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Segments | 9 Months Ended
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Sep. 30, 2025
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, poultry, smoked and processed meats, 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. Sealed Air 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. 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 following table shows Net sales by reportable segment:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  |  |  |  |  |  |  |
Food |  | $ | 909.6 |  |  | $ | 897.9 |  |  | $ | 2,657.8 |  |  | $ | 2,660.1 |
As a % of Consolidated net sales |  | 67.3 | % |  | 66.8 | % |  | 67.1 | % |  | 66.2 | %
Protective |  | 441.7 |  |  | 447.2 |  |  | 1,301.0 |  |  | 1,359.7 |
As a % of Consolidated net sales |  | 32.7 | % |  | 33.2 | % |  | 32.9 | % |  | 33.8 | %
Consolidated Net sales |  | $ | 1,351.3 |  |  | $ | 1,345.1 |  |  | $ | 3,958.8 |  |  | $ | 4,019.8 |
The following tables show segment Gross profit and a reconciliation to earnings before income tax provision and discontinued operations:
|  | Three Months Ended September 30,
|  | 2025
|  | Food |  | Protective |  | Total
Net sales |  | $ | 909.6 |  |  | $ | 441.7 |  |  | $ | 1,351.3 |
Cost of sales |  | 632.7 |  |  | 317.9 |  |  | 950.6 |
Segment Gross profit |  | $ | 276.9 |  |  | $ | 123.8 |  |  | $ | 400.7 |
Other unallocated cost of sales |  |  |  |  |  | 0.2 |
Selling, general and administrative expenses |  |  |  |  |  | 175.3 |
(Loss) on disposal of long-lived assets, net |  |  |  |  |  | (4.8) |
Amortization expense of intangible assets |  |  |  |  |  | 14.9 |
Restructuring charges |  |  |  |  |  | 20.8 |
Operating profit |  |  |  |  |  | 184.7 |
Interest expense, net |  |  |  |  |  | (55.5) |
Other expense, net |  |  |  |  |  | (13.5) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 115.7 |
|  | Nine Months Ended September 30,
|  | 2025
|  | Food |  | Protective |  | Total
Net sales |  | $ | 2,657.8 |  |  | $ | 1,301.0 |  |  | $ | 3,958.8 |
Cost of sales |  | 1,833.1 |  |  | 924.9 |  |  | 2,758.0 |
Segment Gross profit |  | $ | 824.7 |  |  | $ | 376.1 |  |  | $ | 1,200.8 |
Other unallocated cost of sales |  |  |  |  |  | 2.4 |
Selling, general and administrative expenses |  |  |  |  |  | 546.1 |
(Loss) on disposal of long-lived assets, net |  |  |  |  |  | (14.7) |
Amortization expense of intangible assets |  |  |  |  |  | 45.0 |
Restructuring charges |  |  |  |  |  | 26.2 |
Operating profit |  |  |  |  |  | 566.4 |
Interest expense, net |  |  |  |  |  | (168.0) |
Other expense, net |  |  |  |  |  | (24.3) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 374.1 |
|  | Three Months Ended September 30,
|  | 2024
|  | Food |  | Protective |  | Total
Net sales |  | $ | 897.9 |  |  | $ | 447.2 |  |  | $ | 1,345.1 |
Cost of sales |  | 625.9 |  |  | 317.3 |  |  | 943.2 |
Segment Gross profit |  | $ | 272.0 |  |  | $ | 129.9 |  |  | $ | 401.9 |
Other unallocated cost of sales |  |  |  |  |  | 0.4 |
Selling, general and administrative expenses |  |  |  |  |  | 187.1 |
(Loss) on disposal of long-lived assets, net |  |  |  |  |  | (5.4) |
Amortization expense of intangible assets |  |  |  |  |  | 15.9 |
Restructuring charges |  |  |  |  |  | 6.8 |
Operating profit |  |  |  |  |  | 186.3 |
Interest expense, net |  |  |  |  |  | (60.5) |
Other expense, net |  |  |  |  |  | (6.4) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 119.4 |
|  | Nine Months Ended September 30,
|  | 2024
|  | Food |  | Protective |  | Total
Net sales |  | $ | 2,660.1 |  |  | $ | 1,359.7 |  |  | $ | 4,019.8 |
Cost of sales |  | 1,850.0 |  |  | 951.0 |  |  | 2,801.0 |
Segment Gross profit |  | $ | 810.1 |  |  | $ | 408.7 |  |  | $ | 1,218.8 |
Other unallocated cost of sales |  |  |  |  |  | 0.5 |
Selling, general and administrative expenses |  |  |  |  |  | 563.8 |
(Loss) on disposal of long-lived assets, net |  |  |  |  |  | (5.8) |
Amortization expense of intangible assets |  |  |  |  |  | 47.0 |
Restructuring charges |  |  |  |  |  | 24.8 |
Operating profit |  |  |  |  |  | 576.9 |
Interest expense, net |  |  |  |  |  | (188.9) |
Other expense, net |  |  |  |  |  | (14.0) |
Earnings before income tax provision and discontinued operations |  |  |  |  |  | $ | 374.0 |
The following table shows depreciation and amortization by segment:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Food |  | $ | 48.2 |  |  | $ | 47.9 |  |  | $ | 144.7 |  |  | $ | 141.1 |
Protective |  | 22.7 |  |  | 22.8 |  |  | 67.5 |  |  | 65.8 |
Total Company depreciation and amortization(1) |  | $ | 70.9 |  |  | $ | 70.7 |  |  | $ | 212.2 |  |  | $ | 206.9 |
(1) Includes share-based incentive compensation of $9.4 million and $32.0 million for the three and nine months ended September 30, 2025, respectively, and $8.5 million and $24.4 million for the three and nine months ended September 30, 2024, respectively. Restructuring charges by segment were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Food |  | $ | 14.9 |  |  | $ | 4.7 |  |  | $ | 17.4 |  |  | $ | 15.3 |
Protective |  | 5.9 |  |  | 2.1 |  |  | 8.8 |  |  | 9.5 |
Total Company restructuring charges |  | $ | 20.8 |  |  | $ | 6.8 |  |  | $ | 26.2 |  |  | $ | 24.8 |
Assets by Reportable Segments The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventories, net; property and equipment, net; goodwill; intangible assets, net; and leased systems, net.
(In millions) |  | September 30, 2025 |  | December 31, 2024
Assets allocated to segments: |  |  |  |
Food |  | $ | 3,464.7 |  |  | $ | 3,301.4 |
Protective |  | 2,611.5 |  |  | 2,599.6 |
Total segments |  | 6,076.2 |  |  | 5,901.0 |
Assets not allocated: |  |  |  |
Cash and cash equivalents |  | $ | 282.5 |  |  | $ | 371.8 |
Income tax receivables |  | 69.0 |  |  | 25.0 |
Other receivables |  | 101.1 |  |  | 135.9 |
Deferred taxes |  | 55.1 |  |  | 112.0 |
Other |  | 500.3 |  |  | 476.4 |
Total assets |  | $ | 7,084.2 |  |  | $ | 7,022.1 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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