XML 44 R33.htm IDEA: XBRL DOCUMENT
v3.21.1

Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Segment Reporting [Abstract] |
Net Sales and Adjusted EBITDA by Reportable Segments | The following tables show Net Sales and Segment Adjusted EBITDA by reportable segment:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2021 |  | 2020
Net Sales: |  |  |  |  |  |  |  |
Food |  |  |  |  |  | $ | 702.2 |  |  | $ | 690.3 |
As a % of Total Company net sales |  |  |  |  |  | 55.4 | % |  | 58.8 | %
Protective |  |  |  |  |  | 564.9 |  |  | 483.6 |
As a % of Total Company net sales |  |  |  |  |  | 44.6 | % |  | 41.2 | %
Total Company Net Sales |  |  |  |  |  | $ | 1,267.1 |  |  | $ | 1,173.9 |
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2021 |  | 2020
Segment Adjusted EBITDA: |  |  |  |  |  |  |  |
Food Adjusted EBITDA |  |  |  |  |  | $ | 156.9 |  |  | $ | 156.3 |
Food Adjusted EBITDA Margin |  |  |  |  |  | 22.3 | % |  | 22.6 | %
Protective Adjusted EBITDA |  |  |  |  |  | 109.9 |  |  | 92.8 |
Protective Adjusted EBITDA Margin |  |  |  |  |  | 19.5 | % |  | 19.2 | %
Segment Adjusted EBITDA |  |  |  |  |  | $ | 266.8 |  |  | $ | 249.1 |
Reconciliation of Net Earning (Loss) to Total Company Adjusted EBITDA | The following table shows a reconciliation of Segment Adjusted EBITDA to Earnings before income tax provision:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2021 |  | 2020
Food Adjusted EBITDA |  |  |  |  |  | $ | 156.9 |  |  | $ | 156.3 |
Protective Adjusted EBITDA |  |  |  |  |  | 109.9 |  |  | 92.8 |
Corporate Adjusted EBITDA |  |  |  |  |  | 1.4 |  |  | 4.1 |
Interest expense, net |  |  |  |  |  | (43.1) |  |  | (44.4) |
Depreciation and amortization(1) |  |  |  |  |  | (56.9) |  |  | (51.5) |
Special Items: |  |  |  |  |  |  |  |
Restructuring charges(2) |  |  |  |  |  | — |  |  | (0.6) |
Other restructuring associated costs(3) |  |  |  |  |  | (5.3) |  |  | (4.0) |
Foreign currency exchange loss due to highly inflationary economies |  |  |  |  |  | (1.4) |  |  | (0.9) |
Charges related to acquisition and divestiture activity |  |  |  |  |  | (0.3) |  |  | (2.9) |
Other Special Items |  |  |  |  |  | (0.8) |  |  | (1.7) |
Pre-tax impact of Special Items |  |  |  |  |  | (7.8) |  |  | (10.1) |
Earnings before income tax provision |  |  |  |  |  | $ | 160.4 |  |  | $ | 147.2 |
(1)Depreciation and amortization by segment were as follows:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2021 |  | 2020
Food |  |  |  |  |  | $ | 31.7 |  |  | $ | 29.0 |
Protective |  |  |  |  |  | 25.2 |  |  | 22.5 |
Total Company depreciation and amortization(i) |  |  |  |  |  | $ | 56.9 |  |  | $ | 51.5 |
(i) Includes share-based incentive compensation of $11.5 million and $8.5 million for the three months ended March 31, 2021 and 2020, respectively. (2)Restructuring charges by segment were as follows:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2021 |  | 2020
Food |  |  |  |  |  | $ | (0.2) |  |  | $ | 0.3 |
Protective |  |  |  |  |  | 0.2 |  |  | 0.3 |
Total Company restructuring charges |  |  |  |  |  | $ | — |  |  | $ | 0.6 |
(3)Other restructuring associated costs for the three months ended March 31, 2021, primarily relate to a one-time, non-cash cumulative translation adjustment (CTA) loss recognized due to the wind-up of one of our legal entities as well as fees paid to third-party consultants in support of the Reinvent SEE business transformation. Other restructuring associated costs for the three months ended March 31, 2020, primarily relate to fees paid to third-party consultants in support of the Reinvent SEE business transformation.
Assets by Reportable Segments | The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventory, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net.
(In millions) |  | March 31, 2021 |  | December 31, 2020
Assets allocated to segments: |  |  |  |
Food |  | $ | 2,039.3 |  |  | $ | 2,019.1 |
Protective |  | 2,847.7 |  |  | 2,795.4 |
Total segments |  | 4,887.0 |  |  | 4,814.5 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 370.0 |  |  | $ | 548.7 |
Assets held for sale |  | — |  |  | 0.3 |
Income tax receivables |  | 33.5 |  |  | 71.2 |
Other receivables |  | 72.5 |  |  | 69.5 |
Deferred taxes |  | 172.9 |  |  | 187.1 |
Other |  | 382.8 |  |  | 392.5 |
Total |  | $ | 5,918.7 |  |  | $ | 6,083.8 |

X
- Definition Reconciliation Of Adjusted Earnings Before Income Tax Depreciation And Amortization To Net Earnings [Table Text Block] + References No definition available. + Details
Name: | see_ReconciliationOfAdjustedEarningsBeforeIncomeTaxDepreciationAndAmortizationToNetEarningsTableTextBlock
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&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