.7 |
Loss on disposal of long-lived assets, net |  |  |  |  |  | (0.4) |
Amortization expense of intangible assets |  |  |  |  |  | 31.1 |
Restructuring charges |  |  |  |  |  | 18.0 |
Operating profit |  |  |  |  |  | 390.6 |
Interest expense, net |  |  |  |  |  | (128.4) |
Other expense, net |  |  |  |  |  | (7.6) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 254.6 |
Depreciation and Amortization by Segment | The following table shows depreciation and amortization by segment:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Food |  | $ | 47.6 |  |  | $ | 46.3 |  |  | $ | 96.5 |  |  | $ | 93.2 |
Protective |  | 22.4 |  |  | 21.5 |  |  | 44.8 |  |  | 43.0 |
Total Company depreciation and amortization(1) |  | $ | 70.0 |  |  | $ | 67.8 |  |  | $ | 141.3 |  |  | $ | 136.2 |
(1) Includes share-based incentive compensation of $10.7 million and $22.6 million for the three and six months ended June 30, 2025, respectively, and $7.2 million and $15.9 million for the three and six months ended June 30, 2024, respectively.
Schedule of Restructuring Charges By Segment | Restructuring charges by segment were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Food |  | $ | 0.8 |  |  | $ | 2.0 |  |  | $ | 2.5 |  |  | $ | 10.6 |
Protective |  | 2.0 |  |  | 0.5 |  |  | 2.9 |  |  | 7.4 |
Total Company restructuring charges |  | $ | 2.8 |  |  | $ | 2.5 |  |  | $ | 5.4 |  |  | $ | 18.0 |
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) |  | June 30, 2025 |  | December 31, 2024
Assets allocated to segments: |  |  |  |
Food |  | $ | 3,487.8 |  |  | $ | 3,301.4 |
Protective |  | 2,613.3 |  |  | 2,599.6 |
Total segments |  | 6,101.1 |  |  | 5,901.0 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 354.4 |  |  | $ | 371.8 |
Income tax receivables |  | 35.5 |  |  | 25.0 |
Other receivables |  | 109.9 |  |  | 135.9 |
Deferred taxes |  | 140.6 |  |  | 112.0 |
Other |  | 505.9 |  |  | 476.4 |
Total assets |  | $ | 7,247.4 |  |  | $ | 7,022.1 |

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