XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA of Reportable Segments | The following tables show Net Sales and Adjusted EBITDA by our segment reporting structure:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2017 |  |  | 2016 |
Net Sales: |  |  |  |  |  |  |  |
Food Care |  | $ | 655.6 |  |  | $ | 638.4 |
As a % of Total Company net sales |  |  | 63.5 | % |  |  | 63.5 | %
Product Care |  |  | 376.6 |  |  |  | 367.5 |
As a % of Total Company net sales |  |  | 36.5 | % |  |  | 36.5 | %
Total Company Net Sales |  | $ | 1,032.2 |  |  | $ | 1,005.9 |
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2017 |  |  | 2016 |
Adjusted EBITDA from continuing operations: |  |  |  |  |  |  |  |
Food Care |  |  | 141.5 |  |  | $ | 138.6 |
Adjusted EBITDA Margin |  |  | 21.6 | % |  |  | 21.7 | %
Product Care |  | 74.1 |  |  |  | 77.1 |
Adjusted EBITDA Margin |  |  | 19.7 | % |  |  | 21.0 | %
Corporate(1) |  |  | (33.7 | ) |  |  | (29.5 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 181.9 |  |  | $ | 186.2 |
Adjusted EBITDA Margin |  |  | 17.6 | % |  |  | 18.5 | %
(1) | Corporate includes costs previously allocated to the Diversey Care segment and food hygiene and cleaning business of our Food Care segment reported within discontinued operations of $8.0 million and $5.1 million for three months ended March 31, 2017 and 2016, respectively.
Reconciliation of U.S. GAAP Net Earnings from Continuing Operations to Non-U.S. GAAP Adjusted EBITDA from Continuing Operations | The following table shows a reconciliation of U.S. GAAP net earnings from continuing operations to Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2017 |  |  | 2016 |
Net (loss) earnings from continuing operations |  | $ | (53.8 | ) |  | $ | 74.9 |
Interest expense |  |  | (48.8 | ) |  |  | (50.9 | )
Interest income |  |  | 2.2 |  |  |  | 1.6 |
Income tax provision |  |  | 136.4 |  |  |  | 17.6 |
Depreciation and amortization(2) |  |  | (37.2 | ) |  |  | (34.9 | )
Special items: |  |  |  |  |  |  |  |
Restructuring and other charges(3) |  |  | (1.9 | ) |  |  | 0.2 |
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses |  |  | (3.9 | ) |  |  | (3.9 | )
SARs |  |  | — |  |  |  | (0.1 | )
Foreign currency exchange loss related to Venezuelan subsidiaries |  |  | — |  |  |  | (1.0 | )
Gain on sale of European food trays business |  |  | 2.3 |  |  |  | (1.6 | )
Loss related to the sale of other businesses, investments and property, plant and equipment |  |  | — |  |  |  | (1.7 | )
Charges incurred related to the sale of Diversey |  |  | (16.1 | ) |  |  | — |
Other special items(1) |  |  | 4.1 |  |  |  | (1.4 | )
Pre-tax impact of Special items |  |  | (15.5 | ) |  |  | (9.5 | )
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations |  | $ | 181.9 |  |  | $ | 186.2 |
(1) | Other Special Items for the three months ended March 31, 2017 primarily included a recovered wage tax as the result of a court ruling partially offset by legal fees associated with restructuring and acquisitions. Other Special Items for the three months ended March 31, 2016 primarily included legal fees associated with restructuring and acquisitions.
(2) | Depreciation and amortization by segment is as follows:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2017 |  |  | 2016 |
Food Care |  | $ | 25.1 |  |  | $ | 22.9 |
Product Care |  |  | 11.5 |  |  |  | 9.6 |
Corporate |  |  | 0.6 |  |  |  | 2.4 |
Total Company depreciation and amortization(1) |  | $ | 37.2 |  |  | $ | 34.9 |
| (1) | Includes share-based incentive compensation of $8.0 million for the three months ended March 31, 2017 and $11.5 million for the three months ended March 31, 2016.
(3) | Restructuring and other charges by segment were as follows:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  |  | 2017 |  |  |  | 2016 |
Food Care |  | $ | 1.2 |  |  | $ | (0.1 | )
Product Care |  |  | 0.7 |  |  |  | (0.1 | )
Total Company restructuring and other charges |  | $ | 1.9 |  |  | $ | (0.2 | )
Assets by Reportable Segments | The following table shows assets allocated by our segment reporting structure. Only assets identifiable by segment and reviewed by our chief operating decision maker by segment are allocated by the reportable segment assets, which are trade receivables, net, and finished goods inventory, net. All other assets are included in “Assets not allocated.”
|  | March 31, |  |  | December 31, |
(In millions) |  | 2017 |  |  | 2016 |
Assets: |  |  |  |  |  |  |  |
Trade receivables, net, and finished goods inventories, net |  |  |  |  |  |  |  |
Food Care |  | $ | 461.4 |  |  | $ | 459.8 |
Product Care |  |  | 279.2 |  |  |  | 261.5 |
Total segments and other |  |  | 740.6 |  |  |  | 721.3 |
Assets not allocated |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 258.4 |  |  |  | 333.7 |
Property and equipment, net |  |  | 910.1 |  |  |  | 889.6 |
Goodwill |  |  | 1,884.7 |  |  |  | 1,882.9 |
Intangible assets, net |  |  | 39.3 |  |  |  | 40.1 |
Assets held for sale |  |  | 2,891.8 |  |  |  | 2,851.7 |
Other |  |  | 696.3 |  |  |  | 679.9 |
Total |  | $ | 7,421.2 |  |  | $ | 7,399.2 |

X
- Definition Reconciliation of United States Generally Accepted Accounting Principles to Non United States Generally Accepted Accounting Principles adjusted earnings before income tax, depreciation and amortization. + References No definition available. + Details
Name: | see_ReconciliationOfUSGAAPNetEarningsToNonUSGAAPAdjustedEarningsBeforeIncomeTaxDepreciationAndAmortizationTableTextBlock
Namespace Prefix: | see_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration