XML 47 R51.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Earnings Before Income Tax Provision | The components of earnings before income tax provision were as follows:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Domestic |  | $ | 126.7 |  |  | $ | 255.1 |  |  | $ | 192.1 |
Foreign |  | 243.6 |  |  | 202.7 |  |  | 201.2 |
Total |  | $ | 370.3 |  |  | $ | 457.8 |  |  | $ | 393.3 |
Components of Income Tax Provision (Benefit) | The components of our income tax provision (benefit) were as follows:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 62.3 |  |  | $ | 228.2 |  |  | $ | 79.6 |
State and local |  | 4.6 |  |  | 9.8 |  |  | 14.3 |
Foreign |  | 64.1 |  |  | 59.8 |  |  | 106.0 |
Total current expense |  | $ | 131.0 |  |  | $ | 297.8 |  |  | $ | 199.9 |
Deferred tax (benefit) expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | (19.0 | ) |  | $ | 56.8 |  |  | $ | 130.1 |
State and local |  | 4.0 |  |  | (21.2 | ) |  | 5.3 |
Foreign |  | (39.4 | ) |  | (25.9 | ) |  | (4.8 | )
Total deferred tax (benefit) expense |  | (54.4 | ) |  | 9.7 |  |  | 130.6 |
Total income tax provision |  | $ | 76.6 |  |  | $ | 307.5 |  |  | $ | 330.5 |
Components of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following:
|  | December 31,
(In millions) |  | 2019 |  | 2018
Accruals not yet deductible for tax purposes |  | $ | 17.4 |  |  | $ | 17.5 |
Net operating loss carryforwards |  | 245.9 |  |  | 265.5 |
Foreign, federal and state credits |  | 8.4 |  |  | 10.4 |
Employee benefit items |  | 79.5 |  |  | 77.0 |
Capitalized expenses |  | 32.2 |  |  | 8.9 |
Intangibles |  | 21.8 |  |  | — |
Derivatives and other |  | 47.7 |  |  | 38.0 |
Sub-total deferred tax assets |  | 452.9 |  |  | 417.3 |
Valuation allowance |  | (197.6 | ) |  | (218.4 | )
Total deferred tax assets |  | $ | 255.3 |  |  | $ | 198.9 |
Depreciation and amortization |  | $ | (37.0 | ) |  | $ | (26.8 | )
Unremitted foreign earnings |  | (10.0 | ) |  | — |
Intangible assets |  | — |  |  | (21.7 | )
Other |  | (0.4 | ) |  | (0.4 | )
Total deferred tax liabilities |  | (47.4 | ) |  | (48.9 | )
Net deferred tax assets |  | $ | 207.9 |  |  | $ | 150.0 |
Reconciliation of the Provision for Income Taxes | A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate (21% in 2019-2018 and 35% in 2017) to income before provision for income taxes, is as follows (dollars in millions):
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Computed expected tax |  | $ | 77.8 |  |  | 21.0 | % |  | $ | 96.1 |  |  | 21.0 | % |  | $ | 137.7 |  |  | 35.0 | %
State income taxes, net of federal tax benefit |  | 6.7 |  |  | 1.8 | % |  | 8.4 |  |  | 1.8 | % |  | 7.6 |  |  | 1.9 | %
Foreign earnings taxed at different rates |  | 10.5 |  |  | 2.8 | % |  | 8.3 |  |  | 1.8 | % |  | (22.3 | ) |  | (5.7 | )%
U.S. tax on foreign earnings |  | 29.0 |  |  | 7.8 | % |  | 13.5 |  |  | 2.9 | % |  | 72.3 |  |  | 18.4 | %
Tax credits |  | (50.1 | ) |  | (13.5 | )% |  | (20.7 | ) |  | (4.5 | )% |  | (16.8 | ) |  | (4.3 | )%
Unremitted foreign earnings |  | 10.0 |  |  | 2.7 | % |  | — |  |  | — | % |  | — |  |  | — | %
Reorganization and divestitures |  | (47.2 | ) |  | (12.7 | )% |  | — |  |  | — | % |  | 75.9 |  |  | 19.3 | %
Withholding tax |  | 4.8 |  |  | 1.3 | % |  | 21.7 |  |  | 4.7 | % |  | 7.4 |  |  | 1.9 | %
Net change in valuation allowance |  | (7.6 | ) |  | (2.1 | )% |  | (39.8 | ) |  | (8.7 | )% |  | (2.0 | ) |  | (0.5 | )%
Net change in unrecognized tax benefits |  | 36.0 |  |  | 9.7 | % |  | 95.0 |  |  | 20.8 | % |  | 33.4 |  |  | 8.5 | %
Tax Cuts and Jobs Act |  | — |  |  | — | % |  | 117.6 |  |  | 25.7 | % |  | 41.1 |  |  | 10.5 | %
Deferred tax adjustments |  | — |  |  | — | % |  | — |  |  | — | % |  | 14.1 |  |  | 3.6 | %
Other |  | 6.7 |  |  | 1.9 | % |  | 7.4 |  |  | 1.7 | % |  | (17.9 | ) |  | (4.6 | )%
Income tax expense and rate |  | $ | 76.6 |  |  | 20.7 | % |  | $ | 307.5 |  |  | 67.2 | % |  | $ | 330.5 |  |  | 84.0 | %
Unrecognized Tax Benefits and the Effect on Effective Income Tax Rate | We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:
|  | Year Ended December 31,
(in millions) |  | 2019 |  | 2018 |  | 2017
Beginning balance of unrecognized tax benefits |  | $ | 356.4 |  |  | $ | 214.3 |  |  | $ | 162.6 |
Additions for tax positions of current year |  | 3.4 |  |  | 106.0 |  |  | 7.3 |
Additions for tax positions of prior years |  | 47.9 |  |  | 59.5 |  |  | 49.3 |
Reductions for tax positions of prior years |  | (16.0 | ) |  | (7.0 | ) |  | (4.3 | )
Reductions for lapses of statutes of limitation and settlements |  | (1.4 | ) |  | (16.4 | ) |  | (0.6 | )
Ending balance of unrecognized tax benefits |  | $ | 390.3 |  |  | $ | 356.4 |  |  | $ | 214.3 |

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
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&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 for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration