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Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Net Sales and Adjusted EBITDA by Reportable Segments
The following tables show Net sales and Segment Adjusted EBITDA by reportable segment:
Three Months Ended
March 31,
(In millions)20242023
Net sales:  
Food$868.4 $853.1 
As a % of Consolidated net sales65.3 %63.2 %
Protective461.2 495.7 
As a % of Consolidated net sales34.7 %36.8 %
Consolidated Net sales$1,329.6 $1,348.8 
 
 Three Months Ended
March 31,
(In millions)20242023
Segment Adjusted EBITDA:  
Food$189.6 $194.8 
Adjusted EBITDA Margin21.8 %22.8 %
Protective89.5 80.4 
Adjusted EBITDA Margin19.4 %16.2 %
Total Segment Adjusted EBITDA$279.1 $275.2 
Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA
The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:

Three Months Ended
March 31,
(In millions)20242023
Food Adjusted EBITDA$189.6 $194.8 
Protective Adjusted EBITDA89.5 80.4 
Corporate Adjusted EBITDA(0.8)(7.9)
Interest expense, net(65.1)(57.8)
Depreciation and amortization, net of adjustments(1)
(60.9)(68.9)
Special Items:
Liquibox intangible amortization(7.5)(5.0)
Liquibox inventory step-up expense— (8.4)
Restructuring charges(2)
(15.5)1.2 
Other restructuring associated costs(6.8)0.2 
Foreign currency exchange loss due to highly inflationary economies(4.9)(2.6)
Loss on debt redemption and refinancing activities— (4.9)
Contract terminations0.1 — 
Charges related to acquisition and divestiture activity(3)
1.9 (16.9)
Other Special Items(4)
(0.5)(7.5)
Pre-tax impact of Special Items(33.2)(43.9)
Earnings before income tax provision$119.1 $96.7 
(1)Net of Liquibox intangible amortization, which is included under Special Items. Depreciation and amortization by segment were as follows:
Three Months Ended
March 31,
(In millions)20242023
Food$46.9 $46.7 
Protective21.5 27.2 
Total Company depreciation and amortization(i)
$68.4 $73.9 
Liquibox intangible amortization(7.5)(5.0)
Depreciation and amortization, net of adjustments$60.9 $68.9 
(i)    Includes share-based incentive compensation of $8.7 million and $18.0 million for the three months ended March 31, 2024 and 2023, respectively.
(2)Restructuring charges by segment were as follows:
Three Months Ended
March 31,
(In millions)20242023
Food$8.6 $(0.9)
Protective6.9 (0.3)
Total Company restructuring charges$15.5 $(1.2)
(3)Charges related to acquisition and divestiture activity for the three months ended March 31, 2024 primarily consists of income recognized on the final purchase price settlement related to the Liquibox acquisition.
(4)Other Special Items for the three months ended March 31, 2023 primarily relate to a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities.
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)March 31, 2024December 31, 2023
Assets allocated to segments:  
Food$3,396.6 $3,386.4 
Protective2,662.6 2,663.4 
Total segments6,059.2 6,049.8 
Assets not allocated:
Cash and cash equivalents$352.8 $346.1 
Income tax receivables27.6 44.9 
Other receivables92.2 94.2 
Advances and deposits69.7 72.8 
Deferred taxes130.7 130.8 
Other467.1 462.0 
Total$7,199.3 $7,200.6