Segments (Tables)

9 Months Ended

Sep. 30, 2014

The following tables show net sales and Adjusted EBITDA by our segment reporting structure:

	Three Months Ended						Nine Months Ended
	September,						September 30,
	2014			2013			2014			2013
Net Sales:
Food Care	$	983.4		$	951.0		$	2,849.9		$	2,801.1
As a % of Total Company net sales		49.8	%		49.7	%		49.3	%		49.3	%
Diversey Care		550.8			532.0			1,637.2			1,614.9
As a % of Total Company net sales		27.9	%		27.8	%		28.3	%		28.4	%
Product Care		420.7			403.1			1,223.2			1,185.1
As a % of Total Company net sales		21.3	%		21.1	%		21.2	%		20.9	%
Total Reportable Segments Net Sales		1,954.9			1,886.1			5,710.3			5,601.1
Other		20.6			25.9			66.5			77.2
Total Company Net Sales	$	1,975.5		$	1,912.0		$	5,776.8		$	5,678.3
Adjusted EBITDA:
Food Care	$	178.4		$	160.6		$	497.3		$	454.5
Adjusted EBITDA Margin		18.1	%		16.9	%		17.4	%		16.2	%
Diversey Care		69.9			60.7			186.7			176.6
Adjusted EBITDA Margin		12.7	%		11.4	%		11.4	%		10.9	%
Product Care		74.4			69.4			215.4			193.3
Adjusted EBITDA Margin		17.7	%		17.2	%		17.6	%		16.3	%
Total Reportable Segments Adjusted EBITDA		322.7			290.7			899.4			824.4
Other		(23.1	)		(14.2	)		(63.4	)		(54.3	)
Non-U.S. GAAP Total Company Adjusted EBITDA	$	299.6		$	276.5		$	836.0		$	770.1
Adjusted EBITDA Margin		15.2	%		14.5	%		14.5	%		13.6	%

The following table shows a reconciliation of Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP net earnings from continuing operations:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Non-U.S. GAAP Total Company Adjusted EBITDA	$	299.6		$	276.5		$	836.0		$	770.1
Depreciation and amortization⁽¹⁾		(77.3	)		(72.7	)		(241.7	)		(234.0	)
Special items ⁽²⁾:
Write down of non-strategic assets included in depreciation and amortization		0.4			—			0.2			5.0
Restructuring and other charges⁽³⁾		(11.4	)		(49.5	)		(31.6	)		(61.2	)
Other restructuring associated costs included in cost of sales and selling general and administrative expenses		(8.0	)		(8.3	)		(23.4	)		(24.9	)
Development grant matter included in selling, general and administrative expenses		(14.0	)		—			(14.0	)		—
Relocation costs included in selling, general and administrative expenses		(0.5	)		—			(0.5	)		—
SARs		(1.0	)		(8.7	)		(3.2	)		(26.8	)
Integration related costs		(1.4	)		(0.3	)		(3.3	)		(0.7	)
Impairment of equity method investment		-			(2.1	)		(5.7	)		(2.1	)
Foreign currency exchange (losses) gains related to Venezuelan subsidiaries		(4.1	)		0.7			(18.9	)		(12.9	)
Loss on debt redemption and refinancing activities		(17.7	)		—			(18.5	)		(32.4	)
Gain from Claims Settlement in 2014 and related costs		(0.1	)		(0.3	)		20.5			(0.6	)
Non-operating charge for contingent guarantee included in other income (expense), net		(2.5	)		—			(2.5	)		—
Other income (expense), net		2.7			(0.1	)		(0.5	)		(0.1	)
Interest expense		(69.7	)		(88.9	)		(222.1	)		(269.4	)
Income tax provision		35.7			11.2			79.5			19.9
U.S. GAAP net earnings from continuing operations	$	59.3		$	35.1		$	191.3		$	90.1

⁽¹⁾	Depreciation and amortization including share-based incentive compensation expense by segment is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Food Care	$	30.6	$	29.9	$	92.1	$	89.3
Diversey Care		31.9		30.9		98.9		99.0
Product Care		9.8		9.4		30.7		28.8
Total reportable segments		72.3		70.2		221.7		217.1
Other		5.0		2.5		20.0		16.9
Total Company depreciation and amortization	$	77.3	$	72.7	$	241.7	$	234.0

⁽²⁾	Includes items that were considered unusual or special items. See “Non-U.S. GAAP information” above for further information.

⁽³⁾	Restructuring and other charges by segment were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Food Care	$	1.8	$	16.4	$	12.9	$	19.9
Diversey Care		8.2		21.4		12.0		26.3
Product Care		1.3		10.4		6.3		13.6
Total reportable segments		11.3		48.2		31.2		59.8
Other		0.1		1.3		0.4		1.4
Total Company restructuring and other charges	$	11.4	$	49.5	$	31.6	$	61.2