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Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Net Sales by Reportable Segment

The following table shows Net sales by reportable segment:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)						2025						2024						2025						2024
Net sales
Food						$	909.6					$	897.9					$	2,657.8					$	2,660.1
As a % of Consolidated net sales						67.3		%				66.8		%				67.1		%				66.2		%
Protective						441.7						447.2						1,301.0						1,359.7
As a % of Consolidated net sales						32.7		%				33.2		%				32.9		%				33.8		%
Consolidated Net sales						$	1,351.3					$	1,345.1					$	3,958.8					$	4,019.8

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 September 30,
						2025
						Food						Protective						Total
Net sales						$	909.6					$	441.7					$	1,351.3
Cost of sales						632.7						317.9						950.6
Segment Gross profit						$	276.9					$	123.8					$	400.7
Other unallocated cost of sales																		0.2
Selling, general and administrative expenses																		175.3
(Loss) on disposal of long-lived assets, net																		(4.8)
Amortization expense of intangible assets																		14.9
Restructuring charges																		20.8
Operating profit																		184.7
Interest expense, net																		(55.5)
Other expense, net																		(13.5)
Earnings before income tax provision and discontinued operations																		$	115.7

						Nine Months Ended September 30,
						2025
						Food						Protective						Total
Net sales						$	2,657.8					$	1,301.0					$	3,958.8
Cost of sales						1,833.1						924.9						2,758.0
Segment Gross profit						$	824.7					$	376.1					$	1,200.8
Other unallocated cost of sales																		2.4
Selling, general and administrative expenses																		546.1
(Loss) on disposal of long-lived assets, net																		(14.7)
Amortization expense of intangible assets																		45.0
Restructuring charges																		26.2
Operating profit																		566.4
Interest expense, net																		(168.0)
Other expense, net																		(24.3)
Earnings before income tax provision and discontinued operations																		$	374.1

						Three Months Ended September 30,
						2024
						Food						Protective						Total
Net sales						$	897.9					$	447.2					$	1,345.1
Cost of sales						625.9						317.3						943.2
Segment Gross profit						$	272.0					$	129.9					$	401.9
Other unallocated cost of sales																		0.4
Selling, general and administrative expenses																		187.1
(Loss) on disposal of long-lived assets, net																		(5.4)
Amortization expense of intangible assets																		15.9
Restructuring charges																		6.8
Operating profit																		186.3
Interest expense, net																		(60.5)
Other expense, net																		(6.4)
Earnings before income tax provision and discontinued operations																		$	119.4

						Nine Months Ended September 30,
						2024
						Food						Protective						Total
Net sales						$	2,660.1					$	1,359.7					$	4,019.8
Cost of sales						1,850.0						951.0						2,801.0
Segment Gross profit						$	810.1					$	408.7					$	1,218.8
Other unallocated cost of sales																		0.5
Selling, general and administrative expenses																		563.8
(Loss) on disposal of long-lived assets, net																		(5.8)
Amortization expense of intangible assets																		47.0
Restructuring charges																		24.8
Operating profit																		576.9
Interest expense, net																		(188.9)
Other expense, net																		(14.0)
Earnings before income tax provision and discontinued operations																		$	374.0

Depreciation and Amortization by Segment

The following table shows depreciation and amortization by segment:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)						2025						2024						2025						2024
Food						$	48.2					$	47.9					$	144.7					$	141.1
Protective						22.7						22.8						67.5						65.8
Total Company depreciation and amortization(1)						$	70.9					$	70.7					$	212.2					$	206.9

(1)    Includes share-based incentive compensation of $9.4 million and $32.0 million for the three and nine months ended September 30, 2025, respectively, and $8.5 million and $24.4 million for the three and nine months ended September 30, 2024, respectively.

Schedule of Restructuring Charges by Segment

Restructuring charges by segment were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)						2025						2024						2025						2024
Food						$	14.9					$	4.7					$	17.4					$	15.3
Protective						5.9						2.1						8.8						9.5
Total Company restructuring charges						$	20.8					$	6.8					$	26.2					$	24.8

Schedule of Assets by Reportable Segments

The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventories, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net.

(In millions)						September 30, 2025						December 31, 2024
Assets allocated to segments:
Food						$	3,464.7					$	3,301.4
Protective						2,611.5						2,599.6
Total segments						6,076.2						5,901.0
Assets not allocated:
Cash and cash equivalents						$	282.5					$	371.8
Income tax receivables						69.0						25.0
Other receivables						101.1						135.9
Deferred taxes						55.1						112.0
Other						500.3						476.4
Total assets						$	7,084.2					$	7,022.1

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