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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt and Credit Facilities | Debt and Credit Facilities Our total debt outstanding consisted of the amounts set forth in the following table:
|  |  |  | December 31,
(In millions) |  | Interest rate |  | 2025 |  | 2024
Short-term borrowings(1) |  |  |  | $ | 99.6 |  |  | $ | 140.5 |
Current portion of long-term debt(2) |  |  |  | 625.2 |  |  | 64.6 |
Total current debt |  |  |  | 724.8 |  |  | 205.1 |
Term Loan A due March 2027 |  |  |  | — |  |  | 685.2 |
Term Loan A due October 2030(5) |  |  |  | 371.6 |  |  | — |
Senior Secured Notes due October 2026 |  | 1.573 | % |  | — |  |  | 598.1 |
Senior Notes due December 2027 |  | 4.000 | % |  | 423.7 |  |  | 423.1 |
Senior Notes due February 2028 |  | 6.125 | % |  | 769.4 |  |  | 767.0 |
Senior Notes due April 2029 |  | 5.000 | % |  | 422.8 |  |  | 422.3 |
Senior Notes due February 2031 |  | 7.250 | % |  | 421.8 |  |  | 421.3 |
Senior Notes due July 2032 |  | 6.500 | % |  | 396.6 |  |  | 396.2 |
Senior Notes due July 2033 |  | 6.875 | % |  | 447.2 |  |  | 446.9 |
Other(2) |  |  |  | 31.8 |  |  | 38.7 |
Total long-term debt, less current portion(3) |  |  |  | 3,284.9 |  |  | 4,198.8 |
Total debt(4) |  |  |  | $ | 4,009.7 |  |  | $ | 4,403.9 |
(1)Short-term borrowings of $99.6 million at December 31, 2025, were comprised of $93.7 million under our European securitization program and $5.9 million of short-term borrowings from various lines of credit. Short-term borrowings of $140.5 million at December 31, 2024, were comprised of $83.0 million under our European securitization program, $50.0 million under our U.S. securitization program, and $7.5 million of short-term borrowings from various lines of credit. (2)As of December 31, 2025, Current portion of long-term debt included the Senior Secured Notes due October 2026 of $600 million and finance lease liabilities of $6.9 million. As of December 31, 2024, Current portion of long-term debt included finance lease liability of $6.6 million. Other debt includes $12.0 million and $12.9 million of long-term liabilities associated with our finance leases as of December 31, 2025 and 2024, respectively. See Note 4, “Leases,” for additional information on finance lease liabilities. (3)Amounts are shown net of unamortized discounts and issuance costs of $22.3 million and $31.5 million as of December 31, 2025 and 2024, respectively. (4)As of December 31, 2025, our weighted average interest rate on our short-term borrowings outstanding was 3.3% and on our long-term debt outstanding was 5.2%. As of December 31, 2024, our weighted average interest rate on our short-term borrowings outstanding was 4.5% and on our long-term debt outstanding was 5.4%. (5)On October 31, 2025, the Company and certain of its subsidiaries entered into a Credit Agreement with Bank of America, N.A., as agent, and the other financial institutions party thereto, which amends and restates terms, including the maturity of all of the credit facilities under the Credit Agreement to October 2030. Debt Maturities The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt and finance leases. This schedule represents the principal amount outstanding, and therefore excludes debt discounts, the effect of present value discounting for finance lease obligations, interest rate swaps, and lender and finance fees:
Year |  | Amount (In millions)
2026 |  | $ | 626.4 |
2027 |  | 445.9 |
2028 |  | 791.3 |
2029 |  | 452.1 |
2030 |  | 339.9 |
Thereafter |  | 1,281.8 |
Total |  | $ | 3,937.4 |
Amended and Restated Senior Secured Credit Facility 2025 Activity On October 31, 2025, the Company and certain of its subsidiaries entered into a Credit Agreement, which amends and restates the Company’s existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto (the “Existing Credit Agreement”). The Credit Agreement reflects certain changes in terms from those set forth in the Existing Credit Agreement, including but not limited to, (i) the refinancing of the existing U.S. dollar and pound sterling term loan A facilities with a new U.S. dollar term loan A facility in an aggregate principal amount of approximately $445 million and a new pound sterling term loan A facility in an aggregate principal amount of approximately £25 million, (ii) the refinancing of the existing revolving credit facilities with new revolving credit facilities in the aggregate principal amount of approximately $1 billion, (iii) a new $600 million delayed draw term loan A facility to be available for draw in U.S. dollars or euros until October 15, 2026, (iv) removal of the previous 0.10% (10 basis point) secured overnight financing rate (“SOFR”) credit spread adjustment, (v) the extension of the final maturity of the all of the credit facilities under the Credit Agreement to October 31, 2030, (vi) the adjustment of certain covenants to provide flexibility to incur additional indebtedness and take certain other actions, and (vii) certain other amendments. The Credit Agreement includes customary events of default, including, among others, failure to make payments, failure to comply with covenants, cross-defaults, certain bankruptcy and insolvency events and a change in control of the Company. 2023 Activity On February 1, 2023, the Company used proceeds from an incremental term facility, which provides an aggregate principal amount of $650.0 million, to finance in part the Liquibox acquisition. This incremental term loan was made available on December 8, 2022, under the Amendment and Incremental Assumption Agreement (“the Amendment”) of the Company's existing senior secured credit facility (the “Fourth Amended and Restated Credit Agreement”). We incurred $11.0 million of lender and third-party fees included in carrying amounts of outstanding debt. See Note 5, “Acquisitions,” for further details related to the Liquibox acquisition. Total amortization expense related to the senior secured credit facility was $1.9 million, $4.0 million, and $3.5 million, included within Interest expense, net on our Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023, respectively. Senior Notes 2024 Activity On June 28, 2024, the Company, together with Sealed Air Corporation (US), a wholly owned subsidiary of the Company, collectively issued $400.0 million aggregate principal amount of 6.500% senior notes due 2032 (the “2032 Notes”). The 2032 Notes will mature on July 15, 2032. Interest is payable on January 15 and July 15 of each year, commencing on January 15, 2025. The 2032 Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned domestic subsidiaries that guarantee its senior secured credit facilities (other than Sealed Air Corporation (US)), subject to release under certain circumstances. We capitalized $4.0 million of fees incurred in connection with the 2032 Notes, which are included in Long-term debt, less current portion on our Consolidated Balance Sheets. We may redeem the 2032 Notes, in whole or in part, at any time prior to July 15, 2027, at a redemption price equal to 100% of the principal amount of the 2032 Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date, plus a “make-whole premium”. At any time prior to July 15, 2027, we may redeem up to 40% of the aggregate principal amount of the 2032 Notes with the net cash proceeds of certain equity offerings. The net proceeds from the 2032 Notes offering were used to repurchase all of the Company’s outstanding 5.500% senior notes due 2025 (the “2025 Notes”) pursuant to the tender offer commenced by the Company on June 17, 2024 and satisfy and discharge all of the Company's outstanding 2025 Notes in accordance with the terms of the indenture governing the 2025 Notes and to pay related premiums, fees and expenses in connection therewith. The aggregate repurchase price was $407.9 million, which included the principal amount of $400.0 million, a premium of $6.2 million and accrued interest of $1.7 million. We recognized a pre-tax loss of $6.8 million on the extinguishment, including the premium mentioned above and $0.6 million of accelerated amortization of non-lender fees, included within Other expense, net on our Consolidated Statements of Operations during the second quarter of 2024. 2023 Activity On November 20, 2023, the Company, together with Sealed Air Corporation (US), issued $425.0 million aggregate principal amount of 7.250% senior notes due 2031 (the “2031 Notes”). The 2031 Notes will mature on February 15, 2031. Interest is payable on May 15 and November 15 of each year, commencing on May 15, 2024. The 2031 Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned domestic subsidiaries that guarantee its senior secured credit facilities (other than Sealed Air Corporation (US)), subject to release under certain circumstances. We capitalized $4.2 million of fees incurred in connection with the 2031 Notes, which are included in Long-term debt, less current portion on our Consolidated Balance Sheets. We may redeem the 2031 Notes, in whole or in part, at any time prior to November 15, 2026, at a redemption price equal to 100% of the principal amount of the 2031 Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date, plus a “make-whole premium”. At any time prior to November 15, 2026, we may redeem up to 40% of the aggregate principal amount of the 2031 Notes with the net cash proceeds of certain equity offerings. The net proceeds from the 2031 Notes offering were used to repurchase all of the Company’s outstanding 5.125% senior notes due 2024 (the “2024 Notes”) pursuant to the tender offer commenced by the Company on November 8, 2023 and satisfy and discharge all of the Company's outstanding 2024 Notes in accordance with the terms of the indenture governing the 2024 Notes and to pay related premiums, fees and expenses in connection therewith. The aggregate repurchase price was $433.7 million, which included the principal amount of $425.0 million, a premium of $7.5 million and accrued interest of $1.2 million. We recognized a pre-tax loss of $8.3 million on the extinguishment, including the premium mentioned above and $0.8 million of accelerated amortization of non-lender fees, included within Other expense, net on our Consolidated Statements of Operations during the year ended December 31, 2023. On January 31, 2023, the Company, together with Sealed Air Corporation (US), issued $775.0 million aggregate principal amount of 6.125% senior notes due 2028 (the “2028 Notes”). The 2028 Notes will mature on February 1, 2028. Interest is payable on February 1 and August 1 of each year, commencing on August 1, 2023. The 2028 Notes are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned domestic subsidiaries that guarantee its senior secured credit facilities, subject to release under certain circumstances. We capitalized $12.2 million of fees incurred in connection with the 2028 Notes, which are included in Long-term debt, less current portion on our Consolidated Balance Sheets. We may redeem the 2028 Notes, in whole or in part, at any time prior to February 1, 2025, at a redemption price equal to 100% of the principal amount of the 2028 Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole premium”. On or after February 1, 2025, we may redeem the 2028 Notes, in whole or in part, at specified redemption prices, plus accrued and unpaid interest, if any, to, but not including the redemption date. In addition, at any time prior to February 1, 2025, we may redeem up to 40% of the 2028 Notes using the proceeds of certain equity offerings. The net proceeds from the 2028 Notes offering were used (i) together with a borrowing under the Company’s incremental term loan facility and cash on hand, to finance the acquisition of all of the issued and outstanding shares of capital stock of Liquibox, including related fees and expenses, (ii) to repurchase all of the Company’s outstanding 4.500% senior notes due 2023 (the “2023 Euro Notes”) pursuant to the tender offer commenced by the Company on January 27, 2023 and satisfy and discharge all of the Company’s outstanding 2023 Euro Notes in accordance with the terms of the indenture governing the 2023 Euro Notes and to pay related premiums, fees and expenses in connection therewith and (iii) to the extent of any remaining proceeds after giving effect to the foregoing transactions, for general corporate purposes. We recognized a pre-tax loss of $4.9 million on the repurchase and cancellation of the 2023 Euro Notes, including a premium of $4.5 million and accelerated amortization of non-lender fees of $0.4 million, within Other expense, net on our Consolidated Statements of Operations during the first quarter of 2023. See Note 5, “Acquisitions,” for further details related to the Liquibox acquisition. Lines of Credit The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including our revolving credit facility, and the amounts available under our accounts receivable securitization programs:
|  | December 31,
(In millions) |  | 2025 |  | 2024
Used lines of credit(1) |  | $ | 149.6 |  |  | $ | 140.5 |
Unused lines of credit(2) |  | 1,197.0 |  |  | 1,141.4 |
Total available lines of credit(3) |  | $ | 1,346.6 |  |  | $ | 1,281.9 |
(1)Includes total borrowings under the accounts receivable securitization programs and lines of credit available to several subsidiaries. (2)Mainly comprised of our available line of credit under the revolving credit facility. (3)Of the total available lines of credit, $1,199.0 million was committed as of December 31, 2025. Covenants Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Our senior secured credit facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum leverage ratio to EBITDA. We were in compliance with the above financial covenants and limitations at December 31, 2025 and 2024.

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