SEALED AIR CORP/DE

CIK:0001012100|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 5,359.8	$ 5,392.6	$ 5,488.9
Cost of sales	3,763.0	3,767.5	3,847.6
Gross profit	1,596.8	1,625.1	1,641.3
Selling, general and administrative expenses	744.9	752.6	759.1
Loss on disposal of long-lived assets and businesses, net	(26.8)	(16.2)	(49.3)
Amortization expense of intangible assets	59.5	62.6	62.7
Restructuring charges (Note 13)	39.9	57.8	15.6
Operating profit	725.7	735.9	754.6
Interest expense, net	(218.9)	(247.6)	(263.0)
Other expense, net (Note 24)	(30.3)	(29.9)	(61.9)
Earnings before income tax provision	476.5	458.4	429.7
Income tax provision (Note 20)	35.3	188.9	90.4
Net earnings from continuing operations	441.2	269.5	339.3
Gain (Loss) on sale of discontinued operations, net of tax	64.3	(4.8)	2.3
Net earnings	$ 505.5	$ 264.7	$ 341.6
Basic:
Continuing operations (in dollars per share)	$ 3.00	$ 1.85	$ 2.35
Discontinued operations (in dollars per share)	0.44	(0.03)	0.02
Net earnings per common share - basic (in dollars per share)	3.44	1.82	2.37
Diluted:
Continuing operations (in dollars per share)	2.99	1.84	2.34
Discontinued operations (in dollars per share)	0.44	(0.03)	0.02
Net earnings per common share - diluted (in dollars per share)	$ 3.43	$ 1.81	$ 2.36
Weighted average number of common shares outstanding: (Note 25)
Basic (in shares)	146.9	145.5	144.4
Diluted (in shares)	147.5	146.0	144.9

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Net earnings	$ 505.5	$ 264.7	$ 341.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	243.6	240.9	233.4
Share-based incentive compensation	39.5	31.6	33.0
Profit sharing expense	24.6	26.4	25.4
Loss on debt redemption and refinancing activities	5.8	6.8	13.2
Impairment of debt investment	0.0	8.5	0.0
Provision for allowance for credit losses on trade receivables	1.1	1.3	3.1
Provisions for inventory obsolescence	22.7	18.6	18.3
Deferred taxes, net	73.3	(16.4)	(27.8)
Net (gain) loss on disposal/sale of businesses	(64.3)	4.8	52.5
Other non-cash items	31.7	27.3	25.2
Changes in operating assets and liabilities:
Trade receivables, net	(2.8)	(34.1)	73.4
Inventories, net	6.2	(4.3)	136.0
Income tax receivable/payable	(64.3)	45.6	(0.4)
Accounts payable	(29.3)	28.1	(122.8)
Tax refunds (payments and deposits) to resolve certain prior years' tax matters	0.0	54.0	(195.0)
Other assets and liabilities	(165.3)	24.2	(92.9)
Net cash provided by operating activities	628.0	728.0	516.2
Cash flows from investing activities:
Capital expenditures	(169.5)	(220.2)	(244.2)
Proceeds related to sale of businesses and property and equipment, net	0.3	1.0	10.2
Businesses acquired in purchase transactions, net of cash acquired	0.0	4.2	(1,160.7)
(Payments) Proceeds associated with debt, equity, and equity method investments	(0.6)	(1.1)	2.8
Proceeds from cross-currency swaps	5.3	3.1	1.6
Settlement of foreign currency forward contracts	30.9	(19.5)	12.1
Net cash used in investing activities	(133.6)	(232.5)	(1,378.2)
Cash flows from financing activities:
Net (payments) proceeds of short-term borrowings	(51.6)	5.2	131.6
Proceeds from long-term debt	15.4	416.2	1,833.4
Payments of long-term debt	(383.0)	(710.5)	(958.4)
Dividends paid on common stock	(119.2)	(118.0)	(117.9)
Repurchases of common stock	0.0	0.0	(79.9)
Payments for debt modification/extinguishment costs and other	(5.8)	(7.6)	(22.3)
Impact of tax withholding on share-based compensation	(13.6)	(9.9)	(21.8)
Principal payments related to financing leases	(9.8)	(8.2)	(9.0)
Net cash (used in) provided by financing activities	(567.6)	(432.8)	755.7
Effect of foreign currency exchange rate changes on cash and cash equivalents	46.7	(37.0)	(3.7)
Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash, beginning of period	371.8	346.1	456.1
Net change during the period	(26.5)	25.7	(110.0)
Cash, cash equivalents, and restricted cash, end of period	345.3	371.8	346.1
Supplemental Cash Flow Information:
Interest payments, net of amounts capitalized	268.5	284.1	265.2
Restructuring payments including associated costs	79.8	58.1	19.2
Non-cash items:
Transfers of shares of common stock from treasury for profit-sharing plan contributions	26.3	25.4	23.9
Accrued capital expenditures	$ 32.4	$ 33.0	$ 33.0

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 344.0	$ 371.8
Trade receivables, net of allowance for credit losses of $11.6 in 2025 and $12.6 in 2024	522.2	443.1
Income tax receivables	57.3	25.0
Other receivables	96.5	135.9
Inventories, net of inventory reserves of $51.0 in 2025 and $45.4 in 2024 (Note 7)	737.0	722.2
Prepaid expenses and other current assets	162.5	193.8
Total current assets	1,919.5	1,891.8
Property and equipment, net (Note 8)	1,423.1	1,397.9
Goodwill (Note 9)	2,900.8	2,878.5
Identifiable intangible assets, net (Note 9)	333.3	381.6
Deferred taxes	70.0	112.0
Operating lease right-of-use-assets (Note 4)	82.4	98.0
Other non-current assets	283.7	262.3
Total assets	7,012.8	7,022.1
Current liabilities:
Short-term borrowings (Note 15)	99.6	140.5
Current portion of long-term debt (Note 15)	625.2	64.6
Current portion of operating lease liabilities (Note 4)	30.1	29.7
Accounts payable	769.4	771.0
Accrued restructuring costs (Note 13)	33.3	42.6
Income tax payable	20.1	53.3
Other current liabilities (Note 14)	523.7	533.8
Total current liabilities	2,101.4	1,635.5
Long-term debt, less current portion (Note 15)	3,284.9	4,198.8
Long-term operating lease liabilities, less current portion (Note 4)	60.3	74.8
Deferred taxes	41.6	26.1
Other non-current liabilities (Note 14)	287.1	462.4
Total liabilities	5,775.3	6,397.6
Commitments and contingencies (Note 21)
Stockholders’ equity:
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2025 and 2024	0.0	0.0
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 155,307,121 in 2025 and 154,610,375 in 2024; shares outstanding: 147,252,812 in 2025 and 145,731,673 in 2024 (Note 22)	15.5	15.5
Additional paid-in capital	1,461.1	1,445.7
Retained earnings	1,029.4	643.4
Common stock in treasury, 8,054,309 shares in 2025 and 8,878,702 shares in 2024 (Note 22)	(366.6)	(404.2)
Accumulated other comprehensive loss, net of taxes:
Unrecognized pension items	(135.3)	(141.8)
Cumulative translation adjustment	(709.3)	(917.1)
Unrealized net losses on net investment hedges	(58.0)	(20.7)
Unrealized net gains on cash flow hedges	0.7	3.7
Total accumulated other comprehensive loss, net of taxes (Note 23)	(901.9)	(1,075.9)
Total stockholders’ equity	1,237.5	624.5
Total liabilities and stockholders’ equity	$ 7,012.8	$ 7,022.1