0001628280-23-015755 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Loss

The following table provides details of comprehensive income (loss) for the three months ended March 31, 2023 and 2022:


(In millions)	Unrecognized Pension Items		Cumulative Translation Adjustment(1)		Unrecognized Losses on Derivative Instruments for net investment hedge		Unrecognized Gains on Derivative Instruments for cash flow hedge		Accumulated Other Comprehensive Loss, Net of Taxes






Balance at December 31, 2022	$	(126.3)	$	(837.5)	$	(18.3)	$	3.3	$	(978.8)
Other comprehensive income (loss) before reclassifications	0.2		36.6		(5.5)		(1.9)		29.4
Less: amounts reclassified from accumulated other comprehensive loss	1.1		—		—		(0.9)		0.2
Net current period other comprehensive income (loss)	1.3		36.6		(5.5)		(2.8)		29.6
Balance at March 31, 2023	$	(125.0)	$	(800.9)	$	(23.8)	$	0.5	$	(949.2)







Balance at December 31, 2021	$	(137.5)	$	(760.5)	$	(38.3)	$	2.4	$	(933.9)
Other comprehensive (loss) income before reclassifications	(0.2)		3.5		5.0		0.2		8.5
Less: amounts reclassified from accumulated other comprehensive loss	1.0		—		—		(1.7)		(0.7)
Net current period other comprehensive income (loss)	0.8		3.5		5.0		(1.5)		7.8
Balance at March 31, 2022	$	(136.7)	$	(757.0)	$	(33.3)	$	0.9	$	(926.1)

(1)Includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $7.9 million and $16.9 million for the three months ended March 31, 2023 and 2022, respectively.

The following table provides detail of amounts reclassified from AOCL:


	Three Months Ended March 31,
(In millions)		2023		2022		Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Net settlement (cost) credit		$	(0.2)	$	0.1

Actuarial losses		(1.2)		(1.4)
Total pre-tax amount		(1.4)		(1.3)		Other expense, net
Tax benefit		0.3		0.3
Net of tax		(1.1)		(1.0)


Net gains on cash flow hedging derivatives:(1)
Foreign currency forward contracts		1.1		1.9		Cost of sales

Treasury locks		—		0.1		Interest expense, net
Total pre-tax amount		1.1		2.0
Tax expense		(0.2)		(0.3)
Net of tax		0.9		1.7
Total reclassifications for the period		$	(0.2)	$	0.7

(1)These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 14, “Derivatives and Hedging Activities,” for additional details.

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

The following table details our inventories, net.


(In millions)	March 31, 2023		December 31, 2022
Raw materials	$	240.3	$	229.9
Work in process	216.2		187.1
Finished goods	505.2		449.3
Total	$	961.7	$	866.3

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

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost (Income)

The following tables show the components of net periodic benefit cost (income) for our defined benefit pension plans for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(In millions)	U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit cost (income):
Service cost	$	—	$	0.8	$	0.8	$	—	$	1.1	$	1.1
Interest cost	1.8		5.2		7.0		1.0		3.0		4.0
Expected return on plan assets	(1.8)		(5.3)		(7.1)		(2.2)		(5.0)		(7.2)
Amortization of net prior service cost	—		0.1		0.1		—		0.1		0.1
Amortization of net actuarial loss	0.4		0.8		1.2		0.4		1.0		1.4
Net periodic cost (income)	0.4		1.6		2.0		(0.8)		0.2		(0.6)
Settlement cost (credit)	—		0.2		0.2		—		(0.1)		(0.1)
Total benefit cost (income)	$	0.4	$	1.8	$	2.2	$	(0.8)	$	0.1	$	(0.7)

The following table shows the components of net periodic benefit cost for our other post-retirement employee benefit plans for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(In millions)		2023		2022
Components of net periodic benefit cost:

Interest cost		$	0.4	$	0.2
Amortization of net prior service credit and net actuarial gain		(0.1)		(0.1)

Net periodic benefit cost		$	0.3	$	0.1

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

3 Months Ended

Mar. 31, 2023

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.


	March 31, 2023
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	38.0	$	38.0	$	—	$	—

Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	0.8	$	—	$	0.8	$	—

Cross-currency swaps	$	(0.9)	$	—	$	(0.9)	$	—


	December 31, 2022
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	122.5	$	122.5	$	—	$	—

Derivative financial and hedging instruments net asset:
Foreign currency forward contracts	$	4.7	$	—	$	4.7	$	—

Carrying Value of Investments Without Readily Determinable Fair Values

The following carrying value of these investments were included within Other non-current assets in our Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:


(In millions)	March 31, 2023		December 31, 2022
Carrying value at the beginning of period	$	13.3	$	45.8
Purchases	—		—
Impairments or downward adjustments	—		(31.6)
Upward adjustments	—		—
Currency translation on investments	0.3		(0.9)
Carrying value at the end of period	$	13.6	$	13.3

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.


			March 31, 2023				December 31, 2022
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value


Term Loan A due March 2027(1)			$	1,147.0	$	1,147.0	$	506.6	$	506.6


Senior Notes due September 2023(1)	4.500	%	—		—		426.0		427.3
Senior Notes due December 2024	5.125	%	423.7		424.4		423.5		419.7
Senior Notes due September 2025	5.500	%	398.8		398.6		398.7		398.6
Senior Secured Notes due October 2026	1.573	%	596.2		527.9		596.0		521.7
Senior Notes due December 2027	4.000	%	422.1		396.4		421.9		386.6
Senior Notes due February 2028	6.125	%	763.5		782.2		—		—
Senior Notes due April 2029	5.000	%	421.3		405.4		421.2		400.2
Senior Notes due July 2033	6.875	%	446.5		461.9		446.4		448.8
Other foreign borrowings(1)			89.7		89.7		6.6		6.6
Other domestic borrowings			93.9		93.3		7.9		7.9
Total debt(2)			$	4,802.7	$	4,726.8	$	3,654.8	$	3,524.0

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

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

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.

Goodwill and Identifiable Intangible Assets, net - Summary of Goodwill Balances by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Gross Carrying Value	$ 2,364.2
Accumulated impairment		$ (189.7)
Carrying Value	2,174.5
Acquisition	728.7
Currency translation	5.7
Carrying Value	2,908.9
Food
Goodwill [Roll Forward]
Gross Carrying Value	572.2
Accumulated impairment		(49.0)
Carrying Value	523.2
Acquisition	728.7
Currency translation	2.2
Carrying Value	1,254.1
Protective
Goodwill [Roll Forward]
Gross Carrying Value	1,792.0
Accumulated impairment		$ (140.7)
Carrying Value	1,651.3
Acquisition	0.0
Currency translation	3.5
Carrying Value	$ 1,654.8

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Other Income and Expenses [Abstract]

Fair Value Measurements, Equity Investments and Other Financial Instruments - Schedule of Equity Investment Without Readily Determinable Fair Value (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022
Equity Securities without Readily Determinable Fair Value [Roll Forward]
Carrying value at the beginning of period	$ 13.3	$ 45.8	$ 45.8
Purchases	0.0		0.0
Impairments or downward adjustments	0.0	$ (16.1)	(31.6)
Upward adjustments	0.0		0.0
Currency translation on investments	0.3		(0.9)
Carrying value at the end of period	$ 13.6		$ 13.3

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-12139
Entity Registrant Name	SEALED AIR CORP/DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	65-0654331
Entity Address, Address Line One	2415 Cascade Pointe Boulevard
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28208
City Area Code	980
Local Phone Number	221-3235
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	SEE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		144,386,418
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001012100
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 1,348.8	$ 1,417.6
Cost of sales	943.7	940.6
Gross profit	405.1	477.0
Selling, general and administrative expenses	221.6	205.0
Amortization expense of intangible assets	15.2	9.4
Restructuring charges (Note 12)	(1.2)	0.5
Operating profit	169.5	262.1
Interest expense, net	(57.8)	(38.9)
Other expense, net (Note 21)	(15.0)	(14.2)
Earnings before income tax provision	96.7	209.0
Income tax provision (Note 17)	33.8	59.4
Net earnings from continuing operations	62.9	149.6
Loss on sale of discontinued operations, net of tax	(1.0)	(0.4)
Net earnings	$ 61.9	$ 149.2
Basic:
Continuing operations (in dollars per share)	$ 0.44	$ 1.01
Discontinued operations (in dollars per share)	(0.01)	0
Net earnings per common share - basic (in dollars per share)	0.43	1.01
Diluted:
Continuing operations (in dollars per share)	0.44	1.00
Discontinued operations (in dollars per share)	(0.01)	0
Net earnings per common share - diluted (n dollars per share)	$ 0.43	$ 1.00
Weighted average number of common shares outstanding: (Note 22)
Basic (in shares)	144.1	147.6
Diluted (in shares)	144.8	149.5

Goodwill and Identifiable Intangible Assets, net - Summary of Identifiable Intangible Assets, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 705.1	$ 356.4
Accumulated Amortization	(242.0)	(226.9)
Net	463.1	129.5
Total identifiable intangible assets, net
Gross Carrying Value	714.0	365.3
Net	472.0	138.4
Trademarks and tradenames with indefinite lives
Indefinite-lived Intangible Assets [Line Items]
Trademarks and tradenames with indefinite lives	8.9	8.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	281.5	99.5
Accumulated Amortization	(51.7)	(47.1)
Net	229.8	52.4
Trademarks and tradenames with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	57.1	30.8
Accumulated Amortization	(15.7)	(14.4)
Net	41.4	16.4
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	157.5	147.7
Accumulated Amortization	(116.9)	(111.3)
Net	40.6	36.4
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	197.6	67.0
Accumulated Amortization	(47.8)	(44.3)
Net	149.8	22.7
Contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	11.4	11.4
Accumulated Amortization	(9.9)	(9.8)
Net	$ 1.5	$ 1.6

Revenue Recognition, Contracts with Customers - Remaining Performance Obligation and Total Transaction Price (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price	$ 18.2	$ 18.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price		$ 13.0
Remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price	$ 13.0
Remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price		$ 5.2
Remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price	$ 5.2
Remaining performance obligation, expected timing of satisfaction, period

Derivatives and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross position	$ (4.2)	$ (3.2)
Other Current Liabilities
Offsetting Liabilities [Line Items]
Gross position	(3.3)	(3.2)
Impact of master netting agreements	2.2	1.1
Net amounts recognized on the Condensed Consolidated Balance Sheets	(1.1)	(2.1)
Other Noncurrent Liabilities
Offsetting Liabilities [Line Items]
Gross position	(0.9)	0.0
Impact of master netting agreements	0.0	0.0
Net amounts recognized on the Condensed Consolidated Balance Sheets	$ (0.9)	$ 0.0

Segments - Net Sales and Adjusted EBITDA by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 1,348.8	$ 1,417.6
Segment Adjusted EBITDA:	275.2	327.8
Food
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 853.1	$ 807.7
Food and Protective Adjusted EBITDA Margin	22.80%	24.80%
Food \| Product Concentration Risk \| Net Sales
Segment Reporting Information [Line Items]
As a % of Consolidated net sales	63.20%	57.00%
Food \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 853.1	$ 807.7
Segment Adjusted EBITDA:	194.8	200.4
Protective
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 495.7	$ 609.9
Food and Protective Adjusted EBITDA Margin	16.20%	20.90%
Protective \| Product Concentration Risk \| Net Sales
Segment Reporting Information [Line Items]
As a % of Consolidated net sales	36.80%	43.00%
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 495.7	$ 609.9
Segment Adjusted EBITDA:	$ 80.4	$ 127.4

Other Expense, net

3 Months Ended

Mar. 31, 2023

Other Expense, net

The following table provides details of other expense, net:


	Three Months Ended March 31,
(In millions)		2023		2022
Net foreign exchange transaction loss		$	(4.9)	$	(0.5)
Bank fee expense		(1.4)		(1.1)
Pension (cost) income other than service costs		(2.1)		1.3
Fair value impairment loss on equity investments(1)		—		(15.5)
Foreign currency exchange loss due to highly inflationary economies		(2.6)		(1.0)
Loss on debt redemption and refinancing activities		(4.9)		(0.7)
Other income		2.6		4.7
Other expense		(1.7)		(1.4)
Other expense, net		$	(15.0)	$	(14.2)

(1)See Note 15, "Fair Value Measurements, Equity Investments and Other Financial Instruments," for further details.

Revenue Recognition, Contracts with Customers - Revenue from Contract With Customers Summarized by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	$ 1,342.0	$ 1,410.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	6.8	7.4
Total revenues	1,348.8	1,417.6
Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	847.6	801.9
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	5.5	5.8
Total revenues	853.1	807.7
Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	494.4	608.3
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	1.3	1.6
Total revenues	495.7	609.9
Americas
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	872.3	924.8
Americas \| Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	566.1	524.9
Americas \| Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	306.2	399.9
EMEA
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	288.8	290.4
EMEA \| Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	169.2	166.6
EMEA \| Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	119.6	123.8
APAC
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	180.9	195.0
APAC \| Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	112.3	110.4
APAC \| Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	$ 68.6	$ 84.6

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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Restructuring and Related Activities [Abstract]

Restructuring Activities (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Approved Restructuring Spending

Restructuring and Relocation Activities

The following table details our aggregate restructuring activities incurred under the Program as reflected in the Condensed Consolidated Statements of Operations.


	Three Months Ended March 31,
(In millions)		2023		2022

Other associated costs		$	(0.2)	$	3.1
Restructuring charges		(1.2)		0.5


Total charges		$	(1.4)	$	3.6
Capital expenditures		$	—	$	1.9

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

The aggregate restructuring accrual, spending and other activity for the three months ended March 31, 2023 and the accrual balance remaining at March 31, 2023 related to the Program were as follows:


(In millions)





Restructuring accrual at December 31, 2022	$	14.7
Accrual and accrual adjustments	(1.2)
Cash payments during 2023	(3.3)


Restructuring accrual at March 31, 2023	$	10.2

Acquisitions - Pro Forma Information (Details) - Liquibox - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Net sales	$ 1,374.4	$ 1,504.3
Net earnings	$ 70.0	$ 113.7

Accumulated Other Comprehensive Loss - Details of Amount Reclassified from AOCL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Other expense, net	$ (15.0)	$ (14.2)
Cost of sales	943.7	940.6
Total pre-tax amount	(96.7)	(209.0)
Tax benefit (expense)	33.8	59.4
Net of tax	(62.9)	(149.6)
Total reclassifications for the period	(0.2)	0.7
Defined benefit pension plans and other post-employment benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Total reclassifications for the period	(1.1)	(1.0)
Reclassification out of Accumulated Other Comprehensive Income \| Net settlement (cost) credit
Accumulated Other Comprehensive Income Loss [Line Items]
Other expense, net	(0.2)	0.1
Reclassification out of Accumulated Other Comprehensive Income \| Actuarial losses
Accumulated Other Comprehensive Income Loss [Line Items]
Other expense, net	(1.2)	(1.4)
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 amount	(1.4)	(1.3)
Tax benefit (expense)	0.3	0.3
Net of tax	(1.1)	(1.0)
Reclassification out of Accumulated Other Comprehensive Income \| Net gains on cash flow hedging derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Total pre-tax amount	1.1	2.0
Tax benefit (expense)	(0.2)	(0.3)
Net of tax	0.9	1.7
Reclassification out of Accumulated Other Comprehensive Income \| Net gains on cash flow hedging derivatives \| Foreign currency forward contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Cost of sales	1.1	1.9
Reclassification out of Accumulated Other Comprehensive Income \| Net gains on cash flow hedging derivatives \| Treasury locks
Accumulated Other Comprehensive Income Loss [Line Items]
Interest expense, net	$ 0.0	$ 0.1

Accounts Receivable Securitization Programs (Details)	3 Months Ended
Accounts Receivable Securitization Programs (Details)	Mar. 31, 2023 USD ($) bank	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	$ 175,700,000			$ 6,600,000
Prepaid expenses and other current assets	193,800,000			57,500,000
Interest paid	57,800,000	$ 38,900,000
Line of Credit
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	175,700,000			6,600,000
U.S. Accounts Receivable Securitization Program \| Line of Credit
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	$ 47,000,000			0
U.S. Accounts Receivable Securitization Program \| U.S. Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Level of eligible assets available under accounts receivable securitization program	$ 50,000,000
Amounts available under program	50,000,000
U.S. Accounts Receivable Securitization Program \| U.S. Program \| Maximum
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Maximum purchase limit for receivable interests under accounts receivable securitization program	50,000,000
European Accounts Receivable Securitization Program \| Trade Accounts Receivable
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Prepaid expenses and other current assets	86,500,000		€ 79,300,000
European Accounts Receivable Securitization Program \| Line of Credit
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	$ 86,500,000		79,300,000
European Accounts Receivable Securitization Program \| European 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
Amounts available under program	$ 87,200,000		80,000,000
European Accounts Receivable Securitization Program \| European Program \| Maximum
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Maximum purchase limit for receivable interests under accounts receivable securitization program	87,200,000		€ 80,000,000
Accounts Receivable Securitization Programs
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	0			$ 0
Interest paid	$ 900,000	$ 0

Inventories, net

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

The following table details our inventories, net.


(In millions)	March 31, 2023		December 31, 2022
Raw materials	$	240.3	$	229.9
Work in process	216.2		187.1
Finished goods	505.2		449.3
Total	$	961.7	$	866.3

Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net earnings	$ 61.9	$ 149.2
Distributed and allocated undistributed net earnings to unvested restricted stockholders	0.0	0.0
Net earnings available to common stockholders	$ 61.9	$ 149.2
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	144.1	147.6
Basic net earnings per common share:
Basic net earnings per common share (in dollars per share)	$ 0.43	$ 1.01
Numerator:
Net earnings available to common stockholders	$ 61.9	$ 149.2
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	144.1	147.6
Effect of unvested restricted stock units (in shares)	0.7	1.9
Weighted average number of common shares outstanding - diluted under treasury stock (in shares)	144.8	149.5
Diluted net earnings per common share (in dollars per share)	$ 0.43	$ 1.00

Acquisitions - Acquisitions Narrative (Details) - USD ($) $ in Millions	Feb. 01, 2023	Feb. 02, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 2,908.9	$ 2,174.5
Liquibox
Business Acquisition [Line Items]
Percentage of shares acquired	100.00%
Acquisition purchase price paid	$ 1,169.2
Acquisition related costs	11.9
Goodwill	728.7
Allocation to deferred tax liability	$ 92.2
Foxpak Flexibles Ltd.
Business Acquisition [Line Items]
Acquisition purchase price paid		$ 9.7
Goodwill		5.2
Allocation to intangible assets		2.7
Allocation to deferred tax liability		$ 0.3

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

Segments - Additional Information (Details)	3 Months Ended
Segments - Additional Information (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

The following tables show the components of net periodic benefit cost (income) for our defined benefit pension plans for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(In millions)	U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit cost (income):
Service cost	$	—	$	0.8	$	0.8	$	—	$	1.1	$	1.1
Interest cost	1.8		5.2		7.0		1.0		3.0		4.0
Expected return on plan assets	(1.8)		(5.3)		(7.1)		(2.2)		(5.0)		(7.2)
Amortization of net prior service cost	—		0.1		0.1		—		0.1		0.1
Amortization of net actuarial loss	0.4		0.8		1.2		0.4		1.0		1.4
Net periodic cost (income)	0.4		1.6		2.0		(0.8)		0.2		(0.6)
Settlement cost (credit)	—		0.2		0.2		—		(0.1)		(0.1)
Total benefit cost (income)	$	0.4	$	1.8	$	2.2	$	(0.8)	$	0.1	$	(0.7)

The following table shows the components of net periodic benefit cost for our other post-retirement employee benefit plans for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(In millions)		2023		2022
Components of net periodic benefit cost:

Interest cost		$	0.4	$	0.2
Amortization of net prior service credit and net actuarial gain		(0.1)		(0.1)

Net periodic benefit cost		$	0.3	$	0.1

The entire disclosure for retirement benefits.

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Debt and Credit Facilities - Summary of Available Lines of Credit (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Used lines of credit	$ 175.7	$ 6.6
Unused lines of credit	1,093.4	1,261.0
Total available lines of credit	1,269.1	$ 1,267.6
Committed Line of Credit Facilities
Line of Credit Facility [Line Items]
Total available lines of credit	$ 1,122.0

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.

Fair Value Measurements, Equity Investments and Other Financial Instruments

Commitments and Contingencies (Details) $ in Millions	Apr. 20, 2023 USD ($)	Oct. 14, 2022 USD ($)	Sep. 09, 2022 USD ($)	Jul. 13, 2020 investment	Feb. 03, 2014 USD ($) shares	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Tax settlement deductions under examination						$ 1,490.0
Decrease in U.S. federal tax liability						$ 525.0
UA Local 13 & Employers Group Insurance Fund, Class Action
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of plaintiffs \| investment				4
Litigation settlement amount			$ 12.5
Insurance receivable							$ 12.5
Litigation liability							$ 12.5
Gain from class-action litigation settlement		$ 12.5
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deposit with IRS for estimated tax owed	$ 175.0
William Russell Grace Asbestos PI Trust and William Russell Grace Asbestos PD Trust
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Original number of shares expected to be issued under settlement agreement adjusted \| shares					18,000,000
North American Foam Trays and Absorbent Pads
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business					$ 929.7

Fair Value Measurements, Equity Investments and Other Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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.


	March 31, 2023
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	38.0	$	38.0	$	—	$	—

Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	0.8	$	—	$	0.8	$	—

Cross-currency swaps	$	(0.9)	$	—	$	(0.9)	$	—


	December 31, 2022
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	122.5	$	122.5	$	—	$	—

Derivative financial and hedging instruments net asset:
Foreign currency forward contracts	$	4.7	$	—	$	4.7	$	—

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 Condensed Consolidated Balance Sheets using a discounted cash flow analysis that incorporates observable market inputs. These market inputs include foreign currency spot and forward rates, and various interest rate curves, and are obtained from pricing data quoted by various banks, third-party sources and foreign currency dealers involving identical or comparable instruments. 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 are included in Prepaid expenses and other current assets and Other current liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.

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 Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:


(In millions)	March 31, 2023		December 31, 2022
Carrying value at the beginning of period	$	13.3	$	45.8
Purchases	—		—
Impairments or downward adjustments	—		(31.6)
Upward adjustments	—		—
Currency translation on investments	0.3		(0.9)
Carrying value at the end of period	$	13.6	$	13.3

We hold an equity investment in an investee that was valued at $31.6 million as of December 31, 2021. The investment is accounted for under the measurement alternative in accordance with ASC 321. It is made up of cash investments of $7.5 million and $9.0 million made in 2018 and 2021, respectively, and an upward fair value adjustment of $15.1 million, which was recorded in the fourth quarter of 2020 based on the valuation of additional equity issued by the investee that was deemed to be an observable transaction of a similar investment under ASC 321. During the first quarter of 2022, we recorded a $15.5 million impairment on the equity investment arising from the announced termination of a planned merger between the investee and a special purpose acquisition company due to unfavorable capital market conditions. This impairment loss was recorded within Other expense, net on the Condensed Consolidated Statements of Operations. In connection with our second quarter review of the investee's financial performance, we obtained the investee's latest financial forecast, which showed deterioration across several key operating and liquidity metrics. This was deemed to be a triggering event for potential impairment. Accordingly, we performed a quantitative impairment test as of June 30, 2022 to determine the fair value of the equity investment. Based on discounted cash flow and market participant data as of June 30, 2022, and our projections related to the investee's ability to remain a going concern, we concluded that the fair value of the investment was zero. SEE recorded an impairment loss of $16.1 million equal to the difference between the fair value of the investment as of June 30, 2022 and its carrying value at March 31, 2022. The $16.1 million impairment loss was recorded within Other expense, net on the Condensed Consolidated Statements of Operations during the second quarter of 2022.

As of March 31, 2023, cumulative upward adjustments to our equity investments were $21.7 million and cumulative impairments or downward adjustments were $31.6 million, resulting in net cumulative impairments or downward adjustments of $9.9 million. As of December 31, 2022, cumulative upward adjustments to our equity investments were $21.7 million and there were $31.6 million cumulative impairments or downward adjustments.

Other Financial Instruments

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

Other liabilities that are recorded at carrying value on our Condensed Consolidated Balance Sheets include our 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.


			March 31, 2023				December 31, 2022
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value


Term Loan A due March 2027(1)			$	1,147.0	$	1,147.0	$	506.6	$	506.6


Senior Notes due September 2023(1)	4.500	%	—		—		426.0		427.3
Senior Notes due December 2024	5.125	%	423.7		424.4		423.5		419.7
Senior Notes due September 2025	5.500	%	398.8		398.6		398.7		398.6
Senior Secured Notes due October 2026	1.573	%	596.2		527.9		596.0		521.7
Senior Notes due December 2027	4.000	%	422.1		396.4		421.9		386.6
Senior Notes due February 2028	6.125	%	763.5		782.2		—		—
Senior Notes due April 2029	5.000	%	421.3		405.4		421.2		400.2
Senior Notes due July 2033	6.875	%	446.5		461.9		446.4		448.8
Other foreign borrowings(1)			89.7		89.7		6.6		6.6
Other domestic borrowings			93.9		93.3		7.9		7.9
Total debt(2)			$	4,802.7	$	4,726.8	$	3,654.8	$	3,524.0

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

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

Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, property and equipment, goodwill, intangible assets and asset retirement obligations.

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.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value of Derivative Instruments

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


	Cash Flow Hedge				Net Investment Hedge				Non-Designated as Hedging Instruments				Total
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Derivative Assets
Foreign currency forward contracts and options	$	0.9	$	2.1	$	—	$	—	$	3.2	$	5.8	$	4.1	$	7.9

Total Derivative Assets	$	0.9	$	2.1	$	—	$	—	$	3.2	$	5.8	$	4.1	$	7.9

Derivative Liabilities
Foreign currency forward contracts	$	(1.4)	$	(0.8)	$	—	$	—	$	(1.9)	$	(2.4)	$	(3.3)	$	(3.2)
Cross-currency swaps	—		—		(0.9)		—		—		—		(0.9)		—
Total Derivative Liabilities(1)	$	(1.4)	$	(0.8)	$	(0.9)	$	—	$	(1.9)	$	(2.4)	$	(4.2)	$	(3.2)
Net Derivatives(2)	$	(0.5)	$	1.3	$	(0.9)	$	—	$	1.3	$	3.4	$	(0.1)	$	4.7

(1)Excludes €400.0 million of euro-denominated debt that was repaid in February 2023 ($426.0 million equivalent at December 31, 2022), which was designated as a net investment hedge. See Note 13, "Debt and Credit Facilities," for additional details.

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


	Other Current Assets				Other Current Liabilities				Other Non-current Liabilities
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Gross position	$	4.1	$	7.9	$	(3.3)	$	(3.2)		$	(0.9)	$	—
Impact of master netting agreements	(2.2)		(1.1)		2.2		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	1.9	$	6.8	$	(1.1)	$	(2.1)		$	(0.9)	$	—

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				Other Non-current Liabilities
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Gross position	$	4.1	$	7.9	$	(3.3)	$	(3.2)		$	(0.9)	$	—
Impact of master netting agreements	(2.2)		(1.1)		2.2		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	1.9	$	6.8	$	(1.1)	$	(2.1)		$	(0.9)	$	—

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				Other Non-current Liabilities
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Gross position	$	4.1	$	7.9	$	(3.3)	$	(3.2)		$	(0.9)	$	—
Impact of master netting agreements	(2.2)		(1.1)		2.2		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	1.9	$	6.8	$	(1.1)	$	(2.1)		$	(0.9)	$	—

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

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


			Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Location of Gain (Loss) Recognized on	Three Months Ended March 31,
(In millions)	Condensed Consolidated Statements of Operations		2023		2022
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales		$	1.1	$	1.9


Treasury locks	Interest expense, net		—		0.1
Sub-total cash flow hedges			1.1		2.0




Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other expense, net		3.3		(0.1)
Total			$	4.4	$	1.9

Leases - Lease Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance leases - ROU assets	$ 59.4	$ 55.0
Finance leases - Accumulated depreciation	(32.6)	(31.7)
Operating leases - ROU assets	174.9	156.7
Operating leases - Accumulated depreciation	(92.5)	(86.5)
Total lease assets	109.2	93.5
Finance leases	(6.8)	(7.6)
Operating leases	(27.1)	(24.0)
Finance leases	(20.6)	(16.1)
Operating leases	(58.2)	(49.6)
Total lease liabilities	$ (112.7)	$ (97.3)

Goodwill and Identifiable Intangible Assets, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, net

Goodwill

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. Since the date of our last annual goodwill impairment assessment, we have not identified any changes in circumstances that would indicate the carrying value of goodwill is not recoverable.

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, 2022	$	572.2	$	1,792.0	$	2,364.2
Accumulated amortization(1)	(49.0)		(140.7)		(189.7)
Carrying Value at December 31, 2022	$	523.2	$	1,651.3	$	2,174.5
Acquisition(2)	728.7		—		728.7
Currency translation	2.2		3.5		5.7

Carrying Value at March 31, 2023	$	1,254.1	$	1,654.8	$	2,908.9

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2023.

(2)Represents the allocation of goodwill related to our acquisition of Liquibox. See Note 5, "Acquisitions," for further details.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2023, there were no impairment indicators present.


	March 31, 2023				December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.5	$	(51.7)	$	229.8	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	57.1		(15.7)		41.4		30.8		(14.4)		16.4
Software	157.5		(116.9)		40.6		147.7		(111.3)		36.4
Technology	197.6		(47.8)		149.8		67.0		(44.3)		22.7
Contracts	11.4		(9.9)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	705.1		(242.0)		463.1		356.4		(226.9)		129.5
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	714.0	$	(242.0)	$	472.0	$	365.3	$	(226.9)	$	138.4

The following table shows the remaining estimated future amortization expense at March 31, 2023.


Year	Amount (In millions)
Remainder of 2023	$	49.8
2024	59.3
2025	51.4
2026	40.5
2027	38.9
Thereafter	223.2
Total	$	463.1

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 their remaining useful lives.

Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The following table details our property and equipment, net.


(In millions)	March 31, 2023		December 31, 2022
Land and improvements	$	44.9	$	44.1
Buildings	809.2		783.1
Machinery and equipment	2,731.1		2,612.3
Other property and equipment	138.7		124.5
Construction-in-progress	228.8		222.4
Property and equipment, gross	3,952.7		3,786.4
Accumulated depreciation and amortization	(2,556.2)		(2,510.5)
Property and equipment, net	$	1,396.5	$	1,275.9

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


	Three Months Ended March 31,
(In millions)		2023		2022
Interest cost capitalized		$	2.5	$	1.7
Depreciation and amortization expense(1)		$	40.7	$	35.9

(1)Includes amortization expense of finance lease ROU assets of $2.5 million and $2.7 million for the three months ended March 31, 2023 and 2022, respectively.

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares		3 Months Ended
	Feb. 22, 2023	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per share common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20

Net Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Earnings Per Common Share

Net Earnings Per Common ShareThe following table shows the calculation of basic and diluted net earnings per common share:


	Three Months Ended March 31,
(In millions, except per share amounts)		2023		2022
Basic Net Earnings Per Common Share:
Numerator:
Net earnings		$	61.9	$	149.2
Distributed and allocated undistributed net earnings to unvested restricted stockholders		—		—
Net earnings available to common stockholders		$	61.9	$	149.2
Denominator:
Weighted average number of common shares outstanding - basic		144.1		147.6
Basic net earnings per common share:
Basic net earnings per common share		$	0.43	$	1.01
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders		$	61.9	$	149.2
Denominator:
Weighted average number of common shares outstanding - basic		144.1		147.6
Effect of dilutive stock shares and units		0.7		1.9


Weighted average number of common shares outstanding - diluted under treasury stock		144.8		149.5
Diluted net earnings per common share		$	0.43	$	1.00

Acquisitions - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Feb. 01, 2023	Mar. 31, 2023	Dec. 31, 2022
Liabilities:
Goodwill		$ 2,908.9	$ 2,174.5
Liquibox
Business Acquisition [Line Items]
Total consideration transferred	$ 1,169.2
Assets:
Cash and cash equivalents	21.2
Trade receivables	48.6
Inventories	61.6
Prepaid expenses and other current assets	15.8
Property and equipment	101.1
Identifiable intangible assets	342.1
Operating lease right-of-use-assets	15.1
Other non-current assets	9.5
Total assets acquired	615.0
Liabilities:
Accounts payable	27.0
Current portion of long-term debt	0.1
Current portion of operating lease liabilities	3.7
Other current liabilities	28.4
Long-term debt, less current portion	5.1
Long-term operating lease liabilities, less current portion	11.4
Deferred taxes	92.2
Other non-current liabilities	6.6
Total liabilities assumed	174.5
Net assets acquired	440.5
Goodwill	$ 728.7

Stockholders' Equity - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Aug. 02, 2021	May 31, 2018	Mar. 31, 2017	Jul. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 1,000.0		$ 1,500.0	$ 1,500.0
Stock repurchase program, remaining authorizations	$ 536.5
Number of shares repurchased (in shares)	1,529,575	3,042,696
Value of shares repurchased	$ 79.8	$ 200.0
Shares acquired, average price per share (in usd per share)	$ 52.20	$ 65.74
New Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 1,000.0

Other Expense, net (Details) - USD ($) $ in Millions	3 Months Ended
Other Expense, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Net foreign exchange transaction loss	$ (4.9)	$ (0.5)
Bank fee expense	(1.4)	(1.1)
Pension (cost) income other than service costs	(2.1)	1.3
Fair value impairment loss on equity investments	0.0	(15.5)
Foreign currency exchange loss due to highly inflationary economies	(2.6)	(1.0)
Loss on debt redemption and refinancing activities	(4.9)	(0.7)
Other income	2.6	4.7
Other expense	(1.7)	(1.4)
Other expense, net	$ (15.0)	$ (14.2)

Leases (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 were as follows:


(In millions)	March 31, 2023		December 31, 2022
Short-Term (12 months or less)	$	6.4	$	6.5
Long-Term	18.6		18.6
Lease receivables	$	25.0	$	25.1

Assets and Liabilities, Lessee

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


(In millions)	March 31, 2023		December 31, 2022
Other non-current assets:
Finance leases - ROU assets	$	59.4	$	55.0
Finance leases - Accumulated depreciation	(32.6)		(31.7)
Operating lease right-of-use-assets:
Operating leases - ROU assets	174.9		156.7
Operating leases - Accumulated depreciation	(92.5)		(86.5)
Total lease assets	$	109.2	$	93.5
Current portion of long-term debt:
Finance leases	$	(6.8)	(7.6)
Current portion of operating lease liabilities:
Operating leases	(27.1)		(24.0)
Long-term debt, less current portion:
Finance leases	(20.6)		(16.1)
Long-term operating lease liabilities, less current portion:
Operating leases	(58.2)		(49.6)
Total lease liabilities	$	(112.7)	$	(97.3)

Operating Lease, Future Minimum Annual Rental Commitments

At March 31, 2023, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
Remainder of 2023	$	6.8	$	23.4
2024	5.2		24.3
2025	3.6		17.8
2026	2.8		13.0
2027	2.6		6.4
Thereafter	16.6		11.1
Total lease payments	37.6		96.0
Less: Interest	(10.2)		(10.7)
Present value of lease liabilities	$	27.4	$	85.3

Finance Lease, Future Minimum Annual Rental Commitments

At March 31, 2023, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
Remainder of 2023	$	6.8	$	23.4
2024	5.2		24.3
2025	3.6		17.8
2026	2.8		13.0
2027	2.6		6.4
Thereafter	16.6		11.1
Total lease payments	37.6		96.0
Less: Interest	(10.2)		(10.7)
Present value of lease liabilities	$	27.4	$	85.3

Schedule of Lease Costs and Other Information

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


	Three Months Ended March 31,
(In millions)		2023		2022
Lease cost(1)
Finance leases
Amortization of ROU assets		$	2.5	$	2.7
Interest on lease liabilities		0.4		0.3
Operating leases		9.0		8.5
Short-term lease cost		0.6		0.4
Variable lease cost		1.8		1.6
Total lease cost		$	14.3	$	13.5

(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 Condensed Consolidated Statements of Operations, depending on the use of the leased asset. Interest on lease liabilities is recorded to Interest expense, net on the Condensed Consolidated Statements of Operations.

The following table details cash paid related to operating and finance leases included in our Condensed Consolidated Statements of Cash Flows and new right-of-use (“ROU”) assets included in our Condensed Consolidated Balance Sheets:


	Three Months Ended March 31,
(In millions)	2023		2022
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	1.1	$	1.1
Operating cash flows - operating leases	$	9.1	$	8.7
Financing cash flows - finance leases	$	2.3	$	2.7

ROU assets obtained in exchange for new finance lease liabilities	$	5.9	$	1.4
ROU assets obtained in exchange for new operating lease liabilities	$	20.8	$	9.2


	Three Months Ended March 31,
	2023		2022
Weighted average information:
Finance leases
Remaining lease term (in years)	8.3		5.9
Discount rate	6.3	%	4.6	%
Operating leases
Remaining lease term (in years)	4.4		4.3
Discount rate	5.3	%	4.5	%

Segments - Reconciliation of Net Earnings to Total Company Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 275.2	$ 327.8
Interest expense, net	(57.8)	(38.9)
Depreciation and amortization, net of adjustments	(68.9)	(63.2)
Special items
Restructuring charges	1.2	(0.5)
Other restructuring associated costs	0.2	(3.1)
Foreign currency exchange loss due to highly inflationary economies	(2.6)	(1.0)
Loss on debt redemption and refinancing activities	(4.9)	(0.7)
Impairment loss on equity investments	0.0	(15.5)
Charges related to acquisition and divestiture activity	(16.9)	0.9
Other Special Items	(7.5)	4.1
Pre-tax impact of Special Items	(43.9)	(15.8)
Earnings before income tax provision	96.7	209.0
Liquibox
Special items
Liquibox intangible amortization	(5.0)	0.0
Liquibox inventory step-up expense	(8.4)	0.0
Corporate
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(7.9)	(0.9)
Food
Special items
Restructuring charges	0.9	(0.6)
Food \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	194.8	200.4
Protective
Special items
Restructuring charges	0.3	0.1
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 80.4	$ 127.4

Segments - Reconciliation of Net Earnings to Total Company Adjusted EBITDA-Depreciation and Restructuring Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation and Amortization [Abstract]
Total Company depreciation and amortization	$ 73.9	$ 63.2
Depreciation and amortization adjustments	(5.0)	0.0
Depreciation and amortization	68.9	63.2
Share-based incentive compensation	18.0	17.9
Total Company restructuring charges	(1.2)	0.5
Food
Depreciation and Amortization [Abstract]
Total Company restructuring charges	(0.9)	0.6
Food \| Operating Segments
Depreciation and Amortization [Abstract]
Total Company depreciation and amortization	46.7	36.5
Protective
Depreciation and Amortization [Abstract]
Total Company restructuring charges	(0.3)	(0.1)
Protective \| Operating Segments
Depreciation and Amortization [Abstract]
Total Company depreciation and amortization	$ 27.2	$ 26.7

Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Net Sales and Adjusted EBITDA by Reportable Segments

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


	Three Months Ended March 31,
(In millions)		2023			2022
Net sales:
Food		$	853.1		$	807.7
As a % of Consolidated net sales		63.2		%	57.0		%
Protective		495.7			609.9
As a % of Consolidated net sales		36.8		%	43.0		%
Consolidated Net sales		$	1,348.8		$	1,417.6

	Three Months Ended March 31,
(In millions)		2023			2022
Segment Adjusted EBITDA:
Food		$	194.8		$	200.4
Adjusted EBITDA Margin		22.8		%	24.8		%
Protective		80.4			127.4
Adjusted EBITDA Margin		16.2		%	20.9		%
Total Segment Adjusted EBITDA		$	275.2		$	327.8

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

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


	Three Months Ended March 31,
(In millions)		2023		2022
Food Adjusted EBITDA		$	194.8	$	200.4
Protective Adjusted EBITDA		80.4		127.4
Corporate Adjusted EBITDA		(7.9)		(0.9)
Interest expense, net		(57.8)		(38.9)
Depreciation and amortization, net of adjustments(1)		(68.9)		(63.2)
Special Items:
Liquibox intangible amortization		(5.0)		—
Liquibox inventory step-up expense		(8.4)		—
Restructuring charges(2)		1.2		(0.5)
Other restructuring associated costs		0.2		(3.1)
Foreign currency exchange loss due to highly inflationary economies		(2.6)		(1.0)
Loss on debt redemption and refinancing activities		(4.9)		(0.7)
Impairment loss on equity investments		—		(15.5)

Charges related to acquisition and divestiture activity		(16.9)		0.9



Other Special Items(3)		(7.5)		4.1
Pre-tax impact of Special Items		(43.9)		(15.8)
Earnings before income tax provision		$	96.7	$	209.0

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


	Three Months Ended March 31,
(In millions)		2023		2022
Food		$	46.7	$	36.5
Protective		27.2		26.7

Total Company depreciation and amortization(i)		$	73.9	$	63.2
Depreciation and amortization adjustments		(5.0)		—
Depreciation and amortization, net of adjustments		$	68.9	$	63.2

(i) Includes share-based incentive compensation of $18.0 million and $17.9 million for the three months ended March 31, 2023 and 2022, respectively.

(2)Restructuring charges by segment were as follows:


	Three Months Ended March 31,
(In millions)		2023		2022
Food		$	(0.9)	$	0.6
Protective		(0.3)		(0.1)
Total Company restructuring charges		$	(1.2)	$	0.5

(3)Other Special Items for the three months ended March 31, 2023 primarily relate to a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities. Other Special Items for the three months ended March 31, 2022, primarily relate to a one-time gain on the disposal of land in the United Kingdom (UK).

Assets by Reportable Segments

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


(In millions)	March 31, 2023		December 31, 2022
Assets allocated to segments:
Food	$	3,581.2	$	2,342.6
Protective	2,731.9		2,795.7
Total segments	6,313.1		5,138.3
Assets not allocated:
Cash and cash equivalents	$	303.1	$	456.1

Income tax receivables	32.2		40.3
Other receivables	94.5		104.2
Deferred taxes	123.7		141.5
Other	489.6		334.3
Total	$	7,356.2	$	6,214.7

Recently Adopted and Issued Accounting Standards	3 Months Ended
Recently Adopted and Issued Accounting Standards	Mar. 31, 2023
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The Company adopted ASU 2022-04 on January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption did not materially impact the Company's Condensed Consolidated Financial Statements. 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. This program is administered by participating financial institutions. When a supplier utilizes the supply chain financing program, the supplier receives a payment in advance of agreed payment terms from the financial institution, net of a discount charged. Our responsibility is limited to making payments to the respective financial institutions on the terms originally negotiated with our supplier. No assets are pledged as collateral by the Company or any of our subsidiaries under the program. The majority of suppliers using the program are on 120 day payment terms after the end of the month in which the invoice was issued. We monitor our days payable outstanding relative to our peers and industry trends in order to assess our conclusion that the program continues to be a trade payable program and not indicative of a borrowing arrangement. The liabilities continue to be presented as Accounts payable in our Condensed Consolidated Balance Sheets until they are paid, and they are reflected as Cash flows from operating activities when settled. At March 31, 2023 and December 31, 2022, our accounts payable balances included $118 million and $140 million, respectively, related to invoices from suppliers participating in the program. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). 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. The Company adopted ASU 2021-08 on January 1, 2023. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Other Income and Expenses [Abstract]

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Feb. 28, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Derivatives not designated as hedging instruments:
Total Derivative Assets	$ 4.1		$ 7.9
Total Derivative Liabilities	(4.2)		(3.2)
Net Derivatives	(0.1)		4.7
Long-term debt	4,640.4		3,237.9
Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	4.1		7.9
Total Derivative Liabilities	(3.3)		(3.2)
Cross-currency swaps
Derivatives not designated as hedging instruments:
Total Derivative Liabilities	(0.9)		0.0
Net investment hedge
Derivatives not designated as hedging instruments:
Total Derivative Assets	0.0		0.0
Total Derivative Liabilities	(0.9)		0.0
Net Derivatives	(0.9)		0.0
Net investment hedge \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	0.0		0.0
Total Derivative Liabilities	0.0		0.0
Net investment hedge \| Cross-currency swaps
Derivatives not designated as hedging instruments:
Total Derivative Liabilities	(0.9)		0.0
Designated as hedging instruments \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Long-term debt		€ 400.0	426.0
Designated as hedging instruments \| Cash Flow Hedge
Derivatives not designated as hedging instruments:
Total Derivative Assets	0.9		2.1
Total Derivative Liabilities	(1.4)		(0.8)
Net Derivatives	(0.5)		1.3
Designated as hedging instruments \| Cash Flow Hedge \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	0.9		2.1
Total Derivative Liabilities	(1.4)		(0.8)
Designated as hedging instruments \| Cash Flow Hedge \| Cross-currency swaps
Derivatives not designated as hedging instruments:
Total Derivative Liabilities	0.0		0.0
Non-Designated as Hedging Instruments
Derivatives not designated as hedging instruments:
Total Derivative Assets	3.2		5.8
Total Derivative Liabilities	(1.9)		(2.4)
Net Derivatives	1.3		3.4
Non-Designated as Hedging Instruments \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	3.2		5.8
Total Derivative Liabilities	(1.9)		(2.4)
Non-Designated as Hedging Instruments \| Cross-currency swaps
Derivatives not designated as hedging instruments:
Total Derivative Liabilities	$ 0.0		$ 0.0

Stockholders' Equity - Number of PSUs Granted and Grant Date Fair Value of PSUs (Details) - $ / shares	Mar. 01, 2023	Feb. 21, 2023	Feb. 24, 2022
Adjusted EBITDA CAGR
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	22,963	93,343
Fair value on grant date (per unit) (in usd per share)	$ 49.05	$ 48.46
ROIC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	22,963	93,343
Fair value on grant date (per unit) (in usd per share)	$ 49.05	$ 48.46
Environmental Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)			204,172
Fair value on grant date (per unit) (in usd per share)			$ 48.55
Social Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)			78,528
Fair value on grant date (per unit) (in usd per share)			$ 48.55

Recently Adopted and Issued Accounting Standards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable [Line Items]
Accounts payable	$ 826.3	$ 865.6
Supply Chain Financing Program Participants
Accounts Payable [Line Items]
Supply chain financing program, payment period	120 days
Accounts payable	$ 118.0	$ 140.0

Stockholders' Equity - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Details) - Performance Shares	Mar. 01, 2023	Feb. 21, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected price volatility	31.70%	32.90%
Risk-free interest rate	4.60%	4.40%

Leases - Summary of Lease Payments Captured in Lease Receivables (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Short-Term (12 months or less)	$ 6.4	$ 6.5
Long-Term	18.6	18.6
Lease receivables	$ 25.0	$ 25.1
Sales-type and operating lease revenue , percentage of net trade sales (less than)	1.00%	1.00%

Other Expense, net (Tables)

3 Months Ended

Mar. 31, 2023

Details of Other Expense, net

The following table provides details of other expense, net:


	Three Months Ended March 31,
(In millions)		2023		2022
Net foreign exchange transaction loss		$	(4.9)	$	(0.5)
Bank fee expense		(1.4)		(1.1)
Pension (cost) income other than service costs		(2.1)		1.3
Fair value impairment loss on equity investments(1)		—		(15.5)
Foreign currency exchange loss due to highly inflationary economies		(2.6)		(1.0)
Loss on debt redemption and refinancing activities		(4.9)		(0.7)
Other income		2.6		4.7
Other expense		(1.7)		(1.4)
Other expense, net		$	(15.0)	$	(14.2)

(1)See Note 15, "Fair Value Measurements, Equity Investments and Other Financial Instruments," for further details.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 61.9	$ 149.2
Gross
Recognition of pension items	1.7	1.1
Unrealized (losses) gains on derivative instruments for net investment hedge	(7.3)	6.7
Unrealized losses on derivative instruments for cash flow hedge	(3.8)	(2.1)
Foreign currency translation adjustments	36.6	3.5
Other comprehensive income	27.2	9.2
Taxes
Recognition of pension items	(0.4)	(0.3)
Unrealized (losses) gains on derivative instruments for net investment hedge	1.8	(1.7)
Unrealized losses on derivative instruments for cash flow hedge	1.0	0.6
Foreign currency translation adjustments	0.0	0.0
Other comprehensive income	2.4	(1.4)
Net
Recognition of pension items	1.3	0.8
Unrealized (losses) gains on derivative instruments for net investment hedge	(5.5)	5.0
Unrealized losses on derivative instruments for cash flow hedge	(2.8)	(1.5)
Foreign currency translation adjustments	36.6	3.5
Other comprehensive income	29.6	7.8
Comprehensive income, net of taxes	$ 91.5	$ 157.0

Debt and Credit Facilities

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Credit Facilities

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


(In millions)	Interest rate		March 31, 2023		December 31, 2022
Short-term borrowings(1)			$	175.7	$	6.6
Current portion of long-term debt(2)			14.0		434.0
Total current debt			189.7		440.6


Term Loan A due March 2027			1,139.8		506.6



Senior Notes due December 2024	5.125	%	423.7		423.5
Senior Notes due September 2025	5.500	%	398.8		398.7
Senior Secured Notes due October 2026	1.573	%	596.2		596.0
Senior Notes due December 2027	4.000	%	422.1		421.9
Senior Notes due February 2028	6.125	%	763.5		—
Senior Notes due April 2029	5.000	%	421.3		421.2
Senior Notes due July 2033	6.875	%	446.5		446.4
Other(2)			28.5		23.6
Total long-term debt, less current portion(3)			4,640.4		3,237.9
Total debt(4)			$	4,830.1	$	3,678.5

(1)Short-term borrowings of $175.7 million at March 31, 2023, were comprised of $39.0 million under our revolving credit facility, $47.0 million under our U.S. securitization program, $86.5 million under our European securitization program and $3.2 million of short-term borrowings from various lines of credit. Short-term borrowings of $6.6 million at December 31, 2022, were comprised of various lines of credit.

(2)As of March 31, 2023, Current portion of long-term debt included finance lease liabilities of $6.8 million. As of December 31, 2022, Current portion of long-term debt included 4.500% senior notes due September 2023 of $426 million and finance lease liabilities of $7.6 million. Other debt includes long-term liabilities associated with our finance leases of $20.6 million and $16.1 million at March 31, 2023 and December 31, 2022, respectively. See Note 4, "Leases," for additional information on finance and operating lease liabilities.

(3)Amounts are shown net of unamortized discounts and issuance costs of $39.6 million as of March 31, 2023 and $18.9 million as of December 31, 2022.

(4)As of March 31, 2023, our weighted average interest rate on our short-term borrowings outstanding was 4.8% and on our long-term debt outstanding was 5.2%. As of December 31, 2022, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 4.6%.

Lines of Credit

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


(In millions)	March 31, 2023		December 31, 2022
Used lines of credit(1)	$	175.7	$	6.6
Unused lines of credit	1,093.4		1,261.0
Total available lines of credit(2)	$	1,269.1	$	1,267.6

(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, $1,122.0 million was committed as of March 31, 2023.

Amended and Restated Senior Secured Credit Facility

2023 Activity

On February 1, 2023, the Company used proceeds from the new incremental term facility, as described below, to finance the Liquibox acquisition. We incurred $11.0 million of lender and third party fees included in carrying amounts of outstanding debt. See Note 5, "Acquisitions," for further details related to the Liquibox acquisition.

2022 Activity

On December 8, 2022, the Company and certain of its subsidiaries entered into an amendment to the fourth amended and restated syndicated facility agreement and incremental assumption agreement ("the Amendment”) further amending its existing senior secured credit facility (the “Fourth Amended and Restated Credit Agreement”), as described below. The Amendment provides for a new incremental term facility in an aggregate principal amount of $650.0 million, to be used, in part, to finance the Company’s acquisition of Liquibox. See Note 5, "Acquisitions," for further details related to the Liquibox acquisition.

On March 25, 2022, the Company and certain of its subsidiaries entered into the Fourth Amended and Restated Credit Agreement with Bank of America, N.A., as agent, and the other financial institutions party thereto. The changes include (i) the refinancing of the term loan A facilities and revolving credit facilities with a new U.S. dollar term loan A facility in an aggregate principal amount of approximately $475.0 million, a new pounds sterling term loan A facility in an aggregate principal amount of approximately £27.2 million, and revolving credit facilities of $1.0 billion (including revolving facilities available in U.S. dollars, euros, pounds sterling, Canadian dollars, Australian dollars, Japanese yen, New Zealand dollars and Mexican pesos), (ii) the conversion of the facilities rate from a London Interbank Offered Rate -based rate to a Secured Overnight Financing Rate ("SOFR")-based rate, (iii) improved pricing terms which will range from 100 to 175 basis points (bps) in the case of SOFR loans, subject to the achievement of certain leverage tests, (iv) the extension of the final maturity of the term loan A facilities and revolving credit commitment to March 25, 2027, (v) the release of all non-U.S. collateral previously pledged by the Company's subsidiaries and the release of all existing guarantees for non-U.S., non-borrower Company subsidiaries, (vi) the adjustment of certain covenants to provide flexibility to incur additional indebtedness and take other actions and (vii) other amendments.

As a result of the Fourth Amended and Restated Credit Agreement, we recognized a $0.7 million loss on debt redemption and refinancing activities in Other expense, net in our Condensed Consolidated Statements of Operations during the first quarter of 2022. This amount includes $0.4 million of accelerated amortization of original issuance discount related to the term loan A and lender and non-lender fees related to the entire credit facility. Also included in the loss on debt redemption and refinancing activities was $0.3 million of non-lender fees incurred in connection with the Fourth Amended and Restated Credit Agreement. In addition, we incurred $1.2 million of lender and third-party fees that are included in the carrying amounts of the outstanding debt under the credit facility. We also capitalized $3.0 million of fees that are included in Other assets on our Condensed Consolidated Balance Sheets. The amortization expense related to original issuance discount and lender and non-lender fees is calculated using the effective interest rate method over the lives of the respective debt instruments.

Total amortization expense related to the senior secured credit facility was $0.7 million and $0.4 million for the three months ended March 31, 2023 and 2022, respectively, and is included in Interest expense, net in our Condensed Consolidated Statements of Operations.

Senior Notes

2023 Activity

On January 31, 2023, the Company issued $775.0 million aggregate principal amount of 6.125% senior notes due 2028 (the "2028 Notes"). The 2028 Notes will mature on February 1, 2028. Interest is payable on February 1 and August 1 of each year, commencing on August 1, 2023. The 2028 Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned domestic subsidiaries that guarantee its senior secured credit facilities, subject to release under certain circumstances. We capitalized $11.8 million of fees incurred in connection with the 2028 Notes, which are included in Long-term debt, less current portion on our Condensed Consolidated Balance Sheets.

We may redeem the 2028 Notes, in whole or in part, at any time prior to February 1, 2025, at a redemption price equal to 100% of the principal amount of the 2028 Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a "make-whole premium". On or after February 1, 2025, we may redeem the 2028 Notes, in whole or in part, at specified redemption prices, plus accrued and unpaid interest, if any, to, but not including the redemption date. In addition, at any time prior to February 1, 2025, we may redeem up to 40% of the 2028 Notes using the proceeds of certain equity offerings.

The net proceeds from the 2028 Notes offering were used (i) together with a borrowing under the Company’s incremental term loan facility and cash on hand, to finance the acquisition of all of the issued and outstanding shares of capital stock of Liquibox, including related fees and expenses, (ii) to repurchase all of the Company’s outstanding 4.500% senior notes due 2023 (the “2023 Euro Notes”) pursuant to the tender offer commenced by the Company on January 27, 2023 and satisfy and discharge all of the Company’s outstanding 2023 Euro Notes in accordance with the terms of the indenture governing the 2023 Euro Notes and to pay related premiums, fees and expenses in connection therewith and (iii) to the extent of any remaining proceeds after giving effect to the foregoing transactions, for general corporate purposes. We recognized a pre-tax loss of $4.9 million on the repurchase and cancellation of the 2023 Euro Notes, including a premium of $4.5 million and accelerated amortization of non-lender fees of $0.4 million, within Other expense, net on our Condensed Consolidated Statements of Operations during the first quarter of 2023. See Note 5, "Acquisitions," for further details related to the Liquibox acquisition.

2022 Activity

On April 19, 2022, the Company issued $425.0 million aggregate principal amount of 5.000% senior notes due 2029 (the "2029 Notes"). The 2029 Notes will mature on April 15, 2029. Interest is payable on April 15 and October 15 of each year, commencing on October 15, 2022. The 2029 Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly owned domestic subsidiaries that guarantee its senior secured credit facilities, subject to release under certain circumstances. We also capitalized $4.2 million of fees incurred in connection with the 2029 Notes, which are included in Long-term debt, less current portion on our Condensed Consolidated Balance Sheets.

We may redeem the 2029 Notes, in whole or in part, at any time prior to April 15, 2025, at a redemption price equal to 100% of the principal amount of the 2029 Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a "make-whole premium". On or after April 15, 2025, we may redeem the 2029 Notes, in whole or in part, at specified redemption prices, plus accrued and unpaid interest, if any, to, but not including the redemption date. In addition, at any time prior to April 15, 2025, we may redeem up to 40% of the 2029 Notes using the proceeds of certain equity offerings.

The net proceeds from the 2029 Notes offering were used to repurchase the 5.250% senior notes due 2023 (the “2023 Notes”) tendered pursuant to the tender offer commenced by the Company on April 5, 2022 and satisfy and discharge all remaining 2023 Notes in accordance with the terms of the indenture governing the 2023 Notes. The aggregate repurchase price was $435.9 million, which included the principal amount of $425.0 million, a premium of $9.6 million and accrued interest of $1.3 million. We recognized a pre-tax loss of $10.5 million on the extinguishment, including the premium mentioned above and $0.9 million of accelerated amortization of non-lender fees, included within Other expense, net on our Condensed Consolidated Statements of Operations during the second quarter of 2022.

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 March 31, 2023.

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.

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Business Combination and Asset Acquisition [Abstract]

Acquisitions

3 Months Ended

Mar. 31, 2023

Acquisitions

LB Holdco, Inc. Acquisition

On February 1, 2023, SEE acquired 100% of the outstanding shares of capital stock of LB Holdco, Inc., the parent company of Liquibox, Inc. (collectively, "Liquibox"), a pioneer, innovator and manufacturer of Bag-in-Box sustainable fluids & liquids packaging and dispensing solutions for fresh food, beverage, consumer goods and industrial end-markets. The acquisition is included in our Food reporting segment. This acquisition accelerates our CRYOVAC® brand Fluids & Liquids business. CRYOVAC® technology, scale and market access provide a significant source of synergies. This acquisition contributes to and

fast tracks SEE’s transformation to become a world-class, digitally driven company automating sustainable packaging solutions.

Consideration paid was approximately $1.17 billion in cash, subject to customary adjustments. We financed the consideration paid and related fees and expenses through borrowings under our senior secured credit facility, proceeds from the issuance of senior notes, and cash on hand. See Note 13, "Debt and Credit Facilities," for additional details. For the three months ended March 31, 2023, acquisition related expenses recognized for the Liquibox acquisition were $11.9 million. These expenses are included within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

The following table summarizes the consideration transferred to acquire Liquibox and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.


	Preliminary Allocation
(In millions)	As of February 1, 2023
Total consideration transferred	$	1,169.2

Assets acquired:
Cash and cash equivalents	21.2
Trade receivables	48.6


Inventories	61.6
Prepaid expenses and other current assets	15.8
Property and equipment	101.1

Identifiable intangible assets	342.1

Operating lease right-of-use-assets	15.1
Other non-current assets	9.5
Total assets acquired	$	615.0
Liabilities assumed:
Accounts payable	27.0
Current portion of long-term debt	0.1
Current portion of operating lease liabilities	3.7


Other current liabilities	28.4
Long-term debt, less current portion	5.1
Long-term operating lease liabilities, less current portion	11.4
Deferred taxes	92.2
Other non-current liabilities	6.6
Total liabilities assumed	$	174.5
Net assets acquired	440.5
Goodwill	$	728.7

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


	Amount		Useful life
	(In millions)		(In years)
Customer relationships	$	180.7	11.0
Trademarks and tradenames	26.0		10.0
Software	5.2		2.0
Technology	130.2		12.0
Total intangible assets with definite lives	$	342.1

Goodwill is a result of the expected synergies that are expected to originate from the combination of Cryovac and Liquibox solutions for the Company, as well as growth of our sustainable packaging portfolio. Goodwill is not deductible for tax purposes. The goodwill balance associated with Liquibox is included in the Food reportable segment.

Liquibox Supplemental Information

The following table presents the amounts of net sales and loss attributed to Liquibox since the acquisition date that are included in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2023:


(In millions)	February 1, 2023 through March 31, 2023
Net sales	$	57.3
Net loss	$	(5.4)

Pro Forma Financial Information

The following table presents the Company’s unaudited pro forma financial information for the three months ended March 31, 2023 and 2022, assuming the acquisition of Liquibox had occurred on January 1, 2022. The information below reflects pro forma adjustments based on available information and certain assumptions that SEE believes are factual and supportable. The unaudited pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2022 and is not intended to be a projection of future results and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company.


	Three Months Ended March 31,
(In millions)	2023		2022
Net sales	$	1,374.4	$	1,504.3
Net earnings	$	70.0	$	113.7

The unaudited pro forma financial information includes, where applicable, adjustments for (i) additional expense from the fair value step-up of inventory, (ii) additional amortization expense related to acquired intangible assets, (iii) additional depreciation expense related to acquired property and equipment, (iv) transaction costs and other one-time non-recurring costs, (v) additional interest expense for borrowings related to the acquisition and amortization associated with fair value adjustments of debt assumed, and (vi) associated tax-related impacts of adjustments.

Acquisition of Foxpak Flexibles Ltd.

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. This transaction resulted in a purchase price paid of $9.7 million, including the final purchase price adjustments that were recorded in the second and fourth quarters of 2022. The Company allocated the consideration transferred to the fair value of assets acquired and liabilities assumed, resulting in an allocation to goodwill of $5.2 million and an allocation to identifiable intangible assets of $2.7 million. The acquisition is included in our Food reporting segment. Goodwill is not deductible for tax purposes. A deferred tax liability of $0.3 million on identifiable intangible assets was recorded on the opening balance sheet. The Foxpak acquisition was not material to our condensed consolidated financial statements.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes U.S. Legislation The Inflation Reduction Act ("IRA") was signed into law on August 16, 2022. The IRA includes climate and energy provisions and introduces a 15% corporate alternative minimum tax, among other items. The enactment of the IRA did not result in any adjustments to our income tax provision for the three months ended March 31, 2023. We continue to evaluate the impact of this law on our operations and currently do not believe the legislation will have a material impact on our Condensed Consolidated Financial Statements. Effective Income Tax Rate and Income Tax Provision For interim tax reporting, we estimate one annual effective tax rate for tax jurisdictions not subject to a valuation allowance and apply that rate to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. State income taxes, foreign earnings subject to higher tax rates and non-deductible expenses increase the Company's effective income tax rate compared to the U.S. statutory rate of 21.0%. Research and development credits decrease the Company's effective tax rate compared to the U.S. statutory rate of 21.0%. Our effective income tax rate was 35.0% for the three months ended March 31, 2023. In addition to the above referenced items, the three-month period was unfavorably impacted by accruals for unresolved controversy which had a disproportionate impact on the rate due to lower earnings before income tax provision. Our effective income tax rate was 28.4% for the three months ended March 31, 2022. In addition to the above referenced items, the Company's effective income tax rate for the three months ended March 31, 2022 was favorably impacted by share price accretion in equity compensation and unfavorably impacted by accruals for unresolved controversy and nonrecurring intercompany dividend distributions. There was no significant change in our valuation allowances for the three months ended March 31, 2023 and 2022. Net increases in unrecognized tax positions of $6.8 million and $6.3 million for the three months ended March 31, 2023 and 2022, respectively, were primarily related to interest accruals on existing uncertain tax positions. We are not currently able to reasonably estimate the amount by which the liability for unrecognized tax positions may increase or decrease as a result of future tax controversy developments or resolution. Interest and penalties on tax assessments are included in Income tax provision on our Condensed Consolidated Statements of Operations. The IRS completed its field examination of the U.S. federal income tax returns for the 2011-2014 tax years 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 18, “Commitments and Contingencies”) and the resulting reduction of our U.S. federal tax liability by approximately $525 million. The proposed disallowance is being reviewed by the IRS Independent Office of Appeals (“Appeals”). Although we believe we have meritorious defenses to the proposed disallowance, we have reached a tentative agreement to settle this matter with the IRS, which is subject to further review, approval and execution of a definitive agreement by both parties. There can be no assurance that a definitive agreement will be executed and we cannot predict the outcome of this matter or when it will be concluded. We have revised our uncertain tax position to reflect the tentative agreement. On April 20, 2023, we deposited $175 million with the IRS based on an estimate of the federal tax owed per the tentative agreement. Our final settlement amount could differ from the $175 million deposited. 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. There is no outstanding liability with respect to the one-time mandatory tax on previously deferred foreign earnings of foreign subsidiaries provision associated with the Tax Cuts and Jobs Act of 2017.

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.

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Calculation of Basic and Diluted Net Earnings Per Common Share

Derivatives and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) derivative	Mar. 31, 2022 USD ($)	Dec. 31, 2022 derivative	Dec. 31, 2015 EUR (€)
Derivative [Line Items]
Derivative interest income	$ 4.4	$ 1.9
4.50% Senior Notes due September 2023
Derivative [Line Items]
Debt interest rate			4.50%
Foreign currency forward contracts \| Designated as hedging instruments
Derivative [Line Items]
Maximum original maturity of foreign currency forward contracts	12 months
Net unrealized gain (loss) related to cash flow hedging activities	$ 1.1	(1.5)
Estimate of net unrealized derivative losses included in AOCI to be reclassified into earnings in next twelve months	$ (0.3)
Foreign currency forward contracts \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Maximum original maturity of foreign currency forward contracts	12 months
Derivative interest income	$ 3.3	$ (0.1)
Interest rate swaps
Derivative [Line Items]
Number of derivative instruments outstanding \| derivative	0		0
EUR - Denominated debt \| Net investment hedge \| 4.50% Senior Notes due September 2023
Derivative [Line Items]
Debt instrument aggregate principal \| €				€ 400,000,000
Debt interest rate				4.50%
Cross-currency swaps
Derivative [Line Items]
Notional amount of outstanding derivative	$ 432.8
Cross-currency swaps \| Net investment hedge
Derivative [Line Items]
Derivative liability	0.9
Derivative interest income	$ 0.5

Debt and Credit Facilities - Senior Notes (Details) - USD ($) $ in Millions				3 Months Ended
	Jan. 31, 2023	Jan. 27, 2023	Apr. 19, 2022	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 4.9		$ 0.7
Accelerated amortization of non-lender fees						$ 0.4
Senior Notes due February 2028
Debt Instrument [Line Items]
Debt interest rate				6.125%
Senior Notes due February 2028 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument aggregate principal	$ 775.0
Debt interest rate	6.125%
Debt issuance costs capitalized	$ 11.8
Redemption price, percentage	100.00%
Redemption price, percentage of principal amount redeemed (up to)	40.00%
Senior Notes due September 2023
Debt Instrument [Line Items]
Debt interest rate							4.50%
Senior Notes due September 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate	4.50%
Loss on extinguishment of debt		$ (4.9)
Debt premium		4.5
Accelerated amortization of non-lender fees		$ 0.4
Senior Notes due April 2029
Debt Instrument [Line Items]
Debt interest rate				5.00%
Senior Notes due April 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument aggregate principal			$ 425.0
Debt interest rate			5.00%
Debt issuance costs capitalized			$ 4.2
Senior Notes due April 2029 \| Senior Notes \| Redemption, period, one
Debt Instrument [Line Items]
Redemption price, percentage			100.00%
Senior Notes due April 2029 \| Senior Notes \| Redemption, period two
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed (up to)			40.00%
Senior Notes due April 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate			5.25%
Loss on extinguishment of debt					$ (10.5)
Debt premium			$ 9.6
Accelerated amortization of non-lender fees					$ 0.9
Debt repurchase amount			435.9
Repurchased principal amount			425.0
Accrued interest			$ 1.3

Restructuring Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring (income) charges	$ (1.2)	$ 0.5
Other restructuring associated (income) costs	(0.2)	3.1
Restructuring accrual expected to pay	11.8		$ 14.7
Restructuring accrual	10.2		$ 14.7
Food
Restructuring Cost and Reserve [Line Items]
Restructuring (income) charges	(0.9)	0.6
Restructuring accrual	3.8
Food \| Liquibox
Restructuring Cost and Reserve [Line Items]
Restructuring accrual	1.6
Protective
Restructuring Cost and Reserve [Line Items]
Restructuring (income) charges	(0.3)	$ (0.1)
Restructuring accrual	6.4
Program
Restructuring Cost and Reserve [Line Items]
Other restructuring associated (income) costs	(0.2)
Restructuring accrual expected to pay	$ 10.2

Net Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,
(In millions, except per share amounts)		2023		2022
Basic Net Earnings Per Common Share:
Numerator:
Net earnings		$	61.9	$	149.2
Distributed and allocated undistributed net earnings to unvested restricted stockholders		—		—
Net earnings available to common stockholders		$	61.9	$	149.2
Denominator:
Weighted average number of common shares outstanding - basic		144.1		147.6
Basic net earnings per common share:
Basic net earnings per common share		$	0.43	$	1.01
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders		$	61.9	$	149.2
Denominator:
Weighted average number of common shares outstanding - basic		144.1		147.6
Effect of dilutive stock shares and units		0.7		1.9


Weighted average number of common shares outstanding - diluted under treasury stock		144.8		149.5
Diluted net earnings per common share		$	0.43	$	1.00

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans - Net Period Benefit Costs (Income) for Post-retirement Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7.0	$ 4.0
Net periodic cost (income)	2.0	(0.6)
Other post-retirement employee benefit plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.4	0.2
Amortization of net prior service credit and net actuarial gain	(0.1)	(0.1)
Net periodic cost (income)	$ 0.3	$ 0.1

Derivatives and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross position	$ 4.1	$ 7.9
Net amounts recognized on the Condensed Consolidated Balance Sheets	1.9	6.8
Other Current Assets
Offsetting Assets [Line Items]
Gross position	4.1	7.9
Impact of master netting agreements	$ (2.2)	$ (1.1)

Fair Value Measurements, Equity Investments and Other Financial Instruments - Equity Investment Without Readily Determinable Fair Value Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2020	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investment fair value	$ 13.6				$ 13.3	$ 45.8
Additional investment	0.0	$ 1.3
Upward adjustments	0.0				0.0
Impairments or downward adjustments	0.0			$ 16.1	31.6
Cumulative upward adjustment	21.7				21.7
Cumulative downward adjustment	31.6				$ 31.6
Cumulative adjustment, net	$ 9.9
Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investment fair value				$ 0.0		31.6
Additional investment						$ 9.0	$ 7.5
Upward adjustments			$ 15.1
Impairments or downward adjustments		$ 15.5

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock in Treasury	Accumulated Other Comprehensive Loss, Net of Taxes
Balance at beginning of period at Dec. 31, 2021	$ 248.7	$ 23.2	$ 2,123.4	$ 2,790.7	$ (3,754.7)	$ (933.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	(7.3)	0.1	(7.4)
Stock issued for profit sharing contribution paid in stock	22.7		6.9		15.8
Repurchases of common stock	(200.1)				(200.1)
Recognition of pension items, net of taxes	0.8					0.8
Foreign currency translation adjustments	3.5					3.5
Unrealized (loss) gain on derivative instruments, net of taxes	3.5					3.5
Net earnings	149.2			149.2
Dividends on common stock	(30.6)			(30.6)
Balance at end of period at Mar. 31, 2022	190.4	23.3	2,122.9	2,909.3	(3,939.0)	(926.1)
Balance at beginning of period at Dec. 31, 2022	344.1	23.3	2,155.3	3,163.4	(4,019.1)	(978.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	(3.3)	0.1	(3.4)
Stock issued for profit sharing contribution paid in stock	23.9		0.9		23.0
Repurchases of common stock	(79.9)				(79.9)
Recognition of pension items, net of taxes	1.3					1.3
Foreign currency translation adjustments	36.6					36.6
Unrealized (loss) gain on derivative instruments, net of taxes	(8.3)					(8.3)
Net earnings	61.9			61.9
Dividends on common stock	(29.8)			(29.8)
Balance at end of period at Mar. 31, 2023	$ 346.5	$ 23.4	$ 2,152.8	$ 3,195.5	$ (4,076.0)	$ (949.2)

Organization and Basis of Presentation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) wholly-ownedSubsidiary	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly-owned subsidiaries \| wholly-ownedSubsidiary	2
Remeasurement loss \| $	$ 2.6	$ 1.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Net earnings	$ 61.9	$ 149.2
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	55.9	45.3
Share-based incentive compensation	17.6	17.3
Profit sharing expense	6.8	8.6
Loss on debt redemption and refinancing activities	4.9	0.7
Provision for allowance for credit losses on trade receivables	2.2	1.8
Provisions for inventory obsolescence	5.4	4.5
Deferred taxes, net	(2.8)	(2.3)
Net loss on sale of business	1.0	0.4
Impairment loss on equity investments	0.0	15.5
Other non-cash items	11.6	(3.1)
Changes in operating assets and liabilities:
Trade receivables, net	30.1	(57.1)
Inventories, net	(32.0)	(119.9)
Accounts payable	(62.8)	10.5
Customer advance payments	4.7	1.7
Income tax receivable/payable	12.7	30.2
Other assets and liabilities	(65.3)	(54.9)
Net cash provided by operating activities	51.9	48.4
Cash flows from investing activities:
Capital expenditures	(64.9)	(67.0)
Proceeds related to sale of business and property and equipment, net	0.6	7.1
Businesses acquired in purchase transactions, net of cash acquired	(1,148.0)	(9.1)
Payments associated with debt, equity and equity method investments	0.0	(1.3)
Settlement of foreign currency forward contracts	5.4	1.0
Net cash used in investing activities	(1,206.9)	(69.3)
Cash flows from financing activities:
Net proceeds (payments) of short-term borrowings	167.9	(0.1)
Proceeds from long-term debt	1,411.4	0.8
Payments of long-term debt	(432.8)	0.0
Payments of debt modification/extinguishment costs and other	(13.1)	(4.1)
Dividends paid on common stock	(31.1)	(31.1)
Impact of tax withholding on share-based compensation	(21.0)	(24.8)
Repurchases of common stock	(79.9)	(200.1)
Principal payments related to financing leases	(2.3)	(2.7)
Net cash provided by (used in) financing activities	999.1	(262.1)
Effect of foreign currency exchange rate changes on cash and cash equivalents	2.9	0.2
Cash and cash equivalents	456.1	561.0
Restricted cash and cash equivalents	0.0	0.0
Balance, beginning of period	456.1	561.0
Net change during the period	(153.0)	(282.8)
Cash and cash equivalents	303.1	278.2
Restricted cash and cash equivalents	0.0	0.0
Balance, end of period	303.1	278.2
Supplemental Cash Flow Information:
Interest payments, net of amounts capitalized	50.8	41.0
Income tax payments, net of cash refunds	14.0	24.7
Restructuring payments including associated costs	3.1	12.0
Non-cash items:
Transfers of shares of common stock from treasury for profit-sharing contributions	$ 23.9	$ 22.7

Segments

3 Months Ended

Mar. 31, 2023

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 Condensed Consolidated Financial Statements.

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


	Three Months Ended March 31,
(In millions)		2023			2022
Net sales:
Food		$	853.1		$	807.7
As a % of Consolidated net sales		63.2		%	57.0		%
Protective		495.7			609.9
As a % of Consolidated net sales		36.8		%	43.0		%
Consolidated Net sales		$	1,348.8		$	1,417.6

	Three Months Ended March 31,
(In millions)		2023			2022
Segment Adjusted EBITDA:
Food		$	194.8		$	200.4
Adjusted EBITDA Margin		22.8		%	24.8		%
Protective		80.4			127.4
Adjusted EBITDA Margin		16.2		%	20.9		%
Total Segment Adjusted EBITDA		$	275.2		$	327.8

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


	Three Months Ended March 31,
(In millions)		2023		2022
Food Adjusted EBITDA		$	194.8	$	200.4
Protective Adjusted EBITDA		80.4		127.4
Corporate Adjusted EBITDA		(7.9)		(0.9)
Interest expense, net		(57.8)		(38.9)
Depreciation and amortization, net of adjustments(1)		(68.9)		(63.2)
Special Items:
Liquibox intangible amortization		(5.0)		—
Liquibox inventory step-up expense		(8.4)		—
Restructuring charges(2)		1.2		(0.5)
Other restructuring associated costs		0.2		(3.1)
Foreign currency exchange loss due to highly inflationary economies		(2.6)		(1.0)
Loss on debt redemption and refinancing activities		(4.9)		(0.7)
Impairment loss on equity investments		—		(15.5)

Charges related to acquisition and divestiture activity		(16.9)		0.9



Other Special Items(3)		(7.5)		4.1
Pre-tax impact of Special Items		(43.9)		(15.8)
Earnings before income tax provision		$	96.7	$	209.0

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


	Three Months Ended March 31,
(In millions)		2023		2022
Food		$	46.7	$	36.5
Protective		27.2		26.7

Total Company depreciation and amortization(i)		$	73.9	$	63.2
Depreciation and amortization adjustments		(5.0)		—
Depreciation and amortization, net of adjustments		$	68.9	$	63.2

(i) Includes share-based incentive compensation of $18.0 million and $17.9 million for the three months ended March 31, 2023 and 2022, respectively.

(2)Restructuring charges by segment were as follows:


	Three Months Ended March 31,
(In millions)		2023		2022
Food		$	(0.9)	$	0.6
Protective		(0.3)		(0.1)
Total Company restructuring charges		$	(1.2)	$	0.5

Assets by Reportable Segments


(In millions)	March 31, 2023		December 31, 2022
Assets allocated to segments:
Food	$	3,581.2	$	2,342.6
Protective	2,731.9		2,795.7
Total segments	6,313.1		5,138.3
Assets not allocated:
Cash and cash equivalents	$	303.1	$	456.1

Income tax receivables	32.2		40.3
Other receivables	94.5		104.2
Deferred taxes	123.7		141.5
Other	489.6		334.3
Total	$	7,356.2	$	6,214.7

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&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
-Subparagraph (d)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land and improvements	$ 44.9	$ 44.1
Buildings	809.2	783.1
Machinery and equipment	2,731.1	2,612.3
Other property and equipment	138.7	124.5
Construction-in-progress	228.8	222.4
Property and equipment, gross	3,952.7	3,786.4
Accumulated depreciation and amortization	(2,556.2)	(2,510.5)
Property and equipment, net	$ 1,396.5	$ 1,275.9

Acquisitions - Net Sales and Loss Since Acquisition (Details) - Liquibox $ in Millions	2 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Net sales	$ 57.3
Net loss	$ (5.4)

Accounts Receivable Securitization Programs	3 Months Ended
Accounts Receivable Securitization Programs	Mar. 31, 2023
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 Condensed Consolidated Balance Sheets. These banks do not have any recourse against the general credit of the Company. The net trade receivables that served as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. There were $47.0 million of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2023. As of December 31, 2022, there were no borrowings or corresponding net trade receivables maintained as collateral. As of March 31, 2023, 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 March 31, 2023, the amount available to us under the program before utilization 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 Condensed Consolidated Financial Statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV will be classified as Short-term borrowings on our Condensed Consolidated Balance Sheets. The net trade receivables that served as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. There were €79.3 million ($86.5 million equivalent at March 31, 2023) of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2023. As of December 31, 2022, there were no borrowings or corresponding net trade receivables maintained as collateral. As of March 31, 2023, the maximum purchase limit for receivable interests was €80.0 million ($87.2 million equivalent at March 31, 2023), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of March 31, 2023, the amount available under this program before utilization was €80.0 million ($87.2 million equivalent as of March 31, 2023). This program expires annually and is renewable. Utilization of Our Accounts Receivable Securitization Programs As of March 31, 2023, there were $47.0 million and €79.3 million ($86.5 million equivalent at March 31, 2023) of outstanding borrowings under our U.S. or European programs, respectively. As of December 31, 2022, 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. The total interest paid for these programs was $0.9 million for the three months ended March 31, 2023 and there was no interest paid for these programs in the three months ended March 31, 2022. 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 March 31, 2023. 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 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 Condensed Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has no continuing involvement in the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts factored under this program for the three months ended March 31, 2023 and 2022 were $194.5 million and $172.1 million, respectively. The fees associated with transfer of receivables for all programs were approximately $3.0 million and $1.3 million for the three months ended March 31, 2023 and 2022, respectively.

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.

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Revenue from Contract with Customer [Abstract]

Inventories, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 240.3	$ 229.9
Work in process	216.2	187.1
Finished goods	505.2	449.3
Total	$ 961.7	$ 866.3

Stockholders' Equity - Total Share-based Incentive Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Total share-based incentive compensation expense	$ 18.0	$ 17.9

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 12.4	$ 11.5
Inventory reserves	$ 31.4	$ 28.9
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)	233,971,693	233,233,456
Common stock, shares, outstanding (in shares)	144,385,401	144,672,113
Treasury stock, shares (in shares)	89,586,292	88,561,343

Revenue Recognition, Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contracts With Customers Summarized by Segment

For the three months ended March 31, 2023 and 2022, revenues from contracts with customers summarized by Segment and Geography were as follows:


	Three Months Ended March 31, 2023
(In millions)		Food		Protective		Total
Americas		$	566.1	$	306.2	$	872.3
EMEA		169.2		119.6		288.8
APAC		112.3		68.6		180.9

Topic 606 Segment Revenue		847.6		494.4		1,342.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)		5.5		1.3		6.8
Total		$	853.1	$	495.7	$	1,348.8


	Three Months Ended March 31, 2022
(In millions)		Food		Protective		Total
Americas		$	524.9	$	399.9	$	924.8
EMEA		166.6		123.8		290.4
APAC		110.4		84.6		195.0
Topic 606 Segment Revenue		801.9		608.3		1,410.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)		5.8		1.6		7.4
Total		$	807.7	$	609.9	$	1,417.6

Opening and Closing Balances of Contract Assets and Contract Liabilities

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 Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:


(In millions)	March 31, 2023		December 31, 2022
Contract assets	$	0.4	$	0.5


Contract liabilities	$	18.2	$	18.2

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

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 March 31, 2023 and December 31, 2022, as well as the expected timing of recognition of that transaction price.


(In millions)	March 31, 2023		December 31, 2022
Short-Term (12 months or less)(1)	$	13.0	$	13.0
Long-Term	5.2		5.2
Total transaction price	$	18.2	$	18.2

(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.

Stockholders' Equity - Share-based Compensation Omnibus Incentive Plan (Details) - 2014 Omnibus Incentive Plan - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2018	May 22, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares of common stock authorized (in shares)			4,250,000
Additional shares added by amended plan (in shares)	2,999,054	2,199,114

Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Total Debt Outstanding

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


(In millions)	Interest rate		March 31, 2023		December 31, 2022
Short-term borrowings(1)			$	175.7	$	6.6
Current portion of long-term debt(2)			14.0		434.0
Total current debt			189.7		440.6


Term Loan A due March 2027			1,139.8		506.6



Senior Notes due December 2024	5.125	%	423.7		423.5
Senior Notes due September 2025	5.500	%	398.8		398.7
Senior Secured Notes due October 2026	1.573	%	596.2		596.0
Senior Notes due December 2027	4.000	%	422.1		421.9
Senior Notes due February 2028	6.125	%	763.5		—
Senior Notes due April 2029	5.000	%	421.3		421.2
Senior Notes due July 2033	6.875	%	446.5		446.4
Other(2)			28.5		23.6
Total long-term debt, less current portion(3)			4,640.4		3,237.9
Total debt(4)			$	4,830.1	$	3,678.5

(3)Amounts are shown net of unamortized discounts and issuance costs of $39.6 million as of March 31, 2023 and $18.9 million as of December 31, 2022.

Lines of Credit


(In millions)	March 31, 2023		December 31, 2022
Used lines of credit(1)	$	175.7	$	6.6
Unused lines of credit	1,093.4		1,261.0
Total available lines of credit(2)	$	1,269.1	$	1,267.6

(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, $1,122.0 million was committed as of March 31, 2023.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Total Share-based Incentive Compensation Expense

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


	Three Months Ended March 31,
(In millions)		2023		2022
Total share-based incentive compensation expense(1)		$	18.0	$	17.9

(1)The amounts presented above do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock. However, the amounts include the expense related to share-based awards that are settled in cash.

Number of PSUs Granted and Grant Date Fair Value of PSUs

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


	Adjusted EBITDA CAGR		ROIC
February 21, 2023 grant date
Number of units granted	93,343		93,343
Fair value on grant date (per unit)	$	48.46	$	48.46
March 1, 2023 grant date
Number of units granted	22,963		22,963
Fair value on grant date (per unit)	$	49.05	$	49.05

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


	Environmental Goals		Social Goals
February 21, 2023 grant date
Number of units granted	204,172		78,528
Fair value on grant date (per unit)	$	48.55	$	48.55

Summary of Assumptions Used to Calculate the Grant Date Fair Value

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


	February 21, 2023 grant date		March 1, 2023 grant date
Expected price volatility	32.9	%	31.7	%
Risk-free interest rate	4.4	%	4.6	%

Debt and Credit Facilities - Total Debt Outstanding (Details) € in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Short-term borrowings	$ 175,700,000		$ 6,600,000
Current portion of long-term debt	14,000,000.0		434,000,000.0
Total current debt	189,700,000		440,600,000
Other	28,500,000		23,600,000
Total long-term debt, less current portion	4,640,400,000		3,237,900,000
Total debt	4,830,100,000		3,678,500,000
Finance lease liability, current	6,800,000		7,600,000
Finance lease liability, noncurrent	20,600,000		16,100,000
Unamortized discounts ands issuance costs	$ 39,600,000		$ 18,900,000
Short-term debt, weighted average interest rate	4.80%	4.80%	2.80%
Long-term debt, weighted average interest rate	5.20%	5.20%	4.60%
Senior Notes due December 2024
Debt Instrument [Line Items]
Debt interest rate	5.125%	5.125%
Senior notes	$ 423,700,000		$ 423,500,000
Senior Notes due September 2025
Debt Instrument [Line Items]
Debt interest rate	5.50%	5.50%
Senior notes	$ 398,800,000		398,700,000
Senior Secured Notes due October 2026
Debt Instrument [Line Items]
Debt interest rate	1.573%	1.573%
Senior notes	$ 596,200,000		596,000,000.0
Senior Notes due December 2027
Debt Instrument [Line Items]
Debt interest rate	4.00%	4.00%
Senior notes	$ 422,100,000		421,900,000
Senior Notes due April 2029
Debt Instrument [Line Items]
Debt interest rate	5.00%	5.00%
Senior notes	$ 421,300,000		421,200,000
Senior Notes due February 2028
Debt Instrument [Line Items]
Debt interest rate	6.125%	6.125%
Senior notes	$ 763,500,000		0
Senior Notes due July 2033
Debt Instrument [Line Items]
Debt interest rate	6.875%	6.875%
Senior notes	$ 446,500,000		446,400,000
Senior Notes due September 2023
Debt Instrument [Line Items]
Current portion of long-term debt			$ 426,000,000
Debt interest rate			4.50%
Term Loan A due March 2027
Debt Instrument [Line Items]
Term loans	1,139,800,000		$ 506,600,000
Line of Credit
Debt Instrument [Line Items]
Short-term borrowings	175,700,000		6,600,000
Line of Credit \| U.S. Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Short-term borrowings	47,000,000		$ 0
Line of Credit \| European Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Short-term borrowings	86,500,000	€ 79.3
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Short-term borrowings	39,000,000
Line of Credit \| Revolving Credit Facility, Various
Debt Instrument [Line Items]
Short-term borrowings	$ 3,200,000

Fair Value Measurements, Equity Investments and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
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%
Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.00%
Senior Notes due February 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.125%
Senior Notes due April 2029
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.00%
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 borrowings	$ 89.7	$ 6.6
Other domestic borrowings	93.9	7.9
Total debt	4,802.7	3,654.8
Carrying Amount \| Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	0.0	426.0
Carrying Amount \| Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	423.7	423.5
Carrying Amount \| Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	398.8	398.7
Carrying Amount \| Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	596.2	596.0
Carrying Amount \| Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	422.1	421.9
Carrying Amount \| Senior Notes due February 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	763.5	0.0
Carrying Amount \| Senior Notes due April 2029
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.3	421.2
Carrying Amount \| Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	446.5	446.4
Carrying Amount \| Term Loan A due March 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	1,147.0	506.6
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign borrowings	89.7	6.6
Other domestic borrowings	93.3	7.9
Total debt	4,726.8	3,524.0
Fair Value \| Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	0.0	427.3
Fair Value \| Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	424.4	419.7
Fair Value \| Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	398.6	398.6
Fair Value \| Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	527.9	521.7
Fair Value \| Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	396.4	386.6
Fair Value \| Senior Notes due February 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	782.2	0.0
Fair Value \| Senior Notes due April 2029
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	405.4	400.2
Fair Value \| Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	461.9	448.8
Fair Value \| Term Loan A due March 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	$ 1,147.0	$ 506.6

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 22, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Quarterly cash dividend (in dollars per share)	$ 0.20	$ 0.20	$ 0.20
Amount of quarterly cash dividend declared	$ 28.9

Goodwill and Identifiable Intangible Assets, net - Remaining Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Year
Remainder of 2023	$ 49.8
2024	59.3
2025	51.4
2026	40.5
2027	38.9
Thereafter	223.2
Net	$ 463.1	$ 129.5

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. The proposed disallowance is being reviewed by the IRS Independent Office of Appeals (“Appeals”). Although we believe we have meritorious defenses to the proposed disallowance, we have reached a tentative agreement to settle this matter with the IRS, which is subject to further review, approval and execution of a definitive agreement by both parties. There can be no assurance that a definitive agreement will be executed and we cannot predict the outcome of this matter or when it will be concluded. We have revised our uncertain tax position to reflect the tentative agreement. On April 20, 2023, we deposited $175 million with the IRS based on an estimate of the federal tax owed per the tentative agreement. Our final settlement amount could differ from the $175 million deposited. 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. Securities Class Action On November 1, 2019, purported Company stockholder UA Local 13 & Employers Group Insurance Fund filed a putative class action complaint in the United States District Court for the Southern District of New York against the Company and certain of its current and former officers. On June 4, 2020, the complaint was amended to remove all individual defendants other than the Company’s former CFO and to add a plaintiff, and on July 13, 2020, the complaint was further amended to identify a total of four plaintiffs. The complaint alleged violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder based on allegedly false and misleading statements and omissions concerning the Company’s hiring of Ernst & Young LLP as its independent auditors and concerning the Company's corporate policies and procedures. The plaintiffs sought to represent a class of purchasers of the Company’s common stock between November 17, 2014 and June 20, 2019. The complaint sought, among other things, unspecified compensatory damages, including interest, and attorneys’ fees and costs. On September 4, 2020, the Company filed a motion to dismiss the complaint, and on June 1, 2021, the court issued a ruling that granted in part and denied in part the motion to dismiss. The Company filed its answer to the complaint on July 15, 2021. On September 9, 2022, the parties signed a settlement agreement including a proposed settlement amount of $12.5 million, and on September 14, 2022, the Court issued an order preliminarily approving such settlement. The settlement was funded by the Company’s insurance carriers. In the third quarter of 2022, the Company recorded a liability of $12.5 million in Other current liabilities and a corresponding $12.5 million insurance receivable in Other receivables on the Condensed Consolidated Balance Sheets. On October 14, 2022, the Company’s insurance carriers funded the $12.5 million settlement via an escrow account established on behalf of the settlement class. On January 20, 2023, the Court certified a settlement class and issued an order granting final approval of the settlement. Accordingly, the Company reversed the $12.5 million in Other current liabilities and the corresponding insurance receivable in Other receivables on the Condensed Consolidated Balance Sheets that was recorded in the third quarter of 2022. Environmental Matters We are subject to loss contingencies resulting from environmental laws and regulations, and we accrue for anticipated costs associated with investigatory and remediation efforts when an assessment has indicated that a loss is probable and can be reasonably estimated. These accruals are not reduced by potential insurance recoveries, if any. We do not believe that it is reasonably possible that our liability in excess of the amounts that we have accrued for environmental matters will be material to our Condensed Consolidated Balance Sheets or Statements of Operations. Environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated. We evaluate these liabilities periodically based on available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs among potentially responsible parties. As some of these issues are decided (the outcomes of which are subject to uncertainties) or new sites are assessed and costs can be reasonably estimated, we adjust the recorded accruals, as necessary. We believe that these exposures are not material to our Condensed Consolidated Balance Sheets or Statements of Operations. We believe that we have adequately reserved for all probable and estimable environmental exposures. Guarantees and Indemnification Obligations We are a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of: •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 March 31, 2023, 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.

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance leases
Amortization of ROU assets	$ 2.5	$ 2.7
Interest on lease liabilities	0.4	0.3
Operating leases	9.0	8.5
Short-term lease cost	0.6	0.4
Variable lease cost	1.8	1.6
Total lease cost	14.3	13.5
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	1.1	1.1
Operating cash flows - operating leases	9.1	8.7
Financing cash flows - finance leases	2.3	2.7
ROU assets obtained in exchange for new lease liabilities
ROU assets obtained in exchange for new finance lease liabilities	5.9	1.4
ROU assets obtained in exchange for new operating lease liabilities	$ 20.8	$ 9.2
Finance leases
Remaining lease term (in years)	8 years 3 months 18 days	5 years 10 months 24 days
Discount rate	6.30%	4.60%
Operating leases
Remaining lease term (in years)	4 years 4 months 24 days	4 years 3 months 18 days
Discount rate	5.30%	4.50%

Debt and Credit Facilities - Amended and Restated Senior Secured Credit Facility (Details) £ in Millions, $ in Millions			3 Months Ended
	Feb. 01, 2023 USD ($)	Mar. 25, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 08, 2022 USD ($)	Mar. 25, 2022 GBP (£)
Line of Credit Facility [Line Items]
Loss on debt redemption and refinancing activities			$ 4.9	$ 0.7
Accelerated amortization of original issuance discount				0.4
Fourth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Payments of lender and third-party fees for debt modification	$ 11.0			1.2
Revolving credit facilities					$ 650.0
Loss on debt redemption and refinancing activities				0.7
Non-lender fees				0.3
Payment of lender and non-lender fees and other				3.0
Amortization expense			$ 0.7	$ 0.4
Fourth Amended and Restated Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Fourth Amended and Restated Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Fourth Amended and Restated Credit Agreement \| U.S. term loan A facility
Line of Credit Facility [Line Items]
Revolving credit facilities		$ 475.0
Fourth Amended and Restated Credit Agreement \| Pound sterling term loan A facility
Line of Credit Facility [Line Items]
Revolving credit facilities \| £						£ 27.2
Fourth Amended and Restated Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facilities		$ 1,000.0

Stockholders' Equity - PSU Awards (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period in the beginning of each year to award PSU's		90 days
Performance period		3 years
Cumulative average growth rate period		3 years
Percentage of ESG target awards weighted to sustainability goals		75.00%
Percentage of target ESG awards weighted to social goals		25.00%
Share-based incentive compensation		$ 18.0	$ 17.9
2023 Three year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU awards performance period		3 years
Weighted average return on total shareholders, EBITDA		50.00%
Weighted average net sales compound average growth rate on capital		50.00%
Achievement of each performance metric upward or downward, percentage adjustment (up to), based on results of total shareholder return modifier		25.00%
Shareholder return in the top quartile of the comparator group increases overall achievement of performance metrics, percentage		25.00%
Shareholder return in the top quartile of the comparator group decrease overall achievement of performance metrics, percentage		25.00%
2023 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%
2023 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%
2023 Five year ESG Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU awards performance period		5 years
Share-based incentive compensation		$ 1.1
2023 Five year ESG 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%
2023 Five year ESG 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		187.50%
2020 Three year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU awards performance period		3 years
2020- 2023 Three year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	172.40%
Shares to be issued under performance incentive plan (in shares)	457,461
Shares withheld for tax (in shares)	183,654
Shares designated as cash settlement awards (in shares)	914
Shares issued (in shares)	272,893

Restructuring Activities - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Other associated costs	$ (0.2)	$ 3.1
Restructuring charges	(1.2)	0.5
Total charges	(1.4)	3.6
Capital expenditures	0.0	1.9
Continuing Operations
Restructuring Cost and Reserve [Line Items]
Other associated costs	(0.2)	3.1
Restructuring charges	$ (1.2)	$ 0.5

Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 20, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, percent		35.00%	28.40%
Increase in unrecognized tax benefits		$ 6.8	$ 6.3
Settlement agreement (as defined therein) with taxing authority				$ 1,490.0
Decrease in U.S. federal tax liability				$ 525.0
Subsequent Event
Income Tax Examination [Line Items]
Deposit with IRS for estimated tax owed	$ 175.0

Accounts Receivable Factoring Agreements	3 Months Ended
Accounts Receivable Factoring Agreements	Mar. 31, 2023
Transfers and Servicing [Abstract]
Accounts Receivable Factoring Agreements	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 Condensed Consolidated Balance Sheets. These banks do not have any recourse against the general credit of the Company. The net trade receivables that served as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. There were $47.0 million of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2023. As of December 31, 2022, there were no borrowings or corresponding net trade receivables maintained as collateral. As of March 31, 2023, 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 March 31, 2023, the amount available to us under the program before utilization 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 Condensed Consolidated Financial Statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV will be classified as Short-term borrowings on our Condensed Consolidated Balance Sheets. The net trade receivables that served as collateral for these borrowings are reclassified from Trade receivables, net to Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. There were €79.3 million ($86.5 million equivalent at March 31, 2023) of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2023. As of December 31, 2022, there were no borrowings or corresponding net trade receivables maintained as collateral. As of March 31, 2023, the maximum purchase limit for receivable interests was €80.0 million ($87.2 million equivalent at March 31, 2023), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of March 31, 2023, the amount available under this program before utilization was €80.0 million ($87.2 million equivalent as of March 31, 2023). This program expires annually and is renewable. Utilization of Our Accounts Receivable Securitization Programs As of March 31, 2023, there were $47.0 million and €79.3 million ($86.5 million equivalent at March 31, 2023) of outstanding borrowings under our U.S. or European programs, respectively. As of December 31, 2022, 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. The total interest paid for these programs was $0.9 million for the three months ended March 31, 2023 and there was no interest paid for these programs in the three months ended March 31, 2022. 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 March 31, 2023. 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 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 Condensed Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has no continuing involvement in the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts factored under this program for the three months ended March 31, 2023 and 2022 were $194.5 million and $172.1 million, respectively. The fees associated with transfer of receivables for all programs were approximately $3.0 million and $1.3 million for the three months ended March 31, 2023 and 2022, respectively.

Revenue from Contract with Customer [Abstract]

Revenue Recognition, Contracts with Customers

3 Months Ended

Mar. 31, 2023

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 end customers.

Food:

Food solutions are sold to food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based, fluids and liquids, and cheese 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, CRYOVAC® brand Auto Pouch Systems and LIQUIBOX® fluids and liquids systems. 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 & TearTM, 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 KevothermalTM and TempGuardTM brands.

Other Revenue Recognition Considerations:

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 $0.8 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.

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

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

Disaggregated Revenue

For the three months ended March 31, 2023 and 2022, revenues from contracts with customers summarized by Segment and Geography were as follows:


	Three Months Ended March 31, 2023
(In millions)		Food		Protective		Total
Americas		$	566.1	$	306.2	$	872.3
EMEA		169.2		119.6		288.8
APAC		112.3		68.6		180.9

Topic 606 Segment Revenue		847.6		494.4		1,342.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)		5.5		1.3		6.8
Total		$	853.1	$	495.7	$	1,348.8


	Three Months Ended March 31, 2022
(In millions)		Food		Protective		Total
Americas		$	524.9	$	399.9	$	924.8
EMEA		166.6		123.8		290.4
APAC		110.4		84.6		195.0
Topic 606 Segment Revenue		801.9		608.3		1,410.2
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)		5.8		1.6		7.4
Total		$	807.7	$	609.9	$	1,417.6

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 Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:


(In millions)	March 31, 2023		December 31, 2022
Contract assets	$	0.4	$	0.5


Contract liabilities	$	18.2	$	18.2

The contract liability balances represent deferred revenue, primarily related to equipment accruals. Revenue recognized in the three months ended March 31, 2023 and 2022 that was included in the contract liability balance at the beginning of the period was $4.6 million and $4.4 million, respectively. This revenue was driven primarily by equipment performance obligations being satisfied.

Remaining Performance Obligations


(In millions)	March 31, 2023		December 31, 2022
Short-Term (12 months or less)(1)	$	13.0	$	13.0
Long-Term	5.2		5.2
Total transaction price	$	18.2	$	18.2

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Leases - Schedule of Lease Commitments (Details) $ in Millions	Mar. 31, 2023 USD ($)
Finance leases
Remainder of 2023	$ 6.8
2024	5.2
2025	3.6
2026	2.8
2027	2.6
Thereafter	16.6
Total lease payments	37.6
Less: Interest	(10.2)
Present value of lease liabilities	27.4
Operating leases
Remainder of 2023	23.4
2024	24.3
2025	17.8
2026	13.0
2027	6.4
Thereafter	11.1
Total lease payments	96.0
Less: Interest	(10.7)
Present value of lease liabilities	$ 85.3

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2023

Derivatives and Hedging Activities

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

As a 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 Accumulated Other Comprehensive Loss (“AOCL”) to the extent that these hedges are effective and until we recognize the underlying transactions in net earnings, at which time we recognize these gains and losses in Cost of sales, on our Condensed Consolidated Statements of Operations. Cash flows from derivative financial instruments designated as cash flow hedges are classified as Cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Net unrealized after-tax gains/losses related to cash flow hedging activities that were included in AOCL were a $1.1 million gain and a $1.5 million loss for the three months ended March 31, 2023 and 2022, 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 $0.3 million of net unrealized losses 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, net, on our Condensed Consolidated Statements of Operations and are largely offset by the remeasurement of the underlying foreign currency-denominated items indicated above. Cash flows from derivative financial instruments not designated as hedges are classified as Cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Interest Rate Swaps

From time to time, we may use interest rate swaps to manage our fixed and floating interest rates on our outstanding indebtedness. At March 31, 2023 and December 31, 2022, we had no outstanding interest rate swaps.

Net Investment Hedge

In February 2023, the €400.0 million 4.500% senior notes issued in June 2015 that were previously designated as a net investment hedge, hedging a portion of our net investment in a certain European subsidiary against fluctuations in foreign exchange rates, was repaid, which settled the net investment hedge. See Note 13, "Debt and Credit Facilities," for additional information about the repayment of the notes.

In the first quarter of 2023, we entered into a series of cross-currency swaps with a combined notional amount of $432.8 million. Each of these cross-currency swaps were designated as net investment hedges of the Company's foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets, and the Company pays a fixed rate of Euro-based interest and receives a fixed rate of U.S. dollar interest. The Company has elected the spot method for assessing the effectiveness of these contracts. The maturity date for this series of cross-currency swaps is February 1, 2028. The fair value of this hedge as of March 31, 2023 was a $0.9 million loss and is included within Other non-current liabilities on our Condensed Consolidated Balance Sheets. Interest amounts related to the cross-currency swap as of March 31, 2023 resulted in $0.5 million of interest income and is reflected in Interest expense, net on the Condensed Consolidated Statements of Operations.

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, net on the Condensed Consolidated Statements of Operations.

Other Derivative Instruments

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

Fair Value of Derivative Instruments

See Note 15, “Fair Value Measurements, Equity Investments and Other Financial Instruments,” for a discussion of the inputs and valuation techniques used to determine the fair value of our outstanding derivative instruments.

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


	Cash Flow Hedge				Net Investment Hedge				Non-Designated as Hedging Instruments				Total
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Derivative Assets
Foreign currency forward contracts and options	$	0.9	$	2.1	$	—	$	—	$	3.2	$	5.8	$	4.1	$	7.9

Total Derivative Assets	$	0.9	$	2.1	$	—	$	—	$	3.2	$	5.8	$	4.1	$	7.9

Derivative Liabilities
Foreign currency forward contracts	$	(1.4)	$	(0.8)	$	—	$	—	$	(1.9)	$	(2.4)	$	(3.3)	$	(3.2)
Cross-currency swaps	—		—		(0.9)		—		—		—		(0.9)		—
Total Derivative Liabilities(1)	$	(1.4)	$	(0.8)	$	(0.9)	$	—	$	(1.9)	$	(2.4)	$	(4.2)	$	(3.2)
Net Derivatives(2)	$	(0.5)	$	1.3	$	(0.9)	$	—	$	1.3	$	3.4	$	(0.1)	$	4.7

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


	Other Current Assets				Other Current Liabilities				Other Non-current Liabilities
(In millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Gross position	$	4.1	$	7.9	$	(3.3)	$	(3.2)		$	(0.9)	$	—
Impact of master netting agreements	(2.2)		(1.1)		2.2		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	1.9	$	6.8	$	(1.1)	$	(2.1)		$	(0.9)	$	—

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


			Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Location of Gain (Loss) Recognized on	Three Months Ended March 31,
(In millions)	Condensed Consolidated Statements of Operations		2023		2022
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales		$	1.1	$	1.9


Treasury locks	Interest expense, net		—		0.1
Sub-total cash flow hedges			1.1		2.0




Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other expense, net		3.3		(0.1)
Total			$	4.4	$	1.9

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our Condensed Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. In management’s opinion, all adjustments, consisting only of normal recurring accruals, necessary for a fair statement of our Condensed Consolidated Balance Sheet as of March 31, 2023 and our Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and in our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2022 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. All amounts are in millions, except per share amounts, and approximate due to rounding. All amounts are presented in U.S. dollar, unless otherwise specified. Our Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. We are responsible for the unaudited Condensed Consolidated Financial Statements and notes included in this report. As these are condensed financial statements, they should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”), which was filed with the SEC on February 21, 2023, and with the information contained in our other publicly available filings with the SEC. When we cross reference to a “Note,” we are referring to our “Notes to Condensed Consolidated Financial Statements,” unless the context indicates otherwise. There were no significant changes to our significant accounting policies as disclosed in “Note 2 – Summary of Significant Accounting Policies and Recently Issued Accounting Standards” of our audited consolidated financial statements and notes thereto included in our 2022 Form 10-K.
Impact of Highly Inflationary Economy	Impact of Highly Inflationary EconomyArgentinaEconomic 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 within Other expense, net on the Condensed Consolidated Statements of Operations.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program. The Company adopted ASU 2022-04 on January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption did not materially impact the Company's Condensed Consolidated Financial Statements. 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. This program is administered by participating financial institutions. When a supplier utilizes the supply chain financing program, the supplier receives a payment in advance of agreed payment terms from the financial institution, net of a discount charged. Our responsibility is limited to making payments to the respective financial institutions on the terms originally negotiated with our supplier. No assets are pledged as collateral by the Company or any of our subsidiaries under the program. The majority of suppliers using the program are on 120 day payment terms after the end of the month in which the invoice was issued. We monitor our days payable outstanding relative to our peers and industry trends in order to assess our conclusion that the program continues to be a trade payable program and not indicative of a borrowing arrangement. The liabilities continue to be presented as Accounts payable in our Condensed Consolidated Balance Sheets until they are paid, and they are reflected as Cash flows from operating activities when settled. At March 31, 2023 and December 31, 2022, our accounts payable balances included $118 million and $140 million, respectively, related to invoices from suppliers participating in the program. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). 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. The Company adopted ASU 2021-08 on January 1, 2023. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements.
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 end customers. Food: Food solutions are sold to food processors in fresh red meat, smoked and processed meats, poultry, seafood, plant-based, fluids and liquids, and cheese 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, CRYOVAC® brand Auto Pouch Systems and LIQUIBOX® fluids and liquids systems. 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 & TearTM, 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 KevothermalTM and TempGuardTM brands. Other Revenue Recognition Considerations: 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 $0.8 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively. The Company does not adjust consideration in contracts with customers for the effects of a significant financing component if the Company expects that the period between transfer of a good or service and payment for that good or service will be one year or less. This is expected to be the case for the majority of the Company's contracts. Lease components within contracts with customers are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 842.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 20
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Business Combination and Asset Acquisition [Abstract]

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

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

The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.


	Preliminary Allocation
(In millions)	As of February 1, 2023
Total consideration transferred	$	1,169.2

Assets acquired:
Cash and cash equivalents	21.2
Trade receivables	48.6


Inventories	61.6
Prepaid expenses and other current assets	15.8
Property and equipment	101.1

Identifiable intangible assets	342.1

Operating lease right-of-use-assets	15.1
Other non-current assets	9.5
Total assets acquired	$	615.0
Liabilities assumed:
Accounts payable	27.0
Current portion of long-term debt	0.1
Current portion of operating lease liabilities	3.7


Other current liabilities	28.4
Long-term debt, less current portion	5.1
Long-term operating lease liabilities, less current portion	11.4
Deferred taxes	92.2
Other non-current liabilities	6.6
Total liabilities assumed	$	174.5
Net assets acquired	440.5
Goodwill	$	728.7

Schedule of Identifiable Intangible Assets, net and Their Useful Life

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


	Amount		Useful life
	(In millions)		(In years)
Customer relationships	$	180.7	11.0
Trademarks and tradenames	26.0		10.0
Software	5.2		2.0
Technology	130.2		12.0
Total intangible assets with definite lives	$	342.1

Schedule of Financial Information


(In millions)	February 1, 2023 through March 31, 2023
Net sales	$	57.3
Net loss	$	(5.4)

Unaudited Pro Forma Information

The unaudited pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2022 and is not intended to be a projection of future results and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company.


	Three Months Ended March 31,
(In millions)	2023		2022
Net sales	$	1,374.4	$	1,504.3
Net earnings	$	70.0	$	113.7

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ 4.4	$ 1.9
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	3.3	(0.1)
Cash Flow Hedge \| Derivatives designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	1.1	2.0
Cash Flow Hedge \| Derivatives designated as hedging instruments \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	1.1	1.9
Cash Flow Hedge \| Derivatives designated as hedging instruments \| Treasury locks
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ 0.0	$ 0.1

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from performance obligations satisfied In previous periods (decrease) increase	$ 0.8	$ 0.2
Revenue recognized that was previously included in contract liability	$ 4.6	$ 4.4

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

The following table details our property and equipment, net.


(In millions)	March 31, 2023		December 31, 2022
Land and improvements	$	44.9	$	44.1
Buildings	809.2		783.1
Machinery and equipment	2,731.1		2,612.3
Other property and equipment	138.7		124.5
Construction-in-progress	228.8		222.4
Property and equipment, gross	3,952.7		3,786.4
Accumulated depreciation and amortization	(2,556.2)		(2,510.5)
Property and equipment, net	$	1,396.5	$	1,275.9

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 and finance lease ROU assets.


	Three Months Ended March 31,
(In millions)		2023		2022
Interest cost capitalized		$	2.5	$	1.7
Depreciation and amortization expense(1)		$	40.7	$	35.9

(1)Includes amortization expense of finance lease ROU assets of $2.5 million and $2.7 million for the three months ended March 31, 2023 and 2022, respectively.

Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Interest cost capitalized	$ 2.5	$ 1.7
Depreciation and amortization expense	40.7	35.9
Amortization of finance lease ROU assets	$ 2.5	$ 2.7

Accumulated Other Comprehensive Loss - Details of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 344.1
Other comprehensive income (loss) before reclassifications	29.4	$ 8.5
Less: amounts reclassified from accumulated other comprehensive loss	0.2	(0.7)
Other comprehensive income	29.6	7.8
Ending balance	346.5
Unrecognized Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(126.3)	(137.5)
Other comprehensive income (loss) before reclassifications	0.2	(0.2)
Less: amounts reclassified from accumulated other comprehensive loss	1.1	1.0
Other comprehensive income	1.3	0.8
Ending balance	(125.0)	(136.7)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(837.5)	(760.5)
Other comprehensive income (loss) before reclassifications	36.6	3.5
Less: amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income	36.6	3.5
Ending balance	(800.9)	(757.0)
Cumulative Translation Adjustment \| Intra-entity transactions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Intra-entity currency translation adjustments in AOCI	7.9	16.9
Unrecognized Losses/Gains on Derivative Instruments \| Net investment hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(18.3)	(38.3)
Other comprehensive income (loss) before reclassifications	(5.5)	5.0
Less: amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income	(5.5)	5.0
Ending balance	(23.8)	(33.3)
Unrecognized Losses/Gains on Derivative Instruments \| Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.3	2.4
Other comprehensive income (loss) before reclassifications	(1.9)	0.2
Less: amounts reclassified from accumulated other comprehensive loss	(0.9)	(1.7)
Other comprehensive income	(2.8)	(1.5)
Ending balance	0.5	0.9
Accumulated Other Comprehensive Loss, Net of Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(978.8)	(933.9)
Ending balance	$ (949.2)	$ (926.1)

Leases

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 were as follows:


(In millions)	March 31, 2023		December 31, 2022
Short-Term (12 months or less)	$	6.4	$	6.5
Long-Term	18.6		18.6
Lease receivables	$	25.0	$	25.1

Sales-type and operating lease revenue was less than 1% of net trade sales for the three months ended March 31, 2023 and year ended December 31, 2022.

Lessee

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

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


(In millions)	March 31, 2023		December 31, 2022
Other non-current assets:
Finance leases - ROU assets	$	59.4	$	55.0
Finance leases - Accumulated depreciation	(32.6)		(31.7)
Operating lease right-of-use-assets:
Operating leases - ROU assets	174.9		156.7
Operating leases - Accumulated depreciation	(92.5)		(86.5)
Total lease assets	$	109.2	$	93.5
Current portion of long-term debt:
Finance leases	$	(6.8)	(7.6)
Current portion of operating lease liabilities:
Operating leases	(27.1)		(24.0)
Long-term debt, less current portion:
Finance leases	(20.6)		(16.1)
Long-term operating lease liabilities, less current portion:
Operating leases	(58.2)		(49.6)
Total lease liabilities	$	(112.7)	$	(97.3)

At March 31, 2023, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
Remainder of 2023	$	6.8	$	23.4
2024	5.2		24.3
2025	3.6		17.8
2026	2.8		13.0
2027	2.6		6.4
Thereafter	16.6		11.1
Total lease payments	37.6		96.0
Less: Interest	(10.2)		(10.7)
Present value of lease liabilities	$	27.4	$	85.3

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


	Three Months Ended March 31,
(In millions)		2023		2022
Lease cost(1)
Finance leases
Amortization of ROU assets		$	2.5	$	2.7
Interest on lease liabilities		0.4		0.3
Operating leases		9.0		8.5
Short-term lease cost		0.6		0.4
Variable lease cost		1.8		1.6
Total lease cost		$	14.3	$	13.5


	Three Months Ended March 31,
(In millions)	2023		2022
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	1.1	$	1.1
Operating cash flows - operating leases	$	9.1	$	8.7
Financing cash flows - finance leases	$	2.3	$	2.7

ROU assets obtained in exchange for new finance lease liabilities	$	5.9	$	1.4
ROU assets obtained in exchange for new operating lease liabilities	$	20.8	$	9.2


	Three Months Ended March 31,
	2023		2022
Weighted average information:
Finance leases
Remaining lease term (in years)	8.3		5.9
Discount rate	6.3	%	4.6	%
Operating leases
Remaining lease term (in years)	4.4		4.3
Discount rate	5.3	%	4.5	%

Leases

Lessor

All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our sales-type lease receivable balances at March 31, 2023 and December 31, 2022 were as follows:


(In millions)	March 31, 2023		December 31, 2022
Short-Term (12 months or less)	$	6.4	$	6.5
Long-Term	18.6		18.6
Lease receivables	$	25.0	$	25.1

Sales-type and operating lease revenue was less than 1% of net trade sales for the three months ended March 31, 2023 and year ended December 31, 2022.

Lessee

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

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


(In millions)	March 31, 2023		December 31, 2022
Other non-current assets:
Finance leases - ROU assets	$	59.4	$	55.0
Finance leases - Accumulated depreciation	(32.6)		(31.7)
Operating lease right-of-use-assets:
Operating leases - ROU assets	174.9		156.7
Operating leases - Accumulated depreciation	(92.5)		(86.5)
Total lease assets	$	109.2	$	93.5
Current portion of long-term debt:
Finance leases	$	(6.8)	(7.6)
Current portion of operating lease liabilities:
Operating leases	(27.1)		(24.0)
Long-term debt, less current portion:
Finance leases	(20.6)		(16.1)
Long-term operating lease liabilities, less current portion:
Operating leases	(58.2)		(49.6)
Total lease liabilities	$	(112.7)	$	(97.3)

At March 31, 2023, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:


(In millions)	Finance leases		Operating leases
Remainder of 2023	$	6.8	$	23.4
2024	5.2		24.3
2025	3.6		17.8
2026	2.8		13.0
2027	2.6		6.4
Thereafter	16.6		11.1
Total lease payments	37.6		96.0
Less: Interest	(10.2)		(10.7)
Present value of lease liabilities	$	27.4	$	85.3

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


	Three Months Ended March 31,
(In millions)		2023		2022
Lease cost(1)
Finance leases
Amortization of ROU assets		$	2.5	$	2.7
Interest on lease liabilities		0.4		0.3
Operating leases		9.0		8.5
Short-term lease cost		0.6		0.4
Variable lease cost		1.8		1.6
Total lease cost		$	14.3	$	13.5


	Three Months Ended March 31,
(In millions)	2023		2022
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	1.1	$	1.1
Operating cash flows - operating leases	$	9.1	$	8.7
Financing cash flows - finance leases	$	2.3	$	2.7

ROU assets obtained in exchange for new finance lease liabilities	$	5.9	$	1.4
ROU assets obtained in exchange for new operating lease liabilities	$	20.8	$	9.2


	Three Months Ended March 31,
	2023		2022
Weighted average information:
Finance leases
Remaining lease term (in years)	8.3		5.9
Discount rate	6.3	%	4.6	%
Operating leases
Remaining lease term (in years)	4.4		4.3
Discount rate	5.3	%	4.5	%

Goodwill and Identifiable Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022	$	572.2	$	1,792.0	$	2,364.2
Accumulated amortization(1)	(49.0)		(140.7)		(189.7)
Carrying Value at December 31, 2022	$	523.2	$	1,651.3	$	2,174.5
Acquisition(2)	728.7		—		728.7
Currency translation	2.2		3.5		5.7

Carrying Value at March 31, 2023	$	1,254.1	$	1,654.8	$	2,908.9

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2023.

(2)Represents the allocation of goodwill related to our acquisition of Liquibox. See Note 5, "Acquisitions," for further details.

Summary of Identifiable Intangible Assets with Indefinite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2023, there were no impairment indicators present.


	March 31, 2023				December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.5	$	(51.7)	$	229.8	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	57.1		(15.7)		41.4		30.8		(14.4)		16.4
Software	157.5		(116.9)		40.6		147.7		(111.3)		36.4
Technology	197.6		(47.8)		149.8		67.0		(44.3)		22.7
Contracts	11.4		(9.9)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	705.1		(242.0)		463.1		356.4		(226.9)		129.5
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	714.0	$	(242.0)	$	472.0	$	365.3	$	(226.9)	$	138.4

Summary of Identifiable Intangible Assets with Definite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2023, there were no impairment indicators present.


	March 31, 2023				December 31, 2022
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	281.5	$	(51.7)	$	229.8	$	99.5	$	(47.1)	$	52.4
Trademarks and tradenames	57.1		(15.7)		41.4		30.8		(14.4)		16.4
Software	157.5		(116.9)		40.6		147.7		(111.3)		36.4
Technology	197.6		(47.8)		149.8		67.0		(44.3)		22.7
Contracts	11.4		(9.9)		1.5		11.4		(9.8)		1.6
Total intangible assets with definite lives	705.1		(242.0)		463.1		356.4		(226.9)		129.5
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	714.0	$	(242.0)	$	472.0	$	365.3	$	(226.9)	$	138.4

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at March 31, 2023.


Year	Amount (In millions)
Remainder of 2023	$	49.8
2024	59.3
2025	51.4
2026	40.5
2027	38.9
Thereafter	223.2
Total	$	463.1

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Defined Benefit Pension Plans and Other Post-Employment Benefit Plans - Components of Net Periodic Benefit Cost (Income) for Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of net periodic benefit cost (income):
Service cost	$ 0.8	$ 1.1
Interest cost	7.0	4.0
Expected return on plan assets	(7.1)	(7.2)
Amortization of net prior service cost	0.1	0.1
Amortization of net actuarial loss	1.2	1.4
Net periodic cost (income)	2.0	(0.6)
Settlement cost (credit)	0.2	(0.1)
Total benefit cost (income)	2.2	(0.7)
U.S.
Components of net periodic benefit cost (income):
Service cost	0.0	0.0
Interest cost	1.8	1.0
Expected return on plan assets	(1.8)	(2.2)
Amortization of net prior service cost	0.0	0.0
Amortization of net actuarial loss	0.4	0.4
Net periodic cost (income)	0.4	(0.8)
Settlement cost (credit)	0.0	0.0
Total benefit cost (income)	0.4	(0.8)
International
Components of net periodic benefit cost (income):
Service cost	0.8	1.1
Interest cost	5.2	3.0
Expected return on plan assets	(5.3)	(5.0)
Amortization of net prior service cost	0.1	0.1
Amortization of net actuarial loss	0.8	1.0
Net periodic cost (income)	1.6	0.2
Settlement cost (credit)	0.2	(0.1)
Total benefit cost (income)	$ 1.8	$ 0.1

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization We are a leading global provider of packaging solutions integrating high-performance materials, automation, equipment, and services. Sealed Air Corporation designs and delivers packaging solutions that preserve food, protect goods, automate packaging processes, and 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, LIQUIBOX® fluids and liquids systems, SEALED AIR® brand protective packaging, AUTOBAG® brand automated systems, BUBBLE WRAP® brand packaging, SEE Touchless Automation™ solutions and prismiq™ digital packaging and printing. 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. Basis of Presentation Our Condensed Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. In management’s opinion, all adjustments, consisting only of normal recurring accruals, necessary for a fair statement of our Condensed Consolidated Balance Sheet as of March 31, 2023 and our Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and in our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2022 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. All amounts are in millions, except per share amounts, and approximate due to rounding. All amounts are presented in U.S. dollar, unless otherwise specified. Our Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. We are responsible for the unaudited Condensed Consolidated Financial Statements and notes included in this report. As these are condensed financial statements, they should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”), which was filed with the SEC on February 21, 2023, and with the information contained in our other publicly available filings with the SEC. When we cross reference to a “Note,” we are referring to our “Notes to Condensed Consolidated Financial Statements,” unless the context indicates otherwise. There were no significant changes to our significant accounting policies as disclosed in “Note 2 – Summary of Significant Accounting Policies and Recently Issued Accounting Standards” of our audited consolidated financial statements and notes thereto included in our 2022 Form 10-K. Impact of Highly Inflationary Economy 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 within Other expense, net on the Condensed Consolidated Statements of Operations. The Company recorded $2.6 million and $1.0 million of remeasurement losses for the three months ended March 31, 2023 and 2022, respectively, related to our subsidiaries in Argentina.

Restructuring Activities - Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring accrual at beginning of period	$ 14.7
Accrual and accrual adjustments	(1.2)
Cash payments during period	(3.3)
Restructuring accrual at end of period	$ 10.2

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity

Stockholders’ 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 March 31, 2023, there was $536.5 million remaining under the current 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 three months ended March 31, 2023, we repurchased 1,529,575 shares, for approximately $79.8 million, at an average share price of $52.20.

During the three months ended March 31, 2022, we repurchased 3,042,696 shares, for approximately $200.0 million, at an average share price of $65.74.

These repurchases were made under open market transactions, including through plans complying with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and pursuant to the share repurchase program previously authorized by our Board of Directors.

Dividends

On February 22, 2023, our Board of Directors declared a quarterly cash dividend of $0.20 per common share, or $28.9 million, which was paid on March 24, 2023, to stockholders of record at the close of business on March 10, 2023.

The dividends paid during the three months ended March 31, 2023 were recorded as a reduction to Cash and cash equivalents and Retained earnings on our Condensed Consolidated Balance Sheets. Our senior secured credit facility and our senior notes contain covenants that restrict our ability to declare or pay dividends. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our Condensed Consolidated Statements of Operations. There is no guarantee that our Board of Directors will declare any future dividends.

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 our shareholders 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 our shareholders approved, an additional amendment and restatement to the Omnibus Incentive Plan. The amended plan added 2,999,054 shares of common stock to the share pool previously available under the Omnibus Incentive Plan.

We record share-based incentive compensation expense in Selling, general and administrative expenses and Cost of sales on our Condensed Consolidated Statements of Operations for both equity-classified and liability-classified awards. We record a corresponding credit to Additional paid-in capital within stockholders’ equity for equity-classified awards, and to either Other current liabilities or Other non-current liabilities for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of 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 table below shows our total share-based incentive compensation expense:


	Three Months Ended March 31,
(In millions)		2023		2022
Total share-based incentive compensation expense(1)		$	18.0	$	17.9

Performance Share Units (“PSU”) Awards

During the first 90 days of each year, the Organization and Compensation (“O&C”) Committee of our Board of Directors approves PSU awards for our executive officers and other selected employees, which include for each participant a target number of shares of common stock and the 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 earned, 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 days of service during the award performance period, further adjusted based on the achievement of the performance goals during the award performance period. PSUs are classified as equity in the Condensed Consolidated Balance Sheets, with the exception of awards that are required by local laws or regulations to be settled in cash. These are classified as either Other current liabilities or Other non-current liabilities in the Condensed Consolidated Balance Sheets.

2023 Three-year PSU Awards

During the first quarter of 2023, the O&C Committee approved awards with a three-year performance period beginning January 1, 2023 and ending December 31, 2025 for executive officers and other selected employees. The O&C Committee established performance goals, which are (i) three-year cumulative average growth rate (“CAGR”) of consolidated Adjusted EBITDA weighted at 50%, and (ii) Return on Invested Capital (“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.

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


	Adjusted EBITDA CAGR		ROIC
February 21, 2023 grant date
Number of units granted	93,343		93,343
Fair value on grant date (per unit)	$	48.46	$	48.46
March 1, 2023 grant date
Number of units granted	22,963		22,963
Fair value on grant date (per unit)	$	49.05	$	49.05

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


	February 21, 2023 grant date		March 1, 2023 grant date
Expected price volatility	32.9	%	31.7	%
Risk-free interest rate	4.4	%	4.6	%

2023 Five-year ESG Awards

During the first quarter of 2023, the O&C Committee approved awards with a five-year performance period beginning January 1, 2023 and ending December 31, 2027 for certain of our executive officers. The O&C Committee established performance goals, which are aligned with the Company's environmental, social, and governance ("ESG") commitments. A total of 75% of the target awards are weighted towards sustainability goals, including increased recycled and/or renewable content offerings and reductions in greenhouse gas intensity. The remaining 25% of the target awards are weighted towards social goals, including global gender representation, and belonging and inclusion. Calculation of final achievement on the awards is subject to upward adjustments in the event that (i) specified levels of SEE Automation and prismiqTM sales are realized and/or (ii) the target performance level for all goals is met. The total number of shares to be issued for these awards can range from zero to 187.5% of the target number of shares, inclusive of upward adjustments. For the three months ended March 31, 2023, we recognized stock based compensation expense associated with the ESG awards of $1.1 million. This expense is included within Cost of Sales and Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations.

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


	Environmental Goals		Social Goals
February 21, 2023 grant date
Number of units granted	204,172		78,528
Fair value on grant date (per unit)	$	48.55	$	48.55

2020 Three-year PSU Awards

In February 2023, the O&C Committee reviewed the performance results for the 2020-2022 PSUs. Performance goals for these PSUs were based on Adjusted EBITDA CAGR, ROIC, and the Company's TSR ranking relative to a group of peer companies.

Based on overall performance for 2020-2022 PSUs, these awards paid out at 172.4% of target or 457,461 units. Of this, 183,654 units were withheld to cover employee tax withholding and 914 units were designated as cash-settled awards, resulting in net share issuances of 272,893.

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

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2023