0001628280-24-020037 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 14.8	$ 14.9
Inventory reserves	$ 50.0	$ 43.3
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)	154,486,042	154,054,011
Common stock, shares, outstanding (in shares)	145,607,340	144,467,719
Treasury stock, shares (in shares)	8,878,702	9,586,292

Segments

3 Months Ended

Mar. 31, 2024

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)		2024			2023
Net sales:
Food		$	868.4		$	853.1
As a % of Consolidated net sales		65.3		%	63.2		%
Protective		461.2			495.7
As a % of Consolidated net sales		34.7		%	36.8		%
Consolidated Net sales		$	1,329.6		$	1,348.8

	Three Months Ended March 31,
(In millions)		2024			2023
Segment Adjusted EBITDA:
Food		$	189.6		$	194.8
Adjusted EBITDA Margin		21.8		%	22.8		%
Protective		89.5			80.4
Adjusted EBITDA Margin		19.4		%	16.2		%
Total Segment Adjusted EBITDA		$	279.1		$	275.2

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


	Three Months Ended March 31,
(In millions)		2024		2023
Food Adjusted EBITDA		$	189.6	$	194.8
Protective Adjusted EBITDA		89.5		80.4
Corporate Adjusted EBITDA		(0.8)		(7.9)
Interest expense, net		(65.1)		(57.8)
Depreciation and amortization, net of adjustments(1)		(60.9)		(68.9)
Special Items:
Liquibox intangible amortization		(7.5)		(5.0)
Liquibox inventory step-up expense		—		(8.4)
Restructuring charges(2)		(15.5)		1.2
Other restructuring associated costs		(6.8)		0.2
Foreign currency exchange loss due to highly inflationary economies		(4.9)		(2.6)
Loss on debt redemption and refinancing activities		—		(4.9)

Contract terminations		0.1		—
Charges related to acquisition and divestiture activity(3)		1.9		(16.9)



Other Special Items(4)		(0.5)		(7.5)
Pre-tax impact of Special Items		(33.2)		(43.9)
Earnings before income tax provision		$	119.1	$	96.7

(1)Net of Liquibox intangible amortization, which is included under Special Items. Depreciation and amortization by segment were as follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Food		$	46.9	$	46.7
Protective		21.5		27.2

Total Company depreciation and amortization(i)		$	68.4	$	73.9
Liquibox intangible amortization		(7.5)		(5.0)
Depreciation and amortization, net of adjustments		$	60.9	$	68.9

(i) Includes share-based incentive compensation of $8.7 million and $18.0 million for the three months ended March 31, 2024 and 2023, respectively.

(2)Restructuring charges by segment were as follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Food		$	8.6	$	(0.9)
Protective		6.9		(0.3)
Total Company restructuring charges		$	15.5	$	(1.2)

(3)Charges related to acquisition and divestiture activity for the three months ended March 31, 2024 primarily consists of income recognized on the final purchase price settlement related to the Liquibox acquisition.

(4)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.

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, 2024		December 31, 2023
Assets allocated to segments:
Food	$	3,396.6	$	3,386.4
Protective	2,662.6		2,663.4
Total segments	6,059.2		6,049.8
Assets not allocated:
Cash and cash equivalents	$	352.8	$	346.1

Income tax receivables	27.6		44.9
Other receivables	92.2		94.2
Advances and deposits	69.7		72.8
Deferred taxes	130.7		130.8
Other	467.1		462.0
Total	$	7,199.3	$	7,200.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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+ Details

Leases - Lease Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance leases - ROU assets	$ 37.5	$ 36.0
Finance leases - Accumulated depreciation	(15.3)	(14.9)
Operating leases - ROU assets	195.5	203.1
Operating leases - Accumulated depreciation	(115.2)	(116.6)
Total lease assets	102.5	107.6
Finance leases	(7.1)	(6.7)
Operating leases	(27.4)	(29.2)
Finance leases	(13.8)	(12.8)
Operating leases	(61.8)	(66.7)
Total lease liabilities	$ (110.1)	$ (115.4)

Accumulated Other Comprehensive Loss - Details of Amount Reclassified from AOCL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Other expense, net	$ (0.8)	$ (15.0)
Cost of sales	928.8	943.7
Total pre-tax amount	(119.1)	(96.7)
Tax benefit (expense)	35.7	33.8
Net of tax	(83.4)	(62.9)
Total reclassifications for the period	(1.2)	(0.2)
Defined benefit pension plans and other post-employment benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Total reclassifications for the period	(1.1)	(1.1)
Reclassification out of Accumulated Other Comprehensive Income \| Net settlement cost
Accumulated Other Comprehensive Income Loss [Line Items]
Other expense, net	0.0	(0.2)
Reclassification out of Accumulated Other Comprehensive Income \| Actuarial losses
Accumulated Other Comprehensive Income Loss [Line Items]
Other expense, net	(1.4)	(1.2)
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)	(1.4)
Tax benefit (expense)	0.3	0.3
Net of tax	(1.1)	(1.1)
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	(0.2)	1.1
Tax benefit (expense)	0.1	(0.2)
Net of tax	(0.1)	0.9
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	$ (0.2)	$ 1.1

Accounts Receivable Factoring Agreements	3 Months Ended
Accounts Receivable Factoring Agreements	Mar. 31, 2024
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 $50.0 million and $46.5 million of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, 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, 2024, 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 €75.6 million ($81.5 million equivalent at March 31, 2024) and €78.4 million ($86.7 million equivalent at December 31, 2023) of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the maximum purchase limit for receivable interests was €80.0 million ($86.3 million equivalent at March 31, 2024), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of March 31, 2024, the amount available under this program before utilization was €76.0 million ($82.0 million equivalent as of March 31, 2024). This program expires annually and is renewable. Utilization of Our Accounts Receivable Securitization Programs As of March 31, 2024, there were $50.0 million and €75.6 million ($81.5 million equivalent at March 31, 2024) of outstanding borrowings under our U.S. and European programs, respectively. As of December 31, 2023, there were $46.5 million and €78.4 million ($86.7 million equivalent at December 31, 2023) of outstanding borrowings under our U.S. and European programs, respectively. 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 $1.8 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at March 31, 2024. 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 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, 2024 and 2023 were $179.8 million and $194.5 million, respectively. The fees associated with transfer of receivables for all programs were approximately $3.0 million for both of the three months ended March 31, 2024 and 2023.

- Definition

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

+ References

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+ Details

Acquisitions - Schedule of Intangible Assets and Useful Lives (Details) - Liquibox - USD ($) $ in Millions	Dec. 31, 2023	Feb. 01, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 346.3	$ 342.1
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 186.4
Useful life	11 years
Trademarks and tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 26.0
Useful life	10 years
Software
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 3.7
Useful life	2 years
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 130.2
Useful life	12 years

Revenue Recognition, Contracts with Customers - Contracts with Customer Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0.4	$ 0.4
Contract liabilities	$ 20.6	$ 19.9

Leases - Schedule of Lease Commitments (Details) $ in Millions	Mar. 31, 2024 USD ($)
Finance leases
Remainder of 2024	$ 6.6
2025	6.1
2026	4.1
2027	1.9
2028	1.0
Thereafter	8.1
Total lease payments	27.8
Less: Interest	(6.9)
Present value of lease liabilities	20.9
Operating leases
Remainder of 2024	24.9
2025	27.5
2026	21.2
2027	12.1
2028	7.1
Thereafter	10.3
Total lease payments	103.1
Less: Interest	(13.9)
Present value of lease liabilities	$ 89.2

Stockholders' Equity - Number of PSUs Granted and Grant Date Fair Value of PSUs (Details) - $ / shares	Mar. 01, 2024	Feb. 21, 2024
Adjusted EBITDA CAGR
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	22,692	50,340
Fair value on grant date (per unit) (in usd per share)	$ 39.49	$ 41.09
ROIC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted (in shares)	22,692	50,340
Fair value on grant date (per unit) (in usd per share)	$ 39.49	$ 41.09

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table provides details of comprehensive income (loss) for the three months ended March 31, 2024 and 2023:


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






Balance at December 31, 2023	$	(146.4)	$	(770.6)	$	(38.1)	$	(0.4)	$	(955.5)
Other comprehensive (loss) income before reclassifications	(0.2)		(40.4)		8.4		1.3		(30.9)
Less: amounts reclassified from accumulated other comprehensive loss	1.1		—		—		0.1		1.2
Net current period other comprehensive income (loss)	0.9		(40.4)		8.4		1.4		(29.7)
Balance at March 31, 2024	$	(145.5)	$	(811.0)	$	(29.7)	$	1.0	$	(985.2)







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)

(1)Includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $8.8 million and $7.9 million for the three months ended March 31, 2024 and 2023, respectively.

The following table provides detail of amounts reclassified from AOCL:


	Three Months Ended March 31,
(In millions)		2024		2023		Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Net settlement cost		$	—	$	(0.2)

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


Net gains on cash flow hedging derivatives:(1)
Foreign currency forward contracts		(0.2)		1.1		Cost of sales


Total pre-tax amount		(0.2)		1.1
Tax benefit (expense)		0.1		(0.2)
Net of tax		(0.1)		0.9
Total reclassifications for the period		$	(1.2)	$	(0.2)

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

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance leases
Amortization of ROU assets	$ 2.0	$ 2.5
Interest on lease liabilities	0.4	0.4
Operating leases	9.4	9.0
Short-term lease cost	0.2	0.6
Variable lease cost	1.7	1.8
Total lease cost	13.7	14.3
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	0.9	1.1
Operating cash flows - operating leases	9.8	9.1
Financing cash flows - finance leases	1.8	2.3
ROU assets obtained in exchange for new lease liabilities
ROU assets obtained in exchange for new finance lease liabilities	3.3	5.9
ROU assets obtained in exchange for new operating lease liabilities	$ 2.3	$ 20.8
Finance leases
Remaining lease term (in years)	5 years 10 months 24 days	8 years 3 months 18 days
Discount rate	7.50%	6.30%
Operating leases
Remaining lease term (in years)	4 years 3 months 18 days	4 years 4 months 24 days
Discount rate	6.00%	5.30%

Revenue Recognition, Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts With Customers Summarized by Segment

For the three months ended March 31, 2024 and 2023, revenues from contracts with customers summarized by Segment and Geographic region were as follows:


	Three Months Ended March 31, 2024
(In millions)		Food		Protective		Total
Americas		$	578.6	$	296.3	$	874.9
EMEA		172.7		99.5		272.2
APAC		110.9		63.5		174.4

Topic 606 Segment Revenue		862.2		459.3		1,321.5
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)		6.2		1.9		8.1
Total		$	868.4	$	461.2	$	1,329.6


	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

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, 2024 and December 31, 2023:


(In millions)	March 31, 2024		December 31, 2023
Contract assets	$	0.4	$	0.4


Contract liabilities	$	20.6	$	19.9

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, 2024 and December 31, 2023, as well as the expected timing of recognition of that transaction price.


(In millions)	March 31, 2024		December 31, 2023
Short-Term (12 months or less)(1)	$	13.3	$	13.3
Long-Term	7.3		6.6
Total transaction price	$	20.6	$	19.9

(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 - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Aug. 02, 2021	May 31, 2018
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 1,000.0
Stock repurchase program, remaining authorizations	$ 536.5
Number of shares repurchased (in shares)	0	1,529,575
Value of shares repurchased		$ 79.8
Shares acquired, average price per share (in usd per share)		$ 52.20
New Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 1,000.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Identifiable Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023	$	1,284.3	$	1,798.1	$	3,082.4
Accumulated amortization(1)	(49.1)		(140.8)		(189.9)
Carrying Value at December 31, 2023	$	1,235.2	$	1,657.3	$	2,892.5

Currency translation	(0.9)		(3.9)		(4.8)

Carrying Value at March 31, 2024	$	1,234.3	$	1,653.4	$	2,887.7

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2024.

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, 2024, there were no impairment indicators present.


	March 31, 2024				December 31, 2023
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	286.5	$	(74.2)	$	212.3	$	287.7	$	(69.3)	$	218.4
Trademarks and tradenames	57.0		(20.6)		36.4		57.0		(19.4)		37.6
Software	151.2		(117.3)		33.9		148.2		(112.8)		35.4
Technology	196.8		(63.8)		133.0		197.5		(60.1)		137.4
Contracts	11.4		(10.3)		1.1		11.5		(10.2)		1.3
Total intangible assets with definite lives	702.9		(286.2)		416.7		701.9		(271.8)		430.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	711.8	$	(286.2)	$	425.6	$	710.8	$	(271.8)	$	439.0

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, 2024, there were no impairment indicators present.


	March 31, 2024				December 31, 2023
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	286.5	$	(74.2)	$	212.3	$	287.7	$	(69.3)	$	218.4
Trademarks and tradenames	57.0		(20.6)		36.4		57.0		(19.4)		37.6
Software	151.2		(117.3)		33.9		148.2		(112.8)		35.4
Technology	196.8		(63.8)		133.0		197.5		(60.1)		137.4
Contracts	11.4		(10.3)		1.1		11.5		(10.2)		1.3
Total intangible assets with definite lives	702.9		(286.2)		416.7		701.9		(271.8)		430.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	711.8	$	(286.2)	$	425.6	$	710.8	$	(271.8)	$	439.0

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at March 31, 2024.


Year	Amount (In millions)
Remainder of 2024	$	47.8
2025	57.2
2026	46.1
2027	39.7
2028	39.0
Thereafter	186.9
Total	$	416.7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Accounts Receivable Securitization Programs	3 Months Ended
Accounts Receivable Securitization Programs	Mar. 31, 2024
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 $50.0 million and $46.5 million of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, 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, 2024, 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 €75.6 million ($81.5 million equivalent at March 31, 2024) and €78.4 million ($86.7 million equivalent at December 31, 2023) of borrowings or corresponding net trade receivables maintained as collateral as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the maximum purchase limit for receivable interests was €80.0 million ($86.3 million equivalent at March 31, 2024), subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of March 31, 2024, the amount available under this program before utilization was €76.0 million ($82.0 million equivalent as of March 31, 2024). This program expires annually and is renewable. Utilization of Our Accounts Receivable Securitization Programs As of March 31, 2024, there were $50.0 million and €75.6 million ($81.5 million equivalent at March 31, 2024) of outstanding borrowings under our U.S. and European programs, respectively. As of December 31, 2023, there were $46.5 million and €78.4 million ($86.7 million equivalent at December 31, 2023) of outstanding borrowings under our U.S. and European programs, respectively. 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 $1.8 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at March 31, 2024. 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 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, 2024 and 2023 were $179.8 million and $194.5 million, respectively. The fees associated with transfer of receivables for all programs were approximately $3.0 million for both of the three months ended March 31, 2024 and 2023.

- Definition

+ References

+ Details

Segments - Additional Information (Details)	3 Months Ended
Segments - Additional Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Accounts Receivable Securitization Programs (Details) € in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) bank	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	$ 134,600,000			$ 140,700,000
Prepaid expenses and other current assets	198,800,000			188,400,000
Interest paid	65,100,000	$ 57,800,000
Line of Credit
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	134,600,000			140,700,000
U.S. Accounts Receivable Securitization Program \| Line of Credit
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	$ 50,000,000			46,500,000
U.S. Accounts Receivable Securitization Program \| U.S. Program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Level of eligible assets available under accounts receivable securitization program	$ 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	81,500,000		€ 75.6	86,700,000	€ 78.4
European Accounts Receivable Securitization Program \| Line of Credit
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Outstanding borrowings	$ 81,500,000		75.6	$ 86,700,000	€ 78.4
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	$ 82,000,000		76.0
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	86,300,000		€ 80.0
Accounts Receivable Securitization Programs
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Interest paid	$ 1,800,000	$ 900,000

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,329.6	$ 1,348.8
Cost of sales	928.8	943.7
Gross profit	400.8	405.1
Selling, general and administrative expenses	185.5	221.6
Amortization expense of intangible assets	14.8	15.2
Restructuring charges (Note 12)	15.5	(1.2)
Operating profit	185.0	169.5
Interest expense, net	(65.1)	(57.8)
Other expense, net (Note 21)	(0.8)	(15.0)
Earnings before income tax provision	119.1	96.7
Income tax provision (Note 17)	35.7	33.8
Net earnings from continuing operations	83.4	62.9
Loss on sale of discontinued operations, net of tax	(1.4)	(1.0)
Net earnings	$ 82.0	$ 61.9
Basic:
Continuing operations (in dollars per share)	$ 0.58	$ 0.44
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings per common share - basic (in dollars per share)	0.57	0.43
Diluted:
Continuing operations (in dollars per share)	0.57	0.44
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings per common share - diluted (n dollars per share)	$ 0.56	$ 0.43
Weighted average number of common shares outstanding: (Note 22)
Basic (in shares)	144.9	144.1
Diluted (in shares)	145.4	144.8

Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net earnings	$ 82.0	$ 61.9
Distributed and allocated undistributed net earnings to unvested restricted stockholders	0.0	0.0
Net earnings available to common stockholders	$ 82.0	$ 61.9
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	144.9	144.1
Basic net earnings per common share:
Basic net earnings per common share (in dollars per share)	$ 0.57	$ 0.43
Numerator:
Net earnings available to common stockholders	$ 82.0	$ 61.9
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	144.9	144.1
Effect of unvested restricted stock units (in shares)	0.5	0.7
Weighted average number of common shares outstanding - diluted under treasury stock (in shares)	145.4	144.8
Diluted net earnings per common share (in dollars per share)	$ 0.56	$ 0.43

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 21, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Quarterly cash dividend (in dollars per share)	$ 0.20	$ 0.20	$ 0.20
Amount of quarterly cash dividend declared	$ 29.1

Restructuring Activities (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of CTO2Grow Restructuring Spend Estimated to be Incurred

CTO2Grow Program restructuring spend is estimated to be incurred as follows:


	Total Restructuring Program Range				Less Program Activity to Date		Remaining Restructuring
(In millions)	Low		High				Low		High
Costs of reduction in headcount as a result of reorganization	$	90	$	95	$	(32)	$	58	$	63
Other associated costs	20		25		(8)		12		17
Contract terminations	25		30		(15)		10		15
Total cash expense	135		150		(55)		80		95
Capital expenditures	5		10		—		5		10
Total estimated cash cost(1)	$	140	$	160	$	(55)	$	85	$	105
Total estimated non-cash expense(2)	$	33	$	33	$	(33)	$	—	$	—
Total estimated expense(3)	$	168	$	183	$	(88)	$	80	$	95

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

(2)Reflects actual expenses that have been incurred. Ranges associated with future non-cash expenses related to the CTO2Grow Program are difficult to estimate and are not available without unreasonable efforts, as these typically relate to exit and disposal activities.

(3)Total estimated expense excludes capital expenditures.

Restructuring and Relocation Activities

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


	Three Months Ended March 31,
(In millions)		2024		2023

Other associated costs		$	6.8	$	(0.2)
Contract terminations		(0.1)		—
Restructuring charges		15.5		(1.2)


Total charges		$	22.2	$	(1.4)
Capital expenditures		$	—	$	—

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, 2024 and the accrual balance remaining at March 31, 2024 was as follows:


(In millions)





Restructuring accrual at December 31, 2023	$	24.3
Headcount accrual and accrual adjustments	15.5

Cash payments during 2024	(9.8)

Effect of changes in foreign currency exchange rates	(0.3)
Restructuring accrual at March 31, 2024(1)	$	29.7

(1)Excludes $3.6 million of remaining lease obligations on terminated contracts included in Current portion of operating lease liabilities and Long-term operating lease liabilities, less current portion on our Condensed Consolidated Balance Sheets.

Fair Value Measurements, Equity Investments and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
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 February 2031
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	7.25%
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	$ 84.6	$ 94.1
Other domestic borrowings	57.1	65.9
Total debt	4,641.5	4,682.8
Carrying Amount \| Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	399.3	399.1
Carrying Amount \| Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	597.3	597.0
Carrying Amount \| Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	422.7	422.5
Carrying Amount \| Senior Notes due February 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	765.3	764.8
Carrying Amount \| Senior Notes due April 2029
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.8	421.7
Carrying Amount \| Senior Notes due February 2031
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	421.0	420.9
Carrying Amount \| Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	446.7	446.7
Carrying Amount \| Term Loan A due March 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	1,025.7	1,050.1
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign borrowings	84.6	94.1
Other domestic borrowings	57.1	65.0
Total debt	4,599.1	4,667.7
Fair Value \| Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	398.6	400.7
Fair Value \| Senior Secured Notes due October 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	541.7	539.5
Fair Value \| Senior Notes due December 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	397.9	399.4
Fair Value \| Senior Notes due February 2028
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	775.7	780.8
Fair Value \| Senior Notes due April 2029
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	407.4	410.8
Fair Value \| Senior Notes due February 2031
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	441.9	450.3
Fair Value \| Senior Notes due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	468.5	477.0
Fair Value \| Term Loan A due March 2027
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	$ 1,025.7	$ 1,050.1

Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from performance obligations satisfied In previous periods	$ 1.1	$ 0.8
Revenue recognized that was previously included in contract liability	$ 2.6	$ 4.6

Inventories, net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net

The following table details our inventories, net.


(In millions)	March 31, 2024		December 31, 2023
Raw materials	$	162.2	$	165.3
Work in process	180.1		178.5
Finished goods	447.9		430.5
Total	$	790.2	$	774.3

Segments (Tables)

3 Months Ended

Mar. 31, 2024

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)		2024			2023
Net sales:
Food		$	868.4		$	853.1
As a % of Consolidated net sales		65.3		%	63.2		%
Protective		461.2			495.7
As a % of Consolidated net sales		34.7		%	36.8		%
Consolidated Net sales		$	1,329.6		$	1,348.8

	Three Months Ended March 31,
(In millions)		2024			2023
Segment Adjusted EBITDA:
Food		$	189.6		$	194.8
Adjusted EBITDA Margin		21.8		%	22.8		%
Protective		89.5			80.4
Adjusted EBITDA Margin		19.4		%	16.2		%
Total Segment Adjusted EBITDA		$	279.1		$	275.2

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)		2024		2023
Food Adjusted EBITDA		$	189.6	$	194.8
Protective Adjusted EBITDA		89.5		80.4
Corporate Adjusted EBITDA		(0.8)		(7.9)
Interest expense, net		(65.1)		(57.8)
Depreciation and amortization, net of adjustments(1)		(60.9)		(68.9)
Special Items:
Liquibox intangible amortization		(7.5)		(5.0)
Liquibox inventory step-up expense		—		(8.4)
Restructuring charges(2)		(15.5)		1.2
Other restructuring associated costs		(6.8)		0.2
Foreign currency exchange loss due to highly inflationary economies		(4.9)		(2.6)
Loss on debt redemption and refinancing activities		—		(4.9)

Contract terminations		0.1		—
Charges related to acquisition and divestiture activity(3)		1.9		(16.9)



Other Special Items(4)		(0.5)		(7.5)
Pre-tax impact of Special Items		(33.2)		(43.9)
Earnings before income tax provision		$	119.1	$	96.7

(1)Net of Liquibox intangible amortization, which is included under Special Items. Depreciation and amortization by segment were as follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Food		$	46.9	$	46.7
Protective		21.5		27.2

Total Company depreciation and amortization(i)		$	68.4	$	73.9
Liquibox intangible amortization		(7.5)		(5.0)
Depreciation and amortization, net of adjustments		$	60.9	$	68.9

(i) Includes share-based incentive compensation of $8.7 million and $18.0 million for the three months ended March 31, 2024 and 2023, respectively.

(2)Restructuring charges by segment were as follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Food		$	8.6	$	(0.9)
Protective		6.9		(0.3)
Total Company restructuring charges		$	15.5	$	(1.2)

Assets by Reportable Segments


(In millions)	March 31, 2024		December 31, 2023
Assets allocated to segments:
Food	$	3,396.6	$	3,386.4
Protective	2,662.6		2,663.4
Total segments	6,059.2		6,049.8
Assets not allocated:
Cash and cash equivalents	$	352.8	$	346.1

Income tax receivables	27.6		44.9
Other receivables	92.2		94.2
Advances and deposits	69.7		72.8
Deferred taxes	130.7		130.8
Other	467.1		462.0
Total	$	7,199.3	$	7,200.6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares		3 Months Ended
	Feb. 21, 2024	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per share common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Details of Comprehensive Income (Loss)

The following table provides details of comprehensive income (loss) for the three months ended March 31, 2024 and 2023:


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






Balance at December 31, 2023	$	(146.4)	$	(770.6)	$	(38.1)	$	(0.4)	$	(955.5)
Other comprehensive (loss) income before reclassifications	(0.2)		(40.4)		8.4		1.3		(30.9)
Less: amounts reclassified from accumulated other comprehensive loss	1.1		—		—		0.1		1.2
Net current period other comprehensive income (loss)	0.9		(40.4)		8.4		1.4		(29.7)
Balance at March 31, 2024	$	(145.5)	$	(811.0)	$	(29.7)	$	1.0	$	(985.2)







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)

Detail of Amounts Reclassified from AOCL

The following table provides detail of amounts reclassified from AOCL:


	Three Months Ended March 31,
(In millions)		2024		2023		Location of Amount Reclassified from AOCL
Defined benefit pension plans and other post-employment benefits:
Net settlement cost		$	—	$	(0.2)

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


Net gains on cash flow hedging derivatives:(1)
Foreign currency forward contracts		(0.2)		1.1		Cost of sales


Total pre-tax amount		(0.2)		1.1
Tax benefit (expense)		0.1		(0.2)
Net of tax		(0.1)		0.9
Total reclassifications for the period		$	(1.2)	$	(0.2)

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

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

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

As a 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 $1.4 million gain and a $1.1 million gain for the three months ended March 31, 2024 and 2023, 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 $0.2 million of net unrealized gains related to cash flow hedging activities included in AOCL will be reclassified into earnings within the next twelve months.

Foreign Currency Forward Contracts Not Designated as Hedges

Our subsidiaries have foreign currency exchange exposure from buying and selling in currencies other than their functional currencies. The primary purposes of our foreign currency hedging activities are to manage the potential changes in value associated with the amounts receivable or payable on transactions denominated in foreign currencies and to minimize the impact of the changes in foreign currencies related to foreign currency-denominated, interest-bearing intercompany loans and receivables and payables. The changes in fair value of these derivative contracts are recognized in Other expense, 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, 2024 and December 31, 2023, 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, were 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. We recognized $0.8 million and $0.5 million of interest income within Interest expense, net on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, respectively, related to these contracts.

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 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, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Derivative Assets
Foreign currency forward contracts	$	1.0	$	0.2	$	—	$	—	$	5.0	$	4.9	$	6.0	$	5.1

Total Derivative Assets	$	1.0	$	0.2	$	—	$	—	$	5.0	$	4.9	$	6.0	$	5.1

Derivative Liabilities
Foreign currency forward contracts	$	(0.5)	$	(2.7)	$	—	$	—	$	(1.1)	$	(1.6)	$	(1.6)	$	(4.3)
Cross-currency swaps	—		—		(8.8)		(19.9)		—		—		(8.8)		(19.9)
Total Derivative Liabilities	$	(0.5)	$	(2.7)	$	(8.8)	$	(19.9)	$	(1.1)	$	(1.6)	$	(10.4)	$	(24.2)
Net Derivatives(1)	$	0.5	$	(2.5)	$	(8.8)	$	(19.9)	$	3.9	$	3.3	$	(4.4)	$	(19.1)

(1)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, 2024		December 31, 2023		March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
Gross position	$	6.0	$	5.1	$	(1.6)	$	(4.3)		$	(8.8)	$	(19.9)
Impact of master netting agreements	(0.9)		(1.1)		0.9		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	5.1	$	4.0	$	(0.7)	$	(3.2)		$	(8.8)	$	(19.9)

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


			Amount of (Loss) Gain Recognized in Earnings on Derivatives
	Location of (Loss) Gain Recognized on	Three Months Ended March 31,
(In millions)	Condensed Consolidated Statements of Operations		2024		2023
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales		$	(0.2)	$	1.1








Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other expense, net		3.7		3.3
Total			$	3.5	$	4.4

Net Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Earnings Per Common Share

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)		2024		2023
Basic Net Earnings Per Common Share:
Numerator:
Net earnings		$	82.0	$	61.9
Distributed and allocated undistributed net earnings to unvested restricted stockholders		—		—
Net earnings available to common stockholders		$	82.0	$	61.9
Denominator:
Weighted average number of common shares outstanding - basic		144.9		144.1
Basic net earnings per common share:
Basic net earnings per common share		$	0.57	$	0.43
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders		$	82.0	$	61.9
Denominator:
Weighted average number of common shares outstanding - basic		144.9		144.1
Effect of dilutive stock shares and units		0.5		0.7


Weighted average number of common shares outstanding - diluted under treasury stock		145.4		144.8
Diluted net earnings per common share		$	0.56	$	0.43

Stockholders' Equity - Total Share-based Incentive Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Total share-based incentive compensation expense	$ 8.7	$ 18.0

Segments - Assets by Reportable Segments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets not allocated:
Cash and cash equivalents	$ 352.8	$ 346.1	$ 456.1
Income tax receivables	27.6	44.9
Other receivables	92.2	94.2
Advances and deposits	69.7	72.8
Deferred taxes	130.7	130.8
Total assets	7,199.3	7,200.6
Assets allocated to segments:
Assets allocated to segments:
Assets allocated to segments	6,059.2	6,049.8
Assets allocated to segments: \| Food
Assets allocated to segments:
Assets allocated to segments	3,396.6	3,386.4
Assets allocated to segments: \| Protective
Assets allocated to segments:
Assets allocated to segments	2,662.6	2,663.4
Assets not allocated:
Assets not allocated:
Cash and cash equivalents	352.8	346.1
Income tax receivables	27.6	44.9
Other receivables	92.2	94.2
Advances and deposits	69.7	72.8
Deferred taxes	130.7	130.8
Other	467.1	462.0
Total assets	$ 7,199.3	$ 7,200.6

Debt and Credit Facilities - Summary of Available Lines of Credit (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Used lines of credit	$ 134.6	$ 140.7
Unused lines of credit	1,134.9	1,134.7
Total available lines of credit	1,269.5	$ 1,275.4
Committed Line of Credit Facilities
Line of Credit Facility [Line Items]
Total available lines of credit	$ 1,132.0

- Definition

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

+ References + Details

Restructuring Activities

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

On August 7, 2023, the Board of Directors approved a new 3-year cost take-out to grow program (the “CTO2Grow Program”). The total cash cost of this program is estimated to be in the range of $140 to $160 million.

For the three months ended March 31, 2024, the Company incurred cash expense including $15.3 million of restructuring charges related to headcount reductions, $6.7 million of other associated costs and recorded income of $0.1 million related to contract terminations in connection with the CTO2Grow Program.

CTO2Grow Program restructuring spend is estimated to be incurred as follows:


	Total Restructuring Program Range				Less Program Activity to Date		Remaining Restructuring
(In millions)	Low		High				Low		High
Costs of reduction in headcount as a result of reorganization	$	90	$	95	$	(32)	$	58	$	63
Other associated costs	20		25		(8)		12		17
Contract terminations	25		30		(15)		10		15
Total cash expense	135		150		(55)		80		95
Capital expenditures	5		10		—		5		10
Total estimated cash cost(1)	$	140	$	160	$	(55)	$	85	$	105
Total estimated non-cash expense(2)	$	33	$	33	$	(33)	$	—	$	—
Total estimated expense(3)	$	168	$	183	$	(88)	$	80	$	95

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

(3)Total estimated expense excludes capital expenditures.

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


	Three Months Ended March 31,
(In millions)		2024		2023

Other associated costs		$	6.8	$	(0.2)
Contract terminations		(0.1)		—
Restructuring charges		15.5		(1.2)


Total charges		$	22.2	$	(1.4)
Capital expenditures		$	—	$	—

The aggregate restructuring accrual, spending and other activity for the three months ended March 31, 2024 and the accrual balance remaining at March 31, 2024 was as follows:


(In millions)





Restructuring accrual at December 31, 2023	$	24.3
Headcount accrual and accrual adjustments	15.5

Cash payments during 2024	(9.8)

Effect of changes in foreign currency exchange rates	(0.3)
Restructuring accrual at March 31, 2024(1)	$	29.7

We expect to pay $28.8 million of the accrual balance as of March 31, 2024 within the next twelve months. The remaining accrual of $0.9 million is expected to be paid primarily in 2025. These amounts are included in Accrued restructuring costs and Other non-current liabilities, respectively, on our Condensed Consolidated Balance Sheets at March 31, 2024.

The CTO2Grow Program was approved by our Board of Directors as a consolidated program benefiting both Food and Protective, and accordingly the expected program spend by reporting segment is not available. However, of the total restructuring accrual of $29.7 million as of March 31, 2024, $18.1 million was attributable to Food and $11.6 million was attributable to Protective.

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2024
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 that integrate sustainable, high-performance materials, automation, equipment, and services. Sealed Air Corporation designs, manufactures and delivers packaging solutions that preserve food, protect goods, and automate packaging processes. We deliver our packaging solutions to an array of end markets including fresh proteins, foods, fluids and liquids, medical and life science, e-commerce retail, logistics and omnichannel fulfillment operations, and industrials. Our portfolio of solutions includes CRYOVAC® brand food packaging, LIQUIBOX® brand liquids systems, SEALED AIR® brand protective packaging, AUTOBAG® brand automated packaging systems and BUBBLE WRAP® brand packaging. We have established competitive strengths in high-performance packaging solutions, well-established customer relationships, iconic brands, and global scale and market access. 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, 2024 and our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and in our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2023 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 are 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, 2023 (“2023 Form 10-K”), which was filed with the SEC on February 27, 2024, 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 Adopted and Issued Accounting Standards” of our audited consolidated financial statements and notes thereto included in our 2023 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 subsidiary 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 $4.9 million and $2.6 million of remeasurement losses for the three months ended March 31, 2024 and 2023, respectively, related to our subsidiary in Argentina.

Other Expense, net (Details) - USD ($) $ in Millions	3 Months Ended
Other Expense, net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Net foreign exchange transaction gain (loss)	$ 1.2	$ (4.9)
Bank fee expense	(1.0)	(1.4)
Pension cost other than service cost	(1.8)	(2.1)
Foreign currency exchange loss due to highly inflationary economies	(4.9)	(2.6)
Loss on debt redemption and refinancing activities	0.0	(4.9)
Other income	6.6	2.6
Other expense	(0.9)	(1.7)
Other expense, net	$ (0.8)	$ (15.0)

Debt and Credit Facilities - Amended and Restated Senior Secured Credit Facility (Details) $ in Millions	Feb. 01, 2023 USD ($)
Fourth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Payments of lender and third-party fees for debt modification	$ 11.0

Derivatives and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) derivative	Mar. 31, 2023 USD ($)	Dec. 31, 2023 derivative	Jun. 30, 2015 EUR (€)
Derivative [Line Items]
Derivative interest income	$ 3.5	$ 4.4
Foreign currency forward contracts \| Designated as hedging instruments
Derivative [Line Items]
Maximum original maturity of foreign currency forward contracts	12 months
Net unrealized after tax gain (loss) related to cash flow hedging activities	$ 1.4	1.1
Estimate of net unrealized derivative gains included in AOCI to be reclassified into earnings in next twelve months	$ 0.2
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	$ 3.7	3.3
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
Derivative interest income	$ 0.8	$ 0.5

Fair Value Measurements, Equity Investments and Other Financial Instruments - Equity Investment Without Readily Determinable Fair Value Narrative (Details) - Common Stock - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cumulative upward adjustment	$ 21.7
Cumulative downward adjustment		$ 31.6

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The following table details our property and equipment, net.


(In millions)	March 31, 2024		December 31, 2023
Land and improvements	$	46.7	$	47.5
Buildings	837.8		835.8
Machinery and equipment	2,807.5		2,811.5
Other property and equipment	141.9		142.0
Construction-in-progress	230.0		227.0
Property and equipment, gross	4,063.9		4,063.8
Accumulated depreciation and amortization	(2,652.7)		(2,647.4)
Property and equipment, net	$	1,411.2	$	1,416.4

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)		2024		2023
Interest cost capitalized		$	3.3	$	2.5
Depreciation and amortization expense(1)		$	44.8	$	40.7

(1)Includes amortization expense of finance lease ROU assets of $2.0 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively.

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, 2024	Mar. 31, 2023
Components of net periodic benefit cost:
Interest cost	$ 6.7	$ 7.0
Amortization of net prior service credit and net actuarial gain	0.1	0.1
Net periodic benefit cost	1.6	2.0
Other post-retirement employee benefit plans
Components of net periodic benefit cost:
Interest cost	0.4	0.4
Amortization of net prior service credit and net actuarial gain	(0.1)	(0.1)
Net periodic benefit cost	$ 0.3	$ 0.3

Fair Value Measurements, Equity Investments and Other Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Equity Investments and Other Financial Instruments

Fair Value Measurements

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

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

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

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

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


	March 31, 2024
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	46.4	$	46.4	$	—	$	—

Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	4.4	$	—	$	4.4	$	—

Cross-currency swaps	$	(8.8)	$	—	$	(8.8)	$	—


	December 31, 2023
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	40.2	$	40.2	$	—	$	—

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

Cross-currency swaps	$	(19.9)	$	—	$	(19.9)	$	—

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, 2024 and December 31, 2023. Cross-currency swaps are included in Other non-current liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.

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, 2024 and December 31, 2023:


(In millions)	March 31, 2024		December 31, 2023
Carrying value at the beginning of period	$	13.8	$	13.3
Purchases	—		—
Impairments or downward adjustments	—		—
Upward adjustments	—		—
Currency translation on investments	(0.3)		0.5
Carrying value at the end of period	$	13.5	$	13.8

As of March 31, 2024 and December 31, 2023, cumulative upward adjustments to our equity investments were $21.7 million and cumulative impairments or downward adjustments were $31.6 million.

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, 2024				December 31, 2023
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value


Term Loan A due March 2027(1)			$	1,025.7	$	1,025.7	$	1,050.1	$	1,050.1




Senior Notes due September 2025	5.500	%	399.3		398.6		399.1		400.7
Senior Secured Notes due October 2026	1.573	%	597.3		541.7		597.0		539.5
Senior Notes due December 2027	4.000	%	422.7		397.9		422.5		399.4
Senior Notes due February 2028	6.125	%	765.3		775.7		764.8		780.8
Senior Notes due April 2029	5.000	%	421.8		407.4		421.7		410.8
Senior Notes due February 2031	7.250	%	421.0		441.9		420.9		450.3
Senior Notes due July 2033	6.875	%	446.7		468.5		446.7		477.0
Other foreign borrowings(1)			84.6		84.6		94.1		94.1
Other domestic borrowings			57.1		57.1		65.9		65.0
Total debt(2)			$	4,641.5	$	4,599.1	$	4,682.8	$	4,667.7

(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.

- Definition

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

+ References + Details

Revenue Recognition, Contracts with Customers - Remaining Performance Obligation and Total Transaction Price (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price	$ 20.6	$ 19.9
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		$ 13.3
Remaining performance obligation, expected timing of satisfaction, period		12 months
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	$ 13.3
Remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price		$ 6.6
Remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total transaction price	$ 7.3
Remaining performance obligation, expected timing of satisfaction, period	12 months

Segments - Net Sales and Adjusted EBITDA by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 1,329.6	$ 1,348.8
Segment Adjusted EBITDA:	279.1	275.2
Food
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 868.4	$ 853.1
Food and Protective Adjusted EBITDA Margin	21.80%	22.80%
Food \| Product Concentration Risk \| Net Sales
Segment Reporting Information [Line Items]
As a % of Consolidated net sales	65.30%	63.20%
Food \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 868.4	$ 853.1
Segment Adjusted EBITDA:	189.6	194.8
Protective
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 461.2	$ 495.7
Food and Protective Adjusted EBITDA Margin	19.40%	16.20%
Protective \| Product Concentration Risk \| Net Sales
Segment Reporting Information [Line Items]
As a % of Consolidated net sales	34.70%	36.80%
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Consolidated Net sales	$ 461.2	$ 495.7
Segment Adjusted EBITDA:	$ 89.5	$ 80.4

Restructuring Activities - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 07, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 15.5	$ (1.2)
Other associated costs		6.8	(0.2)
Contract terminations		(0.1)	$ 0.0
Restructuring accrual expected to pay		28.8		$ 23.1
Restructuring accrual		29.7		$ 24.3
Food
Restructuring Cost and Reserve [Line Items]
Restructuring accrual		18.1
Protective
Restructuring Cost and Reserve [Line Items]
Restructuring accrual		11.6
CTO2 Grow Program
Restructuring Cost and Reserve [Line Items]
Restructuring program term (in years)	3 years
Restructuring charges		15.3
Other associated costs		6.7
Contract terminations		(0.1)
CTO2 Grow Program \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring expected spend	$ 140.0
CTO2 Grow Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring expected spend	$ 160.0
Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring accrual expected to pay		28.8
Restructuring accrual remaining		$ 0.9

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Lessor

SEE has contractual obligations as a lessor with respect to some of our automation 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, 2024 and December 31, 2023 were as follows:


(In millions)	March 31, 2024		December 31, 2023
Short-Term (12 months or less)	$	8.7	$	8.5
Long-Term	33.3		33.3
Lease receivables	$	42.0	$	41.8

Sales-type and operating lease revenue was less than 1% of net trade sales for the three months ended March 31, 2024 and year ended December 31, 2023.

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, 2024		December 31, 2023
Other non-current assets:
Finance leases - ROU assets	$	37.5	$	36.0
Finance leases - Accumulated depreciation	(15.3)		(14.9)
Operating lease right-of-use-assets:
Operating leases - ROU assets	195.5		203.1
Operating leases - Accumulated depreciation	(115.2)		(116.6)
Total lease assets	$	102.5	$	107.6
Current portion of long-term debt:
Finance leases	$	(7.1)	(6.7)
Current portion of operating lease liabilities:
Operating leases	(27.4)		(29.2)
Long-term debt, less current portion:
Finance leases	(13.8)		(12.8)
Long-term operating lease liabilities, less current portion:
Operating leases	(61.8)		(66.7)
Total lease liabilities	$	(110.1)	$	(115.4)

At March 31, 2024, 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 2024	$	6.6	$	24.9
2025	6.1		27.5
2026	4.1		21.2
2027	1.9		12.1
2028	1.0		7.1
Thereafter	8.1		10.3
Total lease payments	27.8		103.1
Less: Interest	(6.9)		(13.9)
Present value of lease liabilities	$	20.9	$	89.2

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


	Three Months Ended March 31,
(In millions)		2024		2023
Lease cost(1)
Finance leases
Amortization of ROU assets		$	2.0	$	2.5
Interest on lease liabilities		0.4		0.4
Operating leases		9.4		9.0
Short-term lease cost		0.2		0.6
Variable lease cost		1.7		1.8
Total lease cost		$	13.7	$	14.3

(1) With the exception of Interest on lease liabilities, we record lease costs to Cost of sales or Selling, general and administrative expenses on the 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)	2024		2023
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	0.9	$	1.1
Operating cash flows - operating leases	$	9.8	$	9.1
Financing cash flows - finance leases	$	1.8	$	2.3

ROU assets obtained in exchange for new finance lease liabilities	$	3.3	$	5.9
ROU assets obtained in exchange for new operating lease liabilities	$	2.3	$	20.8


	Three Months Ended March 31,
	2024		2023
Weighted average information:
Finance leases
Remaining lease term (in years)	5.9		8.3
Discount rate	7.5	%	6.3	%
Operating leases
Remaining lease term (in years)	4.3		4.4
Discount rate	6.0	%	5.3	%

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, 2024 and December 31, 2023 were as follows:


(In millions)	March 31, 2024		December 31, 2023
Short-Term (12 months or less)	$	8.7	$	8.5
Long-Term	33.3		33.3
Lease receivables	$	42.0	$	41.8

Sales-type and operating lease revenue was less than 1% of net trade sales for the three months ended March 31, 2024 and year ended December 31, 2023.

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, 2024		December 31, 2023
Other non-current assets:
Finance leases - ROU assets	$	37.5	$	36.0
Finance leases - Accumulated depreciation	(15.3)		(14.9)
Operating lease right-of-use-assets:
Operating leases - ROU assets	195.5		203.1
Operating leases - Accumulated depreciation	(115.2)		(116.6)
Total lease assets	$	102.5	$	107.6
Current portion of long-term debt:
Finance leases	$	(7.1)	(6.7)
Current portion of operating lease liabilities:
Operating leases	(27.4)		(29.2)
Long-term debt, less current portion:
Finance leases	(13.8)		(12.8)
Long-term operating lease liabilities, less current portion:
Operating leases	(61.8)		(66.7)
Total lease liabilities	$	(110.1)	$	(115.4)

At March 31, 2024, 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 2024	$	6.6	$	24.9
2025	6.1		27.5
2026	4.1		21.2
2027	1.9		12.1
2028	1.0		7.1
Thereafter	8.1		10.3
Total lease payments	27.8		103.1
Less: Interest	(6.9)		(13.9)
Present value of lease liabilities	$	20.9	$	89.2

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


	Three Months Ended March 31,
(In millions)		2024		2023
Lease cost(1)
Finance leases
Amortization of ROU assets		$	2.0	$	2.5
Interest on lease liabilities		0.4		0.4
Operating leases		9.4		9.0
Short-term lease cost		0.2		0.6
Variable lease cost		1.7		1.8
Total lease cost		$	13.7	$	14.3


	Three Months Ended March 31,
(In millions)	2024		2023
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	0.9	$	1.1
Operating cash flows - operating leases	$	9.8	$	9.1
Financing cash flows - finance leases	$	1.8	$	2.3

ROU assets obtained in exchange for new finance lease liabilities	$	3.3	$	5.9
ROU assets obtained in exchange for new operating lease liabilities	$	2.3	$	20.8


	Three Months Ended March 31,
	2024		2023
Weighted average information:
Finance leases
Remaining lease term (in years)	5.9		8.3
Discount rate	7.5	%	6.3	%
Operating leases
Remaining lease term (in years)	4.3		4.4
Discount rate	6.0	%	5.3	%

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

3 Months Ended

Mar. 31, 2024

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, 2024
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	46.4	$	46.4	$	—	$	—

Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	4.4	$	—	$	4.4	$	—

Cross-currency swaps	$	(8.8)	$	—	$	(8.8)	$	—


	December 31, 2023
(In millions)	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents	$	40.2	$	40.2	$	—	$	—

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

Cross-currency swaps	$	(19.9)	$	—	$	(19.9)	$	—

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, 2024 and December 31, 2023:


(In millions)	March 31, 2024		December 31, 2023
Carrying value at the beginning of period	$	13.8	$	13.3
Purchases	—		—
Impairments or downward adjustments	—		—
Upward adjustments	—		—
Currency translation on investments	(0.3)		0.5
Carrying value at the end of period	$	13.5	$	13.8

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, 2024				December 31, 2023
(In millions)	Interest rate		Carrying Amount		Fair Value		Carrying Amount		Fair Value


Term Loan A due March 2027(1)			$	1,025.7	$	1,025.7	$	1,050.1	$	1,050.1




Senior Notes due September 2025	5.500	%	399.3		398.6		399.1		400.7
Senior Secured Notes due October 2026	1.573	%	597.3		541.7		597.0		539.5
Senior Notes due December 2027	4.000	%	422.7		397.9		422.5		399.4
Senior Notes due February 2028	6.125	%	765.3		775.7		764.8		780.8
Senior Notes due April 2029	5.000	%	421.8		407.4		421.7		410.8
Senior Notes due February 2031	7.250	%	421.0		441.9		420.9		450.3
Senior Notes due July 2033	6.875	%	446.7		468.5		446.7		477.0
Other foreign borrowings(1)			84.6		84.6		94.1		94.1
Other domestic borrowings			57.1		57.1		65.9		65.0
Total debt(2)			$	4,641.5	$	4,599.1	$	4,682.8	$	4,667.7

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

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

Leases - Summary of Lease Payments Captured in Lease Receivables (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Short-Term (12 months or less)	$ 8.7	$ 8.5
Long-Term	33.3	33.3
Lease receivables	$ 42.0	$ 41.8
Sales-type and operating lease revenue , percentage of net trade sales (less than)	1.00%	1.00%

Segments - Reconciliation of Net Earnings to Total Company Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 279.1	$ 275.2
Interest expense, net	(65.1)	(57.8)
Depreciation and amortization, net of adjustments	(60.9)	(68.9)
Special items
Restructuring charges	(15.5)	1.2
Other restructuring associated costs	(6.8)	0.2
Foreign currency exchange loss due to highly inflationary economies	(4.9)	(2.6)
Loss on debt redemption and refinancing activities	0.0	(4.9)
Contract terminations	(0.1)	0.0
Charges related to acquisition and divestiture activity	1.9	(16.9)
Other Special Items	(0.5)	(7.5)
Pre-tax impact of Special Items	(33.2)	(43.9)
Earnings before income tax provision	119.1	96.7
Liquibox
Special items
Liquibox intangible amortization	(7.5)	(5.0)
Liquibox inventory step-up expense	0.0	(8.4)
Corporate
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	(0.8)	(7.9)
Food
Special items
Restructuring charges	(8.6)	0.9
Food \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	189.6	194.8
Protective
Special items
Restructuring charges	(6.9)	0.3
Protective \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 89.5	$ 80.4

Debt and Credit Facilities - Total Debt Outstanding (Details) € in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Debt Instrument [Line Items]
Short-term borrowings	$ 134,600,000		$ 140,700,000
Current portion of long-term debt	43,500,000		35,700,000
Total current debt	178,100,000		176,400,000
Other	20,800,000		20,100,000
Total long-term debt, less current portion	4,484,200,000		4,513,900,000
Total debt	4,662,300,000		4,690,300,000
Finance lease liability, current	7,100,000		6,700,000
Finance lease liability, noncurrent	13,800,000		12,800,000
Unamortized discounts ands issuance costs	$ 34,700,000		$ 36,900,000
Short-term debt, weighted average interest rate	5.40%	5.40%	5.30%	5.30%
Long-term debt, weighted average interest rate	5.60%	5.60%	5.60%	5.60%
Senior Notes due September 2025
Debt Instrument [Line Items]
Debt interest rate	5.50%	5.50%
Senior notes	$ 399,300,000		$ 399,100,000
Senior Secured Notes due October 2026
Debt Instrument [Line Items]
Debt interest rate	1.573%	1.573%
Senior notes	$ 597,300,000		597,000,000.0
Senior Notes due December 2027
Debt Instrument [Line Items]
Debt interest rate	4.00%	4.00%
Senior notes	$ 422,700,000		422,500,000
Senior Notes due February 2028
Debt Instrument [Line Items]
Debt interest rate	6.125%	6.125%
Senior notes	$ 765,300,000		764,800,000
Senior Notes due April 2029
Debt Instrument [Line Items]
Debt interest rate	5.00%	5.00%
Senior notes	$ 421,800,000		421,700,000
Senior Notes due February 2031
Debt Instrument [Line Items]
Debt interest rate	7.25%	7.25%
Senior notes	$ 421,000,000.0		420,900,000
Senior Notes due July 2033
Debt Instrument [Line Items]
Debt interest rate	6.875%	6.875%
Senior notes	$ 446,700,000		446,700,000
Term Loan A due March 2027
Debt Instrument [Line Items]
Term loans	989,300,000		1,021,100,000
Line of Credit
Debt Instrument [Line Items]
Short-term borrowings	134,600,000		140,700,000
Line of Credit \| European Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Short-term borrowings	81,500,000	€ 75.6	86,700,000	€ 78.4
Line of Credit \| U.S. Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Short-term borrowings	50,000,000		46,500,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Short-term borrowings			$ 7,500,000
Line of Credit \| Revolving Credit Facility, Various
Debt Instrument [Line Items]
Short-term borrowings	$ 3,100,000

Stockholders' Equity - Summary of Assumptions Used to Calculate the Grant Date Fair Value (Details) - Performance Shares	Mar. 01, 2024	Feb. 21, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected price volatility	31.90%	31.70%
Risk-free interest rate	4.30%	4.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net

The following table details our inventories, net.


(In millions)	March 31, 2024		December 31, 2023
Raw materials	$	162.2	$	165.3
Work in process	180.1		178.5
Finished goods	447.9		430.5
Total	$	790.2	$	774.3

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Total Share-based Incentive Compensation Expense

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


	Three Months Ended March 31,
(In millions)		2024		2023
Total share-based incentive compensation expense(1)		$	8.7	$	18.0

(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, 2024 grant date
Number of units granted	50,340		50,340
Fair value on grant date (per unit)	$	41.09	$	41.09
March 1, 2024 grant date
Number of units granted	22,692		22,692
Fair value on grant date (per unit)	$	39.49	$	39.49

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, 2024 grant date		March 1, 2024 grant date
Expected price volatility	31.7	%	31.9	%
Risk-free interest rate	4.4	%	4.3	%

Other Expense, net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Expense, net

The following table provides details of Other expense, net:


	Three Months Ended March 31,
(In millions)		2024		2023
Net foreign exchange transaction gain (loss)		$	1.2	$	(4.9)
Bank fee expense		(1.0)		(1.4)
Pension cost other than service cost		(1.8)		(2.1)

Foreign currency exchange loss due to highly inflationary economies		(4.9)		(2.6)
Loss on debt redemption and refinancing activities		—		(4.9)
Other income		6.6		2.6
Other expense		(0.9)		(1.7)
Other expense, net		$	(0.8)	$	(15.0)

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Amount of (Loss) Gain Recognized in Earnings on Derivatives	$ 3.5	$ 4.4
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Amount of (Loss) Gain Recognized in Earnings on Derivatives	3.7	3.3
Cash Flow Hedge \| Derivatives designated as hedging instruments \| Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Amount of (Loss) Gain Recognized in Earnings on Derivatives	$ (0.2)	$ 1.1

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Defined Benefit Pension Plans and Other Post-Employment Benefit Plans

The following tables show the components of net benefit cost for our defined benefit pension plans for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
(In millions)	U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit cost:
Service cost	$	—	$	0.9	$	0.9	$	—	$	0.8	$	0.8
Interest cost	1.6		5.1		6.7		1.8		5.2		7.0
Expected return on plan assets	(1.7)		(5.8)		(7.5)		(1.8)		(5.3)		(7.1)
Amortization of net prior service cost	—		0.1		0.1		—		0.1		0.1
Amortization of net actuarial loss	0.4		1.0		1.4		0.4		0.8		1.2
Net periodic benefit cost	0.3		1.3		1.6		0.4		1.6		2.0
Settlement cost	—		—		—		—		0.2		0.2
Total benefit cost	$	0.3	$	1.3	$	1.6	$	0.4	$	1.8	$	2.2

The following table shows the components of net periodic benefit cost for our other post-employment benefit plans for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(In millions)		2024		2023
Components of net periodic benefit cost:

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

Net periodic benefit cost		$	0.3	$	0.3

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Debt and Credit Facilities

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Short-term borrowings(1)			$	134.6	$	140.7
Current portion of long-term debt(2)			43.5		35.7
Total current debt			178.1		176.4


Term Loan A due March 2027			989.3		1,021.1




Senior Notes due September 2025	5.500	%	399.3		399.1
Senior Secured Notes due October 2026	1.573	%	597.3		597.0
Senior Notes due December 2027	4.000	%	422.7		422.5
Senior Notes due February 2028	6.125	%	765.3		764.8
Senior Notes due April 2029	5.000	%	421.8		421.7
Senior Notes due February 2031	7.250	%	421.0		420.9
Senior Notes due July 2033	6.875	%	446.7		446.7
Other(2)			20.8		20.1
Total long-term debt, less current portion(3)			4,484.2		4,513.9
Total debt(4)			$	4,662.3	$	4,690.3

(1)Short-term borrowings of $134.6 million at March 31, 2024, were comprised of $81.5 million under our European securitization program, $50.0 million under our U.S. securitization program, and $3.1 million of short-term borrowings

from various lines of credit. Short-term borrowings of $140.7 million at December 31, 2023, were comprised of $86.7 million under our European securitization program, $46.5 million under our U.S. securitization program, and $7.5 million of short-term borrowings from various lines of credit.

(2)Current portion of long-term debt included finance lease liabilities of $7.1 million and $6.7 million at March 31, 2024 and December 31, 2023, respectively. Other debt includes long-term liabilities associated with our finance leases of $13.8 million and $12.8 million at March 31, 2024 and December 31, 2023, 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 $34.7 million as of March 31, 2024 and $36.9 million as of December 31, 2023.

(4)As of March 31, 2024, our weighted average interest rate on our short-term borrowings outstanding was 5.4% and on our long-term debt outstanding was 5.6%. As of December 31, 2023, our weighted average interest rate on our short-term borrowings outstanding was 5.3% and on our long-term debt outstanding was 5.6%.

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, 2024		December 31, 2023
Used lines of credit(1)	$	134.6	$	140.7
Unused lines of credit	1,134.9		1,134.7
Total available lines of credit(2)	$	1,269.5	$	1,275.4

(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, $1,132.0 million was committed as of March 31, 2024.

Amended and Restated Senior Secured Credit Facility

2023 Activity

On February 1, 2023, the Company used proceeds from the incremental term facility under the senior secured credit facilities to finance in part 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.

Senior Notes

2023 Activity

On November 20, 2023, the Company issued $425.0 million aggregate principal amount of 7.250% senior notes due 2031 (the “2031 Notes”). The 2031 Notes will mature on February 15, 2031. Interest is payable on May 15 and November 15 of each year, commencing on May 15, 2024. The 2031 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 $4.2 million of fees incurred in connection with the 2031 Notes, which are included in Long-term debt, less current portion on our Condensed Consolidated Balance Sheets.

We may redeem the 2031 Notes, in whole or in part, at any time prior to November 15, 2026, at a redemption price equal to 100% of the principal amount of the 2031 Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date, plus a “make-whole premium”. At any time prior to November 15, 2026, we may redeem up to 40% of the aggregate principal amount of the 2031 Notes with the net cash proceeds of certain equity offerings.

The net proceeds from the 2031 Notes offering were used (i) to repurchase all of the Company’s outstanding 5.125% senior notes due 2024 (the "2024 Notes") pursuant to the tender offer commenced by the Company on November 8, 2023 and satisfy and discharge all of the Company's outstanding 2024 Notes in accordance with the terms of the indenture governing the 2024 Notes and to pay related premiums, fees and expenses in connection therewith, and (ii) to the extent of any remaining proceeds

after giving effect to the foregoing transaction, for general corporate purposes. The aggregate repurchase price was $433.7 million, which included the principal amount of $425.0 million, a premium of $7.5 million and accrued interest of $1.2 million. We recognized a pre-tax loss of $8.3 million on the extinguishment, including the premium mentioned above and $0.8 million of accelerated amortization of non-lender fees, included within Other expense, net on our Consolidated Statements of Operations during the year ended December 31, 2023.

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 $12.2 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.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Our senior secured credit facilities contain 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, 2024.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

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)

Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

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 fluids and liquids packaging and dispensing solutions for food, beverage, consumer goods and industrial end markets. The acquisition is included in our Food reporting segment.

Consideration paid was approximately $1.16 billion in cash. In March of 2024, subsequent to the closure of the measurement period, we reached a final purchase price settlement with the seller of $3.5 million, which was recorded as income within Other expense, net on the Condensed Consolidated Statements of Operations. 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 allocation of the purchase price among the assets acquired and liabilities assumed, including measurement period adjustments recorded through the finalized purchase price allocation on December 31, 2023.


	Preliminary Allocation		Measurement Period		Final Allocation
(In millions)	As of February 1, 2023		Adjustments		December 31, 2023
Total consideration transferred	$	1,169.2	$	(2.1)	$	1,167.1

Assets acquired:
Cash and cash equivalents	21.2		—		21.2
Trade receivables	48.6		(0.8)		47.8


Inventories	61.6		(2.8)		58.8
Prepaid expenses and other current assets	15.8		(1.7)		14.1
Property and equipment	101.1		(8.2)		92.9
Identifiable intangible assets	342.1		4.2		346.3

Operating lease right-of-use-assets	15.1		—		15.1
Other non-current assets	9.5		(1.5)		8.0
Total assets acquired	$	615.0	$	(10.8)	$	604.2
Liabilities assumed:
Accounts payable	27.0		(1.4)		25.6
Current portion of long-term debt	0.1		—		0.1
Current portion of operating lease liabilities	3.7		—		3.7


Other current liabilities	28.4		2.8		31.2
Long-term debt, less current portion	5.1		—		5.1
Long-term operating lease liabilities, less current portion	11.4		—		11.4
Deferred taxes	92.2		(35.1)		57.1
Other non-current liabilities	6.6		(4.2)		2.4
Total liabilities assumed	$	174.5	$	(37.9)	$	136.6
Net assets acquired	440.5		27.1		467.6
Goodwill	$	728.7	$	(29.2)	$	699.5

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


	Amount		Useful life
	(In millions)		(In years)
Customer relationships	$	186.4	11.0
Trademarks and tradenames	26.0		10.0
Software	3.7		2.0
Technology	130.2		12.0
Total intangible assets with definite lives	$	346.3

Goodwill is a result of the 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. This 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 net 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, 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.


(In millions)	Three Months Ended March 31, 2023

Net sales		$	1,374.4
Net earnings		$	70.0

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.

Other 2023 Acquisition Activity

During the second quarter of 2023, Food had other acquisition activity resulting in a total purchase price paid of $14.9 million. The Company finalized the allocation of the consideration transferred to the fair value of assets acquired in the third quarter of 2023, resulting in an allocation to goodwill of $7.9 million. There were no other identifiable intangible assets acquired. This acquisition activity is expected to supplement our developmental efforts for sustainable packaging and accelerate our speed to market for certain sustainable solutions. This acquisition activity was not material to our Condensed Consolidated Financial Statements.

Goodwill and Identifiable Intangible Assets, net - Summary of Identifiable Intangible Assets, net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 702.9	$ 701.9
Accumulated Amortization	(286.2)	(271.8)
Net	416.7	430.1
Total identifiable intangible assets, net
Gross Carrying Value	711.8	710.8
Net	425.6	439.0
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	286.5	287.7
Accumulated Amortization	(74.2)	(69.3)
Net	212.3	218.4
Trademarks and tradenames with indefinite lives
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	57.0	57.0
Accumulated Amortization	(20.6)	(19.4)
Net	36.4	37.6
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	151.2	148.2
Accumulated Amortization	(117.3)	(112.8)
Net	33.9	35.4
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	196.8	197.5
Accumulated Amortization	(63.8)	(60.1)
Net	133.0	137.4
Contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	11.4	11.5
Accumulated Amortization	(10.3)	(10.2)
Net	$ 1.1	$ 1.3

Segments - Reconciliation of Net Earnings to Total Company Adjusted EBITDA-Depreciation and Restructuring Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation and Amortization [Abstract]
Total Company depreciation and amortization	$ 68.4	$ 73.9
Depreciation and amortization	60.9	68.9
Share-based incentive compensation	8.7	18.0
Total Company restructuring charges	15.5	(1.2)
Liquibox
Depreciation and Amortization [Abstract]
Liquibox intangible amortization	(7.5)	(5.0)
Food
Depreciation and Amortization [Abstract]
Total Company restructuring charges	8.6	(0.9)
Food \| Operating Segments
Depreciation and Amortization [Abstract]
Total Company depreciation and amortization	46.9	46.7
Protective
Depreciation and Amortization [Abstract]
Total Company restructuring charges	6.9	(0.3)
Protective \| Operating Segments
Depreciation and Amortization [Abstract]
Total Company depreciation and amortization	$ 21.5	$ 27.2

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land and improvements	$ 46.7	$ 47.5
Buildings	837.8	835.8
Machinery and equipment	2,807.5	2,811.5
Other property and equipment	141.9	142.0
Construction-in-progress	230.0	227.0
Property and equipment, gross	4,063.9	4,063.8
Accumulated depreciation and amortization	(2,652.7)	(2,647.4)
Property and equipment, net	$ 1,411.2	$ 1,416.4

Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Short-term borrowings(1)			$	134.6	$	140.7
Current portion of long-term debt(2)			43.5		35.7
Total current debt			178.1		176.4


Term Loan A due March 2027			989.3		1,021.1




Senior Notes due September 2025	5.500	%	399.3		399.1
Senior Secured Notes due October 2026	1.573	%	597.3		597.0
Senior Notes due December 2027	4.000	%	422.7		422.5
Senior Notes due February 2028	6.125	%	765.3		764.8
Senior Notes due April 2029	5.000	%	421.8		421.7
Senior Notes due February 2031	7.250	%	421.0		420.9
Senior Notes due July 2033	6.875	%	446.7		446.7
Other(2)			20.8		20.1
Total long-term debt, less current portion(3)			4,484.2		4,513.9
Total debt(4)			$	4,662.3	$	4,690.3

(3)Amounts are shown net of unamortized discounts and issuance costs of $34.7 million as of March 31, 2024 and $36.9 million as of December 31, 2023.

Lines of Credit


(In millions)	March 31, 2024		December 31, 2023
Used lines of credit(1)	$	134.6	$	140.7
Unused lines of credit	1,134.9		1,134.7
Total available lines of credit(2)	$	1,269.5	$	1,275.4

(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, $1,132.0 million was committed as of March 31, 2024.

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2024
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, 2024 and our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 have been made. The results set forth in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and in our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The Condensed Consolidated Balance Sheet as of December 31, 2023 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 are 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, 2023 (“2023 Form 10-K”), which was filed with the SEC on February 27, 2024, 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 Adopted and Issued Accounting Standards” of our audited consolidated financial statements and notes thereto included in our 2023 Form 10-K.
Impact of Highly Inflationary Economy	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 subsidiary 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 Accounting Standards	Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. 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, 2024 and December 31, 2023, our accounts payable balances included $164.2 million and $153.0 million, respectively, related to invoices from suppliers participating in the program. Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires the annual disclosure of specific categories in the rate reconciliation and additional information for the reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), the disclosure and description of other segment items, the inclusion of all current annual disclosures about a reportable segment in interim periods, allows for disclosure of multiple measures of a reportable segment's profit or loss, requires disclosure of the CODM's title and position, and requires a description of how the CODM uses reported measures in assessing the performance of reportable segments and in making decisions pertaining to allocation of resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
Revenue Recognition, Contracts with Customers	Description of Revenue Generating Activities We employ sales, marketing and customer service personnel throughout the world who sell and market our products, services, equipment and systems. As discussed in Note 6, “Segments,” our reporting segments are Food and Protective. Our Food solutions are largely sold directly to end customers, while our Protective solutions 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, fluids and liquids, cheese, and other food 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 enable 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® brand 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. 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 $1.1 million and $0.8 million for the three months ended March 31, 2024 and 2023, 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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+ Details

Accounts Receivable Factoring Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Transfers and Servicing [Abstract]
Gross amounts factored under program	$ 179.8	$ 194.5
Fees associated with transfer of receivables	$ 3.0	$ 3.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net earnings	$ 82.0	$ 61.9
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	59.7	55.9
Share-based incentive compensation	8.5	17.6
Profit sharing expense	6.9	6.8
Loss on debt redemption and refinancing activities	0.0	4.9
Provision for allowance for credit losses on trade receivables	0.9	2.2
Provisions for inventory obsolescence	6.1	5.4
Deferred taxes, net	(7.2)	(2.8)
Net loss on disposal/sale of businesses	1.4	1.0
Other non-cash items	(4.4)	11.6
Changes in operating assets and liabilities:
Trade receivables, net	(28.9)	30.1
Inventories, net	(33.5)	(32.0)
Accounts payable	47.7	(62.8)
Customer advance payments	(3.0)	4.7
Income tax receivable/payable	17.2	12.7
Other assets and liabilities	(28.3)	(65.3)
Net cash provided by operating activities	125.1	51.9
Cash flows from investing activities:
Capital expenditures	(47.1)	(64.9)
Proceeds related to sale of business and property and equipment, net	0.2	0.6
Businesses acquired in purchase transactions, net of cash acquired	4.2	(1,148.0)
Net cash used in investing activities	(38.0)	(1,206.9)
Cash flows from financing activities:
Net (payments) proceeds from short-term borrowings	(3.7)	167.9
Proceeds from long-term debt	0.0	1,411.4
Payments of long-term debt	(25.3)	(432.8)
Payments of debt modification/extinguishment costs and other	0.0	(13.1)
Dividends paid on common stock	(30.5)	(31.1)
Impact of tax withholding on share-based compensation	(7.8)	(21.0)
Repurchases of common stock	0.0	(79.9)
Principal payments related to financing leases	(1.8)	(2.3)
Net cash (used in) provided by financing activities	(69.1)	999.1
Effect of foreign currency exchange rate changes on cash and cash equivalents	(11.3)	2.9
Cash and cash equivalents	346.1	456.1
Restricted cash and cash equivalents	0.0	0.0
Balance, beginning of period	346.1	456.1
Net change during the period	6.7	(153.0)
Cash and cash equivalents	352.8	303.1
Restricted cash and cash equivalents	0.0	0.0
Balance, end of period	352.8	303.1
Supplemental Cash Flow Information:
Interest payments	80.5	50.8
Income tax payments, net of cash refunds	20.9	14.0
Restructuring payments including associated costs	14.3	3.1
Non-cash items:
Transfers of shares of common stock from treasury for profit-sharing contributions	25.4	23.9
Foreign currency forward contracts
Cash flows from investing activities:
Settlement of foreign currency forward contracts and cross currency swaps	3.1	5.4
Cross-currency swaps
Cash flows from investing activities:
Settlement of foreign currency forward contracts and cross currency swaps	$ 1.6	$ 0.0

Revenue Recognition, Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition, Contracts with Customers

Description of Revenue Generating Activities

We employ sales, marketing and customer service personnel throughout the world who sell and market our products, services, equipment and systems.

As discussed in Note 6, “Segments,” our reporting segments are Food and Protective. Our Food solutions are largely sold directly to end customers, while our Protective solutions 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, fluids and liquids, cheese, and other food 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 enable 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® brand 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.

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 $1.1 million and $0.8 million for the three months ended March 31, 2024 and 2023, 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, 2024 and 2023, revenues from contracts with customers summarized by Segment and Geographic region were as follows:


	Three Months Ended March 31, 2024
(In millions)		Food		Protective		Total
Americas		$	578.6	$	296.3	$	874.9
EMEA		172.7		99.5		272.2
APAC		110.9		63.5		174.4

Topic 606 Segment Revenue		862.2		459.3		1,321.5
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)		6.2		1.9		8.1
Total		$	868.4	$	461.2	$	1,329.6


	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

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. 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, 2024 and December 31, 2023:


(In millions)	March 31, 2024		December 31, 2023
Contract assets	$	0.4	$	0.4


Contract liabilities	$	20.6	$	19.9

The contract liability balances represent deferred revenue, primarily related to equipment accruals. Revenue recognized in the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of the period was $2.6 million and $4.6 million, respectively. This revenue was driven primarily by equipment performance obligations being satisfied.

Remaining Performance Obligations


(In millions)	March 31, 2024		December 31, 2023
Short-Term (12 months or less)(1)	$	13.3	$	13.3
Long-Term	7.3		6.6
Total transaction price	$	20.6	$	19.9

- Definition

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

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+ Details

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, 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 gain (loss) 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)
Balance at beginning of period at Dec. 31, 2023	549.5	15.4	1,429.5	496.5	(436.4)	(955.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of share-based incentive compensation	0.7	0.0	0.7
Stock issued for profit sharing contribution paid in stock	25.4		(6.8)		32.2
Recognition of pension items, net of taxes	0.9					0.9
Foreign currency translation adjustments	(40.4)					(40.4)
Unrealized gain (loss) on derivative instruments, net of taxes	9.8					9.8
Net earnings	82.0			82.0
Dividends on common stock	(29.6)			(29.6)
Balance at end of period at Mar. 31, 2024	$ 598.3	$ 15.4	$ 1,423.4	$ 548.9	$ (404.2)	$ (985.2)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	30.00%	35.00%
Increase in unrecognized tax benefits	$ 4.6	$ 6.8

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	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Securities without Readily Determinable Fair Value [Roll Forward]
Carrying value at the beginning of period	$ 13.8	$ 13.3
Purchases	0.0	0.0
Impairments or downward adjustments	0.0	0.0
Upward adjustments	0.0	0.0
Currency translation on investments	(0.3)	0.5
Carrying value at the end of period	$ 13.5	$ 13.8

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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, 2024, 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.

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, 2024	Mar. 31, 2023
Components of net periodic benefit cost:
Service cost	$ 0.9	$ 0.8
Interest cost	6.7	7.0
Expected return on plan assets	(7.5)	(7.1)
Amortization of net prior service cost	0.1	0.1
Amortization of net actuarial loss	1.4	1.2
Net periodic benefit cost	1.6	2.0
Settlement cost	0.0	0.2
Total benefit cost	1.6	2.2
U.S.
Components of net periodic benefit cost:
Service cost	0.0	0.0
Interest cost	1.6	1.8
Expected return on plan assets	(1.7)	(1.8)
Amortization of net prior service cost	0.0	0.0
Amortization of net actuarial loss	0.4	0.4
Net periodic benefit cost	0.3	0.4
Settlement cost	0.0	0.0
Total benefit cost	0.3	0.4
International
Components of net periodic benefit cost:
Service cost	0.9	0.8
Interest cost	5.1	5.2
Expected return on plan assets	(5.8)	(5.3)
Amortization of net prior service cost	0.1	0.1
Amortization of net actuarial loss	1.0	0.8
Net periodic benefit cost	1.3	1.6
Settlement cost	0.0	0.2
Total benefit cost	$ 1.3	$ 1.8

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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. It does not obligate us to repurchase any specified amount of shares and remains subject to the discretion of the Board of Directors. As of March 31, 2024, there was $536.5 million remaining under the current authorized program. Share repurchases made prior to August 2, 2021 were under the previous share repurchase authorization of $1.0 billion, which was approved by the Board of Directors in May 2018.

During the three months ended March 31, 2024, no shares were repurchased.

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.

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

Dividends

On February 21, 2024, our Board of Directors declared a quarterly cash dividend of $0.20 per common share, or $29.1 million, which was paid on March 22, 2024, to stockholders of record at the close of business on March 8, 2024.

The dividends paid during the three months ended March 31, 2024 were recorded as a reduction to Cash and cash equivalents with an offset to 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 and repurchase stock. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any 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 and 2021, the Board of Directors adopted, and our shareholders approved, amendments and restatements to the Omnibus Incentive Plan, adding 2,199,114 and 2,999,054 shares of common stock to the share pool previously available under the Omnibus Incentive Plan, respectively.

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 awards. 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)		2024		2023
Total share-based incentive compensation expense(1)		$	8.7	$	18.0

Performance Share Units (“PSU”) Awards

During the first 90 days of each year, the People and Compensation Committee (formerly the Organization and Compensation Committee, or "P&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 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 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.

2024 Three-year PSU Awards

During the first quarter of 2024, the P&C Committee approved awards with a three-year performance period beginning January 1, 2024 and ending December 31, 2026 for executive officers and other selected employees. The P&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 comprised of a custom peer group 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 for these awards, including the modifier, 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, 2024 grant date
Number of units granted	50,340		50,340
Fair value on grant date (per unit)	$	41.09	$	41.09
March 1, 2024 grant date
Number of units granted	22,692		22,692
Fair value on grant date (per unit)	$	39.49	$	39.49

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


	February 21, 2024 grant date		March 1, 2024 grant date
Expected price volatility	31.7	%	31.9	%
Risk-free interest rate	4.4	%	4.3	%

2021 Three-year PSU Awards

In February 2024, the P&C Committee reviewed the performance results for the 2021-2023 PSUs. Performance goals for these PSUs were based on Adjusted EBITDA CAGR, ROIC, and the Company's TSR ranking relative to S&P 500 component companies over the performance period. Based on overall performance for the 2021-2023 PSUs, these awards paid out at 75% of target or 152,934 units. Of this, 55,607 units were withheld to cover employee tax withholding and 732 units were designated as cash-settled awards, resulting in net share issuances of 96,595.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Topic 505
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Fair Value Measurements, Equity Investments and Other Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 46.4	$ 40.2
Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	4.4	0.8
Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	(8.8)	(19.9)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	46.4	40.2
Level 1 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	0.0	0.0
Level 1 \| Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	0.0	0.0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Level 2 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	4.4	0.8
Level 2 \| Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	(8.8)	(19.9)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Level 3 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	0.0	0.0
Level 3 \| Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial and hedging instruments net asset (liability)	$ 0.0	$ 0.0

Debt and Credit Facilities - Senior Notes (Details) - USD ($) $ in Millions			3 Months Ended			12 Months Ended
	Nov. 20, 2023	Jan. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2023	Jan. 27, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0.0		$ 4.9
Senior Notes due February 2031
Debt Instrument [Line Items]
Debt interest rate			7.25%
Senior Notes due February 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument aggregate principal	$ 425.0
Debt interest rate	7.25%
Debt issuance costs capitalized	$ 4.2
Redemption price, percentage	100.00%
Redemption price, percentage of principal amount redeemed (up to)	40.00%
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		$ 12.2
Redemption price, percentage		100.00%
Redemption price, percentage of principal amount redeemed (up to)		40.00%
5.125% Senior Notes Due December 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate	5.125%
Debt repurchase amount	$ 433.7
Repurchased principal amount	425.0
Debt premium	7.5
Accrued interest	$ 1.2
Loss on extinguishment of debt				$ (8.3)
Accelerated amortization of non-lender fees						$ 0.8
Senior Notes due September 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate		4.50%
Debt premium							$ 4.5
Loss on extinguishment of debt					(4.9)
Accelerated amortization of non-lender fees					$ 0.4

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

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


	Preliminary Allocation		Measurement Period		Final Allocation
(In millions)	As of February 1, 2023		Adjustments		December 31, 2023
Total consideration transferred	$	1,169.2	$	(2.1)	$	1,167.1

Assets acquired:
Cash and cash equivalents	21.2		—		21.2
Trade receivables	48.6		(0.8)		47.8


Inventories	61.6		(2.8)		58.8
Prepaid expenses and other current assets	15.8		(1.7)		14.1
Property and equipment	101.1		(8.2)		92.9
Identifiable intangible assets	342.1		4.2		346.3

Operating lease right-of-use-assets	15.1		—		15.1
Other non-current assets	9.5		(1.5)		8.0
Total assets acquired	$	615.0	$	(10.8)	$	604.2
Liabilities assumed:
Accounts payable	27.0		(1.4)		25.6
Current portion of long-term debt	0.1		—		0.1
Current portion of operating lease liabilities	3.7		—		3.7


Other current liabilities	28.4		2.8		31.2
Long-term debt, less current portion	5.1		—		5.1
Long-term operating lease liabilities, less current portion	11.4		—		11.4
Deferred taxes	92.2		(35.1)		57.1
Other non-current liabilities	6.6		(4.2)		2.4
Total liabilities assumed	$	174.5	$	(37.9)	$	136.6
Net assets acquired	440.5		27.1		467.6
Goodwill	$	728.7	$	(29.2)	$	699.5

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	$	186.4	11.0
Trademarks and tradenames	26.0		10.0
Software	3.7		2.0
Technology	130.2		12.0
Total intangible assets with definite lives	$	346.3

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.


(In millions)	Three Months Ended March 31, 2023

Net sales		$	1,374.4
Net earnings		$	70.0

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

The following table details our property and equipment, net.


(In millions)	March 31, 2024		December 31, 2023
Land and improvements	$	46.7	$	47.5
Buildings	837.8		835.8
Machinery and equipment	2,807.5		2,811.5
Other property and equipment	141.9		142.0
Construction-in-progress	230.0		227.0
Property and equipment, gross	4,063.9		4,063.8
Accumulated depreciation and amortization	(2,652.7)		(2,647.4)
Property and equipment, net	$	1,411.2	$	1,416.4

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)		2024		2023
Interest cost capitalized		$	3.3	$	2.5
Depreciation and amortization expense(1)		$	44.8	$	40.7

(1)Includes amortization expense of finance lease ROU assets of $2.0 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 82.0	$ 61.9
Gross
Recognition of pension items	1.2	1.7
Unrealized gains (losses) on derivative instruments for net investment hedge	11.2	(7.3)
Unrealized gains (losses) on derivative instruments for cash flow hedge	2.0	(3.8)
Foreign currency translation adjustments	(40.4)	36.6
Other comprehensive (loss) income	(26.0)	27.2
Taxes
Recognition of pension items	(0.3)	(0.4)
Unrealized gains (losses) on derivative instruments for net investment hedge	(2.8)	1.8
Unrealized gains (losses) on derivative instruments for cash flow hedge	(0.6)	1.0
Foreign currency translation adjustments	0.0	0.0
Other comprehensive (loss) income	(3.7)	2.4
Net
Recognition of pension items	0.9	1.3
Unrealized gains (losses) on derivative instruments for net investment hedge	8.4	(5.5)
Unrealized gains (losses) on derivative instruments for cash flow hedge	1.4	(2.8)
Foreign currency translation adjustments	(40.4)	36.6
Other comprehensive (loss) income	(29.7)	29.6
Comprehensive income, net of taxes	$ 52.3	$ 91.5

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net earnings	$ 82.0	$ 61.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Identifiable Intangible Assets, net

3 Months Ended

Mar. 31, 2024

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, there have been no significant events or circumstances that have indicated a potential for impairment.

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, 2023	$	1,284.3	$	1,798.1	$	3,082.4
Accumulated amortization(1)	(49.1)		(140.8)		(189.9)
Carrying Value at December 31, 2023	$	1,235.2	$	1,657.3	$	2,892.5

Currency translation	(0.9)		(3.9)		(4.8)

Carrying Value at March 31, 2024	$	1,234.3	$	1,653.4	$	2,887.7

(1)There was no change to our accumulated amortization balance during the three months ended March 31, 2024.

Identifiable Intangible Assets, net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives. As of March 31, 2024, there were no impairment indicators present.


	March 31, 2024				December 31, 2023
(In millions)	Gross Carrying Value		Accumulated Amortization		Net		Gross Carrying Value		Accumulated Amortization		Net
Customer relationships	$	286.5	$	(74.2)	$	212.3	$	287.7	$	(69.3)	$	218.4
Trademarks and tradenames	57.0		(20.6)		36.4		57.0		(19.4)		37.6
Software	151.2		(117.3)		33.9		148.2		(112.8)		35.4
Technology	196.8		(63.8)		133.0		197.5		(60.1)		137.4
Contracts	11.4		(10.3)		1.1		11.5		(10.2)		1.3
Total intangible assets with definite lives	702.9		(286.2)		416.7		701.9		(271.8)		430.1
Trademarks and tradenames with indefinite lives	8.9		—		8.9		8.9		—		8.9
Total identifiable intangible assets, net	$	711.8	$	(286.2)	$	425.6	$	710.8	$	(271.8)	$	439.0

The following table shows the remaining estimated future amortization expense at March 31, 2024.


Year	Amount (In millions)
Remainder of 2024	$	47.8
2025	57.2
2026	46.1
2027	39.7
2028	39.0
Thereafter	186.9
Total	$	416.7

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.

Stockholders' Equity - PSU Awards (Details) - shares	1 Months Ended	3 Months Ended
Stockholders' Equity - PSU Awards (Details) - shares	Feb. 29, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period in the beginning of each year to award PSU's			90 days
Cumulative average growth rate period				3 years
Three Year Performance Share Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU awards performance period		3 years
2024 Three Year Performance Share Units Award
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%
2024 Three Year Performance Share Units Award \| 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%
2024 Three Year Performance Share Units Award \| 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%
2021- 2023 Three Year Performance Share Units 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	75.00%
Shares to be issued under performance incentive plan (in shares)	152,934
Shares withheld for tax (in shares)	55,607
Shares designated as cash settlement awards (in shares)	732
Shares issued (in shares)	96,595

Acquisitions - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		3 Months Ended	11 Months Ended
	Feb. 01, 2023	Mar. 31, 2024	Dec. 31, 2023
Liabilities:
Goodwill		$ 2,887.7	$ 2,892.5
Liquibox
Business Acquisition [Line Items]
Total consideration transferred	$ 1,169.2	1,160.0	1,167.1
Assets:
Cash and cash equivalents	21.2		21.2
Trade receivables	48.6		47.8
Inventories	61.6		58.8
Prepaid expenses and other current assets	15.8		14.1
Property and equipment	101.1		92.9
Identifiable intangible assets	342.1		346.3
Operating lease right-of-use-assets	15.1		15.1
Other non-current assets	9.5		8.0
Total assets acquired	615.0		604.2
Liabilities:
Accounts payable	27.0		25.6
Current portion of long-term debt	0.1		0.1
Current portion of operating lease liabilities	3.7		3.7
Other current liabilities	28.4		31.2
Long-term debt, less current portion	5.1		5.1
Long-term operating lease liabilities, less current portion	11.4		11.4
Deferred taxes	92.2		57.1
Other non-current liabilities	6.6		2.4
Total liabilities assumed	174.5		136.6
Net assets acquired	440.5		467.6
Goodwill	$ 728.7		699.5
Measurement Period Adjustments
Adjustment to consideration transferred		$ (3.5)	(2.1)
Trade receivables			(0.8)
Inventories			(2.8)
Prepaid expenses and other current assets			(1.7)
Property and equipment			(8.2)
Identifiable intangible assets			4.2
Other non-current assets			(1.5)
Total assets acquired			(10.8)
Accounts payable			(1.4)
Other current liabilities			2.8
Deferred taxes			(35.1)
Other non-current liabilities			(4.2)
Total liabilities assumed			(37.9)
Net assets acquired			27.1
Goodwill			$ (29.2)

Acquisitions - Acquisitions Narrative (Details) - USD ($)		3 Months Ended			11 Months Ended
	Feb. 01, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 2,887,700,000			$ 2,892,500,000
Food
Business Acquisition [Line Items]
Goodwill		1,234,300,000			1,235,200,000
Liquibox
Business Acquisition [Line Items]
Percentage of shares acquired	100.00%
Acquisition purchase price paid	$ 1,169,200,000	1,160,000,000			1,167,100,000
Acquisition related costs				$ 11,900,000
Goodwill	728,700,000				699,500,000
Adjustment to consideration transferred		$ 3,500,000			2,100,000
Total assets	$ 615,000,000.0				$ 604,200,000
Series of Individually Immaterial Business Acquisitions \| Food
Business Acquisition [Line Items]
Acquisition purchase price paid			$ 14,900,000
Goodwill			7,900,000
Total assets			$ 0

Goodwill and Identifiable Intangible Assets, net - Remaining Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Year
Remainder of 2024	$ 47.8
2025	57.2
2026	46.1
2027	39.7
2028	39.0
Thereafter	186.9
Net	$ 416.7	$ 430.1

Goodwill and Identifiable Intangible Assets, net - Summary of Goodwill Balances by Reportable Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Gross Carrying Value	$ 3,082,400,000
Accumulated amortization	0	$ (189,900,000)
Carrying Value	2,892,500,000
Currency translation	(4,800,000)
Carrying Value	2,887,700,000
Food
Goodwill [Roll Forward]
Gross Carrying Value	1,284,300,000
Accumulated amortization		(49,100,000)
Carrying Value	1,235,200,000
Currency translation	(900,000)
Carrying Value	1,234,300,000
Protective
Goodwill [Roll Forward]
Gross Carrying Value	1,798,100,000
Accumulated amortization		$ (140,800,000)
Carrying Value	1,657,300,000
Currency translation	(3,900,000)
Carrying Value	$ 1,653,400,000

- Definition

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.

+ References + Details

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

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


	Cash Flow Hedge				Net Investment Hedge				Non-Designated as Hedging Instruments				Total
(In millions)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Derivative Assets
Foreign currency forward contracts	$	1.0	$	0.2	$	—	$	—	$	5.0	$	4.9	$	6.0	$	5.1

Total Derivative Assets	$	1.0	$	0.2	$	—	$	—	$	5.0	$	4.9	$	6.0	$	5.1

Derivative Liabilities
Foreign currency forward contracts	$	(0.5)	$	(2.7)	$	—	$	—	$	(1.1)	$	(1.6)	$	(1.6)	$	(4.3)
Cross-currency swaps	—		—		(8.8)		(19.9)		—		—		(8.8)		(19.9)
Total Derivative Liabilities	$	(0.5)	$	(2.7)	$	(8.8)	$	(19.9)	$	(1.1)	$	(1.6)	$	(10.4)	$	(24.2)
Net Derivatives(1)	$	0.5	$	(2.5)	$	(8.8)	$	(19.9)	$	3.9	$	3.3	$	(4.4)	$	(19.1)

(1)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, 2024		December 31, 2023		March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
Gross position	$	6.0	$	5.1	$	(1.6)	$	(4.3)		$	(8.8)	$	(19.9)
Impact of master netting agreements	(0.9)		(1.1)		0.9		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	5.1	$	4.0	$	(0.7)	$	(3.2)		$	(8.8)	$	(19.9)

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, 2024		December 31, 2023		March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
Gross position	$	6.0	$	5.1	$	(1.6)	$	(4.3)		$	(8.8)	$	(19.9)
Impact of master netting agreements	(0.9)		(1.1)		0.9		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	5.1	$	4.0	$	(0.7)	$	(3.2)		$	(8.8)	$	(19.9)

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, 2024		December 31, 2023		March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
Gross position	$	6.0	$	5.1	$	(1.6)	$	(4.3)		$	(8.8)	$	(19.9)
Impact of master netting agreements	(0.9)		(1.1)		0.9		1.1			—		—
Net amounts recognized on the Condensed Consolidated Balance Sheets	$	5.1	$	4.0	$	(0.7)	$	(3.2)		$	(8.8)	$	(19.9)

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 (Loss) Gain Recognized in Earnings on Derivatives
	Location of (Loss) Gain Recognized on	Three Months Ended March 31,
(In millions)	Condensed Consolidated Statements of Operations		2024		2023
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts	Cost of sales		$	(0.2)	$	1.1








Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other expense, net		3.7		3.3
Total			$	3.5	$	4.4

Recently Adopted and Issued Accounting Standards	3 Months Ended
Recently Adopted and Issued Accounting Standards	Mar. 31, 2024
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 Accounting Standards Update ("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. 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, 2024 and December 31, 2023, our accounts payable balances included $164.2 million and $153.0 million, respectively, related to invoices from suppliers participating in the program. Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires the annual disclosure of specific categories in the rate reconciliation and additional information for the reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), the disclosure and description of other segment items, the inclusion of all current annual disclosures about a reportable segment in interim periods, allows for disclosure of multiple measures of a reportable segment's profit or loss, requires disclosure of the CODM's title and position, and requires a description of how the CODM uses reported measures in assessing the performance of reportable segments and in making decisions pertaining to allocation of resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Loss - Details of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 549.5
Other comprehensive income (loss) before reclassifications	(30.9)	$ 29.4
Less: amounts reclassified from accumulated other comprehensive loss	1.2	0.2
Other comprehensive (loss) income	(29.7)	29.6
Ending balance	598.3
Unrecognized Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(146.4)	(126.3)
Other comprehensive income (loss) before reclassifications	(0.2)	0.2
Less: amounts reclassified from accumulated other comprehensive loss	1.1	1.1
Other comprehensive (loss) income	0.9	1.3
Ending balance	(145.5)	(125.0)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(770.6)	(837.5)
Other comprehensive income (loss) before reclassifications	(40.4)	36.6
Less: amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive (loss) income	(40.4)	36.6
Ending balance	(811.0)	(800.9)
Cumulative Translation Adjustment \| Intra-entity transactions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Intra-entity currency translation adjustments in AOCI	8.8	7.9
Unrecognized Losses/Gains on Derivative Instruments \| Net investment hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38.1)	(18.3)
Other comprehensive income (loss) before reclassifications	8.4	(5.5)
Less: amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive (loss) income	8.4	(5.5)
Ending balance	(29.7)	(23.8)
Unrecognized Losses/Gains on Derivative Instruments \| Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.4)	3.3
Other comprehensive income (loss) before reclassifications	1.3	(1.9)
Less: amounts reclassified from accumulated other comprehensive loss	0.1	(0.9)
Other comprehensive (loss) income	1.4	(2.8)
Ending balance	1.0	0.5
Accumulated Other Comprehensive Loss, Net of Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(955.5)	(978.8)
Ending balance	$ (985.2)	$ (949.2)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
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, 2024. 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. Compared to the U.S. statutory rate of 21.0%, state income taxes, foreign earnings subject to higher tax rates and non-deductible expenses increase the Company's effective income tax rate, whereas research and development credits decrease the Company's effective tax rate. Our effective income tax rate was 30.0% for the three months ended March 31, 2024. In addition to the above referenced items, the three-month period was unfavorably impacted by accruals for uncertain tax positions. 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 uncertain tax positions. There was no significant change in our valuation allowance for the three months ended March 31, 2024 and 2023. Net increases in unrecognized tax positions of $4.6 million and $6.8 million for the three months ended March 31, 2024 and 2023, 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 Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% as of January 1, 2024. While the U.S. has not adopted the Pillar Two rules, various other governments around the world have enacted legislation. This minimum tax is treated as a period cost and did not have a material impact on the Company's financial results of operations for the three months ended March 31, 2024. The Company is monitoring legislative developments, as well as additional guidance from countries that have enacted legislation, and we anticipate further legislative activity and administrative guidance in 2024.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		145,614,668
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001012100
Current Fiscal Year End Date	--12-31

Net Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net Earnings Per Common Share

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


	Three Months Ended March 31,
(In millions, except per share amounts)		2024		2023
Basic Net Earnings Per Common Share:
Numerator:
Net earnings		$	82.0	$	61.9
Distributed and allocated undistributed net earnings to unvested restricted stockholders		—		—
Net earnings available to common stockholders		$	82.0	$	61.9
Denominator:
Weighted average number of common shares outstanding - basic		144.9		144.1
Basic net earnings per common share:
Basic net earnings per common share		$	0.57	$	0.43
Diluted Net Earnings Per Common Share:
Numerator:
Net earnings available to common stockholders		$	82.0	$	61.9
Denominator:
Weighted average number of common shares outstanding - basic		144.9		144.1
Effect of dilutive stock shares and units		0.5		0.7


Weighted average number of common shares outstanding - diluted under treasury stock		145.4		144.8
Diluted net earnings per common share		$	0.56	$	0.43

Derivatives and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Gross position	$ 6.0	$ 5.1
Net amounts recognized on the Condensed Consolidated Balance Sheets	5.1	4.0
Other Current Assets
Offsetting Assets [Line Items]
Gross position	6.0	5.1
Impact of master netting agreements	$ (0.9)	$ (1.1)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Restructuring Activities - Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring accrual at beginning of period	$ 24.3
Headcount accrual and accrual adjustments	15.5
Cash payment during the 2024	(9.8)
Effect of changes in foreign currency exchange rates	(0.3)
Restructuring accrual at end of period	29.7
Lease contract terminations	89.2
Contract Termination
Restructuring Reserve [Roll Forward]
Lease contract terminations	$ 3.6

Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Interest cost capitalized	$ 3.3	$ 2.5
Depreciation and amortization expense	44.8	40.7
Amortization of finance lease ROU assets	$ 2.0	$ 2.5

Restructuring Activities - Schedule of CTO2Grow Program Restructuring Spend Estimated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total Restructuring Program Range
Other associated costs	$ 6.8	$ (0.2)
Contract terminations	(0.1)	0.0
Capital expenditures	0.0	$ 0.0
CTO2 Grow Program
Less Program Activity to Date
Costs of reduction in headcount as a result of reorganization	(32.0)
Other associated costs	(8.0)
Contract terminations	(15.0)
Total cash expense	(55.0)
Capital expenditures	0.0
Total estimated cash cost	(55.0)
Total estimated non-cash expense	(33.0)
Total estimated expense	(88.0)
CTO2 Grow Program \| Minimum
Total Restructuring Program Range
Costs of reduction in headcount as a result of reorganization	90.0
Other associated costs	20.0
Contract terminations	25.0
Total cash expense	135.0
Capital expenditures	5.0
Total estimated cash cost	140.0
Total estimated non-cash expense	33.0
Total estimated expense	168.0
Remaining Restructuring
Costs of reduction in headcount as a result of reorganization	58.0
Other associated costs	12.0
Contract terminations	10.0
Total cash expense	80.0
Capital expenditures	5.0
Total estimated cash cost	85.0
Total estimated non-cash expense	0.0
Total estimated expense	80.0
CTO2 Grow Program \| Maximum
Total Restructuring Program Range
Costs of reduction in headcount as a result of reorganization	95.0
Other associated costs	25.0
Contract terminations	30.0
Total cash expense	150.0
Capital expenditures	10.0
Total estimated cash cost	160.0
Total estimated non-cash expense	33.0
Total estimated expense	183.0
Remaining Restructuring
Costs of reduction in headcount as a result of reorganization	63.0
Other associated costs	17.0
Contract terminations	15.0
Total cash expense	95.0
Capital expenditures	10.0
Total estimated cash cost	105.0
Total estimated non-cash expense	0.0
Total estimated expense	$ 95.0

Organization and Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remeasurement loss	$ (4.9)	$ (2.6)

Restructuring Activities - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Other associated costs	$ 6.8	$ (0.2)
Contract terminations	(0.1)	0.0
Restructuring charges	15.5	(1.2)
Total	22.2	(1.4)
Capital expenditures	$ 0.0	$ 0.0

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives not designated as hedging instruments:
Total Derivative Assets	$ 6.0	$ 5.1
Total Derivative Liabilities	(10.4)	(24.2)
Net Derivatives	(4.4)	(19.1)
Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	6.0	5.1
Total Derivative Liabilities	(1.6)	(4.3)
Cross-currency swaps
Derivatives not designated as hedging instruments:
Total Derivative Liabilities	(8.8)	(19.9)
Net investment hedge
Derivatives not designated as hedging instruments:
Total Derivative Assets	0.0	0.0
Total Derivative Liabilities	(8.8)	(19.9)
Net Derivatives	(8.8)	(19.9)
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	(8.8)	(19.9)
Designated as hedging instruments \| Cash Flow Hedge
Derivatives not designated as hedging instruments:
Total Derivative Assets	1.0	0.2
Total Derivative Liabilities	(0.5)	(2.7)
Net Derivatives	0.5	(2.5)
Designated as hedging instruments \| Cash Flow Hedge \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	1.0	0.2
Total Derivative Liabilities	(0.5)	(2.7)
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	5.0	4.9
Total Derivative Liabilities	(1.1)	(1.6)
Net Derivatives	3.9	3.3
Non-Designated as Hedging Instruments \| Foreign currency forward contracts
Derivatives not designated as hedging instruments:
Total Derivative Assets	5.0	4.9
Total Derivative Liabilities	(1.1)	(1.6)
Non-Designated as Hedging Instruments \| Cross-currency swaps
Derivatives not designated as hedging instruments:
Total Derivative Liabilities	$ 0.0	$ 0.0

Revenue Recognition, Contracts with Customers - Revenue from Contract With Customers Summarized by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	$ 1,321.5	$ 1,342.0
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	8.1	6.8
Total revenues	1,329.6	1,348.8
Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	862.2	847.6
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	6.2	5.5
Total revenues	868.4	853.1
Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	459.3	494.4
Non-Topic 606 Revenue (Leasing: Sales-type and Operating)	1.9	1.3
Total revenues	461.2	495.7
Americas
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	874.9	872.3
Americas \| Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	578.6	566.1
Americas \| Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	296.3	306.2
EMEA
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	272.2	288.8
EMEA \| Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	172.7	169.2
EMEA \| Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	99.5	119.6
APAC
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	174.4	180.9
APAC \| Food
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	110.9	112.3
APAC \| Protective
Revenue from External Customer [Line Items]
Topic 606 Segment Revenue	$ 63.5	$ 68.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

+ Details

Other Expense, net (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Details of Other Expense, net

The following table provides details of Other expense, net:


	Three Months Ended March 31,
(In millions)		2024		2023
Net foreign exchange transaction gain (loss)		$	1.2	$	(4.9)
Bank fee expense		(1.0)		(1.4)
Pension cost other than service cost		(1.8)		(2.1)

Foreign currency exchange loss due to highly inflationary economies		(4.9)		(2.6)
Loss on debt redemption and refinancing activities		—		(4.9)
Other income		6.6		2.6
Other expense		(0.9)		(1.7)
Other expense, net		$	(0.8)	$	(15.0)

Derivatives and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Offsetting Liabilities [Line Items]
Gross position	$ (10.4)	$ (24.2)
Other Current Liabilities
Offsetting Liabilities [Line Items]
Gross position	(1.6)	(4.3)
Impact of master netting agreements	0.9	1.1
Net amounts recognized on the Condensed Consolidated Balance Sheets	(0.7)	(3.2)
Other Noncurrent Liabilities
Offsetting Liabilities [Line Items]
Gross position	(8.8)	(19.9)
Impact of master netting agreements	0.0	0.0
Net amounts recognized on the Condensed Consolidated Balance Sheets	$ (8.8)	$ (19.9)

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories, net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 162.2	$ 165.3
Work in process	180.1	178.5
Finished goods	447.9	430.5
Total	$ 790.2	$ 774.3

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

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost (Income)

The following tables show the components of net benefit cost for our defined benefit pension plans for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
(In millions)	U.S.		International		Total		U.S.		International		Total
Components of net periodic benefit cost:
Service cost	$	—	$	0.9	$	0.9	$	—	$	0.8	$	0.8
Interest cost	1.6		5.1		6.7		1.8		5.2		7.0
Expected return on plan assets	(1.7)		(5.8)		(7.5)		(1.8)		(5.3)		(7.1)
Amortization of net prior service cost	—		0.1		0.1		—		0.1		0.1
Amortization of net actuarial loss	0.4		1.0		1.4		0.4		0.8		1.2
Net periodic benefit cost	0.3		1.3		1.6		0.4		1.6		2.0
Settlement cost	—		—		—		—		0.2		0.2
Total benefit cost	$	0.3	$	1.3	$	1.6	$	0.4	$	1.8	$	2.2

The following table shows the components of net periodic benefit cost for our other post-employment benefit plans for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(In millions)		2024		2023
Components of net periodic benefit cost:

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

Net periodic benefit cost		$	0.3	$	0.3

Leases (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 were as follows:


(In millions)	March 31, 2024		December 31, 2023
Short-Term (12 months or less)	$	8.7	$	8.5
Long-Term	33.3		33.3
Lease receivables	$	42.0	$	41.8

Assets and Liabilities, Lessee

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


(In millions)	March 31, 2024		December 31, 2023
Other non-current assets:
Finance leases - ROU assets	$	37.5	$	36.0
Finance leases - Accumulated depreciation	(15.3)		(14.9)
Operating lease right-of-use-assets:
Operating leases - ROU assets	195.5		203.1
Operating leases - Accumulated depreciation	(115.2)		(116.6)
Total lease assets	$	102.5	$	107.6
Current portion of long-term debt:
Finance leases	$	(7.1)	(6.7)
Current portion of operating lease liabilities:
Operating leases	(27.4)		(29.2)
Long-term debt, less current portion:
Finance leases	(13.8)		(12.8)
Long-term operating lease liabilities, less current portion:
Operating leases	(61.8)		(66.7)
Total lease liabilities	$	(110.1)	$	(115.4)

Operating Lease, Future Minimum Annual Rental Commitments

At March 31, 2024, 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 2024	$	6.6	$	24.9
2025	6.1		27.5
2026	4.1		21.2
2027	1.9		12.1
2028	1.0		7.1
Thereafter	8.1		10.3
Total lease payments	27.8		103.1
Less: Interest	(6.9)		(13.9)
Present value of lease liabilities	$	20.9	$	89.2

Finance Lease, Future Minimum Annual Rental Commitments

At March 31, 2024, 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 2024	$	6.6	$	24.9
2025	6.1		27.5
2026	4.1		21.2
2027	1.9		12.1
2028	1.0		7.1
Thereafter	8.1		10.3
Total lease payments	27.8		103.1
Less: Interest	(6.9)		(13.9)
Present value of lease liabilities	$	20.9	$	89.2

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)		2024		2023
Lease cost(1)
Finance leases
Amortization of ROU assets		$	2.0	$	2.5
Interest on lease liabilities		0.4		0.4
Operating leases		9.4		9.0
Short-term lease cost		0.2		0.6
Variable lease cost		1.7		1.8
Total lease cost		$	13.7	$	14.3


	Three Months Ended March 31,
(In millions)	2024		2023
Other information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - finance leases	$	0.9	$	1.1
Operating cash flows - operating leases	$	9.8	$	9.1
Financing cash flows - finance leases	$	1.8	$	2.3

ROU assets obtained in exchange for new finance lease liabilities	$	3.3	$	5.9
ROU assets obtained in exchange for new operating lease liabilities	$	2.3	$	20.8


	Three Months Ended March 31,
	2024		2023
Weighted average information:
Finance leases
Remaining lease term (in years)	5.9		8.3
Discount rate	7.5	%	6.3	%
Operating leases
Remaining lease term (in years)	4.3		4.4
Discount rate	6.0	%	5.3	%

Recently Adopted and Issued Accounting Standards (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable [Line Items]
Accounts payable	$ 811.8	$ 764.6
Supply Chain Financing Program Participants
Accounts Payable [Line Items]
Accounts payable	$ 164.2	$ 153.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 352.8	$ 346.1
Trade receivables, net of allowance for credit losses of $14.8 in 2024 and $14.9 in 2023	461.5	442.6
Income tax receivables	27.6	44.9
Other receivables	92.2	94.2
Advances and deposits	69.7	72.8
Inventories, net of inventory reserves of $50.0 in 2024 and $43.3 in 2023 (Note 7)	790.2	774.3
Prepaid expenses and other current assets	198.8	188.4
Total current assets	1,992.8	1,963.3
Property and equipment, net (Note 8)	1,411.2	1,416.4
Goodwill (Note 9)	2,887.7	2,892.5
Identifiable intangible assets, net (Note 9)	425.6	439.0
Deferred taxes	130.7	130.8
Operating lease right-of-use-assets (Note 4)	80.3	86.5
Other non-current assets	271.0	272.1
Total assets	7,199.3	7,200.6
Current liabilities:
Short-term borrowings (Note 13)	134.6	140.7
Current portion of long-term debt (Note 13)	43.5	35.7
Current portion of operating lease liabilities (Note 4)	27.4	29.2
Accounts payable	811.8	764.6
Accrued restructuring costs (Note 12)	28.8	23.1
Income tax payable	28.2	28.7
Other current liabilities	428.5	487.0
Total current liabilities	1,502.8	1,509.0
Long-term debt, less current portion (Note 13)	4,484.2	4,513.9
Long-term operating lease liabilities, less current portion (Note 4)	61.8	66.7
Deferred taxes	34.6	35.8
Other non-current liabilities	517.6	525.7
Total liabilities	6,601.0	6,651.1
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2024 and 2023	0.0	0.0
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 154,486,042 in 2024 and 154,054,011 in 2023; shares outstanding: 145,607,340 in 2024 and 144,467,719 in 2023	15.4	15.4
Additional paid-in capital	1,423.4	1,429.5
Retained earnings	548.9	496.5
Common stock in treasury, 8,878,702 shares in 2024 and 9,586,292 shares in 2023	(404.2)	(436.4)
Accumulated other comprehensive loss, net of taxes (Note 20)	(985.2)	(955.5)
Total stockholders’ equity	598.3	549.5
Total liabilities and stockholders’ equity	$ 7,199.3	$ 7,200.6