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v3.25.4

Segments (Tables) | 12 Months Ended
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Dec. 31, 2025
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) |  | 2025 |  | 2024 |  | 2023
Net sales |  |  |  |  |  |
Food |  | $ | 3,594.7 |  |  | $ | 3,582.6 |  |  | $ | 3,519.7 |
As a % of Consolidated net sales |  | 67.1 | % |  | 66.4 | % |  | 64.1 | %
Protective |  | 1,765.1 |  |  | 1,810.0 |  |  | 1,969.2 |
As a % of Consolidated net sales |  | 32.9 | % |  | 33.6 | % |  | 35.9 | %
Consolidated Net sales |  | $ | 5,359.8 |  |  | $ | 5,392.6 |  |  | $ | 5,488.9 |
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, 2025
(In millions) |  | Food |  | Protective |  | Total
Net sales |  | $ | 3,594.7 |  |  | $ | 1,765.1 |  |  | $ | 5,359.8 |
Cost of sales |  | 2,496.2 |  |  | 1,261.2 |  |  | 3,757.4 |
Segment Gross profit |  | $ | 1,098.5 |  |  | $ | 503.9 |  |  | $ | 1,602.4 |
Other unallocated cost of sales |  |  |  |  |  | 5.6 |
Selling, general and administrative expenses |  |  |  |  |  | 744.9 |
Loss on disposal of long-lived assets and businesses, net |  |  |  |  |  | (26.8) |
Amortization expense of intangible assets |  |  |  |  |  | 59.5 |
Restructuring charges |  |  |  |  |  | 39.9 |
Operating profit |  |  |  |  |  | 725.7 |
Interest expense, net |  |  |  |  |  | (218.9) |
Other expense, net |  |  |  |  |  | (30.3) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 476.5 |
|  | Year Ended December 31, 2024
(In millions) |  | 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 on disposal of long-lived assets and businesses, 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
(In millions) |  | 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 on disposal of long-lived assets and businesses, 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 |
Schedule of Depreciation And Amortization of Segment | The following table shows depreciation and amortization by segment:
|  | Year Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Food |  | $ | 193.1 |  |  | $ | 186.1 |  |  | $ | 175.7 |
Protective |  | 91.6 |  |  | 87.9 |  |  | 91.8 |
Total Company depreciation and amortization(1) |  | $ | 284.7 |  |  | $ | 274.0 |  |  | $ | 267.5 |
(1)Includes share-based incentive compensation of $41.1 million in 2025, $33.0 million in 2024 and $34.2 million in 2023.
Schedule of Restructuring Charges by Segment | Restructuring charges by segment were as follows:
|  | Year Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Food |  | $ | 25.1 |  |  | $ | 31.3 |  |  | $ | 8.2 |
Protective |  | 14.8 |  |  | 26.5 |  |  | 7.4 |
Total Company restructuring charges |  | $ | 39.9 |  |  | $ | 57.8 |  |  | $ | 15.6 |
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; inventories, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net:
|  | December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Assets allocated to segments: |  |  |  |  |  |
Food |  | $ | 3,410.2 |  |  | $ | 3,301.4 |  |  | $ | 3,386.4 |
Protective |  | 2,594.7 |  |  | 2,599.6 |  |  | 2,663.4 |
Total segments |  | $ | 6,004.9 |  |  | $ | 5,901.0 |  |  | $ | 6,049.8 |
Assets not allocated: |  |  |  |  |  |
Cash and cash equivalents |  | 344.0 |  |  | 371.8 |  |  | 346.1 |
Income tax receivables |  | 57.3 |  |  | 25.0 |  |  | 44.9 |
Other receivables |  | 96.5 |  |  | 135.9 |  |  | 167.0 |
Deferred taxes |  | 70.0 |  |  | 112.0 |  |  | 130.8 |
Other |  | 440.1 |  |  | 476.4 |  |  | 462.0 |
Total assets |  | $ | 7,012.8 |  |  | $ | 7,022.1 |  |  | $ | 7,200.6 |
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) |  | 2025 |  | 2024 |  | 2023
Net sales(1): |  |  |  |  |  |
Americas(1) |  | $ | 3,430.8 |  |  | $ | 3,526.1 |  |  | $ | 3,578.3 |
EMEA |  | 1,172.7 |  |  | 1,107.9 |  |  | 1,149.3 |
APAC |  | 756.3 |  |  | 758.6 |  |  | 761.3 |
Total |  | $ | 5,359.8 |  |  | $ | 5,392.6 |  |  | $ | 5,488.9 |
Total long-lived assets(2): |  |  |  |  |  |
Americas(2) |  | $ | 1,081.7 |  |  | $ | 1,106.0 |  |  |
EMEA |  | 445.1 |  |  | 397.0 |  |  |
APAC |  | 262.4 |  |  | 255.2 |  |  |
Total |  | $ | 1,789.2 |  |  | $ | 1,758.2 |  |  |
(1)U.S. net sales were $2,753.0 million, $2,857.6 million, and $2,913.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2025, 2024, or 2023. 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 $982.1 million and $1,024.8 million at December 31, 2025 and 2024, respectively. No non-U.S. country had long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2025 or 2024.

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