XML 43 R33.htm IDEA: XBRL DOCUMENT
v3.23.1

Leases (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases [Abstract] |
Summary of Lease Payments Captured in Lease Receivable | All lease payments are primarily fixed in nature and therefore captured in the lease receivable. Our sales-type lease receivable balances at March 31, 2023 and December 31, 2022 were as follows:
(In millions) |  | March 31, 2023 |  | December 31, 2022
Short-Term (12 months or less) |  | $ | 6.4 |  |  | $ | 6.5 |
Long-Term |  | 18.6 |  |  | 18.6 |
Lease receivables |  | $ | 25.0 |  |  | $ | 25.1 |
Assets and Liabilities, Lessee | The following table details our lease obligations included in our Condensed Consolidated Balance Sheets.
(In millions) |  | March 31, 2023 |  | December 31, 2022
Other non-current assets: |  |  |  |
Finance leases - ROU assets |  | $ | 59.4 |  |  | $ | 55.0 |
Finance leases - Accumulated depreciation |  | (32.6) |  |  | (31.7) |
Operating lease right-of-use-assets: |  |  |  |
Operating leases - ROU assets |  | 174.9 |  |  | 156.7 |
Operating leases - Accumulated depreciation |  | (92.5) |  |  | (86.5) |
Total lease assets |  | $ | 109.2 |  |  | $ | 93.5 |
Current portion of long-term debt: |  |  |  |
Finance leases |  | $ | (6.8) |  |  | (7.6) |
Current portion of operating lease liabilities: |  |  |  |
Operating leases |  | (27.1) |  |  | (24.0) |
Long-term debt, less current portion: |  |  |  |
Finance leases |  | (20.6) |  |  | (16.1) |
Long-term operating lease liabilities, less current portion: |  |  |  |
Operating leases |  | (58.2) |  |  | (49.6) |
Total lease liabilities |  | $ | (112.7) |  |  | $ | (97.3) |
Operating Lease, Future Minimum Annual Rental Commitments | At March 31, 2023, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:
(In millions) |  | Finance leases |  | Operating leases
Remainder of 2023 |  | $ | 6.8 |  |  | $ | 23.4 |
2024 |  | 5.2 |  |  | 24.3 |
2025 |  | 3.6 |  |  | 17.8 |
2026 |  | 2.8 |  |  | 13.0 |
2027 |  | 2.6 |  |  | 6.4 |
Thereafter |  | 16.6 |  |  | 11.1 |
Total lease payments |  | 37.6 |  |  | 96.0 |
Less: Interest |  | (10.2) |  |  | (10.7) |
Present value of lease liabilities |  | $ | 27.4 |  |  | $ | 85.3 |
Finance Lease, Future Minimum Annual Rental Commitments | At March 31, 2023, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:
(In millions) |  | Finance leases |  | Operating leases
Remainder of 2023 |  | $ | 6.8 |  |  | $ | 23.4 |
2024 |  | 5.2 |  |  | 24.3 |
2025 |  | 3.6 |  |  | 17.8 |
2026 |  | 2.8 |  |  | 13.0 |
2027 |  | 2.6 |  |  | 6.4 |
Thereafter |  | 16.6 |  |  | 11.1 |
Total lease payments |  | 37.6 |  |  | 96.0 |
Less: Interest |  | (10.2) |  |  | (10.7) |
Present value of lease liabilities |  | $ | 27.4 |  |  | $ | 85.3 |
Schedule of Lease Costs and Other Information | The following lease cost is included in our Condensed Consolidated Statements of Operations:
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2023 |  | 2022
Lease cost(1) |  |  |  |  |  |  |  |
Finance leases |  |  |  |  |  |  |  |
Amortization of ROU assets |  |  |  |  |  | $ | 2.5 |  |  | $ | 2.7 |
Interest on lease liabilities |  |  |  |  |  | 0.4 |  |  | 0.3 |
Operating leases |  |  |  |  |  | 9.0 |  |  | 8.5 |
Short-term lease cost |  |  |  |  |  | 0.6 |  |  | 0.4 |
Variable lease cost |  |  |  |  |  | 1.8 |  |  | 1.6 |
Total lease cost |  |  |  |  |  | $ | 14.3 |  |  | $ | 13.5 |
(1) With the exception of Interest on lease liabilities, we record lease costs to Cost of sales or Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations, depending on the use of the leased asset. Interest on lease liabilities is recorded to Interest expense, net on the Condensed Consolidated Statements of Operations. The following table details cash paid related to operating and finance leases included in our Condensed Consolidated Statements of Cash Flows and new right-of-use (“ROU”) assets included in our Condensed Consolidated Balance Sheets:
|  | Three Months Ended March 31,
(In millions) |  | 2023 |  | 2022
Other information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows - finance leases |  | $ | 1.1 |  |  | $ | 1.1 |
Operating cash flows - operating leases |  | $ | 9.1 |  |  | $ | 8.7 |
Financing cash flows - finance leases |  | $ | 2.3 |  |  | $ | 2.7 |
ROU assets obtained in exchange for new finance lease liabilities |  | $ | 5.9 |  |  | $ | 1.4 |
ROU assets obtained in exchange for new operating lease liabilities |  | $ | 20.8 |  |  | $ | 9.2 |
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
Weighted average information: |  |  |  |
Finance leases |  |  |  |
Remaining lease term (in years) |  | 8.3 |  | 5.9
Discount rate |  | 6.3 | % |  | 4.6 | %
Operating leases |  |  |  |
Remaining lease term (in years) |  | 4.4 |  | 4.3
Discount rate |  | 5.3 | % |  | 4.5 | %

X
- Definition Assets And Liabilities, Lessee [Table Text Block] + References No definition available. + Details
Name: | see_AssetsAndLiabilitiesLesseeTableTextBlock
Namespace Prefix: | see_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of sale leaseback transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123418715&loc=d3e50824-112756 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123416376&loc=d3e50796-112755 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123389372&loc=d3e36991-112694 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 40 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128295416&loc=SL77919786-209982 + Details
Name: | us-gaap_ScheduleOfSaleLeasebackTransactionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration