v3.25.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Net Sales by Reportable Segment
The following table shows Net sales by reportable segment:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Net sales    
Food$896.1 $893.8 $1,748.2 $1,762.2 
As a % of Consolidated net sales67.1 %66.4 %67.0 %65.9 %
Protective438.9 451.3 859.3 912.5 
As a % of Consolidated net sales32.9 %33.6 %33.0 %34.1 %
Consolidated Net sales$1,335.0 $1,345.1 $2,607.5 $2,674.7 
Schedule of Gross Profit and a 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:
Three Months Ended
June 30,
2025
FoodProtectiveTotal
Net sales$896.1 $438.9 $1,335.0 
Cost of sales616.4 310.7 927.1 
Segment Gross profit$279.7 $128.2 $407.9 
Other unallocated cost of sales1.7 
Selling, general and administrative expenses184.2 
Loss on disposal of long-lived assets, net(6.0)
Amortization expense of intangible assets14.9 
Restructuring charges2.8 
Operating profit198.3 
Interest expense, net(55.7)
Other expense, net(11.3)
Earnings before income tax provision and discontinued operations$131.3 
Six Months Ended
June 30,
2025
FoodProtectiveTotal
Net sales$1,748.2 $859.3 $2,607.5 
Cost of sales1,200.4 607.0 1,807.4 
Segment Gross profit$547.8 $252.3 $800.1 
Other unallocated cost of sales2.2 
Selling, general and administrative expenses370.8 
Loss on disposal of long-lived assets, net(9.9)
Amortization expense of intangible assets30.1 
Restructuring charges5.4 
Operating profit381.7 
Interest expense, net(112.5)
Other expense, net(10.8)
Earnings before income tax provision and discontinued operations$258.4 
Three Months Ended
June 30,
2024
FoodProtectiveTotal
Net sales$893.8 $451.3 $1,345.1 
Cost of sales615.2 313.8 929.0 
Segment Gross profit$278.6 $137.5 $416.1 
Other unallocated cost of sales0.1 
Selling, general and administrative expenses190.3 
Loss on disposal of long-lived assets, net(1.3)
Amortization expense of intangible assets16.3 
Restructuring charges2.5 
Operating profit205.6 
Interest expense, net(63.3)
Other expense, net(6.8)
Earnings before income tax provision and discontinued operations$135.5 

Six Months Ended
June 30,
2024
FoodProtectiveTotal
Net sales$1,762.2 $912.5 $2,674.7 
Cost of sales1,224.1 633.7 1,857.8 
Segment Gross profit$538.1 $278.8 $816.9 
Other unallocated cost of sales0.1 
Selling, general and administrative expenses376.7 
Loss on disposal of long-lived assets, net(0.4)
Amortization expense of intangible assets31.1 
Restructuring charges18.0 
Operating profit390.6 
Interest expense, net(128.4)
Other expense, net(7.6)
Earnings before income tax provision and discontinued operations$254.6 
Depreciation and Amortization by Segment The following table shows depreciation and amortization by segment:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Food$47.6 $46.3 $96.5 $93.2 
Protective22.4 21.5 44.8 43.0 
Total Company depreciation and amortization(1)
$70.0 $67.8 $141.3 $136.2 
(1)    Includes share-based incentive compensation of $10.7 million and $22.6 million for the three and six months ended June 30, 2025, respectively, and $7.2 million and $15.9 million for the three and six months ended June 30, 2024, respectively.
Schedule of Restructuring Charges By Segment
Restructuring charges by segment were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Food$0.8 $2.0 $2.5 $10.6 
Protective2.0 0.5 2.9 7.4 
Total Company restructuring charges$2.8 $2.5 $5.4 $18.0 
Schedule of 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)June 30, 2025December 31, 2024
Assets allocated to segments:  
Food$3,487.8 $3,301.4 
Protective2,613.3 2,599.6 
Total segments6,101.1 5,901.0 
Assets not allocated:
Cash and cash equivalents$354.4 $371.8 
Income tax receivables35.5 25.0 
Other receivables109.9 135.9 
Deferred taxes140.6 112.0 
Other505.9 476.4 
Total assets$7,247.4 $7,022.1