Segments (Tables)

12 Months Ended

Dec. 31, 2023

Net Sales and Adjusted EBITDA of Reportable Segments

The following tables show Net sales and Segment Adjusted EBITDA by reportable segment:


	Year Ended December 31,
(In millions)	2023			2022			2021
Net sales
Food	$	3,519.7		$	3,317.2		$	3,112.8
As a % of Consolidated net sales	64.1		%	58.8		%	56.3		%
Protective	1,969.2			2,324.7			2,421.0
As a % of Consolidated net sales	35.9		%	41.2		%	43.7		%
Consolidated Net sales	$	5,488.9		$	5,641.9		$	5,533.8


	Year Ended December 31,
(In millions)	2023			2022			2021
Segment Adjusted EBITDA
Food	$	775.0		$	755.1		$	688.4
Adjusted EBITDA Margin	22.0		%	22.8		%	22.1		%
Protective	361.8			465.6			446.2
Adjusted EBITDA Margin	18.4		%	20.0		%	18.4		%
Total Segment Adjusted EBITDA	$	1,136.8		$	1,220.7		$	1,134.6

Reconciliation of Segment Adjusted EBITDA to Earnings

The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:


	Year Ended December 31,
(In millions)	2023		2022		2021
Food Adjusted EBITDA	$	775.0	$	755.1	$	688.4
Protective Adjusted EBITDA	361.8		465.6		446.2
Corporate Adjusted EBITDA	(30.2)		(10.5)		(3.0)
Interest expense, net	(263.0)		(162.3)		(167.8)
Depreciation and amortization, net of adjustments(1)	(239.6)		(236.8)		(232.2)
Special Items:
Liquibox intangible amortization(2)	(27.9)		—		—
Liquibox inventory step-up amortization	(10.2)		—		—
Restructuring charges(3)	(15.6)		(12.1)		(14.5)
Other restructuring associated costs(4)	(34.5)		(9.3)		(16.5)
Foreign currency exchange loss due to highly inflationary economies	(23.1)		(8.8)		(3.6)
Loss on debt redemption and refinancing activities	(13.2)		(11.2)		(18.6)
Impairment (loss)/fair value gain on equity investments, net	—		(30.6)		6.6
Impairment of debt investment	—		—		(8.0)
Contract terminations(5)	(14.6)		—		—
Charges related to acquisition and divestiture activity	(28.3)		(3.1)		(2.6)

Gain on sale of Reflectix	—		—		45.3
CEO severance	(6.1)		—		—

Other Special Items(6)	(0.8)		(6.7)		(3.5)
Pre-tax impact of Special Items	(174.3)		(81.8)		(15.4)
Earnings before income tax provision	$	429.7	$	729.3	$	716.2

(1) Net of Liquibox intangible amortization of $27.9 million for the year ended December 31, 2023, which is included under Special Items. Depreciation and amortization by segment were as follows:


	Year Ended December 31,
(In millions)	2023		2022		2021
Food	$	175.7	$	137.1	$	129.1
Protective	91.8		99.7		103.1

Total Company depreciation and amortization(i)	267.5		236.8		232.2
Liquibox intangible amortization(2)	(27.9)		—		—
Depreciation and amortization, net of adjustments	$	239.6	$	236.8	$	232.2

(i)Includes share-based incentive compensation of $34.2 million in 2023, $52.3 million in 2022 and $45.8 million in 2021.

(2)As of 2023, the Company is including, within its definition of Special Items, amortization expenses of intangibles from the Liquibox acquisition and future significant acquisitions.

(3) Restructuring charges by segment were as follows:


	Year Ended December 31,
(In millions)	2023		2022		2021
Food	$	8.2	$	8.3	$	7.2
Protective	7.4		3.8		7.3
Total Company restructuring charges	$	15.6	$	12.1	$	14.5

(4) Other restructuring associated costs for the year ended December 31, 2023 primarily consists of impairment of property and equipment and inventory obsolescence charges related to business closure activity. Other restructuring

associated costs for the year ended December 31, 2022 primarily relate to fees paid to third-party consultants in support of our Reinvent SEE business transformation and site consolidation costs.

(5)Contract terminations for the year ended December 31, 2023 primarily relates to charges associated with business closure activities.

(6) Other Special Items for the year ended December 31, 2023 primarily relate to a one-time, non-cash cumulative translation adjustment loss recognized due to the wind-up of one of our legal entities and fees related to professional services, including legal fees, directly associated with Special Items of events that are considered one-time or infrequent in nature, partially offset by a gain on the disposal of a building and land in Brazil and gain associated with a legal settlement. Other Special Items for the years ended December 31, 2022 and 2021 primarily included fees related to professional services, including legal fees, directly associated with Special Items of events that are considered one-time or infrequent in nature. For the year ended December 31, 2022, these fees were partially offset by a one-time gain on the disposal of land in the UK.

Assets Allocated 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.


	December 31,
(In millions)	2023		2022
Assets allocated to segments:
Food	$	3,386.4	$	2,342.6
Protective	2,663.4		2,795.7
Total segments	$	6,049.8	$	5,138.3
Assets not allocated:
Cash and cash equivalents	346.1		456.1

Income tax receivables	44.9		40.3
Other receivables	94.2		91.5
Advances and deposits	72.8		12.7
Deferred taxes	130.8		141.5
Other	462.0		334.3
Total	$	7,200.6	$	6,214.7

Geographic Information

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)	2023		2022		2021
Net sales(1):
Americas(1)	$	3,578.3	$	3,718.5	$	3,522.3
EMEA	1,149.3		1,160.0		1,200.0
APAC	761.3		763.4		811.5
Total	$	5,488.9	$	5,641.9	$	5,533.8
Total long-lived assets(2):
Americas(2)	$	1,122.4	$	1,052.1
EMEA	418.6		375.0
APAC	234.0		216.4
Total	$	1,775.0	$	1,643.5

(1)U.S. net sales were $2,913.6 million, $3,073.0 million and $2,925.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2023, 2022 or 2021. 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 $1,044.2 million and $977.0 million at December 31, 2023 and 2022, respectively. No non-U.S. country had long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2023 or 2022.