0001628280-22-003294 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 561.0	$ 548.7
Trade receivables, net of allowance for credit losses of $11.1 in 2021 and $11.7 in 2020	620.3	541.0
Income tax receivables	28.8	71.2
Other receivables	83.7	69.5
Inventories, net of inventory reserves of $24.1 in 2021 and $21.1 in 2020	725.7	596.7
Assets held for sale	0.0	0.3
Prepaid expenses and other current assets	50.1	54.1
Total current assets	2,069.6	1,881.5
Property and equipment, net	1,232.0	1,189.7
Goodwill	2,189.4	2,222.6
Identifiable intangible assets, net	152.6	171.0
Deferred taxes	138.4	187.1
Non-current assets held for sale	1.5	0.0
Operating lease right-of-use-assets	63.8	76.1
Other non-current assets	382.0	355.8
Total assets	6,229.3	6,083.8
Current liabilities:
Short-term borrowings	1.3	7.2
Current portion of long-term debt	487.2	22.3
Current portion of operating lease liabilities	21.2	24.3
Accounts payable	959.9	754.2
Accrued restructuring costs	10.2	12.2
Income tax payable	22.7	19.9
Other current liabilities	504.8	527.3
Total current liabilities	2,007.3	1,367.4
Long-term debt, less current portion	3,219.6	3,731.4
Long-term operating lease liabilities, less current portion	44.5	53.2
Deferred taxes	46.7	31.0
Non-current liabilities held for sale	0.9	0.0
Other non-current liabilities	661.6	728.3
Total liabilities	5,980.6	5,911.3
Commitments and Contingencies - Note 20
Stockholders’ equity:
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2021 and 2020	0.0	0.0
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 232,483,281 in 2021 and 231,958,083 in 2020; shares outstanding: 148,099,157 in 2021 and 154,889,772 in 2020	23.2	23.2
Additional paid-in capital	2,123.4	2,093.0
Retained earnings	2,790.7	2,400.7
Treasury Stock, Value	(3,754.7)	(3,380.9)
Accumulated other comprehensive loss, net of taxes:
Unrecognized pension items	(137.5)	(172.5)
Cumulative translation adjustment	(760.5)	(721.7)
Unrealized net loss on net investment hedges	(38.3)	(67.5)
Unrealized net gain (loss) on cash flow hedges	2.4	(1.8)
Total accumulated other comprehensive loss, net of taxes	(933.9)	(963.5)
Total stockholders’ equity	248.7	172.5
Total liabilities and stockholders’ equity	$ 6,229.3	$ 6,083.8

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 11.1	$ 11.7
Inventory reserves	$ 24.1	$ 21.1
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)	232,483,281	231,958,083
Common stock, shares outstanding (in shares)	148,099,157	154,889,772
Common stock in treasury, shares (in shares)	84,384,124	77,068,311

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 5,533.8	$ 4,903.2	$ 4,791.1
Cost of sales	3,852.9	3,293.9	3,226.3
Gross profit	1,680.9	1,609.3	1,564.8
Selling, general and administrative expenses	772.4	773.7	913.3
Gain (Loss) on sale of businesses and property and equipment	45.7	1.0	(2.2)
Amortization expense of intangible assets	38.8	37.5	28.9
Restructuring charges	14.5	11.0	41.9
Operating profit	900.9	788.1	578.5
Interest expense, net	(167.8)	(174.4)	(184.1)
Other (expense) income, net	(16.9)	12.5	(24.1)
Earnings before income tax provision	716.2	626.2	370.3
Income tax provision	225.0	142.1	76.6
Net earnings from continuing operations	491.2	484.1	293.7
Gain (Loss) on sale of discontinued operations, net of tax	15.6	18.8	(30.7)
Net earnings	$ 506.8	$ 502.9	$ 263.0
Basic:
Continuing operations (in dollars per share)	$ 3.26	$ 3.12	$ 1.90
Discontinued operations (in dollars per share)	0.10	0.12	(0.20)
Net earnings per common share - basic (in dollars per share)	3.36	3.24	1.70
Diluted:
Continuing operations (in dollars per share)	3.22	3.10	1.89
Discontinued operations (in dollars per share)	0.10	0.12	(0.20)
Net earnings per common share - diluted (in dollars per share)	$ 3.32	$ 3.22	$ 1.69
Weighted average number of common shares outstanding in millions:
Basic (in shares)	150.9	155.2	154.3
Diluted (in shares)	152.4	156.0	155.2

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 506.8	$ 502.9	$ 263.0
Gross
Unrecognized pension items	47.7	(35.2)	(13.9)
Unrealized gains (losses) on derivative instruments for net investment hedge	38.9	(44.0)	9.8
Unrealized gains (losses) on derivative instruments for cash flow hedge	5.8	(2.9)	(3.4)
Foreign currency translation adjustments	(38.8)	7.0	17.0
Other comprehensive income (loss)	53.6	(75.1)	9.5
Taxes
Unrecognized pension items	(12.7)	8.8	4.2
Unrealized gains (losses) on derivative instruments for net investment hedge	(9.7)	11.0	(2.4)
Unrealized gains (losses) on derivative instruments for cash flow hedge	(1.6)	0.9	0.9
Foreign currency translation adjustments	0.0	(0.1)	(0.8)
Other comprehensive income (loss)	(24.0)	20.6	1.9
Net
Unrecognized pension items	35.0	(26.4)	(9.7)
Unrealized gains (losses) on derivative instruments for net investment hedge	29.2	(33.0)	7.4
Unrealized gains (losses) on derivative instruments for cash flow hedge	4.2	(2.0)	(2.5)
Foreign currency translation adjustments	(38.8)	6.9	16.2
Other comprehensive income (loss)	29.6	(54.5)	11.4
Comprehensive income, net of taxes	$ 536.4	$ 448.4	$ 274.4

Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock in Treasury	Accumulated Other Comprehensive Loss, Net of Taxes
Beginning Balance 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	23.4		23.4
Stock issued for profit sharing contribution paid in stock	21.9		0.5		21.4
Repurchases of common stock	(67.3)				(67.3)
Unrecognized pension items, net of taxes	(9.7)					(9.7)
Foreign currency translation adjustments, net of taxes	16.2					16.2
Unrealized gain (loss) on derivative instruments, net of taxes	4.9					4.9
Net earnings	263.0			263.0
Dividends on common stock	(100.0)			(100.0)
Ending Balance at Dec. 31, 2019	(196.2)	23.2	2,073.5	1,998.5	(3,382.4)	(909.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	31.2		31.2
Stock issued for profit sharing contribution paid in stock	24.4		(11.7)		36.1
Repurchases of common stock	(34.6)				(34.6)
Unrecognized pension items, net of taxes	(26.4)					(26.4)
Foreign currency translation adjustments, net of taxes	6.9					6.9
Unrealized gain (loss) on derivative instruments, net of taxes	(35.0)					(35.0)
Net earnings	502.9			502.9
Dividends on common stock	(100.7)			(100.7)
Ending Balance at Dec. 31, 2020	172.5	23.2	2,093.0	2,400.7	(3,380.9)	(963.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	30.2		30.2
Stock issued for profit sharing contribution paid in stock	28.0		0.2		27.8
Repurchases of common stock	(401.6)				(401.6)
Unrecognized pension items, net of taxes	35.0					35.0
Foreign currency translation adjustments, net of taxes	(38.8)					(38.8)
Unrealized gain (loss) on derivative instruments, net of taxes	33.4					33.4
Net earnings	506.8			506.8
Dividends on common stock	(116.8)			(116.8)
Ending Balance at Dec. 31, 2021	$ 248.7	$ 23.2	$ 2,123.4	$ 2,790.7	$ (3,754.7)	$ (933.9)

Consolidated Statements of Stockholders' (Deficit) Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per share on common stock (in dollars per share)	$ 0.76	$ 0.64	$ 0.64

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Net earnings	$ 506.8	$ 502.9	$ 263.0
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	186.4	174.2	150.8
Share-based incentive compensation	43.5	41.7	32.9
Profit sharing expense	22.4	27.8	24.5
Loss on debt redemption and refinancing activities	18.6	0.0	16.1
Impairment of debt investment	8.0	0.0	0.0
Provision for allowance for credit losses on trade receivables	2.1	3.7	2.5
Provisions for inventory obsolescence	9.5	9.0	7.2
Deferred taxes, net	37.3	81.7	(55.0)
Net (gain) loss on sale of businesses	(59.3)	(19.0)	30.7
Gain on equity investment	(6.6)	(15.1)	0.0
Other non-cash items	9.4	2.9	11.1
Changes in operating assets and liabilities:
Trade receivables, net	(110.9)	27.4	38.1
Inventories	(165.7)	(25.2)	12.4
Income tax receivable/payable	45.7	(31.3)	20.9
Accounts payable	206.1	0.8	(37.0)
Customer advance payments	15.1	10.8	2.5
Other assets and liabilities	(58.7)	(55.3)	(9.6)
Net cash provided by operating activities	709.7	737.0	511.1
Cash flows from investing activities:
Capital expenditures	(213.1)	(181.1)	(189.7)
Investment in marketable securities	0.0	13.9	(12.5)
Proceeds (payments) related to sale of businesses and property and equipment, net	89.4	12.4	(2.4)
Businesses acquired in purchase transactions, net of cash acquired	(0.1)	1.2	(452.8)
Payments associated with debt, equity, and equity method investments	(18.0)	(8.2)	0.0
Settlement of foreign currency forward contracts	8.4	1.5	(8.2)
Proceeds of corporate owned life insurance	7.7	0.0	0.0
Other investing activities	0.0	0.5	0.0
Net cash used in investing activities	(125.7)	(159.8)	(665.6)
Cash flows from financing activities:
Net payments of short-term borrowings	(5.9)	(99.0)	(127.5)
Proceeds from long-term debt	601.5	0.0	894.9
Payments of long-term debt	(610.4)	(5.6)	(425.0)
Dividends paid on common stock	(115.6)	(100.4)	(99.1)
Repurchases of common stock	(403.1)	(33.0)	(67.3)
Payments for debt extinguishment costs	(17.0)	0.0	(15.5)
Impact of tax withholding on share-based compensation	(14.8)	(11.6)	(10.8)
Principal payments related to financing leases	(10.5)	(11.6)	(9.3)
Other financing activities	0.0	(0.5)	(0.5)
Net cash (used in) provided by financing activities	(575.8)	(261.7)	139.9
Effect of foreign currency exchange rate changes on cash and cash equivalents	4.1	(29.2)	5.3
Cash Reconciliation:
Cash and cash equivalents	548.7	262.4	271.7
Restricted cash and cash equivalents	0.0	0.0	0.0
Balance, beginning of period	548.7	262.4	271.7
Net change during the period	12.3	286.3	(9.3)
Balance, end of period	561.0	548.7	262.4
Restricted cash and cash equivalents	0.0	0.0	0.0
Supplemental Cash Flow Information:
Interest payments, net of amounts capitalized	175.2	187.7	194.9
Income tax payments, net of cash refunds	112.6	102.0	94.7
Restructuring payments including associated costs	27.7	73.7	90.9
Non-cash items:
Transfers of shares of common stock from treasury for profit-sharing plan contributions	$ 28.0	$ 24.4	$ 21.9

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations We are a leading global provider of packaging solutions integrating high-performance materials, automation, equipment and services. SEE designs and delivers packaging solutions that protect goods, preserve food, automate packaging processes, enable e-commerce and digital connectivity for packaged goods. Our packaging solutions help customers automate their operations to be increasingly touchless and more resilient, safer, less wasteful, and enhance brand engagement with consumers. We deliver our packaging solutions to an array of end markets including fresh proteins, foods, fluids, medical and healthcare, e-commerce, logistics and omnichannel fulfillment operations, and industrials. Our portfolio of packaging solutions includes CRYOVAC® brand food packaging, SEALED AIR® brand protective packaging, AUTOBAG® brand automated packaging, BUBBLE WRAP® brand packaging and SEE Touchless Automation™ solutions. We have established leading market positions through our differentiated packaging solutions, well-established customer relationships, iconic brands, and global scale and market access. 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,” “SEE,” the “Company,” “we,” “our,” or “us,” we are referring to Sealed Air Corporation and all of our subsidiaries, except where the context indicates otherwise.

Summary of Significant Accounting Policies and Recently Issued Accounting Standards	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recently Issued Accounting Standards	Summary of Significant Accounting Policies and Recently Issued Accounting Standards Summary of Significant Accounting Policies Basis of Presentation Our 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. Some prior period amounts, including the geographic regions described below, 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 consolidated financial condition, results of operations or cash flows. All amounts are in U.S. dollar denominated in millions, except per share amounts and unless otherwise noted, and are approximate due to rounding. As of January 1, 2021, we consolidated the reporting of the North America and South America geographic regions, which are now collectively presented as Americas within Note 3, “Revenue Recognition, Contracts with Customers” and Note 6, “Segments.” No changes were made to EMEA or APAC. This change has no impact on our prior period consolidated results and is only the aggregation of the previously bifurcated continents. Where applicable, prior periods have been retrospectively adjusted to reflect the new geographic regions. When we cross reference to a “Note,” we are referring to our “Notes to Consolidated Financial Statements,” unless the context indicates otherwise. Use of Estimates The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. These estimates include, among other items, assessing the expected credit losses of receivables, asset retirement obligations, the use and recoverability of inventory, the estimation of fair value of financial instruments, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans and other post-employment benefit plans, estimates related to self-insurance such as the aggregate liability for uninsured claims using historical experience, insurance and actuarial estimates and estimated trends in claim values, fair value measurement of assets, costs for incentive compensation, and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions in the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from these estimates. Financial Instruments We may use financial instruments, such as cross-currency swaps, interest rate swaps, caps and collars, U.S. Treasury lock agreements and foreign currency exchange forward contracts and options related to our borrowing and trade activities. We may use these financial instruments from time to time to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We do not purchase, hold or sell derivative financial instruments for trading purposes. We face credit risk if the counterparties to these transactions are unable to perform their obligations. Our policy is to have counterparties to these contracts that have at least an investment grade rating. We report derivative instruments at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes. Before entering into any derivative transaction, we identify our specific financial risk, the appropriate hedging instrument to use to reduce this risk, and the correlation between the financial risk and the hedging instrument. We use forecasts and historical data as the basis for determining the anticipated values of the transactions to be hedged. We do not enter into derivative transactions that do not have a high correlation with the underlying financial risk we are trying to reduce. We regularly review our hedge positions and the correlation between the transaction risks and the hedging instruments. We account for derivative instruments as hedges of the related underlying risks if we designate these derivative instruments as hedges and the derivative instruments are effective as hedges of recognized assets or liabilities, forecasted transactions, unrecognized firm commitments or forecasted intercompany transactions. We record gains and losses on derivatives qualifying as cash flow hedges in Accumulated other comprehensive loss (“AOCL”), to the extent that hedges are effective and until the underlying transactions are recognized on the Consolidated Statements of Operations, at which time we also recognize the gains or losses of the derivatives on the Consolidated Statements of Operations. We recognize gains and losses on qualifying fair value hedges and the related loss or gain on the hedged item attributable to the hedged risk on the Consolidated Statements of Operations. Generally, 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. Any deferred gains or losses associated with derivative instruments are recognized on the Consolidated Statements of Operations over the period in which the income or expense on the underlying hedged transaction is recognized. See Note 15, “Derivatives and Hedging Activities,” for further details. Foreign Currency Translation In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders’ equity on our Consolidated Balance Sheets. We translate the statements of operations at the average exchange rates during the applicable period. We translate assets and liabilities of our operations in countries with highly inflationary economies at the end of period exchange rates, except that nonmonetary asset and liability amounts are translated at historical exchange rates. In countries with highly inflationary economies, we translate items reflected in the statements of operations at average rates of exchange prevailing during the period, except that nonmonetary amounts are translated at historical exchange rates. Impact of Highly Inflationary Economies: 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. The impact of any changes in the exchange rate are reflected in within Other (expense) income, net on the Consolidated Statements of Operations. For the years ended December 31, 2021, 2020 and 2019, the Company recorded remeasurement losses of $3.6 million, $4.7 million, and $4.6 million, respectively. The exchange rate as of December 31, 2021, 2020 and 2019 was 102.7, 84.1 and 59.9, respectively. We will continue to evaluate each reporting period the appropriate exchange rate to remeasure our financial statements based on the facts and circumstances as applicable. Commitments and Contingencies — Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of these actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of these matters and whether a reasonable estimation of the probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that disputed matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred. Revenue Recognition Revenue from contracts with customers is recognized using a five-step model consisting of the following: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. (1) Identify Contract with Customer: For SEE, the determination of whether an arrangement meets the definition of a contract under ASC 606 (“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, the next level of enforceability is determined, which often represents the individual purchase orders and the agreed upon terms. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable and the Company no longer has an obligation to transfer additional goods or services to the customer or collectability becomes probable. (2) Identify the Performance Obligations in the Contract: The most common goods and services determined to be distinct performance obligations are materials, equipment sales, and maintenance. Free on loan and leased equipment is typically identified as a separate lease component within the scope of ASC 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. Performance obligations are satisfied when the Company transfers control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which the Company expects to be entitled in exchange for those goods or services, including the expected value of variable consideration. (3) Determine the Transaction Price: SEE has many forms of variable consideration present in its contracts with customers, including rebates and other discounts. SEE 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, SEE 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 we 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 SEE. We adjust the contract transaction price based on any changes in estimates each reporting period and record an inception to date cumulative adjustment to the amount of revenue previously recognized. When the contract with a customer contains a minimum purchase obligation, SEE 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. The Company expects the time between when a good or service is transferred to a customer and when the customer pays for that good or service to be one year or less for the vast majority of the Company’s contracts. In this instance the Company does not adjust consideration for a significant financing component. 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 Consolidated Statements of Operations. (4) Allocate the Transaction Price to the Performance Obligations in the Contract: We determine 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. SEE often offers rebates to customers in their contracts that are related to the amount of materials purchased. We believe that this form of variable consideration should only be allocated to materials because the entire amount of variable consideration relates to the customer’s purchase of and our efforts to provide materials. 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 materials because the pricing formulas in these contracts are related to the cost to produce materials. (5) Recognize Revenue when (or as) the Company satisfies a performance obligation Revenue is recognized upon transfer of control to the customer. Revenue for materials 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 ASC 842. Refer to Note 3, “Revenue Recognition, Contracts with Customers,” for further discussion of revenue. Costs to obtain or fulfill a Contract and Shipping and Handling Costs 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 selling, general and administrative expenses on the Consolidated Statements of Operations. 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 sales. Research and Development We expense research and development costs as incurred. Research and development costs were $99.8 million in 2021, $95.9 million in 2020 and $77.3 million in 2019. In 2020, we brought our Packaging Application Centers and certain engineering teams under our overall Innovation, Research and Development organization to focus the centers and teams on innovation and product development. This move followed an operational change as well as a shift in organizational reporting and responsibility. Share-Based Incentive Compensation At the 2014 Annual Meeting, the 2014 Omnibus Incentive Plan (the “Omnibus Plan”) was approved by our stockholders. Subsequently, the Board of Directors adopted, and at the Annual Stockholder's meetings in both 2018 and 2021, our stockholders approved, amendments and restatements to the 2014 Omnibus Incentive Plan. See Note 21, “Stockholders’ (Deficit) Equity,” of the Notes for further information on this plan. We record share-based compensation awards exchanged for employee services at fair value on the date of grant and record the expense for these awards in cost of sales and in selling, general and administrative expense, as applicable, on our Consolidated Statements of Operations over the requisite employee service period. Our annual grant cycle occurs after our year-end financial results have been released. We consider the impact that material, non-public information may have on the fair value of our share-based incentive awards. As of December 31, 2021, there are no outstanding awards with values that have been adjusted in light of material, non-public information. Share-based incentive compensation expense, which includes an estimate for forfeitures and a factor for anticipated achievement levels, is generally recognized over the expected term of the award on a straight-line basis. The Company accelerates expense on performance-based awards using a graded vesting schedule for employees who meet retirement eligibility requirements prior to the end of the award’s service period. For performance-based awards, the Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. For performance awards with market-based conditions, the fair value of the award is determined at the grant date and is recognized at 100% over the performance period regardless of actual market condition performance. Income Taxes We file a consolidated U.S. federal income tax return and our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We provide for income taxes on those portions of our foreign subsidiaries’ accumulated earnings that we believe are not reinvested indefinitely in our businesses. We account for income taxes under the asset and liability method to provide for income taxes on all transactions recorded in the Consolidated Financial Statements. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. We determine deferred tax assets and liabilities at the end of each period using enacted tax rates. In assessing the need for a valuation allowance, we estimate future reversals of existing temporary differences, future taxable earnings, and also consider the feasibility of ongoing planning strategies, taxable income in carryback periods and past operating results to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on valuation allowances related to deferred tax assets. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon settlement with tax authorities. We recognize interest and penalties related to unrecognized tax benefits in Income tax provision on our Consolidated Statements of Operations. See Note 19, “Income Taxes,” for further discussion. Cash and Cash Equivalents We consider highly liquid investments with original maturities of 90 days or less to be cash equivalents. Our policy is to invest cash in excess of short-term operating and debt service requirements in cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short-term maturity of the instruments. Our policy is to transact with counterparties that are rated at least A- by Standard & Poor’s and A3 by Moody’s. Some of our operations are located in countries that are rated below A- or A3. In this case, we try to minimize our risk by holding cash and cash equivalents at financial institutions with which we have existing global relationships whenever possible, diversifying counterparty exposures and minimizing the amount held by each counterparty and within the country in total. Time deposits or certificate of deposits with maturities greater than 90 days from the time of purchase are considered marketable securities and classified as other current assets in our Consolidated Balance Sheets. Any investments made in longer-term time deposits or maturities and conversion out of the longer-term time deposits during the current year are reflected as an investment in marketable securities on our Consolidated Statements of Cash Flows. Accounts Receivable Securitization Programs 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 an issuer of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of undivided fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and an issuer 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 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 Consolidated Balance Sheets. We have a European accounts receivable securitization and purchase program with a special purpose vehicle, or SPV, two banks and a group of our European subsidiaries. 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 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 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 Consolidated Balance Sheets. See Note 10, “Accounts Receivable Securitization Programs,” for further details. Accounts Receivable Factoring Agreements The Company has entered into factoring agreements and customers' supply chain financing arrangements to sell certain trade 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 Topic 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for true-sale treatment when the appropriate criteria is met, which permits the balances sold under the program to be excluded from Trade receivables, net on the 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. See Note 11, “Accounts Receivable Factoring Agreements,” for further details. Trade Receivables, Net In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria. Trade receivables, which are included on the Consolidated Balance Sheets, are stated at amounts due from our customers net of allowances for expected credit losses on trade receivables. Allowance for Credit Losses We are exposed to credit losses primarily through our sales of packaging solutions to third-party customers. Our customers' (the counterparty) ability to pay is assessed through our internal credit review processes. Based on the dollar value of credit extended, we assess our customers' credit by reviewing the total expected receivable exposure, expected timing of payments and the customers' established credit ratings. In determining customer creditworthiness, we assess our customers' credit utilizing different resources including external credit validations and/or our own assessment through analysis of the customers' financial statements and review of trade/bank references. We also consider contract terms and conditions, country and political risk, and the customer's mix of products purchased (for example: equipment vs. materials) in our evaluation. A credit limit is established for each customer based on the outcome of this review. Credit limits are reviewed at least annually for existing customers. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities are performed at both the country/entity level as well as the regional level. Monitoring and review activities include account reconciliations, analysis of aged receivables, resolution status review for disputed amounts, and identification and remediation of counterparties experiencing payment issues. Our management reviews current credit exposure at least quarterly based on level of risk and amount of exposure. When necessary, we utilize collection agencies and legal counsel to pursue recovery of defaulted receivables. Trade receivable balances are written off when deemed to be uncollectible and after collection efforts have been exhausted. Our annual historical credit losses have been approximately 0.1%, or less, of net trade sales annually over the last three years. Our allowance for credit losses on trade receivables is assessed at the end of each quarter based on an analysis of historical losses and our assessment of future expected losses. For the years ended December 31, 2021, 2020 and 2019, $2.1 million, $3.7 million and $2.5 million, respectively, was charged to our allowance for credit losses related to our trade receivables. Supply Chain Financing Arrangements We facilitate a voluntary supply chain financing program to provide some of our suppliers with the opportunity to sell receivables due from us (our accounts payables) to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. These programs are administered by participating financial institutions. Should the supplier choose to participate in the program, it will receive payment from the financial institution in advance of agreed payment terms; our responsibility is limited to making payments to the respective financial institutions on the terms originally negotiated with our supplier. The range of payment terms is consistent regardless of a vendor's participation in the program. We monitor our days payable outstanding relative to our peers and industry trends in order to assess our conclusion that these programs continue to be trade payable programs and not indicative of borrowing arrangements. The liabilities continue to be presented as trade payables in our consolidated balance sheets until they are paid, and they are reflected as cash flows from operating activities when settled. Equity Investments We maintain strategic investments in other companies. As of December 31, 2021, these investments qualified and are accounted for under the measurement alternative described in ASC 321 for equity investments that do not have readily determinable fair values. These investments are measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. We do not exercise significant influence over these companies. These investments are carried on our Consolidated Balance Sheets within Other non-current assets. Changes in fair value based on impairment or resulting from observable price changes are recorded in earnings and included within Other (expense) income, net on the Consolidated Statements of Operations. See Note 16, “Fair Value Measurements, Equity Investments and Other Financial Instruments,” for further details. Inventories, Net Our inventories are determined using the FIFO method or a weighted average for some raw materials. We state inventories at the lower of cost or net realizable value. Costs related to inventories include raw materials, direct labor and manufacturing overhead which are included in cost of sales on the Consolidated Statements of Operations. Property and Equipment, Net We state property and equipment at cost, except for property and equipment that have been impaired, for which we reduce the carrying amount to the estimated fair value at the impairment date. We capitalize significant improvements and charge repairs and maintenance costs that do not extend the lives of the assets to expense as incurred. We remove the cost and accumulated depreciation of assets sold or otherwise disposed of from the accounts and recognize any resulting gain or loss upon the disposition of the assets. We depreciate the cost of property and equipment over their estimated useful lives on a straight-line basis as follows: buildings, including leasehold improvements — 10 to 40 years; machinery and equipment — 5 to 10 years; and other property and equipment — 2 to 10 years. Leases SEE is involved in leasing activity as both a lessee and a lessor. SEE is the lessor primarily for equipment used by our customers to meet their packaging needs. SEE is the lessee of property used for production and for sales and administrative functions, including real property, buildings, manufacturing and office equipment, offices and automobiles. We recognize a right-of-use (“ROU”) asset and lease liability for all leases with terms of more than 12 months, in accordance with ASC 842. We utilize the short-term lease recognition exemption for all asset classes as part of our on-going accounting under ASC 842. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities. Recognition, measurement and presentation of expenses depends on classification as a finance or operating lease. As a lessee, 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. 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. Our contractual obligations for operating leases as a lessor 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. Goodwill and Identifiable Intangible Assets, Net Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements, software and technology-based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, currently ranging from 1 to 28 years, on a straight-line basis to their estimated residual values, and we review them for impairment upon the identification of events or changes in circumstances that indicate the carrying amount of the asset may not be recoverable. We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. See Note 9, “Goodwill and Identifiable Intangible Assets, net,” for further details. Impairment and Disposal of Long-Lived Assets For finite-lived intangible assets, such as customer relationships, contracts, intellectual property, and for other long-lived assets, such as property, plant and equipment, whenever impairment indicators are present, we perform a review for impairment. The impairment model is a two-step test under which we first calculate the recoverability of the carrying value by comparing the undiscounted value of the projected cash flows associated with the asset or asset group, including its estimated residual value, to the carrying amount. If the cash flows associated with the asset or asset group are less than the carrying value, we calculate the fair value of the asset, or asset group. If the carrying amount is found to be greater than the fair value, we record an impairment loss for the excess of carrying value over the fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate. Self-Insurance We retain the obligation for specified claims and losses related to property, casualty, workers’ compensation and employee benefit claims. We accrue for outstanding reported claims and claims that have been incurred but not reported based upon management’s estimates of the aggregate liability for retained losses using historical experience, insurance company estimates and the estimated trends in claim values. Our estimates include management’s and independent insurance companies’ assumptions regarding economic conditions, the frequency and severity of claims and claim development patterns and settlement practices. These estimates and assumptions are monitored and evaluated on a periodic basis by management and are adjusted when warranted by changing circumstances. Although management believes it has the ability to adequately project and record estimated claim payments, actual results could differ significantly from the recorded liabilities. Pensions For a number of our U.S. and international employees, we maintain defined benefit pension plans. We are required to make assumptions regarding the valuation of projected benefit obligations and the performance of plan assets for our defined benefit pension plans. We review and approve the assumptions made by our third-party actuaries regarding the valuation of benefit obligations and performance of plan assets. The most significant assumptions used to determine the benefit obligation and expense of the pension plans are the discount rate used to measure future obligations and the expected future rate of return on plan assets. The measurement date used to determine benefit obligations and plan assets is December 31. In general, changes to these assumptions could impact our consolidated financial condition or results of operation. See Note 17, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,” for information about the Company’s benefit plans. Net Earnings per Common Share The Company presents both basic and diluted earnings per share amounts. Basic earnings per share is calculated by dividing net earnings attributable to the Company by the weighted average number of common shares outstanding during the year. Diluted earnings per share is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for outstanding share-based compensation awards. At December 31, 2021, the Company did not have any non-vested share-based payment awards that contained non-forfeitable rights to dividends. Restricted stock issued under our Omnibus Plan prior to January 1, 2018 contained non-forfeitable rights to dividends during the contractual vesting period of the share-based award and was therefore included in computing earnings per common share using the “two-class method.” The two-class method is an earnings allocation formula that calculates basic and diluted net earnings per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. See Note 24, “Net Earnings Per Common Share,” for further discussion. Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”). ASU 2021-01 provides temporary optional expedients and exceptions to certain guidance in U.S. GAAP to ease the financial reporting burdens related to the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance is effective, and was adopted, upon issuance, on January 7, 2021, and can be applied through December 31, 2022. This update did not have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815) - Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”). ASU 2020-01 makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued and provides scope considerations related to forward contracts and purchased options on certain securities. The Company adopted ASU 2020-01 on January 1, 2021. The adoption did not have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions to the guidance in Topic 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes, enacted change in tax laws or rates and clarifies the accounting transactions that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 on January 1, 2021. The adoption did not have a material impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Standards In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires business entities to disclose information about certain types of government assistance received in the notes to the financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. We do not believe that the adoption of ASU 2021-10 will have an impact on the Company's Consolidated Financial Statements with the exception of new disclosures, if government assistance provided to the Company were to be material in the future. In October 2021, the Financial Accounting Standards Boards issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Topic 606, Revenue from Contracts with Customers. The standard will not impact acquired contract assets or liabilities from business combinations occurring prior to the adoption date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The impact of adoption on the Company's Consolidated Financial Statements will be prospective only and depend on the magnitude of future business acquisitions.In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments (“ASU 2021-05”). ASU 2021-05 requires a lessor to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at commencement if the lease would have been classified as a sales-type or direct financing lease or the lessor would have recognized a selling loss at lease commencement. ASU 2021-05 is effective for the Company beginning on January 1, 2022 and is not expected to materially impact the Company's Consolidated Financial Statements based on the Company's historical lease practices.

Revenue Recognition, Contracts with Customers

12 Months Ended

Dec. 31, 2021

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 equipment and systems, 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,” our reporting segments are Food and Protective. Our Food applications are largely sold directly to end customers, while our Protective products are sold through business supply distributors and directly to the end customer.

Food:

Food solutions are sold to food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based and dairy (solid and liquids) markets worldwide. Food offers integrated packaging materials and automated equipment solutions to increase food safety, extend shelf life, reduce food waste, automate processes and optimize total cost. Its materials, automated equipment and service enables customers to reduce costs and enhance their brands in the marketplace.

Food solutions are utilized by food service businesses (such as restaurants and entertainment venues) (“food service”) and food retailers (such as grocery stores and supermarkets) (“food retail”), among others. Solutions serving the food service market include products such as barrier bags and pouches, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Barrier Bags, CRYOVAC® brand Form-Fill-Seal Films, and CRYOVAC® brand Auto Pouch System. Solutions serving the food retail market include products such as barrier bags, film, and trays, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Grip & Tear™, CRYOVAC® brand Darfresh®, OptiDure™, Simple Steps®, and CRYOVAC® brand Barrier Bags.

Protective:

Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to e-commerce, consumer goods, pharmaceutical and medical devices and industrial manufacturing. Protective solutions are designed to increase our customers' packaging velocity, minimize packaging waste, reduce labor dependencies and address dimensional weight challenges.

Protective solutions are sold through a strategic network of distributors as well as directly to our customers, including, but not limited to, fabricators, original equipment manufacturers, contract manufacturers, logistics partners and e-commerce/fulfillment operations. Protective solutions are marketed under SEALED AIR® brand, BUBBLE WRAP® brand, AUTOBAG® brand and other highly recognized trade names and product families including BUBBLE WRAP® brand inflatable packaging, SEALED AIR® brand performance shrink films, AUTOBAG® brand bagging systems, Instapak® polyurethane foam packaging solutions

and Korrvu® suspension and retention packaging. In addition, we provide temperature assurance packaging solutions under the Kevothermal™ and TempGuard™ brands.

Revenue recognition:

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. Revenue recognized from performance obligations satisfied in previous reporting periods was $4.3 million, $4.5 million and $5.0 million, for the years ended December 31, 2021, 2020 and 2019, respectively.

Lease components within contracts with customers are recognized in accordance with Accounting Standards Codification ("ASC") Topic 842.

Disaggregated Revenue

For the years ended December 31, 2021, 2020 and 2019, revenues from contracts with customers summarized by Segment and Geography were as follows:


	Year Ended December 31, 2021
(In millions)	Food		Protective		Total
Americas(1)	$	1,948.9	$	1,542.8	$	3,491.7
EMEA	681.4		515.3		1,196.7
APAC	449.5		356.9		806.4
Topic 606 Segment Revenue	3,079.8		2,415.0		5,494.8
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	33.0		6.0		39.0
Total	$	3,112.8	$	2,421.0	$	5,533.8


	Year Ended December 31, 2020
(In millions)	Food		Protective		Total
Americas(1)	$	1,779.4	$	1,336.1	$	3,115.5
EMEA	617.9		410.1		1,028.0
APAC	406.4		324.1		730.5
Topic 606 Segment Revenue	2,803.7		2,070.3		4,874.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	21.8		7.4		29.2
Total	$	2,825.5	$	2,077.7	$	4,903.2


	Year Ended December 31, 2019
(In millions)	Food		Protective		Total
Americas(1)	$	1,828.4	$	1,214.8	$	3,043.2
EMEA	617.1		388.2		1,005.3
APAC	413.7		299.0		712.7
Topic 606 Segment Revenue	2,859.2		1,902.0		4,761.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	21.3		8.6		29.9
Total	$	2,880.5	$	1,910.6	$	4,791.1

(1)As of January 1, 2021, we consolidated the reporting of the North America and South America geographic regions, which are now collectively presented as Americas. No changes were made to EMEA or APAC. This change has no impact on our

prior period consolidated results and is only the aggregation of the previously bifurcated continents. Prior periods have been retrospectively adjusted to reflect the new geographic regions.

Contract Balances

The time when a performance obligation is satisfied and the time when billing and payment occur are generally closely aligned, subject to agreed payment terms, with the exception of equipment accruals, which can be used to purchase both automated and standard range equipment. An equipment accrual is a contract offering, whereby a customer is incentivized to use a portion of the materials transaction price for future equipment purchases. Long-term contracts that include an equipment accrual create a timing difference between when cash is collected and when the performance obligation is satisfied, resulting in a contract liability (unearned revenue). The following contract assets and liabilities are included within Prepaid expenses and other current assets and Other current liabilities or Other non-current liabilities on our Consolidated Balance Sheets as of December 31, 2021 and 2020:


	December 31,
(In millions)	2021		2020
Contract assets	$	1.2	$	1.4


Contract liabilities	$	20.2	$	20.3

The contract liability balances represent deferred revenue, primarily related to equipment accruals. Revenue recognized in the years ended December 31, 2021, 2020 and 2019, that was included in the contract liability balance at the beginning of the period was $15.4 million, $14.0 million, and $5.6 million, respectively. This revenue was driven primarily by equipment performance obligations being satisfied.

Remaining Performance Obligations

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 December 31, 2021 and 2020, as well as the expected timing of recognition of that transaction price.


	December 31,
(In millions)	2021		2020
Short-Term (12 months or less)(1)	$	15.9	$	7.3
Long-Term	4.3		13.0
Total transaction price	$	20.2	$	20.3

(1)Our enforceable contractual obligations tend to be short term in nature. The table above does not include the transaction price of any remaining performance obligations that are part of the contracts with expected durations of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Lessor

SEE has contractual obligations as a lessor with respect to some of our automated and equipment solutions including "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 sales-type lease receivable balances at December 31, 2021 and 2020 were as follows:


	December 31,
(In millions)	2021		2020
Short-Term (12 months or less)	$	5.7	$	5.4
Long-Term	18.8		11.9
Lease receivables	$	24.5	$	17.3

Sales-type and operating lease revenue was less than 1% of net trade sales for each of the years ended December 31, 2021, 2020, and 2019.

Lessee

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

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


	December 31,
(In millions)	2021		2020
Other non-current assets:
Finance leases - ROU assets	$	58.0	$	58.2
Finance leases - Accumulated depreciation	(27.3)		(22.6)
Operating lease right-of-use-assets:
Operating leases - ROU assets	133.5		127.4
Operating leases - Accumulated depreciation	(69.7)		(51.3)
Total lease assets	$	94.5	$	111.7
Current portion of long-term debt:
Finance leases	$	(10.2)	$	(10.5)
Current portion of operating lease liabilities:
Operating leases	(21.2)		(24.3)
Long-term debt, less current portion:
Finance leases	(19.2)		(23.9)
Long-term operating lease liabilities, less current portion:
Operating leases	(44.5)		(53.2)
Total lease liabilities	$	(95.1)	$	(111.9)

At December 31, 2021, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
2022	$	11.3	$	23.7
2023	6.7		17.2
2024	2.6		11.6
2025	2.0		8.1
2026	1.9		6.4
Thereafter	10.0		6.6
Total lease payments	34.5		73.6
Less: Interest	(5.1)		(7.9)
Present value of lease liabilities	$	29.4	$	65.7

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


	December 31,
(In millions)	2021		2020
Lease cost(1)
Finance leases
Amortization of ROU assets	$	10.6	$	10.9
Interest on lease liabilities	1.5		1.8
Operating leases	31.7		31.1
Short-term lease cost	4.9		3.7
Variable lease cost	5.7		5.8
Total lease cost	$	54.4	$	53.3

(1) With the exception of Interest on lease liabilities, we record lease costs to Cost of sales or Selling, general and administrative expenses on the Consolidated Statements of Operations, depending on the use of the leased asset. Interest on lease liabilities is recorded to Interest expense, net on the Consolidated Statements of Operations.


	December 31,
(In millions)	2021		2020
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	4.8	$	4.4
Operating cash flows - operating leases	$	30.4	$	33.3
Financing cash flows - finance leases	$	10.5	$	11.6

ROU assets obtained in exchange for new finance lease liabilities	$	5.7	$	7.1
ROU assets obtained in exchange for new operating lease liabilities	$	17.2	$	14.3


	December 31,
	2021		2020
Weighted average information:
Finance leases
Remaining lease term (in years)	5.9		6.1
Discount rate	4.6	%	4.7	%
Operating leases
Remaining lease term (in years)	4.4		4.5
Discount rate	4.7	%	5.0	%

Leases

Lessor

All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our sales-type lease receivable balances at December 31, 2021 and 2020 were as follows:


	December 31,
(In millions)	2021		2020
Short-Term (12 months or less)	$	5.7	$	5.4
Long-Term	18.8		11.9
Lease receivables	$	24.5	$	17.3

Sales-type and operating lease revenue was less than 1% of net trade sales for each of the years ended December 31, 2021, 2020, and 2019.

Lessee

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

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


	December 31,
(In millions)	2021		2020
Other non-current assets:
Finance leases - ROU assets	$	58.0	$	58.2
Finance leases - Accumulated depreciation	(27.3)		(22.6)
Operating lease right-of-use-assets:
Operating leases - ROU assets	133.5		127.4
Operating leases - Accumulated depreciation	(69.7)		(51.3)
Total lease assets	$	94.5	$	111.7
Current portion of long-term debt:
Finance leases	$	(10.2)	$	(10.5)
Current portion of operating lease liabilities:
Operating leases	(21.2)		(24.3)
Long-term debt, less current portion:
Finance leases	(19.2)		(23.9)
Long-term operating lease liabilities, less current portion:
Operating leases	(44.5)		(53.2)
Total lease liabilities	$	(95.1)	$	(111.9)

At December 31, 2021, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
2022	$	11.3	$	23.7
2023	6.7		17.2
2024	2.6		11.6
2025	2.0		8.1
2026	1.9		6.4
Thereafter	10.0		6.6
Total lease payments	34.5		73.6
Less: Interest	(5.1)		(7.9)
Present value of lease liabilities	$	29.4	$	65.7

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


	December 31,
(In millions)	2021		2020
Lease cost(1)
Finance leases
Amortization of ROU assets	$	10.6	$	10.9
Interest on lease liabilities	1.5		1.8
Operating leases	31.7		31.1
Short-term lease cost	4.9		3.7
Variable lease cost	5.7		5.8
Total lease cost	$	54.4	$	53.3


	December 31,
(In millions)	2021		2020
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	4.8	$	4.4
Operating cash flows - operating leases	$	30.4	$	33.3
Financing cash flows - finance leases	$	10.5	$	11.6

ROU assets obtained in exchange for new finance lease liabilities	$	5.7	$	7.1
ROU assets obtained in exchange for new operating lease liabilities	$	17.2	$	14.3


	December 31,
	2021		2020
Weighted average information:
Finance leases
Remaining lease term (in years)	5.9		6.1
Discount rate	4.6	%	4.7	%
Operating leases
Remaining lease term (in years)	4.4		4.5
Discount rate	4.7	%	5.0	%

Divestiture and Acquisition Activity

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Divestiture and Acquisition Activity

Divestiture of Reflectix, Inc.

On November 1, 2021, the Company completed the sale of Reflectix, Inc. (“Reflectix”), a wholly-owned subsidiary that sells branded reflective insulation solutions, with operations located in Markleville, Indiana. The decision to sell this business was consistent with the Company's overall strategic priorities focused on packaging solutions. Reflectix was previously included within the Protective reporting segment.

The disposal does not represent a strategic shift that will have a major effect on our operations and financial results and therefore did not qualify as a discontinued operation.

The selling price of the business was $82.5 million, paid in cash received during the fourth quarter 2021. We recorded a $45.3 million pre-tax gain on the sale of the business, within Gain (Loss) on sale of businesses and property and equipment on the Consolidated Statements of Operations. The business had a net carrying value of $35.8 million, which included inventory of

$6.8 million, trade receivables of $6.6 million, property and equipment of $1.0 million, and goodwill of $23.2 million. The goodwill is not deductible for tax purposes. The assets were partially offset by accrued liabilities which were individually immaterial. We recorded $17.3 million in tax expense related to the gain from the sale of Reflectix within Income tax provision on the Consolidated Statements of Operations for the year ended December 31, 2021.

The sales price is subject to final and customary purchase price true-ups. We maintain no on-going investment or relationship that would result in the sold business becoming a related party.

Acquisition of 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., a manufacturer of automated bagging systems. The acquisition is included in our Protective reporting segment. Automated Packaging Systems has provided opportunities to expand the Company's automated solutions and into adjacent markets.

Consideration paid for Automated Packaging Systems was $441.4 million in cash. The opening balance sheet included $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for Automated Packaging Systems' European employees. Of this amount, payments of $17.4 million, $19.0 million and $19.7 million were made during the years ended December 31, 2021, 2020 and 2019, respectively. Sealed Air is expected to make the remaining payment to the deferred incentive compensation plan participants in 2022.

The purchase price was primarily funded with proceeds from the incremental term facility provided for under an amendment to our Third Amended and Restated Credit Agreement, as described in Note 14, "Debt and Credit Facilities," of the Notes. For the years ended December 31, 2020 and 2019, transaction expenses recognized for the Automated Packaging Systems acquisition were $0.3 million and $3.3 million, respectively. These expenses are included within selling, general and administrative expenses in the Consolidated Statements of Operations.

The following table summarizes the consideration transferred to acquire Automated Packaging Systems and the allocation of the purchase price among the assets acquired and liabilities assumed, including measurement period adjustments recorded through the finalized purchase price allocation on August 1, 2020.


	Revised Preliminary Allocation		Measurement Period		Final Allocation
(In millions)	As of August 1, 2019		Adjustments		As of September 30, 2020
Total consideration transferred	$	445.7	$	(4.3)	$	441.4

Assets:
Cash and cash equivalents	16.0		(0.2)		15.8
Trade receivables, net	37.3		—		37.3
Other receivables	0.3		—		0.3
Inventories, net	40.7		(0.7)		40.0
Prepaid expenses and other current assets	2.3		—		2.3
Property and equipment, net	76.9		8.7		85.6
Identifiable intangible assets, net	81.1		(0.6)		80.5
Goodwill	261.3		(14.6)		246.7
Operating lease right-of-use-assets	—		4.3		4.3
Other non-current assets	24.7		1.1		25.8
Total assets	$	540.6	$	(2.0)	$	538.6
Liabilities:
Accounts payable	12.0		—		12.0
Current portion of long-term debt	2.6		(0.5)		2.1
Current portion of operating lease liabilities	—		1.5		1.5

Other current liabilities	56.2		(3.3)		52.9
Long-term debt, less current portion	4.3		(0.3)		4.0
Long-term operating lease liabilities, less current portion	—		2.8		2.8
Deferred taxes	—		0.5		0.5
Other non-current liabilities	19.8		1.6		21.4
Total liabilities	$	94.9	$	2.3	$	97.2

Measurement period adjustments recorded in the year ended December 31, 2020 through finalization of the purchase price allocation on August 1, 2020 were primarily a result of a favorable net working capital and purchase price settlement with the seller of $4.3 million during the first quarter of 2020.

The following table summarizes the identifiable intangible assets, net and their useful lives.


	Amount		Useful life
	(In millions)		(In years)
Customer relationships	$	28.9	13.0
Trademarks and tradenames	15.6		9.1
Capitalized software	2.4		3.0
Technology	29.6		6.4
Backlog	4.0		0.4
Total intangible assets with definite lives	$	80.5

Goodwill is a result of the expected synergies and cross-selling opportunities that this acquisition is expected to provide for the Company, as well as the expected growth potential in acquired automated and sustainable solutions. Goodwill allocated to Automated Packaging Systems' U.S. entities is deductible for tax purposes. Goodwill allocated to Automated Packaging Systems' foreign entities is not deductible for tax purposes. The goodwill balance associated with Automated Packaging Systems is included in the Protective reportable segment.

Other non-current assets at the opening balance sheet date included the net overfunded position of a closed defined benefit pension plan in the United Kingdom. Refer to Note 17, "Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans," for additional information on the Company's other defined benefit pension plans.

In conjunction with the acquisition and subsequent integration of Automated Packaging Systems, the Company incurred restructuring charges. No restructuring accrual was included in our opening balance sheet as the liability did not exist at the time of acquisition. Refer to Note 12, "Restructuring Activities," for more detail on the Company's restructuring activity.

The inclusion of Automated Packaging Systems in our consolidated financial statements was not deemed material with respect to the requirement to provide pro forma results of operations in ASC 805. As such, pro forma information is not presented.

Other 2019 Acquisition Activity

During the second quarter of 2019, Food 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 an allocation to goodwill of $6.0 million. The final purchase price adjustments resulting in an increase to goodwill of $0.3 million were recorded in the third quarter of 2019. Identifiable intangible assets acquired were not material.

Acquisitions Subsequent to December 31, 2021

On February 2, 2022, SEE acquired Foxpak Flexibles Ltd. (“Foxpak”), a privately-owned Irish packaging solutions company. Foxpak is a digital printing pioneer that partners with brands to deliver highly decorated packaging solutions; stand-up and spout pouches, and sachets that serve a variety of markets including food retail, pet food, seafood, and snacks. Established in 2001, Foxpak is located in Collon, Ireland. This transaction is not material to SEE’s financial results.

Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

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

•Food

•Protective.

The Company’s Food and Protective 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 the reportable segments. 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 Segment 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 sales.

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

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


	Year Ended December 31,
(In millions)	2021			2020			2019
Net sales
Food	$	3,112.8		$	2,825.5		$	2,880.5
As a % of Consolidated net sales	56.3		%	57.6		%	60.1		%
Protective	2,421.0			2,077.7			1,910.6
As a % of Consolidated net sales	43.7		%	42.4		%	39.9		%
Consolidated Net sales	$	5,533.8		$	4,903.2		$	4,791.1


	Year Ended December 31,
(In millions)	2021			2020			2019
Segment Adjusted EBITDA
Food	$	688.4		$	647.5		$	629.3
Food Adjusted EBITDA Margin	22.1		%	22.9		%	21.8		%
Protective	446.2			408.0			349.9
Protective Adjusted EBITDA Margin	18.4		%	19.6		%	18.3		%
Total Segment Adjusted EBITDA	$	1,134.6		$	1,055.5		$	979.2

The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:


	Year Ended December 31,
(In millions)	2021		2020		2019
Food Adjusted EBITDA	$	688.4	$	647.5	$	629.3
Protective Adjusted EBITDA	446.2		408.0		349.9
Corporate Adjusted EBITDA	(3.0)		(4.4)		(14.4)
Interest expense, net	(167.8)		(174.4)		(184.1)
Depreciation and amortization, net of adjustments(1)	(232.2)		(216.5)		(184.5)
Special Items:
Restructuring charges(2)	(14.5)		(11.0)		(41.9)
Other restructuring associated costs(3)	(16.5)		(19.5)		(60.3)
Foreign currency exchange loss due to highly inflationary economies	(3.6)		(4.7)		(4.6)
Loss on debt redemption and refinancing activities	(18.6)		—		(16.1)
Increase in fair value of equity investment	6.6		15.1		—
Impairment of debt investment	(8.0)		—		—
Charges related to acquisition and divestiture activity	(2.6)		(7.1)		(14.9)
Charges related to the Novipax settlement agreement	—		—		(59.0)
Gain on sale of Reflectix	45.3		—		—


Other Special Items(4)	(3.5)		(6.8)		(29.1)
Pre-tax impact of Special Items	(15.4)		(34.0)		(225.9)
Earnings before income tax provision	$	716.2	$	626.2	$	370.3

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


	Year Ended December 31,
(In millions)	2021		2020		2019
Food	$	129.1	$	122.2	$	110.3
Protective	103.1		94.3		75.0

Total Company depreciation and amortization(i)	232.2		216.5		185.3
Depreciation and amortization adjustments(ii)	—		—		(0.8)
Depreciation and amortization, net of adjustments	$	232.2	$	216.5	$	184.5

(i)Includes share-based incentive compensation of $45.8 million in 2021, $42.3 million in 2020 and $34.4 million in 2019.

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

(2) Restructuring charges by segment were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Food	$	7.2	$	3.2	$	23.5
Protective	7.3		7.8		18.4
Total Company restructuring charges	$	14.5	$	11.0	$	41.9

(3) Other restructuring associated costs for the year ended December 31, 2021, primarily relate to fees paid to third-party consultants in support of our Reinvent SEE business transformation, including a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities. Other restructuring associated costs for the year ended December 31, 2020, primarily relate to fees paid to third-party consultants in support of our Reinvent SEE business transformation.

(4) Other Special Items for the years ended December 31, 2021, 2020 and 2019, primarily included fees related to professional services, including legal fees, directly associated with Special Items of 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.


	December 31,
(In millions)	2021		2020
Assets allocated to segments:
Food	$	2,169.0	$	2,019.1
Protective	2,844.3		2,795.4
Total segments	$	5,013.3	$	4,814.5
Assets not allocated:
Cash and cash equivalents	561.0		548.7
Assets held for sale(1)	1.5		0.3
Income tax receivables	28.8		71.2
Other receivables	83.7		69.5
Deferred taxes	138.4		187.1
Other	402.6		392.5
Total	$	6,229.3	$	6,083.8

(1)Includes current and non-current assets held for sale.

Geographic Information

The following table shows net sales and total long-lived assets allocated by geography. Sales are attributed to the country/geography in which they originate.


	Year Ended December 31,
(In millions)	2021		2020		2019
Net sales(1):
Americas(1)(2)	$	3,522.3	$	3,135.6	$	3,061.9
EMEA	1,200.0		1,031.6		1,010.4
APAC	811.5		736.0		718.8
Total	$	5,533.8	$	4,903.2	$	4,791.1
Total long-lived assets(3)(4):
Americas(2)(3)	$	1,047.8	$	988.2
EMEA	404.2		386.0
APAC	225.8		247.4
Total	$	1,677.8	$	1,621.6

(1)U.S. net sales were $2,925.4 million, $2,607.3 million and $2,501.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2021, 2020 or 2019. Sales are allocated to the country/region based on where each sale originated.

(2)As of January 1, 2021, we consolidated the reporting of the North America and South America geographic regions, which are now collectively presented as Americas. No changes were made to EMEA or APAC. This change has no impact on our prior period consolidated results and is only the aggregation of the previously bifurcated continents. Prior periods have been retrospectively adjusted to reflect the new geographic regions.

(3)Total long-lived assets in the U.S. were $970.4 million and $921.4 million at December 31, 2021 and 2020, respectively. No non-U.S. country had long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2021 or 2020.

(4)Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, and intangible assets

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories, net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories, net

The following table details our inventories, net:


	December 31,
(In millions)	2021		2020
Raw materials	$	167.6	$	113.8
Work in process	158.0		139.7
Finished goods	400.1		343.2
Total	$	725.7	$	596.7

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The following table details our property and equipment, net.


	December 31,
(In millions)	2021		2020
Land and improvements	$	47.0	$	50.8
Buildings	790.2		786.5
Machinery and equipment	2,554.0		2,543.5
Other property and equipment	124.2		133.5
Construction-in-progress	200.8		150.1
Property and equipment, gross	3,716.2		3,664.4
Accumulated depreciation and amortization	(2,484.2)		(2,474.7)
Property and equipment, net	$	1,232.0	$	1,189.7

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


	Year Ended December 31,
(In millions)	2021		2020		2019
Interest cost capitalized	$	6.8	$	5.6	$	8.4
Depreciation and amortization expense for property and equipment	$	147.6	$	136.6	$	122.0

Goodwill and Identifiable Intangible Assets, net

12 Months Ended

Dec. 31, 2021

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. The Company performed a qualitative assessment by reporting unit as of October 1, 2021. This assessment included consideration of key factors including macroeconomic conditions, industry and market considerations, cost factors and other relevant entity-and reporting unit-specific events. Based on our qualitative assessment, we determined it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. As such, it was not necessary to perform a quantitative test. There have been no significant events or circumstances affecting the valuation of goodwill subsequent to the qualitative assessment performed as of October 1, 2021.

Allocation of Goodwill to Reporting Segment

The following table shows our goodwill balances by reportable segment:


(In millions)	Food		Protective		Total
Gross Carrying Value at December 31, 2019	$	577.2	$	1,830.0	$	2,407.2
Accumulated amortization	(49.3)		(141.0)		(190.3)
Carrying Value at December 31, 2019	$	527.9	$	1,689.0	$	2,216.9
Acquisition, purchase price and other adjustments	—		(5.3)		(5.3)
Currency translation	2.5		8.9		11.4
Gross Carrying Value at December 31, 2020	$	579.7	$	1,833.6	$	2,413.3
Accumulated amortization	(49.5)		(141.2)		(190.7)
Carrying Value at December 31, 2020	$	530.2	$	1,692.4	$	2,222.6
Divestiture(1)	—		(23.2)		(23.2)
Currency translation	(3.1)		(7.4)		(10.5)
Gross Carrying Value at December 31, 2021	$	576.6	$	1,803.0	$	2,379.6
Accumulated amortization(2)	(49.3)		(140.9)		(190.2)
Carrying Value at December 31, 2021	$	527.3	$	1,662.1	$	2,189.4

(1) $23.2 million of goodwill was allocated to Reflectix, as part of the business divestiture. Refer to Note 5, "Divestiture and Acquisition Activity," for more detail on the Company's divestiture and acquisition activity.

(2) The change in accumulated amortization from December 31, 2020 to December 31, 2021 is due to the impact of foreign currency translation.

As noted above, it was determined under a qualitative assessment that there was no impairment of goodwill. However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of. In the event of significant adverse changes of the nature described above, we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives:


	December 31, 2021						December 31, 2020
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	102.7	$	(42.4)	$	60.3	$	105.2	$	(37.2)	$	68.0
Trademarks and tradenames	31.2		(11.5)		19.7		31.3		(8.5)		22.8
Software	125.5		(90.5)		35.0		104.7		(69.7)		35.0
Technology	64.9		(38.3)		26.6		66.7		(33.0)		33.7
Contracts	11.5		(9.4)		2.1		13.6		(11.0)		2.6
Total intangible assets with definite lives	335.8		(192.1)		143.7		321.5		(159.4)		162.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	344.7	$	(192.1)	$	152.6	$	330.4	$	(159.4)	$	171.0

The following table shows the estimated future amortization expense at December 31, 2021.


Year	Amount (in millions)
2022	$	33.7
2023	25.6
2024	19.5
2025	13.7
2026	9.0
Thereafter	42.2
Total	$	143.7

Amortization expense was $38.8 million in 2021, $37.5 million in 2020 and $28.9 million in 2019.

The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2021.


			Remaining weighted average useful lives
Customer relationships			10.7
Trademarks and tradenames			8.4
Software			1.7
Technology			5.5
Contracts			5.6
Total identifiable intangible assets, net with definite lives			7.2

Expected future cash flows associated with the Company's intangible assets are not expected to be materially affected by the Company's intent or ability to renew or extend the arrangements. Based on our experience with similar agreements, we expect to continue to renew contracts held as intangibles through the end of the remaining useful lives.

During the fourth quarter of 2020, we identified a triggering event related to our foam fabrication producing asset group within our Protective segment. The asset group's primary asset was determined to be the intangible asset of Customer Relationships, which had a remaining useful life of approximately 12 years, as of the testing date. The triggering event was related to the finalization of the financial projections and budget which indicated short-term deterioration in the profitability of the specific asset group's North American operations. As of October 1, 2020, we performed a quantitative analysis of the recoverability of the net asset group and determined that the assets were not impaired, as the expected cash flows, including the residual value of the net asset group exceeded the carrying value. Actual performance of the asset group for the year ended December 31, 2021 was consistent with the financial projections utilized in the prior year recoverability test. Additionally, financial projections developed for 2022 exceed those previously used in the prior year impairment test across the asset group. No triggering events were identified during the year ended December 31, 2021.

Accounts Receivable Securitization Programs	12 Months Ended
Accounts Receivable Securitization Programs	Dec. 31, 2021
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 a 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 to 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 the underlying receivables as collateral and will be classified as short-term borrowings on our 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 Consolidated Balance Sheets. There were no borrowings or corresponding net trade receivables maintained as collateral as of December 31, 2021 or December 31, 2020. As of December 31, 2021, the maximum purchase limit for receivable interests was $50.0 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $50.0 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 December 31, 2021, the amount available to us under the program was $50.0 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 decline in the amounts available to us under the program or termination of the program. The program expires annually and is renewable. 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 uncollectible receivables held by the SPV. Therefore, the SPV is consolidated in our 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 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 Consolidated Balance Sheets. There were no borrowings or corresponding net trade receivables maintained as collateral as of December 31, 2021 or December 31, 2020. As of December 31, 2021, the maximum purchase limit for receivable interests was €80.0 million ($90.6 million equivalent), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of December 31, 2021, the amount available under this program before utilization was €80.0 million ($90.6 million equivalent). This program expires annually and is renewable. Utilization of Our Accounts Receivable Securitization Programs As of December 31, 2021 and 2020, there were no outstanding borrowings under our U.S. or European programs. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. There was no interest paid for these programs for the year ended December 31, 2021, and $0.4 million and $0.8 million for the years ended December 31, 2020 and 2019, respectively. 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 December 31, 2021.

Accounts Receivable Factoring Agreements	12 Months Ended
Accounts Receivable Factoring Agreements	Dec. 31, 2021
Transfers and Servicing [Abstract]
Accounts Receivable Factoring Agreement	Accounts Receivable Factoring AgreementsThe Company has entered into factoring agreements and customers' supply chain financing arrangements, to sell certain trade 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 true-sale treatment when the appropriate criteria is met, which permits the Company to present the balances sold under the program to be excluded from Trade receivables, net on the 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 years ended December 31, 2021, 2020 and 2019 were $687.3 million, $465.6 million, and $351.3 million, respectively. The fees associated with transfer of receivables for all programs were approximately $4.1 million, $2.2 million and $3.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring Activities

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Activities

For the year ended December 31, 2021, the Company incurred $14.5 million of restructuring charges and $16.5 million of other related costs for our restructuring program. These charges resulted from restructuring and associated costs incurred in connection with the Company’s Reinvent SEE business transformation.

In December 2018, the Board of Directors approved our Reinvent SEE business transformation, which included the related three-year restructuring program (“Program”). Spend associated with our previously existing restructuring programs at the time of Reinvent SEE’s approval was substantially completed as of December 31, 2020 and is no longer included in the restructuring program totals below.

The Board of Directors originally approved cumulative restructuring spend of $190 to $220 million. As of December 31, 2021, the Company has incurred $188 million of spend. In December 2021, the Board of Directors approved a six-month extension to the original three-year estimate. The six-month extension does not expand the original total Program spend and is primarily related to on-going initiatives, including those related to SEE's continued digital transformation. We now expect restructuring activities associated with the Program to be substantially complete by June 30, 2022.

Restructuring spend is estimated to be incurred as follows:


	Total Restructuring Program Range				Less Program Spend to Date		Remaining Restructuring Spend
(In millions)	Low		High				Low		High
Costs of reduction in headcount as a result of reorganization	$	70	$	80	$	(75)	$	—	$	5
Other expenses associated with the Program	110		120		(102)		8		18
Total expense	180		200		(177)		8		23
Capital expenditures	10		20		(11)		—		9
Total estimated cash cost(1)	$	190	$	220	$	(188)	$	8	$	32

(1) Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.

The Company also incurred expense related to a restructuring program associated with our 2019 acquisition of Automated Packaging Systems of $1.7 million and $2.3 million during the years ended December 31, 2020 and 2019, respectively. There were no charges incurred for the acquisition related program for the year ended December 31, 2021. See Note 5, "Divestiture and Acquisition Activity," of the Notes for additional information related to our acquisitions.

The following table details our aggregate restructuring activities incurred under the Company's Program or prior restructuring programs at the time the expense was recorded as reflected in the Consolidated Statements of Operations:


	Year Ended December 31,
(In millions)	2021		2020		2019

Other associated costs	$	16.5	$	19.6	$	60.3
Restructuring charges	14.5		11.0		41.9


Total charges	$	31.0	$	30.6	$	102.2
Capital expenditures	$	8.2	$	0.4	$	3.4

The aggregate restructuring accrual, spending and other activity for the years ended December 31, 2021, 2020 and 2019 and the accrual balance remaining at those year-ends were as follows:


(In millions)
Restructuring accrual at December 31, 2018	$	37.5
Accrual and accrual adjustments	41.9
Cash payments during 2019	(47.6)
Effects of changes in foreign currency exchange rates	(0.3)
Restructuring accrual at December 31, 2019	$	31.5
Accrual and accrual adjustments	11.0
Cash payments during 2020	(28.0)
Effect of changes in foreign currency exchange rates	(0.2)
Restructuring accrual at December 31, 2020	$	14.3
Accrual and accrual adjustments	14.5
Cash payments during 2021	(16.9)
Effect of changes in foreign currency exchange rates	(0.6)
Restructuring accrual at December 31, 2021	$	11.3

We expect to pay $10.2 million of the accrual balance remaining at December 31, 2021 within the next twelve months. This amount is included in accrued restructuring costs on the Consolidated Balance Sheets at December 31, 2021. The remaining accrual of $1.1 million, is expected to primarily be paid in 2023. These amounts are included in other non-current liabilities on our Consolidated Balance Sheets at December 31, 2021.

One of the components of the Reinvent SEE business transformation was to enhance the operational efficiency of the Company by acting as "One SEE". The Program was approved by our Board of Directors as a consolidated program benefiting both Food and Protective, and accordingly the expected program spend by reporting segment is not available. However, of the total remaining restructuring accrual of $11.3 million as of December 31, 2021, $3.4 million was attributable to Food and $7.9 million was attributable to Protective.

Other Current and Non-Current Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Other Current and Non-Current Liabilities

The following tables detail our other current liabilities and other non-current liabilities at December 31, 2021 and 2020:


	December 31,
(In millions)	2021		2020
Other current liabilities:
Accrued salaries, wages and related costs	$	178.4	$	209.2
Accrued operating expenses	189.7		192.1
Accrued customer volume rebates	93.7		83.3
Accrued interest	38.0		37.8
Accrued employee benefit liability	5.0		4.9
Total	$	504.8	$	527.3


	December 31,
(In millions)	2021		2020
Other non-current liabilities:
Accrued employee benefit liability	$	139.9	$	201.0
Other postretirement liability	35.3		38.3
Uncertain tax position liability	402.6		381.4
Other various liabilities	83.8		107.6
Total	$	661.6	$	728.3

Debt and Credit Facilities

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt and Credit Facilities

Our total debt outstanding consisted of the amounts set forth below:


			December 31,
(In millions)	Interest rate		2021		2020
Short-term borrowings(1)			$	1.3	$	7.2
Current portion of long-term debt(2)			487.2		22.3
Total current debt			488.5		29.5
Term Loan A due August 2022			—		474.7
Term Loan A due July 2023			34.6		208.6

Senior Notes due December 2022	4.875	%	—		423.3
Senior Notes due April 2023	5.250	%	423.8		422.9
Senior Notes due September 2023	4.500	%	451.9		490.2
Senior Notes due December 2024	5.125	%	422.8		422.1
Senior Notes due September 2025	5.500	%	398.2		397.8
Senior Secured Notes due October 2026	1.573	%	595.0		—
Senior Notes due December 2027	4.000	%	421.4		420.9
Senior Notes due July 2033	6.875	%	446.2		446.0
Other(2)			25.7		24.9
Total long-term debt, less current portion(3)			3,219.6		3,731.4
Total debt(4)			$	3,708.1	$	3,760.9

(1)Short-term borrowings of $1.3 million and $7.2 million at December 31, 2021 and December 31, 2020, respectively, were comprised of short-term borrowings from various lines of credit.

(2)Current portion of long-term debt included $475 million related to the Term Loan A due August 2022, as well as finance lease liabilities of $10.2 million at December 31, 2021. Current portion of long-term debt included finance lease liabilities of $10.5 million at December 31, 2020. The Other debt balance included $19.2 million and $23.9 million for long-term liabilities associated with our finance leases as of December 31, 2021 and 2020, respectively. See Note 4, “Leases,” for additional information on finance and operating lease liabilities.

(3)Amounts are net of unamortized discounts and issuance costs of $19.0 million and $20.1 million as of December 31, 2021 and 2020, respectively.

(4)As of December 31, 2021, our weighted average interest rate on our short-term borrowings outstanding was 3.6% and on our long-term debt outstanding was 4.1%. As of December 31, 2020, our weighted average interest rate on our short-term borrowings outstanding was 2.2% and on our long-term debt outstanding was 4.4%.

Debt Maturities

The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt and finance leases. This schedule represents the principal portion amount outstanding of our debt, and therefore excludes debt discounts, effect of present value discounting for finance lease obligations, interest rate swaps and lender and finance fees.


Year	Amount (In millions)
2022	$	488.3
2023	919.4
2024	427.6
2025	402.0
2026	601.9
Thereafter	891.7
Total	$	3,730.9

Senior Secured Notes

2021 Activity

On September 29, 2021, Sealed Air issued $600 million aggregate principal amount of 1.573% Senior Secured Notes due 2026 (the “2026 Notes”). The 2026 Notes will mature on October 15, 2026. Interest is payable on April 15 and October 15 of each year, commencing April 15, 2022. The 2026 Notes and related guarantees are secured on a first-priority basis by liens on substantially all of the Company's and the Guarantors' personal property securing obligations that the Company owes to lenders under the Company's senior secured credit facilities on a pari passu basis, in each case excluding certain property and subject to certain other exceptions.

Prior to the date that is one month prior to the scheduled maturity date of the 2026 Notes (the “Par Call Date”), Sealed Air may redeem the 2026 Notes, in whole or in part, at any time, at a redemption price equal to the greater of (i) 100% of the principal amount of such 2026 Notes or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on such 2026 Notes (assuming for this purpose that interest accrued to the Par Call Date is scheduled to be paid on the Par Call Date) from the redemption date to the Par Call Date discounted to the redemption date on a semiannual basis, plus in either (i) or (ii), any interest accrued but not paid to the date of redemption.

At any time on or after the Par Call Date, Sealed Air may redeem the 2026 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus any interest accrued but not paid to, but not including, the date of redemption.

We capitalized $5.3 million of non-lender fees incurred in connection with the 2026 Notes which are included in long-term debt, less current portion on our Consolidated Balance Sheets.

The net proceeds from the offering of the 2026 Notes were used (i) to repurchase the outstanding 4.875% Senior Notes due 2022 (the “2022 Notes”) tendered pursuant to the tender offer commenced by the Company on September 15, 2021, (ii) to satisfy and discharge all of the remaining outstanding 2022 Notes in accordance with the terms of the indenture governing the 2022 Notes, and (iii) to repay a portion of the U.S. dollar tranche of Term Loan A due 2023. A pre-tax loss of $18.6 million was recognized on the repurchase and cancellation of the 2022 Notes, including a premium of $17.0 million and accelerated amortization of non-lender fees of $1.6 million, within Other (expense) income, net on our Consolidated Statement of Operations during the year ended December 31, 2021.

Additionally, the Company repaid an aggregate principal amount of $177.2 million of the U.S. dollar tranche of Term Loan A due 2023, plus accrued interest of $0.2 million.

Senior Notes

2019 Activity

On November 26, 2019, Sealed Air issued $425 million aggregate principal amount of 4.00% Senior Notes due 2027. The proceeds were used to repurchase and discharge the Company's $425 million 6.50% Senior Notes due 2020. The aggregate repurchase price was $452.0 million, which included the principal amount of $425 million, a premium of $15.5 million and accrued interest of $11.5 million. We recognized a pre-tax loss of $16.1 million on the extinguishment, including the premium mentioned above and $1.2 million of accelerated amortization of non-lender fees partially offset by a $0.6 million gain on the settlement of interest rate swaps. We also capitalized $3.5 million of non-lender fees incurred in connection with the 4.00% Senior Notes due 2027 which are included in long-term debt, less current portion on our Consolidated Balance Sheets.

Amended and Restated Senior Secured Credit Facility

The Company maintains a senior secured credit facility. 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”). The Amendment provided for a new incremental term facility in an aggregate principal amount of $475 million, that was used, in part, to finance the acquisition of Automated Packaging Systems. See Note 5, “Divestiture and Acquisition Activity,” for additional information related to the Automated Packaging Systems acquisition.

Lines of Credit

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


	December 31,
(In millions)	2021		2020
Used lines of credit(1)	$	1.3	$	7.2
Unused lines of credit	1,309.0		1,312.0
Total available lines of credit(2)	$	1,310.3	$	1,319.2

(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, $1,140.6 million were committed as of December 31, 2021.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Our Senior Secured Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum leverage ratio to EBITDA. We were in compliance with the above financial covenants and limitations at December 31, 2021 and 2020.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

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

As a 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 Consolidated Statements of Operations. Cash flows from derivative financial instruments designated as cash flow hedges are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Net unrealized after-tax gains/losses related to cash flow hedging activities included in AOCL were a $4.5 million gain, a $1.6 million loss and a $2.8 million loss for the years ended December 31, 2021, 2020 and 2019, respectively. The unrealized amount in AOCL will fluctuate based on changes in the fair value of open contracts during each reporting period.

We estimate that $1.6 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 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 not designated as hedges are classified as cash flows from investing activities in the 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 December 31, 2021 and 2020, 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 decrease in the translated value of the debt was $3.1 million ($2.3 million net of tax) as of December 31, 2021, and is reflected in AOCL on our Consolidated Balance Sheets.

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 gain 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 Consolidated Statements of Operations.

Other Derivative Instruments

We may use other derivative instruments from time to time to manage exposure to foreign exchange rates and to access 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 16, “Fair Value Measurements, Equity Investments and Other Financial Instruments,” of the Notes 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 Consolidated Balance Sheets.


	Cash Flow Hedge				Non-Designated as Hedging Instruments			Total
	December 31,				December 31,			December 31,
(In millions)	2021		2020			2021		2020		2021		2020
Derivative Assets
Foreign currency forward contracts and options	$	2.0	$	—		$	1.7	$	7.3	$	3.7	$	7.3

Total Derivative Assets	$	2.0	$	—		$	1.7	$	7.3	$	3.7	$	7.3
Derivative Liabilities
Foreign currency forward contracts	$	(0.6)	$	(2.8)		$	(1.0)	$	(4.2)	$	(1.6)	$	(7.0)

Total Derivative Liabilities(1)	$	(0.6)	$	(2.8)		$	(1.0)	$	(4.2)	$	(1.6)	$	(7.0)
Net Derivatives (2)	$	1.4	$	(2.8)		$	0.7	$	3.1	$	2.1	$	0.3

(1)Excludes €400.0 million of euro-denominated debt ($451.9 million equivalent at December 31, 2021 and $490.2 million equivalent at December 31, 2020), which is 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
	December 31,				December 31,
(In millions)	2021		2020		2021		2020
Gross position	$	3.7	$	7.3	$	(1.6)	$	(7.0)

Impact of master netting agreements	(0.9)		(2.3)		0.9		2.3
Net amounts recognized on the Consolidated Balance Sheets	$	2.8	$	5.0	$	(0.7)	$	(4.7)

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


	Location of Gain (Loss) Recognized on	Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Consolidated Statements of Operations	Year Ended December 31,
(In millions)		2021		2020		2019
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales	$	(1.9)	$	(0.8)	$	1.6


Treasury locks	Interest expense, net	0.1		0.1		0.1
Sub-total cash flow hedges		(1.8)		(0.7)		1.7
Fair Value Hedges:
Interest rate swaps	Interest expense, net	—		—		0.6
Derivatives not designated as hedging instruments:
Foreign currency forward contracts and options	Other (expense) income, net	6.0		4.1		(6.6)
Total		$	4.2	$	3.4	$	(4.3)

Fair Value Measurements, Equity Investments and Other Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements, Equity Investments and Other Financial Instrument

Fair Value Measurements, Equity Investments and Other Financial Instruments

Fair Value Measurements

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels to the fair value hierarchy as follows:

Level 1 - observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and

Level 3 - unobservable inputs for which there is little or no market data, which may require the reporting entity to develop its own assumptions.

The fair value, measured on a recurring basis, of our financial instruments, using the fair value hierarchy under U.S. GAAP are included in the table below.


	December 31, 2021
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	290.0	$	290.0	$	—	$	—

Derivative financial and hedging instruments net asset:
Foreign currency forward contracts	$	2.1	$	—	$	2.1	$	—


	December 31, 2020
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	235.1	$	235.1	$	—	$	—

Derivative financial and hedging instruments net asset:
Foreign currency forward and option contracts	$	0.3	$	—	$	0.3	$	—

Cash equivalents - Our cash equivalents consisted of bank time deposits. Since these are short-term highly liquid investments with remaining maturities of 3 months or less, they present negligible risk of changes in fair value due to changes in interest rates and are classified as Level 1 financial instruments.

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 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. Such financial instruments are classified as 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 Consolidated Balance Sheets as of December 31, 2021 and 2020.

Equity Investments

SEE maintains equity investments in companies which are accounted for under the measurement alternative described in ASC 321-10-35-2 ("ASC 321") for equity investments that do not have readily determinable fair values. We do not exercise significant influence over these companies. The following carrying value of these investments were included within Other non-current assets in our Consolidated Balance Sheets.


	December 31,
(In millions)	2021		2020		2019
Carrying value at the beginning of period	$	25.4	$	7.5	$	7.5
Purchases	14.7		2.6		—
Impairments or downward adjustments	—		—		—
Upward adjustments	6.6		15.1		—
Currency translation on investments	(0.9)		0.2		—
Carrying value at the end of period	$	45.8	$	25.4	$	7.5

During the third quarter of 2021, SEE recorded an upward adjustment of $6.6 million, based on the valuation of additional equity issued by an investee which was deemed to be an observable transaction of a similar investment under ASC 321. The gain was recorded within Other (expense) income, net on the Consolidated Statements of Operations.

During the fourth quarter of 2020, SEE made an additional investment in one of our investees of $5.7 million, based on the balance sheet foreign exchange rate as of December 31, 2020. The equity issuance by the investee was subject to customary regulatory and statutory approval which was received during the first quarter of 2021. Upon approval, this investment converted to equity and is held as an equity investment valued under the measurement alternative in ASC 321.

Additionally, during the second quarter of 2021, SEE made an additional investment in another investee of $9.0 million. The investment continues to be accounted for under the measurement alternative of ASC 321, and SEE did not gain significant influence over the investee with the subsequent investment.

There have been no cumulative impairments or downward adjustments on any equity investments above, as of December 31, 2021. The cumulative upward adjustments of the equity investments was $21.7 million and $15.1 million as of December 31, 2021 and 2020, respectively.

Other Financial Instruments

The following financial instruments are recorded at fair value or at amounts that approximate fair value: (1) trade receivables, net, (2) certain other current assets, (3) accounts payable and (4) other current liabilities. The carrying amounts reported on our 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 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:


			December 31, 2021				December 31, 2020
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due August 2022			$	474.9	$	474.9	$	474.7	$	474.7
Term Loan A Facility due July 2023(1)			37.1		37.1		220.0		220.0

Senior Notes due December 2022	4.875	%	—		—		423.3		446.0
Senior Notes due April 2023	5.250	%	423.8		441.9		422.9		450.8
Senior Notes due September 2023(1)	4.500	%	451.9		479.1		490.2		537.5
Senior Notes due December 2024	5.125	%	422.8		455.8		422.1		466.8
Senior Notes due September 2025	5.500	%	398.2		443.3		397.8		446.7
Senior Secured Notes due October 2026	1.573	%	595.0		581.3		—		—
Senior Notes due December 2027	4.000	%	421.4		443.8		420.9		453.6
Senior Notes due July 2033	6.875	%	446.2		571.9		446.0		594.4
Other foreign borrowings(1)			1.3		1.3		8.8		9.1
Other domestic borrowings			6.7		6.7		—		—
Total debt(2)			$	3,679.3	$	3,937.1	$	3,726.7	$	4,099.6

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

(2)The carrying amount and estimated fair value of debt exclude lease liabilities.

In addition to the table above, the Company remeasures amounts related to certain equity compensation that are carried at fair value on a recurring basis in the Consolidated Financial Statements or for which a fair value measurement was required. Refer to Note 21, “Stockholders’ (Deficit) Equity,” for additional detail on share-based compensation. 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.

Credit and Market Risk

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

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

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

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

- 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

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans

Profit Sharing and Retirement Savings Plans

We have a qualified non-contributory profit sharing plan covering most of our U.S. employees. Contributions to this plan, which are made at the discretion of our Board of Directors, may be made in cash, shares of our common stock, or in a combination of cash and shares of our common stock. We also maintain a qualified contributory retirement savings plan in which most of our U.S. employees are eligible to participate. The qualified contributory retirement savings plans generally provide for our contributions in cash based upon the amount contributed to the plans by the participants.

The expense associated with our contributions to the U.S. profit sharing plan and retirement savings plan are charged to operations and amounted to $42.5 million in 2021, $46.3 million in 2020 and $39.3 million in 2019. In 2021, 633,875 shares were contributed as part of our contribution to the profit sharing plan related to 2020; in 2020, 823,567 shares were contributed as part of our contribution to the profit sharing plan related to 2019, and in 2019, 487,108 shares were contributed as part of our contribution to the profit sharing plan related to 2018. These shares were issued out of treasury stock.

We have various international defined contribution benefit plans which cover certain employees. We have expanded use of these plans in select countries where they have been used to supplement or replace defined benefit plans.

Defined Benefit Pension Plans

We recognize the funded status of each defined pension benefit plan as the difference between the fair value of plan assets and the projected benefit obligation of the employee benefit plans in the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability on our Consolidated Balance Sheets. Subsequent changes in the funded status are reflected on the Consolidated Balance Sheets in unrecognized pension items, a component of AOCL, which are included in total stockholders’ equity. The amount of unamortized pension items is recorded net of tax.

We amortize actuarial gains or losses over the average future working lifetime (or remaining lifetime of inactive participants if there are no active participants). We use the corridor method, where the corridor is the greater of ten percent of the projected benefit obligation or fair value of assets at year end. If actuarial gains or losses do not exceed the corridor, then there is no amortization of gain or loss.

The following table shows the components of our net periodic benefit (income) cost and cost of special events related to our pension plans for the three years ended December 31:


	Year Ended December 31,
(In millions)	2021		2020		2019
Net periodic benefit cost (income):
U.S. and international net periodic benefit cost included in cost of sales(1)	$	1.3	$	1.2	$	1.1
U.S. and international net periodic benefit cost included in selling, general and administrative expenses	3.8		3.4		2.8
U.S. and international net periodic benefit income and cost of special events included in other (income) expense	(6.3)		(3.8)		(4.4)
Total benefit (income) cost	$	(1.2)	$	0.8	$	(0.5)

(1)The amount recorded in inventory for the years ended December 31, 2021, 2020 and 2019 was not material.

A number of our U.S. employees, including some employees who are covered by collective bargaining agreements, participate in defined benefit pension plans. Some of our international employees participate in defined benefit pension plans in their respective countries. The following table presents our funded status for 2021 and 2020 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	202.2	$	782.9	$	985.1	$	194.1	$	703.7	$	897.8
Service cost	0.1		5.0		5.1		0.1		4.5		4.6
Interest cost	3.5		8.8		12.3		5.3		11.2		16.5
Actuarial (gain) loss	(6.7)		(30.2)		(36.9)		18.2		64.5		82.7
Settlement	—		(7.1)		(7.1)		—		(9.8)		(9.8)
Benefits paid	(14.0)		(24.7)		(38.7)		(15.5)		(23.4)		(38.9)
Employee contributions	—		0.8		0.8		—		0.8		0.8

Other	—		(0.3)		(0.3)		—		0.3		0.3
Foreign exchange impact	—		(21.1)		(21.1)		—		31.1		31.1
Projected benefit obligation at end of period	$	185.1	$	714.1	$	899.2	$	202.2	$	782.9	$	985.1
Change in plan assets:
Fair value of plan assets at beginning of period	$	141.6	$	695.0	$	836.6	$	137.1	$	624.9	$	762.0
Actual return on plan assets	18.5		11.3		29.8		8.6		62.5		71.1
Employer contributions	4.7		14.9		19.6		11.3		13.6		24.9
Employee contributions	—		0.8		0.8		—		0.8		0.8
Benefits paid	(14.0)		(24.7)		(38.7)		(15.5)		(23.4)		(38.9)
Settlement	—		(7.1)		(7.1)		—		(9.9)		(9.9)

Other	—		(0.4)		(0.4)		0.1		(0.4)		(0.3)
Foreign exchange impact	—		(12.3)		(12.3)		—		26.9		26.9
Fair value of plan assets at end of period	$	150.8	$	677.5	$	828.3	$	141.6	$	695.0	$	836.6
Underfunded status at end of year	$	(34.3)	$	(36.6)	$	(70.9)	$	(60.6)	$	(87.9)	$	(148.5)
Accumulated benefit obligation at end of year	$	185.1	$	701.8	$	886.9	$	202.2	$	766.1	$	968.3

Actuarial gains resulting in a decrease to our projected benefit obligation for the year ended December 31, 2021 were primarily due to an increase in weighted average discount rates for our U.S. and International plans of 40 basis points and 50 basis points, respectively. Actuarial losses resulting in an increase to our projected benefit obligation for the year ended December 31, 2020 were primarily due to a reduction in weighted average discount rates for our U.S. and International plans of 90 basis points and 50 basis points, respectively.

Amounts included in the Consolidated Balance Sheets are summarized in the following table:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Other non-current assets	$	—	$	70.6	$	70.6	$	—	$	54.3	$	54.3
Other current liabilities	—		(4.1)		(4.1)		—		(4.0)		(4.0)
Other non-current liabilities	(34.3)		(105.6)		(139.9)		(60.6)		(140.4)		(201.0)
Net amount recognized(1)	$	(34.3)	$	(39.1)	$	(73.4)	$	(60.6)	$	(90.1)	$	(150.7)

(1)Includes the underfunded status of material plans as presented in the previous table, as well as the underfunded status of other plans deemed to be immaterial.

The following table shows the components of our net periodic benefit (income) cost for the years ended December 31, for our pension plans:


	December 31, 2021						December 31, 2020						December 31, 2019
(In millions)	U.S.		International		Total		U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit (income) cost:
Service cost	$	0.1	$	5.0	$	5.1	$	0.1	$	4.5	$	4.6	$	0.1	$	3.8	$	3.9
Interest cost	3.5		8.8		12.3		5.3		11.2		16.5		6.9		15.0		21.9
Expected return on plan assets	(8.9)		(18.5)		(27.4)		(9.0)		(19.4)		(28.4)		(7.3)		(24.7)		(32.0)

Amortization of net prior service cost	—		0.3		0.3		—		0.2		0.2		—		0.2		0.2
Amortization of net actuarial loss	2.4		5.2		7.6		1.5		4.6		6.1		1.4		3.7		5.1
Net periodic benefit (income) cost	(2.9)		0.8		(2.1)		(2.1)		1.1		(1.0)		1.1		(2.0)		(0.9)
Cost of settlement	—		0.9		0.9		—		1.8		1.8		—		0.4		0.4
Total benefit (income) cost	$	(2.9)	$	1.7	$	(1.2)	$	(2.1)	$	2.9	$	0.8	$	1.1	$	(1.6)	$	(0.5)

The amounts included in AOCL that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and 2020 are:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Unrecognized net prior service costs	$	0.2	$	4.9	$	5.1	$	0.2	$	5.2	$	5.4
Unrecognized net actuarial loss	47.2		130.0		177.2		66.0		158.8		224.8
Total	$	47.4	$	134.9	$	182.3	$	66.2	$	164.0	$	230.2

Changes in plan assets and benefit obligations recognized in AOCL for the year ended December 31, 2021 and 2020 were as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Current year actuarial (gain) loss	$	(16.4)	$	(22.9)	$	(39.3)	$	18.6	$	21.4	$	40.0
Prior year service cost occurring during the year	—		—		—		—		0.8		0.8
Amortization of actuarial loss	(2.4)		(5.2)		(7.6)		(1.5)		(4.6)		(6.1)
Amortization of prior service cost	—		(0.3)		(0.3)		—		(0.2)		(0.2)

Settlement	—		(0.9)		(0.9)		—		(1.8)		(1.8)
Total	$	(18.8)	$	(29.3)	$	(48.1)	$	17.1	$	15.6	$	32.7

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2021 and 2020 are as follows:


	December 31, 2021			December 31, 2020
(In millions)	U.S.	International	Total	U.S.	International	Total
Accumulated benefit obligation	185.1	209.9	395.0	202.2	510.3	712.5
Fair value of plan assets	150.8	111.6	262.4	141.6	384.0	525.6

Information for plans with projected benefit obligations in excess of plan assets as of December 31, 2021 and 2020 are as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Projected benefit obligation	$	185.1	$	228.0	$	413.1	$	202.2	$	526.4	$	728.6
Fair value of plan assets(1)	150.8		121.0		271.8		141.6		384.0		525.6

(1)As of December 31, 2021, the projected benefit obligation for one of our international plans exceeded the fair value of plan assets and is included in this table. However, the corresponding accumulated benefit obligation was not in excess of the fair value of the plan assets, and as such is excluded from the preceding table.

Actuarial Assumptions

Weighted average assumptions used to determine benefit obligations at December 31, 2021 and 2020 were as follows:


	December 31, 2021				December 31, 2020
	U.S.		International		U.S.		International
Benefit obligations
Discount rate	2.8	%	1.9	%	2.4	%	1.4	%
Rate of compensation increase	N/A		2.3	%	N/A		2.3	%
Cash balance interest credit rate	1.6	%	1.1	%	1.2	%	1.1	%

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were as follows:


	December 31, 2021				December 31, 2020				December 31, 2019
	U.S.		International		U.S.		International		U.S.		International
Net periodic benefit cost
Discount rate	2.4	%	1.4	%	3.3	%	1.9	%	4.3	%	2.6	%
Expected long-term rate of return	6.3	%	2.8	%	6.5	%	3.3	%	6.2	%	4.7	%
Rate of compensation increase	N/A		2.3	%	N/A		2.3	%	N/A		2.3	%
Cash balance interest credit rate	1.2	%	1.1	%	2.0	%	1.1	%	3.0	%	1.4	%

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:


	Amount (In millions)
Year	U.S.		International		Total
2022	$	11.8	$	29.7	$	41.5
2023	11.7		26.8		38.5
2024	11.7		28.6		40.3
2025	11.3		29.4		40.7
2026	11.3		31.6		42.9
2027 to 2031 (combined)	54.4		169.0		223.4
Total	$	112.2	$	315.1	$	427.3

Plan Assets

We review the expected long-term rate of return on plan assets annually, taking into consideration our asset allocation, historical returns, and the current economic environment. The expected return on plan assets is calculated based on the fair value of plan assets at year end. To determine the expected return on plan assets, expected cash flows have been taken into account.

Our long-term objectives for plan investments are to ensure that (a) there is an adequate level of assets to support benefit obligations to participants over the life of the plans, (b) there is sufficient liquidity in plan assets to cover current benefit obligations, and (c) there is a high level of investment return consistent with a prudent level of investment risk. The investment strategy is focused on a long-term total return in excess of a pure fixed income strategy with short-term volatility less than that of a pure equity strategy. To accomplish these objectives, in many instances the plan assets are invested on a glide-path which reduces the exposure to return-seeking assets as the plan's funded status increases. Overall, we invest assets primarily in a diversified mix of equity and fixed income investments. For our U.S. plan, the target asset allocation includes approximately 65% in return seeking assets, which are primarily comprised of global equities. The remainder of the assets in the U.S. plan are comprised of liability hedging assets which are primarily fixed income investments.

In some of our international pension plans, we have purchased bulk annuity contracts (buy-ins). These annuity contracts provide cash flows that match the future benefit payments for a specific group of pensioners. These contacts are issued by third party insurance companies with no affiliation to Sealed Air. Insurance companies from which we purchase the annuity contracts are assessed as credit worthy. As of December 31, 2021 and 2020, buy-ins represented $135.1 million and $131.2 million of total plan assets, respectively. The value of these assets is actuarially determined based on the present value of the underlying liabilities.

We currently expect our contributions to the pension plans to be approximately $5.1 million in 2022. Additionally, we expect benefits paid directly by the Company related to our defined benefit pension plans to be $4.2 million in 2022.

The fair values of our U.S. and international pension plan assets, by asset category and by the level of fair values are as follows:


	December 31, 2021										December 31, 2020
	Total										Total
(In millions)	Fair Value		Level 1		Level 2		Level 3		NAV(5)		Fair Value		Level 1		Level 2		Level 3		NAV(5)
Cash and cash equivalents(1)	$	9.8	$	3.0	$	6.8	$	—	$	—	$	11.0	$	2.1	$	8.9	$	—	$	—
Fixed income funds(2)(6)	409.5		—		282.5		—		127.0		417.3		—		298.9		—		118.4
Equity funds(3)	114.1		—		49.2		—		64.9		122.3		—		48.0		—		74.3
Other(4)	294.9		—		6.6		211.9		76.4		286.0		—		9.1		206.4		70.5
Total	$	828.3	$	3.0	$	345.1	$	211.9	$	268.3	$	836.6	$	2.1	$	364.9	$	206.4	$	263.2

(1)Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits.

(2)Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.

(3)Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.

(4)The largest component of other assets are bulk annuity contracts (buy-ins). The other assets also include real estate and other alternative investments.

(5)These assets are measured at Net Asset Value (NAV) as a practical expedient under ASC 820.

(6)The December 31, 2020 value for one specific fixed income fund has been reclassified to reflect a change in leveling classification. The change in classification did not impact the fair value of the fund.

The following table shows the activity of our U.S. and international plan assets that are measured at fair value using Level 3 inputs.


	December 31,
(In millions)	2021		2020
Balance at beginning of period	$	206.4	$	180.2
Gain on assets still held at end of year	2.4		15.4
Loss on assets sold during the year	(0.2)		—
Purchases, sales, issuance, and settlements	6.4		2.4
Foreign exchange (loss) gain	(3.1)		8.4
Balance at end of period	$	211.9	$	206.4

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Post-Employment Benefits and Other Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Other Post-Employment Benefits and Other Employee Benefit Plans

In addition to providing pension benefits, we maintain two Other Post-Employment Benefit Plans which provide a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy employees. These plans are in the U.S. and Canada. Covered employees who retired on or after attaining age 55 and who had rendered at least 10 years of service were entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. The information below relates to these two plans.

Contributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:


	December 31,
(In millions)	2021		2020
Change in benefit obligations:
Benefit obligation at beginning of period	$	43.4	$	43.5

Interest cost	0.6		1.0
Actuarial (gain) loss	(0.9)		2.4
Benefits paid, net	(2.7)		(3.5)



Benefit obligation at end of period	$	40.4	$	43.4
Change in plan assets:
Fair value of plan assets at beginning of period	$	—	$	—
Employer contribution	2.7		3.5
Benefits paid, net	(2.7)		(3.5)
Fair value of plan assets at end of period	$	—	$	—
Net amount recognized:
Underfunded status	$	(40.4)	$	(43.4)
Accumulated benefit obligation at end of year	$	40.4	$	43.4
Net amount recognized in consolidated balance sheets consists of:
Current liability	$	(5.1)	$	(5.1)
Non-current liability	(35.3)		(38.3)
Net amount recognized	$	(40.4)	$	(43.4)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	1.2	$	1.9
Prior service credit	(2.0)		(2.3)
Total	$	(0.8)	$	(0.4)

Actuarial gains resulting in a decrease to our projected benefit obligation for the year ended December 31, 2021 were primarily due to an increase in the weighted average discount rate of 50 basis points. Actuarial losses resulting in an increase to our projected benefit obligation for the year ended December 31, 2020 were primarily due to a reduction in the weighted average discount rate of 90 basis points. The accumulated post-retirement benefit obligations were determined using a weighted-average discount rate of 2.7% at December 31, 2021 and 2.2% at December 31, 2020.

The components of net periodic benefit cost were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Components of net periodic benefit cost:

Interest cost	0.6		1.0		1.6
Amortization of net gain	(0.2)		(0.2)		(0.2)
Amortization of prior service credit	(0.3)		(0.3)		(0.3)
Net periodic benefit cost	$	0.1	$	0.5	$	1.1
Impact of settlement/curtailment	—		—		—
Total benefit cost for fiscal year	$	0.1	$	0.5	$	1.1

The amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plan. Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2021 and December 31, 2020 were as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Current year actuarial (gain) loss	$	(0.9)	$	—	$	(0.9)	$	2.4	$	—	$	2.4
Amortization of actuarial gain	—		0.2		0.2		—		0.2		0.2
Amortization of prior service credit	0.3		—		0.3		0.3		—		0.3



Total	$	(0.6)	$	0.2	$	(0.4)	$	2.7	$	0.2	$	2.9

Healthcare Cost Trend Rates

The assumed healthcare cost trend rates have an effect on the amounts recognized in our Consolidated Statements of Operations for the healthcare plans. For the year ended December 31, 2021, healthcare cost trend rates were assumed to be 6.5% for the U.S. plan and 5.0% for the Canada plan. The trend rates assumed for 2022 are 6.5% and 5.0% for the U.S. and Canada plan, respectively. Rates are expected to decrease to 5.0% by 2028 for the U.S. plan, and remain unchanged in future years for the Canada plan.

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:


Year	Amount (In millions)
2022	$	5.1
2023	4.6
2024	4.1
2025	3.6
2026	3.1
2027 to 2031 (combined)	10.9
Total	$	31.4

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

In 2021, 2020 and 2019, we recorded tax provisions of $225.0 million, $142.1 million and $76.6 million, respectively. Cash tax payments, net of refunds were $112.6 million, $102.0 million and $94.7 million for 2021, 2020 and 2019, respectively.

Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) provides for a territorial tax system, and includes the global intangible low-taxed income (“GILTI”) provision. The Company has elected to account for GILTI tax in the period in which it is incurred.

Subject to certain exceptions, the GILTI provisions require the Company to include in its U.S. income tax return the earnings of a foreign subsidiary which are in excess of an allowable return on the foreign subsidiary’s tangible assets.

In the fourth quarter of 2019, as part of our Reinvent SEE business transformation and in order to align our structure with our evolving global operations, we transferred certain intangible assets between wholly-owned subsidiaries. The transfer resulted in the establishment of a deferred tax asset and the corresponding recognition of deferred tax benefit of $49 million.

Coronavirus Aid, Relief and Economic Security Act and Issuance of 2020 Tax Regulations

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law in March 2020. Among other things, the CARES Act raises certain deduction limitations originally imposed by the 2017 Tax Act.

Taxpayers may generally deduct interest expense up to the sum of 50% of adjusted taxable income plus business interest income (30% limit under the 2017 Tax Act) for 2020 and 2019. We had no Federal disallowed interest expense in 2020 and 2019. The limit reverted to 30% of adjusted taxable income in 2021, however the reduced limit did not result in a disallowance in 2021.

In July 2020, the U.S. Department of Treasury issued final tax regulations with respect to the GILTI proposed tax regulations originally published in 2019. Among other changes, these regulations now permit an election to exclude from the GILTI calculation items of income which are subject to a high effective rate of foreign tax. We adopted these final regulations and recorded the net benefit in 2020.

The components of earnings before income tax provision were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Domestic	$	346.2	$	328.2	$	126.7
Foreign	370.0		298.0		243.6
Total	$	716.2	$	626.2	$	370.3

The components of our income tax provision were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Current tax expense:
Federal	$	63.1	$	(14.2)	$	62.3
State and local	17.2		5.6		4.6
Foreign	106.6		69.9		64.1
Total current expense	$	186.9	$	61.3	$	131.0
Deferred tax expense (benefit):
Federal	$	9.6	$	59.4	$	(19.0)
State and local	6.9		11.8		4.0
Foreign	21.6		9.6		(39.4)
Total deferred tax expense (benefit)	38.1		80.8		(54.4)
Total income tax provision	$	225.0	$	142.1	$	76.6

Deferred tax assets (liabilities) consist of the following:


	December 31,
(In millions)	2021		2020

Accruals not yet deductible for tax purposes	$	17.1	$	16.0
Net operating loss carryforwards	219.4		252.1
Foreign, federal and state credits	6.4		6.5
Employee benefit items	45.4		78.7
Capitalized expenses	3.9		6.2
Intangibles	15.4		24.9
Derivatives and other	45.4		59.8
Sub-total deferred tax assets	353.0		444.2
Valuation allowance	(189.6)		(207.1)
Total deferred tax assets	$	163.4	$	237.1

Depreciation and amortization	$	(78.6)	$	(66.0)
Unremitted foreign earnings	—		(11.0)
Intangible assets	—		—
Other	(0.2)		(4.0)
Total deferred tax liabilities	(78.8)		(81.0)
Net deferred tax assets	$	84.6	$	156.1

Valuation allowances have been provided based on the uncertainty of realizing the tax benefits of certain deferred tax assets, primarily:

•$179.6 million of foreign items, primarily net operating losses; and

•$6.2 million of tax credits.

For the year ended December 31, 2021, the valuation allowances decreased by $17.5 million. The change is primarily driven by foreign exchange revaluation on foreign net operating losses, offset by a net increase attributable to certain APAC entities.

As of December 31, 2021, we have foreign net operating loss carryforwards of $830.3 million expiring in years beginning in 2022, with the large majority of losses having an unlimited carryover. The state net operating loss carryforwards totaling $368.4 million expire in various amounts over 1 to 19 years.

As of December 31, 2021, we have $1.7 million of federal tax credit carryforwards and $5.9 million of state credit carryovers expiring in 2022 – 2028. Most of the credit carryovers have a valuation allowance.

The Company has indefinitely reinvested most of its foreign earnings, which are the principal component of U.S. and foreign outside basis differences. The total amount of unremitted foreign earnings is approximately $5.0 billion upon which the U.S. federal income tax effect has largely been recorded as a result of the one-time mandatory tax on previously deferred foreign earnings of foreign subsidiaries provision (“Transition Tax”) associated with the 2017 Tax Act. Remitting these foreign earnings would result in additional foreign and U.S. income tax consequences, the net tax costs of which are not practicable to determine. As SEE has evaluated its worldwide business under the Reinvent SEE business transformation, the Company has reorganized and simplified its structure in order to align its business operations and optimize cash balances in certain jurisdictions. While the Company continues to evaluate potential future cash repatriations and optimization strategies, no deferred tax liability for future distributions has been recorded as of December 31, 2021.

We have no outstanding liability with respect to Transition Tax.

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate, 21%, to income before provision for income taxes, is as follows:


	Year Ended December 31,
(In millions)	2021				2020				2019
Computed expected tax	$	150.4	21.0	%	$	131.5	21.0	%	$	77.8	21.0	%
State income taxes, net of federal tax benefit	15.6		2.2	%	13.4		2.1	%	6.2		1.7	%
Foreign earnings taxed at different rates	16.2		2.2	%	10.5		1.7	%	10.5		2.8	%
U.S. tax on foreign earnings	14.3		2.0	%	24.0		3.8	%	29.0		7.8	%
Tax credits	(30.2)		(4.2)	%	(27.8)		(4.4)	%	(50.1)		(13.5)	%
Unremitted foreign earnings	—		—	%	2.5		0.4	%	10.0		2.7	%
Reorganization and divestitures	—		—	%	0.4		0.1	%	(47.2)		(12.7)	%
Withholding tax	4.7		0.7	%	4.2		0.7	%	4.8		1.3	%
Net change in valuation allowance	3.6		0.5	%	(5.2)		(0.8)	%	(7.6)		(2.1)	%
Net change in unrecognized tax benefits	19.6		2.7	%	(1.1)		(0.2)	%	36.5		9.9	%
Legislative Changes	5.1		0.7	%	(22.4)		(3.6)	%	—		—	%
Deferred tax adjustments	11.4		1.6	%	3.0		0.5	%	0.9		0.2	%
Other	14.3		2.0	%	9.1		1.4	%	5.8		1.6	%
Income tax provision and rate	$	225.0	31.4	%	$	142.1	22.7	%	$	76.6	20.7	%

Unrecognized Tax Benefits

We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:


	Year Ended December 31,
(In millions)	2021		2020		2019
Beginning balance of unrecognized tax benefits	$	379.6	$	390.3	$	356.4
Additions for tax positions of current year	1.8		2.7		3.4
Additions for tax positions of prior years	9.7		8.3		47.9
Reductions for tax positions of prior years	(1.9)		(18.2)		(16.0)
Reductions for lapses of statutes of limitation and settlements	(0.2)		(3.5)		(1.4)
Ending balance of unrecognized tax benefits	$	389.0	$	379.6	$	390.3

In 2021, our unrecognized tax benefit increased by $9.4 million, primarily related to interest or other adjustments to existing unrecognized tax benefit positions. In 2020, our unrecognized tax benefit decreased by $10.7 million, primarily related to the resolution of audit matters.

If the unrecognized tax benefits at December 31, 2021 were recognized, our income tax provision would decrease by $342.2 million, resulting in a substantially lower effective tax rate. Based on the potential outcome of the Company’s global tax examinations and the expiration of the statute of limitations for specific jurisdictions, it is possible that the unrecognized tax

benefits could change significantly within the next 12 months. Absent resolution of significant tax controversy, the associated impact on the reserve balance is estimated to be a decrease of approximately $5.0 million during 2022.

We recognize interest and penalties associated with unrecognized tax benefits in our income tax provision in the Consolidated Statements of Operations. Interest and penalties recorded were $10.5 million, $5.6 million, and $13.1 million, respectively in 2021, 2020 and 2019. We had gross liabilities, for interest and penalties, of $80.0 million at December 31, 2021, $65.3 million at December 31, 2020 and $56.2 million at December 31, 2019.

Most of the unrecognized tax benefit amount of $389.0 million relates to the Americas.

Income Tax Returns

The IRS completed its field examination of the U.S. federal income tax returns for the years 2011-2014 in the third quarter of 2020. As previously disclosed, the IRS has proposed to disallow, for the 2014 taxable year, the entirety of the deduction of the approximately $1.49 billion settlement payment made pursuant to the Settlement agreement (as defined in Note 20, “Commitments and Contingencies”) and the resulting reduction of our U.S. federal tax liability by approximately $525 million. We continue to believe that we have meritorious defenses to the proposed disallowance and have filed a protest with the IRS. The matter has been submitted to the IRS Independent Office of Appeals for review of the proposed disallowance, and we cannot predict when the Appeals Process will conclude, or the outcome of such process. It is possible that future developments in this matter could have a material impact on the Company's uncertain tax position balances and results of operations, including cash flows, within the next twelve months.

State income tax returns are generally subject to examination for a period of 3 to 5 years after their filing date. We have various state income tax returns in the process of examination and are generally open to examination for periods after 2015.

Our foreign income tax returns are under examination in various jurisdictions in which we conduct business. Income tax returns in foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years after their filing date. We have various foreign returns in the process of examination but have largely concluded all other income tax matters for the years prior to 2015.

Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any of the issues addressed in the Company’s tax audits are resolved in a manner that is inconsistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs and could be required to make significant payments as a result.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Settlement Agreement Tax Deduction

On March 31, 1998, the Company completed a multi-step transaction (the “Cryovac transaction”) involving W.R. Grace & Co. (“Grace”) which brought the Cryovac packaging business and the former Sealed Air’s business under the common ownership of the Company. As part of that transaction, Grace and its subsidiaries retained all liabilities arising out of their operations before the Cryovac transaction (including asbestos-related liabilities), other than liabilities relating to Cryovac’s operations, and agreed to indemnify the Company with respect to such retained liabilities. Beginning in 2000, we were served with a number of lawsuits alleging that the Cryovac transaction was a fraudulent transfer or gave rise to successor liability or both, and that, as a result, we were responsible for alleged asbestos liabilities of Grace and its subsidiaries. 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 for the District of Delaware (the “Bankruptcy Court”). In connection with Grace’s Chapter 11 case, the Bankruptcy Court granted the official committees appointed to represent asbestos claimants in Grace’s Chapter 11 case (the “Committees”) permission to pursue against the Company and its subsidiary Cryovac, Inc. fraudulent transfer, successor liability, and other claims based upon the Cryovac transaction. In November 2002, we reached an agreement in principle with the Committees to resolve all current and future asbestos-related claims made against us and our affiliates, as well as indemnification claims by Fresenius Medical Care Holdings, Inc. and affiliated companies, in each case, in connection with the Cryovac transaction. A definitive settlement agreement was entered into in 2003 and approved by the Bankruptcy Court in 2005 (such agreement, the "Settlement agreement"). The Settlement agreement was subsequently incorporated into the plan of reorganization for Grace (the "Plan") and the Plan was confirmed by the Bankruptcy Court in 2011 and the U. S. District Court in 2012.

On February 3, 2014 (the “Effective Date”), the Plan implementing the Settlement agreement became effective with Grace emerging from bankruptcy and the injunctions and releases provided by the Plan becoming effective. On the Effective Date, the

Company’s subsidiary, Cryovac, Inc., 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.

The IRS completed its field examination of our U.S. federal income tax returns for the years 2011 through 2014 in the third quarter of 2020. As previously disclosed, the IRS has proposed to disallow for the 2014 taxable year the entirety of the deduction of the approximately $1.49 billion settlement payments made pursuant to the Settlement agreement and the resulting reduction of our U.S. federal tax liability by approximately $525 million. We continue to believe that we have meritorious defenses to the proposed disallowance and have filed a protest with the IRS. The matter has been submitted to the IRS Independent Office of Appeals for review of the proposed disallowance, and we cannot predict when the Appeals Process will conclude, or the outcome of such process. It is possible that future developments in this matter could have a material impact on the Company's uncertain tax position balances and results of operations, including cash flows, within the next twelve months.

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 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 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:

•indemnities in connection with the sale of businesses, primarily related to the sale of Diversey in 2017. 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;

•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 December 31, 2021, the Company has no reason to believe a loss exceeding amounts already recognized would be incurred.

Other Matters

We are also involved in various other legal actions incidental to our business. We believe, after consulting with counsel, that the disposition of these other legal proceedings and matters will not have a material effect on our consolidated financial condition or results of operations including potential impact to cash flows.

Other Principal Contractual Obligations

At December 31, 2021, we had other principal contractual obligations, which included agreements to purchase an estimated amount of goods, including raw materials, or services in the normal course of business, aggregating to approximately $134.1 million. The estimated future cash outlays are as follows:


Year	Amount (In millions)
2022	$	50.5
2023	34.1
2024	23.0
2025	25.5
2026	1.0

Total	$	134.1

Asset Retirement Obligations

The Company has recorded asset retirement obligations primarily associated with asbestos abatement, lease restitution and the removal of underground tanks. The Company's asset retirement obligation liabilities were $8.1 million and $10.6 million at December 31, 2021 and 2020, respectively. The Company also recorded assets within property and equipment, net which included $3.0 million and $3.8 million related to buildings and $4.1 million and $5.9 million related to leasehold improvements as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, accumulated depreciation amounts related to buildings was $1.2 million and $1.3 million and leasehold improvements was $3.6 million and $4.4 million, respectively. For the years ended December 31, 2021, 2020 and 2019 accretion expense was $0.3 million.

Stockholders’ (Deficit) Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders’ (Deficit) Equity

Repurchase of Common Stock

On August 2, 2021, the Board of Directors approved a new share repurchase program of $1.0 billion. This current program has no expiration date and replaced all previous authorizations. As of December 31, 2021, there was $896.4 million remaining under the currently authorized program. Share repurchases made prior to August 2, 2021 were under previous Board of Directors share repurchase authorizations, specifically the $1.5 billion authorization made in July 2015, the $1.5 billion authorization made in March 2017 and the $1.0 billion authorization made in May 2018.

During the year ended December 31, 2021, we repurchased 7,875,407 shares for a total of approximately $401.4 million with an average share price of $50.96. Cash outlay for share repurchases during the year ended December 31, 2021 also includes $1.6 million for 35,100 shares purchased in the fourth quarter 2020 and settled in the first quarter 2021. These repurchases were made under open market transactions, including through plans complying with Rule 10b5-1 under the Exchange Act, and pursuant to the share repurchase program authorized by our Board of Directors.

During the year ended December 31, 2020, we repurchased 856,437 shares, for approximately $34.6 million with an average share price of $40.43. These repurchases were made under open market transactions, including through plans complying with Rule 10b5-1 under the Exchange Act, and pursuant to the share repurchase program authorized by our Board of Directors. At December 31, 2020, 74,281 shares repurchased had not yet settled or were not yet reflected by our recordkeeper or in our shares outstanding as of December 31, 2020.

During the year ended December 31, 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 Exchange Act, and pursuant to the share repurchase program authorized by our Board of Directors.

Dividends

The following table shows our total cash dividends paid in the years ended December 31, 2021, 2020 and 2019:


(In millions, except per share amounts)	Total Cash Dividends Paid		Total Cash Dividends Paid per Common Share
2019	$	99.1	$	0.64
2020	100.3		0.64
2021	115.8		0.76

The dividend payments discussed above are recorded as reductions to cash and cash equivalents and retained earnings on our Consolidated Balance Sheets. Our senior secured credit facility and our senior notes contain covenants that restrict our ability to declare or pay dividends and repurchase stock. 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 consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any further dividends.

Common Stock

The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:


	2021	2020	2019
Changes in common stock:
Number of shares, beginning of year	231,958,083	231,622,535	231,619,037
Restricted stock shares issued for new awards	—	—	1,478
Restricted stock shares, forfeited	(1,095)	(15,271)	(110,984)
Shares issued for vested restricted stock units	423,302	315,902	164,347
Shares issued for 2017 Three-Year PSU Awards	—	133,752	—
Shares issued for 2018 Three-Year PSU Awards	47,730	—	—
Shares issued for 2020 Three-Year PSU Awards(3)	13,770	—	—
Shares issued for Stock Leverage Opportunity Awards (SLO)	32,128	8,471	6,321
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors	54,277	42,911	123,824
Canceled shares for tax netting(1)	(44,914)	(150,217)	(181,488)

Number of shares issued, end of year	232,483,281	231,958,083	231,622,535
Changes in common stock in treasury:
Number of shares held, beginning of year	77,068,311	77,109,722	75,964,667
Repurchase of common stock(2)	7,949,688	782,156	1,632,163
Profit sharing contribution paid in stock	(633,875)	(823,567)	(487,108)

Number of shares held, end of year(2)	84,384,124	77,068,311	77,109,722
Number of common stock outstanding, end of year(2)	148,099,157	154,889,772	154,512,813

(1)Effective January 1, 2019, new share issuances for vested awards are netted by the number of shares required to cover the recipients' portion of income tax. The portion withheld for taxes are canceled. Shares netted for taxes in 2021, 2020 and 2019 primarily relates to vesting activity for restricted stock shares issued in prior years.

(2)Repurchase of common stock for the year ended December 31, 2021, as shown above, includes 74,281 shares of common stock that had been repurchased by the Company in 2020 but were not yet settled or not yet reflected by the Recordkeeper as of December 31, 2020. The table above and our Consolidated Balance Sheets reflect the number of shares held in treasury per our Recordkeeper.

(3)Per the terms of his 2019 offer letter, shares equal to the target number of units granted, net of shares withheld for taxes, were issued to our former CFO, James Sullivan, on September 30, 2021.

Share-Based Compensation

In 2014, the Board of Directors adopted, and our stockholders approved, the 2014 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 advisors.

In 2018, the Board of Directors adopted, and stockholders approved an amendment and restatement to the Omnibus Incentive Plan. The amendment added 2,199,114 shares of common stock to the share pool previously available under the Omnibus Incentive Plan.

Additionally, in 2021, the Board of Directors adopted, and at the 2021 Annual Stockholders' Meeting our shareholders approved, an additional amendment and restatement to the Omnibus Incentive Plan. The amendment added 2,999,054 shares of common stock to the share pool previously available under the Omnibus Incentive Plan.

A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:


	2021	2020	2019
Number of shares available, beginning of year	3,183,310	4,048,509	4,489,347
Newly approved shares under Omnibus Incentive Plan	2,999,054	—	—
Restricted stock shares forfeited	1,095	15,271	105,960
Restricted stock units awarded	(918,973)	(1,014,667)	(819,808)
Restricted stock units forfeited	115,641	105,832	96,534
Shares issued for 2017 Three-Year PSU Awards	—	(133,752)	—
Shares issued for 2018 Three-Year PSU Awards	(47,730)	—	—
Shares issued for 2020 Three-Year PSU Awards	(13,770)	—	—
Restricted stock units awarded for SLO Awards	(72,043)	(73,731)	(46,195)
SLO units forfeited	—	—	1,580
Director shares granted and issued	(10,160)	(20,835)	(22,015)
Director units granted and deferred(1)	(16,264)	(22,826)	(6,262)
Shares withheld for taxes(2)	290,439	279,509	249,368

Number of shares available, end of year(3)	5,510,599	3,183,310	4,048,509

(1)Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.

(2)The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.

(3)The above table excludes approximately 1.5 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those awards as of December 31, 2021.

We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record a corresponding credit to additional paid-in capital within stockholders’ equity for equity-classified awards, and to either a 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 share-based award. The number of PSUs 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 following table summarizes the Company’s pre-tax share-based incentive compensation expense and related income tax benefit for the years ended December 31, 2021, 2020 and 2019 related to the Company’s PSU awards, SLO awards and restricted stock awards.


(In millions)	2021		2020		2019
2021 Three-year PSU Awards	$	4.2	$	—	$	—
2020 Three-year PSU Awards	4.5		5.3		—
2019 Three-year PSU Awards	2.2		3.5		4.3
2018 Three-year PSU Awards	—		1.9		0.2
2017 COO and Chief Executive Officer-Designate New Hire Equity Awards(1)	0.1		0.2		0.2
SLO Awards	2.8		2.2		3.2
Other long-term share-based incentive compensation programs(2)	32.0		29.2		26.5
Total share-based incentive compensation expense(3)	$	45.8	$	42.3	$	34.4
Associated tax benefits recognized	$	7.5	$	7.1	$	5.8

(1) For the year ended December 31, 2020, this amount includes expense associated with award modifications as described under the section titled “Chief Operating Officer (COO) and Chief Executive Officer-Designate 2017 New Hire Equity Awards and 2020 Award Modifications.”

(2) The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.

(3) The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock, as these contributions are not considered share-based incentive compensation.

Restricted Stock, Restricted Stock Units and Cash-Settled Restricted Stock Unit Awards

Restricted stock, restricted stock units and cash-settled restricted stock unit awards (cash payment in an amount equal to the value of the shares on the vesting date) provide for a vesting period. Awards vest earlier in the event of the participant’s death or disability. If a participant terminates employment prior to vesting, then the award of restricted stock, restricted stock units or cash-settled restricted stock unit awards is forfeited, except for certain circumstances following a change in control. The O&C Committee may waive the forfeiture of all or a portion of an award. Historically, restricted stock (but not restricted stock units or cash-settled restricted stock unit awards) granted before January 1, 2018 paid dividends on the same basis as other stockholders entitled to receive dividends. Generally, restricted stock, restricted stock units, and cash-settled stock unit awards granted after January 1, 2018 pay dividend equivalents upon vesting.

The following table summarizes activity for unvested restricted stock and restricted stock units for 2021:


	Restricted stock shares					Restricted stock units
	Shares	Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)		Shares	Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)
Non-vested at December 31, 2020	134,048	$	44.11			1,478,435	$	35.39
Granted	—	—				918,973	46.65
Vested	(132,953)	44.11		$	5.9	(600,376)	37.00		$	22.2
Forfeited or expired	(1,095)	44.30				(115,641)	37.27

Non-vested at December 31, 2021	—	$	—			1,681,391	$	40.84

A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:


(In millions)	2021		2020		2019
Fair value of restricted stock shares vested	$	6.1	$	13.2	$	23.7
Fair value of restricted stock units vested	$	26.4	$	15.6	$	10.1

Unrecognized compensation cost and the weighted average period over which the compensation cost is expected to be recognized for its non-vested restricted stock units are shown in the following table:


(In millions)	Unrecognized Compensation Cost		Weighted Average to be recognized (in years)

Restricted Stock units	$	44.1	1.1

The non-vested cash awards excluded from table above had $3.2 million unrecognized compensation costs and weighted-average remaining contractual life of approximately 1 year. We have recognized liabilities of $1.9 million in other current liabilities on our Consolidated Balance Sheets. Cash paid for vested cash-settled restricted stock unit awards was $1.4 million and $0.9 million in 2021 and 2020, respectively.

PSU Awards

Three-year PSU awards for 2019, 2020 and 2021

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

The performance goals, weightings and other information regarding PSU awards for 2019, 2020 and 2021 are set forth below:

2019 Three-year PSU Awards: (i) relative total shareholder return ("Relative TSR") over the three-year performance period weighted at 34%; (ii) consolidated Adjusted EBITDA margin measured in the final year of the award weighted at 33%; and (iii) Return on Invested Capital ("ROIC") weighted at 33%. In the third quarter of 2019, the O&C Committee approved PSU awards for an additional pool of individuals in connection with our Reinvent SEE business transformation. The established performance goals are identical to those approved for awards granted to our executive officers and other selected key executives in the first quarter of 2019. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares.


	Relative TSR		Adjusted EBITDA Margin		ROIC
February 13, 2019 grant date
Number of units granted	24,914		33,885		33,885
Fair value on grant date (per unit)	$	59.15	$	42.21	$	42.21
February 14, 2019 grant date
Number of units granted	24,905		32,922		32,922
Fair value on grant date (per unit)	$	57.34	$	42.10	$	42.10
July 11, 2019 grant date
Number of units granted	20,724		25,997		25,997
Fair value on grant date (per unit)	$	55.82	$	43.22	$	43.22

The PSUs granted based on Relative TSR are contingently awarded and will be payable in shares of the Company’s common stock upon the expiration of a three-year award performance period based on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the Relative TSR, the historical share price returns analysis of all companies included in the Relative TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term

from the valuation date to the end of the performance period. Compensation expense for the PSUs based on Relative TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether the performance condition is satisfied.

The assumptions used to calculate the grant date fair values for grants based on Relative TSR are shown in the following table:


	Expected price volatility		Risk-free interest rate
February 13, 2019 grant date	22.80	%	2.55	%
February 14, 2019 grant date	22.80	%	2.51	%
July 11, 2019 grant date	23.00	%	1.86	%

The PSUs granted based on Adjusted EBITDA margin and ROIC are contingently awarded and will be payable in shares of the Company’s common stock based on the Company’s Adjusted EBITDA margin at the end of the performance period and the Company's ROIC over the three-year award performance period compared to targets set at the time of the grant by the O&C Committee. The fair value of the PSUs is based on grant date fair value which is equivalent to the closing price of one share of the Company’s common stock on the date of grant. The number of PSUs earned based on Adjusted EBITDA margin and ROIC varies according to the outcome of the performance condition. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable.

2020 Three-year PSU Awards: (i) Relative TSR over the three-year performance period weighted at 34%; (ii) Adjusted EBITDA compound annual growth rate (“CAGR”) weighted at 33%; and (iii) ROIC 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.


	Relative TSR		Adjusted EBITDA CAGR		ROIC
February 12, 2020 grant date
Number of units granted	33,335		35,068		35,068
Fair value on grant date (per unit)	$	38.87	$	35.86	$	35.86
February 13, 2020 grant date
Number of units granted	44,206		42,507		42,507
Fair value on grant date (per unit)	$	34.08	$	34.40	$	34.40
March 1, 2020 grant date
Number of units granted	31,064		29,690		29,690
Fair value on grant date (per unit)	$	29.85	$	30.31	$	30.31

The assumptions used to calculate the grant date fair values for grants based on Relative TSR are shown in the following table:


	Expected price volatility		Risk-free interest rate
February 12, 2020 grant date	23.70	%	1.40	%
February 13, 2020 grant date	23.70	%	1.40	%
March 1, 2020 grant date	23.70	%	0.90	%

The PSUs granted based on Adjusted EBITDA CAGR and ROIC are contingently awarded and will be payable in shares of the Company’s common stock based on the Company’s Adjusted EBITDA CAGR over the three-year award performance period and the Company’s ROIC over the three-year award performance period compared to targets set at the time of the grant by the

O&C Committee. The fair value of the PSUs is based on grant date fair value which is equivalent to the closing price of one share of the Company’s common stock on the date of grant. The number of PSUs earned based on Adjusted EBITDA CAGR and ROIC varies based on the probable outcome of the performance condition. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable.

2021 Three-year PSU Awards: (i) three-year CAGR of consolidated Adjusted EBITDA weighted at 50% and (ii) ROIC weighted at 50%. Calculation of final achievement on each performance metric is subject to an upward or downward adjustment of up to 25% of the overall combined achievement percentage, based on the results of a relative total shareholder return (“TSR”) modifier. The comparator group for the relative TSR modifier is S&P 500 component companies as of the beginning of the performance period. Shareholder return in the top quartile of the comparator group increases overall achievement of performance metrics by 25% while shareholder return in the bottom quartile of the comparator group decreases overall achievement of the performance metrics by 25%. The total number of shares to be issued, including the modifier, for these awards can range from zero to 250% of the target number of shares.


	Adjusted EBITDA CAGR		ROIC
February 10, 2021 grant date
Number of units granted	41,729		41,729
Fair value on grant date (per unit)	$	45.26	$	45.26
February 11, 2021 grant date
Number of units granted	51,882		51,882
Fair value on grant date (per unit)	$	43.85	$	43.85
March 1, 2021 grant date
Number of units granted	29,762		29,762
Fair value on grant date (per unit)	$	43.02	$	43.02

The assumptions used to calculate the grant date fair values are shown in the following table:


	Expected price volatility		Risk-free interest rate
February 10, 2021 grant date	37.70	%	0.20	%
February 11, 2021 grant date	37.70	%	0.20	%
March 1, 2021 grant date	38.00	%	0.30	%

The following table includes additional information related to estimated earned payout based on the probable outcome of the performance conditions and market condition as of December 31, 2021:


	Estimated Payout %
	Return on Invested Capital		Adjusted EBITDA Margin		Adjusted EBITDA CAGR		Relative TSR(1)		TSR Modifier(1)		Combined
2021 Three-year PSU Awards	100	%	N/A		100	%	N/A		25	%	125	%
2020 Three-year PSU Awards	119	%	N/A		175	%	200	%	N/A		165	%
2019 Three-year PSU Awards	195	%	—	%	N/A		200	%	N/A		133	%

(1) Relative TSR and Relative TSR Modifier are market-based conditions. Accordingly, we make no assumptions related to future performance. The percentages above represent actual rankings as of December 31, 2021. Any portion of outstanding awards based on the achievement of market-based conditions are accrued at 100% of fair value over the performance period in accordance with ASC 718.

The following table summarizes activity for outstanding three-year PSU awards for 2021:


	Shares	Aggregate Intrinsic Value (In millions)
Outstanding at December 31, 2020	697,087
Granted(1)	246,746
Converted	(107,398)	$	4.4
Forfeited or expired	(98,566)
Outstanding at December 31, 2021	737,869
Fully vested at December 31, 2021	264,302	$	11.8

(1)This represents the target number of performance units granted. Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 250% percent of the target.

The following table summarizes activity for non-vested three-year PSU awards for 2021:


	Shares	Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2020	487,456	$	38.97
Granted	246,746	44.22
Vested	(232,002)	44.52
Forfeited or expired	(28,633)	38.51
Non-vested at December 31, 2021	473,567	$	38.85

A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:


(In millions)	2021		2020		2019
Fair value of Three-year PSU awards vested	$	17.8	$	9.6	$	10.3

A summary of the Company’s unrecognized compensation cost for three-year PSU awards at the current estimated earned payout based on the probable outcome of the performance condition and weighted average periods over which the compensation cost is expected to be recognized as shown in the following table:


(In millions)	Unrecognized Compensation Costs		Weighted Average to be recognized (in years)
2021 Three-year PSU Awards	$	6.3	2
2020 Three-year PSU Awards	3.3		1
2019 Three-year PSU Awards	—		0

Chief Operating Officer (COO) and Chief Executive Officer-Designate 2017 New Hire Equity Awards and 2020 Award Modifications

On September 5, 2017, the Board elected Edward L. Doheny II, Chief Operating Officer and CEO-Designate and elected him as a Director of the Company effective September 18, 2017. Mr. Doheny worked on transitioning with Jerome Peribere until December 31, 2017 and then assumed the role and title of President and Chief Executive Officer effective as of January 1, 2018. Additionally, on September 5, 2017, the Company entered into an offer letter agreement, effective September 18, 2017, with Mr. Doheny. The Letter Agreement provided that Mr. Doheny would be granted on his start date two new-hire equity awards, one that was time-vesting and the other that was performance-vesting (the “New Hire Awards”).

The time-vesting New Hire Award, for 30,000 shares, required Mr. Doheny to remain in service with the Company through December 31, 2020. The grant date fair value for this award was $42.89 per share. The award vested fully on December 31, 2020.

The performance-vesting New Hire Award, for 70,000 shares, in addition to the time-vesting requirement noted above, required that either (i) the Company’s cumulative total stockholder return for 2018-2020 be in the top 33% of its peers (using the same peers and methodology under the Company’s performance stock unit (PSU) awards) and the Company’s stock price as of December 31, 2020 equaled at least $60.00 per share, or (ii) the Company’s stock price as of December 31, 2020 equaled at least $75.00 per share. The Letter Agreement provided that the stock price as of December 31, 2020 for this purpose would be determined using a 30-day arithmetic mean of closing prices.

On December 10, 2020, Mr. Doheny entered into a subsequent Letter Agreement with the Company, which modifies the terms of the performance-vesting New Hire Award. This Letter Agreement converts one half of the award, or 35,000 shares, to an award of time-vesting restricted stock units, which requires Mr. Doheny to remain in service with the Company through September 18, 2022. The grant date fair value of this award was $45.40 per share.

The remaining half of the award, or 35,000 shares, remains performance-vesting, subject to the original performance conditions, but measured as of September 18, 2022 which require that either (i) the Company’s cumulative total stockholder return for January 1, 2018 through September 18, 2022 be in the top 33% of its peers (using the same peers and methodology under the Company’s performance stock unit (PSU) awards) and the Company’s stock price as of September 18, 2022 equals at least $60.00 per share, or (ii) the Company’s stock price as of September 18, 2022 equals at least $75.00 per share. The Letter Agreement provided that the stock price as of September 18, 2022 for this purpose would be determined using a 30-day arithmetic mean of closing prices.

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

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


	2020 Performance-Vesting Award
Fair value on grant date	$	12.67
Expected price volatility	38.5		%
Risk-free interest rate	0.2		%

The awards are described in further detail in Mr. Doheny’s Offer Letter filed with the SEC as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 7, 2017 and in the Letter Agreement filed with the SEC as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 14, 2020.

2018 Three-year PSU Awards

In February 2021, the O&C Committee reviewed the performance results for the 2018-2020 PSUs. Performance goals for these PSUs were based on Adjusted EBITDA margin, net trade sales CAGR and Relative TSR. Based on overall performance for 2018-2020 PSUs, these awards paid out at 54.6% of target or 84,696 units. Of this, 36,966 units were withheld for tax, resulting in net share issuances of 47,730.

Stock Leverage Opportunity Awards

Before the start of each performance year, certain key executives are eligible to elect to receive all or a portion of their annual cash bonus for that year, in increments of 25% of the annual bonus, as an award of restricted stock units under the Omnibus Incentive Plan in lieu of cash. The portion provided as an equity award may be given a premium to be determined by the O&C Committee each year and will be rounded up to the nearest whole share. The award will be granted following the end of the performance year and after determination by the O&C Committee of the amount of the annual bonus award for each executive officer and other selected key executives who have elected to take all or a portion of his or her annual bonus as an equity award, but no later than the March 15 following the end of the performance year.

The equity award will be made in the form of an award of restricted stock units that will vest on the second anniversary of the grant date or earlier in the event of death, disability or retirement from employment with the Company, and the shares subject to the award will not be transferable by the recipient until the later of vesting or the second anniversary of the grant date. For the “principal portion” of the award that would have otherwise been paid in cash, the award vests upon any termination of employment, other than for cause. For the “premium portion” of the award, the award may early vest only in case of death, disability or retirement from the Company. Except as described above, if the recipient ceases to be employed by the Company prior to vesting, then the award is forfeited, except for certain circumstances following a change in control. SLO awards in the form of restricted stock units have no voting rights until shares are issued to them but do receive a cash payment in the amount of the dividends (without interest) on the shares they have earned at about the same time that shares are issued to them following vesting.The 2021 SLO awards comprise an estimated aggregate of 37,797 restricted stock units as of December 31, 2021. The final number of units issued will be determined based on Annual Incentive Plan payout. During 2021, 72,043 restricted stock units were granted for the 2020 Annual Incentive Plan. We record compensation expense for these awards in selling, general and administrative expenses on the Consolidated Statements of Operations with a corresponding credit to additional paid-in capital within stockholders’ equity, based on the fair value of the awards at the end of each reporting period, which reflects the effects of stock price changes. The expense is recognized over a fifteen-month period

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table provides details of comprehensive loss:


(In millions)	Unrecognized Pension Items		Cumulative Translation Adjustment(1)		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, 2019	$	(146.1)	$	(728.6)	$	(34.5)	$	0.2	$	(909.0)
Other comprehensive (loss) income before reclassifications	(32.1)		6.9		(33.0)		(2.4)		(60.6)
Less: amounts reclassified from accumulated other comprehensive loss	5.7		—		—		0.4		6.1
Net current period other comprehensive (loss) income	(26.4)		6.9		(33.0)		(2.0)		(54.5)

Balance at December 31, 2020	$	(172.5)	$	(721.7)	$	(67.5)	$	(1.8)	$	(963.5)
Other comprehensive income (loss) before reclassifications	28.7		(38.8)		29.2		3.0		22.1
Less: amounts reclassified from accumulated other comprehensive loss	6.3		—		—		1.2		7.5
Net current period other comprehensive income (loss)	35.0		(38.8)		29.2		4.2		29.6
Balance at December 31, 2021	$	(137.5)	$	(760.5)	$	(38.3)	$	2.4	$	(933.9)

(1)Includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustments were $(30.2) million, $37.0 million and $(4.5) million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following table provides detail of amounts reclassified from AOCL:


(In millions)	2021		2020		2019		Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Settlements	$	(0.9)	$	(1.8)	$	(0.4)
Prior service credits	—		0.1		0.1
Actuarial losses	(7.4)		(5.9)		(4.9)
Total pre-tax amount	(8.3)		(7.6)		(5.2)		Other (expense) income, net
Tax benefit	2.0		1.9		1.3
Net of tax	(6.3)		(5.7)		(3.9)


Net (losses) gains on cash flow hedging derivatives:(1)
Foreign currency forward contracts	(1.9)		(0.8)		1.6		Cost of sales

Treasury locks	0.1		0.1		0.1		Interest expense, net
Total pre-tax amount	(1.8)		(0.7)		1.7
Tax benefit (expense)	0.6		0.3		(0.6)
Net of tax	(1.2)		(0.4)		1.1
Total reclassifications for the period	$	(7.5)	$	(6.1)	$	(2.8)

(1)These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” for additional details.

Other (Expense) Income, net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other (Expense) Income, net

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


	Year Ended December 31,
(In millions)	2021		2020		2019
Net foreign exchange transaction (loss) gain	$	(0.7)	$	1.7	$	(7.7)
Bank fee expense	(5.0)		(6.3)		(5.0)
Pension income other than service costs	4.4		0.9		1.0
Increase in fair value of equity investments	6.6		15.1		—
Impairment of debt investment(1)	(8.0)		—		—
Foreign currency exchange loss due to high inflationary economies	(3.6)		(4.7)		(4.6)
Loss on debt redemption and refinancing activities	(18.6)		—		(16.1)
Other income(2)	13.2		11.3		13.6
Other (expense)	(5.2)		(5.5)		(5.3)
Other (expense) income, net	$	(16.9)	$	12.5	$	(24.1)

(1)During the year ended December 31, 2021, SEE made investments totaling $8.0 million in another company's convertible debt. Based on information available to SEE specific to the investee and our current expectations of recoverability, we recorded a credit loss resulting in an $8.0 million impairment (establishment of allowance) of the convertible debt investment during the fourth quarter of 2021. SEE maintains no other available-for-sale debt securities as of December 31, 2021. The total allowance for credit losses related to available-for-sale debt securities as of December 31, 2021 is $8.0 million.

(2)During the year ended December 31, 2019, we recorded $4.8 million to other income related to a claim for the overpayment of certain indirect taxes paid by Sealed Air subsidiaries in Brazil, resulting from a double taxation calculation. The 2019 income was recorded as a result of a lower court decision regarding the matter. During the year ended December 31, 2021, the Supreme Court of Brazil issued a final decision that clarified the methodology companies should use in the calculation. Based on the updated methodology approved by the Brazilian Supreme Court, we recorded $5.0 million to other income during the year ended December 31, 2021.

Net Earnings per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Earnings per Common Share

The following table shows the calculation of basic and diluted net earnings per common share:


	Year Ended December 31,
(In millions, except per share amounts)	2021		2020		2019
Basic Net Earnings Per Common Share:
Numerator:
Net earnings	$	506.8	$	502.9	$	263.0
Distributed and allocated undistributed net earnings to unvested restricted stockholders	—		(0.2)		(0.5)
Net earnings available to common stockholders	$	506.8	$	502.7	$	262.5
Denominator:
Weighted average number of common shares outstanding - basic	150.9		155.2		154.3
Basic net earnings per common share:
Basic net earnings per common share	$	3.36	$	3.24	$	1.70
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders	$	506.8	$	502.7	$	262.5
Denominator:
Weighted average number of common shares outstanding - basic	150.9		155.2		154.3
Effect of dilutive stock shares and units	1.5		0.8		0.5
Weighted average number of common shares outstanding - diluted under two-class	152.4		156.0		154.8
Effect of unvested restricted stock - participating security	—		—		0.4
Weighted average number of common shares outstanding - diluted under treasury stock	152.4		156.0		155.2
Diluted net earnings per common share	$	3.32	$	3.22	$	1.69

PSU Awards

We included contingently issuable shares using the treasury stock method for our PSU awards in the diluted weighted average number of common shares outstanding based on the number of contingently issuable shares that would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period. The calculation of diluted weighted average shares outstanding related to PSUs was 0.6 million shares in 2021, and nominal in 2020 and 2019.

SLO Awards

The shares or units associated with the 2021 SLO awards are considered contingently issuable shares and therefore are not included in the basic or diluted weighted average number of common shares outstanding for the year ended December 31, 2021. These shares or units will not be included in the common shares outstanding until the final determination of the amount of annual incentive compensation is made in the first quarter of 2022. Once this determination is made, the shares or units will be included in diluted weighted average number of common shares outstanding if the impact to diluted net earnings per common share is dilutive. The shares or units associated with SLO awards for 2021, 2020 and 2019 were nominal.

Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts and Reserves

Years Ended December 31, 2021, 2020 and 2019


Description	Balance at Beginning of Year		Charged to Costs and Expenses		Deductions			Foreign Currency Translation and Other		Balance at End of Year
(In millions)
Year Ended December 31, 2021
Allowance for credit losses on trade receivables	$	11.7	$	2.1	$	(2.5)	(1)	$	(0.2)	$	11.1
Inventory obsolescence reserve	$	21.1	$	9.5	$	(5.8)	(2)	$	(0.7)	$	24.1
Valuation allowance on deferred tax assets	$	207.1	$	3.7	$	(6.2)	(3)	$	(15.0)	$	189.6
Allowance for credit loss on debt investment	$	—	$	8.0	$	—		$	—	$	8.0
Year Ended December 31, 2020
Allowance for credit losses on trade receivables	$	8.2	$	3.7	$	(0.2)	(1)	$	—	$	11.7
Inventory obsolescence reserve	$	19.6	$	9.0	$	(7.8)	(2)	$	0.3	$	21.1
Valuation allowance on deferred tax assets	$	197.6	$	(1.4)	$	(6.5)	(3)	$	17.4	$	207.1
Year Ended December 31, 2019
Allowance for credit losses on trade receivables	$	9.1	$	2.5	$	(3.4)	(1)	$	—	$	8.2
Inventory obsolescence reserve	$	18.1	$	7.2	$	(5.6)	(2)	$	(0.1)	$	19.6
Valuation allowance on deferred tax assets	$	218.4	$	(14.0)	$	(2.7)		$	(4.1)	$	197.6

(1)Primarily accounts receivable balances written off, net of recoveries.

(2)Primarily items removed from inventory.

(3)Primarily includes valuation allowances released as a result of the cessation of operations in certain jurisdictions and write off of related deferred tax asset balances.

Summary of Significant Accounting Policies and Recently Issued Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our 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. Some prior period amounts, including the geographic regions described below, 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 consolidated financial condition, results of operations or cash flows. All amounts are in U.S. dollar denominated in millions, except per share amounts and unless otherwise noted, and are approximate due to rounding. As of January 1, 2021, we consolidated the reporting of the North America and South America geographic regions, which are now collectively presented as Americas within Note 3, “Revenue Recognition, Contracts with Customers” and Note 6, “Segments.” No changes were made to EMEA or APAC. This change has no impact on our prior period consolidated results and is only the aggregation of the previously bifurcated continents. Where applicable, prior periods have been retrospectively adjusted to reflect the new geographic regions. When we cross reference to a “Note,” we are referring to our “Notes to Consolidated Financial Statements,” unless the context indicates otherwise.
Use of Estimates	Use of Estimates The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. These estimates include, among other items, assessing the expected credit losses of receivables, asset retirement obligations, the use and recoverability of inventory, the estimation of fair value of financial instruments, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans and other post-employment benefit plans, estimates related to self-insurance such as the aggregate liability for uninsured claims using historical experience, insurance and actuarial estimates and estimated trends in claim values, fair value measurement of assets, costs for incentive compensation, and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions in the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from these estimates.
Financial Instruments	Financial Instruments We may use financial instruments, such as cross-currency swaps, interest rate swaps, caps and collars, U.S. Treasury lock agreements and foreign currency exchange forward contracts and options related to our borrowing and trade activities. We may use these financial instruments from time to time to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We do not purchase, hold or sell derivative financial instruments for trading purposes. We face credit risk if the counterparties to these transactions are unable to perform their obligations. Our policy is to have counterparties to these contracts that have at least an investment grade rating. We report derivative instruments at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes. Before entering into any derivative transaction, we identify our specific financial risk, the appropriate hedging instrument to use to reduce this risk, and the correlation between the financial risk and the hedging instrument. We use forecasts and historical data as the basis for determining the anticipated values of the transactions to be hedged. We do not enter into derivative transactions that do not have a high correlation with the underlying financial risk we are trying to reduce. We regularly review our hedge positions and the correlation between the transaction risks and the hedging instruments. We account for derivative instruments as hedges of the related underlying risks if we designate these derivative instruments as hedges and the derivative instruments are effective as hedges of recognized assets or liabilities, forecasted transactions, unrecognized firm commitments or forecasted intercompany transactions. We record gains and losses on derivatives qualifying as cash flow hedges in Accumulated other comprehensive loss (“AOCL”), to the extent that hedges are effective and until the underlying transactions are recognized on the Consolidated Statements of Operations, at which time we also recognize the gains or losses of the derivatives on the Consolidated Statements of Operations. We recognize gains and losses on qualifying fair value hedges and the related loss or gain on the hedged item attributable to the hedged risk on the Consolidated Statements of Operations. Generally, 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. Any deferred gains or losses associated with derivative instruments are recognized on the Consolidated Statements of Operations over the period in which the income or expense on the underlying hedged transaction is recognized.
Foreign Currency Translation	Foreign Currency Translation In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders’ equity on our Consolidated Balance Sheets. We translate the statements of operations at the average exchange rates during the applicable period. We translate assets and liabilities of our operations in countries with highly inflationary economies at the end of period exchange rates, except that nonmonetary asset and liability amounts are translated at historical exchange rates. In countries with highly inflationary economies, we translate items reflected in the statements of operations at average rates of exchange prevailing during the period, except that nonmonetary amounts are translated at historical exchange rates. Impact of Highly Inflationary Economies: 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. The impact of any changes in the exchange rate are reflected in within Other (expense) income, net on the Consolidated Statements of Operations. For the years ended December 31, 2021, 2020 and 2019, the Company recorded remeasurement losses of $3.6 million, $4.7 million, and $4.6 million, respectively. The exchange rate as of December 31, 2021, 2020 and 2019 was 102.7, 84.1 and 59.9, respectively. We will continue to evaluate each reporting period the appropriate exchange rate to remeasure our financial statements based on the facts and circumstances as applicable.
Commitments and Contingencies - Litigation	Commitments and Contingencies — Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of these actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of these matters and whether a reasonable estimation of the probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that disputed matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred.
Revenue Recognition	Revenue Recognition Revenue from contracts with customers is recognized using a five-step model consisting of the following: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. (1) Identify Contract with Customer: For SEE, the determination of whether an arrangement meets the definition of a contract under ASC 606 (“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, the next level of enforceability is determined, which often represents the individual purchase orders and the agreed upon terms. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all of the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable and the Company no longer has an obligation to transfer additional goods or services to the customer or collectability becomes probable. (2) Identify the Performance Obligations in the Contract: The most common goods and services determined to be distinct performance obligations are materials, equipment sales, and maintenance. Free on loan and leased equipment is typically identified as a separate lease component within the scope of ASC 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. Performance obligations are satisfied when the Company transfers control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which the Company expects to be entitled in exchange for those goods or services, including the expected value of variable consideration. (3) Determine the Transaction Price: SEE has many forms of variable consideration present in its contracts with customers, including rebates and other discounts. SEE 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, SEE 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 we 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 SEE. We adjust the contract transaction price based on any changes in estimates each reporting period and record an inception to date cumulative adjustment to the amount of revenue previously recognized. When the contract with a customer contains a minimum purchase obligation, SEE 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. The Company expects the time between when a good or service is transferred to a customer and when the customer pays for that good or service to be one year or less for the vast majority of the Company’s contracts. In this instance the Company does not adjust consideration for a significant financing component. 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 Consolidated Statements of Operations. (4) Allocate the Transaction Price to the Performance Obligations in the Contract: We determine 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. SEE often offers rebates to customers in their contracts that are related to the amount of materials purchased. We believe that this form of variable consideration should only be allocated to materials because the entire amount of variable consideration relates to the customer’s purchase of and our efforts to provide materials. 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 materials because the pricing formulas in these contracts are related to the cost to produce materials. (5) Recognize Revenue when (or as) the Company satisfies a performance obligation Revenue is recognized upon transfer of control to the customer. Revenue for materials 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 ASC 842. Refer to Note 3, “Revenue Recognition, Contracts with Customers,” for further discussion of revenue. Costs to obtain or fulfill a Contract and Shipping and Handling Costs 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 selling, general and administrative expenses on the Consolidated Statements of Operations. 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 sales. Description of Revenue Generating Activities We employ sales, marketing and customer service personnel throughout the world who sell and market our equipment and systems, 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,” our reporting segments are Food and Protective. Our Food applications are largely sold directly to end customers, while our Protective products are sold through business supply distributors and directly to the end customer. Food: Food solutions are sold to food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based and dairy (solid and liquids) markets worldwide. Food offers integrated packaging materials and automated equipment solutions to increase food safety, extend shelf life, reduce food waste, automate processes and optimize total cost. Its materials, automated equipment and service enables customers to reduce costs and enhance their brands in the marketplace. Food solutions are utilized by food service businesses (such as restaurants and entertainment venues) (“food service”) and food retailers (such as grocery stores and supermarkets) (“food retail”), among others. Solutions serving the food service market include products such as barrier bags and pouches, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Barrier Bags, CRYOVAC® brand Form-Fill-Seal Films, and CRYOVAC® brand Auto Pouch System. Solutions serving the food retail market include products such as barrier bags, film, and trays, and are primarily marketed under the CRYOVAC® trademark and other highly recognized trade names including CRYOVAC® brand Grip & Tear™, CRYOVAC® brand Darfresh®, OptiDure™, Simple Steps®, and CRYOVAC® brand Barrier Bags. Protective: Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to e-commerce, consumer goods, pharmaceutical and medical devices and industrial manufacturing. Protective solutions are designed to increase our customers' packaging velocity, minimize packaging waste, reduce labor dependencies and address dimensional weight challenges. Protective solutions are sold through a strategic network of distributors as well as directly to our customers, including, but not limited to, fabricators, original equipment manufacturers, contract manufacturers, logistics partners and e-commerce/fulfillment operations. Protective solutions are marketed under SEALED AIR® brand, BUBBLE WRAP® brand, AUTOBAG® brand and other highly recognized trade names and product families including BUBBLE WRAP® brand inflatable packaging, SEALED AIR® brand performance shrink films, AUTOBAG® brand bagging systems, Instapak® polyurethane foam packaging solutions and Korrvu® suspension and retention packaging. In addition, we provide temperature assurance packaging solutions under the Kevothermal™ and TempGuard™ brands. Revenue recognition: 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. Lease components within contracts with customers are recognized in accordance with Accounting Standards Codification ("ASC") Topic 842. Contract BalancesThe time when a performance obligation is satisfied and the time when billing and payment occur are generally closely aligned, subject to agreed payment terms, with the exception of equipment accruals, which can be used to purchase both automated and standard range equipment. An equipment accrual is a contract offering, whereby a customer is incentivized to use a portion of the materials transaction price for future equipment purchases. Long-term contracts that include an equipment accrual create a timing difference between when cash is collected and when the performance obligation is satisfied, resulting in a contract liability (unearned revenue).
Research and Development	Research and DevelopmentWe expense research and development costs as incurred.
Share-Based Incentive Compensation	Share-Based Incentive Compensation At the 2014 Annual Meeting, the 2014 Omnibus Incentive Plan (the “Omnibus Plan”) was approved by our stockholders. Subsequently, the Board of Directors adopted, and at the Annual Stockholder's meetings in both 2018 and 2021, our stockholders approved, amendments and restatements to the 2014 Omnibus Incentive Plan. See Note 21, “Stockholders’ (Deficit) Equity,” of the Notes for further information on this plan. We record share-based compensation awards exchanged for employee services at fair value on the date of grant and record the expense for these awards in cost of sales and in selling, general and administrative expense, as applicable, on our Consolidated Statements of Operations over the requisite employee service period. Our annual grant cycle occurs after our year-end financial results have been released. We consider the impact that material, non-public information may have on the fair value of our share-based incentive awards. As of December 31, 2021, there are no outstanding awards with values that have been adjusted in light of material, non-public information. Share-based incentive compensation expense, which includes an estimate for forfeitures and a factor for anticipated achievement levels, is generally recognized over the expected term of the award on a straight-line basis. The Company accelerates expense on performance-based awards using a graded vesting schedule for employees who meet retirement eligibility requirements prior to the end of the award’s service period. For performance-based awards, the Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. For performance awards with market-based conditions, the fair value of the award is determined at the grant date and is recognized at 100% over the performance period regardless of actual market condition performance.
Income Taxes	Income Taxes We file a consolidated U.S. federal income tax return and our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We provide for income taxes on those portions of our foreign subsidiaries’ accumulated earnings that we believe are not reinvested indefinitely in our businesses. We account for income taxes under the asset and liability method to provide for income taxes on all transactions recorded in the Consolidated Financial Statements. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. We determine deferred tax assets and liabilities at the end of each period using enacted tax rates. In assessing the need for a valuation allowance, we estimate future reversals of existing temporary differences, future taxable earnings, and also consider the feasibility of ongoing planning strategies, taxable income in carryback periods and past operating results to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on valuation allowances related to deferred tax assets. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon settlement with tax authorities. We recognize interest and penalties related to unrecognized tax benefits in Income tax provision on our Consolidated Statements of Operations. See Note 19, “Income Taxes,” for further discussion.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider highly liquid investments with original maturities of 90 days or less to be cash equivalents. Our policy is to invest cash in excess of short-term operating and debt service requirements in cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short-term maturity of the instruments. Our policy is to transact with counterparties that are rated at least A- by Standard & Poor’s and A3 by Moody’s. Some of our operations are located in countries that are rated below A- or A3. In this case, we try to minimize our risk by holding cash and cash equivalents at financial institutions with which we have existing global relationships whenever possible, diversifying counterparty exposures and minimizing the amount held by each counterparty and within the country in total. Time deposits or certificate of deposits with maturities greater than 90 days from the time of purchase are considered marketable securities and classified as other current assets in our Consolidated Balance Sheets. Any investments made in longer-term time deposits or maturities and conversion out of the longer-term time deposits during the current year are reflected as an investment in marketable securities on our Consolidated Statements of Cash Flows.
Accounts Receivable Securitization Programs	Accounts Receivable Securitization Programs 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 an issuer of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of undivided fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and an issuer 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 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 Consolidated Balance Sheets. We have a European accounts receivable securitization and purchase program with a special purpose vehicle, or SPV, two banks and a group of our European subsidiaries. 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 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 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 Consolidated Balance Sheets. See Note 10, “Accounts Receivable Securitization Programs,” for further details.
Accounts Receivable Factoring Agreements	Accounts Receivable Factoring Agreements
Trade Receivables, Net	Trade Receivables, NetIn the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria. Trade receivables, which are included on the Consolidated Balance Sheets, are stated at amounts due from our customers net of allowances for expected credit losses on trade receivables.
Allowance for Credit Losses	Allowance for Credit Losses We are exposed to credit losses primarily through our sales of packaging solutions to third-party customers. Our customers' (the counterparty) ability to pay is assessed through our internal credit review processes. Based on the dollar value of credit extended, we assess our customers' credit by reviewing the total expected receivable exposure, expected timing of payments and the customers' established credit ratings. In determining customer creditworthiness, we assess our customers' credit utilizing different resources including external credit validations and/or our own assessment through analysis of the customers' financial statements and review of trade/bank references. We also consider contract terms and conditions, country and political risk, and the customer's mix of products purchased (for example: equipment vs. materials) in our evaluation. A credit limit is established for each customer based on the outcome of this review. Credit limits are reviewed at least annually for existing customers. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities are performed at both the country/entity level as well as the regional level. Monitoring and review activities include account reconciliations, analysis of aged receivables, resolution status review for disputed amounts, and identification and remediation of counterparties experiencing payment issues. Our management reviews current credit exposure at least quarterly based on level of risk and amount of exposure. When necessary, we utilize collection agencies and legal counsel to pursue recovery of defaulted receivables. Trade receivable balances are written off when deemed to be uncollectible and after collection efforts have been exhausted. Our annual historical credit losses have been approximately 0.1%, or less, of net trade sales annually over the last three years. Our allowance for credit losses on trade receivables is assessed at the end of each quarter based on an analysis of historical losses and our assessment of future expected losses.
Equity Investments	Equity InvestmentsWe maintain strategic investments in other companies. As of December 31, 2021, these investments qualified and are accounted for under the measurement alternative described in ASC 321 for equity investments that do not have readily determinable fair values. These investments are measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. We do not exercise significant influence over these companies. These investments are carried on our Consolidated Balance Sheets within Other non-current assets. Changes in fair value based on impairment or resulting from observable price changes are recorded in earnings and included within Other (expense) income, net on the Consolidated Statements of Operations.
Supply Chain Financing Arrangements	Supply Chain Financing Arrangements We facilitate a voluntary supply chain financing program to provide some of our suppliers with the opportunity to sell receivables due from us (our accounts payables) to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. These programs are administered by participating financial institutions. Should the supplier choose to participate in the program, it will receive payment from the financial institution in advance of agreed payment terms; our responsibility is limited to making payments to the respective financial institutions on the terms originally negotiated with our supplier. The range of payment terms is consistent regardless of a vendor's participation in the program. We monitor our days payable outstanding relative to our peers and industry trends in order to assess our conclusion that these programs continue to be trade payable programs and not indicative of borrowing arrangements. The liabilities continue to be presented as trade payables in our consolidated balance sheets until they are paid, and they are reflected as cash flows from operating activities when settled.
Inventories, Net	Inventories, Net Our inventories are determined using the FIFO method or a weighted average for some raw materials. We state inventories at the lower of cost or net realizable value. Costs related to inventories include raw materials, direct labor and manufacturing overhead which are included in cost of sales on the Consolidated Statements of Operations.
Property and Equipment, Net	Property and Equipment, Net We state property and equipment at cost, except for property and equipment that have been impaired, for which we reduce the carrying amount to the estimated fair value at the impairment date. We capitalize significant improvements and charge repairs and maintenance costs that do not extend the lives of the assets to expense as incurred. We remove the cost and accumulated depreciation of assets sold or otherwise disposed of from the accounts and recognize any resulting gain or loss upon the disposition of the assets. We depreciate the cost of property and equipment over their estimated useful lives on a straight-line basis as follows: buildings, including leasehold improvements — 10 to 40 years; machinery and equipment — 5 to 10 years; and other property and equipment — 2 to 10 years.
Lessee, Leases	Leases SEE is involved in leasing activity as both a lessee and a lessor. SEE is the lessor primarily for equipment used by our customers to meet their packaging needs. SEE is the lessee of property used for production and for sales and administrative functions, including real property, buildings, manufacturing and office equipment, offices and automobiles. We recognize a right-of-use (“ROU”) asset and lease liability for all leases with terms of more than 12 months, in accordance with ASC 842. We utilize the short-term lease recognition exemption for all asset classes as part of our on-going accounting under ASC 842. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities. Recognition, measurement and presentation of expenses depends on classification as a finance or operating lease. As a lessee, 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. 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. Our contractual obligations for operating leases as a lessor 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.
Lessor, Leases	Leases SEE is involved in leasing activity as both a lessee and a lessor. SEE is the lessor primarily for equipment used by our customers to meet their packaging needs. SEE is the lessee of property used for production and for sales and administrative functions, including real property, buildings, manufacturing and office equipment, offices and automobiles. We recognize a right-of-use (“ROU”) asset and lease liability for all leases with terms of more than 12 months, in accordance with ASC 842. We utilize the short-term lease recognition exemption for all asset classes as part of our on-going accounting under ASC 842. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities. Recognition, measurement and presentation of expenses depends on classification as a finance or operating lease. As a lessee, 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. 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. Our contractual obligations for operating leases as a lessor 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.
Goodwill and Identifiable Intangible Assets, Net	Goodwill and Identifiable Intangible Assets, Net Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements, software and technology-based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, currently ranging from 1 to 28 years, on a straight-line basis to their estimated residual values, and we review them for impairment upon the identification of events or changes in circumstances that indicate the carrying amount of the asset may not be recoverable. We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. See Note 9, “Goodwill and Identifiable Intangible Assets, net,” for further details.
Impairment and Disposal of Long-Lived Assets	Impairment and Disposal of Long-Lived Assets For finite-lived intangible assets, such as customer relationships, contracts, intellectual property, and for other long-lived assets, such as property, plant and equipment, whenever impairment indicators are present, we perform a review for impairment. The impairment model is a two-step test under which we first calculate the recoverability of the carrying value by comparing the undiscounted value of the projected cash flows associated with the asset or asset group, including its estimated residual value, to the carrying amount. If the cash flows associated with the asset or asset group are less than the carrying value, we calculate the fair value of the asset, or asset group. If the carrying amount is found to be greater than the fair value, we record an impairment loss for the excess of carrying value over the fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate.
Self-Insurance	Self-Insurance We retain the obligation for specified claims and losses related to property, casualty, workers’ compensation and employee benefit claims. We accrue for outstanding reported claims and claims that have been incurred but not reported based upon management’s estimates of the aggregate liability for retained losses using historical experience, insurance company estimates and the estimated trends in claim values. Our estimates include management’s and independent insurance companies’ assumptions regarding economic conditions, the frequency and severity of claims and claim development patterns and settlement practices. These estimates and assumptions are monitored and evaluated on a periodic basis by management and are adjusted when warranted by changing circumstances. Although management believes it has the ability to adequately project and record estimated claim payments, actual results could differ significantly from the recorded liabilities.
Pensions	Pensions For a number of our U.S. and international employees, we maintain defined benefit pension plans. We are required to make assumptions regarding the valuation of projected benefit obligations and the performance of plan assets for our defined benefit pension plans. We review and approve the assumptions made by our third-party actuaries regarding the valuation of benefit obligations and performance of plan assets. The most significant assumptions used to determine the benefit obligation and expense of the pension plans are the discount rate used to measure future obligations and the expected future rate of return on plan assets. The measurement date used to determine benefit obligations and plan assets is December 31. In general, changes to these assumptions could impact our consolidated financial condition or results of operation.
Net Earnings per Common Share	Net Earnings per Common Share The Company presents both basic and diluted earnings per share amounts. Basic earnings per share is calculated by dividing net earnings attributable to the Company by the weighted average number of common shares outstanding during the year. Diluted earnings per share is based upon the weighted average number of common and common equivalent shares outstanding during the year, which is calculated using the treasury-stock method for outstanding share-based compensation awards. At December 31, 2021, the Company did not have any non-vested share-based payment awards that contained non-forfeitable rights to dividends. Restricted stock issued under our Omnibus Plan prior to January 1, 2018 contained non-forfeitable rights to dividends during the contractual vesting period of the share-based award and was therefore included in computing earnings per common share using the “two-class method.” The two-class method is an earnings allocation formula that calculates basic and diluted net earnings per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”). ASU 2021-01 provides temporary optional expedients and exceptions to certain guidance in U.S. GAAP to ease the financial reporting burdens related to the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance is effective, and was adopted, upon issuance, on January 7, 2021, and can be applied through December 31, 2022. This update did not have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323) and Derivatives and Hedging (Topic 815) - Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”). ASU 2020-01 makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued and provides scope considerations related to forward contracts and purchased options on certain securities. The Company adopted ASU 2020-01 on January 1, 2021. The adoption did not have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions to the guidance in Topic 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes, enacted change in tax laws or rates and clarifies the accounting transactions that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 on January 1, 2021. The adoption did not have a material impact on the Company's Consolidated Financial Statements. Recently Issued Accounting Standards In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires business entities to disclose information about certain types of government assistance received in the notes to the financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. We do not believe that the adoption of ASU 2021-10 will have an impact on the Company's Consolidated Financial Statements with the exception of new disclosures, if government assistance provided to the Company were to be material in the future. In October 2021, the Financial Accounting Standards Boards issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Topic 606, Revenue from Contracts with Customers. The standard will not impact acquired contract assets or liabilities from business combinations occurring prior to the adoption date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The impact of adoption on the Company's Consolidated Financial Statements will be prospective only and depend on the magnitude of future business acquisitions.In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments (“ASU 2021-05”). ASU 2021-05 requires a lessor to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at commencement if the lease would have been classified as a sales-type or direct financing lease or the lessor would have recognized a selling loss at lease commencement. ASU 2021-05 is effective for the Company beginning on January 1, 2022 and is not expected to materially impact the Company's Consolidated Financial Statements based on the Company's historical lease practices.

Revenue Recognition, Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers Summarized by Segment Geography

For the years ended December 31, 2021, 2020 and 2019, revenues from contracts with customers summarized by Segment and Geography were as follows:


	Year Ended December 31, 2021
(In millions)	Food		Protective		Total
Americas(1)	$	1,948.9	$	1,542.8	$	3,491.7
EMEA	681.4		515.3		1,196.7
APAC	449.5		356.9		806.4
Topic 606 Segment Revenue	3,079.8		2,415.0		5,494.8
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	33.0		6.0		39.0
Total	$	3,112.8	$	2,421.0	$	5,533.8


	Year Ended December 31, 2020
(In millions)	Food		Protective		Total
Americas(1)	$	1,779.4	$	1,336.1	$	3,115.5
EMEA	617.9		410.1		1,028.0
APAC	406.4		324.1		730.5
Topic 606 Segment Revenue	2,803.7		2,070.3		4,874.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	21.8		7.4		29.2
Total	$	2,825.5	$	2,077.7	$	4,903.2


	Year Ended December 31, 2019
(In millions)	Food		Protective		Total
Americas(1)	$	1,828.4	$	1,214.8	$	3,043.2
EMEA	617.1		388.2		1,005.3
APAC	413.7		299.0		712.7
Topic 606 Segment Revenue	2,859.2		1,902.0		4,761.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	21.3		8.6		29.9
Total	$	2,880.5	$	1,910.6	$	4,791.1

prior period consolidated results and is only the aggregation of the previously bifurcated continents. Prior periods have been retrospectively adjusted to reflect the new geographic regions.

Contract Liabilities From Contracts with Customers

The following contract assets and liabilities are included within Prepaid expenses and other current assets and Other current liabilities or Other non-current liabilities on our Consolidated Balance Sheets as of December 31, 2021 and 2020:


	December 31,
(In millions)	2021		2020
Contract assets	$	1.2	$	1.4


Contract liabilities	$	20.2	$	20.3

Summary of Estimated Transaction Price Allocated to Performance Obligations or Portions of Performance Obligations Not Yet Satisfied


	December 31,
(In millions)	2021		2020
Short-Term (12 months or less)(1)	$	15.9	$	7.3
Long-Term	4.3		13.0
Total transaction price	$	20.2	$	20.3

Leases (Tables)

12 Months Ended

Dec. 31, 2021

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 sales-type lease receivable balances at December 31, 2021 and 2020 were as follows:


	December 31,
(In millions)	2021		2020
Short-Term (12 months or less)	$	5.7	$	5.4
Long-Term	18.8		11.9
Lease receivables	$	24.5	$	17.3

Assets And Liabilities, Lessee

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


	December 31,
(In millions)	2021		2020
Other non-current assets:
Finance leases - ROU assets	$	58.0	$	58.2
Finance leases - Accumulated depreciation	(27.3)		(22.6)
Operating lease right-of-use-assets:
Operating leases - ROU assets	133.5		127.4
Operating leases - Accumulated depreciation	(69.7)		(51.3)
Total lease assets	$	94.5	$	111.7
Current portion of long-term debt:
Finance leases	$	(10.2)	$	(10.5)
Current portion of operating lease liabilities:
Operating leases	(21.2)		(24.3)
Long-term debt, less current portion:
Finance leases	(19.2)		(23.9)
Long-term operating lease liabilities, less current portion:
Operating leases	(44.5)		(53.2)
Total lease liabilities	$	(95.1)	$	(111.9)

Finance Leases, Future Minimum Annual Rental Commitments

At December 31, 2021, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
2022	$	11.3	$	23.7
2023	6.7		17.2
2024	2.6		11.6
2025	2.0		8.1
2026	1.9		6.4
Thereafter	10.0		6.6
Total lease payments	34.5		73.6
Less: Interest	(5.1)		(7.9)
Present value of lease liabilities	$	29.4	$	65.7

Operating Leases, Future Minimum Annual Rental Commitments

At December 31, 2021, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
2022	$	11.3	$	23.7
2023	6.7		17.2
2024	2.6		11.6
2025	2.0		8.1
2026	1.9		6.4
Thereafter	10.0		6.6
Total lease payments	34.5		73.6
Less: Interest	(5.1)		(7.9)
Present value of lease liabilities	$	29.4	$	65.7

Schedule of Lease Costs and Other Information

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


	December 31,
(In millions)	2021		2020
Lease cost(1)
Finance leases
Amortization of ROU assets	$	10.6	$	10.9
Interest on lease liabilities	1.5		1.8
Operating leases	31.7		31.1
Short-term lease cost	4.9		3.7
Variable lease cost	5.7		5.8
Total lease cost	$	54.4	$	53.3


	December 31,
(In millions)	2021		2020
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	4.8	$	4.4
Operating cash flows - operating leases	$	30.4	$	33.3
Financing cash flows - finance leases	$	10.5	$	11.6

ROU assets obtained in exchange for new finance lease liabilities	$	5.7	$	7.1
ROU assets obtained in exchange for new operating lease liabilities	$	17.2	$	14.3


	December 31,
	2021		2020
Weighted average information:
Finance leases
Remaining lease term (in years)	5.9		6.1
Discount rate	4.6	%	4.7	%
Operating leases
Remaining lease term (in years)	4.4		4.5
Discount rate	4.7	%	5.0	%

Divestiture and Acquisition Activity (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration Transferred and Purchase Price Allocation of Assets Acquired and Liabilities Assumed


	Revised Preliminary Allocation		Measurement Period		Final Allocation
(In millions)	As of August 1, 2019		Adjustments		As of September 30, 2020
Total consideration transferred	$	445.7	$	(4.3)	$	441.4

Assets:
Cash and cash equivalents	16.0		(0.2)		15.8
Trade receivables, net	37.3		—		37.3
Other receivables	0.3		—		0.3
Inventories, net	40.7		(0.7)		40.0
Prepaid expenses and other current assets	2.3		—		2.3
Property and equipment, net	76.9		8.7		85.6
Identifiable intangible assets, net	81.1		(0.6)		80.5
Goodwill	261.3		(14.6)		246.7
Operating lease right-of-use-assets	—		4.3		4.3
Other non-current assets	24.7		1.1		25.8
Total assets	$	540.6	$	(2.0)	$	538.6
Liabilities:
Accounts payable	12.0		—		12.0
Current portion of long-term debt	2.6		(0.5)		2.1
Current portion of operating lease liabilities	—		1.5		1.5

Other current liabilities	56.2		(3.3)		52.9
Long-term debt, less current portion	4.3		(0.3)		4.0
Long-term operating lease liabilities, less current portion	—		2.8		2.8
Deferred taxes	—		0.5		0.5
Other non-current liabilities	19.8		1.6		21.4
Total liabilities	$	94.9	$	2.3	$	97.2

Summary of Identifiable intangible Assets, Net and Their Useful Life

The following table summarizes the identifiable intangible assets, net and their useful lives.


	Amount		Useful life
	(In millions)		(In years)
Customer relationships	$	28.9	13.0
Trademarks and tradenames	15.6		9.1
Capitalized software	2.4		3.0
Technology	29.6		6.4
Backlog	4.0		0.4
Total intangible assets with definite lives	$	80.5

Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Net Sales and Adjusted EBITDA of Reportable Segments

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


	Year Ended December 31,
(In millions)	2021			2020			2019
Net sales
Food	$	3,112.8		$	2,825.5		$	2,880.5
As a % of Consolidated net sales	56.3		%	57.6		%	60.1		%
Protective	2,421.0			2,077.7			1,910.6
As a % of Consolidated net sales	43.7		%	42.4		%	39.9		%
Consolidated Net sales	$	5,533.8		$	4,903.2		$	4,791.1


	Year Ended December 31,
(In millions)	2021			2020			2019
Segment Adjusted EBITDA
Food	$	688.4		$	647.5		$	629.3
Food Adjusted EBITDA Margin	22.1		%	22.9		%	21.8		%
Protective	446.2			408.0			349.9
Protective Adjusted EBITDA Margin	18.4		%	19.6		%	18.3		%
Total Segment Adjusted EBITDA	$	1,134.6		$	1,055.5		$	979.2

Reconciliation of Segment Adjusted EBITDA to Earnings

The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:


	Year Ended December 31,
(In millions)	2021		2020		2019
Food Adjusted EBITDA	$	688.4	$	647.5	$	629.3
Protective Adjusted EBITDA	446.2		408.0		349.9
Corporate Adjusted EBITDA	(3.0)		(4.4)		(14.4)
Interest expense, net	(167.8)		(174.4)		(184.1)
Depreciation and amortization, net of adjustments(1)	(232.2)		(216.5)		(184.5)
Special Items:
Restructuring charges(2)	(14.5)		(11.0)		(41.9)
Other restructuring associated costs(3)	(16.5)		(19.5)		(60.3)
Foreign currency exchange loss due to highly inflationary economies	(3.6)		(4.7)		(4.6)
Loss on debt redemption and refinancing activities	(18.6)		—		(16.1)
Increase in fair value of equity investment	6.6		15.1		—
Impairment of debt investment	(8.0)		—		—
Charges related to acquisition and divestiture activity	(2.6)		(7.1)		(14.9)
Charges related to the Novipax settlement agreement	—		—		(59.0)
Gain on sale of Reflectix	45.3		—		—


Other Special Items(4)	(3.5)		(6.8)		(29.1)
Pre-tax impact of Special Items	(15.4)		(34.0)		(225.9)
Earnings before income tax provision	$	716.2	$	626.2	$	370.3

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


	Year Ended December 31,
(In millions)	2021		2020		2019
Food	$	129.1	$	122.2	$	110.3
Protective	103.1		94.3		75.0

Total Company depreciation and amortization(i)	232.2		216.5		185.3
Depreciation and amortization adjustments(ii)	—		—		(0.8)
Depreciation and amortization, net of adjustments	$	232.2	$	216.5	$	184.5

(i)Includes share-based incentive compensation of $45.8 million in 2021, $42.3 million in 2020 and $34.4 million in 2019.

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

(2) Restructuring charges by segment were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Food	$	7.2	$	3.2	$	23.5
Protective	7.3		7.8		18.4
Total Company restructuring charges	$	14.5	$	11.0	$	41.9

Assets Allocated by Reportable Segments


	December 31,
(In millions)	2021		2020
Assets allocated to segments:
Food	$	2,169.0	$	2,019.1
Protective	2,844.3		2,795.4
Total segments	$	5,013.3	$	4,814.5
Assets not allocated:
Cash and cash equivalents	561.0		548.7
Assets held for sale(1)	1.5		0.3
Income tax receivables	28.8		71.2
Other receivables	83.7		69.5
Deferred taxes	138.4		187.1
Other	402.6		392.5
Total	$	6,229.3	$	6,083.8

(1)Includes current and non-current assets held for sale.

Geographic Information

The following table shows net sales and total long-lived assets allocated by geography. Sales are attributed to the country/geography in which they originate.


	Year Ended December 31,
(In millions)	2021		2020		2019
Net sales(1):
Americas(1)(2)	$	3,522.3	$	3,135.6	$	3,061.9
EMEA	1,200.0		1,031.6		1,010.4
APAC	811.5		736.0		718.8
Total	$	5,533.8	$	4,903.2	$	4,791.1
Total long-lived assets(3)(4):
Americas(2)(3)	$	1,047.8	$	988.2
EMEA	404.2		386.0
APAC	225.8		247.4
Total	$	1,677.8	$	1,621.6

(4)Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, and intangible assets

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

The following table details our inventories, net:


	December 31,
(In millions)	2021		2020
Raw materials	$	167.6	$	113.8
Work in process	158.0		139.7
Finished goods	400.1		343.2
Total	$	725.7	$	596.7

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table details our property and equipment, net.


	December 31,
(In millions)	2021		2020
Land and improvements	$	47.0	$	50.8
Buildings	790.2		786.5
Machinery and equipment	2,554.0		2,543.5
Other property and equipment	124.2		133.5
Construction-in-progress	200.8		150.1
Property and equipment, gross	3,716.2		3,664.4
Accumulated depreciation and amortization	(2,484.2)		(2,474.7)
Property and equipment, net	$	1,232.0	$	1,189.7

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.


	Year Ended December 31,
(In millions)	2021		2020		2019
Interest cost capitalized	$	6.8	$	5.6	$	8.4
Depreciation and amortization expense for property and equipment	$	147.6	$	136.6	$	122.0

Goodwill and Identifiable Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Balances by Segment Reporting Structure

The following table shows our goodwill balances by reportable segment:


(In millions)	Food		Protective		Total
Gross Carrying Value at December 31, 2019	$	577.2	$	1,830.0	$	2,407.2
Accumulated amortization	(49.3)		(141.0)		(190.3)
Carrying Value at December 31, 2019	$	527.9	$	1,689.0	$	2,216.9
Acquisition, purchase price and other adjustments	—		(5.3)		(5.3)
Currency translation	2.5		8.9		11.4
Gross Carrying Value at December 31, 2020	$	579.7	$	1,833.6	$	2,413.3
Accumulated amortization	(49.5)		(141.2)		(190.7)
Carrying Value at December 31, 2020	$	530.2	$	1,692.4	$	2,222.6
Divestiture(1)	—		(23.2)		(23.2)
Currency translation	(3.1)		(7.4)		(10.5)
Gross Carrying Value at December 31, 2021	$	576.6	$	1,803.0	$	2,379.6
Accumulated amortization(2)	(49.3)		(140.9)		(190.2)
Carrying Value at December 31, 2021	$	527.3	$	1,662.1	$	2,189.4

(2) The change in accumulated amortization from December 31, 2020 to December 31, 2021 is due to the impact of foreign currency translation.

Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives:


	December 31, 2021						December 31, 2020
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	102.7	$	(42.4)	$	60.3	$	105.2	$	(37.2)	$	68.0
Trademarks and tradenames	31.2		(11.5)		19.7		31.3		(8.5)		22.8
Software	125.5		(90.5)		35.0		104.7		(69.7)		35.0
Technology	64.9		(38.3)		26.6		66.7		(33.0)		33.7
Contracts	11.5		(9.4)		2.1		13.6		(11.0)		2.6
Total intangible assets with definite lives	335.8		(192.1)		143.7		321.5		(159.4)		162.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	344.7	$	(192.1)	$	152.6	$	330.4	$	(159.4)	$	171.0

Remaining Estimated Future Amortization Expense

The following table shows the estimated future amortization expense at December 31, 2021.


Year	Amount (in millions)
2022	$	33.7
2023	25.6
2024	19.5
2025	13.7
2026	9.0
Thereafter	42.2
Total	$	143.7

Remaining Weighted Average Useful Life of Definite Lived Intangible Assets

The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2021.


			Remaining weighted average useful lives
Customer relationships			10.7
Trademarks and tradenames			8.4
Software			1.7
Technology			5.5
Contracts			5.6
Total identifiable intangible assets, net with definite lives			7.2

Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Board of Directors Approved Restructuring

Restructuring spend is estimated to be incurred as follows:


	Total Restructuring Program Range				Less Program Spend to Date		Remaining Restructuring Spend
(In millions)	Low		High				Low		High
Costs of reduction in headcount as a result of reorganization	$	70	$	80	$	(75)	$	—	$	5
Other expenses associated with the Program	110		120		(102)		8		18
Total expense	180		200		(177)		8		23
Capital expenditures	10		20		(11)		—		9
Total estimated cash cost(1)	$	190	$	220	$	(188)	$	8	$	32

(1) Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.

Restructuring and Relocation Activities


	Year Ended December 31,
(In millions)	2021		2020		2019

Other associated costs	$	16.5	$	19.6	$	60.3
Restructuring charges	14.5		11.0		41.9


Total charges	$	31.0	$	30.6	$	102.2
Capital expenditures	$	8.2	$	0.4	$	3.4

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

The aggregate restructuring accrual, spending and other activity for the years ended December 31, 2021, 2020 and 2019 and the accrual balance remaining at those year-ends were as follows:


(In millions)
Restructuring accrual at December 31, 2018	$	37.5
Accrual and accrual adjustments	41.9
Cash payments during 2019	(47.6)
Effects of changes in foreign currency exchange rates	(0.3)
Restructuring accrual at December 31, 2019	$	31.5
Accrual and accrual adjustments	11.0
Cash payments during 2020	(28.0)
Effect of changes in foreign currency exchange rates	(0.2)
Restructuring accrual at December 31, 2020	$	14.3
Accrual and accrual adjustments	14.5
Cash payments during 2021	(16.9)
Effect of changes in foreign currency exchange rates	(0.6)
Restructuring accrual at December 31, 2021	$	11.3

Other Current and Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Components of Other Current and Other Non-Current Liabilities

The following tables detail our other current liabilities and other non-current liabilities at December 31, 2021 and 2020:


	December 31,
(In millions)	2021		2020
Other current liabilities:
Accrued salaries, wages and related costs	$	178.4	$	209.2
Accrued operating expenses	189.7		192.1
Accrued customer volume rebates	93.7		83.3
Accrued interest	38.0		37.8
Accrued employee benefit liability	5.0		4.9
Total	$	504.8	$	527.3


	December 31,
(In millions)	2021		2020
Other non-current liabilities:
Accrued employee benefit liability	$	139.9	$	201.0
Other postretirement liability	35.3		38.3
Uncertain tax position liability	402.6		381.4
Other various liabilities	83.8		107.6
Total	$	661.6	$	728.3

Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Total Debt Outstanding

Our total debt outstanding consisted of the amounts set forth below:


			December 31,
(In millions)	Interest rate		2021		2020
Short-term borrowings(1)			$	1.3	$	7.2
Current portion of long-term debt(2)			487.2		22.3
Total current debt			488.5		29.5
Term Loan A due August 2022			—		474.7
Term Loan A due July 2023			34.6		208.6

Senior Notes due December 2022	4.875	%	—		423.3
Senior Notes due April 2023	5.250	%	423.8		422.9
Senior Notes due September 2023	4.500	%	451.9		490.2
Senior Notes due December 2024	5.125	%	422.8		422.1
Senior Notes due September 2025	5.500	%	398.2		397.8
Senior Secured Notes due October 2026	1.573	%	595.0		—
Senior Notes due December 2027	4.000	%	421.4		420.9
Senior Notes due July 2033	6.875	%	446.2		446.0
Other(2)			25.7		24.9
Total long-term debt, less current portion(3)			3,219.6		3,731.4
Total debt(4)			$	3,708.1	$	3,760.9

(1)Short-term borrowings of $1.3 million and $7.2 million at December 31, 2021 and December 31, 2020, respectively, were comprised of short-term borrowings from various lines of credit.

(3)Amounts are net of unamortized discounts and issuance costs of $19.0 million and $20.1 million as of December 31, 2021 and 2020, respectively.

Scheduled Annual Maturities for Next Five Years and Thereafter


Year	Amount (In millions)
2022	$	488.3
2023	919.4
2024	427.6
2025	402.0
2026	601.9
Thereafter	891.7
Total	$	3,730.9

Schedule of Available Lines of Credit


	December 31,
(In millions)	2021		2020
Used lines of credit(1)	$	1.3	$	7.2
Unused lines of credit	1,309.0		1,312.0
Total available lines of credit(2)	$	1,310.3	$	1,319.2

(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, $1,140.6 million were committed as of December 31, 2021

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

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 Consolidated Balance Sheets.


	Cash Flow Hedge				Non-Designated as Hedging Instruments			Total
	December 31,				December 31,			December 31,
(In millions)	2021		2020			2021		2020		2021		2020
Derivative Assets
Foreign currency forward contracts and options	$	2.0	$	—		$	1.7	$	7.3	$	3.7	$	7.3

Total Derivative Assets	$	2.0	$	—		$	1.7	$	7.3	$	3.7	$	7.3
Derivative Liabilities
Foreign currency forward contracts	$	(0.6)	$	(2.8)		$	(1.0)	$	(4.2)	$	(1.6)	$	(7.0)

Total Derivative Liabilities(1)	$	(0.6)	$	(2.8)		$	(1.0)	$	(4.2)	$	(1.6)	$	(7.0)
Net Derivatives (2)	$	1.4	$	(2.8)		$	0.7	$	3.1	$	2.1	$	0.3

(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
	December 31,				December 31,
(In millions)	2021		2020		2021		2020
Gross position	$	3.7	$	7.3	$	(1.6)	$	(7.0)

Impact of master netting agreements	(0.9)		(2.3)		0.9		2.3
Net amounts recognized on the Consolidated Balance Sheets	$	2.8	$	5.0	$	(0.7)	$	(4.7)

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
	December 31,				December 31,
(In millions)	2021		2020		2021		2020
Gross position	$	3.7	$	7.3	$	(1.6)	$	(7.0)

Impact of master netting agreements	(0.9)		(2.3)		0.9		2.3
Net amounts recognized on the Consolidated Balance Sheets	$	2.8	$	5.0	$	(0.7)	$	(4.7)

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
	December 31,				December 31,
(In millions)	2021		2020		2021		2020
Gross position	$	3.7	$	7.3	$	(1.6)	$	(7.0)

Impact of master netting agreements	(0.9)		(2.3)		0.9		2.3
Net amounts recognized on the Consolidated Balance Sheets	$	2.8	$	5.0	$	(0.7)	$	(4.7)

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

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


	Location of Gain (Loss) Recognized on	Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Consolidated Statements of Operations	Year Ended December 31,
(In millions)		2021		2020		2019
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales	$	(1.9)	$	(0.8)	$	1.6


Treasury locks	Interest expense, net	0.1		0.1		0.1
Sub-total cash flow hedges		(1.8)		(0.7)		1.7
Fair Value Hedges:
Interest rate swaps	Interest expense, net	—		—		0.6
Derivatives not designated as hedging instruments:
Foreign currency forward contracts and options	Other (expense) income, net	6.0		4.1		(6.6)
Total		$	4.2	$	3.4	$	(4.3)

Fair Value Measurements, Equity Investments and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments

The fair value, measured on a recurring basis, of our financial instruments, using the fair value hierarchy under U.S. GAAP are included in the table below.


	December 31, 2021
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	290.0	$	290.0	$	—	$	—

Derivative financial and hedging instruments net asset:
Foreign currency forward contracts	$	2.1	$	—	$	2.1	$	—


	December 31, 2020
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	235.1	$	235.1	$	—	$	—

Derivative financial and hedging instruments net asset:
Foreign currency forward and option contracts	$	0.3	$	—	$	0.3	$	—

Carrying Value of Investments Without Readily Determinable Fair Value

The following carrying value of these investments were included within Other non-current assets in our Consolidated Balance Sheets.


	December 31,
(In millions)	2021		2020		2019
Carrying value at the beginning of period	$	25.4	$	7.5	$	7.5
Purchases	14.7		2.6		—
Impairments or downward adjustments	—		—		—
Upward adjustments	6.6		15.1		—
Currency translation on investments	(0.9)		0.2		—
Carrying value at the end of period	$	45.8	$	25.4	$	7.5

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:


			December 31, 2021				December 31, 2020
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due August 2022			$	474.9	$	474.9	$	474.7	$	474.7
Term Loan A Facility due July 2023(1)			37.1		37.1		220.0		220.0

Senior Notes due December 2022	4.875	%	—		—		423.3		446.0
Senior Notes due April 2023	5.250	%	423.8		441.9		422.9		450.8
Senior Notes due September 2023(1)	4.500	%	451.9		479.1		490.2		537.5
Senior Notes due December 2024	5.125	%	422.8		455.8		422.1		466.8
Senior Notes due September 2025	5.500	%	398.2		443.3		397.8		446.7
Senior Secured Notes due October 2026	1.573	%	595.0		581.3		—		—
Senior Notes due December 2027	4.000	%	421.4		443.8		420.9		453.6
Senior Notes due July 2033	6.875	%	446.2		571.9		446.0		594.4
Other foreign borrowings(1)			1.3		1.3		8.8		9.1
Other domestic borrowings			6.7		6.7		—		—
Total debt(2)			$	3,679.3	$	3,937.1	$	3,726.7	$	4,099.6

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

(2)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

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The following table shows the components of our net periodic benefit (income) cost and cost of special events related to our pension plans for the three years ended December 31:


	Year Ended December 31,
(In millions)	2021		2020		2019
Net periodic benefit cost (income):
U.S. and international net periodic benefit cost included in cost of sales(1)	$	1.3	$	1.2	$	1.1
U.S. and international net periodic benefit cost included in selling, general and administrative expenses	3.8		3.4		2.8
U.S. and international net periodic benefit income and cost of special events included in other (income) expense	(6.3)		(3.8)		(4.4)
Total benefit (income) cost	$	(1.2)	$	0.8	$	(0.5)

(1)The amount recorded in inventory for the years ended December 31, 2021, 2020 and 2019 was not material.

The following table shows the components of our net periodic benefit (income) cost for the years ended December 31, for our pension plans:


	December 31, 2021						December 31, 2020						December 31, 2019
(In millions)	U.S.		International		Total		U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit (income) cost:
Service cost	$	0.1	$	5.0	$	5.1	$	0.1	$	4.5	$	4.6	$	0.1	$	3.8	$	3.9
Interest cost	3.5		8.8		12.3		5.3		11.2		16.5		6.9		15.0		21.9
Expected return on plan assets	(8.9)		(18.5)		(27.4)		(9.0)		(19.4)		(28.4)		(7.3)		(24.7)		(32.0)

Amortization of net prior service cost	—		0.3		0.3		—		0.2		0.2		—		0.2		0.2
Amortization of net actuarial loss	2.4		5.2		7.6		1.5		4.6		6.1		1.4		3.7		5.1
Net periodic benefit (income) cost	(2.9)		0.8		(2.1)		(2.1)		1.1		(1.0)		1.1		(2.0)		(0.9)
Cost of settlement	—		0.9		0.9		—		1.8		1.8		—		0.4		0.4
Total benefit (income) cost	$	(2.9)	$	1.7	$	(1.2)	$	(2.1)	$	2.9	$	0.8	$	1.1	$	(1.6)	$	(0.5)

The components of net periodic benefit cost were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Components of net periodic benefit cost:

Interest cost	0.6		1.0		1.6
Amortization of net gain	(0.2)		(0.2)		(0.2)
Amortization of prior service credit	(0.3)		(0.3)		(0.3)
Net periodic benefit cost	$	0.1	$	0.5	$	1.1
Impact of settlement/curtailment	—		—		—
Total benefit cost for fiscal year	$	0.1	$	0.5	$	1.1

Funded Status for Pension Plans

The following table presents our funded status for 2021 and 2020 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	202.2	$	782.9	$	985.1	$	194.1	$	703.7	$	897.8
Service cost	0.1		5.0		5.1		0.1		4.5		4.6
Interest cost	3.5		8.8		12.3		5.3		11.2		16.5
Actuarial (gain) loss	(6.7)		(30.2)		(36.9)		18.2		64.5		82.7
Settlement	—		(7.1)		(7.1)		—		(9.8)		(9.8)
Benefits paid	(14.0)		(24.7)		(38.7)		(15.5)		(23.4)		(38.9)
Employee contributions	—		0.8		0.8		—		0.8		0.8

Other	—		(0.3)		(0.3)		—		0.3		0.3
Foreign exchange impact	—		(21.1)		(21.1)		—		31.1		31.1
Projected benefit obligation at end of period	$	185.1	$	714.1	$	899.2	$	202.2	$	782.9	$	985.1
Change in plan assets:
Fair value of plan assets at beginning of period	$	141.6	$	695.0	$	836.6	$	137.1	$	624.9	$	762.0
Actual return on plan assets	18.5		11.3		29.8		8.6		62.5		71.1
Employer contributions	4.7		14.9		19.6		11.3		13.6		24.9
Employee contributions	—		0.8		0.8		—		0.8		0.8
Benefits paid	(14.0)		(24.7)		(38.7)		(15.5)		(23.4)		(38.9)
Settlement	—		(7.1)		(7.1)		—		(9.9)		(9.9)

Other	—		(0.4)		(0.4)		0.1		(0.4)		(0.3)
Foreign exchange impact	—		(12.3)		(12.3)		—		26.9		26.9
Fair value of plan assets at end of period	$	150.8	$	677.5	$	828.3	$	141.6	$	695.0	$	836.6
Underfunded status at end of year	$	(34.3)	$	(36.6)	$	(70.9)	$	(60.6)	$	(87.9)	$	(148.5)
Accumulated benefit obligation at end of year	$	185.1	$	701.8	$	886.9	$	202.2	$	766.1	$	968.3

The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:


	December 31,
(In millions)	2021		2020
Change in benefit obligations:
Benefit obligation at beginning of period	$	43.4	$	43.5

Interest cost	0.6		1.0
Actuarial (gain) loss	(0.9)		2.4
Benefits paid, net	(2.7)		(3.5)



Benefit obligation at end of period	$	40.4	$	43.4
Change in plan assets:
Fair value of plan assets at beginning of period	$	—	$	—
Employer contribution	2.7		3.5
Benefits paid, net	(2.7)		(3.5)
Fair value of plan assets at end of period	$	—	$	—
Net amount recognized:
Underfunded status	$	(40.4)	$	(43.4)
Accumulated benefit obligation at end of year	$	40.4	$	43.4
Net amount recognized in consolidated balance sheets consists of:
Current liability	$	(5.1)	$	(5.1)
Non-current liability	(35.3)		(38.3)
Net amount recognized	$	(40.4)	$	(43.4)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	1.2	$	1.9
Prior service credit	(2.0)		(2.3)
Total	$	(0.8)	$	(0.4)

Amounts Included in Consolidated Balance Sheets

Amounts included in the Consolidated Balance Sheets are summarized in the following table:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Other non-current assets	$	—	$	70.6	$	70.6	$	—	$	54.3	$	54.3
Other current liabilities	—		(4.1)		(4.1)		—		(4.0)		(4.0)
Other non-current liabilities	(34.3)		(105.6)		(139.9)		(60.6)		(140.4)		(201.0)
Net amount recognized(1)	$	(34.3)	$	(39.1)	$	(73.4)	$	(60.6)	$	(90.1)	$	(150.7)

(1)Includes the underfunded status of material plans as presented in the previous table, as well as the underfunded status of other plans deemed to be immaterial.

Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized

The amounts included in AOCL that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and 2020 are:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Unrecognized net prior service costs	$	0.2	$	4.9	$	5.1	$	0.2	$	5.2	$	5.4
Unrecognized net actuarial loss	47.2		130.0		177.2		66.0		158.8		224.8
Total	$	47.4	$	134.9	$	182.3	$	66.2	$	164.0	$	230.2

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)

Changes in plan assets and benefit obligations recognized in AOCL for the year ended December 31, 2021 and 2020 were as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Current year actuarial (gain) loss	$	(16.4)	$	(22.9)	$	(39.3)	$	18.6	$	21.4	$	40.0
Prior year service cost occurring during the year	—		—		—		—		0.8		0.8
Amortization of actuarial loss	(2.4)		(5.2)		(7.6)		(1.5)		(4.6)		(6.1)
Amortization of prior service cost	—		(0.3)		(0.3)		—		(0.2)		(0.2)

Settlement	—		(0.9)		(0.9)		—		(1.8)		(1.8)
Total	$	(18.8)	$	(29.3)	$	(48.1)	$	17.1	$	15.6	$	32.7

Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2021 and December 31, 2020 were as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Current year actuarial (gain) loss	$	(0.9)	$	—	$	(0.9)	$	2.4	$	—	$	2.4
Amortization of actuarial gain	—		0.2		0.2		—		0.2		0.2
Amortization of prior service credit	0.3		—		0.3		0.3		—		0.3



Total	$	(0.6)	$	0.2	$	(0.4)	$	2.7	$	0.2	$	2.9

Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2021 and 2020 are as follows:


	December 31, 2021			December 31, 2020
(In millions)	U.S.	International	Total	U.S.	International	Total
Accumulated benefit obligation	185.1	209.9	395.0	202.2	510.3	712.5
Fair value of plan assets	150.8	111.6	262.4	141.6	384.0	525.6

Information for Plans with Projected Benefit Obligations in Excess of Plan Assets

Information for plans with projected benefit obligations in excess of plan assets as of December 31, 2021 and 2020 are as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Projected benefit obligation	$	185.1	$	228.0	$	413.1	$	202.2	$	526.4	$	728.6
Fair value of plan assets(1)	150.8		121.0		271.8		141.6		384.0		525.6

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted average assumptions used to determine benefit obligations at December 31, 2021 and 2020 were as follows:


	December 31, 2021				December 31, 2020
	U.S.		International		U.S.		International
Benefit obligations
Discount rate	2.8	%	1.9	%	2.4	%	1.4	%
Rate of compensation increase	N/A		2.3	%	N/A		2.3	%
Cash balance interest credit rate	1.6	%	1.1	%	1.2	%	1.1	%

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were as follows:


	December 31, 2021				December 31, 2020				December 31, 2019
	U.S.		International		U.S.		International		U.S.		International
Net periodic benefit cost
Discount rate	2.4	%	1.4	%	3.3	%	1.9	%	4.3	%	2.6	%
Expected long-term rate of return	6.3	%	2.8	%	6.5	%	3.3	%	6.2	%	4.7	%
Rate of compensation increase	N/A		2.3	%	N/A		2.3	%	N/A		2.3	%
Cash balance interest credit rate	1.2	%	1.1	%	2.0	%	1.1	%	3.0	%	1.4	%

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:


	Amount (In millions)
Year	U.S.		International		Total
2022	$	11.8	$	29.7	$	41.5
2023	11.7		26.8		38.5
2024	11.7		28.6		40.3
2025	11.3		29.4		40.7
2026	11.3		31.6		42.9
2027 to 2031 (combined)	54.4		169.0		223.4
Total	$	112.2	$	315.1	$	427.3

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:


Year	Amount (In millions)
2022	$	5.1
2023	4.6
2024	4.1
2025	3.6
2026	3.1
2027 to 2031 (combined)	10.9
Total	$	31.4

Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values

The fair values of our U.S. and international pension plan assets, by asset category and by the level of fair values are as follows:


	December 31, 2021										December 31, 2020
	Total										Total
(In millions)	Fair Value		Level 1		Level 2		Level 3		NAV(5)		Fair Value		Level 1		Level 2		Level 3		NAV(5)
Cash and cash equivalents(1)	$	9.8	$	3.0	$	6.8	$	—	$	—	$	11.0	$	2.1	$	8.9	$	—	$	—
Fixed income funds(2)(6)	409.5		—		282.5		—		127.0		417.3		—		298.9		—		118.4
Equity funds(3)	114.1		—		49.2		—		64.9		122.3		—		48.0		—		74.3
Other(4)	294.9		—		6.6		211.9		76.4		286.0		—		9.1		206.4		70.5
Total	$	828.3	$	3.0	$	345.1	$	211.9	$	268.3	$	836.6	$	2.1	$	364.9	$	206.4	$	263.2

(4)The largest component of other assets are bulk annuity contracts (buy-ins). The other assets also include real estate and other alternative investments.

(5)These assets are measured at Net Asset Value (NAV) as a practical expedient under ASC 820.

Activity in Plan Asset Measured at Fair Value Using Level 3 Inputs

The following table shows the activity of our U.S. and international plan assets that are measured at fair value using Level 3 inputs.


	December 31,
(In millions)	2021		2020
Balance at beginning of period	$	206.4	$	180.2
Gain on assets still held at end of year	2.4		15.4
Loss on assets sold during the year	(0.2)		—
Purchases, sales, issuance, and settlements	6.4		2.4
Foreign exchange (loss) gain	(3.1)		8.4
Balance at end of period	$	211.9	$	206.4

Other Post-Employment Benefits and Other Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Funded Status for Pension Plans


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	202.2	$	782.9	$	985.1	$	194.1	$	703.7	$	897.8
Service cost	0.1		5.0		5.1		0.1		4.5		4.6
Interest cost	3.5		8.8		12.3		5.3		11.2		16.5
Actuarial (gain) loss	(6.7)		(30.2)		(36.9)		18.2		64.5		82.7
Settlement	—		(7.1)		(7.1)		—		(9.8)		(9.8)
Benefits paid	(14.0)		(24.7)		(38.7)		(15.5)		(23.4)		(38.9)
Employee contributions	—		0.8		0.8		—		0.8		0.8

Other	—		(0.3)		(0.3)		—		0.3		0.3
Foreign exchange impact	—		(21.1)		(21.1)		—		31.1		31.1
Projected benefit obligation at end of period	$	185.1	$	714.1	$	899.2	$	202.2	$	782.9	$	985.1
Change in plan assets:
Fair value of plan assets at beginning of period	$	141.6	$	695.0	$	836.6	$	137.1	$	624.9	$	762.0
Actual return on plan assets	18.5		11.3		29.8		8.6		62.5		71.1
Employer contributions	4.7		14.9		19.6		11.3		13.6		24.9
Employee contributions	—		0.8		0.8		—		0.8		0.8
Benefits paid	(14.0)		(24.7)		(38.7)		(15.5)		(23.4)		(38.9)
Settlement	—		(7.1)		(7.1)		—		(9.9)		(9.9)

Other	—		(0.4)		(0.4)		0.1		(0.4)		(0.3)
Foreign exchange impact	—		(12.3)		(12.3)		—		26.9		26.9
Fair value of plan assets at end of period	$	150.8	$	677.5	$	828.3	$	141.6	$	695.0	$	836.6
Underfunded status at end of year	$	(34.3)	$	(36.6)	$	(70.9)	$	(60.6)	$	(87.9)	$	(148.5)
Accumulated benefit obligation at end of year	$	185.1	$	701.8	$	886.9	$	202.2	$	766.1	$	968.3

The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:


	December 31,
(In millions)	2021		2020
Change in benefit obligations:
Benefit obligation at beginning of period	$	43.4	$	43.5

Interest cost	0.6		1.0
Actuarial (gain) loss	(0.9)		2.4
Benefits paid, net	(2.7)		(3.5)



Benefit obligation at end of period	$	40.4	$	43.4
Change in plan assets:
Fair value of plan assets at beginning of period	$	—	$	—
Employer contribution	2.7		3.5
Benefits paid, net	(2.7)		(3.5)
Fair value of plan assets at end of period	$	—	$	—
Net amount recognized:
Underfunded status	$	(40.4)	$	(43.4)
Accumulated benefit obligation at end of year	$	40.4	$	43.4
Net amount recognized in consolidated balance sheets consists of:
Current liability	$	(5.1)	$	(5.1)
Non-current liability	(35.3)		(38.3)
Net amount recognized	$	(40.4)	$	(43.4)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	1.2	$	1.9
Prior service credit	(2.0)		(2.3)
Total	$	(0.8)	$	(0.4)

Components of Net Periodic Benefit Cost

The following table shows the components of our net periodic benefit (income) cost and cost of special events related to our pension plans for the three years ended December 31:


	Year Ended December 31,
(In millions)	2021		2020		2019
Net periodic benefit cost (income):
U.S. and international net periodic benefit cost included in cost of sales(1)	$	1.3	$	1.2	$	1.1
U.S. and international net periodic benefit cost included in selling, general and administrative expenses	3.8		3.4		2.8
U.S. and international net periodic benefit income and cost of special events included in other (income) expense	(6.3)		(3.8)		(4.4)
Total benefit (income) cost	$	(1.2)	$	0.8	$	(0.5)

(1)The amount recorded in inventory for the years ended December 31, 2021, 2020 and 2019 was not material.

The following table shows the components of our net periodic benefit (income) cost for the years ended December 31, for our pension plans:


	December 31, 2021						December 31, 2020						December 31, 2019
(In millions)	U.S.		International		Total		U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit (income) cost:
Service cost	$	0.1	$	5.0	$	5.1	$	0.1	$	4.5	$	4.6	$	0.1	$	3.8	$	3.9
Interest cost	3.5		8.8		12.3		5.3		11.2		16.5		6.9		15.0		21.9
Expected return on plan assets	(8.9)		(18.5)		(27.4)		(9.0)		(19.4)		(28.4)		(7.3)		(24.7)		(32.0)

Amortization of net prior service cost	—		0.3		0.3		—		0.2		0.2		—		0.2		0.2
Amortization of net actuarial loss	2.4		5.2		7.6		1.5		4.6		6.1		1.4		3.7		5.1
Net periodic benefit (income) cost	(2.9)		0.8		(2.1)		(2.1)		1.1		(1.0)		1.1		(2.0)		(0.9)
Cost of settlement	—		0.9		0.9		—		1.8		1.8		—		0.4		0.4
Total benefit (income) cost	$	(2.9)	$	1.7	$	(1.2)	$	(2.1)	$	2.9	$	0.8	$	1.1	$	(1.6)	$	(0.5)

The components of net periodic benefit cost were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Components of net periodic benefit cost:

Interest cost	0.6		1.0		1.6
Amortization of net gain	(0.2)		(0.2)		(0.2)
Amortization of prior service credit	(0.3)		(0.3)		(0.3)
Net periodic benefit cost	$	0.1	$	0.5	$	1.1
Impact of settlement/curtailment	—		—		—
Total benefit cost for fiscal year	$	0.1	$	0.5	$	1.1

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)

Changes in plan assets and benefit obligations recognized in AOCL for the year ended December 31, 2021 and 2020 were as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Current year actuarial (gain) loss	$	(16.4)	$	(22.9)	$	(39.3)	$	18.6	$	21.4	$	40.0
Prior year service cost occurring during the year	—		—		—		—		0.8		0.8
Amortization of actuarial loss	(2.4)		(5.2)		(7.6)		(1.5)		(4.6)		(6.1)
Amortization of prior service cost	—		(0.3)		(0.3)		—		(0.2)		(0.2)

Settlement	—		(0.9)		(0.9)		—		(1.8)		(1.8)
Total	$	(18.8)	$	(29.3)	$	(48.1)	$	17.1	$	15.6	$	32.7

Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2021 and December 31, 2020 were as follows:


	December 31, 2021						December 31, 2020
(In millions)	U.S.		International		Total		U.S.		International		Total
Current year actuarial (gain) loss	$	(0.9)	$	—	$	(0.9)	$	2.4	$	—	$	2.4
Amortization of actuarial gain	—		0.2		0.2		—		0.2		0.2
Amortization of prior service credit	0.3		—		0.3		0.3		—		0.3



Total	$	(0.6)	$	0.2	$	(0.4)	$	2.7	$	0.2	$	2.9

Expected Post-retirement Benefits

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:


	Amount (In millions)
Year	U.S.		International		Total
2022	$	11.8	$	29.7	$	41.5
2023	11.7		26.8		38.5
2024	11.7		28.6		40.3
2025	11.3		29.4		40.7
2026	11.3		31.6		42.9
2027 to 2031 (combined)	54.4		169.0		223.4
Total	$	112.2	$	315.1	$	427.3

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:


Year	Amount (In millions)
2022	$	5.1
2023	4.6
2024	4.1
2025	3.6
2026	3.1
2027 to 2031 (combined)	10.9
Total	$	31.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Tax Provision

The components of earnings before income tax provision were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Domestic	$	346.2	$	328.2	$	126.7
Foreign	370.0		298.0		243.6
Total	$	716.2	$	626.2	$	370.3

Components of Income Tax Provision

The components of our income tax provision were as follows:


	Year Ended December 31,
(In millions)	2021		2020		2019
Current tax expense:
Federal	$	63.1	$	(14.2)	$	62.3
State and local	17.2		5.6		4.6
Foreign	106.6		69.9		64.1
Total current expense	$	186.9	$	61.3	$	131.0
Deferred tax expense (benefit):
Federal	$	9.6	$	59.4	$	(19.0)
State and local	6.9		11.8		4.0
Foreign	21.6		9.6		(39.4)
Total deferred tax expense (benefit)	38.1		80.8		(54.4)
Total income tax provision	$	225.0	$	142.1	$	76.6

Components of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consist of the following:


	December 31,
(In millions)	2021		2020

Accruals not yet deductible for tax purposes	$	17.1	$	16.0
Net operating loss carryforwards	219.4		252.1
Foreign, federal and state credits	6.4		6.5
Employee benefit items	45.4		78.7
Capitalized expenses	3.9		6.2
Intangibles	15.4		24.9
Derivatives and other	45.4		59.8
Sub-total deferred tax assets	353.0		444.2
Valuation allowance	(189.6)		(207.1)
Total deferred tax assets	$	163.4	$	237.1

Depreciation and amortization	$	(78.6)	$	(66.0)
Unremitted foreign earnings	—		(11.0)
Intangible assets	—		—
Other	(0.2)		(4.0)
Total deferred tax liabilities	(78.8)		(81.0)
Net deferred tax assets	$	84.6	$	156.1

Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate, 21%, to income before provision for income taxes, is as follows:


	Year Ended December 31,
(In millions)	2021				2020				2019
Computed expected tax	$	150.4	21.0	%	$	131.5	21.0	%	$	77.8	21.0	%
State income taxes, net of federal tax benefit	15.6		2.2	%	13.4		2.1	%	6.2		1.7	%
Foreign earnings taxed at different rates	16.2		2.2	%	10.5		1.7	%	10.5		2.8	%
U.S. tax on foreign earnings	14.3		2.0	%	24.0		3.8	%	29.0		7.8	%
Tax credits	(30.2)		(4.2)	%	(27.8)		(4.4)	%	(50.1)		(13.5)	%
Unremitted foreign earnings	—		—	%	2.5		0.4	%	10.0		2.7	%
Reorganization and divestitures	—		—	%	0.4		0.1	%	(47.2)		(12.7)	%
Withholding tax	4.7		0.7	%	4.2		0.7	%	4.8		1.3	%
Net change in valuation allowance	3.6		0.5	%	(5.2)		(0.8)	%	(7.6)		(2.1)	%
Net change in unrecognized tax benefits	19.6		2.7	%	(1.1)		(0.2)	%	36.5		9.9	%
Legislative Changes	5.1		0.7	%	(22.4)		(3.6)	%	—		—	%
Deferred tax adjustments	11.4		1.6	%	3.0		0.5	%	0.9		0.2	%
Other	14.3		2.0	%	9.1		1.4	%	5.8		1.6	%
Income tax provision and rate	$	225.0	31.4	%	$	142.1	22.7	%	$	76.6	20.7	%

Unrecognized Tax Benefits and the Effect on Effective Income Tax Rate

We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:


	Year Ended December 31,
(In millions)	2021		2020		2019
Beginning balance of unrecognized tax benefits	$	379.6	$	390.3	$	356.4
Additions for tax positions of current year	1.8		2.7		3.4
Additions for tax positions of prior years	9.7		8.3		47.9
Reductions for tax positions of prior years	(1.9)		(18.2)		(16.0)
Reductions for lapses of statutes of limitation and settlements	(0.2)		(3.5)		(1.4)
Ending balance of unrecognized tax benefits	$	389.0	$	379.6	$	390.3

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Estimated Future Cash Outlays Related to Principal Contractual Obligations

The estimated future cash outlays are as follows:


Year	Amount (In millions)
2022	$	50.5
2023	34.1
2024	23.0
2025	25.5
2026	1.0

Total	$	134.1

Stockholders’ (Deficit) Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Cash Dividends Paid

The following table shows our total cash dividends paid in the years ended December 31, 2021, 2020 and 2019:


(In millions, except per share amounts)	Total Cash Dividends Paid		Total Cash Dividends Paid per Common Share
2019	$	99.1	$	0.64
2020	100.3		0.64
2021	115.8		0.76

Summary of Changes in Common Stock and Common Stock in Treasury

The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:


	2021	2020	2019
Changes in common stock:
Number of shares, beginning of year	231,958,083	231,622,535	231,619,037
Restricted stock shares issued for new awards	—	—	1,478
Restricted stock shares, forfeited	(1,095)	(15,271)	(110,984)
Shares issued for vested restricted stock units	423,302	315,902	164,347
Shares issued for 2017 Three-Year PSU Awards	—	133,752	—
Shares issued for 2018 Three-Year PSU Awards	47,730	—	—
Shares issued for 2020 Three-Year PSU Awards(3)	13,770	—	—
Shares issued for Stock Leverage Opportunity Awards (SLO)	32,128	8,471	6,321
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors	54,277	42,911	123,824
Canceled shares for tax netting(1)	(44,914)	(150,217)	(181,488)

Number of shares issued, end of year	232,483,281	231,958,083	231,622,535
Changes in common stock in treasury:
Number of shares held, beginning of year	77,068,311	77,109,722	75,964,667
Repurchase of common stock(2)	7,949,688	782,156	1,632,163
Profit sharing contribution paid in stock	(633,875)	(823,567)	(487,108)

Number of shares held, end of year(2)	84,384,124	77,068,311	77,109,722
Number of common stock outstanding, end of year(2)	148,099,157	154,889,772	154,512,813

(3)Per the terms of his 2019 offer letter, shares equal to the target number of units granted, net of shares withheld for taxes, were issued to our former CFO, James Sullivan, on September 30, 2021.

Summary of Changes in Common Shares Available for Awards under Omnibus Plan and Predecessor Plans

A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:


	2021	2020	2019
Number of shares available, beginning of year	3,183,310	4,048,509	4,489,347
Newly approved shares under Omnibus Incentive Plan	2,999,054	—	—
Restricted stock shares forfeited	1,095	15,271	105,960
Restricted stock units awarded	(918,973)	(1,014,667)	(819,808)
Restricted stock units forfeited	115,641	105,832	96,534
Shares issued for 2017 Three-Year PSU Awards	—	(133,752)	—
Shares issued for 2018 Three-Year PSU Awards	(47,730)	—	—
Shares issued for 2020 Three-Year PSU Awards	(13,770)	—	—
Restricted stock units awarded for SLO Awards	(72,043)	(73,731)	(46,195)
SLO units forfeited	—	—	1,580
Director shares granted and issued	(10,160)	(20,835)	(22,015)
Director units granted and deferred(1)	(16,264)	(22,826)	(6,262)
Shares withheld for taxes(2)	290,439	279,509	249,368

Number of shares available, end of year(3)	5,510,599	3,183,310	4,048,509

(1)Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.

Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit


(In millions)	2021		2020		2019
2021 Three-year PSU Awards	$	4.2	$	—	$	—
2020 Three-year PSU Awards	4.5		5.3		—
2019 Three-year PSU Awards	2.2		3.5		4.3
2018 Three-year PSU Awards	—		1.9		0.2
2017 COO and Chief Executive Officer-Designate New Hire Equity Awards(1)	0.1		0.2		0.2
SLO Awards	2.8		2.2		3.2
Other long-term share-based incentive compensation programs(2)	32.0		29.2		26.5
Total share-based incentive compensation expense(3)	$	45.8	$	42.3	$	34.4
Associated tax benefits recognized	$	7.5	$	7.1	$	5.8

(2) The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.

Schedule of Unvested Restricted Stock and Restricted Stock Unit

The following table summarizes activity for unvested restricted stock and restricted stock units for 2021:


	Restricted stock shares					Restricted stock units
	Shares	Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)		Shares	Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)
Non-vested at December 31, 2020	134,048	$	44.11			1,478,435	$	35.39
Granted	—	—				918,973	46.65
Vested	(132,953)	44.11		$	5.9	(600,376)	37.00		$	22.2
Forfeited or expired	(1,095)	44.30				(115,641)	37.27

Non-vested at December 31, 2021	—	$	—			1,681,391	$	40.84

Schedule of Fair Value of Vested Restricted Stock

A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:


(In millions)	2021		2020		2019
Fair value of restricted stock shares vested	$	6.1	$	13.2	$	23.7
Fair value of restricted stock units vested	$	26.4	$	15.6	$	10.1

Schedule of Unrecognized Compensation Cost


(In millions)	Unrecognized Compensation Cost		Weighted Average to be recognized (in years)

Restricted Stock units	$	44.1	1.1


(In millions)	Unrecognized Compensation Costs		Weighted Average to be recognized (in years)
2021 Three-year PSU Awards	$	6.3	2
2020 Three-year PSU Awards	3.3		1
2019 Three-year PSU Awards	—		0

Number of Performance Stock Units Granted Based on Relative TSR, Adjusted EBITDA Margin and ROIC

The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares.


	Relative TSR		Adjusted EBITDA Margin		ROIC
February 13, 2019 grant date
Number of units granted	24,914		33,885		33,885
Fair value on grant date (per unit)	$	59.15	$	42.21	$	42.21
February 14, 2019 grant date
Number of units granted	24,905		32,922		32,922
Fair value on grant date (per unit)	$	57.34	$	42.10	$	42.10
July 11, 2019 grant date
Number of units granted	20,724		25,997		25,997
Fair value on grant date (per unit)	$	55.82	$	43.22	$	43.22

Summary of Assumptions Used to Calculate Grant Date Fair Value

The assumptions used to calculate the grant date fair values for grants based on Relative TSR are shown in the following table:


	Expected price volatility		Risk-free interest rate
February 13, 2019 grant date	22.80	%	2.55	%
February 14, 2019 grant date	22.80	%	2.51	%
July 11, 2019 grant date	23.00	%	1.86	%

The assumptions used to calculate the grant date fair values for grants based on Relative TSR are shown in the following table:


	Expected price volatility		Risk-free interest rate
February 12, 2020 grant date	23.70	%	1.40	%
February 13, 2020 grant date	23.70	%	1.40	%
March 1, 2020 grant date	23.70	%	0.90	%

The assumptions used to calculate the grant date fair values are shown in the following table:


	Expected price volatility		Risk-free interest rate
February 10, 2021 grant date	37.70	%	0.20	%
February 11, 2021 grant date	37.70	%	0.20	%
March 1, 2021 grant date	38.00	%	0.30	%

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


	2020 Performance-Vesting Award
Fair value on grant date	$	12.67
Expected price volatility	38.5		%
Risk-free interest rate	0.2		%

Summary of Estimated Earned Payout

The following table includes additional information related to estimated earned payout based on the probable outcome of the performance conditions and market condition as of December 31, 2021:


	Estimated Payout %
	Return on Invested Capital		Adjusted EBITDA Margin		Adjusted EBITDA CAGR		Relative TSR(1)		TSR Modifier(1)		Combined
2021 Three-year PSU Awards	100	%	N/A		100	%	N/A		25	%	125	%
2020 Three-year PSU Awards	119	%	N/A		175	%	200	%	N/A		165	%
2019 Three-year PSU Awards	195	%	—	%	N/A		200	%	N/A		133	%

Summary of Activity for Outstanding Three-year PSU Awards

The following table summarizes activity for outstanding three-year PSU awards for 2021:


	Shares	Aggregate Intrinsic Value (In millions)
Outstanding at December 31, 2020	697,087
Granted(1)	246,746
Converted	(107,398)	$	4.4
Forfeited or expired	(98,566)
Outstanding at December 31, 2021	737,869
Fully vested at December 31, 2021	264,302	$	11.8

(1)This represents the target number of performance units granted. Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 250% percent of the target.

Summary of Activity for Non-Vested PSUs Awards

The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares.


	Relative TSR		Adjusted EBITDA CAGR		ROIC
February 12, 2020 grant date
Number of units granted	33,335		35,068		35,068
Fair value on grant date (per unit)	$	38.87	$	35.86	$	35.86
February 13, 2020 grant date
Number of units granted	44,206		42,507		42,507
Fair value on grant date (per unit)	$	34.08	$	34.40	$	34.40
March 1, 2020 grant date
Number of units granted	31,064		29,690		29,690
Fair value on grant date (per unit)	$	29.85	$	30.31	$	30.31

The total number of shares to be issued, including the modifier, for these awards can range from zero to 250% of the target number of shares.


	Adjusted EBITDA CAGR		ROIC
February 10, 2021 grant date
Number of units granted	41,729		41,729
Fair value on grant date (per unit)	$	45.26	$	45.26
February 11, 2021 grant date
Number of units granted	51,882		51,882
Fair value on grant date (per unit)	$	43.85	$	43.85
March 1, 2021 grant date
Number of units granted	29,762		29,762
Fair value on grant date (per unit)	$	43.02	$	43.02

The following table summarizes activity for non-vested three-year PSU awards for 2021:


	Shares	Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2020	487,456	$	38.97
Granted	246,746	44.22
Vested	(232,002)	44.52
Forfeited or expired	(28,633)	38.51
Non-vested at December 31, 2021	473,567	$	38.85

Summary of Fair Value for Vested PSU Awards

A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:


(In millions)	2021		2020		2019
Fair value of Three-year PSU awards vested	$	17.8	$	9.6	$	10.3

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Details of Comprehensive Loss

The following table provides details of comprehensive loss:


(In millions)	Unrecognized Pension Items		Cumulative Translation Adjustment(1)		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, 2019	$	(146.1)	$	(728.6)	$	(34.5)	$	0.2	$	(909.0)
Other comprehensive (loss) income before reclassifications	(32.1)		6.9		(33.0)		(2.4)		(60.6)
Less: amounts reclassified from accumulated other comprehensive loss	5.7		—		—		0.4		6.1
Net current period other comprehensive (loss) income	(26.4)		6.9		(33.0)		(2.0)		(54.5)

Balance at December 31, 2020	$	(172.5)	$	(721.7)	$	(67.5)	$	(1.8)	$	(963.5)
Other comprehensive income (loss) before reclassifications	28.7		(38.8)		29.2		3.0		22.1
Less: amounts reclassified from accumulated other comprehensive loss	6.3		—		—		1.2		7.5
Net current period other comprehensive income (loss)	35.0		(38.8)		29.2		4.2		29.6
Balance at December 31, 2021	$	(137.5)	$	(760.5)	$	(38.3)	$	2.4	$	(933.9)

Detail of Amounts Reclassified from Accumulated Other Comprehensive Income

The following table provides detail of amounts reclassified from AOCL:


(In millions)	2021		2020		2019		Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Settlements	$	(0.9)	$	(1.8)	$	(0.4)
Prior service credits	—		0.1		0.1
Actuarial losses	(7.4)		(5.9)		(4.9)
Total pre-tax amount	(8.3)		(7.6)		(5.2)		Other (expense) income, net
Tax benefit	2.0		1.9		1.3
Net of tax	(6.3)		(5.7)		(3.9)


Net (losses) gains on cash flow hedging derivatives:(1)
Foreign currency forward contracts	(1.9)		(0.8)		1.6		Cost of sales

Treasury locks	0.1		0.1		0.1		Interest expense, net
Total pre-tax amount	(1.8)		(0.7)		1.7
Tax benefit (expense)	0.6		0.3		(0.6)
Net of tax	(1.2)		(0.4)		1.1
Total reclassifications for the period	$	(7.5)	$	(6.1)	$	(2.8)

(1)These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, “Derivatives and Hedging Activities,” for additional details.

Other (Expense) Income, net (Tables)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Details of Other (Expense) Income, net

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


	Year Ended December 31,
(In millions)	2021		2020		2019
Net foreign exchange transaction (loss) gain	$	(0.7)	$	1.7	$	(7.7)
Bank fee expense	(5.0)		(6.3)		(5.0)
Pension income other than service costs	4.4		0.9		1.0
Increase in fair value of equity investments	6.6		15.1		—
Impairment of debt investment(1)	(8.0)		—		—
Foreign currency exchange loss due to high inflationary economies	(3.6)		(4.7)		(4.6)
Loss on debt redemption and refinancing activities	(18.6)		—		(16.1)
Other income(2)	13.2		11.3		13.6
Other (expense)	(5.2)		(5.5)		(5.3)
Other (expense) income, net	$	(16.9)	$	12.5	$	(24.1)

Net Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net Earnings Per Common Share


	Year Ended December 31,
(In millions, except per share amounts)	2021		2020		2019
Basic Net Earnings Per Common Share:
Numerator:
Net earnings	$	506.8	$	502.9	$	263.0
Distributed and allocated undistributed net earnings to unvested restricted stockholders	—		(0.2)		(0.5)
Net earnings available to common stockholders	$	506.8	$	502.7	$	262.5
Denominator:
Weighted average number of common shares outstanding - basic	150.9		155.2		154.3
Basic net earnings per common share:
Basic net earnings per common share	$	3.36	$	3.24	$	1.70
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders	$	506.8	$	502.7	$	262.5
Denominator:
Weighted average number of common shares outstanding - basic	150.9		155.2		154.3
Effect of dilutive stock shares and units	1.5		0.8		0.5
Weighted average number of common shares outstanding - diluted under two-class	152.4		156.0		154.8
Effect of unvested restricted stock - participating security	—		—		0.4
Weighted average number of common shares outstanding - diluted under treasury stock	152.4		156.0		155.2
Diluted net earnings per common share	$	3.32	$	3.22	$	1.69

Organization and Nature of Operations - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 wholly-ownedSubsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly-owned subsidiaries	2

Summary of Significant Accounting Policies and Recently Issued Accounting Standards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) bank Bs. / $	Dec. 31, 2020 USD ($) Bs. / $	Dec. 31, 2019 USD ($) Bs. / $
Significant Accounting Policies [Line Items]
Research and development costs	$ 99.8	$ 95.9	$ 77.3
Target level for the determination of performance goals and measures	100.00%
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Credit losses as percentage of net trade sales (less than)	0.10%
Credit loss historical period	3 years
Charge to allowance for credit losses	$ 2.1	3.7	2.5
Minimum
Significant Accounting Policies [Line Items]
Intangible asset, useful life	1 year
Maximum
Significant Accounting Policies [Line Items]
Intangible asset, useful life	28 years
Buildings \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Buildings \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	40 years
Machinery and equipment \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	5 years
Machinery and equipment \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Other Property and Equipment \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	2 years
Other Property and Equipment \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Argentina
Significant Accounting Policies [Line Items]
Foreign currency transaction loss related to remeasurement	$ 3.6	$ 4.7	$ 4.6
Argentina \| Argentina, Pesos
Significant Accounting Policies [Line Items]
Exchange rate, translation \| Bs. / $	102.7	84.1	59.9

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized from performance obligation satisfied in previous periods	$ 4.3	$ 4.5	$ 5.0
Revenue recognized that was included in contract liability at beginning of period	$ 15.4	$ 14.0	$ 5.6

Revenue Recognition, Contracts with Customers - Revenues from Contracts with Customers Summarized By Segment Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	$ 5,494.8	$ 4,874.0	$ 4,761.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	39.0	29.2	29.9
Total	5,533.8	4,903.2	4,791.1
Americas
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	3,491.7	3,115.5	3,043.2
EMEA
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	1,196.7	1,028.0	1,005.3
Total	1,200.0	1,031.6	1,010.4
APAC
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	806.4	730.5	712.7
Total	811.5	736.0	718.8
Food
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	3,079.8	2,803.7	2,859.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	33.0	21.8	21.3
Total	3,112.8	2,825.5	2,880.5
Food \| Americas
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	1,948.9	1,779.4	1,828.4
Food \| EMEA
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	681.4	617.9	617.1
Food \| APAC
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	449.5	406.4	413.7
Protective
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	2,415.0	2,070.3	1,902.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	6.0	7.4	8.6
Total	2,421.0	2,077.7	1,910.6
Protective \| Americas
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	1,542.8	1,336.1	1,214.8
Protective \| EMEA
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	515.3	410.1	388.2
Protective \| APAC
Disaggregation of Revenue [Line Items]
Topic 606 Segment Revenue	$ 356.9	$ 324.1	$ 299.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue Recognition, Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 1.2	$ 1.4
Contract liabilities	$ 20.2	$ 20.3

Revenue Recognition, Contracts with Customers - Remaining Performance Obligation and Total Transaction Price (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Total transaction price	$ 20.2	$ 20.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Total transaction price		7.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Total transaction price	$ 15.9	$ 13.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Total transaction price	$ 4.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period

Leases - Summary of Lease Payments Captured in Lease Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Short-Term (12 months or less)	$ 5.7	$ 5.4
Long-Term	18.8	11.9
Lease receivables	$ 24.5	$ 17.3
Net Sales \| Product Concentration Risk \| Sales Type Operating Lease
Lessor, Lease, Description [Line Items]
As a % of Consolidated net sales (less than)	1.00%	1.00%	1.00%

Leases - Summary of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other non-current assets:
Finance leases - ROU assets	$ 58.0	$ 58.2
Finance leases - Accumulated depreciation	(27.3)	(22.6)
Operating lease right-of-use-assets:
Operating leases - ROU assets	133.5	127.4
Operating leases - Accumulated depreciation	(69.7)	(51.3)
Total lease assets	94.5	111.7
Current portion of long-term debt:
Finance leases	(10.2)	(10.5)
Current portion of operating lease liabilities:
Operating leases	(21.2)	(24.3)
Long-term debt, less current portion:
Finance leases	(19.2)	(23.9)
Long-term operating lease liabilities, less current portion:
Operating leases	(44.5)	(53.2)
Total lease liabilities	$ (95.1)	$ (111.9)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	Other non-current assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, less current portion	Long-term debt, less current portion

Leases - Schedule of Lease Commitments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Finance leases
2021	$ 11.3
2022	6.7
2023	2.6
2024	2.0
2025	1.9
Thereafter	10.0
Total lease payments	34.5
Less: Interest	(5.1)
Present value of lease liabilities	29.4
Operating leases
2021	23.7
2022	17.2
2023	11.6
2024	8.1
2025	6.4
Thereafter	6.6
Total lease payments	73.6
Less: Interest	(7.9)
Present value of lease liabilities	$ 65.7

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance leases
Amortization of ROU assets	$ 10.6	$ 10.9
Interest on lease liabilities	1.5	1.8
Operating leases	31.7	31.1
Short-term lease cost	4.9	3.7
Variable lease cost	5.7	5.8
Total lease cost	54.4	53.3
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	4.8	4.4
Operating cash flows - operating leases	30.4	33.3
Financing cash flows - finance leases	10.5	11.6	$ 9.3
ROU assets obtained in exchange for new finance lease liabilities	5.7	7.1
ROU assets obtained in exchange for new operating lease liabilities	$ 17.2	$ 14.3
Finance leases
Remaining lease term (in years)	5 years 10 months 24 days	6 years 1 month 6 days
Discount rate	4.60%	4.70%
Operating leases
Remaining lease term (in years)	4 years 4 months 24 days	4 years 6 months
Discount rate	4.70%	5.00%

Divestiture and Acquisition Activity - Narrative (Details) - USD ($) $ in Millions			3 Months Ended				12 Months Ended
	Nov. 01, 2021	Aug. 01, 2019	Dec. 31, 2021	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Gain on sale of business							$ 45.3	$ 0.0	$ 0.0
Taxes on net gain on sale							225.0	142.1	76.6
Goodwill			$ 2,189.4				2,189.4	2,222.6	2,216.9
Automated Packaging Systems
Business Acquisition [Line Items]
Percentage of acquired equity interest		100.00%
Purchase price of acquisition		$ 441.4
Non contingent consideration to be paid in the future		$ 58.2
Deferred compensation paid									19.7
Transaction expenses								0.3	$ 3.3
Adjustment to consideration transferred				$ 4.3
Other 2019 Acquisitions
Business Acquisition [Line Items]
Purchase price						$ 23.4
Goodwill						$ 6.0
Acquisition, purchase price and other adjustments					$ 0.3
Protective \| Automated Packaging Systems
Business Acquisition [Line Items]
Deferred compensation paid							$ 17.4	$ 19.0
Reflectix, Inc \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Protective
Business Acquisition [Line Items]
Proceeds from sale of businesses			$ 82.5
Gain on sale of business	$ 45.3
Disposal group, net carrying value	35.8
Disposal group, inventory	6.8
Disposal group, trade receivable	6.6
Disposal group, property, plant and equipment	1.0
Disposal group, goodwill	23.2
Taxes on net gain on sale	$ 17.3

Divestiture and Acquisition Activity - Summary of Consideration Transferred and Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended			14 Months Ended
	Aug. 01, 2019	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020
Business Acquisition [Line Items]
Total consideration transferred			$ 0.1	$ (1.2)	$ 452.8
Assets:
Goodwill			$ 2,189.4	2,222.6	$ 2,216.9
APS
Measurement Period Adjustments
Consideration transferred		$ 4.3
Protective \| APS
Business Acquisition [Line Items]
Total consideration transferred	$ 445.7					$ 441.4
Assets:
Cash and cash equivalents	16.0					15.8	$ 15.8
Trade receivables, net	37.3					37.3	37.3
Other receivables	0.3					0.3	0.3
Inventories, net	40.7					40.0	40.0
Prepaid expenses and other current assets	2.3					2.3	2.3
Property and equipment, net	76.9					85.6	85.6
Identifiable intangible assets, net	81.1			$ 80.5		80.5	80.5
Goodwill	261.3					246.7	246.7
Operating lease right-of-use-assets						4.3	4.3
Other non-current assets	24.7					25.8	25.8
Total assets	540.6					538.6	538.6
Liabilities:
Accounts payable	12.0					12.0	12.0
Current portion of long-term debt	2.6					2.1	2.1
Current portion of operating lease liabilities						1.5	1.5
Other current liabilities	56.2					52.9	52.9
Long-term debt, less current portion	4.3					4.0	4.0
Long-term operating lease liabilities, less current portion						2.8	2.8
Deferred taxes						0.5	0.5
Other non-current liabilities	19.8					21.4	21.4
Total liabilities	$ 94.9					$ 97.2	97.2
Measurement Period Adjustments
Consideration transferred							(4.3)
Cash and cash equivalents							(0.2)
Inventories, net							(0.7)
Property and equipment, net							8.7
Identifiable intangible assets, net							(0.6)
Goodwill							(14.6)
Operating lease right-of-use-assets							4.3
Other non-current assets							1.1
Total assets							(2.0)
Current portion of long-term debt							(0.5)
Current portion of operating lease liabilities							1.5
Other current liabilities							(3.3)
Long-term debt, less current portion							(0.3)
Long-term operating lease liabilities, less current portion							2.8
Deferred taxes							0.5
Other non-current liabilities							1.6
Total liabilities							$ 2.3

Divestiture and Acquisition Activity - Schedule of Intangible Assets, net and Useful Life (Details) - APS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Aug. 01, 2019
Capitalized software
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets, net	$ 2.4
Useful life (in years)	3 years
Protective
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets, net	$ 80.5	$ 80.5	$ 81.1
Protective \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets, net	$ 28.9
Useful life (in years)	13 years
Protective \| Trademarks and tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets, net	$ 15.6
Useful life (in years)	9 years 1 month 6 days
Protective \| Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets, net	$ 29.6
Useful life (in years)	6 years 4 months 24 days
Protective \| Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets, net	$ 4.0
Useful life (in years)	4 months 24 days

Segments - Additional Information (Details)	12 Months Ended
Segments - Additional Information (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segments - Net Sales and Adjusted EBITDA of Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 5,533.8	$ 4,903.2	$ 4,791.1
Segment Adjusted EBITDA	1,134.6	1,055.5	979.2
Corporate
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(3.0)	(4.4)	(14.4)
Food
Segment Reporting Information [Line Items]
Net sales	3,112.8	2,825.5	2,880.5
Food \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,112.8	2,825.5	2,880.5
Segment Adjusted EBITDA	$ 688.4	$ 647.5	$ 629.3
Adjusted EBITDA Margin	22.10%	22.90%	21.80%
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 2,421.0	$ 2,077.7	$ 1,910.6
Segment Adjusted EBITDA	$ 446.2	$ 408.0	$ 349.9
Adjusted EBITDA Margin	18.40%	19.60%	18.30%
Product Concentration Risk \| Net Sales \| Food \| Operating Segments
Segment Reporting Information [Line Items]
As a % of Consolidated net sales	56.30%	57.60%	60.10%
Product Concentration Risk \| Net Sales \| Protective \| Operating Segments
Segment Reporting Information [Line Items]
As a % of Consolidated net sales	43.70%	42.40%	39.90%

Segments - Reconciliation of U.S. GAAP Net Earnings to Non-U.S. GAAP Total Company Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 1,134.6	$ 1,055.5	$ 979.2
Interest expense, net	(167.8)	(174.4)	(184.1)
Depreciation and amortization, net of adjustments	(232.2)	(216.5)	(184.5)
Special Items:
Restructuring charges	(14.5)	(11.0)	(41.9)
Other restructuring associated costs	(16.5)	(19.5)	(60.3)
Foreign currency exchange loss due to highly inflationary economies	(3.6)	(4.7)	(4.6)
Loss on debt redemption and refinancing activities	(18.6)	0.0	(16.1)
Increase in fair value of equity investment	6.6	15.1	0.0
Impairment of debt investment	(8.0)	0.0	0.0
Charges related to acquisition and divestiture activity	(2.6)	(7.1)	(14.9)
Charges related to the Novipax settlement agreement	0.0	0.0	(59.0)
Gain on sale of Reflectix	45.3	0.0	0.0
Other Special Items	(3.5)	(6.8)	(29.1)
Pre-tax impact of Special Items	(15.4)	(34.0)	(225.9)
Earnings before income tax provision	716.2	626.2	370.3
Food
Special Items:
Restructuring charges	(7.2)	(3.2)	(23.5)
Food \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	688.4	647.5	629.3
Protective
Special Items:
Restructuring charges	(7.3)	(7.8)	(18.4)
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 446.2	$ 408.0	$ 349.9

Segments - Reconciliation of U.S. GAAP Net Earnings to Non-U.S. GAAP Total Company Adjusted EBITDA Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Company depreciation and amortization	$ 232.2	$ 216.5	$ 185.3
Depreciation and amortization adjustments	0.0	0.0	(0.8)
Depreciation and amortization, net of adjustments	232.2	216.5	184.5
Share-based incentive compensation	45.8	42.3	34.4
Restructuring and other charges	14.5	11.0	41.9
Food
Segment Reporting Information [Line Items]
Restructuring and other charges	7.2	3.2	23.5
Food \| Operating Segments
Segment Reporting Information [Line Items]
Total Company depreciation and amortization	129.1	122.2	110.3
Protective
Segment Reporting Information [Line Items]
Restructuring and other charges	7.3	7.8	18.4
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Total Company depreciation and amortization	$ 103.1	$ 94.3	$ 75.0

Segments - Assets Allocated by Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets not allocated:
Cash and cash equivalents	$ 561.0	$ 548.7	$ 262.4	$ 271.7
Assets held for sale	0.0	0.3
Deferred taxes	138.4	187.1
Other	382.0	355.8
Total	6,229.3	6,083.8
Operating Segments
Assets allocated to segments:
Allocated segment assets	5,013.3	4,814.5
Operating Segments \| Food
Assets allocated to segments:
Allocated segment assets	2,169.0	2,019.1
Operating Segments \| Protective
Assets allocated to segments:
Allocated segment assets	2,844.3	2,795.4
Segment Reconciling Items
Assets not allocated:
Cash and cash equivalents	561.0	548.7
Assets held for sale	1.5	0.3
Income tax receivables	28.8	71.2
Other receivables	83.7	69.5
Deferred taxes	138.4	187.1
Other	402.6	392.5
Total	$ 6,229.3	$ 6,083.8

Segments - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales:
Net sales	$ 5,533.8	$ 4,903.2	$ 4,791.1
Total long-lived assets:
Long-lived assets	1,677.8	1,621.6
Americas
Net sales:
Net sales	3,522.3	3,135.6	3,061.9
Total long-lived assets:
Long-lived assets	1,047.8	988.2
EMEA
Net sales:
Net sales	1,200.0	1,031.6	1,010.4
Total long-lived assets:
Long-lived assets	404.2	386.0
APAC
Net sales:
Net sales	811.5	736.0	718.8
Total long-lived assets:
Long-lived assets	225.8	247.4
U.S.
Net sales:
Net sales	2,925.4	2,607.3	$ 2,501.6
Total long-lived assets:
Long-lived assets	$ 970.4	$ 921.4

- Definition

+ References

+ Details

Inventories, net (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 167.6	$ 113.8
Work in process	158.0	139.7
Finished goods	400.1	343.2
Total	$ 725.7	$ 596.7

Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Land and improvements	$ 47.0	$ 50.8
Buildings	790.2	786.5
Machinery and equipment	2,554.0	2,543.5
Other property and equipment	124.2	133.5
Construction-in-progress	200.8	150.1
Property and equipment, gross	3,716.2	3,664.4
Accumulated depreciation and amortization	(2,484.2)	(2,474.7)
Property and equipment, net	$ 1,232.0	$ 1,189.7

Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense for Property and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Interest cost capitalized	$ 6.8	$ 5.6	$ 8.4
Depreciation and amortization expense for property and equipment	$ 147.6	$ 136.6	$ 122.0

Goodwill and Identifiable Intangible Assets, net - Summary of Goodwill Balances by Segment Reporting Structure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Nov. 01, 2021
Goodwill [Roll Forward]
Gross Carrying Value, at beginning of period	$ 2,413.3	$ 2,407.2
Accumulated amortization	(190.7)	(190.3)
Carrying Value, at beginning of period	2,222.6	2,216.9
Acquisition, purchase price and other adjustments		(5.3)
Currency translation	(10.5)	11.4
Divestiture	(23.2)
Gross Carrying Value, at end of period	2,379.6	2,413.3
Accumulated impairment	(190.2)	(190.7)
Carrying Value, at end of period	2,189.4	2,222.6
Protective \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Reflectix, Inc
Goodwill [Roll Forward]
Disposal group, goodwill			$ 23.2
Operating Segments \| Food
Goodwill [Roll Forward]
Gross Carrying Value, at beginning of period	579.7	577.2
Accumulated amortization	(49.5)	(49.3)
Carrying Value, at beginning of period	530.2	527.9
Acquisition, purchase price and other adjustments		0.0
Currency translation	(3.1)	2.5
Divestiture	0.0
Gross Carrying Value, at end of period	576.6	579.7
Accumulated impairment	(49.3)	(49.5)
Carrying Value, at end of period	527.3	530.2
Operating Segments \| Protective
Goodwill [Roll Forward]
Gross Carrying Value, at beginning of period	1,833.6	1,830.0
Accumulated amortization	(141.2)	(141.0)
Carrying Value, at beginning of period	1,692.4	1,689.0
Acquisition, purchase price and other adjustments		(5.3)
Currency translation	(7.4)	8.9
Divestiture	(23.2)
Gross Carrying Value, at end of period	1,803.0	1,833.6
Accumulated impairment	(140.9)	(141.2)
Carrying Value, at end of period	$ 1,662.1	$ 1,692.4

Goodwill and Identifiable Intangible Assets, net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0
Amortization expense of intangible assets	$ 38,800,000	$ 37,500,000	$ 28,900,000

Goodwill and Identifiable Intangible Assets, net - Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 335.8	$ 321.5
Accumulated Amortization	(192.1)	(159.4)
Total	143.7	162.1
Indefinite-lived intangible assets
Trademarks and tradenames with indefinite lives	8.9	8.9
Total identifiable intangible assets, Gross Carrying Value	344.7	330.4
Total identifiable intangible assets, net	152.6	171.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	102.7	105.2
Accumulated Amortization	(42.4)	(37.2)
Total	60.3	68.0
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	31.2	31.3
Accumulated Amortization	(11.5)	(8.5)
Total	19.7	22.8
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	125.5	104.7
Accumulated Amortization	(90.5)	(69.7)
Total	35.0	35.0
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	64.9	66.7
Accumulated Amortization	(38.3)	(33.0)
Total	26.6	33.7
Contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	11.5	13.6
Accumulated Amortization	(9.4)	(11.0)
Total	$ 2.1	$ 2.6

Goodwill and Identifiable Intangible Assets, net - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 33.7
2023	25.6
2024	19.5
2025	13.7
2026	9.0
Thereafter	42.2
Total	$ 143.7	$ 162.1

Goodwill and Identifiable Intangible Assets, net - Remaining Weighted Average Useful Life of Definite Lived Intangible Assets (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives		7 years 2 months 12 days
Customer relationships
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives		10 years 8 months 12 days
Customer relationships \| Protective
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives	12 years
Trademarks and tradenames
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives		8 years 4 months 24 days
Software
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives		1 year 8 months 12 days
Technology
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives		5 years 6 months
Contracts
Finite Lived Intangible Assets [Line Items]
Remaining weighted average useful lives		5 years 7 months 6 days

Accounts Receivable Securitization Programs (Details) € in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) bank	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€)
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Interest expense	$ 167,800,000	$ 174,400,000	$ 184,100,000
U.S. Accounts Receivable Securitization 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
Maximum purchase limit for receivable interests under accounts receivable securitization program	$ 50,000,000
Interest expense	0	400,000	$ 800,000
U.S. Accounts Receivable Securitization Program \| U.S.program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Level of eligible assets available under accounts receivable securitization program (less than)	50,000,000
Amount available for accounts receivable securitization program	50,000,000
Amount outstanding under accounts receivable securitization program	$ 0	0
European Accounts Receivable Securitization 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
European Accounts Receivable Securitization Program \| European Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Maximum purchase limit for receivable interests under accounts receivable securitization program	$ 90,600,000			€ 80.0
Amount available for accounts receivable securitization program	90,600,000			€ 80.0
Amount outstanding under accounts receivable securitization program	$ 0	$ 0

Accounts Receivable Factoring Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Transfers and Servicing [Abstract]
Gross amounts factored under program	$ 687.3	$ 465.6	$ 351.3
Fees associated with transfer of receivables	$ 4.1	$ 2.2	$ 3.5

Restructuring Activities - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost And Reserve [Line Items]
Restructuring charges			$ 14.5	$ 11.0	$ 41.9
Restructuring program, period		3 years
Restructuring spend incurred	$ 188.0		188.0
Restructuring program, extension, period	6 months
Restructuring program related to recent acquisitions			1.7	2.3
Restructuring accrual expected to pay	$ 10.2		10.2	12.2
Restructuring reserve	11.3	$ 37.5	11.3	14.3	31.5
Food
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	3.4		3.4
Protective
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	7.9		7.9
Program
Restructuring Cost And Reserve [Line Items]
Restructuring spend incurred	188.0		188.0
Restructuring accrual expected to pay	10.2		10.2
Restructuring accrual remaining to pay	1.1		1.1
Minimum
Restructuring Cost And Reserve [Line Items]
Board approved cumulative restructuring spend		190.0
Minimum \| Program
Restructuring Cost And Reserve [Line Items]
Other related costs			110.0
Board approved cumulative restructuring spend	190.0		190.0
Maximum
Restructuring Cost And Reserve [Line Items]
Board approved cumulative restructuring spend		$ 220.0
Maximum \| Program
Restructuring Cost And Reserve [Line Items]
Other related costs			120.0
Board approved cumulative restructuring spend	$ 220.0		220.0
Continuing Operations
Restructuring Cost And Reserve [Line Items]
Restructuring charges			14.5	11.0	41.9
Other related costs			$ 16.5	$ 19.6	$ 60.3

Restructuring Activities - Schedule of Board Approved Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Total Restructuring Program Range
Total expense	$ 31.0	$ 30.6	$ 102.2
Capital expenditures	8.2	$ 0.4	$ 3.4
Less Program Spend to Date
Total cash cost	(188.0)
Minimum
Total Restructuring Program Range
Total estimated cash cost				$ 190.0
Maximum
Total Restructuring Program Range
Total estimated cash cost				$ 220.0
Program
Less Program Spend to Date
Costs of reduction in headcount as a result of reorganization	(75.0)
Other expenses associated with the Program	(102.0)
Total expense	(177.0)
Cumulative capital expenditures	(11.0)
Total cash cost	(188.0)
Program \| Minimum
Total Restructuring Program Range
Costs of reduction in headcount as a result of reorganization	70.0
Other expenses associated with the Program	110.0
Total expense	180.0
Capital expenditures	10.0
Total estimated cash cost	190.0
Restructuring and Related Cost, Expected Cost [Abstract]
Costs of reduction in headcount as a result of reorganization	0.0
Other expenses associated with the Program	8.0
Total expense	8.0
Capital expenditures	0.0
Total estimated cash cost	8.0
Program \| Maximum
Total Restructuring Program Range
Costs of reduction in headcount as a result of reorganization	80.0
Other expenses associated with the Program	120.0
Total expense	200.0
Capital expenditures	20.0
Total estimated cash cost	220.0
Restructuring and Related Cost, Expected Cost [Abstract]
Costs of reduction in headcount as a result of reorganization	5.0
Other expenses associated with the Program	18.0
Total expense	23.0
Capital expenditures	9.0
Total estimated cash cost	$ 32.0

Restructuring Activities - Summary of Statement of Operations Effects (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 14.5	$ 11.0	$ 41.9
Total expense	31.0	30.6	102.2
Capital expenditures	8.2	0.4	3.4
Continuing Operations
Restructuring Cost And Reserve [Line Items]
Other associated costs	16.5	19.6	60.3
Restructuring charges	$ 14.5	$ 11.0	$ 41.9

Restructuring Activities - Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning of period	$ 14.3	$ 31.5	$ 37.5
Accrual and accrual adjustments	14.5	11.0	41.9
Cash payments	(16.9)	(28.0)	(47.6)
Effect of changes in foreign currency exchange rates	(0.6)	(0.2)	(0.3)
Restructuring accrual, end of period	$ 11.3	$ 14.3	$ 31.5

Other Current and Non-Current Liabilities - Components of Other Current and Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other current liabilities:
Accrued salaries, wages and related costs	$ 178.4	$ 209.2
Accrued operating expenses	189.7	192.1
Accrued customer volume rebates	93.7	83.3
Accrued interest	38.0	37.8
Accrued employee benefit liability	5.0	4.9
Total	504.8	527.3
Other non-current liabilities:
Accrued employee benefit liability	139.9	201.0
Other postretirement liability	35.3	38.3
Uncertain tax position liability	402.6	381.4
Other various liabilities	83.8	107.6
Total	$ 661.6	$ 728.3

Debt and Credit Facilities - Total Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 29, 2021	Dec. 31, 2020	Nov. 26, 2019
Debt Instrument [Line Items]
Short-term borrowings	$ 1.3		$ 7.2
Current portion of long-term debt	487.2		22.3
Total current debt	488.5		29.5
Other	25.7		24.9
Total long-term debt, less current portion	3,219.6		3,731.4
Total debt	3,708.1		3,760.9
Finance lease liability, current	$ 10.2		$ 10.5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt		Current portion of long-term debt
Finance lease liability, noncurrent	$ 19.2		$ 23.9
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total long-term debt, less current portion		Total long-term debt, less current portion
Unamortized discount and issuance costs	$ 19.0		$ 20.1
Weighted average interest rate on short-term borrowing	3.60%		2.20%
Weighted average interest rate on long-term debt	4.10%		4.40%
Line of Credit
Debt Instrument [Line Items]
Short-term borrowings	$ 1.3		$ 7.2
Senior Notes due December 2022
Debt Instrument [Line Items]
Senior notes	$ 0.0		423.3
Debt interest rate	4.875%
Senior Notes due April 2023
Debt Instrument [Line Items]
Senior notes	$ 423.8		422.9
Debt interest rate	5.25%
Senior Notes due September 2023
Debt Instrument [Line Items]
Senior notes	$ 451.9		490.2
Debt interest rate	4.50%
Senior Notes due December 2024
Debt Instrument [Line Items]
Senior notes	$ 422.8		422.1
Debt interest rate	5.125%
Senior Notes due September 2025
Debt Instrument [Line Items]
Senior notes	$ 398.2		397.8
Debt interest rate	5.50%
Senior Secured Notes due October 2026
Debt Instrument [Line Items]
Senior notes	$ 595.0		0.0
Debt interest rate	1.573%	1.573%
Senior Notes due December 2027
Debt Instrument [Line Items]
Senior notes	$ 421.4		420.9
Debt interest rate	4.00%			4.00%
Senior Notes due July 2033
Debt Instrument [Line Items]
Senior notes	$ 446.2		446.0
Debt interest rate	6.875%
Term Loan A due August 2022
Debt Instrument [Line Items]
Current portion of long-term debt	$ 475.0
Term Loan A	0.0		474.7
Term Loan A due July 2023
Debt Instrument [Line Items]
Term Loan A	$ 34.6		$ 208.6

Debt and Credit Facilities - Scheduled Annual Maturities for Next Five Years and Thereafter (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 488.3
2023	919.4
2024	427.6
2025	402.0
2026	601.9
Thereafter	891.7
Total	$ 3,730.9

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt and Credit Facilities - Senior Secured Notes (Details) - USD ($)				12 Months Ended
	Sep. 30, 2021	Sep. 29, 2021	Nov. 26, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on debt redemption and refinancing activities				$ 18,600,000	$ 0	$ 16,100,000
Extinguishment of debt, amount			$ 452,000,000
Senior Secured Notes due October 2026
Debt Instrument [Line Items]
Debt principal amount		$ 600,000,000
Debt interest rate		1.573%		1.573%
Redemption price, percentage		100.00%
Debt issuance costs capitalized		$ 5,300,000
Senior Notes due December 2022
Debt Instrument [Line Items]
Debt interest rate				4.875%
Debt premium	$ 17,000,000
Accrued interest	1,600,000
Term Loan A due July 2023
Debt Instrument [Line Items]
Accrued interest	200,000
Extinguishment of debt, amount	$ 177,200,000

Debt and Credit Facilities - Senior Notes (Details) - USD ($)		1 Months Ended	12 Months Ended
	Nov. 26, 2019	Nov. 26, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 452,000,000
Loss on debt extinguishment			$ 18,600,000	$ 0	$ 16,100,000
Gain on settlement of interest rate swaps	(600,000)
4.00% Senior Notes due 2027
Debt Instrument [Line Items]
Debt principal amount	$ 425,000,000	$ 425,000,000
Debt interest rate	4.00%	4.00%	4.00%
Debt issuance costs	$ 3,500,000	$ 3,500,000
Senior Notes due December 2020
Debt Instrument [Line Items]
Debt interest rate	6.50%	6.50%
Extinguishment of debt, amount	$ 425,000,000
Premium paid on redemption of debt	15,500,000
Redemption accrued interest recognized		$ 11,500,000
Loss on debt extinguishment	16,100,000
Repurchased notes	425,000,000	$ 425,000,000
Accelerated amortization non-lender fees	$ 1,200,000

Debt and Credit Facilities - Amended and Restated Senior Secured Credit Facilities (Details)	Aug. 01, 2019 USD ($)
Term Loan A Facility Due July 2023
Debt Instrument [Line Items]
Revolving credit facilities	$ 475,000,000

Debt and Credit Facilities - Lines of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Used lines of credit	$ 1.3	$ 7.2
Unused lines of credit	1,309.0	1,312.0
Total available lines of credit	1,310.3	$ 1,319.2
Committed Line Of Credit Facilities
Line of Credit Facility [Line Items]
Total available lines of credit	$ 1,140.6

- 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	12 Months Ended
	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative	Dec. 31, 2019 USD ($)	Jun. 30, 2015 EUR (€)
Senior Notes due September 2023
Derivative [Line Items]
Debt interest rate	4.50%
Foreign Currency Forward Contracts \| Designated as Hedging Instruments
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments, net of taxes	$ 4.5	$ (1.6)	$ (2.8)
Estimate of net unrealized gains that will be reclassified into earnings in next twelve months	$ 1.6
Foreign Currency Forward Contracts \| Not Designated as Hedging Instruments
Derivative [Line Items]
Maximum original maturity period of foreign currency forward contracts	12 months
Interest Rate Swaps
Derivative [Line Items]
Number of derivative instruments outstanding \| derivative	0	0
EUR - Denominated debt \| Net Investment Hedge \| Senior Notes due September 2023
Derivative [Line Items]
Debt instrument face amount \| €				€ 400,000,000
Debt interest rate				4.50%
EUR - Denominated debt \| Designated as Hedging Instruments \| Net Investment Hedge
Derivative [Line Items]
Hedged Liability decrease	$ (3.1)
Hedged liability decrease , net of tax	$ (2.3)

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) € in Millions, $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Derivatives Fair Value [Line Items]
Total Derivative Assets	$ 3.7		$ 7.3
Total Derivative Liabilities	(1.6)		(7.0)
Net Derivatives	2.1		0.3
Excludes debt designated as net investment hedge	3,219.6		3,731.4
Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets	3.7		7.3
Total Derivative Liabilities	(1.6)		(7.0)
Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Excludes debt designated as net investment hedge	451.9	€ 400.0	490.2
Non-Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Total Derivative Assets	1.7		7.3
Total Derivative Liabilities	(1.0)		(4.2)
Net Derivatives	0.7		3.1
Non-Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets	1.7		7.3
Total Derivative Liabilities	(1.0)		(4.2)
Cash Flow Hedge \| Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Total Derivative Assets	2.0		0.0
Total Derivative Liabilities	(0.6)		(2.8)
Net Derivatives	1.4		(2.8)
Cash Flow Hedge \| Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets	2.0		0.0
Total Derivative Liabilities	$ (0.6)		$ (2.8)

Derivatives and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross position	$ 3.7	$ 7.3
Other Current Assets
Offsetting Assets [Line Items]
Gross position	3.7	7.3
Impact of master netting agreements	(0.9)	(2.3)
Net amounts recognized on the Consolidated Balance Sheets	$ 2.8	$ 5.0

Derivatives and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross position	$ (1.6)	$ (7.0)
Other Current Liabilities
Offsetting Liabilities [Line Items]
Gross position	(1.6)	(7.0)
Impact of master netting agreements	0.9	2.3
Net amounts recognized on the Consolidated Balance Sheet	$ (0.7)	$ (4.7)

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ 4.2	$ 3.4	$ (4.3)
Designated as Hedging Instruments \| Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(1.8)	(0.7)	1.7
Designated as Hedging Instruments \| Foreign Currency Forward Contracts \| Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(1.9)	(0.8)	1.6
Designated as Hedging Instruments \| Treasury Lock \| Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.1	0.1	0.1
Designated as Hedging Instruments \| Interest Rate Swaps \| Fair Value Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.0	0.0	0.6
Not Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ 6.0	$ 4.1	$ (6.6)

Fair Value Measurements, Equity Investments and Other Financial Instruments - Fair Value Measurements of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 290.0	$ 235.1
Foreign currency forward and option contracts
Derivative financial and hedging instruments net asset:
Derivative financial and hedging instruments net asset	2.1	0.3
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	290.0	235.1
Level 1 \| Foreign currency forward and option contracts
Derivative financial and hedging instruments net asset:
Derivative financial and hedging instruments net asset	0.0	0.0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Level 2 \| Foreign currency forward and option contracts
Derivative financial and hedging instruments net asset:
Derivative financial and hedging instruments net asset	2.1	0.3
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Level 3 \| Foreign currency forward and option contracts
Derivative financial and hedging instruments net asset:
Derivative financial and hedging instruments net asset	$ 0.0	$ 0.0

Fair Value Measurements, Equity Investments and Other Financial Instruments - Additional Information (Details) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) investment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Disclosures [Abstract]
Certificates of deposits maturity period				3 months
Upward adjustments	$ 6.6			$ 6.6	$ 15.1	$ 0.0
Number of investments \| investment			1
Additional investment		$ 9.0	$ 5.7	18.0	8.2	$ 0.0
Equity investments, cumulative upward price adjustment			$ 15.1	$ 21.7	$ 15.1

Fair Value Measurements, Equity Investments and Other Financial Instruments - Equity Investment Without Readily Determinable Fair Value (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Securities without Readily Determinable Fair Value [Roll Forward]
Carrying value at the beginning of period		$ 25.4	$ 7.5	$ 7.5
Purchases		14.7	2.6	0.0
Impairments or downward adjustments		0.0	0.0	0.0
Upward adjustments	$ 6.6	6.6	15.1	0.0
Currency translation on investments		(0.9)	0.2	0.0
Carrying value at the end of period		$ 45.8	$ 25.4	$ 7.5

Fair Value Measurements, Equity Investments and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 29, 2021	Dec. 31, 2020	Nov. 26, 2019
Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.875%
Senior Notes due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.25%
Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.50%
Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.125%
Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.50%
Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	1.573%	1.573%
Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.00%			4.00%
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 loans	$ 1.3		$ 8.8
Other domestic borrowings	6.7		0.0
Total debt	3,679.3		3,726.7
Carrying Amount \| Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	0.0		423.3
Carrying Amount \| Senior Notes due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	423.8		422.9
Carrying Amount \| Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	451.9		490.2
Carrying Amount \| Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	422.8		422.1
Carrying Amount \| Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	398.2		397.8
Carrying Amount \| Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	595.0		0.0
Carrying Amount \| Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.4		420.9
Carrying Amount \| Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	446.2		446.0
Carrying Amount \| Term Loan A Facility due August 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	474.9		474.7
Carrying Amount \| Term Loan A Facility Due July 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	37.1		220.0
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign loans	1.3		9.1
Other domestic borrowings	6.7		0.0
Total debt	3,937.1		4,099.6
Fair Value \| Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	0.0		446.0
Fair Value \| Senior Notes due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	441.9		450.8
Fair Value \| Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	479.1		537.5
Fair Value \| Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	455.8		466.8
Fair Value \| Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	443.3		446.7
Fair Value \| Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	581.3		0.0
Fair Value \| Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	443.8		453.6
Fair Value \| Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	571.9		594.4
Fair Value \| Term Loan A Facility due August 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	474.9		474.7
Fair Value \| Term Loan A Facility Due July 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	$ 37.1		$ 220.0

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Provisions charged from operations for the profit sharing plan and retirement savings plans	$ 42.5	$ 46.3	$ 39.3
Contribution of common stock to profit sharing plan (in shares)	633,875	823,567	487,108
Defined benefit pension plan corridor rate	10.00%
Plan assets	$ 828.3	$ 836.6
Expected benefits paid	4.2
Equity funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	114.1	122.3
Bulk Annuity Contract
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 135.1	131.2
Minimum \| Equity funds \| U.S plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation, percentage	65.00%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 828.3	$ 836.6	$ 762.0
Expected contribution	$ 5.1
Pension Plan \| U.S plan
Defined Benefit Plan Disclosure [Line Items]
Reduction in weighted average discount rate basis points	(0.40%)	(0.90%)
Plan assets	$ 150.8	$ 141.6	137.1
Pension Plan \| International plan
Defined Benefit Plan Disclosure [Line Items]
Reduction in weighted average discount rate basis points	(0.50%)	(0.50%)
Plan assets	$ 677.5	$ 695.0	$ 624.9

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Schedule of Components of Net Periodic Benefit Cost (Income) and Cost of Special Events (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total benefit (income) cost	$ (1.2)	$ 0.8	$ (0.5)
U.S. and international net periodic benefit cost included in cost of sales
Defined Benefit Plan Disclosure [Line Items]
Total benefit (income) cost	1.3	1.2	1.1
U.S. and international net periodic benefit cost included in selling, general and administrative expenses
Defined Benefit Plan Disclosure [Line Items]
Total benefit (income) cost	3.8	3.4	2.8
U.S. and international net periodic benefit income and cost of special events included in other (income) expense
Defined Benefit Plan Disclosure [Line Items]
Total benefit (income) cost	$ (6.3)	$ (3.8)	$ (4.4)

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Change in Benefit Obligation and Plan Assets, Funded Status for Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets:
Fair value of plan assets at beginning of period	$ 836.6
Fair value of plan assets at end of period	828.3	$ 836.6
Pension Plan
Change in benefit obligations:
Benefit obligation at beginning of period	985.1	897.8
Service cost	5.1	4.6	$ 3.9
Interest cost	12.3	16.5	21.9
Actuarial (gain) loss	(36.9)	82.7
Settlement	(7.1)	(9.8)
Benefits paid	(38.7)	(38.9)
Employee contributions	0.8	0.8
Other	(0.3)	0.3
Foreign exchange impact	(21.1)	31.1
Benefit obligation at end of period	899.2	985.1	897.8
Change in plan assets:
Fair value of plan assets at beginning of period	836.6	762.0
Actual return on plan assets	29.8	71.1
Employer contributions	19.6	24.9
Employee contributions	0.8	0.8
Benefits paid	(38.7)	(38.9)
Settlement	(7.1)	(9.9)
Other	(0.4)	(0.3)
Foreign exchange impact	(12.3)	26.9
Fair value of plan assets at end of period	828.3	836.6	762.0
Underfunded status at end of year	(70.9)	(148.5)
Accumulated benefit obligation at end of year	886.9	968.3
U.S. \| Pension Plan
Change in benefit obligations:
Benefit obligation at beginning of period	202.2	194.1
Service cost	0.1	0.1	0.1
Interest cost	3.5	5.3	6.9
Actuarial (gain) loss	(6.7)	18.2
Settlement	0.0	0.0
Benefits paid	(14.0)	(15.5)
Employee contributions	0.0	0.0
Other	0.0	0.0
Foreign exchange impact	0.0	0.0
Benefit obligation at end of period	185.1	202.2	194.1
Change in plan assets:
Fair value of plan assets at beginning of period	141.6	137.1
Actual return on plan assets	18.5	8.6
Employer contributions	4.7	11.3
Employee contributions	0.0	0.0
Benefits paid	(14.0)	(15.5)
Settlement	0.0	0.0
Other	0.0	0.1
Foreign exchange impact	0.0	0.0
Fair value of plan assets at end of period	150.8	141.6	137.1
Underfunded status at end of year	(34.3)	(60.6)
Accumulated benefit obligation at end of year	185.1	202.2
International \| Pension Plan
Change in benefit obligations:
Benefit obligation at beginning of period	782.9	703.7
Service cost	5.0	4.5	3.8
Interest cost	8.8	11.2	15.0
Actuarial (gain) loss	(30.2)	64.5
Settlement	(7.1)	(9.8)
Benefits paid	(24.7)	(23.4)
Employee contributions	0.8	0.8
Other	(0.3)	0.3
Foreign exchange impact	(21.1)	31.1
Benefit obligation at end of period	714.1	782.9	703.7
Change in plan assets:
Fair value of plan assets at beginning of period	695.0	624.9
Actual return on plan assets	11.3	62.5
Employer contributions	14.9	13.6
Employee contributions	0.8	0.8
Benefits paid	(24.7)	(23.4)
Settlement	(7.1)	(9.9)
Other	(0.4)	(0.4)
Foreign exchange impact	(12.3)	26.9
Fair value of plan assets at end of period	677.5	695.0	$ 624.9
Underfunded status at end of year	(36.6)	(87.9)
Accumulated benefit obligation at end of year	$ 701.8	$ 766.1

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts Included in Consolidated Balance Sheets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	$ 70.6	$ 54.3
Other current liabilities	(4.1)	(4.0)
Other non-current liabilities	(139.9)	(201.0)
Net amount recognized	(73.4)	(150.7)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	0.0	0.0
Other current liabilities	0.0	0.0
Other non-current liabilities	(34.3)	(60.6)
Net amount recognized	(34.3)	(60.6)
International
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	70.6	54.3
Other current liabilities	(4.1)	(4.0)
Other non-current liabilities	(105.6)	(140.4)
Net amount recognized	$ (39.1)	$ (90.1)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Components of Net Periodic Benefit Costs (Income) (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5.1	$ 4.6	$ 3.9
Interest cost	12.3	16.5	21.9
Expected return on plan assets	(27.4)	(28.4)	(32.0)
Amortization of net prior service cost	0.3	0.2	0.2
Amortization of net actuarial loss	7.6	6.1	5.1
Net periodic benefit (income) cost	(2.1)	(1.0)	(0.9)
Cost of settlement	0.9	1.8	0.4
Total benefit (income) cost	(1.2)	0.8	(0.5)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1	0.1
Interest cost	3.5	5.3	6.9
Expected return on plan assets	(8.9)	(9.0)	(7.3)
Amortization of net prior service cost	0.0	0.0	0.0
Amortization of net actuarial loss	2.4	1.5	1.4
Net periodic benefit (income) cost	(2.9)	(2.1)	1.1
Cost of settlement	0.0	0.0	0.0
Total benefit (income) cost	(2.9)	(2.1)	1.1
International
Defined Benefit Plan Disclosure [Line Items]
Service cost	5.0	4.5	3.8
Interest cost	8.8	11.2	15.0
Expected return on plan assets	(18.5)	(19.4)	(24.7)
Amortization of net prior service cost	0.3	0.2	0.2
Amortization of net actuarial loss	5.2	4.6	3.7
Net periodic benefit (income) cost	0.8	1.1	(2.0)
Cost of settlement	0.9	1.8	0.4
Total benefit (income) cost	$ 1.7	$ 2.9	$ (1.6)

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net prior service costs	$ 5.1	$ 5.4
Unrecognized net actuarial loss	177.2	224.8
Total	182.3	230.2
U.S.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net prior service costs	0.2	0.2
Unrecognized net actuarial loss	47.2	66.0
Total	47.4	66.2
International
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net prior service costs	4.9	5.2
Unrecognized net actuarial loss	130.0	158.8
Total	$ 134.9	$ 164.0

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	$ (39.3)	$ 40.0
Prior year service cost occurring during the year	0.0	0.8
Amortization of actuarial loss	(7.6)	(6.1)
Amortization of prior service cost	(0.3)	(0.2)
Settlement	(0.9)	(1.8)
Total recognized in other comprehensive loss	(48.1)	32.7
U.S.
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	(16.4)	18.6
Prior year service cost occurring during the year	0.0	0.0
Amortization of actuarial loss	(2.4)	(1.5)
Amortization of prior service cost	0.0	0.0
Settlement	0.0	0.0
Total recognized in other comprehensive loss	(18.8)	17.1
International
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	(22.9)	21.4
Prior year service cost occurring during the year	0.0	0.8
Amortization of actuarial loss	(5.2)	(4.6)
Amortization of prior service cost	(0.3)	(0.2)
Settlement	(0.9)	(1.8)
Total recognized in other comprehensive loss	$ (29.3)	$ 15.6

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Information for Plans with Accumulated Benefit Obligations and Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 395.0	$ 712.5
Fair value of plan assets	262.4	525.6
Projected benefit obligation	413.1	728.6
Fair value of plan assets	271.8	525.6
U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	185.1	202.2
Fair value of plan assets	150.8	141.6
Projected benefit obligation	185.1	202.2
Fair value of plan assets	150.8	141.6
International
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	209.9	510.3
Fair value of plan assets	111.6	384.0
Projected benefit obligation	228.0	526.4
Fair value of plan assets	$ 121.0	$ 384.0

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Details) - Pension Plan	Dec. 31, 2021	Dec. 31, 2020
U.S.
Benefit obligations
Discount rate	2.80%	2.40%
Cash balance interest credit rate	1.60%	1.20%
International
Benefit obligations
Discount rate	1.90%	1.40%
Rate of compensation increase	2.30%	2.30%
Cash balance interest credit rate	1.10%	1.10%

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
U.S.
Net periodic benefit cost
Discount rate	2.40%	3.30%	4.30%
Expected long-term rate of return	6.30%	6.50%	6.20%
Cash balance interest credit rate	1.20%	2.00%	3.00%
International
Net periodic benefit cost
Discount rate	1.40%	1.90%	2.60%
Expected long-term rate of return	2.80%	3.30%	4.70%
Rate of compensation increase	2.30%	2.30%	2.30%
Cash balance interest credit rate	1.10%	1.10%	1.40%

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Estimated Future Benefit Payments (Details) - Pension Plan $ in Millions	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2022	$ 41.5
2023	38.5
2024	40.3
2025	40.7
2026	42.9
2027 to 2031 (combined)	223.4
Total	427.3
U.S.
Defined Benefit Plan Disclosure [Line Items]
2022	11.8
2023	11.7
2024	11.7
2025	11.3
2026	11.3
2027 to 2031 (combined)	54.4
Total	112.2
International
Defined Benefit Plan Disclosure [Line Items]
2022	29.7
2023	26.8
2024	28.6
2025	29.4
2026	31.6
2027 to 2031 (combined)	169.0
Total	$ 315.1

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 828.3	$ 836.6
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3.0	2.1
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	345.1	364.9
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	211.9	206.4
NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	268.3	263.2
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9.8	11.0
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3.0	2.1
Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.8	8.9
Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Cash and cash equivalents \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	409.5	417.3
Fixed income funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	282.5	298.9
Fixed income funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	127.0	118.4
Equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	114.1	122.3
Equity funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	49.2	48.0
Equity funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity funds \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	64.9	74.3
Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	294.9	286.0
Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.6	9.1
Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	211.9	206.4
Other \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 76.4	$ 70.5

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Activity in Plan Assets Measured at Fair Value Using Level 3 Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	$ 836.6
Loss on assets sold during the year	(0.2)	$ 0.0
Fair value of plan assets at end of period	828.3	836.6
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	206.4
Fair value of plan assets at end of period	211.9	206.4
Pension Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	836.6	762.0
Foreign exchange (loss) gain	(12.3)	26.9
Fair value of plan assets at end of period	828.3	836.6
Pension Plan \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	206.4	180.2
Gain on assets still held at end of year	2.4	15.4
Purchases, sales, issuance, and settlements	6.4	2.4
Foreign exchange (loss) gain	(3.1)	8.4
Fair value of plan assets at end of period	$ 211.9	$ 206.4

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Other Post-Employment Benefits and Other Employee Benefit Plans - Narrative (Details) - post-employmentPlan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Number of Other Post-Employment Benefit Plans	2
Other Post-Employment Benefits and Other Employee Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Minimum age of employee for entitlement of other post retirement benefit plans	55 years
Minimum number of years of service for entitlement of other post retirement benefit plans	10 years
Increase (decrease) in weighted average discount rate basis points	0.50%	(0.90%)
Accumulated post-retirement benefit obligations, weighted-average discount rate	2.70%	2.20%
Other Post-Employment Benefits and Other Employee Benefit Plans \| U.S plan
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate	6.50%
Health care cost trend rate assumed for the year	6.50%
Health care cost trend rate, expected decrease	5.00%
Other Post-Employment Benefits and Other Employee Benefit Plans \| International plan
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate	5.00%
Health care cost trend rate assumed for the year	5.00%

Other Post-Employment Benefits and Other Employee Benefit Plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets:
Fair value of plan assets at beginning of period	$ 836.6
Fair value of plan assets at end of period	828.3	$ 836.6
Other Post-Employment Benefits and Other Employee Benefit Plans
Change in benefit obligations:
Benefit obligation at beginning of period	43.4	43.5
Interest cost	0.6	1.0	$ 1.6
Actuarial (gain) loss	(0.9)	2.4
Benefits paid, net	(2.7)	(3.5)
Benefit obligation at end of period	40.4	43.4	43.5
Change in plan assets:
Fair value of plan assets at beginning of period	0.0	0.0
Employer contribution	2.7	3.5
Benefits paid, net	(2.7)	(3.5)
Fair value of plan assets at end of period	0.0	0.0	$ 0.0
Net amount recognized:
Underfunded status at end of year	(40.4)	(43.4)
Accumulated benefit obligation at end of year	40.4	43.4
Net amount recognized in consolidated balance sheets consists of:
Current liability	(5.1)	(5.1)
Non-current liability	(35.3)	(38.3)
Net amount recognized	(40.4)	(43.4)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	1.2	1.9
Prior service credit	(2.0)	(2.3)
Total	$ (0.8)	$ (0.4)

Other Post-Employment Benefits and Other Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - Other Post-Employment Benefits and Other Employee Benefit Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of net periodic benefit cost:
Interest cost	$ 0.6	$ 1.0	$ 1.6
Amortization of net gain	(0.2)	(0.2)	(0.2)
Amortization of prior service credit	(0.3)	(0.3)	(0.3)
Net periodic benefit cost	0.1	0.5	1.1
Impact of settlement/curtailment	0.0	0.0	0.0
Total benefit (income) cost	$ 0.1	$ 0.5	$ 1.1

Other Post-Employment Benefits and Other Employee Benefit Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) (Details) (Details) - Other Post-Employment Benefits and Other Employee Benefit Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	$ (0.9)	$ 2.4
Amortization of actuarial loss	0.2	0.2
Amortization of prior service cost	0.3	0.3
Total recognized in other comprehensive loss	(0.4)	2.9
U.S plan
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	(0.9)	2.4
Amortization of actuarial loss	0.0	0.0
Amortization of prior service cost	0.3	0.3
Total recognized in other comprehensive loss	(0.6)	2.7
International
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	0.0	0.0
Amortization of actuarial loss	0.2	0.2
Amortization of prior service cost	0.0	0.0
Total recognized in other comprehensive loss	$ 0.2	$ 0.2

Other Post-Employment Benefits and Other Employee Benefit Plans - Expected Future Benefit Payments (Details) - Other Post-Employment Benefits and Other Employee Benefit Plans $ in Millions	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2022	$ 5.1
2023	4.6
2024	4.1
2025	3.6
2026	3.1
2027 to 2031 (combined)	10.9
Total	$ 31.4

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Net tax provision		$ 225.0	$ 142.1	$ 76.6
Income taxes payments, net		112.6	102.0	94.7
Deferred income tax benefit related to Reinvent SSE strategy	$ 49.0	(38.1)	(80.8)	54.4
Foreign net operating losses		179.6
State tax credits		6.2
Decrease in valuation allowance		17.5
Unremitted foreign earnings		5,000.0
Unrecognized tax benefits, increase (decrease)		9.4	(10.7)
Decrease in income tax provision if unrecognized tax benefits were recognized		342.2
Tax penalties	13.1	10.5	5.6	13.1
Interest and penalties	56.2	80.0	65.3	56.2
Unrecognized tax benefits	$ 390.3	389.0	$ 379.6	$ 390.3	$ 356.4
Settlement agreement (as defined therein) and tax deduction		1,490.0
U.S federal tax liability, decrease		525.0
Minimum
Income Tax Contingency [Line Items]
Reduction in unrecognized tax benefit in the next 12 months		$ 5.0
Period subject to examination for income tax return		3 years
Statute of limitation period for income tax return in foreign jurisdictions		3 years
Maximum
Income Tax Contingency [Line Items]
Period subject to examination for income tax return		5 years
Statute of limitation period for income tax return in foreign jurisdictions		5 years
Federal
Income Tax Contingency [Line Items]
Tax credit carryforwards amount		$ 1.7
Foreign Country
Income Tax Contingency [Line Items]
Foreign net operating loss carryforwards		830.3
State And Local Jurisdiction
Income Tax Contingency [Line Items]
State net operating loss carry forwards		368.4
Tax credit carryforwards amount		$ 5.9
State And Local Jurisdiction \| Over One
Income Tax Contingency [Line Items]
Operating loss carryforwards, expirations, years		1 year
State And Local Jurisdiction \| 19
Income Tax Contingency [Line Items]
Operating loss carryforwards, expirations, years		19 years

Income Taxes - Components of Earnings Before Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ 346.2	$ 328.2	$ 126.7
Foreign	370.0	298.0	243.6
Earnings before income tax provision	$ 716.2	$ 626.2	$ 370.3

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax expense:
Federal		$ 63.1	$ (14.2)	$ 62.3
State and local		17.2	5.6	4.6
Foreign		106.6	69.9	64.1
Total current expense		186.9	61.3	131.0
Deferred tax expense (benefit):
Federal		9.6	59.4	(19.0)
State and local		6.9	11.8	4.0
Foreign		21.6	9.6	(39.4)
Total deferred tax expense (benefit)	$ (49.0)	38.1	80.8	(54.4)
Total income tax provision		$ 225.0	$ 142.1	$ 76.6

Income Taxes - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Accruals not yet deductible for tax purposes	$ 17.1	$ 16.0
Net operating loss carryforwards	219.4	252.1
Foreign, federal and state credits	6.4	6.5
Employee benefit items	45.4	78.7
Capitalized expenses	3.9	6.2
Intangibles	15.4	24.9
Derivatives and other	45.4	59.8
Sub-total deferred tax assets	353.0	444.2
Valuation allowance	(189.6)	(207.1)
Total deferred tax assets	163.4	237.1
Depreciation and amortization	(78.6)	(66.0)
Unremitted foreign earnings	0.0	(11.0)
Intangible assets	0.0	0.0
Other	(0.2)	(4.0)
Total deferred tax liabilities	(78.8)	(81.0)
Net deferred tax assets	$ 84.6	$ 156.1

Income Taxes - Federal Statutory Corporate Tax Rate Reconciles to Our Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed expected tax	$ 150.4	$ 131.5	$ 77.8
State income taxes, net of federal tax benefit	15.6	13.4	6.2
Foreign earnings taxed at different rates	16.2	10.5	10.5
U.S. tax on foreign earnings	14.3	24.0	29.0
Tax credits	(30.2)	(27.8)	(50.1)
Unremitted foreign earnings	0.0	2.5	10.0
Reorganization and divestitures	0.0	0.4	(47.2)
Withholding tax	4.7	4.2	4.8
Net change in valuation allowance	3.6	(5.2)	(7.6)
Net change in unrecognized tax benefits	19.6	(1.1)	36.5
Legislative Changes	5.1	(22.4)	0.0
Deferred tax adjustments	11.4	3.0	0.9
Other	14.3	9.1	5.8
Total income tax provision	$ 225.0	$ 142.1	$ 76.6
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed expected tax	21.00%	21.00%	21.00%
State income taxes, net of federal tax benefit	2.20%	2.10%	1.70%
Foreign earnings taxed at different rates	2.20%	1.70%	2.80%
U.S. tax on foreign earnings	2.00%	3.80%	7.80%
Tax credits	(4.20%)	(4.40%)	(13.50%)
Unremitted foreign earnings	0.00%	0.40%	2.70%
Reorganization and divestitures	0.00%	0.10%	(12.70%)
Withholding tax	0.70%	0.70%	1.30%
Net change in valuation allowance	0.50%	(0.80%)	(2.10%)
Net change in unrecognized tax benefits	2.70%	(0.20%)	9.90%
Legislative Changes	0.70%	(3.60%)	0.00%
Deferred tax adjustments	1.60%	0.50%	0.20%
Other	2.00%	1.40%	1.60%
Income tax provision and rate	31.40%	22.70%	20.70%

Income Taxes - Unrecognized Tax Benefits and Effect on Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance of unrecognized tax benefits	$ 379.6	$ 390.3	$ 356.4
Additions for tax positions of current year	1.8	2.7	3.4
Additions for tax positions of prior years	9.7	8.3	47.9
Reductions for tax positions of prior years	(1.9)	(18.2)	(16.0)
Reductions for lapses of statutes of limitation and settlements	(0.2)	(3.5)	(1.4)
Ending balance of unrecognized tax benefits	$ 389.0	$ 379.6	$ 390.3

Commitments and Contingencies - Narrative (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
	Feb. 03, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Original number of shares expected to be issued under settlement agreement, adjusted	18
Settlement agreement (as defined therein) and tax deduction		$ 1,490.0
U.S federal tax liability, decrease		525.0
Principal contractual obligations including agreements to purchase an estimated amount of goods, including raw materials, or services		134.1
Asset retirement obligation liabilities		8.1	$ 10.6
Assets held for sale		1,232.0	1,189.7
Accumulated depreciation		2,484.2	2,474.7
Accretion expense		0.3	0.3	$ 0.3
Buildings
Loss Contingencies [Line Items]
Assets held for sale		3.0	3.8
Accumulated depreciation		1.2	1.3
Accumulated depreciation, Depletion and Amortization, Property, Plant and Equipment, Period Increase (Decrease)			4.4
Leasehold Improvements
Loss Contingencies [Line Items]
Assets held for sale		4.1	$ 5.9
Accumulated depreciation		$ 3.6
North American Foam Trays And Absorbent Pads
Loss Contingencies [Line Items]
Proceeds from sale of businesses	$ 929.7

Commitments and Contingencies - Estimated Future Cash Outlays Related to Principal Contractual Obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 50.5
2023	34.1
2024	23.0
2025	25.5
2026	1.0
Total	$ 134.1

Stockholders’ (Deficit) Equity - Repurchase of Common Stock (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 02, 2021	May 02, 2018	Jul. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 1,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 896,400,000
Stock repurchase program, additional authorized amount					$ 1,500,000,000
Number of common stock shares repurchased (in shares)	7,875,407
Value of shares repurchased	$ 401,400,000
Common stock repurchase (price per share)	$ 50.96
Treasury stock value	$ 401,600,000	$ 34,600,000	$ 67,300,000
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares repurchased (in shares)	35,100
Value of shares repurchased	$ 1,600,000
July 2015 Repurchase Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 1,500,000,000
May 2018 Repurchase Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount					$ 1,000,000,000
Common Stock Repurchase Set One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares repurchased (in shares)			1,560,633
Common stock repurchase (price per share)			$ 43.09
Treasury stock value			$ 67,200,000
Common Stock Repurchase Set Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares repurchased (in shares)		856,437
Common stock repurchase (price per share)		$ 40.43
Treasury stock value		$ 34,600,000

Stockholders’ (Deficit) Equity - Summary of Cash Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Total Cash Dividends Paid	$ 115.8	$ 100.3	$ 99.1
Total Cash Dividends Paid Per Common Share (in dollars per share)	$ 0.76	$ 0.64	$ 0.64

Stockholders’ (Deficit) Equity - Summary of Changes in Common Stock and Common Stock in Treasury (Detail) - shares	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Number of shares, beginning of year (in shares)		231,958,083	231,622,535	231,619,037
Canceled shares for tax netting (in shares)		(44,914)	(150,217)	(181,488)
Number of shares issued, end of year (in shares)		232,483,281	231,958,083	231,622,535
Number of shares held, beginning of year (in shares)		77,068,311
Repurchase of common stock (in shares)		7,875,407
Number of shares held, end of year (in shares)		84,384,124	77,068,311
Number of common stock outstanding, end of year (in shares)		148,099,157	154,889,772	154,512,813
Common Stock in Treasury
Shares
Number of shares held, beginning of year (in shares)		77,068,311	77,109,722	75,964,667
Repurchase of common stock (in shares)		7,949,688	782,156	1,632,163
Profit sharing contribution paid in stock (in shares)		(633,875)	(823,567)	(487,108)
Number of shares held, end of year (in shares)		84,384,124	77,068,311	77,109,722
Shares repurchased not reflected (in shares)			74,281
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors (in shares)		54,277	42,911	123,824
Restricted Stock
Shares
Restricted stock shares forfeited (in shares)		(1,095)	(15,271)	(110,984)
Restricted Stock \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Shares issued for awards (in shares)		0	0	1,478
Restricted stock shares forfeited (in shares)		(1,095)	(15,271)	(105,960)
Restricted Stock Units
Shares
Shares issued for vested restricted stock units (in shares)		423,302	315,902	164,347
Restricted Stock Units \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares forfeited (in shares)		(115,641)	(105,832)	(96,534)
Shares issued (in shares)		918,973	1,014,667	819,808
Shares issued for 2017 Three-Year PSU Awards
Shares
Shares issued for awards (in shares)		0	133,752	0
Shares issued for 2017 Three-Year PSU Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Shares issued (in shares)		0	133,752	0
2018 Three-year PSU Awards
Shares
Shares issued for awards (in shares)		47,730	0	0
2018 Three-year PSU Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Shares issued (in shares)			0	0
2020 Three-year PSU Awards
Shares
Shares issued for awards (in shares)		13,770	0	0
2020 Three-year PSU Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Shares issued (in shares)	13,770		0	0
SLO Awards
Shares
Shares issued (in shares)		32,128	8,471	6,321
SLO Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares forfeited (in shares)		0	0	(1,580)

Stockholders’ (Deficit) Equity - Share-based Compensation and Summary of Changes in Common Shares Available for Awards under Omnibus Incentive Plan and Predecessor Plans (Detail) - shares	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 22, 2014
Shares
Contingently issuable shares (in shares)		1,500,000
2014 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
The maximum number of shares of Common Stock authorized (in shares)						4,250,000
Number of additional shares authorized (in shares)		2,999,054	0	0	2,199,114
Shares
Newly approved shares under Omnibus Incentive Plan (in shares)		2,999,054	0	0	2,199,114
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Number of shares available, beginning of year (in shares)		3,183,310	4,048,509	4,489,347
Shares withheld for taxes (in shares)		290,439	279,509	249,368
Number of shares available, end of year (in shares)		5,510,599	3,183,310	4,048,509	4,489,347
2002 Directors Stock Plan
Shares
Director shares granted and issued (in shares)		(10,160)	(20,835)	(22,015)
Director units granted and deferred (in shares)		(16,264)	(22,826)	(6,262)
Restricted stock
Shares
Restricted stock shares forfeited (in shares)		1,095	15,271	110,984
Restricted stock \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares forfeited (in shares)		1,095	15,271	105,960
Restricted stock units \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares forfeited (in shares)		115,641	105,832	96,534
Restricted stock shares issued for new awards (in shares)		(918,973)	(1,014,667)	(819,808)
Shares issued for 2017 Three-Year PSU Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares issued for new awards (in shares)		0	(133,752)	0
2018 Three-year PSU Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares issued for new awards (in shares)			0	0
2020 Three-year PSU Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares issued for new awards (in shares)	(13,770)		0	0
Restricted Stock Units RSU SLO Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares issued for new awards (in shares)		(72,043)	(73,731)	(46,195)
SLO Awards
Shares
Restricted stock shares issued for new awards (in shares)		(32,128)	(8,471)	(6,321)
SLO Awards \| Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
Shares
Restricted stock shares forfeited (in shares)		0	0	1,580

Stockholders’ (Deficit) Equity - Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	$ 45.8	$ 42.3	$ 34.4
Associated tax benefits recognized	7.5	7.1	5.8
2021 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	4.2	0.0	0.0
2020 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	4.5	5.3	0.0
2019 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	2.2	3.5	4.3
2018 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.0	1.9	0.2
2017 COO and Chief Executive Officer-Designate New Hire Equity Awards(1)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.1	0.2	0.2
SLO Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	2.8	2.2	3.2
Other long-term share-based incentive compensation programs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	$ 32.0	$ 29.2	$ 26.5

Stockholders’ (Deficit) Equity - Summary of Unvested Restricted Stock and Restricted Stock Unit (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Restricted Stock Shares
Shares
Non-vested at beginning of period (in shares) \| shares	134,048
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(132,953)
Forfeited or expired (in shares) \| shares	(1,095)
Non-vested at end of period (in shares) \| shares	0
Weighted-Average per Share Fair Value on Grant Date
Non-vested, beginning of period (in dollars per share) \| $ / shares	$ 44.11
granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	44.11
Forfeited or expired (in dollars per share) \| $ / shares	44.30
Non-vested, end of period (in dollars per share) \| $ / shares	$ 0
Aggregate Intrinsic Value \| $	$ 5.9
Restricted Stock Units
Shares
Non-vested at beginning of period (in shares) \| shares	1,478,435
Granted (in shares) \| shares	918,973
Vested (in shares) \| shares	(600,376)
Forfeited or expired (in shares) \| shares	(115,641)
Non-vested at end of period (in shares) \| shares	1,681,391
Weighted-Average per Share Fair Value on Grant Date
Non-vested, beginning of period (in dollars per share) \| $ / shares	$ 35.39
granted (in dollars per share) \| $ / shares	46.65
Vested (in dollars per share) \| $ / shares	37.00
Forfeited or expired (in dollars per share) \| $ / shares	37.27
Non-vested, end of period (in dollars per share) \| $ / shares	$ 40.84
Aggregate Intrinsic Value \| $	$ 22.2

Stockholders’ (Deficit) Equity - Summary of Vested Restricted Stock (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock shares vested	$ 6.1	$ 13.2	$ 23.7
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock shares vested	$ 26.4	$ 15.6	$ 10.1

Stockholders’ (Deficit) Equity - Unrecognized Compensation Cost for Non-vested Restricted Shares (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs of non-vested cash awards excluded	$ 3.2
Cash paid for vested cash-settled stock unit awards		$ 1.4	$ 0.9
Other Current Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment liabilities	1.9
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 44.1
Weighted Average to be recognized (in years)	1 year 1 month 6 days
Weighted average remaining contractual life (in years)	1 year

Stockholders’ (Deficit) Equity - PSU Awards (Detail)	12 Months Ended
Stockholders’ (Deficit) Equity - PSU Awards (Detail)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period in beginning of each year to award performance share unit	90 days
Accrual at fair value over performance period, percentage	100.00%	100.00%
Compound annual growth rate of consolidated adjusted EBITDA period	3 years
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU awards performance period	3 years	3 years	3 years
Accrual at fair value over performance period, percentage			100.00%
Three-year PSU Awards \| Minimum
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%	0.00%
Three-year PSU Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	250.00%	200.00%
2019 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return weighted average percentage	34.00%
Target level for the determination of performance goals and measures for adjusted EBITDA goal	33.00%
Weighted average return on total shareholders			33.00%
2019 Three-year PSU Awards \| Minimum
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%
2019 Three-year PSU Awards \| Maximum
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%
2020 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return weighted average percentage	34.00%	34.00%
Weighted average return on total shareholders		33.00%
Compound annual growth rate weighted average percentage		33.00%
2021 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compound annual growth rate weighted average percentage	50.00%
Return on Invested Capital Weighted Average Rate	50.00%
Shareholder return, top quartile of comparator group overall achievement of performance metrics, increase percentage	25.00%
Shareholder return, bottom quartile of comparator group overall achievement of performance metrics, decrease percentage	25.00%

Stockholders’ (Deficit) Equity - Summary of Number of PSUs Granted Based on Relative TSR, Adjusted EBITDA and ROIC at Grant Date Fair Value (Detail) - $ / shares										12 Months Ended
	Mar. 01, 2021	Feb. 11, 2021	Feb. 10, 2021	Mar. 01, 2020	Feb. 13, 2020	Feb. 12, 2020	Jul. 11, 2019	Feb. 14, 2019	Feb. 13, 2019	Dec. 31, 2021
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)										246,746
granted (in dollars per share)										$ 44.22
2019 Three-year PSU Awards \| Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)							20,724	24,905	24,914
granted (in dollars per share)							$ 55.82	$ 57.34	$ 59.15
2019 Three-year PSU Awards \| Adjusted EBITDA Compound Annual Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)							25,997	32,922	33,885
granted (in dollars per share)							$ 43.22	$ 42.10	$ 42.21
2019 Three-year PSU Awards \| Return on Invested Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)							25,997	32,922	33,885
granted (in dollars per share)							$ 43.22	$ 42.10	$ 42.21
2020 Three-year PSU Awards \| Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)				31,064	44,206	33,335
granted (in dollars per share)				$ 29.85	$ 34.08	$ 38.87
2020 Three-year PSU Awards \| Adjusted EBITDA Compound Annual Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)				29,690	42,507	35,068
granted (in dollars per share)				$ 30.31	$ 34.40	$ 35.86
2020 Three-year PSU Awards \| Return on Invested Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)				29,690	42,507	35,068
granted (in dollars per share)				$ 30.31	$ 34.40	$ 35.86
2021 Three-year PSU Awards \| Adjusted EBITDA Compound Annual Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	29,762	51,882	41,729
granted (in dollars per share)	$ 43.02	$ 43.85	$ 45.26
2021 Three-year PSU Awards \| Return on Invested Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	29,762	51,882	41,729
granted (in dollars per share)	$ 43.02	$ 43.85	$ 45.26

Stockholders’ (Deficit) Equity - Summary of Assumptions Used to Calculate Grant Date Fair Value (Details) - $ / shares										12 Months Ended
	Mar. 01, 2021	Feb. 11, 2021	Feb. 10, 2021	Mar. 01, 2020	Feb. 13, 2020	Feb. 12, 2020	Jul. 11, 2019	Feb. 14, 2019	Feb. 13, 2019	Dec. 31, 2021	Dec. 31, 2020
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value on grant date (in dollars per share)										$ 44.22
2019 Three-year PSU Awards \| Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value on grant date (in dollars per share)							$ 55.82	$ 57.34	$ 59.15
Expected price volatility							23.00%	22.80%	22.80%
Risk-free interest rate							1.86%	2.51%	2.55%
2020 Three-year PSU Awards \| Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value on grant date (in dollars per share)				$ 29.85	$ 34.08	$ 38.87
Expected price volatility				23.70%	23.70%	23.70%
Risk-free interest rate				0.90%	1.40%	1.40%
2021 Three-year PSU Awards \| Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected price volatility	38.00%	37.70%	37.70%
Risk-free interest rate	0.30%	0.20%	0.20%
Performance-vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value on grant date (in dollars per share)											$ 12.67
Expected price volatility											38.50%
Risk-free interest rate											0.20%

Stockholders’ (Deficit) Equity - Summary of Estimated Earned Payout (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrual at fair value over performance period, percentage	100.00%	100.00%
2021 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Payout Return on Invested Capital	100.00%
Estimated Payout Percentage Adjusted EBITDA CAGR	100.00%
Estimated payout TSR Modifier percentage	25.00%
Estimated Payout Combined	125.00%
2020 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Payout Return on Invested Capital	119.00%
Estimated Payout Percentage Adjusted EBITDA CAGR	175.00%
Estimated Payout on Relative TSR	200.00%
Estimated Payout Combined	165.00%
2019 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Payout Return on Invested Capital	195.00%
Estimated Payout Adjusted EBITDA Margin	0.00%
Estimated Payout on Relative TSR	200.00%
Estimated Payout Combined	133.00%

Stockholders’ (Deficit) Equity - Summary of Activity for Outstanding Three-year PSU Awards (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU awards performance period	3 years	3 years	3 years
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)	697,087
Granted (in shares)	246,746
Converted (in shares)	(107,398)
Forfeited or expired (in shares)	(98,566)
Outstanding at end of period (in shares)	737,869	697,087
Fully vested at end of period (in shares)	264,302
Aggregate Intrinsic Value (In millions)
Converted	$ 4.4
Fully vested at end of period	$ 11.8
PSU Awards \| Minimum
Aggregate Intrinsic Value (In millions)
Performance units granted percentage	0.00%
PSU Awards \| Maximum
Aggregate Intrinsic Value (In millions)
Performance units granted percentage	250.00%

Stockholders’ (Deficit) Equity - Summary of Activity for Non-vested Three-year PSU awards (Detail) - Three-year PSU Awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU awards performance period	3 years	3 years	3 years
Shares
Non-vested at beginning of period (in shares)	487,456
Granted (in shares)	246,746
Vested (in shares)	(232,002)
Forfeited or expired (in shares)	(28,633)
Non-vested at end of period (in shares)	473,567	487,456
Weighted-Average per Share Fair Value on Grant Date
Non-vested, beginning of period (in dollars per share)	$ 38.97
Granted (in dollars per share)	44.22
Vested (in dollars per share)	44.52
Forfeited or expired (in dollars per share)	38.51
Non-vested, end of period (in dollars per share)	$ 38.85	$ 38.97

Stockholders’ (Deficit) Equity - Schedule of Fair Value of Vested for Three-year PSU Awards (Detail) - Three-year PSU Awards - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU awards performance period	3 years	3 years	3 years
Fair value of three-year PSU awards vested	$ 17.8	$ 9.6	$ 10.3

Stockholders’ (Deficit) Equity - Summary of Unrecognized Compensation Cost for Three-year PSU Awards and Weighted Average Period (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU awards performance period	3 years	3 years	3 years
2020 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 6.3
Weighted Average to be recognized (in years)	2 years
2019 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 3.3
Weighted Average to be recognized (in years)	1 year
2018 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 0.0
Weighted Average to be recognized (in years)	0 years

Stockholders’ (Deficit) Equity - Chief Operating Officer (COO) and Chief Executive Officer-Designate 2017 New Hire Equity Awards and 2020 Award Modifications and Other Stock Issuances (Details) - $ / shares			1 Months Ended	12 Months Ended
	Dec. 10, 2020	Sep. 18, 2017	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level for the determination of performance goals and measures				100.00%
Performance-vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
granted (in dollars per share)					$ 12.67
2018- 2020 Performance Share Units Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)			47,730
Performance units paid out percentage			54.60%
Performance units paid out (in units)			84,696
Shares withheld for tax (in shares)			36,966
SLO Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)				32,128	8,471	6,321
Increments of cash bonus, percent				25.00%
Restricted stock shares and restricted stock units included in SLO Award target (in shares)				37,797
Restricted Stock Units RSU SLO Awards \| Annual Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)				72,043	73,731	46,195
Chief Operating Officer and CEO-Designate \| Time Vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		30,000
granted (in dollars per share)		$ 42.89
Chief Operating Officer and CEO-Designate \| Performance-vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	35,000	70,000
granted (in dollars per share)	$ 45.40
Target level for the determination of performance goals and measures		100.00%
Chief Operating Officer and CEO-Designate \| Time Vesting New Hire Award, Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	35,000
Chief Operating Officer and CEO-Designate \| Tranche One \| Performance-vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative stockholder return rate		33.00%
Chief Operating Officer and CEO-Designate \| Minimum \| Tranche One \| Performance-vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)		$ 60.00
Chief Operating Officer and CEO-Designate \| Minimum \| Tranche Two \| Performance-vesting New Hire Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)		$ 75.00

Accumulated Other Comprehensive Loss - Schedule of Details of Comprehensive Loss (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ (172.5)
Other comprehensive (loss) income before reclassifications	22.1	$ (60.6)
Less: amounts reclassified from accumulated other comprehensive loss	7.5	6.1	$ 2.8
Other comprehensive income (loss)	29.6	(54.5)	11.4
Balance at end of period	(248.7)	(172.5)
Intra-entity foreign currency translation adjustment	(760.5)	(721.7)
Unrecognized Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	172.5	146.1
Other comprehensive (loss) income before reclassifications	28.7	(32.1)
Less: amounts reclassified from accumulated other comprehensive loss	6.3	5.7
Other comprehensive income (loss)	35.0	(26.4)
Balance at end of period	137.5	172.5	146.1
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	721.7	728.6
Other comprehensive (loss) income before reclassifications	(38.8)	6.9
Less: amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income (loss)	(38.8)	6.9
Balance at end of period	760.5	721.7	728.6
Cumulative Translation Adjustment \| Intra-entity transactions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Intra-entity foreign currency translation adjustment	(30.2)	37.0	(4.5)
Unrecognized Gain (Losses), on Derivative Instruments for Net Investment Hedge and Cash Flow Hedge \| Net Investment Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	67.5	34.5
Other comprehensive (loss) income before reclassifications	29.2	(33.0)
Less: amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income (loss)	29.2	(33.0)
Balance at end of period	38.3	67.5	34.5
Unrecognized Gain (Losses), on Derivative Instruments for Net Investment Hedge and Cash Flow Hedge \| Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	1.8	(0.2)
Other comprehensive (loss) income before reclassifications	3.0	(2.4)
Less: amounts reclassified from accumulated other comprehensive loss	1.2	0.4
Other comprehensive income (loss)	4.2	(2.0)
Balance at end of period	(2.4)	1.8	(0.2)
Accumulated Other Comprehensive Loss, Net of Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	963.5	909.0
Balance at end of period	$ 933.9	$ 963.5	$ 909.0

Accumulated Other Comprehensive Loss - Schedule of Detail of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Other (expense) income, net	$ (16.9)	$ 12.5	$ (24.1)
Cost of sales	(3,852.9)	(3,293.9)	(3,226.3)
Interest expense, net	(167.8)	(174.4)	(184.1)
Total pre-tax provision	(716.2)	(626.2)	(370.3)
Income tax provision	225.0	142.1	76.6
Net of tax	(491.2)	(484.1)	(293.7)
Total reclassifications for the period	(7.5)	(6.1)	(2.8)
Defined benefit pension plans and other post-employment benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Total reclassifications for the period	(6.3)	(5.7)
Net losses) gains on cash flow hedging derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax provision	(1.8)	(0.7)	1.7
Income tax provision	0.6	0.3	(0.6)
Net of tax	(1.2)	(0.4)	1.1
Net losses) gains on cash flow hedging derivatives \| Foreign currency forward and option contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Cost of sales	(1.9)	(0.8)	1.6
Net losses) gains on cash flow hedging derivatives \| Treasury locks
Accumulated Other Comprehensive Income Loss [Line Items]
Interest expense, net	0.1	0.1	0.1
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Other (expense) income, net	(0.9)	(1.8)	(0.4)
Reclassification out of Accumulated Other Comprehensive Income \| Prior service credits
Accumulated Other Comprehensive Income Loss [Line Items]
Other (expense) income, net	0.0	0.1	0.1
Reclassification out of Accumulated Other Comprehensive Income \| Actuarial losses
Accumulated Other Comprehensive Income Loss [Line Items]
Other (expense) income, net	(7.4)	(5.9)	(4.9)
Reclassification out of Accumulated Other Comprehensive Income \| Defined benefit pension plans and other post-employment benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax provision	(8.3)	(7.6)	(5.2)
Income tax provision	2.0	1.9	1.3
Net of tax	$ (6.3)	$ (5.7)	$ (3.9)

Other (Expense) Income, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Net foreign exchange transaction (loss) gain	$ (0.7)	$ 1.7	$ (7.7)
Bank fee expense	(5.0)	(6.3)	(5.0)
Pension income other than service costs	4.4	0.9	1.0
Increase in fair value of equity investments	6.6	15.1	0.0
Impairment of debt investment	(8.0)	0.0	0.0
Foreign currency exchange loss due to highly inflationary economies	(3.6)	(4.7)	(4.6)
Loss on debt redemption and refinancing activities	18.6	0.0	16.1
Other income	13.2	11.3	13.6
Other (expense)	(5.2)	(5.5)	(5.3)
Other (expense) income, net	(16.9)	12.5	(24.1)
Investment	8.0
Available-for-sale, debt security allowance for credit losses	8.0
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other income	13.2	$ 11.3	13.6
Income Tax Receivable
Other Income and Expenses [Abstract]
Other income	5.0		4.8
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other income	$ 5.0		$ 4.8

Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net earnings	$ 506.8	$ 502.9	$ 263.0
Distributed and allocated undistributed net earnings to unvested restricted stockholders	0.0	(0.2)	(0.5)
Net Income (Loss) Available to Common Stockholders, Basic, Total	$ 506.8	$ 502.7	$ 262.5
Denominator
Weighted average number of common shares outstanding - basic (in shares)	150.9	155.2	154.3
Basic net earnings per common share
Basic net earnings per common share (in dollars per share)	$ 3.36	$ 3.24	$ 1.70
Numerator:
Net earnings available to common stockholders	$ 506.8	$ 502.7	$ 262.5
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	150.9	155.2	154.3
Effect of dilutive stock shares and units (in shares)	1.5	0.8	0.5
Weighted average number of common shares outstanding - diluted under two-class (in shares)	152.4	156.0	154.8
Effect of unvested restricted stock - participating security (in shares)	0.0	0.0	0.4
Weighted average number of common shares outstanding - diluted under treasury stock (in shares)	152.4	156.0	155.2
Diluted net earnings per common share - (in dollars per share)	$ 3.32	$ 3.22	$ 1.69
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Diluted (in shares)	152.4	156.0	155.2
PSU Awards
Denominator:
Weighted average number of common shares outstanding - diluted under treasury stock (in shares)	0.6
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Diluted (in shares)	0.6

Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for credit losses on trade receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 11.7	$ 8.2	$ 9.1
Charged to Costs and Expenses	2.1	3.7	2.5
Deductions	(2.5)	(0.2)	(3.4)
Foreign Currency Translation and Other	(0.2)	0.0	0.0
Balance at End of Year	11.1	11.7	8.2
Inventory obsolescence reserve
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	21.1	19.6	18.1
Charged to Costs and Expenses	9.5	9.0	7.2
Deductions	(5.8)	(7.8)	(5.6)
Foreign Currency Translation and Other	(0.7)	0.3	(0.1)
Balance at End of Year	24.1	21.1	19.6
Valuation allowance on deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	207.1	197.6	218.4
Charged to Costs and Expenses	3.7	(1.4)	(14.0)
Deductions	(6.2)	(6.5)	(2.7)
Foreign Currency Translation and Other	(15.0)	17.4	(4.1)
Balance at End of Year	189.6	207.1	197.6
Allowance for credit loss on debt investment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 8.0	0.0
Charged to Costs and Expenses		8.0
Deductions		0.0
Foreign Currency Translation and Other		0.0
Balance at End of Year		$ 8.0	$ 0.0