Segments (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024			2023			2022
Net sales
Food	$	3,582.6		$	3,519.7		$	3,317.2
As a % of Consolidated net sales	66.4		%	64.1		%	58.8		%
Protective	1,810.0			1,969.2			2,324.7
As a % of Consolidated net sales	33.6		%	35.9		%	41.2		%
Consolidated Net sales	$	5,392.6		$	5,488.9		$	5,641.9

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,
	2024
	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) Gain on disposal of businesses and property and equipment, 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
	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) Gain on disposal of businesses and property and equipment, 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

	Year Ended December 31,
	2022
	Food		Protective		Total
Net sales	$	3,317.2	$	2,324.7	$	5,641.9
Cost of sales	2,292.9		1,575.8		3,868.7
Segment Gross profit	$	1,024.3	$	748.9	$	1,773.2
Other unallocated cost of sales					0.3
Selling, general and administrative expenses					786.2
(Loss) Gain on disposal of businesses and property and equipment, net					6.3
Amortization expense of intangible assets					36.1
Restructuring charges					12.1
Operating profit					944.8
Interest expense, net					(162.3)
Other expense, net					(53.2)
Earnings before income tax provision and discontinued operations					$	729.3

Schedule of Depreciation And Amortization of Segment

The following table shows depreciation and amortization by segment:

	Year Ended December 31,
(In millions)	2024		2023		2022
Food	$	186.1	$	175.7	$	137.1
Protective	87.9		91.8		99.7
Total Company depreciation and amortization(1)	$	274.0	$	267.5	$	236.8

(1)Includes share-based incentive compensation of $33.0 million in 2024, $34.2 million in 2023 and $52.3 million in 2022.

Schedule of Restructuring Charges by Segment

Restructuring charges by segment were as follows:

	Year Ended December 31,
(In millions)	2024		2023		2022
Food	$	31.3	$	8.2	$	8.3
Protective	26.5		7.4		3.8
Total Company restructuring charges	$	57.8	$	15.6	$	12.1

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; inventory, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net.

	December 31,
(In millions)	2024		2023		2022
Assets allocated to segments:
Food	$	3,301.4	$	3,386.4	$	2,342.6
Protective	2,599.6		2,663.4		2,795.7
Total segments	$	5,901.0	$	6,049.8	$	5,138.3
Assets not allocated:
Cash and cash equivalents	371.8		346.1		456.1
Income tax receivables	25.0		44.9		40.3
Other receivables	99.8		94.2		91.5
Advances and deposits	36.1		72.8		12.7
Deferred taxes	112.0		130.8		141.5
Other	476.4		462.0		334.3
Total	$	7,022.1	$	7,200.6	$	6,214.7

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)	2024		2023		2022
Net sales(1):
Americas(1)	$	3,526.1	$	3,578.3	$	3,718.5
EMEA	1,107.9		1,149.3		1,160.0
APAC	758.6		761.3		763.4
Total	$	5,392.6	$	5,488.9	$	5,641.9
Total long-lived assets(2):
Americas(2)	$	1,106.0	$	1,122.4
EMEA	397.0		418.6
APAC	255.2		234.0
Total	$	1,758.2	$	1,775.0

    

(1)U.S. net sales were $2,857.6 million, $2,913.6 million and $3,073.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2024, 2023 or 2022. 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 $1,024.8 million and $1,044.2 million at December 31, 2024 and 2023, respectively. No non-U.S. country had long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2024 or 2023.