XML 69 R45.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Taxes [Abstract] |
Components of earnings before income tax provision |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Domestic |  | $ | (73.6 | ) |  | $ | 84.0 |  |  | $ | 127.3 |
Foreign |  |  | 289.7 |  |  |  | 259.4 |  |  |  | 202.6 |
Total |  | $ | 216.1 |  |  | $ | 343.4 |  |  | $ | 329.9 |
Components of income tax provision |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Current tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 37.0 |  |  | $ | 22.1 |  |  | $ | 35.8 |
State and local |  |  | 5.9 |  |  |  | 5.6 |  |  |  | 7.1 |
Foreign |  |  | 79.7 |  |  |  | 63.1 |  |  |  | 59.3 |
Total current |  |  | 122.6 |  |  |  | 90.8 |  |  |  | 102.2 |
Deferred tax (benefit), expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (54.4 | ) |  |  | 2.1 |  |  |  | (4.6 | )
State and local |  |  | (5.3 | ) |  |  | (2.1 | ) |  |  | (0.5 | )
Foreign |  |  | 4.1 |  |  |  | (3.3 | ) |  |  | (11.5 | )
Total deferred tax benefit |  |  | (55.6 | ) |  |  | (3.3 | ) |  |  | (16.6 | )
Total provision |  | $ | 67.0 |  |  | $ | 87.5 |  |  | $ | 85.6 |
Components of deferred tax assets (liabilities) |
|  | December 31, |
|  | 2011 |  |  | 2010 |
Settlement agreement and related accrued interest(1) |  | $ | 383.8 |  |  | $ | 367.9 |
Restructuring reserves |  |  | 10.8 |  |  |  | — |
Accruals not yet deductible for tax purposes |  |  | 72.5 |  |  |  | 17.0 |
Net operating loss carry forwards |  |  | 124.5 |  |  |  | 33.9 |
Foreign, federal and state credits and investment tax allowances |  |  | 130.2 |  |  |  | 9.2 |
Employee benefit items |  |  | 145.0 |  |  |  | 57.2 |
Other |  |  | 1.0 |  |  |  | 4.2 |
Gross deferred tax assets |  |  | 867.8 |  |  |  | 489.4 |
Valuation allowance |  |  | (219.1 | ) |  |  | (43.1 | )
Total deferred tax assets |  |  | 648.7 |  |  |  | 446.3 |
Depreciation and amortization |  |  | (73.4 | ) |  |  | (48.2 | )
Unremitted foreign earnings |  |  | (149.8 | ) |  |  | (47.1 | )
Inventories |  |  | — |  |  |  | (4.7 | )
Intangibles |  |  | (599.0 | ) |  |  | (20.2 | )
Other |  |  | (14.9 | ) |  |  | (13.3 | )
Total deferred tax liabilities |  |  | (837.1 | ) |  |  | (133.5 | )
Net deferred tax (liabilities) assets |  | $ | (188.4 | ) |  | $ | 312.8 |
(1) | This deferred tax asset reflects the cash portion of the Settlement agreement and related accrued interest and the fair market value of 18 million shares of our common stock at a post-split price of $17.86 per share based on the price when the Settlement agreement was reached in 2002. However, the value of this deferred tax asset will depend on the price of our common stock at the time it is issued under the Settlement agreement. See Note 17, “Commitments and Contingencies,” for further discussion.
Federal statutory corporate tax rate reconciles to effective income tax rate |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Statutory U.S. federal tax rate |  |  | 35.0% |  |  |  | 35.0% |  |  |  | 35.0% |
State income taxes, net of federal tax benefit |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 1.5 |
Foreign earnings taxed at lower effective rates |  |  | (6.3) |  |  |  | (9.2) |  |  |  | (8.7) |
Nondeductible acquisition costs |  |  | 2.5 |  |  |  | — |  |  |  | — |
U.S. domestic manufacturing deduction |  |  | (2.4) |  |  |  | (1.1) |  |  |  | (1.0) |
Net change in unrecognized tax benefits |  |  | 0.4 |  |  |  | — |  |  |  | 1.7 |
Other |  |  | 1.5 |  |  |  | 0.2 |  |  |  | (2.6) |
Effective income tax rate |  |  | 31.0% |  |  |  | 25.5% |  |  |  | 25.9% |
Unrecognized tax benefits and the effect on effective income tax rate |
|  | Gross |  |  | Net |
Unrecognized tax benefits at January 1, 2011 |  | $ | 72.5 |  |  | $ | 64.7 |
Additions relating to the acquisition of Diversey (included in other liabilities) |  |  | 182.7 |  |  |  | 182.7 |
Additions for tax positions of prior years |  |  | 2.7 |  |  |  | 2.7 |
Reductions for tax positions of prior years |  |  | (3.4 | ) |  |  | (3.4 | )
Unrecognized tax benefits at December 31, 2011 |  | $ | 254.5 |  |  | $ | 246.7 |

X
- Definition Schedule of components of earnings before income tax provision. + References No definition available. + Details
Name: | see_ScheduleOfComponentsOfEarningsBeforeIncomeTaxProvisionTableTextBlock
Namespace Prefix: | see_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration