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^[2]

1,033.5

945.7

^[1],[3]

2,913.5

2,909.5

^[1]

Intangible assets, net

741.8

784.3

^[1]

Deferred taxes

178.4

204.7

^[1]

Other non-current assets

^[1]

362.5

345.2

Total assets

7,605.8

7,405.0

^[1]

Current liabilities:

Current portion of long-term debt

332.2

241.9

^[1]

328.6

46.6

^[1]

Accounts payable

823.3

675.3

^[1]

Accrued restructuring costs

40.9

53.6

^[1]

Other current liabilities

758.8

789.7

^[1]

Total current liabilities

^[1]

2,283.8

1,807.1

Long-term debt, less current portion

4,000.7

4,266.8

^[1]

Deferred taxes

58.6

75.0

^[1]

Other non-current liabilities

^[2]

709.9

729.0

^[1]

Total liabilities

7,053.0

6,877.9

^[1]

Commitments and contingencies - Note 15

^[1]

Stockholders’ equity:

Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2016 and 2015

^[1]

Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 227,292,089 in 2016 and 225,625,636 in 2015; shares outstanding: 193,307,520 in 2016 and 196,013,299 in 2015

22.7

22.6

^[1]

Additional paid-in capital

1,958.9

1,915.0

^[1]

Retained earnings

900.3

675.2

^[1]

Common stock in treasury, 33,984,569 shares in 2016 and 29,612,337 shares in 2015

(1,470.2)

(1,265.7)

^[1]

Accumulated other comprehensive loss, net of taxes

(858.9)

^[4]

(820.0)

^[1]

Total stockholders’ equity

552.8

527.1

^[1]

Total liabilities and stockholders’ equity

$ 7,605.8

$ 7,405.0

^[1]

[1]	As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.
[2]	Property and equipment, net, and other non-current liabilities as of December 31, 2015, have been revised to properly reflect asset retirement obligations. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3]	Amounts related to asset retirement obligations were recorded as of December 31, 2015. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million.
[4]	The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(31.4) million as of September 30, 2016 and $8.7 million as of September 30, 2015.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Trade receivables, net of allowance for doubtful accounts	$ 23.6	$ 24.9
Inventory reserves	$ 27.6	$ 21.9
Preferred stock, par value per share	$ 0.10	$ 0.10
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Common stock, par value per share	$ 0.10	$ 0.10
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	227,292,089	225,625,636
Common stock, shares outstanding	193,307,520	196,013,299
Common stock in treasury, shares	33,984,569	29,612,337
Restatement Adjustment [Member]
Increase to property and equipment, net		$ 15.0
Increase to other non-current liabilities		15.0
Restatement Adjustment [Member] \| Accounting Standards Update 2015-03 and Accounting Standards Update 2015-15 [Member]
Increase to property and equipment, net		15.0
Increase to other non-current liabilities		$ 15.0

Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Income Statement [Abstract]

Selling, general and administrative expenses

$ 1,716.6

$ 1,746.2

$ 5,034.2

$ 5,277.6

Cost of sales

^[1]

1,076.6

1,109.6

3,143.5

3,327.6

Gross profit

640.0

636.6

1,890.7

1,950.0

^[1]

390.3

400.6

1,199.8

1,243.7

Amortization expense of intangible assets acquired

23.5

21.8

72.4

67.4

Stock appreciation rights expense

(0.3)

(0.4)

(0.1)

4.1

Foreign currency exchange loss related to Venezuelan subsidiaries

^[1]

1.6

38.4

3.5

68.0

Operating profit

224.9

176.2

615.1

566.8

Interest expense

(52.8)

(54.8)

(161.8)

(172.3)

(0.4)

(1.0)

(3.2)

(30.7)

^[1]

(46.0)

Gain (loss) on debt redemption and refinancing activities

(0.1)

0.6

(0.1)

(110.7)

^[2]

(0.5)

(1.6)

28.7

Other income, net

1.2

5.5

5.7

18.4

172.8

126.0

408.1

300.2

Income tax provision

9.5

39.4

92.8

88.3

Dividends per common share

$ 163.3

$ 86.6

$ 315.3

$ 211.9

^[2]

Net earnings per common share:

Basic

^[3]

$ 0.84

$ 0.43

$ 1.60

$ 1.02

Diluted

^[3]

0.83

0.42

1.59

1.01

$ 0.16

$ 0.13

$ 0.45

$ 0.39

Weighted average number of common shares outstanding:

Basic

194.1

202.9

195.0

206.7

Diluted

^[3]

196.7

205.8

197.5

209.5

[1]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[2]	For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3]	The Company early adopted ASU 2016-09 on a prospective basis as required, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 377,130 and 370,090 diluted weighted average number of common shares outstanding for the three and nine months ended September 30, 2016, respectively, and recognition of excess tax benefits of $1.8 million and $12.4 million in income tax provision for the three and nine months ended September 30, 2016, respectively. As a result, net earnings per common share increased by $0.01 per share and $0.06 per share for the three and nine months ended September 30, 2016, respectively. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Depreciation and amortization expense

^[1]

$ 1.6

$ 3.5

161.2

Additional diluted weighted average shares due to early adoption of accounting standard

7.0

^[1]

$ 46.0

^[2]

196,700,000

197,500,000

Income tax provision (benefit) due to early adoption of accounting standard

$ 9.5

$ 92.8

Accounting Standards Update 2016-09 [Member]

Additional diluted weighted average shares due to early adoption of accounting standard

377,130

370,090

Income tax provision (benefit) due to early adoption of accounting standard

$ (1.8)

$ 12.4

Accounting Standards Update 2016-09 [Member] | Restatement Adjustment [Member]

Additional diluted weighted average shares due to early adoption of accounting standard

377,130

370,090

Income tax provision (benefit) due to early adoption of accounting standard

$ 1.8

$ 12.4

Earnings per common share net increase due to early adoption of accounting standard

$ 0.01

$ 0.06

[1]

Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.

[2]

The Company early adopted ASU 2016-09 on a prospective basis as required, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 377,130 and 370,090 diluted weighted average number of common shares outstanding for the three and nine months ended September 30, 2016, respectively, and recognition of excess tax benefits of $1.8 million and $12.4 million in income tax provision for the three and nine months ended September 30, 2016, respectively. As a result, net earnings per common share increased by $0.01 per share and $0.06 per share for the three and nine months ended September 30, 2016, respectively. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.

Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Other comprehensive loss, net of taxes:

$ 163.3

$ 86.6

$ 315.3

$ 211.9

^[1]

Recognition of deferred pension items, net of taxes of $(0.7) for the three months ended September 30, 2016, $(0.6) for the three months ended September 30, 2015, $(2.0) for the nine months ended September 30, 2016 and $(1.2) for the nine months ended September 30, 2015

1.8

2.0

5.6

9.4

Foreign currency translation adjustments, net of taxes of $0.2 for the three months ended September 30, 2016, $(1.1) for the three months ended September 30, 2015, $(20.0) for the nine months ended September 30, 2016 and $(3.2) for the nine months ended September 30, 2015

(11.1)

(137.9)

(26.6)

(197.1)

Comprehensive income (loss), net of taxes

(15.4)

(129.1)

(38.9)

(199.4)

147.9

(42.5)

276.4

12.5

Net Investment Hedge [Member]

Other comprehensive loss, net of taxes:

Unrealized (losses) gains on derivative instruments, net of taxes

(8.3)

4.9

(15.4)

(14.4)

Cash Flow Hedge [Member]

Other comprehensive loss, net of taxes:

Unrealized (losses) gains on derivative instruments, net of taxes

$ 2.2

$ 1.9

$ (2.5)

$ 2.7

[1]

For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Recognition of deferred pension items, taxes	$ (0.7)	$ (0.6)	$ (2.0)	$ (1.2)
Foreign currency translation adjustments, taxes	0.2	(1.1)	(20.0)	(3.2)
Net Investment Hedge [Member]
Unrealized (losses) gains on derivative instruments, taxes	5.2	(0.9)	9.6	9.9
Cash Flow Hedge [Member]
Unrealized (losses) gains on derivative instruments, taxes	$ (0.8)	$ 1.4	$ 1.6	$ 0.9

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Statement Of Cash Flows [Abstract]

Adjustments to reconcile net earnings to net cash provided by operating activities

$ 315.3

$ 211.9

^[1]

Depreciation and amortization expense

161.2

162.0

^[1]

Share-based incentive compensation

44.6

49.1

^[1]

Profit sharing expense

29.7

26.3

^[1]

Loss on debt redemption and refinancing activities

0.1

110.7

^[1]

Remeasurement loss related to Venezuelan subsidiaries

3.2

30.7

^[1]

^[2]

46.0

Provisions for bad debt

4.0

5.3

^[1]

Net (gain) on disposals of property and equipment and other

7.0

2.7

^[1]

Deferred taxes, net

2.4

0.1

^[1]

^[1]

(3.6)

Net loss (gain) on sale of business

1.9

(35.6)

^[1]

Other non-cash items

9.6

5.3

^[1]

Changes in operating assets and liabilities:

Trade receivables, net

(58.5)

(47.0)

^[1]

Inventories

(100.5)

(127.3)

^[1]

Accounts payable

140.5

119.6

^[1]

Settlement agreement and related items

^[1]

235.2

Other assets and liabilities

(135.9)

(44.5)

^[1]

Net cash provided by operating activities

^[3]

470.5

700.9

^[1]

Cash flows from investing activities:

Capital expenditures

(190.2)

(112.3)

^[1]

Proceeds, net from sale of business

7.8

75.7

^[1]

Businesses acquired in purchase transactions, net of cash and cash equivalents acquired

(5.8)

(25.1)

^[1]

Proceeds from sales of property, equipment and other assets

0.6

32.4

^[1]

Settlement of foreign currency forward contracts

(43.1)

21.5

^[1]

Net cash used in investing activities

(230.7)

(7.8)

^[1]

Cash flows from financing activities:

Net proceeds from borrowings

72.7

256.8

^[1]

Change in cash used as collateral on borrowing arrangements

1.5

(13.5)

^[1]

Proceeds from cross currency swap

6.2

Dividends paid on common stock

(90.1)

(81.2)

^[1]

Acquisition of common stock for tax withholding

(22.7)

(8.7)

^[1]

Repurchases of common stock

(217.0)

(685.7)

^[1]

Payments for debt extinguishment and issuance costs

(0.1)

(108.0)

^[1]

Net cash used in financing activities

^[3]

(249.5)

(640.3)

^[1]

Effect of foreign currency exchange rate changes on cash and cash equivalents

(15.9)

(55.4)

^[1]

Balance, beginning of period

358.4

^[4]

286.4

^[1]

Net change during the period

(25.6)

(2.6)

^[1]

Balance, end of period

332.8

Supplemental Cash Flow Information:

Interest payments, net of amounts capitalized

157.4

169.1

^[1]

Income tax payments

93.5

78.8

^[1]

Stock appreciation rights payments (less amounts included in restructuring payments)

1.9

20.0

^[1]

Restructuring payments including associated costs

51.0

71.7

^[1]

Non-cash items:

Transfers of shares of our common stock from treasury for our 2015 and 2014 profit-sharing plan contributions

$ 37.6

$ 36.7

^[1]

[1]	For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[2]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[3]	The Company early adopted ASU 2016-09 on a retrospective basis related to the classification of excess tax benefits on the Statement of Cash Flows, effective January 1, 2016, which resulted in an increase in operating cash flow of $6.8 million and a decrease in financing activities of $6.8 million for the nine months ended September 30, 2016. There was not a material impact on the nine months ended September 30, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.
[4]	As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Statement Of Cash Flows [Abstract]
New accounting pronouncement early adoption on retrospective basis resulted in increase (decrease) in operating cash flow	$ 6.8
New accounting pronouncement early adoption on retrospective basis resulted in increase (decrease) in financing activities	$ (6.8)

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Organization and Basis of Presentation

Note 1 Organization and Basis of Presentation

Organization

We are a global leader in food safety and security, facility hygiene and product protection. We serve an array of end markets including food and beverage processing, food service, retail, healthcare and industrial, and commercial and consumer applications. Our focus is on achieving quality sales growth through leveraging our geographic footprint, technological know-how and leading market positions to bring measurable, sustainable value to our customers and investors.

We conduct substantially all of our business through three wholly-owned subsidiaries, Cryovac, Inc., Sealed Air Corporation (US) and Diversey, Inc. Throughout this report, when we refer to “Sealed Air,” the “Company,” “we,” “our,” or “us,” we are referring to Sealed Air Corporation and all of our subsidiaries, except where the context indicates otherwise.

Basis of Presentation

Our Condensed Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. In management’s opinion, all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation of our Condensed Consolidated Balance Sheet as of September 30, 2016 and our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2016 and 2015 have been made. The results set forth in our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2016 and in our Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year. All amounts are in millions, except per share amounts, and approximate due to rounding. Some prior period amounts have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, did not have a material impact on our condensed consolidated financial condition, results of operations or cash flows.

Our Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates.

We are responsible for the unaudited Condensed Consolidated Financial Statements and notes included in this report. As these are condensed financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 as filed with the SEC on February 22, 2016 (“2015 Form 10-K”) and with the information contained in other publicly-available filings with the SEC.

Reclassifications and Revisions

For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified on the Condensed Consolidated Statement of Cash Flows. The reclassification of these items in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2015 resulted in an increase in cash provided by operating activities of $22.3 million, a decrease to cash provided by investing activities of $14.7 million, and a decrease of $7.6 million due to the effect of foreign currency exchange rate changes on cash.

Additionally, for the nine months ended September 30, 2015, certain amounts related to compensating balance arrangements and external payment terms were misclassified in the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Cash Flows. The revision of these items resulted in a decrease in cash and an increase in other current assets of $35.9 million as of December 31, 2015 and $49.4 million as of September 30, 2016 related to cash deposits held in compensating balance arrangements for certain short-term borrowing agreements and a decrease in accounts payable and an increase in short-term borrowings of $11.9 million related to extended payment terms on a vendor agreement on the Condensed Consolidated Balance Sheet. The revision of these items on the Condensed Consolidated Statement of Cash Flows resulted in an increase in cash provided by operating activities of $1.0 million and a decrease to cash used in financing activities of $14.5 million.

The Condensed Consolidated Balance Sheet as of December 31, 2015 has also been revised to properly reflect asset retirement obligations. This revision resulted in an increase to property and equipment, net, as well as other non-current liabilities of $15.0 million

Impact of Inflation and Currency Fluctuation

Venezuela

Economic and political events in Venezuela have continued to expose us to heightened levels of foreign currency exchange risk. Accordingly, Venezuela has been designated a highly inflationary economy under U.S. GAAP, and the U.S. dollar replaced the bolivar fuerte as the functional currency for our subsidiaries in Venezuela. All bolivar-denominated monetary assets and liabilities are remeasured into U.S. dollars using the current exchange rate available to us, and any changes in the exchange rate are reflected in foreign currency exchange loss related to our Venezuelan subsidiaries on the Condensed Consolidated Statements of Operations.

2015 Activity

In February 2015, the Venezuelan government announced a new foreign exchange platform called the Marginal Currency System or SIMADI. The SIMADI basically replaced the SICAD 2 rate. When this market opened on February 12, 2015 the rate was 170.0390 and then at September 30, 2015 it was 199.4204. The SICAD 1 and the SICAD 2 were merged into the SICAD. The opening rate was 12.0 for the SICAD and at September 30, 2015 it was 13.5. In addition, the National Center of Foreign Commerce, or CENCOEX, will continue and provide preferential treatment for certain import operations such as food and medicines.

Since these changes were announced by the Venezuelan government, the new SIMADI market has had very little activity and companies were not been able to access this market to obtain U.S. dollars. In addition, the SICAD rate which was established via auctions had no auctions held since October 2014. However, in June 2015 an auction was held for the automotive parts and school supplies industries.

Therefore, in 2015 there were three legal mechanisms to exchange Bolivars for US dollars:

•

CENCOEX at the official rate of 6.3;

•

SICAD auction process at the awarded exchange rate (opening rate at 12.0 and at September 30, 2015 it was 13.5); and

•

SIMADI at the negotiated rate (rate of 199.4204 at September 30, 2015).

At September 30, 2015, we evaluated which legal mechanisms were available to our Venezuelan subsidiaries to access U.S. dollars. As of September 30, 2015 consistent with June 30, 2015, we concluded that we would continue to use the SIMADI rate to remeasure our bolivar denominated monetary assets and liabilities since it was our only legally available option and our intent on a go-forward basis to utilize this market to settle any future transactions based on the then current facts and circumstances. As a result of this evaluation, the Company reported a remeasurement loss of $30.7 million for the nine months ended September 30, 2015 and $1.0 million for the three months ended September 30, 2015.

During the remainder of 2015, we continued to evaluate which legal mechanisms were available to our Venezuelan subsidiaries to access U.S. dollars. Starting June 30, 2015 through to December 31, 2015, we concluded that we would use the SIMADI rate to remeasure our bolivar denominated monetary assets and liabilities since it was our only legally available option and at that time, our intent on a go-forward basis to utilize this market to settle any future transactions based on the then current facts and circumstances. The SIMADI rate as of December 31, 2015 was 198.6986. During 2015, the Company did not receive U.S. dollars via the CENCOEX official rate of 6.3. We expected that we would only have limited access to the CENCOEX market to settle certain past transactions. However, if the option did become available to us to use the CENCOEX in the future, the Company would have considered that further. In addition, there were no SICAD auctions for the food or chemical industries as of December 31, 2015. During 2015, we were only able to access the SIMADI market and only received minimal amounts of U.S. dollars.

2016 Activity

On February 17, 2016, the Venezuelan government made further changes to the exchange rates including a further devaluation and on March 9, 2016 published in Exchange Agreement No. 35 further rules governing foreign exchange transactions which were effective March 10, 2016. This includes the following key changes:

•

The preferential rate for essential goods and services was changed from 6.3 to 10.0 bolivars per U.S. dollars and is no longer called CENCOEX but is now the DIPRO;

•

The SICAD rate was eliminated which reduced the number of legal mechanisms from three down to only two; and

•

Eliminated the SIMADI rate which was replaced by the DICOM rate which will be allowed to float freely beginning at a rate of approximately 203.0 bolivars to U.S. dollar.

At September 30, 2016, we evaluated which legal mechanisms were available to our Venezuelan subsidiaries to access U.S. dollars. As noted above, the SIMADI rate was replaced with the DICOM rate. Consistent with our evaluation completed in the first and second quarters of 2016, we concluded that we will continue to use the DICOM rate to remeasure our bolivar denominated monetary assets and liabilities since it is our only legally available option and our intent on a go-forward basis to utilize this market if needed, to settle any future transactions based on the current facts and circumstances. The DICOM rate as of September 30, 2016 was 658.8853.

We will continue to evaluate each reporting period the appropriate exchange rate to remeasure our financial statements based on the facts and circumstances as applicable.

During the first nine months of 2016, we were only able to access the SIMADI market (during the period the market was available) and only received minimal amounts of U.S. dollars during the first three months of 2016. We did not receive any U.S. dollars via the CENCOEX (at an official rate of 6.3) or the DIPRO (at an official rate of 10.0). We expect that we will only have limited access to the DIPRO market to settle certain past transactions. However, if the option becomes available to us to use the DIPRO in the future, the Company will consider this further, as needed. For any U.S. dollar denominated monetary asset or liability, such amounts do not get remeasured at month-end since it is already an asset or liability denominated in U.S. dollars. As a result of this evaluation, the Company reported a remeasurement loss of $0.4 million for the three months ended September 30, 2016 and $3.2 million for the nine months ended September 30, 2016.

Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Foreign exchange control regulations have affected our Venezuelan subsidiaries ability to obtain inventory and maintain normal production. This resulted in total costs of $52.1 million being incurred which included the following (i) a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million, (ii) depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million, (iii) inventory reserves of $1.0 million and (iv) the reclassification of approximately $46.0 million of cumulative translation adjustment resulting in a charge to Net income as the Company’s decision to cease operations is similar to a substantially complete liquidation.

Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Recently Issued Accounting Standards

Note 2 Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early adoption is permitted. The Company has elected to early adopt ASU 2016-09 in the third quarter of 2016 which requires us to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption.

Accounting for Income Taxes

Under previous guidance, excess tax benefits and certain tax deficiencies from share-based compensation arrangements were recorded in additional paid-in-capital within equity when the awards vested or were settled. ASU 2016-09 requires that all excess tax benefits and all tax deficiencies be recognized as income tax expense or benefit in the income statement and adoption is on a prospective basis. The adoption resulted in the recognition of excess tax benefits in our provision for income taxes rather than in additional paid-in capital, as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions)	2016		2016
Excess tax benefit	$	1.8	$	12.4

ASU 2016-09 also requires excess tax benefits to be prospectively excluded from assumed future proceeds in the calculation of diluted shares. As a result of the above changes it resulted in an increase in the Company’s diluted weighted average number of common shares outstanding as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2016		2016
Increase in diluted weighted average number of common shares outstanding		377,130		370,090

The changes resulted in an increase in basic and diluted EPS as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2016		2016
Basic EPS prior to adoption of ASU 2016-09	$	0.83	$	1.54
Basic EPS upon adoption of ASU 2016-09	$	0.84	$	1.60

Diluted EPS prior to adoption of ASU 2016-09	$	0.82	$	1.53
Diluted EPS upon adoption of ASU 2016-09	$	0.83	$	1.59

Classification of Excess Tax Benefits on the Statement of Cash Flows

In addition, under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified as cash flow from operations, rather than as an inflow within financing activities and as an outflow within operating activities. The Company has elected to apply the cash flow classification guidance of ASU 2016-09 retrospectively. There was not a material impact on the nine months ended September 30, 2015 and the year-end December 31, 2014. The retrospective impact on the Consolidated Statement of Cash Flows was as follows:

	Nine Months Ended			Year Ended
	September 30,			December 31,
(In millions)	2016			2015
Net Cash provided by Operating Activities prior to adoption of ASU 2016-09	$	463.7		$	967.7
Net Cash provided by Operating Activities upon adoption of ASU 2016-09	$	470.5		$	980.8

Net Cash used in Financing Activities prior to adoption of ASU 2016-09	$	(242.7	)	$	(775.3	)
Net Cash used in Financing Activities upon adoption of ASU 2016-09	$	(249.5	)	$	(788.4	)

In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). This ASU will simplify the presentation of deferred tax assets and liabilities by requiring companies to classify all deferred tax as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 31, 2016 and interim periods within those annual periods. However, as early adoption is available, we have adopted this standard as of December 31, 2015 with retrospective application.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments amounts are determined. The ASU also requires that in the same period, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in ASU 2015-16 are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years and will be applied prospectively for adjustments to provisional amounts that occur after that date. The impact of ASU 2015-16 will depend on any future events whereby we have any business combinations and any adjustments to the provisional amounts identified during the measurement period are recorded.

In August 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient (“ASU 2015-12”). This ASU designates contract value as the only required measure for fully benefit-responsive investment contracts; simplifies the investment disclosure requirements under Accounting Standards Codification (“ASC”) topic 820 for fair value, and topics 960, 962 and 965 for employee benefit plans; and provides a similar measurement date practical expedient for employee benefit plans. The amendments in ASU 2015-12 were effective as of January 1, 2016. ASU 2015-12 did not have a material impact on our financial statements.

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This ASU will simplify the presentation of debt issuance costs. It will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 Emerging Issues Task Forces (“EITF”) Meeting (SEC Update) (“ASU 2015-15”). This ASU clarifies that as line of credit arrangements were not specifically discussed in ASU 2015-03, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 should be adopted concurrent with the adoption of ASU 2015-03. The amendments in ASU 2015-03 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We have adopted these standards as of January 1, 2016 with retrospective application. Adoption of ASU 2015-03 and ASU 2015-15 resulted in a decrease in other non-current assets of $35.9 million and a decrease in long-term debt of $35.9 million as of December 31, 2015 on the Condensed Consolidated Balance Sheet.

In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). This ASU will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. It provides guidance about whether a cloud computing arrangement includes a software license. The amendments in ASU 2015-05 have been adopted prospectively. The adoption of ASU 2015-05 does not have a material impact on the financial statements.

Recently Issued Accounting Standards

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entiies to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in ASU 2016-16 are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. We are currently in the process of evaluating this new standard update.

In August 2015, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on eight specific cash flow issues in regard to how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. We are currently in the process of evaluating this new standard update.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. The ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal periods. Entities may adopt earlier as of the fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. We are currently in the process of evaluating this new standard update.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), (“ASU 2016-02”). This ASU requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. We are currently in the process of evaluating this new standard update.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, it also requires enhanced disclosures about investments. The amendments in ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application for certain provisions is allowed but early adoption of the amendments is not permitted. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We are currently in the process of evaluating this new standard update.

In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”), which applies to inventory valued at first-in, first-out (FIFO) or average cost. ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value, rather than at the lower of cost or market. ASU 2015-11 is effective on a prospective basis for annual periods, including interim reporting periods within those periods, beginning after December 15, 2016. We are currently in the process of evaluating this new standard update.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”) and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016 and May 2016 within ASU 2015-04, ASU 2016-08, ASU 2016-10 and ASU 2016-12, respectively (ASU 2014-09, ASU 2015-04, ASU 2016-08, ASU 2016-10 and ASU 2016-12 collectively, Topic 606). Previous revenue recognition guidance in U.S. GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principal, five steps are required to be applied. In addition, ASU 2014-09 expands and enhances disclosure requirements which require disclosing sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This includes both qualitative and quantitative information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, (“ASU 2015-14”). The amendments in ASU 2015-14 delay the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017 and allow early adoption as of the original public entity effective date. The amendments in ASU 2016-08, ASU 2016-10 and ASU 2016-12 are effective in conjunction with ASU 2015-14. We are currently in the process of evaluating this new standard update.

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

Divestitures	9 Months Ended
Divestitures	Sep. 30, 2016
Business Combinations [Abstract]
Divestitures	Note 3 Divestitures Sale of North American foam trays and absorbent pads business On April 1, 2015, we completed the sale of our North American foam trays and absorbent pads business to NOVIPAX, a portfolio company of Atlas Holdings LLC, for net proceeds of $75.6 million, net of certain purchase price adjustments of $5.9 million and subject to final purchase price adjustment. After transaction costs of $7.0 million, we recorded a pre-tax gain of $29.2 million on the sale, which is included in net earnings available to common shareholders in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2015. Subsequent to September 30, 2015, the amounts were updated such that we recorded a $26.5 million pre-tax gain on the sale of business which was reflected in our Consolidated Statement of Operations for the year ended December 31, 2015. The impact to the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2016 was immaterial. The decision to sell this business was consistent with the Company's overall strategy to focus on innovation and differentiation in its portfolio of products within the flexible packaging industry. The sale included our manufacturing facilities in Paxinos and Reading, PA, Indianapolis, IN, Rockingham, NC, and Grenada, MS. The North American foam trays and absorbent pads business was part of the Company’s Food Care division. For the three months ended March 31, 2015, the North American foam trays and absorbent pads businesses contributed approximately $52.9 million of net sales and $10.3 million of earnings before income tax provision, which excludes certain allocated costs, including corporate support services, for which the Company would normally include in measuring its performance. There was no contribution from the business for the remainder of 2015. Sale of European food trays business On November 1, 2015, we completed the sale of our European food trays business to Faerch Plast A/S, a European food packaging solutions provider, for net proceeds at that time of €17.6 million or approximately $19.0 million, net of certain purchase price adjustments of €1.7 million or approximately $1.9 million. The net proceeds excluded contingent consideration which will be received if certain performance targets are met. This transaction follows the sale of our North American foam trays and absorbent pads business in April 2015 and is aligned with our continued commitment to a disciplined approach to portfolio management strategy. The European sale included the manufacturing facilities in Poole, UK and Bunol, Spain. In the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2016, we recorded an additional pre-tax loss on the sale of business primarily due to a reduction in the net proceeds of $1.6 million. This resulted in cumulative net proceeds of €15.7 million or approximately $17.7 million. The European food trays business was part of the Company’s Food Care division. For the three and nine months ended September 30, 2015, the European food trays business contributed approximately $14.7 million and $43.6 million of net sales, respectively, and $2.0 million and $5.9 million of earnings from continuing operations before income tax provision, respectively, which excludes certain allocated costs, including corporate support services for which the Company would normally include in measuring its performance.

Segments

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segments

Note 4 Segments

The Company’s segment reporting structure consists of three reportable segments and an “Other” category and is as follows:

•

Food Care;

•

Diversey Care;

•

Product Care; and

•

Other (includes Corporate, Medical Applications and New Ventures businesses).

The Company’s Food Care, Diversey Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Other includes Corporate and the Medical Applications and New Ventures businesses. Other includes certain costs that are not allocated to the reportable segments, primarily consisting of unallocated corporate overhead costs, including administrative functions and cost recovery variances not allocated to the reportable segments from global functional expenses.

We allocate and disclose depreciation and amortization expense to our segments, although property and equipment, net is not allocated to the segment assets, nor is depreciation and amortization included in the segment performance metric Adjusted EBITDA. We also disclose restructuring and other charges by segment, although these items are not included in the segment performance metric Adjusted EBITDA since restructuring and other charges are categorized as special items as outlined in the table reconciling Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP net earnings from continuing operations set forth below. The accounting policies of the reportable segments and Other are the same as those applied to the Condensed Consolidated Financial Statements.

The following tables show Net Sales and Adjusted EBITDA by our segment reporting structure:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Net Sales:
Food Care	$	814.6		$	836.4		$	2,381.6		$	2,562.8
As a % of Total Company net sales		47.5	%		47.9	%		47.3	%		48.6	%
Diversey Care		497.4			501.8			1,470.7			1,504.7
As a % of Total Company net sales		29.0	%		28.7	%		29.2	%		28.5	%
Product Care⁽¹⁾		388.6			389.3			1,130.0			1,153.1
As a % of Total Company net sales		22.6	%		22.3	%		22.4	%		21.8	%
Other⁽¹⁾		16.0			18.7			51.9			57.0
Total Company Net Sales	$	1,716.6		$	1,746.2		$	5,034.2		$	5,277.6

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Adjusted EBITDA:
Food Care	$	172.5		$	168.4		$	483.1		$	532.6
Adjusted EBITDA Margin		21.2	%		20.1	%		20.3	%		20.8	%
Diversey Care		64.6			66.4			187.1		176.5
Adjusted EBITDA Margin		13.0	%		13.2	%		12.7	%		11.7	%
Product Care⁽¹⁾		88.2			81.9		244.1				237.9
Adjusted EBITDA Margin		22.7	%		21.0	%		21.6	%		20.6	%
Other⁽¹⁾		(21.4	)		(16.7	)		(61.7	)		(55.2	)
Non-U.S. GAAP Total Company Adjusted EBITDA	$	303.9		$	300.0		$	852.6		$	891.8
Adjusted EBITDA Margin		17.7	%		17.2	%		16.9	%		16.9	%

⁽¹⁾

As of January 1, 2016, our Kevothermal business was moved from Other to our Product Care Segment. This resulted in a reclassification of $4.6 million of net sales and $0.9 million of adjusted EBITDA for the three months ended September 30, 2015 and $10.3 million of net sales and $2.3 million of adjusted EBITDA for the nine months ended September 30, 2015.

The following table shows a reconciliation of Total Company Adjusted EBITDA to Net earnings available to common stockholders:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Total Company Adjusted EBITDA	$	303.9		$	300.0		$	852.6		$	891.8
Depreciation and amortization⁽¹⁾⁽³⁾		(70.2	)		(68.7	)		(208.0	)		(211.1	)
Special items:
Accelerated depreciation of non-strategic assets related to restructuring programs		—			(0.1	)		0.1			0.2
Accelerated depreciation and amortization of fixed assets and intangible assets for Venezuelan subsidiaries⁽¹⁾		—			—			4.8			—
Restructuring and other charges⁽¹⁾⁽⁴⁾		(1.6	)		(38.4	)		(3.2	)		(68.0	)
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses		(6.0	)		(13.0	)		(17.3	)		(32.2	)
SARs		0.3			0.4			0.1			(4.1	)
Foreign currency exchange (loss) gains related to Venezuelan subsidiaries		(0.4	)		(1.0	)		(3.2	)		(30.7	)
Charges related to ceasing operations in Venezuela⁽¹⁾		—			—			(52.1	)		—
Loss on debt redemption and refinancing activities		(0.1	)		0.6			(0.1	)		(110.7	)
(Loss) gain on sale of North American foam trays and absorbent pads business and European food trays business		—			(0.5	)		(1.6	)		28.7
Gain (loss) related to the sale of other businesses, investments and property, plant and equipment		0.6			0.2			(1.5	)		9.0
Other special items⁽²⁾		(0.9	)		1.3			(0.7	)		(0.4	)
Interest expense		(52.8	)		(54.8	)		(161.8	)		(172.3	)
Income tax provision		9.5			39.4			92.8			88.3
Net earnings available to common stockholders	$	163.3		$	86.6		$	315.3		$	211.9

⁽¹⁾	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

⁽²⁾

Other special items for the three and nine months ended September 30, 2016 primarily included a reduction in a non-income tax reserve following the completion of a governmental audit partially offset by legal fees associated with restructuring and acquisitions. Other special items for the three and nine months ended September 30, 2015 primarily included legal fees associated with restructuring and acquisitions.

⁽³⁾	Depreciation and amortization by segment is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Food Care	$	25.7	$	26.6	$	75.9	$	81.8
Diversey Care		23.9		25.7		71.9		77.0
Product Care		9.7		9.3		28.6		28.8
Other		10.9		7.1		31.6		23.5
Total Company depreciation and amortization⁽¹⁾	$	70.2	$	68.7	$	208.0	$	211.1

⁽¹⁾

Includes share-based incentive compensation of $15.6 million and $46.8 million for the three and nine months ended September 30, 2016 and $15.9 million and $49.1 million for the three and nine months ended September 30, 2015, respectively.

⁽⁴⁾	Restructuring and other charges by segment were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)		2016		2015		2016		2015
Food Care	$	0.8	$	15.4	$	1.5	$	29.5
Diversey Care		0.4		16.0		0.9		25.5
Product Care		0.3		6.7		0.7		12.6
Other		0.1		0.3		0.1		0.4
Total Company restructuring and other charges⁽¹⁾	$	1.6	$	38.4	$	3.2	$	68.0

⁽¹⁾

For the nine months ended September 30, 2016 restructuring and other charges excludes $0.3 million related to severance and termination benefits for employees in our Venezuelan subsidiaries.

Assets by Reportable Segments

The following table shows assets allocated by our segment reporting structure. Only assets identifiable by segment and reviewed by our chief operating decision maker by segment are allocated by the reportable segment assets, which are trade receivables, net, and finished goods inventory, net. All other assets are included in “Assets not allocated.”

	September 30,		December 31,
(In millions)	2016		2015
Assets:
Trade receivables, net, and finished goods inventories, net
Food Care	$	559.5	$	522.4
Diversey Care		467.5		440.3
Product Care		236.8		222.0
Other		17.1		12.5
Total segments and other		1,280.9		1,197.2
Assets not allocated
Cash and cash equivalents		332.8		358.4
Property and equipment, net		1,033.5		945.7
Goodwill		2,913.5		2,909.5
Intangible assets, net		741.8		784.3
Assets held for sale		7.0		10.3
Other		1,296.3		1,199.6
Total	$	7,605.8	$	7,405.0

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Inventories and Cost of Sales

Inventories and Cost of Sales

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Note 5 Inventories and Cost of Sales

The following table details our inventories, net:

	September 30,		December 31,
(In millions)	2016		2015
Inventories:
Raw materials	$	133.3	$	109.6
Work in process		131.3		112.4
Finished goods		501.4		438.8
Total	$	766.0	$	660.8

For the nine months ended September 30, 2016 cost of sales included a $6.8 million reimbursement of previously incurred environmental expenses, of which $5.6 million impacted the Diversey Care division.

Property and Equipment, net

9 Months Ended

Sep. 30, 2016

Property Plant And Equipment [Abstract]

Property and Equipment, net

Note 6 Property and Equipment, net

The following table details our property and equipment, net:

	September 30,			December 31,
(In millions)	2016			2015⁽¹⁾
Land and improvements	$	86.1		$	86.7
Buildings		614.8			606.2
Machinery and equipment		2,181.4			2,141.3
Other property and equipment		144.4			139.9
Construction-in-progress		298.0			190.7
Property and equipment, gross		3,324.7			3,164.8
Accumulated depreciation and amortization⁽²⁾		(2,291.2	)		(2,219.1	)
Property and equipment, net	$	1,033.5		$	945.7

⁽¹⁾	Amounts related to asset retirement obligations were recorded as of December 31, 2015. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million.

⁽²⁾	As of September 30, 2016 this amount includes $0.5 million related to the accelerated depreciation and amortization of fixed assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Interest cost capitalized	$	3.2	$	1.0	$	7.1	$	4.0
Depreciation and amortization expense for property and equipment	$	31.1	$	31.0	$	88.8	$	94.6

Goodwill and Identifiable Assets

9 Months Ended

Sep. 30, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Assets

Note 7 Goodwill and Identifiable Assets

Goodwill

The following table shows our goodwill balances by our segment reporting structure. We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. As of September 30, 2016, we did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable.

(In millions)	Food Care			Diversey Care			Product Care			Other			Total
Gross Carrying Value at December 31, 2015	$	804.3		$	1,820.9		$	1,373.7		$	1.6		$	4,000.5
Accumulated impairment		(208.0	)		(883.0	)		—			—			(1,091.0	)
Carrying Value at December 31, 2015	$	596.3		$	937.9		$	1,373.7		$	1.6		$	2,909.5
Acquisitions and related adjustments		8.4			—			—			—			8.4
Dispositions		—			—			(1.1	)		—			(1.1	)
Currency translation		(6.3	)		2.8			0.4			(0.2	)		(3.3	)
Gross Carrying Value at September 30, 2016		806.4			1,823.7			1,373.0			1.4			4,004.5
Accumulated impairment		(208.0	)		(883.0	)		—			—			(1,091.0	)
Carrying Value at September 30, 2016	$	598.4		$	940.7		$	1,373.0		$	1.4		$	2,913.5

Identifiable Intangible Assets

The following tables summarize our identifiable intangible assets with definite and indefinite useful lives. As of September 30, 2016, there were no impairment indicators present.

	September 30, 2016										December 31, 2015
	Gross										Gross
	Carrying		Accumulated			Accumulated					Carrying		Accumulated			Accumulated
(In millions)	Value		Amortization			Impairment			Net		Value		Amortization			Impairment			Net
Customer relationships⁽¹⁾	$	860.4	$	(300.2	)	$	(148.9	)	$	411.3	$	846.2	$	(249.4	)	$	(148.9	)	$	447.9
Trademarks and tradenames		1.8		(0.7	)		—			1.1		1.7		(0.4	)		—			1.3
Capitalized software		160.8		(134.1	)		—			26.7		143.0		(125.3	)		—			17.7
Technology		142.3		(75.3	)		(22.2	)		44.8		141.9		(65.0	)		(22.2	)		54.7
Contracts		38.9		(32.1	)		—			6.8		42.8		(31.2	)		—			11.6
Total intangible assets with definite lives		1,204.2		(542.4	)		(171.1	)		490.7		1,175.6		(471.3	)		(171.1	)		533.2
Trademarks and tradenames with indefinite lives⁽²⁾		881.3		—			(630.2	)		251.1		881.3		—			(630.2	)		251.1
Total identifiable intangible assets	$	2,085.5	$	(542.4	)	$	(801.3	)	$	741.8	$	2,056.9	$	(471.3	)	$	(801.3	)	$	784.3

⁽¹⁾	As of September 30, 2016 this amount includes $4.3 million related to the accelerated amortization of intangible assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

⁽²⁾	The intangible assets include $251 million of trademarks and trade names that we have determined to have indefinite useful lives, primarily acquired in connection with the acquisition of Diversey.

The following table shows the remaining estimated future amortization expense at September 30, 2016

Year	Amount (in millions)
Remainder of 2016	$	21.9
2017		93.8
2018		64.0
2019		56.8
Thereafter		254.2
Total	$	490.7

Restructuring And Related Activities [Abstract]

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accounts Receivable Securitization Programs	9 Months Ended
Accounts Receivable Securitization Programs	Sep. 30, 2016
Transfers And Servicing [Abstract]
Accounts Receivable Securitization Programs	Note 8 Accounts Receivable Securitization Programs U.S. Accounts Receivable Securitization Program We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to an indirectly wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables with two banks and issuers of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and issuers of commercial paper administered by these banks are considered secured borrowings with pledge of collateral and will be classified as short-term borrowings on our Condensed Consolidated Balance Sheets. These banks do not have any recourse against the general credit of the Company. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. As of September 30, 2016, the maximum purchase limit for receivable interests was $90.0 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $90.0 million due to a number of factors, including but not limited to our credit ratings, trade receivable balances, the creditworthiness of our customers and our receivables collection experience. During the nine months ended September 30, 2016, the level of eligible assets available under the program was lower than $90.0 million primarily due to certain required reserves against our receivables. As a result, the amount available to us under the program was $73.3 million at September 30, 2016. Although we do not believe restrictions under this program presently materially restrict our operations, if an additional event occurs that triggers one of these restrictive provisions, we could experience a further decline in the amounts available to us under the program or termination of the program. The program expires annually in September and is renewable. The program was renewed in September 2016 for an additional year. European Accounts Receivables Securitization Program We and a group of our European subsidiaries maintain an accounts receivable securitization program with a special purpose vehicle, or SPV, two banks and issuers of commercial paper administered by these banks. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. The SPV borrows funds from the banks to fund its acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. We do not have an equity interest in the SPV. We concluded the SPV is a variable interest entity because its total equity investment at risk is not sufficient to permit the SPV to finance its activities without additional subordinated financial support from the bank via loans or via the collections from accounts receivable already purchased. Additionally, we are considered the primary beneficiary of the SPV since we control the activities of the SPV, and are exposed to the risk of uncollectable receivables held by the SPV. Therefore, the SPV is consolidated in our Condensed Consolidated Financial Statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV will be classified as short-term borrowings on our Condensed Consolidated Balance Sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the Condensed Consolidated Balance Sheet. As of September 30, 2016, the maximum purchase limit for receivable interests was €110.0 million ($123.4 million equivalent at September 30, 2016), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of September 30, 2016, the amount available under this program was €99.2 million ($111.4 million equivalent as of September 30, 2016). This program expires annually in February and is renewable. The program was renewed in February 2016 for an additional year. Utilization of Our Accounts Receivable Securitization Programs As of September 30, 2016, there were borrowings of $73.0 million outstanding under our U.S. program and borrowings of €98.4 million ($110.4 million equivalent as of September 30, 2016) under our European program. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. Total interest expense related to the use of these programs was $1.1 million for the nine months ended September 30, 2016 and less than $1.0 million for the nine months ended September 30, 2015. Total interest expense was $0.4 million for the three months ended September 30, 2016 and immaterial for the three months ended September 30, 2015. Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at September 30, 2016. As of December 31, 2015, the total amount of borrowings was $67.0 million under our U.S. program and €70.1 million ($76.7 million equivalent as of December 31, 2015) under our European program.

Restructuring and Relocation Activities

9 Months Ended

Sep. 30, 2016

Restructuring and Relocation Activities

Note 9 Restructuring and Relocation Activities

Consolidation of Restructuring Programs

As reported in our 2015 Form 10-K, our December 2011 Integration and Optimization Program (“IOP”) is substantially complete and is not expected to significantly impact 2016. The May 2013 Earnings Quality Improvement Program (“EQIP”) and the December 2014 Fusion program will show significant activity in 2016.

In the first quarter of 2016, the Board of Directors agreed to consolidate the remaining activities of all restructuring programs to create a single program to be called the “Sealed Air Restructuring Program” or the “Program.”

The Program consists of a portfolio of restructuring projects across all of our divisions as part of our transformation of Sealed Air into a knowledge-based company, including reductions in headcount, and relocation of certain facilities and offices, which primarily reflects the relocation of our global headquarters to Charlotte, North Carolina, including the headquarters for our divisions, research and development facilities, and corporate offices. By December 31, 2017, we anticipate approximately 1,300 jobs will have been relocated to Charlotte primarily from our former corporate headquarters in Elmwood Park, New Jersey; and facilities in Saddle Brook, New Jersey; Racine, Wisconsin; and, Duncan and Greenville, South Carolina. The cost of the Charlotte campus is estimated to be approximately $120 million.

Program metrics are as follows:

	Sealed Air Restructuring Program
Approximate positions eliminated by the program		1,950
Estimated Program Costs (in millions):
Costs of reduction in headcount as a result of reorganization	$235-$245
Other expenses associated with the Program	155-160
Total expense	$390-$405
Capital expenditures	250-255
Proceeds, foreign exchange and other cash items	(70)-(75)
Total estimated net cash cost	$570-$585
Program to Date Cumulative Expense (in millions):
Costs of reduction in headcount as a result of reorganization	$	216
Other expenses associated with the Program		94
Total Cumulative Expense	$	310
Cumulative Capital expenditures	$	182

The following table details our restructuring activities as reflected in the Condensed Statement of Operations for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Other associated costs	$	6.0	$	13.0	$	17.3	$	32.2
Restructuring charges		1.6		38.4		3.2		68.0
Total	$	7.6	$	51.4	$	20.5	$	100.2
Capital Expenditures	$	35.4	$	21.0	$	92.4	$	25.5

The restructuring accrual, spending and other activity for the nine months ended September 30, 2016 and the accrual balance remaining at September 30, 2016 related to these programs were as follows (in millions):

Restructuring accrual at December 31, 2015	$	76.3
Accrual and accrual adjustments		3.2
Cash payments during 2016		(34.0	)
Effect of changes in foreign currency exchange rates		0.3
Restructuring accrual at September 30, 2016	$	45.8

We expect to pay $41 million of the accrual balance remaining at September 30, 2016 within the next twelve months. This amount is included in accrued restructuring costs on the Condensed Consolidated Balance Sheet at September 30, 2016. The remaining accrual of $5 million is expected to be paid in the fourth quarter of 2017. This amount is included in other non-current liabilities on our Condensed Consolidated Balance Sheet at September 30, 2016.

Debt and Credit Facilities

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt and Credit Facilities

Note 10 Debt and Credit Facilities

Our total debt outstanding consisted of the amounts set forth on the following table:

	September 30,		December 31,
(In millions)	2016		2015⁽³⁾
Short-term borrowings ⁽¹⁾	$	332.2	$	241.9
Current portion of long-term debt⁽²⁾		328.6		46.6
Total current debt		660.8		288.5
Term Loan A due July 2017⁽²⁾		—		249.7
Term Loan A due July 2019⁽²⁾		1,027.6		1,058.9
6.50% Senior Notes due December 2020		423.0		422.7
4.875% Senior Notes due December 2022		419.4		418.9
5.25% Senior Notes due April 2023		419.5		419.0
4.50% Senior Notes due September 2023		444.8		432.9
5.125% Senior Notes due December 2024		420.1		419.7
5.50% Senior Notes due September 2025		396.3		396.1
6.875% Senior Notes due July 2033		445.3		445.2
Other		4.7		3.7
Total long-term debt, less current portion⁽⁵⁾		4,000.7		4,266.8
Total debt⁽⁴⁾⁽⁶⁾	$	4,661.5	$	4,555.3

⁽¹⁾

Short-term borrowings of $332.2 million at September 30, 2016 are comprised primarily of $73.0 million of borrowings outstanding under our U.S. accounts receivable securitization program, $110.4 million of borrowings outstanding under our European accounts receivable securitization program, $30.0 million outstanding under our revolving credit facility and $118.8 million short-term borrowing from various lines of credit. Short-term borrowings at December 31, 2015 are comprised primarily of $67.0 million of borrowings outstanding under our U.S. accounts receivable securitization program, $76.7 million of borrowings outstanding under our European accounts receivable securitization program and $98.2 million short-term borrowings from various lines of credit.

⁽²⁾	Term Loan A facility due July 2019 has required prepayments which are due in the fourth quarter of 2016 and Term Loan A facility due in July 2017 are included in the current portion of long-term debt.

⁽³⁾

As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 which resulted in $35.9 million of unamortized debt issuance costs being reclassified from other non-current assets to long-term debt. See Note 2, “Recently Issued Accounting Standards” for additional information related to this adoption.

⁽⁴⁾

As of September 30, 2016, our weighted average interest rate on our short-term borrowings outstanding was 3.0% and on our long-term debt outstanding was 4.6%. As of December 31, 2015, our weighted average interest rate on our short-term borrowings outstanding was 3.4% and on our long-term debt outstanding was 4.6%.

⁽⁵⁾	Amounts are net of unamortized discounts and issuance costs of $32.8 million as September 30, 2016 and $35.9 million as of December 31, 2015.

⁽⁶⁾	Long-term debt instruments are listed in order of priority.

Lines of Credit

The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the Revolving Credit Facility discussed above, and the amounts available under our accounts receivable securitization programs.

	September 30,		December 31,
(In millions)	2016		2015
Used lines of credit⁽¹⁾⁽²⁾	$	332.2	$	241.9
Unused lines of credit		985.5		1,039.9
Total available lines of credit⁽³⁾	$	1,317.7	$	1,281.8

⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.

⁽²⁾	As of September 30, 2016 and December 31, 2015, there were $55.0 million and $56.5 million of cash held on deposit, respectively, as a compensating balance for certain short-term borrowings, which is recorded in other current assets on the Condensed Consolidated Balance Sheet.

⁽³⁾	Of the total available lines of credit, $884.7 million were committed as of September 30, 2016.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Second Amended and Restated Syndicated Credit Facility (“Amended Credit Facility”) contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Amended Credit Facility). We were in compliance with the above financial covenants and limitations at September 30, 2016.

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Note 11 Derivatives and Hedging Activities

We report all derivative instruments on our Condensed Consolidated Balance Sheets at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes.

As a large global organization, we face exposure to market risks, such as fluctuations in foreign currency exchange rates and interest rates. To manage the volatility relating to these exposures, we enter into various derivative instruments from time to time under our risk management policies. We designate derivative instruments as hedges on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments offset in part or in whole corresponding changes in the fair value or cash flows of the underlying exposures being hedged. We assess the initial and ongoing effectiveness of our hedging relationships in accordance with our policy. We do not purchase, hold or sell derivative financial instruments for trading purposes. Our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring.

We record the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized.

Foreign Currency Forward Contracts Designated as Cash Flow Hedges

The primary purpose of our cash flow hedging activities is to manage the potential changes in value associated with the amounts receivable or payable on equipment and raw material purchases that are denominated in foreign currencies in order to minimize the impact of the changes in foreign currencies. We record gains and losses on foreign currency forward contracts qualifying as cash flow hedges in other comprehensive income to the extent that these hedges are effective and until we recognize the underlying transactions in net earnings, at which time we recognize these gains and losses in cost of sales, on our Condensed Consolidated Statements of Operations. Cash flows from derivative financial instruments are classified as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Net unrealized after-tax gains/losses related to these contracts that were included in other comprehensive income were $1.3 million gain and $0.8 million loss for the three and nine months ended September 30, 2016, respectively, and $2.9 million and $6.6 million gain for the three and nine months ended September 30, 2015. The unrealized amounts in other comprehensive income will fluctuate based on changes in the fair value of open contracts during each reporting period.

We estimate that $5.1 million of net unrealized derivative gains included in accumulated other comprehensive income (AOCI) will be reclassified into earnings within the next twelve months.

Foreign Currency Forward Contracts Not Designated as Hedges

Our subsidiaries have foreign currency exchange exposure from buying and selling in currencies other than their functional currencies. The primary purposes of our foreign currency hedging activities are to manage the potential changes in value associated with the amounts receivable or payable on transactions denominated in foreign currencies and to minimize the impact of the changes in foreign currencies related to foreign currency-denominated interest-bearing intercompany loans and receivables and payables. The changes in fair value of these derivative contracts are recognized in other income, net, on our Condensed Consolidated Statements of Operations and are largely offset by the remeasurement of the underlying foreign currency-denominated items indicated above. Cash flows from derivative financial instruments are classified as cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Interest Rate Swaps

From time to time, we may use interest rate swaps to manage our fixed and floating interest rates on our outstanding indebtedness. At September 30, 2016 and December 31, 2015, we had no outstanding interest rate swaps.

Interest Rate and Currency Swaps

In 2014, in connection with exercising the $100.0 million delayed draw under the senior secured credit facility, we entered into a series of interest rate and currency swaps in a notional amount of $100.0 million. On September 30, 2016, the first $20.0 million swap contract matured and was settled. As a result of the settlement, the Company received $4.9 million. These swaps convert the U.S. dollar-denominated variable rate obligation under the credit facility into a fixed Brazilian real-denominated obligation. The delayed draw and the interest rate and currency swaps are used to fund expansion and general corporate purposes of our Brazilian subsidiaries.

Net Investment Hedge

During the second quarter of 2015, we entered into a series of foreign currency exchange forwards totaling €270.0 million. These foreign currency exchange forwards hedged a portion of the net investment in a certain European subsidiary against fluctuations in foreign exchange rates and expired in June 2015. The loss of $3.5 million ($2.2 million after tax) is recorded in AOCI on our Condensed Consolidated Balance Sheet.

The €400.0 million 4.50% notes issued in June 2015 are designated as a net investment hedge, hedging a portion of our net investment in a certain European subsidiary against fluctuations in foreign exchange rates. The fair value of the debt decreased by $0.8 million as of September 30, 2016 and is reflected in long-term debt on our Condensed Consolidated Balance Sheet.

In March 2015, we entered into a series of cross-currency swaps with a combined notional amount of $425.0 million, hedging a portion of the net investment in a certain European subsidiary against fluctuations in foreign exchange rates. The fair value of this hedge as of September 30, 2016 decreased $29.2 million ($18.0 million after tax) on our Consolidated Balance Sheet. Semi-annual interest settlements resulted in AOCI of $9.6 million ($6.0 million after tax).

For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, settlements and changes in fair values of the derivative instruments are recognized in unrealized net gains or loss on derivative instruments for net investment hedge, a component of AOCI, net of taxes, to offset the changes in the values of the net investments being hedged. Any portion of the net investment hedge that is determined to be ineffective is recorded in other income, net on the Condensed Consolidated Statements of Operations.

Other Derivative Instruments

We may use other derivative instruments from time to time to manage exposure to foreign exchange rates and to access to international financing transactions. These instruments can potentially limit foreign exchange exposure by swapping borrowings denominated in one currency for borrowings denominated in another currency.

Fair Value of Derivative Instruments

See Note 12, “Fair Value Measurements and Other Financial Instruments,” for a discussion of the inputs and valuation techniques used to determine the fair value of our outstanding derivative instruments.

The following table details the fair value of our derivative instruments included on our Condensed Consolidated Balance Sheets.

	Cash Flow						Net Investment Hedge						Non-Designated						Total
	September 30,			December 31,			September 30,			December 31,			September 30,			December 31,			September 30,			December 31,
(In millions)	2016			2015			2016			2015			2016			2015			2016			2015
Derivative Assets
Foreign currency forward contracts	$	4.2		$	3.2		$	—		$	—		$	6.3		$	25.0		$	10.5		$	28.2
Interest rate and currency swaps		23.1			44.0			—			—			—			—			23.1			44.0
Total Derivative Assets	$	27.3		$	47.2		$	—		$	—		$	6.3		$	25.0		$	33.6		$	72.2

Derivative Liabilities
Foreign currency forward contracts	$	(2.3	)	$	(1.3	)	$	—		$	—		$	(6.4	)	$	(43.5	)	$	(8.7	)	$	(44.8	)
Cross-currency swaps		—			—			(29.2	)		(12.0	)		—			—			(29.2	)		(12.0	)
Total Derivative Liabilities⁽¹⁾	$	(2.3	)	$	(1.3	)	$	(29.2	)	$	(12.0	)	$	(6.4	)	$	(43.5	)	$	(37.9	)	$	(56.8	)
Net Derivatives ⁽²⁾	$	25.0		$	45.9		$	(29.2	)	$	(12.0	)	$	(0.1	)	$	(18.5	)	$	(4.3	)	$	15.4

⁽¹⁾	Excludes €400.0 million of euro-denominated debt ($444.8 million equivalent at September 30, 2016) and €400.0 million of euro-denominated debt ($432.9 million equivalent at December 31, 2015), as of September 30, 2016 and December 31, 2015, respectively, designated as a net investment hedge.

⁽²⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Current Assets						Other Current Liabilities						Other Non-current Assets				Other Non-current Liabilities
	September 30,			December 31,			September 30,			December 31,			September 30,		December 31,		September 30,			December 31,
(In millions)	2016			2015			2016			2015			2016		2015		2016			2015
Gross position	$	16.7		$	36.2		$	(8.7	)	$	(44.8	)	$	16.9	$	36.0	$	(29.2	)	$	(12.0	)
Impact of master netting agreements		(1.0	)		(24.1	)		1.0			24.1			—		—		—			—
Net amounts recognized on the Condensed Consolidated Balance Sheet	$	15.7		$	12.1		$	(7.7	)	$	(20.7	)	$	16.9	$	36.0	$	(29.2	)	$	(12.0	)

The following table details the effect of our derivative instruments on our Condensed Consolidated Statements of Operations.

	Amount of Gain (Loss) Recognized in
	Earnings on Derivatives
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts⁽¹⁾	$	(1.1	)	$	3.0		$	(0.9	)	$	6.7
Interest rate and currency swaps⁽²⁾		(0.4	)		22.7			(24.6	)		32.5
Treasury locks⁽³⁾		—			—			0.1			0.1
Sub-total cash flow hedges		(1.5	)		25.7			(25.4	)		39.3
Fair Value Hedges:
Interest rate swaps		0.2			0.1			0.4			0.3
Derivatives not designated as hedging instruments:
Foreign currency forward contracts		(6.0	)		(3.3	)		(24.7	)		31.3
Total	$	(7.3	)	$	22.5		$	(49.7	)	$	70.9

⁽¹⁾	Amounts recognized on the foreign currency forward contracts were included in cost of sales during the three and nine months ended September 30, 2016 and other income, net in the three and nine months ended September 30, 2015.

⁽²⁾

Amounts recognized on the interest rate and currency swaps for the three months ended September 30, 2016 and 2015, included a $1.2 million gain and $24.0 million gain, respectively, which is included in other income, net and interest expense of $1.5 million and $1.4 million, respectively, related to the hedge of the interest payments. Amounts recognized on the interest rate and currency swaps for the nine months ended September 30, 2016 and 2015, included a $20.5 million loss and $37.2 million gain, respectively, which is included in other income, net and interest expense of $4.0 million and $4.8 million, respectively, related to the hedge of the interest payments.

⁽³⁾	Amounts recognized on the treasury locks were included in interest expense which is related to amortization of terminated interest rate swaps.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Fair Value Measurements and Other Financial Instruments

Fair Value Measurements and Other Financial Instruments

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Note 12 Fair Value Measurements and Other Financial Instruments

Fair Value Measurements

In determining fair value of financial instruments, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and consider counterparty credit risk in our assessment of fair value. We determine fair value of our financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The following table details the fair value hierarchy of our financial instruments:

	September 30, 2016
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	76.3		$	76.3	$	—		$	—
Compensating balance deposits	$	55.0		$	55.0	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts and options	$	1.8		$	—	$	1.8		$	—
Interest rate and currency swaps	$	23.1		$	—	$	23.1		$	—
Cross-currency swaps	$	(29.2	)	$	—	$	(29.2	)	$	—

	December 31, 2015
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	56.3		$	48.3	$	8.0		$	—
Compensating balance deposits	$	56.5		$	56.5	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	(16.5	)	$	—	$	(16.5	)	$	—
Interest rate and currency swaps	$	44.0		$	—	$	44.0		$	—
Cross-currency swaps	$	(12.0	)	$	—	$	(12.0	)	$	—

Cash Equivalents

Our cash equivalents at September 30, 2016 and December 31, 2015 consisted of commercial paper (fair value determined using Level 2 inputs) and bank time deposits (Level 1). Since these are short-term highly liquid investments with original maturities of three months or less at the date of purchase, they present negligible risk of changes in fair value due to changes in interest rates.

Compensating Balance Deposits

We have compensating balance deposits related to certain short-term and long-term borrowings. These represent bank certificates of deposits with maturities of greater than 3 months.

Derivative Financial Instruments

Our foreign currency forward contracts, foreign currency options, euro-denominated debt, interest rate and currency swaps and cross-currency swaps are recorded at fair value on our Condensed Consolidated Balance Sheets using a discounted cash flow analysis that incorporates observable market inputs. These market inputs include foreign currency spot and forward rates, and various interest rate curves, and are obtained from pricing data quoted by various banks, third party sources and foreign currency dealers involving identical or comparable instruments (Level 2).

Counterparties to these foreign currency forward contracts have at least an investment grade rating. Credit ratings on some of our counterparties may change during the term of our financial instruments. We closely monitor our counterparties’ credit ratings and, if necessary, will make any appropriate changes to our financial instruments. The fair value generally reflects the estimated amounts that we would receive or pay to terminate the contracts at the reporting date.

Other Financial Instruments

The following financial instruments are recorded at fair value or at amounts that approximate fair value: (1) trade receivables, net, (2) certain other current assets, (3) accounts payable and (4) other current liabilities. The carrying amounts reported on our Condensed Consolidated Balance Sheets for the above financial instruments closely approximate their fair value due to the short-term nature of these assets and liabilities.

Other liabilities that are recorded at carrying value on our Condensed Consolidated Balance Sheets include our senior notes, except for our euro-denominated debt as discussed above. We utilize a market approach to calculate the fair value of our senior notes. Due to their limited investor base and the face value of some of our senior notes, they may not be actively traded on the date we calculate their fair value. Therefore, we may utilize prices and other relevant information generated by market transactions involving similar securities, reflecting U.S. Treasury yields to calculate the yield to maturity and the price on some of our senior notes. These inputs are provided by an independent third party and are considered to be Level 2 inputs.

We derive our fair value estimates of our various other debt instruments by evaluating the nature and terms of each instrument, considering prevailing economic and market conditions, and examining the cost of similar debt offered at the balance sheet date. We also incorporated our credit default swap rates and currency specific swap rates in the valuation of each debt instrument, as applicable.

These estimates are subjective and involve uncertainties and matters of significant judgment, and therefore we cannot determine them with precision. Changes in assumptions could significantly affect our estimates.

The table below shows the carrying amounts and estimated fair values of our total debt:

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount⁽²⁾		Value
Term Loan A Facility due July 2017	$	249.8	$	249.8	$	249.7	$	249.7
Term Loan A Facility due July 2019⁽¹⁾		1,104.1		1,104.1		1,103.8		1,103.8
6.50% Senior Notes due December 2020		423.0		485.0		422.7		473.7
4.875% Senior Notes due December 2022		419.4		446.3		418.9		426.5
5.25% Senior Notes due April 2023		419.5		451.8		419.0		436.2
4.50% Senior Notes due September 2023⁽¹⁾		444.8		491.6		432.9		452.7
5.125% Senior Notes due December 2024		420.1		450.7		419.7		427.6
5.50% Senior Notes due September 2025		396.3		430.9		396.1		410.2
6.875% Senior Notes due July 2033		445.3		484.0		445.2		462.7
Other foreign loans⁽¹⁾		222.5		222.8		165.7		165.8
Other domestic loans		116.7		116.9		81.6		81.9
Total debt	$	4,661.5	$	4,933.9	$	4,555.3	$	4,690.8

⁽¹⁾	Includes borrowings denominated in currencies other than U.S. dollars.

⁽²⁾

As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 which resulted in $35.9 million of unamortized debt issuance costs being reclassified from other assets to long-term debt as of December 31, 2015. See Note 2, “Recently Issued Accounting Standards” for additional information related to this adoption.

As of September 30, 2016, we did not have any non–financial assets and liabilities, aside from contingent consideration liabilities related to acquisitions and certain equity compensation, that were carried at fair value on a recurring basis in the Condensed Consolidated Financial Statements or for which a fair value measurement was required. Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, net property and equipment, goodwill, intangible assets and asset retirement obligations. Refer to Note 16 “Stockholders’ Equity” for share based compensation and below for contingent consideration.

Contingent Consideration

As part of the Intellibot acquisition in 2015, the Company recorded contingent consideration which is classified as a liability which includes earnout fees to be paid out in cash to the seller over a 10 year period based on various percentages of net sales of the Intellibot business over the 10 year period. Since it is classified as a liability, we must remeasure to fair value each reporting period. The fair value of the liability as of September 30, 2016 was $9.2 million, mostly included in non-current liabilities on the Condensed Consolidated Balance Sheet. The $0.6 million change in fair value for the nine months ended September 30, 2016 was recognized in selling, general and administrative expenses. The valuation of the contingent consideration is based on a probability weighted projection of payments over the remaining 9 year period using the deterministic method. These projections are based on our internal forecast of the business performance and since this is an unobservable input used in the fair value measurement it would be considered a Level 3 input (as defined above). In addition, the probability weighted earnout payments were present valued using factors to consider the risk associated with achievement of the sales forecast and the credit risk associated with the payments.

Credit and Market Risk

Financial instruments, including derivatives, expose us to counterparty credit risk for nonperformance and to market risk related to changes in interest or currency exchange rates. We manage our exposure to counterparty credit risk through specific minimum credit standards, establishing credit limits, diversification of counterparties, and procedures to monitor concentrations of credit risk.

We do not expect any of our counterparties in derivative transactions to fail to perform as it is our policy to have counterparties to these contracts that have at least an investment grade rating. Nevertheless, there is a risk that our exposure to losses arising out of derivative contracts could be material if the counterparties to these agreements fail to perform their obligations. We will replace counterparties if a credit downgrade is deemed to increase our risk to unacceptable levels.

We regularly monitor the impact of market risk on the fair value and cash flows of our derivative and other financial instruments considering reasonably possible changes in interest and currency exchange rates and restrict the use of derivative financial instruments to hedging activities. We do not use derivative financial instruments for trading or other speculative purposes and do not use leveraged derivative financial instruments.

We continually monitor the creditworthiness of our diverse base of customers to which we grant credit terms in the normal course of business and generally do not require collateral. We consider the concentrations of credit risk associated with our trade accounts receivable to be commercially reasonable and believe that such concentrations do not leave us vulnerable to significant risks of near-term severe adverse impacts. The terms and conditions of our credit sales are designed to mitigate concentrations of credit risk with any single customer. Our sales are not materially dependent on a single customer or a small group of customers.

Compensation And Retirement Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

9 Months Ended

Sep. 30, 2016

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

Note 13 Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

Effective December 31, 2015, the Company changed the approach used to calculate the service and interest components of net periodic benefit cost for certain of its International and U.S. benefit plans to provide a more precise measurement of service and interest costs. The change was applied to plans in countries where the benefit obligation was approximately $50.0 million or higher, and for which a yield curve is used to measure the benefit obligation. Historically, the Company calculated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Going forward, the Company has elected to utilize an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. Based on current economic conditions, the Company estimates that the service cost and interest cost for these benefit plans will be reduced by approximately $4.1 million in 2016. The Company has accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly has accounted for it prospectively.

The following table shows the components of our net periodic benefit cost (income) for our defined benefit pension plans for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended									Three Months Ended
	September 30, 2016									September 30, 2015
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost or (income):
Service cost	$	0.2		$	2.4		$	2.6		$	0.1		$	2.4		$	2.5
Interest cost		2.0			6.4			8.4			2.2			7.6			9.8
Expected return on plan assets		(2.5	)		(9.1	)		(11.6	)		(2.9	)		(10.3	)		(13.2	)
Amortization of net prior service cost		—			0.1			0.1			—			—			—
Amortization of net actuarial loss		0.7			2.3			3.0			0.4			2.4			2.8
Net periodic benefit cost (income)		0.4			2.1			2.5			(0.2	)		2.1			1.9
Cost (income) of settlement/curtailment		—			0.3			0.3			—			0.1			0.1
Total benefit cost (income)	$	0.4		$	2.4		$	2.8		$	(0.2	)	$	2.2		$	2.0

	Nine Months Ended									Nine Months Ended
	September 30, 2016									September 30, 2015
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost or (income):
Service cost	$	0.4		$	7.4		$	7.8		$	0.5		$	7.4		$	7.9
Interest cost		5.8			19.3			25.1			6.5			22.9			29.4
Expected return on plan assets		(7.5	)		(27.2	)		(34.7	)		(8.6	)		(30.9	)		(39.5	)
Amortization of net prior service cost		—			0.2			0.2			—			—			—
Amortization of net actuarial loss		1.7			6.7			8.4			1.3			7.1			8.4
Net periodic benefit cost (income)		0.4			6.4			6.8			(0.3	)		6.5			6.2
Cost (income) of settlement/curtailment		—			0.1			0.1			1.1			(0.6	)		0.5
Total benefit cost (income)	$	0.4		$	6.5		$	6.9		$	0.8		$	5.9		$	6.7

The following table shows the components of our net periodic benefit cost for our other employee benefit plans for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Components of net periodic benefit cost or (income):
Service cost	$	0.1		$	0.1		$	0.2		$	0.6
Interest cost		0.5			0.7			1.4			2.2
Amortization of net prior service cost		(0.5	)		(0.3	)		(1.2	)		(0.7	)
Amortization of net actuarial loss		—			0.1			—			0.3
Net periodic benefit cost	$	0.1		$	0.6		$	0.4		$	2.4

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 Income Taxes Effective Income Tax Rate and Income Tax Provision Our effective income tax rate for the three months ended September 30, 2016 was 5.5% and for the nine months ended September 30, 2016 was 22.7%. The lower effective tax rate reflects a tax benefit of $1.8 million and $12.4 million, or $0.01 and $0.06 per diluted share for the three and nine months ended September 30, 2016, respectively, representing excess tax benefits from share-based payment awards recorded in income tax provision resulting from the Company's early adoption of ASU 2016-09, effective January 1, 2016. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details. Our effective income tax rate also benefited from releases of unrecognized tax benefits of $41.8 million in the third quarter of 2016, primarily related to positions recorded at the time of the Diversey acquisition, due to the expiration of the statute of limitations. The Company recorded additional net discrete expense of $7.9 million in the third quarter of 2016 primarily related to a $19.4 million increase in valuation allowance against expiring foreign tax credits and a $3.1 million increase in the deferred tax liability on unremitted earnings, which were partially offset by a favorable $14.6 million return to provision adjustment primarily related to foreign tax credits. Our effective income tax rate for the three months ended September 30, 2015 was 31.3% and for the nine months ended September 30, 2015 was 29.4%. However, the effective tax rate for the nine months ended September 30, 2015 was negatively impacted by foreign currency exchange losses related to Venezuelan subsidiaries of approximately $30.7 million for which the Company will receive no tax benefits. As this loss was driven by the Company’s change to an alternative foreign exchange market, the tax impact of this loss was treated as a discrete item in the second quarter of 2015. In the third quarter of 2015, the Company recorded a net discrete income tax benefit of $15.3 million related to return to provision adjustments and the recognition of foreign tax credits. In addition, the Company recorded a discrete income tax expense of $16.9 million from changes to its unrecognized tax benefits including a new reserve related to the Settlement payment, and releases of certain reserves recorded at the time of the Diversey acquisition due to the expiration of the statute of limitations. Together, these items did not have a material impact on the tax expense for the three or nine months ended September 30, 2015. Unrecognized Tax Benefits During the nine months ended September 30, 2016, we decreased our unrecognized tax benefits by $35.2 million primarily related to expiration of the statute of limitations on domestic and foreign positions. We have not changed our policy with regard to the reporting of penalties and interest related to unrecognized tax benefits.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15 Commitments and Contingencies

Cryovac Transaction Commitments and Contingencies

Refer to Part II, Item 8, Note 17, “Commitments and Contingencies” to our audited Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 for a description of the Settlement agreement (as defined therein).

Environmental Matters

We are subject to loss contingencies resulting from environmental laws and regulations, and we accrue for anticipated costs associated with investigatory and remediation efforts when an assessment has indicated that a loss is probable and can be reasonably estimated. These accruals are not reduced by potential insurance recoveries, if any. We do not believe that it is reasonably possible that our liability in excess of the amounts that we have accrued for environmental matters will be material to our Condensed Consolidated Balance Sheet or Statement of Operations. Environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated.

We evaluate these liabilities periodically based on available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs among potentially responsible parties. As some of these issues are decided (the outcomes of which are subject to uncertainties) or new sites are assessed and costs can be reasonably estimated, we adjust the recorded accruals, as necessary. We believe that these exposures are not material to our Condensed Consolidated Balance Sheet or Statement of Operations. We believe that we have adequately reserved for all probable and estimable environmental exposures.

Guarantees and Indemnification Obligations

We are a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of:

•

product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide that products will conform to specifications. We generally do not establish a liability for product warranty based on a percentage of sales or other formula. We accrue a warranty liability on a transaction-specific basis depending on the individual facts and circumstances related to each sale. Both the liability and annual expense related to product warranties are immaterial to our Condensed Consolidated Balance Sheet or Statement of Operations; and

•

licenses of intellectual property by us to third parties in which we have agreed to indemnify the licensee against third party infringement claims.

Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

Note 16 Stockholders’ Equity

Repurchase of Common Stock

In July 2015, our Board of Directors authorized a repurchase program of up to $1.5 billion of the Company’s common stock, reflecting its commitment to return value to shareholders. The repurchase program has no expiration date and replaced the previously authorized program, which was terminated. Refer to Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” for further information. This program replaced our prior share repurchase program, approved by our Board of Directors in August 2007 authorizing us to repurchase in the aggregate up to 20 million shares of our outstanding common stock.

During the three and nine months ended September 30, 2016, we repurchased 3,545,828 and 4,680,313 shares, for approximately $165.0 million and $217.0 million, respectively. During the three and nine months ended September 30, 2015, we repurchased 5,539,803 and 8,164,237 shares, for approximately $277.2 million and $401.8 million, respectively. These repurchases were made under privately negotiated or open market transactions in accordance with Rule 10b5-1 of the Securities Act of 1933, as amended, and pursuant to the share repurchase program previously approved by our Board of Directors.

In March 2015, the Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $25.0 million of the Company’s common stock. Upon completion of the transaction, the Company received a total of 546,574 shares with an average price of $45.74 per share.

Additionally, on August 5, 2015, the Company entered into an accelerated share repurchase agreement (the “August ASR”) with a third-party financial institution to repurchase up to $300.0 million of the Company’s common stock. Upon completion of the transaction in September 2015, the Company received a total of 5,771,603 shares with an average price of $51.76 per share for a total cost of $298.7 million. These repurchases were made under the July 2015 share repurchase program approved by our Board of Directors referenced above.

Dividends

On October 6, 2016, our Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend is payable on December 16, 2016 to stockholders of record at the close of business on December 2, 2016.

The dividends paid in the nine months ended September 30, 2016 were recorded as a reduction to cash and cash equivalents and retained earnings on our Condensed Consolidated Balance Sheets. Our credit facility and our notes contain covenants that restrict our ability to declare or pay dividends. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our Condensed Consolidated Statement of Operations. There is no guarantee that our Board of Directors will declare any further dividends.

Share-based Incentive Compensation

We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Condensed Consolidated Statements of Operations with a corresponding credit to additional paid-in capital within stockholders’ equity based on the fair value of the share-based incentive compensation awards at the date of grant. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. For the various PSU awards programs described below, the cumulative amount accrued to date is adjusted up or down to the extent the expected performance against the targets has improved or worsened.

The table below shows our total share-based incentive compensation expense:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Total share-based incentive compensation expense ⁽¹⁾	$	15.6	$	15.9	$	46.8	$	49.1

⁽¹⁾

The amounts included above do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock or the expense or income related to SARs and certain cash-based awards. See Stock Appreciation Rights below for further details of SARs. At September 30, 2016 and September 30, 2015, our other cash-based awards were not material to our Condensed Consolidated Balance Sheet or Statement of Operations.

President and Chief Executive Officer (CEO) 2016 Inducement Awards

On January 15, 2016, Mr. Peribere, entered into a letter agreement (the “Amendment Letter”) amending the terms of his employment letter with the Company dated August 28, 2012 to extend the term of Mr. Peribere’s employment and make certain compensation adjustments. The Amendment Letter also provides Mr. Peribere with two additional awards of restricted stock units under the Company’s 2014 Omnibus Incentive Plan (the “Inducement Awards”), one that is time-vesting and the other that is performance-vesting.

The time-vesting Inducement Award, for 75,000 shares, requires Mr. Peribere to remain in service with the Company through December 31, 2017. The grant date fair value for this award was $39.95.

The performance-vesting Inducement Award, also for 75,000 shares, in addition to the time-vesting requirement noted above, requires that either (i) the Company’s cumulative total stockholder return (“TSR”) for 2016-2017 be in the top 25% of its peers (using the same peers and methodology under the Company’s performance stock unit (PSU) awards) and the Company’s stock price as of December 31, 2017 equals at least $43.70 per share, or (ii) the Company’s stock price as of December 31, 2017 equals at least $55.00 per share. The Amendment Letter provides that the stock price as of December 31, 2017 for this purpose will be determined using a 30-day arithmetic mean of closing prices. Since the award includes a market condition, compensation expense will be recognized regardless of whether the market condition is satisfied provided that the requisite service has been provided.

The grant date fair value for this award was determined using a Monte Carlo Simulation model that incorporates predictive modeling techniques using Geometric Brownian Motion and Crystal Ball’s random number generation. Other assumptions include the expected volatility of all companies included in the total shareholder return, valuation modeling of vesting payoff determination featuring both performance goals as noted above, the historical share price returns analysis of all companies included in the total shareholder return and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period Compensation expense for the performance-vesting Inducement Award is a fixed amount determined at the grant date fair value and is recognized 100% over the two-year award performance period regardless of whether shares are awarded at the end of the award performance period.

The assumptions used to calculate the grant date fair value of the performance-vesting Inducement Award are shown in the following table:

	2016 Performance-vesting Inducement Award
Fair value on grant date	$	12.55
Expected price volatility		24.60	%
Risk-free interest rate		0.92	%

The awards are described in further detail in Mr. Peribere’s Amendment Letter filed with the SEC as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 20, 2016.

Performance Share Unit (“PSU”) Awards

During the first 90 days of each year, the Organization and Compensation (“O&C”) Committee of our Board of Directors approves PSU awards for our executive officers and other selected key executives, which include for each officer or executive a target number of shares of common stock and performance goals and measures that will determine the percentage of the target award that is earned following the end of the three-year performance period. Following the end of the performance period, in addition to shares, participants will also receive a cash payment in the amount of the dividends (without interest) that would have been paid during the performance period on the number of shares that they have earned. Each PSU is subject to forfeiture if the recipient terminates employment with the Company prior to the end of the three-year award performance period for any reason other than death, disability or retirement. In the event of death, disability or retirement, a participant will receive a prorated payment based on such participant’s number of full months of service during the award performance period, further adjusted based on the achievement of the performance goals during the award performance period. All of these PSUs are classified as equity in the Condensed Consolidated Balance Sheet.

2016 Three-year PSU Awards

In February 2016, the O&C Committee approved awards with a three-year performance period beginning January 1, 2016 to December 31, 2018 for certain executives. The O&C Committee established principal performance goals, which are (i) total shareholder return (TSR) weighted at 50%, and (ii) 2018 consolidated adjusted EBITDA margin weighted at 50%. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares.

The number of PSUs granted and the grant date fair value of the PSUs are shown in the following table:

	TSR		Adjusted EBITDA
Number of units granted		124,755		165,391
Fair value on grant date	$	57.14	$	43.10

The assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:

	TSR portion of the 2016 PSU Award
Expected price volatility		26.50	%
Risk-free interest rate		0.98	%

2013 Three-year PSU Awards

In February 2016, the O&C Committee reviewed the performance results for the 2013-2015 PSUs. Performance goals for these PSUs were based on Adjusted EBITDA margins and relative TSR. The overall performance for 2013-2015 PSUs was above maximum levels and as a result these awards paid out at 200% of target or 1,074,017 units.

Stock Appreciation Rights (“SARs”)

In connection with the acquisition of Diversey, Sealed Air exchanged Diversey’s cash-settled stock appreciation rights and stock options that were unvested as of May 31, 2011 and unexercised at October 3, 2011 into cash-settled stock appreciation rights based on Sealed Air common stock. The remaining unexercised SARs were fully vested as of March 31, 2015. We continue to record expense related to these SARs until the last expiration date of these awards (February 2020). The amount of related future expense will fluctuate based on exercise and forfeiture activity and changes in the assumptions used in the Black-Scholes valuation model, including the price of Sealed Air common stock.

We recognized SARs income of $0.3 million and $0.4 million in the three months ended September 30, 2016 and 2015, respectively, and income of $0.1 million and expense of $4.1 million for the nine months ended September 30, 2016 and 2015, respectively. Cash payments due to the exercise of these SARs were $1.9 million and $20.0 million in the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, the remaining liability for these SARs was $1.9 million and is included in other current liabilities on our Condensed Consolidated Balance Sheet.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Note 17 Accumulated Other Comprehensive Income (Loss)

The following table provides details of comprehensive income (loss) for the nine months ended September 30, 2016 and 2015:

(In millions)	Unrecognized Pension Items			Cumulative Translation Adjustment			Unrecognized Gains (Losses) on Derivative Instruments for net investment hedge			Unrecognized Gains (Losses) on Derivative Instruments for cash flow hedge			Accumulated Other Comprehensive Income (Loss), Net of Taxes
Balance at December 31, 2014	$	(250.1	)	$	(369.9	)	$	—		$	6.2		$	(613.8	)
Other comprehensive income (loss) before reclassifications		3.4			(197.1	)		(14.4	)		30.1			(178.0	)
Less: amounts reclassified from accumulated other comprehensive income (loss)		6.0			—			—			(27.4	)		(21.4	)
Net current period other comprehensive income (loss)		9.4			(197.1	)		(14.4	)		2.7			(199.4	)
Balance at September 30, 2015⁽¹⁾	$	(240.7	)	$	(567.0	)	$	(14.4	)	$	8.9		$	(813.2	)

Balance at December 31, 2015	$	(266.0	)	$	(564.0	)	$	1.7		$	8.3		$	(820.0	)
Other comprehensive income (loss) before reclassifications		(3.6	)		19.4			(15.4	)		(19.4	)		(19.0	)
Less: amounts reclassified from accumulated other comprehensive income (loss)		9.2			(46.0	)		—			16.9			(19.9	)
Net current period other comprehensive income (loss)		5.6			(26.6	)		(15.4	)		(2.5	)		(38.9	)
Balance at September 30, 2016⁽¹⁾	$	(260.4	)	$	(590.6	)	$	(13.7	)	$	5.8		$	(858.9	)

⁽¹⁾	The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(31.4) million as of September 30, 2016 and $8.7 million as of September 30, 2015.

The following table provides detail of amounts reclassified from accumulated other comprehensive income:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016 ⁽¹⁾			2015 ⁽¹⁾			2016 ⁽¹⁾			2015 ⁽¹⁾			Location of Amount Reclassified from AOCI
Defined benefit pension plans and other post-employment benefits:
Prior service costs	$	0.4		$	0.3		$	1.0		$	0.7		⁽²⁾
Actuarial losses		(3.0	)		(2.9	)		(8.4	)		(8.7	)	⁽²⁾
Total pre-tax amount		(2.6	)		(2.6	)		(7.4	)		(8.0	)
Tax (expense) benefit		(3.0	)		0.7			(1.8	)		2.0
Net of tax		(5.6	)		(1.9	)		(9.2	)		(6.0	)
Reclassifications from cumulative translation adjustment:
Charges related to Venezuelan subsidiaries		—			—			46.0			—		⁽⁴⁾
Net gains (losses) on cash flow hedging derivatives:
Foreign currency forward contracts		(1.1	)		3.0			(0.9	)		6.7		⁽³⁾Other income, net
Interest rate and currency swaps		(0.2	)		22.8			(24.2	)		32.8		⁽³⁾Various
Treasury locks		—			—			0.1			0.1		⁽³⁾ Interest expense
Total pre-tax amount		(1.3	)		25.8			(25.0	)		39.6
Tax (expense) benefit		0.3			(8.0	)		8.1			(12.2	)
Net of tax		(1.0	)		17.8			(16.9	)		27.4
Total reclassifications for the period	$	(6.6	)	$	15.9		$	19.9		$	21.4

⁽¹⁾	Amounts in parenthesis indicate changes to earnings (loss).

⁽²⁾	These accumulated other comprehensive components are included in the computation of net periodic benefit costs within cost of sales and selling, general, and administrative expenses on the Condensed Consolidated Statement of Operations.

⁽³⁾	These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 11, “Derivatives and Hedging Activities” for additional details.

⁽⁴⁾	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to the Note 1 of the Condensed Consolidated Statement of Operations for further details.

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Other Income And Expenses [Abstract]

Other Income, net

9 Months Ended

Sep. 30, 2016

Other Income, net

Note 18 Other Income, net

The following table provides details of other income, net:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Interest income	$	2.6		$	2.8		$	9.6		$	9.3
Net foreign exchange transaction gains		0.6			0.4			4.7			3.0
Bank fee expense		(1.3	)		(1.8	)		(4.2	)		(4.2	)
Net gain/(loss) on disposals of business and property and equipment		0.2			(0.2	)		(1.3	)		3.6
Other, net		(0.9	)		4.3			(3.1	)		6.7
Other income, net	$	1.2		$	5.5		$	5.7		$	18.4

Net Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Net Earnings Per Common Share

Note 19 Net Earnings Per Common Share

The following table shows the calculation of basic and diluted net earnings per common share under the two-class method:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions, except per share amounts)	2016			2015			2016			2015
Basic Net Earnings Per Common Share:
Numerator
Net earnings available to common stockholders	$	163.3		$	86.6		$	315.3		$	211.9
Distributed and allocated undistributed net loss to non-vested restricted stockholders		(1.2	)		(0.6	)		(2.2	)		(1.5	)
Distributed and allocated undistributed net earnings to common stockholders		162.1			86.0			313.1			210.4
Distributed net earnings - dividends paid to common stockholders		(31.3	)		(26.1	)		(88.0	)		(80.6	)
Allocation of undistributed net earnings to common stockholders	$	130.8		$	59.9		$	225.1		$	129.8
Denominator
Weighted average number of common shares outstanding - basic		194.1			202.9			195.0			206.7
Basic net earnings per common share:
Distributed net earnings to common stockholders	$	0.16		$	0.13		$	0.45		$	0.39
Allocated undistributed net earnings to common stockholders		0.68			0.30			1.15			0.63
Basic net earnings per common share:⁽¹⁾	$	0.84		$	0.43		$	1.60		$	1.02
Diluted Net Earnings Per Common Share:
Numerator
Distributed and allocated undistributed net earnings to common stockholders	$	162.1		$	86.0		$	313.1		$	210.4
Add: Allocated undistributed net earnings to unvested restricted stockholders		1.1			0.5			1.7			1.0
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders		(1.1	)		(0.5	)		(1.7	)		(1.0	)
Net earnings available to common stockholders - diluted	$	162.1		$	86.0		$	313.1		$	210.4
Denominator
Weighted average number of common shares outstanding - basic		194.1			202.9			195.0			206.7
Effect of contingently issuable shares		1.0			1.4			0.9			1.3
Effect of unvested restricted stock units		0.9			0.7			0.9			0.7
Weighted average number of common shares outstanding - diluted under two-class		196.0			205.0			196.8			208.7
Effect of unvested restricted stock - participating security		0.7			0.8			0.7			0.8
Weighted average number of common shares outstanding - diluted under treasury stock		196.7			205.8			197.5			209.5
Diluted net earnings per common share⁽¹⁾	$	0.83		$	0.42		$	1.59		$	1.01

⁽¹⁾

The Company early adopted ASU 2016-09 on a prospective basis, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 377,130 and 370,090 diluted weighted average number of common shares outstanding for the three and nine months ended September 30, 2016, respectively, and recognition of excess tax benefits of $1.8 million and $12.4 million in income tax provision for the three and nine months ended September 30, 2016, respectively. As a result, net earnings per common share increased by $0.01 per share and $0.06 per share for the three and nine months ended September 30, 2016, respectively. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 20 Subsequent Events On October 17, 2016, Sealed Air announced a plan to pursue the tax-free spin-off of its Diversey Care division and the food hygiene and cleaning business within its Food Care division (together “New Diversey”). The tax-free spin-off would create two independent companies, New Sealed Air (the remaining Sealed Air business) and New Diversey, each with an enhanced strategic focus, simplified operating structure, distinct investment identity and strong financial profile. Under the spin-off plan, if effectuated, Sealed Air’s shareholders would own 100% of the common stock of New Diversey following completion of the spin-off. The spin-off company would be led by Dr. Ilham Kadri, currently President of Diversey Care. The transaction is expected to be completed in the second half of 2017, subject to completion of the Company’s tax basis analysis and final approval by Sealed Air’s Board of Directors, as well as satisfaction of customary conditions, including the effectiveness of appropriate filings with the U.S. Securities and Exchange Commission (“SEC”), and it is intended to qualify as a tax-free distribution to Sealed Air shareholders for U.S. federal income tax purposes. Sealed Air anticipates filing a Form 10 relating to the transaction with the SEC as early as the first quarter of 2017.

Organization and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

Reclassifications and Revisions

Impact of Inflation and Currency Fluctuation

Venezuela

2015 Activity

Therefore, in 2015 there were three legal mechanisms to exchange Bolivars for US dollars:

•

CENCOEX at the official rate of 6.3;

•

SICAD auction process at the awarded exchange rate (opening rate at 12.0 and at September 30, 2015 it was 13.5); and

•

SIMADI at the negotiated rate (rate of 199.4204 at September 30, 2015).

2016 Activity

•

The preferential rate for essential goods and services was changed from 6.3 to 10.0 bolivars per U.S. dollars and is no longer called CENCOEX but is now the DIPRO;

•

The SICAD rate was eliminated which reduced the number of legal mechanisms from three down to only two; and

•

Eliminated the SIMADI rate which was replaced by the DICOM rate which will be allowed to float freely beginning at a rate of approximately 203.0 bolivars to U.S. dollar.

We will continue to evaluate each reporting period the appropriate exchange rate to remeasure our financial statements based on the facts and circumstances as applicable.

Recently Adopted Accounting Standards

Accounting for Income Taxes

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions)	2016		2016
Excess tax benefit	$	1.8	$	12.4

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2016		2016
Increase in diluted weighted average number of common shares outstanding		377,130		370,090

The changes resulted in an increase in basic and diluted EPS as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2016		2016
Basic EPS prior to adoption of ASU 2016-09	$	0.83	$	1.54
Basic EPS upon adoption of ASU 2016-09	$	0.84	$	1.60

Diluted EPS prior to adoption of ASU 2016-09	$	0.82	$	1.53
Diluted EPS upon adoption of ASU 2016-09	$	0.83	$	1.59

Classification of Excess Tax Benefits on the Statement of Cash Flows

	Nine Months Ended			Year Ended
	September 30,			December 31,
(In millions)	2016			2015
Net Cash provided by Operating Activities prior to adoption of ASU 2016-09	$	463.7		$	967.7
Net Cash provided by Operating Activities upon adoption of ASU 2016-09	$	470.5		$	980.8

Net Cash used in Financing Activities prior to adoption of ASU 2016-09	$	(242.7	)	$	(775.3	)
Net Cash used in Financing Activities upon adoption of ASU 2016-09	$	(249.5	)	$	(788.4	)

Recently Issued Accounting Standards

Recently Issued Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Diluted Weighted Average Number of Common Shares Outstanding

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2016		2016
Increase in diluted weighted average number of common shares outstanding		377,130		370,090

Accounting Standards Update 2016-09 [Member]

Schedule of Recognition of Excess Tax Benefits in Provision for Income Taxes

The adoption resulted in the recognition of excess tax benefits in our provision for income taxes rather than in additional paid-in capital, as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions)	2016		2016
Excess tax benefit	$	1.8	$	12.4

Schedule of Changes in Earnings Per Share Basic and Diluted Effect of New Accounting Adoption

The changes resulted in an increase in basic and diluted EPS as follows:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2016		2016
Basic EPS prior to adoption of ASU 2016-09	$	0.83	$	1.54
Basic EPS upon adoption of ASU 2016-09	$	0.84	$	1.60

Diluted EPS prior to adoption of ASU 2016-09	$	0.82	$	1.53
Diluted EPS upon adoption of ASU 2016-09	$	0.83	$	1.59

Schedule of Impact on Consolidated Statement of Cash Flows

The retrospective impact on the Consolidated Statement of Cash Flows was as follows:

	Nine Months Ended			Year Ended
	September 30,			December 31,
(In millions)	2016			2015
Net Cash provided by Operating Activities prior to adoption of ASU 2016-09	$	463.7		$	967.7
Net Cash provided by Operating Activities upon adoption of ASU 2016-09	$	470.5		$	980.8

Net Cash used in Financing Activities prior to adoption of ASU 2016-09	$	(242.7	)	$	(775.3	)
Net Cash used in Financing Activities upon adoption of ASU 2016-09	$	(249.5	)	$	(788.4	)

Segments (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Net Sales and Adjusted EBITDA of Reportable Segments

The following tables show Net Sales and Adjusted EBITDA by our segment reporting structure:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Net Sales:
Food Care	$	814.6		$	836.4		$	2,381.6		$	2,562.8
As a % of Total Company net sales		47.5	%		47.9	%		47.3	%		48.6	%
Diversey Care		497.4			501.8			1,470.7			1,504.7
As a % of Total Company net sales		29.0	%		28.7	%		29.2	%		28.5	%
Product Care⁽¹⁾		388.6			389.3			1,130.0			1,153.1
As a % of Total Company net sales		22.6	%		22.3	%		22.4	%		21.8	%
Other⁽¹⁾		16.0			18.7			51.9			57.0
Total Company Net Sales	$	1,716.6		$	1,746.2		$	5,034.2		$	5,277.6

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Adjusted EBITDA:
Food Care	$	172.5		$	168.4		$	483.1		$	532.6
Adjusted EBITDA Margin		21.2	%		20.1	%		20.3	%		20.8	%
Diversey Care		64.6			66.4			187.1		176.5
Adjusted EBITDA Margin		13.0	%		13.2	%		12.7	%		11.7	%
Product Care⁽¹⁾		88.2			81.9		244.1				237.9
Adjusted EBITDA Margin		22.7	%		21.0	%		21.6	%		20.6	%
Other⁽¹⁾		(21.4	)		(16.7	)		(61.7	)		(55.2	)
Non-U.S. GAAP Total Company Adjusted EBITDA	$	303.9		$	300.0		$	852.6		$	891.8
Adjusted EBITDA Margin		17.7	%		17.2	%		16.9	%		16.9	%

⁽¹⁾

Reconciliation of Total Company Adjusted EBITDA to Net Earnings

The following table shows a reconciliation of Total Company Adjusted EBITDA to Net earnings available to common stockholders:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Total Company Adjusted EBITDA	$	303.9		$	300.0		$	852.6		$	891.8
Depreciation and amortization⁽¹⁾⁽³⁾		(70.2	)		(68.7	)		(208.0	)		(211.1	)
Special items:
Accelerated depreciation of non-strategic assets related to restructuring programs		—			(0.1	)		0.1			0.2
Accelerated depreciation and amortization of fixed assets and intangible assets for Venezuelan subsidiaries⁽¹⁾		—			—			4.8			—
Restructuring and other charges⁽¹⁾⁽⁴⁾		(1.6	)		(38.4	)		(3.2	)		(68.0	)
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses		(6.0	)		(13.0	)		(17.3	)		(32.2	)
SARs		0.3			0.4			0.1			(4.1	)
Foreign currency exchange (loss) gains related to Venezuelan subsidiaries		(0.4	)		(1.0	)		(3.2	)		(30.7	)
Charges related to ceasing operations in Venezuela⁽¹⁾		—			—			(52.1	)		—
Loss on debt redemption and refinancing activities		(0.1	)		0.6			(0.1	)		(110.7	)
(Loss) gain on sale of North American foam trays and absorbent pads business and European food trays business		—			(0.5	)		(1.6	)		28.7
Gain (loss) related to the sale of other businesses, investments and property, plant and equipment		0.6			0.2			(1.5	)		9.0
Other special items⁽²⁾		(0.9	)		1.3			(0.7	)		(0.4	)
Interest expense		(52.8	)		(54.8	)		(161.8	)		(172.3	)
Income tax provision		9.5			39.4			92.8			88.3
Net earnings available to common stockholders	$	163.3		$	86.6		$	315.3		$	211.9

⁽¹⁾	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

⁽²⁾

⁽³⁾	Depreciation and amortization by segment is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Food Care	$	25.7	$	26.6	$	75.9	$	81.8
Diversey Care		23.9		25.7		71.9		77.0
Product Care		9.7		9.3		28.6		28.8
Other		10.9		7.1		31.6		23.5
Total Company depreciation and amortization⁽¹⁾	$	70.2	$	68.7	$	208.0	$	211.1

⁽¹⁾

⁽⁴⁾	Restructuring and other charges by segment were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)		2016		2015		2016		2015
Food Care	$	0.8	$	15.4	$	1.5	$	29.5
Diversey Care		0.4		16.0		0.9		25.5
Product Care		0.3		6.7		0.7		12.6
Other		0.1		0.3		0.1		0.4
Total Company restructuring and other charges⁽¹⁾	$	1.6	$	38.4	$	3.2	$	68.0

⁽¹⁾

For the nine months ended September 30, 2016 restructuring and other charges excludes $0.3 million related to severance and termination benefits for employees in our Venezuelan subsidiaries.

Assets by Reportable Segments

	September 30,		December 31,
(In millions)	2016		2015
Assets:
Trade receivables, net, and finished goods inventories, net
Food Care	$	559.5	$	522.4
Diversey Care		467.5		440.3
Product Care		236.8		222.0
Other		17.1		12.5
Total segments and other		1,280.9		1,197.2
Assets not allocated
Cash and cash equivalents		332.8		358.4
Property and equipment, net		1,033.5		945.7
Goodwill		2,913.5		2,909.5
Intangible assets, net		741.8		784.3
Assets held for sale		7.0		10.3
Other		1,296.3		1,199.6
Total	$	7,605.8	$	7,405.0

Inventories and Cost of Sales (Tables)

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Inventories

The following table details our inventories, net:

	September 30,		December 31,
(In millions)	2016		2015
Inventories:
Raw materials	$	133.3	$	109.6
Work in process		131.3		112.4
Finished goods		501.4		438.8
Total	$	766.0	$	660.8

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2016

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table details our property and equipment, net:

	September 30,			December 31,
(In millions)	2016			2015⁽¹⁾
Land and improvements	$	86.1		$	86.7
Buildings		614.8			606.2
Machinery and equipment		2,181.4			2,141.3
Other property and equipment		144.4			139.9
Construction-in-progress		298.0			190.7
Property and equipment, gross		3,324.7			3,164.8
Accumulated depreciation and amortization⁽²⁾		(2,291.2	)		(2,219.1	)
Property and equipment, net	$	1,033.5		$	945.7

⁽¹⁾	Amounts related to asset retirement obligations were recorded as of December 31, 2015. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million.

⁽²⁾	As of September 30, 2016 this amount includes $0.5 million related to the accelerated depreciation and amortization of fixed assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

Interest Cost Capitalized And Depreciation And Amortization Expense For Property And Equipment

The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Interest cost capitalized	$	3.2	$	1.0	$	7.1	$	4.0
Depreciation and amortization expense for property and equipment	$	31.1	$	31.0	$	88.8	$	94.6

Goodwill and Identifiable Assets (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Goodwill Balances by Segment Reporting Structure

(In millions)	Food Care			Diversey Care			Product Care			Other			Total
Gross Carrying Value at December 31, 2015	$	804.3		$	1,820.9		$	1,373.7		$	1.6		$	4,000.5
Accumulated impairment		(208.0	)		(883.0	)		—			—			(1,091.0	)
Carrying Value at December 31, 2015	$	596.3		$	937.9		$	1,373.7		$	1.6		$	2,909.5
Acquisitions and related adjustments		8.4			—			—			—			8.4
Dispositions		—			—			(1.1	)		—			(1.1	)
Currency translation		(6.3	)		2.8			0.4			(0.2	)		(3.3	)
Gross Carrying Value at September 30, 2016		806.4			1,823.7			1,373.0			1.4			4,004.5
Accumulated impairment		(208.0	)		(883.0	)		—			—			(1,091.0	)
Carrying Value at September 30, 2016	$	598.4		$	940.7		$	1,373.0		$	1.4		$	2,913.5

Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives

The following tables summarize our identifiable intangible assets with definite and indefinite useful lives. As of September 30, 2016, there were no impairment indicators present.

	September 30, 2016										December 31, 2015
	Gross										Gross
	Carrying		Accumulated			Accumulated					Carrying		Accumulated			Accumulated
(In millions)	Value		Amortization			Impairment			Net		Value		Amortization			Impairment			Net
Customer relationships⁽¹⁾	$	860.4	$	(300.2	)	$	(148.9	)	$	411.3	$	846.2	$	(249.4	)	$	(148.9	)	$	447.9
Trademarks and tradenames		1.8		(0.7	)		—			1.1		1.7		(0.4	)		—			1.3
Capitalized software		160.8		(134.1	)		—			26.7		143.0		(125.3	)		—			17.7
Technology		142.3		(75.3	)		(22.2	)		44.8		141.9		(65.0	)		(22.2	)		54.7
Contracts		38.9		(32.1	)		—			6.8		42.8		(31.2	)		—			11.6
Total intangible assets with definite lives		1,204.2		(542.4	)		(171.1	)		490.7		1,175.6		(471.3	)		(171.1	)		533.2
Trademarks and tradenames with indefinite lives⁽²⁾		881.3		—			(630.2	)		251.1		881.3		—			(630.2	)		251.1
Total identifiable intangible assets	$	2,085.5	$	(542.4	)	$	(801.3	)	$	741.8	$	2,056.9	$	(471.3	)	$	(801.3	)	$	784.3

⁽¹⁾	As of September 30, 2016 this amount includes $4.3 million related to the accelerated amortization of intangible assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

⁽²⁾	The intangible assets include $251 million of trademarks and trade names that we have determined to have indefinite useful lives, primarily acquired in connection with the acquisition of Diversey.

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at September 30, 2016

Year	Amount (in millions)
Remainder of 2016	$	21.9
2017		93.8
2018		64.0
2019		56.8
Thereafter		254.2
Total	$	490.7

Restructuring and Relocation Activities (Tables)

9 Months Ended

Sep. 30, 2016

Restructuring And Related Activities [Abstract]

Schedule of Program Metrics

Program metrics are as follows:

	Sealed Air Restructuring Program
Approximate positions eliminated by the program		1,950
Estimated Program Costs (in millions):
Costs of reduction in headcount as a result of reorganization	$235-$245
Other expenses associated with the Program	155-160
Total expense	$390-$405
Capital expenditures	250-255
Proceeds, foreign exchange and other cash items	(70)-(75)
Total estimated net cash cost	$570-$585
Program to Date Cumulative Expense (in millions):
Costs of reduction in headcount as a result of reorganization	$	216
Other expenses associated with the Program		94
Total Cumulative Expense	$	310
Cumulative Capital expenditures	$	182

Restructuring and Relocation Activities

The following table details our restructuring activities as reflected in the Condensed Statement of Operations for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Other associated costs	$	6.0	$	13.0	$	17.3	$	32.2
Restructuring charges		1.6		38.4		3.2		68.0
Total	$	7.6	$	51.4	$	20.5	$	100.2
Capital Expenditures	$	35.4	$	21.0	$	92.4	$	25.5

Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining

Restructuring accrual at December 31, 2015	$	76.3
Accrual and accrual adjustments		3.2
Cash payments during 2016		(34.0	)
Effect of changes in foreign currency exchange rates		0.3
Restructuring accrual at September 30, 2016	$	45.8

Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Total Debt Outstanding

Our total debt outstanding consisted of the amounts set forth on the following table:

	September 30,		December 31,
(In millions)	2016		2015⁽³⁾
Short-term borrowings ⁽¹⁾	$	332.2	$	241.9
Current portion of long-term debt⁽²⁾		328.6		46.6
Total current debt		660.8		288.5
Term Loan A due July 2017⁽²⁾		—		249.7
Term Loan A due July 2019⁽²⁾		1,027.6		1,058.9
6.50% Senior Notes due December 2020		423.0		422.7
4.875% Senior Notes due December 2022		419.4		418.9
5.25% Senior Notes due April 2023		419.5		419.0
4.50% Senior Notes due September 2023		444.8		432.9
5.125% Senior Notes due December 2024		420.1		419.7
5.50% Senior Notes due September 2025		396.3		396.1
6.875% Senior Notes due July 2033		445.3		445.2
Other		4.7		3.7
Total long-term debt, less current portion⁽⁵⁾		4,000.7		4,266.8
Total debt⁽⁴⁾⁽⁶⁾	$	4,661.5	$	4,555.3

⁽¹⁾

⁽²⁾	Term Loan A facility due July 2019 has required prepayments which are due in the fourth quarter of 2016 and Term Loan A facility due in July 2017 are included in the current portion of long-term debt.

⁽³⁾

⁽⁴⁾

⁽⁵⁾	Amounts are net of unamortized discounts and issuance costs of $32.8 million as September 30, 2016 and $35.9 million as of December 31, 2015.

⁽⁶⁾	Long-term debt instruments are listed in order of priority.

Lines of Credit

	September 30,		December 31,
(In millions)	2016		2015
Used lines of credit⁽¹⁾⁽²⁾	$	332.2	$	241.9
Unused lines of credit		985.5		1,039.9
Total available lines of credit⁽³⁾	$	1,317.7	$	1,281.8

⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.

⁽²⁾	As of September 30, 2016 and December 31, 2015, there were $55.0 million and $56.5 million of cash held on deposit, respectively, as a compensating balance for certain short-term borrowings, which is recorded in other current assets on the Condensed Consolidated Balance Sheet.

⁽³⁾	Of the total available lines of credit, $884.7 million were committed as of September 30, 2016.

Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table details the fair value of our derivative instruments included on our Condensed Consolidated Balance Sheets.

	Cash Flow						Net Investment Hedge						Non-Designated						Total
	September 30,			December 31,			September 30,			December 31,			September 30,			December 31,			September 30,			December 31,
(In millions)	2016			2015			2016			2015			2016			2015			2016			2015
Derivative Assets
Foreign currency forward contracts	$	4.2		$	3.2		$	—		$	—		$	6.3		$	25.0		$	10.5		$	28.2
Interest rate and currency swaps		23.1			44.0			—			—			—			—			23.1			44.0
Total Derivative Assets	$	27.3		$	47.2		$	—		$	—		$	6.3		$	25.0		$	33.6		$	72.2

Derivative Liabilities
Foreign currency forward contracts	$	(2.3	)	$	(1.3	)	$	—		$	—		$	(6.4	)	$	(43.5	)	$	(8.7	)	$	(44.8	)
Cross-currency swaps		—			—			(29.2	)		(12.0	)		—			—			(29.2	)		(12.0	)
Total Derivative Liabilities⁽¹⁾	$	(2.3	)	$	(1.3	)	$	(29.2	)	$	(12.0	)	$	(6.4	)	$	(43.5	)	$	(37.9	)	$	(56.8	)
Net Derivatives ⁽²⁾	$	25.0		$	45.9		$	(29.2	)	$	(12.0	)	$	(0.1	)	$	(18.5	)	$	(4.3	)	$	15.4

⁽¹⁾	Excludes €400.0 million of euro-denominated debt ($444.8 million equivalent at September 30, 2016) and €400.0 million of euro-denominated debt ($432.9 million equivalent at December 31, 2015), as of September 30, 2016 and December 31, 2015, respectively, designated as a net investment hedge.

⁽²⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

	Other Current Assets						Other Current Liabilities						Other Non-current Assets				Other Non-current Liabilities
	September 30,			December 31,			September 30,			December 31,			September 30,		December 31,		September 30,			December 31,
(In millions)	2016			2015			2016			2015			2016		2015		2016			2015
Gross position	$	16.7		$	36.2		$	(8.7	)	$	(44.8	)	$	16.9	$	36.0	$	(29.2	)	$	(12.0	)
Impact of master netting agreements		(1.0	)		(24.1	)		1.0			24.1			—		—		—			—
Net amounts recognized on the Condensed Consolidated Balance Sheet	$	15.7		$	12.1		$	(7.7	)	$	(20.7	)	$	16.9	$	36.0	$	(29.2	)	$	(12.0	)

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

The following table details the effect of our derivative instruments on our Condensed Consolidated Statements of Operations.

	Amount of Gain (Loss) Recognized in
	Earnings on Derivatives
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts⁽¹⁾	$	(1.1	)	$	3.0		$	(0.9	)	$	6.7
Interest rate and currency swaps⁽²⁾		(0.4	)		22.7			(24.6	)		32.5
Treasury locks⁽³⁾		—			—			0.1			0.1
Sub-total cash flow hedges		(1.5	)		25.7			(25.4	)		39.3
Fair Value Hedges:
Interest rate swaps		0.2			0.1			0.4			0.3
Derivatives not designated as hedging instruments:
Foreign currency forward contracts		(6.0	)		(3.3	)		(24.7	)		31.3
Total	$	(7.3	)	$	22.5		$	(49.7	)	$	70.9

⁽¹⁾	Amounts recognized on the foreign currency forward contracts were included in cost of sales during the three and nine months ended September 30, 2016 and other income, net in the three and nine months ended September 30, 2015.

⁽²⁾

⁽³⁾	Amounts recognized on the treasury locks were included in interest expense which is related to amortization of terminated interest rate swaps.

Fair Value Measurements and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments

The following table details the fair value hierarchy of our financial instruments:

	September 30, 2016
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	76.3		$	76.3	$	—		$	—
Compensating balance deposits	$	55.0		$	55.0	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts and options	$	1.8		$	—	$	1.8		$	—
Interest rate and currency swaps	$	23.1		$	—	$	23.1		$	—
Cross-currency swaps	$	(29.2	)	$	—	$	(29.2	)	$	—

	December 31, 2015
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	56.3		$	48.3	$	8.0		$	—
Compensating balance deposits	$	56.5		$	56.5	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	(16.5	)	$	—	$	(16.5	)	$	—
Interest rate and currency swaps	$	44.0		$	—	$	44.0		$	—
Cross-currency swaps	$	(12.0	)	$	—	$	(12.0	)	$	—

Carrying Amounts and Estimated Fair Values of Debt

The table below shows the carrying amounts and estimated fair values of our total debt:

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount⁽²⁾		Value
Term Loan A Facility due July 2017	$	249.8	$	249.8	$	249.7	$	249.7
Term Loan A Facility due July 2019⁽¹⁾		1,104.1		1,104.1		1,103.8		1,103.8
6.50% Senior Notes due December 2020		423.0		485.0		422.7		473.7
4.875% Senior Notes due December 2022		419.4		446.3		418.9		426.5
5.25% Senior Notes due April 2023		419.5		451.8		419.0		436.2
4.50% Senior Notes due September 2023⁽¹⁾		444.8		491.6		432.9		452.7
5.125% Senior Notes due December 2024		420.1		450.7		419.7		427.6
5.50% Senior Notes due September 2025		396.3		430.9		396.1		410.2
6.875% Senior Notes due July 2033		445.3		484.0		445.2		462.7
Other foreign loans⁽¹⁾		222.5		222.8		165.7		165.8
Other domestic loans		116.7		116.9		81.6		81.9
Total debt	$	4,661.5	$	4,933.9	$	4,555.3	$	4,690.8

⁽¹⁾	Includes borrowings denominated in currencies other than U.S. dollars.

⁽²⁾

Defined Benefit Pension Plans [Member]

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2016

Components of Net Periodic Benefit Cost (Income)

The following table shows the components of our net periodic benefit cost (income) for our defined benefit pension plans for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended									Three Months Ended
	September 30, 2016									September 30, 2015
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost or (income):
Service cost	$	0.2		$	2.4		$	2.6		$	0.1		$	2.4		$	2.5
Interest cost		2.0			6.4			8.4			2.2			7.6			9.8
Expected return on plan assets		(2.5	)		(9.1	)		(11.6	)		(2.9	)		(10.3	)		(13.2	)
Amortization of net prior service cost		—			0.1			0.1			—			—			—
Amortization of net actuarial loss		0.7			2.3			3.0			0.4			2.4			2.8
Net periodic benefit cost (income)		0.4			2.1			2.5			(0.2	)		2.1			1.9
Cost (income) of settlement/curtailment		—			0.3			0.3			—			0.1			0.1
Total benefit cost (income)	$	0.4		$	2.4		$	2.8		$	(0.2	)	$	2.2		$	2.0

	Nine Months Ended									Nine Months Ended
	September 30, 2016									September 30, 2015
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost or (income):
Service cost	$	0.4		$	7.4		$	7.8		$	0.5		$	7.4		$	7.9
Interest cost		5.8			19.3			25.1			6.5			22.9			29.4
Expected return on plan assets		(7.5	)		(27.2	)		(34.7	)		(8.6	)		(30.9	)		(39.5	)
Amortization of net prior service cost		—			0.2			0.2			—			—			—
Amortization of net actuarial loss		1.7			6.7			8.4			1.3			7.1			8.4
Net periodic benefit cost (income)		0.4			6.4			6.8			(0.3	)		6.5			6.2
Cost (income) of settlement/curtailment		—			0.1			0.1			1.1			(0.6	)		0.5
Total benefit cost (income)	$	0.4		$	6.5		$	6.9		$	0.8		$	5.9		$	6.7

Other Employee Benefits Plans [Member]

Components of Net Periodic Benefit Cost (Income)

The following table shows the components of our net periodic benefit cost for our other employee benefit plans for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Components of net periodic benefit cost or (income):
Service cost	$	0.1		$	0.1		$	0.2		$	0.6
Interest cost		0.5			0.7			1.4			2.2
Amortization of net prior service cost		(0.5	)		(0.3	)		(1.2	)		(0.7	)
Amortization of net actuarial loss		—			0.1			—			0.3
Net periodic benefit cost	$	0.1		$	0.6		$	0.4		$	2.4

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2016

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total Share-based Incentive Compensation Expense

The table below shows our total share-based incentive compensation expense:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2016		2015		2016		2015
Total share-based incentive compensation expense ⁽¹⁾	$	15.6	$	15.9	$	46.8	$	49.1

⁽¹⁾

2016 Performance - Vesting Inducement Award [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Assumptions Used to Calculate the Grant Date Fair Value

The assumptions used to calculate the grant date fair value of the performance-vesting Inducement Award are shown in the following table:

	2016 Performance-vesting Inducement Award
Fair value on grant date	$	12.55
Expected price volatility		24.60	%
Risk-free interest rate		0.92	%

PSU Awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Assumptions Used to Calculate the Grant Date Fair Value

The assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:

	TSR portion of the 2016 PSU Award
Expected price volatility		26.50	%
Risk-free interest rate		0.98	%

Summary of Number of PSUs Granted and Grant Date Fair Value

The number of PSUs granted and the grant date fair value of the PSUs are shown in the following table:

	TSR		Adjusted EBITDA
Number of units granted		124,755		165,391
Fair value on grant date	$	57.14	$	43.10

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Details of Comprehensive Income (Loss)

The following table provides details of comprehensive income (loss) for the nine months ended September 30, 2016 and 2015:

(In millions)	Unrecognized Pension Items			Cumulative Translation Adjustment			Unrecognized Gains (Losses) on Derivative Instruments for net investment hedge			Unrecognized Gains (Losses) on Derivative Instruments for cash flow hedge			Accumulated Other Comprehensive Income (Loss), Net of Taxes
Balance at December 31, 2014	$	(250.1	)	$	(369.9	)	$	—		$	6.2		$	(613.8	)
Other comprehensive income (loss) before reclassifications		3.4			(197.1	)		(14.4	)		30.1			(178.0	)
Less: amounts reclassified from accumulated other comprehensive income (loss)		6.0			—			—			(27.4	)		(21.4	)
Net current period other comprehensive income (loss)		9.4			(197.1	)		(14.4	)		2.7			(199.4	)
Balance at September 30, 2015⁽¹⁾	$	(240.7	)	$	(567.0	)	$	(14.4	)	$	8.9		$	(813.2	)

Balance at December 31, 2015	$	(266.0	)	$	(564.0	)	$	1.7		$	8.3		$	(820.0	)
Other comprehensive income (loss) before reclassifications		(3.6	)		19.4			(15.4	)		(19.4	)		(19.0	)
Less: amounts reclassified from accumulated other comprehensive income (loss)		9.2			(46.0	)		—			16.9			(19.9	)
Net current period other comprehensive income (loss)		5.6			(26.6	)		(15.4	)		(2.5	)		(38.9	)
Balance at September 30, 2016⁽¹⁾	$	(260.4	)	$	(590.6	)	$	(13.7	)	$	5.8		$	(858.9	)

⁽¹⁾	The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(31.4) million as of September 30, 2016 and $8.7 million as of September 30, 2015.

Detail of Amount Reclassified from Accumulated Other Comprehensive Income

The following table provides detail of amounts reclassified from accumulated other comprehensive income:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016 ⁽¹⁾			2015 ⁽¹⁾			2016 ⁽¹⁾			2015 ⁽¹⁾			Location of Amount Reclassified from AOCI
Defined benefit pension plans and other post-employment benefits:
Prior service costs	$	0.4		$	0.3		$	1.0		$	0.7		⁽²⁾
Actuarial losses		(3.0	)		(2.9	)		(8.4	)		(8.7	)	⁽²⁾
Total pre-tax amount		(2.6	)		(2.6	)		(7.4	)		(8.0	)
Tax (expense) benefit		(3.0	)		0.7			(1.8	)		2.0
Net of tax		(5.6	)		(1.9	)		(9.2	)		(6.0	)
Reclassifications from cumulative translation adjustment:
Charges related to Venezuelan subsidiaries		—			—			46.0			—		⁽⁴⁾
Net gains (losses) on cash flow hedging derivatives:
Foreign currency forward contracts		(1.1	)		3.0			(0.9	)		6.7		⁽³⁾Other income, net
Interest rate and currency swaps		(0.2	)		22.8			(24.2	)		32.8		⁽³⁾Various
Treasury locks		—			—			0.1			0.1		⁽³⁾ Interest expense
Total pre-tax amount		(1.3	)		25.8			(25.0	)		39.6
Tax (expense) benefit		0.3			(8.0	)		8.1			(12.2	)
Net of tax		(1.0	)		17.8			(16.9	)		27.4
Total reclassifications for the period	$	(6.6	)	$	15.9		$	19.9		$	21.4

⁽¹⁾	Amounts in parenthesis indicate changes to earnings (loss).

⁽²⁾	These accumulated other comprehensive components are included in the computation of net periodic benefit costs within cost of sales and selling, general, and administrative expenses on the Condensed Consolidated Statement of Operations.

⁽³⁾	These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 11, “Derivatives and Hedging Activities” for additional details.

⁽⁴⁾	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to the Note 1 of the Condensed Consolidated Statement of Operations for further details.

Other Income (Expense), net (Tables)

9 Months Ended

Sep. 30, 2016

Other Income And Expenses [Abstract]

Details of Other Income, Net

The following table provides details of other income, net:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2016			2015			2016			2015
Interest income	$	2.6		$	2.8		$	9.6		$	9.3
Net foreign exchange transaction gains		0.6			0.4			4.7			3.0
Bank fee expense		(1.3	)		(1.8	)		(4.2	)		(4.2	)
Net gain/(loss) on disposals of business and property and equipment		0.2			(0.2	)		(1.3	)		3.6
Other, net		(0.9	)		4.3			(3.1	)		6.7
Other income, net	$	1.2		$	5.5		$	5.7		$	18.4

Net Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net Earnings Per Common Share

The following table shows the calculation of basic and diluted net earnings per common share under the two-class method:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions, except per share amounts)	2016			2015			2016			2015
Basic Net Earnings Per Common Share:
Numerator
Net earnings available to common stockholders	$	163.3		$	86.6		$	315.3		$	211.9
Distributed and allocated undistributed net loss to non-vested restricted stockholders		(1.2	)		(0.6	)		(2.2	)		(1.5	)
Distributed and allocated undistributed net earnings to common stockholders		162.1			86.0			313.1			210.4
Distributed net earnings - dividends paid to common stockholders		(31.3	)		(26.1	)		(88.0	)		(80.6	)
Allocation of undistributed net earnings to common stockholders	$	130.8		$	59.9		$	225.1		$	129.8
Denominator
Weighted average number of common shares outstanding - basic		194.1			202.9			195.0			206.7
Basic net earnings per common share:
Distributed net earnings to common stockholders	$	0.16		$	0.13		$	0.45		$	0.39
Allocated undistributed net earnings to common stockholders		0.68			0.30			1.15			0.63
Basic net earnings per common share:⁽¹⁾	$	0.84		$	0.43		$	1.60		$	1.02
Diluted Net Earnings Per Common Share:
Numerator
Distributed and allocated undistributed net earnings to common stockholders	$	162.1		$	86.0		$	313.1		$	210.4
Add: Allocated undistributed net earnings to unvested restricted stockholders		1.1			0.5			1.7			1.0
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders		(1.1	)		(0.5	)		(1.7	)		(1.0	)
Net earnings available to common stockholders - diluted	$	162.1		$	86.0		$	313.1		$	210.4
Denominator
Weighted average number of common shares outstanding - basic		194.1			202.9			195.0			206.7
Effect of contingently issuable shares		1.0			1.4			0.9			1.3
Effect of unvested restricted stock units		0.9			0.7			0.9			0.7
Weighted average number of common shares outstanding - diluted under two-class		196.0			205.0			196.8			208.7
Effect of unvested restricted stock - participating security		0.7			0.8			0.7			0.8
Weighted average number of common shares outstanding - diluted under treasury stock		196.7			205.8			197.5			209.5
Diluted net earnings per common share⁽¹⁾	$	0.83		$	0.42		$	1.59		$	1.01

⁽¹⁾

Organization and Basis of Presentation - Additional Information (Detail)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

USD ($)

Bs. / $

Jun. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Bs. / $

Sep. 30, 2016

USD ($)

Subsidiary

Bs. / $

Sep. 30, 2015

USD ($)

Bs. / $

Mar. 10, 2016

Bs. / $

Dec. 31, 2015

USD ($)

Bs. / $

Feb. 12, 2015

Bs. / $

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Number of wholly-owned subsidiaries | Subsidiary

Foreign currency transaction gain (loss) related to remeasurement

$ (3.2)

$ (30.7)

^[1]

Depreciation and amortization expenses related to fixed assets and intangible assets

^[2]

$ 1.6

$ 38.4

3.5

68.0

161.2

162.0

^[1]

Venezuela Subsidiaries [Member]

7.0

2.7

^[1]

^[2]

(46.0)

Organization Consolidation And Presentation Of Financial Statements [Line Items]

$ 52.1

52.1

^[3]

Depreciation and amortization expenses related to fixed assets and intangible assets

0.3

^[3]

4.8

Venezuela Subsidiaries [Member] | Selling General And Administrative Expenses [Member]

1.0

(46.0)

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Depreciation and amortization expenses related to fixed assets and intangible assets

4.8

Venezuela [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Foreign currency transaction gain (loss) related to remeasurement

$ (0.4)

$ (1.0)

$ (3.2)

$ (30.7)

52.1

0.3

Venezuela [Member] | Selling General And Administrative Expenses [Member]

1.0

(46.0)

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Depreciation and amortization expenses related to fixed assets and intangible assets

$ 4.8

Venezuela [Member] | SIMADI [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Venezuela [Member] | SICAD [Member]

199.4204

198.6986

170.0390

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Venezuela [Member] | CENCOEX [Member]

13.5

12.0

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Venezuela [Member] | DIPRO [Member]

6.3

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Venezuela [Member] | DICOM [Member]

10.0

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Restatement Adjustment [Member]

658.8853

203.0

Organization Consolidation And Presentation Of Financial Statements [Line Items]

An increase to other non-current liabilities due to asset retirement obligations

$ 15.0

An increase to property and equipment, net due to asset retirement obligations

15.0

Restatement Adjustment [Member] | Misclassification of Settlement of Net Investment Hedge And Foreign Currency Gains And Losses [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Net cash provided by (used in) operating activities

$ 22.3

Net cash (used in) provided by investing activities

(14.7)

Effect of foreign currency exchange rate changes on cash and cash equivalents

(7.6)

Restatement Adjustment [Member] | Misclassification Of Compensating Balance Arrangements And External Payment Terms

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Net cash provided by (used in) operating activities

1.0

Reclassification of cash to other current assets

$ 49.4

$ 35.9

Reclassification of accounts payable to short term borrowings

$ 11.9

11.9

Net cash (used in) provided by financing activities

$ (14.5)

[1]	For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[2]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[3]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

Recently Issued Accounting Standards - Schedule of Recognition of Excess Tax Benefits in Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Excess tax benefit	$ 9.5	$ 39.4	$ 92.8	$ 88.3
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Excess tax benefit	$ 1.8		$ 12.4

Recently Issued Accounting Standards - Schedule of Diluted Weighted Average Number of Common Shares Outstanding (Detail) - shares

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Increase in diluted weighted average number of common shares outstanding

^[1]

196,700,000

205,800,000

197,500,000

209,500,000

Accounting Standards Update 2016-09 [Member]

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Increase in diluted weighted average number of common shares outstanding

377,130

370,090

[1]

Recently Issued Accounting Standards - Schedule of Changes in Earnings Per Share Basic and Diluted Effect of New Accounting Adoption (Detail) - $ / shares

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Basic EPS

^[1]

$ 0.84

$ 0.43

$ 1.60

$ 1.02

Diluted EPS

^[1]

0.83

$ 0.42

1.59

$ 1.01

Prior to Adoption of Accounting Standards Update 2016-09 [Member]

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Basic EPS

0.83

1.54

Diluted EPS

0.82

1.53

Upon Adoption of Accounting Standards Update 2016-09 [Member]

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Basic EPS

0.84

1.60

Diluted EPS

$ 0.83

$ 1.59

[1]

Recently Issued Accounting Standards - Schedule of Impact on Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Prior to Adoption of Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Net Cash provided by Operating Activities	$ 463.7	$ 967.7
Net Cash used in Financing Activities	(242.7)	(775.3)
Upon Adoption of Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Net Cash provided by Operating Activities	470.5	980.8
Net Cash used in Financing Activities	$ (249.5)	$ (788.4)

Recently Issued Accounting Standards - Additional Information (Detail) - Accounting Standards Update 2015-03 And 2015-15 [Member] $ in Millions	Dec. 31, 2015 USD ($)
Significant Accounting Policies [Line Items]
Decrease in other assets	$ 35.9
Decrease in long-term debt	$ 35.9

Divestitures - Additional Information (Detail)
€ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Nov. 01, 2015

USD ($)

Nov. 01, 2015

EUR (€)

Apr. 02, 2015

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2016

EUR (€)

Dec. 31, 2015

USD ($)

Sep. 30, 2015

USD ($)

Dec. 31, 2015

USD ($)

Divestitures And Acquisitions Disclosure [Line Items]

Proceeds from sale of business

$ 7,800,000

$ 75,700,000

^[1]

$ (500,000)

(1,600,000)

28,700,000

$ 1,716,600,000

1,746,200,000

5,034,200,000

5,277,600,000

European Food Trays Businesses [Member]

$ 172,800,000

126,000,000

$ 408,100,000

300,200,000

Divestitures And Acquisitions Disclosure [Line Items]

Disposal date

Nov. 01, 2015

Proceeds from sale of business

$ 19,000,000

€ 17.6

$ 17,700,000

€ 15.7

Purchase price adjustments

$ 1,900,000

€ 1.7

14,700,000

43,600,000

North American Foam Trays and Absorbent Pads [Member]

2,000,000

5,900,000

Divestitures And Acquisitions Disclosure [Line Items]

Disposal date

Apr. 01, 2015

Proceeds from sale of business

$ 75,600,000

Purchase price adjustments

$ 5,900,000

Transaction costs

7,000,000

Disposal Group, Not Discontinued Operations [Member] | European Food Trays Businesses [Member]

Divestitures And Acquisitions Disclosure [Line Items]

Disposal Group, Not Discontinued Operations [Member] | North American Foam Trays and Absorbent Pads [Member]

$ 1,600,000

Divestitures And Acquisitions Disclosure [Line Items]

$ 29,200,000

$ 26,500,000

$ 52,900,000

$ 0

$ 10,300,000

$ 0

[1]

Segments - Additional Information (Detail)	9 Months Ended
Segments - Additional Information (Detail)	Sep. 30, 2016 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments - Net Sales and Adjusted EBITDA of Reportable Segments (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

$ 1,716.6

$ 1,746.2

$ 5,034.2

$ 5,277.6

Non-U.S. GAAP Total Company Adjusted EBITDA

17.70%

17.20%

16.90%

$ 303.9

$ 300.0

$ 852.6

$ 891.8

Operating Segments [Member] | Food Care [Member]

814.6

836.4

2,381.6

2,562.8

$ 172.5

$ 168.4

$ 483.1

$ 532.6

Operating Segments [Member] | Diversey Care [Member]

21.20%

20.10%

20.30%

20.80%

$ 497.4

$ 501.8

$ 1,470.7

$ 1,504.7

$ 64.6

$ 66.4

$ 187.1

$ 176.5

Operating Segments [Member] | Product Care [Member]

13.00%

13.20%

12.70%

11.70%

^[1]

$ 388.6

$ 389.3

$ 1,130.0

$ 1,153.1

^[1]

$ 88.2

$ 81.9

$ 244.1

$ 237.9

22.70%

21.00%

21.60%

20.60%

Other [Member]

^[1]

$ 16.0

$ 18.7

$ 51.9

$ 57.0

Product Concentration Risk [Member] | Net Sales [Member] | Operating Segments [Member] | Food Care [Member]

^[1]

$ (21.4)

$ (16.7)

$ (61.7)

$ (55.2)

Concentration risk percentage

47.50%

47.90%

47.30%

48.60%

Product Concentration Risk [Member] | Net Sales [Member] | Operating Segments [Member] | Diversey Care [Member]

Concentration risk percentage

29.00%

28.70%

29.20%

28.50%

Product Concentration Risk [Member] | Net Sales [Member] | Operating Segments [Member] | Product Care [Member]

Concentration risk percentage

22.60%

22.30%

22.40%

21.80%

[1]

Segments - Net Sales and Adjusted EBITDA of Reportable Segments (Parenthetical) (Detail) - Kevothermal Business [Member] - Operating Segments [Member] - Product Care [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Segment Reporting Information [Line Items]
Reclassified sales	$ 4.6	$ 10.3
Reclassified adjusted EBITDA	$ 0.9	$ 2.3

Segments - Reconciliation of Total Company Adjusted EBITDA to Net Earnings (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Jun. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Total Company Adjusted EBITDA

$ 303.9

$ 300.0

$ 852.6

$ 891.8

Accelerated depreciation of non-strategic assets related to restructuring programs

^[1]

(70.2)

(68.7)

(208.0)

(211.1)

Special items :

(0.1)

0.1

0.2

Accelerated depreciation and amortization of fixed assets and intangible assets

161.2

162.0

^[2]

Other restructuring associated costs included in cost of sales and selling, general and administrative expenses

^[1]

(1.6)

(38.4)

(3.2)

(68.0)

(6.0)

(13.0)

(17.3)

(32.2)

Stock appreciation rights expense

0.3

0.4

0.1

(4.1)

Foreign currency exchange (loss) gains related to Venezuelan subsidiaries

(0.4)

(1.0)

(3.2)

(30.7)

Loss on debt redemption and refinancing activities

(0.1)

0.6

(0.1)

(110.7)

^[2]

(Loss) gain on sale of business

(0.5)

(1.6)

28.7

0.6

0.2

(1.5)

9.0

Other special items

^[3]

(0.9)

1.3

(0.7)

(0.4)

Interest expense

(52.8)

(54.8)

(161.8)

(172.3)

Income tax provision

9.5

39.4

92.8

88.3

Venezuela Subsidiaries [Member]

$ 163.3

86.6

315.3

211.9

^[2]

Special items :

Accelerated depreciation and amortization of fixed assets and intangible assets

^[1]

4.8

Cost of sales

$ (52.1)

(52.1)

^[1]

North American Foam Trays and Absorbent Pads Business and European Food Trays Business [Member]

Special items :

(Loss) gain on sale of business

$ (0.5)

$ (1.6)

$ 28.7

[1]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.
[2]	For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3]	Other special items for the three and nine months ended September 30, 2016 primarily included a reduction in a non-income tax reserve following the completion of a governmental audit partially offset by legal fees associated with restructuring and acquisitions. Other special items for the three and nine months ended September 30, 2015 primarily included legal fees associated with restructuring and acquisitions.

Segments - Reconciliation of Total Company Adjusted EBITDA to Net Earnings (Parenthetical) (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Jun. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Share-based incentive compensation

^[1]

$ 70.2

$ 68.7

$ 208.0

$ 211.1

^[2]

15.6

15.9

46.8

49.1

^[1]

1.6

38.4

3.2

68.0

Venezuela Subsidiaries [Member]

^[3]

1.6

38.4

3.5

68.0

$ 0.3

0.3

Other [Member]

10.9

7.1

31.6

23.5

Food Care [Member] | Operating Segments [Member]

0.1

0.3

0.1

0.4

25.7

26.6

75.9

81.8

Diversey Care [Member] | Operating Segments [Member]

0.8

15.4

1.5

29.5

23.9

25.7

71.9

77.0

Product Care [Member] | Operating Segments [Member]

0.4

16.0

0.9

25.5

9.7

9.3

28.6

28.8

Trade receivables, net, and finished goods inventories, net

$ 0.3

$ 6.7

$ 0.7

$ 12.6

[1]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.
[2]	The amounts included above do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock or the expense or income related to SARs and certain cash-based awards. See Stock Appreciation Rights below for further details of SARs. At September 30, 2016 and September 30, 2015, our other cash-based awards were not material to our Condensed Consolidated Balance Sheet or Statement of Operations.
[3]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.

Segments - Assets by Reportable Segments (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Jun. 30, 2016

Dec. 31, 2015

Jun. 30, 2015

^[2]

Dec. 31, 2014

^[2]

$ 1,280.9

$ 1,197.2

Cash and cash equivalents

332.8

$ 332.8

358.4

^[1]

$ 283.8

$ 286.4

^[3]

1,033.5

945.7

^[1],[4]

Operating Segments [Member] | Food Care [Member]

2,913.5

2,909.5

^[1]

Intangible assets, net

741.8

784.3

^[1]

Assets held for sale

7.0

10.3

^[1]

Total assets

7,605.8

7,405.0

^[1]

Trade receivables, net, and finished goods inventories, net

559.5

522.4

Operating Segments [Member] | Diversey Care [Member]

598.4

596.3

Trade receivables, net, and finished goods inventories, net

467.5

440.3

Operating Segments [Member] | Product Care [Member]

940.7

937.9

Trade receivables, net, and finished goods inventories, net

236.8

222.0

Operating Segments [Member] | Other Segments [Member]

1,373.0

1,373.7

Trade receivables, net, and finished goods inventories, net

Segment Reconciling Items [Member]

17.1

12.5

Cash and cash equivalents

332.8

358.4

1,033.5

945.7

Property Plant And Equipment Net [Abstract]

2,913.5

2,909.5

Intangible assets, net

741.8

784.3

Assets held for sale

7.0

10.3

Other

1,296.3

1,199.6

Total assets

$ 7,605.8

$ 7,405.0

[1]	As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.
[2]	For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3]	Property and equipment, net, and other non-current liabilities as of December 31, 2015, have been revised to properly reflect asset retirement obligations. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[4]	Amounts related to asset retirement obligations were recorded as of December 31, 2015. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million.

Inventories and Cost of Sales - Inventories (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Inventory Disclosure [Abstract]

Raw materials

$ 133.3

$ 109.6

Work in process

131.3

112.4

Finished goods

501.4

438.8

Total

$ 766.0

$ 660.8

^[1]

[1]

As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.

Inventories and Cost of Sales - Additional Information (Detail) - Cost of Sales $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Inventory [Line Items]
Reimbursement of previously incurred environmental expenses	$ 6.8
Diversey Care [Member]
Inventory [Line Items]
Reimbursement of previously incurred environmental expenses	$ 5.6

Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

^[1]

Land and improvements

$ 86.1

$ 86.7

Buildings

614.8

606.2

Machinery and equipment

2,181.4

2,141.3

Other property and equipment

144.4

139.9

Construction-in-progress

298.0

190.7

Property and equipment, gross

3,324.7

3,164.8

Accumulated depreciation and amortization

^[2]

(2,291.2)

(2,219.1)

Property Plant And Equipment [Line Items]

^[3]

$ 1,033.5

$ 945.7

^[4]

[1]	Amounts related to asset retirement obligations were recorded as of December 31, 2015. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million.
[2]	As of September 30, 2016 this amount includes $0.5 million related to the accelerated depreciation and amortization of fixed assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.
[3]	Property and equipment, net, and other non-current liabilities as of December 31, 2015, have been revised to properly reflect asset retirement obligations. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[4]	As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.

Property and Equipment, net - Schedule of Property and Equipment, Net (Parenthetical) (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Accumulated depreciation and amortization

^[1]

$ 2,291.2

$ 2,219.1

^[2]

Restatement Adjustment [Member]

Property Plant And Equipment [Line Items]

Increase to property and equipment, net

15.0

Increase to other non-current liabilities

$ 15.0

Venezuela [Member]

Property Plant And Equipment [Line Items]

Accumulated depreciation and amortization

$ 0.5

[1]	As of September 30, 2016 this amount includes $0.5 million related to the accelerated depreciation and amortization of fixed assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.
[2]	Amounts related to asset retirement obligations were recorded as of December 31, 2015. This resulted in an increase to property and equipment, net and other non-current liabilities of $15.0 million.

Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense for Property and Equipment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Property Plant And Equipment [Abstract]
Interest cost capitalized	$ 3.2	$ 1.0	$ 7.1	$ 4.0
Depreciation and amortization expense for property and equipment	$ 31.1	$ 31.0	$ 88.8	$ 94.6

Goodwill and Identifiable Assets - Summary of Goodwill Balances by Segment Reporting Structure (Detail) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2016

Dec. 31, 2015

$ 4,004.5

$ 4,000.5

Accumulated impairment

(1,091.0)

Acquisitions and related adjustments

2,913.5

2,909.5

^[1]

8.4

Dispositions

(1.1)

Operating Segments [Member] | Food Care [Member]

(3.3)

806.4

804.3

Accumulated impairment

(208.0)

Acquisitions and related adjustments

598.4

596.3

8.4

Operating Segments [Member] | Diversey Care [Member]

(6.3)

1,823.7

1,820.9

Accumulated impairment

(883.0)

940.7

937.9

Operating Segments [Member] | Product Care [Member]

2.8

1,373.0

1,373.7

1,373.0

1,373.7

Dispositions

(1.1)

0.4

Other [Member]

1.4

1.6

1.4

$ 1.6

Finite And Infinite Lived Intangible Assets [Line Items]

$ (0.2)

[1]

Goodwill and Identifiable Assets - Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Intangible assets with definite life, Gross Carrying Value

$ 1,204.2

$ 1,175.6

Intangible assets with definite life, Accumulated Amortization

(542.4)

(471.3)

Intangible assets with definite life, Accumulated Impairment

(171.1)

490.7

533.2

Trademarks and tradenames with indefinite lives [Member]

2,085.5

2,056.9

Accumulated Impairment

(801.3)

Net

741.8

784.3

^[1]

Finite And Infinite Lived Intangible Assets [Line Items]

Intangible assets with indefinite life, Gross Carrying Value

^[2]

881.3

Intangible assets with indefinite life, Accumulated Impairment

^[2]

(630.2)

Intangible assets with indefinite life, Net

^[2]

251.1

Customer relationships [Member]

Finite And Infinite Lived Intangible Assets [Line Items]

Intangible assets with definite life, Gross Carrying Value

^[3]

860.4

846.2

Intangible assets with definite life, Accumulated Amortization

^[3]

(300.2)

(249.4)

Intangible assets with definite life, Accumulated Impairment

^[3]

(148.9)

Trademarks and tradenames [Member]

^[3]

411.3

447.9

Finite And Infinite Lived Intangible Assets [Line Items]

Intangible assets with definite life, Gross Carrying Value

1.8

1.7

Intangible assets with definite life, Accumulated Amortization

(0.7)

(0.4)

Capitalized Software [Member]

1.1

1.3

Finite And Infinite Lived Intangible Assets [Line Items]

Intangible assets with definite life, Gross Carrying Value

160.8

143.0

Intangible assets with definite life, Accumulated Amortization

(134.1)

(125.3)

Finite And Infinite Lived Intangible Assets [Line Items]

26.7

17.7

Technology

Intangible assets with definite life, Gross Carrying Value

142.3

141.9

Intangible assets with definite life, Accumulated Amortization

(75.3)

(65.0)

Intangible assets with definite life, Accumulated Impairment

(22.2)

Finite And Infinite Lived Intangible Assets [Line Items]

44.8

54.7

Customer Contracts

Intangible assets with definite life, Gross Carrying Value

38.9

42.8

Intangible assets with definite life, Accumulated Amortization

(32.1)

(31.2)

Indefinite Lived Intangible Assets By Major Class [Line Items]

$ 6.8

$ 11.6

[1]	As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.
[2]	The intangible assets include $251 million of trademarks and trade names that we have determined to have indefinite useful lives, primarily acquired in connection with the acquisition of Diversey.
[3]	As of September 30, 2016 this amount includes $4.3 million related to the accelerated amortization of intangible assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

Goodwill and Identifiable Assets - Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives (Parenthetical) (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Finite-Lived Intangible Assets, Accumulated Amortization

$ 542.4

$ 471.3

Trademarks and tradenames [Member] | Diversey Care [Member]

Indefinite Lived Intangible Assets By Major Class [Line Items]

Indefinite-lived intangible Assets (excluding goodwill)

251.0

Customer relationships [Member]

Indefinite Lived Intangible Assets By Major Class [Line Items]

Finite-Lived Intangible Assets, Accumulated Amortization

^[1]

300.2

$ 249.4

Customer relationships [Member] | Venezuela [Member]

Indefinite Lived Intangible Assets By Major Class [Line Items]

Finite-Lived Intangible Assets, Accumulated Amortization

$ 4.3

[1]	As of September 30, 2016 this amount includes $4.3 million related to the accelerated amortization of intangible assets related to ceasing operations in Venezuela. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

Goodwill and Identifiable Intangible Assets - Remaining Estimated Future Amortization Expense (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2016	$ 21.9
2017	93.8
2018	64.0
2019	56.8
Thereafter	254.2
Intangible assets with definite life, Net	$ 490.7	$ 533.2

Accounts Receivable Securitization Programs - Additional Information (Detail) € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Bank	Sep. 30, 2015 USD ($)	Sep. 30, 2016 EUR (€)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Interest expenses	$ 52,800,000	$ 54,800,000	$ 161,800,000	$ 172,300,000
U.S. Accounts Receivable Securitization Program [Member]
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| Bank			2
Maximum purchase limit for receivable interests under accounts receivable securitization program	90,000,000		$ 90,000,000
Level of eligible assets available under accounts receivable securitization program			less than $90.0 million
Amount available for accounts receivable securitization program	73,300,000		$ 73,300,000
Accounts receivable expiration date			2016-09
Interest expenses	400,000		$ 1,100,000
U.S. Accounts Receivable Securitization Program [Member] \| U.S.program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Amount utilized under accounts receivable securitization program	73,000,000		$ 73,000,000			$ 67,000,000
U.S. Accounts Receivable Securitization Program [Member] \| Maximum [Member]
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Interest expenses				$ 1,000,000
European Accounts Receivable Securitization Program [Member]
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| Bank			2
Maximum purchase limit for receivable interests under accounts receivable securitization program	123,400,000		$ 123,400,000		€ 110.0
Amount available for accounts receivable securitization program	111,400,000		$ 111,400,000		99.2
Accounts receivable expiration date			2016-02
European Accounts Receivable Securitization Program [Member] \| Europe [Member]
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Amount utilized under accounts receivable securitization program	$ 110,400,000		$ 110,400,000		€ 98.4	$ 76,700,000	€ 70.1

Restructuring and Relocation Activities - Additional Information (Detail) $ in Millions		9 Months Ended
	Dec. 31, 2017 USD ($) Jobs	Sep. 30, 2016 USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring expected accrual to pay		$ 41
Restructuring expected accrual remaining to pay		$ 5
FUSION [Member]
Restructuring Cost And Reserve [Line Items]
Jobs relocation completion date		Dec. 31, 2017
Scenario, Forecast [Member] \| FUSION [Member]
Restructuring Cost And Reserve [Line Items]
Number of Jobs relocated from Elmwood park to Charlotte \| Jobs	1,300
Scenario, Forecast [Member] \| FUSION [Member] \| Building Cost Of Charlotte Campus
Restructuring Cost And Reserve [Line Items]
Total estimated net cash cost	$ 120

Restructuring and Relocation Activities - Schedule of Program Metrics (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Employees	Sep. 30, 2015 USD ($)
Restructuring Cost And Reserve [Line Items]
Approximate positions eliminated by the program \| Employees			1,950
Costs of reduction in headcount as a result of reorganization			$ 216.0
Other expenses associated with the Program	$ 6.0	$ 13.0	17.3	$ 32.2
Total expense	7.6	51.4	20.5	100.2
Capital expenditures	35.4	$ 21.0	92.4	$ 25.5
Total Cumulative Expense	310.0		310.0
Cumulative Capital expenditures	182.0		182.0
Minimum [Member]
Restructuring Cost And Reserve [Line Items]
Costs of reduction in headcount as a result of reorganization			235.0
Other expenses associated with the Program			155.0
Total expense			390.0
Capital expenditures			250.0
Proceeds, foreign exchange and other cash items			(70.0)
Total estimated net cash cost	570.0		570.0
Maximum [Member]
Restructuring Cost And Reserve [Line Items]
Costs of reduction in headcount as a result of reorganization			245.0
Other expenses associated with the Program			160.0
Total expense			405.0
Capital expenditures			255.0
Proceeds, foreign exchange and other cash items			(75.0)
Total estimated net cash cost	$ 585.0		585.0
Other Restructuring
Restructuring Cost And Reserve [Line Items]
Other expenses associated with the Program			$ 94.0

Restructuring and Relocation Activities - Restructuring Activities (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Restructuring And Related Activities [Abstract]

Other associated costs

$ 6.0

$ 13.0

$ 17.3

$ 32.2

Restructuring charges

^[1]

1.6

38.4

3.2

68.0

Total Expense

7.6

51.4

20.5

100.2

Capital expenditures

$ 35.4

$ 21.0

$ 92.4

$ 25.5

[1]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1 of the Condensed Consolidated Statement of Operations for further details.

Restructuring and Relocation Activities - Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Restructuring And Related Activities [Abstract]
Restructuring accrual at December 31, 2015	$ 76.3
Accrual and accrual adjustments	3.2
Cash payments during 2016	(34.0)
Effect of changes in foreign currency exchange rates	0.3
Restructuring accrual at September 30, 2016	$ 45.8

Debt and Credit Facilities - Total Debt Outstanding (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Current portion of long-term debt

$ 332.2

$ 241.9

^[1]

328.6

46.6

^[1]

Total current debt

660.8

288.5

Other

4.7

3.7

Total long-term debt, less current portion

4,000.7

4,266.8

^[1]

Total debt

4,661.5

4,555.3

Term Loan A Due July 2017 [Member]

Credit facility amount outstanding

249.7

Term Loan A Due July 2019 [Member]

Credit facility amount outstanding

1,027.6

1,058.9

6.50% Senior Notes Due December 2020 [Member]

4.875% Senior Notes due December 2022 [Member]

423.0

422.7

5.25% Senior Notes Due April 2023 [Member]

419.4

418.9

4.50% Senior Notes due September 2023 [Member]

419.5

419.0

5.125% Senior Notes due December 2024 [Member]

444.8

432.9

5.50% Senior Notes due September 2025 [Member]

420.1

419.7

6.875% Senior Notes Due July 2033 [Member]

396.3

396.1

$ 445.3

$ 445.2

[1]

Debt and Credit Facilities - Total Debt Outstanding (Parenthetical) (Detail) - USD ($)
$ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2016

Dec. 31, 2015

Jan. 01, 2016

Short-term Debt, Weighted Average Interest Rate

$ 332.2

$ 241.9

^[1]

3.00%

3.40%

Long-term Debt, Weighted Average Interest Rate

4.60%

Unamortized discounts/issuance costs

$ 32.8

$ 35.9

Unamortized debt issuance costs

$ 35.9

U.S. Accounts Receivable Securitization Program [Member]

European Accounts Receivable Securitization Program [Member]

73.0

67.0

Revolving Credit Facility [Member]

110.4

76.7

30.0

Line of Credit [Member]

Term Loan A Due July 2017 [Member]

$ 118.8

$ 98.2

Debt maturity month and year, Term loan

2017-07

Term Loan A Due July 2019 [Member]

Debt maturity month and year, Term loan

2019-07

Term loan facilities, prepayment due year

2016

6.50% Senior Notes Due December 2020 [Member]

6.50%

4.875% Senior Notes due December 2022 [Member]

2020-12

4.875%

5.25% Senior Notes Due April 2023 [Member]

2022-12

5.25%

4.50% Senior Notes due September 2023 [Member]

2023-04

4.50%

5.125% Senior Notes due December 2024 [Member]

2023-09

5.125%

5.50% Senior Notes due September 2025 [Member]

2024-12

5.50%

6.875% Senior Notes Due July 2033 [Member]

2025-09

6.875%

Total available lines of credit

2033-07

[1]

Debt and Credit Facilities - Lines of Credit (Detail) - USD ($)
$ in Millions

Sep. 30, 2016

Dec. 31, 2015

Debt Disclosure [Abstract]

Used lines of credit

$ 332.2

$ 241.9

^[1]

Unused lines of credit

985.5

1,039.9

$ 1,317.7

$ 1,281.8

[1]

Debt and Credit Facilities - Lines of Credit (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Line Of Credit Facility [Line Items]
Reclassification of cash to other current and non-current assets	$ 55.0	$ 56.5
Total available lines of credit	1,317.7	$ 1,281.8
Committed Line of Credit Facilities [Member]
Line Of Credit Facility [Line Items]
Total available lines of credit	$ 884.7

Derivatives and Hedging Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) Derivative	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Derivative	Sep. 30, 2015 USD ($)	Dec. 31, 2015 Derivative	Jun. 30, 2015 EUR (€)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
4.50% Senior Notes due September 2023 [Member]
Derivative [Line Items]
Debt interest rate	4.50%		4.50%		4.50%
Delayed Draw Term Loan A Facility [Member]
Derivative [Line Items]
Notional amount of outstanding derivative								$ 100,000,000
Foreign Currency Forward Contracts [Member] \| Net Investment Hedge [Member]
Derivative [Line Items]
Notional amount of outstanding derivative \| €						€ 270,000,000
Derivative foreign exchange expiration date			2015-06
Cumulative translation adjustment before tax	$ (3,500,000)		$ (3,500,000)
Cumulative translation adjustment after tax	(2,200,000)		$ (2,200,000)
Foreign Currency Forward Contracts [Member] \| Designated as Hedging Instruments [Member]
Derivative [Line Items]
Maximum original maturity period of foreign currency forward contracts			12 months
Other comprehensive income unrealized gain (loss) arising during period net of tax	$ 1,300,000	$ 2,900,000	$ (800,000)	$ 6,600,000
Net unrealized derivative gain (losses) included in AOCI to be reclassified into earnings in next twelve months			$ 5,100,000
Foreign Currency Forward Contracts [Member] \| Not Designated as Hedging Instruments [Member]
Derivative [Line Items]
Maximum original maturity period of foreign currency forward contracts			12 months
Interest Rate Swaps [Member]
Derivative [Line Items]
Number of derivative instruments outstanding \| Derivative	0		0		0
Interest Rate and Currency Swap [Member]
Derivative [Line Items]
Notional amount of outstanding derivative								$ 100,000,000
Derivative notional amount settled	$ 20,000,000		$ 20,000,000
Amount received on derivative settlement			4,900,000
EUR - Denominated debt [Member] \| Net Investment Hedge [Member] \| 4.50% Senior Notes due September 2023 [Member]
Derivative [Line Items]
Debt instrument face amount \| €						€ 400,000,000
Debt interest rate						4.50%
EUR - Denominated debt [Member] \| Designated as Hedging Instruments [Member] \| Net Investment Hedge [Member]
Derivative [Line Items]
Fair Value of (Liability) Derivatives	800,000		800,000
Cross-Currency Swaps [Member] \| Net Investment Hedge [Member]
Derivative [Line Items]
Notional amount of outstanding derivative							$ 425,000,000
Cross-Currency Swaps [Member] \| Designated as Hedging Instruments [Member] \| Net Investment Hedge [Member]
Derivative [Line Items]
Fair Value of (Liability) Derivatives	29,200,000		29,200,000
Fair value of (liability) derivatives, after tax	$ 18,000,000		18,000,000
Semi-annual interest settlement resulted in AOCI			9,600,000
Semi-annual interest settlement resulted in AOCI after tax			$ 6,000,000

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	$ 33.6	$ 72.2
Total Derivative Liabilities	(37.9)	(56.8)
Net Derivatives	(4.3)	15.4
Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	6.3	25.0
Total Derivative Liabilities	(6.4)	(43.5)
Net Derivatives	(0.1)	(18.5)
Foreign Currency Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	10.5	28.2
Total Derivative Liabilities	(8.7)	(44.8)
Foreign Currency Forward Contracts [Member] \| Not Designated as Hedging Instruments [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	6.3	25.0
Total Derivative Liabilities	(6.4)	(43.5)
Interest Rate and Currency Swap [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	23.1	44.0
Cross-Currency Swaps [Member]
Derivatives Fair Value [Line Items]
Total Derivative Liabilities	(29.2)	(12.0)
Cash Flow Hedge [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	27.3	47.2
Total Derivative Liabilities	(2.3)	(1.3)
Net Derivatives	25.0	45.9
Cash Flow Hedge [Member] \| Foreign Currency Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	4.2	3.2
Total Derivative Liabilities	(2.3)	(1.3)
Cash Flow Hedge [Member] \| Interest Rate and Currency Swap [Member]
Derivatives Fair Value [Line Items]
Foreign currency forward contracts	23.1	44.0
Net Investment Hedge [Member]
Derivatives Fair Value [Line Items]
Total Derivative Liabilities	(29.2)	(12.0)
Net Derivatives	(29.2)	(12.0)
Net Investment Hedge [Member] \| Cross-Currency Swaps [Member]
Derivatives Fair Value [Line Items]
Total Derivative Liabilities	$ (29.2)	$ (12.0)

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Parenthetical) (Detail)
€ in Millions, $ in Millions

Sep. 30, 2016

USD ($)

Sep. 30, 2016

EUR (€)

Dec. 31, 2015

USD ($)

Dec. 31, 2015

EUR (€)

Long-term debt, less current portion

$ 4,000.7

$ 4,266.8

^[1]

33.6

72.2

Other Current Assets [Member]

(37.9)

(56.8)

Impact of master netting agreements

16.7

36.2

(1.0)

(24.1)

Net amounts recognized on the Condensed Consolidated Balance Sheet

15.7

12.1

Other Non-current Assets [Member]

Net amounts recognized on the Condensed Consolidated Balance Sheet

16.9

36.0

16.9

36.0

Other Current Liabilities [Member]

Impact of master netting agreements

(8.7)

(44.8)

1.0

24.1

Net amounts recognized on the Condensed Consolidated Balance Sheet

(7.7)

(20.7)

Other Non-current Liabilities [Member]

Net amounts recognized on the Condensed Consolidated Balance Sheet

(29.2)

(12.0)

(29.2)

(12.0)

Foreign Currency Forward Contracts [Member]

10.5

28.2

Foreign Currency Forward Contracts [Member] | Designated as Hedging Instruments [Member]

(8.7)

(44.8)

Long-term debt, less current portion

$ 444.8

€ 400.0

$ 432.9

€ 400.0

[1]

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ (7.3)	$ 22.5	$ (49.7)	$ 70.9
Designated as Hedging Instruments [Member] \| Interest Rate and Currency Swap [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	1.2	24.0	(20.5)	37.2
Designated as Hedging Instruments [Member] \| Cash Flow Hedge [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(1.5)	25.7	(25.4)	39.3
Designated as Hedging Instruments [Member] \| Cash Flow Hedge [Member] \| Foreign Currency Forward Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(1.1)	3.0	(0.9)	6.7
Designated as Hedging Instruments [Member] \| Cash Flow Hedge [Member] \| Interest Rate and Currency Swap [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(0.4)	22.7	(24.6)	32.5
Designated as Hedging Instruments [Member] \| Cash Flow Hedge [Member] \| Treasury Lock [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives			0.1	0.1
Designated as Hedging Instruments [Member] \| Fair Value Hedges [Member] \| Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.2	0.1	0.4	0.3
Not Designated as Hedging Instruments [Member] \| Foreign Currency Forward Contracts [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ (6.0)	$ (3.3)	$ (24.7)	$ 31.3

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on interest rate and currency swaps	$ (7.3)	$ 22.5	$ (49.7)	$ 70.9
Interest expenses	52.8	54.8	161.8	172.3
Interest Rate and Currency Swap [Member] \| Designated as Hedging Instruments [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) on interest rate and currency swaps	1.2	24.0	(20.5)	37.2
Interest expenses	$ 1.5	$ 1.4	$ 4.0	$ 4.8

Fair Value Measurements and Other Financial Instruments - Fair Value Hierarchy of Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 76.3	$ 56.3
Compensating balance deposits	55.0	56.5
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	76.3	48.3
Compensating balance deposits	55.0	56.5
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		8.0
Foreign Currency Forward Contracts and Options [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	1.8
Foreign Currency Forward Contracts and Options [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	1.8
Interest Rate and Currency Swap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	23.1	44.0
Interest Rate and Currency Swap [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	23.1	44.0
Cross-Currency Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	(29.2)	(12.0)
Cross-Currency Swaps [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	$ (29.2)	(12.0)
Foreign Currency Forward Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		(16.5)
Foreign Currency Forward Contracts [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		$ (16.5)

Fair Value Measurements and Other Financial Instruments - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Intellibot Robotics Limited Liability Company [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business acquisition contingent consideration payable period	10 years
Fair value of contingent consideration	$ 9.2
Intellibot Robotics Limited Liability Company [Member] \| Selling General And Administrative Expenses [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value recognized in selling, general and administrative expense.	$ 0.6
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Certificates of deposits maturity period	3 months

Fair Value Measurements and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign loans, Carrying Amount	$ 222.5	$ 165.7
Other foreign loans, Fair Value	222.8	165.8
Other domestic loans, Carrying Amount	116.7	81.6
Other domestic loans, Fair Value	116.9	81.9
Total debt, Carrying Amount	4,661.5	4,555.3
Total debt, Fair Value	4,933.9	4,690.8
Term Loan A Due July 2017 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Credit Facility, Carrying Amount	249.8	249.7
Credit Facility, Fair Value	249.8	249.7
Term Loan A Due July 2019 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Credit Facility, Carrying Amount	1,104.1	1,103.8
Credit Facility, Fair Value	1,104.1	1,103.8
6.50% Senior Notes Due December 2020 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	423.0	422.7
Senior Notes, Fair Value	485.0	473.7
4.875% Senior Notes due December 2022 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	419.4	418.9
Senior Notes, Fair Value	446.3	426.5
5.25% Senior Notes Due April 2023 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	419.5	419.0
Senior Notes, Fair Value	451.8	436.2
4.50% Senior Notes due September 2023 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	444.8	432.9
Senior Notes, Fair Value	491.6	452.7
5.125% Senior Notes due December 2024 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	420.1	419.7
Senior Notes, Fair Value	450.7	427.6
5.50% Senior Notes due September 2025 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	396.3	396.1
Senior Notes, Fair Value	430.9	410.2
6.875% Senior Notes Due July 2033 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes, Carrying Amount	445.3	445.2
Senior Notes, Fair Value	$ 484.0	$ 462.7

Fair Value Measurements and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Jan. 01, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unamortized debt issuance costs			$ 35.9
Term Loan A Due July 2017 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt maturity month and year, Term loan	2017-07	2017-07
Term Loan A Due July 2019 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt maturity month and year, Term loan	2019-07	2019-07
6.50% Senior Notes Due December 2020 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.50%	6.50%
Debt maturity month and year, Senior notes	2020-12	2020-12
4.875% Senior Notes due December 2022 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.875%	4.875%
Debt maturity month and year, Senior notes	2022-12	2022-12
5.25% Senior Notes Due April 2023 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.25%	5.25%
Debt maturity month and year, Senior notes	2023-04	2023-04
4.50% Senior Notes due September 2023 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.50%	4.50%
Debt maturity month and year, Senior notes	2023-09	2023-09
5.125% Senior Notes due December 2024 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.125%	5.125%
Debt maturity month and year, Senior notes	2024-12	2024-12
5.50% Senior Notes due September 2025 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.50%	5.50%
Debt maturity month and year, Senior notes	2025-09	2025-09
6.875% Senior Notes Due July 2033 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.875%	6.875%
Debt maturity month and year, Senior notes	2033-07	2033-07

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016 USD ($)
Compensation And Retirement Disclosure [Abstract]
Benefit obligation	$ 50,000,000
Estimated reduction in service cost and interest cost	$ 4,100,000

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans - Components of Net periodic Benefit Cost (Income) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.6	$ 2.5	$ 7.8	$ 7.9
Interest cost	8.4	9.8	25.1	29.4
Expected return on plan assets	(11.6)	(13.2)	(34.7)	(39.5)
Amortization of net prior service cost	0.1		0.2
Amortization of net actuarial loss	3.0	2.8	8.4	8.4
Net periodic benefit cost (income)	2.5	1.9	6.8	6.2
Cost (income) of settlement/curtailment	0.3	0.1	0.1	0.5
Total benefit cost (income)	2.8	2.0	6.9	6.7
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.1	0.4	0.5
Interest cost	2.0	2.2	5.8	6.5
Expected return on plan assets	(2.5)	(2.9)	(7.5)	(8.6)
Amortization of net actuarial loss	0.7	0.4	1.7	1.3
Net periodic benefit cost (income)	0.4	(0.2)	0.4	(0.3)
Cost (income) of settlement/curtailment				1.1
Total benefit cost (income)	0.4	(0.2)	0.4	0.8
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.4	2.4	7.4	7.4
Interest cost	6.4	7.6	19.3	22.9
Expected return on plan assets	(9.1)	(10.3)	(27.2)	(30.9)
Amortization of net prior service cost	0.1		0.2
Amortization of net actuarial loss	2.3	2.4	6.7	7.1
Net periodic benefit cost (income)	2.1	2.1	6.4	6.5
Cost (income) of settlement/curtailment	0.3	0.1	0.1	(0.6)
Total benefit cost (income)	2.4	2.2	6.5	5.9
Other Employee Benefits Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1	0.2	0.6
Interest cost	0.5	0.7	1.4	2.2
Amortization of net prior service cost	(0.5)	(0.3)	(1.2)	(0.7)
Amortization of net actuarial loss		0.1		0.3
Net periodic benefit cost	$ 0.1	$ 0.6	$ 0.4	$ 2.4

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Line Items]
Effective income tax rate	5.50%	31.30%	22.70%	29.40%
Excess income tax benefit from share-based payment awards	$ 1,800,000		$ 12,400,000
Income tax benefit per diluted share	$ 0.01		$ 0.06
Unrecognized tax benefits from expiration of stature of limitations	$ 41,800,000
Discrete income tax expense (benefit)			$ 7,900,000
Increase (decrease) in valuation allowances			19,400,000
Deferred tax liability, unremitted foreign earnings	3,100,000		3,100,000
Favorable return to provision adjustment from foreign tax credit			14,600,000
Decrease in unrecognized tax benefits	$ 35,200,000		$ 35,200,000
Unrecognized Tax Benefits [Member]
Income Tax Disclosure [Line Items]
Discrete income tax expense (benefit)				$ 16,900,000
Return To Provision Adjustments [Member]
Income Tax Disclosure [Line Items]
Discrete income tax expense (benefit)				(15,300,000)
Venezuela [Member]
Income Tax Disclosure [Line Items]
Foreign currency exchange losses related to Venezuelan subsidiaries				(30,700,000)
Tax benefits related to Venezuelan subsidiaries				$ 0

Stockholders' Equity - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 06, 2016

Sep. 30, 2015

Mar. 31, 2015

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Dec. 31, 2015

Aug. 05, 2015

Jul. 31, 2015

Aug. 31, 2007

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock repurchase program, number of shares authorized to be repurchased

20,000,000

Common stock in treasury, shares

$ 1,470,200,000

$ 1,265,700,000

^[1]

33,984,569

29,612,337

Subsequent Event [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Dividends declared date

Oct. 06, 2016

Dividends declared payable date

Dec. 16, 2016

Dividends declared date of record

Dec. 02, 2016

Dividends per share on common stock

$ 0.16

Common Stock Repurchase Set Two | Share Trading Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of common stock shares repurchased

$ 277,200,000

$ 401,800,000

5,539,803

8,164,237

Common Stock Repurchase Set One | Share Trading Plan [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of common stock shares repurchased

$ 165,000,000

$ 217,000,000

3,545,828

4,680,313

Accelerated Shares Repurchase Agreement [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock in treasury, shares

$ 298,700,000

$ 25,000,000

$ 298,700,000

5,771,603

546,574

5,771,603

Common stock repurchase price per share

$ 51.76

$ 45.74

Maximum [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock repurchase program, authorized amount

$ 1,500,000,000

Maximum [Member] | Accelerated Shares Repurchase Agreement [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

$ 300,000,000

[1]

Stockholders' Equity - Total Share-based Incentive Compensation Expense (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Total share-based incentive compensation expense

^[1]

$ 15.6

$ 15.9

$ 46.8

$ 49.1

[1]

Stockholders' Equity - Additional Information 1 (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period in the beginning of each year to award Performance Share Unit				90 days
PSU awards performance period	3 years
PSU awards performance period beginning date	Jan. 01, 2016
PSU awards performance period ending date	Dec. 31, 2018
Stock appreciation rights income (expense)		$ 300,000	$ 400,000	$ 100,000	$ (4,100,000)
Payment due to exercise SARs				$ 1,900,000	20,000,000
Liability for SARs			$ 1,900,000		$ 1,900,000
Time - Vesting Inducement Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Inducement award granted				75,000
Grant date fair value				$ 39.95
Inducement award service expiration date				Dec. 31, 2017
Performance - Vesting Inducement Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Inducement award granted				75,000
Grant date fair value				$ 12.55
Target level for the determination of performance goals and measures		100.00%		100.00%
Performance Period				2 years
Performance - Vesting Inducement Award [Member] \| Scenario, Forecast [Member] \| Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cumulative total stockholder return						25.00%
Performance - Vesting Inducement Award [Member] \| Minimum [Member] \| Scenario, Forecast [Member] \| Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Price						$ 43.70
Performance - Vesting Inducement Award [Member] \| Minimum [Member] \| Scenario, Forecast [Member] \| Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Price						$ 55.00
Three-year PSU Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period				3 years
2016 Three-year PSU Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target level for the determination of performance goals and measures for adjusted EBITDA goal	50.00%
Weighted average return on total shareholders	50.00%
2016 Three-year PSU Awards [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	0.00%
2016 Three-year PSU Awards [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	200.00%
2013 Three-year PSU Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	200.00%
Shares to be issued under performance incentive plan	1,074,017

Stockholders' Equity - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Detail)	9 Months Ended
	Sep. 30, 2016 $ / shares
2016 Performance - Vesting Inducement Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value on grant date	$ 12.55
Expected price volatility	24.60%
Risk-free interest rate	0.92%
PSUs - Total Shareholder Return [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value on grant date	$ 57.14
Expected price volatility	26.50%
Risk-free interest rate	0.98%

Stockholders' Equity - Summary of Number of PSUs Granted and Grant Date Fair Value (Detail)	9 Months Ended
	Sep. 30, 2016 $ / shares shares
PSUs - Total Shareholder Return [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted \| shares	124,755
Grant date fair value \| $ / shares	$ 57.14
PSUs – Adjusted EBITDA [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted \| shares	165,391
Grant date fair value \| $ / shares	$ 43.10

Accumulated Other Comprehensive Income (Loss) - Details of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Accumulated Other Comprehensive Income Loss [Line Items]

Accumulated Other Comprehensive Income (loss), Net of Taxes, beginning balance

$ (820.0)

^[1]

$ (613.8)

Other comprehensive income (loss) before reclassifications

(19.0)

(178.0)

Less: amounts reclassified from accumulated other comprehensive income (loss)

(19.9)

(21.4)

Accumulated Other Comprehensive Income (loss), Net of Taxes ending balance

$ (15.4)

$ (129.1)

(38.9)

(199.4)

^[2]

(858.9)

(813.2)

(858.9)

(813.2)

Unrecognized Pension Items

Accumulated Other Comprehensive Income Loss [Line Items]

Accumulated Other Comprehensive Income (loss), Net of Taxes, beginning balance

(266.0)

(250.1)

Other comprehensive income (loss) before reclassifications

(3.6)

3.4

Less: amounts reclassified from accumulated other comprehensive income (loss)

9.2

6.0

Accumulated Other Comprehensive Income (loss), Net of Taxes ending balance

5.6

9.4

^[2]

(260.4)

(240.7)

(260.4)

(240.7)

Cumulative Translation Adjustment

Accumulated Other Comprehensive Income Loss [Line Items]

Accumulated Other Comprehensive Income (loss), Net of Taxes, beginning balance

(564.0)

(369.9)

Other comprehensive income (loss) before reclassifications

19.4

(197.1)

Less: amounts reclassified from accumulated other comprehensive income (loss)

(46.0)

Accumulated Other Comprehensive Income (loss), Net of Taxes ending balance

(26.6)

(197.1)

^[2]

(590.6)

(567.0)

(590.6)

(567.0)

Unrecognized Gains (Losses) on Derivative Instruments | Net Investment Hedge [Member]

Accumulated Other Comprehensive Income Loss [Line Items]

Accumulated Other Comprehensive Income (loss), Net of Taxes, beginning balance

1.7

Other comprehensive income (loss) before reclassifications

(15.4)

(14.4)

Accumulated Other Comprehensive Income (loss), Net of Taxes ending balance

(15.4)

(14.4)

^[2]

(13.7)

(14.4)

(13.7)

(14.4)

Unrecognized Gains (Losses) on Derivative Instruments | Cash Flow Hedge [Member]

Accumulated Other Comprehensive Income Loss [Line Items]

Accumulated Other Comprehensive Income (loss), Net of Taxes, beginning balance

8.3

6.2

Other comprehensive income (loss) before reclassifications

(19.4)

30.1

Less: amounts reclassified from accumulated other comprehensive income (loss)

16.9

(27.4)

Accumulated Other Comprehensive Income (loss), Net of Taxes ending balance

(2.5)

2.7

^[2]

$ 5.8

$ 8.9

$ 5.8

$ 8.9

[1]	As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.
[2]	The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(31.4) million as of September 30, 2016 and $8.7 million as of September 30, 2015.

Accumulated Other Comprehensive Income (Loss) - Details of Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Sep. 30, 2015
Intra Entity Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Cumulative translation adjustment	$ (31.4)	$ 8.7

Accumulated Other Comprehensive Income (Loss) - Detail of Amount Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Accumulated Other Comprehensive Income Loss [Line Items]

$ 172.8

$ 126.0

$ 408.1

$ 300.2

Tax (expense) benefit

(9.5)

(39.4)

(92.8)

(88.3)

Other income (expense), net

163.3

86.6

315.3

211.9

^[1]

1.2

5.5

5.7

18.4

Interest expenses

52.8

54.8

161.8

172.3

Reclassification out of Accumulated Other Comprehensive Income

19.9

21.4

Accumulated Other Comprehensive Income Loss [Line Items]

Unrecognized Pension Items

^[2]

(6.6)

15.9

19.9

21.4

Accumulated Other Comprehensive Income Loss [Line Items]

Unrecognized Pension Items | Reclassification out of Accumulated Other Comprehensive Income

(9.2)

(6.0)

Accumulated Other Comprehensive Income Loss [Line Items]

Prior service costs

^[2],[3]

0.4

0.3

1.0

0.7

Actuarial losses

^[2],[3]

(3.0)

(2.9)

(8.4)

(8.7)

^[2]

(2.6)

(7.4)

(8.0)

Tax (expense) benefit

^[2]

(3.0)

0.7

(1.8)

2.0

Cumulative Translation Adjustment

^[2]

(5.6)

(1.9)

(9.2)

(6.0)

Accumulated Other Comprehensive Income Loss [Line Items]

Cumulative Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income

46.0

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassifications from cumulative translation adjustment: Charges related to Venezuelan subsidiaries

^[2],[4]

46.0

Net Gains (Losses) on Cash Flow Hedging Derivatives | Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income Loss [Line Items]

^[2]

(1.3)

25.8

(25.0)

39.6

Tax (expense) benefit

^[2]

0.3

(8.0)

8.1

(12.2)

Foreign Currency Forward Contracts [Member] | Net Gains (Losses) on Cash Flow Hedging Derivatives | Reclassification out of Accumulated Other Comprehensive Income

^[2]

(1.0)

17.8

(16.9)

27.4

Accumulated Other Comprehensive Income Loss [Line Items]

Other income (expense), net

^[2],[5]

(1.1)

3.0

(0.9)

6.7

Interest Rate Swaps [Member] | Net Gains (Losses) on Cash Flow Hedging Derivatives | Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income Loss [Line Items]

Interest expenses

^[2],[5]

$ (0.2)

$ 22.8

(24.2)

32.8

Treasury lock | Net Gains (Losses) on Cash Flow Hedging Derivatives | Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income Loss [Line Items]

Interest expenses

^[2],[5]

$ 0.1

[1]	For the nine months ended September 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of September 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[2]	Amounts in parenthesis indicate changes to earnings (loss).
[3]	These accumulated other comprehensive components are included in the computation of net periodic benefit costs within cost of sales and selling, general, and administrative expenses on the Condensed Consolidated Statement of Operations.
[4]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to the Note 1 of the Condensed Consolidated Statement of Operations for further details.
[5]	These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 11, “Derivatives and Hedging Activities” for additional details

Other Income, net - Details of Other Income, Net (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Income And Expenses [Abstract]
Interest income	$ 2.6	$ 2.8	$ 9.6	$ 9.3
Net foreign exchange transaction gains	0.6	0.4	4.7	3.0
Bank fee expense	(1.3)	(1.8)	(4.2)	(4.2)
Net gain/(loss) on disposals of business and property and equipment	0.2	(0.2)	(1.3)	3.6
Other, net	(0.9)	4.3	(3.1)	6.7
Other income, net	$ 1.2	$ 5.5	$ 5.7	$ 18.4

Net Earnings Per Common Share - Calculation of Basic and Diluted Net Earnings (Loss) Per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Numerator