We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sealed Air Corporation | NYSE:SEE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.22 | 3.43% | 36.81 | 37.01 | 35.64 | 35.93 | 895,360 | 21:03:35 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SEALED AIR CORPORATION
|
||
(Exact name of registrant as specified in its charter)
|
Delaware | 65-0654331 | ||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification Number) |
||||||||||
2415 Cascade Pointe Boulevard | |||||||||||
Charlotte | North Carolina | 28208 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.10 per share | SEE | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated filer | ¨ | |||||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | |||||
PART I. FINANCIAL INFORMATION | |||||
PART II. OTHER INFORMATION | |||||
|
2
|
(In USD millions, except share and per share data) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 273.1 | $ | 548.7 | ||||||||||
Trade receivables, net of allowance for credit losses of $11.3 in 2021 and $11.7 in 2020
|
627.6 | 541.0 | ||||||||||||
Income tax receivables | 30.6 | 71.2 | ||||||||||||
Other receivables | 86.3 | 69.5 | ||||||||||||
Inventories, net of inventory reserves of $26.0 in 2021 and $21.1 in 2020
|
730.7 | 596.7 | ||||||||||||
Current assets held for sale | — | 0.3 | ||||||||||||
Prepaid expenses and other current assets | 58.4 | 54.1 | ||||||||||||
Total current assets | 1,806.7 | 1,881.5 | ||||||||||||
Property and equipment, net | 1,202.8 | 1,189.7 | ||||||||||||
Goodwill | 2,220.9 | 2,222.6 | ||||||||||||
Identifiable intangible assets, net | 162.1 | 171.0 | ||||||||||||
Deferred taxes | 179.3 | 187.1 | ||||||||||||
Operating lease right-of-use-assets | 70.7 | 76.1 | ||||||||||||
Other non-current assets | 364.1 | 355.8 | ||||||||||||
Total assets | $ | 6,006.6 | $ | 6,083.8 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term borrowings | $ | 0.4 | $ | 7.2 | ||||||||||
Current portion of long-term debt | 22.9 | 22.3 | ||||||||||||
Current portion of operating lease liabilities | 23.7 | 24.3 | ||||||||||||
Accounts payable | 880.7 | 754.2 | ||||||||||||
Accrued restructuring costs | 7.8 | 12.2 | ||||||||||||
Income tax payable | 23.1 | 19.9 | ||||||||||||
Other current liabilities | 447.3 | 527.3 | ||||||||||||
Total current liabilities | 1,405.9 | 1,367.4 | ||||||||||||
Long-term debt, less current portion | 3,711.8 | 3,731.4 | ||||||||||||
Long-term operating lease liabilities, less current portion | 48.8 | 53.2 | ||||||||||||
Deferred taxes | 38.6 | 31.0 | ||||||||||||
Other non-current liabilities | 707.7 | 728.3 | ||||||||||||
Total liabilities | 5,912.8 | 5,911.3 | ||||||||||||
Commitments and contingencies - Note 17 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2021 and 2020
|
— | — | ||||||||||||
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 232,455,721 in 2021 and 231,958,083 in 2020; shares outstanding: 149,888,950 in 2021 and 154,889,772 in 2020
|
23.2 | 23.2 | ||||||||||||
Additional paid-in capital | 2,103.7 | 2,093.0 | ||||||||||||
Retained earnings | 2,562.8 | 2,400.7 | ||||||||||||
Common stock in treasury, 82,566,771 shares in 2021 and 77,068,311 shares in 2020
|
(3,651.1) | (3,380.9) | ||||||||||||
Accumulated other comprehensive loss, net of taxes | (944.8) | (963.5) | ||||||||||||
Total stockholders’ equity | 93.8 | 172.5 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 6,006.6 | $ | 6,083.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(In USD millions, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net sales | $ | 1,328.5 | $ | 1,151.2 | $ | 2,595.6 | $ | 2,325.1 | ||||||||||||||||||
Cost of sales | 927.8 | 761.3 | 1,793.8 | 1,544.7 | ||||||||||||||||||||||
Gross profit | 400.7 | 389.9 | 801.8 | 780.4 | ||||||||||||||||||||||
Selling, general and administrative expenses | 192.0 | 184.5 | 380.9 | 378.6 | ||||||||||||||||||||||
Amortization expense of intangible assets | 9.7 | 9.3 | 19.4 | 18.3 | ||||||||||||||||||||||
Restructuring charges | 2.1 | 10.1 | 2.1 | 10.7 | ||||||||||||||||||||||
Operating profit | 196.9 | 186.0 | 399.4 | 372.8 | ||||||||||||||||||||||
Interest expense, net | (42.1) | (43.3) | (85.2) | (87.7) | ||||||||||||||||||||||
Other (expense) income, net | (0.4) | 2.2 | 0.6 | 7.0 | ||||||||||||||||||||||
Earnings before income tax provision | 154.4 | 144.9 | 314.8 | 292.1 | ||||||||||||||||||||||
Income tax provision | 45.8 | 44.6 | 100.4 | 77.3 | ||||||||||||||||||||||
Net earnings from continuing operations | 108.6 | 100.3 | 214.4 | 214.8 | ||||||||||||||||||||||
(Loss) Gain on sale of discontinued operations, net of tax | (0.5) | (0.2) | 3.8 | 11.9 | ||||||||||||||||||||||
Net earnings | $ | 108.1 | $ | 100.1 | $ | 218.2 | $ | 226.7 | ||||||||||||||||||
Basic: | ||||||||||||||||||||||||||
Continuing operations | $ | 0.71 | $ | 0.64 | $ | 1.40 | $ | 1.38 | ||||||||||||||||||
Discontinued operations | — | — | 0.03 | 0.08 | ||||||||||||||||||||||
Net earnings per common share - basic
|
$ | 0.71 | $ | 0.64 | $ | 1.43 | $ | 1.46 | ||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||
Continuing operations | $ | 0.71 | $ | 0.64 | $ | 1.39 | $ | 1.38 | ||||||||||||||||||
Discontinued operations | — | — | 0.03 | 0.08 | ||||||||||||||||||||||
Net earnings per common share - diluted
|
$ | 0.71 | $ | 0.64 | $ | 1.42 | $ | 1.46 | ||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||
Basic | 151.4 | 155.6 | 152.8 | 155.1 | ||||||||||||||||||||||
Diluted | 152.7 | 155.9 | 154.0 | 155.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In USD millions) | Gross | Taxes | Net | Gross | Taxes | Net | Gross | Taxes | Net | Gross | Taxes | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 108.1 | $ | 100.1 | $ | 218.2 | $ | 226.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of pension items | $ | 1.7 | $ | — | 1.7 | $ | 1.5 | $ | (0.4) | 1.1 | $ | 3.4 | $ | (1.9) | 1.5 | $ | 2.8 | $ | (0.7) | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on derivative instruments for net investment hedge | (7.2) | 1.8 | (5.4) | (7.7) | 1.9 | (5.8) | 16.1 | (4.0) | 12.1 | (1.7) | 0.4 | (1.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments for cash flow hedge | 1.7 | (0.4) | 1.3 | (3.0) | 0.8 | (2.2) | 4.3 | (1.2) | 3.1 | 3.1 | (0.8) | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 27.2 | — | 27.2 | 29.3 | 2.9 | 32.2 | 2.0 | — | 2.0 | (84.9) | (2.2) | (87.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 23.4 | $ | 1.4 | 24.8 | $ | 20.1 | $ | 5.2 | 25.3 | $ | 25.8 | $ | (7.1) | 18.7 | $ | (80.7) | $ | (3.3) | (84.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income, net of taxes | $ | 132.9 | $ | 125.4 | $ | 236.9 | $ | 142.7 |
(In USD millions) | Common Stock |
Additional
Paid-in Capital |
Retained Earnings |
Common
Stock in Treasury |
Accumulated Other
Comprehensive Loss, Net of Taxes |
Total
Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 23.2 | $ | 2,090.8 | $ | 2,485.6 | $ | (3,528.6) | $ | (969.6) | $ | 101.4 | ||||||||||||||||||||||||||||||||||||||
Effect of share-based incentive compensation | — | 12.9 | — | — | — | 12.9 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | (122.5) | — | (122.5) | ||||||||||||||||||||||||||||||||||||||||||||
Recognition of pension items, net of taxes | — | — | — | — | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 27.2 | 27.2 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments, net of taxes | — | — | — | — | (4.1) | (4.1) | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 108.1 | — | — | 108.1 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.20 per share)
|
— | — | (30.9) | — | — | (30.9) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 23.2 | $ | 2,103.7 | $ | 2,562.8 | $ | (3,651.1) | $ | (944.8) | $ | 93.8 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 23.2 | $ | 2,093.0 | $ | 2,400.7 | $ | (3,380.9) | $ | (963.5) | $ | 172.5 | ||||||||||||||||||||||||||||||||||||||
Effect of share-based incentive compensation | — | 10.5 | — | — | — | 10.5 | ||||||||||||||||||||||||||||||||||||||||||||
Stock issued for profit sharing contribution paid in stock | — | 0.2 | — | 27.8 | — | 28.0 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | (298.0) | — | (298.0) | ||||||||||||||||||||||||||||||||||||||||||||
Recognition of pension items, net of taxes | — | — | — | — | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 2.0 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments, net of taxes | — | — | — | — | 15.2 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 218.2 | — | — | 218.2 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.36 per share)
|
— | — | (56.1) | — | — | (56.1) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 23.2 | $ | 2,103.7 | $ | 2,562.8 | $ | (3,651.1) | $ | (944.8) | $ | 93.8 | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 23.2 | $ | 2,059.6 | $ | 2,099.9 | $ | (3,346.3) | $ | (1,018.3) | $ | (181.9) | ||||||||||||||||||||||||||||||||||||||
Effect of share-based incentive compensation | — | 11.3 | — | — | — | 11.3 | ||||||||||||||||||||||||||||||||||||||||||||
Recognition of pension items, net of taxes | — | — | — | — | 1.1 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 32.2 | 32.2 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments, net of taxes | — | — | — | — | (8.0) | (8.0) | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 100.1 | — | — | 100.1 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.16 per share)
|
— | — | (24.9) | — | — | (24.9) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 23.2 | $ | 2,070.9 | $ | 2,175.1 | $ | (3,346.3) | $ | (993.0) | $ | (70.1) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 23.2 | $ | 2,073.5 | $ | 1,998.5 | $ | (3,382.4) | $ | (909.0) | $ | (196.2) | ||||||||||||||||||||||||||||||||||||||
Effect of share-based incentive compensation | — | 9.1 | — | — | — | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||
Stock issued for profit sharing contribution paid in stock | — | (11.7) | — | 36.1 | — | 24.4 | ||||||||||||||||||||||||||||||||||||||||||||
Recognition of pension items, net of taxes | — | — | — | — | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (87.1) | (87.1) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments, net of taxes | — | — | — | — | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 226.7 | — | — | 226.7 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($0.32 per share)
|
— | — | (50.1) | — | — | (50.1) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 23.2 | $ | 2,070.9 | $ | 2,175.1 | $ | (3,346.3) | $ | (993.0) | $ | (70.1) |
Six Months Ended June 30, | ||||||||||||||
(In USD millions) | 2021 | 2020 | ||||||||||||
Net earnings | $ | 218.2 | $ | 226.7 | ||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | 91.2 | 85.9 | ||||||||||||
Share-based incentive compensation | 23.0 | 19.2 | ||||||||||||
Profit sharing expense | 11.6 | 14.1 | ||||||||||||
Provisions for bad debt | 0.9 | 2.6 | ||||||||||||
Provisions for inventory obsolescence | 6.6 | 3.2 | ||||||||||||
Deferred taxes, net | 4.5 | 1.8 | ||||||||||||
Net gain on sale of business | (1.7) | (12.1) | ||||||||||||
Other non-cash items | 3.4 | 7.8 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Trade receivables, net | (92.9) | (26.0) | ||||||||||||
Inventories, net | (144.8) | (88.1) | ||||||||||||
Accounts payable | 130.5 | 2.1 | ||||||||||||
Customer advance payments | 4.9 | 12.0 | ||||||||||||
Income tax receivable/payable | 44.3 | 48.7 | ||||||||||||
Other assets and liabilities | (100.2) | (84.9) | ||||||||||||
Net cash provided by operating activities | $ | 199.5 | $ | 213.0 | ||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (97.1) | (83.6) | ||||||||||||
Receipts associated with sale of business and property and equipment | 1.1 | 5.2 | ||||||||||||
Business acquired, net of cash acquired | (0.1) | 4.2 | ||||||||||||
Payments associated with debt and equity investments | (15.0) | — | ||||||||||||
Investment in marketable securities | — | 12.9 | ||||||||||||
Settlement of foreign currency forward contracts | 8.0 | (5.9) | ||||||||||||
Proceeds of Corporate Owned Life Insurance | 7.7 | — | ||||||||||||
Net cash used in investing activities | $ | (95.4) | $ | (67.2) | ||||||||||
Cash flows from financing activities: | ||||||||||||||
Net payments of short-term borrowings | (6.8) | (20.4) | ||||||||||||
Proceeds from long-term debt | 1.3 | — | ||||||||||||
Payments of long-term debt | (5.7) | — | ||||||||||||
Dividends paid on common stock | (56.1) | (50.7) | ||||||||||||
Impact of tax withholding on share-based compensation | (14.0) | (11.2) | ||||||||||||
Repurchases of common stock | (299.5) | — | ||||||||||||
Principal payments related to financing leases | (5.1) | (5.9) | ||||||||||||
Net cash used in financing activities | $ | (385.9) | $ | (88.2) | ||||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | $ | 6.2 | $ | (30.3) | ||||||||||
Cash Reconciliation: | ||||||||||||||
Cash and cash equivalents | 548.7 | 262.4 | ||||||||||||
Restricted cash and cash equivalents | — | — | ||||||||||||
Balance, beginning of period | $ | 548.7 | $ | 262.4 | ||||||||||
Net change during the period | (275.6) | 27.3 | ||||||||||||
Cash and cash equivalents | 273.1 | 289.7 | ||||||||||||
Restricted cash and cash equivalents | — | — | ||||||||||||
Balance, end of period | $ | 273.1 | $ | 289.7 | ||||||||||
Supplemental Cash Flow Information: | ||||||||||||||
Interest payments, net of amounts capitalized | $ | 89.4 | $ | 97.5 | ||||||||||
Income tax payments, net of cash refunds | $ | 35.3 | $ | 31.4 | ||||||||||
Restructuring payments including associated costs | $ | 10.6 | $ | 43.9 | ||||||||||
Non-cash items: | ||||||||||||||
Transfers of shares of common stock from treasury for profit-sharing contributions | $ | 28.0 | $ | 24.4 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||
(In millions) | Food | Protective | Total | Food | Protective | Total | ||||||||||||||||||||||||||||||||
Americas | $ | 458.4 | $ | 373.3 | $ | 831.7 | $ | 893.2 | $ | 721.4 | $ | 1,614.6 | ||||||||||||||||||||||||||
EMEA | 168.1 | 133.5 | 301.6 | 320.0 | 262.0 | 582.0 | ||||||||||||||||||||||||||||||||
APAC | 101.5 | 83.5 | 185.0 | 211.4 | 170.3 | 381.7 | ||||||||||||||||||||||||||||||||
Topic 606 Segment Revenue | 728.0 | 590.3 | 1,318.3 | 1,424.6 | 1,153.7 | 2,578.3 | ||||||||||||||||||||||||||||||||
Non-Topic 606 Revenue (Leasing: Sales-type and Operating) | 8.7 | 1.5 | 10.2 | 14.3 | 3.0 | 17.3 | ||||||||||||||||||||||||||||||||
Total | $ | 736.7 | $ | 591.8 | $ | 1,328.5 | $ | 1,438.9 | $ | 1,156.7 | $ | 2,595.6 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||
(In millions) | Food | Protective | Total | Food | Protective | Total | ||||||||||||||||||||||||||||||||
Americas | $ | 424.5 | $ | 311.6 | $ | 736.1 | $ | 875.1 | $ | 623.5 | $ | 1,498.6 | ||||||||||||||||||||||||||
EMEA | 150.2 | 87.9 | 238.1 | 291.9 | 191.4 | 483.3 | ||||||||||||||||||||||||||||||||
APAC | 92.3 | 77.1 | 169.4 | 186.2 | 143.8 | 330.0 | ||||||||||||||||||||||||||||||||
Topic 606 Segment Revenue | 667.0 | 476.6 | 1,143.6 | 1,353.2 | 958.7 | 2,311.9 | ||||||||||||||||||||||||||||||||
Non-Topic 606 Revenue (Leasing: Sales-type and Operating) | 6.2 | 1.4 | 7.6 | 10.3 | 2.9 | 13.2 | ||||||||||||||||||||||||||||||||
Total | $ | 673.2 | $ | 478.0 | $ | 1,151.2 | $ | 1,363.5 | $ | 961.6 | $ | 2,325.1 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Contract assets | $ | 1.2 | $ | 1.4 | ||||||||||
Contract liabilities | $ | 19.0 | $ | 20.3 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Short-Term (12 months or less)(1)
|
$ | 16.2 | $ | 7.3 | ||||||||||
Long-Term | 2.8 | 13.0 | ||||||||||||
Total transaction price | $ | 19.0 | $ | 20.3 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Short-Term (12 months or less) | $ | 5.8 | $ | 5.4 | ||||||||||
Long-Term | 12.8 | 11.9 | ||||||||||||
Total lease receivables (Sales-type and Operating) | $ | 18.6 | $ | 17.3 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Other non-current assets: | ||||||||||||||
Finance leases - ROU assets | $ | 58.5 | $ | 58.2 | ||||||||||
Finance leases - Accumulated depreciation | (23.9) | (22.6) | ||||||||||||
Operating lease right-of-use-assets: | ||||||||||||||
Operating leases - ROU assets | 132.8 | 127.4 | ||||||||||||
Operating leases - Accumulated depreciation | (62.1) | (51.3) | ||||||||||||
Total lease assets | $ | 105.3 | $ | 111.7 | ||||||||||
Current portion of long-term debt: | ||||||||||||||
Finance leases | $ | (11.2) | (10.5) | |||||||||||
Current portion of operating lease liabilities: | ||||||||||||||
Operating leases | (23.7) | (24.3) | ||||||||||||
Long-term debt, less current portion: | ||||||||||||||
Finance leases | (21.8) | (23.9) | ||||||||||||
Long-term operating lease liabilities, less current portion: | ||||||||||||||
Operating leases | (48.8) | (53.2) | ||||||||||||
Total lease liabilities | $ | (105.5) | $ | (111.9) |
(In millions) | Finance leases | Operating leases | ||||||||||||
Remainder of 2021 | $ | 6.7 | $ | 14.0 | ||||||||||
2022 | 10.0 | 22.1 | ||||||||||||
2023 | 6.3 | 15.8 | ||||||||||||
2024 | 2.4 | 10.3 | ||||||||||||
2025 | 1.9 | 7.0 | ||||||||||||
Thereafter | 11.8 | 12.2 | ||||||||||||
Total lease payments | 39.1 | 81.4 | ||||||||||||
Less: Interest | (6.1) | (8.9) | ||||||||||||
Present value of lease liabilities | $ | 33.0 | $ | 72.5 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Lease cost(1)
|
||||||||||||||||||||||||||
Finance leases | ||||||||||||||||||||||||||
Amortization of ROU assets | $ | 2.6 | $ | 2.8 | $ | 5.2 | $ | 5.5 | ||||||||||||||||||
Interest on lease liabilities | 0.4 | 0.4 | 0.8 | 0.9 | ||||||||||||||||||||||
Operating leases | 7.6 | 7.8 | 15.3 | 15.9 | ||||||||||||||||||||||
Short-term lease cost | 1.4 | 0.8 | 2.5 | 1.7 | ||||||||||||||||||||||
Variable lease cost | 0.8 | 1.2 | 2.7 | 2.8 | ||||||||||||||||||||||
Total lease cost | $ | 12.8 | $ | 13.0 | $ | 26.5 | $ | 26.8 |
Six Months Ended
June 30, |
||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||
Other information: | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows - finance leases | $ | 2.4 | $ | 2.3 | ||||||||||
Operating cash flows - operating leases | $ | 15.5 | $ | 17.5 | ||||||||||
Financing cash flows - finance leases | $ | 5.1 | $ | 5.9 | ||||||||||
ROU assets obtained in exchange for new finance lease liabilities | $ | 4.2 | $ | 5.1 | ||||||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | 9.2 | $ | 9.0 |
Six Months Ended
June 30, |
||||||||||||||
2021 | 2020 | |||||||||||||
Weighted average information: | ||||||||||||||
Finance leases | ||||||||||||||
Remaining lease term (in years) | 5.9 | 6.1 | ||||||||||||
Discount rate | 4.6 | % | 4.8 | % | ||||||||||
Operating leases | ||||||||||||||
Remaining lease term (in years) | 4.5 | 4.8 | ||||||||||||
Discount rate | 4.8 | % | 5.1 | % |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net Sales: | ||||||||||||||||||||||||||
Food | $ | 736.7 | $ | 673.2 | $ | 1,438.9 | $ | 1,363.5 | ||||||||||||||||||
As a % of Total Company net sales | 55.5 | % | 58.5 | % | 55.4 | % | 58.6 | % | ||||||||||||||||||
Protective | 591.8 | 478.0 | 1,156.7 | 961.6 | ||||||||||||||||||||||
As a % of Total Company net sales | 44.5 | % | 41.5 | % | 44.6 | % | 41.4 | % | ||||||||||||||||||
Total Company Net Sales | $ | 1,328.5 | $ | 1,151.2 | $ | 2,595.6 | $ | 2,325.1 | ||||||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||||||||
Food Adjusted EBITDA | $ | 158.1 | $ | 169.1 | $ | 315.0 | $ | 325.4 | ||||||||||||||||||
Food Adjusted EBITDA Margin | 21.5 | % | 25.1 | % | 21.9 | % | 23.9 | % | ||||||||||||||||||
Protective Adjusted EBITDA | 107.3 | 91.5 | 217.2 | 184.3 | ||||||||||||||||||||||
Protective Adjusted EBITDA Margin | 18.1 | % | 19.1 | % | 18.8 | % | 19.2 | % | ||||||||||||||||||
Segment Adjusted EBITDA | $ | 265.4 | $ | 260.6 | $ | 532.2 | $ | 509.7 | ||||||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Food Adjusted EBITDA | $ | 158.1 | $ | 169.1 | $ | 315.0 | $ | 325.4 | ||||||||||||||||||
Protective Adjusted EBITDA | 107.3 | 91.5 | 217.2 | 184.3 | ||||||||||||||||||||||
Corporate Adjusted EBITDA | (2.3) | (0.7) | (0.9) | 3.4 | ||||||||||||||||||||||
Interest expense, net | (42.1) | (43.3) | (85.2) | (87.7) | ||||||||||||||||||||||
Depreciation and amortization(1)
|
(58.2) | (53.4) | (115.1) | (104.9) | ||||||||||||||||||||||
Special Items: | ||||||||||||||||||||||||||
Restructuring charges(2)
|
(2.1) | (10.1) | (2.1) | (10.7) | ||||||||||||||||||||||
Other restructuring associated costs(3)
|
(4.8) | (3.8) | (10.1) | (7.8) | ||||||||||||||||||||||
Foreign currency exchange loss due to highly inflationary economies | (0.6) | (1.2) | (2.0) | (2.1) | ||||||||||||||||||||||
Charges related to acquisition and divestiture activity | (0.8) | (1.2) | (1.1) | (4.1) | ||||||||||||||||||||||
Other Special Items | (0.1) | (2.0) | (0.9) | (3.7) | ||||||||||||||||||||||
Pre-tax impact of Special Items | (8.4) | (18.3) | (16.2) | (28.4) | ||||||||||||||||||||||
Earnings before income tax provision | $ | 154.4 | $ | 144.9 | $ | 314.8 | $ | 292.1 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Food | $ | 32.7 | $ | 30.2 | $ | 64.4 | $ | 59.2 | ||||||||||||||||||
Protective | 25.5 | 23.2 | 50.7 | 45.7 | ||||||||||||||||||||||
Total Company depreciation and amortization(i)
|
$ | 58.2 | $ | 53.4 | $ | 115.1 | $ | 104.9 | ||||||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Food | $ | 1.3 | $ | 4.9 | $ | 1.1 | $ | 5.2 | ||||||||||||||||||
Protective | 0.8 | 5.2 | 1.0 | 5.5 | ||||||||||||||||||||||
Total Company restructuring charges | $ | 2.1 | $ | 10.1 | $ | 2.1 | $ | 10.7 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets allocated to segments: | ||||||||||||||
Food | $ | 2,147.1 | $ | 2,019.1 | ||||||||||
Protective | 2,891.7 | 2,795.4 | ||||||||||||
Total segments | 5,038.8 | 4,814.5 | ||||||||||||
Assets not allocated: | ||||||||||||||
Cash and cash equivalents | $ | 273.1 | $ | 548.7 | ||||||||||
Assets held for sale | — | 0.3 | ||||||||||||
Income tax receivables | 30.6 | 71.2 | ||||||||||||
Other receivables | 86.3 | 69.5 | ||||||||||||
Deferred taxes | 179.3 | 187.1 | ||||||||||||
Other | 398.5 | 392.5 | ||||||||||||
Total | $ | 6,006.6 | $ | 6,083.8 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Raw materials | $ | 154.1 | $ | 113.8 | ||||||||||
Work in process | 162.2 | 139.7 | ||||||||||||
Finished goods | 414.4 | 343.2 | ||||||||||||
Total | $ | 730.7 | $ | 596.7 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Land and improvements | $ | 50.7 | $ | 50.8 | ||||||||||
Buildings | 788.6 | 786.5 | ||||||||||||
Machinery and equipment | 2,563.0 | 2,543.5 | ||||||||||||
Other property and equipment | 136.7 | 133.5 | ||||||||||||
Construction-in-progress | 171.3 | 150.1 | ||||||||||||
Property and equipment, gross | 3,710.3 | 3,664.4 | ||||||||||||
Accumulated depreciation and amortization | (2,507.5) | (2,474.7) | ||||||||||||
Property and equipment, net | $ | 1,202.8 | $ | 1,189.7 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Interest cost capitalized | $ | 1.7 | $ | 1.3 | $ | 3.2 | $ | 3.2 | ||||||||||||||||||
Depreciation and amortization expense for property and equipment | $ | 36.0 | $ | 33.6 | $ | 71.9 | $ | 67.6 |
(In millions) | Food | Protective | Total | |||||||||||||||||
Gross Carrying Value at December 31, 2020 | $ | 579.7 | $ | 1,833.6 | $ | 2,413.3 | ||||||||||||||
Accumulated impairment(1)
|
(49.5) | (141.2) | (190.7) | |||||||||||||||||
Carrying Value at December 31, 2020 | $ | 530.2 | $ | 1,692.4 | $ | 2,222.6 | ||||||||||||||
Currency translation | 0.7 | (2.4) | (1.7) | |||||||||||||||||
Carrying Value at June 30, 2021 | $ | 530.9 | $ | 1,690.0 | $ | 2,220.9 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) |
Gross
Carrying Value |
Accumulated Amortization | Net |
Gross
Carrying Value |
Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 104.5 | $ | (40.0) | $ | 64.5 | $ | 105.2 | $ | (37.2) | $ | 68.0 | |||||||||||||||||||||||||||||||||||
Trademarks and tradenames | 31.3 | (10.0) | 21.3 | 31.3 | (8.5) | 22.8 | |||||||||||||||||||||||||||||||||||||||||
Software | 115.8 | (80.7) | 35.1 | 104.7 | (69.7) | 35.0 | |||||||||||||||||||||||||||||||||||||||||
Technology | 65.4 | (35.5) | 29.9 | 66.7 | (33.0) | 33.7 | |||||||||||||||||||||||||||||||||||||||||
Contracts | 13.6 | (11.2) | 2.4 | 13.6 | (11.0) | 2.6 | |||||||||||||||||||||||||||||||||||||||||
Total intangible assets with definite lives | 330.6 | (177.4) | 153.2 | 321.5 | (159.4) | 162.1 | |||||||||||||||||||||||||||||||||||||||||
Trademarks and tradenames with indefinite lives | 8.9 | — | 8.9 | 8.9 | — | 8.9 | |||||||||||||||||||||||||||||||||||||||||
Total identifiable intangible assets, net | $ | 339.5 | $ | (177.4) | $ | 162.1 | $ | 330.4 | $ | (159.4) | $ | 171.0 |
Year |
Amount
(In millions)
|
|||||||
Remainder of 2021 | $ | 20.4 | ||||||
2022 | 29.1 | |||||||
2023 | 22.3 | |||||||
2024 | 15.6 | |||||||
2025 | 13.9 | |||||||
Thereafter | 51.9 | |||||||
Total | $ | 153.2 |
(In millions) | Total Restructuring Program Range | Less Cumulative Spend to Date | Remaining Restructuring Spend | |||||||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||||||||
Costs of reduction in headcount as a result of reorganization
|
$ | 65 | $ | 75 | $ | (62) | $ | 3 | $ | 13 | ||||||||||||||||||||||
Other expenses associated with the Program | 120 | 130 | (93) | 27 | 37 | |||||||||||||||||||||||||||
Total expense | $ | 185 | $ | 205 | $ | (155) | $ | 30 | $ | 50 | ||||||||||||||||||||||
Capital expenditures | 5 | 15 | (4) | 1 | 11 | |||||||||||||||||||||||||||
Total estimated cash cost(1)
|
$ | 190 | $ | 220 | $ | (159) | $ | 31 | $ | 61 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Other associated costs | $ | 4.8 | $ | 3.8 | $ | 10.1 | $ | 7.8 | ||||||||||||||||||
Restructuring charges | 2.1 | 10.1 | 2.1 | 10.7 | ||||||||||||||||||||||
Total charges | $ | 6.9 | $ | 13.9 | $ | 12.2 | $ | 18.5 | ||||||||||||||||||
Capital expenditures | $ | 2.1 | $ | — | $ | 3.3 | $ | 0.2 |
(In millions) | Interest rate | June 30, 2021 | December 31, 2020 | |||||||||||||||||
Short-term borrowings(1)
|
$ | 0.4 | $ | 7.2 | ||||||||||||||||
Current portion of long-term debt(2)
|
22.9 | 22.3 | ||||||||||||||||||
Total current debt | 23.3 | 29.5 | ||||||||||||||||||
Term Loan A due August 2022 | 474.8 | 474.7 | ||||||||||||||||||
Term Loan A due July 2023 | 203.8 | 208.6 | ||||||||||||||||||
Senior Notes due December 2022 | 4.875 | % | 423.7 | 423.3 | ||||||||||||||||
Senior Notes due April 2023 | 5.250 | % | 423.3 | 422.9 | ||||||||||||||||
Senior Notes due September 2023 | 4.500 | % | 474.4 | 490.2 | ||||||||||||||||
Senior Notes due December 2024 | 5.125 | % | 422.5 | 422.1 | ||||||||||||||||
Senior Notes due September 2025 | 5.500 | % | 398.0 | 397.8 | ||||||||||||||||
Senior Notes due December 2027 | 4.000 | % | 421.1 | 420.9 | ||||||||||||||||
Senior Notes due July 2033 | 6.875 | % | 446.1 | 446.0 | ||||||||||||||||
Other(2)
|
24.1 | 24.9 | ||||||||||||||||||
Total long-term debt, less current portion(3)
|
3,711.8 | 3,731.4 | ||||||||||||||||||
Total debt(4)
|
$ | 3,735.1 | $ | 3,760.9 |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Used lines of credit(1)
|
$ | 0.4 | $ | 7.2 | ||||||||||
Unused lines of credit | 1,308.6 | 1,312.0 | ||||||||||||
Total available lines of credit(2)
|
$ | 1,309.0 | $ | 1,319.2 |
Cash Flow Hedge | Non-Designated as Hedging Instruments | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts and options
|
$ | 1.3 | $ | — | $ | 1.8 | $ | 7.3 | $ | 3.1 | $ | 7.3 | |||||||||||||||||||||||||||||||||||
Total Derivative Assets
|
$ | 1.3 | $ | — | $ | 1.8 | $ | 7.3 | $ | 3.1 | $ | 7.3 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts
|
$ | (0.3) | $ | (2.8) | $ | (1.0) | $ | (4.2) | $ | (1.3) | $ | (7.0) | |||||||||||||||||||||||||||||||||||
Total Derivative Liabilities(1)
|
$ | (0.3) | $ | (2.8) | $ | (1.0) | $ | (4.2) | $ | (1.3) | $ | (7.0) | |||||||||||||||||||||||||||||||||||
Net Derivatives(2)
|
$ | 1.0 | $ | (2.8) | $ | 0.8 | $ | 3.1 | $ | 1.8 | $ | 0.3 |
Other Current Assets | Other Current Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Gross position | $ | 3.1 | $ | 7.3 | $ | (1.3) | $ | (7.0) | |||||||||||||||||||||||||||||||||||||||
Impact of master netting agreements
|
(1.2) | (2.3) | 1.2 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||
Net amounts recognized on the Condensed Consolidated Balance Sheets
|
$ | 1.9 | $ | 5.0 | $ | (0.1) | $ | (4.7) |
Amount of (Loss) Gain Recognized in
Earnings on Derivatives |
|||||||||||||||||||||||||||||
Location of (Loss) Gain Recognized on |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||||
(In millions) | Condensed Consolidated Statements of Operations | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments:
|
|||||||||||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | Cost of sales | $ | (0.8) | $ | 2.0 | $ | (4.2) | $ | 3.1 | ||||||||||||||||||||
Treasury locks | Interest expense, net | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||
Sub-total cash flow hedges | (0.7) | 2.1 | (4.1) | 3.2 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments:
|
|||||||||||||||||||||||||||||
Foreign currency forward and option contracts | Other (expense) income, net | 3.4 | (1.6) | 5.6 | (2.4) | ||||||||||||||||||||||||
Total | $ | 2.7 | $ | 0.5 | $ | 1.5 | $ | 0.8 |
June 30, 2021 | ||||||||||||||||||||||||||
(In millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash equivalents | $ | 48.6 | $ | 48.6 | $ | — | $ | — | ||||||||||||||||||
Derivative financial and hedging instruments net asset: | ||||||||||||||||||||||||||
Foreign currency forward and option contracts | $ | 1.8 | $ | — | $ | 1.8 | $ | — | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(In millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash equivalents | $ | 235.1 | $ | 235.1 | $ | — | $ | — | ||||||||||||||||||
Derivative financial and hedging instruments net asset: | ||||||||||||||||||||||||||
Foreign currency forward and option contracts | $ | 0.3 | $ | — | $ | 0.3 | $ | — | ||||||||||||||||||
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Carrying value at the beginning of period | $ | 25.4 | $ | 7.5 | ||||||||||
Purchases | 14.7 | 2.6 | ||||||||||||
Impairments or downward adjustments | — | — | ||||||||||||
Upward adjustments(1)
|
— | 15.1 | ||||||||||||
Currency translation on investments | (0.3) | 0.2 | ||||||||||||
Carrying value at the end of period | $ | 39.8 | $ | 25.4 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(In millions) | Interest rate | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||
Term Loan A Facility due August 2022 | $ | 474.8 | $ | 474.8 | $ | 474.7 | $ | 474.7 | ||||||||||||||||||||||||
Term Loan A Facility due July 2023(1)
|
215.2 | 215.2 | 220.0 | 220.0 | ||||||||||||||||||||||||||||
Senior Notes due December 2022 | 4.875 | % | 423.7 | 442.5 | 423.3 | 446.0 | ||||||||||||||||||||||||||
Senior Notes due April 2023 | 5.250 | % | 423.3 | 449.2 | 422.9 | 450.8 | ||||||||||||||||||||||||||
Senior Notes due September 2023(1)
|
4.500 | % | 474.4 | 514.0 | 490.2 | 537.5 | ||||||||||||||||||||||||||
Senior Notes due December 2024 | 5.125 | % | 422.5 | 463.2 | 422.1 | 466.8 | ||||||||||||||||||||||||||
Senior Notes due September 2025 | 5.500 | % | 398.0 | 446.2 | 397.8 | 446.7 | ||||||||||||||||||||||||||
Senior Notes due December 2027 | 4.000 | % | 421.1 | 451.2 | 420.9 | 453.6 | ||||||||||||||||||||||||||
Senior Notes due July 2033 | 6.875 | % | 446.1 | 573.5 | 446.0 | 594.4 | ||||||||||||||||||||||||||
Other borrowings(1)
|
3.0 | 3.0 | 8.8 | 9.1 | ||||||||||||||||||||||||||||
Total debt(2)
|
$ | 3,702.1 | $ | 4,032.8 | $ | 3,726.7 | $ | 4,099.6 |
Three Months Ended
June 30, 2021 |
Three Months Ended
June 30, 2020 |
|||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | ||||||||||||||||||||||||||||||||
Components of net periodic benefit (income) cost:
|
||||||||||||||||||||||||||||||||||||||
Service cost | $ | 0.1 | $ | 1.3 | $ | 1.4 | $ | 0.1 | $ | 1.1 | $ | 1.2 | ||||||||||||||||||||||||||
Interest cost | 0.8 | 2.2 | 3.0 | 1.4 | 2.9 | 4.3 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (2.2) | (4.6) | (6.8) | (2.3) | (5.0) | (7.3) | ||||||||||||||||||||||||||||||||
Amortization of net prior service cost | — | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 0.6 | 1.3 | 1.9 | 0.3 | 1.2 | 1.5 | ||||||||||||||||||||||||||||||||
Net periodic (income) cost | (0.7) | 0.2 | (0.5) | (0.5) | 0.3 | (0.2) | ||||||||||||||||||||||||||||||||
Cost of settlement | — | 0.1 | 0.1 | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||
Total benefit (income) cost | $ | (0.7) | $ | 0.3 | $ | (0.4) | $ | (0.5) | $ | 0.4 | $ | (0.1) |
Six Months Ended
June 30, 2021 |
Six Months Ended
June 30, 2020 |
|||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | ||||||||||||||||||||||||||||||||
Components of net periodic benefit (income) cost:
|
||||||||||||||||||||||||||||||||||||||
Service cost | $ | 0.1 | $ | 2.6 | $ | 2.7 | $ | 0.1 | $ | 2.2 | $ | 2.3 | ||||||||||||||||||||||||||
Interest cost | 1.7 | 4.4 | 6.1 | 2.7 | 5.9 | 8.6 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (4.4) | (9.3) | (13.7) | (4.5) | (10.0) | (14.5) | ||||||||||||||||||||||||||||||||
Amortization of net prior service cost | — | 0.1 | 0.1 | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 1.2 | 2.6 | 3.8 | 0.7 | 2.4 | 3.1 | ||||||||||||||||||||||||||||||||
Net periodic (income) cost | (1.4) | 0.4 | (1.0) | (1.0) | 0.6 | (0.4) | ||||||||||||||||||||||||||||||||
Cost of settlement | — | 0.2 | 0.2 | — | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||
Total benefit (income) cost | $ | (1.4) | $ | 0.6 | $ | (0.8) | $ | (1.0) | $ | 0.7 | $ | (0.3) |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||
Interest cost | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.5 | ||||||||||||||||||
Amortization of net prior service credit | (0.1) | (0.1) | (0.2) | (0.2) | ||||||||||||||||||||||
Amortization of net actuarial gain | (0.1) | (0.1) | (0.1) | (0.1) | ||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | — | $ | — | $ | 0.2 | ||||||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Total share-based incentive compensation expense(1)
|
$ | 12.3 | $ | 10.5 | $ | 23.8 | $ | 19.0 |
Adjusted EBITDA CAGR | ROIC | |||||||||||||
February 10, 2021 grant date | ||||||||||||||
Number of units granted | 41,729 | 41,729 | ||||||||||||
Fair value on grant date (per unit) | $ | 45.26 | $ | 45.26 | ||||||||||
February 11, 2021 grant date | ||||||||||||||
Number of units granted | 51,882 | 51,882 | ||||||||||||
Fair value on grant date (per unit) | $ | 43.85 | $ | 43.85 | ||||||||||
March 1, 2021 grant date | ||||||||||||||
Number of units granted | 29,762 | 29,762 | ||||||||||||
Fair value on grant date (per unit) | $ | 43.02 | $ | 43.02 |
February 10, 2021
grant date |
February 11, 2021
grant date |
March 1, 2021
grant date |
|||||||||
Expected price volatility | 37.7 | % | 37.7 | % | 38.0 | % | |||||
Risk-free interest rate | 0.2 | % | 0.2 | % | 0.3 | % |
(In millions) |
Unrecognized
Pension Items |
Cumulative
Translation Adjustment |
Unrecognized
Losses on Derivative Instruments for net investment hedge |
Unrecognized
(Losses) Gains on Derivative Instruments for cash flow hedge |
Accumulated Other
Comprehensive Loss, Net of Taxes |
|||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (172.5) | $ | (721.7) | $ | (67.5) | $ | (1.8) | $ | (963.5) | ||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (1.2) | 2.0 | 12.1 | 0.2 | 13.1 | |||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive loss | 2.7 | — | — | 2.9 | 5.6 | |||||||||||||||||||||||||||||||||
Net current period other comprehensive income | 1.5 | 2.0 | 12.1 | 3.1 | 18.7 | |||||||||||||||||||||||||||||||||
Balance at June 30, 2021(1)
|
$ | (171.0) | $ | (719.7) | $ | (55.4) | $ | 1.3 | $ | (944.8) | ||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | (146.1) | $ | (728.6) | $ | (34.5) | $ | 0.2 | $ | (909.0) | ||||||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (0.1) | (87.1) | (1.3) | 4.7 | (83.8) | |||||||||||||||||||||||||||||||||
Less: amounts reclassified from accumulated other comprehensive loss | 2.2 | — | — | (2.4) | (0.2) | |||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 2.1 | (87.1) | (1.3) | 2.3 | (84.0) | |||||||||||||||||||||||||||||||||
Balance at June 30, 2020(1)
|
$ | (144.0) | $ | (815.7) | $ | (35.8) | $ | 2.5 | $ | (993.0) |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||||||||
(In millions) |
2021(1)
|
2020(1)
|
2021(1)
|
2020(1)
|
Location of Amount
Reclassified from AOCL |
|||||||||||||||||||||||||||
Defined benefit pension plans and other post-employment benefits:
|
||||||||||||||||||||||||||||||||
Prior service credit | 0.1 | — | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
Actuarial losses | (1.8) | (1.4) | (3.7) | (3.0) | ||||||||||||||||||||||||||||
Total pre-tax amount | (1.7) | (1.4) | (3.6) | (2.9) | Other (expense) income, net | |||||||||||||||||||||||||||
Tax benefit | 0.4 | 0.3 | 0.9 | 0.7 | ||||||||||||||||||||||||||||
Net of tax | (1.3) | (1.1) | (2.7) | (2.2) | ||||||||||||||||||||||||||||
Net (losses) gains on cash flow hedging derivatives:(2)
|
||||||||||||||||||||||||||||||||
Foreign currency forward contracts | (0.8) | 2.0 | (4.2) | 3.1 | Cost of sales | |||||||||||||||||||||||||||
Treasury locks | 0.1 | 0.1 | 0.1 | 0.1 |
Interest expense, net
|
|||||||||||||||||||||||||||
Total pre-tax amount | (0.7) | 2.1 | (4.1) | 3.2 | ||||||||||||||||||||||||||||
Tax (expense) benefit | (0.1) | (0.5) | 1.2 | (0.8) | ||||||||||||||||||||||||||||
Net of tax | (0.8) | 1.6 | (2.9) | 2.4 | ||||||||||||||||||||||||||||
Total reclassifications for the period | $ | (2.1) | $ | 0.5 | $ | (5.6) | $ | 0.2 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net foreign exchange transaction (loss) gain | $ | (1.0) | $ | 0.6 | $ | — | $ | 6.6 | ||||||||||||||||||
Bank fee expense | (1.1) | (1.2) | (2.4) | (2.3) | ||||||||||||||||||||||
Pension income other than service costs | 1.4 | 0.4 | 2.6 | 1.2 | ||||||||||||||||||||||
Foreign currency exchange loss due to highly inflationary economies | (0.6) | (1.2) | (2.0) | (2.1) | ||||||||||||||||||||||
Other income | 2.2 | 4.1 | 5.0 | 7.3 | ||||||||||||||||||||||
Other (expense) | (1.3) | (0.5) | (2.6) | (3.7) | ||||||||||||||||||||||
Other (expense) income, net | $ | (0.4) | $ | 2.2 | $ | 0.6 | $ | 7.0 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Basic Net Earnings Per Common Share: | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net earnings | $ | 108.1 | $ | 100.1 | $ | 218.2 | $ | 226.7 | ||||||||||||||||||
Distributed and allocated undistributed net earnings to unvested restricted stockholders | — | — | — | (0.1) | ||||||||||||||||||||||
Net earnings available to common stockholders | $ | 108.1 | $ | 100.1 | $ | 218.2 | $ | 226.6 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | 151.4 | 155.6 | 152.8 | 155.1 | ||||||||||||||||||||||
Basic net earnings per common share: | ||||||||||||||||||||||||||
Basic net earnings per common share | $ | 0.71 | $ | 0.64 | $ | 1.43 | $ | 1.46 | ||||||||||||||||||
Diluted Net Earnings Per Common Share: | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net earnings available to common stockholders | $ | 108.1 | $ | 100.1 | $ | 218.2 | $ | 226.6 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | 151.4 | 155.6 | 152.8 | 155.1 | ||||||||||||||||||||||
Effect of dilutive stock shares and units | 1.3 | 0.3 | 1.2 | 0.3 | ||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted under treasury stock | 152.7 | 155.9 | 154.0 | 155.4 | ||||||||||||||||||||||
Diluted net earnings per common share | $ | 0.71 | $ | 0.64 | $ | 1.42 | $ | 1.46 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net earnings from continuing operations | $ | 108.6 | $ | 100.3 | $ | 214.4 | $ | 214.8 | ||||||||||||||||||
Interest expense, net
|
42.1 | 43.3 | 85.2 | 87.7 | ||||||||||||||||||||||
Income tax provision
|
45.8 | 44.6 | 100.4 | 77.3 | ||||||||||||||||||||||
Depreciation and amortization | 58.2 | 53.4 | 115.1 | 104.9 | ||||||||||||||||||||||
Special Items: | ||||||||||||||||||||||||||
Restructuring charges | 2.1 | 10.1 | 2.1 | 10.7 | ||||||||||||||||||||||
Other restructuring associated costs(1)
|
4.8 | 3.8 | 10.1 | 7.8 | ||||||||||||||||||||||
Foreign currency exchange loss due to highly inflationary economies
|
0.6 | 1.2 | 2.0 | 2.1 | ||||||||||||||||||||||
Charges related to acquisition and divestiture activity | 0.8 | 1.2 | 1.1 | 4.1 | ||||||||||||||||||||||
Other Special Items | 0.1 | 2.0 | 0.9 | 3.7 | ||||||||||||||||||||||
Pre-tax impact of Special Items | 8.4 | 18.3 | 16.2 | 28.4 | ||||||||||||||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations
|
$ | 263.1 | $ | 259.9 | $ | 531.3 | $ | 513.1 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share data) | Net Earnings | Diluted EPS | Net Earnings | Diluted EPS | Net Earnings | Diluted EPS | Net Earnings | Diluted EPS | ||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP net earnings and diluted EPS from continuing operations | $ | 108.6 | $ | 0.71 | $ | 100.3 | $ | 0.64 | $ | 214.4 | $ | 1.39 | $ | 214.8 | $ | 1.38 | ||||||||||||||||||||||||||||||||||
Special Items(1)
|
12.6 | 0.08 | 18.0 | 0.12 | 28.6 | 0.19 | 16.9 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. GAAP adjusted net earnings and adjusted diluted EPS from continuing operations | $ | 121.2 | $ | 0.79 | $ | 118.3 | $ | 0.76 | $ | 243.0 | $ | 1.58 | $ | 231.7 | $ | 1.49 | ||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - Diluted | 152.7 | 155.9 | 154.0 | 155.4 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
U.S. GAAP Earnings before income tax provision from continuing operations | $ | 154.4 | $ | 144.9 | $ | 314.8 | $ | 292.1 | ||||||||||||||||||
Pre-tax impact of Special Items | 8.4 | 18.3 | 16.2 | 28.4 | ||||||||||||||||||||||
Non-U.S. GAAP Adjusted Earnings before income tax provision from continuing operations | $ | 162.8 | $ | 163.2 | $ | 331.0 | $ | 320.5 | ||||||||||||||||||
U.S. GAAP Income tax provision from continuing operations | $ | 45.8 | $ | 44.6 | $ | 100.4 | $ | 77.3 | ||||||||||||||||||
Tax Special Items(1)
|
(6.4) | (3.2) | (15.5) | 5.4 | ||||||||||||||||||||||
Tax impact of Special Items(2)
|
2.2 | 3.5 | 3.1 | 6.1 | ||||||||||||||||||||||
Non-U.S. GAAP Adjusted Income tax provision from continuing operations | $ | 41.6 | $ | 44.9 | $ | 88.0 | $ | 88.8 | ||||||||||||||||||
U.S. GAAP Effective income tax rate | 29.7 | % | 30.8 | % | 31.9 | % | 26.5 | % | ||||||||||||||||||
Non-U.S. GAAP Adjusted income tax rate | 25.6 | % | 27.5 | % | 26.6 | % | 27.7 | % |
Three Months Ended
June 30, |
% |
Six Months Ended
June 30, |
% | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 1,328.5 | $ | 1,151.2 | 15.4 | % | $ | 2,595.6 | $ | 2,325.1 | 11.6 | % | ||||||||||||||||||||||||||
Gross profit | $ | 400.7 | $ | 389.9 | 2.8 | % | $ | 801.8 | $ | 780.4 | 2.7 | % | ||||||||||||||||||||||||||
As a % of net sales | 30.2 | % | 33.9 | % | 30.9 | % | 33.6 | % | ||||||||||||||||||||||||||||||
Operating profit | $ | 196.9 | $ | 186.0 | 5.9 | % | $ | 399.4 | $ | 372.8 | 7.1 | % | ||||||||||||||||||||||||||
As a % of net sales | 14.8 | % | 16.2 | % | 15.4 | % | 16.0 | % | ||||||||||||||||||||||||||||||
Net earnings from continuing operations
|
$ | 108.6 | $ | 100.3 | 8.3 | % | $ | 214.4 | $ | 214.8 | (0.2) | % | ||||||||||||||||||||||||||
(Loss) Gain on sale of discontinued operations, net of tax | (0.5) | (0.2) | # | 3.8 | 11.9 | (68.1) | % | |||||||||||||||||||||||||||||||
Net earnings
|
$ | 108.1 | $ | 100.1 | 8.0 | % | $ | 218.2 | $ | 226.7 | (3.7) | % | ||||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.71 | $ | 0.64 | 10.9 | % | $ | 1.40 | $ | 1.38 | 1.4 | % | ||||||||||||||||||||||||||
Discontinued operations | — | — | # | 0.03 | 0.08 | (62.5) | % | |||||||||||||||||||||||||||||||
Net earnings per common share - basic
|
$ | 0.71 | $ | 0.64 | 10.9 | % | $ | 1.43 | $ | 1.46 | (2.1) | % | ||||||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.71 | $ | 0.64 | 10.9 | % | $ | 1.39 | $ | 1.38 | 0.7 | % | ||||||||||||||||||||||||||
Discontinued operations | — | — | # | 0.03 | 0.08 | (62.5) | % | |||||||||||||||||||||||||||||||
Net earnings per common share - diluted
|
$ | 0.71 | $ | 0.64 | 10.9 | % | $ | 1.42 | $ | 1.46 | (2.7) | % | ||||||||||||||||||||||||||
Weighted average numbers of common shares outstanding:
|
||||||||||||||||||||||||||||||||||||||
Basic | 151.4 | 155.6 | 152.8 | 155.1 | ||||||||||||||||||||||||||||||||||
Diluted | 152.7 | 155.9 | 154.0 | 155.4 | ||||||||||||||||||||||||||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations(1)
|
$263.1 | $259.9 | 1.2 | % | $531.3 | $513.1 | 3.5 | % | ||||||||||||||||||||||||||||||
Non-U.S. GAAP Adjusted EPS from continuing operations(2)
|
$ | 0.79 | $ | 0.76 | 3.9 | % | $ | 1.58 | $ | 1.49 | 6.0 | % |
(In millions) | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||
Net sales | $ | 45.9 | $ | 71.3 | ||||||||||
Cost of sales | (32.4) | (50.8) | ||||||||||||
Selling, general and administrative expenses | (5.6) | (9.5) | ||||||||||||
Net earnings | 6.1 | 5.6 | ||||||||||||
Adjusted EBITDA | 9.0 | 13.2 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) |
Americas(1)
|
EMEA | APAC | Total | ||||||||||||||||||||||||||||||||||||||||||||||
2020 Net Sales | $ | 741.2 | 64.4 | % | $ | 239.3 | 20.8 | % | $ | 170.7 | 14.8 | % | $ | 1,151.2 | 100.0 | % | ||||||||||||||||||||||||||||||||||
Price | 24.7 | 3.3 | % | 3.4 | 1.4 | % | 2.3 | 1.3 | % | 30.4 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||
Volume(2)
|
68.9 | 9.3 | % | 34.7 | 14.5 | % | (2.6) | (1.5) | % | 101.0 | 8.8 | % | ||||||||||||||||||||||||||||||||||||||
Total constant dollar change (non-U.S. GAAP)
|
93.6 | 12.6 | % | 38.1 | 15.9 | % | (0.3) | (0.2) | % | 131.4 | 11.4 | % | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation
|
5.2 | 0.7 | % | 25.0 | 10.5 | % | 15.7 | 9.2 | % | 45.9 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||
Total change (U.S. GAAP) | 98.8 | 13.3 | % | 63.1 | 26.4 | % | 15.4 | 9.0 | % | 177.3 | 15.4 | % | ||||||||||||||||||||||||||||||||||||||
2021 Net Sales | $ | 840.0 | 63.2 | % | $ | 302.4 | 22.8 | % | $ | 186.1 | 14.0 | % | $ | 1,328.5 | 100.0 | % | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) |
Americas(1)
|
EMEA | APAC | Total | ||||||||||||||||||||||||||||||||||||||||||||||
2020 Net Sales | $ | 1,507.5 | 64.8 | % | $ | 485.4 | 20.9 | % | $ | 332.2 | 14.3 | % | $ | 2,325.1 | 100.0 | % | ||||||||||||||||||||||||||||||||||
Price | 33.8 | 2.2 | % | 3.7 | 0.8 | % | 0.5 | 0.2 | % | 38.0 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||
Volume(2)
|
91.4 | 6.1 | % | 50.7 | 10.4 | % | 19.1 | 5.7 | % | 161.2 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||
Total constant dollar change (non-U.S. GAAP)
|
125.2 | 8.3 | % | 54.4 | 11.2 | % | 19.6 | 5.9 | % | 199.2 | 8.6 | % | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation
|
(4.8) | (0.3) | % | 43.9 | 9.1 | % | 32.2 | 9.7 | % | 71.3 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||
Total change (U.S. GAAP)
|
120.4 | 8.0 | % | 98.3 | 20.3 | % | 51.8 | 15.6 | % | 270.5 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||
2021 Net Sales | $ | 1,627.9 | 62.7 | % | $ | 583.7 | 22.5 | % | $ | 384.0 | 14.8 | % | $ | 2,595.6 | 100.0 | % |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions) | Food | Protective | Total Company | |||||||||||||||||||||||||||||||||||
2020 Net Sales | $ | 673.2 | 58.5 | % | $ | 478.0 | 41.5 | % | $ | 1,151.2 | 100.0 | % | ||||||||||||||||||||||||||
Price | 8.8 | 1.3 | % | 21.6 | 4.5 | % | 30.4 | 2.6 | % | |||||||||||||||||||||||||||||
Volume(1)
|
28.4 | 4.2 | % | 72.6 | 15.2 | % | 101.0 | 8.8 | % | |||||||||||||||||||||||||||||
Total constant dollar change (non-U.S.GAAP) | 37.2 | 5.5 | % | 94.2 | 19.7 | % | 131.4 | 11.4 | % | |||||||||||||||||||||||||||||
Foreign currency translation | 26.3 | 3.9 | % | 19.6 | 4.1 | % | 45.9 | 4.0 | % | |||||||||||||||||||||||||||||
Total change (U.S. GAAP) | 63.5 | 9.4 | % | 113.8 | 23.8 | % | 177.3 | 15.4 | % | |||||||||||||||||||||||||||||
2021 Net Sales | $ | 736.7 | 55.5 | % | $ | 591.8 | 44.5 | % | $ | 1,328.5 | 100.0 | % | ||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions) | Food | Protective | Total Company | |||||||||||||||||||||||||||||||||||
2020 Net Sales | $ | 1,363.5 | 58.6 | % | $ | 961.6 | 41.4 | % | $ | 2,325.1 | 100.0 | % | ||||||||||||||||||||||||||
Price | 12.8 | 0.9 | % | 25.2 | 2.6 | % | 38.0 | 1.6 | % | |||||||||||||||||||||||||||||
Volume(1)
|
25.7 | 1.9 | % | 135.5 | 14.1 | % | 161.2 | 7.0 | % | |||||||||||||||||||||||||||||
Total constant dollar change (non-U.S.GAAP)
|
38.5 | 2.8 | % | 160.7 | 16.7 | % | 199.2 | 8.6 | % | |||||||||||||||||||||||||||||
Foreign currency translation | 36.9 | 2.7 | % | 34.4 | 3.6 | % | 71.3 | 3.0 | % | |||||||||||||||||||||||||||||
Total change (U.S. GAAP) | 75.4 | 5.5 | % | 195.1 | 20.3 | % | 270.5 | 11.6 | % | |||||||||||||||||||||||||||||
2021 Net Sales | $ | 1,438.9 | 55.4 | % | $ | 1,156.7 | 44.6 | % | $ | 2,595.6 | 100.0 | % |
Three Months Ended
June 30, |
% |
Six Months Ended
June 30, |
% | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 192.0 | $ | 184.5 | 4.1 | % | $ | 380.9 | $ | 378.6 | 0.6 | % | ||||||||||||||||||||||||||
As a % of net sales | 14.5 | % | 16.0 | % | 14.7 | % | 16.3 | % |
Three Months Ended
June 30, |
% |
Six Months Ended
June 30, |
% | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Amortization expense of intangible assets | $ | 9.7 | $ | 9.3 | 4.3 | % | $ | 19.4 | $ | 18.3 | 6.0 | % | ||||||||||||||||||||||||||
As a % of net sales | 0.7 | % | 0.8 | % | 0.7 | % | 0.8 | % |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Interest expense on our various debt instruments:
|
||||||||||||||||||||||||||||||||||||||
Term Loan A due August 2022 | $ | 1.6 | $ | 2.0 | $ | (0.4) | $ | 3.1 | $ | 5.6 | $ | (2.5) | ||||||||||||||||||||||||||
Term Loan A due July 2023
|
0.9 | 1.2 | (0.3) | 1.7 | 3.1 | (1.4) | ||||||||||||||||||||||||||||||||
Revolving credit facility due July 2023
|
0.3 | 0.3 | — | 0.7 | 0.7 | — | ||||||||||||||||||||||||||||||||
4.875% Senior Notes due December 2022 | 5.4 | 5.4 | — | 10.8 | 10.8 | — | ||||||||||||||||||||||||||||||||
5.25% Senior Notes due April 2023 | 5.8 | 5.8 | — | 11.6 | 11.6 | — | ||||||||||||||||||||||||||||||||
4.50% Senior Notes due September 2023 | 5.5 | 5.1 | 0.4 | 11.1 | 10.2 | 0.9 | ||||||||||||||||||||||||||||||||
5.125% Senior Notes due December 2024 | 5.6 | 5.6 | — | 11.2 | 11.2 | — | ||||||||||||||||||||||||||||||||
5.50% Senior Notes due September 2025 | 5.6 | 5.6 | — | 11.2 | 11.2 | — | ||||||||||||||||||||||||||||||||
4.00% Senior Notes due December 2027 | 4.4 | 4.3 | 0.1 | 8.8 | 8.7 | 0.1 | ||||||||||||||||||||||||||||||||
6.875% Senior Notes due July 2033 | 7.8 | 7.7 | 0.1 | 15.6 | 15.5 | 0.1 | ||||||||||||||||||||||||||||||||
Other interest expense | 2.9 | 3.7 | (0.8) | 6.6 | 7.8 | (1.2) | ||||||||||||||||||||||||||||||||
Less: capitalized interest | (1.7) | (1.3) | (0.4) | (3.2) | (3.2) | — | ||||||||||||||||||||||||||||||||
Less: interest income | (2.0) | (2.1) | 0.1 | (4.0) | (5.5) | 1.5 | ||||||||||||||||||||||||||||||||
Total | $ | 42.1 | $ | 43.3 | $ | (1.2) | $ | 85.2 | $ | 87.7 | $ | (2.5) |
Three Months Ended
June 30, |
% |
Six Months Ended
June 30, |
% | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Net earnings from continuing operations | $ | 108.6 | $ | 100.3 | 8.3 | % | $ | 214.4 | $ | 214.8 | (0.2) | % |
Three Months Ended
June 30, |
% |
Six Months Ended
June 30, |
% | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Food Adjusted EBITDA | $ | 158.1 | $ | 169.1 | (6.5) | % | $ | 315.0 | $ | 325.4 | (3.2) | % | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 21.5 | % | 25.1 | % | 21.9 | % | 23.9 | % | ||||||||||||||||||||||||||||||
Protective Adjusted EBITDA | 107.3 | 91.5 | 17.3 | % | 217.2 | 184.3 | 17.9 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA Margin | 18.1 | % | 19.1 | % | 18.8 | % | 19.2 | % | ||||||||||||||||||||||||||||||
Corporate Adjusted EBITDA | (2.3) | (0.7) | (228.6) | % | (0.9) | 3.4 | (126.5) | % | ||||||||||||||||||||||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA | $ | 263.1 | $ | 259.9 | 1.2 | % | $ | 531.3 | $ | 513.1 | 3.5 | % | ||||||||||||||||||||||||||
Adjusted EBITDA Margin | 19.8 | % | 22.6 | % | 20.5 | % | 22.1 | % |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents | $ | 273.1 | $ | 548.7 |
Moody’s Investor
Services |
Standard
& Poor’s |
|||||||||||||
Corporate Rating | Ba1 | BB+ | ||||||||||||
Senior Unsecured Rating | Ba2 | BB+ | ||||||||||||
Senior Secured Credit Facility Rating | Baa1 | BBB- | ||||||||||||
Outlook | Stable | Stable |
(In millions) | June 30, 2021 | December 31, 2020 | ||||||||||||
Short-term borrowings | $ | 0.4 | $ | 7.2 | ||||||||||
Current portion of long-term debt | 22.9 | 22.3 | ||||||||||||
Total current debt | 23.3 | 29.5 | ||||||||||||
Total long-term debt, less current portion(1)
|
3,711.8 | 3,731.4 | ||||||||||||
Total debt | 3,735.1 | 3,760.9 | ||||||||||||
Less: Cash and cash equivalents | (273.1) | (548.7) | ||||||||||||
Non-U.S. GAAP Net Debt | $ | 3,462.0 | $ | 3,212.2 |
Six Months Ended
June 30, |
||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | |||||||||||||||||
Net cash provided by operating activities | $ | 199.5 | $ | 213.0 | $ | (13.5) | ||||||||||||||
Net cash used in investing activities | (95.4) | (67.2) | (28.2) | |||||||||||||||||
Net cash used in financing activities | (385.9) | (88.2) | (297.7) | |||||||||||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | 6.2 | (30.3) | 36.5 |
Six Months Ended
June 30, |
||||||||||||||||||||
(In millions) | 2021 | 2020 | Change | |||||||||||||||||
Cash flow provided by operating activities | $ | 199.5 | $ | 213.0 | $ | (13.5) | ||||||||||||||
Capital expenditures | (97.1) | (83.6) | (13.5) | |||||||||||||||||
Non-U.S. GAAP Free Cash Flow | $ | 102.4 | $ | 129.4 | $ | (27.0) |
(In millions) | June 30, 2021 | December 31, 2020 | Change | |||||||||||||||||
Working capital (current assets less current liabilities) | $ | 400.8 | $ | 514.1 | $ | (113.3) | ||||||||||||||
Current ratio (current assets divided by current liabilities) | 1.3x | 1.4x | ||||||||||||||||||
Quick ratio (current assets, less inventories divided by current liabilities) | 0.8x | 0.9x |
Period |
Total Number of Shares Purchased (1)
|
Average Price Paid Per Share |
Total Number of
Shares Purchased as Part of Announced Plans or Programs |
Maximum Approximate
Dollar Value of Shares
that May Yet be
Purchased Under the
Plans or Programs (1)
|
||||||||||||||||||||||
(a) | (b) | (c) | (d) | |||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 497,582,942 | ||||||||||||||||||||||||
April 1, 2021 through April 30, 2021 | 18,880 | $ | 44.98 | 18,880 | 496,733,759 | |||||||||||||||||||||
May 1, 2021 through May 31, 2021 | 603,116 | $ | 56.31 | 603,116 | 462,773,527 | |||||||||||||||||||||
June 1, 2021 through June 30, 2021 | 1,511,024 | $ | 57.94 | 1,511,024 | 375,224,938 | |||||||||||||||||||||
Total | 2,133,020 | 2,133,020 | $ | 375,224,938 |
Period |
Shares withheld
for tax obligations and charges |
Average withholding
price for shares in column (a) |
||||||||||||
(a) | (b) | |||||||||||||
April 2021 | — | $ | — | |||||||||||
May 2021 | — | $ | — | |||||||||||
June 2021 | — | $ | — | |||||||||||
Total | — |
Exhibit
Number |
Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained within Exhibit 101) |
Sealed Air Corporation | |||||||||||
Date: August 3, 2021 | By: | /S/ CHRISTOPHER J. STEPHENS, JR. | |||||||||
Christopher J. Stephens, Jr. | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
(Duly Authorized Officer) |
1 Year Sealed Air Chart |
1 Month Sealed Air Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions