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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-12139
 
 
SEALED AIR CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
65-0654331
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
2415 Cascade Pointe Boulevard
 
 
Charlotte
North Carolina
 
28208
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (980221-3235 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, par value $0.10 per share
SEE
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
There were 154,526,089 shares of the registrant’s common stock, par value $0.10 per share, issued and outstanding as of July 30, 2019.





 
Page
PART I. FINANCIAL INFORMATION
 
PART II.  OTHER INFORMATION
 


2



Cautionary Notice Regarding Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. The U.S. Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipate,” “believe,” “plan,” “assume,” “could,” “should,” “estimate,” “expect,” “intend,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings.
The following are important factors that we believe could cause actual results to differ materially from those in our forward-looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, pandemics, changes in energy costs, environmental matters, the success of our restructuring activities, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in our Annual Report on Form 10-K for the year ended December 31, 2018), regulatory actions and legal matters, and the other information referenced in Part I, Item 1A, "Risk Factors", of our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-U.S. GAAP Information
We present financial information that conforms to Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). We also present financial information that does not conform to U.S. GAAP, which we refer to as non-U.S. GAAP, as our management believes it is useful to investors. In addition, non-U.S. GAAP measures are used by management to review and analyze our operating performance and, along with other data, as internal measures for setting annual budgets and forecasts, assessing financial performance, providing guidance and comparing our financial performance with our peers. The non-U.S. GAAP information has limitations as an analytical tool and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP. Non-U.S. GAAP financial measures that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-U.S. GAAP measures. Further, investors are urged to review and consider carefully the adjustments made by management to the most directly comparable U.S. GAAP financial measure to arrive at these non-U.S. GAAP financial measures. See Note 6, “Segments,” of the Notes to Condensed Consolidated Financial Statements and our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for reconciliations of our U.S. GAAP financial measures to non-U.S. GAAP. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort.
Our management may assess our financial results both on a U.S. GAAP basis and on a non-U.S. GAAP basis. Non-U.S. GAAP financial measures provide management with additional means to understand and evaluate the core operating results and trends in our ongoing business by eliminating certain one-time expenses and/or gains (which may not occur in each period presented) and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and peers more difficult, obscure trends in ongoing operations or reduce management’s ability to make useful forecasts.

3



Our non-U.S. GAAP financial measures may also be considered in calculations of our performance measures set by the Organization and Compensation Committee of our Board of Directors for purposes of determining incentive compensation. The non-U.S. GAAP financial metrics mentioned above exclude items that we consider to be certain specified items (“Special Items”), such as restructuring charges, costs related to acquisitions and divestitures, special tax items (“Tax Special Items”) and certain other infrequent or one-time items. We evaluate unusual or Special Items on an individual basis. Our evaluation of whether to exclude an unusual or Special Item for purposes of determining our non-U.S. GAAP financial measures considers both the quantitative and qualitative aspects of the item, including among other things (i) its nature, (ii) whether or not it relates to our ongoing business operations, and (iii) whether or not we expect it to occur as part of our normal business on a regular basis.
The Company measures segment performance using Adjusted EBITDA (a non-U.S. GAAP financial measure). Adjusted EBITDA is defined as Earnings before Interest Expense, Taxes, Depreciation and Amortization, adjusted to exclude the impact of Special Items.
Adjusted Net Earnings and Adjusted Earnings Per Share (“Adjusted EPS”) are also used by the Company to measure total company performance. Adjusted Net Earnings is defined as U.S. GAAP net earnings from continuing operations excluding the impact of Special Items, including the expense or benefit from any Tax Special Items. Adjusted EPS is defined as our Adjusted Net Earnings divided by the number of diluted shares outstanding.
We also present our adjusted income tax rate or provision (“Adjusted Tax Rate”). The Adjusted Tax Rate is a measure of our U.S. GAAP effective tax rate, adjusted to exclude the tax impact from the Special Items that are excluded from our Adjusted Net Earnings and Adjusted EPS metrics as well as expense or benefit from any Tax Special Items. The Adjusted Tax Rate is an indicator of the taxes on our core business. The tax situations and effective tax rates in the specific countries where the Special Items occur will determine the impact (positive or negative) to the Adjusted Tax Rate.
In our “Net Sales by Geographic Region,” “Net Sales by Segment” and in some of the discussions and tables that follow, we exclude the impact of foreign currency translation when presenting net sales information, which we define as “constant dollar” and we exclude acquisition activity within the first year and divestiture activity and the impact of foreign currency translation when presenting net sales information, which we define as "organic." Changes in net sales excluding the impact of foreign currency translation and acquisition and divestiture activity are non-U.S. GAAP financial measures. As a worldwide business, it is important that we take into account the effects of foreign currency translation when we view our results and plan our strategies. Nonetheless, we cannot control changes in foreign currency exchange rates. Consequently, when our management looks at our financial results to measure the core performance of our business, we may exclude the impact of foreign currency translation by translating our current period results at prior period foreign currency exchange rates. We also may exclude the impact of foreign currency translation when making incentive compensation determinations. As a result, our management believes that these presentations are useful internally and may be useful to investors.
We have not provided guidance for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain Special Items, including gains and losses on the disposition of businesses, the ultimate outcome of certain legal or tax proceedings, foreign currency gains or losses and other unusual gains and losses. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP. 

4


SEALED AIR CORPORATION AND SUBSIDIARIES


 
Condensed Consolidated Balance Sheets 
(In millions, except share and per share data)
 
June 30, 2019 (unaudited)
 
December 31, 2018
Assets
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
222.2

 
$
271.7

Trade receivables, net of allowance for doubtful accounts of $9.9 in 2019 and $9.1 in 2018
 
485.2

 
473.4

Income tax receivables
 
53.4

 
58.4

Other receivables
 
91.7

 
81.3

Inventories, net of inventory reserves of $22.2 in 2019 and $18.1 in 2018
 
596.1

 
544.9

Current assets held for sale
 
0.6

 
0.6

Prepaid expenses and other current assets
 
127.4

 
124.5

Total current assets
 
1,576.6

 
1,554.8

Property and equipment, net
 
1,050.1

 
1,036.2

Goodwill
 
1,957.2

 
1,947.6

Identifiable intangible assets, net
 
100.5

 
101.7

Deferred taxes
 
175.5

 
170.5

Other non-current assets
 
356.6

 
239.4

Total assets
 
$
5,216.5

 
$
5,050.2

Liabilities and Stockholders' Deficit
 
 

 
 

Current liabilities:
 
 

 
 

Short-term borrowings
 
$
265.3

 
$
232.8

Current portion of long-term debt
 
31.6

 
4.9

Accounts payable
 
753.0

 
765.0

Accrued restructuring costs
 
52.4

 
33.5

Income tax payable
 
24.6

 
23.5

Other current liabilities
 
460.5

 
428.9

Total current liabilities
 
1,587.4

 
1,488.6

Long-term debt, less current portion
 
3,291.7

 
3,236.5

Deferred taxes
 
20.6

 
20.4

Other non-current liabilities
 
658.0

 
653.3

Total liabilities
 
5,557.7

 
5,398.8

Commitments and contingencies - Note 18
 


 


Stockholders’ deficit:
 
 

 
 

Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2019 and 2018
 

 

Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 231,655,982 in 2019 and 231,619,037 in 2018; shares outstanding: 154,546,260 in 2019 and 155,654,370 in 2018
 
23.2

 
23.2

Additional paid-in capital
 
2,053.0

 
2,049.6

Retained earnings
 
1,876.4

 
1,835.5

Common stock in treasury, 77,109,722 shares in 2019 and 75,964,667 shares in 2018
 
(3,382.4
)
 
(3,336.5
)
Accumulated other comprehensive loss, net of taxes
 
(911.4
)
 
(920.4
)
Total stockholders’ deficit
 
(341.2
)
 
(348.6
)
Total liabilities and stockholders’ deficit
 
$
5,216.5

 
$
5,050.2

 
See accompanying Notes to Condensed Consolidated Financial Statements.
 


5


SEALED AIR CORPORATION AND SUBSIDIARIES


Condensed Consolidated Statements of Operations
 
 
 
Three Months Ended June 30, (unaudited)
 
Six Months Ended June 30, (unaudited)
(In millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
1,161.0

 
$
1,155.2

 
$
2,273.7

 
$
2,286.2

Cost of sales
 
782.7

 
791.7

 
1,530.2

 
1,548.7

Gross profit
 
378.3

 
363.5

 
743.5

 
737.5

Selling, general and administrative expenses
 
266.2

 
192.8

 
478.3

 
386.8

Amortization expense of intangible assets acquired
 
4.4

 
3.4

 
9.0

 
7.3

Restructuring charges
 
29.3

 
7.1

 
36.7

 
15.7

Operating profit
 
78.4

 
160.2

 
219.5

 
327.7

Interest expense, net
 
(43.2
)
 
(44.5
)
 
(88.1
)
 
(86.5
)
Foreign currency exchange loss due to highly inflationary economies
 
(1.3
)
 

 
(2.1
)
 

Other income (expense), net
 
3.9

 
1.1

 
3.2

 
(10.9
)
Earnings before income tax provision
 
37.8

 
116.8

 
132.5

 
230.3

Income tax provision
 
12.3

 
33.5

 
42.7

 
355.0

Net earnings (loss) from continuing operations
 
25.5

 
83.3

 
89.8

 
(124.7
)
Gain on sale of discontinued operations, net of tax
 
7.7

 
31.1

 
0.9

 
38.5

Net earnings (loss)
 
$
33.2

 
$
114.4

 
$
90.7

 
$
(86.2
)
Basic:
 
 

 
 

 
 

 
 

Continuing operations
 
$
0.16

 
$
0.52

 
$
0.58

 
$
(0.77
)
Discontinued operations
 
0.06

 
0.19

 
0.01

 
0.24

Net earnings (loss) per common share - basic
 
$
0.22

 
$
0.71

 
$
0.59

 
$
(0.53
)
Diluted:
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.16

 
$
0.52

 
$
0.58

 
$
(0.77
)
Discontinued operations
 
0.05

 
0.19

 

 
0.24

Net earnings (loss) per common share - diluted
 
$
0.21

 
$
0.71

 
$
0.58

 
$
(0.53
)
Dividends per common share
 
$
0.16

 
$
0.16

 
$
0.32

 
$
0.32

Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
154.5

 
159.7

 
154.6

 
162.5

     Diluted
 
155.3

 
160.6

 
155.3

 
162.5

 
See accompanying Notes to Condensed Consolidated Financial Statements.
 


6


SEALED AIR CORPORATION AND SUBSIDIARIES


Condensed Consolidated Statements of Comprehensive Income (Loss)
 
 
 
Three Months Ended June 30, (unaudited)
 
Six Months Ended June 30, (unaudited)
 
 
2019
 
2018
 
2019
 
2018
(In millions)
 
Gross
 
Taxes
 
Net
 
Gross
 
Taxes
 
Net
 
Gross
 
Taxes
 
Net
 
Gross
 
Taxes
 
Net
Net earnings (loss)
 
 
 
 
 
$
33.2

 
 
 
 
 
$
114.4

 
 
 
 
 
$
90.7

 
 
 
 
 
$
(86.2
)
Other comprehensive income (loss):
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 

Recognition of pension items
 
$
1.1

 
$
(0.2
)
 
0.9

 
$
0.7

 
$
(0.2
)
 
0.5

 
$
2.2

 
$
(0.5
)
 
1.7

 
$
1.5

 
$
(0.4
)
 
1.1

Unrealized (losses) gains on derivative instruments for net investment hedge
 
(6.0
)
 
1.5

 
(4.5
)
 
29.2

 
(7.3
)
 
21.9

 
3.0

 
(0.7
)
 
2.3

 
14.9

 
(3.7
)
 
11.2

Unrealized (losses) gains on derivative instruments for cash flow hedge
 
(0.1
)
 
0.1

 

 
2.3

 
(0.6
)
 
1.7

 
(1.8
)
 
0.5

 
(1.3
)
 
3.6

 
(1.1
)
 
2.5

Foreign currency translation adjustments
 
(9.8
)
 
0.6

 
(9.2
)
 
(55.5
)
 
(1.6
)
 
(57.1
)
 
6.4

 
(0.1
)
 
6.3

 
(28.1
)
 
(0.6
)
 
(28.7
)
Other comprehensive (loss) income
 
$
(14.8
)

$
2.0

 
(12.8
)

$
(23.3
)

$
(9.7
)

(33.0
)

$
9.8


$
(0.8
)

9.0


$
(8.1
)

$
(5.8
)

(13.9
)
Comprehensive income (loss), net of taxes
 
 
 
 

$
20.4


 
 
 

$
81.4


 
 
 

$
99.7


 
 
 

$
(100.1
)
 
See accompanying Notes to Condensed Consolidated Financial Statements.

7


SEALED AIR CORPORATION AND SUBSIDIARIES


Condensed Consolidated Statements of Stockholders’ Deficit
(In millions)
 
Common Stock
 
Additional
Paid-in Capital
 
Retained Earnings
 
Common Stock
in Treasury
 
Accumulated Other
Comprehensive
Loss, Net of Taxes
 
Total
Stockholders’
Deficit
Balance at March 31, 2019 (unaudited)
 
$
23.2

 
$
2,047.8

 
$
1,868.0

 
$
(3,332.8
)
 
$
(898.6
)
 
$
(292.4
)
Effect of share-based incentive compensation
 

 
5.2

 

 

 

 
5.2

Repurchases of common stock
 

 

 

 
(49.6
)
 

 
(49.6
)
Recognition of pension items, net of taxes
 

 

 

 

 
0.9

 
0.9

Foreign currency translation adjustments
 

 

 

 

 
(9.2
)
 
(9.2
)
Unrealized loss on derivative instruments, net of taxes
 

 

 

 

 
(4.5
)
 
(4.5
)
Net earnings
 

 

 
33.2

 

 

 
33.2

Dividends on common stock ($0.16 per share)
 

 

 
(24.8
)
 

 

 
(24.8
)
Balance at June 30, 2019 (unaudited)
 
$
23.2


$
2,053.0


$
1,876.4


$
(3,382.4
)

$
(911.4
)

$
(341.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
$
23.2

 
$
2,049.6

 
$
1,835.5

 
$
(3,336.5
)
 
$
(920.4
)
 
$
(348.6
)
Effect of share-based incentive compensation
 

 
2.9

 

 

 

 
2.9

Stock issued for profit sharing contribution paid in stock
 

 
0.5

 

 
21.4

 

 
21.9

Repurchases of common stock
 

 

 

 
(67.3
)
 

 
(67.3
)
Recognition of pension items, net of taxes
 

 

 

 

 
1.7

 
1.7

Foreign currency translation adjustments
 

 

 

 

 
6.3

 
6.3

Unrealized gain on derivative instruments, net of taxes
 

 

 

 

 
1.0

 
1.0

Net earnings
 

 

 
90.7

 

 

 
90.7

Dividends on common stock ($0.32 per share)
 

 

 
(49.8
)
 

 

 
(49.8
)
Balance at June 30, 2019 (unaudited)
 
$
23.2

 
$
2,053.0

 
$
1,876.4

 
$
(3,382.4
)
 
$
(911.4
)
 
$
(341.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018 (unaudited)
 
$
23.2

 
$
2,025.8

 
$
1,502.9

 
$
(3,090.9
)
 
$
(825.8
)
 
$
(364.8
)
Effect of share-based incentive compensation
 

 
8.5

 

 
(0.1
)
 

 
8.4

Stock issued for profit sharing contribution paid in stock
 

 
0.7

 

 
3.1

 

 
3.8

Repurchase of common stock
 

 

 

 
(77.1
)
 

 
(77.1
)
Recognition of pension items, net of taxes
 

 

 

 

 
0.5

 
0.5

Foreign currency translation adjustments
 

 

 

 

 
(57.1
)
 
(57.1
)
Unrealized gain on derivative instruments, net of taxes
 

 

 

 

 
23.6

 
23.6

Net earnings
 

 

 
114.4

 

 

 
114.4

Dividends on common stock ($0.16 per share)
 

 

 
(25.8
)
 

 

 
(25.8
)
Impact of recently adopted accounting standards
 

 

 
1.7

 

 

 
1.7

Balance at June 30, 2018 (unaudited)
 
$
23.2


$
2,035.0


$
1,593.2


$
(3,165.0
)

$
(858.8
)
 
$
(372.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
$
23.0

 
$
1,939.6

 
$
1,735.2

 
$
(2,700.6
)
 
$
(844.9
)
 
$
152.3

Effect of share-based incentive compensation
 
0.2

 
14.7

 

 
(6.4
)
 

 
8.5

Stock issued for profit sharing contribution paid in stock
 

 
0.7

 

 
23.8

 

 
24.5

Repurchases of common stock
 

 
80.0

 

 
(481.8
)
 

 
(401.8
)
Recognition of pension items, net of taxes
 

 

 

 

 
1.1

 
1.1

Foreign currency translation adjustments
 

 

 

 

 
(28.7
)
 
(28.7
)
Unrealized gain on derivative instruments, net of taxes
 

 

 

 

 
13.7

 
13.7

Net loss
 

 

 
(86.2
)
 

 

 
(86.2
)
Dividends on common stock ($0.32 per share)
 

 

 
(52.4
)
 

 

 
(52.4
)
Impact of recently adopted accounting standards
 

 

 
(3.4
)
 

 

 
(3.4
)
Balance at June 30, 2018 (unaudited)
 
$
23.2

 
$
2,035.0

 
$
1,593.2

 
$
(3,165.0
)
 
$
(858.8
)
 
$
(372.4
)

See accompanying Notes to Condensed Consolidated Financial Statements.


8


SEALED AIR CORPORATION AND SUBSIDIARIES


Condensed Consolidated Statements of Cash Flows
 
 
Six Months Ended June 30, (unaudited)
(In millions)
 
2019
 
2018
Net earnings (loss)
 
$
90.7

 
$
(86.2
)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities
 
 

 
 

Depreciation and amortization
 
66.0

 
65.7

Share-based incentive compensation
 
13.2

 
14.6

Profit sharing expense
 
10.6

 
10.0

Provisions for bad debt
 
1.7

 
1.0

Provisions for inventory obsolescence
 
4.1

 

Deferred taxes, net
 
(5.7
)
 
50.9

Net gain on sale of business
 
(0.9
)
 
(39.3
)
Other non-cash items
 
0.7

 
19.0

Changes in operating assets and liabilities:
 
 

 
 

Trade receivables, net
 
(4.2
)
 
(24.2
)
Inventories, net
 
(48.2
)
 
(92.6
)
Accounts payable
 
(10.4
)
 
58.7

Income tax receivable/payable
 
6.3

 
72.8

Other assets and liabilities
 
45.4

 
(13.8
)
Net cash provided by operating activities
 
$
169.3

 
$
36.6

Cash flows from investing activities:
 
 

 
 

Capital expenditures
 
(94.5
)
 
(73.7
)
(Payments of) Proceeds from, net sale of business and property and equipment
 
(2.7
)
 
8.3

Businesses acquired, net of cash acquired
 
(23.1
)
 

Investment in cost method investments
 

 
(7.5
)
Settlement of foreign currency forward contracts
 
(4.1
)
 
(5.3
)
Other investing activities
 

 
(2.6
)
Net cash used in investing activities
 
$
(124.4
)
 
$
(80.8
)
Cash flows from financing activities:
 
 

 
 

Net proceeds from borrowings
 
29.4

 
105.7

Payments of debt modification/extinguishment costs
 

 
(0.4
)
Dividends paid on common stock
 
(49.7
)
 
(54.0
)
Impact of tax withholding on share-based compensation
 
(10.6
)
 
(6.1
)
Repurchases of common stock
 
(67.3
)
 
(407.9
)
Net cash used in financing activities
 
$
(98.2
)
 
$
(362.7
)
Effect of foreign currency exchange rate changes on cash and cash equivalents
 
$
3.8

 
$
(7.0
)
Cash Reconciliation:
 
 
 
 
Cash and cash equivalents
 
271.7

 
594.0

Restricted cash and cash equivalents
 

 

Balance, beginning of period
 
$
271.7

 
$
594.0

Net change during the period
 
(49.5
)
 
(413.9
)
Cash and cash equivalents
 
222.2

 
180.1

Restricted cash and cash equivalents
 

 

Balance, end of period
 
$
222.2

 
$
180.1

Supplemental Cash Flow Information:
 
 

 
 

Interest payments, net of amounts capitalized
 
$
95.6

 
$
95.6

Income tax payments, net of cash refunds
 
$
29.4

 
$
97.1

Payments related to the sale of Diversey
 
$

 
$
32.5

Restructuring payments including associated costs
 
$
49.2

 
$
3.7

 
 
 
 
 
Non-cash items:
 
 
 
 
Transfers of shares of common stock from treasury for 2018 and 2017 profit-sharing contributions
 
$
21.9

 
$
23.8


See accompanying Notes to Condensed Consolidated Financial Statements.

9


SEALED AIR CORPORATION AND SUBSIDIARIES


Notes to Condensed Consolidated Financial Statements (unaudited)
Note 1 Organization and Basis of Presentation
Organization
We are a global leader in food safety and security and product protection. We serve an array of end markets including food and beverage processing, food service, retail and commercial and consumer applications. Our focus is on achieving quality profitable growth and increased earnings power through partnering with our customers to provide innovative, sustainable packaging solutions that solve their most complex packaging problems and create differential value for them. We do so through our iconic brands, differentiated technologies, leading market positions, global scale and market access and well-established customer relationships.
We conduct substantially all of our business through