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Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
The Company currently reports its financial results in two reportable segments, Food and Protective.
The Company’s Food and Protective segments are considered reportable segments under FASB ASC Topic 280. Our Food and Protective segments are aligned with similar groups of products. The following is a brief description of our reportable segments:
Food — Food solutions are sold to industrial food processors in fresh red meat, smoked and processed meats, poultry, seafood, fluids and liquids, cheese and other food markets worldwide. Food offers integrated packaging materials and automated equipment solutions to increase food safety, extend shelf life, reduce food waste, automate processes, and optimize total cost. Its materials, automated equipment and service enable customers to reduce costs and enhance their brands. Food solutions are utilized by food service businesses (such as restaurants and entertainment venues) and food retailers (such as grocery stores and supermarkets), among others.
Protective — Protective packaging solutions are utilized across many global markets to protect goods during transit and are especially valuable to e-commerce, consumer goods, pharmaceutical and medical devices and industrial manufacturing. With
automated equipment, high-performance materials, and services, our solutions are designed to increase our customers' packaging velocity, minimize packaging waste, reduce labor dependencies and address dimensional weight challenges. Our product breadth combined with our global scale and reach helps support our customers' needs for sustainability, performance excellence, consistency and reliability of supply wherever they operate around the world. Protective solutions are sold through a strategic network of distributors as well as directly to our customers, including, but not limited to, fabricators, original equipment manufacturers, contract manufacturers, logistics partners and e-commerce/fulfillment operations.
Our segments are each led by a segment president. Resources are allocated and the performance of our Food and Protective segment is assessed by our Chief Executive Officer ("CEO"), whom we have determined to be our Chief Operating Decision Maker ("CODM"). Sealed Air’s CODM evaluates the performance of its segments and allocates resources based on Gross profit, which is our measure of segment profitability most closely aligned with the consolidated financial statements.
For both the Food and Protective segments, the CODM uses segment Gross profit in the annual budgeting and forecasting process. The CODM considers segment Gross profit budget and forecast to actual variances on a monthly basis when making decisions about allocating capital and operating resources to segments.
The Company allocates certain expenses within Cost of sales to each segment based on various factors including direct usage of resources, square footage occupied, allocation of headcount, or, in cases where costs are not clearly delineated, costs may be allocated on portion of net trade sales.
The Company allocates and discloses total depreciation and amortization expense to our segments, although only cost of sales depreciation and amortization is included in the measure of segment profitability, Gross profit. We also allocate and disclose restructuring charges by segment, although they are not included in the measure of segment profitability, Gross profit.
The accounting policies of the reportable segments are the same as those described in Note 2 “Summary of Significant Accounting Policies and Recently Issued Accounting Standards.”
The following table shows Net sales by reportable segment: 
 Year Ended December 31,
(In millions)202420232022
Net sales   
Food$3,582.6 $3,519.7 $3,317.2 
As a % of Consolidated net sales66.4 %64.1 %58.8 %
Protective1,810.0 1,969.2 2,324.7 
As a % of Consolidated net sales33.6 %35.9 %41.2 %
Consolidated Net sales$5,392.6 $5,488.9 $5,641.9 
The following tables show segment Gross profit and a reconciliation to earnings before income tax provision and discontinued operations:
Year Ended December 31,
2024
FoodProtectiveTotal
Net sales$3,582.6 $1,810.0 $5,392.6 
Cost of sales2,490.7 1,276.2 3,766.9 
Segment Gross profit$1,091.9 $533.8 $1,625.7 
Other unallocated cost of sales0.6 
Selling, general and administrative expenses752.6 
(Loss) Gain on disposal of businesses and property and equipment, net(16.2)
Amortization expense of intangible assets62.6 
Restructuring charges57.8 
Operating profit735.9 
Interest expense, net(247.6)
Other expense, net(29.9)
Earnings before income tax provision and discontinued operations$458.4 
Year Ended December 31,
2023
FoodProtectiveTotal
Net sales$3,519.7 $1,969.2 $5,488.9 
Cost of sales2,485.0 1,362.1 3,847.1 
Segment Gross profit$1,034.7 $607.1 $1,641.8 
Other unallocated cost of sales0.5 
Selling, general and administrative expenses759.1 
(Loss) Gain on disposal of businesses and property and equipment, net(49.3)
Amortization expense of intangible assets62.7 
Restructuring charges15.6 
Operating profit754.6 
Interest expense, net(263.0)
Other expense, net(61.9)
Earnings before income tax provision and discontinued operations$429.7 
Year Ended December 31,
2022
FoodProtectiveTotal
Net sales$3,317.2 $2,324.7 $5,641.9 
Cost of sales2,292.9 1,575.8 3,868.7 
Segment Gross profit$1,024.3 $748.9 $1,773.2 
Other unallocated cost of sales0.3 
Selling, general and administrative expenses786.2 
(Loss) Gain on disposal of businesses and property and equipment, net6.3 
Amortization expense of intangible assets36.1 
Restructuring charges12.1 
Operating profit944.8 
Interest expense, net(162.3)
Other expense, net(53.2)
Earnings before income tax provision and discontinued operations$729.3 
 The following table shows depreciation and amortization by segment:
 
      
 Year Ended December 31,
(In millions)202420232022
Food$186.1 $175.7 $137.1 
Protective87.9 91.8 99.7 
Total Company depreciation and amortization(1)
$274.0 $267.5 $236.8 
(1)Includes share-based incentive compensation of $33.0 million in 2024, $34.2 million in 2023 and $52.3 million in 2022.
Restructuring charges by segment were as follows:
 Year Ended December 31,
(In millions)202420232022
Food$31.3 $8.2 $8.3 
Protective26.5 7.4 3.8 
Total Company restructuring charges$57.8 $15.6 $12.1 
 
       

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.
 December 31,
(In millions)202420232022
Assets allocated to segments:  
Food$3,301.4 $3,386.4 $2,342.6 
Protective2,599.6 2,663.4 2,795.7 
Total segments$5,901.0 $6,049.8 $5,138.3 
Assets not allocated:
Cash and cash equivalents 371.8 346.1 456.1 
Income tax receivables25.0 44.9 40.3 
Other receivables99.8 94.2 91.5 
Advances and deposits36.1 72.8 12.7 
Deferred taxes112.0 130.8 141.5 
Other476.4 462.0 334.3 
Total$7,022.1 $7,200.6 $6,214.7 
Geographic Information 
The following table shows net sales and total long-lived assets allocated by geography. Sales are attributed to the country/region in which they originate.
 Year Ended December 31,
(In millions)202420232022
Net sales(1):
   
Americas(1)
$3,526.1 $3,578.3 $3,718.5 
EMEA1,107.9 1,149.3 1,160.0 
APAC758.6 761.3 763.4 
Total$5,392.6 $5,488.9 $5,641.9 
Total long-lived assets(2):
Americas(2)
$1,106.0 $1,122.4  
EMEA397.0 418.6  
APAC255.2 234.0  
Total$1,758.2 $1,775.0  
 
    
(1)U.S. net sales were $2,857.6 million, $2,913.6 million and $3,073.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2024, 2023 or 2022. Sales are allocated to the country/region based on where each sale originated.
(2)Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, and intangible assets. Total long-lived assets in the U.S. were $1,024.8 million and $1,044.2 million at December 31, 2024 and 2023, respectively. No non-U.S. country had long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2024 or 2023.