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September 30, 2019

December 31, 2018

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2019	Nov. 04, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-12139
Entity Registrant Name	SEALED AIR CORP/DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	65-0654331
Entity Address, Address Line One	2415 Cascade Pointe Boulevard
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28208
City Area Code	980
Local Phone Number	221-3235
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	SEE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		154,515,743
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001012100
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 200.0	$ 271.7
Trade receivables, net of allowance for doubtful accounts of $9.8 in 2019 and $9.1 in 2018	449.0	473.4
Income tax receivables	43.1	58.4
Other receivables	79.6	81.3
Inventories, net of inventory reserves of $25.7 in 2019 and $18.1 in 2018	618.3	544.9
Prepaid expenses and other current assets	201.4	125.1
Total current assets	1,591.4	1,554.8
Property and equipment, net	1,115.8	1,036.2
Goodwill	2,213.1	1,947.6
Identifiable intangible assets, net	182.1	101.7
Deferred taxes	175.8	170.5
Operating lease right-of-use assets	80.3
Other non-current assets	317.9	239.4
Total assets	5,676.4	5,050.2
Current liabilities:
Short-term borrowings	205.0	232.8
Current portion of long-term debt	14.2	4.9
Current portion of operating lease liabilities	24.6
Accounts payable	712.7	765.0
Accrued restructuring costs	41.1	33.5
Income tax payable	22.3	23.5
Other current liabilities	482.4	428.9
Total current liabilities	1,502.3	1,488.6
Long-term debt, less current portion	3,694.0	3,236.5
Long-term operating lease liabilities, less current portion	57.4
Deferred taxes	20.3	20.4
Other non-current liabilities	706.5	653.3
Total liabilities	5,980.5	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	0.0	0.0
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 231,627,311 in 2019 and 231,619,037 in 2018; shares outstanding: 154,517,589 in 2019 and 155,654,370 in 2018	23.2	23.2
Additional paid-in capital	2,064.7	2,049.6
Retained earnings	1,919.2	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	(928.8)	(920.4)
Total stockholders’ deficit	(304.1)	(348.6)
Total liabilities and stockholders’ deficit	$ 5,676.4	$ 5,050.2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9.8	$ 9.1
Inventory reserves	$ 25.7	$ 18.1
Preferred stock, par value per share (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	231,627,311	231,619,037
Common stock, shares outstanding (in shares)	154,517,589	155,654,370
Common stock in treasury, shares (in shares)	77,109,722	75,964,667

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 1,218.5	$ 1,186.2	$ 3,492.2	$ 3,472.4
Cost of sales	826.5	820.7	2,356.7	2,369.4
Gross profit	392.0	365.5	1,135.5	1,103.0
Selling, general and administrative expenses	221.6	192.1	699.9	578.9
Amortization expense of intangible assets acquired	9.5	3.6	18.5	10.9
Restructuring charges	6.9	6.6	43.6	22.3
Operating profit	154.0	163.2	373.5	490.9
Interest expense, net	(48.5)	(44.8)	(136.6)	(131.3)
Foreign currency exchange (loss) gain due to highly inflationary economies	(1.3)	0.4	(3.4)	0.4
Other (expense) income, net	(1.9)	(9.8)	1.3	(20.7)
Earnings before income tax provision	102.3	109.0	234.8	339.3
Income tax provision	22.8	33.4	65.5	388.4
Net earnings (loss) from continuing operations	79.5	75.6	169.3	(49.1)
(Loss) Gain on sale of discontinued operations, net of tax	(11.5)	3.4	(10.6)	41.9
Net earnings (loss)	$ 68.0	$ 79.0	$ 158.7	$ (7.2)
Basic:
Continuing operations (in dollars per share)	$ 0.52	$ 0.48	$ 1.10	$ (0.31)
Discontinued operations (in dollars per share)	(0.08)	0.02	(0.07)	0.26
Net earnings (loss) per common share - basic (in dollars per share)	0.44	0.50	1.03	(0.05)
Diluted:
Continuing operations (in dollars per share)	0.51	0.48	1.09	(0.31)
Discontinued operations (in dollars per share)	(0.07)	0.02	(0.07)	0.26
Net earnings (loss) per common share - diluted (n dollars per share)	0.44	0.50	1.02	(0.05)
Dividends per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Weighted average number of common shares outstanding:
Basic (in shares)	154.0	157.2	154.4	160.8
Diluted (in shares)	154.8	158.0	155.2	160.8

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 68.0	$ 79.0	$ 158.7	$ (7.2)
Gross
Recognition of pension items	1.3	2.4	3.5	3.8
Unrealized gains (losses) on derivative instruments for net investment hedge	17.2	(2.8)	20.2	12.1
Unrealized gains (losses) on derivative instruments for cash flow hedge	1.1	(0.2)	(0.7)	3.4
Foreign currency translation adjustments	(28.8)	(11.7)	(22.4)	(39.8)
Other comprehensive (loss) income	(9.2)	(12.3)	0.6	(20.5)
Taxes
Recognition of pension items	(0.4)	(0.2)	(0.9)	(0.5)
Unrealized gains (losses) on derivative instruments for net investment hedge	(4.3)	0.7	(5.0)	(3.0)
Unrealized gains (losses) on derivative instruments for cash flow hedge	(0.3)	0.1	0.2	(1.0)
Foreign currency translation adjustments	(3.2)	(0.2)	(3.3)	(0.8)
Other comprehensive (loss) income	(8.2)	0.4	(9.0)	(5.3)
Net
Recognition of pension items	0.9	2.2	2.6	3.3
Unrealized gains (losses) on derivative instruments for net investment hedge	12.9	(2.1)	15.2	9.1
Unrealized gains (losses) on derivative instruments for cash flow hedge	0.8	(0.1)	(0.5)	2.4
Foreign currency translation adjustments	(32.0)	(11.9)	(25.7)	(40.6)
Other comprehensive (loss) income	(17.4)	(11.9)	(8.4)	(25.8)
Comprehensive income (loss), net of taxes	$ 50.6	$ 67.1	$ 150.3	$ (33.0)

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock in Treasury	Accumulated Other Comprehensive Loss, Net of Taxes
Balance at beginning of period at Dec. 31, 2017	$ 152.3	$ 23.0	$ 1,939.6	$ 1,735.2	$ (2,700.6)	$ (844.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	15.1	0.2	22.9		(8.0)
Stock issued for profit sharing contribution paid in stock	24.5		0.7		23.8
Repurchases of common stock	(523.3)		80.0		(603.3)
Recognition of pension items, net of taxes	3.3					3.3
Foreign currency translation adjustments	(40.6)					(40.6)
Unrealized gain (loss) on derivative instruments, net of taxes	11.5					11.5
Net earnings (loss)	(7.2)			(7.2)
Dividends on common stock	(77.9)			(77.9)
Balance at end of period at Sep. 30, 2018	(445.7)	23.2	2,043.2	1,646.7	(3,288.1)	(870.7)
Balance at beginning of period at Jun. 30, 2018	(372.4)	23.2	2,035.0	1,593.2	(3,165.0)	(858.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	6.6		8.2		(1.6)
Repurchases of common stock	(121.5)				(121.5)
Recognition of pension items, net of taxes	2.2					2.2
Foreign currency translation adjustments	(11.9)					(11.9)
Unrealized gain (loss) on derivative instruments, net of taxes	(2.2)					(2.2)
Net earnings (loss)	79.0			79.0
Dividends on common stock	(25.5)			(25.5)
Balance at end of period at Sep. 30, 2018	(445.7)	23.2	2,043.2	1,646.7	(3,288.1)	(870.7)
Balance at beginning of period at Dec. 31, 2018	(348.6)	23.2	2,049.6	1,835.5	(3,336.5)	(920.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	14.6	0.0	14.6
Stock issued for profit sharing contribution paid in stock	21.9		0.5		21.4
Repurchases of common stock	(67.3)				(67.3)
Recognition of pension items, net of taxes	2.6					2.6
Foreign currency translation adjustments	(25.7)					(25.7)
Unrealized gain (loss) on derivative instruments, net of taxes	14.7					14.7
Net earnings (loss)	158.7			158.7
Dividends on common stock	(75.0)			(75.0)
Balance at end of period at Sep. 30, 2019	(304.1)	23.2	2,064.7	1,919.2	(3,382.4)	(928.8)
Balance at beginning of period at Jun. 30, 2019	(341.2)	23.2	2,053.0	1,876.4	(3,382.4)	(911.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	11.7		11.7
Repurchases of common stock	0.0				0.0
Recognition of pension items, net of taxes	0.9					0.9
Foreign currency translation adjustments	(32.0)					(32.0)
Unrealized gain (loss) on derivative instruments, net of taxes	13.7					13.7
Net earnings (loss)	68.0			68.0
Dividends on common stock	(25.2)			(25.2)
Balance at end of period at Sep. 30, 2019	$ (304.1)	$ 23.2	$ 2,064.7	$ 1,919.2	$ (3,382.4)	$ (928.8)

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - $ / shares		3 Months Ended		9 Months Ended
	Jul. 11, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends per share common stock (in dollars per share)	$ 0.16	$ 160,000.00	$ 160,000.00	$ 480,000.00	$ 480,000.00

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net earnings (loss)	$ 158.7	$ (7.2)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities
Depreciation and amortization	107.3	98.4
Share-based incentive compensation	24.0	22.9
Profit sharing expense	15.3	16.1
Provisions for bad debt	2.6	1.9
Provisions for inventory obsolescence	6.8	0.0
Deferred taxes, net	(4.3)	50.8
Net loss (gain) on sale of business	10.6	(41.3)
Other non-cash items	10.4	24.9
Changes in operating assets and liabilities:
Trade receivables, net	(2.5)	(31.0)
Inventories, net	(44.0)	(113.2)
Accounts payable	(56.2)	45.0
Income tax receivable/payable	16.6	55.3
Other assets and liabilities	5.9	27.4
Net cash provided by operating activities	251.2	150.0
Cash flows from investing activities:
Capital expenditures	(141.6)	(114.8)
Payments related to sale of business and property and equipment, net	(2.7)	(13.0)
Businesses acquired, net of cash acquired	(452.6)	(67.8)
Investment in equity investments	0.0	(7.5)
Investment in marketable securities	(10.3)	0.0
Settlement of foreign currency forward contracts	(8.2)	(5.5)
Other investing activities	0.0	(2.6)
Net cash used in investing activities	(615.4)	(211.2)
Cash flows from financing activities:
Proceeds from long-term debt	474.6	0.0
Net proceeds (payments) from short-term borrowings	(19.7)	295.8
Payments of debt modification/extinguishment costs	0.0	(6.1)
Dividends paid on common stock	(74.4)	(79.3)
Impact of tax withholding on share-based compensation	(10.8)	(7.8)
Repurchases of common stock	(67.3)	(534.3)
Other financing activities	(7.0)	(2.5)
Net cash provided by (used in) financing activities	295.4	(334.2)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(2.9)	(7.3)
Cash and cash equivalents	271.7	594.0
Restricted cash and cash equivalents	0.0	0.0
Balance, beginning of period	271.7	594.0
Net change during the period	(71.7)	(402.7)
Cash and cash equivalents	200.0	191.3
Restricted cash and cash equivalents	0.0	0.0
Balance, end of period	200.0	191.3
Supplemental Cash Flow Information:
Interest payments, net of amounts capitalized	138.7	137.4
Income tax payments, net of cash refunds	46.7	137.5
Payments related to the sale of Diversey	0.0	44.9
Restructuring payments including associated costs	76.9	7.4
Non-cash items:
Transfers of shares of common stock from treasury for 2018 and 2017 profit-sharing contributions	$ 21.9	$ 23.8

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	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 two wholly-owned subsidiaries, Cryovac, LLC and Sealed Air Corporation (US). 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, necessary for a fair statement of our Condensed Consolidated Balance Sheets as of September 30, 2019 and our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and in our Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. All amounts are in millions, except per share amounts, and approximate due to rounding. All amounts are presented in U.S. Dollar, unless otherwise specified. 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 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, 2018 (“2018 Form 10-K”) and with the information contained in other publicly-available filings with the SEC. As part of the Company's Reinvent SEE strategy, we have evaluated and made adjustments to our regional operating model. As of January 1, 2019, our Geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. EMEA consists of Europe, Middle East, Africa and Turkey. APAC refers to our collective Asia Pacific region, including Greater China, India, Southeast Asia, Japan, Korea, Australia and New Zealand. Impact of Inflation and Currency Fluctuation Argentina Economic and political events in Argentina have continued to expose us to heightened levels of foreign currency exchange risk. As of July 1, 2018, Argentina was designated as a highly inflationary economy under U.S. GAAP, and the U.S. dollar replaced the Argentine peso as the functional currency for our subsidiaries in Argentina. All Argentine peso-denominated monetary assets and liabilities were remeasured into U.S. dollars using the current exchange rate available to us, and any changes in the exchange rate are reflected within Foreign currency exchange loss due to highly inflationary economies on the Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2019, the Company recognized a $1.3 million and $3.4 million remeasurement pre-tax loss related to Argentina, respectively. For the three and nine months ended September 30, 2018, the Company recognized a $0.4 million remeasurement pre-tax gain related to Argentina.

Recently Adopted and Issued Accounting Standards	9 Months Ended
Recently Adopted and Issued Accounting Standards	Sep. 30, 2019
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), and issued subsequent amendments to the initial guidance thereafter. This ASU requires an entity to recognize a right-of-use asset (ROU) and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification of the underlying lease as either finance or operating. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was effective for us on January 1, 2019. Entities are required to adopt ASC 842 using a modified retrospective transition method. Full retrospective transition is prohibited. The guidance permits an entity to apply the standard’s transition provisions at either the beginning of the earliest comparative period presented in the financial statements or the beginning of the period of adoption (i.e., on the effective date). We adopted the new standard on its effective date. The new standard provides several optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient not to separate lease and non-lease components for all of our leases, which means all consideration that is fixed, or in-substance fixed, relating to the non-lease components will be captured as part of our lease components for balance sheet purposes. As of September 30, 2019, we recognized additional operating lease liabilities of $82.0 million based on the present value of the remaining minimum rental payments for existing operating leases and corresponding ROU assets of $80.3 million on our Condensed Consolidated Balance Sheets. See Note 4, "Leases," of the Notes to the Condensed Consolidated Financial Statements for additional lease disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. ASU 2018-16 adds the overnight index swap rate based on the Secured Overnight Financing Rate to the list of U.S. benchmark interest rates eligible to be hedged within ASC 815. This ASU names the Secured Overnight Financing Rate as the preferred reference rate alternative to the London Interbank Offered Rate (LIBOR). The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-16 on January 1, 2019. The adoption did not have an impact on the Company's Condensed Consolidated Financial Results. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of the U.S. Tax Cuts and Jobs Act ("TCJA"), this ASU was issued to provide entities with the option to reclassify stranded tax effects in accumulated other comprehensive income to retained earnings. The Company elected to early adopt ASU 2018-02 as of October 1, 2018 in which the impact was applied to the period of adoption. As part of the adoption, the Company has elected to reclassify the tax effects of the TCJA from accumulated other comprehensive loss ("AOCL") to retained earnings. The adoption of the ASU 2018-02 resulted in a $13.4 million reclassification from AOCL to retained earnings due to the stranded tax effects of the TCJA which was recorded in the period ended December 31, 2018. The primary AOCL balances which were impacted by the TCJA were unrecognized pension items and unrecognized gains (losses) on derivative instruments. Recently Issued Accounting Standards In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments. ASU 2019-04 provides updates and amendments to previously issued ASUs. The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments. Codification Improvements to Topic 326, Financial Instruments - Credit Losses is effective upon our adoption of ASU 2016-13, which we plan to adopt as of January 1, 2020. The amendment will be included in our overall adoption of ASU 2016-13. The amendments related to Derivatives and Hedging address partial-term fair value hedges and fair value hedge basis adjustments. Codification Improvements to Topic 815, Derivatives and Hedging are effective for us beginning the first annual reporting period beginning after April 25, 2019. Amendments on Topic 825, Financial Instruments mainly address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. For amendments related to ASU 2016-01 (Topic 825, Financial Instruments), the effective date is fiscal years and interim period beginning after December 15, 2019, with early adoption permitted. We do not believe that the adoption of ASU 2019-04 will have an impact on the Company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 amends ASC 350-40 and aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. We are currently in the process of evaluating the effect that ASU 2018-15 will have on the Company's Condensed Consolidated Financial Results. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 eliminates, adds and clarifies certain disclosure requirements related to defined benefit plans and other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020, with early adoption permitted for reporting periods for which financial statements have yet to be issued or made available for issuance. We do not believe that the adoption of ASU 2018-14 will have an impact on the Company's Condensed Consolidated Financial Statements with the exception of new and expanded disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 amends the fair value measurement disclosure requirements of ASC 820, including new, eliminated and modified disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted upon the issuance of this ASU, including interim periods for which financial statements have not yet been issued or made available for issuance. If adopted early, entities are permitted to early adopt the eliminated or modified disclosure requirements and delay the adoption of the new disclosure requirements until their effective date. We do not believe that the adoption of ASU 2018-13 will have an impact on the Company's Condensed Consolidated Financial Statements with the exception of new and expanded disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments and issued subsequent amendments to the initial guidance. 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 implementing this new standard update however we do not anticipate this to have a material impact on the Company's Condensed Consolidated Financial Results with the exception of new and expanded disclosure requirements.

Revenue Recognition, Contracts with Customers

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition, Contracts with Customers

Description of Revenue Generating Activities

We employ sales, marketing and customer service personnel throughout the world who sell and market our products and services to and/or through a large number of distributors, fabricators, converters, e-commerce and mail order fulfillment firms, and contract packaging firms as well as directly to end-users such as food processors, food service businesses, supermarket retailers, pharmaceutical companies, healthcare facilities, medical device manufacturers, and other manufacturers.

As discussed in Note 6, "Segments," of the Notes to Condensed Consolidated Financial Statements, our reporting segments include: Food Care and Product Care. Our Food Care applications are largely sold directly to end customers, while most of our Product Care products are sold through business supply distributors.

Food Care:

Food Care largely serves perishable food processors, predominantly in fresh red meat, smoked and processed meats, poultry and dairy (solids and liquids) markets worldwide, and maintains a leading position in its target applications. Food Care provides integrated packaging materials and equipment solutions to provide food safety, shelf life extension, and total cost optimization with innovative, sustainable packaging that enables customers to reduce costs and enhance their brands in the marketplace.

Product Care:

Product Care packaging solutions are utilized across many global markets and are especially valuable to e-Commerce, electronics and industrial manufacturing. Product Care solutions are designed to protect valuable goods in shipping and drive operational excellence for our customers, increasing their order fulfillment velocity while minimizing material usage, dimensional weight and packaging labor requirements. The acquisition of Fagerdala in 2017 and AFP in 2018 enabled us to further expand our protective packaging solutions in electronics, transportation and industrial markets with turnkey, custom-engineered, fabricated solutions. The acquisition of Automated Packaging Systems (APS) in 2019, expands the breadth of the Company's automated solutions and sustainable packaging offerings and offers growth opportunities in automated equipment, services and engineering within the markets we serve.

Product Care benefits from the continued expansion of e-Commerce, increasing freight costs, scarcity of labor, and increasing demand for more sustainable packaging. Product Care solutions are largely sold through supply distributors that sell to business/industrial end-users. Product Care solutions are additionally sold directly to fabricators, original equipment manufacturers, contract manufacturers, third-party logistics partners, e-commerce/fulfillment operations, and at various retail centers. Product Care solutions are marketed under industry-leading brands including Bubble Wrap^® packaging, Cryovac^® performance shrink films, Instapak^® polyurethane foam packaging systems, and Korrvu^® suspension and retention packaging.

Adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and subsequent amendments to the initial guidance, collectively, Topic 606. The Company adopted the new revenue recognition standard using the modified retrospective approach with a cumulative effect adjustment to retained earnings as of the adoption date. The adoption of Topic 606 did not have a significant impact on our condensed consolidated financial statements with the exception of new and expanded disclosures. However, reporting periods prior to Topic 606 adoption may not be comparable due to differences between Topic 606 and the previous accounting guidance.

Identify Contract with Customer:

For Sealed Air, the determination of whether an arrangement meets the definition of a contract under Topic 606 depends on whether it creates enforceable rights and obligations. While enforceability is a matter of law, we believe that enforceable rights and obligations in a contract must be substantive in order for the contract to be in scope of Topic 606. That is, the penalty for noncompliance must be significant relative to the minimum obligation. Fixed or minimum purchase obligations with penalties for noncompliance are the most common examples of substantive enforceable rights present in our contracts. We determined that the contract term is the period of enforceability outlined by the terms of the contract. This means that in many cases, the term stated in the contract is different than the period of enforceability. After the minimum purchase obligation is

met, subsequent sales are treated as separate contracts on a purchase order by purchase order basis. If no minimum purchase obligation exists, each purchase order represents the contract.

Performance Obligations:

The most common goods and services determined to be distinct performance obligations are consumables/materials, equipment sales, and maintenance. Free on loan and leased equipment is typically identified as a separate lease component in scope of Topic 842. The other goods or services promised in the contract with the customer in most cases do not represent performance obligations because they are neither separate nor distinct, or they are not material in the context of the contract.

Transaction Price and Variable Consideration:

Sealed Air has many forms of variable consideration present in its contracts with customers, including rebates and other discounts. Sealed Air estimates variable consideration using either the expected value method or the most likely amount method as described in the standard. We include in the transaction price some or all of an amount of variable consideration estimated to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

For all contracts that contain a form of variable consideration, Sealed Air estimates at contract inception, and periodically throughout the term of the contract, what volume of goods and/or services the customer will purchase in a given period and determines how much consideration is payable to the customer or how much consideration Sealed Air would be able to recover from the customer based on the structure of the type of variable consideration. In most cases the variable consideration in contracts with customers results in amounts payable to the customer by Sealed Air. Sealed Air adjusts the contract transaction price based on any changes in estimates each reporting period and performs an inception to date cumulative adjustment to the amount of revenue previously recognized. When the contract with a customer contains a minimum purchase obligation, Sealed Air only has enforceable rights to the amount of consideration promised in the minimum purchase obligation through the enforceable term of the contract. This amount of consideration, plus any variable consideration, makes up the transaction price for the contract.

Charges for rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the associated revenue is recorded. When we estimate our rebate accruals, we consider customer-specific contractual commitments including stated rebate rates and history of actual rebates paid. Our rebate accruals are reviewed at each reporting period and adjusted to reflect data available at that time. We adjust the accruals to reflect any differences between estimated and actual amounts. These adjustments of transaction price impact the amount of net sales recognized by us in the period of adjustment. Revenue recognized in the three and nine months ended September 30, 2019 from performance obligations satisfied in previous reporting periods was $2.2 million and $4.0 million, respectively, and immaterial and $3.2 million in the three and nine months ended September 30, 2018, respectively.

The Company does not adjust consideration in contracts with customers for the effects of a significant financing component if the Company expects that the period between transfer of a good or service and payment for that good or service will be one year or less. This is expected to be the case for the majority of contracts.

Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales on the Condensed Consolidated Statements of Operations.

Allocation of Transaction Price:

Sealed Air determines the standalone selling price for a performance obligation by first looking for observable selling prices of that performance obligation sold on a standalone basis. If an observable price is not available, we estimate the standalone selling price of the performance obligation using one of the three suggested methods in the following order of preference: adjusted market assessment approach, expected cost plus a margin approach, and residual approach.

Sealed Air often offers rebates to customers in their contracts that are related to the amount of consumables purchased. We believe that this form of variable consideration should only be allocated to consumables because the entire amount of variable consideration relates to the customer’s purchase of and Sealed Air’s efforts to provide consumables. Additionally, Sealed Air has many contracts that have pricing tied to third-party indices. We believe that variability from index-based pricing should be allocated specifically to consumables because the pricing formulas in these contracts are related to the cost to produce consumables.

Transfer of Control:

Revenue is recognized upon transfer of control to the customer. Revenue for consumables and equipment sales is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Maintenance revenue is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. Lease components within contracts with customers are recognized in accordance with Topic 842.

Disaggregated Revenue

For the three and nine months ended September 30, 2019 and 2018, revenues from contracts with customers summarized by Segment and Geographic region were as follows:



	Three Months Ended September 30, 2019
(In millions)	Food Care		Product Care		Total
North America	$	415.3	$	310.1	$	725.4
EMEA	152.8		96.3		249.1
South America	53.7		4.5		58.2
APAC	102.6		76.4		179.0
Topic 606 Revenue	724.4		487.3		1,211.7
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	5.2		1.6		6.8
Total	$	729.6	$	488.9	$	1,218.5



	Nine Months Ended September 30, 2019
(In millions)	Food Care		Product Care		Total
North America	$	1,199.2	$	858.8	$	2,058.0
EMEA	449.5		279.3		728.8
South America	156.6		12.4		169.0
APAC	301.3		216.2		517.5
Topic 606 Revenue	2,106.6		1,366.7		3,473.3
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	14.0		4.9		18.9
Total	$	2,120.6	$	1,371.6	$	3,492.2



	Three Months Ended September 30, 2018
(In millions)⁽¹⁾	Food Care		Product Care		Total
North America	$	414.2	$	285.1	$	699.3
EMEA	156.8		89.1		245.9
South America	51.1		4.4		55.5
APAC	100.4		77.9		178.3
Topic 606 Revenue	722.5		456.5		1,179.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	4.7		2.5		7.2
Total	$	727.2	$	459.0	$	1,186.2



	Nine Months Ended September 30, 2018
(In millions)⁽¹⁾	Food Care		Product Care		Total
North America	$	1,182.8	$	807.1	$	1,989.9
EMEA	476.8		287.1		763.9
South America	155.9		13.7		169.6
APAC	306.3		221.2		527.5
Topic 606 Revenue	2,121.8		1,329.1		3,450.9
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	14.7		6.8		21.5
Total	$	2,136.5	$	1,335.9	$	3,472.4

⁽¹⁾

Amounts by geography has been reclassified from prior year disclosure to reflect adjustments to our regional operating model. As of January 1, 2019, our geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. Refer to Note 1, "Organization and Basis of Presentation," of the Notes to Condensed Consolidated Financial Statements.

Contract Balances

The time between when a performance obligation is satisfied and when billing and payment occur is closely aligned, with the exception of equipment accruals. An equipment accrual is a contract offering, whereby a customer is incentivized to use a portion of the consumables transaction price for future equipment purchases. Long-term contracts that include an equipment accrual create a timing difference between when cash is collected and the performance obligation is satisfied, resulting in a contract liability (unearned revenue). The closing balances of contract liabilities arising from contracts with customers as of September 30, 2019 and December 31, 2018 were as follows:

There were no contract asset balances recorded on the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.

Revenue recognized in the three and nine months ended September 30, 2019 that was included in the contract liability balance at the beginning of the period was $2.9 million and $4.6 million, respectively, and $1.6 million and $4.6 million in the three and nine months ended September 30, 2018, respectively. This revenue was driven primarily by equipment performance obligations being satisfied.

The contract liability balance represents deferred revenue, primarily related to equipment accruals. The increase in 2019 to deferred revenue was driven by volume on existing agreements. The APS acquisition did not have a material impact on the Company's contract asset or contract liability balances during the quarter.

Remaining Performance Obligations

Our enforceable contractual obligations tend to be short term in nature, and the following table does not include the transaction price of any remaining performance obligations that are part of the contracts with expected durations of less than one year. Additionally, the following table summarizes the estimated transaction price from contracts with customers allocated to performance obligations or portions of performance obligations that have not yet been satisfied as of September 30, 2019, as well as the expected timing of recognition of that transaction price.



(In millions)	Short-Term (12 months or less)		Long-Term		Total
Total transaction price	$	5.2	$	8.1	$	13.3

Assets recognized for the costs to obtain or fulfill a contract

The Company recognizes incremental costs to fulfill a contract as an asset if such incremental costs are expected to be recovered, relate directly to a contract or anticipated contract, and generate or enhance resources that will be used to satisfy performance obligations in the future.

The Company recognizes incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset that otherwise would have been recognized is one year or less. For example, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.

Costs for shipping and handling activities performed after a customer obtains control of a good are accounted for as costs to fulfill a contract and are included in cost of goods sold.

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

Lessor

Sealed Air has contractual obligations as a lessor with respect to free on loan equipment and leased equipment, both sales-type and operating. The consideration in a contract that contains both lease and non-lease components is allocated based on the standalone selling price.

Our contractual obligations for operating leases can include termination and renewal options. Our contractual obligations for sales-type leases tend to have fixed terms and can include purchase options. We utilize the reasonably certain threshold criteria in determining which options our customers will exercise.

All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our lease receivable balance at September 30, 2019 was:



(in millions)	Short-Term (12 months or less)		Long-Term		Total
Total lease receivable (Sales-type and Operating)	$	4.2	$	7.4	$	11.6

Lessee

Sealed Air has contractual obligations as a lessee with respect to warehouses, offices, and manufacturing facilities, IT equipment, automobiles, and material production equipment.

Under the leasing standard, ASU 2016-02, leases that are more than one year in duration are capitalized and recorded on the balance sheet. Some of our leases, namely for automobiles and real estate, offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. Furthermore, some of our lease payments are based on index rates with minimum annual increases. These represent fixed payments and are captured in the future minimum lease payments calculation.

In determining the discount rate to use in calculating the present value of lease payments, we estimate the rate of interest we would pay on a collateralized loan with the same payment terms as the lease by utilizing our bond yields traded in the secondary market to determine the estimated cost of funds for the particular tenor. We update our assumptions and discount rates on a quarterly basis.

The standard also provides practical expedients for an entity’s transition and ongoing accounting. In terms of transition accounting, we elected the ‘package of practical expedients’, which permits us to not reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect the use-of hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us.

In terms of ongoing accounting, we have elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. We have also elected the practical expedient to not separate lease and non-lease components for all asset classes, meaning all consideration that is fixed, or in-substance fixed, will be captured as part of our lease components for balance sheet purposes. Furthermore, all variable payments included in lease agreements will be disclosed as variable lease expense when incurred. Generally, variable lease payments are based on usage and common area maintenance. These payments will be included as variable lease expense when recognized.

The following table details our lease obligations included in our Condensed Consolidated Balance Sheets.



(in millions)	September 30, 2019
Other non-current assets:
Finance leases - ROU assets	$	54.6
Finance leases - Accumulated depreciation	(13.5		)
Operating lease right-of-use-assets:
Operating leases - ROU assets	101.3
Operating leases - Accumulated depreciation	(21.0		)
Total lease assets	$	121.4
Current portion of long-term debt:
Finance leases	$	(10.3	)
Current portion of operating lease liabilities:
Operating leases	(24.6		)
Long-term debt, less current portion:
Finance leases	(30.4		)
Long-term operating lease liabilities, less current portion:
Operating leases	(57.4		)
Total lease liabilities	$	(122.7	)

At September 30, 2019, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:



(in millions)	Operating leases			Finance leases
Remainder of 2019	$	7.5		$	3.2
2020	26.4			11.9
2021	20.3			10.2
2022	13.3			5.7
2023	9.0			2.8
Thereafter	18.7			15.2
Total lease payments	95.2			49.0
Less: Interest	(13.2		)	(8.3		)
Present value of lease liabilities	$	82.0		$	40.7

At December 31, 2018, operating leases estimated future minimum annual rental commitments under non-cancelable real and personal property leases, prior to the adoption of ASC 842, were as follows:



(in millions)	Operating leases
2019	$	28.5
2020	20.1
2021	14.7
2022	10.1
2023	6.9
Thereafter	17.0
Total lease payments	$	97.3

The following lease cost is included in our Condensed Consolidated Statements of Operations:



(in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease cost
Finance leases
Amortization of ROU assets	$	2.4	$	6.5
Interest on lease liabilities	0.5		1.5
Operating leases	7.4		23.7
Short-term lease cost	2.0		3.9
Variable lease cost	1.6		4.7
Total lease cost	$	13.9	$	40.3



(in millions)	Nine Months Ended September 30, 2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	3.9
Operating cash flows from operating leases	$	26.1
Financing cash flows from finance leases	$	6.5

ROU assets obtained in exchange for new finance lease liabilities	$	19.6
ROU assets obtained in exchange for new operating lease liabilities	$	14.5



Weighted average information:
Finance leases
Remaining lease term (in years)	6.4
Discount rate	5.0	%
Operating leases
Remaining lease term (in years)	4.9
Discount rate	5.4	%

Leases

Lessor

All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our lease receivable balance at September 30, 2019 was:



(in millions)	Short-Term (12 months or less)		Long-Term		Total
Total lease receivable (Sales-type and Operating)	$	4.2	$	7.4	$	11.6

Lessee

Sealed Air has contractual obligations as a lessee with respect to warehouses, offices, and manufacturing facilities, IT equipment, automobiles, and material production equipment.

The following table details our lease obligations included in our Condensed Consolidated Balance Sheets.



(in millions)	September 30, 2019
Other non-current assets:
Finance leases - ROU assets	$	54.6
Finance leases - Accumulated depreciation	(13.5		)
Operating lease right-of-use-assets:
Operating leases - ROU assets	101.3
Operating leases - Accumulated depreciation	(21.0		)
Total lease assets	$	121.4
Current portion of long-term debt:
Finance leases	$	(10.3	)
Current portion of operating lease liabilities:
Operating leases	(24.6		)
Long-term debt, less current portion:
Finance leases	(30.4		)
Long-term operating lease liabilities, less current portion:
Operating leases	(57.4		)
Total lease liabilities	$	(122.7	)

At September 30, 2019, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:



(in millions)	Operating leases			Finance leases
Remainder of 2019	$	7.5		$	3.2
2020	26.4			11.9
2021	20.3			10.2
2022	13.3			5.7
2023	9.0			2.8
Thereafter	18.7			15.2
Total lease payments	95.2			49.0
Less: Interest	(13.2		)	(8.3		)
Present value of lease liabilities	$	82.0		$	40.7

At December 31, 2018, operating leases estimated future minimum annual rental commitments under non-cancelable real and personal property leases, prior to the adoption of ASC 842, were as follows:



(in millions)	Operating leases
2019	$	28.5
2020	20.1
2021	14.7
2022	10.1
2023	6.9
Thereafter	17.0
Total lease payments	$	97.3

The following lease cost is included in our Condensed Consolidated Statements of Operations:



(in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease cost
Finance leases
Amortization of ROU assets	$	2.4	$	6.5
Interest on lease liabilities	0.5		1.5
Operating leases	7.4		23.7
Short-term lease cost	2.0		3.9
Variable lease cost	1.6		4.7
Total lease cost	$	13.9	$	40.3



(in millions)	Nine Months Ended September 30, 2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	3.9
Operating cash flows from operating leases	$	26.1
Financing cash flows from finance leases	$	6.5

ROU assets obtained in exchange for new finance lease liabilities	$	19.6
ROU assets obtained in exchange for new operating lease liabilities	$	14.5



Weighted average information:
Finance leases
Remaining lease term (in years)	6.4
Discount rate	5.0	%
Operating leases
Remaining lease term (in years)	4.9
Discount rate	5.4	%

Divestitures and Acquisitions

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Acquisitions

Divestitures

Embalagens Ltda.

On August 1, 2017, we entered into an agreement to sell our polystyrene food tray business in Guarulhos, Brazil for a gross purchase price of R$26.9 million (or $8.2 million as of the closing date of March 19, 2018). The purchase price was subject to working capital, cash and debt adjustments, which were finalized in the fourth quarter of 2018 for R$1.6 million (or $0.4 million). For the three and nine months ended September 30, 2018, the Company recognized an immaterial net loss and a net gain on the sale of $1.0 million, respectively, within other (expense) income, net on the Condensed Consolidated Statements of Operations.

Acquisitions

Automated Packaging Systems, LLC

On August 1, 2019 the Company acquired 100% of the limited liability company interest in Automated Packaging Systems, LLC, formerly Automated Packaging Systems, Inc. (APS), a leading manufacturer of automated bagging systems. The acquisition is included in our Product Care reporting segment. APS expands the breadth of the Company's automated solutions and sustainable packaging offerings and offers growth opportunities in the markets in which the Company serves.

Consideration exchanged for APS was $445.7 million. The preliminary opening balance sheet includes $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for APS' European employees. Sealed Air will make payments to deferred incentive compensation plan participants in approximately equal installments over the next three years.

The purchase price was primarily funded with proceeds from the incremental term facility provided for under an Amendment to our Credit Agreement, as described in Note 13, "Debt and Credit Facilities," of the Notes to Condensed Consolidated Financial Statements. For the three and nine months ended September 30, 2019, total transaction expenses recognized for the APS acquisition were $0.3 million and $2.8 million, respectively. These expenses are included within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The following table summarizes the consideration transferred to acquire APS and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.



	Preliminary Allocation
(In millions)	As of August 1, 2019
Total consideration transferred	$	445.7

Assets:
Cash and cash equivalents	7.4
Trade receivables, net	37.3
Other receivables	8.9
Inventories, net	40.7
Prepaid expenses and other current assets	2.3
Property and equipment, net	79.3
Goodwill	261.3
Identifiable intangible assets, net	78.7
Other non-current assets	24.7
Total assets	$	540.6
Liabilities:
Current portion of long-term debt	2.6
Accounts payable	12.0
Other current liabilities	36.8
Long-term debt, less current portion	4.3
Other non-current liabilities	39.2
Total liabilities	$	94.9

Identifiable intangible assets, net is comprised of customer relationships, developed technology, trademarks and backlog. The estimated useful life of identifiable intangible assets is expected to be between 5 and 15 years, other than backlog which is expected to have a useful life less than 1 year. There are no indefinite lived intangible assets other than goodwill. The preliminary balance sheet is subject to adjustments and estimated useful lives are being finalized.

Goodwill is a result of the expected synergies and cross-selling opportunities this acquisition is expected to bring as well as the expected growth potential in APS' automated and sustainable solutions. Goodwill allocated to U.S. entities is expected to be deductible for tax purposes. Goodwill allocated to foreign entities is not expected to be deductible for tax purposes. The allocation between U.S. and non-U.S. entities is being finalized. The goodwill balance has been recorded to the Product Care reportable segment.

Other non-current assets includes the net overfunded position of a closed defined benefit pension plan in the United Kingdom. The plan does not have any material impact on the Company's overall defined benefit pension plans, including the weighted average of the key assumptions. Refer to Note 16, "Defined Benefit Pension Plans," of the Notes to Condensed Consolidated Financial Statements for more detail on the Company's other defined benefit pension plans.

The inclusion of APS in our consolidated financial statements is not deemed material with respect to the requirement to provide pro forma results of operations. As such, pro forma information is not presented.

Other Activity

During the second quarter of 2019, Food Care had acquisition activity resulting in a total purchase price paid of $23.4 million. The Company allocated the consideration transferred to the fair value of assets acquired and liabilities assumed, resulting in a preliminary allocation to goodwill of $6.0 million. Purchase price adjustments resulting in an increase to goodwill of $0.3 million were recorded in the third quarter. Identifiable intangible assets acquired were not material.

AFP, Inc.

On August 1, 2018, the Company acquired AFP, Inc., a leading, privately held fabricator of foam, corrugated, molded pulp and wood packaging solutions, to join its Product Care division. This acquisition further expands our protective packaging solutions in the electronics, transportation and industrial markets with custom-engineered applications. We acquired 100% of AFP shares for final consideration of $74.1 million, excluding cash acquired of $3.3 million.

The following table summarizes the consideration transferred to acquire AFP and the allocation of the purchase price among the assets acquired and liabilities assumed.



	Preliminary Allocation		Measurement Period			Final Opening Balance Sheet Allocation
(In millions)	As of August 1, 2018		Adjustments			As of September 30, 2019
Total consideration transferred	$	70.8	$	3.3		$	74.1

Assets:
Cash and cash equivalents	2.9		0.4			3.3
Trade receivables, net	30.8		—			30.8
Inventories, net	7.1		—			7.1
Prepaid expenses and other current assets	0.7		—			0.7
Property and equipment, net	3.5		(0.4		)	3.1
Goodwill	21.6		1.0			22.6
Identifiable intangible assets, net	18.6		0.7			19.3
Other non-current assets	0.7		(0.4		)	0.3
Total assets	$	85.9	$	1.3		$	87.2
Liabilities:
Current portion of long-term debt	—		0.1			0.1
Accounts payable	13.8		(2.2		)	11.6
Other current liabilities	1.3		(0.1		)	1.2
Long-term debt, less current portion	—		0.2			0.2
Total liabilities	$	15.1	$	(2.0	)	$	13.1

The following tables summarizes the identifiable intangible assets, net and their useful life.



	Amount		Useful life
	(in millions)		(in years)
Customer relationships	$	14.9	11
Trademarks and tradenames	4.4		5
Total intangible assets with definite lives	$	19.3

The goodwill allocated to the U.S. entities in the purchase is deductible for tax purposes.

Segments

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segments

The Company’s segment reporting structure consists of two reportable segments and a Corporate category as follows:


•	Food Care; and


•	Product Care.

The Company’s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to or monitored by the reportable segments' management. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of goods sold.

We allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Adjusted EBITDA. We also allocate and disclose restructuring charges and impairment of goodwill and other intangible assets by segment, although they are not included in the segment performance metric Adjusted EBITDA since restructuring charges and impairment of goodwill and other intangible assets are categorized as Special Items. The accounting policies of the reportable segments and Corporate are the same as those applied to the Condensed Consolidated Financial Statements.

The following tables show Net Sales and Adjusted EBITDA by reportable segment:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Net Sales:
Food Care	$	729.6		$	727.2		$	2,120.6		$	2,136.5
As a % of Total Company net sales	59.9		%	61.3		%	60.7		%	61.5		%
Product Care	488.9			459.0			1,371.6			1,335.9
As a % of Total Company net sales	40.1		%	38.7		%	39.3		%	38.5		%
Total Company Net Sales	$	1,218.5		$	1,186.2		$	3,492.2		$	3,472.4

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Adjusted EBITDA from continuing operations
Food Care	$	159.6		$	145.4		$	458.1		$	415.5
Adjusted EBITDA Margin	21.9		%	20.0		%	21.6		%	19.4		%
Product Care	84.0			76.4			243.0			233.3
Adjusted EBITDA Margin	17.2		%	16.6		%	17.7		%	17.5		%
Corporate	(2.5		)	(2.9		)	(7.5		)	(7.6		)
Total Company Adjusted EBITDA from continuing operations	$	241.1		$	218.9		$	693.6		$	641.2
Adjusted EBITDA Margin	19.8		%	18.5		%	19.9		%	18.5		%

The following table shows a reconciliation of net earnings before income tax provision to Total Company Adjusted EBITDA from continuing operations:



	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2019		2018			2019		2018
Earnings before income tax provision	$	102.3	$	109.0		$	234.8	$	339.3
Interest expense, net	48.5		44.8			136.6		131.3
Depreciation and amortization, net of adjustments⁽¹⁾	53.2		41.0			131.4		121.9
Special Items:
Restructuring charges⁽²⁾	6.9		6.6			43.6		22.3
Other restructuring associated costs⁽³⁾	12.8		0.7			50.8		2.5
Foreign currency exchange loss (gain) due to highly inflationary economies	1.3		(0.4		)	3.4		(0.4		)
Charges related to the Novipax settlement agreement	—		—			59.0		—
Charges related to acquisition and divestiture activity	6.0		13.5			9.2		31.3
Gain from class-action litigation settlement	—		—			—		(12.6		)
Other Special Items⁽⁴⁾	10.1		3.7			24.8		5.6
Pre-tax impact of Special Items	37.1		24.1			190.8		48.7
Total Company Adjusted EBITDA from continuing operations	$	241.1	$	218.9		$	693.6	$	641.2


⁽¹⁾	Depreciation and amortization by segment were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Food Care	$	30.6		$	25.6		$	81.8		$	79.8
Product Care	22.7			15.5			50.7			42.5
Total Company depreciation and amortization⁽ⁱ⁾	53.3			41.1			132.5			122.3
Depreciation and amortization adjustments	(0.1		)	(0.1		)	(1.1		)	(0.4		)
Depreciation and amortization, net of adjustments	$	53.2		$	41.0		$	131.4		$	121.9


⁽ⁱ⁾	Includes share-based incentive compensation of $12.0 million and $25.2 million for the three and nine months ended September 30, 2019, respectively, and $8.3 million and $23.6 million for the three and nine months ended September 30, 2018, respectively.


⁽ⁱⁱ⁾	Depreciation and amortization adjustments represent depreciation and amortization which is considered to be related to a Special Item and are also included in the Special Items presented in the above table.


⁽²⁾	Restructuring charges by segment were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Food Care	$	3.9	$	2.3	$	26.3	$	8.4
Product Care	3.0		4.3		17.3		13.9
Total Company restructuring charges	$	6.9	$	6.6	$	43.6	$	22.3


⁽³⁾	Other restructuring associated costs for three and nine months ended September 30, 2019, primarily relate to fees paid to third-party consultants in support of Reinvent SEE and costs related to property consolidations resulting from Reinvent SEE.


⁽⁴⁾	Other Special Items for the three and nine months ended September 30, 2019, primarily included fees related to professional services, mainly legal fees, directly associated with Special Items or events that are considered one-time or infrequent in nature.

Assets by Reportable Segments

The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventory, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net.



(In millions)	September 30, 2019		December 31, 2018
Assets allocated to segments:⁽¹⁾
Food Care	$	1,941.6	$	1,914.4
Product Care	2,723.8		2,273.8
Total segments	4,665.4		4,188.2
Assets not allocated:
Cash and cash equivalents	$	200.0	$	271.7
Income tax receivables	43.1		58.4
Other receivables	79.6		81.3
Deferred taxes	175.8		170.5
Other	512.5		280.1
Total	$	5,676.4	$	5,050.2


⁽¹⁾	Beginning in 2018, the Company implemented a change in allocation of Corporate expenses, which are now allocated to Food Care and Product Care segments. At that time, the Company revised the method of allocation for some assets including property and equipment, net and goodwill, which were previously unallocated.

The assets allocated to segments as of December 31, 2018 have been revised to correct an error in the previous allocation of property and equipment, net starting in the first quarter 2018. Assets allocated to Food Care were understated by $372.9 million with an offset to Product Care of $369.6 million and $3.3 million to assets not allocated. There is no impact to consolidated assets at December 31, 2018. This error did not impact the Company's annual assessment of goodwill impairment or any other impairment considerations of long-lived assets.

Inventories, net

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories, net

The following table details our inventories, net:



(In millions)	September 30, 2019		December 31, 2018
Raw materials	$	117.0	$	79.9
Work in process	143.0		142.4
Finished goods	358.3		322.6
Total	$	618.3	$	544.9

Property and Equipment, net

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The following table details our property and equipment, net:



(In millions)	September 30, 2019			December 31, 2018
Land and improvements	$	45.0		$	41.2
Buildings	734.3			728.6
Machinery and equipment	2,398.0			2,325.7
Other property and equipment	135.5			135.6
Construction-in-progress	151.8			155.1
Property and equipment, gross	3,464.6			3,386.2
Accumulated depreciation and amortization	(2,348.8		)	(2,350.0		)
Property and equipment, net⁽¹⁾	$	1,115.8		$	1,036.2

⁽¹⁾

Upon adoption of ASU 2016-02, $28.3 million of assets that were included in property and equipment, net as of December 31, 2018 are now included in other non-current assets on our Condensed Consolidated Balance Sheets as of September 30, 2019. These assets were related to capital leases, primarily for warehouse, office and small manufacturing facilities, IT equipment and automobiles, which are now ROU assets. Refer to Note 4, “Leases,” of the Notes to Condensed Consolidated Financial Statements for additional information on our ROU assets.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Interest cost capitalized	$	2.5	$	1.3	$	6.4	$	5.0
Depreciation and amortization expense for property and equipment	$	31.7	$	29.0	$	88.7	$	87.6

Goodwill and Identifiable Intangible Assets, net

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, net

Goodwill

The following table shows our goodwill balances by reportable segment. 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, 2019, we did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable.



(In millions)	Food Care			Product Care			Total
Gross Carrying Value at December 31, 2018	$	568.9		$	1,568.9		$	2,137.8
Accumulated impairment⁽¹⁾	(49.2		)	(141.0		)	(190.2		)
Carrying Value at December 31, 2018	$	519.7		$	1,427.9		$	1,947.6
Acquisition, purchase price and other adjustments	6.3			264.4			270.7
Currency translation	(4.2		)	(1.0		)	(5.2		)
Carrying Value at September 30, 2019	$	521.8		$	1,691.3		$	2,213.1


⁽¹⁾	There has been no change to our accumulated impairment balance as of September 30, 2019.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net. As of September 30, 2019, there were no impairment indicators present.



	September 30, 2019							December 31, 2018
(In millions)	Gross Carrying Value		Accumulated Amortization			Net⁽¹⁾		Gross Carrying Value		Accumulated Amortization			Net
Customer relationships	$	104.7	$	(27.9	)	$	76.8	$	72.4	$	(22.3	)	$	50.1
Trademarks and tradenames	27.2		(2.9		)	24.3		15.1		(1.6		)	13.5
Capitalized software	86.0		(58.9		)	27.1		62.2		(49.8		)	12.4
Technology	67.2		(25.0		)	42.2		37.2		(23.5		)	13.7
Contracts	13.2		(10.4		)	2.8		13.2		(10.1		)	3.1
Total intangible assets with definite lives	298.3		(125.1		)	173.2		200.1		(107.3		)	92.8
Trademarks and tradenames with indefinite lives	8.9		—			8.9		8.9		—			8.9
Total identifiable intangible assets, net	$	307.2	$	(125.1	)	$	182.1	$	209.0	$	(107.3	)	$	101.7


⁽¹⁾	As of September 30, 2019, identifiable intangible assets increased primarily due to the APS acquisition. See Note 5, "Divestitures and Acquisitions," of the Notes to the Condensed Consolidated Financial Statements for additional information related to the APS acquisition.

The following table shows the remaining estimated future amortization expense at September 30, 2019.



Year	Amount (in millions)
Remainder of 2019	$	6.8
2020	25.8
2021	20.7
2022	13.8
2023	11.4
Thereafter	94.7
Total	$	173.2

Accounts Receivable Securitization Programs	9 Months Ended
Accounts Receivable Securitization Programs	Sep. 30, 2019
Transfers and Servicing [Abstract]
Accounts Receivable Securitization Programs	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, 2019, the maximum purchase limit for receivable interests was $60.0 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $60.0 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. As of September 30, 2019, the amount available under the program was $60.0 million. 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 August and is renewable. The 2019 expiration was extended into the fourth quarter of 2019. European Accounts Receivable 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 Sheets. 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, 2019, the maximum purchase limit for receivable interests was €80.0 million ($87.5 million equivalent at September 30, 2019), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of September 30, 2019, the amount available under this program before utilization was €70.9 million ($77.6 million equivalent as of September 30, 2019). This program expires annually in August and is renewable. The program was renewed in the third quarter. Utilization of Our Accounts Receivable Securitization Programs As of September 30, 2019, there was $60.0 million borrowed under our U.S. program and €70.9 million ($77.6 million equivalent at September 30, 2019) borrowed under our European program. As of December 31, 2018, there were no amounts borrowed under our U.S. program and €73.3 million ($83.9 million equivalent at December 31, 2018) borrowed under our European program. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. The total interest paid for these programs was $0.2 million and $0.6 million for the three and nine months ended September 30, 2019, respectively, and $0.2 million and $0.4 million, respectively, for the three and nine months ended September 30, 2018. 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, 2019. Accounts Receivable Factoring Agreements The Company has entered into factoring agreements and customers' supply chain financing arrangements, to sell certain receivables to unrelated third-party financial institutions. These programs are entered into in the normal course of business. We account for these transactions in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for sale treatment when the appropriate criteria is met, which permits the Company to present the balances sold under the program to be excluded from Accounts receivable, net on the Condensed Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has no continuing involvement in the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts factored under this program for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 were $246.1 million and $249.8 million, respectively. The fees associated with transfer of receivables for all programs were approximately $1.2 million and $2.5 million for the three and nine months ended September 30, 2019, respectively and approximately $0.5 million and $1.5 million for the three and nine months ended September 30, 2018, respectively.

Accounts Receivable Factoring Agreements	9 Months Ended
Accounts Receivable Factoring Agreements	Sep. 30, 2019
Transfers and Servicing [Abstract]
Accounts Receivable Factoring Agreement	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, 2019, the maximum purchase limit for receivable interests was $60.0 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $60.0 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. As of September 30, 2019, the amount available under the program was $60.0 million. 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 August and is renewable. The 2019 expiration was extended into the fourth quarter of 2019. European Accounts Receivable 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 Sheets. 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, 2019, the maximum purchase limit for receivable interests was €80.0 million ($87.5 million equivalent at September 30, 2019), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of September 30, 2019, the amount available under this program before utilization was €70.9 million ($77.6 million equivalent as of September 30, 2019). This program expires annually in August and is renewable. The program was renewed in the third quarter. Utilization of Our Accounts Receivable Securitization Programs As of September 30, 2019, there was $60.0 million borrowed under our U.S. program and €70.9 million ($77.6 million equivalent at September 30, 2019) borrowed under our European program. As of December 31, 2018, there were no amounts borrowed under our U.S. program and €73.3 million ($83.9 million equivalent at December 31, 2018) borrowed under our European program. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. The total interest paid for these programs was $0.2 million and $0.6 million for the three and nine months ended September 30, 2019, respectively, and $0.2 million and $0.4 million, respectively, for the three and nine months ended September 30, 2018. 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, 2019. Accounts Receivable Factoring Agreements The Company has entered into factoring agreements and customers' supply chain financing arrangements, to sell certain receivables to unrelated third-party financial institutions. These programs are entered into in the normal course of business. We account for these transactions in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for sale treatment when the appropriate criteria is met, which permits the Company to present the balances sold under the program to be excluded from Accounts receivable, net on the Condensed Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has no continuing involvement in the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts factored under this program for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 were $246.1 million and $249.8 million, respectively. The fees associated with transfer of receivables for all programs were approximately $1.2 million and $2.5 million for the three and nine months ended September 30, 2019, respectively and approximately $0.5 million and $1.5 million for the three and nine months ended September 30, 2018, respectively.

Restructuring Activities

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring Activities

For the three and nine months ended September 30, 2019, the Company incurred $6.9 million and $43.6 million, respectively, of restructuring charges and $12.8 million and $50.8 million, respectively, of other related costs. These were primarily a result of restructuring costs associated with the Company’s Reinvent SEE strategy.

Our Restructuring Program consists of previously existing restructuring programs and the new three-year restructuring program which is part of our Reinvent SEE strategy. The Company expects restructuring activities to be completed by the end of 2021.

The Board of Directors has approved cumulative restructuring spend of $840 to $885 million. Restructuring spend is estimated to be incurred as follows:



(in millions)	Total Restructuring Program Range				Less Cumulative Spend to Date			Remaining Restructuring Spend⁽²⁾
	Low		High					Low		High
Costs of reduction in headcount as a result of reorganization	$	355	$	370	$	(329	)	$	26	$	41
Other expenses associated with the Program	230		245		(187		)	43		58
Total expense	585		615		(516		)	69		99
Capital expenditures	255		270		(238		)	17		32
Total estimated cash cost⁽¹⁾	$	840	$	885	$	(754	)	$	86	$	131


⁽¹⁾	Total estimated cash cost excludes the impact of foreign currency and non-cash depreciation and amortization charges.


⁽²⁾	Remaining restructuring spend primarily consists of restructuring costs associated with the Company’s Reinvent SEE strategy, and the completion of our efforts to eliminate stranded costs.

The following table details our restructuring activities reflected in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Other associated costs	$	12.8	$	0.9	$	50.8	$	3.5
Restructuring charges	6.9		6.6		43.6		22.3
Total charges	$	19.7	$	7.5	$	94.4	$	25.8
Capital expenditures	$	0.2	$	0.1	$	2.5	$	0.6

The restructuring accrual, spending and other activity for the nine months ended September 30, 2019 and the accrual balance remaining at September 30, 2019 related to these programs were as follows:



(In millions)
Restructuring accrual at December 31, 2018	$	37.5
Accrual and accrual adjustments	43.6
Cash payments during 2019	(35.5		)
Effect of changes in foreign currency exchange rates	(0.9		)
Restructuring accrual at September 30, 2019	$	44.7

We expect to pay $41.1 million of the accrual balance remaining at September 30, 2019 within the next twelve months. This amount is included in accrued restructuring costs on the Condensed Consolidated Balance Sheets at September 30, 2019. The remaining accrual of $3.6 million is expected to be substantially paid by the end of 2020. This amount is included in other non-current liabilities on our Condensed Consolidated Balance Sheets at September 30, 2019.

Debt and Credit Facilities

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt and Credit Facilities

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



(In millions)	September 30, 2019		December 31, 2018
Short-term borrowings⁽¹⁾	$	205.0	$	232.8
Current portion of long-term debt⁽²⁾	14.2		4.9
Total current debt	219.2		237.7
Term Loan A due July 2022	474.6		—
Term Loan A due July 2023	218.5		222.2
6.50% Senior Notes due December 2020	424.4		424.0
4.875% Senior Notes due December 2022	421.7		421.1
5.25% Senior Notes due April 2023	421.8		421.2
4.50% Senior Notes due September 2023	435.1		454.9
5.125% Senior Notes due December 2024	421.8		421.3
5.50% Senior Notes due September 2025	397.3		397.1
6.875% Senior Notes due July 2033	445.6		445.5
Other⁽²⁾	33.2		29.2
Total long-term debt, less current portion⁽³⁾	3,694.0		3,236.5
Total debt⁽⁴⁾	$	3,913.2	$	3,474.2

⁽¹⁾

Short-term borrowings of $205.0 million at September 30, 2019 are comprised of $58.0 million under our revolving credit facility, $60.0 million and $77.6 million under our U.S. and European securitization programs, respectively, and $9.4 million of short-term borrowings from various lines of credit. Short-term borrowings of $232.8 million at December 31, 2018 were comprised of $140.0 million under our revolving credit facility, $83.9 million under our European securitization program and $8.9 million of short-term borrowings from various lines of credit.

⁽²⁾

The Current portion of long-term debt includes finance lease liabilities of $10.3 million as of September 30, 2019. The Other debt balance includes $30.4 million for long-term liabilities associated with our finance leases as of September 30, 2019. See Note 4, "Leases," of the Notes to Condensed Consolidated Financial Statements for additional information on finance and operating lease liabilities.


⁽³⁾	Amounts are net of unamortized discounts and issuance costs of $21.5 million as of September 30, 2019 and $24.3 million as of December 31, 2018.


⁽⁴⁾	As of September 30, 2019, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.2%. As of December 31, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.4%.

Amended and Restated Senior Secured Credit Facility

On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement and an amendment No. 1 thereto (as may be further amended from time to time, the "Third Amended and Restated Credit Agreement") whereby its senior secured credit facility was amended and restated with Bank of America, N.A., as agent and the other financial institutions party thereto. The changes include: (i) the refinancing of the term loan A facilities and revolving credit facilities with a new U.S. dollar term loan A facility in an aggregate principal amount of approximately $186.5 million, a new pounds sterling term loan A facility in an aggregate principal amount of approximately £29.4 million, and increased our revolving credit facilities from $700.0 million to $1.0 billion (including revolving facilities available in U.S. dollars, euros, pounds sterling, Canadian dollars, Australian dollars, Japanese yen, New Zealand dollars and Mexican pesos), (ii) increased flexibility to lower the interest rate margin for the term loan A facilities and revolving credit facilities, which will range from 125 to 200 basis points (bps) in the case of LIBOR loans, subject to the achievement of certain leverage tests, (iii) the extension of the final maturity of the term loan A facilities and revolving credit commitment to July 11, 2023, (iv) the removal of the requirement to prepay the loans with respect to excess cash flow, (v) adjustments to the financial maintenance covenant of Consolidated Net Debt to Consolidated EBITDA (in each case, as defined in the Third Amended and Restated Credit Agreement) and other covenants to provide additional flexibility to the Company, (vi) the release of certain non-U.S. asset collateral previously pledged by certain of the Company's subsidiaries and (vii) other amendments.

As a result of the Third Amended and Restated Credit Agreement, we recognized $1.9 million of loss on debt redemption in our Condensed Consolidated Statements of Operations in the third quarter of 2018. This amount includes $1.5 million of accelerated amortization of original issuance discount related to the term loan A and lender and non-lender fees related to the entire credit facility. Also included in the loss on debt redemption was $0.4 million of fees incurred in connection with the Third Amended and Restated Credit Agreement. In addition, we incurred $0.7 million of fees that are included in the carrying

amounts of the outstanding debt under the credit facility. We also capitalized $4.9 million of fees that are included in other assets on our Condensed Consolidated Balance Sheets. The amortization expense related to original issuance discount and lender and non-lender fees is calculated using the effective interest rate method over the lives of the respective debt instruments.

On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment and incremental assumption agreement (the Amendment) further amending the Third Amended and Restated Credit Agreement. The Amendment provides for a new incremental term facility in an aggregate principal amount of $475 million, to be used, in part, to finance the acquisition of APS. In addition, we incurred $0.4 million of lender and third party fees included in carrying amounts of outstanding debt. See Note 5, "Divestitures and Acquisitions," of the Notes to Condensed Consolidated Financial Statements for additional information related to the APS acquisition.

Amortization expense related to the senior secured credit facility was $0.5 million and $1.4 million for the three and nine months ended September 30, 2019, and is included in interest expense, net in our Condensed Consolidated Statements of Operations.

Short-term Borrowings

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.



(In millions)	September 30, 2019		December 31, 2018
Used lines of credit⁽¹⁾	$	205.0	$	232.8
Unused lines of credit	1,136.1		1,135.3
Total available lines of credit⁽²⁾	$	1,341.1	$	1,368.1


⁽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⁾	Of the total available lines of credit, $1,137.6 million was committed as of September 30, 2019.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Third Amended and Restated Credit Agreement 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 Third Amended and Restated Credit Agreement). We were in compliance with the above financial covenants and limitations at September 30, 2019.

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 AOCL 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 losses/gains related to cash flow hedging activities that were included in AOCL were a $0.9 million gain and $0.4 million loss for the three and nine months ended September 30, 2019, respectively, and a loss of $1.0 million and a $2.5 million gain for the three and nine months ended September 30, 2018, respectively. The unrealized amounts in AOCL will fluctuate based on changes in the fair value of open contracts during each reporting period.

We estimate that $1.1 million of net unrealized gains related to cash flow hedging activities included in AOCL 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 (expense) 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, 2019 and December 31, 2018, we had no outstanding interest rate swaps.

Net Investment Hedge

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 change in the translated value of the debt was $12.3 million ($9.2 million net of tax) as of September 30, 2019 and is reflected in AOCL on our Condensed Consolidated Balance Sheets.

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. As a result of the sale of Diversey, we terminated these cross-currency swaps in September 2017 and settled these swaps in October 2017. The fair value of the swaps on the date of termination was a liability of $61.9 million which was partially offset by semi-annual interest settlements of $17.7 million. This resulted in a net impact of $(44.2) million which is recorded in AOCL.

For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, 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 AOCL, 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 (expense) 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 provide 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 15, “Fair Value Measurements and Other Financial Instruments,” of the Notes to Condensed Consolidated Financial Statements 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 Hedge						Non-Designated as Hedging Instruments						Total
(In millions)	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
Derivative Assets
Foreign currency forward contracts	$	1.3		$	1.8		$	2.6		$	1.7		$	3.9		$	3.5
Total Derivative Assets	$	1.3		$	1.8		$	2.6		$	1.7		$	3.9		$	3.5

Derivative Liabilities
Foreign currency forward contracts	$	(0.3	)	$	(0.2	)	$	(3.2	)	$	(2.7	)	$	(3.5	)	$	(2.9	)
Total Derivative Liabilities⁽¹⁾	$	(0.3	)	$	(0.2	)	$	(3.2	)	$	(2.7	)	$	(3.5	)	$	(2.9	)
Net Derivatives⁽²⁾	$	1.0		$	1.6		$	(0.6	)	$	(1.0	)	$	0.4		$	0.6


⁽¹⁾	Excludes €400.0 million of euro-denominated debt ($435.1 million equivalent at September 30, 2019 and $454.9 million equivalent at December 31, 2018), 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
(In millions)	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
Gross position	$	3.9		$	3.5		$	(3.5	)	$	(2.9	)
Impact of master netting agreements	(0.4		)	(1.4		)	0.4			1.4
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	3.5		$	2.1		$	(3.1	)	$	(1.5	)

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
	Location of Gain (Loss) Recognized on	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	Condensed Consolidated Statements of Operations	2019			2018			2019			2018
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales	$	—		$	1.1		$	1.5		$	(0.7	)
Treasury locks	Interest expense, net	—			—			0.1			0.1
Sub-total cash flow hedges		—			1.1			1.6			(0.6		)
Fair Value Hedges:
Interest rate swaps	Interest expense, net	0.1			0.1			0.4			0.4
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other (expense) income, net	(3.5		)	(0.8		)	(7.8		)	(8.3		)
Total		$	(3.4	)	$	0.4		$	(5.8	)	$	(8.5	)

Fair Value Measurements and Other Financial Instruments

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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, 2019
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	37.1	$	37.1	$	—	$	—
Other current assets⁽¹⁾	$	11.2	$	11.2	$	—	$	—
Derivative financial and hedging instruments net asset:
Foreign currency forward contracts and options	$	0.4	$	—	$	0.4	$	—



	December 31, 2018
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	38.6	$	38.6	$	—	$	—
Derivative financial and hedging instruments net asset:
Foreign currency forward contracts	$	0.6	$	—	$	0.6	$	—


⁽¹⁾	Other current assets in the fair value table above as of September 30, 2019 represents time deposits greater than 90 days to maturity at time of purchase at our insurance captive.

There has been no transfers between Levels of our fair value hierarchy in the three and nine months ended September 30, 2019.

Cash Equivalents

Our cash equivalents at September 30, 2019 and December 31, 2018 consisted of bank time deposits (Level 1). Since these are short-term highly liquid investments with remaining maturities of 3 months or less at the date of purchase, they present negligible risk of changes in fair value due to changes in interest rates.

Derivative Financial Instruments

Our foreign currency forward contracts, foreign currency options, interest rate 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.

Foreign currency forward contracts and options are included in Prepaid expenses and other current assets and Other current liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.

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, including $11.2 million in a time deposit greater than 90 days at the date of purchase, (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 credit facilities and senior notes. 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 debt, excluding our lease liabilities.



	September 30, 2019				December 31, 2018
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due July 2022	$	474.6	$	474.6	$	—	$	—
Term Loan A Facility due July 2023⁽¹⁾	221.3		221.3		222.2		222.2
6.50% Senior Notes due December 2020	424.4		440.6		424.0		440.1
4.875% Senior Notes due December 2022	421.7		447.6		421.1		421.2
5.25% Senior Notes due April 2023	421.8		453.4		421.2		424.5
4.50% Senior Notes due September 2023⁽¹⁾	435.1		498.1		454.9		489.9
5.125% Senior Notes due December 2024	421.8		456.0		421.3		419.8
5.50% Senior Notes due September 2025	397.3		432.5		397.1		394.8
6.875% Senior Notes due July 2033	445.6		526.7		445.5		453.4
Other foreign borrowings⁽¹⁾	89.8		87.0		98.5		99.2
Other domestic borrowings	118.0		118.0		168.4		170.0
Total debt⁽²⁾	$	3,871.4	$	4,155.8	$	3,474.2	$	3,535.1


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


⁽²⁾	At September 30, 2019, the carrying amount and estimated fair value of debt exclude lease liabilities.

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.

- Definition

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, 2019

Retirement Benefits [Abstract]

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

The following tables show the components of our net periodic benefit cost (income) for our defined benefit pension plans for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30, 2019									Three Months Ended September 30, 2018
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost (income):
Service cost	$	0.1		$	1.0		$	1.1		$	—		$	1.0		$	1.0
Interest cost	1.7			3.7			5.4			1.6			3.9			5.5
Expected return on plan assets	(1.9		)	(6.2		)	(8.1		)	(2.2		)	(7.4		)	(9.6		)
Amortization of net prior service cost	—			—			—			—			—			—
Amortization of net actuarial loss	0.3			1.0			1.3			0.3			0.6			0.9
Net periodic cost (income)	0.2			(0.5		)	(0.3		)	(0.3		)	(1.9		)	(2.2		)
Cost of settlement	—			—			—			1.4			0.2			1.6
Total benefit cost (income)	$	0.2		$	(0.5	)	$	(0.3	)	$	1.1		$	(1.7	)	$	(0.6	)



	Nine Months Ended September 30, 2019									Nine Months Ended September 30, 2018
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost (income):
Service cost	$	0.1		$	3.0		$	3.1		$	0.1		$	3.1		$	3.2
Interest cost	5.2			11.1			16.3			4.8			11.7			16.5
Expected return on plan assets	(5.5		)	(18.4		)	(23.9		)	(6.6		)	(22.3		)	(28.9		)
Amortization of net prior service cost	—			0.1			0.1			—			—			—
Amortization of net actuarial loss	1.0			2.8			3.8			0.7			1.9			2.6
Net periodic cost (income)	0.8			(1.4		)	(0.6		)	(1.0		)	(5.6		)	(6.6		)
Cost of settlement	—			0.3			0.3			1.4			0.3			1.7
Total benefit cost (income)	$	0.8		$	(1.1	)	$	(0.3	)	$	0.4		$	(5.3	)	$	(4.9	)

As part of our acquisition of APS, the Company acquired a frozen defined benefit pension plan in the United Kingdom. As of the date of acquisition, the plan was in a net asset position and recorded to Other non-current assets on our Condensed Consolidated Balance Sheet. The plan does not have a material impact on the Company's overall defined benefit pension plans, including the weighted average of the key assumptions.

The following table shows the components of our net periodic benefit cost (income) for our other post-retirement employee benefit plans for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019			2018
Components of net periodic benefit cost (income):
Interest cost	$	0.4	$	0.4	$	1.2		$	1.1
Amortization of net prior service credit	—		—		(0.2		)	(0.2		)
Amortization of net actuarial gain	—		—		(0.1		)	(0.1		)
Net periodic cost	$	0.4	$	0.4	$	0.9		$	0.8

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Income Tax Rate and Income Tax Provision On December 22, 2017, the TCJA was enacted into law. TCJA significantly changes existing U.S. tax law and includes numerous provisions that affect our business such as imposing a one-time transition tax on deemed repatriation of deferred foreign income ("Transition Tax"), reducing the U.S. federal statutory tax rate, and adopting a territorial tax system. The TCJA includes a provision to tax global intangible low-taxed income (“GILTI”), thereby requiring us to include in our U.S income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The GILTI provision is complex and subject to continuing regulatory interpretation by the U.S. Internal Revenue Service (“IRS”). We are required to make an accounting policy election to either (1) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factor such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). We have elected to recognize the GILTI as a period expense in the period the tax is incurred. Under this policy, we have not provided deferred taxes related to temporary differences that upon their reversal will affect the amount of income subject to GILTI in the period. For interim tax reporting, we estimate one annual effective tax rate for tax jurisdictions not subject to a valuation allowance and apply that rate to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate was 22.3% and 27.9% for the three and nine months ended September 30, 2019, respectively. In comparison to the U.S. statutory rate of 21.0%, the Company's effective income tax rate for the three month period ended September 30, 2019, is positively impacted by the benefits of U.S. Research and Development credits for current and prior periods and is negatively impacted by foreign earnings taxed at a higher rate, the effect of GILTI and other foreign income inclusions in the U.S. tax base, a U.S. audit assessment related to the valuation of an Intellectual Property transfer in 2011, state income taxes and non-deductible expenses. For the nine month period ended September 30, 2019, the Company's effective income tax rate is negatively impacted by foreign earnings taxed at a higher rate, the effect of GILTI and other foreign income inclusions in the U.S. tax base, U.S. audit assessments associated with 2011 and 2012 transactions, state income taxes and non-deductible expenses. For the nine month period ended September 30, 2019, the Company's effective income tax rate is positively impacted by the benefits for the U.S. Research and Development credit for current and prior periods and the release of valuation allowance on foreign deferred assets in Brazil related to improved profitability from Reinvent SEE initiatives. Our effective income tax rate was 30.6% and 114.5% for the three and nine months ended September 30, 2018, respectively. In comparison to the U.S. statutory rate of 21.0%, the Company’s effective tax rate was negatively impacted by the Transition Tax and GILTI provisions associated with the TCJA, withholding taxes, non-deductible expenses and state income taxes, offset by the benefits from lapses in statute of limitations on foreign unrecognized tax benefits. The decrease in valuation allowances for the nine months ended September 30, 2019 was $8.1 million. The decrease in valuation allowances for the three months ended September 30, 2019 was not material. The change in valuation allowances for the three and nine months ended September 30, 2018 was not material. We reported a net increase in unrecognized tax benefits in the three and nine months ended September 30, 2019 of $16.7 million and $26.4 million, respectively, primarily related to U.S. audit assessments and interest accruals on existing positions. We reported changes in unrecognized tax benefits in the three and nine months ended September 30, 2018 of a $2.0 million increase and a $12.0 million decrease, respectively, primarily related to interest accruals and statute of limitations lapses in foreign jurisdictions. Interest and penalties on tax assessments are included in income tax expense.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Diversey Sale Clawback Agreement and Receivables

As part of our 2017 sale of Diversey to Diamond (BC) B.V. (the “Buyer”), Sealed Air and the Buyer entered into that certain Letter Agreement (the “Clawback Agreement”), under which Sealed Air could be required to return a portion of the proceeds it received in the sale, if, and to the extent, Diversey failed to achieve a specified minimum gross margin arising from sales of certain products during the one year period following a successful renewal of certain commercial contracts. In the third quarter of 2019, Sealed Air received a claim from the Buyer under the Clawback Agreement for $49.2 million. Sealed Air’s response to the claim is currently due to the Buyer on November 22, 2019. Sealed Air is assessing the merits of such claim and has requested additional information.

Additionally, Sealed Air has a net receivable balance of $10.4 million included within Other Receivables on our Condensed Consolidated Balance Sheets as of September 30, 2019, representing amounts owed to Sealed Air from Diversey and/or the Buyer relating to the sale of Diversey or transition services provided post-closing under a certain Transition Service Agreement ("TSA"). The receivable balance includes: income tax receivables related to taxable periods prior to the sale of Diversey; cash held by Diversey in certain non-U.S. jurisdictions as of the sale closing date, which amounts the Buyer must cooperate to deliver to Sealed Air when and as permitted, subject to certain limitations; and receivables due from Diversey for services performed under the TSA.

Novipax Complaint

On March 31, 2017, a complaint was filed in the Superior Court of the State of Delaware against Sealed Air Corporation, Cryovac Inc., Sealed Air Corporation (US) and Sealed Air (Canada) Co./Cie. (individually and collectively the “Company”) styled Novipax Holdings LLC ("Novipax") v. Sealed Air Corporation, Cryovac Inc., Sealed Air Corporation (US) and Sealed Air (Canada) Co. / Cie. (the “Complaint”). The Complaint alleged claims for fraud, breach of contract, and unjust enrichment relating to the plaintiff's acquisition of the Company's North America foam trays and absorbent pads business in 2015 for $75.6 million. The relief sought included unspecified monetary damages, exemplary damages, rescission or recessionary damages, reasonable attorneys' fees and pre-judgment and post-judgment interest.

Depositions commenced in the first quarter of 2019, and the case was calendared for trial to commence in June 2019. During the second quarter of 2019, the Company engaged in mediation with Novipax to settle the claim and the parties reached a preliminary settlement agreement. To cover the estimated costs of settlement, including a one-time cash payment as well as accrual of expenses relating to a proposed supply agreement under which the Company would continue to purchase materials from Novipax for a specified period for use in the manufacturing of the Company’s products, the Company recorded a charge of $59.0 million during the second quarter, which is included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019. On July 10, 2019 the settlement agreement was finalized and executed, and the parties agreed to the release and dismissal of the litigation claims.

Cryovac Transaction Commitments and Contingencies

Settlement Agreement and Related Costs

As discussed below, on February 3, 2014 (the “Effective Date”), the Plan (as defined below) implementing the Settlement agreement (as defined below) became effective with W. R. Grace & Co., or Grace, emerging from bankruptcy and the injunctions and releases provided by the Plan becoming effective. The Settlement agreement provided for resolution of current and future asbestos-related claims, fraudulent transfer claims, and successor liability claims made against the Company and our affiliates in connection with the Cryovac transaction described below, as well as indemnification claims by Fresenius Medical Care Holdings, Inc. and affiliated companies in connection with the Cryovac transaction. On the Effective Date, the Company’s subsidiary, Cryovac, Inc. (which was converted to Cryovac, LLC on December 31, 2018), made the payments contemplated by the Settlement agreement, consisting of aggregate cash payments in the amount of $929.7 million to the WRG Asbestos PI Trust (the “PI Trust”) and the WRG Asbestos PD Trust (the “PD Trust”) and the transfer of 18 million shares of Sealed Air common stock (the “Settlement Shares”) to the PI Trust, in each case reflecting adjustments made in accordance with the Settlement agreement. To fund the cash payment, we used $555 million of cash and cash equivalents and utilized borrowings of $260 million from our revolving credit facility and $115 million from our accounts receivable securitization programs. In connection with the issuance of the Settlement Shares and their transfer to the PI Trust by Cryovac, the Company entered into a Registration Rights Agreement, dated as of February 3, 2014 (the “Registration Rights Agreement”), with the PI Trust as initial holder of the Settlement Shares. In accordance with the Registration Rights Agreement, the Company filed with the SEC a shelf registration statement covering resales of the Settlement Shares on April 4, 2014, and the shelf registration statement became

effective on such date. On June 13, 2014, we repurchased $130 million, or 3,932,244 shares, of common stock at a price of $33.06 per share from the PI Trust.

We are currently under examination by the IRS with respect to the deduction of the approximately $1.49 billion for the 2014 taxable year for the payments made pursuant to the Settlement agreement. The IRS has indicated that it intends to disallow this deduction in full. We strongly disagree with the IRS position and are protesting this finding with the IRS. The resolution of the IRS's challenge could take several years and the outcome cannot be predicted. Nevertheless, we believe that we have meritorious defenses for the deduction of the payments made pursuant to the Settlement agreement. If the IRS's disallowance of the deduction were sustained, in whole or in part, we would have to make a significant payment and such disallowance could have a material adverse effect on our consolidated financial condition and results of operations.

For a description of the Cryovac transaction, asbestos-related claims and the parties involved, see “Cryovac Transaction,” “Discussion of Cryovac Transaction Commitments and Contingencies,” “Fresenius Claims,” “Canadian Claims” and “Additional Matters Related to the Cryovac Transaction” below.

Cryovac Transaction

On March 31, 1998, we completed a multi-step transaction that brought the Cryovac packaging business and the former Sealed Air Corporation’s business under the common ownership of the Company. These businesses operated as subsidiaries of the Company, and the Company acted as a holding company. As part of that transaction, the parties separated the Cryovac packaging business, which previously had been held by various direct and indirect subsidiaries of the Company, from the remaining businesses previously held by the Company. The parties then arranged for the contribution of these remaining businesses to a company now known as W. R. Grace & Co., and the Company distributed the Grace shares to the Company’s stockholders. As a result, W. R. Grace & Co. became a separate publicly owned company. The Company recapitalized its outstanding shares of common stock into a new common stock and a new convertible preferred stock. A subsidiary of the Company then merged into the former Sealed Air Corporation, which became a subsidiary of the Company and changed its name to Sealed Air Corporation (US).

Discussion of Cryovac Transaction Commitments and Contingencies

In connection with the Cryovac transaction, Grace and its subsidiaries retained all liabilities arising out of their operations before the Cryovac transaction, whether accruing or occurring before or after the Cryovac transaction, other than liabilities arising from or relating to Cryovac’s operations. Among the liabilities retained by Grace are liabilities relating to asbestos-containing products previously manufactured or sold by Grace’s subsidiaries prior to the Cryovac transaction, including its primary U.S. operating subsidiary, W. R. Grace & Co. — Conn., which has operated for decades and has been a subsidiary of Grace since the Cryovac transaction. The Cryovac transaction agreements provided that, should any claimant seek to hold the Company or any of its subsidiaries responsible for liabilities retained by Grace or its subsidiaries, including the asbestos-related liabilities, Grace and its subsidiaries would indemnify and defend us.

Since the beginning of 2000, we have been served with a number of lawsuits alleging that, as a result of the Cryovac transaction, we were responsible for alleged asbestos liabilities of Grace and its subsidiaries, some of which were also named as co-defendants in some of these actions. Among these lawsuits were several purported class actions and a number of personal injury lawsuits. Some plaintiffs sought damages for personal injury or wrongful death, while others sought medical monitoring, environmental remediation or remedies related to an attic insulation product. Neither the former Sealed Air Corporation nor Cryovac, Inc. ever produced or sold any of the asbestos-containing materials that were the subjects of these cases. While the allegations in these actions directed to us varied, these actions all appeared to allege that the transfer of the Cryovac business as part of the Cryovac transaction was a fraudulent transfer or gave rise to successor liability. In the Joint Proxy Statement furnished to their respective stockholders in connection with the Cryovac transaction, both parties to the transaction stated their belief that none of the transfers contemplated to occur in the Cryovac transaction would be fraudulent transfers and the parties’ belief that the Cryovac transaction complied with other relevant laws. However, if a court applying the relevant legal standards had reached conclusions adverse to us, these determinations could have had a materially adverse effect on our consolidated financial condition and results of operations, and we could have been required to return the property or its value to the transferor or to fund liabilities of Grace or its subsidiaries for the benefit of their creditors, including asbestos claimants. None of these cases reached resolution through judgment, settlement or otherwise. We signed the Settlement agreement, described below, that provided for the resolution of these claims. Moreover, as discussed below, Grace’s Chapter 11 bankruptcy proceeding stayed all of these cases and the orders confirming Grace’s plan of reorganization enjoined parties from prosecuting Grace-related asbestos claims against the Company. We signed the Settlement agreement, described below, that provided for the resolution of these claims.

On April 2, 2001, Grace and a number of its subsidiaries filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware (the “Bankruptcy Court”). In connection with Grace’s Chapter 11 filing and at Grace’s request, the court issued an order dated May 3, 2001, which was modified on January 22, 2002, under which the court stayed all the filed or pending asbestos actions against us and, upon filing and service on us, all future asbestos actions (collectively, the “Preliminary Injunction”). Pursuant to the Preliminary Injunction, no further proceedings involving us could occur in the actions that were stayed except upon further order of the Bankruptcy Court. Committees appointed to represent asbestos claimants in Grace’s bankruptcy case received the court’s permission to pursue fraudulent transfer and other claims against the Company and its subsidiary Cryovac, Inc., and against Fresenius. This proceeding was brought in the U.S. District Court for the District of Delaware (the “District Court”) (Adv. No. 2-2210). The claims against Fresenius were based upon a 1996 transaction between Fresenius and W. R. Grace & Co. — Conn. Fresenius is not affiliated with us. In June 2002, the court permitted the U.S. government to intervene as a plaintiff in the fraudulent transfer proceeding, so that the U.S. government could pursue allegations that environmental remediation expenses were underestimated or omitted in the solvency analysis of Grace conducted at the time of the Cryovac transaction.

On November 27, 2002, we reached an agreement in principle with the Committees prosecuting the claims against the Company and Cryovac, Inc., to resolve all current and future asbestos-related claims arising from the Cryovac transaction (as memorialized by the parties and approved by the Bankruptcy Court, the “Settlement agreement”). The parties subsequently signed the definitive Settlement agreement as of November 10, 2003 consistent with the terms of the agreement in principle, and the Settlement agreement was approved by order of the Bankruptcy Court dated June 27, 2005. The Settlement agreement called for payment of nine million shares of our common stock and $513 million in cash, plus interest on the cash payment at a 5.5% annual rate starting on December 21, 2002 and ending on the effective date of an appropriate plan of reorganization in the Grace bankruptcy, when we would be required to make the payment. These shares were subject to customary anti-dilution provisions that adjust for the effects of stock splits, stock dividends and other events affecting our common stock, and as a result, the number of shares of our common stock issued under the Settlement agreement increased to eighteen million shares upon the two-for-one stock split in March 2007. The Settlement agreement provided that, upon the effective date of the final plan of reorganization and payment of the shares and cash, all present and future asbestos-related claims against us that arise from alleged asbestos liabilities of Grace and its affiliates (including former affiliates that became our affiliates through the Cryovac transaction) would be channeled to and become the responsibility of one or more trusts established under Section 524(g) of the Bankruptcy Code. The Settlement agreement also provided for resolution of all fraudulent transfer claims against us arising from the Cryovac transaction as well as the Fresenius claims described below. The Settlement agreement provided for releases of all those claims upon payment. Under the Settlement agreement, we cannot seek indemnity from Grace for our payments required by the Settlement agreement. The order approving the Settlement agreement also provided that the Preliminary Injunction stay of proceedings involving us described above continued through the effective date of the final plan of reorganization, after which, upon implementation of the Settlement agreement, we have been released from the Grace asbestos liabilities asserted in those proceedings and their continued prosecution against us are enjoined. As more fully discussed below, the Settlement agreement became effective upon Grace’s emergence from bankruptcy pursuant to the Plan. Following the Effective Date, the Bankruptcy Court issued an order dismissing the proceedings pursuant to which the Preliminary Injunction was issued.

On September 19, 2008, Grace, the Official Committee of Asbestos Personal Injury Claimants, the Asbestos PI Future Claimants’ Representative, and the Official Committee of Equity Security Holders filed, as co-proponents, a plan of reorganization that incorporated a settlement of all present and future asbestos-related personal injury claims against Grace (as filed and amended from time to time, the “Plan”). Amended versions of the Plan and related exhibits and documents were filed with the Bankruptcy Court from time to time. The Plan provides for the establishment of two asbestos trusts under Section 524(g) of the United States Bankruptcy Code to which present and future asbestos-related personal injury and property damage claims are channeled. The Plan also incorporates the Settlement agreement, including our payment of the amounts contemplated by the Settlement agreement. The Bankruptcy Court entered a memorandum opinion overruling certain objections to the Plan on January 31, 2011, and entered orders on January 31, 2011 and February 15, 2011 (collectively with the opinion, the “Bankruptcy Court Confirmation Orders”) confirming the Plan and requesting that the District Court issue and affirm the Bankruptcy Court Confirmation Order, including the injunction under Section 524(g) of the Bankruptcy Code. Various parties appealed or otherwise challenged the Bankruptcy Court Confirmation Orders. On January 30, 2012 and June 11, 2012, the District Court issued memorandum opinions and orders (collectively with the Bankruptcy Court Confirmation Orders, the “Confirmation Orders”) overruling all objections to the Plan and confirming the Plan in its entirety, including the approval and issuance of the injunctions under Section 524(g) of the Bankruptcy Code and the other injunctions, releases, and indemnifications set forth in the Plan and the Bankruptcy Court Confirmation Order. Five appeals to the Confirmation Orders were filed with the United States Court of Appeals for the Third Circuit (the “Third Circuit Court of Appeals”). The Third Circuit Court of Appeals dismissed or denied the appeals in separate opinions, with the final dismissal occurring on the Effective Date. On January 29, 2014, by agreement of the parties, the Bankruptcy Court dismissed with prejudice the fraudulent transfer action brought against the Company by the Committees appointed to represent asbestos

claimants in Grace’s bankruptcy. Also on the Effective Date, the remaining conditions to the effectiveness of the Plan and the Settlement agreement were satisfied or waived by the relevant parties (including the Company), and the Plan implementing the Settlement agreement became effective and Grace emerged from bankruptcy on the Effective Date. In addition, under the Plan, the Confirmation Orders, and the Settlement agreement, Grace is required to indemnify us with respect to asbestos and certain other liabilities. Although we believe the possibility to be remote, if any courts were to refuse to enforce the injunctions or releases contained in the Plan and the Settlement agreement with respect to any claims, and if, in addition, Grace were unwilling or unable to defend and indemnify the Company and its subsidiaries for such claims, then we could be required to pay substantial damages, which could have a material adverse effect on our consolidated financial condition and results of operations.

Fresenius Claims

In January 2002, we filed a declaratory judgment action against Fresenius Medical Care Holdings, Inc., its parent, Fresenius AG, a German company, and specified affiliates in New York State court asking the court to resolve a contract dispute between the parties. The Fresenius parties contended that we were obligated to indemnify them for liabilities that they might incur as a result of the 1996 Fresenius transaction mentioned above. The Fresenius parties’ contention was based on their interpretation of the agreements between them and W. R. Grace & Co. — Conn. in connection with the 1996 Fresenius transaction. In February 2002, the Fresenius parties announced that they had accrued a charge of $172 million for these potential liabilities, which included pre-transaction tax liabilities of Grace and the costs of defense of litigation arising from Grace’s Chapter 11 filing. We believe that we were not responsible to indemnify the Fresenius parties under the 1996 agreements and filed the action to proceed to a resolution of the Fresenius parties’ claims. In April 2002, the Fresenius parties filed a motion to dismiss the action and for entry of declaratory relief in its favor. We opposed the motion, and in July 2003, the court denied the motion without prejudice in view of the November 27, 2002 agreement in principle referred to above. On the Effective Date, and in connection with the Plan and the Settlement agreement, we and the Fresenius parties exchanged mutual releases, releasing us from any and all claims related to the 1996 Fresenius transaction.

Canadian Claims

In November 2004, the Company’s Canadian subsidiary Sealed Air (Canada) Co./Cie learned that it had been named a defendant in the case of Thundersky v. The Attorney General of Canada, et al. (File No. CI4-1-39818), pending in the Manitoba Court of Queen’s Bench. Grace and W. R. Grace & Co. — Conn. were also named as defendants. The plaintiff brought the claim as a putative class proceeding and sought recovery for alleged injuries suffered by any Canadian resident, other than in the course of employment, as a result of Grace’s marketing, selling, processing, manufacturing, distributing and/or delivering asbestos or asbestos-containing products in Canada prior to the Cryovac Transaction. A plaintiff filed another proceeding in January 2005 in the Manitoba Court of Queen’s Bench naming the Company and specified subsidiaries as defendants. The latter proceeding, Her Majesty the Queen in Right of the Province of Manitoba v. The Attorney General of Canada, et al. (File No. CI5-1-41069), sought the recovery of the cost of insured health services allegedly provided by the Government of Manitoba to the members of the class of plaintiffs in the Thundersky proceeding. In October 2005, we learned that six additional putative class proceedings had been brought in various provincial and federal courts in Canada seeking recovery from the Company and its subsidiaries Cryovac, Inc. and Sealed Air (Canada) Co./Cie, as well as other defendants including W. R. Grace & Co. and W. R. Grace & Co. — Conn., for alleged injuries suffered by any Canadian resident, other than in the course of employment (except with respect to one of these six claims), as a result of Grace’s marketing, selling, manufacturing, processing, distributing and/or delivering asbestos or asbestos-containing products in Canada prior to the Cryovac transaction. Grace and W. R. Grace & Co. — Conn. agreed to defend, indemnify and hold harmless the Company and its affiliates in respect of any liability and expense, including legal fees and costs, in these actions.

In April 2001, Grace Canada, Inc. had obtained an order of the Superior Court of Justice, Commercial List, Toronto (the “Canadian Court”), recognizing the Chapter 11 actions in the United States of America involving Grace Canada, Inc.’s U.S. parent corporation and other affiliates of Grace Canada, Inc., and enjoining all new actions and staying all current proceedings against Grace Canada, Inc. related to asbestos under the Companies’ Creditors Arrangement Act. That order was renewed repeatedly. In November 2005, upon motion by Grace Canada, Inc., the Canadian Court ordered an extension of the injunction and stay to actions involving asbestos against the Company and its Canadian affiliate and the Attorney General of Canada, which had the effect of staying all of the Canadian actions referred to above. The parties finalized a global settlement of these Canadian actions (except for claims against the Canadian government). That settlement, which has subsequently been amended (the “Canadian Settlement”), will be entirely funded by Grace. The Canadian Court issued an Order on December 13, 2009 approving the Canadian Settlement. We do not have any positive obligations under the Canadian Settlement, but we are a beneficiary of the release of claims. The release in favor of the Grace parties (including us) became operative upon the effective date of a plan of reorganization in Grace’s United States Chapter 11bankruptcy proceeding. As filed, the Plan contemplates that the claims released under the Canadian Settlement will be subject to injunctions under Section 524(g) of the Bankruptcy Code.

As indicated above, the Confirmation Orders with respect to the Plan were entered by the Bankruptcy Court on January 31, 2011 and February 15, 2011 and the District Court on January 30, 2012 and on June 11, 2012. The Canadian Court issued an Order on April 8, 2011 recognizing and giving full effect to the Bankruptcy Court’s Confirmation Order in all provinces and territories of Canada in accordance with the Bankruptcy Court Confirmation Order’s terms.

As described above, the Plan became effective on February 3, 2014. In accordance with the above-mentioned December 13, 2009 order of the Canadian court, on the Effective Date the actions became permanently stayed until they were amended to remove the Grace parties as named defendants. The above-mentioned actions in the Manitoba Court of Queen’s Bench were dismissed by the Manitoba court as against the Grace parties on February 19, 2014. The remaining actions were either dismissed or discontinued with prejudice by the Canadian courts as against the Grace parties in May and June 2015, but for two actions in the Province of Quebec, which were discontinued by order of the Quebec court in February 2016. Although we believe the possibility to be remote, if the Canadian courts refuse to enforce the final plan of reorganization in the Canadian courts, and if in addition Grace is unwilling or unable to defend and indemnify the Company and its subsidiaries in these cases, then we could be required to pay substantial damages, which we cannot estimate at this time and which could have a material adverse effect on our consolidated financial condition and results of operations.

Additional Matters Related to the Cryovac Transaction

In view of Grace’s Chapter 11 filing, we may receive additional claims asserting that we are liable for obligations that Grace had agreed to retain in the Cryovac transaction and for which we may be contingently liable. To date, we are not aware of any material claims having been asserted or threatened against us.

Final determinations and accountings under the Cryovac transaction agreements with respect to matters pertaining to the transaction had not been completed at the time of Grace’s Chapter 11 filing in 2001. We filed claims in the bankruptcy proceeding that reflect the costs and liabilities that we have incurred or may incur and that Grace and its affiliates agreed to retain or that are subject to indemnification by Grace and its affiliates under the Cryovac transaction agreements, other than payments to be made under the Settlement agreement. Grace has alleged that we are responsible for specified amounts under the Cryovac transaction agreements. On February 3, 2014, following Grace’s emergence from bankruptcy, the Company (for itself and its affiliates, collectively, the “Sealed Air Parties”) and Grace (for itself and its affiliates, collectively, the “Grace Parties”) entered into a claims settlement agreement (the “Claims Settlement”) to resolve certain of the parties’ claims against one another arising under the Cryovac transaction agreements (the “Transaction Claims”). Under the Claims Settlement, the Sealed Air Parties released and waived Transaction Claims against the Grace Parties other than asbestos-related claims, Fresenius-related claims, environmental claims, insurance claims, mass tort claims, non-monetary tax sharing agreement claims, certain claims listed in annexes to proofs of claim filed by the Sealed Air Companies in connection with the Grace bankruptcy, claims relating to certain matters described in the Plan, certain executory contract claims relating to certain leased sites or sites that were divided as part of the Cryovac transaction, and certain indemnification claims. Under the Claims Settlement, the Grace Parties released and waived Transaction Claims against the Sealed Air Companies other than non-monetary tax sharing agreement claims, certain executory contract claims relating to certain leased sites or sites that were divided as part of the Cryovac transaction, and certain indemnification claims. The Claims Settlement also provides that the Sealed Air Parties and the Grace Parties will share equally all fees and expenses relating to certain litigation brought by former Cryovac employees. Except to the extent that a claim is specifically referenced, the Claims Settlement does not supersede or affect the obligations of the parties under the Plan or our Settlement agreement.

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 Sheets or Statements 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 Sheets or Statements 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:

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indemnities in connection with the sale of businesses, primarily related to the sale of Diversey. Our indemnity obligations under the relevant agreements may be limited in terms of time, amount or scope. As it relates to certain income tax related liabilities, the relevant agreements may not provide any cap for such liabilities, and the period in which we would be liable would lapse upon expiration of the statute of limitation for assessment of the underlying taxes. Because of the conditional nature of these obligations and the unique facts and circumstances involved in each particular agreement, we are unable to reasonably estimate the potential maximum exposure associated with these items;

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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 consolidated financial position and results 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.

As of September 30, 2019, the Company has no reason to believe a loss exceeding amounts already recognized would be incurred.

Stockholders' Deficit

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholders' Deficit

Stockholders’ Deficit

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. That repurchase program had no expiration date and replaced the previously authorized program, which was terminated. In March 2017, our Board of Directors authorized an increase to the existing share repurchase program by up to an additional $1.5 billion of the Company’s common stock. Additionally, on May 2, 2018, the Board of Directors increased the share repurchase program authorization to $1.0 billion. This new program has no expiration date and replaced the previous authorizations.

During the nine months ended September 30, 2019, we repurchased 1,560,633 shares, for approximately $67.2 million, with an average share price of $43.09. These repurchases were made under open market transactions, including through plans complying with Rule 10b5-1 under the of the Securities Exchange Act of 1934, as amended, and pursuant to the share repurchase program previously authorized by our Board of Directors. We did not repurchase any shares during the three months ended September 30, 2019.

During the three and nine months ended September 30, 2018, we repurchased 2,959,638 and 13,535,170 shares, for approximately $121.5 million and $603.1 million, respectively. These repurchases were made under privately negotiated, accelerated share repurchase activities or open market transactions including through plans complying with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and pursuant to the share repurchase program previously authorized by our Board of Directors.

During the three and nine months ended September 30, 2018, share purchases under open market transactions were 2,959,638 and 12,315,534 shares for approximately $121.5 million and $523.1 million with an average share price of $41.04 and $42.47, respectively.

Dividends

On October 3, 2019, our Board of Directors declared a quarterly cash dividend of $0.16 per common share, which will be paid on December 20, 2019, to stockholders of record at the close of business on December 6, 2019.

On July 11, 2019, our Board of Directors declared a quarterly cash dividend of $0.16 per common share, or $24.7 million, which was paid on September 20, 2019, to stockholders of record at the close of business on September 6, 2019.

The dividends paid in the nine months ended September 30, 2019 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 Statements of Operations. There is no guarantee that our Board of Directors will declare any further dividends.

Share-based Compensation

In 2014, the Board of Directors adopted, and its stockholders approved the Omnibus Incentive Plan (“Omnibus Incentive Plan”). Under the Omnibus Incentive Plan, the maximum number of shares of Common Stock authorized was 4,250,000, plus total shares available to be issued as of May 22, 2014 under the 2002 Directors Stock Plan and the 2005 Contingent Stock Plan (collectively, the “Predecessor Plans”). The Omnibus Incentive Plan replaced the Predecessor Plans and no further awards were granted under the Predecessor Plans. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance share units known as PSU awards, other stock awards and cash awards to officers, non-employee directors, key employees, consultants and advisers.

In 2018, the Board of Directors adopted, and its shareholders approved an amendment and restatement to the 2014 Omnibus Incentive Plan. The amended plan adds 2,199,114 shares of common stock to the share pool previously available under the Omnibus Incentive Plan.

We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Condensed Consolidated Statements of Operations for both equity-classified and liability-classified awards. We record corresponding credit to additional paid-in capital within stockholders’ equity for equity-classified awards, and to either current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of Performance Share Units ("PSU") earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Total share-based incentive compensation expense⁽¹⁾	$	12.0	$	8.3	$	25.2	$	22.9


⁽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 certain cash-based awards, however, the amounts include the expense related to share-based awards that are settled in cash.

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. PSUs are classified as either non-current liabilities or equity in the Condensed Consolidated Balance Sheets.

2019 Three-year PSU Awards

In February 2019, the O&C Committee approved awards with a three-year performance period beginning January 1, 2019 to December 31, 2021 for certain executives. The O&C Committee established performance goals, which are (i) total shareholder return (TSR) weighted at 34%, (ii) 2021 consolidated adjusted EBITDA margin weighted at 33%, and (iii) Return on Invested Capital weighted at 33%. 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		ROIC		Adjusted EBITDA
Number of units granted	49,819		66,807		66,807
Fair value on grant date⁽¹⁾	$	58.25	$	42.16	$	42.16


⁽¹⁾	Represents weighted average fair value for PSU awards approved on February 13, 2019 and February 14, 2019.

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 2019 PSU Award
Expected price volatility⁽¹⁾	22.8	%
Risk-free interest rate⁽¹⁾	2.5	%


⁽¹⁾	Represents average of assumptions for PSU awards approved on February 13, 2019 and February 14, 2019.

In July 2019, the O&C Committee approved PSU awards for an additional pool of individuals in connection with Reinvent SEE. The established performance goals are identical to those approved for awards granted in February 2019.

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



	TSR		ROIC		Adjusted EBITDA
Number of units granted	20,724		25,997		25,997
Fair value on grant date	$	55.82	$	43.22	$	43.22

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 2019 PSU Award
Expected price volatility	23.0	%
Risk-free interest rate	1.9	%

2016 Three-year PSU Awards

In February 2019, the O&C Committee reviewed the performance results for the 2016-2018 PSUs. Performance goals for these PSUs were based on Adjusted EBITDA margins and relative TSR. Based on overall performance for 2016-2018 PSUs, these awards paid out at 0% of target or zero units.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table provides details of comprehensive income (loss) for the nine months ended September 30, 2019 and 2018:



(In millions)	Unrecognized Pension Items			Cumulative Translation Adjustment			Unrecognized Losses on Derivative Instruments for net investment hedge			Unrecognized Gains (Losses) on Derivative Instruments for cash flow hedge			Accumulated Other Comprehensive Loss, Net of Taxes
Balance at December 31, 2017	$	(103.4	)	$	(694.4	)	$	(46.8	)	$	(0.3	)	$	(844.9	)
Other comprehensive income (loss) before reclassifications	1.7			(40.6		)	9.1			1.9			(27.9		)
Less: amounts reclassified from accumulated other comprehensive loss	1.6			—			—			0.5			2.1
Net current period other comprehensive income (loss)	3.3			(40.6		)	9.1			2.4			(25.8		)
Balance at September 30, 2018⁽²⁾	$	(100.1	)	$	(735.0	)	$	(37.7	)	$	2.1		$	(870.7	)

Balance at December 31, 2018⁽¹⁾	$	(136.4	)	$	(744.8	)	$	(41.9	)	$	2.7		$	(920.4	)
Other comprehensive (loss) income before reclassifications	(0.1		)	(25.7		)	15.2			0.5			(10.1		)
Less: amounts reclassified from accumulated other comprehensive loss	2.7			—			—			(1.0		)	1.7
Net current period other comprehensive income (loss)	2.6			(25.7		)	15.2			(0.5		)	(8.4		)
Balance at September 30, 2019⁽²⁾	$	(133.8	)	$	(770.5	)	$	(26.7	)	$	2.2		$	(928.8	)


⁽¹⁾	In the fourth quarter of 2018, the Company Adopted ASU 2018-02. As part of the adoption, the Company elected to reclassify $13.4 million of stranded tax effects of the TCJA from AOCL to retained earnings. The impact of the ASU adoption has been allocated to unrecognized pension items, unrecognized gains (losses) on derivative instruments for net investment hedges and cash flow hedges.


⁽²⁾	The ending balance in AOCL includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $10.8 million and $63.6 million as of September 30, 2019 and 2018, respectively.

The following table provides detail of amounts reclassified from AOCL:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018			Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Prior service credit	$	—		$	—		$	0.1		$	0.2
Actuarial losses	(1.3		)	(0.9		)	(3.7		)	(2.5		)
Total pre-tax amount	(1.3		)	(0.9		)	(3.6		)	(2.3		)	Other (expense) income, net
Tax benefit	0.3			0.3			0.9			0.7
Net of tax	(1.0		)	(0.6		)	(2.7		)	(1.6		)
Net gains (losses) on cash flow hedging derivatives:
Foreign currency forward contracts⁽¹⁾	—			1.1			1.5			(0.7		)	Cost of sales
Treasury locks	—			—			0.1			0.1			Interest expense, net
Total pre-tax amount	—			1.1			1.6			(0.6		)
Tax (expense) benefit	—			(0.3		)	(0.6		)	0.1
Net of tax	—			0.8			1.0			(0.5		)
Total reclassifications for the period	$	(1.0	)	$	0.2		$	(1.7	)	$	(2.1	)

⁽¹⁾

These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 14, “Derivatives and Hedging Activities,” of the Notes to Condensed Consolidated Financial Statements for additional details.

Other (Expense) Income, net

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Other (Expense) Income, net

The following table provides details of other (expense) income, net:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Net foreign exchange transaction loss	$	(1.5	)	$	(4.2	)	$	(4.1	)	$	(17.9	)
Bank fee expense	(1.1		)	(1.6		)	(3.6		)	(4.0		)
Pension income other than service costs	0.2			0.5			1.1			5.7
Other, net⁽¹⁾	0.5			(4.5		)	7.9			(4.5		)
Other (expense) income, net	$	(1.9	)	$	(9.8	)	$	1.3		$	(20.7	)

⁽¹⁾

Cryovac Brasil Ltda., a Sealed Air subsidiary, received a final decision from the Brazilian court regarding a claim in which Sealed Air contended that certain indirect taxes paid were calculated on an incorrect amount. As a result, for the nine months ended September 30, 2019, we recorded $4.8 million income to Other, net for a claim of overpaid taxes related to 2015 through 2018.

Net Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Common Share

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



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share amounts)	2019			2018			2019			2018
Basic Net Earnings (Loss) Per Common Share:
Numerator:
Net earnings (loss)	$	68.0		$	79.0		$	158.7		$	(7.2	)
Distributed and allocated undistributed net earnings to unvested restricted stockholders	(0.1		)	(0.4		)	(0.3		)	(0.4		)
Distributed and allocated undistributed net earnings (loss)	67.9			78.6			158.4			(7.6		)
Distributed net earnings - dividends paid to common stockholders	(24.6		)	(25.0		)	(74.1		)	(76.9		)
Allocation of undistributed net earnings (loss) to common stockholders	$	43.3		$	53.6		$	84.3		$	(84.5	)
Denominator:
Weighted average number of common shares outstanding - basic	154.0			157.2			154.4			160.8
Basic net earnings per common share:
Distributed net earnings	$	0.16		$	0.16		$	0.48		$	0.48
Allocated undistributed net earnings (loss) to common stockholders	0.28			0.34			0.55			(0.53		)
Basic net earnings (loss) per common share	$	0.44		$	0.50		$	1.03		$	(0.05	)
Diluted Net Earnings (Loss) Per Common Share:
Numerator:
Distributed and allocated undistributed net earnings (loss)	$	67.9		$	78.6		$	158.4		$	(7.6	)
Add: Allocated undistributed net earnings to unvested restricted stockholders	0.1			0.3			0.2			—
Less: Undistributed net earnings reallocated to unvested restricted stockholders	(0.1		)	(0.3		)	(0.2		)	—
Net earnings (loss) available to common stockholders - diluted	$	67.9		$	78.6		$	158.4		$	(7.6	)
Denominator:
Weighted average number of common shares outstanding - basic	154.0			157.2			154.4			160.8
Effect of contingently issuable shares	0.2			0.1			0.2			—
Effect of unvested restricted stock units	0.3			0.3			0.3			—
Weighted average number of common shares outstanding - diluted under two-class	154.5			157.6			154.9			160.8
Effect of unvested restricted stock - participating security	0.3			0.4			0.3			—
Weighted average number of common shares outstanding - diluted under treasury stock	154.8			158.0			155.2			160.8
Diluted net earnings (loss) per common share	$	0.44		$	0.50		$	1.02		$	(0.05	)

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, necessary for a fair statement of our Condensed Consolidated Balance Sheets as of September 30, 2019 and our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and in our Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. All amounts are in millions, except per share amounts, and approximate due to rounding. All amounts are presented in U.S. Dollar, unless otherwise specified. 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 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, 2018 (“2018 Form 10-K”) and with the information contained in other publicly-available filings with the SEC. As part of the Company's Reinvent SEE strategy, we have evaluated and made adjustments to our regional operating model. As of January 1, 2019, our Geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. EMEA consists of Europe, Middle East, Africa and Turkey. APAC refers to our collective Asia Pacific region, including Greater China, India, Southeast Asia, Japan, Korea, Australia and New Zealand.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), and issued subsequent amendments to the initial guidance thereafter. This ASU requires an entity to recognize a right-of-use asset (ROU) and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification of the underlying lease as either finance or operating. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was effective for us on January 1, 2019. Entities are required to adopt ASC 842 using a modified retrospective transition method. Full retrospective transition is prohibited. The guidance permits an entity to apply the standard’s transition provisions at either the beginning of the earliest comparative period presented in the financial statements or the beginning of the period of adoption (i.e., on the effective date). We adopted the new standard on its effective date. The new standard provides several optional practical expedients in transition. We elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient not to separate lease and non-lease components for all of our leases, which means all consideration that is fixed, or in-substance fixed, relating to the non-lease components will be captured as part of our lease components for balance sheet purposes. As of September 30, 2019, we recognized additional operating lease liabilities of $82.0 million based on the present value of the remaining minimum rental payments for existing operating leases and corresponding ROU assets of $80.3 million on our Condensed Consolidated Balance Sheets. See Note 4, "Leases," of the Notes to the Condensed Consolidated Financial Statements for additional lease disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. ASU 2018-16 adds the overnight index swap rate based on the Secured Overnight Financing Rate to the list of U.S. benchmark interest rates eligible to be hedged within ASC 815. This ASU names the Secured Overnight Financing Rate as the preferred reference rate alternative to the London Interbank Offered Rate (LIBOR). The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-16 on January 1, 2019. The adoption did not have an impact on the Company's Condensed Consolidated Financial Results. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of the U.S. Tax Cuts and Jobs Act ("TCJA"), this ASU was issued to provide entities with the option to reclassify stranded tax effects in accumulated other comprehensive income to retained earnings. The Company elected to early adopt ASU 2018-02 as of October 1, 2018 in which the impact was applied to the period of adoption. As part of the adoption, the Company has elected to reclassify the tax effects of the TCJA from accumulated other comprehensive loss ("AOCL") to retained earnings. The adoption of the ASU 2018-02 resulted in a $13.4 million reclassification from AOCL to retained earnings due to the stranded tax effects of the TCJA which was recorded in the period ended December 31, 2018. The primary AOCL balances which were impacted by the TCJA were unrecognized pension items and unrecognized gains (losses) on derivative instruments. Recently Issued Accounting Standards In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments. ASU 2019-04 provides updates and amendments to previously issued ASUs. The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments. Codification Improvements to Topic 326, Financial Instruments - Credit Losses is effective upon our adoption of ASU 2016-13, which we plan to adopt as of January 1, 2020. The amendment will be included in our overall adoption of ASU 2016-13. The amendments related to Derivatives and Hedging address partial-term fair value hedges and fair value hedge basis adjustments. Codification Improvements to Topic 815, Derivatives and Hedging are effective for us beginning the first annual reporting period beginning after April 25, 2019. Amendments on Topic 825, Financial Instruments mainly address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. For amendments related to ASU 2016-01 (Topic 825, Financial Instruments), the effective date is fiscal years and interim period beginning after December 15, 2019, with early adoption permitted. We do not believe that the adoption of ASU 2019-04 will have an impact on the Company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 amends ASC 350-40 and aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. We are currently in the process of evaluating the effect that ASU 2018-15 will have on the Company's Condensed Consolidated Financial Results. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 eliminates, adds and clarifies certain disclosure requirements related to defined benefit plans and other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020, with early adoption permitted for reporting periods for which financial statements have yet to be issued or made available for issuance. We do not believe that the adoption of ASU 2018-14 will have an impact on the Company's Condensed Consolidated Financial Statements with the exception of new and expanded disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 amends the fair value measurement disclosure requirements of ASC 820, including new, eliminated and modified disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted upon the issuance of this ASU, including interim periods for which financial statements have not yet been issued or made available for issuance. If adopted early, entities are permitted to early adopt the eliminated or modified disclosure requirements and delay the adoption of the new disclosure requirements until their effective date. We do not believe that the adoption of ASU 2018-13 will have an impact on the Company's Condensed Consolidated Financial Statements with the exception of new and expanded disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments and issued subsequent amendments to the initial guidance. 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 implementing this new standard update however we do not anticipate this to have a material impact on the Company's Condensed Consolidated Financial Results with the exception of new and expanded disclosure requirements.
Revenue Recognition, Contracts with Customers	Description of Revenue Generating Activities We employ sales, marketing and customer service personnel throughout the world who sell and market our products and services to and/or through a large number of distributors, fabricators, converters, e-commerce and mail order fulfillment firms, and contract packaging firms as well as directly to end-users such as food processors, food service businesses, supermarket retailers, pharmaceutical companies, healthcare facilities, medical device manufacturers, and other manufacturers. As discussed in Note 6, "Segments," of the Notes to Condensed Consolidated Financial Statements, our reporting segments include: Food Care and Product Care. Our Food Care applications are largely sold directly to end customers, while most of our Product Care products are sold through business supply distributors. Food Care: Food Care largely serves perishable food processors, predominantly in fresh red meat, smoked and processed meats, poultry and dairy (solids and liquids) markets worldwide, and maintains a leading position in its target applications. Food Care provides integrated packaging materials and equipment solutions to provide food safety, shelf life extension, and total cost optimization with innovative, sustainable packaging that enables customers to reduce costs and enhance their brands in the marketplace. Product Care: Product Care packaging solutions are utilized across many global markets and are especially valuable to e-Commerce, electronics and industrial manufacturing. Product Care solutions are designed to protect valuable goods in shipping and drive operational excellence for our customers, increasing their order fulfillment velocity while minimizing material usage, dimensional weight and packaging labor requirements. The acquisition of Fagerdala in 2017 and AFP in 2018 enabled us to further expand our protective packaging solutions in electronics, transportation and industrial markets with turnkey, custom-engineered, fabricated solutions. The acquisition of Automated Packaging Systems (APS) in 2019, expands the breadth of the Company's automated solutions and sustainable packaging offerings and offers growth opportunities in automated equipment, services and engineering within the markets we serve. Product Care benefits from the continued expansion of e-Commerce, increasing freight costs, scarcity of labor, and increasing demand for more sustainable packaging. Product Care solutions are largely sold through supply distributors that sell to business/industrial end-users. Product Care solutions are additionally sold directly to fabricators, original equipment manufacturers, contract manufacturers, third-party logistics partners, e-commerce/fulfillment operations, and at various retail centers. Product Care solutions are marketed under industry-leading brands including Bubble Wrap^® packaging, Cryovac^® performance shrink films, Instapak^® polyurethane foam packaging systems, and Korrvu^® suspension and retention packaging. Adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and subsequent amendments to the initial guidance, collectively, Topic 606. The Company adopted the new revenue recognition standard using the modified retrospective approach with a cumulative effect adjustment to retained earnings as of the adoption date. The adoption of Topic 606 did not have a significant impact on our condensed consolidated financial statements with the exception of new and expanded disclosures. However, reporting periods prior to Topic 606 adoption may not be comparable due to differences between Topic 606 and the previous accounting guidance. Identify Contract with Customer: For Sealed Air, the determination of whether an arrangement meets the definition of a contract under Topic 606 depends on whether it creates enforceable rights and obligations. While enforceability is a matter of law, we believe that enforceable rights and obligations in a contract must be substantive in order for the contract to be in scope of Topic 606. That is, the penalty for noncompliance must be significant relative to the minimum obligation. Fixed or minimum purchase obligations with penalties for noncompliance are the most common examples of substantive enforceable rights present in our contracts. We determined that the contract term is the period of enforceability outlined by the terms of the contract. This means that in many cases, the term stated in the contract is different than the period of enforceability. After the minimum purchase obligation is met, subsequent sales are treated as separate contracts on a purchase order by purchase order basis. If no minimum purchase obligation exists, each purchase order represents the contract. Performance Obligations: The most common goods and services determined to be distinct performance obligations are consumables/materials, equipment sales, and maintenance. Free on loan and leased equipment is typically identified as a separate lease component in scope of Topic 842. The other goods or services promised in the contract with the customer in most cases do not represent performance obligations because they are neither separate nor distinct, or they are not material in the context of the contract. Transaction Price and Variable Consideration: Sealed Air has many forms of variable consideration present in its contracts with customers, including rebates and other discounts. Sealed Air estimates variable consideration using either the expected value method or the most likely amount method as described in the standard. We include in the transaction price some or all of an amount of variable consideration estimated to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For all contracts that contain a form of variable consideration, Sealed Air estimates at contract inception, and periodically throughout the term of the contract, what volume of goods and/or services the customer will purchase in a given period and determines how much consideration is payable to the customer or how much consideration Sealed Air would be able to recover from the customer based on the structure of the type of variable consideration. In most cases the variable consideration in contracts with customers results in amounts payable to the customer by Sealed Air. Sealed Air adjusts the contract transaction price based on any changes in estimates each reporting period and performs an inception to date cumulative adjustment to the amount of revenue previously recognized. When the contract with a customer contains a minimum purchase obligation, Sealed Air only has enforceable rights to the amount of consideration promised in the minimum purchase obligation through the enforceable term of the contract. This amount of consideration, plus any variable consideration, makes up the transaction price for the contract. Charges for rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the associated revenue is recorded. When we estimate our rebate accruals, we consider customer-specific contractual commitments including stated rebate rates and history of actual rebates paid. Our rebate accruals are reviewed at each reporting period and adjusted to reflect data available at that time. We adjust the accruals to reflect any differences between estimated and actual amounts. These adjustments of transaction price impact the amount of net sales recognized by us in the period of adjustment. Revenue recognized in the three and nine months ended September 30, 2019 from performance obligations satisfied in previous reporting periods was $2.2 million and $4.0 million, respectively, and immaterial and $3.2 million in the three and nine months ended September 30, 2018, respectively. The Company does not adjust consideration in contracts with customers for the effects of a significant financing component if the Company expects that the period between transfer of a good or service and payment for that good or service will be one year or less. This is expected to be the case for the majority of contracts. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales on the Condensed Consolidated Statements of Operations. Allocation of Transaction Price: Sealed Air determines the standalone selling price for a performance obligation by first looking for observable selling prices of that performance obligation sold on a standalone basis. If an observable price is not available, we estimate the standalone selling price of the performance obligation using one of the three suggested methods in the following order of preference: adjusted market assessment approach, expected cost plus a margin approach, and residual approach. Sealed Air often offers rebates to customers in their contracts that are related to the amount of consumables purchased. We believe that this form of variable consideration should only be allocated to consumables because the entire amount of variable consideration relates to the customer’s purchase of and Sealed Air’s efforts to provide consumables. Additionally, Sealed Air has many contracts that have pricing tied to third-party indices. We believe that variability from index-based pricing should be allocated specifically to consumables because the pricing formulas in these contracts are related to the cost to produce consumables. Transfer of Control: Revenue is recognized upon transfer of control to the customer. Revenue for consumables and equipment sales is recognized based on shipping terms, which is the point in time the customer obtains control of the promised goods. Maintenance revenue is recognized straight-line on the basis that the level of effort is consistent over the term of the contract. Lease components within contracts with customers are recognized in accordance with Topic 842.
Lessor Lease	Lessor Sealed Air has contractual obligations as a lessor with respect to free on loan equipment and leased equipment, both sales-type and operating. The consideration in a contract that contains both lease and non-lease components is allocated based on the standalone selling price. Our contractual obligations for operating leases can include termination and renewal options. Our contractual obligations for sales-type leases tend to have fixed terms and can include purchase options. We utilize the reasonably certain threshold criteria in determining which options our customers will exercise.
Lessee Leases	Lessee Sealed Air has contractual obligations as a lessee with respect to warehouses, offices, and manufacturing facilities, IT equipment, automobiles, and material production equipment. Under the leasing standard, ASU 2016-02, leases that are more than one year in duration are capitalized and recorded on the balance sheet. Some of our leases, namely for automobiles and real estate, offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. Furthermore, some of our lease payments are based on index rates with minimum annual increases. These represent fixed payments and are captured in the future minimum lease payments calculation. In determining the discount rate to use in calculating the present value of lease payments, we estimate the rate of interest we would pay on a collateralized loan with the same payment terms as the lease by utilizing our bond yields traded in the secondary market to determine the estimated cost of funds for the particular tenor. We update our assumptions and discount rates on a quarterly basis. The standard also provides practical expedients for an entity’s transition and ongoing accounting. In terms of transition accounting, we elected the ‘package of practical expedients’, which permits us to not reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We did not elect the use-of hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us. In terms of ongoing accounting, we have elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. We have also elected the practical expedient to not separate lease and non-lease components for all asset classes, meaning all consideration that is fixed, or in-substance fixed, will be captured as part of our lease components for balance sheet purposes. Furthermore, all variable payments included in lease agreements will be disclosed as variable lease expense when incurred. Generally, variable lease payments are based on usage and common area maintenance. These payments will be included as variable lease expense when recognized.

Revenue Recognition, Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contracts With Customers Summarized by Segment

For the three and nine months ended September 30, 2019 and 2018, revenues from contracts with customers summarized by Segment and Geographic region were as follows:



	Three Months Ended September 30, 2019
(In millions)	Food Care		Product Care		Total
North America	$	415.3	$	310.1	$	725.4
EMEA	152.8		96.3		249.1
South America	53.7		4.5		58.2
APAC	102.6		76.4		179.0
Topic 606 Revenue	724.4		487.3		1,211.7
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	5.2		1.6		6.8
Total	$	729.6	$	488.9	$	1,218.5



	Nine Months Ended September 30, 2019
(In millions)	Food Care		Product Care		Total
North America	$	1,199.2	$	858.8	$	2,058.0
EMEA	449.5		279.3		728.8
South America	156.6		12.4		169.0
APAC	301.3		216.2		517.5
Topic 606 Revenue	2,106.6		1,366.7		3,473.3
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	14.0		4.9		18.9
Total	$	2,120.6	$	1,371.6	$	3,492.2



	Three Months Ended September 30, 2018
(In millions)⁽¹⁾	Food Care		Product Care		Total
North America	$	414.2	$	285.1	$	699.3
EMEA	156.8		89.1		245.9
South America	51.1		4.4		55.5
APAC	100.4		77.9		178.3
Topic 606 Revenue	722.5		456.5		1,179.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	4.7		2.5		7.2
Total	$	727.2	$	459.0	$	1,186.2



	Nine Months Ended September 30, 2018
(In millions)⁽¹⁾	Food Care		Product Care		Total
North America	$	1,182.8	$	807.1	$	1,989.9
EMEA	476.8		287.1		763.9
South America	155.9		13.7		169.6
APAC	306.3		221.2		527.5
Topic 606 Revenue	2,121.8		1,329.1		3,450.9
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	14.7		6.8		21.5
Total	$	2,136.5	$	1,335.9	$	3,472.4

⁽¹⁾

Opening and Closing Balances of Contract Assets And Contract Liabilities

The closing balances of contract liabilities arising from contracts with customers as of September 30, 2019 and December 31, 2018 were as follows:

Summary of Estimated Transaction Price from Contracts With Customers Allocated to Performance Obligations Remaining Performance Obligation, Expected Timing Of Satisfaction

Additionally, the following table summarizes the estimated transaction price from contracts with customers allocated to performance obligations or portions of performance obligations that have not yet been satisfied as of September 30, 2019, as well as the expected timing of recognition of that transaction price.



(In millions)	Short-Term (12 months or less)		Long-Term		Total
Total transaction price	$	5.2	$	8.1	$	13.3

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Summary of Lease Payments Captured in Lease Receivable

All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our lease receivable balance at September 30, 2019 was:



(in millions)	Short-Term (12 months or less)		Long-Term		Total
Total lease receivable (Sales-type and Operating)	$	4.2	$	7.4	$	11.6

Assets And Liabilities, Lessee

The following table details our lease obligations included in our Condensed Consolidated Balance Sheets.



(in millions)	September 30, 2019
Other non-current assets:
Finance leases - ROU assets	$	54.6
Finance leases - Accumulated depreciation	(13.5		)
Operating lease right-of-use-assets:
Operating leases - ROU assets	101.3
Operating leases - Accumulated depreciation	(21.0		)
Total lease assets	$	121.4
Current portion of long-term debt:
Finance leases	$	(10.3	)
Current portion of operating lease liabilities:
Operating leases	(24.6		)
Long-term debt, less current portion:
Finance leases	(30.4		)
Long-term operating lease liabilities, less current portion:
Operating leases	(57.4		)
Total lease liabilities	$	(122.7	)

Finance Leases, Future Minimum Annual Rental Commitments

At September 30, 2019, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:



(in millions)	Operating leases			Finance leases
Remainder of 2019	$	7.5		$	3.2
2020	26.4			11.9
2021	20.3			10.2
2022	13.3			5.7
2023	9.0			2.8
Thereafter	18.7			15.2
Total lease payments	95.2			49.0
Less: Interest	(13.2		)	(8.3		)
Present value of lease liabilities	$	82.0		$	40.7

Operating Leases, Future Minimum Annual Rental Commitments

At September 30, 2019, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:



(in millions)	Operating leases			Finance leases
Remainder of 2019	$	7.5		$	3.2
2020	26.4			11.9
2021	20.3			10.2
2022	13.3			5.7
2023	9.0			2.8
Thereafter	18.7			15.2
Total lease payments	95.2			49.0
Less: Interest	(13.2		)	(8.3		)
Present value of lease liabilities	$	82.0		$	40.7

Operating Leases, Future Minimum Rental Commitments Prior to Adoption of ASC 842

At December 31, 2018, operating leases estimated future minimum annual rental commitments under non-cancelable real and personal property leases, prior to the adoption of ASC 842, were as follows:



(in millions)	Operating leases
2019	$	28.5
2020	20.1
2021	14.7
2022	10.1
2023	6.9
Thereafter	17.0
Total lease payments	$	97.3

Schedule of Lease Costs and Other Information

The following lease cost is included in our Condensed Consolidated Statements of Operations:



(in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease cost
Finance leases
Amortization of ROU assets	$	2.4	$	6.5
Interest on lease liabilities	0.5		1.5
Operating leases	7.4		23.7
Short-term lease cost	2.0		3.9
Variable lease cost	1.6		4.7
Total lease cost	$	13.9	$	40.3



(in millions)	Nine Months Ended September 30, 2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	3.9
Operating cash flows from operating leases	$	26.1
Financing cash flows from finance leases	$	6.5

ROU assets obtained in exchange for new finance lease liabilities	$	19.6
ROU assets obtained in exchange for new operating lease liabilities	$	14.5



Weighted average information:
Finance leases
Remaining lease term (in years)	6.4
Discount rate	5.0	%
Operating leases
Remaining lease term (in years)	4.9
Discount rate	5.4	%

Divestitures and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary of Consideration transferred and the Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred to acquire APS and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.



	Preliminary Allocation
(In millions)	As of August 1, 2019
Total consideration transferred	$	445.7

Assets:
Cash and cash equivalents	7.4
Trade receivables, net	37.3
Other receivables	8.9
Inventories, net	40.7
Prepaid expenses and other current assets	2.3
Property and equipment, net	79.3
Goodwill	261.3
Identifiable intangible assets, net	78.7
Other non-current assets	24.7
Total assets	$	540.6
Liabilities:
Current portion of long-term debt	2.6
Accounts payable	12.0
Other current liabilities	36.8
Long-term debt, less current portion	4.3
Other non-current liabilities	39.2
Total liabilities	$	94.9

The following table summarizes the consideration transferred to acquire AFP and the allocation of the purchase price among the assets acquired and liabilities assumed.



	Preliminary Allocation		Measurement Period			Final Opening Balance Sheet Allocation
(In millions)	As of August 1, 2018		Adjustments			As of September 30, 2019
Total consideration transferred	$	70.8	$	3.3		$	74.1

Assets:
Cash and cash equivalents	2.9		0.4			3.3
Trade receivables, net	30.8		—			30.8
Inventories, net	7.1		—			7.1
Prepaid expenses and other current assets	0.7		—			0.7
Property and equipment, net	3.5		(0.4		)	3.1
Goodwill	21.6		1.0			22.6
Identifiable intangible assets, net	18.6		0.7			19.3
Other non-current assets	0.7		(0.4		)	0.3
Total assets	$	85.9	$	1.3		$	87.2
Liabilities:
Current portion of long-term debt	—		0.1			0.1
Accounts payable	13.8		(2.2		)	11.6
Other current liabilities	1.3		(0.1		)	1.2
Long-term debt, less current portion	—		0.2			0.2
Total liabilities	$	15.1	$	(2.0	)	$	13.1

Schedule of Identifiable Intangible Assets, net and Their useful Life

The following tables summarizes the identifiable intangible assets, net and their useful life.



	Amount		Useful life
	(in millions)		(in years)
Customer relationships	$	14.9	11
Trademarks and tradenames	4.4		5
Total intangible assets with definite lives	$	19.3

The goodwill allocated to the U.S. entities in the purchase is deductible for tax purposes.

Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Net Sales and Adjusted EBITDA by Reportable Segments

The following tables show Net Sales and Adjusted EBITDA by reportable segment:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Net Sales:
Food Care	$	729.6		$	727.2		$	2,120.6		$	2,136.5
As a % of Total Company net sales	59.9		%	61.3		%	60.7		%	61.5		%
Product Care	488.9			459.0			1,371.6			1,335.9
As a % of Total Company net sales	40.1		%	38.7		%	39.3		%	38.5		%
Total Company Net Sales	$	1,218.5		$	1,186.2		$	3,492.2		$	3,472.4

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Adjusted EBITDA from continuing operations
Food Care	$	159.6		$	145.4		$	458.1		$	415.5
Adjusted EBITDA Margin	21.9		%	20.0		%	21.6		%	19.4		%
Product Care	84.0			76.4			243.0			233.3
Adjusted EBITDA Margin	17.2		%	16.6		%	17.7		%	17.5		%
Corporate	(2.5		)	(2.9		)	(7.5		)	(7.6		)
Total Company Adjusted EBITDA from continuing operations	$	241.1		$	218.9		$	693.6		$	641.2
Adjusted EBITDA Margin	19.8		%	18.5		%	19.9		%	18.5		%

Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA

The following table shows a reconciliation of net earnings before income tax provision to Total Company Adjusted EBITDA from continuing operations:



	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	2019		2018			2019		2018
Earnings before income tax provision	$	102.3	$	109.0		$	234.8	$	339.3
Interest expense, net	48.5		44.8			136.6		131.3
Depreciation and amortization, net of adjustments⁽¹⁾	53.2		41.0			131.4		121.9
Special Items:
Restructuring charges⁽²⁾	6.9		6.6			43.6		22.3
Other restructuring associated costs⁽³⁾	12.8		0.7			50.8		2.5
Foreign currency exchange loss (gain) due to highly inflationary economies	1.3		(0.4		)	3.4		(0.4		)
Charges related to the Novipax settlement agreement	—		—			59.0		—
Charges related to acquisition and divestiture activity	6.0		13.5			9.2		31.3
Gain from class-action litigation settlement	—		—			—		(12.6		)
Other Special Items⁽⁴⁾	10.1		3.7			24.8		5.6
Pre-tax impact of Special Items	37.1		24.1			190.8		48.7
Total Company Adjusted EBITDA from continuing operations	$	241.1	$	218.9		$	693.6	$	641.2


⁽¹⁾	Depreciation and amortization by segment were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Food Care	$	30.6		$	25.6		$	81.8		$	79.8
Product Care	22.7			15.5			50.7			42.5
Total Company depreciation and amortization⁽ⁱ⁾	53.3			41.1			132.5			122.3
Depreciation and amortization adjustments	(0.1		)	(0.1		)	(1.1		)	(0.4		)
Depreciation and amortization, net of adjustments	$	53.2		$	41.0		$	131.4		$	121.9


⁽ⁱ⁾	Includes share-based incentive compensation of $12.0 million and $25.2 million for the three and nine months ended September 30, 2019, respectively, and $8.3 million and $23.6 million for the three and nine months ended September 30, 2018, respectively.


⁽ⁱⁱ⁾	Depreciation and amortization adjustments represent depreciation and amortization which is considered to be related to a Special Item and are also included in the Special Items presented in the above table.


⁽²⁾	Restructuring charges by segment were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Food Care	$	3.9	$	2.3	$	26.3	$	8.4
Product Care	3.0		4.3		17.3		13.9
Total Company restructuring charges	$	6.9	$	6.6	$	43.6	$	22.3


⁽³⁾	Other restructuring associated costs for three and nine months ended September 30, 2019, primarily relate to fees paid to third-party consultants in support of Reinvent SEE and costs related to property consolidations resulting from Reinvent SEE.

⁽⁴⁾

Other Special Items for the three and nine months ended September 30, 2019, primarily included fees related to professional services, mainly legal fees, directly associated with Special Items or events that are considered one-time or infrequent in nature.

Assets by Reportable Segments



(In millions)	September 30, 2019		December 31, 2018
Assets allocated to segments:⁽¹⁾
Food Care	$	1,941.6	$	1,914.4
Product Care	2,723.8		2,273.8
Total segments	4,665.4		4,188.2
Assets not allocated:
Cash and cash equivalents	$	200.0	$	271.7
Income tax receivables	43.1		58.4
Other receivables	79.6		81.3
Deferred taxes	175.8		170.5
Other	512.5		280.1
Total	$	5,676.4	$	5,050.2


⁽¹⁾	Beginning in 2018, the Company implemented a change in allocation of Corporate expenses, which are now allocated to Food Care and Product Care segments. At that time, the Company revised the method of allocation for some assets including property and equipment, net and goodwill, which were previously unallocated.

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories

The following table details our inventories, net:



(In millions)	September 30, 2019		December 31, 2018
Raw materials	$	117.0	$	79.9
Work in process	143.0		142.4
Finished goods	358.3		322.6
Total	$	618.3	$	544.9

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table details our property and equipment, net:



(In millions)	September 30, 2019			December 31, 2018
Land and improvements	$	45.0		$	41.2
Buildings	734.3			728.6
Machinery and equipment	2,398.0			2,325.7
Other property and equipment	135.5			135.6
Construction-in-progress	151.8			155.1
Property and equipment, gross	3,464.6			3,386.2
Accumulated depreciation and amortization	(2,348.8		)	(2,350.0		)
Property and equipment, net⁽¹⁾	$	1,115.8		$	1,036.2

⁽¹⁾

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 September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Interest cost capitalized	$	2.5	$	1.3	$	6.4	$	5.0
Depreciation and amortization expense for property and equipment	$	31.7	$	29.0	$	88.7	$	87.6

Goodwill and Identifiable Intangible Assets, net (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Balances by Segment Reporting Structure



(In millions)	Food Care			Product Care			Total
Gross Carrying Value at December 31, 2018	$	568.9		$	1,568.9		$	2,137.8
Accumulated impairment⁽¹⁾	(49.2		)	(141.0		)	(190.2		)
Carrying Value at December 31, 2018	$	519.7		$	1,427.9		$	1,947.6
Acquisition, purchase price and other adjustments	6.3			264.4			270.7
Currency translation	(4.2		)	(1.0		)	(5.2		)
Carrying Value at September 30, 2019	$	521.8		$	1,691.3		$	2,213.1

⁽¹⁾

There has been no change to our accumulated impairment balance as of September 30, 2019.

Summary of Identifiable Intangible Assets with Indefinite Useful Lives

The following tables summarize our identifiable intangible assets, net. As of September 30, 2019, there were no impairment indicators present.



	September 30, 2019							December 31, 2018
(In millions)	Gross Carrying Value		Accumulated Amortization			Net⁽¹⁾		Gross Carrying Value		Accumulated Amortization			Net
Customer relationships	$	104.7	$	(27.9	)	$	76.8	$	72.4	$	(22.3	)	$	50.1
Trademarks and tradenames	27.2		(2.9		)	24.3		15.1		(1.6		)	13.5
Capitalized software	86.0		(58.9		)	27.1		62.2		(49.8		)	12.4
Technology	67.2		(25.0		)	42.2		37.2		(23.5		)	13.7
Contracts	13.2		(10.4		)	2.8		13.2		(10.1		)	3.1
Total intangible assets with definite lives	298.3		(125.1		)	173.2		200.1		(107.3		)	92.8
Trademarks and tradenames with indefinite lives	8.9		—			8.9		8.9		—			8.9
Total identifiable intangible assets, net	$	307.2	$	(125.1	)	$	182.1	$	209.0	$	(107.3	)	$	101.7

⁽¹⁾

As of September 30, 2019, identifiable intangible assets increased primarily due to the APS acquisition. See Note 5, "Divestitures and Acquisitions," of the Notes to the Condensed Consolidated Financial Statements for additional information related to the APS acquisition.

Summary of Identifiable Intangible Assets with Definite Useful Lives

The following tables summarize our identifiable intangible assets, net. As of September 30, 2019, there were no impairment indicators present.



	September 30, 2019							December 31, 2018
(In millions)	Gross Carrying Value		Accumulated Amortization			Net⁽¹⁾		Gross Carrying Value		Accumulated Amortization			Net
Customer relationships	$	104.7	$	(27.9	)	$	76.8	$	72.4	$	(22.3	)	$	50.1
Trademarks and tradenames	27.2		(2.9		)	24.3		15.1		(1.6		)	13.5
Capitalized software	86.0		(58.9		)	27.1		62.2		(49.8		)	12.4
Technology	67.2		(25.0		)	42.2		37.2		(23.5		)	13.7
Contracts	13.2		(10.4		)	2.8		13.2		(10.1		)	3.1
Total intangible assets with definite lives	298.3		(125.1		)	173.2		200.1		(107.3		)	92.8
Trademarks and tradenames with indefinite lives	8.9		—			8.9		8.9		—			8.9
Total identifiable intangible assets, net	$	307.2	$	(125.1	)	$	182.1	$	209.0	$	(107.3	)	$	101.7

⁽¹⁾

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at September 30, 2019.



Year	Amount (in millions)
Remainder of 2019	$	6.8
2020	25.8
2021	20.7
2022	13.8
2023	11.4
Thereafter	94.7
Total	$	173.2

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Schedule of Approved Restructuring Spending



(in millions)	Total Restructuring Program Range				Less Cumulative Spend to Date			Remaining Restructuring Spend⁽²⁾
	Low		High					Low		High
Costs of reduction in headcount as a result of reorganization	$	355	$	370	$	(329	)	$	26	$	41
Other expenses associated with the Program	230		245		(187		)	43		58
Total expense	585		615		(516		)	69		99
Capital expenditures	255		270		(238		)	17		32
Total estimated cash cost⁽¹⁾	$	840	$	885	$	(754	)	$	86	$	131


⁽¹⁾	Total estimated cash cost excludes the impact of foreign currency and non-cash depreciation and amortization charges.

⁽²⁾

Remaining restructuring spend primarily consists of restructuring costs associated with the Company’s Reinvent SEE strategy, and the completion of our efforts to eliminate stranded costs.

Restructuring and Relocation Activities

The following table details our restructuring activities reflected in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Other associated costs	$	12.8	$	0.9	$	50.8	$	3.5
Restructuring charges	6.9		6.6		43.6		22.3
Total charges	$	19.7	$	7.5	$	94.4	$	25.8
Capital expenditures	$	0.2	$	0.1	$	2.5	$	0.6

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

The restructuring accrual, spending and other activity for the nine months ended September 30, 2019 and the accrual balance remaining at September 30, 2019 related to these programs were as follows:



(In millions)
Restructuring accrual at December 31, 2018	$	37.5
Accrual and accrual adjustments	43.6
Cash payments during 2019	(35.5		)
Effect of changes in foreign currency exchange rates	(0.9		)
Restructuring accrual at September 30, 2019	$	44.7

Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Total Debt Outstanding

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



(In millions)	September 30, 2019		December 31, 2018
Short-term borrowings⁽¹⁾	$	205.0	$	232.8
Current portion of long-term debt⁽²⁾	14.2		4.9
Total current debt	219.2		237.7
Term Loan A due July 2022	474.6		—
Term Loan A due July 2023	218.5		222.2
6.50% Senior Notes due December 2020	424.4		424.0
4.875% Senior Notes due December 2022	421.7		421.1
5.25% Senior Notes due April 2023	421.8		421.2
4.50% Senior Notes due September 2023	435.1		454.9
5.125% Senior Notes due December 2024	421.8		421.3
5.50% Senior Notes due September 2025	397.3		397.1
6.875% Senior Notes due July 2033	445.6		445.5
Other⁽²⁾	33.2		29.2
Total long-term debt, less current portion⁽³⁾	3,694.0		3,236.5
Total debt⁽⁴⁾	$	3,913.2	$	3,474.2

⁽¹⁾

⁽²⁾


⁽³⁾	Amounts are net of unamortized discounts and issuance costs of $21.5 million as of September 30, 2019 and $24.3 million as of December 31, 2018.

⁽⁴⁾

As of September 30, 2019, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.2%. As of December 31, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.4%.

Lines of Credit



(In millions)	September 30, 2019		December 31, 2018
Used lines of credit⁽¹⁾	$	205.0	$	232.8
Unused lines of credit	1,136.1		1,135.3
Total available lines of credit⁽²⁾	$	1,341.1	$	1,368.1


⁽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⁾

Of the total available lines of credit, $1,137.6 million was committed as of September 30, 2019

Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2019

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 Hedge						Non-Designated as Hedging Instruments						Total
(In millions)	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
Derivative Assets
Foreign currency forward contracts	$	1.3		$	1.8		$	2.6		$	1.7		$	3.9		$	3.5
Total Derivative Assets	$	1.3		$	1.8		$	2.6		$	1.7		$	3.9		$	3.5

Derivative Liabilities
Foreign currency forward contracts	$	(0.3	)	$	(0.2	)	$	(3.2	)	$	(2.7	)	$	(3.5	)	$	(2.9	)
Total Derivative Liabilities⁽¹⁾	$	(0.3	)	$	(0.2	)	$	(3.2	)	$	(2.7	)	$	(3.5	)	$	(2.9	)
Net Derivatives⁽²⁾	$	1.0		$	1.6		$	(0.6	)	$	(1.0	)	$	0.4		$	0.6


⁽¹⁾	Excludes €400.0 million of euro-denominated debt ($435.1 million equivalent at September 30, 2019 and $454.9 million equivalent at December 31, 2018), 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
(In millions)	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
Gross position	$	3.9		$	3.5		$	(3.5	)	$	(2.9	)
Impact of master netting agreements	(0.4		)	(1.4		)	0.4			1.4
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	3.5		$	2.1		$	(3.1	)	$	(1.5	)

Offsetting Assets

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



	Other Current Assets						Other Current Liabilities
(In millions)	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
Gross position	$	3.9		$	3.5		$	(3.5	)	$	(2.9	)
Impact of master netting agreements	(0.4		)	(1.4		)	0.4			1.4
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	3.5		$	2.1		$	(3.1	)	$	(1.5	)

Offsetting Liabilities

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



	Other Current Assets						Other Current Liabilities
(In millions)	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
Gross position	$	3.9		$	3.5		$	(3.5	)	$	(2.9	)
Impact of master netting agreements	(0.4		)	(1.4		)	0.4			1.4
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	3.5		$	2.1		$	(3.1	)	$	(1.5	)

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
	Location of Gain (Loss) Recognized on	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	Condensed Consolidated Statements of Operations	2019			2018			2019			2018
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales	$	—		$	1.1		$	1.5		$	(0.7	)
Treasury locks	Interest expense, net	—			—			0.1			0.1
Sub-total cash flow hedges		—			1.1			1.6			(0.6		)
Fair Value Hedges:
Interest rate swaps	Interest expense, net	0.1			0.1			0.4			0.4
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other (expense) income, net	(3.5		)	(0.8		)	(7.8		)	(8.3		)
Total		$	(3.4	)	$	0.4		$	(5.8	)	$	(8.5	)

Fair Value Measurements and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments

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



	September 30, 2019
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	37.1	$	37.1	$	—	$	—
Other current assets⁽¹⁾	$	11.2	$	11.2	$	—	$	—
Derivative financial and hedging instruments net asset:
Foreign currency forward contracts and options	$	0.4	$	—	$	0.4	$	—



	December 31, 2018
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	38.6	$	38.6	$	—	$	—
Derivative financial and hedging instruments net asset:
Foreign currency forward contracts	$	0.6	$	—	$	0.6	$	—

⁽¹⁾

Other current assets in the fair value table above as of September 30, 2019 represents time deposits greater than 90 days to maturity at time of purchase at our insurance captive.

Carrying Amounts and Estimated Fair Values of Debt

The table below shows the carrying amounts and estimated fair values of our debt, excluding our lease liabilities.



	September 30, 2019				December 31, 2018
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due July 2022	$	474.6	$	474.6	$	—	$	—
Term Loan A Facility due July 2023⁽¹⁾	221.3		221.3		222.2		222.2
6.50% Senior Notes due December 2020	424.4		440.6		424.0		440.1
4.875% Senior Notes due December 2022	421.7		447.6		421.1		421.2
5.25% Senior Notes due April 2023	421.8		453.4		421.2		424.5
4.50% Senior Notes due September 2023⁽¹⁾	435.1		498.1		454.9		489.9
5.125% Senior Notes due December 2024	421.8		456.0		421.3		419.8
5.50% Senior Notes due September 2025	397.3		432.5		397.1		394.8
6.875% Senior Notes due July 2033	445.6		526.7		445.5		453.4
Other foreign borrowings⁽¹⁾	89.8		87.0		98.5		99.2
Other domestic borrowings	118.0		118.0		168.4		170.0
Total debt⁽²⁾	$	3,871.4	$	4,155.8	$	3,474.2	$	3,535.1


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


⁽²⁾	At September 30, 2019, the carrying amount and estimated fair value of debt exclude lease liabilities.

- Definition

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, 2019

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost (Income)

The following tables show the components of our net periodic benefit cost (income) for our defined benefit pension plans for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30, 2019									Three Months Ended September 30, 2018
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost (income):
Service cost	$	0.1		$	1.0		$	1.1		$	—		$	1.0		$	1.0
Interest cost	1.7			3.7			5.4			1.6			3.9			5.5
Expected return on plan assets	(1.9		)	(6.2		)	(8.1		)	(2.2		)	(7.4		)	(9.6		)
Amortization of net prior service cost	—			—			—			—			—			—
Amortization of net actuarial loss	0.3			1.0			1.3			0.3			0.6			0.9
Net periodic cost (income)	0.2			(0.5		)	(0.3		)	(0.3		)	(1.9		)	(2.2		)
Cost of settlement	—			—			—			1.4			0.2			1.6
Total benefit cost (income)	$	0.2		$	(0.5	)	$	(0.3	)	$	1.1		$	(1.7	)	$	(0.6	)



	Nine Months Ended September 30, 2019									Nine Months Ended September 30, 2018
(In millions)	U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost (income):
Service cost	$	0.1		$	3.0		$	3.1		$	0.1		$	3.1		$	3.2
Interest cost	5.2			11.1			16.3			4.8			11.7			16.5
Expected return on plan assets	(5.5		)	(18.4		)	(23.9		)	(6.6		)	(22.3		)	(28.9		)
Amortization of net prior service cost	—			0.1			0.1			—			—			—
Amortization of net actuarial loss	1.0			2.8			3.8			0.7			1.9			2.6
Net periodic cost (income)	0.8			(1.4		)	(0.6		)	(1.0		)	(5.6		)	(6.6		)
Cost of settlement	—			0.3			0.3			1.4			0.3			1.7
Total benefit cost (income)	$	0.8		$	(1.1	)	$	(0.3	)	$	0.4		$	(5.3	)	$	(4.9	)



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019			2018
Components of net periodic benefit cost (income):
Interest cost	$	0.4	$	0.4	$	1.2		$	1.1
Amortization of net prior service credit	—		—		(0.2		)	(0.2		)
Amortization of net actuarial gain	—		—		(0.1		)	(0.1		)
Net periodic cost	$	0.4	$	0.4	$	0.9		$	0.8

Stockholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Total Share-based Incentive Compensation Expense

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2019		2018		2019		2018
Total share-based incentive compensation expense⁽¹⁾	$	12.0	$	8.3	$	25.2	$	22.9

⁽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 certain cash-based awards, however, the amounts include the expense related to share-based awards that are settled in cash.

Number of PSUs Granted and Grant Date Fair Value of PSUs

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



	TSR		ROIC		Adjusted EBITDA
Number of units granted	20,724		25,997		25,997
Fair value on grant date	$	55.82	$	43.22	$	43.22

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



	TSR		ROIC		Adjusted EBITDA
Number of units granted	49,819		66,807		66,807
Fair value on grant date⁽¹⁾	$	58.25	$	42.16	$	42.16

⁽¹⁾

Represents weighted average fair value for PSU awards approved on February 13, 2019 and February 14, 2019.

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 2019 PSU Award
Expected price volatility	23.0	%
Risk-free interest rate	1.9	%

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 2019 PSU Award
Expected price volatility⁽¹⁾	22.8	%
Risk-free interest rate⁽¹⁾	2.5	%

⁽¹⁾

Represents average of assumptions for PSU awards approved on February 13, 2019 and February 14, 2019.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Details of Comprehensive Income (Loss)

The following table provides details of comprehensive income (loss) for the nine months ended September 30, 2019 and 2018:



(In millions)	Unrecognized Pension Items			Cumulative Translation Adjustment			Unrecognized Losses on Derivative Instruments for net investment hedge			Unrecognized Gains (Losses) on Derivative Instruments for cash flow hedge			Accumulated Other Comprehensive Loss, Net of Taxes
Balance at December 31, 2017	$	(103.4	)	$	(694.4	)	$	(46.8	)	$	(0.3	)	$	(844.9	)
Other comprehensive income (loss) before reclassifications	1.7			(40.6		)	9.1			1.9			(27.9		)
Less: amounts reclassified from accumulated other comprehensive loss	1.6			—			—			0.5			2.1
Net current period other comprehensive income (loss)	3.3			(40.6		)	9.1			2.4			(25.8		)
Balance at September 30, 2018⁽²⁾	$	(100.1	)	$	(735.0	)	$	(37.7	)	$	2.1		$	(870.7	)

Balance at December 31, 2018⁽¹⁾	$	(136.4	)	$	(744.8	)	$	(41.9	)	$	2.7		$	(920.4	)
Other comprehensive (loss) income before reclassifications	(0.1		)	(25.7		)	15.2			0.5			(10.1		)
Less: amounts reclassified from accumulated other comprehensive loss	2.7			—			—			(1.0		)	1.7
Net current period other comprehensive income (loss)	2.6			(25.7		)	15.2			(0.5		)	(8.4		)
Balance at September 30, 2019⁽²⁾	$	(133.8	)	$	(770.5	)	$	(26.7	)	$	2.2		$	(928.8	)


⁽¹⁾	In the fourth quarter of 2018, the Company Adopted ASU 2018-02. As part of the adoption, the Company elected to reclassify $13.4 million of stranded tax effects of the TCJA from AOCL to retained earnings. The impact of the ASU adoption has been allocated to unrecognized pension items, unrecognized gains (losses) on derivative instruments for net investment hedges and cash flow hedges.

⁽²⁾

The ending balance in AOCL includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $10.8 million and $63.6 million as of September 30, 2019 and 2018, respectively.

Detail of Amounts Reclassified from AOCL

The following table provides detail of amounts reclassified from AOCL:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018			Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Prior service credit	$	—		$	—		$	0.1		$	0.2
Actuarial losses	(1.3		)	(0.9		)	(3.7		)	(2.5		)
Total pre-tax amount	(1.3		)	(0.9		)	(3.6		)	(2.3		)	Other (expense) income, net
Tax benefit	0.3			0.3			0.9			0.7
Net of tax	(1.0		)	(0.6		)	(2.7		)	(1.6		)
Net gains (losses) on cash flow hedging derivatives:
Foreign currency forward contracts⁽¹⁾	—			1.1			1.5			(0.7		)	Cost of sales
Treasury locks	—			—			0.1			0.1			Interest expense, net
Total pre-tax amount	—			1.1			1.6			(0.6		)
Tax (expense) benefit	—			(0.3		)	(0.6		)	0.1
Net of tax	—			0.8			1.0			(0.5		)
Total reclassifications for the period	$	(1.0	)	$	0.2		$	(1.7	)	$	(2.1	)

⁽¹⁾

Other (Expense) Income, net (Tables)

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Details of Other (Expense) Income, net

The following table provides details of other (expense) income, net:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Net foreign exchange transaction loss	$	(1.5	)	$	(4.2	)	$	(4.1	)	$	(17.9	)
Bank fee expense	(1.1		)	(1.6		)	(3.6		)	(4.0		)
Pension income other than service costs	0.2			0.5			1.1			5.7
Other, net⁽¹⁾	0.5			(4.5		)	7.9			(4.5		)
Other (expense) income, net	$	(1.9	)	$	(9.8	)	$	1.3		$	(20.7	)

⁽¹⁾

Net Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

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 (loss) per common share under the two-class method:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share amounts)	2019			2018			2019			2018
Basic Net Earnings (Loss) Per Common Share:
Numerator:
Net earnings (loss)	$	68.0		$	79.0		$	158.7		$	(7.2	)
Distributed and allocated undistributed net earnings to unvested restricted stockholders	(0.1		)	(0.4		)	(0.3		)	(0.4		)
Distributed and allocated undistributed net earnings (loss)	67.9			78.6			158.4			(7.6		)
Distributed net earnings - dividends paid to common stockholders	(24.6		)	(25.0		)	(74.1		)	(76.9		)
Allocation of undistributed net earnings (loss) to common stockholders	$	43.3		$	53.6		$	84.3		$	(84.5	)
Denominator:
Weighted average number of common shares outstanding - basic	154.0			157.2			154.4			160.8
Basic net earnings per common share:
Distributed net earnings	$	0.16		$	0.16		$	0.48		$	0.48
Allocated undistributed net earnings (loss) to common stockholders	0.28			0.34			0.55			(0.53		)
Basic net earnings (loss) per common share	$	0.44		$	0.50		$	1.03		$	(0.05	)
Diluted Net Earnings (Loss) Per Common Share:
Numerator:
Distributed and allocated undistributed net earnings (loss)	$	67.9		$	78.6		$	158.4		$	(7.6	)
Add: Allocated undistributed net earnings to unvested restricted stockholders	0.1			0.3			0.2			—
Less: Undistributed net earnings reallocated to unvested restricted stockholders	(0.1		)	(0.3		)	(0.2		)	—
Net earnings (loss) available to common stockholders - diluted	$	67.9		$	78.6		$	158.4		$	(7.6	)
Denominator:
Weighted average number of common shares outstanding - basic	154.0			157.2			154.4			160.8
Effect of contingently issuable shares	0.2			0.1			0.2			—
Effect of unvested restricted stock units	0.3			0.3			0.3			—
Weighted average number of common shares outstanding - diluted under two-class	154.5			157.6			154.9			160.8
Effect of unvested restricted stock - participating security	0.3			0.4			0.3			—
Weighted average number of common shares outstanding - diluted under treasury stock	154.8			158.0			155.2			160.8
Diluted net earnings (loss) per common share	$	0.44		$	0.50		$	1.02		$	(0.05	)

Organization and Basis of Presentation (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) subsidiary	Sep. 30, 2018 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly-owned subsidiaries \| subsidiary			2
Remeasurement loss \| $	$ 1.3	$ (0.4)	$ 3.4	$ (0.4)

Recently Adopted and Issued Accounting Standards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		$ 82.0
Operating lease right-of-use assets		80.3
ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts And Jobs Act Of 2017, tax effect, reclassification from Accumulated Other Comprehensive Loss to retained earnings, tax effect	$ 13.4
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		82.0
Operating lease right-of-use assets		$ 80.3

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue recognized from performance obligations satisfied In previous periods	$ 2.2	$ 0.0	$ 4.0	$ 3.2
Revenue recognized that was included in contract liability	$ 2.9	$ 1.6	$ 4.6	$ 4.6

Revenue Recognition, Contracts with Customers - Revenue from Contract With Customers Summarized By Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from External Customer [Line Items]
Topic 606 Revenue	$ 1,211.7	$ 1,179.0	$ 3,473.3	$ 3,450.9
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	6.8	7.2	18.9	21.5
Total	1,218.5	1,186.2	3,492.2	3,472.4
Food Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	724.4	722.5	2,106.6	2,121.8
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	5.2	4.7	14.0	14.7
Total	729.6	727.2	2,120.6	2,136.5
Product Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	487.3	456.5	1,366.7	1,329.1
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	1.6	2.5	4.9	6.8
Total	488.9	459.0	1,371.6	1,335.9
North America
Revenue from External Customer [Line Items]
Topic 606 Revenue	725.4	699.3	2,058.0	1,989.9
North America \| Food Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	415.3	414.2	1,199.2	1,182.8
North America \| Product Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	310.1	285.1	858.8	807.1
EMEA
Revenue from External Customer [Line Items]
Topic 606 Revenue	249.1	245.9	728.8	763.9
EMEA \| Food Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	152.8	156.8	449.5	476.8
EMEA \| Product Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	96.3	89.1	279.3	287.1
South America
Revenue from External Customer [Line Items]
Topic 606 Revenue	58.2	55.5	169.0	169.6
South America \| Food Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	53.7	51.1	156.6	155.9
South America \| Product Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	4.5	4.4	12.4	13.7
APAC
Revenue from External Customer [Line Items]
Topic 606 Revenue	179.0	178.3	517.5	527.5
APAC \| Food Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	102.6	100.4	301.3	306.3
APAC \| Product Care
Revenue from External Customer [Line Items]
Topic 606 Revenue	$ 76.4	$ 77.9	$ 216.2	$ 221.2

Revenue Recognition, Contracts with Customers - Contracts Balances (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 13,300,000	$ 10,400,000
Contract assets	$ 0	$ 0

Revenue Recognition, Contracts with Customers - Revenue Remaining Performance Obligations (Details) $ in Millions	Sep. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Total revenue, expected to be recognized	$ 13.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Revenue from Contract with Customer [Abstract]
Total revenue, expected to be recognized	$ 5.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue from Contract with Customer [Abstract]
Total revenue, expected to be recognized	$ 8.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period

Leases - Summary of Lease Payments Captured in Lease Receivables (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
Short-Term (12 months or less)	$ 4.2
Long-Term	7.4
Total	$ 11.6

Leases - Lease Obligations (Details) $ in Millions	Sep. 30, 2019 USD ($)
Other non-current assets:
Finance leases - ROU assets	$ 54.6
Finance leases - Accumulated depreciation	(13.5)
Operating lease right-of-use-assets:
Operating leases - ROU assets	101.3
Operating leases - Accumulated depreciation	(21.0)
Total lease assets	121.4
Current portion of long-term debt:
Finance leases	(10.3)
Current portion of operating lease liabilities:
Operating leases	(24.6)
Long-term debt, less current portion:
Finance leases	(30.4)
Long-term operating lease liabilities, less current portion:
Operating leases	(57.4)
Total lease liabilities	$ (122.7)

Leases - Schedule of Lease Commitments (Details) $ in Millions	Sep. 30, 2019 USD ($)
Operating leases
Remainder of 2019	$ 7.5
2020	26.4
2021	20.3
2022	13.3
2023	9.0
Thereafter	18.7
Total lease payments	95.2
Less: Interest	(13.2)
Present value of lease liabilities	82.0
Finance leases
Remainder of 2019	3.2
2020	11.9
2021	10.2
2022	5.7
2023	2.8
Thereafter	15.2
Total lease payments	49.0
Less: Interest	(8.3)
Present value of lease liabilities	$ 40.7

Leases - Operating Lease Estimated Future Minimum Rental Commitments Before Adoption of ASC 842 (Details) $ in Millions	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 28.5
2020	20.1
2021	14.7
2022	10.1
2023	6.9
Thereafter	17.0
Total lease payments	$ 97.3

Leases - Lease Cost and Other Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Finance Leases [Abstract]
Amortization of ROU assets	$ 2.4	$ 6.5
Interest on lease liabilities	0.5	1.5
Operating leases	7.4	23.7
Short-term lease cost	2.0	3.9
Variable lease cost	1.6	4.7
Total lease cost	$ 13.9	40.3
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		3.9
Operating cash flows from operating leases		26.1
Financing cash flows from finance leases		6.5
Right-Of-Use Asset Obtained In Exchange For Lease Liability [Abstract]
ROU assets obtained in exchange for new finance lease liabilities		19.6
ROU assets obtained in exchange for new operating lease liabilities		$ 14.5
Finance leases
Remaining lease term (in years)	6 years 4 months 24 days	6 years 4 months 24 days
Discount rate	5.00%	5.00%
Operating leases
Remaining lease term (in years)	4 years 10 months 24 days	4 years 10 months 24 days
Discount rate	5.40%	5.40%

Divestitures and Acquisitions - Divestitures (Details) - Polystyrene Food Tray Business - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations R$ in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 BRL (R$)	Dec. 31, 2018 USD ($)	Mar. 19, 2018 BRL (R$)	Aug. 01, 2017 BRL (R$)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price			R$ 1.6	$ 0.4	R$ 8.2	R$ 26.9
(Loss) gain on sale	$ 0.0	$ 1.0

Divestitures and Acquisitions - Acquisitions Narrative (Details) - USD ($)			2 Months Ended	3 Months Ended		9 Months Ended
	Aug. 01, 2019	Aug. 01, 2018	Sep. 30, 2019	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill			$ 2,213,100,000	$ 2,213,100,000		$ 2,213,100,000	$ 1,947,600,000
Product Care
Business Acquisition [Line Items]
Goodwill			1,691,300,000	1,691,300,000		1,691,300,000	$ 1,427,900,000
Automated Packaging Systems
Business Acquisition [Line Items]
Percentage of shares acquired	100.00%
Consideration transferred	$ 445,700,000
Acquisition transaction costs				300,000		2,800,000
Indefinite-lived intangible assets	0
Goodwill	$ 261,300,000
Automated Packaging Systems \| Backlog
Business Acquisition [Line Items]
Useful life of intangible assets acquired	1 year
Automated Packaging Systems \| Minimum
Business Acquisition [Line Items]
Useful life of intangible assets acquired	5 years
Automated Packaging Systems \| Maximum
Business Acquisition [Line Items]
Useful life of intangible assets acquired	15 years
Automated Packaging Systems \| APS European Employees
Business Acquisition [Line Items]
Liabilities assumed	$ 58,200,000
Payments to deferred compensation plan equal installment period	3 years
Other Acquisitions
Business Acquisition [Line Items]
Cash paid to acquire business					$ 23,400,000
Goodwill					$ 6,000,000.0
Goodwill adjustment				300,000
AFP
Business Acquisition [Line Items]
Consideration transferred		$ 70,800,000	3,300,000			74,100,000
Goodwill		$ 21,600,000	22,600,000	$ 22,600,000		$ 22,600,000
Goodwill adjustment			$ 1,000,000.0
AFP \| Product Care
Business Acquisition [Line Items]
Percentage of shares acquired		100.00%
Consideration transferred		$ 74,100,000
Cash acquired from acquisition		$ 3,300,000

Divestitures and Acquisitions - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			2 Months Ended	9 Months Ended
	Aug. 01, 2019	Aug. 01, 2018	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Assets:
Goodwill			$ 2,213.1	$ 2,213.1	$ 1,947.6
Automated Packaging Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred	$ 445.7
Assets:
Cash and cash equivalents	7.4
Trade receivables, net	37.3
Other receivables	8.9
Inventories, net	40.7
Prepaid expenses and other current assets	2.3
Property and equipment, net	79.3
Goodwill	261.3
Identifiable intangible assets, net	78.7
Other non-current assets	24.7
Total assets	540.6
Liabilities:
Current portion of long-term debt	2.6
Accounts payable	12.0
Other current liabilities	36.8
Long-term debt, less current portion	4.3
Other non-current liabilities	39.2
Total liabilities	$ 94.9
AFP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred		$ 70.8	3.3	74.1
Assets:
Cash and cash equivalents		2.9	3.3	3.3
Trade receivables, net		30.8	30.8	30.8
Inventories, net		7.1	7.1	7.1
Prepaid expenses and other current assets		0.7	0.7	0.7
Property and equipment, net		3.5	3.1	3.1
Goodwill		21.6	22.6	22.6
Identifiable intangible assets, net		18.6	19.3	19.3
Other non-current assets		0.7	0.3	0.3
Total assets		85.9	87.2	87.2
Liabilities:
Current portion of long-term debt		0.0	0.1	0.1
Accounts payable		13.8	11.6	11.6
Other current liabilities		1.3	1.2	1.2
Long-term debt, less current portion		0.0	0.2	0.2
Total liabilities		$ 15.1	13.1	$ 13.1
Measurement Period
Cash and cash equivalents			0.4
Property and equipment, net			(0.4)
Identifiable intangible assets, net			0.7
Goodwill			1.0
Other non-current assets			(0.4)
Total assets			1.3
Current portion of long-term debt			0.1
Accounts payable			(2.2)
Other current liabilities			(0.1)
Long-term debt, less current portion			0.2
Total liabilities			$ (2.0)

Divestitures and Acquisitions - Finite lived assets (Details) - AFP - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Aug. 01, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 19.3	$ 18.6
Product Care
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	19.3
Product Care \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 14.9
Useful life	11 years
Product Care \| Trademarks and tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 4.4
Useful life	5 years

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segments - Net Sales and Adjusted EBITDA by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total Company Net Sales	$ 1,218.5	$ 1,186.2	$ 3,492.2	$ 3,472.4
Non-U.S. GAAP Adjusted EBITDA from continuing operations	$ 241.1	$ 218.9	$ 693.6	$ 641.2
Adjusted EBITDA Margin (as a percent)	19.80%	18.50%	19.90%	18.50%
Corporate
Segment Reporting Information [Line Items]
Non-U.S. GAAP Adjusted EBITDA from continuing operations	$ (2.5)	$ (2.9)	$ (7.5)	$ (7.6)
Food Care
Segment Reporting Information [Line Items]
Total Company Net Sales	$ 729.6	$ 727.2	$ 2,120.6	$ 2,136.5
Adjusted EBITDA Margin (as a percent)	21.90%	20.00%	21.60%	19.40%
Food Care \| Product Concentration Risk \| Net Sales
Segment Reporting Information [Line Items]
As a % of Total Company net sales	59.90%	61.30%	60.70%	61.50%
Food Care \| Operating Segments
Segment Reporting Information [Line Items]
Total Company Net Sales	$ 729.6	$ 727.2	$ 2,120.6	$ 2,136.5
Non-U.S. GAAP Adjusted EBITDA from continuing operations	159.6	145.4	458.1	415.5
Product Care
Segment Reporting Information [Line Items]
Total Company Net Sales	$ 488.9	$ 459.0	$ 1,371.6	$ 1,335.9
Adjusted EBITDA Margin (as a percent)	17.20%	16.60%	17.70%	17.50%
Product Care \| Product Concentration Risk \| Net Sales
Segment Reporting Information [Line Items]
As a % of Total Company net sales	40.10%	38.70%	39.30%	38.50%
Product Care \| Operating Segments
Segment Reporting Information [Line Items]
Total Company Net Sales	$ 488.9	$ 459.0	$ 1,371.6	$ 1,335.9
Non-U.S. GAAP Adjusted EBITDA from continuing operations	$ 84.0	$ 76.4	$ 243.0	$ 233.3

Segments - Reconciliation of Net Earnings (Loss) to Total Company Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 102.3	$ 109.0	$ 234.8	$ 339.3
Interest expense, net	48.5	44.8	136.6	131.3
Depreciation and amortization, net of adjustments	53.2	41.0	131.4	121.9
Depreciation and amortization	53.3	41.1	132.5	122.3
Depreciation and amortization adjustments	(0.1)	(0.1)	(1.1)	(0.4)
Special items
Restructuring charges	6.9	6.6	43.6	22.3
Other restructuring associated costs	12.8	0.7	50.8	2.5
Foreign currency exchange loss (gain) due to highly inflationary economies	1.3	(0.4)	3.4	(0.4)
Charges related to the Novipax settlement agreement	0.0	0.0	59.0	0.0
Charges related to acquisition and divestiture activity	6.0	13.5	9.2	31.3
Other Special Items	10.1	3.7	24.8	5.6
Pre-tax impact of Special Items	37.1	24.1	190.8	48.7
Total Company Adjusted EBITDA from continuing operations	241.1	218.9	693.6	641.2
Diversey
Special items
Gain from class-action litigation settlement	$ 0.0	$ 0.0	$ 0.0	$ (12.6)

Segments - Reconciliation of Total Company Adjusted EBITDA to Net Earnings - Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total Company depreciation and amortization	$ 53.3	$ 41.1	$ 132.5	$ 122.3
Depreciation and amortization adjustments	(0.1)	(0.1)	(1.1)	(0.4)
Depreciation, Depletion and Amortization, Including Allocated Share-Based Compensation Expense, Net Of Adjustments	53.2	41.0	131.4	121.9
Share-based incentive compensation	12.0	8.3	25.2	22.9
Restructuring charges	6.9	6.6	43.6	22.3
Depreciation and amortization
Segment Reporting Information [Line Items]
Share-based incentive compensation	12.0	8.3	25.2	23.6
Food Care
Segment Reporting Information [Line Items]
Restructuring charges	3.9	2.3	26.3	8.4
Food Care \| Operating Segments
Segment Reporting Information [Line Items]
Total Company depreciation and amortization	30.6	25.6	81.8	79.8
Product Care
Segment Reporting Information [Line Items]
Restructuring charges	3.0	4.3	17.3	13.9
Product Care \| Operating Segments
Segment Reporting Information [Line Items]
Total Company depreciation and amortization	$ 22.7	$ 15.5	$ 50.7	$ 42.5

Segments - Assets by Reportable Segments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Assets not allocated:
Cash and cash equivalents	$ 200.0	$ 271.7	$ 191.3	$ 594.0
Income tax receivables	43.1	58.4
Other receivables	79.6	81.3
Deferred taxes	175.8	170.5
Other	317.9	239.4
Total assets	5,676.4	5,050.2
Assets allocated to segments
Assets allocated to segments:
Assets allocated to segments	4,665.4	4,188.2
Assets allocated to segments \| Food Care
Assets allocated to segments:
Assets allocated to segments	1,941.6	1,914.4
Assets allocated to segments \| Product Care
Assets allocated to segments:
Assets allocated to segments	2,723.8	2,273.8
Assets not allocated:
Assets not allocated:
Cash and cash equivalents	200.0	271.7
Income tax receivables	43.1	58.4
Other receivables	79.6	81.3
Deferred taxes	175.8	170.5
Other	512.5	280.1
Total assets	$ 5,676.4	5,050.2
Restatement Adjustment \| Assets allocated to segments \| Food Care
Assets allocated to segments:
Assets allocated to segments		372.9
Restatement Adjustment \| Assets allocated to segments \| Product Care
Assets allocated to segments:
Assets allocated to segments		369.6
Restatement Adjustment \| Assets not allocated:
Assets not allocated:
Total assets		$ 3.3

Inventories, net (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 117.0	$ 79.9
Work in process	143.0	142.4
Finished goods	358.3	322.6
Total	$ 618.3	$ 544.9

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land and improvements	$ 45.0		$ 41.2
Buildings	734.3		728.6
Machinery and equipment	2,398.0		2,325.7
Other property and equipment	135.5		135.6
Construction-in-progress	151.8		155.1
Property and equipment, gross	3,464.6		3,386.2
Accumulated depreciation and amortization	(2,348.8)		(2,350.0)
Property and equipment, net	1,115.8		1,036.2
Property, Plant and Equipment [Line Items]
Property and equipment, net	(1,115.8)		$ (1,036.2)
Non-current assets	$ 28.3
ASU 2016-02
Property, Plant and Equipment [Abstract]
Property and equipment, net		$ (28.3)
Property, Plant and Equipment [Line Items]
Property and equipment, net		$ 28.3

Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Interest cost capitalized	$ 2.5	$ 1.3	$ 6.4	$ 5.0
Depreciation and amortization expense for property and equipment	$ 31.7	$ 29.0	$ 88.7	$ 87.6

Goodwill and Identifiable Intangible Assets, net - Summary of Goodwill Balances by Reportable Segment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Gross Carrying Value		$ 2,137.8
Accumulated impairment		(190.2)
Carrying Value	$ 1,947.6
Acquisition, purchase price and other adjustments	270.7
Currency translation	(5.2)
Carrying Value	2,213.1
Food Care
Goodwill [Roll Forward]
Carrying Value	519.7
Acquisition, purchase price and other adjustments	6.3
Currency translation	(4.2)
Carrying Value	521.8
Product Care
Goodwill [Roll Forward]
Carrying Value	1,427.9
Acquisition, purchase price and other adjustments	264.4
Currency translation	(1.0)
Carrying Value	$ 1,691.3
Operating Segments \| Food Care
Goodwill [Roll Forward]
Gross Carrying Value		568.9
Accumulated impairment		(49.2)
Operating Segments \| Product Care
Goodwill [Roll Forward]
Gross Carrying Value		1,568.9
Accumulated impairment		$ (141.0)

Goodwill and Identifiable Intangible Assets, net - Summary of Identifiable Intangible Assets, net (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 298.3	$ 200.1
Accumulated Amortization	(125.1)	(107.3)
Net	173.2	92.8
Total identifiable intangible assets, net
Gross Carrying Value	307.2	209.0
Net	182.1	101.7
Trademarks and tradenames with indefinite lives
Indefinite-lived Intangible Assets [Line Items]
Trademarks and tradenames with indefinite lives	8.9	8.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	104.7	72.4
Accumulated Amortization	(27.9)	(22.3)
Net	76.8	50.1
Trademarks and tradenames with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	27.2	15.1
Accumulated Amortization	(2.9)	(1.6)
Net	24.3	13.5
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	86.0	62.2
Accumulated Amortization	(58.9)	(49.8)
Net	27.1	12.4
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	67.2	37.2
Accumulated Amortization	(25.0)	(23.5)
Net	42.2	13.7
Contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	13.2	13.2
Accumulated Amortization	(10.4)	(10.1)
Net	$ 2.8	$ 3.1

Goodwill and Identifiable Intangible Assets, net - Remaining Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Year
Remainder of 2019	$ 6.8
2020	25.8
2021	20.7
2022	13.8
2023	11.4
Thereafter	94.7
Net	$ 173.2	$ 92.8

Accounts Receivable Securitization Programs (Details) € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) bank	Sep. 30, 2018 USD ($)	Sep. 30, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Amounts available under under program	$ 246,100,000		$ 246,100,000			$ 249,800,000
Interest paid	48,500,000	$ 44,800,000	$ 136,600,000	$ 131,300,000
U.S. Accounts Receivable Securitization Program \| U.S. Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank			2
Level of eligible assets available under accounts receivable securitization program			$ 60,000,000.0
Amounts available under under program	60,000,000.0		60,000,000.0
Amount utilized under accounts receivable securitization program	60,000,000.0		60,000,000.0			0
U.S. Accounts Receivable Securitization Program \| Maximum \| U.S. Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Maximum purchase limit for receivable interests under accounts receivable securitization program	60,000,000.0		60,000,000.0
European Accounts Receivable Securitization Program \| European Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Amounts available under under program	77,600,000		77,600,000		€ 70.9
Amount utilized under accounts receivable securitization program	77,600,000		77,600,000		70.9	$ 83,900,000	€ 73.3
European Accounts Receivable Securitization Program \| Maximum \| European Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Maximum purchase limit for receivable interests under accounts receivable securitization program	87,500,000		87,500,000		€ 80.0
Accounts Receivable Securitization Programs
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Interest paid	$ 200,000	$ 200,000	$ 600,000	$ 400,000

Accounts Receivable Factoring Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Transfers and Servicing [Abstract]
Amounts factored under program	$ 246.1		$ 246.1		$ 249.8
Fees associated with transfer of receivables	$ 1.2	$ 0.5	$ 2.5	$ 1.5

Restructuring Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6.9	$ 6.6	$ 43.6	$ 22.3
Other related costs	12.8	$ 0.7	$ 50.8	$ 2.5
Restructuring Program term (in years)			3 years
Restructuring accrual expected to pay	41.1		$ 41.1		$ 33.5
Program
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6.9		43.6
Other related costs	12.8		50.8
Restructuring accrual expected to pay	41.1		41.1
Restructuring accrual remaining	3.6		3.6
Minimum \| Program
Restructuring Cost and Reserve [Line Items]
Other related costs			230.0
Approved cumulative restructuring spend	840.0		840.0
Maximum \| Program
Restructuring Cost and Reserve [Line Items]
Other related costs			245.0
Approved cumulative restructuring spend	$ 885.0		$ 885.0

Restructuring Activities - Schedule of Approved Restructuring Spending (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total Restructuring Program Range
Other expenses associated with the Program	$ 12.8	$ 0.7	$ 50.8	$ 2.5
Total charges	19.7	7.5	94.4	25.8
Capital expenditures	0.2	$ 0.1	2.5	$ 0.6
Program
Total Restructuring Program Range
Other expenses associated with the Program	12.8		50.8
Less Cumulative Spend to Date
Costs of reduction in headcount as a result of reorganization	(329.0)		(329.0)
Other expenses associated with the Program	(187.0)		(187.0)
Total expense	(516.0)		(516.0)
Capital expenditures	(238.0)		(238.0)
Total estimated cash cost	754.0		754.0
Program \| Minimum
Total Restructuring Program Range
Costs of reduction in headcount as a result of reorganization			355.0
Other expenses associated with the Program			230.0
Total charges			585.0
Capital expenditures			255.0
Total estimated net cash cost	840.0		840.0
Restructuring and Related Cost, Expected Cost [Abstract]
Costs of reduction in headcount as a result of reorganization	26.0		26.0
Other expenses associated with the Program	43.0		43.0
Total expense	69.0		69.0
Capital expenditures	17.0		17.0
Total estimated cash cost	86.0		86.0
Program \| Maximum
Total Restructuring Program Range
Costs of reduction in headcount as a result of reorganization			370.0
Other expenses associated with the Program			245.0
Total charges			615.0
Capital expenditures			270.0
Total estimated net cash cost	885.0		885.0
Restructuring and Related Cost, Expected Cost [Abstract]
Costs of reduction in headcount as a result of reorganization	41.0		41.0
Other expenses associated with the Program	58.0		58.0
Total expense	99.0		99.0
Capital expenditures	32.0		32.0
Total estimated cash cost	$ 131.0		$ 131.0

Restructuring Activities - By Condensed Consolidated Statements of Operations Location (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Other restructuring associated costs	$ 12.8	$ 0.7	$ 50.8	$ 2.5
Restructuring charges	6.9	6.6	43.6	22.3
Total charges	19.7	7.5	94.4	25.8
Capital expenditures	0.2	0.1	2.5	0.6
Continuing Operations
Restructuring Cost and Reserve [Line Items]
Other restructuring associated costs	12.8	0.9	50.8	3.5
Restructuring charges	$ 6.9	$ 6.6	$ 43.6	$ 22.3

Restructuring Activities - Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring accrual at beginning of period	$ 37.5
Accrual and accrual adjustments	43.6
Cash payments during 2019	(35.5)
Effect of changes in foreign currency exchange rates	(0.9)
Restructuring accrual at end of period	$ 44.7

Debt and Credit Facilities - Total Debt Outstanding (Details) € in Millions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 EUR (€)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)
Debt Instrument [Line Items]
Short-term borrowings	$ 205,000,000.0		$ 232,800,000
Current portion of long-term debt	14,200,000		4,900,000
Total current debt	219,200,000		237,700,000
Other	33,200,000		29,200,000
Total long-term debt, less current portion	3,694,000,000.0		3,236,500,000
Total debt	3,913,200,000		3,474,200,000
Finance lease liabilities	10,300,000
Unamortized discounts ands issuance costs	$ 21,500,000		$ 24,300,000
Short-term debt, weighted average interest rate	2.80%	2.80%	2.80%	2.80%
Long-term debt, weighted average interest rate	5.20%	5.20%	5.40%	5.40%
ASU 2016-02
Debt Instrument [Line Items]
Other	$ 30,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Short-term borrowings	58,000,000.0		$ 140,000,000.0
Line of Credit
Debt Instrument [Line Items]
Short-term borrowings	9,400,000		8,900,000
U.S. Accounts Receivable Securitization Program \| U.S. Program
Debt Instrument [Line Items]
Amount of borrowing under securitization program	60,000,000.0		0
European Accounts Receivable Securitization Program \| European Program
Debt Instrument [Line Items]
Amount of borrowing under securitization program	$ 77,600,000	€ 70.9	83,900,000	€ 73.3
6.50% Senior Notes due December 2020
Debt Instrument [Line Items]
Debt interest rate	6.50%	6.50%
Senior notes	$ 424,400,000		424,000,000.0
4.875% Senior Notes due December 2022
Debt Instrument [Line Items]
Debt interest rate	4.875%	4.875%
Senior notes	$ 421,700,000		421,100,000
5.25% Senior Notes due April 2023
Debt Instrument [Line Items]
Debt interest rate	5.25%	5.25%
Senior notes	$ 421,800,000		421,200,000
4.50% Senior Notes due September 2023
Debt Instrument [Line Items]
Debt interest rate	4.50%	4.50%
Senior notes	$ 435,100,000		454,900,000
5.125% Senior Notes due December 2024
Debt Instrument [Line Items]
Debt interest rate	5.125%	5.125%
Senior notes	$ 421,800,000		421,300,000
5.50% Senior Notes due September 2025
Debt Instrument [Line Items]
Debt interest rate	5.50%	5.50%
Senior notes	$ 397,300,000		397,100,000
6.875% Senior Notes due July 2033
Debt Instrument [Line Items]
Debt interest rate	6.875%	6.875%
Senior notes	$ 445,600,000		445,500,000
Term Loan A due July 2022
Debt Instrument [Line Items]
Term loans	474,600,000		0
Term Loan A due July 2023
Debt Instrument [Line Items]
Term loans	$ 218,500,000		$ 222,200,000

Debt and Credit Facilities - Amended and Restated Senior Secured Credit Facilities (Details) £ in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Jul. 12, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)	Aug. 01, 2019 USD ($)	Jul. 12, 2018 GBP (£)	Jul. 11, 2018 USD ($)
Interest Expense
Debt Instrument [Line Items]
Amortization expense		$ 0.5	$ 1.4
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facilities						$ 700.0
Term Loan A due July 2023
Debt Instrument [Line Items]
Term loans	$ 186.5				£ 29.4
Revolving credit facilities				$ 475.0
Lender and third party fees				$ 0.4
Third Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facilities	1,000.0
Loss on debt redemption	1.9
Accelerated amortization of original issuance discount	1.5
Included in debt redemption was non-lender fees incurred	0.4
Debt issuance lender fees	$ 0.7
Third Amended And Restated Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs capitalized		$ 4.9	$ 4.9
Base Rate \| Third Amended And Restated Credit Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Base Rate \| Third Amended And Restated Credit Agreement \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Debt and Credit Facilities - Short-term Borrowings (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Used lines of credit	$ 205.0	$ 232.8
Unused lines of credit	1,136.1	1,135.3
Total available lines of credit	1,341.1	$ 1,368.1
Committed Line Of Credit Facilities
Line of Credit Facility [Line Items]
Total available lines of credit	$ 1,137.6

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Derivatives and Hedging Activities - Narrative (Details) € in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2019 USD ($) derivative	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) derivative	Sep. 30, 2018 USD ($)	Dec. 31, 2018 derivative	Jun. 30, 2015 EUR (€)	Mar. 31, 2015 USD ($)
4.50% Senior Notes due September 2023
Derivative [Line Items]
Debt interest rate		4.50%		4.50%
Foreign currency forward contracts \| Designated as Hedging Instruments
Derivative [Line Items]
Maximum original maturity of foreign currency forward contracts				12 months
Unrealized gain (loss) on cash flow hedge included in AOCL		$ 0.9		$ (0.4)
Unrealized gain (loss) on derivative instruments, net of taxes			$ (1.0)		$ 2.5
Net unrealized derivative gains included in AOCI to be reclassified into earnings in next twelve months				$ 1.1
Foreign currency forward contracts \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Maximum original maturity of foreign currency forward contracts				12 months
Interest rate swaps
Derivative [Line Items]
Number of derivative instruments outstanding \| derivative		0		0		0
EUR - Denominated debt \| Net Investment Hedge \| 4.50% Senior Notes due September 2023
Derivative [Line Items]
Debt instrument face amount \| €							€ 400.0
Debt interest rate							4.50%
EUR - Denominated debt \| Designated as Hedging Instruments \| Net Investment Hedge
Derivative [Line Items]
Fair value of liability derivatives		$ 12.3		$ 12.3
Fair value of liability derivatives, after tax		$ 9.2		$ 9.2
Cross-currency swaps \| Net Investment Hedge
Derivative [Line Items]
Notional amount of outstanding derivative								$ 425.0
Cross-currency swaps \| Designated as Hedging Instruments \| Net Investment Hedge
Derivative [Line Items]
Fair value of liability derivatives	$ 61.9
Semi-annual interest settlement resulted in AOCI	17.7
Semi-annual interest settlement resulted in AOCI after tax	$ (44.2)

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) € in Millions, $ in Millions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Derivatives not designated as hedging instruments:
Total Derivative Assets	$ 3.9		$ 3.5
Total Derivative Liabilities	(3.5)		(2.9)
Net Derivatives	0.4		0.6
Long-term debt, less current portion	3,694.0		3,236.5
Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	3.9		3.5
Total Derivative Liabilities	(3.5)		(2.9)
Designated as Hedging Instruments \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Long-term debt, less current portion	435.1	€ 400.0	454.9
Designated as Hedging Instruments \| Cash Flow Hedge
Derivatives not designated as hedging instruments:
Total Derivative Assets	1.3		1.8
Total Derivative Liabilities	(0.3)		(0.2)
Net Derivatives	1.0		1.6
Designated as Hedging Instruments \| Cash Flow Hedge \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	1.3		1.8
Total Derivative Liabilities	(0.3)		(0.2)
Non-Designated as Hedging Instruments
Derivatives not designated as hedging instruments:
Total Derivative Assets	2.6		1.7
Total Derivative Liabilities	(3.2)		(2.7)
Net Derivatives	(0.6)		(1.0)
Non-Designated as Hedging Instruments \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	2.6		1.7
Total Derivative Liabilities	$ (3.2)		$ (2.7)

Derivatives and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Gross position	$ 3.9	$ 3.5
Other Current Assets
Offsetting Assets [Line Items]
Gross position	3.9	3.5
Impact of master netting agreements	(0.4)	(1.4)
Net amounts recognized on the Condensed Consolidated Balance Sheets	$ 3.5	$ 2.1

Derivatives and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Gross position	$ (3.5)	$ (2.9)
Other Current Liabilities
Offsetting Liabilities [Line Items]
Gross position	(3.5)	(2.9)
Impact of master netting agreements	0.4	1.4
Net amounts recognized on the Condensed Consolidated Balance Sheets	$ (3.1)	$ (1.5)

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ (3.4)	$ 0.4	$ (5.8)	$ (8.5)
Derivatives designated as hedging instruments \| Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.0	1.1	1.6	(0.6)
Derivatives designated as hedging instruments \| Cash Flow Hedge \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.0	1.1	1.5	(0.7)
Derivatives designated as hedging instruments \| Cash Flow Hedge \| Treasury locks
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.0	0.0	0.1	0.1
Derivatives designated as hedging instruments \| Fair Value Hedges \| Interest rate swaps
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.1	0.1	0.4	0.4
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ (3.5)	$ (0.8)	$ (7.8)	$ (8.3)

Fair Value Measurements and Other Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 37.1	$ 38.6
Other current assets	$ 11.2
Maturity of time deposits (greater than)	90 days
Foreign currency forward contracts and options
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net	$ 0.4
Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net		0.6
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	37.1	38.6
Other current assets	11.2
Level 1 \| Foreign currency forward contracts and options
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net	0.0
Level 1 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net		0.0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Other current assets	0.0
Level 2 \| Foreign currency forward contracts and options
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net	0.4
Level 2 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net		0.6
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Other current assets	0.0
Level 3 \| Foreign currency forward contracts and options
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net	$ 0.0
Level 3 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net		$ 0.0

Fair Value Measurements and Other Financial Instruments - Narrative (Details) $ in Millions	Sep. 30, 2019 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	$ 11.2
Time Deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	$ 11.2

Fair Value Measurements and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
6.50% Senior Notes due December 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.50%
4.875% Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.875%
5.25% Senior Notes due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.25%
4.50% Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.50%
5.125% Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.125%
5.50% Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.50%
6.875% Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.875%
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign borrowings	$ 89.8	$ 98.5
Other domestic borrowings	118.0	168.4
Total debt	3,871.4	3,474.2
Carrying Amount \| 6.50% Senior Notes due December 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	424.4	424.0
Carrying Amount \| 4.875% Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.7	421.1
Carrying Amount \| 5.25% Senior Notes due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.8	421.2
Carrying Amount \| 4.50% Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	435.1	454.9
Carrying Amount \| 5.125% Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.8	421.3
Carrying Amount \| 5.50% Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	397.3	397.1
Carrying Amount \| 6.875% Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	445.6	445.5
Carrying Amount \| Term Loan A due July 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	221.3	222.2
Carrying Amount \| Term Loan A due July 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	474.6	0.0
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign borrowings	87.0	99.2
Other domestic borrowings	118.0	170.0
Total debt	4,155.8	3,535.1
Fair Value \| 6.50% Senior Notes due December 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	440.6	440.1
Fair Value \| 4.875% Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	447.6	421.2
Fair Value \| 5.25% Senior Notes due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	453.4	424.5
Fair Value \| 4.50% Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	498.1	489.9
Fair Value \| 5.125% Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	456.0	419.8
Fair Value \| 5.50% Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	432.5	394.8
Fair Value \| 6.875% Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	526.7	453.4
Fair Value \| Term Loan A due July 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	221.3	222.2
Fair Value \| Term Loan A due July 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	$ 474.6	$ 0.0

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans - Components of Net Periodic Benefit Cost (Income) for Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Components of net periodic benefit cost (income):
Service cost	$ 1.1	$ 1.0	$ 3.1	$ 3.2
Interest cost	5.4	5.5	16.3	16.5
Expected return on plan assets	(8.1)	(9.6)	(23.9)	(28.9)
Amortization of net prior service cost	0.0	0.0	0.1	0.0
Amortization of net actuarial loss	1.3	0.9	3.8	2.6
Net periodic cost (income)	(0.3)	(2.2)	(0.6)	(6.6)
Cost of settlement	0.0	1.6	0.3	1.7
Total benefit cost (income)	(0.3)	(0.6)	(0.3)	(4.9)
U.S.
Components of net periodic benefit cost (income):
Service cost	0.1	0.0	0.1	0.1
Interest cost	1.7	1.6	5.2	4.8
Expected return on plan assets	(1.9)	(2.2)	(5.5)	(6.6)
Amortization of net prior service cost	0.0	0.0	0.0	0.0
Amortization of net actuarial loss	0.3	0.3	1.0	0.7
Net periodic cost (income)	0.2	(0.3)	0.8	(1.0)
Cost of settlement	0.0	1.4	0.0	1.4
Total benefit cost (income)	0.2	1.1	0.8	0.4
International
Components of net periodic benefit cost (income):
Service cost	1.0	1.0	3.0	3.1
Interest cost	3.7	3.9	11.1	11.7
Expected return on plan assets	(6.2)	(7.4)	(18.4)	(22.3)
Amortization of net prior service cost	0.0	0.0	0.1	0.0
Amortization of net actuarial loss	1.0	0.6	2.8	1.9
Net periodic cost (income)	(0.5)	(1.9)	(1.4)	(5.6)
Cost of settlement	0.0	0.2	0.3	0.3
Total benefit cost (income)	$ (0.5)	$ (1.7)	$ (1.1)	$ (5.3)

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans - Net Period Benefit Costs (income) for Post-retirement Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 5.4	$ 5.5	$ 16.3	$ 16.5
Amortization of net prior service credit	0.0	0.0	0.1	0.0
Amortization of net actuarial gain	1.3	0.9	3.8	2.6
Net periodic cost (income)	(0.3)	(2.2)	(0.6)	(6.6)
Other employee benefit plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.4	0.4	1.2	1.1
Amortization of net prior service credit	0.0	0.0	(0.2)	(0.2)
Amortization of net actuarial gain	0.0	0.0	(0.1)	(0.1)
Net periodic cost (income)	$ 0.4	$ 0.4	$ 0.9	$ 0.8

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	22.30%	30.60%	27.90%	114.50%
Decrease in the valuation allowance	$ 8.1		$ 8.1
Increase (decrease) in unrecognized tax benefits	$ 16.7	$ 2.0	$ 26.4	$ (12.0)

Commitments and Contingencies (Details) $ / shares in Units, $ in Millions					1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 13, 2014 USD ($) $ / shares shares	Feb. 03, 2014 USD ($) shares	Dec. 21, 2002	Nov. 27, 2002 USD ($) shares	Mar. 31, 2007 shares	Jun. 30, 2019 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 19, 2008 Trust	Feb. 28, 2002 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Adjusted shares to be issued under settlement agreement \| shares					18,000,000
Shares repurchased	$ 130.0							$ 3,382.4	$ 3,336.5
Number of shares repurchased (in shares) \| shares	3,932,244
Shares purchased, average price per share (in usd per share) \| $ / shares	$ 33.06
Income tax examination with respect to deductions amount								1,490.0
Number of shares to be issued under Settlement agreement \| shares				9,000,000
Payment required under settlement agreement upon the effective date of plan				$ 513.0
Annual interest that accrues on Settlement agreement charges from specified date to date of payment , percentage			5.50%
Stock split ratio					2
Number of asbestos trusts established \| Trust										2
William Russell Grace Asbestos Pi Trust And William Russell Grace Asbestos Pd Trust
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation settlement amount		$ 929.7
Adjusted shares to be issued under settlement agreement \| shares		18,000,000
Settlement funded with cash and cash equivalents		$ 555.0
Borrowings used to pay Settlement		260.0
Accounts receivable securitization program used to pay settlement		$ 115.0
Fresenius Parties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accrual for potential liabilities											$ 172.0
Diversey \| Transition Service Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Receivables								10.4
North American Foam Trays And Absorbent Pads
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business							$ 75.6
Litigation settlement amount						$ 59.0
Guarantee Obligation Under Clawback Agreement \| Diversey
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Claim from Buyer under agreement								$ 49.2

Stockholders' Deficit - Repurchase of Common Stock (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 13, 2014	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	May 02, 2018	Mar. 31, 2017	Jul. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	3,932,244
Value of shares repurchased		$ 0	$ 121,500,000	$ 67,300,000	$ 523,300,000
Shares purchased, average price per share (in usd per share)	$ 33.06
July 2015 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount								$ 1,500,000,000
Stock repurchase program, authorized increase						$ 1,000,000,000.0	$ 1,500,000,000
Number of shares repurchased (in shares)			2,959,638	1,560,633	13,535,170
Value of shares repurchased			$ 121,500,000	$ 67,200,000	$ 603,100,000
Shares purchased, average price per share (in usd per share)				$ 43.09
Common Stock \| July 2015 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)			2,959,638		12,315,534
Value of shares repurchased			$ 121,500,000		$ 523,100,000
Shares purchased, average price per share (in usd per share)			$ 41.04		$ 42.47

Stockholders' Deficit - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
	Oct. 03, 2019	Jul. 11, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share)		$ 0.16	$ 160,000.00	$ 160,000.00	$ 480,000.00	$ 480,000.00
Amount of quarterly cash dividend declared		$ 24.7
Subsequent Event
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share)	$ 0.16

Stockholders' Deficit - Share-based Compensation Omnibus Incentive Plan (Details) - 2014 Omnibus Incentive Plan - shares	12 Months Ended
	Dec. 31, 2018	May 22, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares of common stock authorized (in shares)		4,250,000
Additional shares added by amended plan (in shares)	2,199,114

Stockholders' Deficit - Total Share-based Incentive Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Total share-based incentive compensation expense	$ 12.0	$ 8.3	$ 25.2	$ 22.9

Stockholders' Deficit - PSU Awards (Details) - shares	1 Months Ended	9 Months Ended
Stockholders' Deficit - PSU Awards (Details) - shares	Feb. 28, 2019	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period in the beginning of each year to award PSU's		90 days
Performance period		3 years
2019 Three Year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU awards performance period		3 years
Target level for the determination of performance goals and measures for adjusted EBITDA goal	34.00%
Weighted average return on total shareholders, EBITDA	33.00%
Weighted average net sales compound average growth rate On Capital	33.00%
2016 Three year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU awards performance period		3 years
Shares to be issued as percentage of target shares under performance incentive plan	0.00%
Shares to be issued under performance incentive plan (in shares)	0
Minimum \| 2019 Three Year PSU Awards
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%
Maximum \| 2019 Three Year PSU Awards
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%

Stockholders' Deficit - Number of PSUs Granted and Grant Date Fair Value of PSUs (Details) - $ / shares		1 Months Ended
	Feb. 14, 2019	Jul. 31, 2019
TSR
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	49,819	20,724
Fair value on grant date (in usd per share)	$ 58.25	$ 55.82
ROIC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	66,807	25,997
Fair value on grant date (in usd per share)	$ 42.16	$ 43.22
Adjusted EBITDA
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	66,807	25,997
Fair value on grant date (in usd per share)	$ 42.16	$ 43.22

Stockholders' Deficit - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Details) - TSR		1 Months Ended
	Feb. 14, 2019	Jul. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected price volatility	22.80%	23.00%
Risk-free interest rate	2.50%	1.90%

Accumulated Other Comprehensive Loss - Details of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ (348.6)
Other comprehensive income (loss) before reclassifications			(10.1)	$ (27.9)
Less: amounts reclassified from accumulated other comprehensive loss	$ 1.0	$ (0.2)	1.7	2.1
Other comprehensive (loss) income	(17.4)	(11.9)	(8.4)	(25.8)
Ending balance	(304.1)		(304.1)		$ (348.6)
ASU 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Tax Cuts And Jobs Act Of 2017, tax effect, reclassification from Accumulated Other Comprehensive Loss to retained earnings, tax effect					13.4
Unrecognized Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(136.4)	(103.4)	(103.4)
Other comprehensive income (loss) before reclassifications			(0.1)	1.7
Less: amounts reclassified from accumulated other comprehensive loss			2.7	1.6
Other comprehensive (loss) income			2.6	3.3
Ending balance	(133.8)	(100.1)	(133.8)	(100.1)	(136.4)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(744.8)	(694.4)	(694.4)
Other comprehensive income (loss) before reclassifications			(25.7)	(40.6)
Less: amounts reclassified from accumulated other comprehensive loss			0.0	0.0
Other comprehensive (loss) income			(25.7)	(40.6)
Ending balance	(770.5)	(735.0)	(770.5)	(735.0)	(744.8)
Cumulative Translation Adjustment \| Intra-entity transactions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Intra-entity currency translation adjustment in AOCI	10.8	63.6	10.8	63.6
Unrecognized Gains (Losses) on Derivative Instruments \| Net Investment Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(41.9)	(46.8)	(46.8)
Other comprehensive income (loss) before reclassifications			15.2	9.1
Less: amounts reclassified from accumulated other comprehensive loss			0.0	0.0
Other comprehensive (loss) income			15.2	9.1
Ending balance	(26.7)	(37.7)	(26.7)	(37.7)	(41.9)
Unrecognized Gains (Losses) on Derivative Instruments \| Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			2.7	(0.3)	(0.3)
Other comprehensive income (loss) before reclassifications			0.5	1.9
Less: amounts reclassified from accumulated other comprehensive loss			(1.0)	0.5
Other comprehensive (loss) income			(0.5)	2.4
Ending balance	2.2	2.1	2.2	2.1	2.7
Accumulated Other Comprehensive Loss, Net of Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(920.4)	(844.9)	(844.9)
Ending balance	$ (928.8)	$ (870.7)	$ (928.8)	$ (870.7)	$ (920.4)

Accumulated Other Comprehensive Loss - Detail of Amount Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Total reclassifications for the period	$ (1.0)	$ 0.2	$ (1.7)	$ (2.1)
Cost of sales	826.5	820.7	2,356.7	2,369.4
Interest expense, net	48.5	44.8	136.6	131.3
Total pre-tax amount	(102.3)	(109.0)	(234.8)	(339.3)
Tax (expense) benefit	22.8	33.4	65.5	388.4
Earnings before income tax provision	79.5	75.6	169.3	(49.1)
Prior service credit \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax amount	0.0	0.0	0.1	0.2
Actuarial losses \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax amount	(1.3)	(0.9)	(3.7)	(2.5)
Defined benefit pension plans and other post-employment benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Total reclassifications for the period			(2.7)	(1.6)
Defined benefit pension plans and other post-employment benefits \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax amount	(1.3)	(0.9)	(3.6)	(2.3)
Tax benefit	0.3	0.3	0.9	0.7
Total reclassifications for the period	(1.0)	(0.6)	(2.7)	(1.6)
Net gains (losses) on cash flow hedging derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax amount	0.0	1.1	1.6	(0.6)
Tax (expense) benefit	0.0	(0.3)	(0.6)	0.1
Earnings before income tax provision	0.0	(0.8)	(1.0)	0.5
Net gains (losses) on cash flow hedging derivatives \| Foreign currency forward contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Cost of sales	0.0	(1.1)	(1.5)	0.7
Net gains (losses) on cash flow hedging derivatives \| Treasury locks
Accumulated Other Comprehensive Income Loss [Line Items]
Interest expense, net	$ 0.0	$ 0.0	$ 0.1	$ 0.1

Other (Expense) Income, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income (Expense) [Line Items]
Net foreign exchange transaction loss	$ (1.5)	$ (4.2)	$ (4.1)	$ (17.9)
Bank fee expense	(1.1)	(1.6)	(3.6)	(4.0)
Pension income other than service costs	0.2	0.5	1.1	5.7
Other, net	0.5	(4.5)	7.9	(4.5)
Other (expense) income, net	(1.9)	$ (9.8)	1.3	$ (20.7)
Claim For Overpayment Of Income Taxes
Other Income (Expense) [Line Items]
Other, net	$ 4.8		$ 4.8

Net Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net earnings (loss)	$ 68.0	$ 79.0	$ 158.7	$ (7.2)
Distributed and allocated undistributed net earnings to unvested restricted stockholders	(0.1)	(0.4)	(0.3)	(0.4)
Distributed and allocated undistributed net earnings (loss)	67.9	78.6	158.4	(7.6)
Distributed net earnings - dividends paid to common stockholders	(24.6)	(25.0)	(74.1)	(76.9)
Allocation of undistributed net earnings (loss) to common stockholders	$ 43.3	$ 53.6	$ 84.3	$ (84.5)
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	154.0	157.2	154.4	160.8
Basic net earnings per common share:
Distributed net earnings (in dollars per share)	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Allocated undistributed net earnings (loss) to common stockholders (in dollars per share)	0.28	0.34	0.55	(0.53)
Net earnings (loss) per common share - basic (in dollars per share)	$ 0.44	$ 0.50	$ 1.03	$ (0.05)
Numerator:
Distributed and allocated undistributed net earnings (loss)	$ 67.9	$ 78.6	$ 158.4	$ (7.6)
Add: Allocated undistributed net earnings to unvested restricted stockholders	0.1	0.3	0.2	0.0
Less: Undistributed net earnings reallocated to unvested restricted stockholders	(0.1)	(0.3)	(0.2)	0.0
Net earnings (loss) available to common stockholders - diluted	$ 67.9	$ 78.6	$ 158.4	$ (7.6)
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	154.0	157.2	154.4	160.8
Effect of contingently issuable shares (in shares)	0.2	0.1	0.2	0.0
Effect of unvested restricted stock units (in shares)	0.3	0.3	0.3	0.0
Weighted average number of common shares outstanding - diluted under two-class (in shares)	154.5	157.6	154.9	160.8
Effect of unvested restricted stock - participating security (in shares)	0.3	0.4	0.3	0.0
Weighted average number of common shares outstanding - diluted under treasury stock (in shares)	154.8	158.0	155.2	160.8
Diluted net earnings (loss) per common share (in dollars per share)	$ 0.44	$ 0.50	$ 1.02	$ (0.05)

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (3,400,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (3,400,000)