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Acquisitions | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions LB Holdco, Inc. Acquisition On February 1, 2023, Sealed Air acquired 100% of the outstanding shares of capital stock of LB Holdco, Inc., the parent company of Liquibox, Inc. (collectively, “Liquibox”), a pioneer, innovator and manufacturer of Bag-in-Box liquids packaging and dispensing solutions for food, beverage, consumer goods and industrial end markets. The acquisition is included in our Food reporting segment. Consideration paid was approximately $1.16 billion in cash, subject to customary adjustments. In March of 2024, subsequent to the closure of the measurement period, we reached a final purchase price settlement with the seller of $3.5 million, which was recorded as income within Other expense, net on the Consolidated Statements of Operations during the first quarter of 2024. We financed the consideration paid and related fees and expenses through borrowings under our senior secured credit facility, proceeds from the issuance of senior notes, and cash on hand. See Note 15, “Debt and Credit Facilities,” for additional details. For the year ended December 31, 2023, acquisition related expenses recognized for the Liquibox acquisition was $12.0 million. This expense is included within Selling, general and administrative expenses in the Consolidated Statements of Operations. The following table summarizes the consideration transferred to acquire Liquibox and the allocation of the purchase price among the assets acquired and liabilities assumed, including measurement period adjustments recorded through the finalized purchase price allocation on December 31, 2023:
|  | Preliminary Allocation |  | Measurement Period |  | Final Allocation
(In millions) |  | As of February 1, 2023 |  | Adjustments |  | December 31, 2023
Total consideration transferred |  | $ | 1,169.2 |  |  | $ | (2.1) |  |  | $ | 1,167.1 |
Assets acquired: |  |  |  |  |  |
Cash and cash equivalents |  | 21.2 |  |  | — |  |  | 21.2 |
Trade receivables |  | 48.6 |  |  | (0.8) |  |  | 47.8 |
Inventories |  | 61.6 |  |  | (2.8) |  |  | 58.8 |
Prepaid expenses and other current assets |  | 15.8 |  |  | (1.7) |  |  | 14.1 |
Property and equipment |  | 101.1 |  |  | (8.2) |  |  | 92.9 |
Identifiable intangible assets |  | 342.1 |  |  | 4.2 |  |  | 346.3 |
Operating lease right-of-use-assets |  | 15.1 |  |  | — |  |  | 15.1 |
Other non-current assets |  | 9.5 |  |  | (1.5) |  |  | 8.0 |
Total assets acquired |  | $ | 615.0 |  |  | $ | (10.8) |  |  | $ | 604.2 |
Liabilities assumed: |  |  |  |  |  |
Accounts payable |  | 27.0 |  |  | (1.4) |  |  | 25.6 |
Current portion of long-term debt |  | 0.1 |  |  | — |  |  | 0.1 |
Current portion of operating lease liabilities |  | 3.7 |  |  | — |  |  | 3.7 |
Other current liabilities |  | 28.4 |  |  | 2.8 |  |  | 31.2 |
Long-term debt, less current portion |  | 5.1 |  |  | — |  |  | 5.1 |
Long-term operating lease liabilities, less current portion |  | 11.4 |  |  | — |  |  | 11.4 |
Deferred taxes |  | 92.2 |  |  | (35.1) |  |  | 57.1 |
Other non-current liabilities |  | 6.6 |  |  | (4.2) |  |  | 2.4 |
Total liabilities assumed |  | $ | 174.5 |  |  | $ | (37.9) |  |  | $ | 136.6 |
Net assets acquired |  | 440.5 |  |  | 27.1 |  |  | 467.6 |
Goodwill |  | $ | 728.7 |  |  | $ | (29.2) |  |  | $ | 699.5 |
The following table summarizes the identifiable intangible assets and their useful lives:
|  | Amount |  | Useful life
| (In millions) |  | (In years)
Customer relationships |  | $ | 186.4 |  |  | 11.0
Trademarks and tradenames |  | 26.0 |  |  | 10.0
Software |  | 3.7 |  |  | 2.0
Technology |  | 130.2 |  |  | 12.0
Total intangible assets with definite lives |  | $ | 346.3 |  |  |
Goodwill is a result of the synergies that are expected to originate from the combination of Cryovac and Liquibox solutions for the Company, as well as growth of our sustainable packaging portfolio. This goodwill is not deductible for tax purposes. The goodwill balance associated with Liquibox is included in the Food reportable segment. Liquibox Supplemental Information The following table presents the amounts of net sales and net earnings attributed to Liquibox since the acquisition date that are included in our Consolidated Statements of Operations for the year ended December 31, 2023:
(In millions) |  |  |  | February 1, 2023 through December 31, 2023
Net sales |  |  |  | $ | 284.3 |
Net earnings |  |  |  | $ | 2.6 |
Pro Forma Financial Information The following table presents the Company’s unaudited pro forma financial information for the year ended December 31, 2023, assuming the acquisition of Liquibox had occurred on January 1, 2022. The information below reflects pro forma adjustments based on available information and certain assumptions that Sealed Air believes are factual and supportable. The unaudited pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2022 and is not intended to be a projection of future results and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company:
|  |  |  | Year Ended December 31,
(In millions) |  |  |  |  |  | 2023 |  |
Net sales |  |  |  |  |  | $ | 5,514.5 |  |  |
Net earnings |  |  |  |  |  | $ | 351.2 |  |  |
The unaudited pro forma financial information includes, where applicable, adjustments for (i) additional expense from the fair value step-up of inventory, (ii) additional amortization expense related to acquired intangible assets, (iii) additional depreciation expense related to acquired property and equipment, (iv) transaction costs and other one-time non-recurring costs, (v) additional interest expense for borrowings related to the acquisition and amortization associated with fair value adjustments of debt assumed, and (vi) associated tax-related impacts of adjustments. Other 2023 Acquisition Activity During the second quarter of 2023, Food had other acquisition activity resulting in a total purchase price paid of $14.9 million. The Company allocated the consideration transferred to the fair value of assets acquired, resulting in an allocation to goodwill of $7.9 million. In the third quarter of 2023, the final purchase price adjustments resulted in an insignificant decrease to goodwill. This goodwill is not deductible for tax purposes. There were no other identifiable intangible assets acquired. This acquisition activity was not material to our Consolidated Financial Statements.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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