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Acquisition of Diversey Holdings Inc (Tables) | 12 Months Ended
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Dec. 31, 2011
Acquisition of Diversey Holdings, Inc. [Abstract] |
Summary of the consideration transferred |
Cash |  | $ | 2,098.7 |
31.7 million shares of Sealed Air common stock (at October 3, 2011 average price of $16.18 per share) |  |  | 512.9 |
Fair value of Diversey preferred stock investment(1) |  |  | 262.9 |
Fair-value-based measure of the portion of the SARs attributed to pre-acquisition service(2) |  |  | 50.8 |
Total consideration |  | $ | 2,925.3 |
Estimated fair values of the Assets Acquired and Liabilities Assumed |
Net assets acquired (liabilities assumed): |  |  |  |
Cash |  | $ | 109.3 |
Restricted cash |  |  | 269.2 |
Receivables, net |  |  | 592.7 |
Inventories(1) |  |  | 308.1 |
Current deferred tax assets(2) |  |  | 60.9 |
Prepaid expenses and other current assets |  |  | 161.8 |
Property and equipment, net(3) |  |  | 420.0 |
Intangible assets(4) |  |  | 2,072.1 |
Non-current deferred tax assets(2) |  |  | 62.9 |
Other assets, net(5) |  |  | 178.7 |
Short-term borrowings |  |  | (55.0 | )
Accounts payable |  |  | (337.8 | )
Other current liabilities |  |  | (488.8 | )
Long-term debt, less current portion |  |  | (1,648.8 | )
Non-current deferred tax liabilities(2) |  |  | (619.4 | )
Other liabilities(5) |  |  | (443.2 | )
Total net assets acquired |  |  | 642.7 |
Goodwill |  |  | 2,282.6 |
Total consideration |  | $ | 2,925.3 |
Fair Value of Inventories |
Estimated net step-up in fair value |  | $ | 11.6 |
Increase due to change from LIFO to FIFO |  |  | 5.5 |
Total |  | $ | 17.1 |
Fair Value of Property and Equipment Net |
|  | Estimated Net Step-up in Fair Value |
Land |  | $ | 53.2 |
Buildings and building improvements |  |  | 0.8 |
Machinery and equipment |  |  | 21.5 |
Fixed assets — other |  |  | 12.4 |
Total |  | $ | 87.9 |
Fair value of Intangible assets |
|  | Estimated Fair Value |  |  | Estimated Weighted Average Useful Lives (Years)
Customer relationships |  | $ | 1,007.6 |  |  | 13.0
Trademarks and trade names |  |  | 872.4 |  |  | indefinite
Technology (1) |  |  | 159.6 |  |  | 8/indefinite
Contracts |  |  | 32.5 |  |  | 5.0
Total |  | $ | 2,072.1 |  |  |
(1) | Includes software of $84.0 million (3 year useful life), patents and trade secrets of $69.9 million (8 year weighted-average useful life), and in-process research and development (“IPR&D”) of $5.7 million.
Financial information for Diversey |
Net sales |  | $ | 795.9 |
Operating loss (1) |  | $ | (57.1 | )
Loss from continuing operations |  | $ | (72.3 | )
(1) This loss includes:
| • |  | restructuring charges of $53 million primarily related to the 2011 – 2014 Integration & Optimization Program;
| • |  | amortization of intangible assets acquired of $31 million;
| • |  | a non-recurring charge related to the step-up in inventories of $12 million; and
| • |  | nonrecurring charges related to associated costs for legacy Diversey’s prior restructuring programs of $12 million.
Supplemental pro forma information |
|  | Year Ended |  |  | Year Ended |
|  | December 31, 2011 |  |  | December 31, 2010 |
Net sales |  | $ | 8,105.4 |  |  | $ | 7,617.8 |
Operating profit(1) |  | $ | 637.5 |  |  | $ | 688.7 |
Net earnings from continuing operations(1) |  | $ | 129.8 |  |  | $ | 173.8 |
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |
Basic |  |  | 190.8 |  |  |  | 190.0 |
Diluted |  |  | 209.2 |  |  |  | 208.4 |
Net earnings per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.68 |  |  | $ | 0.91 |
Diluted |  | $ | 0.62 |  |  | $ | 0.83 |

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