<SEC-DOCUMENT>0001193125-17-211469.txt : 20170817
<SEC-HEADER>0001193125-17-211469.hdr.sgml : 20170817
<ACCEPTANCE-DATETIME>20170623130835
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-211469
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEALED AIR CORP/DE
		CENTRAL INDEX KEY:			0001012100
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820]
		IRS NUMBER:				650654331
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2415 CASCADE POINTE BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28208
		BUSINESS PHONE:		980-221-3235

	MAIL ADDRESS:	
		STREET 1:		2415 CASCADE POINTE BOULEVARD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28208

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WR GRACE & CO/DE
		DATE OF NAME CHANGE:	19961015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRACE HOLDING INC
		DATE OF NAME CHANGE:	19960805
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Comment Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g403340g44w57.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Sealed Air Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2415 Cascade Pointe Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Charlotte, NC 28208 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">(980) <FONT
STYLE="white-space:nowrap">221-3235</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;23, 2017 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Melissa&nbsp;N. Rocha </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief
Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing and Construction </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United
States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Sealed Air Corporation </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended
December&nbsp;31, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;15, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;1-12139</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Rocha: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is submitted
on behalf of Sealed Air Corporation (the &#147;Company&#148;) in response to the comments of the Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the &#147;Staff&#148;) with respect to the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2016 filed on February&nbsp;15, 2016 (the &#147;Form <FONT STYLE="white-space:nowrap">10-K&#148;)</FONT> as set forth in your letter to me dated June&nbsp;12, 2017. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To assist your review, we have included the text of the Staff&#146;s comments in italics below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2016 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Liquidity and Capital Resources </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Material Commitments and Contingencies, page 54 </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note you state that you increased your unrecognized tax benefits by $104&nbsp;million in 2015 related to the Settlement payment. It appears this increase was based on a &#147;more likely than not&#148;
determination. We further note in the same paragraph that you believe it is &#147;more likely than not&#148; that you will be successful. Please explain to us why these disclosures are not inherently contradictory. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Company Response:</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To provide context to
our response, the disclosure referenced in your comment is as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;We increased our unrecognized tax benefits by
$104&nbsp;million in 2015, for the recording of a reserve related to the Settlement payment. While the Company believes it is more likely than not it will be successful, the ultimate outcome of negotiations may affect the utilization of certain tax
attributes and require us to return all or a portion of the refund.&#148; </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When the statement is read in its entirety, the Company does not believe there is an
inconsistency. The Company has concluded that the tax benefit related to the payment under the Settlement agreement (as defined in the Form <FONT STYLE="white-space:nowrap">10-K),</FONT> based on its technical merits, is more likely than not to be
sustained and has measured that benefit as the largest amount of benefit, based on a cumulative probability basis, that is more likely than not to be realized on ultimate settlement. The Company established a reserve for a portion of the total tax
benefit related to the payment under the Settlement agreement, not the entire amount. The Company recorded the reserve because while it believes it will prevail on the merits of a deduction overall, it is necessary to establish a reserve for a
portion of the tax benefit given that negotiations are ongoing with the U.S. Internal Revenue Service and believes these negotiations may result in a partial concession. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please feel free to contact William G. Stiehl, the Company&#146;s Controller and Principal Accounting Officer at (980) <FONT
STYLE="white-space:nowrap">221-3885,</FONT> Thomas C. Lagaly, the Company&#146;s Vice President, Acting General Counsel and Secretary at (980) <FONT STYLE="white-space:nowrap">221-3250,</FONT> or me at (980)
<FONT STYLE="white-space:nowrap">221-3240</FONT> should you require any further information, or clarification, or have any questions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:61%; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:61%; font-size:10pt; font-family:Times New Roman"><U>/s/ Carol P.
Lowe</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:61%; font-size:10pt; font-family:Times New Roman">Carol P. Lowe </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:61%; font-size:10pt; font-family:Times New Roman">Senior Vice President and Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:61%; font-size:10pt; font-family:Times New Roman">Financial Officer </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;Tracey Houser, Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kevin Stertzel, Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jerome A. Peribere, President and Chief Executive Officer, Sealed Air Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">William G. Stiehl, Controller and Principal Accounting Officer, Sealed Air Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thomas C. Lagaly,Vice President, Acting General Counsel and Secretary, Sealed Air Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">EY LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WilmerHale </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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