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Accounts Receivable Securitization Programs | 6 Months Ended
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Jun. 30, 2013
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Accounts Receivable Securitization Programs | (8) Accounts Receivable Securitization Programs U.S. Accounts Receivables Securitization Program We and a group of our U.S. subsidiaries maintain an accounts receivable securitization program with two banks and issuers of commercial paper administered by these banks. As of June 30, 2013, the maximum purchase limit for receivable interests was $125 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $125 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. During the first half of 2013, the level of eligible assets available under the program was lower than $125 million primarily due to our current credit ratings. As a result, the amount available to us under the program was $113 million at June 30, 2013. 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 further decline in the amounts available to us under the program or termination of the program. This program is scheduled to expire in September 2013. We intend to extend this program prior to the expiration date. European Accounts Receivables Securitization Program In February 2013, we entered into a European accounts receivable securitization program and purchase agreement with Sealed Air Securitization Limited, a special purpose vehicle, or SPV, two banks and a group of our European subsidiaries and in the second quarter of 2013, we added two additional subsidiaries into the program. The maximum purchase limit for receivable interests was €95 million, ($124 million equivalent at June 30, 2013) subject to availability limits, and the program is scheduled to expire in February 2014. The terms and provisions of this program are similar to our U.S. program. As of June 30, 2013, the amount available under this program was €71 million ($93 million equivalent). As of June 30, 2013 and December 31, 2012, we had no amounts outstanding under either the U.S. or European program, and we did not utilize these programs during 2013. Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above 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 June 30, 2013 and December 31, 2012, as applicable.

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- Definition Description of the accounts receivable securitization program. Securitization is a structured finance process that distributes risk by aggregating debt instruments in a pool, then issues new securities backed by the pool. + References No definition available. + Details
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- Details
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